BMSH2009

THE MARKET

Market Research
Market Research is the process of gathering, analyzing, and interpreting information about a market, a
product or service to be offered, the trends, segments, location, the industry as a whole, and the particular
competitors the entrepreneur faces (Entrepreneur Asia Pacific, n.d.).

Basic Questions in Market Research

The entrepreneur must ask seven (7) basic questions in preparation for any major market research.

Why Purpose and objective for conducting the market research

What Determines the scope and the limitations of the market research to be conducted
Which Determines which segment of the market must be studied; this must be the market
segment the entrepreneur is eyeing
Who Identifies who among the members of the selected market segment will participate in
the market research
When Determines the time and timing of the research; this is critical for entrepreneurs whose
product or service will be offered to time-constrained markets, such as office workers
Where Pinpoints the relevant location of the market research
How Determines the methodology to be used for the market research

Market Research Methodologies

Several market research methodologies can be used to aid the entrepreneur in gathering relevant market
information (Morato, 2016).
1. Data Mining (Twin, 2020)
Companies use this process to turn raw data into useful information by looking for patterns in large
batches of data. Businesses can learn more about their customers to develop more effective marketing
strategies, increase sales, and decrease costs through software that looks for patterns in large batches
of data.

Case Example: Selling Hotdogs

The data can be logically arranged from 7 am to 6 pm, otherwise known as a data array. The data can
be further grouped into intervals of two (2), three (3), or four (4) hours. On the other hand, hotdog
customers can be further classified into male and female customers. They can be sub-classified into
small children (12 years and below), teenagers (13 to 19 years), and adults (20 years and above).
A researcher observed and recorded the following data in a store selling hotdogs.
1. A boy, aged 10, bought two (2) hotdogs at 2 p.m.
2. A girl, aged eight (8), bought one (1) hotdog at 4 p.m.
3. A man, aged 26, bought three (3) hotdogs at 1 p.m.
4. A man and his wife, aged about 30, bought two (2) hotdogs at 8 a.m.
5. A boy, aged 14, bought five (5) hotdogs for friends at 3 p.m.
6. Three (3) girls, aged about 18, bought six (6) hotdogs at 6p p.m.
7. Mom and daughter, aged 27 and five (5), respectively, bought two (2) hotdogs at 11 a.m.
8. Twin boys, aged seven (7), with their older brother, aged 14, bought six (6) hotdogs at 12 n.n.
9. Two teenagers, a boy and a girl, aged about 15, bought two (2) hotdogs at 1 p.m.
10. Five (5) children (two (2) girls, three (3) boys), about nine (9) years old, bought five (5) hotdogs
at 12 n.n.
11. Man, aged 27, bought two (2) hotdogs at 9am.
12. Woman, aged 30, bought three (3) hotdogs at 10am.
13. Three (3) boys, aged 13, bought five (5) hotdogs at 4pm.

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Step 1: Data Array

Time Hotdogs Bought
7-8 a.m. 2
9-10 a.m. 5
11-12 n.n. 13
1-2 p.m. 7
3-4 p.m. 11
5-6 p.m. 6
Table 1. Hotdog sales according to a two-hour time interval

Step 2: Frequency Distribution and Table

Hotdogs
Time Male (Age) Female (Age)
Bought
12 below 13-19 20 above 12 below 13-19 20 above
7-8 a.m. 2 1 1
9-10 a.m. 5 2 3
11-12 n.n. 13 7 2 3 1
1-2 p.m. 7 2 1 3 1
3-4 p.m. 11 10 1
5-6 p.m. 6 6
TOTAL 44 9 13 6 4 7 5

13 20 11
Table 2. Hotdog sales summary

The frequency distributions and relative frequency distributions above can be more useful if translated
into graphs. In market research, there are three (3) commonly used graphs which are: histogram
(commonly known as a bar graph, frequency polygon, and pie chart (Morato, 2016).

A. Histogram
A histogram consists of a series of rectangles or "bars" representing the frequency distributions of data.
Each bar is proportional in width and height to the range of values. It is mainly used in grouping
numbers.

Histogram
40
Frequency

20
20 17
0 7
7 - 10am 11 - 2pm 3 - 6pm
Time

Figure 1. Histogram (hotdog sales)

B. Frequency Polygon
A frequency polygon is constructed by marking the frequencies on the vertical axis with a dot
corresponding to the values on the horizontal axis. These dots are then connected with a straight line
to form a polygon.

