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Johnny Depp decided to make an appearance at the Disneyland Resort in Anaheim, California, on Wednesday to surprise park guests.
Instead of exploring the food, parades and other attractions, Depp headed straight over to the Pirates of the Caribbean ride for a special gig.
Dressed perfectly as his Captain Jack Sparrow character, the actor surprised dozens of guests as they rode in their boats.
"Everyone was surprised, shocked and excited to see him," a witness shared with E! News. "He acted exactly like his character in the movies."
Stars at Disneyland & Disney World
Another theme park visitor added, "It was a surreal moment for everyone on our boat! Crazy experience. Best Disneyland experience our family has ever been a part of."
In videos captured on Twitter, Depp repeated lines from the movie while also interacting with parkgoers as he held onto his sword.
The surprise comes as excitement builds for the fifth installment of the franchise. Titled "Pirates of the Caribbean: Dead Men Tell No Tales," the Disney flick follows Jack as he flees from Salazar (Javier Bardem) and his deadly ghost sailors that have escaped from the Devil's Triangle.
U.S. & World
Stories that affect your life across the U.S. and around the world.
His only hope of survival lies in the legendary Trident of Poseidon, but to find it, he must team up with scientist Carina Smyth (Kaya Scodelario) and Henry (Brenton Thwaites).
"Dead Men Tell No Tales" hits theaters everywhere on May 29, 2017.


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JDRF is the leading charitable funder and advocate of type 1 (juvenile) diabetes research worldwide. The mission of JDRF is to find a cure for diabetes and its complications through the support of research. Type 1 diabetes is a disease which strikes children suddenly and requires multiple injections of insulin daily or a continuous infusion of insulin through a pump. Insulin, however, is not a cure for diabetes, nor does it prevent its eventual and devastating complications which may include kidney failure, blindness, heart disease, stroke, and amputation.
Since its founding in 1970 by parents of children with type 1 diabetes, JDRF has awarded more than $1 billion to diabetes research, including more than $122 million in FY2006. In FY2006, the Foundation funded 500 centers, grants and fellowships in 20 countries.
Mission: Dedicated to finding a cure
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|Children & Youth Community

subset: commoncrawl


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19mm FEATURED 'COMPRESSOR SYMBOL' Billet Push Button Switch Air Comp
19mm FEATURED 'COMPRESSOR SYMBOL' Billet Push Button Switch Air Comp
Product Code: 19BBBL
Availability:In stock
$ 26.95 26.95
19mm laser etched billet buttons
Made to order laser etched billet buttons are fitted with an LED that can be wired so that it is active when the button is pushed in or when the headlights or ignition are on. All the 19mm billet buttons have an IP65 water and dust resistant rating and each button comes with a plug in harness for easy wiring. These are suitable for many applications such as cars, marine and motor homes etc. *I recommend running a relay with these buttons on any high draw accessories as they are rated at 5A.
Button case material:
- Black backlit: Nickel plated shell, coated ABS plastic button. (only the etching on the center of the button is backlit)
- Black finish: Nickel plated, LED halo.
- Stainless finish: Stainless steel, LED halo.
Button push operation:
- Latching: Push for on, then push again for off.
- Momentary: Only active when your finger is held on the button.
- Depth inc contacts: 35mm (50mm with harness plug)
- Head diameter: 22mm
- Actual push button diameter: 13mm
- Hole size required to fit: 19mm
- Maximium panel thickness for install: 10mm*
- Switch rating: 5Amp
- Led voltage: 12 Volt
- Degree of Protection: IP65


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Casey Norris posted No. 6 seed Liberty's lone goal in the 85th minute against No. 3 seed Longwood in the quarterfinals of the 2012 Big South Championship.
Stepping on the field as the No. 6 seed in the 2012 Big South Women's Soccer Championship, Liberty squared off with No. 3 seed Longwood, Saturday night, at the Longwood Athletics Complex. After a Longwood early goal in the second period, Liberty answered with less than six minutes on the clock to send the contest into overtime tied at 1-1. With neither team finding the golden goal in the pair of extra periods, the contest went to a shootout, where Longwood advanced to the semifinals on penalty kicks, 3-0. The Lady Flames conclude the season 11-7-3 overall. Liberty's win total ties the 2001 squad for third highest in program history. Longwood moves on in its first year in the league with a 13-6-2 record. Goalkeeper Karen Blocker played the entire 110 minutes of the contest. The redshirt senior ends her career as Liberty's all-time shutout leader with 20, and with a program-best goals-against average of 1.33. She concludes her tenure No. 2 on the school's career saves list with 339. Lindsey Ottavio posted Longwood's lone goal of the game. Casey Norris scored Liberty's game-tying goal, with Kelly Henion picking up the assist. Liberty's defense stayed busy in the opening 20 minutes, with the Longwood attack applying heavy pressure. Despite the Lancers' offense occupying Liberty territory during much of the span, Longwood managed just two shots, each sailing wide of the net. In the 29th minute, Liberty defender Maddie Boone attempted to put the Lady Flames on the board. The sophomore drove up the right side and fired a shot from 25 yards out. Backup goalkeeper Shelby Hall, who came in for starter Kyra Byron in the second minute, dove for the ball with her arms fully extended to deflect the blast. The netminder scooped up the ball before a Liberty attacker could follow up, keeping the contest scoreless. After a shot by Longwood's Haylea Witz sailed just wide of the net in the 42nd minute, Boone struck again 46 ticks later. The defender booted a shot at the Lancers' net, which ricocheted off the crossbar. Boone's attempt was the last of the period, making it scoreless at halftime. In the second period, two Lancer shots went wide of the net before Ottavio lit up the scoreboard in the 57th minute. The forward airmailed a shot from outside the top of the of the 18-yard box. The blast bounced off the crossbar and down into the goal, giving the Lancers a 1-0 advantage. Longwood nearly added to its lead in the 65th minute. Midfielder Olivia Colella broke away from the Liberty defense, setting up a showdown with her and Blocker. The goalkeeper came out of net to challenge, deflecting Colella's attempt. Witz followed up off the rebound, but Boone was there to record the team save. Brittany Aanderud nearly got the equalizer for Liberty in the 73rd minute. The midfielder fired a shot at the Longwood net, but Byron, who returned for the second period, tipped it up and over the net. With time winding down, Liberty evened things up in the 85th minute. Heather Bentley lofted a long ball to Henion on the right side. A defender came out to challenge the forward, but she managed to send a crossing pass to Norris. The defender then sent a no-look shot off her heel into the left corner of the net, knotting the contest, 1-1. Alana Mackey tried to play hero for the Lancers in the 88th minute, sending a shot at the Liberty net. Blocker made the grab, setting up overtime. In the first overtime period, Longwood controlled much of the offensive action. The Lancers took three shots, all sailing wide of the net, giving way to the second overtime. During the second overtime, Collela and Kelsey McDonald each took shots on goal, resulting in a pair of saves for Blocker. In the final minute, Liberty managed to move deep into Longwood territory, but was unable to set up a scoring opportunity, forcing a penalty kick shootout. In the shootout, the Lancers connected on three of their four penalty kicks to advance, 3-0. Longwood outshot Liberty in the contest, 18-7, and held a 7-4 advantage in corner kicks. Hall played 43:37 in goal for the Lancers, making one save. Byron was in the net for 66:23, finishing with one save. The 2012 Big South Championship continues next week with semifinal matchups on Friday and the championship game, Sunday afternoon.


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PHOENIX (AP) — An Arizona man on trial for sending his 16-year-old nephew into a busy intersection last summer with a fake grenade launcher was convicted Monday of endangering the teen's life and carrying out a terrorism hoax.
Jurors in Maricopa County Superior Court got the case Monday afternoon and deliberated two hours before finding 40-year-old filmmaker Michael David Turley guilty of endangerment and knowingly giving a false impression in the July 28 mock terrorism scenario at a northwest Phoenix intersection.
Sentencing is set for Aug. 8. Prosecutors said Turley faces penalties ranging from probation to more than five years in prison.
Turley's attorney, Brad Rideout, said he planned to "argue for probation" for his client unless he wants to appeal the verdict.
"We haven't discussed that with him yet," Rideout said. "My client is in shock."
In a YouTube video that Turley made of the hoax, his young relative was dressed in a sheet, had a scarf wrapped around his head, made erratic movements while in a crosswalk and pointed the fake weapon at vehicles, prompting motorists to call 911.
Prosecutor Michael Anderson told jurors in closing arguments Monday that Turley, who was responsible for his nephew's safety that day, could have gotten his young relative killed in the hoax.
Anderson said some motorists who saw the teen with the realistic-looking fake launcher had discussions about whether they should run him over. Still, some recordings of 911 calls also showed that some witnesses assumed the weapon was a fake.
Rideout said callers weren't terrified and instead figured they were witnessing a joke, pointing out that they could see his client filming the hoax and that his nephew did a brief dance while on the street corner.
Earlier in the trial that began June 11, Rideout told jurors that it was foolish for Turley to get his nephew involved but noted that no one was injured and no vehicles wrecked as a result of the hoax.
In testimony last week, Turley said his video of the hoax was meant to be satirical and that most passing motorists laughed at them. He told jurors he didn't think his actions endangered his nephew's life.
In the YouTube video, a narrator identified as Turley said he wanted to see how long it would take authorities to respond to a terrorist situation and mentioned a movie theater shooting two weeks earlier that killed 12 people in Aurora, Colo.
The teenager carried the fake launcher on his shoulder as he made his way across a crosswalk. The narrator said the teen wanted to appear as intimidating as possible in hopes that people would call police.
The video also showed the first police officer to arrive on the scene, finding the 16-year-old standing in his uncle's driveway. The officer calmly told the teenager to put down the weapon and Turley to put down the camera. The officer didn't draw his gun.
Police left without making any arrests, but Turley was taken into custody nearly two months later after officers interviewed people who called emergency services and later saw the video posted on YouTube.


