Sr.

no

Topics

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What is marketing Mix?

Price

Pricing strategies

Place

Product

13

Promotion

15

Promotion Mix

17

Physical Evidence

20

People

22

10

Process

25

11

Public relations

28

12

Political Power

37

13

Packaging

42

14

Conclusion

53

15

Bibliography

54

Marketing Mix
What is marketing Mix?
The marketing mix is probably the most famous marketing term. Its
elements are the basic, tactical components of a marketing plan. Also known
as the Four P's, the marketing mix elements are price, place, product,
and promotion.
The concept is simple. Think about another common mix - a cake mix.
All cakes contain eggs, milk, flour, and sugar. However, you can alter the
final cake by altering the amounts of mix elements contained in it. So for a
sweet cake add more sugar!

It is the same with the marketing mix. The offer you make to you customer
can be altered by varying the mix elements. So for a high profile brand,
increase the focus on promotion and desensitize the weight given to price.
Another way to think about the marketing mix is to use the image of an
artist's palette. The marketer mixes the prime colours (mix elements) in
different quantities to deliver a particular final colour. Every hand painted
picture is original in some way, as is every marketing mix.

Some commentators will increase the marketing mix to the Five P's, to
include people. Others will increase the mix to Seven P's,
to include physical evidence(such as uniforms, facilities,
or livery) and process (i.e. the whole customer
experience e.g. a visit the Disney World). The term was
coined by Neil H. Borden in his article The Concept of the
Marketing Mix in 1965.
Marketing mix is an imperative concept in modern
marketing and academically it is referred to as the set of
controllable tools that the firm blends to produce the
response it wants in the target market, so it consists of
everything the firm can do to influence the demand for its
product (Kotler and Armstrong, 2004). It is important to
realise that marketing mix strategy of any company can have one major
function, that is, strategic communication of the organisation with its
customers (Proctor, 2000). It was further argued that marketing mix provides
multiple paths as such communication can be achieved either in spoken form
and written communications (advertising, selling, etc.) or in more symbolic
forms of communication (the image conveyed in the quality of the product,
its price and the type of distribution outlet chosen). However, the key
element is that the main aspects of marketing mix that will be discussed
below "should not be seen as individual entities, but as a set of interrelated
entities which have to be set in conjunction with one another"

Price
In economics and business, the price is the assigned numerical monetary
value of a good, service or asset.
The concept of price is central to microeconomics where it is one of the most
important variables in resource allocation theory (also called price theory).
Price is also central to marketing where it is one of the four variables in the
marketing mix that business people use to develop a marketing plan.

Conventional definition
In ordinary usage, price is the quantity of payment or compensation for
something. People may say about a criminal that he has 'paid the price to
society' to imply that he has paid a penalty or compensation. They may say
that somebody paid for his folly to imply that he suffered the consequence.
Economists view price as an exchange ratio between goods that pay for each
other. In case of barter between two goods whose quantities are x and y, the
price of x is the ratio y/x, while the price of y is the ratio x/y.
This however has not been used consistently, so that old confusion regarding
value frequently reappears. The value of something is a quantity counted in
common units of value called numeraire, which may even be an imaginary
good. This is done to compare different goods. The unit of value is frequently
confused with price, because market value is calculated as the quantity of
some good multiplied by its nominal price.
There are many ways to price a product. Let's have a look at some of them
and try to understand the best policy/strategy in various situations.
Pricing Strategies.
There are many ways to price a product. Let's have a look at some of them
and try to understand the best policy/strategy in various situations.

Premium Pricing
Use a high price where there is a uniqueness about the product or service.
This approach is used where a substantial competitive advantage exists.
Such high prices are charge for luxuries such as Cunard Cruises, Savoy Hotel
rooms, and Concorde flights.

Penetration Pricing
The price charged for products and services is set artificially low in order to
gain market share. Once this is achieved, the price is increased.

Economy Pricing
This is a no frills low price. The cost of marketing and manufacture are kept
at a minimum. Supermarkets often have economy brands for soups,
spaghetti, etc.
Price Skimming

Charge a high price because you have a substantial competitive advantage.

However, the advantage is not sustainable. The high price tends to attract
new competitors into the market, and the price inevitably falls due to
increased supply. Manufacturers of digital watches used a skimming
approach in the 1970s. Once other manufacturers were tempted into the
market and the watches were produced at a lower unit cost, other marketing
strategies and pricing approaches are implemented.
Premium pricing, penetration pricing, economy pricing, and price skimming
are the four main pricing policies/strategies. They form the bases for the
exercise. However there are other important approaches to pricing.
Psychological Pricing
This approach is used when the marketer wants the consumer to respond on
an emotional, rather than rational basis. For example 'price point
perspective' 99 cents not one dollar.

Product Line Pricing.

Where there is a range of product or services the pricing reflect the benefits
of parts of the range. For example car washes. Basic wash could be $2, wash
and wax $4, and the whole package $6.

Optional Product Pricing.

Companies will attempt to increase the amount customer spend once they
start to buy. Optional 'extras' increase the overall price of the product or
service. For example airlines will charge for optional extras such as
guaranteeing a window seat or reserving a row of seats next to each other.
Captive product pricing
Where products have complements, companies will charge a premium price
where the consumer is captured. For example a razor manufacturer will
charge a low price and recoup its margin (and more) from the sale of the
only design of blades which fit the razor.
Product Bundle Pricing

Here sellers combine several products in the same package. This also serves
to move old stock. Videos and CDs are often sold using the bundle approach.
Promotional Pricing
Pricing to promote a product is a very common application. There are many
examples of promotional pricing including approaches such as BOGOF (Buy
One Get One Free).
Geographical Pricing
Geographical pricing is evident where there are variations in price in different
parts of the world. For example rarity value, or where shipping costs increase
price.
Value Pricing
This approach is used where external factors such as recession or increased
competition force companies to provide 'value' products and services to
retain sales e.g. value meals at McDonalds.

Place
Another element of Neil H.Borden's Marketing Mix is Place. Place is also known as channel,
distribution, or intermediary. It is the mechanism through which goods and/or services are
moved from the manufacturer/ service provider to the user or consumer.

Place, distribution, channel, or intermediary.

A channel of distribution comprises a set of institutions which perform all of
the activities utilised to move a product and its title from production to
consumption. Bucklin - Theory of Distribution Channel Structure (1966)
Another element of Neil H.Borden's Marketing Mix is Place. Place is also
known as channel, distribution, or intermediary. It is the mechanism through
which goods and/or services are moved from the manufacturer/ service
provider to the user or consumer.

