Course wrap up --- key - session 20
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This document provides an overview of key marketing concepts and terms. It defines marketing as designing market offerings to achieve organizational goals more effectively than competitors. It discusses the marketing process, concepts and tools including segmentation, the marketing mix, and positioning. It also covers topics like the product lifecycle, new product development, pricing strategies, and estimating costs. The document serves as a comprehensive reference guide on marketing management.
Course wrap up --- key - session 20
- 1. 1. DEFINITION OF MARKETING: “DESIGNING MARKET OFFERINGS TO ACHIEVE ORGANIZATIONAL GOALS MORE EFFECTIVELY AND EFFICIENTLY THAN COMPETITORS” (Irfan Amir) 2. THE PARTICIPANTS IN THE MARKETING FUNCTION (4 Cs): COMPANY; CUSTOMER; CHANNEL; COMPETITION 3. THE MARKETING PROCESS: a) MARKET ANALYSIS (market segmentation; break-even analysis; profit projection; …) b) MARKETING STRATEGIES AND PLANS c) IMPLEMENTATION d) MONITORING AND EVALUATION 4. MARKETING CONCEPTS AND TOOLS: • SEGMENTATION AND TARGET MARKET • MARKETPLACE; MARKETSPACE; METAMARKETING • NEEDS, WANTS, AND DEMAND • MARKET OFFERING • CUSTOMER VALUE • EXCHANGE; TRANSACTION; TRANSFER • RELATIONSHIPS AND NETWORKS • COMPETITION • MARKETING ENVIRONMENT • MARKETING PROGRAMME (MARKETING MIX) • COMPANY ORIENTATIONS • INTEGRATED MARKETING 4. SEGMENTATION VARIABLES: DEMOGRAPHIC; PSYCHOGRAPHIC; PURCHASE BEHAVIOUR 1 of 15 KEY TAKEAWAYS COURSE WRAP-UP: ACF-271 – MARKETING MANAGEMENT
- 2. 5. CUSTOMER VALUE = Functional Benefit + Emotional Benefit ______________________________________ Monetary + Time + Energy + Psychic Costs 6. **THE TERMS EXCHANGE AND TRANSACTION ARE SYNONYMOUS** 7. COMPANY ORIENTATIONS: PRODUCTION; PRODUCT; SELLING; MARKETING; SOCIETAL MARKETING CONCEPT 8. INTEGRATED MARKETING: • MARKETING IS EVERYONE’S RESPONSIBILITY • ORGANIZATIONAL CHART (INVERSE PYRAMID CUSTOMER AT THE TOP, FOLLOWED BY EMPLOYEES, MARKETING MANAGEMENT AND THE TOP MANAGEMENT AT THE END) • CUSTOMER AS THE CONTROLLING FUNCTION AND MARKETING AS THE INTEGRATIVE FUNCTION 9. MARKET ORIENTATION: • ‘HIGH’ ON BOTH CUSTOMER AND COMPETITOR FOCUS • CUSTOMER ORIENTATION + GOAL ORIENTATION + INTER- DEPARTMENTAL COORDINATION 10. VALUE CHAIN: RAW MATERIALS TRANSPORTATION WORK-IN-PROCESS FINISHED GOODS TRANSPORTATION MARKETING AND SALES AFTER SALES SERVICE 11. **THE CHALLENGE FOR THE COMPANY IS TO MANAGE THE QUALITY AND COSTS THROUGHOUT THE VALUE CHAIN TO AIM AT HIGHEST POSSIBLE QUALITY AND LOWEST POSSIBLE COST** 12. TQM: IMPROVING QUALITY OF ALL THE ORGANIZATION’S PROCESSESS, PRODUCTS, AND SERVICES 2 of 15
