The Business Plan for Art Gallery in Australia - Research Paper Example

 Business Plan Table of Contents Executive Summary 1 1.Introduction 2 2.XYZ Ltd 2 2.1 Company Ownership 2 2.2 Mission Statement 3 2.3 Vision Statement 3 2.4 Objectives 3 3. Market Analysis 4 3.1 Market research 4 3.1.1 Primary research: 4 3.1.2 Secondary Research 4 3.2 Target Market Segments 5 Overall View: 7 4. Strategy Process 8 4.2 SWOT 9 4.2.1 Strengths: 9 4.2.2 Weaknesses: 9 4.2.3 Opportunities: 10 4.2.4 Threats: 10 4.3 Porter’s Five Forces Framework 10 4.4 Expansion Strategy 12 5. Marketing Plan 13 6. Management Plan 15 6.1 Management Team 15 6.3 HRM Policies: 16 7. Operational Strategy 17 7.4 After-Sale 20 Information System: 20 8. Financial Plan 21 8.1 Breakeven Analysis 21 8.4 Ratio Analysis: 22 9. Contingency Plan 23 Finance 23 Stock 24 Bibliography 25 Executive Summary The business plan proposed here is the start of an Art Gallery in Australia. The plan provides a detailed explanation of the background of the industry along with a through market analysis. The plan has used the strategy clock for development of the strategies and the main aspects that have been concentrated on include differentiation and focused differentiation. Based on the a research, the target market have been chosen and this include, doctors, Laissez – Faire Buyers, Urban Prosperity, Wealthy Achievers and Private Banks. To ensure the business idea is viable and reliable, through analyses of the markets have been made. This includes both a secondary as well as primary research of the markets. Based on this, the plan has been set out. A through plan including the finances, human resources, operations and also the management has been developed. The appendix includes the forecasted financial statements of the company as well. 1. Introduction Galleries and art exhibitions have a wide appeal to all age groups and especially to those in the 35-44 age groups, in Australia. There are a total of 160 art galleries in Australia as of June 2004. Most of these are located in New South Wales. The distribution of galleries is as follows, a) New South Wales – 31.1%, b) Victoria – 21.5%, c) Queensland – 17.5%. These form the most famous states in Australia in terms of the art market. Australia has become a dynamic country in today’s art market and stands just behind UK and it is one of the dominant forces in the world's contemporary art market. With financial objectivity fast replacing the anecdotal concerns of art, major Australian banks and pension funds are gearing up to invest between one percent and three percent of their value in artworks as a hedging measure. For all the above, our company has decided to take the challenge and penetrate the art market and establish a strong foothold in the industry and gain a major market share of this highly profitable sector. 2. XYZ Ltd 2.1 Company Ownership “XYZ Ltd” is a company created by graduates of the CQ University, holding an MBA degree. 2.2 Mission Statement “Our mission is to maintain our reputation as an energetic, outgoing and accessible art gallery in Australia that inspire, interest and sell art work to an increasingly diverse audience and collectors. Not only do we have classified ourselves as a gallery but also as a brand in selling out artwork and products. We aim to acquire, collect and present to our customer the finest works of art available on the market scene in a variety of media and concepts as well as supplying art materials to our customers.” 2.3 Vision Statement “Our vision is to expand our business into promoting a strong arts education and arts appreciation for our customers, the general public and educational institutions with interest in art. We aim to develop and integrate our brand (XYZ's) into a household name in the art market.” 2.4 Objectives The objectives of XYZ’s in the first few years after start up are as follows: Reach target sales of 2000 products in a term of 2 years Attain an turnover of over 1 Million in the first year Annual sales growth to be 10% for the next two years Gain a considerable market share through a differentiation strategy Maintain healthy terms with the Artists working for the company to ensure long term relationships Create and sustain an effective and aggressive marketing, which will be the main key to the company’s success Return on Investment of at least 20% A fully interactive and real time website to be developed gradually from the basic eCommerce website 3. Market Analysis 3.1 Market research Prior to designing the marketing mix for the company, it is essential to do a thorough market research and analysis to gain knowledge about the current trends and the profitability of the business. 3.1.1 Primary research: Galleries Visited: 1. Soho Gallery 2. Art Gallery of New South Wales 3. Art Gallery of Western Australia The primary research carried out, gave valuable insights into the information regarding the potential sales per month, operational plan and staffing requirements. Information was also gathered on the different prominent media through which advertising can be easily done to target the potential market segments. One of the interesting facts revealed by the primary research was that the Doctors, especially the lady doctors were largely interested in art. 3.1.2 Secondary Research Several reports on the potential art market were reviewed and the results proved the art business to be a very profitable one. New South Wales, like Australia as a whole, has an ageing population. Reports indicate that the