There are six basic 'channel' decisions:

Do we use direct or indirect channels? (e.g. 'direct' to a consumer,

'indirect' via a wholesaler).
Single or multiple channels.
Cumulative length of the multiple channels.
Types of intermediary.
Number of intermediaries at each level (e.g. how many retailers in
Southern Spain).
Which companies as intermediaries to avoid 'intrachannel conflict' (i.e.
infighting between local distributors).

Selection Consideration - how do we decide upon a distributor?

Market segment - the distributor must be familiar with your target

consumer and segment.
Changes during the product life cycle - different channels can be
exploited at different points in the PLC e.g. Foldaway scooters are now
available everywhere. Once they were sold via a few specific stores.
Producer - distributor fit - Is there a match between their polices,
strategies, image, and yours? Look for 'synergy'.
Qualification assessment - establish the experience and track record of
your intermediary.
How much training and support will your distributor require?

Types of Channel Intermediaries.

There are many types of intermediaries such as wholesalers, agents,
retailers, the Internet, overseas distributors, direct marketing (from
manufacturer to user without an intermediary), and many others. The main
modes of distribution will be looked at in more detail.

1. Channel Intermediaries Wholesalers

They break down 'bulk' into smaller packages for resale by a retailer.
They buy from producers and resell to retailers. They take ownership or
'title' to goods whereas agents do not.
They provide storage facilities. For example, cheese manufacturers
seldom wait for their product to mature. They sell on to a wholesaler
that will store it and eventually resell to a retailer.
Wholesalers offer reduce the physical contact cost between the
producer and consumer e.g. customer service costs, or sales force
costs.
A wholesaler will often take on the some of the marketing
responsibilities. Many produce their own brochures and use their own
telesales operations.

2. Channel Intermediaries Agents

Agents are mainly used in international markets.

An agent will typically secure an order for a producer and will take a
commission. They do not tend to take title to the goods. This means
that capital is not tied up in goods. However, a 'stockist agent' will hold
consignment stock (i.e. will store the stock, but the title will remain
with the producer. This approach is used where goods need to get into
a market soon after the order is placed e.g. foodstuffs).
Agents can be very expensive to train. They are difficult to keep control
of due to the physical distances involved. They are difficult to motivate.

3. Channel Intermediaries Retailers

Retailers will have a much stronger personal relationship with the

consumer.
The retailer will hold several other brands and products. A consumer
will expect to be exposed to many products.
Retailers will often offer credit to the customer e.g. electrical
wholesalers, or travel agents.
Products and services are promoted and merchandised by the retailer.
The retailer will give the final selling price to the product.
Retailers often have a strong 'brand' themselves e.g. Ross and WallMart in the USA, and Alisuper, Modelo, and Jumbo in Portugal.

4. Channel Intermediaries Internet

The Internet has a geographically disperse market.

The main benefit of the Internet is that niche products reach a wider
audience e.g. Scottish Salmon direct from an Inverness fishery.

There are low barriers low barriers to entry as set up costs are low.
Use e-commerce technology (for payment, shopping software, etc)
There is a paradigm shift in commerce and consumption which benefits
distribution via the Internet

Product
For many a product is simply the tangible, phsysical entity that they may be
buying or selling. You buy a new car and that's the product - simple! Or
maybe not. When you buy a car, is the product more complex than you first
thought? The Three Levels of a Product.
The Product Life Cycle (PLC) is based upon the biological life cycle. For
example, a seed is planted (introduction); it begins to sprout (growth); it
shoots out leaves and puts down roots as it becomes an adult (maturity);
after a long period as an adult the plant begins to shrink and die out
(decline).
The Customer Life Cycle (CLC) has obvious similarities with the Product
Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of
lifetime value to the customer i.e. looks at the products or services that
customers NEED throughout their lives.
The Customer Life Cycle (CLC) and CRM
The Customer Life Cycle (CLC) has obvious similarities with the Product Life
Cycle (PLC). However, CLC focuses upon the creation of and delivery of
lifetime value to the customer i.e. looks at the products or services that
customers NEED throughout their lives. It is marketing orientated rather than
product orientated, and embodies the marketing concept. Essentially, CLC is
a summary of the key stages in a customer's relationship with an
organisation. The problem here is that every organisation's product offering
is different, which makes it impossible to draw out a single Life Cycle that is
the same for every organization.

Let's consider an example from the Banking sector. HSBC has a number of
products that it aims at its customers throughout their lifetime relationship
with the company. Here we apply a CLC. You can start young when you want
to save money. 11-15 year olds are targeted with the Livecash Account, and
16-17 year olds with the Right Track Account. Then when (or if) you begin
College or University there are Student Loans, and when you qualify there
are Recent Graduate Accounts.
When you begin work there are many types of current and savings account,
and you may wish to buy property, and so take out a mortgage. You could
take out a car loan, to buy a vehicle to get you to work. It would also be
advisable to take out a pension. As you progress through your career you
begin your own family, and save for your own children's education. You
embark upon a number of savings plans and schemes, and ultimately HSBC
offer you pension planning (you may want to insure yourself for funeral
expenses - although HSBC may not offer this!).

Promotion
Another one of the 4P's is promotion. This includes all of the tools available
to the marketer for 'marketing communication'. As with Neil H.Borden's
marketing mix, marketing communications has its own 'promotions mix.'
Think of it like a cake mix, the basic ingredients are always the same.
However if you vary the amounts of one of the ingredients, the final outcome
is different.
It is the same with promotions. You can 'integrate' different aspects of the
promotions mix to deliver a unique campaign. The elements of the
promotions mix are:

Personal Selling.
Sales Promotion.
Public Relations.
Direct Mail.
Trade Fairs and Exhibitions.
Advertising.
Sponsorship.

The elements of the promotions mix are integrated to form a coherent

campaign. As with all forms of communication. The message from the
marketer follows the 'communications process' as illustrated above. For
example, a radio advert is made for a car manufacturer. The car

manufacturer (sender) pays for a specific advert with contains a message

specific to a target audience (encoding). It is transmitted during a set of
commercials from a radio station (Message / media). The message is
decoded by a car radio (decoding) and the target consumer interprets the
message (receiver). He or she might visit a dealership or seek further
information from a web site (Response). The consumer might buy a car or
express an interest or dislike (feedback). This information will inform future
elements of an integrated promotional campaign. Perhaps a direct mail
campaign would push the consumer to the point of purchase. Noise
represent the thousand of marketing communications that a consumer is
exposed to everyday, all competing for attention.

