Introduction: The company that has been researched is the Toyota motor Corporation Ticker symbol TM Exchange New York Stock Exchange (NYSE) No of common shares outstanding 1,583,714,334  Industry Consumer goods Country Japan Toyota Motor Corporation is considered to be a leading automaker headquartered in Japan. The human resources vertical employed 317,734 people and was the largest automobile manufacturer by production. Founded in 1937, the automaker has grown and has its presence in all countries of the world .the Toyota motor corporation group is considered to be one of the largest conglomerates in the world A. Provide a rationale for the U.S. publicly traded company that you selected, indicating the significant factors driving your decision as a financial manager Some financial highlights of the company which favorably incline towards investing in this company: 1. The third quarter result of the financial results of the firm showed that on a consolidated basis, a. net revenues for the period totaled 19.12 trillion yen, an increase of 17.8 percent compared to the same period last fiscal year. b. Operating income increased from 818.5 billion yen to 1.85 trillion yen, c. Income before income taxes was 2.02 trillion yen. d. Net income increased from 648.1 billion yen to 1.52 trillion yen e. Operating income increased by 1.03 trillion yen. Some of the major contributors to the increase in income were cost reduction efforts and favorable currency fluctuations. The global sales of automobiles under the group registered a 25% increase globally. As the financial manger of a company, my instincts towards advising a client to invest in a company are grounded by strong fundamentals. Toyota Motor Corporation has been very strong in its financial fundamentals. Companies whose financial fundamentals are very strong make good investments portfolios. Such firms are called blue chip companies and trades very selectively on the stock markets are can be studied in depth for any investment purposes. Such firms rarely indulge themselves in any kind of compliance issues are generally favored by investors. Toyota Motor Corporation is one such stock that as a finance manager I would recommend to buy and hold because the firm has been in the news for all the right reasons and for its future plans of expansion with very strategic mergers and acquisitions. The firm’s product ranges especially the new line of green automotive ranges have caught the fancy of al countries and it is expected that the company will be giving a return of more than 22% to its shareholders (toyotaglobal.com). B. Determine the profile of the investor for which this company may be a fit, relative to that potential investor's investment strategy. Provide support for your rationale. The profile of a suitable investor for the company would be a conservative risk taker. The investor would like to buy the stock and hold it for long periods so as to partake of the .

1. Introduction:
The company that has been researched is the Toyota motor
Corporation
Ticker symbol
TM
Exchange
New York Stock Exchange (NYSE)
No of common shares outstanding
1,583,714,334
Industry
Consumer goods
Country
Japan
Toyota Motor Corporation is considered to be a leading
automaker headquartered in Japan. The human resources
vertical employed 317,734 people and was the largest
automobile manufacturer by production. Founded in 1937, the
automaker has grown and has its presence in all countries of the
world .the Toyota motor corporation group is considered to be
one of the largest conglomerates in the world
A. Provide a rationale for the U.S. publicly traded company that
you selected, indicating the significant factors driving your

2. decision as a financial manager
Some financial highlights of the company which favorably
incline towards investing in this company:
1. The third quarter result of the financial results of the firm
showed that on a consolidated basis,
a. net revenues for the period totaled 19.12 trillion yen, an
increase of 17.8 percent compared to the same period last fiscal
year.
b. Operating income increased from 818.5 billion yen to 1.85
trillion yen,
c. Income before income taxes was 2.02 trillion yen.
d. Net income increased from 648.1 billion yen to 1.52 trillion
yen
e. Operating income increased by 1.03 trillion yen.
Some of the major contributors to the increase in income were
cost reduction efforts and favorable currency fluctuations. The
global sales of automobiles under the group registered a 25%
increase globally.
As the financial manger of a company, my instincts towards
advising a client to invest in a company are grounded by strong
fundamentals. Toyota Motor Corporation has been very strong
in its financial fundamentals. Companies whose financial
fundamentals are very strong make good investments portfolios.
Such firms are called blue chip companies and trades very
selectively on the stock markets are can be studied in depth for
any investment purposes. Such firms rarely indulge themselves
in any kind of compliance issues are generally favored by
investors.
Toyota Motor Corporation is one such stock that as a finance
manager I would recommend to buy and hold because the firm
has been in the news for all the right reasons and for its future
plans of expansion with very strategic mergers and acquisitions.
The firm’s product ranges especially the new line of green
automotive ranges have caught the fancy of al countries and it is
expected that the company will be giving a return of more than
22% to its shareholders (toyotaglobal.com).