- 3. 13. MARKETING INFORMATION SYSTEM: COLLECTION, ANALYSIS, AND DISTRIBUTION OF RELEVANT INFORMATION THROUGHOUT THE MARKETING ORGANIZATION 14. MARKETING INTELLIGENCE SYSTEM: INFORMATION ON INDUSTRY AND COMPETITORS 15. STEPS IN THE MARKETING RESEARCH PROCESS: a) DEFINE PROBLEM AND RESEARCH OBJECTIVES b) DEVELOP RESEARCH METHODOLOGY c) COLLECT DATA d) ANALYZE DATA e) PRESENT FINDINGS 16. SAMPLING TECHNIQUES: a) PROBABILITY (simple random sample, stratified random sample, cluster (area) sample) b) NON-PROBABILITY (convenience, judgement, quota) 17. METHODS FOR ESTIMATING FUTURE DEMAND: • SURVEY OF BUYERS’ INTENTIONS • ESTIMATE PROVIDED BY SALESFORCE • EXPERT OPINION (Delphi Technique) • PAST SALES ANALYSIS (Time Series) • MARKET TEST METHOD 18. FACTORS INFLUENCING CONSUMER BEHAVIOUR (CONSUMER GOODS): • CULTURAL FACTORS (culture, social class) • SOCIAL FACTORS (reference groups, primary groups, secondary groups, aspirational groups, dissociative groups, opinion leaders) • PERSONAL FACTORS (age and stage in the lifecycle, occupation and economic circumstances, lifestyle – psychographics, personality and self-concept) • PSYCHOLOGICAL FACTORS (motivation, perception, learning, beliefs and attitudes) 3 of 15
- 4. 19. B to B DIFFERS FROM B to C IN: • FEWER BUYERS • LARGER BUYERS • CLOSE SUPPLIER-CUSTOMER RELATIONSHIP • GEOGRAPHICALLY CONCENTRATED BUYERS • DERIVED DEMAND • INELASTIC DEMAND • FLUCTUATING DEMAD • PROFESSIONAL SELLING • SEVERAL BUYING INFLUENCES (Buying Committees, ..) • MULTIPLE SALES CALLS • DIRECT PURCHASING • RECIPROCITY • LEASING 20. NICHE: A MORE NARROWLY DEFINED GROUP OF CUSTOMERS SEEKING A DISTINCTIVE MIX OF BENEFITS. NICHES ARE SEGMENTS WITHING SEGMENTS 21. BENEFITS OF NICHE MARKETING: • CAN CHARGE PRICE PREMIUM BY HIGH LEVEL OF CUSTOMIZATION • AVOID COMPETITION • MORE FOCUSED AND OPTIMAL USE OF RESOURCES • CAN GAIN COMPETITVE ADVANTAGE THROUGH ‘SPECIALIZATION’ • A GOOD APPROACH FOR SMALL INVESTORS 22. CRITERIA FOR EFFECTIVE SEGMENTATION: MEASURABLE; SUBSTANTIAL; ACCESSIBLE; DIFFERENTIABLE; ACTIONABLE 4 of 15
- 5. 23. SEGMENTATION VARIABLES FOR CONSUMER MARKETS: a) GEOGRAPHIC b) DEMOGRAPHIC c) PSYCOGRAPHIC; BEHAVIORAL (occasions; benefits sought – quality, service, economy, user status; user, non-user, ex-user; usage rate – light, medium, heavy; loyalty status; readiness stage – unaware, intending to buy; attitude towards the product – enthusiastic vs. hostile) 24. SEGMENTATION VARIABLES FOR BUSINESS MARKETS: a) DEMOGRAPHIC b) OPERATING VARIABLES (technology; user/non-user status; customer capabilities – serve customers needing many or few services); PURCHASING APPROACHES (purchase-function organization – centralized vs. decentralized; power structure – dominated by engineers, financial officers, …; nature of existing relationship – dealing with only the most ‘desirable’ companies; general purchase policies – leasing, service-contract, sealed bidding; purchasing criteria – companies seeking price, quality, service, …) c) SITUATIONAL FACTORS (urgency; special application – certain applications of a