Daily Deals White Paper

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Daily deals white paper from harvard Business School field study.

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Daily Deals White Paper

  1. 1. ! ! ! !Daily Deals White Paper: ! ! !!"#$%&("#)"*+,$+)"#-&%.+#."(/)0&+12+#()3.+#$(3&+("#+)/43)0()1"&+21%+ ! !/$%0,("&+("#+01"&-/$%&+ ! ! ! ! ! ! !Harvard Business School !Edelman Field Study Fall 2010 ! !Erik Eliason, Yohanes Frezgi, Fatima Khan ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
  2. 2. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !Table of Contents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
  3. 3. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !1.0 Executive Summary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
  4. 4. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !2.0 Industry Analysis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`DWVVV ! aPVV ! PV999! $.F8>1&&,,,,,,,,,,,,=*)*&6, `DVV9A! !!!!!!!!!!!!65NA! PA9!7+&0/E&,B&/8,J0*&, ZN6A99! ZDOA999! Z6DP9X! D(45*4E, 6b6LX! Z5D5LX9! !!!!!!!!!!!!!!2c#! Q,>C,6(P60*P&06, NVLX99! 6VLX999! 2c#! R,B/*81,B&/8,A&P, bdX9A! edXA! 2c#! I0/CC*,,*4,);&,S-T,!H0>(F>4,[HFJGF?W!IC9EC!I8=!FH9Q9?8::;!=K8HK<@!8=!*C<!+F9?K!9?!5VVbW!9=!:8HQ<:;!EH<@9K<@!I9KC!<=K8S:9=C9?Q!KC<!:FE8:!@89:;!@<8:!=G8E<!8>K<H!FS=<HA9?Q!J=<H=!F>!*C<!+F9?K!EFMS9?<!KC<9H!<>>FHK=!KF!SJ;!QFF@=!9?!SJ:R!8K!:8HQ<!@9=EFJ?K=7!$?!5VVe!KC<!EFMG8?;!G9AFK<@!8?@!H<?8M<@!9K=<:>![HFJGF?!^Q<K;FJHQHFJGF?7EFM_W!>FEJ=9?Q!<XE:J=9A<:;!F?!@89:;!@<8:=7!19?E<!KC<?![HFJGF?!C8=!S<EFM<!KC<!M8HR<K!:<8@<H!9?!KC<!@89:;!@<8:!=G8E<!I9KC!@<8:=!9?!FA<H!6WVVV!M8HR<K=!Q:FS8::;!8?@!<=K9M8K<@!H<A<?J<!FA<H!O!K9M<=!:8HQ<H!KC8?!KC<!?<XK!S9QQ<=K!G:8;<HW!%9A9?Q1FE98:7!*F!9?E<?K9A9T<!J=<H=!KF!SJ;!@<8:=![HFJGF?!J=<=! !KC8K!MJ=K!S<!H<8EC<@!S<>FH<!8?;F?<!ICF!C8=!GJHEC8=<@!KC<!@<8:!9=!Q9A<?!8!@9=EFJ?K7!!$>!KC<!fJFK<!9=!?FK!H<8EC<@!<A<H;F?<!ICF!8QH<<@!KF!GJHEC8=<!KC<!@<8:!9=!?FK!EC8HQ<@!8?@!?F!F?<!Q<K=!KC<!@9=EFJ?K7!*F!C<:G!@9=KH9SJK<!KC<9H!@<8:=![HFJGF?!H<:9<=!F?!8!=KHF?Q!<M89:=!S8=<!KC8K!EF?=9=K=!9?!FA<H!NV!M9::9F?!<M89:=!IFH:@I9@<!IC9EC!8EEFJ?K!>FH!DOd!F>!KC<9H!@89:;!KH8>>9E7!0=<H=!8H<!8:=F!>JHKC<H!9?E<?K9A9T<@!KF!Q<K!FKC<H=!KF!SJ;! N!!
  5. 5. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !@<8:=!KCHFJQC!8!H<><HH8:!GHFQH8M!KC8K!H<I8H@=!J=<H=!>FH!Q<KK9?Q!>H9<?@=!KF!=9Q?!JG!FH!GJHEC8=<!8!@<8:!KC8K!KC<;!C8A<!8:H<8@;!SFJQCK7!!,D*06),:>+&0,75+/4)/E&,,19?E<![HFJGF?!I8=!KC<!>9H=K!MFA<H!9?!KC<!@89:;!@<8:!=G8E<!KC<;!C8A<!<?gF;<@!8!=9Q?9>9E8?K!>9H=K!MFA<H!8@A8?K8Q<!KC8K!EFMS9?<@!I9KC!KC<9H!FG<H8K9?Q!<X<EJK9F?!C8=!:<@!KF!KC<9H!EJHH<?K!M8HR<K!@FM9?8?E<7!*C<9H!@FM9?8?E<!E8?!:8HQ<:;!S<!=<<?!KCHFJQC!KC<!=9Q?9>9E8?K!@9>><H<?E<!9?!I<S=9K<!KH8>>9E7!,I0/CC*,!$?!8!H<E<?K!GF=K!S;!)9KI9=<W!8?!F?:9?<!@8K8!8?@!8?8:;K9E=!=<HA9E<!EFMG8?;Y!KC<;!H<GFHK<@!KC8K![HFJGF?!EFMM8?@=!bd!F>!QHFJGUS8=<@!EFJGF?!KH8>>9EW!IC9:<!%9A9?Q1FE98:!C8=!gJ=K!ed!8=!F>!2FA<MS<H!5bW!5V6V7!!D*E(0&,9"#@!L8HR<K!1C8H<!F>!"89:;!"<8:!0?9fJ<!-9=9K=XA9!! !!*C<!I9@<!KH8>>9E!M8HQ9?!KC8K![HFJGF?!<?gF;=!E8?!M89?:;!S<!8KKH9SJK<@!KF!KC<9H!:8HQ<H!J=<H!S8=<7!(C9:<!%9A9?Q=FE98:!C8=!8EEHJ<@!8!S8=<!F>!FA<H!6V!M9::9F?!J=<H=!9?!KC<!0?9K<@!1K8K<=!=9?E<!9K=!:8J?EC!9?!#JQJ=K!5VVW![HFJGF?!C8=!8M8==<@!?<8H:;!NV!M9::9F?!=9?E<!2FA<MS<H!5VVe7!L8?;!F>!KC<=<!J=<H=!=9Q?<@!JG!IC<?![HFJGF?!>9H=K!9?KHF@JE<@!KC<!@89:;!@<8:!=G8E<!I9KC!@9=G:8;!8@=! !!! O!!