3. B. Determine the profile of the investor for which this company
may be a fit, relative to that potential investor's investment
strategy. Provide support for your rationale.
The profile of a suitable investor for the company would be a
conservative risk taker. The investor would like to buy the
stock and hold it for long periods so as to partake of the
dividends which are declared. The return on investments on this
stock have been progressively rising .the investees have been
well rewarded for their strategies of buy and hold.
The term conservative investing refers to an investment style
wherein the person chooses funds and investments that are
essentially low risk. These low risk types are bonds and other
investment funds that gain value over a long-term basis. They
avoid stock exchange and the penny stock market that carries a
great possibility of big returns but also the probability of big
financial losses. The investment categories chosen by
conservative investors are those that gain low profits but would
not be subject to great losses.
Any potential investor would look to making a quick gain on
his investment but stock such as that of the Toyota Motor
Corporation does not trade in high volumes as the share prices
are quite high and trading volumes are not indicative of active
dealings. For an investor to really gain from this stock it is
better to buy and hold these stock as they are very conservative
and high yielding stock. Investors are at the zero risk point
where the stock will generally pay for their investment in the
most natural way.
C. Financial ratio analysis:
1. Price earnings ratio:
The following graph shows Toyota’s price earnings ratio. A
high P/E suggests that investors are expecting higher earnings
growth in the future compared to companies with a lower P/E.
the price earnings ratio is showing a declining trend .This could
be due to divestation and more profits accumulated to workers
funds and general and contingency reserves and research and

4. development. The payment of very important capital
expenditures is expected to happen in three years from 2013.
This could be one of the reasons for the fall in the price
earnings ratio.
2. Operating profit margin:
Toyota Motor Corp.'s net profit margin deteriorated from 2011
to 2012 but then improved from 2012 to 2013 exceeding 2011
level. This is A profitability ratio calculated as operating
income divided by revenue. This generally shows how efficient
the firm has been in managing its operations and bringing in
cost advantages and operational efficiencies .Toyota is known
for its strict adherence to total quality management and this is
visible in the operating results of the from globally .
3. The current ratio:
This is an indicator of the short term liquidity of the firm this is
a very important indicator of the efficiency of working capital
management. Toyota Motor Corp.'s current ratio deteriorated
from 2011 to 2012 but then slightly improved from 2012 to
2013. The firm has been very diligent in making use of the best
resources using Just in time inventory processes, lean
manufacturing methodology and most of all high adherences to
cross docking as an important aspect of supply chain
efficiencies. This led to lowering of inventory and also better
vendor management techniques. : This is the ratio between the
cash and the short term marketable investments with receivables
to the current liabilities. If the quick ratio is high for a
company, then the company is very liquid and it has very good
cash balance with sound fundamentals.
4. The debt equity ratio:
Toyota Motor Corp.'s debt-to-equity ratio improved from 2011
to 2012 but then slightly deteriorated from 2012 to 2013.
A measure of a company's financial leverage calculated by
dividing its total liabilities by stockholders' equity. It indicates
what proportion of equity and debt the company is using to
finance its assets. This is a leverage ratio to show the

5. proportion of debt to equity. The continuous increase in the
ratio shows that the organization has increasingly used debt to
finance its operations .This also shows that the organization is
bent towards leveraging its resources.
Toyota Motor Corporation is a highly leveraged firm. This can
be shown from the fact that the recent issue of loan notes to
global outsourcing firms has increased the debt component but
it still remains to be seen if this will be covered for by the
security collateral of the firm.
5. Return on equity:
Toyota Motor Corp.'s ROE deteriorated from 2011 to 2012 but
then improved from 2012 to 2013 exceeding 2011 level. A
profitability ratio calculated as net income divided by
shareholders' equity.
This is a % return to the shareholders for investing the funds in
the company. This is also called as return on net worth. High
values show better investment return for shareholders. Investors
usually look at this ratio before investing in any company. The
company has been giving very conservative return to
shareholders . Though the returns have been more than 1 there
is a promise of conservative growth. The growth has been rather
quick and the two years registered negative growth keeping in
with industry trends and economic environment .the
stakeholders will now be satisfied that the ratio is promising to
do well.
These ratios very clearly show the financial health of the
company and are strong fundamental analysis which enables
investors to look at investing in the automobile giant.
A few important financial ratios that indicate performance
metrics for Toyota Motor Corporation for the third quarter
financial year 2014 are as shown below:
Current ratio
1.0
Quick ratio
.8
Debt equity ratio