major growth in Australia’s population will take place among adults aged 46-64 (males) and 45-59 (females), i.e., middle-aged pre-retirement adults. These population trends have important social and economic implications. In tandem with an ageing population will go a large increase in the number of one-person households and women living alone. Because of these changes, future growth opportunities for the art market will increasingly come from the lifestyles and spending preferences of the middle-aged, who will increasingly have both the free time and the income to spend heavily on leisure services and associated products. In fact, these adults will be best placed to spend heavily on a range of products and services associated with a more active social life. Visits to art galleries accounted for 26% of all days out according to a market research. Art galleries are increasingly staging special events as part of their programmes and visitor research has shown that a result of this trend is a change in the demographics of the people who visit galleries. Research also indicated that Internet is now an established and vital distribution tool for the art industry. Internet penetration has risen to 60% of the population in Australia and more than 30% of the Internet users are comfortable to give their details on-line or to place orders on-line. Hence this media has to be effectively utilized to boost sales to the maximum possible extent. 3.2 Target Market Segments 3.2.1 Doctors: Research conducted by members of the team came to find out that female doctors are at the top end of collectors of the art market. We therefore aim to target female doctors directly to our exhibitions, art fairs and to our gallery. Direct and aggressive marketing will be our strategy to reach out to our specified target group of which they are a part. 3.2.2 Laissez-Faire Buyers: Not all consumers who buy art are avidly devoted fans. A profile of customers tends to visit art galleries and exhibitions when they are easy to get to. These consumers, who tend to go to these social gatherings because they are close by, also tend to be frugal spenders which would imply a laissez-faire type of consumer who will visit out of convenience more than avid following. 3.2.3 Urban Prosperity: A major target segment will be the Urban Prosperity group, consisting of a high proportion of Prosperous Professional and Educated Urbanites. They form the Class B Social group in the society. These people are interested in sophisticated forms of artwork and a high percentage of this segment is techno savvy. They prefer Internet transactions and are also keen to take a time off from their hectic work schedules. Hence these people can be targeted by personalized marketing using the Web and also by invitations to the exhibitions held by the gallery. 3.2.4 Wealthy Achievers: These people form the Class A of the Social groups. About 48% of the Class A people feel that the social gatherings, like art exhibitions are very interesting and they are also ready to spend huge amounts on artworks. These people prefer to place orders in exhibitions and art fairs, and high value paintings can be easily marketed to these people. 3.2.5 Private Banks: As a result of changing demographics alongside the changes in the world’s wealth, private banks across the world are positioning themselves in an increasingly congested market place. Art tactic, which is an independent art market research agency to established collectors, did a research on private bank and investments. Almost every private bank that Art Tactic has been talking to is considering art as an attractive part of their wealth management product portfolio, rather as an investment product or as a service to their client. Overall View: In a nutshell, it can be understood that no market can be fully understood without an appreciation of the behaviour of groups and the influence of social factors on the individual. This study of ‘herd behaviour’, a well-researched area within the evermore-popular field of behavioural studies has offered us more insight into what we see in the contemporary art market today. We have not learnt that humans do not act independently but are often directly influenced in their decisions by the behaviour of others. There is growing empirical evidence of the existence of ‘herd’ or ‘crowed’ behaviour in speculative market such as art as documented by Yale professor, Robert Shiller in ‘Irrational Exuberance’. In case of the art market bubble, the optimal behaviour for an individual may be to do what everyone else is doing because even though everyone knows they are in the bubble; until it bursts staying in the market makes most profit. This creates an irrational ‘collective behaviour’ emerging from uncoordinated individual choices. It is said that most ‘herd’ behaviour in the art market creates fashion rather than serve bubbles. Controlling the herd is an important strategy in the art market and could be described as creating market consensus around particular artists or segment of the market. 4. Strategy Process 4.1 Strategy Clock: Aggressive marketing is the basic strategy of XYZ Ltd. As far as the customers are concerned, our company will operate on the points 4 and 5 of Cliff Bowman’s strategy clock. 