The Promotions Mix.

Let us look at the individual components of the promotions mix in more
detail. Remember all of the elements are 'integrated' to form a specific
communications campaign.
1. Personal Selling.
Personal Selling is an effective way to manage personal customer
relationships. The sales person acts on behalf of the organization. They tend
to be well trained in the approaches and techniques of personal selling.
However sales people are very expensive and should only be used where
there is a genuine return on investment. For example salesmen are often
used to sell cars or home improvements where the margin is high.
2. Sales Promotion.
Sales promotion tend to be thought of as being all promotions apart from
advertising, personal selling, and public relations. For example the BOGOF
promotion, or Buy One Get One Free. Others include couponing, money-off
promotions, competitions, free accessories (such as free blades with a new
razor), introductory offers (such as buy digital TV and get free installation),
and so on. Each sales promotion should be carefully costed and compared
with the next best alternative.
3. Public Relations (PR).

Public Relations is defined as 'the deliberate, planned and sustained effort to

establish and maintain mutual understanding between an organization and
its publics' (Institute of Public Relations). It is relatively cheap, but certainly
not cheap. Successful strategies tend to be long-term and plan for all
eventualities. All airlines exploit PR; just watch what happens when there is a
disaster. The pre-planned PR machine clicks in very quickly with a very
effective rehearsed plan.
4. Direct Mail.
Direct mail is very highly focused upon targeting consumers based upon a
database. As with all marketing, the potential consumer is 'defined' based
upon a series of attributes and similarities. Creative agencies work with
marketers to design a highly focused communication in the form of a
mailing. The mail is sent out to the potential consumers and responses are
carefully monitored. For example, if you are marketing medical text books,
you would use a database of doctors' surgeries as the basis of your mail
shot.
5. Trade Fairs and Exhibitions.
Such approaches are very good for making new contacts and renewing old
ones. Companies will seldom sell much at such events. The purpose is to
increase awareness and to encourage trial. They offer the opportunity for
companies to meet with both the trade and the consumer. Expo has recently
finish in Germany with the next one planned for Japan in 2005, despite a
recent decline in interest in such events.

6. Advertising.
Advertising is a 'paid for' communication. It is used to develop attitudes,
create awareness, and transmit information in order to gain a response from
the target market. There are many advertising 'media' such as newspapers
(local, national, free, trade), magazines and journals, television (local,
national, terrestrial, satellite) cinema, outdoor advertising (such as posters,
bus sides).
7. Sponsorship.

Sponsorship is where an organization pays to be associated with a particular

event, cause or image. Companies will sponsor sports events such as the
Olympics or Formula One. The attributes of the event are then associated
with the sponsoring organization.
The elements of the promotional mix are then integrated to form a unique,
but coherent campaign.

Physical Evidence - Part of the Marketing Mix

Physical evidence as part of the marketing mix

Physical evidence is the material part of a service. Strictly speaking there

are no physical attributes to a service, so a consumer tends to rely on
material cues. There are many examples of physical evidence, including
some of the following:

Packaging.
Internet/web pages.
Paperwork (such as invoices, tickets and dispatch notes).
Brochures.
Furnishings.
Signage (such as those on aircraft and vehicles).
Uniforms.
Business cards.
The building itself (such as prestigious offices or scenic headquarters).
Mailboxes
And many others .

A sporting event is packed full of physical evidence. Your tickets have

your team's logos printed on them, and players are wearing uniforms.
The stadium itself could be impressive and have an electrifying
atmosphere. You travelled there and parked quickly nearby, and your
seats are comfortable and close to restrooms and store. All you need
now is for your team to win!

Some organisations depend heavily upon physical evidence as a means of

marketing communications, for example tourism attractions and resorts (e.g.
Disney World), parcel and mail services (e.g. UPS trucks), and large banks
and insurance companies (e.g. Lloyds of London).

People and Services Marketing

'People' as part of the marketing mix.

People are the most important element of any service or experience.

Services tend to be produced and consumed at the same moment, and
aspects of the customer experience are altered to meet the 'individual
needs' of the person consuming it. Most of us can think of a situation where
the personal service offered by individuals has made or tainted a tour,
vacation or restaurant meal. Remember, people buy from people that they
like, so the attitude, skills and appearance of all staff need to be first class.
Here are some ways in which people add value to an experience, as part of
the marketing mix - training, personal selling and customer service.

Training.
All customer facing personnel need to be trained and developed to maintain
a high quality of personal service. Training should begin as soon as the
individual starts working for an organization during an induction. The
induction will involve the person in the organization's culture for the first
time, as well as briefing him or her on day-to-day policies and procedures. At
this very early stage the training needs of the individual are identified. A
training and development plan is constructed for the individual which sets
out personal goals that can be linked into future appraisals. In practice most
training is either 'on-the-job' or 'off-the-job.' On-the-job training involves
training whilst the job is being performed e.g. training of bar staff. Off-the-job
training sees learning taking place at a college, training centre or conference
facility. Attention needs to be paid to Continuing Professional Development
(CPD) where employees see their professional learning as a lifelong process
of training and development.
Personal Selling

There are different kinds of salesperson. There is the product delivery

salesperson. His or her main task is to deliver the product, and selling is of
less importance e.g. fast food, or mail. The second type is the order taker,
and these may be either 'internal' or 'external.' The internal sales person
would take an order by telephone, e-mail or over a counter. The external
sales person would be working in the field. In both cases little selling is done.
The next sort of sales person is the missionary.
Here, as with those missionaries that promote faith, the salesperson builds
goodwill with customers with the longer-term aim of generating orders.
Again, actually closing the sale is not of great importance at this early stage.
The forth type is the technical salesperson, e.g. a technical sales engineer.
Their in-depth knowledge supports them as they advise customers on the
best purchase for their needs. Finally, there are creative sellers. Creative
sellers work to persuade buyers to give them an order. This is tough selling,
and tends to offer the biggest incentives. The skill is identifying the needs of
a customer and persuading them that they need to satisfy their previously
unidentified need by giving an order.

