Supply Chain Management: Crown PLC - Case Study Example

Executive Summary Supply Chain Management forwards the notion that well-thought-of strategies and detailed investigations can make or break a company. Businesses compete either with price or service or a combination of both. With deliveries of supply designed to maximize efficiency by minimizing costs but ensuring quality service, enterprises can now gain an edge in the two fields of competition (Hessan and White, 1996). The focus of this paper is on Crown PLC which is planning to open a Distribution Center (DC) in Australia. Using three techniques namely Centre of Gravity Method, Load Distance Method and Score Model, I was able to determine three locations – one for each technique. However, due to considerations such as the limitations of the technique, I chose the result location given by the Load Distance Method which is Gladstone. When we think of establishing a Distribution Centre, site location is important. However, we should also take into consideration other factors such as design of material handling and flow systems. Other requirements such as space requirement, environmental considerations, government regulations and other related matters need to be taken into account. Information technology is bound to play an important role in Supply Chain Management. The fast exchange of information makes it easier to communicate any matters/problems that would previously hamper/delay the supply chain in days. Shipments can now be customized, tracked, detailed, modified and what have you in mere seconds. E-Commerce is on the rise and SCM is being greatly affected and improved by this. It is expected that an integration of Information Technology and the large volume and accessibility of Internet Use will likely pave the way for a much more efficient SCM. Using the Dell Case as a case study, a brief description of how IT can make the Supply Chain Management determine the competitiveness and profitability of a company will be shown. 1. Introduction 1.1 Supply Chain Management Any business industry is confronted with challenges that address speed and a reliable delivery system of the company as the arena becomes more competitive in today’s global trade business. If there is one thing to always keep in mind, it would be that time is money and an opportunity to outplay your competitors. Speed, reliability and accountability in terms of service deliveries define the success and competitive advantage of companies in which the leading trading firms strategically manage time in their supply chains (Kosteck, 1996). In this light, dealing effectively with customs and putting pressure to encourage rational and efficient customs operations is an integral part of managerial skills of time management in major trading firms as problems of inefficiencies and irregularities in functioning of customs in different territories significantly influences the trading environment where just-in-time supplies, electronic trading and increased internationalization govern the current trend in the express industry (Ahanori & Nachum, 2000). Supply chain management (SCM) is defined as the supervision of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer. It involves the coordination and integration of these flows both within and among companies. The goal of any effective supply chain management system is timely provision of goods or services to the next link in the chain (and ultimately, the reduction of inventory within each link) Warehousing can be implemented in order to improve the operations management of the company. Warehousing is part of logistics in a company. This is employed for the storeroom of the company’s product that will undergo inventories. Warehousing organizes the logistic system and will help the company deliver its products to the consumers. 1.2 Distribution Center Opening Crown PLC will soon open and distributes its products to Australia the main objective of the company is to provide the best customer service to Australian clients. Thus, the company will need to identify the customer-supplier location and the weight shipped on a yearly basis. The following table details the latter: Customer and supplier locations Weights shipped per year in kg Customer and supplier locations Weights shipped per year in kg Darwin 3500 Cooktown 3000 Katherine 4500 Larrimah 3200 Wyndham 4000 Cairns 4000 Derby 3000 Georgetown 3000 Broome 3200 Townsville 5000 Port Hedland 3100 Mackay 4500 Minilya 4700 Gladstone 3200 Carnarvon 1000 