6. 111.4
Return on equity
14.83%
Operating margin
10.1%
Rate of dividends
26.6%
Net margin
7.55%
Price earnings ratio
9.60
Earnings per share
11.80
4. Based on your financial review, determine the risk level of
the company from your investor’s point of view. Indicate key
strategies that you may use in order to minimize these perceived
risks.
The company is a very conservative one in the sense that as
long as the company decides to play on in the global scenario
dealing in cars as applicable to local and host countries, the
firm can Manage its interest risk but Toyota is exposed to
market risk from changes in foreign currency exchange rates,
interest rates, certain commodity and equity security prices. In
order to manage the risk arising from changes in foreign
currency exchange rates and interest rates, Toyota enters into a
variety of derivative financial instruments.
Toyota has foreign currency exposures related to buying, selling
and financing in currencies other than the local currencies in
which it operates. Toyota is exposed to foreign currency risk
related to future earnings or assets and liabilities that are
exposed due to operating cash flows and various financial
instruments that are denominated in foreign currencies.
Toyota’s most significant foreign currency exposures relate to
the U.S. dollar and the euro.
Commodity price risk is the possibility of higher or lower costs

7. due to changes in the prices of commodities, such as non-
ferrous alloys (e.g., aluminum), precious metals (e.g.,
palladium, platinum and rhodium) and ferrous alloys, which
Toyota uses in the production of motor vehicles. Toyota does
not use derivative instruments to hedge the price risk associated
with the purchase of those commodities and controls its
commodity price risk by holding minimum stock level
Toyota holds investments in various available-for-sale equity
securities that are subject to price risk. All these risks have a
telling impact on the stock and investment process and investors
study these risks as part of their investment portfolio.
The key strategies that are perceived to be risk mitigation
strategies would be on investments which are held for 1 year
only. Risk of price, market and foreign exchanges would be
suitably offset by forward and derivative instruments which the
investor also needs to hold . Toyota’s derivatives and foreign
instruments would be able to offset the stock market price risk
and help in investment safety .
Toyota investors should follow industry trends and try to look
at fundamentals so that in case the firm can diversify the risks
to protect investors in case bad financial reporting and earnings
.
Further risk mitigation strategy could arise from better
management of Toyota senior professionals and also look at
political lobbies in case of expansion programs .
To mitigate risk arising out of any of the above, the investor has
to keep his tabs in every happening of Toyota and keep abreast
of latest industrial news and SEC reports. If investors find any
untoward happening, they should be able to sell their holdings
as markets would then start reacting adversely as what happened
in the case of the PRIUS withdrawal.
Recommendations for buying the stock of Toyota motor
corporation:
1. This is a blue chip stock

8. 2. The stock is a very conservative risk instrument
3. A consistently performing stock which is a perfect long term
investment instrument.
4. The beta for this stock has always been greater than 1 .this
proves that the risk return parameters and the risk free rate of
return in very conservative.
The following is the recommendation of NASDAQ analysts for
the Toyota Motor Company.
References:
Banz, Rolf W., "The Relationship Between Return and Market
Value of Common Stocks," Journal of Financial Economics 9
(1981): 3-18.
Capaul, Carlo, Ian Rowley and William F. Sharpe,
"International Value and Growth Stock Returns," Financial
Analysts Journal 49 (1993): 27-36.
Laurent, C. R. 1979. Improving the efficiency and effectiveness
of financial ratio analysis. Journal of Business Finance &
Accounting, 6 (3), pp. 401--413.
Salmi, T. and Martikainen, T. 1994. A review of the theoretical
and empirical basis of financial ratio analysis. The Finnish
Journal of Business Economics, 43 (4), pp. 426--448.
http://www.nasdaq.com/symbol/tm/recommendations
http://www.stock-analysis-on.net/NYSE/Company/Toyota-
Motor-Corp/Ratios/Profitability
1
QUESTION
What is the meaning of intangibility? How does it relate to
hospitality and tourism?

