Turnaround Management. Adjusting the Marketing Mix to the Challenges of the Turnaround Process

Table of contents

1 Introduction
1.1 Statement of the problem
1.2 Objective of the assignment
1.3 Structure of the assignment

2 Turnaround management
2.1 Corporate crisis as basis for the necessity of turnaround management
2.1.1 Strategic crisis
2.1.2 Earnings crisis
2.1.3 Liquidity crisis
2.2 Turnaround process
2.2.1 Crash phase
2.2.1.1 Securing liquidity
2.2.1.2 Short-term measures
2.2.1.3 Coordination of stakeholder’s interests and confidence-building
2.2.1.4 Nomination of persons responsible
2.2.2 Initialization of the turnaround
2.2.3 Realization of the concept
2.2.4 Consolidating the company
2.3 Critical remarks

3 Marketing as a corporate process
3.1 Marketing analysis
3.2 Marketing objectives
3.3 Marketing strategy
3.3.1 Market area strategy
3.3.2 Market stimulation strategy
3.3.3 Market parceling strategy
3.3.4 Market areal strategy
3.4 The Marketing Mix
3.4.1 Product
3.4.1.1 Product quality
3.4.1.2 Product design
3.4.1.3 Branding
3.4.1.4 Services
3.4.1.5 Program policy
3.5 Price
3.5.1 Defining the list price
3.5.1.1 Cost-oriented pricing
3.5.1.2 Demand-oriented pricing
3.5.1.3 Competition-oriented pricing
3.5.2 Price policy strategies
3.5.3 Price discrimination
3.5.4 Discount policy
3.5.5 Payment and delivery terms
3.5.6 Credit policy
3.6 Place
3.6.1 Acquisitive distribution
3.6.1.1 Direct distribution
3.6.1.2 Indirect distribution
3.6.2 Marketing-logistics
3.6.2.1 Delivery service
3.6.2.2 Order processing
3.6.2.3 Stock keeping
3.7 Promotion
3.7.1 Advertising
3.7.2 Public relations
3.7.3 Personal selling
3.7.4 Sales promotion
3.8 Controlling
3.9 Critical remarks

4 Adjusting the marketing mix to the challenges of turnaround management
4.1 Adjusting the product
4.1.1 Adjusting the product quality
4.1.2 Adjusting the product design
4.1.3 Adjusting the branding
4.1.4 Adjusting the services
4.1.5 Adjusting the program policy
4.2 Adjusting the price
4.2.1 Adjusting the list price
4.2.2 Adjusting the discount policy
4.2.3 Adjusting the payment and delivery terms
4.2.4 Adjusting the credit policy
4.3 Adjusting the place
4.3.1 Adjusting the acquisitive distribution
4.3.2 Adjusting the marketing logistics
4.4 Adjusting the promotion
4.4.1 Adjusting the advertising
4.4.2 Adjusting public relations
4.4.3 Adjusting personal selling
4.4.4 Adjusting sales promotion

5 Conclusion
5.1 Achievement of objectives
5.2 Outlook

Bibliography

Internet references

1 Introduction

1.1 Statement of the problem

As one effect of the global economic crisis beginning in 2007^[1], many companies suffered from strong decreases of incoming orders. At the same time, banks went over to a reserved willingness to grant credits, out of concerns about bankruptcies of debtors. This led to the result that companies were not able to meet liabilities that were incurred during the prior phase of economic upswing.^[2]

For some companies, this chain of events led to a massive decrease of solvency, possibly resulting in a bankruptcy. But concerning other companies, the worsening of their economic situation was just accelerated by the economic crisis. The main reason for their company crisis was the fact that severe mismanagement had occurred in the past.^[3]

Mismanagement often is the cause of a so-called strategic crisis. This means that the general market orientation of a company is inadequate. However the problem with this is that it cannot be detected at first sight, and therefore often no countermeasures are taken in order to avoid a negative development. The strategic crisis can then develop into an earnings crisis. In this stage, the indicators that certain things are going wrong within the company are more significant and measurable within the company’s figures. If countermeasures are not taken, this will finally lead to a liquidity crisis, in which the company faces massive problems. It is not able to pay liabilities, loan capital cannot be acquired and the company faces the danger of illiquidity or bankruptcy.^[4]

