WEEK 9 &10

Marketing Strategy
Implementation
The Marketing Plan
 Marketing strategy

1. WHERE ARE WE NOW?

2. WHERE DO WE WANT TO BE?
Environmental & Internal Analysis:
Market Information & Intelligence Strategic Marketing Decisions,
Choices & Mistakes

4. DID WE GET THERE?

3. HOW WILL WE GET THERE?
Strategy Implementation, Control Marketing Strategies
& Metrics
THE MARKETING MANAGEMENT
PROCESS (KOTLER & KELLER,
2015)

1. WHERE ARE WE NOW? 3. HOW WILL WE GET THERE?

Environmental & Internal Analysis: Marketing Strategies

Market Information & Intelligence

1 1 3
Business Market Strategy Tactical program Feedback &
Implementation
mission formulatio formulation control
analysis n

2 4 4
2. WHERE DO WE WANT TO BE? 4. DID WE GET THERE?

Strategic Marketing Decisions, Strategy Implementation, Control

Choices & Mistakes & Metrics
Business mission Market analysis

1. WHERE ARE WE NOW?

Environmental & Internal Analysis:

Market Information & Intelligence
TOOLS
TOOLS

• Business Definition
• PESTEL
•• Porters Five Forces Analysis/Six forces
•• Resources Audit
•• Porters Value Chain Analysis
•• Risk Assessment and Probability
•• SWOT/TOWS Matrix
•• Stakeholder, Competitor, and Customer analysis
•Problem/Opportunity stament
 Stakeholder/
Competitor/
Customer analysis
 • 6. Stakeholder/Competitor/Customer analysis
Perform a stakeholder mapping/analysis which involves identifying
relevant actors including shareholders, investors, employees,
customers, suppliers, communities, governments, or trade
associations, etc to understand their behaviour, intentions,
interrelations, agendas, interests, and the influence or resources they have
brought – or could bring – to bear on decision-making processes
(maximum 700 in 2 pages).
STAKEHOLDERS
Stakeholder Impact Influence What is How could the How could the Strategy for
group (How much (How much important to stakeholder stakeholder engaging the
does the influence do the group group block stakeholder
project they have stakeholder contribute to the project group
impact them over the group the project Strategy for
(low, medium, project (low, engaging the
high) medium, stakeholder
high) group

Final Customer

Shareholder

Vietnamese
Groomers
COMPETITORS
Benchmarking Process

Identifying Identifying
Collecting Comparison
who to what aspects
relevant data with own
benchmark of business to
to benchmark processes
again benchmark
 N
Headq o
Name Profile Description uarter Markets Fragance Products (detail) social media t
s e
s
Flavours and Industry leading company.
fragances 25% of total market share
manufacturer. 52% of our Group sales were
Personal Care - scents for soap, shower, shampoo
Claim to hold the in Flavours and 48% in
Switzerl Fragances Home Care - cleaning products
Givauda 25% of market Fragrances. Facebook Instagram Pinterest
n and Flavours Fabric Care -
share Fragances
Oral Care - toothpaste,
88 countries, 34 69% Consumer products - 13%
production areas Ingredients - 18% Fine
10,000 employees Fragances
Flavours and
fragances Seems more focused on Fragrances Fine Fragrance
manufacturer. fragances compared to other Geneve flavours Body Care and Home Care
Claim to have a bit players - Ingredients Oral Care
Firmenic Facebook Instagram
h less than 20% of Signed masterpieces like Äqua Switzerl Research Technology Innovations
market share di gio, Hubo Boss, etc... and Natural Human Response to Odor
44 countries, 6,000 Ingredients Consumer and Market Insights
employees
Flavours and
fragances
manufacturer.
Claim to hold
around 20% of the
market share
Major American
producer of Fine fragances
Trades on Nasdaq USA - Taste
flavours and Fabric Care
Internati Located in 33 countries New Smell Facebook Instagram
onal Flav fragrances, Hair Care
ors & Fra headquartered in
York Touch
Home Care
grances New York City.
7,000 employees
Leading flavour,
taste and touch
player
 Flavours and Compendiun -
fragances http://www.takasago.com/en/business/aromachemical
manufacturer. s/compendium.html
Claim to be global leader in
offices, production Flavors Chiaroma -
asymmetric synthesis of l -
sites and R & D Fragance http://www.takasago.com/en/business/aromachemical
Menthol and menthol-derived
centers in 28 Aroma s/chiraroma.html
Sensates
countries. Ingredients Sustainable Scent -
3,100 employees Tokyo, Fine http://www.takasago.com/en/business/aromachemical
Takasago Japan Chemicals s/sustainablescent.html
Ingreadients
manufaturer, holds
also of a large
portfolio of final
products