company’s products or all applications of a company’s products; size of order) d) PERSONAL CHARACTERISTICS (buyer-seller similarity – people and values similar to ours; attitude towards risk – risk-taking or risk- averse; loyalty – serve companies that show high loyalty two their suppliers) 25. PATTERNS OF TARGET MARKET SELECTION: a) SINGLE-SEGMENT CONCENTRATION b) SELECTIVE SPECIALIZATION c) PRODUCT SPECIALIZATION d) MARKET SPECIALIZATION e) FULL MARKET COVERAGE 26. POSITIONING: DESIGNING THE COMPANY’S OFFERING AND IMAGE TO OCCUPY A DISTINCTIVE PLACE IN THE MIND OF THE TARGET MARKET 5 of 15
- 6. 27. VALUE PROPOSITION: A BRIEFLY DEFINED REASON WHY THE TARGET MARKET SHOULD BUY A PRODUCT 28. UNIQUE SELLING PROPOSITION (USP): THE CENTRAL BENEFIT(S) THAT A COMPANY WISHES TO PROMOTE TO ACHIEVE DISTINCTIVE POSTIONING 29. POSITIONING ERRORS: a) UNDERPOSITIONING b) OVERPOSITIONING c) CONFUSED POSITIOING (too many shifts in positioning) d) DOUBTFUL POSTIONING (hard to believe claims) 30. PERCEPTUAL MAP: AN ANALYSIS TECHNIQUE TO VISUALIZE HOW BRANDS ARE POSITIONED AGAINST EACH OTHER 31. COMMUNICATION OF COMPANY’S POSITIONING: a) IMPORTANT b) DISTINCTIVE c) SUPERIOR d) PREEMPTIVE e) AFFORDABLE f) PROFITABLE 32. DIFFERENTIATION: HELPS POSITIONING THROUGH ADDING MORE AND MORE MEANINGFUL AND IMPORTANT DIFFERENCES TO THE BRAND/PRODUCT IN ORDER TO STAY AHEAD OF THE COMPETITION 33. DIFFERENTIATION VARIABLES: • PRODUCT • SERVICES • PERSONNEL • CHANNEL • IMAGE (symbols, logos, tag lines, …) 6 of 15
- 7. 34. ** POSITIONING WILL HELP YOU IN BEING COUNTED, DIFFERENTIATION WILL HELP YOU LEAD** 35. INNOVATION: CREATIVE WAYS TO UPGRADE YOUR OFFEREING – POTENTIALLY A VERY POWERFUL ROUTE TO DIFFERENTIATION 36. THE TYPICAL STAGE OF THE PRODUCT LIFE CYCLE (PLC): a) INTRODUCTION b) GROWTH c) MATURITY d) DECLINE 37. **MARKETING STRATEGIES CHANGE THROUGH DIFFERENT STAGES OF THE PLC** 38. AVOIDING THE ‘DECLINE’ STAGE OF THE PLC: a) MARKET MODIFICATION (more users; more usage; entering new market segments; …) b) PRODUCT MODIFICATION (quality improvement; feature improvement; …) c) MARKETING MIX MODIFICATION (prices; distribution; advertising; sales promotion; personal selling; services; …) 39. STEPS IN THE NEW PRODUCT DEVELOPENT (NPD) PROCESS: a) IDEA GENERATION b) IDEA SCREENING c) CONCEPT DEVELOPMENT AND TESTING d) MARKETING STRATEGY DEVELOPMENT e) BUSINESS ANALYSIS (financial viability, …) f) PRODUCT DEVELOPMENT g) MARKET TESTING h) FULL-SCALE COMMERCIALIZATION 40. DEFINING SERVICES: ANY ACT OR PERFORMANCE THAT ONE PARTY CAN OFFER TO ANOTHER THAT IS ESSENTIALLY INTANGIBLE AND DOES NOT RESULT IN OWNERSHIP OF ANYTHING. ITS PRODUCTION MAY OR MAY NOT BE TIED TO A PHYSICAL PRODUCT 7 of 15