This is where turnaround management gets involved. The main objective of turnaround management is to reverse negative trends that have are likely to become or already have become an existential threat to the company and to ensure its long-term success.^[5]

One factor which has a massive influence on a company’s success is its marketing.^[6] Marketing, however, is a complex term, which can be discussed under various aspects and covers several areas and activities of a company.^[7]

One possibility to assess the term marketing by a practical approach is the concept of marketing mix. Hereby, the marketing of a company is made visible by dividing the application of marketing activities to the market into the four elements product, price, place and promotion.^[8]

This leads to the possible question of how the marketing mix and its single elements can be adjusted to the challenges of the turnaround process, in order to contribute to the overcoming of a crisis.

1.2 Objective of the assignment

The objective of this assignment is to examine the applicability of adjustments of the marketing mix as measures within the turnaround process. It will be studied if starting points for concrete measures can be found within the four elements of the marketing mix. Therefore it will be examined how the four elements product, price, place and promotion can be subdivided in to their constituents, in order to reveal as many starting points as possible.

Based on the presented constituents, it will be tried to point out, which changes can be made to the marketing mix of a company within the framework of the turnaround process and which effects these changes may have. The goal of these changes and their effects should be to make significant contributions to the success of the turnaround process in order to help to overcome a corporate crisis.

1.3 Structure of the assignment

The second part of the assignment will give a detailed overview of the causal coherence of turnaround management. Therefore, the corporate crisis will be explained by dividing it into three stages of crisis. The chronological order of the different stages and their respective characteristics will be outlined. Following this, the turnaround process will be explained based on the exemplary division of the turnaround process into four phases. Each phase and its specific measures will be explained in detail. Finally, the concept of turnaround management and its current state of research will be subject to a critical appreciation.

In the third part of this assignment, the marketing process of a company will be explained in detail, based on its logical sequence. One focus here will be the marketing strategy as foundation of the marketing mix. It will be assessed on the basis of the four dimensions of a marketing strategy by Becker. Another focus in the third part will be the marketing mix itself.

The marketing mix will be explained based on its subdivision into the four elements product, price, place and promotion. Each of these elements will be subdivided again into its constituents in order to give a detailed overview and work out as much potential starting points for measures within the turnaround process as possible. Subsequently, also the concept of the marketing mix will be subject to a critical appreciation.

The fourth part of this assignment will be the practical part. Based on the division of the marketing mix in the third part, it will be examined which adjustments can be made to each of the constituents of the four elements of the marketing mix, what effects these adjustments may have and how this can contribute to the positive outcome of the turnaround process, but also which risks the adjustment can constitute. Where available, examples of companies that have made adjustments to a specific constituent of the marketing mix within a turnaround process will be given in order to underline the practical relevance.

The fifth part will conclude the assignment by outlining whether the objectives of the assignment could be achieved and which practical findings could be made. Also, an outlook on further problems concerning the subject will be given.

2 Turnaround management

The term turnaround management describes measures that are taken in order to steer a company out of a situation in which the business success is below a minimum acceptable level or that even threatens its existence into a condition of sustainable profitability. The reason for such a situation is a corporate crisis^[9]

2.1 Corporate crisis as basis for the necessity of turnaround management

A corporate crisis is a time limited, unplanned, unwanted process that cannot be influenced and that is able to endanger or prevent a company’s continued existence. This is due to negatively affecting corporate objectives whose non-attainment endangers or may extinguish the existence of the company as an independent economic entity.^[10]

Concerning its progression, a corporate crisis can be divided into strategic, earnings and liquidity crisis. The ideal-typical progress of a crisis will begin with the strategic crisis, which will cause an earnings crisis and then result in a liquidity crisis.^[11] In exceptional circumstances however, a company can directly fall into a liquidity crisis without running through the previous stages of crisis. Another characteristic of the progress of a corporate crisis is the fact that the need for action will rise with the different stages, while simultaneously the ability to act will become more and more limited.^[12] Subsequently, the three stages of a corporate crisis will be explained.