Operations in 6
Develops products for food, Air care - Air Fresheners | Candles |Incense
countries, present flavours Household care -- Dish Soaps | Laundry Detergents and Softeners
beverage, cosmetic, personal
in 21 countries
care, and household care USA - Fragrances | Surface Cleaners
(Vietnam, Botanical Personal care - Bath | Hair | Skin | Sun Care
Bell companies throughout the Chicag Linked-i
Philippines and Extracts Pet&Animal - Cat Litter | Grooming Products | Toys
n
world. o Ingredient fine fragances - Fragrances for Men | For Women | Tween and
China)
SQF (Safe Quality Food) 2000 Specialties Teen Fragrances |Unisex
Level 3 Ingredients for chemicals, Aromas and Citrus
Mid size, 500 to
1000 employees

Part of the Heinz

group

Offices and
production centers
in 4 countries Body Care
Barcelo Home Fragances
Fine perfumes
Chemaro Two main brands: na - Household applications
ne Fragances
Chemarome and Spain Interior perfumes
Zaphir (middle Industrial scents
East and Indonesia
market)
 COMPETITOR
CAPABILITIES
Key Success Factors Self : Total 5 Competitor A: Total 6 Competitor
B: Total
Financial 4
strength -2 -1 0 1 2 -2 -1 0 1 2 -2 -1 0 1 2
Staying power -2 -1 0 1 2 -2 -1 0 1 2
-2 -1 0 1 2
Strong R&D -2 -1 0 1 2 -2 -1 0 1 2
-2 -1 0 1 2
Technological breadth -2 -1 0 1 2 -2 -1 0 1 2
-2 -1 0 1 2
Quick response -2 -1 0 1 2 -2 -1 0 1 2
capability -2 -1 0 1 2
-2 -1 0 1 2 -2 -1 0 1 2
European Marketing -2 -1 0 1 2
• Company A could build on its European strength in marketing applied technology,
• Company B may be forced to depend on differentiation achieved through technological
breadth and strength in R&D to maintain its market position.
• If the technology or market shifts in a direction that requires major expenditures (financial
strength), Company B may be weaker compared with A or ‘self’.
CUSTOMERS
 5 Customer
Roles Initiator

User/
Influencer
Consumer

Purchaser Decider
Figure 4.1 Who Is The Customer?
 Problem &
opportunity
statement:
Problem & opportunity
statement:
• Problem and opportunity statement is an outcome of the situation analysis which is the starting point of the
marketing plan. Since you have already performed the situation analysis of the business in the first assignment 1,
provide only the problem and opportunity statement (maximum 500 words in 1-1.5 pages) [note: it is
strongly recommended that you review and reflect on your first assignment 1 feedback and articulate a well-
thought-out problem and opportunity statement in consultation with your team].

• Typically, the statement provides information regarding the critical success factors (CSF) in order of
importance and assessment of the organisation’s capabilities corresponding to its internal strengths and
weaknesses to identify any problems that are apparent. Similarly, the statement highlights opportunities for the
organisation where it has unique capabilities. Considers the ratings in both cases.
It also considers the organisation’s most significant internal strengths to see what external opportunities can be
complemented by the internal strengths or distinctive competencies, looks out for the opportunities the
organisation does not have the capabilities now to exploit, but may be able to in the future.

