0% found this document useful (0 votes)
38 views57 pages

Happy Selling

This document provides an introduction to sales management. It defines sales management as the management and direction of a company's sales force. The document discusses how sales management involves planning, organizing, and overseeing all personal selling activities, including recruiting, training, and motivating salespeople. It also notes that sales management interfaces with other marketing functions and is critical for key marketing decisions. The overall purpose of sales management is to properly manage the sales function, which generates revenue for a company.

Uploaded by

Dr P Adhikary
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
38 views57 pages

Happy Selling

This document provides an introduction to sales management. It defines sales management as the management and direction of a company's sales force. The document discusses how sales management involves planning, organizing, and overseeing all personal selling activities, including recruiting, training, and motivating salespeople. It also notes that sales management interfaces with other marketing functions and is critical for key marketing decisions. The overall purpose of sales management is to properly manage the sales function, which generates revenue for a company.

Uploaded by

Dr P Adhikary
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 57

            

  
 
   

 
  
 
   

 
     
 !"" 
  

   

            
                     
                      
               
             
                    
             

      

  
 !"#$  
   
%  " ! &      ' &   
( 
)*!  & " " *)+,-!
     
 

 .& /0 "


  . 1,1) %   "  !  &      
' &   ( 











'HGLFDWHGWREHORYHG
3UL\DGDUVKLQL
DQG
6D\DQ









2XUJUHDWHVWZHDNQHVVOLHVLQJLYLQJXS7KHPRVWFHUWDLQZD\WRVXFFHHGLV
DOZD\VWRWU\MXVWRQHPRUHWLPH7KRPDV(GLVRQ

 

ϭ

&217(176

&KDSWHU,QWURGXFWLRQ 

&KDSWHU6DOHV0DQDJHPHQW±$Q2YHUYLHZ 

&KDSWHU'LUHFW6DOHV0DQDJHPHQW %%RU%&  

&KDSWHU&KDQQHO6DOHV0DQDJHPHQW 

&KDSWHU&RQFOXVLRQ 

$QQH[XUH±6DPSOH6DOHV/HWWHUV 

Ϯ
&KDSWHU,QWURGXFWLRQ
7KHUH¶V QR VXFK WKLQJ DV D ³%RUQ 6DOHVPDQ´ *UHDW VDOHV
SURIHVVLRQDOVPDNHLW ORRN HDV\EXWVXSHULRU SHUIRUPDQFHXVXDOO\
LQGLFDWHVDVDOHVSURIHVVLRQDOKDYHWDNHQWKHWLPHWRKRQHWKHLUVNLOOV
DQGLVFRQVWDQWO\LWHUDWLQJWREHWWHUKHOSWKHLUSURVSHFWV
:KHWKHU \RX¶UH D ILUVWWLPH LQ VDOHV RU D VHDVRQHG SURIHVVLRQDO
ORRNLQJWRJHWEDFNWRWKHEDVLFVIRUVKDUSHQLQJRZQVNLOOVWKLVERRNZLOO
EHRQHRIWKHHVVHQWLDOSLOODUVRIVXFFHVV
0DUNHWFRQGLWLRQVFRQVWDQWO\FKDQJHDVGRFXVWRPHU¶VQHHGVDQG
H[SHFWDWLRQV $ FRPSDQ\¶V VDOHVIRUFH PXVW EH HTXDOO\ G\QDPLF WR VWD\
FRPSHWLWLYH7KHUHIRUHEXVLQHVVQRZLQYHVWVHQRUPRXVVXPVWRGHYHORS
WKHLUVDOHVGHSDUWPHQWV0DQ\EHOLHYHGWKDW³0DUNHWLQJ´ZRXOGPDNH
³6DOHV´ VXSHUIOXRXV XOWLPDWHO\ %XW WKLV EHOLHI SURYHG ZURQJ 7KH
VXQULVHVHFWRUVOLNHLQVXUDQFHILQDQFLDOSURGXFWVLQIRUPDWLRQWHFKQRORJ\
DUHDOOVDOHVGULYHQ,QWKLVDJHRIFRPPRGLW\EUDQGVDQGPDVVUHWDLOLQJ
HYHQWUDGLWLRQDOO\PDUNHWLQJGULYHQLQGXVWULHVKDYHUHGLVFRYHUHGVDOHV
7KHZRUG³6DOHV0DQDJHPHQW´LVDFRPELQDWLRQRIWZRZRUGVVDOHV
DQGPDQDJHPHQW6DOHVLVWKHDUWRISODQQLQJLQWKHPLQGRIDQRWKHUD
PRWLYHZKLFKZLOOLQGXFHIDYRXUDEOHDFWLRQ


6DOHVPDQDJHPHQWRULJLQDOO\UHIHUUHGH[FOXVLYHO\WRWKHGLUHFWLRQRI
WKHVDOHVIRUFH/DWHUWKHWHUPWRRNRQEURDGHUVLJQLILFDQFHLQDGGLWLRQWR
WKHPDQDJHPHQWRISHUVRQDOVHOOLQJ6DOHVPDQDJHPHQWDOVRPHDQWDOO
PDUNHWLQJ DFWLYLWLHV LQFOXGLQJ DGYHUWLVLQJ VDOHV SURPRWLRQ PDUNHWLQJ
UHVHDUFK SK\VLFDO GLVWULEXWLRQ SULFLQJ DQG SURGXFW PHUFKDQGLVLQJ
:LWKRXW³6DOHV0DQDJHPHQW´PRVWFRPSDQLHVZRXOGUHYHUWWRWKH
VLPSOLFLWLHV RI D KXQGUHG \HDUV DJR ZKHQ WKH HPSKDVLV ZDV RQ
PDQXIDFWXULQJDQGLWZDVFRQVLGHUHGVRPHZKDWLPPRUDOIRUSHRSOH
WREX\PRUHWKDQQHFHVVDU\WRPHHWWKHLUGDLO\QHHGV
7KHFRPSUHKHQVLYHEURDGIXQFWLRQODWHUJRWODEHOOHGDV³0DUNHWLQJ
0DQDJHPHQW´6DOHVPDQDJHPHQWDFFRUGLQJWR WKH DERYHGHILQLWLRQLV
WKH PDQDJHPHQW RI WKH VDOHVIRUFH 7KLV LV D SHUVRQQHOW\SH IXQFWLRQ
6DOHVPDQDJHPHQWDOVRRUJDQL]HVWKHVHOOLQJHIIRUW7RGRVRLWFUHDWHV

ϯ

D VXLWDEOH RUJDQLVDWLRQDO VWUXFWXUH ZLWK DSSURSULDWH FRPPXQLFDWLRQ
V\VWHP
6DOHV PDQDJHPHQW LQWHUIDFHV ZLWK WKH GLVWULEXWLRQ FKDQQHOV DQG
H[WHUQDO SXEOLFV 6DOHV PDQDJHPHQW SURYLGHV FULWLFDO LQSXWV IRU WKH NH\
PDUNHWLQJ GHFLVLRQV OLNH EXGJHWLQJ TXRWDV DQG WHUULWRU\ PDQDJHPHQW
6DOHV PDQDJHPHQW LQWHUIDFHV ZLWK RWKHU PDUNHWLQJ IXQFWLRQV ZKLOH
SROLFLHVRIWKHVHIXQFWLRQVDUHEHLQJIRUPXODWHG
6DOHV LV WKH RQO\ IXQFWLRQ LQ DQ RUJDQL]DWLRQ WKDW JHQHUDWHV
UHYHQXHRULQFRPHIRUDFRPSDQ\DQGKHQFHLWQHHGVWREHPDQDJHG
SURSHUO\
7KHILQDQFLDOUHVXOWVRIDFRPSDQ\GHSHQGXSRQWKHSHUIRUPDQFHRI
WKHVDOHVGHSDUWPHQW6DOHVPDQDJHPHQWFRYHUVSODQQLQJDQGRUJDQL]LQJ
SHUVRQDO VHOOLQJ DFWLYLWLHV ,W IXUWKHU SHUIRUPV VDOHV IRUFH UHFUXLWLQJ
VHOHFWLQJWUDLQLQJDVVLJQLQJURXWLQJGLUHFWLQJPRWLYDWLQJUHPXQHUDWLQJ
HYDOXDWLQJ DQG FRQWUROOLQJ IXQFWLRQV RI SHUVRQDO VHOOLQJ 6DOHV
PDQDJHPHQW LPSOHPHQWV WKH PDUNHWLQJ SODQ WR JHQHUDWH VDOHV
SHUIRUPDQFH,WLVWKHNH\IXQFWLRQRIWKHPDUNHWLQJSURFHVV
7KHIRXUPDMRUEUDQFKHVLQVXFFHVVIXOVDOHVPDQDJHPHQWDUH
x 7RS OHYHO SROLF\ SODQQLQJ  LW HVWDEOLVKHV D IUDPHZRUN RI SROLF\
ZLWKLQ ZKLFK WKH VDOHV REMHFWLYHV RI D ILUP RU LQVWLWXWLRQ PD\ EH
DFKLHYHGGHSHQGLQJRQSDUWLFXODUVLWXDWLRQ
x /LQHDQGVWDIIRSHUDWLRQDOSODQQLQJSURFHGXUHVDUHHVWDEOLVKHG
LQDGYDQFHDJDLQVWZKLFKWKHTXDOLW\DQGTXDQWLW\RIZRUNPD\EH
FRQWUROOHG
x 2UJDQL]DWLRQWKHVHWWLQJXSRIDVWUXFWXUHRIUHVSRQVLELOLWLHVDQG
QRUPDOLQWHUUHODWLRQV
x $GPLQLVWUDWLRQ  PDQDJHPHQW PHHWV SODQQHG REMHFWLYHV WKURXJK
JXLGDQFH DQG HYDOXDWLRQ RI DFWLYLW\ VDOHV WUDLQLQJ PRWLYDWLRQ
FRRUGLQDWLRQDQGH[HFXWLRQHWF 