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A Little Bit of This, A Little Bit of That
Glendale, AZ—The uncertainty I'm feeling about the 2012 White Sox remains after having witnessed five spring training contests. As has been the pattern since the Sox left Sarasota for Arizona, the record is below .500–2-6 as of this morning. While that in itself is not serious cause for concern, all things considered a win is always better than a loss.
A few observations that contribute to the continuing uncertainty:
* Adam Dunn (knock on wood) looks much, much better. He's making contact and looked his old powerful self with a three-run shot and a solid double against the Rangers last week.
* Alex Rios really hasn't made an impression one way or another. A bit disappointing for those of us hoping for his revival.
* John Danks is struggling with his command. He doesn't seem concerned since it's happening so early in the spring, but it's something to keep an eye on.
* Nestor Molina, who was acquired for Sergio Santos, got lit up in his first appearance, but seemed to be much more relaxed in a good outing the next time he took the mound. Simon Castro, who came to the Sox in the Carlos Quentin deal, had an appearance he'd like to forget. Entering the game in the top of the ninth with a 6-5 lead, he imploded with a walk, a wild pitch, a hit batsmen and then surrendered a grand slam home run, sending the Sox into defeat. Neither one will make the opening day roster, but much will be expected of both as early as this summer so it's worth watching.
* I like what I've seen of Brent Morel. I think he'll just get better and better. His infield mate Gordon Beckham, in somewhat of a do or die situation, has also been a positive. Defensively, they will combine with Paul Konerko and Alexei Ramirez to give the Sox a stellar infield presence.
* Matt Thornton is the leader in the clubhouse for the closer role, but youngster Addison Reed is lurking. Seems like the call won't be made until the end of the spring.
* Tyler Flowers, the backup backstop, has struck out a lot, but has shown power. Those who have watched him see his potential at the plate, but he's yet to show it on a consistent basis.
* One reserve position player will likely be selected from Eduardo Escobar, Ozzie Martinez, Dan Johnson, Dallas McPherson and Jim Gallagher. I would say Johnson is the guy right now.
It's just been that kind of a spring.


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Course Description
ED 402 Teaching Life Skills to Students with Disabilities 2 cr.
- Offered: Fall odd years
- Prerequisite: ED 360, junior standing or instructor's permission.
Survey of national, state and community resources in independent living, recreation and socialization opportunities for students with disabilities. In addition, students examine materials and curriculum for educating students with disabilities in social skills, free-time activities and human sexuality.


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Dirk Nowitzki lingered on the bench during timeouts, waiting for the horn to sound before getting up. When he made a key shot, he walked back on defense without so much as nodding in celebration.
He was sick. A sinus infection left him coughing and wheezing, his temperature spiking to 101 degrees. At tip-off, he was still worn out from hardly sleeping the night before.
Somehow, he managed the energy to play Game 4 of the NBA finals.
And, like a flu-ridden Michael Jordan in Game 5 of the 1997 finals, he still managed to lead his team to a pivotal victory.
Nowitzki struggled through the first three quarters, then willed himself and his team at the end. He scored 10 of his 21 points and grabbed five of his 11 rebounds in the final period, lifting the Dallas Mavericks to an 86-83 victory over the Miami Heat on Tuesday night that ties the NBA finals at two games.
This best-of-seven series has been reduced to a best-of-three. Game 5 is Thursday night in Dallas, and you can be sure Nowitzki will be suited up again.
"Hopefully I'll get some sleep tonight, take some meds and be ready to go on Thursday," he said, sniffing throughout his postgame interview with his warm-up jacket zipped all the way up, still in his uniform instead of changing into street clothes like the NBA prefers.
This victory guarantees the series will continue with a sixth game in Miami on Sunday. Everyone from the ratings-hungry folks at ABC to basketball fans across the world are probably rooting for a seventh game considering how things are going — three straight games decided by three points or less, with story lines ranging from Nowitzki's heroics to Dwyane Wade's spectacular play to the shrinking confidence of LeBron James.
Start with Nowitzki, since what he's doing is the most dramatic.
He already won Game 2 by scoring the final nine points in a 22-5 rally, making two of his final three baskets left-handed, despite having torn a tendon at the tip of the middle finger in the previous game and struggling to find the right kind of splint. He scored Dallas' final 12 points in a Game 3 rally that came up two points short.
Now there's this effort, when Nowitzki went from making his first three shots to missing 10 of his next 11. He also missed a free throw for the first time since Game 4 of the conference finals, ending a streak of 39 straight.
When his illness was revealed along the way, his poor performance made sense.
When Dallas trailed 74-65 with 10:12 left, it also made sense that Miami would go up 3-1, taking a lead that's never been overcome in the finals and only been blown eight times in any round of the playoffs.
But the Mavericks turned things around, outscoring the Heat 21-9 the rest of the way. Nowitzki was 2 of 5 during the rally, including a right-handed layup that spun in off the backboard with 14.4 seconds left, and made all six of his free throws.
"The average person, you know, has sick days and battling 100-something (fever), it's just tough to get out of bed," Dallas center Tyson Chandler said. "This guy is playing against the best athletes in the world."
In '97, Jordan scored 38 points when he was sick, lifting the Bulls to a victory that gave them a 3-2 series lead over Utah.
Asked to compare the two outings, Nowitzki said: "This is the finals. You have to go out there and compete and try your best for your team. So that's what I did. I never thought about MJ's performance. I was way off, looking at my line." (For the record, his line was 6 of 19, 0 of 2 on 3-pointers, 9 of 10 on free throws.)
Until the final minute, Wade looked as if he was going to be the headliner.
He was a dominant player on both ends of the court, adding a block at the rim of a dunk attempt by the 7-foot-1 Chandler to his growing collection of highlights.
There also was a three-point play on a driving shot that seemed improbable to go in; he was hit across both arms while shooting and had to grab the rim before the ball went through just to keep from tumbling to the ground.
But with 30.1 seconds left, he missed a free throw. With 6.7 seconds left, he fumbled an inbounds pass. He chased it down and got it to Mike Miller for a 3-pointer that would've forced overtime, but it wasn't even close to hitting the rim. Fans could tell how off-target it was and began roaring with delight while the ball was still in the air.
"I was kind of anxious because I saw an opening really fast, trying to get there before I caught the ball," said Wade, who scored 32 points, his fifth time cracking 30 this postseason. "Obviously I would love to have that play back. We would love to have a lot of plays back. It happened. It was unfortunate."
Then there was the LeBron James disappearing act.
"King James" made only 3 of 11 shots — a tip-in during the first quarter, then a 15-foot jumper and a breakaway dunk in the third quarter. Not only did he fail to score in the fourth, he took only one shot while playing all 12 minutes.
He finished with eight points, ending a double-figure scoring streak of 433 consecutive games, regular season and postseason. It was his fewest points ever in the playoffs.
It can't be dismissed as one of those things because of how badly the Heat needed him when things were falling apart. Miami scored a series-low 14 points in the fourth quarter, committing six turnovers and making only 5 of 15 shots. They actually made their first two, so they missed 10 of their final 13.
"I've got to do a better job of being more assertive offensively," said James, who nonetheless contributed nine rebounds and seven assists. "I'm confident in my ability. It's just about going out there and knocking them down."
The Heat came into this game thinking they should have been up 3-0. The Mavs felt they should have been up 2-1.
This game was all about figuring out whether Miami was going to run away with the championship, as many have expected since "The Decision" last summer, or if the plucky veterans from Dallas really had what it took to be champs for the first time.
Now it's 2-2. Both teams are 1-1 at home, and all those stats about who wins under various circumstances seem pretty moot.
"This series is a jump ball," Heat coach Erik Spoelstra said. "These guys live for these type of moments. It's about execution and disposition in the fourth quarter, being able to close out. We have a golden opportunity in the next game."
Jason Terry — who kick-started Dallas' Game 2 comeback with six straight points, but was 0 for 7 in the fourth quarter of the other two games — got the Mavs going with consecutive baskets. He capped the winning rally with two free throws with 6.7 seconds left that forced Miami to need a 3-pointer to force overtime.
Carlisle shook up Dallas' lineup, starting J.J. Barea instead of DeShawn Stevenson, and made Brian Cardinal the primary backup for Nowitzki, instead of Peja Stojakovic. His changes worked out quite nicely.
Stevenson scored 11 points, his first time in double digits since Feb. 2. Cardinal drew a charge on James early and provided seven solid minutes, giving Nowitzki much-needed rest.
Terry scored 17, Shawn Marion 16 and Chandler had 13 points and 16 rebounds. Chandler also played a team-high 43 minutes because his backup, Brendan Haywood, lasted only 3:05 while trying to play through a hip injury that kept him out of Game 3.


