Zara Project

8/13/2019 Zara Project

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UNIVERSITY OF MUMBAI

PROJECT ON

STUDY ANALYSIS ON ZARA FASHION BRAND

MASTER OF COMMERCE (BUSINESS MANAGEMENT)

SUBJECT: ENTREPRENEURSHIP MANAGEMENT

SEMESTER III

201!1"

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SUBMITTED BY

RAJESHREE PATEL

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PROJECT GUIDE

M%5 RAHUL CHOPRA

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CERTIFICATE

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DECLARATION

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FASHION BRAND

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ACKNOWLEDGEMENT

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TABLE OF CONTENTS

Sr. No Table Of Content Pages

1. COMPANY PROFILE 7

2.ZARA AFFORDABLE EXCLUSIVIY SRAE!IES FOR

!RO"#$%&

3. ZARA PRODUCS 1'

4. MISSION( VISSION( VALUES ) !OLAS 11%12

5. S"O ANALYSIS 13%17

*. SUDY OF ZARA FAS#ION BRAND IN INDIA 1$%2'

7. AMANCIO ORE!A #E FOUNDER OF #E BRAND ZARA 21%27

$. INERNAL ANALYSIS 2$%2&

&. EXERNAL ANALYSIS 3'%34

1'. +UESIONNAIRE 35%42

11. CONCLUSION 43

12. SU!!ESIONS FROM SURVEY POIN 44

13. BIBLO!RAP#Y 45

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COMPANY PROFILE

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ARA AFFORDABLE E!CL"SI#ITY STRATEGIES FOR GROWT$

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AMANCIO ORTEGA THE FOUNDER OF THE BRAND ZARA

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A+$#4'- O%&,$ G$-#$ ;-%# 2 M$%4. 1 ' $ S>$#'. *$.'-# ,?,4&'@, $# *-#'#

4.$'%+$# -* &., I#'&,?*$.'-# %->8 ;,& #-# *-% '& 4.$'# -* Z$%$4-&.'# $# $44,-%',

%,&$' .->5 I# ,$%3 2018 ., $ %$#, $ &., &.'% %'4.,& >,%-# '# &., -% ;3 F-%;,&,+;,% 298 201

'&, A+$#4'- O%&,$ G$-#$ $ &., -% &.'% %'4.,& >,%-# '&. %,>-%&, 4-+;'#, $,&

-* USD 15 ;''-#

A+$#4'- O,-ega !a/a( I/0-e 6/0e,( a -88 - 9,e0e/- a/0 9,/:9a8

;a,e;80e, / ea,8< 2002a/0 -88 :a=e / - ,> e?e,< 0a-3,,5 O%&,$ $ -&.,%', ,?&%,+,3

%,4'@,8 ;& %,>-%& '#'4$&, &.$& ., .$ ;,,# ;-%# '# 1 &- $ %$'%-$ -%,% $# $

.-,+$' $# &.$& .' *'%& 7-; .$ ;,,# $ $# ,%%$# ;-3 *-% $ L$ C-%$ .'%&+$,% '# 1"5

O%&,$ /,& &- '+>%-@, &., +$#*$4&%'#%,&$''# '#&,%*$4, , .'+ &- '#&,%$&, *-%$% '#&-

%,&$''#: &., *'%& Z$%$ &-%, $ ->,#, -# $# >+$%,& .->>'# &%,,& '# L$ C-%$8 '# 195

F%-+ &., ;,'##'#8 Z$%$ >-'&'-#, '&,* $ $ &-%, ,'# Q+,'+ /$'&3 *$.'-# 4-&.'# $&

$**-%$;, >%'4,5 B3 &., ,# -* &., 108 &.,%, ,%, .$* $ -,# Z$%$ &-%, '# G$'4'$# 4'&',5

21 | P a g e
http://en.wikipedia.org/wiki/Inditexhttp://en.wikipedia.org/wiki/Zara_(retailer)http://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Amancio_Ortega_Gaona#cite_note-2http://topics.bloomberg.com/bloomberg-billionaires-index/http://topics.bloomberg.com/bloomberg-billionaires-index/http://en.wikipedia.org/wiki/Zara_(retailer)http://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Amancio_Ortega_Gaona#cite_note-2http://topics.bloomberg.com/bloomberg-billionaires-index/http://en.wikipedia.org/wiki/Inditex


22/46

U#,% O%&,$8 Z$%$ 4-#&'#, &- %- -& #$&'-#$3 &.%-. &., 10 ;3 e2)an*ing '#&-

$7-'#'# +$%,&5 I& %,$4., &., S>$#'. 4$>'&$8 M$%'8 '# 19 $#8 ;3 &., ,# -* &., ,4$,8

->,%$&, &-%, '# $ S>$#'. 4'&', '&. +-%, &.$# 1008000 '#.$;'&$#&5 Z$%$ &.,# ;,$# &- ->,#

&-%, -&', S>$'# $# &- +$, /$#&+ '#@,&+,#& '# +$#*$4&%'# -'&'4 $# IT5

T., ,$%3 10 $ $- .,# I#'&,? &$%&, &- $ -&.,% %,&$' 4.$'# &- '& #,&-% &.%-.

