Third Edition Dhruv Grewal, Ph.D. · Chapter Case Study: Coca-Cola 255 9 Marketing Research 259 The...

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Transcript of Third Edition Dhruv Grewal, Ph.D. · Chapter Case Study: Coca-Cola 255 9 Marketing Research 259 The...

  • Marketing

    MeGrawHill

    ^ConnectLearn

    I Succeed"

    Third Edition

    Dhruv Grewal, Ph.D.Babson College

    Michael Levy, Ph.D.Babson College

  • SECTION i Assessing the Marketplace 3

    i Overview of Marketing 5

    What Is Marketing? 6

    Marketing Is about Satisfying Customer Needs and Wants 6

    Marketing Entails an Exchange 7

    Marketing Requires Product, Price, Place, and Promotion Decisions 8

    Superior Service 1.1: Ritz Cariton Hotel Makes Customer Service an Art 10

    Marketing Can Be Performed by Both Individuals and Organizations 12

    Marketing Impacts Various Stakeholders 12

    Power of the Internet 1.1: Facebook Networks the Web 13

    Marketing Helps Create Value 14

    Adding Value 1.1: Jeans—From Bronco to Boardroom 16

    What Is Value-Based Marketing? 17

    How Firms Compete on the Basis of Value 18

    How Do Firms Become Value Driven? 18

    Why Is Marketing Important? 21

    Marketing Expands Firms'Global Presence 21

    Marketing Is Pervasive across the Supply Chain 22

    Marketing Enriches Society 23

    Ethical and Societal Dilemma 1.1: Firms Swing the Ethical Pendulum Both Ways 25

    Marketing Can Be Entrepreneurial 26

    Summing Up 27

    Key Terms 28

    Marketing Applications 28

    Quiz Yourself 2g

    Net Savvy 2g

    Chapter Case Study: iPad Launch 29

    2 Developing Marketing Strategies and a Marketing Plan 33

    What Is a Marketing Strategy? 35

    Building a Sustainable Competitive Advantage 35

    Customer Excellence 36

    Superior Service 2.1: Singapore Airline Leads in Customer Satisfaction 37

    Operational Excellence 38

    Product Excellence 39

    Locational Excellence 39

    Multiple Sources of Advantage 40

    The Marketing Plan 40

    Step i: Define the Business Mission 41

    Step 2: Conduct a Situation Analysis 41

    Step 3: Identifying and Evaluating Opportunities Using STP (Segmentation,Targeting,

    and Positioning) 44

    Power of the Internet 2.1: Spreading Positive Self-Esteem Online 46

    Step 4: Implement Marketing Mix and Allocate Resources 47

    xxxi

  • xxxii tableofcontents

    Adding Value 2.1: Innovation at 3M 47

    Step 5: Evaluate Performance Using Marketing Metrics 49

    Ethical and Societal Dilemma 2.1: Starbucks Working to Make the Earth a Better

    Place 51

    Strategic Planning Is Not Sequential 54

    Growth Strategies 54

    Market Penetration 55

    Market Development 55

    Product Development 56

    Diversification 56

    Summing Up 57

    Key Terms 58

    Marketing Applications 59

    Quiz Yourself S9

    Toolkit 59

    Net Savvy 59

    Chapter Case Study: Netflix versus Blockbuster and the Video Rental Industry 60 •

    Appendix 2A Wiiting a Marketing Plan 62'