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I've made a lot of things out of origami in my lifetime, but I have never made something as fun as this! I was inspired by Kozue (of Kozue's Show and Tell) to make a slinky out of origami paper (折り紙スリンキー). You guys, it is seriously so cool!
The instructions for this slinky are pretty simple (video at the end of this post). BUT you have to fold 50+ pieces of paper so it takes quite a bit of patience. It took me about 2 hours to complete my slinky (while watching a movie with the kids), and mine used 64 pieces of origami. My 5-year old daughter attempted to help me, but she did not have the patience to make more than one ;). This would be a great little project for a child in elementary school, or really, anyone for the matter. It would be the perfect activity for an airplane flight, or a great cure for summer boredom.
One piece of advice I have is to tape all the pieces together as you go (using just a little bit of tape). If you're going to put a lot of effort into something, you don't want it to fall apart right away! My kids have been playing a little rough with this slinky so I am very glad I reinforced it with tape.
Another thing: I actually didn't use "real" origami paper. I used paper from a Memo Cube (mine is from Staples)! If you go this route, make sure the paper you get is not sticky on the backside. My daughter's favorite color is "rainbow", so she was thrilled with this slinky!
Sorry I went a bit overboard with the number of photos in this post… I had too much fun taking the pictures!
Here is the how-to video by the creator of the origami slinky, Jo Nakashima!
What is the coolest thing you have ever made with origami?
P.S. "Slinky" in Japanese is "Slinky/スリンキー" or "Rainbow Spring/レインボースプリング".


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This article does not cite any references or sources. Please help improve this article by adding citations to sources.
Dice are the backbone of D&D. In theory, the game could be played without dice, but combat and the such would then depend solely on the DM's discretion. Dice come with a numerous amount of sides. There are d4, d6, d8, d10, d12, and d20. There are other sized dice sets, but they are not used in standard D&D games. The D&D system of dice-rolling is call d20. D20 is the most frequently rolled dice (followed by d6), which is used for combat, skill rolls, and all other checks. The twenty sides adds increased variability in the rolls.
Community content is available under CC-BY-SA unless otherwise noted.


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In a limited timeframe of 2-3 hours your people 'talent manage' their team to the top of the league. Participants experience the pressures facing todays football managers: training players, negotiating sponsorship and ultimately putting goals in the back of the net!
Points make prizes in this game and the highest scoring team are the ones who strategically manage their time and resources to achieve maximum results.
Goall was developed in Brazil by our local partner Conquistar and is now available worldwide exclusively through the Catalyst Teambuilding network of regional partners.
We're really proud to bring the passion of football to the world of teambuilding. Goall has already been very well received here in Brazil with multiple sales to corporate clients. The pictures you see here are from Libra Group (worldwide ports and airports). This was a conference of 350 delegates but the exercise works equally well for smaller groups of 30+
Elves Costa from Conquistar in Brazil
To find out more and see some video of this event in action please click here


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Shoppers: Find the lowest prices on Dolls shopping online with Sortprice.com price comparison.
Search, compare prices and shop for top brands such as Baby Doll Dolls, Joovy Dolls, Melissa & Doug Dolls and Kidkraft Dolls. Browse Popular Dolls and save money on selections like Calico Critters Dolls, Baby Doll Dolls and Dollhouse Dolls.
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1.Chicken pieces - 1 pound ( Including leg piece)
2.Onion - 1/2
3.Ginger - 1 inch
4.Garlic - 6 to 7 pods
5.Curry leaves - few
6.Fennel seeds - 1 tsp
For Marination:
1.Chilli pwdr - 1 tbsp
2.Turmeric pwdr - 1/4 tsp
3.Red chilli pwdr - 1/4 tsp
4.Lemon juice - 2 tbsp
5.Garam masala - 1/2 tsp (optional)
* Cut the chicken and slit the leg piece.
* Marinate the chicken with all the ingredients under "Marination".
* Let it sit for 2 hours.
* Take a pan,add oil ,splutter with fennel seeds and curry leaves.
* Now add the crushed garlic,chopped ginger and onion.
* Let it get sauteed well.It shud turn into dark brown in colour.This is the essential step for this curry.
* Now add the marinated chicken into the pan,along with its juices.
* Cover the pan and cook till the chicken turns tender or it is cooked 90%.
* Once the chicken is cooked,remove the lid and cook it in high,till the juices are evaporated.Taking the lid off,helps the chicken to be dry without any moisture.
* Squeeze some more lemon juice and serve with sliced onion.


