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Marketing Plan

1.   Executive Summary

FY 2002 was a challenging year for THDS.  Our marketing research has found some good and bad news for our business.  We have analyzed the data and the macro-environment to capture the key strengths and weaknesses within the company, and identify the opportunities and threats facing the company.  

Although there are many threats in the coming year, we are still optimistic for our business in FY 2003 and believe that we can do better than last year.  The FY 2003 Marketing Plan outlines an approach to attaining a significant increase in THDS sales and profits over the preceding year.  The sales target is US$28,045,000, which is a planned 15 percent sales gain.  We believe that this increase is attainable through our planned strategy.  The target operating margin is US$8,643,000, which is over a double increase over last year.  The promotion budgets of US$2,804,000 are to be used based on 50 percent for advertising, 30 percent for sales promotion and 20 percent for public relations.

Our marketing objective is to be a leader in the designer Dress Shirt market.  To achieve this objective and the financial goals, we will adopt a differentiation strategy by delivering highly differentiated products and marketing programs to our targeting groups ¡V the Young (age group of 34 or below) and the Professional (age group of 35-54).  We will also position THDS with ¡¥prestige¡¦ image and quality products in the minds of our target consumers.

Our marketing mix is summarized as following:

¡P        Product strategy: product differentiation through highly unique features and performance

¡P        Pricing strategy: psychological pricing to build consumer loyalty

¡P        Placing strategy: exit unprofitable doors, relationship marketing with current customers, find new customers and improve supply chain

¡P        Promotion strategy: advertising, sales promotion and public relations

Based on this marketing mix, we have set the action program for the year, the way to control and contingency plans to ensure that our strategy can be implemented properly and successful throughout the year.

2.   Corporate Background

ABC Industries, Inc (ABC) was established in 1942 and its stock has traded on the NYSE since 1964.  ABC is a diversified international manufacturer and wholesale marketer of branded and private label apparel for men, women and children in the United States.  Its major licensed brands include THDS, Nau, GB, Sl, OR and IC.  In fiscal year (FY) 2001, its sales turnover was US$812 million.  It has currently 2,000 US based employees and another 7,500 employees in operations throughout the world.

ABC has got the licensee for THDS for eight years selling domestically.  THDS is an apparel designer label and it is distinguished from other branded labels in the marketplace by its quality, image, and design.  ABC has the autonomy for the design except it has to follow the main color themes from THDS Corporate in order to match and coordinate with THDS¡¦s other lines.  Meanwhile, ABC is responsible for marketing and distribution for THDS.  Its primary distribution channel is traditional department stores and THDS¡¦s chain stores.

The THDS business over the past eight years had been successful in both volume and profits.  The situation has changed since 2001.  Figure 1 outlines three-year financial trends of THDS.  A dramatic swing occurred in FY 2001, which leaded to a Profit Before Tax (PBT) Loss of US$2.3 millions, Return on Net Assets (RONA) ¡V19.7 percent, and a 20 percent decrease in volume.  Contributing factors for the decrease included contemporary styling coupled with a declining dress shirt market plus THDS product categories across the board planned down at retail, and product distribution rolled out to unprofitable low volume doors.

For FY 2002, we have combined our sourcing efforts with other licensed labels and have managed our inventories down from $11.4 millions to $3.5 millions in just over two years.  With these efforts, we have been able to improve PBT to US$0.28 million and RONA to 2.9 percent, although sales volume has decreased further by 9.6 percent.  However, this is a delighted result under the economic downturn.


FY 2000

FY 2001

FY 2002

Net Sales












 Figure 1: Three-Year Financial Trends of THDS in US Dollars
(Note: FY is from August to July)

Absorbing the experiences from FY 2001 and FY 2002, we are more confidence in developing this marketing plan for FY 2003 to satisfy the corporate objectives and to meet the challenges of the dynamic environments.  We will also coordinate all the efforts including THDS and ABC human resources in order to implement the marketing plan successfully. 

3.   Situational Audit

We have taken a three-year trend market research[1] and have analyzed the information that we obtained.  We possess good information about our market and know a great deal of the common attributes of our target market and its changes.  We will leverage this information to better understand our consumers and their specific needs, tailor our products to meet these needs, and better communicate with them.