$4/''&'-# $ , $ '#&,%#$ ,@,->+,#&5

Amancio Ortega i( t'e ric'e(t man in E+ro)e& .it' a net .ort' e(timate* at 789:8 /i11ion:

22 | P a g e


23/46

T'i( i( 'i( (econ* .i6e& F1ora: T'e co+)1e 'a( /een marrie* (ince ;


24/46

Kate Mi**1eton i( a '+ge 6an o6 ara%( *e(ign( an* i( o6ten )'otogra)'e* in it( c1ot'ing:

Ortega i( 0no.n 6or /eing 6ierce1- )ri,ate: $e 'a( on1- grante* inter,ie.( to t'ree

o+rna1i(t( e,er:

$e a1(o *re((e( mo*e(t1-: $e .ear( a (im)1e +ni6orm o6 a /1+e /1a5er& .'ite ('irt an* gra-

)ant(& none o6 .'ic' are ara )ro*+ct(:

24 | P a g e


25/46

$e goe( to t'e (ame co66ee ('o) e,er-*a- an* eat( 1+nc' .it' 'i( em)1o-ee( in t'e com)an-

ca6eteria: $ere%( a )ict+re o6 ara%( 'ea*@+arter(

In 'i( 6ree time& Ortega eno-( 'or(e/ac0 ri*ing an* o.n( an e@+e(trian center in

Fini(terre& Ga1icia& S)ain:

$e a1(o /o+g't t'e ta11e(t (0-(cra)er in S)ain& t'e Torre Pica((o in Ma*ri*: T'e /+i1*ing

(tan*( 8=8 6eet 'ig' an* co(t 78 mi11ion:

25 | P a g e


26/46

$e o.n( T'e E)ic Re(i*ence( H $ote1 in Miami& FL& .'ic' i( con(i*ere* to /e one o6 t'e

/e(t 1+2+r- 'ote1( in t'e ":S:

Ortega *ri,e( an A+*i A> 1+2+r- (e*an t'at i( (ai* to /e more a/o+t com6ort t'an 1+2+r-

$e a1(o o.n( T'e G1o/a1 E2)re(( BD?9


27/46

B+t 'e rare1- et( o66 on ,acation: $e (a-( 'e 1o,e( .or0ing too m+c' to ta0e time o66:

INTERNAL ANALYSIS

27 | P a g e


28/46

, #,%&$, &., %,-%4, ;$, @', $# &3 &., '#&,%#$ $#$3'5 Z$%$ +$'# $,& $%, &.,

,'#,%8 &., -'&'4 >%-4,8 '# &-%, $, >,->, $# &., &-%, $+;',#4,5

T., ,'#,% $%, '# 4.$%, -* 4.%#'# -& #, ,'# '# $ .-%& >$# -* &'+,5 A*&,% %,4,'@'#

&., *,,;$48 &.,3 .$@, $>>%-?'+$&,3 2 ,, &- ,'@,% &., $%+,#& &- &., &-%,5 E$4. -* &.,

,'#,% ' $ @$$;, $# 4-&3 %,-%4, $# &.' /'4 &%#$%-# &'+, ' #-& '+'&$;, $#

&.,%,*-%, ,?>-'&, ;3 Z$%$ &- &., *,&5

T., 4-+>,&'&-% .$@, #-& ;,,# $;, &- &%# $%-# ,'# $ /'43 $ Z$%$5 H,#4,8 &.,3 '@,

Z$%$ $ 4-+>,&'&'@, $@$#&$,5 S'#4, Z$%$ *-- ,%- $@,%&''# >-'438 &., -% -* +-&.

+,'+ ' .,$@'3 ,>,#,#& -# .- +4. $ 4&-+,% ' $&'*',5 N, ,'# .'4. $&'*3

4&-+,% - $ -# $3 '# +$'# Z$%$ $# '+>-%&$#& ;%$#5

Com)etitor Ana1-(i(

T., +$'# 4-+>,&'&-% $%, HKM8 $ S,'. ;%$# $# GAP I#458 $# A+,%'4$# ;%$#5 N-8

GAP I#45 ;-$& -* $%, #,&-% -* &-%, $# .$ $ &%-# *'#$#4'$ ,@,%$, $ '& $'+ &- &$>

'#&- %-'# -#'#, %,&$' ,+,#& $# '#&- *%$#4.''# &- ,?>$# '#&- #, +$%,&5 '&.