    3 Marketing Ethics 83

    The Scope of Marketing Ethics 84

    Ethical Issues Associated with Marketing Decisions 85

    Creating an Ethical Climate in the Workplace 85

    The Influence of Personal Ethics 88

    Ethics and Corporate Social Responsibility 90

    Adding Value 3.1: The Barefoot Entrepreneur 92

    A Framework for Ethical Decision Making 92

    Ethical and Societal Dilemma 3.1: A Questionable Promotion 95

    Integrating Ethics into Marketing Strategy 97

    Planning Phase 97

    Implementation Phase 98

    Adding Value 3.2: Newman's Own Making a Difference 99

    Power of the Internet 3.1: For Heavyweight Championship of the World: Google

    versus China 100

    Control Phase 100

    Adding Value 3.3: It Isn't Easy to Sell to Walmart 101

    Understanding Ethics Using Scenarios 101

    Scenario 1: RJ. Reynolds: Promotions to the Youth Market 102

    Scenario 2: Car Manufacturer Gives Bribes for Contracts 103

    Scenario 3: Retailers Lack Ethical Guidelines 103

    Scenario 4: Who Is on the Line? 103

    Scenario 5: West Virginia T-Shirts 104

    Scenario 6: Giving Credit Where Credit Isn't Due 104

    Scenario 7: The Jeweler's Tarnished Image 104

    Scenario 8: No Wonder It's So Good 105

    Scenario 9: Bright Baby's Bright Idea 105

  • table of contents xxxiii

    Scenario io: Money from Mailing Lists 106

    Scenario 11: The Blogging CEO 106

    Corporate Social Responsibility 107

    Inputs 108

    Developing a CSR Program 108

    Outputs 109

    Summing Up 109

    Key Terms no

    Marketing Applications no

    Quiz Yourself m

    Net Savvy m

    Chapter Case Study: Whose Side Are You On? 112

    4 Analyzing the Marketing Environment 115

    A Marketing Environment Analysis Framework 116

    The Immediate Environment 117

    Company Capabilities 117

    Competitors 117

    Corporate Partners 118 , ' '

    Macroenvirohmental Factors 119

    Culture 119 , }Demographics 120

    Ethical and Societal Dilemma 4.1: Predatory Lenders Target VulnerableConsumers 122

    Social Trends 126

    Adding Value 4.1: Puma Sacks the Box 128

    Superior Service 4.1: Grocery Retailers Help Time-Poor Consumers 129

    Technological Advances 130

    Economic Situation 130

    Power of the Internet 4.1: Brands, Calling at Your Service, Sir 131

    Political/Regulatory Environment 132

    Summing Up 134

    Key Terms 134

    Marketing Applications 135

    Quiz Yourself 735

    Net Savvy 735

    Chapter Case Study: Nike: Delivering Innovation and Inspiration 136

    SECTION 2 Understanding the Marketplace 139

    5 Consumer Behavior 141

    The Consumer Decision Process 142

    Need Recognition 143

    Adding Value 5.1: Enhancing the Customer Experience 144

    Search for Information 145

    Evaluation of Alternatives 147

    Purchase and Consumption 149

  • xxxiv table of contents

    Power of the Internet 5.1: Friends Make Shopping Easier 150

    Postpurchase 151

    Factors Influencing the Consumer Decision Process 153

    Psychological Factors 153

    Social Factors 158

    Situational Factors 159

    Superior Service 5.1: Educating Salespeople to Educate Consumers 160

    Ethical and Societal Dilemma 5.1: Is a "Free Gift" Really Free? 161

    Involvement and Consumer Buying Decisions 162

    Extended Problem Solving 163

    Limited Problem Solving 164

    Summing Up 765

    Key Terms 765

    Marketing Applications 166

    . Quiz Yourself 166

    Toolkit 167

    Net Savvy 167

    Chapter Case Study: Weight Watchers vs. Jenny Craig 167

    , _ . . _ » » i i . • ' Introducing a coiporate stimulus6 BusmeSS-tO-BuSineSS Marketing 171 package that eliminates the package