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Frequency Polygon
25
20

Frequency
15
10
5
0
7 - 10am 11 - 2pm 3 - 6pm
Time

Figure 2. Frequency polygon (hotdog sales)

C. Pie Chart
It is a circular graph divided into sections representing the relative frequencies of magnitudes of the
grouped values.

Pie Chart

16%

39%

45%

7 - 10am 11 - 2pm 3 - 6pm

Figure 3. Pie chart (hotdog sales)

The interpretation of data does not end with generating a frequency table and a graph. For the data to be
more beneficial to the entrepreneur, cross-tabulation is highly recommended. Cross-tabulation is a
method used to analyze the relationship between multiple variables (Aprameya, 2016). It will explain why
some data fall at one end of the distribution while others are at the opposite.

Time 12 below 13-19 20 above Sum

7-10am 0 0 7 7
11-2pm 12 4 4 20
3-6pm 1 16 0 17

Time 12 below 13-19 20 above Sum

7-10am 0.00% 0.00% 100.00% 100.00%
11-2pm 60.00% 20.00% 20.00% 100.00%
3-6pm 5.88% 94.12% 0.00% 100.00%
Table 3. Cross-tabulation (hotdog sales)

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2. Focus Group Discussion (FGD)

This methodology involves gathering people from similar backgrounds or experiences together to
discuss a specific topic of interest. It is a form of qualitative research where participants are asked
about their perceptions, attitudes, beliefs, opinions, or ideas (Baral et al., 2016). It involves group
interviewing, usually eight (8) to 12 people. It is led by a facilitator (interviewer) in a loosely structured
discussion that generally lasts for an hour and a half (1 ½) to three (3) hours.
Advantages (Binns, 2021)
• Measure reactions, not just opinions. Because FGDs take place face-to-face, the facial expressions
of the respondents can be witnessed.
• Easily reproduced. The format, questions, and style can be replicated in different places, cultures,
and communities through extensive market research.
• Time-saving. FGD can facilitate a session with many people at once rather than sit with several
different respondents.
• Provides a hands-on approach. FGD does not only use visuals but also enables the participants to
engage with the product being tested physically.
• More detailed insights into key questions. FGDs allow further discussions of certain topics and
explore specific comments and reactions, leading to a deeper understanding.
• Engaged participants. Because some participants find filling out surveys long and tedious, they
usually switch to a focus group.
Disadvantages (Binns, 2021)
• Groupthink. Some respondents feel pressured to conform to the ideals or standards of the group
regardless if they share those views or not.
• Dishonest responses. Participants consciously give incorrect answers to be respected or avoid
embarrassment.
• Squeaky wheels get the oil. It is when the more vocal subset of respondents can easily influence the
opinions of the introverts that may affect the final results.
• It's expensive. Planning the session, sourcing the applicants, hiring a good facilitator, and
interpreting the results require a huge budget.

Major Steps in FGDs

a. Identify the type of respondents required as per the study
b. Select moderator and field teams
c. Develop facilitators' guide and format for recording responses
d. Train field team and pre-test instruments
e. Conduct the focus group discussion
f. Transcribe, analyze, and interpret responses

3. Observation Technique
Observation is a way of collecting data through "observing." The observation technique is classified as
a participatory study because the researcher has to immerse him/herself where his/her respondents
are while taking notes and recording what they say (BRM, n.d.).

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Most Common Observation Technique Methods (Fuel Cycle, n.d.)

• Controlled Observation. It is typically a structured observation that takes place in a psychology
laboratory. The researcher has a question in mind and controls many variables, including
participants, observation location, time of the study, and more.
During this type of study, the researcher will often create codes that represent different types of
behaviors. That way, instead of writing a detailed report, they can classify behavior into different
categories and analyze the data more easily.