9. variables factors that can cause something to change or vary
perishability the probability of a product ceasing to exist or
becoming unusable within a limited amount of time
intangibility a state of being abstract, as are things that cannot
be touched
Product Variables
When marketing the service side of the hospitality and tourism
industries, you need to consider these variables, which are
factors that can cause something to change or vary:
1. Perishability—In hospitality and tourism, perishability is the
probability of a product ceasing to exist or becoming unusable
within a limited amount of time. For example, the owner of a
100-room hotel needs to sell as many rooms each night as
possible. Any rooms that remain vacant on a particular date
cause lost revenue that can never be recovered. On the food-
service side, if a restaurant orders 100 pounds of fish, and
customers do not order fish from the menu, the owner will lose
money. From a travel/tourism perspective, a cruise ship can
service 2,100 passengers. If the ship sails with only 1,100
guests, the lost income will never be returned.
2. Intangibility—In general, intangibility is a state of being
abstract, as are things that cannot be touched. Hospitality goods
and services relate to memories and experiences. They are
impossible for people to sample or touch prior to arrival.
Brochures, Web pages, maps, graphics, and menus may provide
a basic idea before a guest makes a purchase, but the actual
experience is intangible in nature. After the experience the
guest may have only photos, ticket stubs, and receipts to remind
him or her of the trip.
3.
8 Unit 1 The Hospitality & Tourism Business
128 Unit 2 Hospitality & Tourism Markets

10. MMMMMMMM
Hot Property
More Than an Amusement Park
Walt Disney After the success of
„ p Disneyland® Park, Walt
World Kesort Dl-sney wanted to create a
family destination grander than the Anaheim landmark. He
bought acres and acres of land in Florida and started sketching
out plans. His dream would be more than an amusement park—it
would be an "Experimental Prototype Community of
Tomorrow," or EPC0T.
Walt Disney died before his Florida project became a reality,
but Walt Disney World Resort lives on as the materialization of
his dream. In addition to the Magic Kingdom theme park, Walt
Disney World Resort houses three other theme parks, two water
parks, hundreds of dining areas, and thousands of hotel rooms.
It's a massive complex on 47 square miles of land. Millions of
tourists visit every year.
FAMILY MATTERS
Walt Disney World Resort works hard to ensure that millions do
keep coming. Disney's marketers look for tourism trends in their
target demographic group and then market to those potential
customers. For example, Walt Disney World created their
Magical Gatherings Program in 2003 to tap into the
"togethering" trend. Disney executives first saw the trend
developing on their cruise ships, where extended-family and
friend groups traveled together. Today Disney provides a
Magical Gatherings Planner on its Web site. Walt Disney World
Resort is a good example of how hospitality and tourism can
blend.
1. What products does Walt Disney World Resort offer?
2. How has Walt Disney World Resort tried to attract new

11. tourists?
3.
Glencoe Marketing Series: I II. Hospitality and Tourism I 6.
Destination Marketing I © The McGraw-Hill
Hospitality and Tourism Markets Companies, 2006
CONNECT
What advantages are offered by travel agents?
Tour Operators
A
tour operator, or tour wholesaler, assembles and markets many
travel products as a travel package that is promoted to the
public for one all-inclusive price. Usually, a travel package
consists of transportation to and around the destination,
accommodations, some meals, entertainment or attractions, and
an escort or host.
channel of distribution the path a travel product takes from the
producer to the consumer, or traveler
Preferred Tour Rates

12. Because tour operators can negotiate preferred or discounted
rates with the suppliers of travel products, they can pass on the
savings to the client. Tour operators must market their packages
to the appropriate audience due to perishability, or the tendency
of a product to be unusable after a certain amount of time. A
tour that leaves with unsold space, much like an unsold airline
seat or hotel room, is a missed opportunity to generate income
from that package.
Distribution Channels
Tour operators are an important link in the channel of
distribution for travel products and services. A channel of
distribution is the path a travel product takes from the producer
to the consumer, or traveler. For example, if a couple wants to
go to an exotic destination for their honeymoon, the travel agent
may provide them with a brochure from the "Too Good To Be
True" tour operator. The tour operator uses the travel agent as a
channel of distribution to distribute the brochure.
Destination Activities for U.S. Travelers
DESTINATIONS FOR TOURISM All of these activities are also
destinations for travelers in the United States. Each activity
provides employment for many people. What would be your
favorite activity while on vacation?
(
5% 10% 15% 20%
r
25% 30% 35% 40%
)
Shopping Outdoor
Historical/Museum Beach
Cultural Event/Festival
National/State Park

