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1998
Eurobrands
by Paul Herbig and Rama Yelkur
Abstract of Eurobrands and EuroAds:
I. Introduction
“ A powerful force drives the world toward a converging commonality, and that force is technology. It has made isolated places and impoverished peoples eager for modernality’s allurements” (Levitt 1960 ). Today’s world is witnessing the impact of Levitts more often quoted words. Inexpensive air travel and new technologies have led to greater purchasing similarities among consumers spread throughout the world known as “world customers”. This same similarity can now be seen, in a larger scale, through the emergence of what many call “Global Markets” occurring throughout the world. Such a market is that of the European Single Market. According to Kenichi Ohmae, marketers can treat not only Europe but also the U.S. and Japan, collectively known as the triad, as a single market with the same spending habits. Firms are constantly searching for new means of tapping into new markets and capitalizing on global economies of scale. For some firms this is the only means of survival in the dynamic and extremely competitive global arena. By standardizing, the elements of the marketing mix firms are able to reap the benefits of economies of scale in the European Single Market. As ideal as this view may seem some believe it is more of a myth than a reality.
A. Birth of the Single European Market
Following the devastations of WWII Europe experienced economic chaos and political difficulties. It was out of this devastation that a spirit of cooperation gradually emerged in Europe. Since then a number of factors have led to the formation of organizations with the sole purpose of integrating the countries. This, in turn, set future competitive and efficient producers. The year 1993 was a major historical land mark in the development of the European community. Although plans for such a community had been discussed since 1957, it was not until 1992 that the dream became a reality. The goal of the community is that of a single European market to exist” without internal frontiers where goods, services, people and capital move as freely as within one country” (The European Community 1991).
In 1957 there were only six members. Since then, the European Union has been joined by six more, and by the end of this year, four more countries will have joined. The name of the country along with the corresponding year are listed.
The European Community Membership
1957 1993 1996
France Great Britain(1973) Austria (1996)
West Germany Ireland (1973) Finland
Italy Denmark(1973)
Belgium Greece(1981) Sweden
Netherlands Spain(1981)
Luxembourg Portugal(1986)
In order to obtain a clear understanding of the impact of Europe ‘92, the following insert containing some of the important changes that EC countries are experiencing included. The impact of some of the barriers that were removed in the program entitled Europe ‘92 are tremendous and have open the doors to trade greatly. Gabriel Locher provides a brief summary of the major salient features of Europe ‘92.
1) Before certain products are brought to market, they must pass a lengthy approval process in each country to determine if they comply with local product standards. As a result of Europe ‘92, a product admitted in one member country is automatically approved for distribution and sale in all. This saves exporters significant time and expense in penetrating this market.
2) Fewer commonly accepted business standars exist throughout Europe than one might expect. Specifications for everything from simple stationary to electronic data interchange vary from country to country. Europe ‘92 has become a catalyst for companies within the EC to develop and agree upon norms expected to be uniform across all boundaries.
3) While uniform value-added tax is envisioned, it is not likely to be implemented quickly.
4) The absence of cumbersome customs controls will make shipping and inland transportation easier,faster , and less costly. It is estimated that approximately 75,000 individuals presently employed in customhouse brokerage activities will loose their jobs. Further, without long delays at border crossings, it is expected that transportation expenses will be reduced by about 6 percent (Locher 1992 , 26).
II. Eurobrands
Eurobrands are brands that employ a common positioning strategy and package design in all EC countries (Quelch and Buzzell 1990, 72). The essence of Eurobrands is standardization of marketing mix in the European market, and what better way to describe it than through one of the most well known globalized products in the world: Coca-Cola. The approach used by this global company is “One sight, one sound, one sell” (Czinkota 1994, 25). Coca-Cola is well known throughout the world, it’s effectiveness and popularity is overpowering. The same concept is used globally however in such a global product there are some minor adaptations made. The benefits of the creation of this large “internal” market are potentially substantial. The term “Pan European” refers to the developed markets of Europe and can sometimes refer to groupings of countries, new Euroregions, or segments crossing national borders (Hallburton and Hunenberg 1993, 78). Companies that use a “Pan-European” marketing strategy approach the European market distinctively from other global regions but with a uniform manner that is consistent throughout the Euro-region. However, the extent to which a uniform marketing approach can be implemented has been questioned. There is a tremendous diversity in geographical markets in terms of physical conditions, legislation, the marketing infrastructure, and the political context and culture that may lead to a high degree of complexity and even eliminate a standardized marketing proposal (Littler and Schlieper 1995, 3). An example of such a situation is the food sector. The food sector is overwhelmed with an excess of regulations that vary across countries. Over 200 non-tariff foodstuffs barriers were identified in ten product sectors in a study conducted by MAC group. Such conditions imposed an obstacle in the development of a uniform marketing ( Littler and Schlieper 1995, 6).