The advantages of controlled observation include the following:

o The researcher can make an observation schedule for his/her sampling and have other market
researchers use the same codes if they replicate the study. It addresses reliability.
o The coded data is easy to analyze and quantify.
o Controlled studies aren't as time-consuming.
Limitations of a controlled observation include:
o It may be challenging to determine the study's validity if participants know they are being
watched.
• Naturalistic Observation. It is another type of observation research method used by market
researchers. This type of observation is when market researchers study participants' behaviors in
natural surroundings. There are typically no predetermined observations. Instead, the researcher
will take rigorous notes and record the data later.
The advantages of naturalistic observation include the following:
o The study ensures validity when participants are in their natural setting.
o This type of study can generate new ideas and research questions.
o It opens researchers' minds to possibilities they might not have considered before.
o Researchers can collect authentic data and avoid any potential problems with self-reported
data.
Some limitations include the following:
o The researcher can't control different variables, making it difficult to replicate the study and
test it for reliability.
o It may be challenging to conduct this type of study on a wide scale.
o Skilled researchers are needed not to miss critical behavioral data.
o The researcher won't be able to manipulate any variables.
• Participant Observation. This type of observation is similar to naturalistic observation because
market researchers will observe participants in their natural habitat. The difference is market
researchers will insert themselves into the environment.

Some advantages of this type of observation include the following:

o The researcher can control some variables by being part of the natural environment.
o The researcher can still observe participants in their natural habitat, even if they know that the
researcher is also a part of the study.
o The researcher can avoid incorrect self-reported data through this method of observation as
well.

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Here are some limitations to this type of study to consider:

o It can be challenging to take notes openly without blowing the cover as the market researcher
has to rely on memory for note-taking, which can be faulty.
o If a researcher becomes too involved in the study, they could become less objective. It could
threaten the validity of the study.
4. Survey Research
This methodology is defined as collecting information from a sample of individuals through their
responses to questions. The following are the three (3) important concerns a researcher has to consider
(Morato, 2016).
a. Sampling Techniques. These are classified into: (1) probability; and (2) non-probability sampling.
o Probability sampling is where the respondents are randomly selected from a population, such
as in the lottery method.
o Non-probability sampling is the technique where the researcher selects samples based on the
subjective judgment of the researcher rather than random selection (Question Pro, 2021).
b. Getting the sample size. Sample size refers to the number of participants or observations included
in a study, and there are three (3) basic sample size determinants:
o Data variability of a proportion. It pertains to the dispersion of the data or how widely spread
the data is from a central point.
o Confidence level in the estimation process. The higher the confidence level desired, the bigger
the sample size needed; the current industry standard has a 95% confidence level.
o Error in the result of the estimation process. The less error margin desired, the bigger the
required sample size; it is expressed as plus or minus (+/-) a certain percentage.

Assuming that the population is unknown, the formula for computing the sample size is as follows:

𝑍 2 [𝑝(1 − 𝑝)]
𝑛=
𝑑2
where:
Z = z-score
p = 0.50 (the proportion of getting a good sample)
1–p = 0.50 (the proportion of getting a bad sample)
d = error margin in decimal
n = Sample size

c. Questionnaire Design. In designing a questionnaire, there are some basic rules that have to be
followed in question formulation. The rules are as follows:
o The questions should elicit all the necessary information required in the research.
o Questions should be clear and definite.
o Questions should cover one (1) topic at a time.
o Questions should be presented neutrally.
o Questions should be translated into the dialect that the target respondents are familiar
with.
Steps in Conducting a Survey Research (McCombes, 2020)
a. Determine who will participate in the survey

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b. Decide on the type of survey to be used (mail, online, face-to-face, or by phone)

c. Design the survey questions and layout
d. Distribute the survey
e. Analyze the responses
f. Write up the results

Customer Profiling
Marketers use customer profiling to identify the best customers, their common interests, and
demographic information. Customer Profiling is the practice of organizing customers into specific groups
possessing similar goals and characteristics (Sachs, 2021).

Benefits of Customer Profiling

• Tailors marketing efforts to relevant audiences
• Personalizes customer experiences to increase brand loyalty
• Provides a more holistic view of market potential
• Improves customer satisfaction
• Increased response
• Recognizes more potential customers, prospects, and customer types
• Improves sales and revenue

