Fall

08
15

Fall

IKEA and the Brazilian Market

Gabby de Janasz, 109137137 dejanags@dukes.jmu.edu

Annie Delafield, 109127413 delafiac@dukes.jmu.edu
Brenna Dolen, 109025799 dolenbl@dukes.jmu.edu
Zac Smith, 108579196 smithzf@dukes.jmu.edu
Valerie Smith 109035963 smithvb@dukes.jmu.edu

Table of Contents
Executive Summary

Current Situation

Company Situation.

Current Brazilian Market Situation.

Consumer Situation....

Macro-environment Situation...

Competition.

Internal vs. External Factors.

Objectives.

Marketing Strategy.

Target Market Persona..

Positioning

10

Market Entry......

10

Creative Strategy

11

Service Strategy..

11

TV, Radio, and Social Media Strategy.

12

Controls and Contingency Plan..

13

Conclusion

14

Appendix...

15

Sources..

21

Executive Summary
As a massive international corporation specializing in contemporary and affordable
furniture, IKEA has had great success expanding globally. With a retail and online presence in
most areas of the world, South America is a significant market that has been overlooked. While
countries in South America continue to grow and develop economically and politically, foreign
development is becoming increasingly appealing. More specifically, IKEA entering Brazil will
be its first presence in South America and shows ample opportunity for growth. Because of these
reasons and more that will be discussed in this report, we consider IKEAs expansion into Brazil
to be a rewarding prospect.
Brazil is the largest economy in Latin America and the seventh largest in the world. The
large and growing middle class now makes up over half of the entire population, and there has
been an increase in discretionary spending year after year. Brazilians give a large amount of
attention to modern fashion and the strong motivation to be trendy is based on this heavy
emphasis on style. The collectivist culture of Brazil has continued to shape consumers shopping
experiences into excursions because of the importance placed on visiting stores as a family and
the desire to meet up with friends. IKEAs retail model seamlessly aligns with Brazilians style
and shopping culture because of the bundle of benefits it will supply to the target market. We will
be targeting middle-income families with kids in So Paulo by positioning IKEA as affordable,
functional and stylish. Our marketing proposition is the most effective way IKEA can generate
enthusiasm and establish strong brand awareness in Brazil. We will focus marketing efforts in
TV advertising, soccer banners in the stadium, social media advertising, as well as others.

Current Situation
Company Situation
The IKEA business model is to offer a wide range of well-designed, functional home
furnishing products at prices so low that as many people as possible will be able to afford them
(1). IKEA products are designed to provide customers affordable yet fashionable furnishings,
decorations, and accessories for their homes. This translates value to customers, as IKEA is a
single stop for consumers when furnishing an apartment or house. As well as affordability, the
convenience of IKEA products is highly valuable to consumers with time-constrained, on-the-go
lifestyles. There are several major product categories including Bedroom, Living room,
Bathroom and Dining (2).
Countries where IKEA experiences the highest sales are Germany, the U.S., France,
Russia and the U.K. China is currently IKEAs fastest-growing market, having eight of its ten
biggest stores (4). This year IKEA opened IKEA Cheras, its second store in Malaysia, which is
20% larger than the existing store in Damansara (5). IKEA products have sold successfully in the
large emerging economies of China, Russia, and India as well as many other emerging middle
class economies. Given time to research and explore the markets in Brazil, IKEAs potential
there would be promising due to the opportunity to capitalize on a large and rapidly growing
middle class.
Most of IKEAs furniture products are characterized by a requirement of self-assembly
after purchasing. Assembling the products is not difficult for the average consumer and
instructions are provided with each product that requires assembly. Requiring a minimal amount
of assembly cuts costs and enables IKEA to set lower prices for the end consumer. IKEA looks at
ways to reduce the packaging size for items, which allows more packages to be loaded for