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South African Journal of Economic and Management Sciences
On-line version ISSN 2222-3436
Print version ISSN 1015-8812
S. Afr. j. econ. manag. sci. vol.16 n.2 Pretoria Jan. 2013
A marketing perspective on the impact of financial and non-financial measures on shareholder value
Nic S Terblanche; Charlene Gerber; Pierre Erasmus; Delia Schmidt
Department of Business Management, University of Stellenbosch
The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contribution of marketing to sales. Secondary data from two retail brands within the same industry were analysed whereby actual accounting data were adjusted to examine the link between marketing expenditures, specifically with regard to the 4Ps (typical non-financial measures), and sales. The results of the time series regression showed that the nature of the relationship between marketing expenditures and sales is dependent largely on the product characteristics. The link between marketing and sales depicted serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand.
Key words: shareholder value, marketing performance measures, time series analysis
1 Introduction
Marketing managers are being required to demonstrate the profitability of their marketing actions on an ongoing basis (Ramani & Kumar, 2008:27). There have been calls for investigation into the link between marketing actions and financial outcomes (Bahadir, Bharadwaj & Srivastava, 2008), with a consequent increased demand for greater accountability on the part of marketers (Rao & Bharadwaj, 2008:16; Ambler, 2000). The demand for marketing managers to assess the effectiveness and efficiency of marketing decisions has resulted in the development of several marketing performance measures to assess the impact of marketing decisions (Chendall & Langfield-Smith, 2007; Lehmann, 2004).
Researchers and practitioners have developed and used various marketing performance measures to assess the impact of marketing. Although financial measures account for more than 65 per cent of performance measures used in marketing practice (Pont & Shaw, 2003), these seem to be inadequate for measuring important elements of marketing performance (Lehmann, 2004). Researchers have found that a combination of financial (i.e. data available from and ratios based on financial statements) and non-financial measures (i.e. other performance measures) have become essential to assessing marketing performance (O'Sullivan & Abela, 2007); they have also found that non-financial measures (such as the 4Ps) are better predictors of a company's long-term goals than financial measures are (Chendall & Langfield-Smith, 2007).
Generally, a degree of consensus has been reached that the problem of performance measurement should be approached from both the financial and the non-financial perspectives. Obtaining a balance between the two perspectives is the key to greater respect for marketing managers in boardrooms, as well as to better learning within the marketing department (Rust, Ambler, Carpenter, Kumar & Srivastava, 2004; Ambler, 2003).
Pioneering work has been done by, amongst others, Doyle (2000a) and Ambler (2003) in pursuit of obtaining reasonable and transparent measurement tools for marketers. Although there is extensive insight into non-financial measures such as the marketing mix, service quality and the like (O'Sullivan & Abela, 2007; Farris, Bendle, Pfeifer & Reibstein, 2006; Lehmann, 2004; Rust et al., 2004; Srivastava & Reibstein, 2004), financial measures remain problematic for the many marketers who fail to understand the importance of the bottom line within a wider financial context (Lukas, Whitwell & Doyle, 2005). According to Lehman (2004), finance is the language of commerce, and whether or not marketers like it, they have to accept accountability for expenditures. He notes that the work emerging in the domain of marketing appraisal has one common thread, which is a focus on evaluating marketing actions and assets in financial, not marketing, terms.
Even though there has been dissent as to whether marketers ought to become more accountable, researchers have failed to deliver a measurement instrument that could measure marketing performance in financial and marketing terms (Bick, 2009). This article proposes a marketing performance measurement approach whereby both financial and non-financial measures are combined, allowing all parties to communicate performance in terms that would be acceptable and understandable to them. More importantly, if marketers were to expand their skills base to include financial analysis, they would be able to engage top management in meaningful conversation on the role of marketing investment in a company (Srivastava, Shervani & Fahey, 1999; Doyle, 2000b; Ambler, 2003). It is proposed that actual marketing costs be scrutinised. By tracking a brand's cash outflows (i.e. cost) and inflows (i.e. sales) over a four-year period, inferences can be made about the contribution by marketing to cash generation. In the study reported here, marketing expenditures (outflow) were correlated with sales (inflow) during the same period to measure this contribution to sales.
In this article, shareholder value maximisation is discussed and marketing's lack of credibility is highlighted. In light of this goal, marketers' attempts at performance management are addressed by focussing on marketing perfor- mance measures, while the process of linking marketing to sales is explained in detail.
2 Shareholder value maximisation
In the field of financial management, it is generally accepted that the primary financial objective of a company should be centred on the creation of shareholder value (Brigham & Daves, 2010:4). The rationale is simple: shareholders are the owners of a company and the board of directors is their elected representative; therefore, the objective function of management should be to maximise shareholder value. In order to achieve this objective, it is necessary for the company's management to invest in value-creating investment opportunities only. This is achieved when managers make decisions that increase the discounted value of all forecasted future cash flows (Copeland, Koller & Murrin, 1994; Martin & Petty, 2000).
To ensure that the actions of the management of a company are focussed on the creation of shareholder value, it is important for systems to be in place that will ensure that this objective is clearly communicated to management. Furthermore, it is important that management's performance is evaluated to determine whether they have managed to achieve their objective. Appropriate compensation systems should also be developed to ensure that management is rewarded for achieving the objective of shareholder value creation (Monks & Minow, 2004). All too often, however, there is a lack of clarity about the objectives and the means of reaching them (Donovan, Tully & Wortman, 1998:1). As a result, performance becomes vague and managers' remuneration subjective. Koller (1994) comments that the predominant cause of inappropriate performance measurement is that the measures applied to evaluate performance are not aligned with the ultimate goal of creating shareholder value.
Typically, the financial measures used to assess periodic performance are based on historical accounting information such as earnings, profit margins or returns figures. Martin and Petty (2000:8) maintain that such measures are almost always single-period accounting-based measures of performance that suffer from two important limitations: they are based solely on one historical period of operations (there is no reason to believe that they are indicative of the life-time value of the initiative), and accounting information systems do not incorporate the opportunity cost of capital.
In an attempt to improve on some of the weaknesses of these traditional accounting-based performance measures, a number of value-based financial performance measures were developed. These measures are usually incorporated into a broader management system that is focussed on achieving the objective of shareholder value creation. This management approach is classified as value-based management (VBM) and, according to Koller (1994), it adopts value as a doctrine, a precise and unambiguous measure from which the entire company can be operated. As VBM recognises shareholder value creation as the fundamental assumption underlying financial theory, management consequently has one basic, prevailing goal: to create value for shareholders (Brigham & Daves, 2010).
If VBM is properly executed, it is a managerial approach that aligns a company's overall aspirations, analytical techniques and management processes to focus decision-making on the key drivers of value (Koller, 1994). Ryan and Trahan (1999) conclude that VBM is all-encompassing and includes corporate strategy, management compensation, and detailed internal reward systems, all of which are designed to link employee performance to shareholder value. In order for managers to evaluate the success of their actions, they need to assess the development of the strategy at finite intervals over the specified time frame.
VBM has been described as the marriage between strategic thinking and modern financial theory (Day, 1990:333). Copeland et al. (1994: 96) suggest that the "right" organisation of a company is critical to value creation, as it ensures that the aspirations and strategy are translated into disciplined execution. The authors maintain that there is no right approach to organisation, only that the chosen structure should enable performance accountability of clearly defined units, such as performance accountability for the marketing function.
3 The marketing function
Marketing is defined as "the activity, set of institutions, and processes for creating, communi-cating, delivering and exchanging offerings that have value for customers, clients, partners and society at large" (AMA, 2007). In its simplest form, the marketing function serves to manage profitable customer relationships by targeting market segments and tailoring the 4Ps (i.e. product, price, place and promotion) to meet the needs of the identified target market (Kotler & Armstrong, 2008:4). Kotler and Keller (2012:136) emphasise the importance of the marketing function by stating that the financial success of companies often depends on marketing ability and that the lack thereof could be the Achilles' heel of formerly prosperous companies. A response to the indecision regarding the role of marketing in modern companies was constructed by Srivastava et al. (1999), who argued that, in an attempt to inspire a market perspective among companies, marketing should directly influence the business processes contributing to the generation and maintenance of customer value.
Marketing managers have repeatedly been challenged to provide accountability for expenditures (Grenholdt & Martensen, 2006; Ambler, 2003; Rust, Lemon & Zeithaml, 2004; Doyle, 2000b). Some have proposed the use of shareholder value analysis as a solution to the dilemma of demonstrating the added-value that marketing contributes to a company (Bick, 2009; Srivastava, Shervani & Fahey, 1998; Day & Fahey, 1988). Accordingly, marketing investments and strategies are evaluated based on their ability to enhance value.
Ambler (2006) describes marketing as a two-stage process: building brand equity, and then using it to drive cash flow. As a result, if performance is to be benchmarked and monitored, both stages have to be measured. The value of a company is dependent largely on the growth prospects and perceived sustainability of profits. Although a two-stage model like this is theoretically sound, marketers' continual inability to formally trace the effects of a marketing action to company value undermines the latter stage, and in turn, marketing (Rao & Bharadwaj, 2008; Moorman & Rust, 1999).
3.1 Marketing's credibility
Researchers and academics posit that the role of marketing in a company became focussed on strategy implementation (Martin, 2010; Webster, 1992) and evaluating how expenditures influence marketplace performance (Kotler & Keller, 2012:136; Bick, 2009). Research indicated that marketing performance tends to meet objectives (Ambler, 2003:29). Accordingly, a number of marketers have recognised the need for more effective feedback systems (Wilson & Gilligan, 2005:33). Bonoma and Clark (1988:3) note that marketing literature focuses almost exclusively on the efficiency of marketing initiatives but there is curiously little work concerning the effectiveness of such strategies. Crudely, the essential difference between the two concepts is captured by the notion that "efficiency is doing things right, effectiveness is doing the right things" (Ward, 2004:7).
The distinction between efficiency and effectiveness arose in an effort to distinguish means-related efforts from ends-related efforts (Bonoma & Clark, 1988:3). The necessity of this distinction is obvious from the previous notion that marketers believe that non-financial measures are sufficient ends in themselves. Mistakenly, some assume marketers' preoccupation with efficiency measures (market share or customer satisfaction) suggests that such intermediate measures are "self-evident" measures of effectiveness (Wilson & Gilligan, 2005:554). According to Wilson and Gilligan (2005:554), the intensive coverage of efficiency measures implies its effectiveness. These measures are applied extensively by marketing managers, and are generally assumed to be correct. This, however, may not necessarily be the case.
These shortcomings of efficiency measures have led many to adopt performance management systems to monitor a variety of important measures that managers have identified in pursuit of their objectives (Ambler & Roberts, 2008; Farris et al., 2006:3; Clark, Abela & Ambler, 2006; Ambler, 2003:57). These systems or collective measures attempt to address three complications that Rust et al. (2004) identify in their pursuit of measuring marketing productivity:
• relating marketing to long-term effects;
• separating individual marketing activities from other activities; and
• using purely financial measures have proved inadequate for justifying marketing investments; non-financial measures are also needed.
Nevertheless, Ambler (2003:29) found that, more often than not, performance is a function of what is planned and measured. For this reason, Ambler and Kokkinaki (2002:225) contend that successful marketing requires monitoring the effectiveness of marketing activities and that better measurement will result in better marketing. Hence, if the financial impact of how market results create shareholder value is not measured, it is likely to be arbitrary and top management will consequently continue to undermine marketing efforts (Moorman & Rust, 1999). Finally, marketing actions should aim to create measurable marketing assets, which, in turn, should contribute to shareholder value.
Marketing investment and strategy analysis should be evaluated according to their ability to enhance value. The inability of marketers to do so and, as a result, to abide by the laws of shareholder wealth maximising is undermining the strategic influence of marketing managers in companies (Doyle, 2000b). Unless marketers expand their skills to incorporate the financial analysis of their strategies, top management is likely to maintain the status quo and marginalise marketers and their proposed investment strategies. There is no shortage of recent outcries from various corners of the business domain for increased accountability and transparency of marketing money spent (Davis, 2007; Ambler, 2003; Rust et al., 2004; Morgan, Clark & Gooner, 2002; Doyle, 2000b).
Some have gone as far as contemplating the demise of marketing professionals (Doyle, 2000a), a concern based in the ongoing marginalisation of marketers at boardroom tables. Reinforcing the concern of Rust et al. (2004) regarding marketers' financial ineptitude, Lukas et al. (2005) contend that:
"... marketing's lack of strategic influence within companies will continue to happen until marketing has a better understanding of what shareholder value is and how it provides opportunities for the discipline to engage in a meaningful performance dialog with top management. The quality of, and motivation for, such a dialog depends on fully understanding the marketing-finance interface, which is centered on the interdependence between the marketing function and shareholder value."
Commendable work has been done on investigating the plausibility of the shareholder value framework (embracing the VBM concept) as a solution to linking marketing activity to sales (Rust et al., 2004; Ambler, 2003; Doyle, 2000b; Srivastava et al., 1999). Using VBM to govern decision-making could resolve the underinvestment bias derived from senior management regarding marketing money spent as expenditures instead of investment (Doyle, 2000b). If marketers could engage executive managers in a meaningful dialogue to successfully demonstrate the extended contribution of marketing investment it would strengthen the strategic role and importance of the marketing function. Furthermore, the incorporation of financial discipline into marketing management would increase the efficiency and effectiveness of marketing tactics as a result of improved goal articulation and resource allocation and this should facilitate learning within the company (Koller, Goedhart & Wessels, 2010:435; Damodaran, 2001:802).
3.2 Marketing performance measurement
As early as 1988, marketing research anticipated the introduction of shareholder value maximisation as a means for measuring marketing performance (Day & Fahey, 1988). The demand from marketing managers to assess the effectiveness and efficiency of marketing decisions has resulted in the development of marketing measures to assess the impact of marketing decisions (Chendall & Langfield-Smith, 2007; Lehmann, 2004). Both marketing practitioners and academics have shown increasing interest in the assessment of marketing performance (Ambler, Kokkinaki & Puntoni,2004; Clark, 1999) and it is therefore not surprising that measuring marketing's performance has emerged as one of the top research priorities in the field of marketing (Lehmann &Reibstein, 2006; Lehmann, 2004).
As illustrated in Table 1, marketers have a plethora of measures available to them. The combination of performance measures used will depend on the objectives and circumstances (Ambler, 2003), but balancing a number of useful measures when evaluating a marketing strategy is important. Farris et al. (2006:3) argue that, by combining various measures, managers can obtain more accurate information. Table 1 provides a brief summary of what Grenholdt and Martensen (2006) found to be the most widely used marketing measures.
It is evident from Table 1 that not all of the financial measures have been given the attention deemed necessary to develop a common language with top management in order to provide evidence of marketing productivity. It is repeatedly argued, however (Ambler, 2003; Doyle, 2000b; Lukas et al., 2005), that, if marketing is to become central to the general management process, marketers need to expand their skills base to include financial planning techniques. Ambler (2008) argues that, although financial analysis is necessary to evaluate different strategy alternatives, it cannot be used in isolation from non-financial measures. Doyle (2000a) states that measures such as sales, market share or consumer attitudes have little value as criteria for judging marketing strategies, since they have no necessary correlation with how investors value a company. As stated, more than 65 per cent of performance measures used in marketing practice are financial measures that are inadequate to measure important elements of marketing performance (Lehmann, 2004). Not only have researchers found that a combination of financial and non-financial measures has become essential to assessing marketing performance (O'Sullivan & Abela, 2007) - they also found that non-financial performance measures are better predictors of a company's long-term goals than financial measures are (Chendall & Langfield-Smith, 2007; Koller et al., 2010:431). It is therefore necessary to develop the relationship between non-financial efficiency measures and financial effectiveness measures. Rust et al. (2004) state that, in order to monitor the contribution of marketing, it is necessary to track off-balance-sheet measures and relate such measures to current and expected performance.
Doyle (2000b) insists that the era of financial accountability is a reality facing marketers. If they do not adopt financial analysis to evaluate their strategies they will face the possibility of being ignored by top management. Marketers would therefore greatly benefit from developing the skills needed to incorporate financial analysis and, as a result, still maintain a level of control and insight into the way marketing performance should be evaluated. Finally, although shareholder value analysis is no panacea, it could increase the credibility of marketing strategies in boardrooms (Doyle, 2000b; Day & Fahey, 1988).
However, the development of measures that assess the financial performance of marketing investments has evolved sporadically and remains a largely unexplored domain (Rust et al., 2004; Morgan, Clark & Gooner, 2002; Srivastava et al., 1999). Rust et al. (2004) conducted an audit of progress in the pursuit of market productivity measures and found new research directions across seven areas. The authors consequently emphasised a common thread across all these areas, that is, the development of aggregate-level models that link tactics to financial impact.
4 Rationale for the study
There is little debate that shareholder value analysis assists management in evaluating decisions and strategies to value creation (Pike & Neale, 1999:112). In order to evaluate and manage shareholder value creation, the focus is usually placed on the maximisation of value drivers. These are sets of performance measures impacting on the success of managerial decisions (Copeland et al., 1994:97) and include growth in (profitable) sales or revenues, an increase in operating profitability (Brigham & Daves, 2010: 379), and access to a motivated sales force and market share (Koller et al., 2010).
