MARKETING STRATEGY IN A MARKETING STRATEGY IN A ROTTEN YEARROTTEN YEAR

PANEL & ENGINEERED LUMBER PANEL & ENGINEERED LUMBER INTERNATIONAL CONFERENCE & EXPOINTERNATIONAL CONFERENCE & EXPO

9 FEBRUARY, 20089 FEBRUARY, 2008

LEONARD M GUSS, PH DLEONARD M GUSS, PH D PRESIDENT, LGA INCPRESIDENT, LGA INC

www.LGA-INC.netwww.LGA-INC.net

EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:COMMODITYCOMMODITY

MEETS A PUBLISHED STANDARDMEETS A PUBLISHED STANDARD BUT EVEN WITHIN STANDARDS & GRADES BUT EVEN WITHIN STANDARDS & GRADES

THERE IS VARIANCETHERE IS VARIANCE MARKET DETERMINED PRICEMARKET DETERMINED PRICE LOW COST ESSENTIALLOW COST ESSENTIAL MINIMAL SUPPORTMINIMAL SUPPORT GOOD CLAIMS PROCEDUREGOOD CLAIMS PROCEDURE CAN CHOOSE WHICH SIZES, DIMENSIONSCAN CHOOSE WHICH SIZES, DIMENSIONS BEST MANUFACTURING PRACTICES BEST MANUFACTURING PRACTICES

ESSENTIAL FOR MAXIMUM REALIZATIONESSENTIAL FOR MAXIMUM REALIZATION

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: GEOGRAPHICGEOGRAPHIC

LIMITED REACH BY FREIGHTLIMITED REACH BY FREIGHT LIMITED REACH BY MARKET LIMITED REACH BY MARKET

PREFERENCEPREFERENCE MATCH PRODUCTION TO MATCH PRODUCTION TO

DISTRIBUTORS WHO ARE USUALLY DISTRIBUTORS WHO ARE USUALLY REGIONALREGIONAL

SUPPORT DEPENDS ON PRODUCT MIX: SUPPORT DEPENDS ON PRODUCT MIX: COMMODITY OR SPECIALTYCOMMODITY OR SPECIALTY

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WHAT IS A STRATEGY?WHAT IS A STRATEGY?

YOU HAVE ONE, WILLINGLY OR NOTYOU HAVE ONE, WILLINGLY OR NOT HOW YOU APPROACH YOUR HOW YOU APPROACH YOUR

CUSTOMERS, THE COMMITMENTS YOU CUSTOMERS, THE COMMITMENTS YOU MAKE, THE EXPECTATIONS YOU HAVEMAKE, THE EXPECTATIONS YOU HAVE

OFTEN EXPRESSED AS ‘POLICIES’OFTEN EXPRESSED AS ‘POLICIES’

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: NEW PRODUCT & R&DNEW PRODUCT & R&D

MINOR MODIFICATIONS: EASED EDGES, MINOR MODIFICATIONS: EASED EDGES, DRILLED STUDS, SCREENBACK OSB, DRILLED STUDS, SCREENBACK OSB, OFTEN OFTEN CALLED VALUE-ADDEDCALLED VALUE-ADDED

MAJOR ADDITIONS: WOOD I-JOISTS, LVL, MAJOR ADDITIONS: WOOD I-JOISTS, LVL, OVERLAID OSBOVERLAID OSB

NEW PRODUCTS: FIRE RETARDANT OSB; NEW PRODUCTS: FIRE RETARDANT OSB; METAL OR PLASTIC LAMINAE IN METAL OR PLASTIC LAMINAE IN GLULAMS; PSL; PSBGLULAMS; PSL; PSB

R&D AT PRODUCER LEVEL MOST R&D AT PRODUCER LEVEL MOST SUCCESSFUL WITH PRODUCT SUCCESSFUL WITH PRODUCT DEVELOPMENT, LEAST SUCCESSFUL WITH DEVELOPMENT, LEAST SUCCESSFUL WITH BASIC RESEARCHBASIC RESEARCH

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: DIVERSIFICATIONDIVERSIFICATION