  6. 6. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !!D*E(0&,<"#@!18MG:<![HFJGF?!#@A<HK9=<M<?KXA99!! !!0?K9:!M9@U J=<H!8EfJ9=9K9F?!EF=K=!F?!I<S=9K<=!:9R<!B8E<SFFR!I<H<!A<H;!:FIW!SJK!S;!:8K<!5VV!M8?;!?<I!@<8:!=9K<=!<?K<H<@!KC<!M8HR<K!@H9A9?Q!EJ=KFM<H!8EfJ9=9K9F?!EF=K=!JG!KCH<<>F:@7!!%9A9?Q=FE98:!>JHKC<H<@!=J>><H<@!>HFM!8!:8ER!F>!+,W!=9?E<![HFJGF?!ICF!I8=!>9H=K!9?!KC<!@89:;!@<8:!=G8E<!8?@!EFMM8?@<@!MJEC!F>!KC<!?<I=!8KK<?K9F?W!IC9:<!%9A9?Q=FE98:!I8=!KC<!Nb!G:8;<H!KF!MFA<!9?!KC<!=G8E<7!BFH!<X8MG:<W![FFQ:<!*H<?@=XA999!!=CFI=![HFJGF?!C8=!5V!K9M<=!MFH<!=<8HEC!KH8>>9E!KC8?!%9A9?Q=FE98:!9?!5V6V7!!D*E(0&,<"#@![FFQ:<!*H<?@=!#?8:;=9=h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eKC!>FH![FQQ:<!#@IFH@=!=G<?@9?Q!@JH9?Q!KC<!MF?KC!F>!iJ?<!5V6V!I9KC!=C<::9?Q!FJK!Z575!M9::9F?XX7!! P!!
  7. 7. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !D*E(0&,?"#@!%9A9?Q=FE98:!M8HR<K9?Q!=G<?@!F?![FFQ:<!#@IFH@=!9?!iJ?<!5V6VXX9!! !,K1F&0,$%F/46*>4,);0>(E;,34+&6).&4),,*F!EFMG<K<!I9KC![HFJGF?W!%9A9?Q=FE98:!C8=!H89=<@!FA<H!Z5D5!M9::9F?!9?!>J?@9?QW!IC9EC!9=!ZP6!M9::9F?!MFH<!KC8?![HFJGF?W!8?@!9?E:J@<=!8!Z6bO!M9::9F?!9?A<=KM<?K!>HFM!#M8TF?7!$?!8!GH<==! ;!=K8K<@!KC8K!KC<;!G:8?!KF!M8HR<K=!KC<;!EJHH<?K:;!9?7!!!!!N0/45,$%)&46*>46,,$?!8?!<>>FHK!KF!K8HQ<K!8!=G<E9>9E!@<MFQH8GC9E!IC9:<!M89?K89?9?Q!KC<9H!F?<!@<8:!G<H!@8;!MFKKFW!%9A9?Q=FE98:!C8=!:8J?EC<@!SH8?@<@!<XK<?=9F?=!=JEC!8=!%9A9?Q=FE98:!=E8G<=!8?@!%9A9?Q=FE98:!B8M9:;!@9K9F?7!*C9=!9=!8!@9H<EK!EF?KH8=K!KF![HFJGF?!=KH8K<Q;!F>!=9MG:;!8@@9?Q!8@@9K9F?8:!@<8:=!KF!KC<9H!=9@<!S8H!IC9:<!8:<HK9?Q!KC<!M !,H*8),=*)1,[9:K!39K;!9=!F?<!KC<!>9H=K!<X8MG:<=!F>!8!M8gFH!?F?U@<8:!=9K<!MFA9?Q!9?KF!KC<!@<8:!=G8E<7!*C<!9@<8!S<C9?@!KC<!EF?E<GK!I8=!KF!<XK<?@!KC<![9:K![HFG<!=<HA9E<!KF!KC<9H!<?Q8Q<@!J=<H!S8=<7!!*C<;!K<=K<@!KC<!M8HR<K!I9KC!8!@<8:!>FH!8!=G8!G8ER8Q<!9?!2<I!&FHRW!9K!I8=!8!=9Q?9>9E8?K!=JEE<==!8?@![9:K!39K;!I8=!>FHM<@7!!$?!8?!9?K<HA9<I! [9:K!39K;W!C<!M<?K9F?<@!KC8K!KC<!KIF!R<;!EF?=KH89?K=!KC8K!C9?@<H!M8?;!@<8:!I<S=9K<!>HFM!S<9?Q!8!=JEE<==!8H<!?FK!C8A9?Q!8!@<@9E8K<@!S8=<!F>!J=<H=!8?@!8!:8ER!F>!E8G9K8:!?<<@<@!KF!GHFMFK<!8?@!<XG8?@7!!L8?;!><<:!KC8K![9:K!39K;!9=!<=G<E98::;!GF9=<@!KF!@F!I<::!S<E8J=<!F>!KC<!:8ER!F>!EFMG:<K9F?!9?!KC<!:JXJH;!M8HR<K7!![9:K![HFJG<!C8=!8?!9?=K8::!S8=<!F>!FA<H!5!M9::9F?!J=<H=!8?@!8!H<:8K9A<:;!C9QC!GH9E<!GF9?K!>FH!8?!8A<H8Q<!@<8:7!!jFEC!8:=F!?FK<@!KC8K!KC<;!C8A<!C9QC<H!>J::!GH9E<!H<KJH?!H8K<=!>FH!EF?=JM<H=!ICF!SJ;!KCHFJQC![9:K!39K;W!=9Q?9>;9?Q!KC<!C9QC<H!@<=9H8S9:9K;!>FH!M<HEC8?K=!KF!C8A<! b!!
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ubscriber size, O! 6! V7O! V7O! Commission charged, 6! 5! 5! D! Discount Requested, 6! 6! N! 5! Average Price, D! D! 6! D! Rigidity ofContent Calendar, 6! D! 5! D! User Demographics, N! N! O! D! Payment Terms, D! D! D! D! Cannibalization Rate 5! 5! 5! 5! Retention Rate 5! 5! N! 5! Total Score 22, 2!, 29"?, 2!"?,!4SA9FJ=:;! KC<! H8K9?Q! >FH! KC<! @<8:! =9K<=! @<G<?@=! C<8A9:;! F?! ICFM! KC<! M<HEC8?K! 9=! 8?@! IC8K!K<HM=! 8H<! ?<QFK98K<@7! ! *C<! K8S:<! 8SFA<! 9=! S;! ?F! M<8?=! 8! QJ9@<! KC8K! =CFJ:@! S<! J=<@! S;! 8::!M<HEC8?K=!9?!KC<9H!8?8:;=9=W!=9MG:;!8!>H8M<IFHR!9?!IC9EC!KC<;!=CFJ:@!EFMG8H<!KC<!@<8:!=9K<=7!!!$MGFHK8?K!B8EKFH=!KF!,<M<MS<Hh! 2F7!F>!E9K9<=!KC<!@89:;!@<8:!=9K<!FG<H8K<=!9?!!^>FH!8!?8K9F?8:!EC89?c!SH8?@_! ,<><HH8:!$?E<?K9A<!>FH!J=<H=!^Z6V!9>!;FJ!G8==!8:F?Q!KF!8!>H9<?@W!FH!QHFJG!SJ;9?Q_! ,<I8H@! +F9?K=! ^J=<! KC9=! @<8:! 8?@! Q<K! H<I8H@! GF9?K=! I9KC! KC<! M<HEC8?K! >FH! 8! :8K<H! GJHEC8=<_! LFS9:<!#GG=!G:8K>FHM!^#EE<==9S9:9K;!KCHFJQC!=M8HK!GCF?<=c8?@HF9@=_! 6e!!