Even though marketing can be seen at the centre of VBM owing to the customer-focussed outlook of strategy formulation (Doyle, 2000a), marketing's lack of financial accountability has polluted its presence in the boardroom. It has been noted that, unless marketers find a way to translate performance to top management in financial contexts, they will continue to be marginalised. Contrarily, Ambler (2003:80-83) remarks that financial measures (e.g. cash flow) provide valuable internal discipline structures, but fail to provide any useful market information on the way in which cash flow is generated. The adoption of shareholder value analysis by marketers should increase the credibility of marketing initiatives, as it will provide clarity in goal setting and performance management, and provide marketing managers with bargaining power in budget debates. As shareholder value adopts a long-term perspective on performance, pressure on marketing managers for quarterly results will thus be alleviated (Ward, 2004: 23).
In adopting shareholder value analysis, marketers would need to apply an aggregatelevel model linking marketing activities to financial impact, in other words a model that incorporates non-financial marketing performance measures (such as the marketing mix) and financial performance measures (such as cash flow or turnover). This article proposes such a model.
5 Research method
5.1 Procedure
Although a number of factors contribute to the creation of shareholder value, the importance of sales is usually highlighted owing to their contribution to the generation of cash flow. To assess the contribution of marketing activities to shareholder value maximisation, its relationship with sales has to be considered. In the endeavour to link marketing to sales, actual financial data for both marketing expenditures and sales is needed, in other words secondary data. For purposes of this article, authentic financial data that was collected over a specific period of time was therefore scrutinised. Financial data serves as the most accurate source of data as it provides a true reflection of the interaction between sales and marketing expenditures over a specific period of time. The financial data obtained was therefore apportioned (in terms of the costs incurred) to the activities on which it was spent, in other words the 4Ps (non-financial measures).
Allocation of the marketing expenditure data was conducted based on the recommendations of the company's financial manager and head of marketing management. Two senior marketing researchers and one senior financial researcher concurred on the allocation of costs.
In the current study, a fast-moving consumer goods (FMCG) company operating in South Africa provided monthly accounting data for two products (Brand A, a convenience product, and Brand B, a premium product) extending over the 48-month period from June 2001 to July 2005. The products and timeframe were selected based on data availability. Due to the sensitivity and confidentiality of the data, the specific industry or type of products cannot be revealed.
Instead, emphasis was placed on the accuracy of data and the appropriateness of the time frame in question. The data encapsulated the period from June 2001 until the end of July 2005, a relatively stable economic period in the South African economy (SARB, 20012005). Economic stability is an important factor to consider as it secures a more accurate reflection of the relationship between sales and marketing expenditures as opposed to sales as the subject of economic variability. Such economic variables serve as extraneous variables that could undermine the result of the analysis between marketing expenditures and sales (Zikmund & Babin, 2007:264).
The product data investigated in this study represented the monthly financial income statement for each respective brand over the study period. Consequently, the sales units (in litres) and sales in Rands represent the 'sales-out-of-company' to resale vendors such as self-service convenience or wholesale stores. The average sales price for Brand A over the four-year period was R11.42 whereas the average sales price for Brand B over the same period was R34.21. Since two types of products are included in the analysis, it is possible to investigate whether differences are observed between the two brands.
5.2 Data analysis
One of the major problems experienced with efficient performance evaluation is that the accounting data that is readily available in a company is not necessarily in the appropriate format to be used for performance evaluation. When considering marketing performance measures, this is often the case. For purposes of this article, the shortcoming indicated was addressed by adjusting the actual financial data and reclassifying it according to marketing activities based on the marketing mix (i.e. the 4Ps) framework. Only expenditures in the income statement related to the 4Ps were included. In other words, the traditional income and expense items as classified by accounting standards were not applied. Rather, expenditures were allocated according to marketing activity. Marketing expenditures were therefore identified and classified into predetermined components according to the 4Ps. The different components of the 4Ps were organised to represent the independent variables contrasting sales as the dependent variable.
Once the data for each brand had been categorised according to the appropriate variables and an organised time series of data for each variable had been created, the empirical analysis commenced. Initially, a series of standard statistical descriptors was analysed to better understand the nature of the data for each brand. In particular, as the data encapsulated the period from July 2001 until the end of June 2005, it clearly resembled time series data. When analysing time series data there are several unique components that have to be taken into account while conducting a regression analysis. In the FMCG industry, seasonal fluctuation of product sales often occurs, as certain products are prone to higher sales in certain months of the year (Levy & Weitz, 2012:327). If a correlation between adjacent points in time exists, the residual at any point in time may tend to be similar. Such a pattern in the residuals is called autocorrelation. Autocorrelation can cause serious errors when performing tests of statistical significance based on the assumed regression model (Anderson, Sweeney & Williams, 2011:750). A preliminary investigation into the presence of autocorrelation in the data revealed Durbin-Watson statistics well below the threshold value of 2 for both brands. In other words, the assumptions of regression (i.e. independence of errors, homoscedasticity and normality) were violated (Berenson, Levine & Krehbiel, 2004).
Therefore, before linking marketing to sales, the obtained data had to be scrutinised for the presence of trend, seasonality and autocorrelation in the data. Based on the assumption that possible trend, seasonality and autocorrelation could be present in the data, the necessity to apply time series regression analysis instead of multiple regression analysis in the study was anticipated. In an ordinary multiple regression analysis between the independent and dependent variables, the unique characteristics of time series data are not necessarily taken into account. Therefore, to examine the link between marketing and sales, the relationship between marketing expenditures and sales was evaluated using time series regression analysis. In a time series regression analysis, provision is made for trend and seasonality through the use of dummy variables (Makridakis, Wheelwright & Hyndman, 1998).
6 Results
The classical approach to time series analysis is based on the premise that a typical time series is composed of several components, namely secular, seasonal, cyclical and irregular variations (Daniel & Terrell, 1975:334). Accordingly, the process of deconstruction involved isolating and reconciling the distorting impact of each of these components to the extent that an accurate regression analysis was completed. The effect of trend and seasonality is mediated by creating counteracting variables that are included in the time series analysis.
6.1 Brand A: sales and marketing expenditures over time
When dealing with time series data, trend, seasonality and autocorrelation might influence the relationships between variables. As depicted in Figure 1, Brand A experienced peaks in sales around November and December of every year followed by a sharp decline in January. There thus appeared to be indications of both trend and seasonality in the data, and these effects had to be incorporated before the regression analysis could be performed accurately.
Figure 1 shows that the months of November and December are characterised by high peaks in marketing expenditures coinciding with high sales. Every year in January, the opposite effect is evident, when sales and expenditures are much lower than in other months. Albeit on a much smaller scale, promotion and distribution costs appear to follow a similar pattern. In July 2002 and July 2003, the promotional expenses for Brand A were decreased to the same level as that of distribution costs. Notably, sales reached their highest point during this period, but have appeared to slowly decrease marginally over time since then.
6.2 Brand B: sales and marketing expenditures over time
As depicted in Figure 2, Brand B also experienced peaks in sales around November and December of every year followed by a sharp decline in January. Thus, there also appeared to be indications of both trend and seasonality in Brand B's data, and these effects had to be incorporated before the regression analysis could be performed accurately.
Similar to Brand A, the promotional expenditures for Brand B were decreased between July 2002 and July 2003. Contrary to sales for Brand A, sales for Brand B remained relatively constant during this period, even though the peak in sales for March 2003 were higher than sales for the same period in the previous year. From July 2003, when promotional expenditures were once again increased, the brand displayed growth for the remainder of the period under scrutiny.
The first time-series component scrutinised was trend, the effect of which was incorporated by including a dummy variable with a value running from 1 to 48 for each of the 48 months representing each of the data points. The regression analysis was repeated, including the trend independent variable to examine the unstandardised residuals of the analysis. If the residuals still violated the acceptable bounds, the next step entailed including further dummy variables to account for seasonality.
6.3 Time series regression analysis: Brand A
Brand A had volatile sales and was characterised by high variance in sales during the period investigated. During the process of validating the time series regression analysis, the un-standardised residuals fell within the acceptable range after a trend dummy variable was added, so no further accommodation for seasonality was necessary. The trend component of the time series thus impacted the dependent variable (sales) in a way that distorted the accuracy of the regression analysis but seasonality did not. A time series regression analysis was conducted in which product, price, promotion, place and trend were included as independent variables and sales served as the dependent variable. Table 2 shows the results of the regression coefficients for Brand A.
* Significant at the 95% confidence level.
For Brand A, when a time series regression analysis was performed on the different components of marketing, the results indicated that the model explained 98 per cent variance in sales (F(5) = 692.53, p < 0.05). With the introduction of trend into the analysis, the Durbin-Watson statistic is also closer to 2 (changed from 1.07 to 1.59), which means that autocorrelation is no longer a significant factor in the analysis. The next step was therefore to understand the interaction between the independent variables included and sales.
The results of the time series regression analysis indicated that, for Brand A, place and price explained unique variance in sales (p < 0.05). At a 95 per cent level of confidence, neither promotion nor product appeared to account for unique variance in sales. As anticipated, trend also explained unique variance in sales (p < 0.05). The nature of the significant relationship between distribution costs and sales was positive. In other words, assuming that all things remain unchanged, if the company were to invest more resources towards increasing the distribution range of Brand A, the sales for the brand would also increase. There was also a significantly positive relationship between price and sales. Price elasticity is a commonly used measure of price sensitivity, and describes the percentage change in quantity sold divided by the percentage change in price. Levy and Weitz (2012:374) explain that consumers of a product are viewed as price insensitive (inelastic) when a 1 per cent decrease in price results in less than 1 per cent increase in the quantity sold. Alternatively, the consumers of a product are viewed as price sensitive (elastic) when a 1 per cent decrease in price produces more than a 1 per cent increase in the quantity sold. The consumers of Brand A therefore appeared to be price insensitive, as an increase in price did not negatively impact on sales.
The results also indicated that trend explains unique variance in sales. Since trend incorporates exogenous factors like economic growth, it is possible that, if economic growth declined and consumer budgets became further stretched, consumers would trade down to cheaper alternatives like Brand A. A negative relationship between trend and sales for the particular brand was detected. Ultimately, the results for Brand A indicated that a high proportion of sales variance was explained by the place and price elements, as well as the trend in the data. According to retail theory, the pricing and location of products are essential when shopping for convenience products (Levy & Weitz, 2012:183). As Brand A was a convenience product, the results obtained in the time series regression were supported.
6.4 Time series regression analysis: Brand B
Brand B was characterised by a relatively low variance in sales but a high autocorrelation between sales months. As depicted in Figure 2, Brand B appeared to be sensitive to seasonality, with high peaks in the summer of every year. As a first step in the regression analysis process, the trend dummy variables were included in the time series analysis to incorporate the effect of secular trend. However, the inclusion of trend did not sufficiently account for error residuals, so further inclusion of dummy variables that accounted for the seasonal component was needed. In the case of Brand B it was thus necessary to include dummy variables for both the trend component and seasonal component of the time series. A dummy variable for each of the months included was assigned a variable of either one or zero respectively to account for seasonality. Thus, a time series regression analysis was conducted where the product, price, promotion, place, trend and monthly dummy variables were included as independent variables, and sales served as the dependent variable. Table 3 shows the results of the regression coefficients for Brand B.
Regarding Brand B, when a time series regression analysis was performed on the different components of marketing the results indicated that the proposed model explained 99 per cent of the variance in sales (F(16) = 427.00, p < 0.05). Once again, the introduction of trend and seasonality in the analysis brought the Durbin-Watson statistic closer to 2 (changed from 0.07 to 2.2), which meant that autocorrelation was no longer a significant factor in the analysis. The next step was therefore to understand the interaction between the independent variables included and sales.
In the case of Brand B, it appeared that only the product element of the 4Ps explained unique variance in sales (p < 0.05). At a 95 per cent level of confidence, not one of the promotion, place or price components explained the variance. In this case, both trend and seasonality explained unique variance in sales. From the results, it was evident that not only was the type of product in high demand, but sales were seasonal (except for the month of February) and followed a trend.
In the case of Brand B, the unique variance in sales was explained by the trend, seasonality and type of product. Even though a high percentage of variance in sales was explained by the independent variables, unique variance in sales was better explained by trend, seasonality and the product type. If the analysis had been performed by simply adopting a multiple regression analysis, detail pertaining to the effect of trend and seasonality would have been lost and a misinterpretation of the results would have followed. Instead, the conclusion with regard to the 4Ps in the case of Brand B was that only the product type explained unique variance in sales. Retail theory states that consumers would expend extra effort when buying premium products, and will not accept substitutes (Levy & Weitz, 2012:183). Brand B was a premium product, and the results obtained from the time series regression analysis were thus supported. Since sales are considered to be one of the major value drivers in the value-based management context, the increases in sales levels achieved by means of improved marketing tactics should contribute to the creation of shareholder value (Koller et al., 2010:435; Damodaran, 2001:802).
7 Concluding remarks
At the outset of the study, the focus on marketing accountability and the transparency of marketing return on marketing investment was considered. In essence, if marketers were to expand their skills base to include financial analysis of the actions and tactics that they employ, they would be better equipped to engage top management in a meaningful dialogue about the role of marketing investment within a company. Baker (2002:317) proposes that the marketer's goal should be to find a profitable mix that combines elements of the 4Ps and to conform these elements to market forces so that the specific product category can impact company performance (Levy & Weitz, 2012:183-184).
In this study, the results of time series regression analysis of marketing expenditures and sales revealed that the nature of the relationship between these components and sales is dependent largely on the classification of the product, in other words premium versus non-premium brands. Although results are supported by the theory of product classification, whereby product is an important factor for premium products, and price and place for non-premium products (Kotler & Keller, 2012: 349), it seems that trend and seasonality also play a crucial role in generating sales. It would appear that sales of premium brands are influenced by trend and seasonal fluctuations, while sales of non-premium brands are influenced only by trend.
Owing to the nature of this secondary data analysis, there were inherent limitations to the study. The analysis of the data was dependent on the characteristics of the data supplied. In addition, the data available did not encompass all of these activities and, as such, the 4P components included in this study reflected the activities or expenditures available instead of the complete activity set. Specifically, no description of the actions included as promotional expenditure was available. Promotional expenditures encompass a wide variety of above-the-line and below-the-line marketing actions, and some of these actions are likely to have a greater impact on sales than others. In future research, more clarity will be generated around the impact of promotion on sales if promotional expenditures can be broken down further to address specific actions. Further analysis on the short- as well as medium- to long-term effects of promotional expenditures on brand equity will shed more light on the process during which promotion impacts sales.
The optimal allocation of resources to the different components of the 4Ps is enabled through an understanding of the unique variance created in sales by such components. Marketers should equip themselves with an understanding of managerial accounting principles, specifically activity-based costing and the guidelines for cost allocation amongst these components. In turn, marketers will be able to analyse which of the components are the most lucrative for investing resources in order to drive profitable growth.
Once the relationship between promotion and brand equity is better understood, the subsequent relationship between brand equity and sales could be further explored for a better understanding of the interaction between promotional marketing expenditures and sales. Ideally, such an investigation would also need to be conducted over an extended period, since brand equity could take a long time to be nurtured and, if one is to fully understand whether the investment in brand equity is successful, the appropriate time frame would have to be considered. The further exploration of the promotional expenditures component is crucial to understanding the dynamics between the short-, medium- and long-term effects of different promotional activities and sales.
The understanding of the unique sales variance created by the different components of marketing expenditure serves as a first step to understanding the impact of marketing on the bottom line. The development of this body of theory should strive to quantify marketing investment and return on investment in a way that would allow marketers to speak a financial language in boardrooms. Ultimately, the research approach applied in this article serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand.
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BICK, G.N.C. 2009. Increasing shareholder value through building customer and brand equity. Journal of Marketing Management, 25(1/2): 117-141. [ Links ]
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BRIGHAM, E.F. & DAVES, P.R. 2010. Intermediate financial management (10th ed.) Mason, Ohio: Thomson South-Western. [ Links ]
CHENDALL, R.H. & LANGFIELD-SMITH, K. 2007. Multiple perspectives of performance measures. European Management Journal, 25(4):266-282. [ Links ]
CLARK, B.H. 1999. Marketing performance measures: History and interrelationships. Journal of Marketing Management, 15:711-732. [ Links ]
CLARK, B.H., ABELA, A.V. & AMBLER, T. 2006. An information-processing model of marketing performance measurement. The Journal of Marketing Theory and Practice, 14(3):191-208. [ Links ]
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DAVIDSON, J.H. 1999. Transforming the value of company reports through marketing measurement. Journal of Marketing Management, 15(8):757-778. [ Links ]
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Accepted: August 2012