    B2B Markets 173

    Manufacturers or Producers 174

    Resellers 174

    Institutions 174

    Adding Value 6.1: Buying for Value 175

    Government 176

    The Business-to-Business Buying Process 176

    Stage 1: Need Recognition 176

    Stage 2: Product Specification 177

    Stage 3: RFP Process 177

    Stage 4: Proposal Analysis, Vendor Negotiation, and Selection 177

    Stage 5: Order Specification 178

    Stage 6: Vendor Performance Assessment Using Metrics 178

    The Buying Center 179

    Ethical and Societal Dilemma 6.1: But How Does the Doctor Come to Know

    Best? 180

    Organization Culture 181

    Building B2B Relationships 182

    Power of the Internet 6.1: Staples Businesses Stick to It! 183

    The Buying Situation 183

    Summing Up: 186

    Key Terms 187

    Marketing Applications 187

    Quiz Yourself 188

    Toolkit 188

    Net Savvy 188

    Chapter Case Study: UPS: From Shipping to Supply Chain 189

  • table of contents

    7 Global Marketing 193Growth of the Global Economy: Globalization of Marketing and Production 195

    Ethical and Societal Dilemma 7.1: Pity the Poor Behemoth 197

    Assessing Global Markets 198

    Economic Analysis Using Metrics 199

    Ethical and Societal Dilemma 7.2: Retail Concerns for India 203

    Analyzing Infrastructure and Technological Capabilities 204

    Analyzing Government Actions 205

    Analyzing Sociocultural Factors 208

    Choosing a Global Entry Strategy 210

    Exporting 210

    Franchising 211

    Strategic Alliance 212

    Joint Venture 212

    Direct Investment 213

    Choosing a Global Marketing Strategy 213

    Target Market: Segmentation, Targeting, and Positioning 214

    The Global Marketing Mix 214

    Adding Value 7.11 Is One World Car Enough for All of Us? 217

    Superior Service 7.1: Hey Neighbor, Can You Spare a Battery Pack? 219

    Adding Value 7.2: Cover Art as Cover Ads 220

    Summing Up 220

    Key Terms 221

    Marketing Applications 221

    Quiz Yourself 222

    Net Savvy 222

    Chapter Case Study: P&G Takes on the World, One Smile, One Diaper Change at a

    Time 223

    SECTION 3 Targeting the Marketplace 227

    8 Segmentation, Targeting, and Positioning 229

    The Segmentation,Targeting, and Positioning Process 230

    Step i: Establish Overall Strategy or Objectives 230

    Step 2: Segmentation Methods 231

    Adding Value 8.1: Competing for Chinese Drivers 232

    Power of the Internet 8.1: How to Attract Women 237

    Adding Value 8.2: China Mobile Grows through Segmentation 239

    Step 3: Evaluate Segment Attractiveness 241

    Step 4: Select Target Market 243

    Step 5: Develop Positioning Strategy 246

    Superior Service 8.1: Let's See, for This Trip, I'll Take Soft Jazz, a Firm Pillow, and

    Jasmine in My Hotel Room, Please 247

    Ethical and Societal Dilemma 8.1: Design Labels Target Teens 248

    Summing Up 252

    Key Terms 253

    Marketing Applications 253

    Quiz Yourself 254

    Toolkit 254

  • xxxvi table of contents

    Net Savvy 254

    Chapter Case Study: Coca-Cola 255

    9 Marketing Research 259

    The Marketing Research Process 260

    Marketing Research Process Step i: Defining the Objectives and Research Needs 261 NEW SAUCE.NEW CRUST NEW CHEESE.

    Marketing Research Process Step 2: Designing the Research 262 i STILL ROUND.

    Marketing Research Process Step 3: Data Collection Process 263

    Secondary Data 263

    Adding Value 9.1: SymphonylRI and the Value of Information 266

    Data Mining 267

    Data Collection Techniques 269

    Ethical and Societal Dilemma 9.1: Watching Consumers 270

    Adding Value 9.2: Marketing Research on a Shoestring Budget 278

    Marketing Research Process Step 4: Analyzing Data and Developing Insights 278

    Superior Service 9.1: Harrah's Analyzes Its Customers 280

    Marketing Research Process Step 5: Action Plan and Implementation 280

    The Ethics of Using Customer Information 282

    Summing Up 28$

    Key Terms 283

    Marketing Applications 284 r.