Customer Service
Many products, services and experiences are supported by customer
services teams. Customer services provided expertise (e.g. on the selection
of financial services), technical support (e.g. offering advice on IT and
software) and coordinate the customer interface (e.g. controlling service
engineers, or communicating with a salesman). The disposition and attitude
of such people is vitally important to a company. The way in which a
complaint is handled can mean the difference between retaining or losing a
customer, or improving or ruining a company's reputation. Today, customer
service can be face-to-face, over the telephone or using the Internet. People
tend to buy from people that they like, and so effective customer service is
vital. Customer services can add value by offering customers technical
support and expertise and advice.

Process and Services Marketing

Process as part of the marketing mix

Process is another element of the extended marketing mix, or 7P's.There

are a number of perceptions of the concept of process within the business
and marketing literature. Some see processes as a means to achieve an
outcome, for example - to achieve a 30% market share a company
implements a marketing planning process.
Another view is that marketing has a number of processes that integrate
together to create an overall marketing process, for example - telemarketing
and Internet marketing can be integrated. A further view is that marketing
processes are used to control the marketing mix, i.e. processes that measure
the achievement marketing objectives. All views are understandable, but not
particularly customer focused.
For the purposes of the marketing mix, process is an element of service that
sees the customer experiencing an organisation's offering. It's best viewed
as something that your customer participates in at different points in time.
Here are some examples to help your build a picture of marketing process,
from the customer's point of view.
Going on a cruise - from the moment that you arrive at the dockside, you are
greeted; your baggage is taken to your room. You have two weeks of services
from restaurants and evening entertainment, to casinos and shopping.
Finally, you arrive at your destination, and your baggage is delivered to you.
This is a highly focused marketing process.

Booking a flight on the Internet - the process begins with you visiting an
airline's website. You enter details of your flights and book them. Your
ticket/booking reference arrive by e-mail or post. You catch your flight on
time, and arrive refreshed at your destination. This is all part of the
marketing process.

At each stage of the process, markets:

Deliver value through all elements of the marketing mix. Process,
physical evidence and people enhance services.
Feedback can be taken and the mix can be altered.
Customers are retained, and other serves or products are extended
and marked to them.
The process itself can be tailored to the needs of different individuals,
experiencing a similar service at the same time.
Processes essentially have inputs, throughputs and outputs (or
outcomes). Marketing adds value to each of the stages. Take a look at
the lesson on value chain analysis to consider a series of processes at
work.

These were the Seven Ps which are

commonly known by every people in detail.
But by the evolution of time these marketing
mix points had increased from 7 Ps to 8 Ps.
Even if this mix doesnt satisfy, 2 more Ps are
added by the time.
Let me make you aware of the evolution of
Marketing Mix.

10 Ps of the marketing mix

1. McCarthy's (1960) traditional marketing mix consists of Product, Price, Place
and Promotion
2. Kotler (1984:1986) added 2 more Ps - Public relations and Political Power
3. Magrath proposed another 3 more Ps to meet the needs for marketing in servicebased industries - People, Physical evidence and Process
4. Y.S.Chin believes that Packaging should be considered another P in the marketing
mix

Public relations
Definition
Publicity according to etymonline.com is defined as - 1791, "condition of
being public," from Fr. publicit (1694), from M.L. publicitatem (nom.
publicitas), from L. publicus (see public). Sense of "making something known,
advertising" is from 1826. Publicity stunt first recorded 1926. Publicize first
recorded 1928. Publicist (1792) is from Fr., originally "writer on current
topics;" meaning "press agent" is from 1930.
The term Public Relations was first used by the US President Thomas
Jefferson during his address to Congress in 1807.
One of the earliest definitions of PR was created by Edward Bernays.
According to him, "Public Relations is a management function which
tabulates public attitudes, defines the policies, procedures and interest of an
organization followed by executing a program of action to earn public
understanding and acceptance.
Examples/users of public relations include:
Corporations using marketing public relations (MPR) to convey information
about the products they manufacture or services they provide to potential
customers in order to support their direct sales efforts. Typically, they
support sales in the short to long term, establishing and burnishing the
corporation's branding for a strong, ongoing market.
Corporations using public relations as a vehicle to reach legislators and other
politicians, in seeking favorable tax, regulatory, and other treatment.
Moreover, they may use public relations to portray themselves as
enlightened employers, in support of human-resources recruiting programs.
Non-profit organizations, including schools and universities, hospitals, and
human and social service agencies: such organizations may make use of
public relations in support of awareness programs, fund-raising programs,
staff recruiting, and to increase patronage of their services.
Politicians aiming to attract votes and/or raise money. When such campaigns
are successful at the ballot box, this helps in promoting and defending their

service in office, with an eye to the next election or, at a careers end, to
their legacy.
Today "Public Relations is a set of management, supervisory, and technical
functions that foster an organization's ability to strategically listen to,
appreciate, and respond to those persons whose mutually beneficial
relationships with the organization are necessary if it is to achieve its
missions and values." (Robert L. Heath, Encyclopedia of Public Relations).
Essentially it is a management function that focuses on two-way
communication and fostering of mutually beneficial relationships between an
organization and its publics.
There is a school of public relations that holds that it is about relationship
management. Phillips, explored this concept in his paper "Towards
relationship management: Public relations at the core of organisational
development" paper in 2006 which lists a range of academics and
practitioners who support this view.
Precursors Evidence of the practices used in modern day public relations
are scattered through history. One notable practitioner was Georgiana
Cavendish, Duchess of Devonshire whose efforts on behalf of Charles James
Fox in the 18th century included press relations, lobbying and, with her
friends, celebrity campaigning.
A number of American precursors to public relations are found in publicists
who specialized in promoting circuses, theatrical performances, and other
public spectacles. In the United States, where public relations has its origins,
many early PR practices were developed in support of the expansive power
of the railroads. In fact, many scholars believe that the first appearance of
the term "public relations" appeared in the 1897 Year Book of Railway
Literature.
Later, PR practitioners wereand are still oftenrecruited from the ranks of
journalism. Some reporters, concerned with ethics, criticize former
colleagues for using their inside understanding of news media to help clients
receive favorable media coverage.
In the United Kingdom Sir Basil Clarke (1879-12 Dec 1947) was an early
pioneer of public relations (PR).
Despite many journalists' discomfort with the field of public relations, wellpaid PR positions remain a popular choice for reporters and editors forced