Bundaberg 3100 Brisbane 3100 Geraldton 1000 Gold Coast 2000 Southern Cross 1200 Moree 1000 Perth 4000 Newcastle 1300 Northam 2000 Sydney 4000 Kalgoorlie 3000 Canberra 1000 Balladonia 2000 Melbourne 4000 Alice Springs 2500 Portland 1300 Coober Pedy 1300 Table 1: Operations in Australian Locations with Quantities Details Crown PLC will utilize private warehousing for its own practice. By implementing a private warehouse system, the warehouse will have a direct power and will yield elasticity to design and in this manner the operation will be will be appropriate according to the needs of the clients and descriptions of the products. With the advent of technological innovations, logistical decisions about delivery operations, stockholding, warehousing and economies of scale get more complex solutions in today’s business environment. 2. The Location of the Distribution Center 2.1 Introduction Every business person is determined to know what kind of work they would and would not do for their customers and, in turn, they carefully learn how to fulfill the needs of each kind of customer in their target markets. Hessan and Whitely (1996) emphasized the idea to take advantage of the competitive situation not just by being better in how that product gets sold, serviced, and marketed at the customer interface. It requires that companies create breakthroughs in how they interact with customers, and design a way of interacting that makes an indelible impression on customers, one that so utterly distinguishes them from others that it becomes a brand in itself. In lieu, the company will use the Center of Gravity method in order to identify the location or the warehouse, at the reference that will decrease transportation cost for products traveling from the manufacturing plant to the clients. The prospective warehouse will be at Gladstone, Bundaberg, port Headland and Minilya. 2.2 Superimposition of Grid to the Map of Australia Using the map provided, we can now superimpose the map on a grid defined by Planar Cartesian Coordinates – the X and Y axes. With this done, we can proceed in computing the ideal location of the Distribution Centre. 0 1 2 3 4 5 6 7 8 9 (X- Axis) Diagram 1: Map of Australia Superimposed on a Grid Example: Cooktown Distance X = 7.10 (from the x-axis) Distance Y = 6.50 (from the y-axis) X*Weight = 7.10 * 3000 = 21,300 Y*Weight = 6.50 * 3000 = 19,500 2.3 Centre of Gravity Method Table 1: Centre of Gravity Method Customer and Supplier Locations X Y Weights Shipped in kg. X*Weight Y*Weight Darwin 4.00 7.50 3500 14000 26250 Katherine 4.40 7.90 4500 19800 35550 Wyndham 3.40 6.70 4000 13600 26800 Derby 2.50 6.10 3000 7500 18300 Broome 2.20 5.90 3200 7040 18880 Port Hedland 1.60 5.10 3100 4960 15810 Minilya 0.80 4.10 4700 3760 19270 Carnarvon 0.70 3.80 1000 700 3800 Brisbane 8.40 3.20 3100 26040 9920 Gold Coast 8.40 3.00 2000 16800 6000 Moree 7.70 2.70 1000 7700 2700 Newcastle 8.00 1.80 1300 10400 2340 Sydney 7.80 1.60 4000 31200 6400 Canberra 7.40 1.30 1000 7400 1300 Melbourne 6.60 0.80 4000 26400 3200 Cooktown 7.10 6.50 3000 21300 19500 Larrimah 4.50 6.60 3200 14400 21120 Cairns 7.20 6.00 4000 28800 24000 Georgetown 6.60 5.80 3000 19800 17400 Townsville 7.30 6.40 5000 36500 32000 Mackay 7.70 5.00 4500 34650 22500 Gladstone 8.00 4.30 3200 25600 13760 Bundaberg 8.30 4.90 3100 25730 15190 Geraldton 1.00 2.80 1000 1000 2800 Southern Cross 2.00 2.30 1200 2400 2760 Perth 1.30 2.20 4000 5200 8800 Northam 1.50 2.30 2000 3000 4600 Kalgoorlie 2.30 2.50 3000 6900 7500 Balladonia 2.80 2.20 2000 5600 4400 Alice Springs 4.60 4.50 2500 11500 11250 Coober Pedy 4.80 3.10 1300 6240 4030 Totals 150.90 128.90 89400 445920 408130 Centre of Gravity 4.87 4.46 From the value of X = 4.67 and Y = 4. 46, we can now locate the theoretical Center of Gravity which we now locate on the Grid Map. It turns out that the ideal location is more or less Alice Springs. 