    Quiz Yourself 285

    Net Savvy 285

    Chapter Case Study: Hollywood: Researching a Blockbuster 285

    Appendix 9A: Using Secondary Data to Assess Customer Lifetime Value (CLV) 289

    SECTION 4 Value Creation 293

    10 Product, Branding, and Packaging Decisions 295

    Complexity of Products and Types of Products 297

    Complexity of Products 297

    Types of Products 298

    Product Mix and Product Line Decisions 299

    Change Product Mix Breadth 301

    Change a Product Line's Depth 301

    Product Line Decisions for Services 302

    Branding 303

    Value of Branding for the Customer and the Marketer 304

    Power of the Internet 10.1: How Much Is an Amazon.com CustomerWorth? 305

    Brand Equity 306

    Adding Value 10.1: The Brand Singles Choose to Find Them a Friend 309

    Branding Strategies 310

    Brand Ownership 310

    Naming Brands"and Product Lines 312

    Brand and Line Extensions 313

    Co-branding 315

    Brand Licensing 315

    Brand Repositioning 317

  • table of contents xxxvii

    Packaging 318

    Product Labeling 319

    Ethical and Societal Dilemma 10.1: Calories: o, Vitamins: o. How Much

    Information Can Water Labels Provide? 320

    Summing Up 320

    Key Terms 321

    Marketing Applications 322

    Quiz Yourself 322

    Net Savvy 323

    Chapter Case Study: Coca-Cola: A History and a Future 323

    11 Developing New Products 327

    Why Do Firms Create New Products? 329

    Changing Customer Needs 329

    Adding Value 11.1: Want Beef? 330

    Market Saturation 330

    Managing Risk through Diversity 331

    Fashion Cycles 331

    Improving Business Relationships 332 , f'

    Diffusion of Innovation 332

    ' Innovators 334

    Early Adopters 335

    Early Majority 335

    Late Majority 335

    Laggards 335

    Using the Diffusion of Innovation Theory 335

    How Firms Develop New Products 337

    Idea Generation 337

    Concept Testing 340

    Product Development 341

    Superior Service 11.1: Airlines Can Improve Luggage Efficiency through RFID 341

    Ethical and Societal Dilemma 11.1: Should Firms Test on Animals? 342

    Market Testing 343

    Product Launch 344

    Adding Value 11.2: Marilyn Monroe Would Love It: Diamonds for Hair Care 346

    Evaluation of Results 347

    The Product Life Cycle 348

    Introduction Stage 348

    Growth Stage 349

    Maturity Stage 349

    Decline Stage 350

    The Shape of the Product Life Cycle Curve 351

    Strategies Based on Product Life Cycle: Some Caveats 352

    Summing Up 352 1

    Key Terms 353

    Marketing Applications 353

    Quiz Yourself 354

    Net Savvy 354

    Chapter Case Study: The Smart(est) Phone 354

  • xxxviii table of contents

    12 Services: The Intangible Product 359

    Services Marketing Differs from Product Marketing 361

    Intangible 361

    Inseparable Production and Consumption 362

    Variable 362

    Ethical and Societal Dilemma 12.1: Who Are You Going to Call? 363

    Perishable 364

    Providing Great Service:The Gaps Model 364

    The Knowledge Gap: Understanding Customer Expectations 366

    Adding Value 12.1: The Broadmoor Manages Service Quality for Five-StarRating 368

    The Standards Gap: Setting Service Standards 370

    The Delivery Gap: Delivering Service Quality 371

    Superior Service 12.1: Zappos Pays $2000 to Quit 372

    The Communications Gap: Communicating the Service Promise 375

    Service Recovery 376

    Power of the Internet 12.1: David versus Goliath: Service Providers Beware 376

    Listening to the Customer 377

    Finding a Fair Solution 377

    Resolving Problems Quickly 378

    Summing Up 379 '"

    Key Terms 379

    Marketing Applications 380

    Quiz Yourself 380

    Toolkit 381

    Net Savvy 381

    Chapter Case Study: Puttin'on the Ritz 381

    SECTIONS Value Capture 385

    13 Pricing Concepts foi Establishing Value 387

    The Five Cs of Pricing 390

    Company Objectives 390

    Customers 392

    Adding Value 13.1: How Much Do You Really Value It? Pay What You WantPricing 393

    Costs 398

    Superior Service 13.1: Great Service Lowers Price Elasticity 398

    Break-Even Analysis and Decision Making 400

    Competition 402

    Ethical and Societal Dilemma 13.1: The Battle of the Books 403

    Channel Members 405

    Macro Influences on Pricing 405

    The Internet 40,6

    Economic Factors 406

    Power of the Internet 13.1: Pricing on eBay 407

    Summing Up 408

    Key Terms 409

  • table of contents xxxix

    Marketing Applications 409

    Quiz Yourself 410

    Toolkit 410

    Net Savvy 410

    Chapter Case Study: Paying for All Those Pinstripes 4 "