Methods of Customer Profiling

1. Demographics. These are measurable customer descriptions, including age, gender, family structure,
social class and income, race and ethnicity, geography, and lifestyle. For many purposes, governments
use demographics, corporations, and non-government organizations to learn about a population's
characteristics. In demographics, customers are categorized into the following:
a. Age - Consumers of different age groups have different needs and wants. Although people of the
same age group differ in many other ways, they tend to share values and common cultural
experiences that they carry throughout life. Sometimes, marketers initially develop a product to
attract one age group and then try to broaden its appeal later on. For example, the perfumes
made specifically by Bench are popular among teenagers, and Salonpas pain-relieving patches
manufactured by Hisamitsu Pharmaceutical Co., Inc. are popular among adults.
b. Gender - Gender tends to denote the social and cultural role of each sex within a given society.
Gender is the socially constructed characteristics of women and men, such as norms, roles, and
relationships of and between groups of women and men. It varies from society to society and can
be changed. For example, a wine company performs a demographic segmentation targeting
mostly males.
c. Family Structure - A person's family and marital status is yet another important demographic
variable because this greatly affects consumers' spending priorities. Families with young children
are big purchasers of healthy foods and fruit juices (Solomon, 2017). According to a study, in
single-parent families, children could be expected to make moderate purchases than those in
dual-parent families would.
d. Social Class and Income - It refers to a status hierarchy in which individuals and groups are
classified based on esteem and prestige acquired mainly through economic success and
accumulation of wealth. People who belong to the same social class are approximately equal in

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terms of income and social standing in the community. They work in roughly similar occupations
and tend to have similar tastes. They also tend to socialize and share many ideas and values
regarding how they should live. The distribution of wealth is of great interest to marketers
because it determines which groups have the greatest buying power and market potential. Apple
targets the middle to upper classes willing to pay extra for technology products and services with
advanced design, functions, and capabilities.
e. Race and Ethnicity - Race refers to a grouping of individuals based on shared physical
characteristics such as skin, hair, or eye color. Ethnicity, however, refers to cultural factors,
including nationality, regional culture, ancestry, and language. As our society becomes
increasingly multicultural, new opportunities develop to deliver specialized products to racial and
ethnic groups and to introduce other groups to these offerings. Fully 40% of McDonald's business,
and many of its most loyal customers, are now drawn from the Hispanic, Afro-American, and
Asian-American demographics (Whiteside, 2013). The restaurant chain often assesses its
reactions to new menu items or advertisements before it rolls them out to the Caucasian market.
For example, the fruit combinations in McDonald's smoothies are based on preferences the
company's researchers discovered in ethnic communities.
f. Geography - Many national marketers tailor their offerings to appeal to consumers who live in
different parts of the country. For example, McDonald's tries to adapt their menus to reflect
different tastes and local traditions for every country where its restaurants are located. They are
keen to respect cultural differences; thus, every country has its policy for developing menu items.
g. Lifestyles - Lifestyle is how individuals, families, and societies live, manifesting in coping with their
physical, psychological, social, and economic environments on a day-to-day basis. Consumers also
have different lifestyles, even if they share other demographic characteristics. The way we feel
about ourselves, the things we value, the things we like to do in our spare time—all of these
factors help determine which products will push our buttons or even make us feel better. For
example, Stresstabs Multivitamins targets people with vitamin deficiency resulting from poor diet
and/or certain illnesses.
2. Psychographics. It is the study of consumers based on their activities, interests, and opinions (AIOs)
(CB Insights, 2020).
a. Activities. This dimension includes the activities a group of customers enjoys, how much they
enjoy and engage in, and how these consumers purchase on those activities.
Example: A teenager who likes playing basketball decides to buy basketball shoes and own a
basketball. But depending on how this teenager wants to pursue the sport, he might invest in
training sessions and tryouts.
b. Interests. This dimension refers to the excitement consumers get from engaging in something,
which varies from person to person.
Example: A fruit shake business markets first those who like refreshments but still look after their
health.
c. Opinions. The dimension determines the degree of importance given to something, which
involves deep-seated beliefs and preconceptions about something.
Example: Samantha is a makeup artist who prefers buying synthetic brushes to those made from
animal hair because she supports the Animal Welfare Act. It could be her opinion to preserve
animals for future generations.

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3. Technographics. It is the profiling of target accounts based on the technology they use (UpLead, 2020).
Knowing what hardware or software the target audience use is an example of technographics.

Collecting Technographic Data (UpLead, 2020)

The collection of technographic data was conducted through two (2) mediums:
a. Surveys. One of the most popular ways of collecting data. It includes asking questions to
respondents via phone call or mail.
b. Scraping. It is gathering information about a company's technology by cultivating such
information from its online platforms and presence. It is most commonly used in collecting
technographic data due to its high measurability (Datarade, n.d.).