13. Theme/Amusement Park
Nightlife/Dancing
Gambling
Sports Event
Golf/Tennis/Skiing
128 Unit 2 Hospitality & Tourism Markets
SOURCE: TIA Research Department, Tourism Works for
America, 12th annual edition, 2003.
128 Unit 2 Hospitality & Tourism Markets
(
6. Destination Marketing
) (
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Glencoe Marketing Series: Hospitality and Tourism
II. Hospitality and Tourism Markets
©
The McGraw-Hill Companies, 2006
)Destination Markets
118 Unit 2 Hospitality & Tourism Markets
(
Define seasonality.
)AS YOU READ
YOU WILL LEARN

14. · To define the term destination.
· To discuss the concept of seasonality.
· To identify the classifications of destinations.
· To describe a destination resort.
WHY IT'S IMPORTANT
Being aware of the types of destinations and why they appeal to
travelers is critical to understanding how to market tourism
products.
PREDICT
KEY TERMS
· destination
· destination marketing
· seasonality
· resort
· destination resort
destination the final stop of a journey, or the goal for travelers
destination marketing the process of developing, promoting, and
distributing specific locations to travelers and maintaining
appeal as long as possible
What Are Destinations?
B
y strict definition, a destination is the final stop of a journey, or
the goal for travelers. However, in the context of tourism, it has
a much broader definition. The destinations people explore
already exist or have been developed to fill the needs of
travelers. Destinations can be towns and cities with historic
value, such as colonial Williamsburg in Virginia or Plymouth in
Massachusetts. Cities such as Paris, Rome, or Athens combine
historic value with art, culture, restaurants, and unique scenery.
Destinations can also be regions that have specific tourist
appeal, such as the Great Barrier Reef in Australia, Napa and
Sonoma wine regions in California, or the scenic Adirondack
Mountains in the northeastern portion of the United States.

15. Destination Geography
A basic understanding of geography is important for
understanding the world's destinations. Beyond knowing where
a destination is located, you must also know how to get to the
destination. Other important considerations include the physical
landscape, the climate, the seasons, and the cultural attributes
of a destination. What languages are spoken there? What
religions are practiced by the residents? What is the political
atmosphere of the region? These are a few of the factors that
make a destination unique and appealing to tourists.
Marketing a Destination
A
ny place can be a destination—a town, a region, a country, or a
continent. Each place can offer its own tourist products and
hospitality services, natural and constructed resources,
attractions, climate, and culture. Destination marketing is the
process of developing, promoting, and distributing specific
locations to satisfy travelers and maintain appeal as long as
possible.
Seasonality
Consider how or why a destination is popular in relation to the
seasons. Seasonality is the concept that certain destinations
appeal to travelers at certain times of the year, based on climate
and geography.
COLD-WEATHER DESTINATIONS Ski resorts in Colorado,
Vermont, New Hampshire, and Maine developed out of a need
for winter sports such as skiing, snowshoeing, ice skating, and
snowmobiling. Because of their favorable climates for natural
and machine-made snow, these areas became winter
destinations.
118 Unit 2 Hospitality & Tourism Markets
Glencoe Marketing Series: I II. Hospitality and Tourism I 6.
Destination Marketing I I © The McGraw-Hill
Hospitality and Tourism Markets Companies, 2006

16. WARM-WEATHER DESTINATIONS Warm-weather
destinations, such as Florida, the Caribbean, and Hawaii, are
known for scenic beaches and water-related activities. People
who enjoy surfing, snorkeling, skin diving, and jet skiing are
drawn to these areas because of climate, geography, and
recreational options. Travelers seeking to sunbathe or escape
the cold are drawn to these destinations primarily in the winter
months. However, warm-weather destinations appeal to visitors
year-round. Summer destinations include all geographic regions,
including national parks, foreign countries, the mountains, and
beach resorts.
COMPETITIVE MARKET Most destinations cannot afford to be
one-season operations. In a highly competitive market,
successful destinations offer something for everyone. Tour
planners seek to expand market appeal beyond seasonality.
Seasonality can be a prime factor for choice of destination, but
it can also limit year-round revenue.
Classifying Destinations
I
n Chapter 2, you learned the various reasons why people travel.
Understanding where people go to satisfy their travel needs is
equally important. To classify destinations, we must look at the
characteristics shared by destinations in a category. This will
help us create a framework for understanding the similarities
and differences among types of destinations. Several types of
destinations attract travelers: resorts and destination resorts,
amusement parks, gaming facilities, shopping sites, museums
and historical sites, and national parks. Cruise ships as well as
sports, recreation, and entertainment facilities are also
considered destinations in the context of destination marketing.
TECH
NO TES