into a career change by the instability and often fewer economic

opportunities provided by the print and electronic media industry.
Examples of prominent PR firms staffed by former journalists and television
producers include organizations like Medialink, DS Simon and Mediahitman.
The first "names"
The First World War also helped stimulate the development of public relations
as a profession. Many of the first PR professionals, including Ivy Lee, Edward
Bernays, John Hill, and Carl Byoir, got their start with the Committee on
Public Information (also known as the Creel Commission), which organized
publicity on behalf of U.S. objectives during World War I. Some historians
regard Ivy Lee as the first real practitioner of public relations, but Edward
Bernays is generally regarded today as the profession's founder. In
describing the origin of the term Public Relations, Bernays commented,
"When I came back to the United States, I decided that if you could use
propaganda for war, you could certainly use it for peace. And propaganda
got to be a bad word because of the Germans.. using it. So what I did was to
try to find some other words, so we found the words Council on Public
Relations".
Ivy Lee, who has been credited with developing the modern news release
(also called a "press release"), espoused a philosophy consistent with what
has sometimes been called the "two-way street" approach to public relations,
in which PR consists of helping clients listen as well as communicate
messages to their publics. In the words of the Public Relations Society of
America (PRSA), "Public relations helps an organization and its publics adapt
mutually to each other." In practice, however, Lee often engaged in one-way
propagandizing on behalf of clients despised by the public, including
Standard Oil founder John D. Rockefeller. Shortly before his death, the US
Congress had been investigating his work on behalf of the controversial Nazi
German company IG Farben.

In the 1890s when gender role reversals could be caricaturized, the idea of
an aggressive woman who also smoked was considered laughable. In 1929,
Edward Bernays proved otherwise when he convinced women to smoke in
public during an Easter parade in Manhattan as a show of defiance against
male domination. The demonstrators were not aware that a tobacco
company was behind the publicity stunt.
Bernays was the profession's first theorist. A nephew of Sigmund Freud,
Bernays drew many of his ideas from Freud's theories about the irrational,
unconscious motives that shape human behaviour. Bernays authored several
books, including Crystallizing Public Opinion (1923), Propaganda (1928), and
The Engineering of Consent (1947). Bernays saw public relations as an
"applied social science" that uses insights from psychology, sociology, and
other disciplines to scientifically manage and manipulate the thinking and
behavior of an irrational and "herdlike" public. "The conscious and intelligent
manipulation of the organized habits and opinions of the masses is an
important element in democratic society," he wrote in Propaganda. "Those
who manipulate this unseen mechanism of society constitute an invisible
government which is the true ruling power of our country."
One of Bernays' early clients was the tobacco industry. In 1929, he
orchestrated a legendary publicity stunt aimed at persuading women to take
up cigarette smoking, an act that at the time was exclusively equated with
men. It was considered unfeminine and inappropriate for women to smoke,
besides the occasional prostitute, virtually no women participated in the act
publicly.
Bernays initially consulted psychoanalyst A. A. Brill for advice, Brill told him:
"Some women regard cigarettes as symbols of freedom... Smoking is a
sublimation of oral eroticism; holding a cigarette in the mouth excites the
oral zone. It is perfectly normal for women to want to smoke cigarettes.
Further the first women who smoked probably had an excess of male
components and adopted the habit as a masculine act. But today the
emancipation of women has suppressed many feminine desires. More
women now do the same work as men do.... Cigarettes, which are equated
with men, become torches of freedom.
Upon hearing this analysis, Bernays dubbed his PR campaign the: "Torches of
Liberty Contingent".
It was in this spirit that Bernays arranged for New York City dbutantes to
march in that year's Easter Day Parade, defiantly smoking cigarettes as a

statement of rebellion against the norms of a male-dominated society.

Publicity photos of these beautiful fashion models smoking "Torches of
Liberty" were sent to various media outlets and appeared worldwide. As a
result, the taboo was dissolved and many women were led to associate the
act of smoking with female liberation. Some women went so far as to
demand membership in all-male smoking clubs, a highly controversial act at
the time.
For his work, Bernays was paid a tidy sum by George Washington Hill,
president of the American Tobacco Company.
The Industry today
Modern public relations evaluates a product or individuals public perception
through market research. Once data is collected and challenges are
identified, solutions are presented in a campaign strategy to meet goals.
Techniques may vary from campaign to campaign but some standard tools
used are; press releases, press kits, satellite feeds, pod casts, web casts,
wire service distribution of information and internet placement. Others
include entertainment product placement (television, events, celebrity),
product launches, press conferences, media seminars, producing events,
speechwriting, establishing partnerships and more is often required.

According Don Sheelen,

"Examples of the knowledge that may be required in the professional
practice of public relations include communication arts, psychology, social
psychology, sociology, political science, economics, and the principles of
management and ethics. Technical knowledge and skills are required for
opinion research, public issues analysis, media relations, direct mail,
institutional advertising, publications, film/video productions, special events,
speeches, and presentations."
Although public relations professionals are stereotypically seen as corporate
servants, the reality is that almost any organization that has a stake in how it
is portrayed in the public arena employs at least one PR manager. Large
organizations may even have dedicated communications departments.
Government agencies, trade associations, and other non-profit organizations
commonly carry out PR activities.

Public relations are an important management function in any organization.

An effective communication, or public relations, plan for an organization is
developed to communicate to an audience (whether internal or external
publics) in such a way the message coincides with organizational goals and
seeks to benefit mutual interests whenever possible.
As industry consolidation becomes more prevalent, many organizations and
individuals are choosing to retain "boutique" firms as opposed to so-called
"global" communications firms. These smaller firms typically specialize in
only a couple of practice areas and thus, often have a greater understanding
of their client's business. And because they deal with certain journalists with
greater frequency, specialty firms often have stronger media contacts in the
areas that matter most to their clients. Added benefits of smaller, specialty
firms include more personal attention and accountability and as well, cost
savings. This is not to say that smaller is always better, but there is a
growing consensus that specialty firms offer more than once considered.
Organizations that cater to specialized or "boutique" practices include
specific subgenres such as "Broadcast PR", and include firms like Medialink,
WestGlen, DS Simon, kelly fogelman group and Mediahitman. These groups
use traditional PR techniques but devote most of their efforts towards
gaining exposure via broadcast and cable television news outlets. As
newspapers downsize across the country due to the impact of internet news,
television has become an important vehicle in establishing customer
aquisition. Reputable firms, create solid stories for broadcast which appear
on talk shows like Oprah, Good Morning America or news broadcast etc..
Questionable public relation firms create "spin." which is slanted stories to
serve their cleint's interest. Recent pressure from watchgroups like the
Center for Media and Democracy has resulted in Federal review of "spin"
practices.
A number of specialties exist within the field of public relations, including:
product placement
product launches
broadcast public relations
reputation management
issue management

 investor relations and labor relations

grassroots PR (sometimes referred to as "astroturf PR")
crisis management {Methods, tools, and tactics}