³12PHDQV1H[W1HZ2SSRUWXQLW\´IRUDVDOHVSURIHVVLRQDO

ϰ

&KDSWHU±6DOHV0DQDJHPHQW±$Q2YHUYLHZ

6DOHVPDQDJHPHQWKDVRYHUWKH\HDUVDVVXPHGEURDGHUVLJQLILFDQFH
DVLQDGGLWLRQWRWKHPDQDJHPHQWRISHUVRQDOVHOOLQJVDOHVPDQDJHPHQW
LQFOXGHV PDUNHWLQJ DFWLYLWLHV 7KHUH DUH WKUHH EDVLF REMHFWLYHV RI VDOHV
PDQDJHPHQW

x ,QFUHDVLQJVDOHVYROXPH

x &RQWULEXWLQJWRFRPSDQ\SURILWVDQG

x /RQJWHUPJURZWKRIDQRUJDQL]DWLRQ

6DOHV PDQDJHPHQW LV LQVWUXPHQWDO LQ FKDUWLQJ WKH FRXUVH RI IXWXUH
RSHUDWLRQV 7KH DFWLYLW\ SURYLGHV WRS PDQDJHPHQW ZLWK LQIRUPHG
HVWLPDWHVDQGIDFWVIRUPDNLQJPDUNHWLQJGHFLVLRQVDQGIRUVHWWLQJVDOHV
DQG SURILW JRDOV 6DOHV PDQDJHPHQW DQG WKH ILQDQFLDO UHVXOWV RI D
FRPSDQ\DUHUHODWHG


)LJXUH6DOHV0DQDJHPHQW3URFHVV 

ϱ

6DOHVYROXPHFRQWULEXWLRQWRSURILWVDQGJURZWKDUHWKHWKUHHPDMRU
REMHFWLYHVWKHVDOHVIXQFWLRQLVH[SHFWHGWRDFKLHYHDVPHQWLRQHGDERYH
7KRXJK WKHVH DUH EURDG FRUSRUDWH IXQFWLRQV WR EH DFKLHYHG E\ WKH WRS
PDQDJHPHQWVDOHVFRQWULEXWHDJUHDWGHDOLQDFKLHYLQJWKHP&RUSRUDWH
REMHFWLYHV DUH FRPPXQLFDWHG WR WKH PDUNHWLQJ GHSDUWPHQW ZKR LQ WXUQ
SDVVHVRQWKHUHVSRQVLELOLW\WRWKHVDOHVGHSDUWPHQW


)LJXUH6DOHV0DQDJHPHQW6WHSV
,W LV QHFHVVDU\ WR FRQWURO FRVWV (YHQ ORZHU VDOHV YROXPH FDQ
DFKLHYH KLJKHU JURVV PDUJLQV ZLWK SURSHU H[SHQVH FRQWURO ,W LV DOVR
QHFHVVDU\QRWWRRYHUHPSKDVL]HWKHJURVVPDUJLQVRQO\ZLWKLQDGHTXDWH
VDOHV DQG QHW SURILWV 1HW PDUJLQV DUH KHDOWK\ LI WKHUH LV RSWLPXP
UHODWLRQVKLS DPRQJ WKH IRXU IDFWRUV 6DOHV FRQWULEXWH D JUHDW GHDO WR
DFKLHYHRSWLPXPUHODWLRQVKLSDPRQJVWWKUHHIDFWRUV±VDOHVJURVVSURILW
DQG H[SHQVHV 6DOHV KDYH WR ZRUNLQ FROODERUDWLRQ ZLWKSURGXFWLRQ DQG
SURPRWLRQWRFRYHUFRVWRIJRRGVZKLFKLVWKHIRXUWKIDFWRU6DOHVKDVWR
FRRUGLQDWH ZLWK WKH PDUNHWLQJ GHSDUWPHQW 3DUWLFXODUO\ SURPRWLRQDO
DFWLYLWLHVDQGVDOHVGRQHHGKDUPRQL]DWLRQ6DOHVKDVWRFRRUGLQDWHZLWK
PDUNHW SODQQLQJ 6DOHV FRRUGLQDWH ZLWK GLVWULEXWLRQ FKDQQHOV RQ

ϲ

LQWURGXFWLRQ RI SURGXFWV DQG ODWHU RQ WKH EX\HUV PXVW EH PDGH DZDUH
ZKHUHWKHSURGXFWVDUHDYDLODEOH6DOHVKDVWREDODQFHWKHLQWHUHVWVRIWKH
WUDGH DQG WKRVH RI WKH PDQXIDFWXUHU 7KH JHQHUDO IXQFWLRQV RI VDOHV
PDQDJHPHQWDUHDVIROORZV
x 3UHSDULQJWKHVDOHVSODQ
x 5HFUXLWLQJWKHULJKWSHRSOH LQSXWWRKUGHSDUWPHQW 
x 7UDLQLQJWKHVDOHVIRUFHIRUIXOILOOLQJWKHRUJDQL]DWLRQ¶VREMHFWLYHV
x 'HILQLQJWKHVDOHVWHUULWRULHV
x 6SHFLI\LQJWKHVDOHVYROXPHWREHDFKLHYHGIRUHDFKWHUULWRU\
x 'HILQLQJWKHUHZDUGV\VWHPIRUWKHVDOHVIRUFH
x 3URYLGLQJZHOIDUHDQGKHDOWKFDUHIDFLOLWLHV LQSXWWRKUGHSDUWPHQW 
x 'HYLVLQJDVDOHVIRUFHGHYHORSPHQWSURJUDP
x $QDO\VLQJSDVWSHUIRUPDQFH
x &RRUGLQDWLQJZLWKWKHPDUNHWLQJGHSDUWPHQW
x 6DOHVSODQQLQJDQGVDOHVSROLFLHV
x 3ULFLQJSROLF\
x $GYHUWLVLQJDQGVDOHVSURPRWLRQ LQSXWWRPDUNHWLQJGHSDUWPHQW 
x 0DQDJHPHQWDQGFRQWURORIVDOHVIRUFH
x 0DUNHWLQJUHVHDUFK LQSXWWRPDUNHWLQJGHSDUWPHQW 
x 3ODQQLQJDQGFRQWURORIVDOHVRSHUDWLRQVDQGVDOHVUHODWHGFRVWV
x 6HOHFWLRQDQGPDQDJHPHQWRIFKDQQHOVRIGLVWULEXWLRQ
x %UDQGLQJSDFNLQJDQGODEHOOLQJ LQSXWWRPDUNHWLQJGHSDUWPHQW 
x &XVWRPHUVXSSRUWDQGDIWHUVDOHVVHUYLFH
x ,QWHJUDWLRQDQGFRRUGLQDWLRQRIDOODERYHIXQFWLRQV


)LJXUH6DOHV3URFHVV$XWRPDWLRQ0DWUL[

ϳ

,Q PDQ\ RUJDQL]DWLRQV WKH VDOHV PDQDJHU LV UHVSRQVLEOH IRU DOO
PDUNHWLQJ DFWLYLWLHV (YHQ LQ WKRVH ZKHUH WKHUH LV D SDUDOOHO PDUNHWLQJ
VWUXFWXUH KH RU VKH LV XVXDOO\ UHVSRQVLEOH IRU D UDQJH RI PDUNHWLQJ
DFWLYLWLHV 7KH VWUXJJOH EHWZHHQ VDOHV DQG PDUNHWLQJ GHSDUWPHQWV IRU
PXWXDOUHVSHFWDQGSURSHUFUHGLWKDVEHHQZDJHGFRQVWDQWO\7KHPDUNHW
LV PRYLQJ VR IDVW WKDW LI PDUNHWLQJ DQG VDOHV RUJDQL]DWLRQV DUHQ¶W
FRPPXQLFDWLQJWKHQDFRPSDQ\FRXOGEHLQUHDOWURXEOH


)LJXUHD'LUHFW6DOHV3URFHVV0DWUL[


)LJXUHE6DOHV)XQQHO±7KH:D\WR6DOHV6XFFHVV

ϴ

$VXFFHVVIXOVDOHVSODQIRFXVHVRQUHVXOWVDQGDFWLYLWLHV(VWDEOLVK
WKHSURSHUVDOHVPHWULFVWRGULYH\RXUEXVLQHVVUHVXOWV'RQRWRYHUZKHOP
\RXU VDOHV VWDII ZLWK H[FHVVLYH WUDFNLQJ QXPEHUV )RFXV RQ WKH IHZ
PHDVXUHVWKDWPDWWHUWKHPRVWWR\RXUEXVLQHVV
6DOHV SODQV VKRXOG EH HVWDEOLVKHG RQ D ZHHNO\ EDVLV WR SURYLGH
IOH[LELOLW\ LQ WKH SODQQLQJ F\FOH 5HYLHZLQJ FDQ WDNH SODFH RQ D PRQWKO\
EDVLV 6DOHV PDQDJHPHQW H[FHOOHQFH LQYROYHV UHYLHZLQJ WKH UHVXOWV
DJDLQVW WKH SODQ WR GHWHUPLQH PLVVHG RSSRUWXQLWLHV DQG DUHDV IRU
LPSURYHPHQW
0DQ\ QHZ DQG XQVXFFHVVIXO VDOHV PDQDJHUV ZLOO IRFXV RQ WKH
WUDGLWLRQDOVDOHVPDQDJHPHQWE\LQWLPLGDWLRQRUFRQWURODSSURDFK7KHWRS
VDOHVSHUIRUPHUVNQRZWKH\KDYHDYDOXDEOHVNLOOVHWDQGZLOOTXLFNO\ZDON
WR D FRPSHWLWRU LI WUHDWHG SRRUO\ 6DOHV PDQDJHPHQW LV D SDUWQHUVKLS
EHWZHHQWKHVDOHVUHSUHVHQWDWLYHDQGWKHVDOHVPDQDJHU