3.1 Market Analysis

The Men¡¦s Top market is segmented into Knit Shirts, Woven Sport Shirts, Woven Dress Shirts, Sweaters and Other Tops.  It is essential to understand the trends for the whole Men¡¦s Top market because any change in the other segments would affect the sales of the Dress Shirt segment.  According to the research (Figure 2), the Knit Shirts has dominated the Men¡¦s Top market by more than 40 percent in 2000-2002.  Dress shirts account for 11 percent of total market share in 2002.

The sales of total Dress shirts have been reduced by 6 percent in 2002 comparing to 2000.  Dress Shirt is in a more niche market for its dressy look matching with ties for special purpose such as business meetings.  The recent trend is more favored in casual wear (Knit Shirts or Woven Shirts), for example the IT look, which has impacted the sales of Dress Shirts.  And it is expected that this trend will continue. 

The research has also tried to find out the common demographic data of the Dress Shirt market such as age and income in order to figure out the change of our target markets, and blend appropriate marketing mix to satisfy the needs of our consumers.

Age of wearer

Figure 3 shows that the younger segment in age group of 13-34 is shrinking more than half in 2002 comparing to 2000-2001.  However, there is an increase of more than 20 percent for the older segment in age group of 35 or above, which occupy the Dress Shirt market by 80 percent in 2002.  Within the 80 percent, the age group of 35-54 accounts for more than 60 percent of the market that cannot be neglected.  This indicates that the casual wear trend affects the younger segment more significant, while the older segment is insisted on their image more than the trend. 

Household income

Figure 4 shows varied results for different income groups but there is positive relationship between income and Dress Shirt wearer.  The most significant change is income group of $50-74,999, which has decreased by 6 percent in 2002 comparing to 2001 and needs to be investigated.  The income group of $75,000 or more accounts for almost 60 percent of the Dress Shirt market in 2002.  This implies that people with upper income like to dress up for many purposes.

3.2 Product Analysis

The Dress Shirt market continues to change.  The sales of last Christmas holiday have outperformed FY 2001 by US$1.7 millions (Figure 5).  There was over inventory in last November as it was projected that Thanksgiving holiday was the peak demand period, however, there were not enough goods for Christmas selling.   

The average prices since last October have been improved but there is pressure to reduce prices after April this year (Figure 6).  It is because the textured solids and updated traditional looks are performing well at retail, while the later focus on patterns is a failure strategy (see Figure 7 and Figure 8 for top five best and worst selling).  Retail floors are over-saturated with patterns.  There are many similar competitive looks on the floor.  Dress up is slowly making a comeback based on the sales turnover.  Since stores margins are being guaranteed, investment turn requirements now have increased causing extreme pressure to promote in order to increase sales.  One of the other success factors is to identify attributes that are valued by consumers and avoid features that are easily duplicated such as pattern, style and colors. 

3.3 Distribution Analysis

The Dress Shirt markets are usually distributed through department stores, national chains, mass merchants, specialty stores, off-price stores, factory outlets, direct mail, e-commerce and other outlets (Figure 9).  There is slightly continuing decrease of sales in department stores but it still accounts for more than 30 percent of the total Dress Shirt market.  The other distributions are more or less as 2000/2001.  Attention should be made to factory outlets and specialty stores as they have significant sales increase in 2002 comparing to 2000/2001.  It means that more people prefer to buy cheaper price Dress Shirts from these channels.

3.4 Competitive Analysis

Except Private Label owns 28 percent of market share, the Dress Shirt market is dominated by three major designer brands: GB (18 percent), VH (14 percent) and PRL (14 percent) as shown in Figure 11.  THDS gains a 5 percent of market share in 2002.  Although the other brands are within 2-6 percent of the market share, they can pose threats to our business.

The best performing status brand at retail is KC for its designs.  PRL¡¦s business continues to be soft and miss plan although they continue to leverage the brand as to not lose positioning.  Nau continues to gain market share through promoting up to 9 times a year at US$29.99.  PE has increased the number of promotions similar to Nau.  DK and CK have increased to 5 with PRL going to 4.  KC and THDS remain at 2 per year.  Contemporary designers such as DK are merchandising product with traditional looks.  This has had a negative impact on our first quarter 2002 fashion sales due to brand sameness on floors.

The intensive competition and market downturn has pressure on the prices.  Except PE and LC remain prices as 2001, the average prices of the overall brands are down by 4-19 percents (Figure 12).  The most significant are PRL (14 percent), DK (12 percent) and Nau (19 percent) who want to gain market share from the price reduction.  The average price of THDS has also reduced by 3 percent under the pressure.