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c!*8?@<M!iJMG9?Q!8@A<HK9=<@!FJK=9@<!F>!/F=KF?7!*C<!@<8:!<8H?<@!KC<!@9A9?Q!M<HEC8?K!PVVU=J@@<?!HJ=C!9?!@<M8?@!8K!F?<!GF9?K!9?!K9M<!KC<!M<HEC8?K!C8=!?FK!S<<?!8S:<!KF!=EC<@J:<!=R;!@9A<H=!>FH!M8?;!EF?=JM<H=!@J<!KF!E8G8E9K;!8?@!KC<!@J<!@8K<!F?!KC<!EFJGF?!C8=!<XG9H<@7!1FM<!G<FG:<!EFMG:89?!8SFJK![HFJGF?!@<:9S<H8K<:;!?FK!C8A9?Q!FA<H=9QCK!8K!KC<!M<HEC8?K!:<A<:!IC9EC!M8R<=!KC<!GHFE<==!:<==!8EEFJ?K8S:<W!8?@!=FM<K9M<=!MFH<!KHFJS:<=FM<!>FH!KC<!EF?=JM<H7!!!!!!!!!!!!!!!!!!!!!!!!!! 6!!
  20. 20. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !4.0 Consumer Analysis !<"! =>46(.&0,B&.>E0/F;*6,,[HFJGF?!8?@!%9A9?Q=FE98:!8H<!KC<!:<8@9?Q!@89:;!@<8:!I<S=9K<=!9?!KC<!0?9K<@!1K8K<=!I9KC!8GGHFX9M8K<:;!675O!M9::9F?!8?@!6V!M9::9F?!<M89:!=JS=EH9S<H=!H<=G<EK9A<:;7!!*C9=!?<8H:;!DV!M9::9F?!J=<H!S8=<!9=!KC<!=FJHE<!F>!@<MFQH8GC9E!@8K8!J=<@!9?!KC<!>F::FI9?Q!8?8:;=9=7!!4JH!H<=<8HEC!>FJ?@!KC8K!KC<!8A<H8Q<!@89:;!@<8:!EF?=JM<H!9=!8!5e!;<8HUF:@!><M8:<!EF::<Q<!QH8@J8K<!I9KC!8!CFJ=<CF:@!9?EFM<!F>!FA<H!Z6VVj7!!!!D*E(0&,!]"#@!"89:;!"<8:!3F?=JM<H!"<MFQH8GC9E=!^8EEFH@9?Q!KF!@<8:!I<S=9K<=_!!, H0>(F>4%%*%,, U*+*4E->*/8%%%, 7+&0/E&,, VL&*E;)&5,/+&0/E&W!7H$! ! ! !18-34 68% 36% 57%35-44 18% 28% 21%45-54 11% 18% 14%55+ 3% 18% 8%, ! ! !$BS=7I3GO! ! ! !Some College 12% 9% 8%College Grad 50% 35% 48%Grad School 30% 15% 25%associate degree 5% 0% 3%vocational school 2% 0% 1%No college 1% 41% 15%, ! ! !3O=G:$, ! ! !$29K 7% 6% 7%$30K-$39K 12% 10% 11%$40K-$49K 12% 10% 11%$50K-$69K 21% 14% 18%$70K-$99K 19% 29% 22%$100K+ 29% 32% 30% ! ! !H$OB$X ! ! !Male 23% 40% 29%Female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
  21. 21. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !#M<H9E8?!9?!1<GK<MS<H!5VV6!GHFA9@<=!8!A8:J8S:<!>H8M<IFHR!F?!IC9EC!G=;ECF:FQ9E8:!GH<==JH<=! !! !!!!!!!D*E(0&,2#"#,19X!+JHEC8=9?Q!"<E9=9F?!*<EC?9f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
  22. 22. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !<"2"2,7();>0*)1,+<FG:<!?8KJH8::;!=<<R!<XG<HK=!KF!8==9=K!9?!@<E9=9F?!M8R9?Q7!!!XG<HK=!8H<!C<:G>J:!=EH<<?9?Q!M<EC8?9=M=!IC9EC!@<EH<8=<=!KC<!8MFJ?K!F>!IFHR!8!J=<H!?<<@=!KF!@F!8?@!KC<H<>FH<!=CFHK<?!KC<!K9M<!H<fJ9H<@!KF!M8R<!8!@<E9=9F?7!2<I=!H<GFHK=W!=K8HKJG=W!GF:9K9E98?=W!8?@!<A<?!KI<<K=!8ER?FI:<@Q<!8?@!=F:9E9K!=JSg<EK!M8KK<H!<XG<HK=!KF!A8:9@8K<!8!GF9?K!F>!A9<I7!!"89:;!@<8:!I<S=9K<=!<MG:F;!KC<!8JKCFH9K;!GH9?E9G:<!S;!9?E:J@9?Q!H<A9<I=!>HFM!?8K9F?I9@<!M<@98!FJK:<K=!=JEC!8=!KC<!2<I!&FHR!*9M<=!8?@!M<KHFGF:9K8?U=G<E9>9E!M<@98!=JEC!8=!KC<!/F=KF?![:FS<7!!LFH<!=G<E9>9E8::;W!@89:;!@<8:!I<S=9K<=!I9::!@9=G:8;!J=<H!H<A9<I=!>HFM!I<S=9K<=!=JEC!8=!&<:G!8?@!4G<?*8S:<!KC8K! "89:;!@<8:!I<S=9K<=!EH<8K<!8JKCFH9K;!KC<M=<:A<=!KCHFJQC!E9K;7!!!<"2"9,X&*F0>*)1,,*C<!H<E9GHFE9K;!GH9?E9G:<!9=!<MG:F;<@!S;!@89:;!@<8:!KCHFJQC!A8H9FJ=!M<KCF@=!=JEC!8=!<XE:J=9A<!8EE<==!8?@!KC<!@<8:!9K=<:>7!!,<E9GHFE9K;!H<GH<=<?K=!8?!8EK9F?!K8R<?!S;!8!G<H=F?!FH!EFMG8?;!I9KC!KC<!S<:9<>!KC8K!KC<!FKC<H!G8HK;!I9::!H<G8;!KC<!9?9K98:!8EK9F?7!!3J=KFM<H=!H<8:9T<!KC8K!KC<!M<HEC8?KW!8MF?Q=K!EJ=KFM<H=!@H9A<=!KC<M!KF!=G<?@!MFH<!KC8?!KC<!A8:J<!F>!KC<!AFJEC<H!IC<?!KC<;!H<@<<M!9K7!!!<"2"<,-/0*)1,,"89:;!@<8:!=9K<=!<MG:F;!KC<!=E8HE9K;!GH9?E9G:<!KF!9?>:J<?E<!8?@!<?EFJH8Q<!=G<E9>9E!J=<H!S<C8A9FH7!!A9@<?E<!C8=!GHFA<?!KC8K!8=!FSg<EK=!8?