Moving Past the Great Recession:
|
|
- Leona Aleesha Evans
- 6 years ago
- Views:
Transcription
1 Moving Past the Great Recession: Print s Recovery Path for and Beyond Printing Industries of America Economic and Market Research Department Dr. Ronnie H. Davis, Vice President and Chief Economist Ed Gleeson, Manager, Economic and Market Research
2 Moving Past the Great Recession: Print s Recovery Path for and Beyond December 2010 Printing Industries of America Economic and Market Research Department Dr. Ronnie H. Davis, Vice President and Chief Economist Ed Gleeson, Manager, Economic and Market Research
3 Copyright 2010 Printing Industries of America All Rights Reserved Printing Industries Press Catalog No Reproduction in any form by any means without specific written permission is prohibited. Individual trademarks are the property of their respective owners. Product names are mentioned in this book as a matter of information only and do not imply endorsement by Printing Industries of America. Printing Industries Press books are widely used by companies, associations, and schools for training, marketing, and resale. Quantity discounts are available by contacting Printing Industries Press Printing Industries of America 200 Deer Run Road Sewickley, PA Phone: Toll Free: Fax: membercentral@printing.org Internet:
4 Contents Introduction... 1 The Economy: Recession and Recovery... 2 Assessing the Damage: Print and the Great Recession... 4 Print Market Outlook for Different Paths: Printers Race for the Future... 7
5 Introduction This report presents our annual review of the economy and print markets during the past year plus our economic and print market outlook for the next twelve to twenty-four months. Additionally, we offer an assessment of longer-term competitive issues for printers. The following four sections address these topics: The Economy: Recession and Recovery. Assessing the Damage: Print and the Great Recession Print Market Outlook for Different Paths: Printers Race for the Future The analysis provided in this report is updated and current as of mid-november Some of the information has been previously published in various Printing Industries of America reports, including Economic and Print Market Flash Reports and Ratios reports. In addition, some of the information is from the upcoming book Competing for Print s Thriving Future, to be published in late For the most part, however, the material (including the charts) has been specifically produced for this report. The objective of this report is to serve as a resource to plan the year ahead for your firm. Also, since it provides alternate scenarios in many instances, it can also be used to make mid-course corrections as the year unfolds.
6 The Economy: Recession and Recovery The Great Recession of was a dramatic departure from the relatively mild recessions of the past two decades. The departure is true in both intensity and duration when compared to the last two recessions of and Indeed, even when compared to the last recession approaching this level of severity, The Great Recession scores high in creating economic damage and havoc as shown in Figure 1. The good news is that after lasting an official eighteen months, the recession has been declared over as of June However, while the recession may be over, the recovery appears stalled as the economy has taken to moving in an essentially sideways direction. Since peaking in the fourth quarter of last year, the growth rate of economic activity has declined with a very weak 1.6 rate in the second quarter this year and 2.0 percent in the third quarter (Figure 2). Typically, the steeper the economic decline, the stronger the recovery. However, this is definitely not true of this recession. In fact, the recovery gap between this recession and the last similar magnitude recession ( ) is large and has increased significantly through the past six months (Figure 3). Where will the economy go from here? A look at the full recovery paths of the past four recessions should provide some guidance. While there is considerable variation in the recovery paths among the last four recessions, the average first year and second year increases in inflation-adjusted GDP are 4.6 percent and 4.2 percent respectively healthy gains (Figure 4). As we look forward to the path of the economy in 2011 and 2012, much uncertainty remains even after the November election results. However, based on a number of factors, including the election, the likely outlook has improved. At this time, the most likely trajectory of the economy over the Figure 1 Figure 3 RGDP Change 1st year 2nd year Figure 2 Figure 4 2 Moving Past the Great Recession: Print s Recovery Path for and Beyond
7 Figure 5 Figure next two years is a somewhat stronger rebound with inflation-adjusted growth of 3.3 percent in 2011 and 3.5 percent in While this is not a robust recovery, at least it is improved from just a couple months ago. Other less likely scenarios include a sluggish recovery and a return to recession (the dreaded double dip). While these are less likely scenarios, we present them as alternatives for your own planning purposes if conditions change over the next few months (Figure 5). Using these same three scenarios, we can focus further on the quarterly pattern of economic activity over the next twelve months. In the forecasted most-likely rebound scenario, the economy bounces up to 2.7 percent growth the first quarter and picks up speed in each of the next four quarters (Figure 6). Whatever path the recovery ultimately takes, labor markets will remain in an over-supply situation for a while. A standard rule of thumb is that the economy has to grow at around 5 percent for a full year to lower the unemployment rate by a full percentage point, so it will take considerable time to soak up the large pool of unemployed and discouraged workers that have accumulated over the last three years. Further, the time it takes to return to job creation and a resulting reduction in unemployment has been increasing over the last few recessions (Figure 7). Even with the growth rate forecast in the likely rebound, the unemployment rate will range over 9 percent for most of 2011 and more than 8 percent for The most likely path of the unemployment rate is a range of percent next year and in In Figure 8, we take a look at the likely unemployment scenarios from 2007 to If unemployment behaved like it did in past recessions, by Figure 7 Figure the unemployment rate would be 6.5%, while if it was consistent with recent recessions it would fall to 9% by Based on current trends, we do not expect the unemployment rate to drop below 9% until 2014, the government forecast is more optimistic; they expect unemployment to drop to 7.9% by Moving Past the Great Recession: Print s Recovery Path for and Beyond 3