2.1.1 Strategic crisis

The first stage of the crisis process, the strategic crisis can come into being by either a possible threat to the middle- or long-term corporate objectives or an insufficient strategic alignment of the company.^[13] The causes of a strategic crisis can be of different nature. One of the main reasons can be deficiencies within the management, like for example under-qualification or internal conflicts that leave the management incapable of acting. These deficiencies can for example be a wrong strategic direction and a faulty operative control of the company. Due to this a company can become vulnerable to external influences like sudden changes within the market concerning technology and trends, or a demand shift. Hereby there is the risk that a company reacts too late, or that its reaction is rash and/or based on a misjudgement. Misjudgement can subsequently lead to misinvestment. This can happen when the risks of an investment are underestimated or the investment appraisal concerning the profitability is miscalculated. This leads to a long-term financial burden for the company. Also, failed mergers and acquisitions can cause a strategic crisis when it cannot be managed to create synergies or when the integration process ties up resources so that the focus on the market is lost. Another cause of a strategic crisis can be rapid growth. This means for example that a company seeks to generate as much turnover as possible regardless of the margin or tries to increase the size of the company by buying ailing companies. Lack of competitiveness as a factor that can lead to a crisis can result from a wrong make or buy decisions and a value chain that has not been adapted to the changing corporate environment and therefore weakens the competitive edge. This explanation shows that the crisis can not only occur due to a single event, but also as a result of the interaction of different internal and external factors.^[14] Often involved in the origin of a crisis is an information deficit concerning the company’s environment as well as its internal matters.^[15]

The occurrence of a possible cause of a crisis does not necessarily directly lead to a crisis. Often a long time span passes between the trigger and the appearance of symptoms of a crisis. The symptoms can also occur in varying and inconsistent degrees of severity. This leads to the fact that a beginning crisis might not be identified or that the decrease of a symptom is misinterpreted as an overcoming of the crisis.^[16] Like the causes for a crisis, the symptoms of a crisis can be very diverse.^[17]

Possible symptoms of a strategic crisis are:^[18]

- A drop in orders and sales, causing a loss of market share
- Troubles within the production process, delivery delays and increasing complaints
- Slowed inventory turnover and small operating rate
- A worsening of the work climate, increased rate of sickness and resignations
- Problems in the cooperation between the management and the staff
- More difficult or even rejected credit applications

2.1.2 Earnings crisis

If a company does not react properly to a strategic crisis by correcting its alignment, the strategic crisis will develop into an earnings crisis.^[19] Most crises are only recognized when they have already reached this stage of the crisis process, as it is easier to apprehend and measure^[20], noticeable by means of not reaching earning targets and visible within the company’s financials.^[21] This is due to the fact that the negative developments of the strategic crisis will lead to an operating loss.^[22] The market share and the turnover will decline further and underutilizations of capacity will occur. Adequate prices can no longer be enforced, and the margin will sink drastically.^[23] As a result, the capital resources will start to decrease. This may also have an effect on the equity providers, as their return on equity will decrease. Due to this, it may be difficult to increase equity capital in order to make necessary investments. The lowered equity rate will also make borrowing more difficult, and banks may even request additional loan securities for existing loans.^[24] Additional symptoms can be an increasing fluctuation within management and staff and an increasing lack of resources.^[25]

2.1.3 Liquidity crisis

The liquidity crisis is the last, but also the most obvious of the stages in the crisis process. The earnings crisis has reduced the capital resources, the liabilities increase and no more credit will be granted.^[26] Through this limited financial scope the danger of bankruptcy arises, which threatens the continuing existence of the company. This makes it necessary that the company takes immediate measures in order to effect reactive changes.^[27] Often it is not possible for a company, to overcome a crisis in this stage from its own resources. This is further aggravated by a loss of trust among the stakeholders.^[28]