IN-HOUSE OR ACQUISITIONIN-HOUSE OR ACQUISITION RELATED PRODUCTS: FROM LVL TO RELATED PRODUCTS: FROM LVL TO

WOOD I-JOISTS; FROM OSB TO SIP; WOOD I-JOISTS; FROM OSB TO SIP; COMPONENTSCOMPONENTS

UNRELATED PRODUCTS, SAME MARKETS: UNRELATED PRODUCTS, SAME MARKETS: ADD WOOD/PLASTIC; ACQUIRE DIFFERENT ADD WOOD/PLASTIC; ACQUIRE DIFFERENT WOOD BUSINESSWOOD BUSINESS

UNRELATED PRODUCTS, DIFFERENT UNRELATED PRODUCTS, DIFFERENT MARKETS: AUTOMOBILE VS HOUSINGMARKETS: AUTOMOBILE VS HOUSING

THE FURTHER AFIELD THE THE FURTHER AFIELD THE DIVERSIFICATION THE HIGHER THE ODDS DIVERSIFICATION THE HIGHER THE ODDS AGAINST SUCCESSAGAINST SUCCESS

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: ACQUISITION & MERGERACQUISITION & MERGER

EVEN WHEN COMPLEMENTARY FRAUGHT EVEN WHEN COMPLEMENTARY FRAUGHT WITH HAZARDS: DIFFERENT CULTURES, WITH HAZARDS: DIFFERENT CULTURES, DIFFERENT ACCOUNTING SYSTEMS, DIFFERENT ACCOUNTING SYSTEMS, DIFFERENT COMPENSATION; DIFFERENT DIFFERENT COMPENSATION; DIFFERENT MANUFACTURING; DIFFERENT MANUFACTURING; DIFFERENT MARKETING.MARKETING.

MANY UNFORESEEN THINGS ARISE TO MANY UNFORESEEN THINGS ARISE TO BITE YOUBITE YOU

DON’T COUNT ON ACQUIRED DON’T COUNT ON ACQUIRED MANAGEMENT: THEY USUALLY LEAVE TO MANAGEMENT: THEY USUALLY LEAVE TO ‘PURSUE OTHER OPTIONS’.‘PURSUE OTHER OPTIONS’.

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: SELLINGSELLING

COMMODITIES REQUIRE COMMODITIES REQUIRE TELEPHONE SELLINGTELEPHONE SELLING

SPECIALTIES REQUIRE PERSONAL SPECIALTIES REQUIRE PERSONAL CALLS: BUYERS, SPECIFIERS, CALLS: BUYERS, SPECIFIERS, INFLUENCERSINFLUENCERS

EVEN COMMODITIES BENEFIT FROM EVEN COMMODITIES BENEFIT FROM PERSONAL CALLS BY MANAGEMENTPERSONAL CALLS BY MANAGEMENT

SPECIALTIES REQUIRE SPECIALTIES REQUIRE CONSIDERABLE MARKET SUPPORTCONSIDERABLE MARKET SUPPORT

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: ADDING SERVICESADDING SERVICES

DEVELOPING APPLICATION SOFTWAREDEVELOPING APPLICATION SOFTWARE ENGINEERING HELPENGINEERING HELP MARKETING SUPPORT: WITH CUSTOMERS’ MARKETING SUPPORT: WITH CUSTOMERS’

CUSTOMERS, INFLUENCERS, SPECIFIERSCUSTOMERS, INFLUENCERS, SPECIFIERS PROPER MARKETING TOOLS, ESPECIALLY PROPER MARKETING TOOLS, ESPECIALLY

FOR EXPORTFOR EXPORT SPECIAL CASE FINANCING EQUIPMENTSPECIAL CASE FINANCING EQUIPMENT

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EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:INTEGRATIONINTEGRATION

VERTICAL: FOR MANUFACTURERS VERTICAL: FOR MANUFACTURERS ACQUIRING TIMBER, DISTRIBUTIONACQUIRING TIMBER, DISTRIBUTION

BUT CURRENTLY DIS-INTEGRATION: BUT CURRENTLY DIS-INTEGRATION: SELLING TIMBERLANDS & DISTRIBUTIONSELLING TIMBERLANDS & DISTRIBUTION

HORIZONTAL: ACQUIRING COMPETITIVE HORIZONTAL: ACQUIRING COMPETITIVE OR RELATED COMPANIES TO EXPAND OR RELATED COMPANIES TO EXPAND PRODUCTION OR SALES OR ACQUIRE PRODUCTION OR SALES OR ACQUIRE EXPERTISEEXPERTISE