transport on a single truck. Packaging efficiency has been one of IKEAs main methods of
reducing costs and driving revenue growth.
By significantly reducing the number of trucks, IKEA cuts transport costs significantly
and is thus able to reduce sale prices of their products. Furthermore, IKEA often redesigns a
product partially or completely in order to make way for more packaging efficiency. For
example, the Bjursta dining table was redesigned to have hollow legs in order to cut raw material
costs and packaging weight, thus allowing more tables to be shipped at once (6). The ultimate
goal in all situations where IKEA improves efficiency in packaging is to pass the savings to its
customers. IKEAs marketers have to work closely with supply chain professionals and become
creative about how to integrate packaging efficiencies within a marketing platform (7).
The major benefits that IKEA provides for its end consumers are the savings that it
transfers to them from its supply chain management strategies. In addition to monetary savings,
the ability to take furniture items home on the same day as purchasing them saves consumers
time. This proves how important IKEAs convenient packaging is, not only for the companys
logistics, but also for the consumers. The benefits that IKEA can offer to consumers allow IKEA
to remain a tough and resilient competitor. In addition, the company is globally aware and shows
concern for the environment through reduction of waste demonstrated in their product
development and logistic strategies.
IKEA operates globally in 315 retail stores in over 40 countries and 27 markets;
according to IKEA, in 2014 there was an increase in its market share in nearly all of these
countries (9). IKEAs current worldwide market share is estimated to be 3.7% of the highly
saturated market of home furniture and bedding, with the top four retailers only accounting for
13.2% of the total market (3). Based on the 2014 yearly summary, there are 147,000 co-

workers employed worldwide, and IKEA has long-lasting partnerships with over 1,000
suppliers operating in 51 countries, which last on average at least 11 years. (8).
In the past ten years, IKEAs overall revenue has doubled and the same holds true for
yearly sales; in 2014, IKEAs sales were 28.7 billion euros, showing a 5.9% increase from the
year before. IKEAs gross margin has decreased slightly which is most likely due to IKEA
cutting prices on its products an average of 1% in the past year to make them more accessible.
This has been met by an increase in sales. IKEA has 44.7 million euros in total assets and
invested 1.7 billion euros in 2014, with the majority of that money reinvested in new stores.
IKEA recently invested 98.3 million euros in opening a new store in Zagreb, Croatia in August
2014 (10). In the 2014 report, IKEA wrote that it has planned for significant investments for
[2015] and also has its sights set on creating a presence in India (8).
IKEA is a worldwide company with some areas holding more of the global purchasing
value than others. For example, Europe has the highest at 59%, Asia 35%, Russia 3%, North
America 3%, and South America 1% of the purchasing value. The leading five countries in
overall purchasing are China, Poland, Italy, Sweden, and then Lithuania while China, Russia, and
Hungary are the fastest growing markets (8). In regards to the global retail market, according to
Millward Brown, IKEA has the fifth highest brand retail value in the world. Their website,
IKEA.com also had more than 150 billion hits in 2014, going hand in hand with Millward Brown
noting that retail is progressing towards the direction of e-commerce (11).
Current Brazilian Market Situation
Consumer Situation
Although IKEAs global target market is broadly defined, we aim to penetrate Brazil with
a more segmented strategy. Our target market includes middle class families with kids and plays

on several Brazilian tendencies. Our target market values experiences over goods, which makes
IKEAs business model ideal. There is a space to leave kids to play, the walkways are long and
guided, and there is a cafeteria area. It encourages customers to spend as much time in the store
as possible, making a visit to IKEA more of an excursion than a stop-and-shop store. The target
market also values affordability with functionality, which is exactly where IKEA positions itself
as a retailer.
As we are targeting class C, it is important to understand the different segments and
trends within those segments. See Appendix C Figure 2. Class C is the fastest growing segment,
which is another reason why we chose to target it. From 2003-2011, over 40 million Brazilians
left classes D and E, rising above the poverty line and joining the middle class. It now represents
54% of the population and is driving Brazilian consumption (54). IKEA will most likely attract
classes A and B consumers because their incomes are more similar to IKEAs consumers in the
developed world, however in order to penetrate the market we will initially focus marketing
efforts on class C.
Our target city is So Paulo. It is the third largest city in the world with 11 million
inhabitants and is one of the major powerhouses of retail in Brazil. It has 77 different shopping
malls, including Centro Commercial Aricanduva, the largest mall in South America. The
booming So Paulo retail sector and its enormous consumer base make it the perfect city for
IKEA to get its foot in the door.
The prevalence of Corinthians FC will be important in reaching the So Paulo target
market. Corinthians is the only billionaire soccer club in Brazil as well as the club with the
highest number of registered fans. Another cultural consideration of our target market is the
soap operas, or novelas. Four of the highest rated shows in Brazil are novelas, and a normal