0 1 2 3 4 5 6 7 8 9 (X-Axis) Diagram 2: Ideal Location according to the Centre of Gravity Method 2-4. Load Distance Technique Basically, this technique involves the determination of a location that offers the greatest efficiency as compared to other potential DC sites. The determination does not only focus on distances but also takes into consideration what places are in need of concern due to volume of shipment. Diagram 3 : Locations of Potential Distribution Centres There are four potential sites for the Distribution Centre and their locations in the Grid are: X Y Port Hedland : 1.60 5.10 Minilya 0.80 4.10 Gladstone 8.00 4.30 Bundaberg 8.30 4.90 Table 2: Load Distance Computations and Results Distances Between Potential Sites and Given Location Load Distance Values Distances Between Potential Sites and Given Location Load Distance Values Gladstone Darwin 5.12 17928.75 Bundaberg Darwin 5.02 17587.28   Katherine 5.09 22910.26   Katherine 4.92 22141.65   Wyndham 5.19 20753.79   Wyndham 5.22 20880.61   Derby 5.79 17361.16   Derby 5.92 17768.51   Broome 6.02 19253.26   Broome 6.18 19780.56   Port Hedland 6.45 19994.40   Port Hedland 6.70 20779.25   Minilya 7.20 33853.05   Minilya 7.54 35449.97   Carnarvon 7.32 7317.10   Carnarvon 7.68 7679.19   Brisbane 1.17 3628.46   Brisbane 1.70 5279.11   Gold Coast 1.36 2720.29   Gold Coast 1.90 3805.26   Moree 1.63 1627.88   Moree 2.28 2280.35   Newcastle 2.50 3250.00   Newcastle 3.11 4048.83   Sydney 2.71 10829.59   Sydney 3.34 13350.66   Canberra 3.06 3059.41   Canberra 3.71 3710.80   Melbourne 3.77 15078.46   Melbourne 4.44 17753.87   Cooktown 2.38 7130.92   Cooktown 2.00 6000.00   Larrimah 4.19 13401.85   Larrimah 4.16 13321.38   Cairns 1.88 7515.32   Cairns 1.56 6222.54   Georgetown 2.05 6155.49   Georgetown 1.92 5770.62   Townsville 2.21 11067.97   Townsville 1.80 9013.88   Mackay 0.76 3427.10   Mackay 0.61 2737.24   Gladstone 0.00 0.00   Gladstone 0.67 2146.63   Bundaberg 0.67 2079.54   Bundaberg 0.00 0.00   Geraldton 7.16 7158.91   Geraldton 7.60 7596.05   Southern Cross 6.32 7589.47   Southern Cross 6.82 8178.51   Perth 7.02 28085.58   Perth 7.50 30010.66   Northam 6.80 13601.47   Northam 7.28 14560.22   Kalgoorlie 5.98 17932.37   Kalgoorlie 6.46 19386.59   Balladonia 5.61 11216.06   Balladonia 6.13 12253.98   Alice Springs 3.41 8514.69   Alice Springs 3.72 9303.90   Coober Pedy 3.42 4442.88   Coober Pedy 3.94 5116.45 Total 344442.62 Total 363914.54 Distances Between Potential Sites and Given Location Load Distance Values Distances Between Potential Sites and Given Location Load Distance Values Port Hedland Darwin 3.39 11879.39 Minilya Darwin 4.67 16341.66   Katherine 3.96 17819.09   Katherine 5.23 23555.25   Wyndham 2.41 9633.28   Wyndham 3.68 14707.82   Derby 1.35 4036.09   Derby 2.62 7874.64   Broome 1.00 3200.00   Broome 2.28 7297.12   Port Hedland 0.00 0.00   Port Hedland 1.28 3969.94   Minilya 1.28 6018.94   Minilya 0.00 0.00   Carnarvon 1.58 1581.14   Carnarvon 0.32 316.23   Brisbane 7.06 21887.41   Brisbane 7.65 23724.62   Gold Coast 7.12 14233.76   Gold Coast 7.68 15358.39   Moree 6.56 6555.15   Moree 7.04 7040.60   Newcastle 7.20 9360.90   Newcastle 7.56 9825.97   Sydney 7.12 28478.76   Sydney 7.43 29732.14   Canberra 6.93 6933.97   Canberra 7.17 7169.38   Melbourne 6.59 26378.78   Melbourne 6.67 26692.32   Cooktown 5.68 17026.16   Cooktown 6.74 20224.98   Larrimah 3.26 10447.89   Larrimah 4.47 14289.35   Cairns 5.67 22687.44   Cairns 6.68 26704.31   Georgetown 5.05 15146.29   Georgetown 6.04 18132.02   Townsville 5.85 29231.83   Townsville 6.89 34474.63   Mackay 6.10 27453.69   Mackay 6.96 31313.02   Gladstone 6.45 20639.38   Gladstone 7.20 23048.89   Bundaberg 6.70 20779.25   Bundaberg 7.54 23381.89   Geraldton 2.38 2376.97   Geraldton 1.32 1315.29   Southern Cross 2.83 3394.11   Southern Cross 2.16 2596.00   Perth 2.92 11661.90   Perth 1.96 7858.75   Northam 2.80 5603.57   Northam 1.93 3862.64   Kalgoorlie 2.69 8077.75   Kalgoorlie 2.19 6579.51   Balladonia 3.14 6276.94   Balladonia 2.76 5517.25   Alice Springs 3.06 7648.53   Alice Springs 3.82 9552.49   Coober Pedy 3.77 4905.67   Coober Pedy 4.12 5360.04 Total 381354.04 Total 427817.14 The Total Load Distance Values for each potential Distribution Centres are: Gladstone : 344,442.62 Bundaberg : 363,914.54 Port Hedland : 381,354.04 Minilya : 427,817.14 It turns out that Gladstone would be the most preferable DC among the choices. 2-5 Scoring Model This model incorporates established factors and weights to compute weighted scores. Scores (0-100) Location Factors Weight Canberra   Perth   Work Ethic 0.18 80 14.4 90 16.2 Quality Of Life 0.16 75 12 85 13.6 Labor laws/Unionization 0.12 90 10.8 90 10.8 Infrastructure 0.10 60 6 50 5 Education 0.08 80 6.4 90 7.2 Labor Skill and Education 0.07 75 5.25 65 4.55 Cost of Living 0.06 70 4.2 80 4.8 Taxes 0.05 65 3.25 70 3.5 Incentive Package 0.05 90 4.5 95 4.75 Government Regulations 0.03 40 1.2 50 1.5 Environmental Regulations 0.03 65 1.95 60 1.8 Transpiration 0.03 90 2.7 80 2.4 Space for Expansion 0.02 90 1.8 95 1.9 Urban Proximity 0.02 60 1.2 90 1.8 Total   75.65   79.8 Scores (0-100) Location Factors Weight Sydney   Melbourne   Work Ethic 0.18 