BUT WATCH OUT: KEY PERSONNEL MAY BUT WATCH OUT: KEY PERSONNEL MAY NOT WANT TO BE ACQUIREDNOT WANT TO BE ACQUIRED

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MILITARY ANALOGIESMILITARY ANALOGIES

WE’RE IN LOVE WITH THESE: WE FIGHT WE’RE IN LOVE WITH THESE: WE FIGHT COMPETITION; WE HAVE ‘ROAD WARRIORS’; COMPETITION; WE HAVE ‘ROAD WARRIORS’; WE MEET CHALLENGESWE MEET CHALLENGES

STRATEGY EXPRESSES OUR DIRECTIONSTRATEGY EXPRESSES OUR DIRECTION TACTICES HOW WE PLAN TO GET THERETACTICES HOW WE PLAN TO GET THERE THESE ARE NOT ‘VISION STATEMENTS’ THESE ARE NOT ‘VISION STATEMENTS’ REMEMBER, WHEN LOU GERSTNER TOOK REMEMBER, WHEN LOU GERSTNER TOOK

OVER A BADLY BATTERED IBM IN 1993 HE OVER A BADLY BATTERED IBM IN 1993 HE SAID “THE LAST THING WE NEED IS SAID “THE LAST THING WE NEED IS ANOTHER VISION STATEMENT’ANOTHER VISION STATEMENT’

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EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:EXPORTEXPORT

DOMESTIC AGENTDOMESTIC AGENT IMPORT AGENTIMPORT AGENT METRIC SIZESMETRIC SIZES COUNTRY INFORMATION COUNTRY INFORMATION TRADE ASSOCIATIONSTRADE ASSOCIATIONS US EMBASSY US EMBASSY SPECIAL AGENCIESSPECIAL AGENCIES LOCAL PARTNERSLOCAL PARTNERS KNOW THE LANGUAGEKNOW THE LANGUAGE NO IN & OUT; EXPORT IS FOR THE LONG HAUL OR NO IN & OUT; EXPORT IS FOR THE LONG HAUL OR

YOU WILL WEAR OUT YOUR WELCOMEYOU WILL WEAR OUT YOUR WELCOME

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EXAMPLES OF STRATEGIESEXAMPLES OF STRATEGIESCHEAPESTCHEAPEST

LOWEST COSTLOWEST COST MODERN, EFFECTIVE EQUIPMENTMODERN, EFFECTIVE EQUIPMENT FREQUENT REINVESTMENTFREQUENT REINVESTMENT SHORT PRODUCT LINESHORT PRODUCT LINE LONG RUNSLONG RUNS MINIMAL MARKET, TECHNICAL SUPPORTMINIMAL MARKET, TECHNICAL SUPPORT SHORT DISTRIBUTION CHAINSHORT DISTRIBUTION CHAIN CONTROLLED SHIPPINGCONTROLLED SHIPPING

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EXMPLES OF STRATEGIES:EXMPLES OF STRATEGIES:FASTESTFASTEST

24/7 RESPONSE MECHANISM24/7 RESPONSE MECHANISM CONTROL OR EFFECTIVE DELIVERY SYSTEMCONTROL OR EFFECTIVE DELIVERY SYSTEM EFFECTIVE IN-HOUSE ORDER SYSTEM & EFFECTIVE IN-HOUSE ORDER SYSTEM &

SCHEDULINGSCHEDULING ADEQUATE INVENTORIES & EQUIPMENTADEQUATE INVENTORIES & EQUIPMENT NEVER MAKE PROMISES YOU CAN’T KEEP: NEVER MAKE PROMISES YOU CAN’T KEEP:

INTEGRATED SALES & PRODUCTION INFOINTEGRATED SALES & PRODUCTION INFO

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EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:HIGH QUALITYHIGH QUALITY

Up-to-date precision equipmentUp-to-date precision equipment Top raw materials with close specsTop raw materials with close specs Severe quality controlSevere quality control Marketing & Technical supportMarketing & Technical support Sales people trained in Sales people trained in end usesend uses as well as as well as

product propertiesproduct properties

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BE CAREFUL THINKING BE CAREFUL THINKING OUTSIDE THE BOXOUTSIDE THE BOX

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DO STRATEGIES EVER DO STRATEGIES EVER CHANGE?CHANGE?

