Case Author: Alen Badal A. Case Abstract Ford Motor Company (www.Ford.com) is a comprehensive strategic management case that includes the companys calendar December 31 !""# $inancial statements competitor in$ormation and more. %he case time setting is the year !""&. 'u$$icient internal and e(ternal data are provided to enable students to evaluate current strategies and recommend a three)year strategic plan $or the company. *ead+uartered in Dearborn in the ,.'. state o$ Michigan Ford Motor Company is traded on the -ew .or/ 'toc/ 0(change under tic/er symbol F. Ford operates in two segments1 2utomotive and Financing. 3roducts o$$ered include1 Ford Mercury 4incoln 5olvo and 6aguar. Ford was $ounded in 1&"3 and operates worldwide. %he company is led by C07 8illiam Ford 6r. and employs over !#"""" people. %he $irms ma9or competitor in the ,nited 'tates is :eneral Motors. B. !s!on "tatement #Actual$ ;7ur vision is to become the worlds leading consumer company $or automotive products and services.< C. M!ss!on "tatement #Proposed$ Ford Motor Companys mission is to anticipate consumer needs and provide sa$e +uality reliable and innovative automotive products and services to consumers around the world (1 ! 3). Meeting and e(ceeding customers e(pectations $or e(ceptional +uality cutting)edge technology and superior customer service will enable us to ma(imi=e returns to our shareholders (> ?). %he customer is 6ob 1. 8e are passionately committed to ensure we do the right thing $or our customers our employees our environment and our society (@ &). Ford is committed to leading all automotive $irms in +uality and sa$ety in 2merica and abroad. 2long with our commitment to saving the environment we can continue to add to our proud heritage (A #). 1. Customer !. 3roducts or services 3. Mar/ets >. %echnology ?. Concern $or survival pro$itability growth @. 3hilosophy A. 'el$)concept #. Concern $or public image &. Concern $or employees Copyright B !"11 3earson 0ducation 4imited D. %&ternal Aud!t CPM Compet!t!'e Pro(!le Matr!& Ford )M *oyota Cr!t!cal "uccess Factors +e!,ht -at!n, +e!,hte d "core -at!n, +e!,hte d "core -at!n, +e!,hted "core 3rice competitiveness "."> 3 ".1! ! "."# 1 "."> :lobal 0(pansion "."? > ".!" ! ".1" 3 ".1? 7rgani=ational 'tructure "."! 1 "."! ! "."> 3 "."@ 0mployee Morale "."1 1 "."1 ! "."! 3 "."3 %echnology "."> 1 "."> ! "."# 3 ".1! 3roduct 'a$ety "."> 1 "."> ! "."# 3 ".1! Customer 4oyalty ".!" ! ".>" 1 ".!" > ".#" ,' Mar/et 'hare ".1? ! ".>? > ".@" 3 ".3" 2dvertising "."! 3 "."@ > "."# ! "."> 3roduct Cuality "."A 1 "."A ! ".1> > ".!# 3roduct Dmage ".!" ! ".>" 3 ".@" > ".#" Financial 3osition ".1@ 1 ".1@ ! ".3! > ".@> *otal ..00 ..9/ 2.01 0.02 3pportun!t!es 1. %he Eig %hree hope to gain $urther concessions $rom the ,nited 2uto 8or/ers regarding labor costs !. %he $ew consumers purchasing vehicles are doing so $or practical reasons with a $ocus on $uel e$$iciency durability and carma/ers sustainability 3. 2ccording to C'M 8orldwide light vehicle production e(ceeded the production o$ cars and truc/s in -orth 2merica and 0urope by an estimated 1@ percent and 1> percent respectively >. Dn !""# the Eig %hree began o$$ering lowered interest rates or =ero percent $inancing to lure buyers ?. %he auto industry has e(perienced a shi$t $rom truc/s and ',5s to hybrid and small $uel)e$$icient vehicles @. 