3.5 Macro-environmental Situation

It was a challenging year in our macro-environment.  Although the external environment is always viewed as uncontrollable factors (Dibb et al, 2001), we will try to minimize the risks and identify opportunities for our business.

3.5.1 Political

The political stability of US has been down to the lowest level after the September 11 terrorist attacks.  The Bush Government chose to take retaliation to invade Afghanistan to catch Bill Laden did not get widely support from the other countries.  After that, Bush declared his reference to the ¡¥axis of evil¡¦ and threatened to attack Iran, Iraq and North Korea.  The Bush Government also views China as main competitor for its influence in north and east Asia.  On the other hand, the political instability in the Palestine and Israel, India and Pakistan, and the Middle East also threatens the safety of the US and the world.

American militarism has embarked on a campaign of world conquest and world domination.  The US government and Bush himself are criticized that they are following in the footsteps of the Nazis (Reuters, 2002).  This unilateral policy is also used in international trade.  The practice of selective free trade (the softwood lumber dispute with Canada and steel disputes with China) only serves to undermine the health of the global economy (Borgert, 2002).  The more severe consequence is the damage of the relationship with other countries and global political stability.  

The Associated Press reported that Bush's job approval ratings dipped into the 60s in mid July, dragged down by worries about the stock market and the economy after nearly a year of sky-high post-September 11 ratings (CNN, 2002).  This internal problems plus external anti-American feelings must be managed properly to remain political stability in the country. 

3.5.2 Economic

Due to a series of corporate accounting scandals such as Enron and WorldCom, there was loss of trillions of dollars in stock value in July.  The Dow Jones 30 Industrials index in first week of April was 10271 at close but has dropped by 20 percent to 8186 at close in last week of July (Figure 13).  According to Scherer (2002), analysts said this could push the US back into recession by the end of the year.  Even if the US does not slip into recession again, the market pessimism across the land is having an impact.  In fact the economy is losing strength from the up pace of the first quarter GDP as there is significant decrease in second quarter (Figure 14). 

Stock market worries have begun to spread into the average consumer¡¦s wallet.  The Conference Board said the index of consumer confidence fell to 97.1 (expected was 101.5) in July from a revised 106.3 reading in June (CNN, 2002).  Consumer attitudes are starting to shift and increase their savings rate, especially among people near retirement.  Retail sales in April were US$271 millions and it was slightly reduced by 1.2 percent in June at US$268 millions (BEA, 2002).  Consumer spending accounts for around two-thirds of economic activity in the US, so analysts tend to scour retail data for clues about the nation's financial well-being (Costa, 2002).

3.5.3 Social

There are continuous changes in social and cultural that have significant impact on the consumer buying behavior.  People do not persist to hold their beliefs and values anymore.  For example, marriage is no longer a life promise and some women even do not get married but prefer to be a single parent.  Another extreme case is the increasing of gay and lesbian, which challenge the culture of the community. 

As people are more educated and the living standard is higher, they are brave to express their opinions and no longer satisfied with basic needs.  They like to express themselves by obtaining a higher level of satisfaction and hence, the products they use must be compatible with their new beliefs and values.  Clothing is no longer used as protection but rather an identification of self.  Products that achieve both basic and self-esteem needs are one of the competitive advantages. 

3.5.4 Demographic

The US has an upward trend in population growth and it has almost 281 millions people with different races in 2000.  The sex distribution is quite equal with 49 percent males and 51 percent female (Figure 15).   

There is sufficient evidence to show that the US has clear trend towards younger population.  Figure 16 shows the population comparison by age group in year 2000, and Figure 17 has re-arranged the data based on our market research age group.  Age group of 35-54 is the largest group with 30 percent of the population.  They have worked for long time and usually have purchasing power.  This group seldom follows the trend and is more insisted on purchasing for own purposes.  The age group of 15-34 cannot be neglected also as they account for 28 percent of the total population.  With increasing dual-working family, this group can afford to purchase more from the support of family.  The young generation is also benefited to study up to university qualification and starts to work late meaning a rise number of educated people, and rise in personal income to increase the power of purchasing. 

3.5.5 Technological

The most significant technology that affects marketing is the Internet.  Many marketers take the advantages of the Internet as major promotion tools and promote online shopping for those segments that do not have time to shop at daytime.  The US is the top Internet usage (based on users as a percentage of population) among the other countries in the world (Kotler et al, 1999). 