• The statement Identifies the most significant threats. From the listings and ratings (e.g., SWOT-TOWS) of the
business situation to assess which of the SWOT factors will need to be attended to when a strategy is developed
(i.e., strategic implications to identify and prioritise the strategic issues or challenges confronting the organisation.
Developing a problems/opportunities statement
1. List the critical success factors (CSF) in order of importance.
E.g., (1) clearer pathway to be carbon neutral by 2030 (2) Improving land and animal management (3) exploit
the government incentives and policy support & (4) Carbon neutral supply network

2. Next to each CSF enter the assessment of the organisation’s capabilities by referring to the listing of internal
strengths and weaknesses and the ratings (e.g., 1-5) assigned for the appropriate factors. Identify any
problems that are apparent.
E.g.,
(1) Clearer pathway to be carbon neutral by 2030 (fertile pastures –strength)
(2) Improving land and animal management (sensitive management of land and animals - strength)
(3) Exploit the government incentives and policy support (animal welfare practices, NAPCo’s care -strength)
(4) Carbon neutral supply network ( limited supply network and connections – Weakness)

3. Identify opportunities for the organisation where it has capabilities. Consider the ratings.
A listing of the organisation’s most significant internal strengths should also be prepared and then the two
lists should be matched to see what external opportunities can be complemented by internal strengths or
distinctive competencies.
4. Look out for the opportunities the organisation does not have the capabilities now to exploit, but may be able
to in the future.
5. Identify the most significant threats. From the listing and ratings of external environment threats and
determine which of these will need to be attended to when a strategy is developed.
6. Determine the strategic implications of the above four SWOT factors. To do this, identify and prioritise the
strategic issues or challenges confronting the organisation.
Procedure for developing a
problems/opportunities statement
• A shift in the industry towards environmentally conscious (i.e., carbon neutral) has constrained demand
for traditional beef. The traditional meat consumption in the country is also forecasted to be decreased
in the upcoming years. This clearly has high (negative) impact on the business if they continue to
produce traditional beef.
•
Meanwhile, increasing number of regulations and initiatives could take place in the red meat industry
carbon to be neutral by 2030. It is therefore, inevitable, that the firm should use the emerging
opportunities such as technologically advanced land management practices to reduce the carbon
emissions while increasing productivity carbon neutral beef. Supplier networks should be enhanced.
Carbon neutral supply chain could attract the government incentives and grants to meet the
requirements of climate change bill in place. The firm does not have a skilled salesforce, therefore,
exploiting online delivery options is necessary.

• Based on the above P&O statement, it can be recommended that the firm continue to offer high quality
carbon neutral beef to a specified consumer segment (health and environmentally conscious) through
online distribution channels. Specifically,
Introduce high quality carbon neutral beef to the existing market
• Develop exclusive (online) delivery system to cater environmentally conscious consumer
segment
• Reduce cost of production and design exclusive sales outlets
• Reduce the level of greenhouse gas emission of the existing supply chain network
• Use the limited sales outlets to deliver training course on sustainable land management
practices
 STRATEGY
FORMULATION

2. WHERE DO WE WANT TO BE?

Strategic Marketing Decisions,

Choices & Mistakes
TOOLS
TOOLS

• SMART Objectives
• Ansoff's Product/Market Statement
• BCG Matrix
• Porters Generic Strategies
• Cluster Analysis
• Conjoint Analysis
• Multidimentional Scaling
• Perceptual Map
• Organisation’s vision/mission, overall marketing goal
and objectives:
Review organisation’s vision/mission if any or set them (see
vision/mission of Amazon, eBay, Swinburne university, The
Salvation Army Australia). Set an overarching marketing goal
(e.g., Increase sales by 40% by the end of the financial year
2024 through offering more existing product/s to existing
and/or new customers). Ensure you also set 2-3 marketing
objectives that are SMART, considering the project brief and
the outcomes of the situation analysis performed earlier
(maximum 200 words in a ½ page page) [hint: Module 3
Strategic choice and decisions, where do we want to be?]
• Proposed segmentation profile, target market/s
and positioning strategies for each of the target
market/s
Identify suitable segmentation variables to segment the
market into 2-3 groups. Develop profiles for each
segment before proposing suitable segment (s) to
target. Create a positioning statement/s for each target
market/s (maximum 800 in 2 to 2 ½ pages) [hint:
Module 4 Segmentation, Targeting & Positioning
Strategies, where do we want to be?]
 TACTICS