'peciali=ed in car parts $or businessFa$termar/et A. ConsumersFdealers willingness to improve brandFsales *hreats 1. Due to global economic recession consumer demand $or new autos has plummeted !. Consumer con$idence is the lowest in >" years 3. ,nemployment rates e(ceed 1" percent in many areas in the ,nited 'tates and is e(pected to remain high $or part o$ !"1" Copyright B !"11 3earson 0ducation 4imited >. ,navailability o$ credit and high unemployment have pushed automa/ers to rethin/ methods o$ producing and selling cars ?. 2utoma/ers have $aced rising health care and pension costs @. %he Eig three also su$$er $rom an oversupply $or dealers A. %he government bailout money is diminishing and Ford has e(hausted its credit lines #. Consumers are concerned about voided 8arranties i$ the Eig %hree go out o$ business &. Many ban/s are 9ust not ma/ing car loans %&ternal Factor %'aluat!on #%F%$ Matr!& 4ey %&ternal Factors +e!,ht -at!n, +e!,hted "core 3pportun!t!es 1. %he Eig %hree hope to gain $urther concessions $rom the ,nited 2uto 8or/ers regarding labor costs "."A > ".!# !. %he $ew consumers purchasing vehicles are doing so $or practical reasons with a $ocus on $uel e$$iciency durability and carma/erGs sustainability "."A 3 ".!1 3. 2ccording to C'M 8orldwide light vehicle production e(ceeded the production o$ cars and truc/s in -orth 2merica and 0urope by an estimated 1@ percent and 1> percent respectively "."@ ! ".1! >. Dn !""# the Eig %hree began o$$ering lowered interest rates or =ero percent $inancing to lure buyers "."A 3 ".!1 ?. %he auto industry has e(perienced a shi$t $rom truc/s and ',5s to hybrid and small $uel)e$$icient vehicles "."@ 3 ".1# @. 'peciali=ed in car parts $or businessFa$termar/et "."@ ! ".1! A. ConsumersFdealers willingness to improve brandFsales "."A > ".!# *hreats 1. Due to global economic recession consumer demand $or new autos has plummeted "."@ 3 ".1# !. Consumer con$idence is the lowest in >" years "."A > ".!# 3. ,nemployment rates e(ceed 1" percent in many areas in the ,nited 'tates and is e(pected to remain high $or part o$ !"1" "."A > ".!# >. ,navailability o$ credit and high unemployment have pushed automa/ers to rethin/ methods o$ "."? > ".! Copyright B !"11 3earson 0ducation 4imited producing and selling cars ?. 2utoma/ers have $aced rising health care and pension costs "."> 3 ".1! @. %he Eig three also su$$er $rom an oversupply $or dealers "."A ! ".1> A. %he government bailout money is diminishing and Ford has e(hausted its credit lines "."@ ! ".1! #. Consumers are concerned about voided 8arranties i$ the Eig %hree go out o$ business "."@ ! ".1! &. Many ban/s are 9ust not ma/ing car loans "."@ ! ".1! *otal ..00 2.95 Pos!t!on!n, Map %. 6nternal Aud!t Copyright B !"11 3earson 0ducation 4imited Erand 4oyalty (*igh) Erand 4oyalty (4ow) 3rice (*igh) 3rice (4ow) Honda Ford Motor Company :M %oyota "tren,ths 1. Ford Credit Division operates globally !. Dndependent $rom :overnment bailout 3. 5ehicles mar/eted in @ continents over !"" countries >. Ford has strong brand image and is considered an 2merican icon ?. 'trong consumer loyalty on their popular F)1?" @. Diverse vehicle lines give the company more $le(ibility to their customers to choose the desired car model A. 'ales in '. 2merica and 0uropean segments increased by ,'H3.? billion $rom !""A to !""# +ea7nesses 1. Dn one year revenue decreased by appro(imately ,'H3" billion !. 