4 – Differentiation: As disposable income rises in Australia, the customers will be ready to spend more on various products. Also the research shows that, a heavy proportion of the Australian population is ready to spend heavily on art and cultural products. Hence acquiring the customers at this point of the clock is the main strategy of XYZ Ltd. 5-Focused Differentiation: The customers at this point on the clock require a customized product or service and are prepared to pay a price premium for that ‘privilege’. XYZ will serve this segment by operating a ‘make-to-order’ channel. The customers can get specific pictures or portraits, painted and delivered to their houses. For this service, the customers will be ready to pay an above average price and will also be ready to wait for longer periods. 4.2 SWOT 4.2.1 Strengths: A strong Information & Communication Technology built within the company An effective Customer Database that will be built as an ongoing process Customer profiling and preferences using the ICT to provide improvised service to the customer that will manifest a positive experience in the customer Maintaining long term relationships with the painters Careful selection of painters – based on their reputation and previous works, thereby ensuring that all our paintings are extremely realistic and delicate Painters of different profiles and specialization, so that different types and categories of artwork are available to customers 4.2.2 Weaknesses: Heavy reliance on marketing for the entire business Inexperienced management team Low initial investment on eBusiness 4.2.3 Opportunities: Scope for the improvement of the Information system of the company to exploit the technology to the maximum possible extent Opportunities to widen to the European market and then globally Strategic Alliances with firms operating in the Interior Decoration sector Partnership with on-line third party marketing agencies (eMalls) to increase the customer base 4.2.4 Threats: There are potential threats from the existing competition, new entrants, buyers, suppliers and substitutes. All these threats to the company are discussed in detail under Porter’s five forces framework. 4.3 Porter’s Five Forces Framework 4.3.1 Competitors’ Analysis: Since art is unique, there is no accurate index for prices and no transparency. Hence it is very difficult to compare the prices of artworks. Hence we consider new players dealing with young and emerging artists, as our competitors. They travel across Australia visiting Fine Art departments, degree shows and fairs to find the new talent to sell on their websites. The savings that they make as an online gallery enable them to offer customers work at lower prices than would be the case in a physical gallery space. They categorize their work and customers use search engines to find affordable art they are interested in. The prices vary from 50 to 2200 and most of them are in the range of 350-750 and the average selling price is around 400. 4.3.2 Bargaining Power of Suppliers: The supplier chain for our business consists of the painters and the art materials supplier from China. When a particular artist’s work is seen to have a great demand, the artist might demand more payments for his work. Moreover, if he/she is not under contract, then it is not possible to bargain with the artists. As far as the art products are concerned, the delivery schedule varies between 40 to 60 days. In the cases of urgent demand, it is not possible to pressurize the production process. 4.3.3 Bargaining Power of Buyers: During the recession period, people may not be willing to spend on leisure and cultural expenses. Hence the prices of the products have to be brought down to maintain the sales level. As far as the primary target segment is considered, they do not bargain the prices, but act as Price Takers. A heavy proportion of the AB Class people do not even look at the price tags for their purchases. The Art Materials will have to face a strong negotiations when being sold in bulk to large organizations, like art schools, etc.., There is a great competition in terms of price and prompt delivery of goods. 4.3.4 Threat of Substitutes: All our products are original work of the painters and are not printed piece of art. The substitutes for the products of XYZ include the printed artwork, which are a little cheaper than our products. But all the artwork for sale at XYZ’s will be known for its exclusivity. 4.3.5 Threat of New Entrants: There will always be a constant threat from new entrants. The business of art galleries requires paintings that will be appreciable by the target customer. So any art gallery with a painter providing a right kind of painting will be a threat for us. But when a considerable market share is gained through aggressive marketing, it will reduce the threat of new entrants. 4.4 Expansion Strategy The Business will tend to diversify in the art field as aggressively as possible. This reduces the risk involved and also, when combined with effective marketing activities, increases the revenues to a great extent. Year one: Our plan is to set up an art gallery and to concentrate only on selling paintings in the local market. The consumers across Australia will be able to order for our products via the Website, which will have the full functionalities of eCommerce. Our main target here will be to bring more and more people to visit our gallery and exhibitions so that they will come to know about our gallery and our work. Year two: Art materials such as painting brushes, colour pigment, easels, canvas, palettes, etc, will be ordered from China and sold in the gallery and the website with the own brand “XYZ”. Year three: As part of our diversification strategy, contracts with sculptors will be signed and ‘XYZ’ will start to sell sculptures. The company will invest in Interior Designing research & Development and will get itself equipped to enter into that field. Years Four and Five: With its established customer base and brand awareness, ‘XYZ’ will enter the field of Interior Decorations. Also it will deal with contracts to supply art materials to Art Schools and Universities. 