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White Boyy Hittin That South Dallas Swag!
"Workin' the south dallas swagg starting at 0:58 and riles up the crowd. At the AAC after Finals GAME 6 VICTORY!" - Hanan
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The Little Rock Express
- The Tuscola Turn : 73,175 VOTES
- The Little Rock Express : 76,217 VOTES
- The Baton Rouge Rambler : 18,070 VOTES
- The Boise Limited : 11,213 VOTES
Thanks to everybody who participated in Union Pacific's Great Excursion Adventure!
The Little Rock Express began with the arrival of Union Pacific's steam locomotive No. 844 May 29 in Kansas City, Mo., and concluded June 8 in North Little Rock, Ark. Photos, diaries, and videos from the Little Rock Express, as well as more information about UP are available on upsteam.com, up.com and the Union Pacific Facebook and Twitter pages.
Top Point Winners
- Grand Prize Winner, Shad D. Pulley, West Jordan, UT
- Skip Waters, Dallas, TX
- James O'Connor, Willowbrook, IL
- Nick Benson, Eagan, MN
- Kevin S Mucha, Villa Park, IL


text: The first time I tried to paint anything, was a frozen willow tree in the snow. Acrylic painting #1. is in the profile box. I have never been to a painting class,and I don't draw it on there first I just start painting, my only training is watching Bob Ross on PBS and many hours of practice. Now it's just going crazy. Painting can be very relaxing, every one should try it. Hopefully some day I can teach what I know to someone else. I am a handyman by trade, who has found his passion in life. I started painting for relaxation and stress relief, but it also brings me joy. Happy painting! More coming soon! Anyone of my paintings would make a great Christmas present.. or Birthday Gift!