8hile the companys inventory was reduced $rom !""A to !""# the dealers are having higher inventory to sell 3. Current asset dropped by appro(imately ,'H1# billion $rom previous year >. Current liabilities increased by ,'H3" billion $rom previous year ?. 7perational costs typically higher in a company with multi)segment business F!nanc!al -at!o Analys!s (December !""&) )ro8th -ates 9 Ford 6ndustry ":P ;00 'ales (Ctr vs year ago +tr) )!.A" )1&."" )>.#" -et Dncome (.%D vs .%D) -2 )!1."" )@."" -et Dncome (Ctr vs year ago +tr) A1&.3" )1#."" !@.#" 'ales (?).ear 2nnual 2vg.) )!.?1 !.&! 1!.&& -et Dncome (?).ear 2nnual 2vg.) -2 1.@A 1!.@& Dividends (?).ear 2nnual 2vg.) -2 #.A@ 11.#3 Pr!ce -at!os Ford 6ndustry ":P ;00 Current 3F0 Iatio -2 !.1 !@.A 3F0 Iatio ?).ear *igh 1".3 !.& @#." 3F0 Iatio ?).ear 4ow >.& ".> &.& 3riceF'ales Iatio ".3" ".?A !.!? 3riceFEoo/ 5alue -2 1.13 3.># 3riceFCash Flow Iatio #.&" !?.A" 13.A" Pro(!t Mar,!ns 9 Ford 6ndustry ":P ;00 :ross Margin A.> 11.! 3#.& 3re)%a( Margin )!.# )11.? 1".3 -et 3ro$it Margin )3.@ )1".@ A.1 ?.r :ross Margin (?).ear 2vg.) 1"." 1&.! 3#.@ ?.r 3re%a( Margin (?).ear 2vg.) )3.> >.& 1@.@ Copyright B !"11 3earson 0ducation 4imited ?.r -et 3ro$it Margin (?).ear 2vg.) )!.& !.& 11.? F!nanc!al Cond!t!on Ford 6ndustry ":P ;00 DebtF0+uity Iatio -2 1.>1 1."& Current Iatio -2 1.1 1.? Cuic/ Iatio -2 ".& 1.3 Dnterest Coverage )!3.3 )>.@ !3.A 4everage Iatio )!3.> 1.# 3.> Eoo/ 5alueF'hare )!.@! 3@."3 !1.@3 2dapted $rom www.moneycentral.msn.com A', P<% Pr!ce< "ales Pr!ce< Boo7 Net Pro(!t Mar,!n #9$ 1!F"# )".#" "."> )".3! )1"." 1!F"A )?.#" "."# !.@! )1.@ 1!F"@ )1.1" "."& )>."& )A.& 1!F"? 1!."" "."& 1."A ".& 1!F"> &.1" ".1# 1.?> 1.# 1!F"3 3".?" ".1# !.?1 ".> 1!F"! A1."" ".1" 3."? ".! 1!F"1 )A.&" ".1# 3.@? )3.3 1!F"" A.>" ".!1 !.31 3.! 1!F"# )".#" "."> )".3! )1"."
Boo7 alue< "hare Debt< %=u!ty -eturn on %=u!ty #9$ -eturn on Assets #9$ 6nterest Co'era,e 1!F"# )HA.1# )#.&1 #>.# )@.A )1.> 1!F"A H!.?@ !&.&> )>&.1 )1." )".? 1!F"@ )H1.#> )>&.?& 3@>.? )>.? )1.& 1!F"? HA.!1 11.>" 1!.1 ".@ )".! 1!F"> H&.?! &.31 1#.3 1.1 ".3 1!F"3 H@.3@ 1?.>> ?.? ".! -2 1!F"! H3."? 3"."3 @.> ".1 1.1 1!F"1 H>.31 !1.?1 )@#.A )1.& )>.3 1!F"" H1".1> #.&3 !&.3 1.& @." 1!F"# )HA.1# )#.&1 #>.# )@.A )1.> 2dapted $rom www.moneycentral.msn.com 6nternal Factor %'aluat!on #6F%$ Matr!& Copyright B !"11 3earson 0ducation 4imited 4ey 6nternal Factors +e!,ht -at!n, +e!,hted "core "tren,ths 1. Ford Credit Division operates globally "."# > ".3! !. Dndependent $rom :overnment bailout "."# 3 ".!> 3. 5ehicles mar/eted in @ continents over !"" countries "."A 3 ".!1 >. Ford has strong brand image and is considered an 2merican icon "."# 3 ".!> ?. 'trong consumer loyalty on their popular F)1?" "."# 3 ".!> @. Diverse vehicle lines give the company more $le(ibility to their customers to choose the desired car model "."# 3 ".!> A. 'ales in '. 2merica and 0uropean segments increased by ,'H3.? billion $rom !""A to !""# "."& > ".3@ +ea7nesses 1. Dn one year revenue decrease by appro(imately ,'H3" billion "."& 1 "."& !. 8hile the companyGs inventory was reduced $rom !""A to !""# the dealers are having higher inventory to sell "."# 1 "."# 3. Current asset dropped by appro(imately ,'H1# billion $rom previous year ".1 1 ".1 >. Current liabilities increased by ,'H3" billion $rom previous year ".1 1 ".1 ?. 