- 8. 41. ** EVERY BUSINESS IS A SERVICE BUSINESS** 42. DISTINGUISHING CHARACTERSISTICS OF SERVICE BUSINESSES: a) INTANGIBLE b) INSEPARABLITY c) VARIABILITY d) PERISHIBILITY 43. THE THREE ‘ADDITIONAL’ P’s FOR MARKETING SERVICES: a) PEOPLE b) PYSICAL EVIDENCE (cleanliness, speed, ...) – ALSO CALLED PRESENTATION c) PROCESS (for example, for a dry cleaning business: normal service; urgent service; steam press; …) 44. PRICING OBJECTIVES: a) SURVIVAL b) MAXIMUM CURRENT PROFIT c) MAXIMUM MARKET SHARE d) MAXIMUM MARKET SKIMMING e) PRODUCT-QUALITY LEADERSHIP 45. **PRICE SHOULD ALIGN WITH VALUE** 46. CONDITIONS FAVORING MARKET PENETRATION PRICING STRATEGY: • MARKET IS HIGHLY PRICE-SENSITIVE • PRODUCTION AND DISTRIBUTION FALL WITH ACCUMULATED PRODUCTION EXPERIENCE (learning curve) • A LOW PRICE DISCOURAGES ACTUAL AND POTENTIAL COMPETITION 8 of 15
- 9. 47. CONDITIONS FAVORING MARKET SKIMMING PRICING STRATEGY: • A SUFFICIENT NUMBER OF BUYERS HAVE A HIGH CURRENT DEMAND • THE UNIT COSTS OF PRODUCING A SMALL VOLUME ARE NOT SO HIGH THAT THEY OFF-SET THE ADVANTAGE OF CHARGING ‘WHAT THE TRAFFIC WILL BEAR’ • THE HIGH INITIAL PRICE DOES NOT ATTRACT MORE COMPETITORS • THE HIGH PRICE COMMUNICATES THE IMAGE OF A SUPERIOR PRODCUT • THERE IS A PATENT PROTECTION FOR CERTAIN PERIOD OF TIME 48. **IN PENETRATION PRICING STRATEGY THE AIM IS TO GET A FOOTHOLD IN THE MARKET AND TRY TO INCREASE PRICE OVER TIME; IN SKIMMING PRICING STRATEGY THE AIM IS TO MAKE MAXIMUM GAINS BEFORE COMPETITION SETS IN; IN THE SKIMMING STRATEGY, PRICES FALL OVER TIME 49. ESTIMATING COSTS: • FIXED COSTS • VARIABLE COSTS • AVERAGE COST 50. **TO ESTIMATE THE REAL PROFITABILITY OF DEALING WITH DIFFERENT CUSTOMERS, THE MANUFACTURER NEEDS TO DEPLOYG ACTIVITY BASED COST (ABC) ACCOUNTING INSTEAD OF STANDARD COSTING** 51. IN SETTING PRICES CONSIDER THE THREE C’s: a) CUSTOMERS’ DEMAND SCHEDULE b) COST FUNCTION c) COMPETITORS’ PRICES 9 of 15
- 10. 52. PRICE SETTING METHODS: a) MARK-UP PRICING b) TARGET-RETURN PRICING c) PERCEIVE VALUE PRICING (charging prices based on customer’s perceived value) d) VALUE PRICING (charging a fairly low price for a high-quality offering) e) GOING-RATE PRICING f) AUCTION-TYPE PRICING g) GROUP PRICING (the Internet is facilitating this method where consumers and business buyers join groups to buy at a lower price) 53. PROMOTIONAL PRICING: • LOSS-LEADER PRICING (dropping prices on well-known brands to stimulate additional customer traffic) • SPECIAL EVENT PRICING • CASH REBATES • LOW INTEREST FINANCING • LONGER PAYMENT TERMS • WARRANTIES AND SERVICE CONTRACTS • PSYCHOLOGICAL DISCOUNTING (WAS Rs 2,000 NOW Rs 1,800) 54. PRICE DISCRIMINATION: OCCURS WHEN A COMPANY SELLS A PRODUCT OR SERVICE AT TWO OR MORE PRICES THAT DO NOT REFLECT A PROPORTIONAL DIFFERENCE IN COSTS. AIRLINES, HOTELS, THEATERS, … USE SUCH PRICING SUCCESSFULLY (first-class, economy class, …) 55. INTEGRATED MAREKTING COMMUNICATIONS (IMC): “IMC IS A CONCEPT OF MARKEITNG COMMUNICATINS PLANNING THAT RECONIZES THE ADDED VALUE OF A COMPREHENSIVE PLAN. SUCH A PLAN EVALUATES THE STRATEGIC ROLES OF A VARIETY OF COMMUNICAITONS DISCIPLINES – FOR EXAMPLE, GENERAL ADVERTISING, DIRECT RESPONSE, SALES PROMOTION AND PUBLIC RELATIONS – AND COMBINES THESE DISCIPLINES TO PROVIDE CLARITY, CONSISTENCY AND MAXIMUM IMPACT THROUGH THE SEAMLESS INTEGRATION OF DISCRETE MESSAGES” (As defined by the American Association of Advertising Agencies) 10 of 15
