Created by:

Ami MizellBrooklyn DendleKendra WhittleyMaggie Schaffer

Sam Bell

Table of Contents

EXECUTIVE SUMMARY.....................................................................................1

J.C.PENNEY OVERVIEW....................................................................................2

EXTERNAL ENVIRONMENT ANALYSIS........................................................3MACROENVIRONMENT................................................................................................................................................3PORTER’S FIVE FORCES..............................................................................................................................................6

INTERNAL ANALYSIS.........................................................................................7RESOURCES AND CAPABILITIES..................................................................................................................................7GENERIC BUILDING BLOCKS......................................................................................................................................9

SWOT ANALYSIS................................................................................................10

RECOMMENDATIONS......................................................................................12

IMPLEMENTATION...........................................................................................14

REFERENCES......................................................................................................17

APPENDIX A.........................................................................................................19

APPENDIX B.........................................................................................................20

APPENDIX C.........................................................................................................21

APPENDIX D.........................................................................................................22

APPENDIX E.........................................................................................................23

APPENDIX F.........................................................................................................24

ii

Executive Summary

From a single dry-goods store in Wyoming, J. C. Penney has made its name known

throughout the world. In this analysis, we will start off by looking at the external environment

and how it affects the company. The external factors that we will be covering are the

macroenvironment and Porter’s Five Forces. The internal environment is another aspect that we

will discuss, which includes resources and capabilities and the building blocks of J. C. Penney.

Taking the information from both the external and internal environments, we will develop a

SWOT Analysis to provide recommendations that will benefit J. C. Penney.

1

J. C. Penney Overview

J.C. Penney Corporation, Inc. is an American retail company, founded in 1902 by James

Cash Penney (J. C. Penney, 2014). Penney started working for a retail store called Golden Rule

Mercantile Company in Kemmerer, Wyoming. After working there for a number of years,

Penney bought out Golden Rule and transformed it into J. C. Penney (J.C. Penney Company, Inc.

History). Today, the company is engaged in marketing apparel, home furnishings, jewelry,

cosmetics, and cookware (Britannica).  While the company has had a varied history throughout

the past 112 years, the most recent history is what will be focused on in this analysis.

Myron “Mike” Ullman served as the CEO from 2004 to 2011 and was then replaced by

Ron Johnson in 2011. The board wanted to reinvent J. C. Penney to refresh the retail chain’s

dowdy image, to bring in new customers, and to raise profit margins (Sawyer, 2013). Johnson’s

changes within J. C. Penney put the company in a period of declining sales (Lutz, 2013). Ullman

returned in April of 2013 to rebuild the company to have an appeal to the core J. C. Penney

customer (Wahba, 2013). With Ullman’s return, his challenge is to return the store to the

successful company that it was during his original tenure.   

2

External Environment Analysis

Macroenvironment

There is much diversity to the retail apparel and accessory industry, so to adequately

make a comparison that benefits J. C. Penney, the focus of this project will be on mid-range,

brick-and-mortar department stores in the U.S. With the economy slowly recovering from the

recession of 2008, the retail industry is slowly rebuilding as consumer confidence continues to

grow. However, brick-and-mortar stores are seeing increasing challenges, as consumers are

spending more online. While the scope of this project will not focus on online retail sales, it is

important to consider the effect they have on the traditional retail store.

Using the PESTEL analysis format, this section will look at the different factors that

affect the political, economic, social, technological, environmental, and legal areas of the

industry.

Political. Several political forces currently impact many businesses in the United States,

and this industry is no different. Most businesses are concerned with the possibility of a

minimum wage increase, as this will increase cost of labor, typically the largest expense of a

retail department store. Stores need to be aware of the likely wage increase, and have a plan in

place for if and when the increase happens.

Other political factors to consider are tax policies, which change every few years;

corporate welfare, where companies receive grants, tax breaks, or other income from the

government; and any trade agreements corporations may have with other countries to minimize

tariffs, quotas, or trade agreements. All of these are considerations within the retail industry, but

would have to be looked at individually for each company to determine if it affects one in

particular.

3

Economics. Economically, midrange retail stores have many factors to consider. As

unemployment is currently at higher than optimal levels, it becomes an issue to be considered.

When unemployment is high, as it currently is in some areas of the U.S., the labor force has a

larger pool to draw from. However, when unemployment does start to fall, labor will be more

difficult to find.