)LJXUH'LUHFW6DOHV0DQDJHPHQW&RPSRQHQWV
(IIHFWLYHVDOHVPDQDJHPHQWUHTXLUHVVKDULQJLQWKHUHVSRQVLELOLW\WR
ILQGWKHSUREOHPVDQGERWWOHQHFNVLQ\RXUVDOHVSURFHVV6HHNWKHVROXWLRQ
WRJHWKHU ZLWK \RXU UHSUHVHQWDWLYHV %H D FKDPSLRQ IRU KHOSLQJ WKHP
DFKLHYHWKHLUDJUHHGUHVXOWV

 

ϵ


)LJXUH6PDUW*RDOVRU7DUJHWV
6DOHVSODQQLQJDUHWKHSURFHVVRIGHWHUPLQLQJWKHQXPEHURIVDOHV
SHUVRQVRUVDOHVIRUFHUHTXLUHGWKH³6PDUW6DOHV*RDOVRU7DUJHWV´WR
EHDFKLHYHGWKHH[SHQGLWXUHVWREHLQFXUUHGDQGHYHU\WKLQJUHTXLUHGIRU
DQHIIHFWLYHVDOHVRUJDQL]DWLRQLQWKHILUP


)LJXUH6DOHV7HDP0HPEHU(YDOXDWLRQ0DWUL[

ϭϬ

0RVWRUJDQL]DWLRQVWKDWKLUHVDOHVSURIHVVLRQDOVXVHDYHU\GHWDLOHG
ZHOORUFKHVWUDWHGSURFHVVWRHQVXUHWKDWWKHFDQGLGDWHVVHOHFWHGZLOOPHHW
RU H[FHHG WDUJHWHG VDOHV JRDOV ,W LV LPSRUWDQW WR UHPHPEHU WKH
GLIIHUHQFH EHWZHHQ PDUNHW SHQHWUDWLRQ DQG DFFRXQW GHYHORSPHQW
WKURXJKWKHHIIHFWLYHGHSOR\PHQWRIVDOHVIRUFHDQGLPSOHPHQWDWLRQ
RI WKH FRQFHSWV RI 7LPH  7DUJHW  7HUULWRU\ 7  7KH IRUPHU LV D
SURGXFWFHQWULFSURFHVVRIWHQGULYHQE\SULFHFRPSHWLWLRQ7KHODWWHULVD
FXVWRPHUFHQWULFSURFHVVGULYHQSULPDULO\E\DQLPSURYHPHQWLQFXVWRPHU
OR\DOW\
$ VXFFHVVIXO VDOHV WHDP UHTXLUHV UHJXODU SODQQLQJ WUDFNLQJ DQG
UHYLHZWRDFKLHYHWKHWDUJHWHGUHVXOWV(YHU\VDOHVUHSUHVHQWDWLYHUHTXLUHV
WKHLU RZQ DFWLRQ SODQ WR GLUHFW GD\WRGD\ DFWLYLWLHV DQG VHW XS
DFFRXQWDELOLWLHV


)LJXUH6HOI(YDOXDWLRQ0DWUL[IRU6DOHV3URIHVVLRQDO


 

ϭϭ

&KDSWHU±'LUHFW6DOHV0DQDJHPHQW
$VXFFHVVIXOVDOHVSODQIRFXVHVRQUHVXOWVDQGDFWLYLWLHV(VWDEOLVK
WKH SURSHU VDOHV PHWULFV WR GULYH \RXU EXVLQHVV UHVXOWV 0HWULFV FDQ
LQFOXGHQXPEHURIFOLHQWSKRQHFDOOVQXPEHURIFRQWDFWVDSSRLQWPHQWV
VHWDSSRLQWPHQWVPHHWLQJVSUHVHQWDWLRQVFRQGXFWHGDQGVDOHVFORVHG


)LJXUH'LUHFW6DOHV5RDG0DSWR6XFFHVV

ϭϮ



3URVSHFWLQJ UHODWHV WR ORFDWLQJ RI SURVSHFWV 7KH\ FDQ EH ORFDWHG
WKURXJKSUHVHQWFXVWRPHUVRWKHUVDOHVPHQXVHSKRQHGLUHFWRULHVRUE\
GLUHFWFROGFDQYDVVLQJ FDOOLQJRQVWUDQJHUVDQGGHYHORSLQJFRQWDFWVE\
VFRXWLQJRXWOHDGV /RFDWHGSRWHQWLDOFXVWRPHUVKDYHWREHTXDOLILHGLH
WKH\ PXVW KDYH QHHG SXUFKDVLQJ SRZHU LQFOLQDWLRQ WR EX\ DQG EX\LQJ
DXWKRULW\ RU SRZHU 7KHVH TXDOLILHG SURVSHFWV PXVW RI FRXUVH EH
DFFHVVLEOHWRWKHVDOHVPDQ


)LJXUH'LUHFW6DOHV/HDG*HQHUDWLRQ3URFHVV
2QFHDSURVSHFWLVORFDWHGDQGTXDOLILHGVDOHVPDQVKRXOGILQGRXW
KLV QHHGV SUREOHPV WR EH VROYHG KLV SUHIHUHQFHV SHUVRQDO KDELWV
QDWXUH EHKDYLRXU HWF 7KH SURGXFW KDV WR EH WDLORUHG WR WKH VSHFLILF
UHTXLUHPHQWVRIWKHFXVWRPHU2QWKHEDVLVRIDGHTXDWHLQIRUPDWLRQRIWKH
FXVWRPHU ZDQWV DQG GHVLUHV VDOHVPDQ FDQ SUHSDUH KLV SODQ RI VDOHV
SUHVHQWDWLRQRULQWHUYLHZ7KHVDOHVSUHVHQWDWLRQPXVWPDWFKWRWKHQHHGV
RI WKH LQGLYLGXDO SURVSHFW ,W VKRXOG HQDEOH WKH VDOHVPDQ WR KDQGOH KLV
SURVSHFWVPRRWKO\WKURXJKWKHEX\LQJSURFHVV
ϭϯ


)LJXUHD'LUHFW6DOHV&XVWRPHU1HHG3ULRULW\±0DVORZ¶V3\UDPLG
$VDOHLVPDGHQRWLQWKHPLQGRIWKHVDOHVPDQQRURYHUWKHFRXQWHU
EXWLQWKHPLQGRIWKHEX\HU/HWWKHEX\HUGHFLGHWRSXUFKDVHQRWEHFDXVH
\RXZDQWKLPWRGRVREXWEHFDXVHKHKLPVHOILVPRWLYDWHGWREX\\RXU
SURGXFWEHFDXVHLWLVJRLQJWRVROYHKLVSUREOHPDQGVDWLVI\KLVZDQWV

ϭϰ


)LJXUHE'LUHFW6DOHV±9DULRXV&XVWRPHU1HHGV
7KHFRQVXPHUV DUHWKHGHFLVLRQPDNHUV LQ EX\LQJWKH JRRGV DQG
VHUYLFHV SURSRVHG IRU VDOHV DQG KHQFH SOD\ D NH\ UROH LQ WKH VDOHV
SURFHVV


)LJXUH'LUHFW6DOHV)LQGWKH.H\3HUVRQ³0$1´FOLHQW
VDYHWLPHFRVWHIIRUWRIGLUHFWVDOHV  

ϭϱ

7KH SXUFKDVH GHFLVLRQV RIWKH EX\HUV DUHVWLPXODWHG E\SURYLGLQJ
WKHSRLQWRISXUFKDVHRIWKHLUFKRLFHWKDWVDWLVILHVWKHLUUHTXLUHPHQWVDQG
RSWLPL]HV WKH OHYHO RI VDWLVIDFWLRQ LQ WHUPV RI SHUVRQDO DWWHQWLRQ DQG
SURGXFWKDQGOLQJ



)LJXUH'LUHFW6DOHV&XVWRPHU%X\LQJ3ULRULW\0DWUL[

7KH EX\LQJLQIOXHQFHLV JHQHUDOO\GUDZQIURP DSURIHVVLRQDO
PDQDJHU7KHRUJDQLVDWLRQDOVDOHVRIWHFKQLFDOJRRGVDQGVHUYLFHV
DUHKLJKHUDVFRPSDUHGWRSHUVRQDOVDOHV