7perational costs typically higher in a company with multi)segment business "."A 1 "."A *otal ..00 2.29 F. "+3* "trate,!es "tren,ths +ea7nesses 1. Ford Credit Division operates globally !. Dndependent $rom :overnment bailout 3. 5ehicles mar/eted in @ continents over !"" countries 1. Dn one year revenue decreased by appro(imately ,'H3" billion !. 8hile the companys inventory was reduced $rom !""A to !""# the Copyright B !"11 3earson 0ducation 4imited >. Ford has strong brand image and is considered an 2merican icon ?. 'trong consumer loyalty on their popular F)1?" @. Diverse vehicle lines give the company more $le(ibility to their customers to choose the desired car model A. 'ales in '. 2merica and 0uropean segments increased by ,'H3.? billion $rom !""A to !""# dealers are having higher inventory to sell 3. Current asset dropped by appro(imately ,'H1# billion $rom previous year >. Current liabilities increased by ,'H3" billion $rom previous year ?. 7perational costs typically higher in a company with multi)segment business 3pportun!t!es ">3 "trate,!es +>3 "trate,!es 1. %he Eig %hree hope to gain $urther concessions $rom the ,nited 2uto 8or/ers regarding labor costs !. %he $ew consumers purchasing vehicles are doing so $or practical reasons with a $ocus on $uel e$$iciency durability and carma/ers sustainability 3. 2ccording to C'M 8orldwide light vehicle production e(ceeded the production o$ cars and truc/s in -orth 2merica and 0urope by an estimated 1@ percent and 1> percent respectively >. Dn !""# the Eig %hree began o$$ering lowered interest rates or =ero percent $inancing to lure buyers ?. %he auto industry has e(perienced a shi$t $rom truc/s and ',5s to hybrid and small $uel) e$$icient vehicles @. 'peciali=ed in car parts $or businessFa$termar/et A. ConsumersFdealers willingness to improve brandFsales 1. 0(pand into '. 2merican and 0uropean countries by o$$ering better incentives and $inancing ('1 'A 73 7? 7A) !. 3roduce more $uel e$$icient and smaller models and promote them with lower $inancing options ('1 '3 '> 7! 7>J 7?) 1. Dmprove operations by being more lean and cutting bac/ e(cessive e(ecutive spending (83 8> 8? 71) !. 'ell o$$ business units to improve cash in$usion to the company (8! 83 8> 8? 7@) Copyright B !"11 3earson 0ducation 4imited *hreats ">* "trate,!es +>* "trate,!es 1. Due to global economic recession consumer demand $or new autos has plummeted !. Consumer con$idence is the lowest in >" years 3. ,nemployment rates e(ceed 1" percent in many areas in the ,nited 'tates and is e(pected to remain high $or part o$ !"1" >. ,navailability o$ credit and high unemployment have pushed automa/ers to rethin/ methods o$ producing and selling cars ?. 2utoma/ers have $aced rising health care and pension costs @. %he Eig three also su$$er $rom an oversupply $or dealers A. %he government bailout money is diminishing and Ford has e(hausted its credit lines #. Consumers are concerned about voided 8arranties i$ the Eig %hree go out o$ business &. Many ban/s are 9ust not ma/ing car loans 1. Dmprove promotion on selected lower priced models with =ero or very low rate $inancing to younger generation through Dnternet using Faceboo/ %witter and other networ/ing channels ('! '3 '> '@ %1 %> %@ %# %&) !. 7$$er ;Free< e(tended warranty $or additional ! years to gain customer loyalty and brand image ('> '@ %1 %#) 1. 