Application of Customer Profiling (Morato, 2016)

The entrepreneur can use or apply customer profiling in two (2) ways.
1. Develop a product or service to test out in the marketplace.
a. The customers most attracted to the product can then be profiled.
b. Next, find out how huge this market is for utilization purposes.
2. Profile the different types of customers in a given industry or area as to their needs and wants.
a. From these types, an entrepreneur could now choose the customer group with the best potential.
b. The entrepreneur can improve product/s or service/s to match the chosen customer group.

Market Segmentation. Customers with similar needs and wants and similar willingness and ability to pay
can be grouped into one (1) customer segment. Customer segmentation and profiling are almost the
same, with a subtle difference. Segmentation divides a company's customer base into different groups,
such as geographies, buying behaviors, and interests. While profiling aims to know customers better and
describe customer persona (Softweb Solutions, 2021) or the types representing the key traits of a large
segment of the company's audience (User Testing, 2019).

Market Aggregation. It is more preferable if an entrepreneur wants to deal in commodities such as rice,
bread, and water as these appeal to broader markets than segments.

Market Mapping. It refers to grouping customers and products according to certain market variables. An
entrepreneur can use one (1) or a combination of demographics, psychographics, and technographic to
create a market map.

Figure 4. Steps in market mapping

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Some sample dimensions that can be used in market mapping are:

High price Low price

High quality Low quality
Healthy Unhealthy
Necessity Luxury
Simple Complex

Example: Suppose an entrepreneur wishes to map perfume products based on two (2) variables or
dimensions, namely price for the x-axis (horizontal axis) and quality for the y-axis (vertical axis).

In ranking the products, those with positive scores are of high price/quality, those with 0 scores are neutral
products (neither high nor low price/quality), and those with negative values are of low price/quality. The
magnitude of the score determines the ranking (for example, in price, 3 is the highest, while -3 is the
lowest).

The price and quality determine the position. From the intersection of both axes, a positive score is plotted
respective units to the right (for the price) or respective units upward (for quality). Meanwhile, a negative
score is plotted on respective units to the left (for the price) or respective units downward (for quality).

Step 1: The chosen dimension for the x-axis is the price.

Step 2: The chosen dimension for the y-axis is quality.
Step 3: The gathered data are as follows: Step 4: Data ranking

Price Quality Product Position

Score Score A (-4, -1)
C 3 (highest) C 4 (highest) B (-1, -3)
G 2 G 3 C (3, 4)
D 1 H 2 D (1, -2)
E 0 E 1 E (0, 1)
B -1 F 0 F (-2, 0)
F -2 A -1 G (2, 3)
H -3 D -2 H (-3, 2)
A -4 (lowest) B -3 (lowest)
• > 0 (high price/quality); < 0 (low price/quality); 0 = neutral
•
Step 5: Map the data on the x-y plane.

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Figure 5. Perfume products market map based on price and quality

The purpose of market mapping is to give the market analyst a better understanding of the market as a
whole and to have an idea of where the competitors are relative to different market segments. This will
also help entrepreneurs discover market segments that are either unserved or underserved, and they
could then develop products and services that can fulfill the gaps in the marketplace (Morato, 2016).

The Value and Unique Selling Proposition of Business

In getting through the process of a business plan, the entrepreneur needs to identify the unique value and
selling proposition s/he is going to offer the target market.

Value Proposition refers to the value a company promises to deliver to customers who choose to buy
their product and is part of a company's overall marketing strategy (Twin, 2020). For example, H&M's
value proposition is offering on-trend clothes at affordable prices; Procter and Gamble provides value
through its range of quality products, customer service, and reputation as a reliable manufacturer.

Identifying the unique selling proposition comes after determining the value proposition. It is especially
important if the product/service is similar to those already in the market (Entrepreneur Asia Pacific, 2021).
Unique Selling Proposition is the factor or consideration presented by a seller as the reason that one (1)
product or service is different from and better than that of the competition. For example, Tiffany & Co.'s
selling proposition, "The right one is waiting for you," presents a great play of words. It means that their
diamond ring is the right ring to be given by the right person.