mid-season episode averages 1.5 million views. The novelas are a hotbed for product placement,
trend-setting, and advertising.
Our target market is a major consumer of media, so it is important to understand the
different popular forms in Brazil. Online shopping is become more of a driving force of
consumption, now with over 50% of the population connected to the internet via personal
computer or internet caf. Brazil possesses one of the most digitally-savvy markets of the
emerging economies, which is reflected in their social media usage. One study found Brazil as
the #1 BRICS nation in social media, spending on average 14 hours per week connected (57).
Facebook is consistently rated the most popular social media site, and its spread of users is
relatively homogenous from ages 18-45 (62). The most powerful piece of data is that although
only 36% of Brazilian companies have an Internet presence, 77% of Brazilians have favorable
attitudes towards mixing social media and online shopping (61).
Television continues to be the number-one choice of media consumption in Brazil. The
most recent study in 2006 stated that 97% of Brazilian households own a TV set, compared to a
2011 study with 96% of American households (59,60). The Brazilian media giant, Rede Globo,
is the second largest commercial network in the world, particularly because of its broadcasting
rights to soccer and the Brazilian soap operas, novelas. Lines of fashion and new hairstyles often
make their debut on the novela characters or with soccer players, setting consumer trends for the
rest of the season. After television, radio is the second highest consumed media in Brazil.
Nationwide, 67% of people claim to be a regular consumer (58).
Macro-environment Situation
There is great potential for Brazils economic growth because it is an emerging world
economy. The growth of Brazils middle class encourages business activity due to the narrowing

income gap between the rich and the poor. The political environment is becoming more stable as
well. The government is slowly opening up the market for global competition with the reduction
of tariffs and increasing trade agreements (35). For a further explanation, see Appendix A.
Competition
IKEAs three main competitors in Brazil are Casas Bahia, Tok&Stok, and Wal-Mart.
These three competitors in the Brazilian furniture market have some overlap of their target
markets, as well as unique market positioning. For a further explanation of competition and
IKEAs SWOT analysis, see Appendix B.
Internal vs. external factors
IKEA has a competitive advantage through their supply chain and operations system.
They are unique in their offering of low-priced, fashionable items. This advantage and product
offering fits with the emerging middle class in Brazil. As these consumers gain buying power
they move up Maslows Hierarchy of Needs and desire more fashionable products. IKEA can
leverage its recognizable brand name to create awareness and educate potential consumers on the
product offerings. IKEAs international experience allows the company to know the importance
of understanding local culture and how to work with foreign political entities.
Casas Bahia, Tok&Stok, and Wal-Mart all have a significant presence in Brazil. This
gives them an advantage to understand Brazilian culture and communication tactics. Casas Bahia
and Tok&Stok are domestic companies, so they have an intimate knowledge of the political and
environmental conditions. These companies are already taking advantage of the growing
markets in Brazil and have built up their brand awareness, which they leverage over competition.
Casas Bahia has a competitive advantage in their ability to successfully do business with the
lower income consumers in the country. Tok&Stok has a competitive advantage in their

recognizable brand as the go-to store for furniture purchases. Wal-Mart has a competitive
advantage because of its size and supply chain management that allows them to provide the
lowest possible prices. IKEAs unique product offering and easily transferrable supply chain
management are what will allow them to be a fearsome competitor amongst the multinational
Wal-Mart and Brazilian retail giants.
Objectives
IKEAs success in Brazil firstly depends upon the financial, marketing, and organizational
objectives that will set the stage for our plans to establish awareness of the IKEA brand in the
Brazilian market.
Financial Objectives
Through various marketing and promotional strategies, IKEA will capture 5% of the
target market by the end of the first year of operations in Brazil. Further promotion and customer
service strategies will generate an average annual spending of $250 per customer, which will
provide $26.5 million in revenue for the first year of operation in Brazil. We have further
outlined our financial objectives with the figures given in Appendix D.
Marketing Objectives
Our most critical marketing objective is to create excitement about the IKEA brand being
introduced in Brazil. Our marketing goals will focus on communicating the three main ideas of
affordability, functionality, and style to our target market. By getting target consumers to believe
in IKEA as a valuable and sensible brand, we hope to generate a footfall of 4,000 customers per
day in the So Paulo store by the end of the first year. Another crucial objective is the social
media presence we wish to create. On the IKEA Brazil Facebook page we aim to receive 1