Public relations and publicity are not synonyms. Publicity is the spreading of
information to gain public awareness in a product, service, candidate, etc. It
is just one technique of public relations as listed here.
Audience targeting
A fundamental technique used in public relations is to identify the target
audience, and to tailor every message to appeal to that audience. It can be a
general, nationwide or worldwide audience, but it is more often a segment of
a population. Marketers often refer to economy-driven "demographics," such
as "white males 18-49," but in public relations an audience is more fluid,
being whoever someone wants to reach. For example, recent political
audiences include "soccer moms" and "NASCAR dads."
In addition to audiences, there are usually stakeholders, literally people who
have a "stake" in a given issue. All audiences are stakeholders (or
presumptive stakeholders), but not all stakeholders are audiences. For
example, a charity commissions a PR agency to create an advertising
campaign to raise money to find a cure for a disease. The charity and the
people with the disease are stakeholders, but the audience is anyone who is
likely to donate money.
Sometimes the interests of differing audiences and stakeholders common to
a PR effort necessitate the creation of several distinct but still
complementary messages. This is not always easy to do, and sometimes
especially in politics a spokesperson or client says something to one
audience that angers another audience or group of stakeholders.

Political Marketing (Power)

INTRODUCTION
Marketing theory has been influenced by many different disciplines (Arndt,
1983) but it has also contributed, in a reciprocal relationship, to the
development of other academic areas within management studies (Day,
1992; Hunt and Lambe, 2000) and, arguably, beyond. In particular the aspect
of broadening the core explananda of marketing (Kotler and Levy, 1969;
Luck, 1969; Kotler, 1972; Enis, 1973; Hunt, 1976; Arndt, 1978; Arndt, 1982;
Hunt and Burnett, 1982; Hunt, 1983; Levy, 2002) has enhanced the scope for
cross-fertilisation between disciplines. In the area of social and non-profit
marketing (Andreason, 1994; Kotler and Andreason, 1995) the application of
marketing theory to the political sphere constitutes a relatively new
phenomenon (OShaughnessy, 1990; Kotler and Kotler, 1999). While there
exists a considerable stock of knowledge concerning political marketing,
especially in the areas of campaign management, political marketing
strategies and comparative political marketing (Newman, 1994a; Kavanagh,
1995; Scammell, 1995; Holbrook, 1996; Butler and Collins, 1999; Baines and
Egan, 2001; Johnson, 2001; Lees- Marshment, 2001), the essence of political
marketing theory remains somewhat opaque; crucial elements are still illdefined in marketing terms, e.g. the political market, or the political
product, and the underlying exchange process (Scammell, 1999; Newman,
2002; OShaughnessy and Henneberg, 2002a). This is sometimes explained
by the notion that traditional marketing frameworks do not fit neatly into a
political marketing configuration (Dean and Croft, 2001, p. 1197).
Furthermore, no clear understanding of the ontological and epistemological
implications of a marketing perspective on politics has been developed due
to the research focus on descriptive studies that attempt to explain what
political actors actually do (Marland, 2003). In this paper, I argue that this
managerial focus constitutes only one element of political marketing theory.
What has been neglected is an epistemological view of political marketing as
a research lens, a meta-theoretical vehicle for making-sense of the political
sphere. The differences (and dialectic) of these two perspectives of political
marketing theory will be introduced and the application of political marketing
theory as an epistemological tool will be outlined. As such, this conceptual
paper will contribute to the main focus of this AMA 2004 Summer Educators
Conference by enhancing knowledge development in marketing through an
assessment of, and the provision of a new research perspective for, political
marketing theory. In order to develop this argument, the appropriate point of
departure is provided by a concise overview of the state-of-affairs in
political marketing, beginning with applied marketing applications in politics,
followed by a discussion of existing research on political marketing. This will
be followed by the main section of this paper, tackling the two different
facets of political marketing theory: initially with a description and

understanding of managerial marketing activities, and next an

epistemological stance to gain understanding of political phenomena in
general. Finally, the implications of both aspects will be discussed.
THE STATE-OF-AFFAIRS IN POLITICAL MARKETING
Political Marketing Management
It has often been argued that the application of marketing tools and
instruments in politics is nothing new. This may or may not be the case, but
what certainly has changed in the last 25 years is not (just) the magnitude of
political marketing management but the belief that political actors (and
these include not only political parties and politicians but also governments,
singleissue groups, lobbying organisations, etc.) not only act out but also
think in marketing terms; they believe that they do marketing
management, and they try to integrate their use of marketing instruments in
a coherent marketing strategy. This is notwithstanding the idea that much of
their marketing knowledge might be political folk wisdom. The changes in
the mind-sets of political actors have been tracked in several studies, and
have been considered a revolution or even a new age in politics . In
addition, political marketing applications have moved from solely a
communication tool to an integrated way of managing politics, be it policy
development, permanent campaigning, or even governing (to the extent that
government
has
become
symbolic
in
certain
circumstances)
(OShaughnessy, 2003). Six main developments of applied applications of
political marketing can be generalised for most democratic political systems
in the last two decades: an increased sophistication of communication and
spin strategies for product and image management; news-management,
i.e. the use of free media; more coherent and planned political marketing
strategy development; intensified and integrated use of political market
research; and emphasis on political marketing organisation and
professionalization.
However, most political actors are far from having an integrated and
sophisticated understanding of marketing applications for their political
exchange situations. Political marketing management in politics has caused
some leading parties and candidates to adopt a simplistic and populistic
follower-mentality, contributing to the disenchantment of the electorate
and a resulting cynicism regarding politics in general.
Research on Political Marketing
Serious, intensive, coordinated research activities on marketing applications
in politics constitute a fairly recent addition to the area of social and nonprofit marketing. The field of political marketing started to form fifteen to
twenty years ago with several seminal contributions that introduced topical
foci and in-depth analyses of marketing instruments; but none proffered a
general theory. However, research on political marketing quickly gained
momentum, driven mainly by the dynamic development of marketing