The state of the economy determines the amount of customers’ discretionary income,

which will ultimately determine company sales. Customer spending- determined by discretionary

income in the retail clothing industry- is determined by the unemployment rate, wages earned,

and even the perception a customer has on the state of the economy. If the media is reporting

about massive layoffs or high unemployment, customers perceive that their incomes are less, and

will spend less. This trend must be followed closely, however, as the first quarter of 2013

showed an upward trend in consumer spending, even though there was an end to the payroll tax

holiday and the beginning of sequestration budget cuts (Jacobe, 2013).

Social. The retail clothing industry must consider the ethnic diversity of the United

States. With the Hispanic population increasing, throughout the country, and different ethnic

groups living in larger population centers, retail stores have a unique opportunity to appeal to

demographics through merchandise they carry in their stores.

Additionally, demographics are important to consider for the retail clothing industry. The

age, income, gender (if specific to the store), and proximity of shoppers to store location are all

important factors for retailers to consider in both external and internal analysis of the industry.

Technology. From a technological standpoint, the retail clothing industry has a great deal

to consider. It is important to co-brand the store’s online site with the brick-and-mortar store, as

both can work together to support each other.

4

Social media brings a unique opportunity to market to specific demographics and

communicate with new and existing customers. Implementing social media sites like Facebook,

Twitter, and Pinterest to the marketing mix is one cost-effective strategy companies should

consider. In a recent study reported on Business Insider, at least 60 percent of people, regardless

of income bracket, are on Facebook (Smith, 2013).  A combination of online contests and

coupons on both social media and company websites can be an effective method of increasing

customer response. Thanks to the rise of smartphones, particularly in the younger age groups,

stores in this industry have begun releasing mobile applications that allow people to shop from

any location (Cocotas, 2012).

While all major retail companies have databases for customers, partners, and distributors,

alarm tags, and point-of-sale systems, it is important that these are kept up to date; if allowed to

age, they become old technology and therefore not as useful to the company.

Environmental. There are several environmental issues that should be considered.

Companies can look at alternate power sources, to make sure the one they are using is the least

expensive and leaves the lowest carbon footprint. In today’s society, it is also important that

companies are “green,” and recycle as much as possible. This is both beneficial to the

environment and will help keep companies from receiving bad publicity.

Legal. All companies, not just retail, must abide by federal, state, and local government

regulations. Federal regulations include Americans with Disabilities Act (ADA), Occupational

Safety and Health Administration (OSHA), and Equal Employment Opportunity Commission

(EEOC). State and local regulations could include fire codes, building codes, permits required,

and more. Everything must conform to these laws, or companies can be faced with large fines

and potential closure. It is important to keep up with any changes made to these laws.

5

Perhaps the biggest issue currently facing retail companies is the Affordable Care Act,

where companies with 50 or more employees will be mandated to insure full-time employees

(ObamaCare: Dispelling the Myths). This unfunded mandate adds additional costs to employee

benefits, which must be considered when determining annual budgets.

Porter’s Five Forces

The major competitors of the U.S. mid-range price retail department store industry

competitors are J. C. Penney, Kohl’s, Sears, and Macy’s. This industry has a concentration ratio

of 90 percent (Shim, Importance of Market Share, Holiday Winners: ATT, Walmart, Kohl's,

2013), indicating strong rivalry and a concentrated market, as shown in Appendix B. Due to a

higher concentration ratio and being in the matured stage of the industry life cycle, barrier to

entry is high. In order to meet potential customer demands on products, stores in this industry

have to carry more inventory than what they actually sell, which leads to over capacity. The mid-

range price retail department store industry has a more variable cost than fixed because the

industry has to guess how many of each item they will need to order from suppliers to meet

possible consumer demand.

In order to stay competitive in this industry, companies need to meet capital

requirements, have high brand loyalty, meet government regulations, and have strong

distribution channels. The majority of stores in this industry have been established for a long

period of time and have built brand loyalty with their customer base. This also makes barriers

high because of the experience gained over the years. Due to these factors, the threat of new

entries is low in this industry.