10

million likes by the end of the first year. To make this goal attainable, we will be hiring a social
media specialist.
Organizational Objectives
The initial market entry and distribution strategy proposed is to export IKEA products
directly to the brick-and-mortar location in So Paulo. After three years of successful operations,
we will either begin negotiations for a contract manufacturing agreement or start construction
plans for a manufacturing facility. The manufacturing processes, whether through contract or
IKEAs own operations, will take place in So Paulo, enabling IKEA to further expand its
marketing into other areas of South America. Although in the beginning import taxes will be
high, we believe it is necessary to first familiarize the IKEA concept to consumers before
manufacturing in Brazil. When manufacturing processes are established this will lift the heavy
burden of import duties. By the end of year five, retail stores in Florianopolis and Curitiba will
be fully operational.
We plan to reference these objectives as a starting point, knowing that any unforeseeable
circumstances could require flexibility in our long-term organizational goals.
Marketing Strategy
Target Market Persona
Given our research in the consumer situation, our target market persona would best be
described as a middle-class 39 year old mother of two kids that works from home as a skin care
sales representative in So Paulo. She is always up-to-date on fashion and puts a lot of
importance on appearance. She values her experiences with her family, and in particular she
enjoys shopping with her friends and family. She is looking for a way to redesign her living room
and her kids bedrooms in a fashionable and affordable way.

11

Positioning
In order to take full advantage of our target markets needs and preferences, IKEA
products will be positioned as fashionable, functional, and affordable products. The bundle of
benefits offered also includes the in-store experience and the ability to take the products home at
the time of purchase. IKEAs positioning strategy for the Brazilian market is shown in Figure 1
of Appendix C.
Market Entry
We first will pay an IKEA trained web developer to set up an Ikea.com.br domain.
He/she will work with a Brazilian SEO analyst to create a website that is adapted to the
Brazilian culture and style of Portuguese, yet still integrates IKEA global standards. The SEO
will then coordinate Internet marketing on the social media sites Pinterest, Twitter, and Facebook
- all major sites used by IKEA worldwide. Again, they can work with the IKEA web developer
to create IKEAs pages in Portuguese and keep them consistent with IKEAs global image.
All other advertising will be headed by a Brazilian marketing consultant. They will
coordinate our large-scale TV ads with Rede Globo featuring two main programs: FC
Corinthians soccer broadcasting and the novela, Avenida Brasil. An IKEA stadium banner will
accompany the television advertisements aired during FC Corinthians soccer games. This will
provide a culturally sensitive outlet to So Paulo as well as reach millions of viewers. We will
diversify our advertising and increase advertising impressions with both radio advertising and
mail catalogues. We will run with three So Paulo stations: Rdio Globo, Rdio Bandeirantes,
and Antena 1. Radio and print media will also be led by our marketing consultant.
Creative Strategy

12

We will be utilizing our marketing tools to communicate our main campaign slogan of
Construir sua vida a um preo que voc merece, Portuguese for Design your life at a price
you deserve. This slogan speaks to our target market of fashionable young mothers that put a lot
of importance into appearance and design, but cannot afford luxury goods. In order to
communicate the nature and simplicity of the assemble-yourself products, we will use a humor
appeal. For example, we will use an ad of a baby confidently holding a hammer that says It
may be difficult to believe, but.. in Portuguese. We will also have an ad featuring a work boot
inside a high heel to communicate that IKEA believes these mothers have the ability to assemble
the products themselves. These ads will also be used to communicate our assembly service for
mothers that either do not have to time or do not want to take to time to assemble the products
themselves. Other ads will showcase modern fashionable rooms with IKEA products that will
compliment our campaign slogan. Example advertisements can be viewed in Appendix E.
Service Strategy
In the store, we will employ 15 customer service technicians to work the floor, converse
with customers, promote sales, and create an overall welcoming atmosphere. Because Brazilians
value social interaction, personal attention, and a quality shopping experience, this social aspect
is crucial to our business model in Brazil. We will continue IKEAs loyalty program, IKEA
FAMILY, which is designed for people who love their homes, and love to shop at IKEA. This
program is free to join and includes product discounts, special offers, ideas and inspiration, and
more. One of the benefits of joining is free coffee or tea every time a member enters IKEA. This
not only encourages the social shopping that our target market is attracted to, but increases the
time our customers spend in the store, thereby increasing sales. In addition, since Brazilians are
not accustomed to the assemble-yourself idea, we will have an assembly service available. This