DISTINGUISH BETWEEN CHANGING DISTINGUISH BETWEEN CHANGING STRATEGIES & TACTICSSTRATEGIES & TACTICS

CHANGES RUNS THROUGH ALL THE CHANGES RUNS THROUGH ALL THE SYSTEM, CAUSES TREMORSSYSTEM, CAUSES TREMORS

CHANGE WHAT YOU MAKE, HOW CHANGE WHAT YOU MAKE, HOW YOU SELL, TO WHOM YOU SELLYOU SELL, TO WHOM YOU SELL

HARD TO BALANCE CHANGE; REAL HARD TO BALANCE CHANGE; REAL PROBLEMS IF SALES CHANGES & PROBLEMS IF SALES CHANGES & PRODUCTION DOES NOTPRODUCTION DOES NOT

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CAN YOU EVER CHANGE CAN YOU EVER CHANGE BACK?BACK?

CONFUSES EVERYBODYCONFUSES EVERYBODY USELESS NEW EQUIPMENT?USELESS NEW EQUIPMENT? LEARNING CURVELEARNING CURVE LOSE TRUST? OFFEND CUSTOMERS?LOSE TRUST? OFFEND CUSTOMERS? INVENTORY BUILD-UP ODDS & ENDSINVENTORY BUILD-UP ODDS & ENDS PERSONNEL CHANGES; PEOPLE PERSONNEL CHANGES; PEOPLE

BETTER AT ONE WAY THAN BETTER AT ONE WAY THAN ANOTHERANOTHER

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FREQUENT CHANGES AFFECT FREQUENT CHANGES AFFECT EMPLOYEESEMPLOYEES

PLAN A: CHANGE TO CENTRALIZED PLAN A: CHANGE TO CENTRALIZED DECISION MAKING: FIELD PEOPLE DECISION MAKING: FIELD PEOPLE LOSE AUTHORITY, INITIATIVE, MUST LOSE AUTHORITY, INITIATIVE, MUST PLAY GAMES.PLAY GAMES.

PLAN B: CHANGE TO PLAN B: CHANGE TO DECENTRALIZED DECISION MAKING: DECENTRALIZED DECISION MAKING: LOSE CONTROL, OPERATE AT CROSS LOSE CONTROL, OPERATE AT CROSS PURPOSES, LOSE COMMUNICATION PURPOSES, LOSE COMMUNICATION BETWEEN REGIONS, HOMEBETWEEN REGIONS, HOME

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SOME COMPANIES STRATEGY SOME COMPANIES STRATEGY CYCLESCYCLES

PLAN APLAN A PLAN B

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: SOCIAL & ENVIRONMENTALSOCIAL & ENVIRONMENTAL

CERTIFYING TIMBERLANDSCERTIFYING TIMBERLANDS CHAINS OF OWNERSHIPCHAINS OF OWNERSHIP AVOIDING SOME SOURCESAVOIDING SOME SOURCES BEST MANUFACTURING PROCESSES, BEST MANUFACTURING PROCESSES,

CONTROLLING EMMISSIONS, CONTROLLING EMMISSIONS, POLLUTANTSPOLLUTANTS

USING RESIDUES FOR PRODUCTS, USING RESIDUES FOR PRODUCTS, POWERPOWER

CORPORATE CONTRIBUTIONSCORPORATE CONTRIBUTIONS

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EXAMPLES OF STRATEGIES: EXAMPLES OF STRATEGIES: SPECIALTIESSPECIALTIES

OFTEN BROAD ARRAY OF PRODUCTSOFTEN BROAD ARRAY OF PRODUCTS COATED PANELS, CTS, COMPONENTSCOATED PANELS, CTS, COMPONENTS SPECIAL RAW MATERIALS: CEDARSPECIAL RAW MATERIALS: CEDAR SPECIAL DESIGNS: VARYING WOOD I-SPECIAL DESIGNS: VARYING WOOD I-