8 Price changes should remain in check for the next couple of years given the slack in the economy. However, inflation risk may start rising with the incessant bond buying and money creation over the past couple of years as well as the purchases at the end of this year and early next year already announced by the Federal Reserve. Inflation for the full-year 2010 is expected to be around 1.2 percent, which is just about the minimum level targeted by the Federal Reserve as a healthy rate of price change. The outlook for inflation in 2011 is for a slightly higher rate of about 1.7 percent as the economy recovers. Expectations for 2012 are more uncertain, but at this time, a rate of around 2 percent is a reasonable forecast. Assessing the Damage: Print and the Great Recession According to Printing Industries of America s print market tracking model, the Great Recession shrunk print s economic footprint by historic proportions last year. The number of U.S. printing plants declined to 33,565 down from 36,508 or 8 percent in Total shipments in 2009 (not adjusted for price changes) were $140.7 billion down from $166.6 or 15.6 percent industry wide. Employment declined by 6.9 percent from 976,400 to 909,200. In total, 2009 print markets declined by 2,943 plants, $25.9 billion in total shipments, and more than 67,000 employees (Figure 9). After adjusting for declines in printing prices real or inflationadjusted printing shipments decreased by about 9.1 percent. Even after the declines, print s economic footprint is still substantial compared to other U.S. industries and remains a major American industry. At this time we do not have an end-of-year reading on 2010 print markets, but the turnaround has already begun for printing shipments with growth returning in the first three quarters of 2010 helped by the slowly recovering economy and robust election spending on direct mail. Although shipments will be up for the year, they will still not match pre-recession levels. The number of printing plants and printing employment will surely decline. Sorting Print by Function and Process We can further examine printing shipments by function and process. Although many print products and services provide multiple functions, we can sort by three major intended functions: Print intended to inform or communicate factual and editorial information. Magazines, newspapers, books, and reports. Figure 9 4 Moving Past the Great Recession: Print s Recovery Path for and Beyond
9 Print providing product logistics to manufactured products. Packaging, labels, wrappers, and product user manuals. Print intended to market, promote, or sell various products, services, political candidates, positions, or ideas. Marketing and promotional print such as catalogs, direct mail, and brochures. Of these three functional categories, marketing and promotion is by far the largest component, comprising more than half of total shipments. The information and communication function is the second largest category, comprising 27 percent of total shipments (Figure 10 and Figure 11). Product logistics accounts for approximately 20 percent of total printing shipments today, or about $28 billion per year. With the exception of product user manuals, which could be online or in other digital formats, product logistics print is the one print function that does not compete against other (mostly digital) media, so it actually has a protected competitive position. Product logistics print is most directly related to the general level of economic activity. In Figure 10 Figure Shipments ($ Billions) 2009 Shipments (Percent of Total) contrast to the other two functions (print intended to inform or communicate and print intended to market and promote), print logistics is not subject to digital displacement, since this print is directly tied to products either as packaging or labels. Therefore it is the print function most tied to the level of economic activity both in the short (cyclical) sense and in the longer run. Additional threats may reduce this print function. First, is the degree of import substitution, since imported manufactured products will use packaging and labels produced primarily in their county of origin. Another factor that could significantly influence this function is the shifting changes in distribution channels. If more consumer and business products are purchased off of the Internet rather than purchased through traditional distribution channels, there may be changes in packaging and labeling needs. All things considered, this category of print should continue to grow at rates similar to overall gross domestic product and underpin overall printing shipments. Print by Process At the present time, digital print (toner-based and inkjet) accounts for close to 13 percent of annual industry shipments or $18 billion. Shipments of digital print continue to grow and are forecast to grow in the future at rates in excess of overall economic growth. Of course, one of the reasons for this high growth is that digital print is taking business away from traditional print. In fact, about one of every four dollars of digital print is from this source (Figure 12 and Figure 13). Printers ancillary services currently account for around 12 percent or $17 billion in annual shipments. Over the past decade or so, printers have increased their offerings of these services. They have benefited from both the general growth of these services and from increasing their market share by either competing against specialized firms providing these services or through mergers and acquisitions of these providers. In my view the dollar volume of these services should continue to grow even though the long-term growth rates may be less than the growth rate of the overall economy. Recent Trends in Printers Profits The Great Recession pushed the printing industry over the brink last year with the average printer participating in the 2010 Printing Industries of America Ratios survey losing 1.35 percent of sales. This is a decrease from the 1.5 percent profit as a percent of sales posted the previous year and Moving Past the Great Recession: Print s Recovery Path for and Beyond 5
10 Figure 12 Figure Shipments ($ Billions) 2009 Shipments (Percent of Total) down from the 3.1 percent profit achieved in Overall profits for the decade peaked in 2007 at 3.4 percent. Industry profit leaders (printers in the top quartile of profitability) earned 7.0 percent on sales last year, a decline from the 8.4 percent earned in Profit challengers (printers in the bottom 75 percent of profitability) averaged losses of 4.2 percent on sales last year, their third year in a row with losses. As can you can see in Figure 14, the profit gap between profit leaders and all printers and challengers has held very steady through the past few years. Print Market Outlook for At the start of 2011, the economic recovery will be eighteen months old based on the official recession end of June As I have often stated, print leads recessions and lags recoveries. The good news is that with the recovery, well-established print markets should gain some traction. However, the lift from the extremely contested elections of 2010 and the resulting shot in the arm for direct mail will be lost. All in all, the economic growth should make up for the loss of campaign spending. On a nominal or not-price-adjusted basis, print markets should grow by around 3 percent or so in 2011 and 2012 based on the likely rebound Figure 14 6 Moving Past the Great Recession: Print s Recovery Path for and Beyond