5. Marketing Plan 5.1 Location: Our main gallery will be situated in Melbourne, Victoria. We aim to reach our customers who will be mostly working and upper class citizens. We will hold exhibition at different regions of the country on different days and build-up a database of customers. 5.2 Product: Our products will be fine contemporary painting in different media and photography. We aim to meet our customers’ need by selling order to buy products. We will offer brilliant artist to reflect the business of the bank by tailoring art to meet customer requirements. E.g. painting for a banking hall will reflect their business hence the new $20 note will be painted by our most brilliant artist to reflect the business of the bank. 5.3 Price: The price will range from $200- 25000 depending on the media, style, quality and artist. Price for materials e.g. brush, painting, labels, scalpels etc, will be matched comprehensively to competitors price and a lower price fixed will be ascertained. The director with vast knowledge in contemporary art will price the art works. 5.4 People, Process & Physical Evidence: We believe that the people involved in the business also form part of the service and play an important role in instilling a positive customer experience. Our website will serve a back up for advertising and marketing. Customers can order their own style media of paintings. Customized work such as the painting of family events e.g. Weddings, portraits etc to the customers taste will be one of our competitive advantage strategies as compared to our competitors. The Physical Décor of the gallery is also important, as the AB class prefer a very elegant and rich atmosphere. 5.5 Promotional Mix: It is critical that we communicate what we have to offer to our target audience through the appropriate tools of getting the message across. We aim to promote and advertise as well as market our product via the Art Magazine, which is the biggest selling Art magazine in the country. We will advertise on the most popular art gallery listing website and magazines. By being a partner we will have a link of our website on their webpage. Our logo will flash on their website listing us as a corporate member. This will boost our publicity and enable us to reach a wider variety of audience. We will hold two exhibitions every week, one which will be held in gallery and other in the public space, such as a hotel conference room. Here we will invite our customers and potential buyers. These exhibitions will be made different from normal ones, as we plan to hold events with it such as wine tasting, continental delicatessen, parties and other planned attractions. We will establish our brand (XYZ’s) via the use of embossment and seals as well as a hologram with our logo on it. The use of radio, advertising will form an important aspect of our promotional mix. Local radio stations radio will be used to promote the gallery. Local radio stations based at exhibition location will be used to boost our publicity before exhibitions take place. Also we are planning to put key hocks in subways, on roads, near big shopping malls for initial 3 months when the gallery is opened. This will bring our gallery into the eyes of our customer. Later on we will have ads on bus stops, on buses, in cinema hall, and also in opera centres (halls) where most of the art lover public is been expected to visit. Direct marketing and cold calling will be one of our selling strategies. The database will be obtained from http://www.peoplesearch.com.au/ and also we will make our own database by keeping the record of the customers who visited our gallery, exhibitions and on the internet. This will enable us to connect with our clients and customers on personal levels and know how to quickly find out what matters most to them. Having conducted the market research company (marketing) they will offer us the service of door to door marketing to target our segmented market in Victoria. The use of flyers and leaflets through well known news papers and this will also give us the opportunity to reach to wide audience for our exhibition and to our gallery. The paintings will be displayed in posh hotels, in social gatherings and the areas where our high end target customer are expected to visit. Also we will gift paintings to few celebrities which will help us in getting new customers. Celebrities will be offered painting as a gift and at times they will be used as a mode of reaching the target market. We will be hanging painting in their house and changing them every fort-night until they become satisfied. Internet will be our main source of information. We will continuously update our site post paintings and the information about the painters and also the information about the art materials. We will send the e-mails, invitations to our customers for visiting our gallery and exhibitions. 6. Management Plan 6.1 Management Team A functional and flat structure is adopted for XYZ Ltd. The Board of Directors comprises of the seven members. These Directors, based on their skills and knowledge in specified fields will be designated as the Head of the Department. The departmental heads are thus directly associated with ‘getting the job done’. The advantage of this structure is that information from various departments can easily be integrated. 