3. HOW WILL WE GET THERE?

Marketing Strategies
TOOLS
TOOLS

• Product Tools
• Service Tools (Customer Journey Mapping)
• Price Tools
• Place Tool
• Promotion Offline
• Promotion Online
• Proposed marketing strategies:
Propose strategic recommendations (i.e., strategic statements) corresponding to each element
in the marketing mix. You may list several possible marketing/other strategies but detail only
the most important strategy as per your team’s consultation (i.e., what is your key strategic
recommendation?). Focus on quality and justification of the selection including information
regarding implementation and control considerations (maximum 1000 words in 2-3 pages)
• The strategic recommendation should have an objective within a specific time frame, scope,
tactics, target market, justification, costing and implementation issues and measurement of
achievement (evaluations and control). Include:
• assumptions and reasons that underpin your strategic recommendation.
• information and evidence to support the recommendations; and
• any other relevant details such as competitive advantage of the strategic recommendation
(further details could be provided in an appendix).
• highlight the organisational and resource implications if any, including financial implications,
and the risks associated with your recommendations.
PROMOTION
ONLINE
STRATEGIC
DIGITAL
MARKETING
• The core principles of marketing
management (Kotler, 2015) still apply,
only in a digital context. Business goals

• Strategic digital marketing typically Digital objectives

includes 5 components:
• Business goals
• Digital objectives Digital strategies
• Digital strategies
• Digital tactics
• Digital tactics
Digital channels

Digital channels
DEVELOPING ACTION PLANS
An action plan details the day to day tasks, responsibilities,
costs and timeframes for each strategy.

Strategy Tactic Task Responsibility Resources Timings Budget

Drive website traffic Encourage followers Brainstorm list of Vlad, Civ LinkedIn analytics Finalised by 1 April $1,200 (8 hours
through pay per click and readers to share hashtags to include Google keyword 2020 total)
advertising, organic LinkedIn posts and tag in blog posts and planner
content others. LinkedIn posts
improvement, and
organic /paid social
media reach.

Drive website traffic Encourage followers Brainstorm list of Vlad, agency Online sources, Finalised by 15 April $600 (3 hours total)
through pay per click and readers to share call to action partners agency partners 2020 $1,500 (agency
advertising, organic LinkedIn posts and tag phrases to include (copywritin quote)
content others. in all LinkedIn g)
improvement, and brand posts
organic /paid social
media reach.
MKT20032 WEEK
4
DIGITAL AUDITING AND PLANNING
 FEEDBACK
IMPLEMENTATIO
&
N
CONTROL

4. DID WE GET THERE?

Strategy Implementation, Control

& Metrics
Strategy and Implementation

• Success: The implementation was excellent and the strategy was appropriate (in terms of its fit with the market and the competitive
environment).
• Rescue or ruin: The implementation was excellent, hiding the deficits of an inappropriate strategy. This may give management time to adjust
the strategy but it may also hasten ultimate failure.
• Trouble: The implementation was poor, hampering performance of an appropriate strategy. The potential danger is that management could
incorrectly conclude that the strategy was inappropriate and switch to another less-appropriate strategy.
• Failure: The implementation was poor and the strategy was inappropriate. The cause of failure is often hard to detect because the poor
strategy is often masked by the poor implementation.
Peter, R. (2014). Strategic marketing : Decision making and planning. Cengage Learning Australia.
The Implementation
and Control Process
Implementation and Control

This last stage of the strategic marketing management process involves resource allocation, strategy implementation,

evaluation and control. There are four main factors to consider:

1. Who is doing what? i.e. how will our marketing operations be organised?

2. What resources do we have available? i.e. Resource allocation (budgets)

3. Implementation Plans

4. Are we succeeding or failing? i.e. Measurement and Control

 Six Principles of Marketing Implementation and Control (Reed,
2014)
1. Organisation-wide Coordination – Marketing must
permeate all areas of the enterprise.
2. Clearly defined roles and responsibilities – the buck must
stop somewhere
3. Core marketing activities – replace the silo based structure
with a hub and spoke structure
4. A marketing eco-system – which activities are in-house vs
outsourced
5. Appointment of a chief experience officer – overseeing
marketing staff who perform three broad activities: Think
(analytics marketers), Feel (engagement marketers), and
Do (production and content marketers)
6. Marketing Operations Management – Appointing a
Marketing Operations Director (MOD), who would serve as
a high level interface between marketing and IT

Source: Peter, Reed. Strategic Marketing: Decision Making and Planning (2014), Cengage Learning Australia, Strategy Implementation, Evaluation and Control (Ch.11 and 12, p.241-274) <https://ebookcentral.proquest.com/lib/swin/reader.action?docID=4447647&ppg=262>
 Resource allocation

Resource allocation decisions based on factors such as past decisions, industry type, whether the product is new or
existing, market responsiveness, and interrelationships among the variables.