Suppliers have low power of influence in the U.S. mid-range price retail department store

industry. This is because there are many different suppliers that offer the material that stores in

6

this industry sell. Most suppliers depend on large companies like J. C. Penney to keep them

financially alive by buying from them (The Industry Handbook: The Retailing Industry). For

example, J. C. Penney can have any sign manufacturer make their specific signature logo, and

bags and hangers can be supplied by any company. Although clothing lines are standard

throughout J. C. Penney, they could easily be substituted by other brands, should supplier

contracts need to be renegotiated.

Buyer power is significantly low due to the fact that no entity buys enough in bulk to

have an influence on the industry.

The threat of substitutes is moderate as seen in Appendix C. Depending on the

demographics of the customers, the substitutes of the U.S. retail mid-range price department

store industry offers higher prices and a range of higher quality.

Internal Analysis

Resources and Capabilities

J.C. Penney has existing resources that are utilized to increase sales, efficiency,

innovation, and customer response. This paper will discuss the key resources on which J.C.

Penney should look to capitalize. See Appendix D for a full analysis of these resources.

J.C. Penney’s history is a significant resource to consider. An American corporation since

1902, the company has undergone many transformations throughout its history (Reese). While

the stores of today are known mostly as anchors in shopping malls, J.C. Penney culture relates

back to the company’s beginning- one-room buildings a century ago- and to mostly downtown

locations in the 1960s and 1970s, where the company was known for its wide variety of products

at “one fair price.”  The company’s diverse history and founder, James Cash Penney, are

7

considered valuable, rare, inimitable, and specific to the organization (VRIO), since it is his

vision that is the basis for the company as it is today.

J.C. Penney’s current CEO, Myron Ullman, is considered VRIO as well. Ullman, who

served as executive chairman of J.C. Penney from November, 2011 to January, 2012 (Forbes),

was replaced in hopes of transforming the stores and increasing sales, only to be brought back in

April, 2013 to help save the company from bankruptcy. Ullman is respected and innovative, and

as a result of his return to the company, stocks and sales have started to increase.  (Lublin, Joann

and Mattioli, Dana, 2013)

Another VRIO resource for J.C. Penney is its store brands. Names like St. John’s Bay,

Liz Claiborne, J. Ferrar, and a.n.a are well-known enough that customers shop for them by name.

Because they are private brands, these brands increase profits as their sales increase.

Due to the fact that the company is in the process of rebuilding, it is rebuilding its

reputation as well. As such, Ullman is tasked with building confidence of both investors and

consumers, and bringing back customers for increased sales. Ullman is optimistic in this regard,

saying the company’s turnaround “remains on course heading into 2014 (Russolillo, 2014).”  

Although not quite VRIO, another strong resource for J.C. Penney is its mobile point of

sale system. With this system, being tested in stores now, customers can check themselves out

with an iPad (Arnfield, 2013). This system, which increases efficiency and could potentially

increase sales because of its convenience, is valuable, still rare (although maybe not for long),

and specific to the organization. It was brought about as a response to customers, as businesses

are constantly trying to keep up with shoppers’ desire to be checked out quickly.

J.C. Penney is partnering with Oracle to help support their business transformation. The

company will use several of Oracle’s retail systems to simplify processes, reduce layers and

8

equip business teams to better shape assortments and respond faster to customer preferences

(JCPenney Selects Oracle to Support Business Transformation, 2012). This resource is valuable,

rare because of the unique partnership, and organization-specific.

J.C. Penney has many resources that are valuable and specific to the organization, all of

which can be seen on Appendix D. Two of these resources worth mentioning, while just valuable

and organizational, are the company’s sales model, which uses discounts and coupons, and the

company’s ecommerce business, which increased 24.5 percent in the last quarter of 2013, versus

the same quarter last year (Parry, 2013). This is notable because it ecommerce is one potential

cause of decreased sales in brick-and-mortar stores. 

Generic Building Blocks

The main focus for J. C. Penney is efficiency, as seen in Appendix E. A big goal for

J. C.  Penney is to find the right balance of product quality and price. According to

Innovationexcellence.com, Ron Johnson was hired to increase J. C. Penney’s innovation, but was

not successful in doing so. Innovation was never a key component for J. C. Penney, but it is

something they can slowly start focusing on to help increase their market share. Referring to

Appendix E, culture is not listed under any category. Since the company is in a transition after

changing back to their former CEO, Mike Ullman, the culture is not well defined. Due to the lack

of a defined culture, the customer responsiveness is low, which causes a decline in sales.