11 Figure 15 Figure 16 economic scenario. Even with the recovery achieved in 2010 and the projected recovery for 2011, printing shipments will remain below prerecession levels (Figure 15). Over the next two years, there will be a continued shakeout of printing plants from industry restructuring. As the surviving plants pick up the sales of the failing plants, they will, of course, outperform the overall print markets. Perhaps around 2,000 or so printing plants may go out of business in the next year or two. The impact of all of this is that survivors will likely see their overall sales grow by fairly significant rates over the next two years (Figure 16). Printers profits tend to lag both print sales and the economy. As the economy continues to recover, print profits should continue to rebound over the next two years. My projections call for overall industry profit rates to rebound to around 2 percent and profit leaders to more than 9 percent (Figure 17). Different Paths: Printers Race for the Future Now we look farther down the road and examine the prospects for survival and future success of the current population of printers. To evaluate the future prospects of today s printers, we need to look at their demographic characteristics and their specific strengths and weaknesses. In total, at the end of last year, print s economic footprint included 33,563 printing firms. The vast majority of these plants were small less than 20 employees (Figure 18). It should be noted that these are plants, not firms. Since most printing firms are one-plant operations, there is a fairly close correlation between the number of plants and the number of firms Figure 17 Figure 18 (Figure 19). Based on the number of multipleplant firms, it is estimated that there are approximately 28,000 or so distinct printing firms in the U.S. Of these more than 70 percent are familyowned firms. Moving Past the Great Recession: Print s Recovery Path for and Beyond 7
12 Figure 19 For many years now, the number of printing plants has been declining even as printing sales moved up or down. Almost all projections on print s future call for long-run declines in both printing shipments adjusted for inflation and the number of printing plants. Printing Industries of America s long-term outlook is for plants to decline by a larger percentage than shipments. As long as plants decline more than shipments, the surviving plants would, on average, experience increasing sales based on the projections from the Beyond the Horizon report (Figure 20). Which of today s printing firms will survive and transition to the future? More important, which firms will not only survive but thrive in the future? We can generally profile the differing futures that lie ahead for three distinct categories the overall printing industry, typical surviving printing plants, and sales leaders (firms in the top quartile of sales change). On an annual basis, these three have significantly different projected future sales metrics minus 2, plus 1, and plus 5 respectively (Figure 21). Of course, these metrics vary even more depending on process (conventional ink-onpaper, digital toner, inkjet, and ancillary services). We can relate the future odds of success to the present time by classifying current printers into four categories SuperPrinters, Survivors, At- Risk, and Expendables (Figure 22). Today s Super- Printers are those in the top quartile in sales change and profitability. The probable Survivors are the next quartile, the At-Risk are the next quartile, and the Expendables are the bottom quartile or least likely to survive. There are many factors that influence whether a printer is a SuperPrinter, Survivor, At Risk, or one of the Expendables. While the book Competing for Print s Thriving Future investigates this Figure 20 Figure 21 Figure 22 Industry, Survivors, and Sales Leaders Industry Survivor Sales Leaders 2 complex issue in much more detail, here we look at one key distinguishing factor how a typical printer in these different groups copes with value migration in printing. 8 Moving Past the Great Recession: Print s Recovery Path for and Beyond
13 Figure 23 Value migration happens in a marketplace when the key component of customer-perceived value transitions from one spot to another. In a traditional product manufacturing industry, the transition path in customer-perceived value is almost always from the product itself to services around or ancillary to the product, to the business, or consumer solutions provided by the product to ultimately outsourced management of the service. This value migration can occur in both a businessto-business and business-to-consumer situation. In the business-to-business case of print, this transition path has been going on for decades as printers have evolved from producing the printed product to adding value-added ancillary services to providing communications or advertising solutions and now to providing outsourced print management services. There is much evidence to suggest that it is the SuperPrinters that are furthest along in this transition, and print s future evolution will surely move in this direction (Figure 23). The key conclusion here is the imperative to migrate the value-adds that your firm provides to the more sustainable path of ancillary services to solutions to management services. At whatever point your firm is currently along this path, you need to move farther to the right to be successful in transitioning to the future. Related to this issue is the selection of a business model. In a recent survey, printers were provided four specific business model descriptions and asked to select the one best describing their own firm. The four options were: A niche printer specializing in a narrow print product segment such as direct mail, labels/ wrappers, etc. A niche printer specializing in a narrow vertical market segment or specific industry such as travel, entertainment, health care, etc. A general commercial printer offering a wide variety of printed products and services to a general customer base. A communications provider offering a complete set of value-added services, including printing, database management, fulfillment, mailing, etc. It should be noted that that, since respondents self-selected their description, there is no independent verification of the accuracy of the selection. Most interesting, many printers continue to define themselves as undefined general commercial printers. This is true even as the conventional wisdom on the most appropriate strategy for printers is to define themselves in a more narrow sense. When asked to pick a strategy that best described their firm, a majority of printers (32 percent) still select general commercial printer. Moving Past the Great Recession: Print s Recovery Path for and Beyond 9