Many firms that are trying to market to the EC countries realize that if the governments are not in favor of a particular product, they will do everything to get the message across. Cigarettes is such a product. The EC banned all cigarette advertising from the electronic media. Italy and Portugal also banned advertising in the press, and other countries have proposals for further media restrictions. In 1992, France passed a law requiring that restaurants, factories, offices, and other public spaces set aside separate areas for smokers. Italy proposed an even stronger legislation: a ban on smoking in public places and on public transport. Both countries fine violators. As of January 1993, the French banned tobacco companies from sponsorship, if the aim is to promote their product, either directly or indirectly. (Terpstra and Sarathy 1994, 50)
Geographical diversity:
Europe is well known for its differences in terrain and climate. The short summers and arctic winter of Scandinavia contrast with Greece, Portugal, Southern Italy, and Spain; the low plains of the Netherlands contrast with the mountains of Switzerland. Such diversity influences the product greatly. Products need to fit the region being targeted and in this case Europe is a great challenge.
EuroAds:
By understanding the hardships of coming up with an Euroad one would ask is it really worth all the trouble? Just by simply looking at a commercial targeted at Mexico one would think since the language is Spanish the same commercial should work in all Latin American countries. Well, that is not the case each region has it’s idioms and unique culture. Take this example and now place it at a more complex market where next door countries speak a completely different languague and have so many cultural differences that just thinking about it must give ad agencies a headache. One of the advantages and probably the most eye-catching is the great savings obtained on production costs. A Lintas campaign for IBM, for example, ran in 26 markets. The cost of such an ad came to approximately 150,000 lbs to make. If a separate film had been made for each market, production costs would have jumped to 4 million lbs.
Media advertising will play an important role in promoting Pan-European products.
It is still not certain if there will be true freedom of broadcasting allowed. However, firms will be able to rely on other tools of communication such as direct marketing, public relations, sales promotion. In terms of advertising the EC market represent the opportunity for firms to advertise the same message to approximately 372.1 million consumers. Jerry Roberts mentions the fact that recent highly successful commercials in Europe were run with only a translated and dubbed soundtrack. There are situations in which the advertiser wants to reflect a local image. In this case the location and the situation would have to be changed. Through the use of a creative advertising campaign actors and backgrounds can be selected in such a manner that they will be acceptable to several countries. Add to this a dialogue and action that will look all right in several languages and the result is a standardized Euroad. All that would be left to do is interpret the ad in the language of each country (Roberts 1989, 30-32). The impact of Television ads is incredible. When one considers the diversified cultures, the different values and ways of perception it is important for firms to do careful research and rely on local expertise.
Restrictions on Ads:
Marketers and advertising agencies must deal with restrictions present on how products can be advertised. Take for example the following restrictions placed on three different industries.(Appendix A)
Color:
Color plays an important role in how consumers perceive a product, and marketer must be aware of the what signal their products color is sending. Color can be used for brand identification such as : yellow of Hertz, red of Avis, and green of National (Czinkota and Ronkainen 1994, 462-464)
III. Current Status
Current trends indicate that “Pan European” brand marketing is not as prevalent as it was believed, the reason being that national differences within many products/markets, and regulatory and market access barriers are still eviden. (Halliburton and Hunenburg 1993, 2). Only with the passage of time will these differences diminish.
*In targeting the European Single Market, it is essential for firms to perform intelligent market assessment from pooled cross-border data sources. Such research will allow companies to spot trends which are common across countries (i.e. the desire for modernity, convenience, and low price) (Chernatony and Halliburton, 1995,5).
IV. Future Potential
While the benefits of a single market are many, some fear Europe will turn into what experts call a “Fortress Europe”. Europe would represent such powerful market enough that the trade balance of other nations would be affected immensly. Because EC countries account for 20% of world trade such an action would negatively affect world trade. While Europe dismantles internal barriers, it will raise external ones, making access to the European market dificult for U.S and other non EC firms ( Czinkota, Michael, et al., 1994).