2.2 Turnaround process

If a company is in or heading into a crisis the turnaround will be initiated. Hereby, timely detection of the crisis is an essential condition in order to have enough time left to take measures to prevent the crisis from progressing into a stage where it endangers the continuing existence of the company.^[29] This can, however, represent a problem. Except in case of illiquidity, the objective finding that a company is facing a crisis has to be stated by the upper management in order to be admitted.^[30] But the management of a company often will deny the fact that the company is facing serious problems or play the concerns down.^[31] Other reasons for a too late detection of a crisis can be information overloads and deficits, communication problems and internal acceptance problems.^[32] Often the crisis is only detected by a company’s bank, which based on the business relation has an insight into the company’s financials and detects the crisis with the aid of operating numbers and from its creditor position can motivate the company to take measures against the crisis.^[33]

As an orientation aid, the turnaround process can be divided into different consecutive phases. These phases are not to be seen as self-contained, but overlapping and reacting. Concerning this, different approaches exist in the literature.^[34] One option is to divide the process into a crash phase, the initialization of the turnaround, the concept realization and the final phase of consolidating the company.^[35]

2.2.1 Crash phase

The crash phase is the first main phase of the turnaround process. In case of an early identification however, it can be integrated into the second phase.

Constituent measures of the crash phase are:^[36]

- Securing liquidity
- Short-term measures
- Coordination of stakeholder’s interests and confidence-building.
- Nomination of persons responsible

2.2.1.1 Securing liquidity

A company’s liquidity describes its ability to pay off debts as they become due. It is a security indicator and a basis of existence, as illiquidity is a reason for bankruptcy.^[37] Consequently, ensuring liquidity has top priority especially in case of a liquidity crisis in order to secure the continuing existence of the company.^[38] This happens by accelerating the cash inflow by shortening the time gap between a sale and the payment and increasing the cash inflow through higher revenues, asset sales and direct accrual of capital. Simultaneously, new payment obligations that re not essential for business have to be avoided and capital drain has to be reduced through adjusted payment behavior and -agreements. Furthermore, costs should be reduced strictly and sustainable.^[39] Other possible measures of securing liquidity are a hiring, spending and investment freeze, centralizing the payment flow, cutting expenditures on research and development, the withdrawal of special payments and benefits and a clearance sale of the stock.^[40]

2.2.1.2 Short-term measures

Short term-measures aim at increasing the effectiveness of the specific company divisions. Exemplary short term measures can be the optimization of research and development and production with cost, time and quality objectives or the restructuring of the purchasing process through an optimized supplier portfolio, re-negotiating existing supplier contracts, prices and terms of payment.^[41] Generally binding recommendations for short-term measures however, do not exist, as every company that is facing a crisis requires individual measures.^[42]

2.2.1.3 Coordination of stakeholder’s interests and confidence-building

With advancing crisis stages, the success of the turnaround will depend more and more on the support of the company’s stakeholders. But different stakeholders will have different objectives and priorities. Therefore, it is necessary to be able to assess their decision-making behavior. It can be divided into supporting and confronting measures in order to point out consequences in case of a negative or positive attitude of a stakeholder concerning the turnaround. Additionally, scientific approaches concerning stakeholders and trust can be used in order to derive appropriate measures. Confidence of the stakeholders in the turnaround has to be built up in order to gain their support and avoid confronting measures. This can be achieved by open, unbiased and clear regular communication right from the beginning, providing reliable information and keeping the stakeholders information about the process up to date.^[43]

2.2.1.4 Nomination of persons responsible

As a corporate turnaround is a very complex task, one of the first steps of the turnaround process should be to nominate a powerful turnaround team. The members of this team need to have special skills in order to execute the turnaround and be able to cope with the pressure that lies on the turnaround team. This team is led by a so-called turnarounder, who coordinates the whole turnaround process and therefore needs special authorities and powers. This can be an internal manager as well as an external consultant.^[44]