9

SWOT Analysis

 Strengths. As J. C. Penney works to rebuild, its biggest strengths are in its history and

current leadership. Having been in business for 112 years, the company has a following of

generations of shoppers, many of whom shop the store out of habit.

Another key strength for the company is that the chain is made up of more than 1100

stores throughout the United States. Stores create visibility and sales potential, which could be

influential in increasing market share.

Ullman is a strength as well. The board of directors brought him back to redirect the

company’s direction. Because of his previous history with the company, Ullman has insight into

J. C. Penney’s customers’ buying habits and may be person most likely to be able to find a

successful new business plan for the company. Ullman has helped a struggling retailer in the

past. In the late 1980s and early 1990s, he brought Macy’s through a bankruptcy, which was then

bought by Federated Department Stores two years later. He went on to become group managing

director at Moet Hennessy Luis Vuitton, whose luxury brand holdings doubled under his

leadership (Berfield, 2013). Another strength to consider is customers’ brand recognition for the

company’s private labels, which are more profitable than national brands the stores carry.

Weaknesses. As a result of former CEO Ron Johnson changing J. C. Penney’s pricing

strategy when he took leadership of the company, sales and coupons were replaced with

everyday low prices. Because of this, customers’ feeling of small achievement from using the

coupons was removed, and replaced with confusing marketing campaigns which were confusing

to its core, and ultimately caused the company half of its market share (Berfield, 2013). Although

Ullman changed the pricing strategy back to coupon use upon his return, but as the company has

10

learned, once the hype is gone, it is hard to bring it back (A Strategic Mistake that Haunts

JCPenney, 2013).

Thirty-three stores will be closing by May of 2014, and eliminating approximately 2,500

jobs (Speaker, 2014). Not only does this hurt J. C. Penney’s already plummeting stock, it

decreases consumer confidence as well.

Opportunities. Whichever opportunities J. C. Penney decides to pursue, the company

needs to move quickly to save the company from failure. Technical advances through e-

commerce are a possible opportunity to consider. Increasing their online presence could help

save the company, as online sales have less overhead and lower costs. To save the brick-and-

mortar stores, however, the company must look at more extreme options. One opportunity the

company can try is to take advantage of the “green” trend, and add a line of “green” clothing to

its stores, to attract a new customer base. Organizationally, the company can move its holdings

from public to private, so executives can experiment with business model ideas away from Wall

Street’s scrutiny. The company can also revert to its traditional position as a general merchant

(Berfield, 2013). Under Johnson’s tenure, the company got away from its traditional general

merchant concept by adding in-store boutiques, Wi-Fi, and juice bars with smoothies and coffee,

none of which the traditional J. C. Penney customer cares about.

Threats. In addition to the internal threats J. C. is facing from its own turmoil over the

past several years, the company faces some external threats of which it needs to be aware.

Currently, J. C. Penney is losing its market share to Macy’s, who started offering discounts and

coupons about the time Johnson discontinued J. C. Penney’s. Macy’s will also likely see

additional market share gains as J. C. Penney and Sears continue to close stores (Moskowitz,

2014).Although it is a common retail practice, J. C. Penney has recently gotten some bad

11

publicity for increasing prices, then discounting them. While this has been a successful tactic in

the past, it is easier than ever for consumer to compare prices and learn that the “sale price” of

products they see in J. C. Penney stores may be the suggested retail price in others (Moskowitz,

2014).

Recommendations

The first recommendation for J. C. Penney is to take advantage of the “green,” movement

by carrying green clothing lines made of organic and recycled materials, and also by using green

carpeting, lighting, etc.

Advantages. Becoming more “green” could potentially bring in a whole new, younger

customer base, in addition to building a much-needed new reputation as a company that cares

about the environment.

Disadvantages. The disadvantage of becoming a greener company is that it will cost

money that J. C. Penney does not have right now. Also, there is no guarantee that it will bring in

the new customer base, which could ultimately end up costing more than it brings in.

The second recommendation is to create a marketing campaign called “Who We Are.”

This campaign will be both internal and external. Internally, it will help make sure all employees

understand what top executives expect of them through memos, break room posters, and

meetings.  Externally, advertising on TV, print, and social media would show customers that J.

C. Penney is the store they have always known, and encourage them to come in to the store and

see for themselves.