• Consumer goods companies increasingly allocate more toward sales promotion and non-traditional media (targeted media advertising)
relative to advertising in the mass media.
• Allocation of resources to different products and brands in their product portfolio or over the product life cycle (e.g., The BCG matrix).
• Allocation of marketing resources targeted at customers across channels (physical stores, the Web, and catalog or direct mails) (e.g.,
customer lifetime value, CLV).
• Allocation of resources across different communication media (traditional/​offline vs. digital/​online) media
• In international marketing, allocation of resources goes beyond country-​specific factors, such as target market population, category growth,
and profitability, to cross-​country factors such as diffusion, market learning, international business cycles, and multimarket competition.
Source: Schlegelmilch, B. B., & Winer, R. S. (Eds.). (2020). The routledge companion to strategic marketing. Taylor & Francis Group.
TOOLS
 Marketing budget
A marketing budget is a roadmap which displays all the funds a business intends to spend on marketing activities over a
planning period. It can outlines expenses such as paid advertising, sponsored web content, events, marketing-related training,
branding development, public and media relations, analytics, and a registered blog domain etc.

Functions Three classical methods of the hierarchical coordination of a

marketing budget

• Orientation function clarifies the decision-makers’ obligation to • The top-down method: the marketing budget is assigned by top
pursue certain objectives (e.g. sales and contribution management and subdivided on each of the downstream levels.
margin targets) • The bottom-up approach: the marketing budget is developed
• Coordination and integration function: from the bottom to the top, with the hierarchically subordinated
The sub-budgets correspond with the various super- and organisational units preparing budget proposals and then
subordinate measures, and thus contribute to their coordination. coordinating these with management.
• Control function targets performance measurement and thus • The counter-current method combines the top-down and
for controlling and monitoring bottom-up approaches
• Motivation function strengthens the employees’ individual
responsibility, creativity and commitments

Source: Tomczak T., Reinecke S., Kuss A. (2018) Marketing Implementation and Management Control. In: Strategic Marketing. Springer Gabler, Wiesbaden. https://doi-org.ezproxy.lib.swin.edu.au/10.1007/978-3-658-18417-9_6
Marketing budget setting
Each marketing activity should contribute to cash flow. The cost of the activity should be estimated for
a planning period. There are many methods of setting a marketing budget, each has its own pros and
cons and most firms use multiple methods;

• Judgemental methods (arbitrary, affordable)

• Roll over method (as per previous period)

• Objective and tasks

• Measurement (ROI, Incremental as per results, quantitative models)

• Percentage of sales (sales or margin)

• Competitive (in line with closest rival)

Source: Tomczak T., Reinecke S., Kuss A. (2018) Marketing Implementation and Management Control. In: Strategic Marketing. Springer Gabler, Wiesbaden. https://doi-org.ezproxy.lib.swin.edu.au/10.1007/978-3-658-18417-9_6
 Marketing campaign budget setting
• A marketing campaign aims at achieving a certain marketing objective/s (e.g., to generate leads or increase
sales).

• Key decisions involve which media (e.g., email, social, print, telemarketing, trade shows, publicity, etc.) and
tools, technologies or resources (e.g., a new website, an email service provider, or a new piece of software) to
be utilised in the campaign in order to achieve the objective and estimating EOI and other financial goals.