13

provides an alternative option for our on-the-go families and customers that are not ready to
adapt.
TV advertising strategy
Families will be watching soccer games and novelas during their free time in the
evenings and on weekends. Television advertisements featured during the FC Corinthians soccer
games will be broadcasted during 10 major game days. To coincide with game times, they will
be aired in the evening time slots on weekdays and during afternoon time slots on weekends.
Advertisements broadcasted during the games will appeal to family audiences, since watching
soccer is one of the main ways that Brazilian families spend time together in the home. This
advertising goes along with IKEAs family message. Novelas air in the evenings on weekdays
and have an average mid-season captive audience of over 1 million viewers. IKEA must take
advantage of the trend setting nature of the novelas by utilizing product placement in Avenida
Brasil. Because married adults, especially women, will either knowingly or subconsciously be
influenced by the novelas, IKEA can effectively reach the target persona previously described.
Our marketing consultant will be responsible for developing television ads that fit with IKEAs
use of witty humor and display the value proposition of IKEA products.
Radio Advertising
Radio advertisements will be included as a supplemental strategy to further increase
brand and slogan recognition. The radio ads will be broadcasted three times per week, bi-weekly
on three different stations yielding an annual total of 234 radio advertisements. Since radio is the
second most commonly consumed media in Brazil, we can effectively broaden the reach of our
marketing campaign without incurring substantial costs.
Social Media Strategy:

14

In order to supplement the novelas and TV soccer ads, we will advertise using our
Facebook, Twitter, and Pinterest platforms. This allows for more consistent advertising and
brand awareness that is especially important in our first few years. We plan to have four trending
tweets per year in order to encourage this awareness. In addition, our SEO analyst will take
advantage of Facebook, Brazils number one social media site, to guide potential customers to
our webpage. This provides for increased brand awareness and online sales. IKEAs Pinterest
page will allow for our target market to find new design ideas for their home. Clicking on these
ideas will encourage online sales and curiosity to visit the store. We will also utilize our
Pinterest platform to introduce the Do-it-yourself and assemble-yourself concepts in an exciting
way.
Direct Marketing Strategy
A Portuguese catalogue following IKEAs standard format will be put together by our
marketing consultant, and distributed in the second year by postal service to customers that have
provided their address. This will encourage return visits and allow our target market to browse
through our store in the comfort of their own home. This especially speaks to our target market
that enjoys staying up-to-date on fashion and design. They can imagine the designs featured in
the catalogue in their own home and bookmark pages that they like. Similar to the store
experience, looking through the catalogue is fun and low pressure.
Controls and Contingency Planning
The most important things we will need to monitor through year one will be sales, foot
traffic in-store, and employee satisfaction. As previously mentioned, our goals are to maintain
4,000 customers per day and $26.5 million in gross revenue by the end of year one. Therefore,
the we must plan for underperformance in sales metrics and exceeding budgeted expenses. Sales

15

can be addressed by analyzing response rates from advertising and working with our two
Brazilian marketing resources on staff. A special focus will be given to the balance between
IKEAs corporately integrated advertising and our new Brazilian advertising. Expenses can be
addressed again by reducing funding or cutting entire forms of media from the budget that we
deem ineffective in year two. Finally, since Brazil is a country prone to demonstrations and
strikes, we will pay our employees 33% above the average BRL 3,000/month retail workers earn.
This has the added benefit that our workers will earn class C income, thus matching them with
our class C target market, the people they will be interacting with and selling to day-to-day.
XI. Conclusion
Ultimately, IKEA is ready for Brazil and Brazil is ready for IKEA. We fully believe
IKEA will have great success in Brazil and, realistically, it is only a matter of time before IKEA
begins operations there. As a marketing team, we learned how to combine our creativity and
work as a cohesive unit to accomplish a project, of which we can all be proud. Not only did we
learn about IKEA as a company and Brazil as a market, but also the level of detail that is
necessary to create an effective and integrated international marketing plan. We all agree that this
marketing plan went well, so if we were to prepare another marketing plan it would be
accomplished similarly. The only disadvantage was our members not having personal experience
in an IKEA or firsthand knowledge of Brazilian culture, with the exception of Zac.