    14 Strategic Pricing Methods 413

    Considerations for Setting Price Strategies 414

    Cost-Based Methods 414

    Competitor-Based Methods 415

    Value-Based Methods 415

    Pricing Strategies 417

    Everyday Low Pricing (EDLP) 417

    Ethical and Societal Dilemma 14.1: Do We Have to Pay Twice as Much to See

    The Boss? 418

    Power of the Internet 14.1: Price Check on Aisle... Anywhere 419

    High/Low Pricing 419

    EDLP and High/Low Strategies Are Influenced by

    Price-Quality Relationships 420 j '

    Ethical and Societal Dilemma 14.2: Is It Really 45 Percent Off? 421

    New Product Pricing Strategies 422 ,..

    Market Penetration Pricing 422

    Price Skimming 422

    Adding Value 14.1: Cellular All Around: The Market Penetration of Phones 424

    Pricing Tactics 424

    Pricing Tactics Aimed at Consumers 425

    Superior Service 14.1: Oh, This Old Porsche? I'm Just Leasing It This Month 427

    Business Pricing Tactics and Discounts 428

    Legal and Ethical Aspects of Pricing 429

    Deceptive or Illegal Price Advertising 430

    Predatory Pricing 431

    Price Discrimination 431

    Price Fixing 432

    Summing Up 432

    Key Terms 433

    Marketing Applications 434

    Quiz Yourself 43s

    Net Savvy 435

    Chapter Case Study: Price Wars in the Wireless Market 435

    SECTION 6 Value Delivery: Designing the Channeland Supply Chain 439

    15 Supply Chain and Channel Management 441

    Supply Chain, Marketing Channels, and Logistics Are Related 443

    Supply Chains Add Value 444

    Supply Chain Management Streamlines Distribution 445

    Supply Chain Management Affects Marketing 446

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    Making Information Flow 446

    Power of the Internet 15.1: Neiman Marcus Expedites Shipments through

    Customs 448

    Data Warehouse 449

    Electronic Data Interchange 450

    Vendor-Managed Inventory 451

    Collaborative Planning, Forecasting, and Replenishment 452

    Pull and Push Supply Chains 452

    Making Merchandise Flow 452

    Distribution Centers versus Direct Store Delivery 453

    The Distribution Center 454

    Superior Service 15.1: Home Depot Transitions to Distribution Centers 455

    Adding Value 15.1: American Apparel: Now with RFID Chips 456

    Inventory Management through Just-in-Time Systems 458

    Managing the Marketing Channel and Supply Chain 460

    Managing the Marketing Channel and Supply Chain throughVertical Marketing Systems 461