6.2 Human Resources needs: Secretary Shop (Gallery) Assistant The additional resources required for the marketing activities will be hired on a part time basis as per the requirements by the Directors of Marketing and HRM. As one of the main lines, the gallery sells different kinds of art products such as painting brushes, colour pigment, easels, canvas, palettes, etc, with its own brand “XYZ” from April 2009. The additional HR needs for this part will be recruited by March 2011. The Department Manager post can be taken up by human resources manager. An additional resource is required to coordinate, to track the orders and to supervise the overall procedure. The job of the coordinator includes, communicating with the exporters, forwarders and customers and also to document the processes. Another resource for customer service is necessary to deal with the enquiry and after-sale services. 6.3 HRM Policies: 6.3.1 Equal Opportunities: All the employees (both Full time and Part time) will be treated equally and given equal opportunities in accordance to the Discrimination Act. Any discrimination will be penalized and the HRM director will be responsible to monitor the activities to prevent any act of discrimination. 6.3.2 Safety Measures: Though it is not required to have a Health & Safety Policy, as the number of employees is lesser than the minimum threshold (Occupational Health & Safety Law, 2005), XYZ will ensure safety at work by taking the right precautions and providing a satisfactory working environment. 7. Operational Strategy 7.1 Pre-Sale: 7.1.1 Marketing Presence: We are using various channels of marketing in order to make our existence felt in the market. The internet, radio, news papers, flyers, key hocks in subways and hoardings are the major sources of marketing. We will also make use of advertisements in cinema theatres, corporate magazines, and telephonic phone calls in accordance to our target market. Also we will be displaying our painting at one of the celebrities place or in posh hotels where there will be frequent visits of various celebrities and dignitaries. This will be excellent word of mouth publicity for our gallery and will give us exposure free of cost. News paper ads will help to draw people’s attention towards the exhibitions while the radio ads, key hocks and the others will be giving a backup for the news paper ads, making people remind about our art gallery and our various events. This will help us in branding and developing a strong brand image. For the art material we will personally visit the art schools and will ask them to use our painting products for free as a trial. This will help our customers to know about our product and its quality. 7.1.2 Information seeking: The customer can seek information from the website, exhibition and also by visiting the art gallery. Our website will have all the information about the exhibitions and the address of our gallery. The exhibition will be other source of information where selected paintings will be displayed in order so that people can know about our work and can visit to our gallery. 7.1.3 Product and prices: The total information about the product and price will be updated continuously on the website. Website will also contain the information about the painters who painted the paintings. Also for our exhibitions we will be printing a booklet, which will contain the pictures along with the price of the paintings being displayed during the time of exhibition. 7.2 Sales execution: 7.2.1 Methods of Placing Order: The customer can place order on the internet, in exhibitions and in the gallery. The whole system will be integrated as in say if a particular purchase is been made on the internet this will automatically update the system and that particular painting will be shown as sold on internet as well as in exhibition and in gallery. There will be no priority as such for the delivery of the material for the people who buy from internet or from the exhibition. The delivery will be made according to the stock available. The delivery of the paintings, painting sheets will be sent to the customer through courier. The customers who want to purchase paintings with frame will have to come and collect it from the gallery as sending the whole painting frame in very risky and it cannot be insured. 7.3 Payments & Delivery: Here we assume that for a particular month half of the sales will be cash sales and the remaining sales will be credit sales which will come into our account after 31 days as our clients will have this much time. In case of online sales payment is authorized immediately but the amount is taken from the account only after the delivery. For the delivery we have done a contract with the courier service which will take care of our deliveries. Delivery period will depend upon the quantity and area in which the product is delivered. Our customer will be able to track the delivery status online through our website. 