16

Appendix:
Appendix A: Brazilian PESTLE Analysis
Political
Democratic Republic
High tariffs on capital and
intermediate goods
Stable government (history of
instability)
Fair level of corruption
High crime rate

Technological
One of most advanced
telecommunications system and digital
TV in the world
1.2% expenditure on R&D
Developed IT sector, but technological
infrastructure lags behind, increasing
investment

Economical
Social
th
7 world rank GDP, 2.3 trillion
LanguagePortuguese
USD
Population202 million
th
5 largest population in world
20% below poverty line (north)
Main export is iron ore and main
South and southeast region are most
imports are petroleum oil and motor
developed/best standard of living, most
vehicles
densely populated
Labor costs are low
Growing middle class, decreasing major
5.88% inflationsteadily
distribution of wealth between the north
decreasing
and south
Undervalued real, cheaper to import
Up-to-date on fashion, aware of big
Deregulation of markets
brands, willing to buy luxury products
Large interest in ftbol
Below world average in economic
Strong family ties
freedom
Rio Olympics2016
Gender roles more emphasized than U.S.
High interest rates
High context culture
Cost of labor is high.
Environmental
Legal
Amazonhome to half of the
Civil Code
worlds known species
Bureaucratic
Increasing environmental awareness
High number of regulations to start
business
Strong labor unions
16, 17, 19, 18, 12, 14, 63, 64, 65
Appendix B: SWOT of Brazilian Market, IKEA, and Competitors
Strengths
-Experience in global markets
-Highly recognizable brand worldwide
-Affordable & fashionable products

Weaknesses
-Must reeducate Brazilian consumers about
assemble-at-home furniture
-Lack of in-store customer services
17

-Distinctive competency is its high

volume production strategy
-Creates lasting relationships with
suppliers
-Globalization has resulted in economies
of scale

-High standardization of products

-Potential perceived low quality of products
because of low prices
-Little to no specialization/adaptation to South
American culture

Opportunities
-Brazil has many natural resources
(lumber and minerals)
-Large population of consumers and
growing middle class
-Consumers gaining discretionary income
are price-conscious

Threats
-High exchange rates in Brazil
-Tariffs
-Corruption and bribery between businesses and
the government
-Complex tax system
-Extensive local labor laws may result in heavy
legal expenses

(37, 38, 39, 40, 41)

Strengths

Weaknesses

Casas
Bahia

-Over 500 stores, largest non-food

retailer in Brazil
-Strategically position stores in low
income neighborhoods
-Distinctive competency is capturing
and communicating with the low
income segment
-Strong brand presence due to
marketing campaigns
-Understanding of Brazilian culture;
use of popular singers/actors in
marketing

-Heavily reliant on specific consumer

income level
-Negative publicity due to high interest
credit system that preys on consumers
with low bargaining power
-Lack of significant online presence

Tok&Stok

-Largest specialty furniture retailer

in Brazil
-Brand recognition and unique store
experience are distinctive
competencies
-Successfully positioned in Brazil as
a fashionable furniture store

-Higher prices than competitors

-Lack of growth in recent years
-Sales goals are aggressive and difficult
to reach
-Relies on store openings to generate
revenue

18

Wal-Mart

-3rd largest retailer in Brazil

-Strong brand recognition
-Low prices and breadth of products
-Distinctive competency is
extremely low prices and
convenience
-Superior operations chain, large
purchasing quantities, and strong
buying power

-Under pressure to continue offering their

low prices
-Customers doubt quality because prices
are so low
-Little to no differentiation or product
innovation
-Size of company creates difficulties of
management that result in costly
employee turnover
-Negative publicity over poor working
conditions, discrimination and low wages

(42, 43, 44, 45, 46, 47, 48)

Appendix C: Perceptual Map and Consumer Income Segments

Figure 1:

Figure 2:
19

Income Classes in Brazil

(BRL/month)
Class A: above BRL 10.200 (~US
$32,000/year)
Class B: above BRL 5.100
Class C: above BRL 2.040
Class D: above BRL 1.020
Class E: below BRL 1.020 (~US
$3,000/year)

Appendix D: Summary of Financial Statements

Figure 1:

Figure 2:

Figure 3:

20

Appendix E: Sample Advertisements

21

22

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