'ince dealers are not able to turn around their inventory $ast enough o$$er co)op advertising with more incentives $or moving the cars $aster (81 83 %> %@) Copyright B !"11 3earson 0ducation 4imited ). "PAC% Matr!& F!nanc!al "tab!l!ty #F"$ %n'!ronmental "tab!l!ty #%"$ Ieturn on Dnvestment 1 ,nemployment )? 4everage 1 %echnological Changes )3 4i+uidity 1 3rice 0lasticity o$ Demand )! 8or/ing Capital 1 Competitive 3ressure )> Cash Flow 1 Earriers to 0ntry )? F!nanc!al "tab!l!ty #F"$ A'era,e . %n'!ronmental "tab!l!ty #%"$ A'era,e >0.2 Compet!t!'e "tab!l!ty #C"$ 6ndustry "tab!l!ty #6"$ Mar/et 'hare )! :rowth 3otential > 3roduct Cuality )3 Financial 'tability ! Customer 4oyalty )! 0ase o$ Mar/et 0ntry > Competitions Capacity ,tili=ation )3 Iesource ,tili=ation 3 %echnological Know)*ow )! 3ro$it 3otential 3 Compet!t!'e "tab!l!ty #C"$ A'era,e >2.1 6ndustry "tab!l!ty #6"$ A'era,e 0.2 .)a(is1 F' L 0' M 1." L ()3.#) M )!.# N)a(is1 C' L D' M ()1.#) L (3.@) M 1.# Copyright B !"11 3earson 0ducation 4imited FS CS ES IS 6 5 4 3 2 1 Conservative Aggressive Competitive Defensive 1 2 3 4 5 6 7 -2 -3 -4 -5 -7 -1 -6 7 -7 -6 -5 -4 -3 -2 -1 ?. )rand "trate,y Matr!& 1. Mar/et development !. Mar/et penetration 3. 3roduct development >. Forward integration ?. Eac/ward integration @. *ori=ontal integration A. Ielated diversi$ication Copyright B !"11 3earson 0ducation 4imited Weak Competitive Position Quadrant II Quadrant I Quadrant IV Quadrant III Strong Competitive Position Rapid Market Growth Slow Market Growth 6. *he 6nternal>%&ternal #6%$ Matr!& *he 6F% *otal +e!,hted "core 'trong 3." to >." 2verage !." to !.&& 8ea/ 1." to 1.&& *igh 3." to 3.&& D DD DDD Medium !." to !.&& D5 D5 Ford Motor Company 5D 4ow 1." to 1.&& 5DD 5DDD DN Copyright B !"11 3earson 0ducation 4imited *he %F% *otal +e!,hted "core BC) Matr!& -elat!'e Mar7et "hare *igh 1." Medium . ?" 4ow "." *igh L!" 6ndustry "ales )ro8th -ate Percent Stars Question Marks Medium " 4ow )!" Cash Cows Dogs Copyright B !"11 3earson 0ducation 4imited @. A"PM
Dmprove promotion on selected lower priced models with =ero or very low rate $inancing to younger generation through Dnternet using Faceboo/ %witter and other networ/ing channels 0(pand into '. 2merican and 0uropean countries by o$$ering better incentives and $inancing 4ey Factors +e!,ht A" *A" A" *A" 3pportun!t!es
1. %he Eig %hree hope to gain $urther concessions $rom the ,nited 2uto 8or/ers regarding labor costs "."A 3 ".!1 > ".!# !. %he $ew consumers purchasing vehicles are doing so $or practical reasons with a $ocus on $uel e$$iciency durability and carma/erGs sustainability "."A > ".!# ! ".1> 3. 2ccording to C'M 8orldwide light vehicle production e(ceeded the production o$ cars and truc/s in -orth 2merica and 0urope by an estimated 1@ percent and 1> percent respectively "."@ 3 ".1# > ".!> >. Dn !""# the Eig %hree began o$$ering lowered interest rates or =ero percent $inancing to lure buyers "."A ))) ))) ))) ))) ?. %he auto industry has e(perienced a shi$t $rom truc/s and ',5s to hybrid and small $uel)e$$icient vehicles "."@ ))) ))) ))) ))) @. 'peciali=ed car parts businessFa$termar/et "."@ ))) ))) ))) ))) A. ConsumersFdealers willingness to improve brandFsales "."A 3 ".!1 > ".!# *hreats 1. Due to global economic recession consumer demand $or new autos has plummeted "."@ > ".!> 3 ".1# !. Consumer con$idence is the lowest in >" years "."A ! ".1> 3 ".!1 3. ,nemployment rates e(ceed 1" percent in "."A ! ".1> > ".!