2.2.2 Initialization of the turnaround

Essential elements of this second main phase of the turnaround process are an analysis of the company, developing a turnaround concept and preparing the actual turnaround.^[45] A turnaround concept can either focus on operatively rehabilitating undesirable developments or on complete strategic restructuring and realignment.^[46] In order to prepare a turnaround concept, it is necessary to identify the reasons for the company’s crisis. Therefore, the company’s market and competitive position and its complete internal structure have to be investigated.^[47] In order to get to know the market and competitive position of the company, at first the environment of the company will be examined concerning economical, juridical and technological aspects. Following this, the market itself and its customers will be evaluated. Therefore, the market dynamics will be analyzed in detail. Additionally, the company’s main competitors will be examined concerning their market position and their resources in order to comprehend their policy and abilities.^[48] The internal structure of the company is analyzed on the basis of quantitative and qualitative factors. Quantitative factors are key figures that are taken, inter alia, from the balance sheet and the profit and loss statement. These can then be compared with key figures from other companies. Qualitative factors are relevant internal characteristics like for example quality of the management, staff potential, process organization and the structure of departments like controlling and risk management.^[49] Further, adequate turnaround levers for the specific crisis-situation will be searched for. These levers consist of business and managerial measures and aim at eliminating the reasons for the crisis and timely improving the company’s profit situation. Additionally, an implementation plan is developed and a forecast calculated. These measures together result in the turnaround-concept.^[50]

2.2.3 Realization of the concept

This main phase of the turnaround process starts overlapping with the second phase. It can cause the best improvements for the company’s situation, but it also determines if the turnaround is successful in the long run.^[51] The implementation of the concept is a complex and demanding process, in which the elaborated measures are either executed or initiated by project teams. Their activities are managed by a steering committee which consists of key executives and sometimes works council members, bank representatives or further persons.^[52]

2.2.4 Consolidating the company

In this phase the implemented changes of the turnaround concept are firmly established. The company will shift from the turnaround process back to daily business and focus on its core competencies.^[53] Simultaneously, the foundations for sustainable growth should be laid. This can happen in four ways: Exhaustion and extension of the core business, generation of new uses and opening up new segments. Also, personnel development has to be conducted as it is important to command motivated and capable employees, in order to avoid falling back into a crisis.^[54]

2.3 Critical remarks

Within international research, different approaches to the concept of turnaround management exist: While the German-language approaches focus on crisis management, the English-language science concentrates on deriving measures for combating the causes for crises. Hereby however, exogenous factors as well as the severity of the crisis, the stakeholders and the strategic history of the company are neglected as well as sustainability factors. Generally accepted concepts for a successful turnaround in specific situations exist in neither of the approaches.^[55]

3 Marketing as a corporate process

The concept of marketing describes a professional, market oriented approach by organizations or companies^[56] that comprises all decisions to shape and realize the conditions of sales.^[57]

3.1 Marketing analysis

At the beginning of marketing as a corporate process stands the marketing analysis.^[58] Within the marketing analysis, an overview is given about a company’s customers, competitors, its line of business in general and the whole corporate environment.^[59] Also, internal factors, such as the company’s strengths, weaknesses and potentials are dissected.^[60] In sum, the marketing analysis serves the purpose to point out chances, risks and threats for successful commercialization of the company’s products and services.^[61]

3.2 Marketing objectives

Based on this analysis, subsequently the marketing objectives will be formulated. They describe what the company wants to reach with its marketing activities within a certain amount of time.^[62] In this, a distinction is made between qualitative and quantitative objectives. Quantitative objects refer to measurable amounts and the degree of achievement of these objectives can be checked on the basis of existing numbers. Qualitative objectives on the other hand contain psychological elements like, for example, level of awareness or image. These cannot be measured but have to be evaluated by market research.^[63] However, the marketing objectives are divisional objectives and should therefore be consistent with the superior corporate objectives and the objectives of other divisions.^[64]

In practice, they serve the following functions:^[65]

- Coordination and synchronization of marketing activities and corporate objectives.
- Control of decision processes in order to select the action alternatives with the highest benefits for the attainment of the desired development.
- Monitoring of the benefits of particular marketing activities and the consequential possibility of corrections on a strategic or operational level.
- A formal-rational and socio-emotional function as they are disclosed to stakeholders and set up an exemplary and identification function for management personnel.