There are three (3) tips on how the entrepreneur can uncover his/her product/service's unique selling
proposition (Entrepreneur Asia Pacific, 2021):
1. Always empathize with the customers. The goal is to satisfy the customers; therefore, the
entrepreneur must understand and find ways to respond to customers' wants. For example, if the
competitor has an advantage in pricing, consider other sales features that will make the customers fall
in love with the product or service, such as convenience, reliability, and cleanliness.
2. Know what motivates the customers' behavior and buying decisions. With the changing needs and
wants of the people, demographics are not enough anymore to get an update about the desires of the
target customers. It is important to go beyond demographics using psychographics. For example, the
level of competition in cosmetics is relatively high in the Philippine market. However, cosmetics are
not considered to be a "need." Through psychographics, the entrepreneur will have an idea of what

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motivates women to buy or purchase cosmetic products (e.g., lipstick shades, product packaging, easy
application, etc.).
3. Have an idea about the competitor's product/service, but focus on your product/service more. As the
business grows, it is essential to establish a consistent relationship with the customers and ask them
why they buy the product your business offers. It can be done through interviews, FGDs, and surveys.
For instance, the entrepreneur can ask the customers to rate the taste, size, and price of the pizza
his/her business offers.

If the business is starting, market research is a huge help in studying the competitors. It can be through
observation technique, or it is possible to interview some of their customers outside their premises about
the features they like or dislike about the competitor's product/service.

References
Aprameya, A. (2016, January 21). Cross-tabulation: How it works and why you should use it. Humans of data.
https://humansofdata.atlan.com/2016/01/cross-tabulation-how-why/
Baral, S. Sudeep, U. & Lamichhane, B. (2016). Focus group discussion. Herd International.
https://www.herd.org.np/uploads/frontend/Publications/PublicationsAttachments1/1485497050-
Focus%20Group%20Discussion_0.pdf
Bhasin, H. (2020, March 5). Observation methods--definition, types, examples, advantages. Marketing91.
https://www.marketing91.com/observation-method/
Customer Profiling. (n.d.). In Kb manage. https://www.kbmanage.com/concept/customer-profiling
Customer Segmentation and Profiing. (2021). In Softweb solutions. https://www.softwebsolutions.com/customer-segmentation-and-
profiling.html
McCombes, S. (2020, December 17). How to do survey research. Sribbr. https://www.scribbr.com/methodology/survey-research/
Morato, E. (2016). Entrepreneurship. Rex Printing Company, Inc.
Observer Bias/Research or Experimenter Bias: Definition, Examples, How to Avoid. (2021) In Statistics how to.
https://www.statisticshowto.com/observer-bias/
Observation. (n.d.). In Business research methodology. https://research-methodology.net/research-methods/qualitative-
research/observation/
Qualitrics.xm. (n.d.). Demographic segmentation: How to create and use it. Retrieved October 28, 2019, from
https://www.qualtrics.com/experience-management/brand/demographic-segmentation
Sachs, S. (2021). Customer profiling. Teach target. https://searchcustomerexperience.techtarget.com/definition/customer-profiling
Sample size and power. (2008). In Institute for work & health. https://www.iwh.on.ca/what-researchers-mean-by/sample-size-and-
power
Solomon, M. (2017). Consumer behavior: Buying, having, and being. England: Pearson
Technographic Data. (n.d.). In Datarade. https://datarade.ai/data-categories/technographic-data
The 3 Most Common Observation Research Methods. (n.d.). In Fuel cycle. https://fuelcycle.com/blog/the-3-most-common-
observation-research-methods
The 5 best guides for creating a customer persona. (2019, April 1). In User testing. https://www.usertesting.com/blog/customer-
personas
Twin, A. (2020, July 5). Value proposition. Investopedia. https://www.investopedia.com/terms/v/valueproposition.asp
Unique Selling Proposition. (2021). In Entrepreneur asia pacific. https://www.entrepreneur.com/encyclopedia/unique-selling-
proposition-usp
What Are Technographics? How to Target Accounts Using Technology Tracking. (2020) In Uplead.
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What Is Psychographics? Understanding The Tech That Threatens Elections. (2020, May 6). In CB insights.
https://www.cbinsights.com/research/what-is-psychographics/
Whiteside, S. (2013). Mcdonald's takes a "cross-cultural" approach to multicultural marketing. Retrieved February 18, 2020 from
https://www.warc.com/Content/e92263a9-495e-419d-bfda-ab11fd2530d5/?&utm_source=Event-
Reports&utm_medium=WarcNews&utm_campaign=ER-News-Dec13

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