applications by political parties and candidates. Although technological

drivers, especially in the media arena, are often quoted as being the main
reason for this accelerated development (Newman, 1994a; Newman, 1994b),
an amalgamation of crucial changes in the political sphere fostered this
development: a weakening of political cleavage-systems and consequently
lower levels of party identification and higher electoral volatility as well as
more competitive pressure in the political market through non-electoral
competition, less differentiation between political offers, and a general
professionalisation of political management activities. To provide a new
understanding of these phenomena and the reactions of political actors,
research on political marketing became an established sub-discipline of
marketing, especially in France, the UK, Germany, Australia, as well as the
USA. The need to describe and understand these phenomena instigated
numerous publications in standard marketing and politics journals (e.g.
special issues on political marketing in the European Journal of Marketing,
the Journal of Marketing Management, or the Journal of Public Affairs) as well
as books and monographs and also the establishment of dedicated fora for
discourse on political marketing. For examples, since 1995 there has been an
International Conference on Political Marketing held annually, also a
dedicated Journal of Political Marketing was founded (Newman, 2002) and a
Handbook of Political Marketing published (Newman, 1999a). Whilst the
institutional requirements for the development of political marketing theory
are in place, an assessment of current research on political marketing shows
shortcomings. Without being able to go into considerable detail the following
presents a concise critique of the existing body of knowledge.
A distinct bias in the research foci of marketing instrument usage in
campaign situations obscures the more general and theoretical discussions.
Whilst communication, market research tools and other political marketing
instruments have been well analyzed and compared, with regard to the
contingencies of their usage, this has been undertaken on a descriptive level.
Prescriptive studies are rare. Furthermore, this writer has suggested that
more fundamental issues such as ethical dimensions of political marketing,
underlying exchange mechanisms and the interaction of marketing activities
with the political system have remained under researched.
As such, political marketing theories have not been developed in any depth.
Many crucial definitorial discussions have remained unresolved, not resulting
from competing positions and interpretations but because of negligence and
inactivity in these areas. Furthermore, a tendency towards ossification exists
as many political marketing studies use an over-simplistic managerial
interpretation of marketing classified by Carman (1980) as part of the
persuasion/attitude change paradigm, and oriented towards the 4Ps and the
marketing mix. This causes a decoupling of research in political marketing
from fresh developments of marketing theory, be it on conceptual or
epistemological levels. For examples, relational marketing concepts which
have gained importance in marketing theory in the last decades, do not find
their equivalent in political marketing or non-profit marketing, for that matter

. Several arguments have been put forward that theoretical and applied
research on political marketing needs to be more innovative; and a next
phase of activities is advocated to reinvigorate the discipline.
Following this initial overview of research on political marketing, I now
address political marketing theory from a conceptual perspective, i.e.
analysing what the core of such a theory needs to provide. As the following
discussion shows, this core encompasses two different aspects in a dialectic
embrace. While one aspect has dominated the literature so far (and might
therefore be used to explain the current situation of research in political
marketing), it is important to understand the other argument in order to
utilize political marketing theory to its full potential.

Packaging
A sealed pack of diced pork from
Tesco. It shows the cooking time,
number of servings, 'display until'
'use by' date, weight in kg, price,
to weight ratio in both /kg and
freezing and storage instructions.

date,
price
/lb,
It
says
'Less
than
3%
Fat'
and
'No
Carbs per serving' and includes a barcode. The
Union Flag, British Farm Standard tractor logo,
and British Meat Quality Standard logo imply
that it is British pork.
Tablets in a blister pack, which was itself
packaged in a folding carton made of
paperboard.

Packaging is the science, art and technology

of enclosing or protecting products for distribution, storage, sale, and use.
Packaging also refers to the process of design, evaluation, and production of
packages. Package labelling (BrE) or labeling (AmE) is any written,
electronic, or graphic communications on the packaging or on a separate but
associated label.
Packaging is heavily integrated into our daily lives, we see it all around us, on
everyday items such as chocolate bars and potato chip (crisp) packets- As
explained below, the main use for packaging is protection of the goods
inside, but packaging also provides us with a recognisable logo, or
packaging, we instantly know what the goods are inside.

The purposes of packaging and package labels

Packaging and package labelling have several objectives:

Physical Protection - The objects enclosed in the package may

require protection from, among other things, shock, vibration,
compression, temperature, etc.
Barrier Protection - A barrier from oxygen, water vapor, dust, etc., is
often required. Package permeability is a critical factor in design. Some
packages contain desiccants or Oxygen absorbers to help extend shelf
life. Modified atmospheres or controlled atmospheres are also
maintained in some food packages. Keeping the contents clean, fresh,
and safe for the intended shelf life is a primary function.
Containment or Agglomeration - Small objects are typically
grouped together in one package for reasons of efficiency. For
example, a single box of 1000 pencils requires less physical handling
than 1000 single pencils. Liquids, powders, and flowables need
containment.
Information transmission - Packages and labels communicate how
to use, transport, recycle, or dispose of the package or product. With
pharmaceutical, food, medical, and chemical products, some types of
information are required by governments.
Marketing - The packaging and labels can be used by marketers to
encourage potential buyers to purchase the product. Package design
has been an important and constantly evolving phenomenon for
dozens of years. Marketing communications and graphic design are
applied to the surface of the package and (in many cases) the point of
sale display.
Security - Packaging can play an important role in reducing the
security risks of shipment. Packages can be made with improved
tamper resistance to deter tampering and also can have tamperevident features to help indicate tampering. Packages can be
engineered to help reduce the risks of package pilferage: Some
package constructions are more resistant to pilferage and some have
pilfer indicating seals. Packages may include authentication seals to
help indicate that the package and contents are not counterfeit.
Packages also can include anti-theft devices, such as dye-packs, RFID
tags, or electronic article surveillance tags, that can be activated or
detected by devices at exit points and require specialized tools to
deactivate. Using packaging in this way is a means of loss prevention.
Convenience - Packages can have features which add convenience in
distribution, handling, display, sale, opening, reclosing, use, and reuse.
Portion Control - Single serving or single dosage packaging has a
precise amount of contents to control usage. Bulk commodities (such
as salt) can be divided into packages that are a more suitable size for

individual households. It is also aids the control of inventory: selling

sealed one-liter-bottles of milk, rather than having people bring their
own bottles to fill themselves.