In order to perform these functions, the marketing objectives have to be formulated precisely, to be measurable and observable they additionally have to be specified with regard to their topic, scale, market segment, target area and their scheduled period of time.^[66]

3.3 Marketing strategy

In order to reach these planned objectives, it is recommended to determine certain codes of practice for the company within the market. These rules of conduct summarized are referred to as the marketing strategy. It describes certain timed, concerted practices, with which a company tries to be successful on the market.^[67] Based on the fact that every objective can be reached with different basic approaches, all relevant possible strategic ways of proceeding should be identified in order to arrive at a principle decision which strategic option to choose to accomplish a certain objective.^[68]

Regarding strategic options, it can be distinguished between the following basic types of strategy:^[69]

- Customer-oriented strategies: Aim at the commercial or private purchasers of a company’s goods and services.
- Competitor-oriented strategies: Aim at gaining a lasting competitive advantage, such as cost leadership, differentiation, focusing and outpacing.
- Hybrid strategies: Comprise mainly long-term co-operations with competitors or customers, such as strategic alliances and efficient consumer response.

Becker, however, adduces that within the context of marketing associated with the market-orientation of a company solely a customer-oriented strategy system is qualified. Therefore, the strategy system is subdivided into four definable dimensions: The market area strategy, the market stimulation strategy, the market parceling strategy and the market areal strategy.^[70]

3.3.1 Market area strategy

The market area strategy defines the general strategic direction in order to achieve the corporate objectives in the long run. In order to point out possible alternatives for the market area strategy, it can be recommended to examine the combination of products and markets with the aid of the product-market matrix by Ansoff.^[71] This matrix contains four possible product-market combinations.^[72] Market penetration describes the extension of share on existing markets with current products. Market development characterizes the attempt to occupy new market segments or markets in a geographical location not yet accessed for the company with current products. Product development aims at launching new products on existing markets. Diversification describes the launch of new products on markets that are new for the company.^[73]

[...]

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^[1] Cp. http://www.wf-sdes.ch/chronik-der-wirtschaftskrise.php, status 05.01.2011.

^[2] Cp. http://www.foerderland.de/419+M5bdc796d429.0.html, status 05.01.2011.

^[3] Cp. http://www.handelsblatt.com/unternehmen/industrie/insolvenzen-2009-das-jahr-der-mega-pleiten;2345160, status 05.01.2011.

^[4] Cp. http://kfw.de/kfw/de/KfW-Konzern/Medien/Material_fuer_die_Presse/KfW-Infodienst/PDF-Dateien_Infodienst/2010/10-01-28_ID_Mittelstand2010_Unternehmenskrisen_vermeiden.pdf, status 05.01.2011.

^[5] Cp. Hinz, W. (2007),p.4.

^[6] Cp. Fritz, W. (1995),p.248 ff.

^[7] Cp. Hesse, J.e l. (1997),p.16.

^[8] Cp. Baker, M. J. (2008),p.247 ff.

^[9] Cp. Böckenförde, B. (1991),p.8; Buschmann, H. (2004),p.199.

^[10] Cp. Krystek, U. (1987),p.6 f.

^[11] Cp. Müller, R. (1986),p.53 ff.

^[12] Cp. Paetzmann, K. (2008),p.183; Paetzmann, K. (2003),p.601.

^[13] Cp. Gieschen, G. (2003),p.20; Lützenrath, C.e l. (2006),p.4.

^[14] Cp. Bergauer, A. (2001),p.20 ff.; Haghani, S. (2004),p.54 ff.

^[15] Cp. Anonymous, (2006),p.14.

^[16] Cp. Berger, R. (1988),p.792.

^[17] Cp. Hommel, U.e l. (2006),p.37.

^[18] Cp. Lützenrath, C.e l. (2006),p.4; Seefelder, G. (2007),p.73 f.

^[19] Cp. Sasse, A., Stein, H. (2009),p.33.