)LJXUH'LUHFW6DOHV%X\LQJ3URFHVV,QIOXHQFHUV
 

ϭϲ


)LJXUHD'LUHFW6DOHV7ULFN1HHG)HDWXUH%HQHILW0HWKRG
7KH VDOHVIRUFH RI WKH FRPSDQ\ LV WUDLQHG WR XQGHUVWDQG WKH
FRQVXPHUEHKDYLRXUDQGGHYHORSWKHLUVWUDWHJLHVDFFRUGLQJO\7KHQHHGV
GHVLUHVDQGWKHWHFKQRORJ\SUHIHUHQFHIRUWKHEHWWHUSHUFHLYHGXVHYDOXH
RI WKH SURGXFWV DUH VODWHG E\ WKH VWDII RI WKH FRPSDQ\ DQG QHFHVVDU\
LQIRUPDWLRQ DQG VXSSRUWV DUH SRROHG WKURXJK KLJK LQYROYHPHQW LQ WKH
VXEMHFWFRVWEHQHILWUDWLRRIWKHSURGXFWSXUFKDVHUHIHUUDOVDQGDYDLODEOH
SRLQWRISXUFKDVHVRXUFHVZLWKWKHGHDOHUV


)LJXUHE'LUHFW6DOHV3URGXFW3URMHFW3XUFKDVH&RQFHSWV
 

ϭϳ


)LJXUH'LUHFW6DOHV±6DOHV3URIHVVLRQDO4XDOLW\
7KH UHFUXLWPHQW DQG VHOHFWLRQ RI D VDOHV IRUFH RIWHQ LV WKH NH\ WR
VXFFHVVIRUDQRUJDQL]DWLRQ$VXFFHVVIXOVDOHVWHDPOHDGVWRSURILWDELOLW\
DQGIXWXUHJURZWK0RVWRUJDQL]DWLRQVWKDWKLUHVDOHVSURIHVVLRQDOVXVHD
YHU\ GHWDLOHG ZHOORUFKHVWUDWHG SURFHVV WR HQVXUH WKDW WKH FDQGLGDWHV
VHOHFWHGZLOOPHHWRUH[FHHGWDUJHWHGVDOHVJRDOV


)LJXUH'LUHFW6DOHV±6XFFHVV)DFWRUV
'XULQJ WKH VFUHHQLQJ SURFHVV KLULQJ SURIHVVLRQDOV HYDOXDWH VDOHV
VNLOOVDVZHOODVWKHFDQGLGDWHV¶SHUVRQDOLWLHVWRHQVXUHWKH\PDWFKWKH
RYHUDOOUHTXLUHPHQWVIRUWKHSRVLWLRQ


ϭϴ


)LJXUH&OLHQW.QRZOHGJH/HYHO0DWUL[±-RKDUL:LQGRZ0RGHO
&HUWDLQORFDOUHFUXLWPHQWVDQGFRQWUROOLQJRIVDOHVIRUFHLVGRQHE\
WKHPDQDJHUVDWWKHWHUULWRU\OHYHO7KHQH[WOHYHORIVDOHVPDQDJHPHQW
SRVLWLRQ LV RFFXSLHG E\ UHJLRQDO RU ]RQDO PDQDJHUV ZKR DUH EHLQJ
UHSRUWHGWRE\WHUULWRU\PDQDJHUV7KHUHDUHVHYHUDOVDOHVRUJDQL]DWLRQV
ZKHUH HQRUPRXV VHOOLQJ DFWLYLW\ LV WDNLQJ SODFH DQG WKDW WRR DW GLYHUVH
ORFDWLRQVDQGKHQFHVRPHNLQGRIDPRUHVXLWDEOHFRQWURODWWKH]RQDOOHYHO
LVUHTXLUHGIRUZKLFKWKHVHSRVLWLRQVDUHFUHDWHG,WLVWKHVDOHVPDQDJHU
DWWKHQDWLRQDOOHYHOZKRLVVXSSRVHGWRRYHUVHHWKHVDOHVSHUIRUPDQFHLQ
DSDUWLFXODUFRXQWU\$OODERYHSHUVRQQHOVKRXOGKDYHDOOWKHNQRZOHGJH
DERXW WKH SURGXFW ³-RKDUL :LQGRZ´ FDQ EH D JXLGH IRU WKH UHTXLUHG
WUDLQLQJOHYHOVIRUVDOHVWHDPPHPEHUVDQGLQIOXHQFLQJFOLHQW VRWKDWWKH\
PD\FRPPXQLFDWHZLWKWKHFXVWRPHUVFRQILGHQWO\

ϭϵ


)LJXUHD'LUHFW6DOHV&XVWRPHU3HUVRQDOLW\0DWUL[
6DOHVSHUVRQLVDOVRUHVSRQVLEOHWRJUHHWWKHFXVWRPHUVWRKHOSWKH
FXVWRPHUV LQ LGHQWLI\LQJ WKHLU UHTXLUHPHQWV WR SURPRWH SURGXFWV WR
DQVZHUWKHFXVWRPHUV¶TXHVWLRQVUHJDUGLQJWKHSURGXFWVWRQHJRWLDWHWKH
SULFHRQWKHVSRWWRDUUDQJHWKHPHUFKDQGLVHSURSHUO\DQGWRVXSHUYLVH
WKHRUGHULQJWKHVXSSOLHV+DQGOLQJGLIIHUHQWFOLHQWVLVQRWDQHDV\MRE


)LJXUHE'LUHFW6DOHV&RPPXQLFDWLRQ6W\OH0DWUL[IRU6XFFHVV

ϮϬ


)LJXUH'LUHFW6DOHV0DQDJHPHQW±S¶V

7KH PRVW VXFFHVVIXO VDOHVSHRSOH KDYH H[FHSWLRQDO DFFRXQW
NQRZOHGJH<RXURUJDQL]DWLRQQHHGVWRNQRZZKDW\RXUVDOHVSHRSOHNQRZ
DERXWWKHLUNH\FXVWRPHUVDQGSURVSHFWV



)LJXUH3URVSHFWLQJ0HWKRGV


Ϯϭ


)LJXUHD3ODQQLQJ0HWKRGV 7HUULWRU\3ODQQLQJDQG7LPH3ODQQLQJ 
6DOHVSODQQLQJDUHWKHSURFHVVRIGHWHUPLQLQJWKHQXPEHURIVDOHV
SHUVRQV RU VDOHV IRUFH UHTXLUHG WKH VDOHV WDUJHWV WR EH DFKLHYHG WKH
H[SHQGLWXUHVWREHLQFXUUHGDQGHYHU\WKLQJUHTXLUHGIRUDQHIIHFWLYHVDOHV
RUJDQL]DWLRQLQWKHILUP6DOHVSODQQLQJLQFOXGHVERWK±WHUULWRU\SODQQLQJ
DQGWLPHSODQQLQJ


)LJXUHE7LPH0DQDJHPHQW0DWUL[IRU6XFFHVV

,W LV LPSRUWDQW WR UHPHPEHU WKH GLIIHUHQFH EHWZHHQ PDUNHW
SHQHWUDWLRQDQGDFFRXQWGHYHORSPHQWWKURXJKWKHHIIHFWLYHGHSOR\PHQWRI
VDOHV IRUFH DQG LPSOHPHQWDWLRQ RI WKH FRQFHSWV RI WLPH WDUJHW DQG
WHUULWRU\

ϮϮ


)LJXUHF7LPH:DVWHUV

7RPDQ\FXVWRPHUVWKHVDOHVSHUVRQLVWKHEXVLQHVV7KHUHIRUHLI
WKHVDOHVSHUVRQQHODUHEDGWKHQVRLVWKHILUP



)LJXUH3DUHWRUXOH
FXVWRPHUIRFXV 

Ϯϯ




)LJXUH)DFWRUV$IIHFWLQJ'LUHFW6DOHV3UHVHQWDWLRQ %%RU%& 
6HOOLQJLVDQDUWODUJHO\DVVRFLDWHGZLWKWKHEHKDYLRXUDOVNLOOVRIWKH
VDOHV SHUVRQQHO RI D VDOHV RUJDQLVDWLRQ ,Q UHFHQW GD\V VHOOLQJ LV
SHUIRUPHG XVLQJ VFLHQWLILF PHWKRGV RI SURGXFW SUHVHQWDWLRQ DGYHUWLVLQJ
DQGYDULRXVDSSURDFKHVGUDZQWRWDNHWKHFRQVXPHULQWRFRQILGHQFH


)LJXUH4XHVWLRQLQJ0HWKRGV±.H\WR6DOHV6XFFHVV


Ϯϰ


)LJXUH'LUHFW6DOHV0DQDJHPHQW±4XHVWLRQLQJ6NLOOV

6DOHVSHUVRQLVDOVRUHVSRQVLEOHWRJUHHWWKHFXVWRPHUVWRKHOSWKH
FXVWRPHUV LQ LGHQWLI\LQJ WKHLU UHTXLUHPHQWV WR SURPRWH SURGXFWV WR
DQVZHUWKHFXVWRPHUV¶TXHVWLRQVUHJDUGLQJWKHSURGXFWVWRQHJRWLDWHWKH
SULFHRQWKHVSRW'HVLJQLQJDQRQELDVHGTXHVWLRQQDLUHUHTXLUHVDWWHQWLRQ
WRGHWDLO7KLVLVYDOXDEOHIRUJHQHUDWLQJQHZFRQFHSWVJHWWLQJIHHGEDFN
RQ SURSRVHG DGYHUWLVLQJ RU JDLQLQJ LQVLJKW LQWR DWWLWXGHV DQG RSLQLRQV
DERXWDQHZSURGXFW