14 The second most selected business model was communications provider offering a complete set of value-added services, including printing, database management, fulfillment, mailing, etc. (30 percent). This was followed by niche printers specializing in a narrow print product segment such as direct mail, labels/wrappers, etc. (14 percent). Ten percent of respondents identified themselves as niche printers specializing in a narrow vertical market segment or specific industry such as travel, entertainment, health care, etc. (Figure 24). There are, of course, many other imperatives printers need to address to make the transition. We have discussed most of these in previous writings, but the most important are: Thinking outside the competitive box combining specialization and diversification strategies Practicing the various operational tactics of SuperPrinters, including manufacturing and administrative efficiency, training and educating staff, and compensation plans that align the interests of a print firm s sales staff with overall firm profitability. Practicing pricing power to compete for price not on price. Figure 24 These and other strategic and tactical options for increasing the odds of success are covered in Competing for Print s Thriving Future. In closing, there are tremendous challenges facing printers over the next year or two. However, the severity of these challenges should be reduced somewhat now that the economy and print markets are both in recovery modes. 10 Moving Past the Great Recession: Print s Recovery Path for and Beyond
Planning for 2019: Economic and Print Market Outlook and Implications for Printers
Planning for 2019: Economic and Print Market Outlook and Implications for Printers Dr. Ronnie H. Davis, Senior Vice President and Chief Economist Center for Print Economics and Management Sponsored by:
More informationUnderstanding Productivity: The Key to Lower Cost and Higher Profits in the Printing Industry. By Dr. Ronnie H. Davis
Understanding Productivity: The Key to Lower Cost and Higher Profits in the Printing Industry By Dr. Ronnie H. Davis Senior Vice President and Chief Economist Understanding Productivity: The Key to Lower
More informationFHWA Forecasts of Vehicle Miles Traveled (VMT): May 2014
FHWA Forecasts of Vehicle Miles Traveled (VMT): May 2014 Office of Highway Policy Information Federal Highway Administration May 22, 2014 Highlights Long-Term Economic Outlook Under the IHS Baseline economic
More informationSoftware Forecast Update, 1H03: Markets Start Their Slow Growth
Forecast Analysis Software Forecast Update, 1H03: Markets Start Their Slow Growth Abstract: Signs of recovery in software purchases are starting to show while indications of further discretionary budget
More informationImpact of Cost on Profitability in the Printing Industry. By Dr. Ronnie H. Davis. Senior Vice President and Chief Economist
Impact of Cost on Profitability in the Printing Industry By Dr. Ronnie H. Davis Senior Vice President and Chief Economist The Impact of Cost on Profitability in the Printing Industry Dr. Ronnie H. Davis,
More informationQUEENSLAND ECONOMIC OUTLOOK AND SKILL SHORTAGES MARCH 2018
QUEENSLAND ECONOMIC OUTLOOK AND SKILL SHORTAGES MARCH 2018 Key findings Queensland s economy is recovering strongly in 2017-18. In the year to December 2017, state final demand grew by 2.6% p.a. and employment
More informationKey Factors in Optimizing Complex Manufacturing Businesses
Key Factors in Optimizing Complex Manufacturing Businesses Survey of executives across functional areas provides insight into boosting revenue and improving operations with Enterprise Resource Planning
More informationSpring Cement Outlook
Contact: Ed Sullivan, VP & Chief Economist, (847) 972-9006, esullivan@cement.org May 13, 2014 Spring Cement Outlook Overview PCA s cement volume forecast remains essentially unchanged since the fall forecast.
More informationECONOMIC BACKGROUND TO THE ADVERTISING MARKET H1 2015
AAI/NIELSEN BAROMETER MONITORING ADVERTISING EXPENDITURE IN IRELAND H1 2015 Report prepared by Jim Power ECONOMIC BACKGROUND TO THE ADVERTISING MARKET H1 2015 The value of the Irish advertising market
More informationManufacturing Outlook: Improving time to market, operational effectiveness and innovation in a highly competitive environment
An Oracle White Paper January 2014 Manufacturing Outlook: Improving time to market, operational effectiveness and innovation in a highly competitive environment Executive Overview There s good news and
More information/ Press Information. After three years of consecutive growth, 2012 U.S. ad spend reaches $139.5 billion; Olympics, election contribute to gains.
/ Press Information Contact details: Bill Daddi Daddi Brand Communications Phone: 646-370-1341 Cell: 917-620-3717 Email: Bill@DaddiBrand.com KANTAR MEDIA REPORTS U.S. ADVERTISING EXPENDITURES INCREASED
More informationEconomic Outlook Survey
Economic Outlook Survey 4th quarter executive summary The CPA Outlook Index The CPA Outlook Index (CPAOI) is a broad-based indicator of the strength of U.S. business activity and economic direction that
More informationCORN: MARKET TO REFLECT U.S. AND CHINESE CROP PROSPECTS
CORN: MARKET TO REFLECT U.S. AND CHINESE CROP PROSPECTS JULY 2001 Darrel Good 2001 - No. 6 Summary The USDA s June Acreage and Grain Stocks reports provided some modest fundamental support for the corn
More informationBenchmarking Printers Product and Service Patterns: How Do You Compare?
Benchmarking Printers Product and Service Patterns: How Do You Compare? Dr. Ralph I. Williams, Assistant Professor, Jones College of Business, Middle Tennessee State University Dr. Ronnie H. Davis, Senior
More informationMay 24, 2011 New York, NY
May 24, 2011 New York, NY Safe Harbor Statement The information provided in this presentation (both written and oral) relating to future events are subject to risks and uncertainties, such as competition;
More informationLafayette. Economic Performance Index. December: Fourth Quarter Highlight
Lafayette Economic Performance Index Fourth Quarter 2017 December: 100.93 The Lafayette Economic Performance Index (EPI) tracks the pulse of the local economy. Like any index, it combines multiple data
More informationSERVICES SECTORS LOOKING SLOWER IN OCTOBER
October 2018 Media Contact: Tony Melville, Australian Industry Group. 0419 190 347 SERVICES SECTORS LOOKING SLOWER IN OCTOBER The Australian Industry Group Australian Performance of Services Index (Australian
More informationIndustry Overview - U.S. A Quick View of Exhibitions in the U.S.