Packaging Types
Various household packaging types for
foods

Packaging may be looked at as

several different types. For example a
transport package or distribution
package is the package form used to
ship, store, and handle the product or
inner packages. Some identify a
consumer package as one which is
directed toward a consumer or
household.
It is sometimes convenient to categorize packages by layer or function:
"primary", "secondary", etc.
Primary packaging is the material that first envelops the product and
holds it. This usually is the smallest unit of distribution or use and is
the package which is in direct contact with the contents.
Secondary packaging is outside the primary packaging perhaps used
to group primary packages together.
Tertiary packaging is used for bulk handling and shipping.
Using these three types as a general guide, examples of packaging materials
and structures might typically be listed as follows:

Primary packaging
Aerosol spray can
Bags-In-Boxes

Beverage can
Wine box
Bottles
Blister packs
Carton
Cushioning
Envelopes
Plastic bags
Plastic bottles
Skin pack
Tin can
Wrappers

Secondary packaging
Boxes
Cartons
Shrink wrap

Tertiary packaging

Bales
Barrel
Crate
Container
Edge protector
Flexible intermediate bulk container, Big Bag, or Super Sacks
Insulated shipping container
Intermediate bulk container
Pallets
Slip Sheet
Stretch wrap

These broad categories can be somewhat artibrary. For example, depending

on the use, a shrink wrap can be primary packaging when applied directly to
the product, secondary packaging when combining smaller packages, and
tertiary packaging on some distribution packs.
Symbols used on packages and labels
Many types of symbols for package labelling are nationally and
internationally standardized. For consumer packaging, symbols exist for
product certifications, trademarks, proof of purchase, etc. Some
requirements and symbols exist to communicate aspects of
consumer use and safety. Recycling directions, Resin identification

code (below), and package environmental claims have special codes and
symbols.

Bar codes (below), Universal Product Codes, and RFID labels are common to
allow automated information management.

Shipments of hazardous materials or dangerous goods

have special information and symbols as required by UN, country, and
specific carrier requirements. Two examples are below:

With transport packages, standardised symbols are also used to aid in

handling. Some common ones are shown below while others are listed in
ASTM D5445.
"Standard Practice for Pictorial Markings for Handling of Goods" and ISO 780
"Pictorial marking for handling of goods".

Fragile

Use no hand
hooks

This way up

Keep away from

sunlight

Clamp as
indicated

Do not clamp as
indicated

Keep away from

water

Centre of gravity

Package development considerations

Package design and development are
often thought of as an integral part of
the new product development process.
Alternatively,
development
of
a
package (or component) can be a
separate process, but must be linked
closely with the product to be
packaged. Package design starts with
the identification of all the requirements: structural design, marketing, shelf
life, quality assurance, logistics, legal, regulatory, graphic design, end-use,
environmental, etc. The design criteria, time targets, resources, and cost
constraints need to be established and agreed upon.
Transport packaging needs to be matched to its logistics system. Packages
designed for controlled shipments of uniform pallet loads may not be suited
to mixed shipments with express carriers.
An example of how package design is affected by other factors is the
relationship to logistics. When the distribution system includes individual
shipments by a small parcel carrier, the sortation, handling, and mixed
stacking make severe demands on the strength and protective ability of the
transport package. If the logistics system is for uniform pallet loads that are
unitized, the structural design of the package can be designed to those
specific needs: vertical stacking, perhaps for a longer time frame. A package
designed for one mode of shipment may not be suited for another.
Sometimes the objectives of package development seem contradictory. For
example, packaging for an over-the-counter drug might require tamper
resistance and child resistant features: These intentionally make the package
difficult to open. The intended consumer, however, might be handicapped or
elderly and be unable to readily open the package.
Package design may take place within a company or with various degrees of
external packaging engineering: contract engineers, consultants, vendor
evaluations, independent laboratories, contract packagers, total outsourcing,
etc. Some sort of formal Project planning and Project Management
methodology is required for all but the simplest package design and
development programs.

Package
development
involves
considertions
for
sustainability,
environmental responsibiity, and applicable environmental and recycling
regulations. It may involve a life cycle assessment which considers the
material and energy inputs and outputs to the package, the packaged
product (contents), the packaging process, the logistics system, waste
management, etc. It is necessary to know the relevant regulatory
requirements for point of manufacture, sale, and use.
The traditional three Rs of reduce, reuse, and recycle are part of a waste
hierarchy which may be considered in product and package development.
The waste hierarchy

Prevention Waste prevention is a primary goal. Packaging should be used

only where needed. Proper packaging can also help prevent waste.
Packaging plays an important part in preventing loss or damage to the
packaged-product (contents). Usually, the energy content and material
usage of the product being packaged are much greater than that of the
package. A vital function of the package is to protect the product for its
intended use: if the product is damaged or degraded, its entire energy and
material content may be lost.
Minimization (also source reduction) The mass and volume of packaging
(per unit of contents) can be measured and used as one of the criteria to
minimize during the package design process. Usually reduced packaging
also helps minimize costs. Packaging engineers continue to work toward
reduced packging.
Reuse The reuse of a package or component for other purposes is
encouraged. Returnable packaging has long been useful (and economically
viable) for closed loop logistics systems. Inspection, cleaning, repair and
recouperage are often needed.

Recycling Recycling is the reprocessing of materials (pre- and postconsumer) into new products. Emphasis is focused on recycling the largest
primary components of a package: steel, aluminum, papers, plastics, etc.
Small components can be chosen which are not difficult to separate and do
not contaminate recycling operations.
Energy recovery Waste-to-energy and Refuse-derived fuel in approved
facilities are able to make use of the heat available from the packaging
components.
Disposal Incineration, and placement in a sanitary landfill are needed for
some materials. Material content should be checked for potential hazards to
emissions and ash from incineration and leachate from landfill. Packages
should not be littered.

Conclusion

These are the concepts of Marketing. But to be successful it is not just the
concepts but the application of marketing concepts towards a healthy future
of any entrepreneur. With the negligence of these marketing concepts, it is
hard for any firm to stand in these world.

Bibliography

www.google.com
www.wikipedia.com
www.mba.com
www.quickmba.com
Above are the sites the sources belong.

Books referred
Marketing Management

Philips Kotler

Political Marketing Theory:

Hendiadyoin or Oxymoron

Stephan C. M. Henneberg
University of Bath
School of Management
Working Paper Series
2004.01