)LJXUH.,663ULQFLSOH'LDORJXH3UHVHQWDWLRQ0HHWLQJ


Ϯϱ


)LJXUH6:27$QDO\VLV0DWUL[

7KHUH VKRXOG EH FRQWDFW ZLWK WKH FXVWRPHUV DQG WKHLU GHPDQG
SDWWHUQ 7KHUH VKRXOG EH FRQWDFW ZLWK WKH HQYLURQPHQW ± SURGXFW
GHYHORSPHQWWHFKQRORJLFDOFKDQJHDQGFRPSHWLWLYHRUJDQL]DWLRQV6XFK
LQWHUIDFHZLWKWKHFXVWRPHUFRQWULEXWHVDJUHDWGHDOWRVXFFHVV7KRXJKLW
VRXQGV REYLRXV LW LV D FRPPRQ WHQGHQF\ WR EH DORRI IURP WKH PDUNHW
)UHTXHQW³VZRW´DQDO\VLVRIPDUNHWLVPDQGDWRU\



)LJXUH6:27$QDO\VLV7RROIRU6DOHV6XFFHVV


Ϯϲ


)LJXUH&XVWRPHU&DUH$FWLRQ3ODQ0DWUL[

6DOHVLVWKHDUWRISODQQLQJLQWKHPLQGRIDQRWKHUDPRWLYHZKLFK
ZLOO LQGXFH IDYRXUDEOH DFWLRQ 6DOHV PDQDJHPHQW RULJLQDOO\ UHIHUUHG
H[FOXVLYHO\ WR WKH GLUHFWLRQ RI WKH VDOHV IRUFH /DWHU WKH WHUP WRRN RQ
EURDGHUVLJQLILFDQFHLQDGGLWLRQWRWKHPDQDJHPHQWRISHUVRQDOVHOOLQJ



)LJXUH&XVWRPHU6HUYLFH0DWUL[IRU6XFFHVV


Ϯϳ


)LJXUH6DOHV)RUHFDVWLQJ0HWKRGVIRU6XFFHVV

$VDOHVPDQDJHULVQRWRQO\HQWUXVWHGZLWKPDQDJLQJWKHVDOHVIRUFH
WR GHULYH WDUJHWEDVHG VDOHV RXWFRPHV EXW DOVR SHUIRUP PDQDJHULDO
IXQFWLRQV FRPSULVLQJ SODQQLQJ DQG IRUHFDVWLQJ WKH PDUNHW VDOHV HIIRUWV
DQG RUJDQL]LQJ GLUHFWLQJ PRWLYDWLQJ FRRUGLQDWLQJ DQG FRQWUROOLQJ WKH
VDOHVIRUFHWRDFKLHYHVDOHVJRDOV



)LJXUH6DOHV3URIHVVLRQDO&KDUDFWHULVWLFV


Ϯϴ


)LJXUHD7\SHVRI%X\HU

6DOHVPDQDJHPHQWLVLQVWUXPHQWDOLQFKDUWLQJWKHFRXUVHRIIXWXUH
RSHUDWLRQV 7KH DFWLYLW\ SURYLGHV WRS PDQDJHPHQW ZLWK LQIRUPHG
HVWLPDWHVDQGIDFWVIRUPDNLQJPDUNHWLQJGHFLVLRQVDQGIRUVHWWLQJVDOHV
DQG SURILW JRDOV 6DOHV PDQDJHPHQW DQG WKH ILQDQFLDO UHVXOWV RI D
FRPSDQ\DUHUHODWHG



)LJXUHE%X\HUEDVHG6HOOLQJ$SSURDFKIRU6XFFHVV


Ϯϵ


)LJXUHD7\SHVRI%X\HU3ROLF\

6DOHVYROXPHFRQWULEXWLRQWRSURILWVDQGJURZWKDUHWKHWKUHHPDMRU
REMHFWLYHV WKH VDOHV IXQFWLRQ LV H[SHFWHG WR DFKLHYH LQFUHDVH VDOHV
YROXPHLQFUHDVHSURILWDQGRYHUDOOORQJWHUPJURZWKRIWKHRUJDQL]DWLRQ



)LJXUHE0RGHUQ7UHQG7UXVW%DVHG6HOOLQJIRU6XFFHVV


ϯϬ




)LJXUH7\SHVRI%X\HU2EMHFWLRQV

6DOHV PDQDJHPHQW WRJHWKHU ZLWK SHUVRQDO VHOOLQJ FRQVWLWXWH DQ
LPSRUWDQWHOHPHQWRIWKHPDUNHWLQJPL[7KRXJKLWLVDSDUWRIWKHRYHUDOO
PDUNHWLQJWDVNLWFRQWULEXWHVVLJQLILFDQWO\WRWKHDFKLHYHPHQWRIWKHRYHUDOO
PDUNHWLQJREMHFWLYHV6DOHVIXQFWLRQWKHUHIRUHPXVWEHSURIHVVLRQDOL]HG
,WFDOOVIRUQRWRQO\SHUVXDVLYHFRPPXQLFDWLRQUHODWLRQVKLSPDQDJHPHQW
EXWDOVRSURSHUFRRUGLQDWLRQDQGKDQGOLQJREMHFWLRQV



)LJXUH%X\HU2EMHFWLRQV+DQGOLQJ6WHSVIRU6XFFHVV



ϯϭ


)LJXUH&RQIOLFW0DQDJHPHQW6W\OHVIRU6DOHV6XFFHVV

&RQIOLFWPDQDJHPHQWLVWKHSURFHVVE\ZKLFKGLVSXWHVDUHUHVROYHG
ZKHUHQHJDWLYHUHVXOWVDUHPLQLPL]HGDQGSRVLWLYHUHVXOWVDUHSULRULWL]HG
7KLVNH\PDQDJHPHQWVNLOOLQYROYHVXVLQJGLIIHUHQWWDFWLFVGHSHQGLQJRQ
WKHVDOHVVLWXDWLRQQHJRWLDWLRQDQGFUHDWLYHWKLQNLQJ
 

ϯϮ





)LJXUH'LUHFW6DOHV±$VVXUHG6XFFHVV6WHSV 6RXUFH0*,3/ 

$VDOHVSHUVRQKDVWRVHUYHWKHFXVWRPHUZLWKWUXHVROXWLRQ 1RW
6HOOLQJ D &RROHU WR DQ (VNLPR  $ VDOHV SHUVRQ PXVW LGHQWLI\ D
FXVWRPHU¶VSUREOHPVROYHWKDWSUREOHPDQGSUHVFULEHDSURSHUVROXWLRQWR
WKHFXVWRPHUQHHG



)LJXUH'LUHFW6DOHV±6XFFHVVIXO1HJRWLDWLRQDQG&ORVLQJ

ϯϯ


)LJXUH&XVWRPHU%RG\/DQJXDJH±%DVLFV 3DUW 

$V D VDOHVSHUVRQ \RX VKRXOG EH DFWLYHO\ VHHNLQJ WR ³KHDU´ \RXU
SURVSHFW¶V ERG\ ODQJXDJH DV PXFK DV \RX¶UH OLVWHQLQJ WR WKH ZRUGV
WKH\¶UHVD\LQJ5HDGLQJERG\ODQJXDJHVLJQDOVLVDVNLOODQ\VDOHVSHUVRQ
FDQOHDUQDQGZLWKSUDFWLFHEHFRPHDQH[SHUW



)LJXUH&XVWRPHU%RG\/DQJXDJH±%DVLFV 3DUW 




 

ϯϰ

&KDSWHU±&KDQQHO6DOHV0DQDJHPHQW
6DOHV FKDQQHOV DUH DYHQXHV \RX XVH WR SURPRWH \RXU EUDQG
DQGSURGXFWVWR\RXUFXVWRPHUV2QWKHRWKHUKDQGFKDQQHOVDOHVDUH
D VWUDWHJ\ WKDW LI GRQH ULJKW FDQ KHOS \RX H[SRQHQWLDOO\ JURZ \RXU
EXVLQHVV


)LJXUH7\SHVRI&KDQQHO6DOHV

&KDQQHO VDOHV LV SDUWQHULQJ ZLWK RWKHU EXVLQHVVHV VR WKDW \RXU SURGXFW
FDQUHDFKDZLGHUPDUNHW



)LJXUH7\SHVRI&KDQQHO0DUNHWLQJ

ϯϱ


)LJXUHD&KDQQHO3DUWQHU0DWXULW\0RGHO

,W¶VQRORQJHUHQRXJKWRPHDVXUHFKDQQHOSDUWQHUVXFFHVVVROHO\RQ
D WUDQVDFWLRQDO EDVLV ,W¶V PRUH LPSRUWDQW WKDQ HYHU WR HQVXUH WKDW
HYHU\RQHLQ\RXUHFRV\VWHPLVVHWXSIRUVXFFHVV



)LJXUHE0RGHUQ&KDQQHO/LIH&\FOHDQG0DWXULW\/HYHOV



ϯϲ


)LJXUH&KDQQHO3DUWQHU([SHFWDWLRQVDW9DULRXV0DWXULW\/HYHOV

(YHU\ EXVLQHVV LV XQLTXH 7KH W\SHV RI FKDQQHO VDOHV VWUDWHJLHV
HDFK FRPSDQ\ HPSOR\V DUH FRQWLQJHQW RQ LWV LQGLYLGXDO QHHGV 0RVW
EXVLQHVVHVGHYHORSDSODQWKDWLQFOXGHVDYDULHW\RIDSSURDFKHV