JOISTS FOR RESIDENTIAL, COMMERCIALJOISTS FOR RESIDENTIAL, COMMERCIAL SIP (STRUCTURAL INSULATED PANELS)SIP (STRUCTURAL INSULATED PANELS) HANDLE SMALL ORDERS, FREQUENT HANDLE SMALL ORDERS, FREQUENT

MACHINE CHANGES, PRICE ACCORDINGLYMACHINE CHANGES, PRICE ACCORDINGLY REQUIRES STRONG MARKET SUPPORTREQUIRES STRONG MARKET SUPPORT

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EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:JOB SHOPJOB SHOP

EXCELLENT ORDER & INVENTORY EXCELLENT ORDER & INVENTORY CONTROLCONTROL

SPECIALZED SALES FORCESPECIALZED SALES FORCE RAPID RESPONSERAPID RESPONSE MARKET & TECHNICAL SUPPORTMARKET & TECHNICAL SUPPORT COMFORTABLE WITH SMALL COMFORTABLE WITH SMALL

ORDERS, SPECIAL DESIGNSORDERS, SPECIAL DESIGNS

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HOW MANY STRATEGIES CAN I HOW MANY STRATEGIES CAN I HAVE AT THE SAME TIMEHAVE AT THE SAME TIME

ANY NUMBER SO LONG AS THEY DON’T ANY NUMBER SO LONG AS THEY DON’T CONFLICT.CONFLICT.

MANY COMPANIES HAVE CONFLICTING MANY COMPANIES HAVE CONFLICTING POLICIES & STRATEGIES, E.G. ACCEPT POLICIES & STRATEGIES, E.G. ACCEPT SPECIAL ORDERS BUT COMPENSATE ON SPECIAL ORDERS BUT COMPENSATE ON VOLUME; PROMISE FLEXABILITY BUT VOLUME; PROMISE FLEXABILITY BUT PUSH SMALL ORDERS ASIDEPUSH SMALL ORDERS ASIDE

IN AND OUT OF MARKETS, ESPECIALLY IN AND OUT OF MARKETS, ESPECIALLY EXPORT!EXPORT!

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EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:ADDING MARKETSADDING MARKETS

RESIDENTIAL: VIA BUILDING RESIDENTIAL: VIA BUILDING MATERIAL DISTRIBUTORSMATERIAL DISTRIBUTORS

COMMERCIAL: YOU NEED TRAINED COMMERCIAL: YOU NEED TRAINED PEOPLE WITH ARCHITECTURAL PEOPLE WITH ARCHITECTURAL AWARENESSAWARENESS

INDUSTRIAL: KNOWING THE INDUSTRIAL: KNOWING THE INDUSTRY JUST AS IMPORTANT AS INDUSTRY JUST AS IMPORTANT AS KNOWING YOUR PRODUCTKNOWING YOUR PRODUCT

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CLASSIC SUCCESSES IN WOOD CLASSIC SUCCESSES IN WOOD PRODUCTSPRODUCTS

BUT NOTHING IS FOREVERBUT NOTHING IS FOREVER

TRUSJOIST – ESTABLISHED TECHNICAL TRUSJOIST – ESTABLISHED TECHNICAL SELLINGSELLING

LP – MANY THINK THEY INVENTED OSBLP – MANY THINK THEY INVENTED OSB MACMILLAN BLOEDEL – PARALLAMMACMILLAN BLOEDEL – PARALLAMR

APA-THE ENGINEERED WOOD ASSOCIATION – SURVIVED, GREW & EXPANDED FROM DOUGLAS FIR PLYWOOD ASSOCIATION

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STRATEGIC FAILURES IN STRATEGIC FAILURES IN WOOD PRODUCTSWOOD PRODUCTS

BYPASSING THE WHOLESALER BUT NOT BYPASSING THE WHOLESALER BUT NOT THE FUNCTIONTHE FUNCTION

TIMBER SUPPLY FROM FEDERAL FORESTSTIMBER SUPPLY FROM FEDERAL FORESTS CONVERSION TO SMALL TIMBERCONVERSION TO SMALL TIMBER INTRODUCING NEW PRODUCTS W/O INTRODUCING NEW PRODUCTS W/O