V. Management/ Marketing Implications
Planning for brands internationally
International brands have two major components that need to be given careful consideration prior to the decision of standardization or adaptation; the core concept and its execution. The former, is the “essence” of how the product is perceived by the consumer. Satisfaction is based on the products ability to fulfill a consumers rational, emotional and psycho-social needs. The latter, is the implementation of the brand through the packaging, product contents, tactical promotions, creative and media policy. Travel and growth of coverage contribute to the belief that consumers expect brands to have same “values”. In other words, the consumer will tolerate distinct regional executions as long as the “ essence” of the core concept stays the same across regions (de Chernatony and Halliburton and Bernath 1995, 1-4).
International Marketing strategies
Firms may base their international marketing strategies on three main orientations; ethnocentric, regiocentric and geocentric. The ethnocentric orientation is one that reflects the attitude of if it “works at home; therefore, it must work in every country”. The regiocentric orientation basically reflects much of what Pan-European marketing is based on . Clusters are identified of relatively homogenous groups of countries once this is done, a standardized approach is used to target these clusters. The geocentric orientation is based on the global concept, “a firms sells its products in many nations and employs an integrated worldwide approach in doing so”( Littler and Schlieper 1995, 6-7).
One concept that seems to be prevalent among certain articles is that globalization and standardization should not be perceived as being exactly the same. A clearer understanding can be obtain if one views global marketing strategies along a continuum. In other words, from one end centralized worldwide coordination of a fully standardized product to adaptations to local market conditions which is on the other end.
The Europroduct
Market research indicates that the Europroduct have high tech or high touch involment. Some of the themes that seem to be successful in the Euro market are: “ materialism, with images and symbols related to physical wellbeing and/or status, and play, with images and symbols corresponding to leisure, hedoism, creative or exploratory behavior”(Littler and Schlieper 1995,8).
Price
The price factor greatly influences the brands positioning and overall perception. Because of variations in transportation costs, taxation, distributors’ margins and the competitive structure of the market, prices will vary from country to country( Littler and Schlieper 1995,8).
Packaging:
Packaging is regarded as one of the most important elements in the product mix. The reason being that it is the main tool used in capturing the consumers attention. That is why it is so important for firm to use the same packaging throughout the EC countries. Such a goal will impose some hardships but as long as the same message is given across to consumers the minor adjustments or adaptations should be okay.
Production of Europroduct:
A barrier-free single market allows companies to concentrate production on one site as opposed to having facilities in each country throughout the EC(Atkinson and Oleson 1994, 990).
The following case illustrates how a firm dealt with the decision of centralization.
P&G case
Although Cheratomy states that centralization is a probable outcome of a standardized brand market, it is wise to consider the following case scenario: A company’s action to try and capture European wide scale economies decided to launch what became known as the Pampers experiment. As one could guess, the company is P&G. A position was created for the purpose of developing a Pampers strategy for the whole continent. The idea was for one person to be in charge of coordinating activities across subsidiary boundaries thus eliminating diversity in brand strategy. The outcome was one of complete failure. Withing 12 months, the pampers experiment was over. An analysis of the case concluded that not only was local knowledge ignored, but also subsidiary strengths were underutilized to the point that country managers were demotivated and felt no more responsibility for sales performance of the brand in their areas. P&G realized the importance of local expertise and in order to prevent the same mistake recurring, the creation of “Eurobrand” teams was the result. A Eurobrand team is formed for each important brand. This team carries the responsibility for development and coordination of marketing strategy for Europe. The Eurobrand team has shown to be very successful and effective. Two main reasons why Eurobrand teams succeeded are: they captured the knowledge, the expertise, and most important, the commitment of managers closest to the market (Barlett and Ghoshal 1992, 636-638).