Advantages. Internally, a campaign like this could help build morale and get everyone

“on the same page,” so everyone knows what to expect from each other. Through videos and

meetings, the company can help to rebuild the culture it so desperately needs to fix. Externally,

12

ads would remind customers that J. C. Penney is back to the company they know and love to

shop, so hopefully the customer base that was lost under Johnson’s tenure would find their way

back.

Disadvantages. There is a cost involved in creating a marketing campaign, and J. C.

Penney is currently low on capital. As with any marketing campaign, there is no guarantee that it

will work to bring customers back.  

     Suggested recommendation. We recommend that the board of directors choose the second

recommendation, creating the “Who We Are” campaign. While results would not be instant, we

believe that the internal part of the campaign could bring about much-needed, significant

changes to corporate culture, and the external campaign can help bring back customers who left

J. C. Penney due to the changes made by Johnson. A campaign such as this one would help

increase the brand recognition and awareness of coupons, sales, and private labels- all existing

strengths. It could help to regain customer trust, and rebuild the identity of the company. Most

importantly, it can address the current threats of the company. The campaign can teach both

internally and externally that their products are not overpriced; and a positive campaign can help

with the threat of rivals within the industry.

As an aside, we also recommend that J. C. Penney move the company from being a

publicly held company to becoming a private company.  By moving away from the scrutiny of

Wall Street, the company can work to reinvent itself without being concerned with the ups and

downs of their stock prices. As a privately-held corporation, the company would not have to

share their financial records, so the public would not know exactly what profits and losses are as

the company rebuilds. If the public does not know the company’s financial standings, rumors

could ensue, which could be more detrimental than the actual figures.

13

Implementation

Business Level Strategy

A low-cost strategy will accompany the “Who We Are” campaign to support J. C.

Penney’s competitive advantage.

With the suggestion to follow the recommendation of creating a “Who We Are”

campaign to help J. C. Penney regain its position in the retail clothing industry and become a

more profitable company, below is the value chain for the campaign.

Support Activities

Firm infrastructure. The “Who We Are” campaign would address several parts of the

firm infrastructure, including the ability to facilitate and enhance organizational goals. As

discussed earlier, the company needs to not only become profitable again, but it must refocus on

company culture and regaining the trust of its consumers. The campaign will also help

reestablish relationships with stakeholders, including stockholders, employees, and long-term

customers.

Human resource management. Although the campaign does not have much to do with

human resource management, the internal portion of the campaign can help increase employee

motivation, job commitment, and ultimately, job satisfaction.

Technology development. The campaign really does not address technology

development.

Resource procurement. Although the campaign will not bring about immediate results,

changes can be initiated short-term. The campaign, which will be run in all media, will be timely,

and less expensive than previous campaigns, due to social media. With the creativity of the trio

14

of advertising agencies used by J. C. Penney (JCPenney Switches Creative Agencies Yet Again,

2013), the campaign will be of quality expected by J. C. Penney stakeholders.

Primary Activities

The “Who We Are” campaign will not encompass inbound logistics, operations, or

outbound logistics.

Marketing and sales. This is the area that is highly targeted by the campaign. Marketing

research will be effectively used to not only identify customer segments and needs, but also to

create an internal segmentation for management and employees. The “Who We Are” campaign

will contain innovative sales promotions and advertising, which will help to bring back once-

loyal customers to shop at J. C. Penney. A big part of the internal portion of the campaign will be

to motivate the employees, reminding them that they are a part of a corporation with more than

100 years of retail history in the United States. Training sessions included as part of the internal

campaign will add to the competence of the sales force. Both internal and external pieces of the

campaign will help the company work to rebuild its reputation as the family-friendly retailer with

fair prices that it has been for decades. While J. C. Penney customers were brand loyal for

generations, some of that loyalty has subsided over the past several years. Done right, the

campaign will remind customers why they, their parents, and grandparents were so loyal J. C.

Penney, and invite them to come back to the store they loved. J. C. Penney no longer dominates

the retail clothing market as they once did, but hopefully they will return to their position in the

market with the help of both pieces of the “Who We Are” campaign and the resulting culture

change and consumer loyalty that comes as a result.

15

Customer service. A resurgence of customer service at J. C. Penney will be a part of the

“Who We Are” campaign. Customers will be reminded that, just as decades past, J. C. Penney

employees will be visible in the store to adequately handle customers’ needs.