• According to a CMO Survey (2020), marketers in the banking and financial services industries said they
planned to spend in the next 12 months:
Social media- 18% of marketing budget
Customer experience initiatives- 12% of marketing budget
Training and development- 12% of marketing budget
Mobile activities- 19% of marketing budget
(Source: https://www.webstrategiesinc.com/blog/how-much-should-credit-unions-budget-for-marketing)
I tem
Marketing campaign budget (example)
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec

template
Marketing/ promotion
Marketing agency
Radio advertising
Television advertising
Print advertising
Online advertising
Social media
Web search optimisation
Mailouts
Giveaways
Events
Branding & artwork
Merchandising
Publications
Catalogues
More…
Marketing/ promotion total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Other
Research
Travel
Postage
Administration
Incidentals
More…
Other total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Source: https://www.business.vic.gov.au
Steps in the Implementation and Control Process

1. Set targets of performance Possible Outcome 1: Corrective

1. Set
(goals or objectives) Action
Standards 15% market share

2. Evaluate the reality of what e.g., Marketing

occurs against these steps objective is
(failure or success) to attain 2. Evaluate
25% market standards 3. Take Action
3. Take corrective or reinforming share against reality
action where required

4. Establish new targets in light of

the situation step 3 Reinforcing
Possible Outcome 2: Action
35% market share
 Implementation plan (an example)

Source: Denault, Jean-Francois. The Handbook of Marketing Strategy for Life Science Companies : Formulating the Roadmap You Need to Navigate the Market, Productivity Press, 2018. ProQuest Ebook Central,
http://ebookcentral.proquest.com/lib/swin/detail.action?docID=5428193.Created from swin on 2021-02-16 10:22:09.
 Evaluation and Control of performance
• The objective is to provide a mechanism for tracking the strategies articulated in the marketing strategy document to
ensure that the long-term objectives will be achieved.

• This includes a triggering system to provide an early warning when performance starts to wander off-track.

• Need to determine what is to be evaluated, how it is to be evaluated (internal or external data including primary and
secondary data), who is to supply the data (the suppliers of information such as external research organisations), and
when it is to be evaluated.

• Two types of marketing metrics can be used: (1) leading (measures of effectiveness) and (2) lagging (measures of
efficiency) indicators.
Leading indicators measure the change, likelihood of achieving a goal.
Lagging indicators measure results, direct result/output of a marketing activity (e.g., Brand recognition, ROI,
Customer acquisition costs)
What is to be measured How it is to be Data source When it is to be
measured measured
shifts in customer attitudes, perceptions, customer surveys, quantitative and qualitative data monthly, annually
awareness levels, comprehension levels, and marketing audits collected internally and externally.
intention to buy.

Peter, Reed. Strategic Marketing : Decision Making and Planning, Cengage Learning Australia, 2014. ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/swin/detail.action?docID=4447647. Created from swin on 2021-02-15 21:46:48.
 Evaluation and Control of performance

Source: Kaplan, R.S. and Norton, D.P., 2005. The balanced scorecard: measures that drive performance. Harvard business review, 83(7), p.172.
Kaplan, R.S. and Norton, D.P., 1996. Linking the balanced scorecard to strategy. California management review, 39(1), pp.53-79.
 Balanced Scorecard
• This is a strategic planning system (i.e., strategy map) that aligns daily operations to higher level business/marketing objectives in a
visual grid.
• As proposed by Kaplan and Norton (1996) the balanced scorecard includes financial measures that tell the results of actions already
taken. It also complements the financial measures with operational measures on customer satisfaction, internal processes, and the
organisation’s innovation and improvement activities—operational measures that are the drivers of future financial performance.

Source: Kaplan, R.S. and Norton, D.P., 2005. The balanced scorecard: measures that drive performance. Harvard business review, 83(7), p.172. and Kaplan, R.S. and Norton, D.P., 1996. Linking the balanced scorecard to strategy. California management review, 39(1), pp.53-79.
Balanced Scorecard

Source: Kaplan, R.S. and Norton, D.P., 2005. The balanced scorecard: measures that drive performance. Harvard business review, 83(7), p.172.and Kaplan, R.S. and Norton, D.P., 1996. Linking the balanced scorecard to strategy. California management review, 39(1), pp.53-79.
Barriers of implementing strategies
• The marketing strategy is implicit, not explicit (people can
not implement what they do not know).

• The marketing strategy is developed in isolation (people

can not implement what they do not understand).

• Not everyone is a good strategic marketing thinker.

• The marketing strategy is developed by an external

consultant.

• The marketing strategy has unanticipated consequences

EXECUTIVE
SUMMARY