@!FGGFHKJ?9K9<=!S<EFM<!:<==!8A89:8S:<!KF!G<FG:<W!KC<;!S<EFM<!MFH<!8KKH8EK9A<7!!$?!GH8EK9E<W!=E8HE9K;!E8?!S<!EF?=KHJEK<@!KF!M8R<!EFMMF@9K9<=!=<<M!<XE:J=9A<7!!$?!H<:8K9F?!KF!KC<!GFGJ:8H9K;!GH9?E9G:<W!KC<!=E8HE9K;!GH9?E9G:<!9=!?FK!=F!MJEC!8SFJK!IC8K!KC<!EF?=JM<H!=K8?@=!KF!Q89?!>HFM!KC<!GJHEC8=<W!H8KC<H!IC8K!KC<;!=K8?@!KF!:F=<!>HFM!?FK!GJHEC8=9?Q7!!"89:;!@<8:!I<S=9K<=!<MG:F;!KC<!=E8HE9K;!GH9?E9G:<!J=9?Q!=G<E9>9E!K8EK9E=!=JEC!8=!K9M<!=<?=9K9A<!@<8:=W!:9M9K<@!fJ8?K9K;!@<8:=W!8?@!9?A9K8K9F?!F?:;!@<8:=7!!!!!!!!!!!!!!<"2"?,7CC*4*)1,*C<!8>>9?9K;!GH9?E9G:<!@<=EH9S<=!KC<!S<C8A9FH!KC8K!J=<H=!>F::FI!J=<H=W!SH8?@=W!8?@!FSg<EK=!KC8K!KC<;!:9R<7!!#>>9?9K;!H<GH<=<?K=!8!S<:9<>!KC8K!EF?=JM<H=!:9R<!G<FG:<W!SH8?@=W!8?@!GHF@JEK=!KC8K!8H<!SFKC!=9M9:8H!8?@!>8M9:98H!KF!KC<M7!!"89:;!@<8:!I<S=9K<=!<MG:F;!KC<!8>>9?9K;!GH9?E9G:<!S;!9?EH<8=9?Q!KC<9H!:9R<8S9:9K;!8?@!EFMMF?!9?K<H<=K!8MF?Q=K!KC<9H!EJ=KFM<H=!9?!KC<!E9K9<=!KC<;!FG<H8K<7!!4?<!M<KCF@!KF!@F!KC9=!9=!KF!EFMGF=<!EJ=KFM!M<HEC8?K!EF?K<?K!IC9EC!><8KJH<!:FE8:!H<><H<?E<=!8?@!H<Q9F?8:!9@9FM=7!!!#@@9K9F?8::;W!@89:;!@<8:!I<S=9K<=!:9R<![HFJGF?!><8KJH<!M<HEC8?K=!IC9EC!C8A<!MJ:K9G:<!:FE8K9F?=!IC9EC!SFKC!9?EH<8=<!KC<!EF?A<?9<?E<!F>!KC<!@<8:!^=CFHK<H!@9=K8?E<!KF!EFMMJK<!KF!H<@<<M!KC<!@<8:_!SJK!8:=F!9?EH<8=<!KC<!>8M9:98H9K;!F>!KC<!@<8:7!!3F?=JM<H=!8H<!GH<@9=GF=<@!KF!M8R<!8!GJHEC8=<!S<E8J=<!F>!KC<9H!8>>9?9K;!KFI8H@=!SH8?@=!KC<;!C8A<!8!H<:8K9F?=C9G!I9KC7!!!<"2"T,=>46*6)&41,4?E<!G<FG:<!K8R<!8!GF=9K9F?W!KC<;!GH<><H!KF!=K9ER!I9KC!9K7!!*C<!@<8:!EF?K<?K!GJS:9=C<@!H<><H<?E<=!K<HM=!8?@!GH8EK9E<=!KC8K!H<:8K<!=G<E9>9E8::;!KF!KC<!M<HEC8?KW!@<8:W!8?@!KC<!J=<H7!!LFH<! 55!!
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  26. 26. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! ! B9K?<==U!IFHRFJK!E:8==<=W!Q;M!M<MS<H=C9G=W!;FQ8W!SFFK!E8MGW!<KE7!! ! D*E(0&,29"#@!"8K8!F>!"89:;!"<8:=!>HFM![HFJGF?7EFM! =/)&E>0*&6, I>)/8, 7+&0/E&, M>(;&06, 7+E", X&+&4(&, J(0;/6&6bB/1, GCC&06, B(0/)*>4, ->85, J0*&, V/5c(6)&5,C>0, 5(0/)*>4W, Education 14 3.71 41273 $36.36 $910,834 794 Spa 20 3.60 35947 $71.15 $2,185,621 499 Travel 13 5.08 51351 $33.46 $1,230,595 778 Restaurant 37 5.30 124820 $15.57 $1,610,992 637 Leisure 27 4.93 89024 $30.37 $2,346,713 669 Fitness 9 6.11 20419 $38.78 $790,705 371 Total/Avg. 120 4.79 362,384 $37.61 $9,075,460 625!I/[&/L/16@, *C<!MF=K!GJHEC8=<=!G<H!@8;!I<H<!9?!KC<!<@JE8K9F?!8?@!KH8A<:!E8K<QFH9<=! *C<!MF=K!><8KJH<@!@<8:=!F?![HFJGF?!=JEC!8=!H<=K8JH8?K=!8?@!:<9=JH<!C8@!KC<!><I<=K! GJHEC8=<=!G<H!@8;! *C<!MF=K!<XG<?=9A<!AFJEC<H=!I<H<!9?!KC<!1G8!E8K<QFH;!8K!8?!8A<H8Q<!GH9E<!F>!Zb676O! I<H<!:9A<!>FH!KC<!=CFHK<=K!8MFJ?K!F>!K9M<W!D7PV!@8;=!!!<"<,X&&F)*+&4&66,>C,=>46(.&06,,#EEFH@9?Q!KF!-8:G8R!PPd!F>!#M<H9E8?=!=8;!KC<;oH<!EJHH<?K:;!=<8HEC9?Q!MFH<!>FH!EFJGF?=!8?@!@9=EFJ?K=!KC8?!9?!KC<!G8=KXXX997!!3F?=JM<H=!9?!KC<!01!C8A<!S<<?!EF?=9@<H8S:;!MFH<!>HJQ8:!=9?E<!KC<!H<E<==9F?!8?@!I9::!EF?K9?J<!KF!=<8HEC!>FH!@9=EFJ?K=!F?!=K8G:<!8?@!?F?U<==<?K98::;!GJHEC8=<=7!BFH!H<=K8JH8?K!=G<E9>9E!F>><H=W!<M89:!9=!KC<!GH<><HH<@!M<KCF@!F>!EFMMJ?9E8K9F?!8=!FJK:9?<@!S<:FI7!!D*E(0&,2<"#@!4?:9?<!4>><H=!%9R<:;!KF!+HFMGK!8?!4H@<H!>HFM!8!,<=K8JH8?K!^d!F>!01!3F?=JM<H=XXX999_! , !_2<! 2?_9<! 9?_<<! <?_?<! ??d! 74,$./*8, ODd! PDd! O6d! Nd! D5d! 7,J>F,(F,/5,>4,);&,*4)&04&), Dbd! Dd! 5Pd! 55d! 65d! 7,6>*/8,4&)L>0[,.&66/E&, DNd! NVd! 5ed! 5Vd! d! >0,(F5/)&, 7,)&%),.&66/E&, Dbd! N6d! 55d! 5Vd! 66d! 5P!!