Industry Overview - U.S. A Quick View of Exhibitions in the U.S. Post Recessive Environment The recessive U.S. economy of 2008-9 put a fairly significant damper on the U.S. tradeshow industry and those
More information09 13 BUSINESS-CYCLE CONDITIONS The Consumer Lags Behind by Polina Vlasenko, PhD, Research Fellow
9 13 BUSINESS-CYCLE CONDITIONS The Consumer Lags Behind by Polina Vlasenko, PhD, Research Fellow Expansion continues, but stagnating personal incomes pose a threat to long-term growth. The four-year-old
More informationSTAFDA. March 2016 Economic Report
STAFDA March 216 Economic Report Table of Contents Economic Overview 1 Terminology & Methodology.. 2 Business Cycle 3 US Industrial Production Index 4 Canada Industrial Production Index 5 US Consumer Price
More informationGood afternoon and welcome to our 2010 Annual Meeting. I am Charlie Hadeed, President and Chief Executive Officer of Transcat.
1 Good afternoon and welcome to our 2010 Annual Meeting. I am Charlie Hadeed, President and Chief Executive Officer of Transcat. 2 Before I get started, you should know that the presentation you are about
More informationAsia/Pacific Printer Forecast 2002 Scenarios: 3Q02
Forecast Analysis Asia/Pacific Printer Forecast 2002 Scenarios: 3Q02 Abstract: Printer shipments in Asia/Pacific grew 10.6 percent in the first half of 2002. The outlook for the second half of the year
More informationMIDDLE-INCOME JOB DECLINE IN PENNSYLVANIA, Business Cycle to Great Recession and Beyond $ $ $ $ $
MIDDLE-INCOME JOB DECLINE IN PENNSYLVANIA, 2001-2011 Business Cycle to Great Recession and Beyond $ $ $ $ $ $ $ $ $ $ $ $ $ $ Prepared at the Center for Economic and Community Development by: Theodore
More informationEconomist Intelligence Unit Tech Sector Barometer
Economist Intelligence Unit Tech Sector Barometer Looking up October 2009 Economist Intelligence Unit 26 Red Lion Square London WC1R 4HQ United Kingdom The Economist Intelligence Unit The Economist Intelligence
More informationGE105 Engineering Economics and Cost Analysis
1. The fundamental economic problem faced by all societies is: a. unemployment b. inequality c. poverty d. scarcity 2. "Capitalism" refers to: a. the use of markets b. government ownership of capital goods
More informationMacroeconomic Equilibrium: Aggregate Demand and Supply. Economics, 7th Edition Boyes/Melvin
Macroeconomic Equilibrium: Aggregate Demand and Supply Economics, 7th Edition Boyes/Melvin Aggregate demand = total spending in the economy at alternative price levels. Aggregate supply = total output
More informationSTEELING FOR DISRUPTION
STEELING FOR DISRUPTION 1 STEELING FOR DISRUPTION John Lichtenstein GLOBAL STEEL PRODUCERS MUST REINVENT THEMSELVES AS DEMAND GROWTH DISAPPEARS How does a $1 trillion industry continue to deliver shareholder
More informationDEPARTMENT OF APPLIED TECHNOLOGY Sports and Entertainment Marketing 1 Curriculum Map Created by Mark Drummond
Course Description: This course offers students a view of the basic functions of marketing and how they apply to the exciting world of sports and entertainment. The need and value of cooperative marketing
More informationRecommendation: HOLD Estimated Fair Value: $58.00-$77.00*
Recommendation: HOLD Estimated Fair Value: $58.00-$77.00* 1. Reasons for the Recommendation Reason #1 PepsiCo s strongest asset is their snack portfolio. PepsiCo is the world s largest snack food company.
More informationCompensation: Is it time to Switch from Cost-Cutting Back to Compensation Strategy?
Compensation: Is it time to Switch from Cost-Cutting Back to Compensation Strategy? By, Marie Brinkman and David Knopping Radford An Aon Consulting Company mbrinkman@radford.com dknopping@radford.com As
More informationOutlining the Chapter
Chapter 14 Outlining the Chapter Look over the chapter, paying attention to the main topics in the chapter. As you look over each section in the chapter, fill in the missing words in the outline below.
More informationBUILDING TOMORROW S ENTERPRISE
INFOSYS ANALYST MEET BUILDING TOMORROW S ENTERPRISE November 2, 2010 CORPORATE PARTICIPANTS Kris Gopalakrishnan Infosys Technologies Chief Executive Officer and Managing Director 1 Kris Gopalakrishnan
More informationQuarterly Business Review
DMA/Winterberry Group Quarterly Business Review Current Economic Trends in Direct and Interactive MarketingSeconS Second Quarter of 2010 Current Economic Trends in Direct & Digital About Direct Marketing
More informationTHE US ECONOMY S MEGA-TRENDS
ESTABLISHED 1 PORTFOLIO STRATEGY SERVICE #22 Apocalypse Now? (NOT!) #23 The End Of The Cold War Is Bullish #2 Hard Or Soft Landing? #2 The High-Tech Revolution In The US of @ Topical Study #2 THE US ECONOMY
More informationIn terms of the analysis of operating income, operating income has fallen and the deterioration of the gross profit in Q1 has had a negative impact
1 In terms of the analysis of operating income, operating income has fallen and the deterioration of the gross profit in Q1 has had a negative impact of 1 billion, while the increase in SG&A expenses reduced
More informationThe Accenture 2011 High Performance Finance Study. Redefining High Performance in the Insurance Finance Function
The Accenture 2011 High Performance Finance Study Redefining High Performance in the Insurance Finance Function Contents Introduction Introduction 03 Delivering greater value to the enterprise 09 Dealing
More information13-1 L ECTURE LAUNCHER PAGES PAGES
13-1 L ECTURE LAUNCHER When Hurricane Andew blew through Southern Florida it was a disaster, but the GDP recorded it as a $15 billion boon to the economy. What does GDP measure? Under what circumstances
More informationBROAD-BASED DEMAND DRIVES LOGISTICS REAL ESTATE