70 12.6 75 13.5 Quality Of Life 0.16 95 15.2 90 14.4 Labor laws/Unionization 0.12 60 7.2 70 8.4 Infrastructure 0.10 60 6 70 7 Education 0.08 85 6.8 95 7.6 Labor Skill and Education 0.07 70 4.9 80 5.6 Cost of Living 0.06 85 5.1 75 4.5 Taxes 0.05 55 2.75 60 3 Incentive Package 0.05 70 3.5 80 4 Government Regulations 0.03 65 1.95 55 1.65 Environmental Regulations 0.03 70 2.1 80 2.4 Transpiration 0.03 95 2.85 80 2.4 Space for Expansion 0.02 90 1.8 90 1.8 Urban Proximity 0.02 70 1.4 80 1.6 Total   74.15   77.85 The Potential Distribution Centre that ranked as highest is Perth with a score of 79.8. What does this mean? It gives us the information that with regards to the business environment, Perth offers the most conducive location based on this technique. 2-6. Cost/Services Perspective It can be seen that different methods yield different results. We now try to determine which results among the three methods we will adapt to find the suitable place for our warehouse. A. Centre of Gravity Method The choice for the Centre of Gravity method is Alice Springs. The problem, however, is that Alice Springs has a business environment not conducive to the operations. Infrastructures are not well developed leading to accessibility issues. Technological aspects are not available. Labor Skills in the immediate area is not suited for the task at hand. In short, it is an area not suitable for operations (NTGOV, 2006). Furthermore, the COG does not take into account any geographic, meteorological and other social limitations and restrictions making the result only partially credible. B. Load Distance Method Gladstone prevails among the four potential distribution centre. The business environment and the infrastructures that are already in place further make it suitable for such an endeavor. C. Scoring Model Perth, as compared to major cities in Australia, offers the most conducive business environment. The problem, however, is that this method does not take into account distances and volume of shipment which makes it not as credible as we want the information to be. With all this in mind, the choice would now be that of Gladstone since it offers 3.0 Management Considerations 3. 1 Storage system working in the warehouse What configuration maximizes the space for storage? This is basically the question that any warehouse manager must deal with. It must be remembered that every area of space offers various opportunities. In a warehouse, the whole area is usually rented with some being bought. To make full use of the investment, especially when the volume of materials to be stored is large, configurations must be designed strategically. Random Storage System may provide more elasticity as compared to Fixed Location System. However, this may present a problem in tracking especially when the products stored are greatly varied. Fixed Location Systems, although more management friendly, can be unsound especially in cases when some products top be stored in the area is expected to arrive later than some products. In this paper, the use of Random Storage System is advised because the problem can be solved, albeit, by a more intensive data recording. It is believed that flexibility governs over management friendliness in this case. Product retrieval must employ a first-in-first-out (FIFO) basis. If this is not possible, all products that are expected to be retrieved sooner than others must be placed in front of the other bin or racks. 3.2 Material Handling System The design of a material takes into consideration, first and foremost, the material to be handled. Considerations such as fragility, temperature effects, decomposition and even manner of arrangement must be taken into account. For example, prone to breakage products must be handled by equipments and workers in a manner that takes caution. Handling heavy goods requires the use of equipment that can handle large amount of stresses and has a relatively stable confinement area/grip. For light goods, the use of stable multilayer racks can improve/maximize space utilization. With developments in technology, handling equipments and vehicles have greatly improved to the point that perturbations cannot be felt. Vehicles are also being automated to provide a systematic and reliable positioning and delivery service. Handheld radios with greater range and clearer reception as well as easy access to information such as intercoms can also be placed at critical and easily accessible locations. 