ADEQUATE LONG TERM TESTINGADEQUATE LONG TERM TESTING FAILURE TO RECOGNIZE SHRINKING FAILURE TO RECOGNIZE SHRINKING

MARKETS FOR COMMODITY PRODUCTMARKETS FOR COMMODITY PRODUCT

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SUMMING UP 1SUMMING UP 1

THERE IS NO ONE WAY TO A SUCCESSFUL THERE IS NO ONE WAY TO A SUCCESSFUL STRATEGY. RUDYARD KIPLING WROTE STRATEGY. RUDYARD KIPLING WROTE “THERE ARE 9 & 60 WAYS OF “THERE ARE 9 & 60 WAYS OF CONSTRUCTING TRIBAL LAYS, & EVERY CONSTRUCTING TRIBAL LAYS, & EVERY SINGLE ONE OF THEM IS RIGHT”.SINGLE ONE OF THEM IS RIGHT”.

BUT: STRATEGIES MUST BE INTERNALLY BUT: STRATEGIES MUST BE INTERNALLY CONSISTENT & NOT CONTRADICTORY;CONSISTENT & NOT CONTRADICTORY;

STRATEGIES MUST TAKE INTO ACCOUNT STRATEGIES MUST TAKE INTO ACCOUNT THE REALITIES OF PLANT, RAW THE REALITIES OF PLANT, RAW MATERIALS, STAFF AND MARKETS; VISION MATERIALS, STAFF AND MARKETS; VISION STATEMENTS WON’T DO.STATEMENTS WON’T DO.

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SUMMING UP 2SUMMING UP 2

STRATEGIES MUST NOT SET ONE STRATEGIES MUST NOT SET ONE GROUP AGAINST ANOTHERGROUP AGAINST ANOTHER

CHANGING STRATEGIES IS CHANGING STRATEGIES IS PERILOUS; DON’T DO IT OFTENPERILOUS; DON’T DO IT OFTEN

IF/WHEN YOU CHANGE STRATEGIES IF/WHEN YOU CHANGE STRATEGIES MAKE SURE YOU ALSO CHANGE ALL MAKE SURE YOU ALSO CHANGE ALL THE SUPPORTING & RELATED THE SUPPORTING & RELATED PROCEDURESPROCEDURES

SUMMING UP 3SUMMING UP 3

AVOID COOKIE-CUTTER SOLUTIONS: E.G. AVOID COOKIE-CUTTER SOLUTIONS: E.G. PLAN A TO PLAN B OR PLAN B TO PLAN APLAN A TO PLAN B OR PLAN B TO PLAN A

NOTHING WRONG WITH BEING A NOTHING WRONG WITH BEING A CONTRARIANCONTRARIAN

THERE ARE NICHE MARKETS THERE ARE NICHE MARKETS EVERYWHEREEVERYWHERE

REMEMBER YOUR CUSTOMERS SURVIVE REMEMBER YOUR CUSTOMERS SURVIVE ON THEIR CUSTOMERS: LOOK AHEADON THEIR CUSTOMERS: LOOK AHEAD

MARKETING SUPPORT TAKES MARKETING SUPPORT TAKES MANY FORMSMANY FORMS

MEDIA, BROCHURES, COMPLETE MEDIA, BROCHURES, COMPLETE TECHNICAL DATA, SOFTWARE, TECHNICAL DATA, SOFTWARE, OTHERSOTHERS

KNOW CUSTOMERS’ CUSTOMERSKNOW CUSTOMERS’ CUSTOMERS SPECIFIERS & INFLUENCERSSPECIFIERS & INFLUENCERS HELP WITH CUSTOMERS ISSUES IF HELP WITH CUSTOMERS ISSUES IF

YOU CANYOU CAN A MANAGEMENT PRESENCEA MANAGEMENT PRESENCE FAIR CLAIMS POLICYFAIR CLAIMS POLICY

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EXAMPLES OF STRATEGIES:EXAMPLES OF STRATEGIES:INTEGRATED COMPANYINTEGRATED COMPANY

WHAT IS THE FUNCTION OF DISTRIBUTION? TO SELL WHAT PRODUCTION MAKES? OR TO MAKE A PROFIT?

MOST COMPANIES HAVE COME TO GRIEF ON THIS ISSUE. ONLY WEYERHAEUSER, BOISE HAVE SIGNIFICANT DISTRIBUTION

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