7.4 After-Sale Information System: A full-fledged Website (www.xyz.co.au) will be developed with the all the eCommerce applications. The website will act as an important access channel to the customers. The primary target market segments are also web savvy people and hence a high performance website with provision for secure online transactions is very crucial for the company’s success. All the information systems will be integrated so that we have a single unified customer and transaction database. The Information system is utilized to perform ‘Customer Profiling’ and ‘Preferencing’. Based on the category and the type of art products bought, and also the customer demographics, the information system can be utilized to create profiles of customers and they can be targeted via personalized marketing. As both the front-end systems are connected to a single Back Office and single Database, all the customer information and the transactional information will be integrated. Hence it will be possible to retrieve the order placed online in the front-end system used at the gallery. 8. Financial Plan 8.1 Breakeven Analysis For the breakeven analysis, all the costs and the sales for the first year are taken into account. Only the amount payable to the Painter, per painting is considered as the variable cost and all other expenses are considered to be Fixed Costs. Expected Sales (As estimated in Sales Forecast) 1003200 Direct Cost Payments to Painter 74800 [(40 x 11 x 0.3) + (80 x 11 x 0.7)] x 100 Total Contributions 928400 Expected Contribution per unit 1241.17 (928400 / 748) Fixed Costs 664250 Breakeven Point: Breakeven point is given by the ratio of the total fixed costs to the contribution per unit. Breakeven Point 536 (664250 / 1241.17) Hence the fixed costs are recovered when 536 paintings are sold. The first year sales estimate is around 748 units, which is much above the breakeven point. Breakeven Point Margin of Safety: Margin of safety indicates the safety factor for the fixed costs to be recovered by the sales. Margin of Safety 28 % [(748 – 536 / 748] % 8.4 Ratio Analysis: The sale ratio indicates the performance of XYZ’s in achieving maximum sales. Return on Sales increases in the first two years, declines a bit in the third year, after which it shows continues growth. After which we have a slight decrease, as sales are not increasing as they do in the previous years and also due to slow rate of increase in the advertisement revenues. Return on capital employed is consistent over the five years. Gross margin is also constant over the course of five years with its maximum being in the first year. Gearing ratio is also consistent showing that the company is effectively making use of the additional sources of funds available. Ratio Analysis: 9. Contingency Plan The business plan is based on predictions about future events, which are based on market trends and past time series. However, the economic environment can change in a form of recession or entrance of competitors. Finance As included in the finance plan, the sources of funds are planned with the 6 months operating expenses included as a start up cost. Hence the company will not run out of cash for the first year. Also 10% of the net profit is saved as a contingency reserve, which can be used in circumstances of low liquidity. The company also has an overdraft facility of 150000, though the actual overdraft required as per calculations is 100000. This is to meet unforeseen expenses. The cash flow estimate is made with the assumption that 50 % of the transactions are credit sales, which take one month to be cleared. A bad debts provision of 10 % is deducted from the sales. Stock At start up, 1000 paintings are purchased from various artists in Thailand, after which each painter is expected to deliver at least 10 art work every month. This enables us to maintain a constant stock level of 1000 paintings in the storage. Constant communication with the painters to ensure that the required paintings are made available. In cases of shortage of stock, additional supplies can be ordered from Thailand to meet the customer demand. Human Resources: Apart from the fixed wages staff, there are requirements for part time workers for marketing activities. These resource needs can be effectively met by registering with a nearby University. This will enable us to meet human resource needs in a short notice at a low cost. Information Systems: A backup server is setup initially and all information in the live environment is backed up dynamically into this server. Initial software expenses include the required technology to toggle between the live server and the backup server. Bibliography Australian Bureau of Statistics, 2009, ‘Feature Article 1: Art Galleries Fact Sheet’, 2nd June 2009, Accessed on 17th January 2010, Retrieved from http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4172.0Feature+Article12008+%28First+Edition%29#PARALINK9 Beynon-Davies, P., 2004, e-Business, Palgrave Macmillan, NewYork Ferguson, R. and Hlavinka, K., 2006, ‘Loyalty Trends 2006: Three Evolutionary Trends to transform your Loyalty Strategy’, Journal of Consumer Marketing, Nov 5, 2006, Vol. 23, p292-299 Fisk, R. P., Grove, S. J. and John, J., 2000, Interactive Services Marketing, Houghton Mifflin, Boston Jobber, D., 2004, Principles and Practice of Marketing, 4th edn, McGraw-Hill International, Berkshire Johnson, G., Scholes, K. and Whittington, R., 2006, Exploring Corporate Strategy, 7th edn, Prentice Hall, Essex Sloman, J. and Sutcliffe, M., 2004, Economics for Business, 3rd edn, Prentice Hall, Essex Wood, A., 2003, ‘The Value of Customer and Prospect Databases as a Corporate Asset’, International Journal of Retail & Distribution Management, Nov 12, 2003, Vol. 31, p638-643 List of Appendices 1. Cash Flow Statements 2. Profit & Loss Statements 3. Balance Sheet 4. Ratio Analysis Read More