4.0 Information Technology and Logistics Management The rapid pace of scientific and technological advancements has paved the way to social development wherein we are now in the age of Information Technology. With the availability of the Internet, the so-called Information Highway/Gateway, many processes have sprouted and evolved that made use of this facility. Our focus in this paper would be the impact of Information Technology on Supply Chain Management. The Internet has had significant impacts on logistics, largely due to its capacity to make data and information exchange easier and more affordable. In addition, the development and growth of e-commerce has instigated the need for greater competencies in logistics planning and execution. According to estimates developed by Forrester Research, the B2C and B2B markets could grow to $108 billion and more than $1.3 trillion over the next three years. There now exist incredible opportunities for organizations to enhance supply chain efficiencies through Web-based technology. Logistics activities and processes are first in line to benefit from these improved capabilities Also, the Internet is quickly becoming a tool for streamlining business relationships. Shippers want increasingly consistent service, predictable capacity, and lower freight charges on a unit cost basis. Carriers are interested in expanding revenue opportunities and asset utilization. Through the agility and efficiency of Web-based technology, everyone in the supply chain has the potential to achieve those objectives. (Langley, 2002) 4.1 Defining E-Commerce Literature search yielded the following definitions of E-commerce. According to Rosen, Electronic Commerce, coined as e-commerce, is used to denote a wide spectrum of online business activities for products and services (Rosen 2000, p. 5). It is also used to pertain to “any form of business transaction in which the parties interact electronically rather than by physical exchanges or direct physical contact.” (MK Euro 2002, webpage) In essence, E-commerce is generally associated with buying and selling over the Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or services through a computer-mediated network. (Mesenbourg, p.10) Lallana et. al. gave a formal definition, to which I am inclined to agree, stating that “E-commerce is the use of electronic communications and digital information processing technology in business transactions to create, transform, and redefine relationships for value creation between or among organizations, and between organizations and individuals.” (Lallana et. Al., p.2) 4.2 Business Processes There are three primary processes that are enhanced in e-commerce (Goldman 1999, p 68-71). They are the following: 1. Production processes These include procurement, ordering and replenishment of stocks, processing of payments, and electronic links with suppliers and production control processes. 2. Customer-focused processes Promotional and marketing efforts, selling over the Internet, processing of customers’ purchase orders and payments and customer support. 3. Internal management processes Employee services, training, internal information-sharing, video-conferencing, and recruiting. Electronic applications such as softwares enhance information flow between production and sales forces to improve sales force productivity. Through the use of information sharing resources, workgroup communications and electronic publishing of internal business information are likewise made more efficient.(Lallana et. al 1997, 19-20) 4.3 IT and Supply Chain Management E-commerce facilitates organization networks, wherein small firms depend on “partner” firms for supplies and product distribution to address customer demands more effectively. To manage the chain of networks linking customers, workers, suppliers, distributors, and even competitors, an integrated or extended supply chain management solution is needed. There are three main flows in SCM, namely: ● The product flow, which includes the movement of goods from a supplier to a customer, as well as any customer returns or service needs; ● The information flow, which involves the transmission of orders and the update of the status of delivery; and ● The finances flow, which consists of credit terms, payment schedules, and consignment and title ownership arrangements. Some SCM applications are based on open data models that support the sharing of data both inside and outside the enterprise, called the extended enterprise, and include key suppliers, manufacturers, and end customers of a specific