)LJXUH&KDQQHO3DUWQHU6XSSRUW([SHFWDWLRQIURP0DQXIDFWXUHU

7KH EHVW WLPH WR HVWDEOLVK DQG DJUHH WKHVH H[SHFWDWLRQV ZLWK D
FKDQQHOSDUWQHULVDWWKHEHJLQQLQJRIDUHODWLRQVKLS,WFDQEHH[WUHPHO\
GLIILFXOWDQGVRPHWLPHVFRXQWHUSURGXFWLYHWRLQWURGXFHQHZH[SHFWDWLRQV
WRFKDQQHOSDUWQHUVRQFHWKHSDUWQHUVKLSLVXSDQGUXQQLQJIRUDSHULRGRI
WLPH


ϯϳ


)LJXUH&KDQQHO%XVLQHVV5HTXLUHPHQW,GHQWLILFDWLRQ0DWUL[

7KH FKDQQHO SDUWQHU LV SDUW RI WKH YHQGRU V LQGLUHFW VDOHV IRUFH
PHDQLQJWKDWWKH\VHOOWKHSURGXFWVDQGVHUYLFHVRQEHKDOIRIWKHYHQGRU
EXWWKH\DUHDQLQGHSHQGHQWFRPSDQ\



)LJXUH0DQXIDFWXUHUYV&KDQQHO3DUWQHU5ROH

7KH\ PD\ DOVR VHOO SURGXFWV DQG VHUYLFHV SURGXFHG E\ RWKHU
YHQGRUVDVZHOODVLWHPVWKH\GHYHORSWKHPVHOYHV


ϯϴ


)LJXUH6DOHV&KDQQHO'HVLJQ3URFHVV

&KDQQHO VDOHV FDQ LQFOXGH DQ\ W\SH RI WKLUGSDUW\ WKDW RIIHUV \RXU
SURGXFWRUVHUYLFHWRWKHHQGFXVWRPHU



)LJXUH6DOHV&KDQQHO(VWDEOLVKPHQWDQG,PSOHPHQWDWLRQ3URFHVV

6HOOLQJ \RXU SURGXFW RU VHUYLFH WKURXJK D QHWZRUN RI FKDQQHO
SDUWQHUVFDQSURYLGHJUHDWOHYHUDJHWR\RXUEXVLQHVV

ϯϵ


)LJXUH0DQXIDFWXUHU6XSSRUWDQG&KDQQHO)XQFWLRQLQJ0DWUL[

7KHILYHEDVHVRISRZHUZHUHLGHQWLILHGE\MRKQIUHQFKDQGEHUWUDP
UDYHQLQWKHHDUO\¶VWKURXJKDVWXG\WKH\KDGFRQGXFWHGRQSRZHULQ
OHDGHUVKLSUROHVDVDSSOLFDEOHIRUFKDQQHOPDQDJHU



)LJXUH0DQXIDFWXUHU/HDGHUVKLS6W\OHVIRU&KDQQHO0DQDJHPHQW

7KH VWXG\ VKRZHG KRZ GLIIHUHQW W\SHV RI SRZHU DIIHFWHG RQH¶V
OHDGHUVKLSDELOLW\DQGVXFFHVVLQDOHDGHUVKLSUROH


ϰϬ


)LJXUHD0RGHUQ&KDQQHO7UHQG 'LUHFW2XWUHDFK&KDQQHO 

(YHU\ FKDQQHO VDOHV RUJDQL]DWLRQ VKRXOG KDYH D ZULWWHQ VDOHV
VWUDWHJ\ SODQ VXPPDUL]LQJ LWV NH\ SHUIRUPDQFH LQGLFDWRUV JRDOV
SURFHVVHVDQGPRUH



)LJXUHE0RGHUQ&KDQQHO7UHQG 5HWDLO0DVV0DUNHW&KDQQHO 

7KLVFRPSUHKHQVLYHFKDQQHOVHOOLQJSODQLVW\SLFDOO\GHYHORSHGE\
VDOHV RU UHYHQXH OHDGHUV WR KHOS WKH FRPSDQ\ KLW UHYHQXH WDUJHWV DQG
LQFUHDVHSURILWV
 

ϰϭ

&KDSWHU±&RQFOXVLRQ
2QHRIWKHPRVWDWWUDFWLYHUHDVRQVDVWRZK\PDQ\SURIHVVLRQDOVFKRRVH
D FDUHHU LQ VDOHV LV GXH WR WKH SRWHQWLDO RI HDUQLQJ D ORW RI PRQH\ LQ
FRPSDULVRQ WR PDQ\ RWKHU FDUHHU FKRLFHV DORQJ ZLWK FKDOOHQJHV DQG
IUHHGRP6RPH RIWKHRWKHUPRQHWDU\EHQHILWVLQFOXGHDFDUDOORZDQFH
JDV FDUGVUHLPEXUVHPHQWV FHOO SKRQH ODSWRS VDOHV FRQWHVWV H[SHQVH
DFFRXQWVWXLWLRQUHLPEXUVHPHQWDQGWKHOLVWJRRQ&RPSDQLHVSD\WKHLU
VDOHVWHDPZHOOEHFDXVHWKLVLVWKHWHDPWKDWJHQHUDWHVUHYHQXHIRUWKH
FRPSDQ\DQGDVWKHVD\LQJJRHVQRWKLQJKDSSHQVXQWLOVRPHWKLQJJHWV
VROGDQGZLWKRXWUHYHQXHDEXVLQHVVZLOOEHRXWRIEXVLQHVV
:LWKDKLJKLQFRPHFRPHVKLJKDFFRXQWDELOLW\DQGUHVSRQVLELOLW\WRGHOLYHU
RQ\RXUQXPEHUVDQGJRDOV7KLVGRHVDGGWRSUHVVXUHDQGVWUHVVLI\RXU
SHUIRUPDQFHLVOHVVWKDQRQJRDO6RPHSHRSOHFDQQRWKDQGOHWKLVNLQG
RI VWUHVV DQG WKH SUHVVXUH WR SHUIRUP  $ KLJK LQFRPH LV DOVR QRW D
JXDUDQWHH DV SDUW RI WKH SD\ LV GLUHFWO\ LQIOXHQFH E\ \RXU FRPPLVVLRQ
FKHFN,WLVLPSRUWDQWWRXQGHUVWDQGWKHVDODU\FRPPLVVLRQSHUFHQWDJHWR
FDOFXODWHDQGSODQ\RXUHDUQLQJVDQGILQDQFH

5HIHUHQFH
 3$GKLNDU\3.5R\$0D]XPGDU2SWLPXPVHOHFWLRQRIK\GUDXOLF
WXUELQHPDQXIDFWXUHUIRU6+30&'$RU0&'0WRROV:RUOG$SSOLHG
6FLHQFHV-RXUQDO :$6-   SS
 3 $GKLNDU\ 3.5R\ $0D]XPGDU 0DLQWHQDQFH &RQWUDFWRU
6HOHFWLRQ IRU 6PDOO +\GURSRZHU 3URMHFW $ )X]]\ 0XOWL&ULWHULD
2SWLPL]DWLRQ 7HFKQLTXH $SSURDFK ,QWHUQDWLRQDO 5HYLHZ RI
0HFKDQLFDO(QJLQHHULQJ ,5(0(   SS
 

ϰϮ

$QQH[XUH6DPSOH6DOHV/HWWHUV

 /HWWHUVWRVWRUHFXVWRPHUV
'HDU6LU
,WZDVVRQLFHKDYLQJWKHSOHDVXUHRIVHUYLQJ\RXRQ GDWH 7KDQNLQJ\RX
IRUJLYLQJPHWKHRSSRUWXQLW\
,GRKRSHWKDWWKHSURGXFWV\VWHP\RXFKRVHDUHZHOOUHFHLYHG+HOSLQJ
LQWKHVHOHFWLRQRIJLIWVKDVEHFRPHP\IDYRXULWHRFFXSDWLRQ«,HQMR\LW
VR
:KHQHYHU\RXQHHGWKHVHSURGXFWVLQIXWXUH,¶OOFRQVLGHULWDUHDOSULYLOHJH
LI\RX¶OOFDOORQPH,IWLPHLVSUHVVLQJMXVWSKRQHWHOOPH\RXUUHTXLUHPHQW
EXGJHWDQGOHDYHWKHKXQWLQJIRUPH7KDW¶VWKHZD\,ZRUNZLWKPDQ\
RIRXUFXVWRPHUV,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUNIRU
\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHUVVD\LQJWKDQNVWREX\HUV
'HDU6LU
&RQJUDWXODWLRQ P\KHDUWIHOWWKDQNVIRUVHOHFWLQJRXUSURGXFWV\VWHP
,NQRZKRZLPSDWLHQW\RXPXVWEHWRHQMR\\RXUQHZV\VWHP7KDWZDVD
PDMRUGHFLVLRQ\RXPDGH ,DPFRQILGHQWWKDW\RX¶OOEHGHOLJKWHGWKDW\RX
PDGHWKH\RXGLG
,W ZDV D ZDUP  HQMR\DEOH H[SHULHQFH ZRUNLQJ ZLWK \RX ,¶OO DOZD\V EH
JUDWHIXOIRUWKHRSSRUWXQLW\DQGIRU\RXUWUXVW FRQILGHQFH
<RXFDQEHVXUHWKDW,¶OOFRQVFLHQWLRXVO\IROORZWKURXJKRQDOOWKHGHWDLOV 
ZLOO OHW \RX NQRZ SURPSWO\ ZKHQHYHU UHTXLUHG <RXU RUGHU ZLOO EH
SURFHVVHG VKLSSHGMXVWDVTXLFNO\DVSRVVLEOH
,IWKHUH¶VDQ\WKLQJ,FDQGRLQWKHPHDQWLPHE\DOOPHDQVFDOOPH
7KDQNVRQFHPRUH,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUN
IRU\RX
 