  27. 27. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !5.0 Case Study: Weecation !*F!K<=K!FJH!KC<FH9<=!8?@!8GG:;!R<;!:<8H?9?Q=!>HFM!KC9=!H<=<8HEC!G8G<H!I<!@<E9@<@!KF!:8J?EC!8!?9EC<!@89:;!@<8:!=9K<!9?!KC<!:FE8:!KH8A<:!9?@J=KH;7!!(<!ECF=<!KC9=!9?@J=KH;!S<E8J=<!F>!KC<!8A<H8Q<!GH9E<!GF9?K!>FH!AFJEC<H=W!KC<!9?C<H<?K:;!=FE98:!?8KJH<!F>!KH8A<:W!8?@!G<H=F?8:!9?K<H<=K=!9?!@9=EFA<H9?Q!9?K<H<=K9?Q!G:8E<=!FJK=9@<!F>!FJH!CFM<KFI?7!!(<!:8J?EC<@!KC<!=9K<!9?!/F=KF?!9?!4EKFS<H!5V6V!I9KC!FJH!>9H=K!@<8:!><8KJH9?Q!8!Q<K8I8;!KF!2<I!)8MG=C9H<7!!4JH!@<8:=!@9@!?FK!9?E:J@<!KH8?=GFHK8K9F?!^<Q!KH89?W!G:8?<W!FH!E8H_!SJK!I<H<!>FEJ=<@!F?!KC<!8EKJ8:!A8E8K9F?!G8ER8Q<=!=JEC!8=!:F@Q9?QW!<?K<HK89?M<?KW!8?@!@9?9?Q7!!!?"!,X&6(8)6,$?!KFK8:W!(<<E8K9F?!=F:@!6N!@<8:=!@JH9?Q!8!b!@8;!G<H9F@7!!*FK8:!H<A<?J<!Q<?<H8K<@!>FH!KC<!M<HEC8?K!I8=!Z5W5OV7!!!!!! !! D*E(0&,2?"#@!(<<E8K9F?!,<=J:K=!! Vouchers Sold 14 Weekend ($149) 12 Weekday ($119) 2 Total Sales $ 2,026 Susidy per Voucher 16 Total Subsidies 224 Total Revenue for Merchant $ 2,250! !?"2,:&0;/4)6,4JH!>9H=K!8?@!MF=K!9MGFHK8?K!FSg<EK9A<!I8=!KF!8EfJ9H<!M<HEC8?K=7!!*F!@F!KC9=W!I<!<MG:F;<@!A8H9FJ=!M<KCF@=!=JEC!8=h!! 3F:@!38::U!I<!=<8HEC<@!>FH!?8M<=!8?@!GCF?<!?JMS<H=!F>!:FE8:!CFK<:!FI?<H=!8?@!! 3F:@!M89:U!I<!<M89:<@!CFK<:!FI?<H=W!)/1!8:JM?9W!8?@!:FE8:!EC8MS<H=!F>!EFMM<HE<!!! 14U!SJ9:K!SJ=9?<==7I<<E8K9F?7EFM!8=!KC<!=FJHE<!F>!9?>FHM8K9F?!>FH!M<HEC8?K=! 9?K<H<=K<@!9?!KC<!=<HA9E<!^=<<!8GG<?@9X!>FH!=EH<<?=CFK=_7!!!?"9,=>46(.&06,*C<!KFG!QF8:!>FH!EF?=JM<H=!I8=!KC<!?JMS<H!F>!J=<H=!F?!FJH!<M89:!:9=K7!!*F!8EfJ9H<!J=<H=!I<!<MG:F;<@!A8H9FJ=!K8EK9E=!=JEC!8=h!! B8E<SFFR!#@A<HK9=9?QU!I<!8@A<HK9=<@!KC<!(<<E8K9F?!>8?G8Q<!F?!B8E<SFFR!KF!G<FG:<! :9A9?Q!9?!KC<!2<I!?Q:8?@!8H<87!!! MG:F;<<!?<I=:<KK<H=UIFHR<@!I9KC!<MG:F;<<!?<I=:<KK<H=!>HFM!J?9A<H=9K9<=!9?!/F=KF?! =JEC!8=!)8HA8H@!8?@!/F=KF?!0?9A<H=9K;!! 4?!E8MGJ=!>:9<H=!^=<<!8GG<?@9X!>FH!9M8Q<_UGF=K<@!>:9<H=!8HFJ?@!E8MGJ=! 5b!!
  28. 28. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! ! 1KJ@<?K!4HQ8?9T8K9F?=U!<M89:<@!H<:<A8?K!=KJ@<?K!FHQ8?9T8K9F?=!=JEC!8=!! 3:JS!! !=>6),F&0,7e(*6*)*>4,>4,D/&P>>[,#=9@<!>HFM!E8MGJ=!GHFMFK9F?!KC<!MF=K!=9Q?9>9E8?K!8@A<HK9=9?Q!I<!GJH=J<@!I8=!B8E<SFFR!8@A<HK9=9?Q7!!(<!SJ9:K!>FJH!@9>><H<?K!>8?!G8Q<=!K8HQ<K<@!J=<H=!GH9M8H9:;!9?!KC<!=<A<?!2<I! U=<HA9E<!G:8K>FHM7!!#>K<H!8!><I!HFJ?@=!F>!FGK9M9T9?Q!FJH!8@=!8?@!@<EH<8=9?Q!FJH!S9@W!I<!I<H<!8S:<!KF!8EfJ9H<!>8?=!H8KC<H!9?<XG<?=9A<:;7!!$?!8@@9K9F?!KF!9?EH<8=9?Q!FJH!>8?!S8=<W!I<!8:=F!:<A<H8Q<@!B8E<SFFR!KF!8EfJ9H<!<M89:=7!!4?!FJH!>8?G8Q<=W!KC<!:8?@9?Q!K8S!8!J=<H!IFJ:@!:8?@!F?!IC<?!KC<;!E:9ER<@!KC<!B8E<SFFR!8@!IFJ:@!S<!FJH!(<:EFM<!*8S!IC9EC!><8KJH<@!8?!<MS<@@<@![FFQ:<!@FE!>FHM!8?@!8=R<@!>FH!KC<9H!<M89:!8@@H<==7!!B8E<SFFR!8@A<HK9=9?Q!Q<?<H8K<@!8:MF=K!b!>8?=W!V7O!<M89:=W!8?@!Z67eV!9?!H<A<?J<7!!!!! D*E(0&,2?"#@!B8?G8Q<!B8?G8Q<!,<=J:K=!! D/4F/E&6, D/46, -F&4), =>6),J&0, $./*86, =J7, I>)/8,M>(;&0, DN,756, D/4, 7e(*0&5, X&+&4(&, X&)(04, A&&/)*>4, !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!N5!! !!!!!!!!!!!!V76P!! !!!!!!!!!!!!!!!5b!! !!!!!!67OP!! N>6)>4, 5PV!! U!!!! ! A&&/)*>4,, !!!!!!!!! !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!6b6!! !!!!!!!!!!!!V76D!! !!!!!!!!!!!!!!!b!! 6WDN!! 576P!! NNb!! ! =/F&,=>5, !!!!!!!!!!!!!!! !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!DD!! !!!!!!!!!!!!V7De!! !!!!!!!!!!!!!!!6N!! eP!! 57DP!! U!!!! ! U/[&, !!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!! H&4&+/, !!!!!!!!!!!!D!! !!!!!!!!!!!!V75V!! !!!!!!!!!!!!!!!!U!!!! !?c8!! 6O!! U!!!! ! I0/+&8,B&/86, I>)/8, !!!!!!!!! !!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!! 5Ne7P! ZV76O!! !!!!!!!!!!!!!65V!! !Z67eV!! 6Wb6V!! 57VO!! ZNNb!! ! !?"<,A&&/)*>4,A&P6*)&,#?8KFM;!F>!KC<!"<8:!+8Q<U!^=<<!8GG<?@9X!>FH!=EH<<?=CFK=_!! 0=<H!H<A9<I=U!C8HA<=K<@!J=<H!H<A9<I=!>HFM!I<S=9K<=!=JEC!8=!*H9G!#@A9=FH!! +8;M<?K!$?K<QH8K9F?U!<MG:F;<@!+8;G8:!=K8?@8H@!@J<!KF!9K=!<8=<!F>!J=<!8?@! JS9fJ9K;!! +CFKF=U!SFKC!@<8:=!9?E:J@<@!FA<H!K<?!GCFKF=!S<E8J=<!I<!R?<I!KC8K!KC<!?JMS<H! F?<!>8EKFH!9?>:J<?E9?Q!8!GJHEC8=<!@<E9=9F?!>FH!KH8A<:!9=!G9EKJH<=! 3FMG<::9?Q!4>><HU!KF!EFMMJ?9E8K<!KC<!A8:J<!F>!KC<!@<8:!KC<!G8Q<!@9=G:8;<@! A8:J<W!GH9E<W!8?@!KC<!8MFJ?K!=8A<@! 1?8G=CFKU!I<!9?E:J@<@!8!SH9<>!=;?FG=9=!F>!KC<!@<8:!9?!J?@<H!6VV!IFH@=! )9QC:9QCK=U!DUN!SJ::<K!GF9?K=!F>!><8KJH<=!9?E:J@<@!9?!KC<!G8ER8Q<!! "<8:=!=F:@cH<M89?9?QU!@9=G:8;<@!KC<!?JMS<H!F>!@<8:=!=F:@!8?@!H<M89?9?Q!KF!9?=K9::! =E8HE9K;!! 5e!!