Although the theory behind "Pan-European" strategies target the entire market, in reality, firms will target specific groupings or segments. This is accomplished through the redefinition of the European market. For example, groupings of countries with similar tastes are made such as the "Anglo-Saxon-North", "Latin South", North-East France, Benelux, and North-West Germany. Cumulatively, these fragments of markets are able to provide economies of scale. (Halliburton 1993, 79). Standardized market research tools will facilitate the monitoring needed that will detect changes in consumer attitudes and brand preferences across Europe. This will permit cross-border comparisons and the identification of Pan-European consumer segments. The implementation of "Pan-European" strategies encounter legal, regulatory, communication media, distribution channels and linguistic barriers. Television access is such an example. While the percentage of television advertising expenditure is almost zero in Norway, in Italy it is over forty percent. A good social indicator of similar markets includes similarities in attitudes toward work, money, authority, individuality, materialism, the environment, aging population, the family and working women.
V. Conclusion
Not only would the ideology of a “Pan-European” be hard to implement but it would definitely mean overlooking natural differences among consumers spread around the EC market. Businesses that decide not to consider this fact are setting themselves up for a mistake that could have a high cost attached to it.
The question is not whether to “think global, act local” it is more about realizing that it all depends on the type of product/market, the competition and the moment in time(Haliburton and Hunerberg 1993, 81-82). Similarities in consumer behavior will increase, but respect for national and local cultures will remain strong. The challenge is to avoid what some call “Euromyopia” by distinguishing common European factors from significant national differences. .
Appendix A
Country Cigarettes Alcoholic Pharmaceutical Tobacco Products Beverages Products
France Banned as of 1993 Banned (for products Prior authorization
over 1.2% alcohol) from appropriate government health authority required
Republic Banned in all media Banned in broadcast Advertisements
Of except magazines print allowed but for certain products
regulated or treatments
Ireland prohibited, others regulated
Italy Banned Restricted Restricted , some Products banned
from television
Netherlands Banned in broadcast, Pernitted in all Allowed but with Must carry health media but regulated restrictions in all media
warning elsewhere
United Banned in broadcast, Banned in Prior opinion sought
Kingdom approval needed for broadcasting, other from Medical Advisory print media carry voluntary Board, advertisements
restrictions for cetain products or
treatments prohibited
References:
Atkinson, Glen and Oleson Ted, “Europe 1992: From Customs Union to Economic Community”, Journal of Economic Issues, 1994, Vol.28, No. 4, 977-993.
Barlett, Christopher and Ghoshal Sumantra, Transnational Management, Richard Irwin Inc.: Boston MA,1992.
Chernatony, Leslie and Halliburton, Chris, “International Branding: Demand or suppy- driven opportunity?”, International Marketing Review, 1995, Vol. 12 No.2, 1-14.
Czinkota, Michael, Rondainen, Ilkka and Moffet, Michael, International Business, Dryden:Boston, 1994.
Czinkota, Michael and Rondainen, Ilkka, International Marketing, Fourth Edition 1995, Dryden:New York.
“EuroAds Why Bother?.” Campaign 20 Jan. 1995: 28-29.
The European Community in the 1990's: Publications Unit: Brussels, 1994.
The Enlargement of the European Community: Publications Unit: Brussels, 1994.
Haliburton, Chris and Hunerberg, Reinhard, “Executive Insights: Pan-European Marketing-or Myth or Reality”, Journal of International Marketing, 1993, Vol. 1, No. 3, 77-92.
Levitt, Theodore “The Globalization of Markets”, Transnational Management, Irwin Inc.: Boston MA, 1992.
Littler, Dale and Schlieper, Katrin, “The Development of Eurobrands”, International Marketing Review, 1995, Vol. 12, No.2, 22-37.
Locher, Gabriel, “ Europe’s Changing Face”, Business Credit, November/December 1992.
Terpstra, Vern and Sarathy, Ravi, International Marketing, Edition, 1994, Dryden.
INTRODUCTION
Eurobrands refer to brands that are standardized across Europe. The existence of national boundaries often led to the proliferation of brands. With the integration of the European market in 1992, a new opportunity was presented for consumer product companies in particular, to use common branding and perhaps, other aspects of marketing strategy across Europe. This can help reduce some of the marketing costs for the firm and ahso lead to a more coherent brand image in an expanded market.
In this paper, we will discuss the importance of eurobrands, their relationship to marketing, and how the "Europe 1992" policies will affect the future for eurobrands.
IMPORTANCE TO TOPIC AND IT'S RELATIONSHIP TO MARKETING
Eurobrands are company made products marketed in Europe under a brand name. A company creates a brand name for it's product and registers it as a trademark name. The trademark is not a legal process but is seen as a concept.