ϰϯ

 /HWWHUIROORZLQJDUHIXVDOWREX\
'HDU6LU
$OWKRXJK P\ GLVFXVVLRQ ZLWK \RX RQ GDWH  UHVXOWHG LQ ³1R 6DOH´ ,
VLQFHUHO\ DSSUHFLDWH \RXU ZLOOLQJQHVV WR KHDU P\ SURSRVDO ZKLOH JRLQJ
WKURXJKWKHSUHVHQWDWLRQ
0\UHDOUHJUHWZDVWKDW,GLGQ¶WEULQJ\RXDQLGHDWKDWLQ\RXUHVWLPDWLRQ
KDGJHQXLQHEHQHILWVIRU\RX3HUKDSVQH[WWLPH«QRZWKDW,NQRZ\RX
\RXUWKRXJKWV GHVLUHV«,ZLOOFRPHFORVHUWRWKHWDUJHW
,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUNIRU\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 )ROORZXS/HWWHUVIRUD6DOH
'HDU6LU
7KHODVWWLPH,GLVFXVVHGZLWK\RX\RXZHUHQRWIXOO\GHFLGHGDERXWWKH
SXUFKDVHRIRXUSURGXFWV\VWHP,KDGSURSRVHGWR\RX
6LQFH WKHQ \RX SUREDEO\ KDYH JLYHQ LW D JUHDW GHDO RI VWXG\ ,¶YH EHHQ
GRLQJWKDWWRR,KDYHUHYLHZHGWKHGHWDLOVRILWRQFHDJDLQ ,DPPRUH
FRQILGHQWWKDQHYHUWKDWLWILWV\RXUQHHGV
7KHVHDUHWKHPDLQHOHPHQWVWKDW,VHH
‡ %UDQG(TXLW\ :LGHVWSURGXFWUDQJH
‡ /DWHVWGHVLJQ WHFKQRORJ\ZLWK&HUWLILHGTXDOLW\
‡ /RZHVWSRZHUFRQVXPSWLRQ
‡ +LJKHVWORQJHYLW\ SHUIRUPDQFH
‡ /RZHVWQRLVH YLEUDWLRQ
‡ &RUURVLRQUHVLVWDQWERG\ SDUWV
‡ ,QFRUSRUDWHGYDULRXVVDIHW\GHYLFHV
‡ 8QSDUDOOHOVHUYLFHVXSSRUWQHWZRUN
7KHSULQFLSDOTXHVWLRQWRDVN\RXUVHOI6LULV«GR\RXNQRZRIDQ\RWKHU
DSSURDFK WR \RXU JRDOV WKDW DSSHDUV PRUH OLNHO\ WR JLYH \RX ZKDW \RX
ZDQW"

ϰϰ

,I\RXUDQVZHUWRWKHTXHVWLRQLVQHJDWLYHWKHQ,WKLQNLWZLOOEHDGYLVDEOH
IRU\RXWRPDNHWKHGHFLVLRQQRZIRUSXUFKDVH,¶OOEHLQWRXFKZLWK\RX
VKRUWO\ZLWKWKHKRSHWRZRUNIRU\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 $QVZHUWKHREMHFWLRQ
'HDU6LU
)URPWKHYDULRXVLGHDVZHKDYHH[FKDQJHGDWRXUPHHWLQJ,DPFRQYLQFHG
RIWZRWKLQJV
1XPEHURQHWKHUHLVQRTXHVWLRQEXWWKHXVHRIRXUSURGXFWV\VWHPZLOO
DGGLPPHDVXUDEO\WRWKHHIILFLHQF\ UHOLDELOLW\RI\RXURSHUDWLRQ
1XPEHUWZR\RXUUHDVRQIRUQRWPDNLQJWKHPRYHDWWKLVWLPHLVEDVHG
RQ\RXUODFNRIFRQYLFWLRQRQRXUGHVLJQ FRVWLQJ
<RXDUHULJKWWRKDYHVXFKPLVJLYLQJV
%XW6LU\RXUPLQGFDQEHDWHDVH
$IWHUUHYLHZLQJ\RXUGHVLJQ FRVWLQJRQFHDJDLQ,¶PFRPSOHWHO\VDWLVILHG
WKDWRXUHQJLQHHUGLGKLVFXVWRPDU\FDUHIXOVXUYH\ KDVUHFRPPHQGHGD
V\VWHPWKDWLVLGHDOIRU\RXUQHHGV,DPHTXDOO\VDWLVILHGWKDWIURP\RXU
YLHZSRLQW WKH SULFH LV D JRRG RQH FRPSDUHG WR LWV TXDOLW\  VSHFLDO
IHDWXUHV
%XWWKHUHDUHVRPHWKLQJVWKDWWKHHVWLPDWHGRHVQ¶WVKRZ
)RU RQH WKLQJ LW GRHVQ¶W VKRZ WKH FRQWLQXLQJ LQWHUHVW ZH WDNH LQ HYHU\
LQVWDOODWLRQ :H GHGLFDWH RXUVHOYHV WR PDNLQJ HYHU\ FXVWRPHU DQ
HQWKXVLDVWLFERRVWHURIRXUVHUYLFH
$QRWKHUWKLQJWKHHVWLPDWHFDQ¶WUHYHDOLVWKHVROLGSOHDVXUH WKHJRRG
KHDOWKWKDWDUHSDUW SDUFHORIZHOOSODQQHGVPRRWKO\IXQFWLRQLQJV\VWHP
KDYLQJODWHVWGHVLJQ WHFKQRORJ\
+RW ZHDWKHU GD\V ZLOO EH ZLWK XV VRRQ 2XU LQVWDOODWLRQ GHSDUWPHQW LV
JHWWLQJEXVLHUZLWKHDFKSDVVLQJGD\0\VLQFHUHUHFRPPHQGDWLRQLVWKDW
\RXJLYHXVWKHZRUGWRVWDUWQRZWRDYRLGDQ\GHOD\
,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUNIRU\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 

ϰϱ

 /HWWHUVIROORZLQJDSUHVHQWDWLRQ
'HDU6LU
,WZDVJRRGRI\RXWRJLYHPHWKHRSSRUWXQLW\WRSUHVHQWP\LGHDVWR\RX
RQ GDWH 0HHWLQJ\RXZDVDJHQXLQHSOHDVXUHIRUPHDQG,ORRNIRUZDUG
WRVHHLQJ\RXDJDLQ
<RXZDQWHGPRUHWLPHWRWKLQNDERXWP\VXJJHVWLRQVDQG,KRSHWKDWWKH
WKLQJV,WROG\RX WKHEURFKXUHV FDWDORJXHV,OHIWZLWK\RXKDYHJLYHQ
\RXUHDVRQWREHOLHYHWKDWLWZLOOSD\\RXWRH[SORUHWKHVHWKRXJKWVIXUWKHU
,KDYHDOVRGLVFXVVHGRI\RXUFRPPHQWVRQWKHSULFH TXDQWLW\GLVFRXQW
ZLWK RXU KLJKHU DXWKRULW\ ,¶P KDSS\ WR WHOO \RX WKDW WKH\ DUH PRVW FR
RSHUDWLYH ,DPFRQILGHQWQRZWKDW\RX¶OOEHKDSS\ZLWKWKHWHUPV
,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUNIRU\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHUVRILQYLWDWLRQWRYLVLWVWRUHH[KLELWLRQ
'HDU6LU
&RXOG\RXDUUDQJHWREHDW YHQXH DW WLPH RQ GDWH "
2QWKDWGD\WKHUHZLOOEHDVHPLQDUFXPSUHVHQWDWLRQRIRXUHQWLUHUDQJH
RI SURGXFWVV\VWHPV )URP ZKDW ,¶YH KHDUG LW ZLOO EH RQH RI WKH PRVW
EHDXWLIXO LQVSLULQJSURJUDPVHYHU
1RWRQO\ZRXOG,OLNH\RXWRHQMR\WKLVVKRZEXW,FDQWKLQNRIQREHWWHU
ZD\ RI GHPRQVWUDWLQJ WR \RX WKH FXUUHQW SHUIHFWLRQ RI RXU ODWHVW
SURGXFWVV\VWHPV<RX¶OOEHWKULOOHGZLWKLW \RX¶OOVHHZKDWDQHZZRUOG
RISOHDVXUHRZQHUVKLSRUJXLGLQJRWKHUVFDQEULQJWR\RX
,GRKRSH\RXFDQPDNHLW ORRNIRUZDUGWRVHHLQJ\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 