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Welcome to Watch List, where we identify five things on TV to watch while you pack up your office and prepare to leave the House of Representatives. LET'S GO!
IN TREATMENT – 9:00PM (HBO) HBO's shrink telenovela returns for its third season. I would totally watch this show if I wasn't too cheap to spring for premium cable. I remember always being captivated by the shrink scenes on "The Sopranos," much more so than the dream sequences. I watch any shrink scene on TV assuming the doctor and patient will get it on somewhere in the middle of the session. This season, Debra Winger joins the cast as one of Gabriel Byrne's patients. But you'll have to wait for her. Tonight's new patient is a widow from Calcutta who has recently moved to New York and is dealing with relocation anxiety. I imagine New York, compared to Calcutta, is far too open and spacious for her tastes. Be on the lookout for Amy Ryan later this week. She's Byrne's new therapist. Again, I assume they're gonna get it on. ANTICIPATION: OEDIPUSY!
CHUCK – 8:00PM (NBC) Linda Hamilton returns as Chuck's mom tonight. But that's only the beginning of the guest star parade. Also waltzing in are Robert Englund and Morgan Fairchild. At this point, they should really rename the show "Chuck & Grace." Speaking of which… I can't wait for a Debra Messing cameo two months from now. FINGERS CROSSED! ANTICIPATION: GUESTY!
WEEDS – 10:00PM (Showtime) More guest stars! Richard Dreyfuss stops by the Botwin household tonight. You're gonna need a bigger joint. ANTICIPATION: MR. HOLLAND'S BONG!
VHI NEWS PRESENTS: CELEBRITY CHEATERS – 9:00PM (VH1) So many questions. VH1 has a news department? This counts as news? This merits a special presentation? Is Michael Ian Black now a "field correspondent"? I'm baffled in so many ways. ANTICIPATION: DOGGIN'!
HALLOWEEN – 8:00PM (AMC) Yes, Halloween week is upon us. Spooooooooky! Start tonight with the classic slasher movie. It's worth spending six minutes learning the theme song to this movie on the piano, so that you can walk into any bar or classroom and immediately scare everyone to death by playing it. I saw this movie when I was three. My mom thought it would be cute if we all watched it together as a family. Way to go, mom. Now you know why I visit Gabriel Byrne six times a week. ANTICIPATION: STABBY!
Monday Watch List: Tell Me About Your Mother's Television
Welcome to Watch List, where we identify five things on TV to watch while you pack up your office and prepare to leave the House of Representatives. LET'S GO!