company. Shared data resides in diverse database systems, or data warehouses, at several different sites and companies. Sharing this data “upstream” (with a company’s suppliers) and “downstream” (with a company’s clients) allows SCM applications to improve the time-to-market of products and reduce costs. It also allows all parties in the supply chain to better manage current resources and plan for future needs. (Dayle 2001, p. 19). The following diagram compares the old system of business transactions and the new system: Figure 1. Old Economy Relationships vs. New Economy Relationships (Cronin 2000, p. 25) 4.4 System Requirements (Young and Thomas, 1999): 1. A shared digital business infrastructure which includes digital production and distribution technologies (broadband/wireless networks, content creation technologies and information management systems), which will allow business participants to create and utilize network economies of scale and scope 2. A sophisticated model for operations, including integrated value chains-both supply chains and buy chain 3. An e-business management model, consisting of business teams and/or partnerships 4. Policy, regulatory and social systems, business policies consistent with e-commerce laws, teleworking/virtual work, distance learning and incentive schemes Case Study: Dell Dell is a computer manufacturing company which sells products directly to consumers and businesses. The company is cited in many e-commerce literatures because of its success that started in the year 1997 when it recorded multimillion dollar orders taken at its Web site. The company boasts of being able to customize computer products. That is, it can deliver to any customers or businesses computers according to their specifications with prices still competitive. With an online ordering system and dedicated information managers, the company can take orders even from abroad. After the order is received and payment details and requirements have been met, specifications are sent to the assembly area also through their internet system. The specifications are printed and given to the Master Assembly Technician. Basic features are assembled in an assembly line and other features which the buyer wants to incorporate are handled by the technicians. After testing and quality assurance, which takes only minutes for every computer, the product is packaged in the same plant and then shipped. The Assembly for every computer can vary to minutes for single purchases to 3 days for large transactions. With this efficient system, the company was able to establish its niche in computer manufacturing and assembly industry. (Dell Seminar, 2006) References: Ahanori, Lemnual and Nachum, Rajinder (2000). Managing the Business. Harvard: Harvard Press Cronin, Mary J. (2000). Unchained Value: The New Logic of Digital Business. U.S.A.: Harvard Business School Press. p. 25 Dell Seminar (2006). Career Orientations Handbook. Obtained at Information Technology Fair 2006 at Dell’s Booth Goldman Sachs Investment Research (1999). E-commerce/Internet: B2B: 2B or Not 2B?” v. 1.1, 16,68-71. Hessan, Shaen and White, Larry ( 1996). Management Principles In A Complex World. New York: Prentice Hall Kosteck, James (1996). Everything You Need to Know About Management. Singapore: McGrawHill Lallana, Emmanuel; Rudy Quimbo, Zorayda Ruth Andam (2000). ePrimer: An Introduction to eCommerce. Philippines: DAI-AGILE, 2000, p 2. Lallana, Quimbo, Andam, (1997) Ravi Kalakota and Andrew B. Whinston, Electronic Commerce: A Manager’s Guide. USA: Addison Wesley Longman, Inc., 1997, 19-20. Langley, John (2000). 7 Immutable Laws of Collaborative Logistics. Eden Prairie, MN: Nistevo. MK, Euro Info Correspondence Centre (2002), “E-commerce-Factor of Economic Growth” available from http://www.eicc.co.yu/newspro/viewnews.cgi? newsstart3end5; Internet; accessed 08 January 2007. NTGOV (2006). About Alice Springs. Retrieved January 8,2006 from http://www.alicesprings.ntgov.aulabout_alice Rosen, Anita (2000). The E-commerce Question and Answer Book. USA: American Management Association, 2000, p. 5. Smith, Dayle (2001). The E-business Book: A Step-by-Step Guide to E-commerce and Beyond. Princeton: Bloomberg Press. p. 19. Thomas L. Mesenbourg (1999) Measuring Electronic Business: Definitions, Underlying Concepts, and Measurement Plans. London: BlackBeard, p.10. Young, Patrick and Thomas Theys (1999). Capital Market Revolution: The Future of Marlets in an Online World. 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