    Managing Marketing Channels and Supply Chains throughStrategic Relationships 464

    Ethical and Societal Dilemma 15.1: Gap Inc. Recognized as One of World's Most

    Ethical Companies 465

    Summing Up 467

    Key Terms 467

    Marketing Applications 468

    Quiz Yourself 469

    Net Savvy 469

    Chapter Case Study: Walmart: Pioneer in Supply Chain Management 469

    16 Retailing and Multichannel Marketing 473

    Choosing Retailing Partners 475

    Channel Structure 476

    Customer Expectations 476

    Channel Member Characteristics 477

    Distribution Intensity 477

    Identify Types of Retailers 478

    Food Retailers 479

    Adding Value 16.1: Trader Joe's Offers the Unexpeced 480

    General Merchandise Retailers 482

    Services Retailers 486

    Developing a Retail Strategy Using the Four Ps 487

    Product 488

    Price 489

    Promotion 489

    Place 491

    Benefits of Stores for Consumers 491

    Benefits of the Internet and Multichannel Retailing 492

    Deeper and Broader Selection 492

  • table of contents xli

    Personalization 492

    Power of the Internet 16.1: Renting Luxury 493

    Superior Service 16.1: Amazon Sells Merchandise, but Excels Because of its

    Service 494

    Gain Insights into Consumer Shopping Behavior 495

    Increase Customer Satisfaction and Loyalty 495

    Expand Market Presence 495

    Ethical and Societal Dilemma 16.1: Protecting Customer Privacy 496

    Effective Multichannel Retailing 496

    Integrated CRM 497

    Brand Image 497

    Pricing 497

    Supply Chain 498

    Summing Up 498

    Key Terms 499

    Marketing Applications 499

    Quiz Yourself 500

    Net Savvy 500

    Chapter Case Study: Staples, Inc. 500

    SECTION 7 Value Communication 5°5

    17 Integrated Marketing Communications 507

    Communicating with Consumers 509

    The Communication Process 509

    How Consumers Perceive Communication 510

    The AlDA Model 511

    Elements of an Integrated Marketing Communication Strategy 513

    Advertising 514

    Public Relations (PR) 516

    Ethical and Societal Dilemma 17.1: Who Decides What Is Healthy? 515

    Sales Promotions 516

    Personal Selling 516

    Direct Marketing 516

    Ethical and Societal Dilemma 17.2: Identifying Web Users 517

    Online Marketing 519

    Power of the Internet 17.1: YouTube and HSN 523

    Planning for and Measuring IMC Success 524

    Goals 524

    Setting and Allocating the IMC Budget 524

    Measuring Success Using Marketing Metrics 525

    Planning, Implementing, and Evaluating IMC Programs—

    An Illustration of Google Advertising 526

    Summing Up 528

    Key Terms 529

    Marketing Applications 529

    Quiz Yourself 530

  • xli i table of contents

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    Chapter Case Study: Red Bull Gives You Wings 531

    18 Advertising, Public Relations, and Sales Promotions 535

    Stepi. Identify Target Audience 537

    Step 2. Set Advertising Objectives 537 | ©Harmony*

    Adding Value 18.1: Going Nuts over Men 538

    Informative Advertising 539

    Persuasive Advertising 539

    Reminder Advertising 539

    Focus of Advertisements 540

    Step 3. Determine the Advertising Budget 541

    Step 4. Convey the Message 541

    Ethical and Societal Dilemma 18.1: Getting to the Truth 542

    The Message 542

    The Appeal 543

    Step 5. Evaluate and Select Media 544

    Mass and Niche Media 545 , "*

    Choosing the Right Medium 546

    Determining the Advertising Schedule 546

    Step 6. Create Advertisements 547

    Step 7. Assess Impact Using Marketing Metrics 548

    Regulatory and Ethical Issues in Advertising 549

    Public Relations 551

    Sales Promotion 553

    Types of Sales Promotion 553

    Using Sales Promotion Tools 556

    Evaluating Sales Promotions Using Marketing Metrics 557

    Summing Up 558

    Key Terms 559

    Marketing Applications 559

    Quiz Yourself 560

    Toolkit 560

    Net Savvy 560

    Chapter Case Study: What Is Popularity Anyway? 560

    19 Personal Selling and Sales Management 565

    The Scope and Nature of Personal Selling 567

    Personal Selling as a Career 567

    The Value Added by Personal Selling 568

    Power of the Internet 19.1: Personal Selling Goes Virtual 569

    The Personal Selling Process 570

    Stepi:Generate and Qualify Leads 571

    Step 2: Preapproach and the Use of CRM Systems 572

    Adding Value 19.1: Retail Salespeople Cannot Judge a Book by Its Cover 573

    Step 3: Sales Presentation and Overcoming Reservations 574

    Step 4: Closing the Sale 575

  • table of contents xli i i

    Step 5: Follow-Up 576

    Superior Service 19.1: Soft-Selling Works 577

    Managing the Sales Force 578

    Sales Force Structure 578

    Recruiting and Selecting Salespeople 579

    Sales Training 580

    Motivating and Compensating Salespeople 580

    Ethical and Legal Issues in Personal Selling 582

    The Sales Manager and the Sales Force 583

    The Sales Force and Corporate Policy 583

    The Salesperson and the Customer 583

    Ethical and Societal Dilemma 19.1: Pharmaceutical Sales Ethics 584

    Summing Up 584

    Key Terms 585

    Marketing Applications 585

    Quiz Yourself 586

    Net Savvy 586

    Chapter Case Study: Alta Delta Solutions: Making the Sale 587

    Glossary 591

    Quiz Yourself Answer Key 607 ri.

    Endnotes 609

    Credits 647

    Name Index 651

    Company Index 659

    Subject Index 665