- 11. 56. ELEMENTS OF THE COMMUNICATIONS MIX: a) ADVERTISING b) SALES PROMOTION c) PUBLIC RELATIONS AND PUBLICITY d) PERSONAL SELLING e) DIRECT MARKETING 57. STEPS IN DEVELOPING EFFECTIVE COMMUNICATION: a) IDENTIFY TARGET AUDIENCE b) DETERMINE OBJECTIVES c) DESIGN MESSAGE (Attention, Interest, Desire, Action – AIDA) d) SELECT THE COMMUNICATION CHANNEL (MEDIUM) e) ESTABLISH THE TOTAL COMMUNICAITONS BUDGET f) DECIDE THE MARKETING COMMUNICATIONS MIX g) MEASURE THE COMMUNICATIONS’ RESULT h) MANAGE INTEGRATED MARKETING COMMUNICATION (IMC) PROCESS 58. WORD OF MOUTH OR ‘BUZZ’: A VERY POWERFUL SOURCE OF PROMOTION; COULD BE BOTH ‘GOOD’ OR ‘BAD’ 59. COST PER THOUSAND (CPM): COST OF DELIVERING A MESSAGE ONCE TO 1,000 INTENDED CUSTOMERS 60. GROSS RATING POINTS (GRPs): 61. THE FIVE Ms OF ADVERTISING: a) MISSION (objectives) b) MONEY (budget) c) MESSAGE d) MEDIA e) MEASUREMENT 62. **SALES PROMOTION COULD BE FOCUSED ON BOTH THE CONSUMER (samples, prices off, premiums, warranties, …) OR ON THE TRADE – WHOLESALERS AND RETAILERS – (prices off, advertising and display allowances, free goods, …)** 11 of 15
- 12. 63. MAJOR CHANNELS FOR DIRECT MARKETING: a) FACE-TO-FACE SELLTING (PERSONAL SELLING) b) DIRECT MAIL c) CATALOGUE MARKETING d) TELMARKETING (THROUGH PHONE) e) TV SHOPPING f) KIOSK (KHOKHA!) MARKETING g) E-MARKETING 64. CREATIVE BRIEF: IT IS AN ELABORATION OF THE ‘POSITIONING STATEMENT’ AND INCLUDES: • KEY MESSAGE • TARGET AUDIENCE • COMMUNICATION OBJECTIVES • BENEFITS TO PROMISE • SUPPORT FOR THE PROMISE • MEDIA TO BE USED 65. REACH: THE NUMBER OF DIFFERENT PERSONS OR HOUSEHOLDS EXPOSED TO A PARTICULAR MEDIA SCHEDULE AT LEAST ONCE DURING A SPECIFIED TIME PERIOD 66. FREQUENCY: THE NUMBER OF TIMES WITHIN THE SPECIFIED TIME PERIOD THAT AN AVERAGE PERSON OR HOUSEHOLD IS EXPOSED TO THE MESSAGE 67. IMPACT: THE QUALITATIVE VALUE OF AN EXPOSURE THROUGH A GIVEN MEDIUM 68. COPY TESTING: IT IS THE PROCESS THROUGH WHICH AN ADVERTISER SEEKS TO DETERMINE WHETHER AN AD IS COMMUNICATING EFFECTIVELY. COPY TESTING COULD BE DONE BEFORE AN AD IS PUT INTO MEDIA AND AFTER IT IS PRINTED OR BROADCAST 12 of 15