UNDERSTANDING THE STRENGTH OF THE LOGISTICS REAL ESTATE EXPANSION BROAD-BASED DEMAND DRIVES LOGISTICS REAL ESTATE DECEMBER 2016 Demand for logistics real estate is increasingly global and broad-based,
More informationSteeling for disruption:
Steeling for disruption: Global steel producers must reinvent themselves as demand growth disappears John Lichtenstein 1 Steeling for disruption: Global steel producers must reinvent themselves as demand
More informationMIDDLE-INCOME JOB DECLINE IN PENNSYLVANIA
MIDDLE-INCOME JOB DECLINE IN PENNSYLVANIA Update 2001-13: Business-Cycle, Great Recession and Recovery Prepared at the Center for Economic and Community Development by: Theodore R. Alter, Regional Economist
More informationDayton Region. Economic Outlook. Photo courtesy of Rapid Aerial Imaging, 2017
2018 Dayton Region Economic Outlook Photo courtesy of Rapid Aerial Imaging, www.rapiduav.com 2017 Introduction The Dayton Area Chamber of Commerce (DACC) knows economic forecasts help our regional businesses
More informationUnit 2 Economics. Chapter 3 Political and Economic Analysis Chapter 4 Global Analysis
Unit 2 Economics Chapter 3 Political and Economic Analysis Chapter 4 Global Analysis Chapter 3 Political and Economic Analysis Section 3.1 What Is an Economy? Section 3.2 Understanding the Economy What
More informationCass Freight Index Report. December 2013 & Year in Review
Cass Freight Index Report December 2013 & Year in Review Cass Freight Index Report Dec 2013 & Year in Review Freight Shipment Activity Ends Down in 2013, But Average Shipment Size Continues to Grow Yearover
More informationCORN: HIGHER PRICES COMES EARLY
CORN: HIGHER PRICES COMES EARLY OCTOBER 2006 Darrel Good 2006 NO. 7 Summary The 2006 U.S. corn crop is expected to be the third largest ever, but it is small in relation to expected consumption during
More informationSOYBEANS: LARGE U.S. CROP, WHAT ABOUT SOUTH AMERICA?
SOYBEANS: LARGE U.S. CROP, WHAT ABOUT SOUTH AMERICA? OCTOBER 2004 Darrel Good 2004 B NO. 8 Summary The USDA now forecasts the 2004 U.S. soybean crop at 3.107 billion bushels, 271 million larger than the
More informationPRINT. Misconceptions. Scan the QR code to. access a video discussing the. The Value of
Your offline flip-book with facts and figures to support your sales efforts in the modern media mix www.printing.org/valueofprint Misconceptions Misconceptions Scan the QR code to access a video discussing
More informationRural Manufacturing at a Glance, 2017 Edition
United States Department of Agriculture Economic Research Service, Economic Information Bulletin 177, August 17 Rural Manufacturing at a Glance, 17 Edition Overview Despite declining rural manufacturing
More informationThe state of the farm economy: Some big-picture considerations. Patrick Westhoff
The state of the farm economy: Some big-picture considerations Patrick Westhoff Director, Food and Agricultural Policy Research Institute at the University of Missouri (FAPRI-MU) Hearing of the House Committee
More informationPork Industry Makes Turn for the Better
Pork Industry Makes Turn for the Better July 2004 Chris Hurt After a period of grave concern regarding depressed hog prices and rising feed prices in the spring, markets have turned positive for hog producers.
More informationU.S. Bank Freight Payment Index
U.S. Bank Freight Payment Index National Freight Market Overview Shipments Spend Index Value 133.8 Index Value 200.3 Quarterly % Change 1.7% Quarterly % Change 7.2% Quarterly YoY % Change 1.1% Quarterly
More informationCORN: SMALLER SUPPLIES ON THE HORIZON. April 2001 Darrel Good No. 3
CORN: SMALLER SUPPLIES ON THE HORIZON April 2001 Darrel Good 2001- No. 3 Summary The USDA s March Grain Stocks and Prospective Plantings report released on March 30 provided some fundamentally supportive
More information4Q02 Update: Global Hard Disk Drive Forecast Scenarios,
Forecast Analysis 4Q02 Update: Global Hard Disk Drive Forecast Scenarios, 2002-2003 Abstract: The third quarter of 2002 in the hard disk drive industry was characterized by stable pricing, unexpected increases
More informationThe Riksbank s Business Survey. Industrial activity stronger than expected
The Riksbank s Business Survey Industrial activity stronger than expected February 2017 THE RIKSBANK S BUSINESS SURVEY FEBRUARY 2017 3 The Riksbank s Business Survey in February 2017 1 According to Swedish
More informationRemarks to be delivered by Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group
CHECK AGAINST DELIVERY Remarks to be delivered by Bharat Masrani, Group President and Chief Executive Officer, TD Bank Group Annual Meeting of Shareholders, March 29, 2018, Toronto Thank you Brian. Good
More informationGlobal Headquarters: 5 Speen Street Framingham, MA USA P F
Global Headquarters: 5 Speen Street Framingham, MA 01701 USA P.508.872.8200 F.508.935.4015 www.idc.com WHITE PAPER A I D T O R E C O V E R Y : T H E E C O N O M I C I M P A C T O F I T, S O F T W A R E,
More informationEDA Growth Dips Again: 3Q03 Global Forecast Update
Forecast Analysis EDA Growth Dips Again: 3Q03 Global Forecast Update Abstract: The electronic design automation market has taken another downturn during the first half of 2003. An improved second half
More informationRoger W Ferguson, Jr: The productivity experience of the United States: past, present, and future
Roger W Ferguson, Jr: The productivity experience of the United States: past, present, and future Remarks by Mr Roger W Ferguson, Jr, Vice-Chairman of the Board of Governors of the US Federal Reserve System,
More informationIrish Business Activity Improves In First Quarter As Debt Deal Boosts Confidence
Irish Business Activity Improves In First Quarter As Debt Deal Boosts Confidence Business activity posts solid growth in the first three months of 2013. Majority of companies see deal on national debt
More informationSentiment Down Bad weather ahead?