16

References

Arnfield, R. (2013, August 2). Mobile POS gaining foothold with large US retailers. Retrieved April 15, 2014, from Mobile Payments Today: Mobile-POS-gaining-foothold-with-large-US-retailers

A Strategic Mistake that Haunts JC Penney. (2013, September 27). Retrieved April 6, 2014, from Forbes: http://www.forbes.com/sites/panosmourdoukoutas/2013/09/27/a-strategic-mistake-that-haunts-j-c-penney/

Berfield, S. (2013, April 11). J.C. Penney Rehires Myron Ullman to Clean Up Ron Johnson's Mess. Retrieved April 6, 2014, from Businessweek: http://www.businessweek.com/articles/2013-04-11/j-dot-c-dot-penney-rehires-myron-ullman-to-clean-up-ron-johnsons-mess

Cocotas, A. (2012, July 12). BII CHART OF THE DAY: Smartphone Demographics Still Skew Young And Moneyed. Retrieved March 12, 2014, from Business Insider: http://www.businessinsider.com/smartphone-demographics-still-skew-young-and-moneyed-2012-7

J. C. Penney. (2014, January 2). Retrieved February 26, 2014, from Brittanica: http://www.britannica.com/EBchecked/topic/450059/JC-Penney

J.C. Penney Company, Inc. History. (n.d.). Retrieved March 2, 2014, from Funding Universe: http://www.fundinguniverse.com/company-histories/j-c-penney-company-inc-history/

Jacobe, D. (2013, April 5). U.S. Consumer Spending Continues Upward Trend in March. Retrieved March 22, 2014, from Gallup : http://www.gallup.com/poll/161633/consumer-spending-continues-upward-trend-march.aspx

JCPenney Switches Creative Agencies Yet Again. (2013, October 8). Retrieved April 13, 2014, from Ad Scource: http://www.adweek.com/news/advertising-branding/jcpenney-switches-creative-agencies-yet-again-152995

Lutz, A. (2013, April 22). 10 Mind-Blowing Facts About JCPenney's Epic Decline. Retrieved March 5, 2014, from Business Insider : http://www.businessinsider.com/10-facts-about-jcpenneys-epic-decline-2013-4

Moskowitz, D. (2014, January 25). Macy’s Likely to See Market-Share Gains. Retrieved April 6, 2014, from The Motley Fool: http://www.fool.com/investing/general/2014/01/25/macys-likely-to-see-market-share-gains.aspx

ObamaCare: Dispelling the Myths. (n.d.). Retrieved March 23, 2014, from ObamaCare Small Business Facts: http://obamacarefacts.com/obamacare-smallbusiness.php

17

Sawyer, K. (2013, April). Why Ron Johnson's Apple magic failed J. C. Penney. Retrieved March 2014, from MarketWatch : http://www.marketwatch.com/story/why-ron-johnsons-apple-magic-failed-jc-penney-2013-04-10

Shim, D. (2012, December 31). Importance of Market Share, Holiday Winners: ATT, Walmart, Kohl's. Retrieved March 20, 2014, from iMedia Connection: http://blogs.imediaconnection.com/blog/2012/12/31/importance-of-market-share-holiday-winners-att-walmart-kohls/

Smith, C. (2013, October 18). Social Media Demographics: The Surprising Identity Of Each Major Social Network. Retrieved March 12, 2014, from Business Insider: http://www.businessinsider.com/a-primer-on-social-media-demographics-2013-9

Speaker, B. (2014, January 16). List of 33 JCPenney Stores Closing by May 2014. Retrieved April 6, 2014, from InvestorPlace: http://investorplace.com/2014/01/jcpenney-stores-closing-jcp-stock/#.U0GbfoUvk-c

The Industry Handbook: The Retailing Industry. (n.d.). Retrieved March 20, 2014, from Investopedia: http://www.investopedia.com/features/industryhandbook/retail.asp

Wahba, P. (2013, December 12). Exclusive: Penney shrinks top name brands to emphasize own labels. Retrieved March 5, 2013, from Reuters: http://www.reuters.com/article/2013/12/12/us-jcpenney-ceo-interview-idUSBRE9BB0SF2013121

18

Appendix A

19

20

Appendix B

21

Appendix C

22

Appendix D

23

Appendix E

24

25

Appendix F

26