4.   Strengths and Weaknesses


The following captures the key strengths and weaknesses within the company.

4.1 Strengths


¡P        Strong financial background

¡P        THDS is still a strong brand in department stores

¡P        Strong relationship with suppliers that offer flexibility and response to special product requirements

¡P        Excellent and stable staff offering personalized customer service

¡P        Strong merchandising and product presentation

¡P        Brand image of high quality

4.2 Weaknesses

¡P        THDS has to adhere to THDS Corporate color direction that is not always feasible for dress shirts

¡P        THDS Core & License products continue to be slow at retail

¡P        High costs for License product

¡P        Lack of creativity and innovation on product design

¡P        Distribution by traditional department stores only 

5.   Opportunities and Threats

The following describes the opportunities and threats facing THDS.

5.1 Opportunities

¡P        Changes in design trends can initiate updating and therefore sales

¡P        Internet potential for selling products to increase sales

¡P        Segment of older age group is potential for development

¡P        Positive relationship between income and Dress Shirt wearer

¡P        Consumers are looking for valued products

¡P        Dress up is slowly come back     

5.2 Threats

¡P        Softening economy

¡P        Political instability

¡P        Brand loyalty is no longer a distinct competitive advantage

¡P        Continued price pressure, reducing contribution margin

¡P        Dramatic changes in design including styles and colors which creates obsolete or less profitable inventory

¡P        Casual wear is still the trend

¡P        Segment of younger age group is shrinking

6.   Objectives

Although there are some uncontrollable threats externally, we are still optimistic to achieve better business over the preceding year through good strategy.  The financial and marketing objectives for FY 2003 are shown as following.

6.1 Financial Objectives

¡P        Generate PBT to US$674,000

¡P        Improve gross margin to 30 percent of sales

¡P        Improve RONA to 7.3 percent       

6.2 Marketing Objectives

¡P        Strengthen THDS image to increase market share by 3 percent

¡P        Improve marketing mix and competitive advantage leading to a 15 percent increase in sales

¡P        To be a leader in the designer Dress Shirt market in terms of innovative product, quality and customer service  

7.   Strategy

In order to achieve our marketing objective to be a leader in the designer Dress Shirt market, we will adopt Porter¡¦s differentiation strategy by concentrating on creating highly differentiated products and marketing program (Kotler et al, 1999).  We have divided our customers into three segments (Figure 18), which can help us to response better to the different needs and wants of the individual segment. 


Age Group

Market Share


34 or below






55 or above


Figure 18: THDS Segmentation

To be consistent with THDS¡¦s youthful image, we will target on the Young and Professional groups in the first priority.  We will strengthen THDS¡¦s ¡¥prestige¡¦ image and quality products in the minds of these targets through our positioning strategy (Dibb et al, 2001).  The marketing mix to achieve the objectives is outlined in the following sections.

7.1 Product Strategy

Our product strategy is product differentiation through highly unique features and performance such as style, design, quality, consistency and durability, compared to other products competing for consumers¡¦ dollars (Kotler et al, 1999; Joscon Network, 2000).     

We will continue THDS¡¦s Classic, American styling and design in all product offerings.  By improving and modifying our current product features, we will upgrade fabrications and designs to offer a broader range of price points and appeal to a wider customer base.  We will use 80¡¦s 2¡Vply to 100¡¦s 2-ply fabric for better hand.  We will focus on color mix, for example white is brighter in color and will incorporate more solid looks into fashion to satisfy the needs of consumers.

We will also introduce new product features and benefits as shown in Figure 19:



TLC The Lifetime Collar

Uses fabric¡¦s natural elasticity to control shrinkage and maintain consistent fit

Wrinkle resistant

Pre-cured mill finish for fabric smoothness without weakening tear and tensile strength

Stain resistant

Invisible fabric protector that resists soil, stains, and water without changing hand or breathability

Figure 19: THDS New Product Features and Benefits

As Dress Shirt is a very specific item, the collar make and smoothness of the shirt is important for appearance of the wearer.  The new product features and benefits emphasize ease and convenience with comfort and performance.  Shirting fabrics have a natural elasticity.  We have incorporated this elasticity into a patented manufacturing process for collar bands.  Conventional collar bands can permanently shrink 2 percent or more.  Our exclusive process controls shrinkage and allows for maximum recovery so fits like new for the life of the garment.  Wrinkle resistant fabric finish provides Durable Press rating that exceeds minimum industry standard, with taped and fused seams for lasting smoothness.  Teflon fabric protector creates invisible barrier to stains and soil, with 100% Cotton Breathability is improved.