  29. 29. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! ! 1FE98:!9?K<QH8K9F?U!9?K<QH8K<@!KC<!B8E<SFFR!:9R<!SJKKF?W!:9R<!SFXW!8?@!=C8H<!F?! B8E<SFFR!8?@!*I9KK<H!KF!GHFMFK<!KC<!F>><H!! L8GU!9?E:J@<@!8!M8G!8?@!8@@H<==!F>!KC<!:FE8K9F?!=F!EF?=JM<H=!EFJ:@!fJ9ER:;! J?@<H=K8?@!KC<!KH8A<:!K9M<!H<fJ9H<@!^J?@<H!5!CFJH=_!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 5!!
  30. 30. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !Appendix for Weecation Case Study!3F?=JM<H!"<MFQH8GC9E=!F>!B8?G8Q<=!!! !!4?!38MGJ=!B:9<H! !!M89:!38GKJH<!F?!KFG!F>!<A<H;!G8Q<!F?!I<S=9K<!! !! DV!!
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  33. 33. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! ! - business.weecation.com DD!!
  34. 34. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! ! -7:JU$,:$X=K7OI,7HX$$:$OI,,, 9=!M8@<!8?@!<?K<H<@!9?KF!8=!F>!pppW!S;!8?@!S<KI<<?!pppW!I9KC!F>>9E<=!8K!ppp!^C<H<9? W!8?@!(<<E8K9F?W!$?E7!^C<H<9?8>K<H! (<<E8K9F? ! !!!X$=3I7U-,(),#1W!(<<E8K9F?!C8=!@<A<:FG<@!8?@!FG<H8K<=!F?:9?<!GHFG<HK9<=!>FH!KC<!GHFMFK9F?!8?@!=8:<!F>!A8E8K9F?!G8ER8Q<=Y!!(),#1W!L<HEC8?K!FI?=!8?@!FG<H8K<=!8!H<=FHK!lpppmY!8?@!(),#1W!L<HEC8?K!I9=C<=!KF!F>><H!(<<E8K9F?!KC<!H9QCK!KF!GHFMFK<!8?@!=<::!A8E8K9F?!G8ER8Q<=!KF!9K=!H<=FHK!9?!KC<!>FHM!F>!-FJEC<H=!^@<>9?<@!S<:FI_!8?@!=C8::!G8;!(<<E8K9F?!pp!EFMM9==9F?!>FH!<8EC!AFJEC<H!=F:@7!24(!*),B4,W!9?!EF?=9@<H8K9F?!F>!KC<!>FH<QF9?QW!KC<!MJKJ8:!8QH<<M<?K=!=<K!>FHKC!C<H<9?!8?@!>FH!FKC<H!QFF@!8?@!A8:J8S:<!EF?=9@<H8K9F?!KC<!H<E<9GK!8?@!=J>>9E9<?E;!F>!IC9EC!8H<!C<H<S;!8ER?FI:<@Q<@W!(<<E8K9F?!8?@!L<HEC8?K!C<H<S;!8QH<<!8=!>F::FI=7!!!",X&6F>46*P*8*)*&6,,M<8?!GHFF>!F>!GJHEC8=<!KC8K!<?K9K:<=!9K=!GJHEC8=<H!KF!:F@Q9?QW!M<8:=!8?@!FKC<H!QFF@=!8?@!=<HA9E<=!8K! FI7!M&4(&, !7550&66, !M/8*5,4*E;)6, ! !J0*&, ! !U>5E*4E, ! !H>>56b-&0+*&6, ! !348(5&5,M/8*5! ! !0&5&.F)*>4,)*.&,F&0*>5!N8/[>(),5/)&6, ! !! DN!!
  35. 35. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !/7!(<<E8K9F?!=C8::!J=<!EFMM<HE98::;!H<8=F?8S:<!<>>FHK=!KF!M8HR<K!8?@!=<::!KC<!-FJEC<H=!F>><H<@!S;!L<HEC8?K!J?@<H!KC<! !37!L<HEC8?K!=C8::!CF?FH!KC<!K<HM=!F>!KC<!-FJEC<H!J?K9:!9K=!<XG9H8K9F?!@8K<7!"7!BFH!<8EC!-FJEC<H!=F:@W!(<<E8K9F?!=C8::!G8;!L<HEC8?K!8?!8MFJ?K!<fJ8:!KF!KC<!=8:<!GH9E<!F>!KC<!AFJEC<H!8=!@<K89:<@!9?!KC<!K8S:<!9?!1JS=<EK9F?!#7!+8;M<?K!=C8::!S<!M8@<!9?!KC<!>F::FI9?Q!M8??<Hh!! 1<A<?K;!G<HE<?K!^bVd_!F>!KC<!H<A<?J<!>HFM!=8:<!F>!-FJEC<H!=C8::!S<!G89@!I9KC9?!KC<!<8H:9<H!F>!K<?! ^6V_!SJ=9?<==!@8;=!F>!=8:<!F>!-FJEC<H!FH!KC<!<XG9H8K9F?!F>!18:<!+<H9F@7! B9>K<<?!G<HE<?K!^6Od_!F>!KC<!H<A<?J<!>HFM!=8:<!F>!-FJEC<H!=C8::!S<!G89@!I9KC9?!KC<!<8H:9<H!F>!K<?!^6V_! @8;=!8>K<H!KC<!KC9H@!^DH@_!MF?KC!F>!KC<!=8:<!FH!KC<!<XG9H8K9F?!F>!18:<!+<H9F@7! #::!8MFJ?K!FJK=K8?