17. Online Promotion
Located off the coast of Australia, Papua New Guinea (PNG)
has an estimated population of 4.1 million. The country's
Tourism Promotion Authority created an official Web site in an
effort to increase the number of tourists who visit PNG. The
Web site features detailed information about the country's
landscape, people, and products.
fc^Tf you wanted to visit Papua New Guinea, would you find
this Web site useful? Why or why not? Write a review after
visiting the Web site through marketingseries.glencoe.com.
seasonality the concept that certain destinations appeal to
travelers at certain times of the year, based on climate and
geography
(
JOURNEY TO PARADISE Many people travel to resorts
because they include all the amenities and activities that
travelers might enjoy in one place.
How would the season and geographical location of a resort
affect business?
)marketingseries.glencoe.com

18. Chapter 6 Destination Marketing 119
Glencoe Marketing Series: I II. Hospitality and Tourism I 6.
Destination Marketing I I © The McGraw-Hil
Hospitality and Tourism Markets Companies. 2006
THE
Electronic
CHANNEL
Cruising the Net
A Web site is an important tool for a hotel or resort that is
marketed as a travel destination. But a well-designed, user-
friendly Web site can be even more important when marketing
multiple destinations. Carnival Cruise Lines redesigned its Web
site to do just this. In addition to adding streaming video and
360-degree virtual ship tours, they have added a port-of-call
search engine. This database features more than 1,000 pages of
information about each port along each cruise route.
Visit cruise-line Web sites and note the information available
through tnarketingseries.glencoe.com.
resort a destination that provides entertainment, recreation,

19. Leisure activities, accommodations, and food for guests
Resorts and Destination Resorts
P
ictures of a resort might depict a large expanse of manicured
grounds, perhaps a beach or golf course, multiple pools,
restaurants, lavish accommodations, and spa facilities.
However, the early resorts in Europe and the United States were
built around natural mineral springs and focused on physical
and mental-health benefits for guests. Today a resort is more
than a health spa; it is a destination that provides entertainment,
recreation, leisure activities, accommodations, and food for
guests.
Localized Facilities
Resorts can be in geographic destinations, such as the desert
resorts of Palm Springs, the beach resorts of Palm Beach, or the
ski resorts of Aspen. But a resort can also be a destination in
itself. A destination resort is a resort property in a specific
location with a concentration of resources or facilities. For
example, The Walt Disney World Resort is a destination resort.
The complex nature of its offerings—theme parks, a wide
variety of accommodations, meeting and convention facilities,
and diverse attractions—makes Disney World appealing to a
variety of markets.
Cruise Ships
C
ruise ships with their many features for all types of travelers are
among the fastest-growing vacation destinations. More ships are
added to lines every year, each with a new set of amenities and
value-added extras. Some ships offer five-star luxury, while
others focus on family features. The new class of megaships
carries large numbers of passengers and staff. They offer
everything from onboard skating rinks and mini golf courses to
multiplex theaters and world-class dining. Many cruise
vacations offer onboard as well as onshore activities.

20. Figure 6.1
Theme Park Traits
THE RIGHT COMBINATION The success of a theme park
depends on a variety of traits that attract guests. What trait do
you think is the most important for a theme park to succeed?
The least important? Why?
1. A workable theme, hook, or gimmick around which to
develop the park's image
2. Sufficient natural and human resources to develop and
maintain the park
3. Space to grow and expand
4. A favorable climate to ensure maximum attendance
5. Sufficient transportation and other tourist infrastructure to
support travel
6. An easy driving distance from metropolitan areas
7.
1.
120 Unit 2 Hospitality & Tourism Markets
marketingseries.glencoe.com