- 13. 69. FUNCTIONS PERFORMED BY MEMBERS OF THE MARKETING CHANNEL (INTERMEDIARIES): a) GATHER INFORMATION ABOUT POTENTIAL AND CURRENT CUSTOMERS, COMPETITORS, AND OTHER ACTORS AND FORCES IN THE MARKETING ENVIRONMENT b) DEVELOP AND DISSEMINATE PERSUASIVE COMMUNICAITONS TO STIMULATE PURCHASING c) REACH AGREEMENTS ON PRICE AND OTHER TERMS SO THAT TRANSFER OF OWNERSHIP OR POSSESSION CAN BE EFFECTED d) PLACE ORDERS WITH MANUFACTURERS e) ACQUIRE FUNDS TO FINANCE INVENTORIES AT DIFFERENT LEVELS IN THE MARKETING CHANNEL f) ASSUME RISKS CONNECTED WITH CARRYING OUT CHANNEL WORK g) PROVIDE FOR THE STORAGE AND MOVEMENT OF PHYSICAL PRODUCTS h) PROVIDE FOR BUYERS’ PAYMENT OF THEIR BILLS THROUGH BANKS AND OTHER FINANCIAL INSTITUTIONS i) OVERSEE ACTUAL TRANSFER OF OWNERSHIP FROM ONE ORGANIZATION OR PERSON TO ANOTHER 70. **THE QUESTION IS NOT WHETHER VARIOUS CHANNEL FUNCTIONS NEEDED TO BE PERFORMED – THEY MUST BE PERFORMED – BUT WHO IS TO PERFORM THEM** 71. MAJOR CHANNEL ALTERNATIVES: • DIRECT SALES FORCE • AGENTS • DISTRIBUTORS • DEALERS • DIRECT MAIL • TELEMARKETING • THE INTERNET 72. **SEVERAL COMPANIES USE A MIX OF CHANNELS – EACH CHANNEL HOPEFULLY REACHES A DIFFERENT CUSTOMER SEGMENT AND DELIVERS THE RIGHT PRODUCTS TO EACH AT THE LEAST COST – WHEN THIS DOES NOT HAPPEN, THERE IS USUALLY CHANNEL CONFLICT AND EXCESSIVE COST** 13 of 15
- 14. 73. EXTENT OF DISTRIBUTION: • EXCLUSIVE • SELECTIVE • INTENSIVE 74. RETAILING: INCLUDES ALL ACTIVITIES INVOLVED IN SELLING GOODS OR SERVICES DIRECTLY TO FINAL CONSUMERS FOR PERSONAL OR NON-BUSINESS USE. A RETAILER OR RETAIL STORE IS ANY BUSINESS ENTERPRISE WHOSE SALES VOLUME COMES PRIMARILY FROM RETAILING 75. WHEEL OF RETAILING: THE WHEEL OF RETAILING HYPOTHESIS EXPLAINS ONE REASON THA NEW STORE TYPES EMERGE. CONVENTIONAL RETAIL STORES TYPICALLY INCREASE THEIR SERVICES AND RAISE THEIR COSTS. THESE HIGHER COSTS PROVIDE AN OPPORTUNITY FOR NEW STORE FIRMS TO OFFER LOWER PRICES AND LESS SERVICE 76. ASSORTMENT: VARIETY WITHIN A PRODUCT CATEGORY OR ACROSS PRODUCT CATEGORIES 77. WHOLESALING: INCLUDES ALL THE ACTIVITIES INVOLVED IN SELLING GOODS OR SERVICES TO THOSE WHO BUY FOR RESALE OR BUSINESS USE. WHOLESALERS ARE ALSO CALLED DISTRIBUTORS 78. FUNCTIONS PERFORMED BY WHOLESALERS: • SELLING AND PROMOTING • BUYING AND ASSORTMENT BUILDING • BULK BREAKING • WAREHOUSING • TRANSPORTATION • FINANCING • RISK BEARING • MARKET INFORMATION 14 of 15
- 15. • MANAGEMENT SERVICES AND COUNSELING 79. MARKET LOGISTICS: INVOLVES PLANNING THE INFRASTRUCTURE TO MEET DEMAND THEN IMPLEMENTING AND CONTROLLING THE PHYSICAL FLOWS TO MATERIALS AND FINAL GOODS FROM POINTS OF ORIGIN TO POINTS OF USE, TO MEET CUSTOMER REQUIREMENTS AT A PROFIT 80. MARKETING ORGANIZATION: IT IS IMPORTANT THAT SALES MANAGER SHOULD REPORT TO THE MARKETING MANAGER. ALSO, THE INTERFACE OF MARKETING WITH OTHER DEPARTMENTS (R&D, MANUFACTURING, FINANCE, …) SHOULD BE MANAGED (mainly the responsibility of the marketing manager) IN SUCH A WAY THAT HARMONY AND NOT FRICTION IS PROMOTED 81. EVALUATION AND CONTROL: MARKETING MANAGEMENT SHOULD CONDUCT BOTH QUALITATIVE AND QUANTITIVE ANALYSES TO DETERMINE THE FINANCIAL IMPLICATIONS OF MARKETING EXPENDITURES Source: Kotler, Philip, (2003), Marketing Management, Eleventh Edition, Prentice- Hall India, New Delhi. 15 of 15