7.2 Pricing Strategy

As there is direct relationship between income and Dress Shirts wearer, we will use a psychological aspect pricing strategy to build consumer loyalty (Bradley, 1995).  This is a non-price competition, which elects not to focus on price but instead emphasizes distinct product features, quality, benefits, services, etc to distinguish our products from competing brands (Dibb et al, 2001).   

Our pricing is based on offering high value to our consumers compared to most price points in the market.  We will support this strategy by strengthening the perceived value of our offer through communications stressing the relative quality of our products over that of the lower-price competitors.

We will increase our lower level prices but maintain higher level prices from FY 2001-2002.  That is, the ranging in prices will be from US$31.40 to US$41.60.  The costs reverted are shown in Figure 20.  We will try to minimize costs from the placing strategy.


Lower Level Price

Higher Level Price

Psychological pricing



Desired Gross Margin (30%)

US$  9.42





Figure 20: Reverted Costs of Psychological Pricing

7.3 Placing Strategy

We will exit out of 321 unprofitable doors and place more emphasis on our top customers such as Federated, May and Dillard¡¦s.  Meantime, we will find ways to help improve sales in the other department stores through relationship marketing (Kotler et al, 1999).  We are also negotiating contracts with one or two new department stores.

We will improve our supply chain for better production and inventory capacities, in order to turn it as a source of competitive advantage.  We have strong relationship with suppliers that offer flexibility and respond to special product requirements.  We will shorten the production lead-time and product lifecycle, in order to achieve Just-In-Time philosophy.  This will improve the over or under inventory problems.  We will also source quality low-end countries for production as to improve gross margin.

7.4 Promotion Strategy

We will increase overall spending in promotion strategy.  Advertising, sales promotions, and public relations programs are the major promotion strategy.


Through advertising, we can inform and convince our consumers that THDS is a ¡¥prestige¡¦ product, differentiate our products from the competitors, and emphasize our product quality and features to build awareness and purchase intent.  For example: 

¡§Why should you purchase THDS? THDS is a prestige representation for its design and quality.  THDS is the first designer to introduce a dress shirt collection that is non-iron and stain resistant.  Because conventional collar bands can permanently shrink after repeated laundering.  The THDS has a patented process that controls shrinkage for a comfortable fit, and has a patented manufacturing process; in which collar bands are cut at a 45-degree angel providing natural elasticity.  It fits like the first time, every time for the life of the garment where comfort meets performance.¡¨

The advertising tools include:

¡P        Broadcast advertising, radio, TV and the Internet

¡P        Print advertising: apparel and business magazines, business newspapers, events or trade journals

¡P        Outdoor advertising: billboards and bus boards

Sales Promotions

Through promotions, we can build long-term market share and brand awareness.  It is expected that heavy price promotions at retail have been required to lure the apparel consumer into the stores.  We will increase the promotional activity from 2 to 4 events per year to reinforce the core product offerings and position in the marketplace.  However, consistency is critical across all disciplines of promotion strategy.

The sales promotion tools include:

¡P        Establishing quarterly sales promotions in August, November, February and May.  During August, college will celebrate its anniversary.  November will focus on year-end festivities.  February will highlight Valentine Day.

¡P        Offer premiums to attract consumers such as lower prices or free gift like ties.

Public Relations

We will build good relations with the company¡¦s various publics by obtaining favorable publicity and building up a good image as this can have a strong impact on public awareness at a much lower cost than advertising (Kotler et al, 1999).

The public relations tools include:

¡P        Written materials: THDS free quarterly newsletters

¡P        Public service activities: funds for charity

¡P        Sponsorship: for VIPs of business forums or financial forums, etc

¡P        Web site for THDS

8.     Action Program

THDS usually run three seasons per year.  The action programs include time line for all the activities that include in this marketing plan such as sales meeting, product development, production, promotion, etc (Figure 21).