Sentiment Down Bad weather ahead? 2016 Outlook study reveals: negative outlook in almost all paper segments general economic outlook still good Industry priorities on costs and price & margin strategic
More informationHistorical chlorine demand growth is characterized by a boom and bust cycle that tracks global GDP growth rate closely. Typically, demand will
Historical chlorine demand growth is characterized by a boom and bust cycle that tracks global GDP growth rate closely. Typically, demand will rebound immediately after declining and this cycle seems to
More informationDisclosure of FY2015 financial results
0 Disclosure of FY2015 financial results 1 2 FY2015 first half financial highlights Revenue was 542.9 billion, up 30.1 billion compared to the same period last year. Business profit was 40.2 billion, down
More informationFull year 2014 results
Listen-only live audio webcast available from www.gemalto.com/investors Full year 2014 results March 5, 2015 Olivier Piou, CEO Jacques Tierny, CFO Disclaimer This communication does not constitute an offer
More informationIntroduction to Supply Chain and Logistical Management
Introduction to Supply Chain and Logistical Management Dr. Muhammad Saad Memon Asst. Professor, Department of Industrial Engineering and Management What is a Supply Chain? Flow of products and services
More informationDemand for Digital Billboards and Displays. Energizes Industry Recovery. Jose Simoes. Post University. Competitive Intelligence
INDUSTRY ANALYSIS 1 Demand for Digital Billboards and Displays Energizes Industry Recovery. Jose Simoes Post University Competitive Intelligence February 2013 INDUSTRY ANALYSIS 2 Summary of Analysis Companies
More informationBrexit: Business Impact and Why SAP is More Relevant than Ever
SAP Point of View 2016 Brexit: Business Impact and Why SAP is More Relevant than Ever July 2016 Brexit: Business Impact and Why SAP is More Relevant than Ever 2016 SAP SE or an SAP affiliate company. All
More informationTraditional hotel performance evaluation using calculations of supply and
Demystifying the Digital Appendix Marketplace: 1 Executive Summary Traditional hotel performance evaluation using calculations of supply and demand has evolved with the digital marketplace into a new approach.
More informationDubai Business Survey - Q4 2018
Dubai Business Survey - Q4 2018 INTRODUCTION The Department of Economic Development (DED) was established in March 1992, with the objective to organize, regulate and boost trade and industry within the
More informationAugust 2017 Economic Report
August 217 Economic Report Table of Contents Economic Overview... 1 Terminology & Methodology.. 2 Business Cycle... 3 US Paper & Paper Products Production Index.... 4 US Pulp, Paper, & Board Mills Production
More informationIN BRIEF Uncertainties such as Brexit and weak global demand loom large. But German manufacturers propensity to innovate leave it better positioned th
GERMANY TRADE REPORT IN BRIEF Uncertainties such as Brexit and weak global demand loom large. But German manufacturers propensity to innovate leave it better positioned than other EU economies. Germany
More informationCurriculum Standard One: The students will understand common economic terms and concepts and economic reasoning.
Curriculum Standard One: The students will understand common economic terms and concepts and economic reasoning. *1. The students will examine the causal relationship between scarcity and the need for
More informationHS Marketing Concepts Business and Technology
Course Marketing Concepts is an instructional program designed for students who are interested in a career in the field of marketing and management. This course includes instructional areas designed to
More information2017 DYNAMIC RATIOS SHORT FORM SURVEY * COMPANY DEMOGRAPHICS
* COMPANY DEMOGRAPHICS Sales Breakdown by Market Segment Please provide a breakdown of your sales by market segments to which you sell your products and services below. Commercial and Advertising Printing...
More information1.16 RESEARCH BRIEF Revising AIER s Business-Cycle Conditions Model
1.16 RESEARCH BRIEF Revising AIER s Business-Cycle Conditions Model By Robert Hughes, Senior Research Fellow and Vivien Zhang, Summer Research Intern Updates to our model will help us identify turning
More informationHOT AIR OVER THE ARCTIC? AN ASSESSMENT OF THE WEFA STUDY OF THE ECONOMIC IMPACT OF OIL DRILLING IN THE ARCTIC NATIONAL WILDLIFE REFUGE
cepr CENTER FOR ECONOMIC AND POLICY RESEARCH briefing paper HOT AIR OVER THE ARCTIC? AN ASSESSMENT OF THE WEFA STUDY OF THE ECONOMIC IMPACT OF OIL DRILLING IN THE ARCTIC NATIONAL WILDLIFE REFUGE by Dean
More informationEconomic Impact of the Industrial Energy Consumers of America s Sustainable Manufacturing & Growth Initiative
Economic Impact of the Industrial Energy Consumers of America s Sustainable Manufacturing & Growth Initiative Summary for Policymakers Prepared For: Industrial Energy Consumers of America Prepared by:
More informationDistrict Test Review answers are at the end of the test
District Test Review answers are at the end of the test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Cars and automobile insurance are examples of:
More informationCompleting the Kodak Transformation
November 16, 2005 Completing the Kodak Transformation Bob Brust Chief Financial Officer 1 Certain statements in this presentation may be forward looking in nature, or "forward-looking statements" as defined
More informationENTERTAINMENT MARKETING CHAPTER 1.3
ENTERTAINMENT MARKETING CHAPTER 1.3 OPENING ACT Television networks are desperate to attract male viewers ages 12 to 34. Age and gender are demographics used by television researchers to determine the
More informationCHAPTER 3. Economic Challenges Facing Contemporary Business
CHAPTER 3 Economic Challenges Facing Contemporary Business Chapter Summary: Key Concepts Opening Overview Economics Microeconomics Macroeconomics A social science that analyzes the choices people and governments
More informationFebruary 2018 Economic Report
February 218 Economic Report Table of Contents Economic Overview... 1 Terminology & Methodology.. 2 Business Cycle... 3 US Paper & Paper Products Production Index.... 4 US Pulp, Paper, & Board Mills Production
More informationQ3 10 EARNINGS CONFERENCE CALL. October 27, 2010
Q 0 EARNINGS CONFERENCE CALL October, 00 KATHY GUINNESSEY Good morning, everyone, and thanks for joining us today. In a moment, we will hear commentary on our third quarter 00 performance as well as our
More informationTurning the page on an unfavourable year, we are revamping our Publishing & Printing business by executing plans to strengthen operations to improve
Turning the page on an unfavourable year, we are revamping our Publishing & Printing business by executing plans to strengthen operations to improve earnings. Having published our vision for the future,
More informationFinancial Information
Financial Information of 4.9 billion in Q1 2011, Continued strong organic at +12% Industry continued on a very solid momentum IT and Buildings expanded at double-digit thanks to solutions Power also solid,
More informationGraphic Systems (AGS) chooses Xerox and the igen3 Digital Production Press to grow its digital book publishing capability.