@9?Q!>HFM!KC<!H<A<?J<!>HFM!=8:<!F>!-FJEC<H!=C8::!S<!G89@!I9KC9?!K<?!^6V_!@8;=!F>! KC<!<XG9H8K9F?!F>!KC<!18:<!+<H9F@7!7!BFH!<8EC!=8:<!EFMG:<K<@W!(<<E8K9F?!=C8::!GHFA9@<!L<HEC8?K!I9KC!?8M<!F>!KC<!GJHEC8=<H!8?@!KC<!@<K89:=!F>!KC<!-FJEC<H!=F:@7!#::!FKC<H!9?>FHM8K9F?!8SFJK!KC<!GJHEC8=<H!FSK89?<@!>HFM!KC<!=8:<!KH8?=8EK9F?!=C8::!S<:F?Q!<XE:J=9A<:;!KF!(<<E8K9F?W!IC9EC!(<<E8K9F?!M8;!@9=E:F=<!KF!L<HEC8?K!8K!9K=!=F:<!@9=EH<K9F?!8?@!F?:;!KF!KC<!<XK<?K!H<fJ9H<@!KF!<>><EKJ8K<!KC<!K<HM=!F>!KC<!-FJEC<H!=F:@7!2",I&0.,/45,I&0.*4/)*>47!!*C9=!#QH<<M<?K!=C8::!S<!<>><EK9A<!JGF?!=9Q?9?Q!S;!SFKC!+8HK9<=!8?@!=C8::!EF?K9?J<!J?K9:!KC<!<8H:9<H!F>!ppp!FH!K<HM9?8K9F?!S;!MJKJ8:!8QH<<M<?K!F>!SFKC!+8HK9<=7!9",U*.*)/)*>4,>C,U*/P*8*)17!!(<<E8K9F?!=C8::!?FK!S<!:98S:<!>FH!EF=K=!8?@!@8M8Q<=!9?EJHH<@!S;!M<HEC8?K!8H9=9?Q!FJK!F>!KC9=!#QH<<M<?K!J?:<==!E8J=<@!@9H<EK:;!S;!KC<!QHF==!?<Q:9Q<?E<!F>!(<<E8K9F?!9?!>J:>9::9?Q!9K=!FS:9Q8K9F?=!J?@<H!KC<!8QH<<M<?K7!(<<E8K9F?!=C8::!?FK!9?!8?;!E9HEJM=K8?E<=!S<!:98S:<!>FH!9?@9H<EK!FH!EF?=<fJ<?K98:!@8M8Q<=!8?@!EF=K=!9?EJHH<@!S;!L<HEC8?K!>FH!8?;!H<8=F?!IC8K=F<A<H7!<",34)&88&)(/8,J0>F&0)1",(<<E8K9F?!FI?=!8::!EFG;H9QCK=W!KH8@<M8HR=W!9?K<::<EKJ8:!GHFG<HK;!H9QCK=W!R?FIUCFI!8?@!8?;!FKC<H!H9QCK=!EF??<EK<@!KF!KC<!F?:9?<!=<HA9E<=!J=<@!KF!GHFMFK<!8?@!=<::!-FJEC<H=7!!L<HEC8?K!@F<=!?FK!8EfJ9H<!8?;!H9QCK=!FH!:9E<?=<=!IC8K=K<HM=!F>!KC9=!#QH<<M<?K7!?",,766*E4.&4)",,(<<E8K9F?!M8;!8==9Q?!KC9=!8QH<<M<?K!9?!ICF:<!FH!9?!G8HK!KF!9K=!=JEE<==FH=!FH!8==9Q?=7!!2<9KC<H!G8HK;!M8;!8==9Q?!KC9=!#QH<<M<?K!KF!8!KC9H@!G8HK;!I9KCFJK!KC<!GH9FH!IH9KK<?!EF?=<?K!F>!KC<!FKC<H!G8HK;W!IC9EC!EF?=<?K!=C8::!?FK!S<!J?H<8=F?8S:;!I9KCC<:@!FH!@<:8;<@7!*C<!H9QCK=!8?@!FS:9Q8K9F?=!F>!KC9=!#QH<<M<?K!=C8::!S9?@!8?@!S<?<>9K!8?;!=JEE<==FH=!FH!8==9Q?=!F>!KC<!G8HK9<=7!,T",,:>5*C*/)*>4^,7.&45.&4)^,>0,A/*+&0"!!2F!GHFA9=9F?!F>!KC9=!#QH<<M<?K!M8;!S<!MF@9>9<@W!8M<?@<@W!FH!I89A<@!<XE<GK!S;!8?!9?=KHJM<?K!9?!IH9K9?Q!=9Q?<@!S;!KC<!G8HK9<=!KF!KC9=!8QH<<M<?K7!!2F!@<:8;!FH!I89A<HW!<XGH<==!FH!9MG:9<@W!S;!(<<E8K9F?!F>!8?;!H9QCK!FH!8?;!SH<8EC!S;!L<HEC8?K!I9::!EF?=K9KJK<!8!I89A<H!F>!8?;!FKC<H!H9QCK!FH!SH<8EC!S;!L<HEC8?K7, DO!!
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fJ9H<@!S;!8GG:9E8S:<!:8I!8?@!<?>FHE<@!8=!=F!:9M9K<@7,]",,$4)*0&,7E0&&.&4)",,*C9=!8QH<<M<?K!EF?=K9KJK<=!8?@!EF?K89?=!KC<!<?K9H<!8QH<<M<?K!8?@!J?@<H=K8?@9?Q!EF?E<H?9?Q!KC<!=JSg<EK!M8KK<H!8@@H<==<@!C<H<9?!S<KI<<?!KC<!G8HK9<=W!8?@!=JG<H=<@<=!8?@!H<G:8E<=!8::!GH9FH!?<QFK98K9F?=!8?@!8::!8QH<<M<?K=!GHFGF=<@!FH!FKC<HI9=<W!IC<KC<H!IH9KK<?!FH!FH8:W!EF?E<H?9?Q!KC9=!=JSg<EK!M8KK<HW!8?@!KC<!8!G8HK9<=!C8A<!M8@<!?F!8QH<<M<?K=W!H<GH<=<?K8K9F?=!FH!I8HH8?K9<=!H<:8K9?Q!KF!KC<!=JSg<EK!M8KK<H!F>!KC9=!8QH<<M<?K!KC8K!8H<!?FK!=<K!>FHKC!9?!KC9=!8QH<<M<?K7!! DP!!