Development Starts













Meeting with THDS













Preliminary Designs













Color/Pattern Decisions













Protos Presentation













Finalizing Orders


























Goods in Stores


























Sales Promotion













Market Research













Sales Meeting


























SU02=Spring/Summer 2002 SU03=Spring/Summer 2003









H02=Holiday 2002 H03=Holiday 2003











FW02=Fall/Winter 2002 FW03=Fall/Winter 2003










Figure 21: THDS Action Program for FY 2003

9.   Projected Profit and Loss

The segmented projected profit and loss for FY 2003 is shown in Figure 22.  Among the budget of promotion expense, we plan to use 50 percent for advertising, 30 percent for sales promotion and 20 percent for public relations.


US$ (000)

Net sales


Cost of goods sold


Shrinkage such as markdowns & Irregulars


Gross margin maintain


Promotion expense


Other expense


Operating profit








Figure 22: THDS Projected Profit and Loss for FY 2003

10. Control

The following will enable us to keep on track.  If we fail in any of these areas, we will need to re-evaluate our marketing plan.

¡P        Gross margins at 30 percent or above

¡P        Month-to-month comparisons indicating sales increase by 15 percent or more

¡P        Comparing sales with competitors and see whether market share has been increased by 3 percent or more

¡P        Customer satisfaction and image recognition through survey

11. Contingency Plans

There may be unexpected difficulties and risks in implementing this marketing plan.  For example, slow sales may result in less-than projected sales, unexpected and excessive cost increases compared to the forecasted sales, overly aggressive and debilitating actions by competitors, political instability and economic downturn further intensified, etc.

Hence, the contingency plans include the following activities:

¡P        Continue monitoring the market and macro-environments

¡P        Monitor competitors¡¦ reaction in order to decide whether to fight back or status quo

¡P        Monitor expense and keep up sourcing new low-end production

¡P        Cut back advertising but increase promotions if economic is in recession

¡P        Try to breakeven in the worst scenario but still maintain the image and product quality

12. Conclusion

As a conclusion, the marketing plan for FY 2003 is proposing to adopt differentiation strategy to satisfy needs and wants of the primary targeting Young and Professional groups.  In order to meet the financial objectives and marketing objectives set, we have blended our marketing mix to develop differentiated products with psychological pricing to enhance THDS¡¦s prestige, improve our supply chain for better inventory control and costs, and communicate to our consumers to strengthen our positing through advertising, sales promotions and public relations. 

Reference Lists

Borgert, Michael (2002), ¡¥Selective Free Trade Harms US Economy¡¦, Action Institute, [Online, accessed 26 July 2002]

Bradley, Frank (1995), Marketing Management: Providing, Communicating and Delivery Value, Prentice Hall, Hertfordshire

¡¥Bush Job Approval Rating Dips Into 60s¡¦ (2002), The Associated Press, [Online, accessed 26 July 2002]

¡¥Census 2000¡¦ (2002), US Census Bureau, [Online, accessed 31 July 2002]

¡¥Consumer Confidence Plunges¡¦ (2002), CNN, [Online, accessed 31 July 2002]

Costa, Pedro Nicolaci da (2002), ¡¥Consumers Reluctant, But Spending Holds¡¦, Reuters, [Online, accessed 26 July 2002]

Dibb, Sally; Simkin, Lyndon; Pride, William M and Ferrell, O C (2001), Marketing: Concepts and Strategies, Fourth European Edition, Houghton Mifflin, Boston

¡¥How to Develop Your Marketing Plan¡¦ (2000), Joscon Network, [Online, accessed 20 July 2002]

Kotler, Philip; Armstrong, Gary; Saunders, John and Wong, Veronica (1999), Principles of Marketing, Second European Edition, Prentice Hall, New Jersey

McCarthy, Jerome E; Perreault, William D and Quester, Pascale (1997), Basic Marketing: A Managerial Approach, 2nd Australasian Edition, Irwin/McGraw-Hill, NSW

¡¥Overview of the Economy¡¦ (2002), Bureau of Economic Analysis (BEA), US Department of Commerce, [Online, accessed 26 July 2002]

Scherer, Ron (2002), ¡¥Rumbles of Double Dip Recession¡¦, The Christian Science, [Online, accessed 26 July 2002]

¡¥US GDP¡¦ (2002), Apple Daily News, 1 August 2002, HK

¡¥US Preparing World for Iraq Attack¡¦ (2002), Reuters, [Online, accessed 22 July 2002]

[1] The market research follows the fiscal year of the company, which is:

August/99-July/00 for 2000

August/00-July/01 for 2001

August/01-July/02 for 2002

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