Xerox igen3 Digital Production Press Customer Benefits Brief Automated Graphic Systems (AGS) chooses Xerox and the igen3 Digital Production Press to grow its digital book publishing capability. Company
More informationGemalto reports third quarter 2009 revenue
Gemalto reports third quarter revenue Revenue at 401 million Robust activity in Middle East and Africa, lagging demand in the Americas Further wins in mobile service contracts and governmental projects
More informationGood afternoon. This is Cynthia Hiponia, Vice President of Investor Relations at Symantec and I
Good afternoon. This is Cynthia Hiponia, Vice President of Investor Relations at Symantec and I am pleased to welcome you to our call to discuss our third quarter fiscal year 2018 earnings results. We
More informationCanon Inc. Third Quarter 2017 Analyst Meeting Tuesday, October 24, 2017
Canon Inc. Third Quarter 2017 Analyst Meeting Tuesday, October 24, 2017 Speech Summary (English Translation) Toshizo Tanaka Executive Vice President & CFO This document contains forward-looking statements
More informationBook Excerpt Rethinking Retention
Book Excerpt Rethinking Retention Imagine you are reading this book in the summer of 2007. Surrounded by a blazing economy, you would find data here regarding the high number of jobs vs. workers across
More informationState of the Industry Report. State of the Industry Report 1
State of the Industry Report 2018 State of the Industry Report 1 Print is off to a running start in 2018 an Olympic year and a mid-term election year, which means a double boost for print. Printing Industries
More informationThe Power of Digital Printing
September 2002 The Power of Digital Printing Taking the next step to new opportunity and profitability Jim Hamilton Associate Director CAP Ventures, Inc. Page 3 Contents 3 Straight Talk About Digital Print
More informationMARCH 17-18, Sidoti & Company. 18 th Annual Emerging Growth Institutional Investor Forum. Kelly Services 1. New York, NY
MARCH 17-18, 2014 Sidoti & Company 18 th Annual Emerging Growth Institutional Investor Forum New York, NY Kelly Services 1 Safe Harbor Statement The information provided in this presentation (both written
More informationShopping through gritted teeth Retail Forecasts August 2017 Public Executive Summary
Shopping through gritted teeth Retail Forecasts August 2017 Public Executive Summary Released 12 th September 2017 Shopping through gritted teeth Recent months have seen consumer sentiment drift down but
More informationEconomic Outlook: National Trends, Regional Implications
Presentation to the Business Week CEO Leadership Forum U.C. Berkeley Haas School of Business By Robert T. Parry, President and CEO of the Federal Reserve Bank of San Francisco For delivery Thursday, October
More informationSMEs Business Optimism Survey Q3, 2018
SMEs Business Optimism Survey Q3, 2018 The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be violation of applicable law. Dubai
More informationChapter 18 Business cycles and the entrepreneur. Chapter 18 Business cycles and the entrepreneur
Chapter 18 Business cycles and the entrepreneur Chapter 18 Business cycles and the entrepreneur Learning outcomes Explain what business cycles are Describe the four distinguishable phases of the business
More informationAnnual IT FORECAST EXECUTIVE SUMMARY
Annual IT FORECAST EXECUTIVE SUMMARY Now in its fourth year, the IT Forecast indicates a continued trend of decreased spending expectations within centralized IT functions. Coming out of the economic downturn,
More informationFreight Rate Survey 2017
Freight Rate Survey 2017 Analysis of the Freight Rate Survey Since the recession which struck the United States in 2008, the trucking industry has been in a state of flux, marked with numerous governmental
More informationICAEW/Grant Thornton. BCM An Indicator of Future Economic Trends 1
ICAEW/Grant Thornton Business Confidence Monitor An indicator of future economic trends BUSINESS WITH CONFIDENCE BCM An Indicator of Future Economic Trends 1 Executive Summary The ICAEW/Grant Thornton
More informationCORN: PRODUCTION EXCEEDS EXPECTATIONS
CORN: PRODUCTION EXCEEDS EXPECTATIONS OCTOBER 2001 Darrel Good 2001 NO. 7 Summary The USDA's October Crop Production report forecast the 2001 U.S. corn crop at 9.43 billion bushels. The crop is about 540
More informationArchimedean Upper Conservatory Economics, October 2016
Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The point on a business cycle when real gross domestic product stops rising and begins falling is a(n):
More information