# Copyright B !"11 3earson 0ducation 4imited many areas in the ,nited 'tates and is e(pected to remain high $or part o$ !"1" >. ,navailability o$ credit and high unemployment have pushed automa/ers to rethin/ methods o$ producing and selling cars "."? ! ".1" > ".! ?. 2utoma/ers have $aced rising health care and pension costs "."> > ".1@ ! "."# @. %he Eig %hree also su$$er $rom an oversupply $or dealers "."A 1 "."A > ".!# A. %he government bailout money is diminishing and Ford has e(hausted its credit lines "."@ ))) ))) ))) ))) #. Consumers are concerned about voided 8arranties i$ the Eig %hree go out o$ business "."@ ))) ))) ))) ))) &. Many ban/s are 9ust not ma/ing car loans "."@ ))) ))) ))) ))) *3*AB ..00 ../0 2../ "tren,ths 1. Ford Credit Division operates globally "."# ))) ))) ))) ))) !. Dndependent $rom :overnment bailout "."# ))) ))) ))) ))) 3. 5ehicles mar/eted in @ continents over !"" countries "."A ! ".1> > ".!# >. Ford has strong brand image and is considered an 2merican icon "."# 3 ))) > ))) ?. 'trong consumer loyalty on their popular F)1?" "."# ))) ))) ))) ))) @. Diverse vehicle lines give the company more $le(ibility to their customers to choose the desired car model "."# ! ".1@ 3 ".!> A. 'ales in '. 2merica and 0uropean segments increased by ,'H3.? billion $rom !""A to !""# "."& 3 ".!A > ".3@ +ea7nesses 1. Dn one year revenue decrease by appro(imately ,'H3" billion "."& > ".3@ 1 "."& !. 8hile the companyGs inventory was reduced $rom !""A to !""# the dealers are having higher inventory to sell "."# ! ".1@ 3 ".!> 3. Current asset dropped by appro(imately ,'H1# billion $rom previous year ".1 ))) ))) ))) ))) >. Current liabilities increased by ,'H3" billion $rom previous year ".1 ))) ))) ))) ))) ?. 7perational costs typically higher in a company with multi)segment business "."A ))) ))) ))) ))) "CB*3*AB ..00 ..09 ..2. "CM *3*AB A**-AC*6%N%"" "C3-% 2.22 0.02 Copyright B !"11 3earson 0ducation 4imited 4. -ecommendat!ons 0(pand sales in 'outh 2merican and 0uropean countries when the value o$ money is higher economy is better and unemployment is lower in the ,.'. by promoting better pricing strategies promotional campaign and o$$ering more incentives. B. %P"<%B6* Analys!s ,'H 2mount -eeded1 H#" million 'toc/ 3rice1 ,'H1"."" %a( Iate1 (".>O) $or !""# and 31.1O $or !""A Dnterest Iate1 @.?O P 'hares 7utstanding1 3.3 billion Common "toc7 F!nanc!n, Debt F!nanc!n, Recession Normal Boom Recession Normal Boom 0ED% H3"""""""" H@"""""""" H1""""""""" H3"""""""" H@"""""""" H1""""""""" Dnterest " " " ?!""""" ?!""""" ?!""""" 0E% 3"""""""" @"""""""" 1""""""""" !&>#""""" ?&>#""""" &&>#""""" %a(es " " " " " " 02% 3"""""""" @"""""""" 1""""""""" !&>#""""" ?&>#""""" &&>#""""" P 'hares 33"1>@>3&A 33"1>@>3&A 33"1>@>3&A 33"""""""" 33"""""""" 33"""""""" 03' 0.09 0..2 0.00 0.09 0..2 0.00 /0 Percent "toc7 > 00 Percent Debt /0 Percent Debt > 00 Percent "toc7 Recession Normal Boom Recession Normal Boom 0ED% H3"""""""" H@"""""""" H1""""""""" H3"""""""" H@"""""""" H1""""""""" Dnterest >1@"""" >1@"""" >1@"""" 1">"""" 1">"""" 1">"""" 0E% !&?#>"""" ?&?#>"""" &&?#>"""" !&#&@"""" ?&#&@"""" &&#&@"""" %a(es " " " " " " 02% !&?#>"""" ?&?#>"""" &&?#>"""" !&#&@"""" ?&#&@"""" &&#&@"""" P 'hares 33"1"!?"A# 33"1"!?"A# 33"1"!?"A# 33"">3&31& 33"">3&31& 33"">3&31& 03' 0.09 0..2 0.00 0.09 0..2 0.00 Copyright B !"11 3earson 0ducation 4imited