^[20] Cp. Anonymous, (2004),p.18; Klein, A. (2009),p.33 f.

^[21] Cp. Welsch, C. (2010),p.20.

^[22] Cp. Ott, W., Göpfert, B. (2005),p.39.

^[23] Cp. Griess-Nega, T. (2006),p.292.

^[24] Cp. Fraenkler, H. (2006),p.39 f.

^[25] Cp. Lützenrath, C.e l. (2006),p.5.

^[26] Cp. Ott, W., Göpfert, B. (2005),p.40.

^[27] Cp. Liebig, M. (2010),p.19.

^[28] Cp. Lützenrath, C.e l. (2006),p.5.

^[29] Cp. Dethleffsen, M. (2010),p.11 f.

^[30] Cp. Radowski, H. (2007),p.135 f.

^[31] Cp. Bibeault, D. B. (1998),p.61.

^[32] Cp. Gregor, B. (2009),p.67; Kötzle, A. (1993),p.20.

^[33] Cp. Dethleffsen, M. (2010),p.12.

^[34] Cp. Buschmann, H. (2006),p.67 f.

^[35] Cp. Faulhaber, P., Landwehr, N. (2009),p.20.

^[36] Cp. Ibidem, p.21f.

^[37] Cp. Drosse, V., Vossebein, U. (2005),p.36.

^[38] Cp. Fraenkler, H. (2006),p.188.

^[39] Cp. Gieschen, G. (2003),p.142.

^[40] Cp. Meffert, J., Bernhard, E. M. (2006),p.272 f.

^[41] Cp. Bergauer, A. (2001),p.190 ff.

^[42] Cp. Hess, H., Fechner, D. (1991),p.193.

^[43] Cp. Buschmann, H. (2004),p.197 ff.; Slatter, S.e l. (2006),p.25.

^[44] Cp. Faulhaber, P., Landwehr, N. (2009),p.117 ff.

^[45] Cp. Ibidem p. 21.

^[46] Cp. Bickhoff, N., Eilenberger, G. (2004),p.7 f.

^[47] Cp. Ibidem p. 69 ff.; Lützenrath, C.e l. (2006),p.42 ff.

^[48] Cp. Keusgen, M. J. (2007),p.82 ff.

^[49] Cp. Wöber, A., Siebenlist, O. (2009),p.78.

^[50] Cp. Faulhaber, P., Landwehr, N. (2009),p.69.

^[51] Cp. ibidem,p.21 f.

^[52] Cp. Hagemeier, W., Wlecke, U. (2000),p.85 ff.

^[53] Cp. Faulhaber, P., Landwehr, N. (2009),p.22.

^[54] Cp. ibidem ,p. 298 ff.; Nölle, W., Schwab, B. (2008), p. 441

^[55] Cp. Lehr, D. (2006),p.30.

^[56] Cp. Runia, P.e l. (2007),p.8.

^[57] Cp. Helm, R. (2009),p.10.

^[58] Cp. Runia, P.e l. (2007),p.9 ff.

^[59] Cp. Kreutzer, R. T. (2009),p.69.

^[60] Cp. Preißner, A. (2008),p.97 f.

^[61] Cp. Alex, W. G. (2008),p.34.

^[62] Cp. Grossklaus, R. H. (2006),p.89 ff.

^[63] Cp. Anonymous, (2009),p.88.

^[64] Cp. Pfaff, D. (2004),p.138.

^[65] Cp. Stender-Monhemius, K. (2002),p.88.

^[66] Cp. Bruhn, M. (2007),p.27.

^[67] Cp. Weis, H. C. (1993),p.45 f.

^[68] Cp. Kotler, P.e l. (2007),p.128.

^[69] Cp. Fritz, W., von der Oelsnitz, D. (2006),p.120 f.

^[70] Cp. Becker, J. (2006),p.147.

^[71] Cp. Meffert, H., Bruhn, M. (2006),p.238.

^[72] Cp. Ansoff, H. I. (1965),p.109.

^[73] Cp. Dancette, J.e l. (2000),p.7.