The cultural background of a country must be known before a product is marketed and much research is done to realize what a consumer wants or needs. When marketing a product, a company must consider the cultural differences before coming up with the marketing strategy. Mr. Lippman, a worker in the German-based Lever's Paris office said:
"That dizzying diversity is the legacy of what once seemed an astute policy at Lever and at many other European companies. Heavily decentralized, Lever left most product, manufacturing, and marketing decisions to powerful company managers. They chose names that sounded appealing in the local language, designed packages to fit local tastes, produced products in local factories and sometimes tinkered with formulas" (Browning, 1992). Many aspects must be considered before marketing a product in a country. Language is impOrtant because of it's diversity in different countries. Package design is important to consumers depending on their lifestyle needs. For example, one company designed a package for laundry detergent in a small, convenient box for the Japanese consumers, since little space is available and population is so high. Creating a positive image for a brand is vital for consumers to accept the product itself. Pepsi Co. is now changing the rules of marketing with a new sugar-free drink called Pepsi Max. It will be the first cola that a U. S. company has designed exclusively for its international drinkers. Europeans look at diet drinks as unappealing, so Pepsi decided to market the diet drink under a more appealing name. "Outside North America consumers believe that diet drinks taste awful," says Donald Holdsworth, vice-president for Pepsi-Cola International. "In southern Europe, people say that diet drinks are for sick people"(Sellers, 1993). Pepsi marketers figure, however, that consumers are becoming more health-conscious worldwide and a one-calorie drink with a deceptive name, Pepsi Max, might help Pepsi ~ola International with $2 billion in sales. As you can see, the image diet drinks have is negative and Pepsi is using the product name in order to try and change that outlook. The image of a brand must stay positive because its said, "Start with a brand. People buy brands, not products" (Bell, 1992).
Advertising eurobrands is very costly but important to a company. Without advertising, the consumer is unaware of the product or the benefits and facts of the product. Top companies spend millions of dollars on advertising to inform consumers and create different market strategies for the diverse cultures. For example, Pan Am Airline spent $1.6 million on press and television ads in West Germany, France, the United Kingdom, Italy, and Holland--compared to $10.3 million in only four countries in the first half. The Gulf crisis has cost the airlines billions of dollars, but the eurobrand survey shows this had a direct impact on Pan Am's market spending. It dropped two places, with a 4.62% share of all airlines' spending over the year compared with almost 8% in the first six months of the year (Johnson 1991). Other airlines maintained spending across Europe in the last half of the year.
FUTURE FOR THE TOPIC AND MARKETING IMPORTANCE
A topic of great interest to firms has been the question of what "Europe 1992" means for the European marketing strategies in general, and their branding poicies in particular. Europe 1992 is an event that became effective on December 31, 1992 which eliminated hundreds of border restrictions between twelve western European countries. This process began over 39 years ago when six original members of the European Economic Community (Belgium, France, Germany, Italy, Luxembourg, and the Netherlands) signed the Treaty of Rome. At that time, those member states undertook to create a common market in which people, companies, goods, services, and capital could move without barriers. The process towards this goal wasrapid. The original member states, for example, adopted a common customs tariff and common external trade policy in 1968, several years ahead of schedule. The 1970's, however, saw anexpansion of the community (Denmark, Ireland, and the United Kingdom in 1973), an oil led recession and a slowing down of the integration process. That slow down was reversed by the 80's and Europe was once again able to turn their attention back to the unfinished business of the Treaty of Rome. In June 1985, Lord Cockfield, the senior British commissioner, published a White Paper entitled "Completing the Internal Market." This document lists about 300 legislative proposals to be adopted if the European Community is to achieve the ambition to become a truly single market. The White Paper proposals are grouped under three principle categories: (1.) The removal of physical barriers. (2.) The removal of technical barriers (Dowler, 1989). Subsumed within these general categories are the number of proposals which relate to specific business sectors. As of 1993 Europe has now become a common market with free movement of people, capital, services, and goods. About 275 of the 300 proposals have been implemented while the rest still wait for adoption.