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Real Estate Seminars In Indiana Can Xplode Your World!
Forget boring real estate seminars & conferences. Spend time with us!
Our Real Estate Seminars Can Open New Doors
Everyone knows that the real estate market in Indiana is where people can make real money, but things change quickly. If you don't keep up, you can find yourself using outdated technology. That's we've developed RealX and Xplode.
Whether it's a real estate seminar or multiple day conference, we bring together some of the most exciting, successful real estate professionals together with other brokers and agents who want to learn the latest trends in marketing, technology and business innovation. Our goal is simple. We want to help you make more money.
We've all been to long, boring real estate conventions where the sessions are too long, the speakers are long winded and there's no takeaways. At our seminars, we're tired of all that. We have a laser focus.
Here's why you should make a point to attend one of our conferences. We have:
- Short, jam-packed sessions with a wide variety of tips, tools and techniques to grow your business
- Dynamic, sought after speakers who are willing to share their secrets
- Nationally recognized sponsors and vendors with the latest technology, services & products
- Opportunities to network with some of the most successful people in the real estate industry
Our mission is to help realtors and anyone in the real estate market improve their business. Why work harder? Let our real estate seminars and conferences show you how to work smarter.
Real Estate Seminars About "More"
Don't get us wrong, there are plenty of wonderful real estate conferences across the country, but if you're looking for real estate seminars that are all about more, then call us. We want to help you get more clients, more closings, more money and most importantly, more satisfaction in your work.
With every seminar, we bring leaders in the industry with one purpose- to share techniques and tactics on how to be more successful in the real estate industry. Our speakers share details about their wins and losses so that we can walk away with the lessons and apply them personally.
Our real estate seminars are not only a wealth of information, we also build in time for networking, so you have the opportunity for personal introductions and engaging conversations during and after our meetings.
Real Estate Seminars That Build You Up
We understand what it takes to be successful in today's real estate market. When we create one of our seminars, we put together the latest information about what works in digital marketing, sales, closings, and more. From the newbie to the seasoned real estate broker, everyone leaves with more tools for success.
Our goal is to bring together agents and brokers with some of the most innovative and successful speakers in the real estate industry to share as much knowledge and technology as possible. It's an atmosphere where tremendous ideas are born and everyone leaves feeling enriched.
How To Be Successful In Real Estate
With some real estate seminars & conferences, it's all about dated theories and boring speakers. Our seminars are built around the takeaways. Our goal is to help you find the keys to open more doors in a shifting real estate market.
Our speakers are known for providing specific lessons, tactics and tools that you can implement to help you grow your business. Of course, it's still up to you to apply what you've learned, but we do all we can to provide the tools. At Real X seminars, you're investing in your own future.
No sales pitches. No egos. No fluff. Our conferences and sessions are all about what it takes to make more money as a realtor today. Our association and state MLS partners enable us to work with every agent and broker in every city while our sponsors provide both energy and expertise.
Dynamic Speakers
With each of our seminars, we bring together thought leaders in the real estate industry with proven track records that are willing to share practical tactics. Our speakers present meaningful, high level content aimed at growing your business.
At our conferences, our sessions are short and extremely focused. There's no time to get bored because you'll be too busy taking notes. We keep the sessions short to keep things moving and maintain the high levels of energy. This way, there's no time for extraneous stuff. It's all about the details that help everyone in the room. We don't give you time to get bored because you're too busy learning.
Sponsorship Opportunities
We have a track record of filling up our seminars quickly. Because our admission fees are reasonable, we often have hundreds of attendees and since we do real estate conferences & seminars across the country, the opportunity to reach thousands of real estate professionals is just a phone call away.
For more than 8 years, we've been delivering world-class real estate seminars, conferences and conventions to major metropolitan cities around the country. If your target market involves realtors, contact us and let's talk about how we can work together. If you don't see one in your city, contact us and let's talk about setting something up.
Some Of Our Sponsors
What's the Difference in
Xplode Conferences and RealX Workshops?
Xplode Conference
With Xplode, you get a real estate conference that's a full day of short, intense, jammed packed sessions filled with the latest techniques and technology to help realtors and brokers be all they can be in the real estate industry.
RealX Workshop
With RealX Workshops, we give you a 3-hour sprint about various topics relevant to the real estate industry. Our goal is to make the most of your time while exposing you to the latest information about how to be a successful realtor.
Bring Us To Your City!
It's always fun attend real estate seminars in other cities, but you can also bring us to your city! Contact on the form at the bottom of this page about setting up an RealX real estate seminar or Xplode real estate conference in your hometown. Let's work together to create the type of seminar or conference your city needs!
Whether you are new to the real estate industry or a seasoned pro, our conferences are where realtors come to learn the latest technology, marketing and sales techniques to grow their business.
The Future Of Real Estate
Everyone knows that the real estate market is a major indicator of how well the economy in this country is functioning. It's also no secret that the past decade hasn't been the easiest for real estate professionals. That's why it's essential to stay current.
Our real estate seminars help you stay up to date with the latest technology in digital marketing as well as what's going on in our industry. We help you have the knowledge and tools for success in an ever-shifting market.
We can't predict the future of the real estate market, but we can help you learn what's working today. Don't rely upon outdated techniques and technology. Let our real estate conferences be the springboard to your success.
Practical Ideas
Prominent Speakers
Smart Realtors Want Smart Seminars
We all know that real estate is a dynamic, exciting business but what worked well last year isn't necessarily what works in today's market. That's why it's important to see what the forward thinkers in the industry are doing to stay ahead. That's why there's XReal & Xplode.
We've all been to realtor seminars that are painfully boring. We've heard speakers who espouse outdated theories. If you're like us, we want to know what will make us more money. We need theories and information that we can put to use today. That's what our speakers and sponsors work hard to provide all for our attendees.
Real Estate Seminars That Give You What Need
Realtors and brokers are always looking for what can make us more successful. At our seminars and conferences, we're all about the takeaways.
When you attend an RealX conference, we give you real-world examples, tools, tactics and techniques that have helped realtors increase their business significantly. This is about putting you firmly ahead of your competitors.
If you don't see one of our real estate seminars near you, contact us to talk about what it would take to bring us to your town.
Network With The Best!
One of the best parts of our seminars is that we create an environment where networking is encouraged. Sure, we bring in rock star speakers, but we want you to get the most out of your experience. We ask our speakers to spend time with the audience members to share even more detailed information about how to get ahead.
Real Estate Seminars In Your Home Town!
When we first started our conferences and seminars, we had a dream to go to every state in the union. Every year, we get closer to reaching that goal. We want to put on real estate conferences in Indianapolis, Fort Wayne, Evansville, South Bend and Carmel as well as other parts of Indiana. Click here to learn more about real estate conventions in Indiana.
Upcoming Conferences
2020 Tour Information
We are assessing conference dates for the fall and will post information as soon as it is confirmed. Stay Safe!


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Since a new partner company of FOC, Freshfiber was launched in the fall of 2009, things have gone very fast. This company was set up to specialize in fashionable 3D printed protection designs for electronics and the first products to be developed were Iphone covers. The first line was initially introduced in Dubai during the Gitex show in November2009 and you could not wish for a better launching customer than Apple. Since for a couple weeks now, one of these designs 'Double Mesh' is part of the Apple product collection and can be purchased directly from their online store. Apple has acquired the European exclusivity to sell the Double Mesh in 3 colors. All other colors can be bought in the FOC online store.
Janne Kyttanen, the designer of the products, comments: "This is of course great news for us to get Apple on board. Most of FOC's products are premium priced due to the high costprice of larger volume 3D printed objects. Since we now have a small-sized product in our hands and the network from Apple selling them, the production quantities are expected to become very high. This is also great news for the entire 3D printing industry, because finally there is a product on the market which can really bring the technology to the masses."


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Trace Adkins has been tabbed as the host of the American Country Awards.
The tall singer from Louisiana with the imposing presence and booming voice also will perform during the inaugural show on Dec. 6 at the MGM Grand in Las Vegas, which airs on Fox.
VIEW THE PHOTOS: The 44th Annual CMA Awards — Black Carpet Arrivals!
U.S. & World
News from around the country and around the globe
The assignment will help Adkins expand an ever-growing resume that includes actor, reality TV star and even comic book hero.
Adkins picked up Country Music Association and Academy of Country Music awards this year for his "Hillbilly Bone" collaboration with Blake Shelton.
VIEW THE PHOTOS: The Latest Star Sightings
Organizers of the fan-voted award show also added performances by lead nominee Easton Corbin, who is tied with Lady Antebellum at seven, and Steel Magnolia and Uncle Kracker.
Copyright 2010 by Associated Press. All rights reserved.This material may not be published, broadcast, rewritten or redistributed.
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