ϰϲ

 /HWWHUVDVNLQJIRUDSSRLQWPHQW
'HDU6LU
<RXKDYHEHHQKHDULQJ UHDGLQJDERXWRXUSURGXFWVV\VWHPV1RZ\RX
FDQKDYHDIHHORILW2QFH\RXKDYHVHHQWKHEULOOLDQWSHUIRUPDQFHLWJLYHV
DORQJ ZLWK YDULRXV PLQG EORZLQJ IHDWXUHV«WKH HDVH ZLWK ZKLFK LW
RSHUDWHV«DQG,WHOO\RXKRZHFRQRPLFDOWKHSURGXFWVV\VWHPVDUH«,¶OO
SUREDEO\KDYHPRUHWURXEOHWDNLQJLWDZD\IURP\RXWKDQPDNLQJDVDOH
$QG,SURPLVHWKDW,ZRQ¶WWU\WRWDNHLWDZD\
,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUNIRU\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHUVVHHNLQJUHIHUUDOV
'HDU6LU
'RDOORI\RXUIULHQGVORYH\RXUQHZV\VWHPDVPXFKDV\RXGR",¶OOEHW
WKH\GR
-RLQLQJ\RXLQWKHVHDUFKIRUMXVWWKHULJKWV\VWHPZDVDIXQ
'R\RXNQRZDQ\RQHZKRLVLQWHUHVWHGLQEX\LQJDV\VWHPVKRUWO\",I\RX
GR ,¶G DSSUHFLDWH OHDUQLQJ ZKR WKH\ DUH ,QYDULDEO\ , ZRUN KDUGHU 
VXFFHHGPRUHRIWHQ ZKHQUHSUHVHQWLQJQLFH SHRSOH ,¶PVXUHWKDW DQ\
UHIHUUDOVRI\RXUVDUHQLFHSHRSOH
,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRKDYHDQ\WLSVIRUPH
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHURIIHULQJ([WUD6HUYLFH
'HDU6LU
+HUH¶VDQLGHD\RX¶OOSUREDEO\ZHOFRPH
<RX¶OOSUREDEO\DJUHHWKDWWKHJUHDWHUWKHNQRZOHGJHRI\RXUVDOHVIRUFH
WKHPRUHSURGXFWLYHWKH\FDQEH
,KDYHGHYHORSHGDVKRUWGXUDWLRQWUDLQLQJSURJUDP,WLVEDVHGRQWKHJUHDW
YDULHW\RIVDOHVDSSURDFKHVGHPRQVWUDWLRQWHFKQLTXHV FORVLQJPHWKRGV
,¶YHKDGXQLTXHRSSRUWXQLW\WRREVHUYHZKLOHZRUNLQJZLWKPDQ\SHRSOHLQ
WKLVILHOG

ϰϳ

6DOHVPHWKRGVKDYHDOZD\VKHOGSDUWLFXODULQWHUHVWIRUPH:KHQ,VHHDQ
RXWVWDQGLQJ VDOHV PDQ , PDNH D SRLQW RI JHWWLQJ WR NQRZ KLP ZHOO
REVHUYLQJKLP DQDO\VLQJKLVZRUN
2QH RI WKHREMHFWLYHV RI WKHPHHWLQJ ZLOO EH WRPRWLYDWH \RXU SHRSOHWR
ZDQWWREHFRPHPRUHSURIHVVLRQDOQWKHLUVDOHVHIIRUWV
:KLOHRXUOLQHZLOOEHPHQWLRQHG,FDQDVVXUH\RXWKDWWKHVHVVLRQZLOOEH
GHGLFDWHGWRLPSURYLQJWKHLUVHOOLQJVNLOOVQRPDWWHUZKDWSURGXFWVRUZKDW
OLQHVWKH\FKRRVHWRVHOO
,¶OOEHLQWRXFKZLWK\RXVKRUWO\WRXQGHUVWDQG\RXUGHFLVLRQ
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHURIDSSUHFLDWLRQWRHVWDEOLVKHGFXVWRPHUV
'HDU6LU
7KLVLVQRWWRWHOO\RXDERXWDQHZSURGXFWRUDVDOH«
$VDPDWWHURIIDFWLWLVDERXWVRPHWKLQJZH¶YHKDGIRUORQJWLPH«\RXU
JRRGZLOO JUHDWO\DSSUHFLDWHGOR\DOW\
7KDWLVWKHRQO\UHDVRQIRUWKLVOHWWHU<RXKDYHEHHQDUHJXODUFXVWRPHU
RIRXUVIRUDORQJWLPH ,VLPSO\ZDQWHGWRVD\WKDW,DPYHU\JUDWHIXO
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHUWREHPDLOHGZKLOH\RXDUHDZD\
'HDU6LU
<RXKDYHQ¶WVHHQPHLQODVWWZRZHHNVIRU,¶YHEHHQRQVLFNOLVW+DSSLO\
WKHZRUVWLVRYHU ,¶PZHOORQWKHURDGWRUHFRYHU\
,I \RX QHHG DQ\WKLQJ XUJHQWO\ SOHDVH FDOO 0U ;<= DW P\ RIILFH +H¶V
SLQFKHVKLWWLQJIRUPH ZLOOEHPRUHWKDQJODGWRKHOS\RX
,¶OOEHEDFNRQWKHMREVRRQ ZLOOEHE\WRVHH\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 

ϰϴ

 /HWWHUWREHPDLOHGEHWZHHQFDOOV
'HDU6LU
,¶PORRNLQJIRUZDUGWRP\QH[WYLVLWWR\RXURIILFH WKHSOHDVXUHRIVHHLQJ
\RXDJDLQ,¶OOEHWKHUHVKRUWO\
,QWKHPHDQWLPHLIWKHUHLV DQ\WKLQJ\RXQHHGRUDQ\WKLQJ,FDQGRIRU
\RXMXVWUHDFKIRUWKHSKRQHRUZULWHWRPH,I,DPRXWRIRIILFH0U;<=
NQRZVKRZWRKDQGOHDQ\WKLQJ\RXQHHG6WD\ZHOO NHHSEXV\6HH\RX
VRRQ
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHUWREHPDLOHGZKHQDSURVSHFWZDVXQDYDLODEOH
'HDU6LU
,ZDVH[WUHPHO\VRUU\WROHDUQWKDW\RXZHUHKRPHLOOZKHQ,FDPHWR\RXU
RIILFH RQ GDWH  IRU RXU PHHWLQJ %\ WKLV WLPH , KRSH \RX DUH IHHOLQJ
FRQVLGHUDEO\EHWWHU ZLOOEHDEOHWR UHWXUQWR\RXUGHVNLQWKHQH[WIHZ
GD\V7KHFKDQFHVDUHWKDWDJRRGGHDORIZRUNZLOOEHZDLWLQJIRU\RXU
UHWXUQVR,ZLOOQRWVXJJHVWDQRWKHUDSSRLQWPHQWXQWLO\RXKDYHKDGWLPH
WRFDWFKXS,¶OOEHLQWRXFKZLWK\RXVKRUWO\ZLWKWKHKRSHWRZRUNIRU\RX
0\ZDUPHVWUHJDUGV0\VLQFHUHVWWKDQNV
 /HWWHUFRYHULQJFRPSODLQWV
'HDU6LU
,FDQIXOO\XQGHUVWDQG\RXUXQKDSSLQHVVZLWKWKHOHWWHU\RXUHFHLYHGIURP
XV<RX KDYHEHHQ D JRRG FXVWRPHURI RXUV IRU DORQJSHULRG DQGWKLV
UHIXVDOWRJUDQWIXUWKHUFUHGLWDWWKLVWLPHZDVQDWXUDOO\XSVHWWLQJ
:KHQWKHGHFLVLRQZDVPDGH,KDGDORQJWDONZLWKRXUKLJKHUDXWKRULW\
7KH\WRRZDVXQKDSS\DERXWWKHVLWXDWLRQDVZDVUHIOHFWHGLQKLVOHWWHU
,QH[SUHVVLQJWKHLUIHHOLQJWRPHWKH\VDLGWKDWUHMHFWLRQRIIXUWKHUFUHGLW
DW WKLV WLPH ZDV IRU \RXU EHQHILW DV ZHOO DV WKH FRPSDQ\¶V $ IXUWKHU
H[WHQVLRQ RI FUHGLW ZRXOG PDJQLI\ \RXU SUREOHPV 8QGHUVWDQGLQJ WKH
SUREOHPV\RXDUHQRZIDFLQJRXUFRPSDQ\LVHQWLUHO\ZLOOLQJWRJLYH\RX
DPSOHWLPHWRFOHDUXS\RXUSUHVHQWLQGHEWHGQHVVZLWKXVE\KROGLQJEDFN
RQSXUFKDVH DOORWKHUH[SHQGLWXUH$VVRRQDV\RXUEXVLQHVVLVEDFNWR
QRUPDO,¶PVXUHRXUUHODWLRQVKLSZLOOIROORZVXLW
0\VLQFHUHVWJRRGZLVKHVIRUDTXLFNUHFRYHU\

ϰϵ

Buy your books fast and straightforward online - at one of world’s
fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.
Buy your books online at
www.morebooks.shop
Kaufen Sie Ihre Bücher schnell und unkompliziert online – auf einer
der am schnellsten wachsenden Buchhandelsplattformen weltweit!
Dank Print-On-Demand umwelt- und ressourcenschonend produzi
ert.
Bücher schneller online kaufen
www.morebooks.shop
KS OmniScriptum Publishing
Brivibas gatve 197
LV-1039 Riga, Latvia [email protected]
Telefax: +371 686 204 55 www.omniscriptum.com

You might also like