The key changes for the European Community 19g2 include: (1.) One single common two page form will allow the transport of goods between the Atlantic and the Black Sea. (2.) Invisible trade barriers caused by different national product regulations will be removed. (3.) The creation of uniform standard, environmental laws, health, safety, and product regulations across western Europe. (4.) Bring greater uniformity to all nations excise and value added taxes and exchange controls. (5.) There will be a free flowing of capital so money can move anywhere within the common market. (6.) Recognizing the rights of workers and professional to hold jobs anywhere in free Europe. (7.) Licensing restrictions in banking and insurance removed and competition in air transport introduced (Cecchini 1988, Milmo 1988).
The expected results are that there will be increased economic growth, rising employment, increased competition, lower prices to consumers, more economic and industrial efficiency, and improved external trade (Mitchell 1988a,Cecchini 1988a). By eliminating barriers, its estimated that $75 to $90 billion annually will be saved due to the increase in competitiveness the consumers costs will decrease between $70 and $120 billion.
The future of eurobrands will now be feasible. Instead of different packaging, labeling, contents, and licensing, a single product can be produced which will lower costs and increase quality. A single testing and trademark certification will enable new products to reach the market faster. Local customization should be considered when establishing eurobrands. When promoting a product, a company should market regionally into various cultures and ignore the political boundaries. Since most Europeans speak several languages, concentration should focus on the major seven languages which are spoken in Europe when implementing the market strategies. With uniform advertising regulations, easier and more efficient advertising plans will be made, increasing television viewing by consumers and increasing the availability of advertising. The greater competition should increase spending and prices should decrease around eight percent. Also, faster transportation of goods should consolidate warehouses and reduce distribution expenses.
The easing of border and communication restrictions is likely to increase the growth of direct mail, telemarketing, and etc., which will benefit in the marketing of eurobrands.
Europe 1992 presents unparalleled challenges and opportunities for U. S. companies. Three out of four of European business executives polled are taking concrete actions to get a jump on the competition by: (1.) Developing strategies to capitalize on new business opportunities; (2.) Investing in new plant and high-tech equipment to lower production costs and become more competitive; (3.) Expanding international business contacts and explGring joint venture opportunities; (4.) Making investments in other EC countries; and (5.) Implementing various organizational and managerial changes to position companies to compete more effectively in the new environment (Altany, 1989).
Forty percent of U. S. direct investment is in Europe and sales exceed $300 billion annually. No other market is as important for U. S. firms to take full advantage of the opportunities presented in this restructuring they need to consider the following options: (1.) Develop strategies to remain competitively viable and to capitalize on new business opportunities. (2.) Establishment of relationships with European management consultants. (3.) Become in lobbying within Europe for positions that preserve U. S. interests. (4.) Buy into the European market. (5.) Management must pay greater attention to determining the basis of their competitive advantage and accurately define their target market. (6.) Companies currently exporting to Europe need to decide between continuing with their present strategy or establishing a manufacturing facility in Europe.
CONCLUSION
Europe 92 will have a tremendous impact on the world. This single market will bring about the use of common branding and this can lead to a more coherent brand image in a expanded market. American based companies need to keep up pace with the Europeans or they may lose their peace in the European market. The future of Europe is uncertain, but the changes that will be taken will be ones to watch. SUMMARY
Eurobrands refer to brands that are standardized across Europe. Eurobrands have to be marketed differently throughout Europe due to the cultural differences. If the marketing strategy used is not culturally acceptable, the product most likely will fail. The significant event, Europe 1992, eliminates border restrictions and creates a single market. Effects of this change are competition will intensify, expanded market opportunities, harmonization of product standards will result in production, marketing, and administrative efficiencies. Transportation and distribution will become more efficient and economical. Europe 1992 brings several changes for European marketing strategies and their branding policies while offering both a great opportunity and competition for U. S. businesses. The outcome is uncertain, but the world will never be the same.
REFERENCES
Altany, David (1989). "Europe '92--Alias 'Fortress Europe.'" Industry Week, June 19:93-97.
Cecchini, Paolo (1988), "Study Analysis Impact of 1992 Internal Market." Europe, May, 18-19.
Dowler, Rod (1989), "Europe 1992 and The High Technology Industry," McLintock Publications.
Johnson, Mike (1991), "All Up In the Air, " Marketing, (March) p.l4.
Milmo, Sean (1988), "Are You Ready For 1992?," Business Marketing, (Sept.) 66-74.
Sellers, Patricia (1993), "Eurofizz" Fortune, (March) p.17.