  37. 37. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !Endnotes!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9 !!!#M9H!>H8K9!8?@![<F>>H<;!#7!BFI:<HW,1KH<<K!iFJH?8:W!!"<E<MS<H!6W!5V6VW!CKKGhccF?:9?<7I=g7EFMc8HK9E:<c1/6VVV6N5NVO5bNebVNPb5VNObOPNbVDDVOONVO5e7CKM:W!8EE<==<@!F?!"<E<MS<H!5V6V7!!!99 !/:FFMS<HQW!"<E<MS<H!bW5V6VW!CKKGhccIII7S:FFMS<HQ7EFMc?<I=c5V6VU65UVbc:9A9?Q=FE98:UEFJ?K=UF?U8M8TF?UEFMU=UC<:GU9?UQHFJGF?UQJ?>9QCKUE<FU=8;=7CKM:W!8EE<==<@!F?!"<E<MS<H!5V6V7!!999 !#?@H<I!jFECW!9?K<HA9<I!S;!&FC8?<=!BH<TQ9W!/F=KF?W!L#!"<E<MS<H!6W5V6V7!!!9A !!1K8E;!3FI:<;W! [HFJGF?!I8:R=!8I8;!>HFM![FFQ:<!K8R<FA<H!K8:R=! !"<E<MS<H!NW5V6VW!CKKGhccMF?<;7E??7EFMc5V6Vc65cVDcK<EC?F:FQ;cQHFJGF?qQFFQ:<c9?@<X7CKMW!!8EE<=<@!F?!"<E<MS<H!5V6V7!!A !/:FFMS<HQW!"<E<MS<H!bW5V6VW!CKKGhccIII7S:FFMS<HQ7EFMc?<I=c5V6VU65UVbc:9A9?Q=FE98:UEFJ?K=UF?U8M8TF?UEFMU=UC<:GU9?UQHFJGF?UQJ?>9QCKUE<FU=8;=7CKM:W!8EE<==<@!F?!"<E<MS<H!5V6V7!!A9 !#?@H<I!jFECW!9?K<HA9<I!S;!&FC8?<=!BH<TQ9W!/F=KF?W!L#!"<E<MS<H!6W5V6V7!!A99 ! CKKGhccK<ECEHJ?EC7EFMc5V6VcVOcV5cK<8H@FI?UQHFJGF?cW!8EE<==<@!2FA<MS<H!5V6V7!!A999 !$S9@7W!G767!!9X !1FJHE<h!"8K8!>HFM!III7[9:K39K;7EFM!@<8:!G8Q<=W!8?@!8A<H8Q<!GH9E<!F>!C9QC:9QCK!@<8:7!!!!X !3HJ?ECS8=<CKKGhccIII7EHJ?ECS8=<7EFMcEFMG8?;c:9A9?Q=FE98:W!8EE<==<@!F?!2FA<MS<H!5V6V!!!X9 !CKKGhccIII7EHJ?ECS8=<7EFMcEFMG8?;cQHFJGF?W!8EE<==<@!F?!2FA<MS<H!5V6V!!!X99 !#?@H<I!L8=F?W!9?K<HA9<I!S;!3C8H:9<!,F=<W!*C<!3C8H:9<!,F=<!1CFIW!CKKGhccIII7CJ:J7EFMcI8KECc6VNcEC8H:9<UHF=<U8?@H<IUM8=F?UE<FUQHFJGF?U=K8E;U=EC9>>UgFC?UIFF@r=UG6U=FU9VW!"<E<MS<H!VW5V6V!! Db!!
  38. 38. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!X999 ! !5W5V6VW!CKKGhccS:FQ=7>FHS<=7EFMcM9R<9=88Ec5V6Vc65cV5c:9A9?Q=FE98:UH<E<9A<=U6bOUM9::9F?U9?A<=KM<?KU>HFMU8M8TF?c!!X9A U/J;9?Q!-9=9K=!-=7!ed!BFH!CKKGhccK<ECEHJ?EC7EFMc5V6Vc65cV5cC9KI9=<UQHFJGF?U:9A9?Q=FE98:c7!!!!XA !:S9@7W!G767!!XA9 ! CKKGhccI<S:FQ=7C9KI9=<7EFMcS9::UK8?E<Hc5V6Vc65c:9A9?Qq=FE98:q8?@qKC<q8@FGK9F?7CKM:nJKMq=FJHE<s><<@SJH?<HtJKMqM<@9JMs><<@tJKMqE8MG89Q?sB<<@huC9KI9=<u^)9KI9=<u$?K<::9Q<?E<_7!!XA99 =K ! W!5V6VW!F?!2F@8:!/9K=!/:FQW!CKKGhccIII7?F@8:S9K=7EFMcS9K=cCFIUC8=UQHFJGF?UQHFI?U=FU>8=Kc!8EE<==<@!F?!2FA<MS<H!5V6V7!!!XA999 !![FQQ:<!*H<?@=W!CKKGhccIII7QFFQ:<7EFMcKH<?@=nfs%9A9?Q?W[HFJGF?!utEK8SsVtQ<Fs8::t@8K<s5V6Vt=FHKs6W!8EE<==<@!F?!"<E<MS<H!5V6V7!X9X !![FQQ:<!*H<?@=W!CKKGhccIII7QFFQ:<7EFMcKH<?@=nfs%9A9?Q?W[HFJGF?!utEK8SsVtQ<Fs8::t@8K<s5V6Vt=FHKs6W!8EE<==<@!F?!"<E<MS<H!5V6V7!XX !/:FQW!CKKGhcc=<8HEC<?Q9?<:8?@7EFMcQFFQ:<=UKFGU8@IFH@=U8@A<HK9=<H=U:<8R<@U@FEJM<?KUH<A<8:=U8@A<HK9=9?QU@F::8H=UN6eW!8EE<==<@!F?!2FA<MS<H!5V6V7!!!XX9 ! (FH@=!#@A<HK9=<H=h!%<8R<@!"FEJM<?K!,<A<8:=!#@A<HK9=9?Q!/:FQW!CKKGhcc=<8HEC<?Q9?<:8?@7EFMcQFFQ:<=UKFGU8@IFH@=U8@A<HK9=<H=U:<8R<@U@FEJM<?KUH<A<8:=U8@A<HK9=9?QU@F::8H=UN6eW!8EE<==<@!F?!2FA<MS<H!5V6V7!!!XX99 !+H<=<?K8K9F?!F?!=:9@<=C8H<W!#JQJ=K!6W5V6VW!CKKGhccIII7=:9@<=C8H<7?<Kc;9G9Kc;9G9KUI<S9?8HUe66VUOV6NNeP7!!!XX999 !$S9@7W!G76V7!!XX9A #?@H<I!L8=F?W!9?K<HA9<I!S;!3C8H:9<!,F=<W!*C<!3C8H:9<!,F=<!1CFIW!CKKGhccIII7CJ:J7EFMcI8KECc6VNcEC8H:9<UHF=<U8?@H<IUM8=F?UE<FUQHFJGF?U=K8E;U=EC9>>UgFC?UIFF@r=UG6U=FU9VW!8EE<==<@!F?!"<E<MS<H!VW!5V6V7! De!!
  39. 39. "#$%&!"#%!()$*!+#+,! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$211!.!13)44%!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XXA9 !0KG8:!L7!"CF:8R98W! !,9E<!0?9A<H=9K;W!1<GK<MS<H!5eW5V6VW!CKKGhccIII7HJ>7H9E<7<@Jcv@CF:8R98c[HFJGF?d5V!>><EK9A<?<==d5V1KJ@;Wd5V1<Gd5V5ed5V5V6V7G@>W!8EE<==<@!F?!2FA<MS<H!5V6V7!!,XXA999 !+H<=<?K8K9F?!F?!=:9@<=C8H<W!#JQJ=K!6W5V6VW!CKKGhccIII7=:9@<=C8H<7?<Kc;9G9Kc;9G9KUI<S9?8HUe66VUOV6NNePW!8EE<==<@!F?!2FA<MS<H!5V6V7!!!XX9X !CKKGhccIII7QHFJGF?IFHR=7EFMcIC;UQHFJGF?c@<MFQH8GC9E=W!8EE<==<@!F?!2FA<MS<H!5V6V7!!XXX ! UCKKGhcc:9A9?Q=FE98:7EFMcQ<K><8KJH<@W!8EE<==<@!2FA<MS<H!5V6V7!!XXX9 !H9R!:98=F?W!S8=<@!F?!@8K8!>HFM!<A<H;![HFJGF?!@<8:!>HFM!#GH9:!5e!KF!iJ:;!DW5V6V7!!XXX99 ! U U3FMM<HE<!/:FQW!CKKGhccIII7<M8HR<K<H7EFMcS:FQc9?@<X7GCGcH<=K8JH8?KU9?@J=KH;U<MJ:8K<=UQHFJGF?UQ9:K=UH<E9G<UQHFJGSJ;9?QcW!8EE<==<@!F?!2FA<MS<H!5V6V7!!XXX999 !$S9@7!! D!!

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