,'#,% $# .$@, +4. ',% >%,,#4, $ 4-+>$%, &- Z$%$5

T.,3 $%, $& >%,,#& --'# &- &$%,& #, #'4.,5 H-,@,%8 &.,3 $%, $- >$, ;3 ', -*

4&-+,% -3$&3 $# >%-4& %,4$5 C%%,#&38 $ -* &.,+ $%, *-4'# &., $+, ,+,#& $#

$, &- '& &., .'. ,#&%3 ;$%%',% $# .'. >%-*'& >-&,#&'$ +$, '& $# $&&%$4&'@, '#&%35

2$ | P a g e


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F%-+ &., $;-@, %$>. $# &., *'#$#4'$ $&$ $@$'$;, (%,*,% &- A>>,#'?)8 , 4$# ,, &.$&

$&.-. $, %,@,#, -* HKM $%, ;,&&,% &.$# I#'&,?8 ->,%$&'# ,?>,#, $ $ >,%4,#&$, -*

$, $%, -,% *-% I#'&,? +-&3 , &- &.,'% ->,%$&'-#$ $# +$%,&'# &%$&,', .'4. -,%

&., '#@,#&-%3 $# , &- '#&$#& *$.'-# ,#,%$&, +-%, $,5

E!TERNAL ANALYSIS

D,+-%$>.'4 ,+,#&:

2& | P a g e


30/46

Z$%$ ' &$%,&'# 3-# 4-#+,% '&. '>-$;, '#4-+,5 T.' ' ;, >%'+$%'3 '#

,@,->'# 4-#&%', $# ,@,->, 4-#&%',5 T.' >%,,#& &.,+ '&. $ ',$;,

>->$&'-#5

E4-#-+'4 ,+,#&

D, &- ,$ 4%%,#4',8 - $;-% 4-& $# ->>-%'&3 &- ;, 4-,% &- 4&-+,%8 Z$%$

#,, &- &.'# $;-& &%$&,', &- &$, ;,#,*'& *%-+ -&.,% -4$&'-#55

L,$ ,+,#&

O'# &- '#4%,$'# $;-% 4-& $# &%'#,#& $;-% $8 &., >%-4&'-# >%-4,, '# &.,

>%,,#& 4-#&%', - #-& ,,+ *$@-%$;, $ &.,3 ' '#4%,$, &., >%-4&'-# 4-&5

T,4.#--'4$ S,+,#&

Z$%$ >%,,#&3 , IT ,**'4',#&3 '# +$#$'# &.,'% >>3 4.$'# .'4. ,$ &- -,%

->,%$&'# 4-&5 H-,@,%8 &., , -* IT 4$# ;, ,?&,#, &- ,?>$# &.,'% >%-4%,+,#& $#

+$#*$4&%'# $4&'@'&', -&', S>$'#5

G-;$ S,+,#&

O'# &- -;$'$&'-# $# %$>' $@$#4,+,#& '# &,4.#--',8 ,@,%$ - 4-&

>%-4&'-# 4,#&,% .$@, 4-+, >5

T., ,#@'%-#+,#&$ 4.$%$4&,%'&'4 4.$#, @,%3 *$& '# *$.'-#8 ,>,4'$3 '# &,%+ -*

,+-%$>.'4 $# -;$ ,+,#&5 Z$%$ ;,'# '# 4-%, *$.'-# '#&%3 '&. *$& 434,

3' | P a g e


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.$@, $ #'/, &%$&,3 .,%, '# '& 4$&,% -#3 -# &., ,$'# ,, -* &., >%-4& 434,

.'4. ,#$;, '& &- ,'@,% &., >%-+', -* QI#&$#& F$.'-#5

F+nctiona1 Le,e1 Strategie(

T., ,'# $& Z$%$ 4.$#, ,@,%3 ,, $# &.' %,& '# +$#*$4&%'# 3&,+ &.$&

.$@, &- ;, *,?';, &- 4->, > '&. &.,, 4.$#,5 T. Z$%$ , F,?';, M$#*$4&%'#

T,4.#--3 -% L,$# P%-4&'-# .'4. %,4, ,&> &'+, *-% ,/'>+,#&8 '#4%,$,

&''$&'-# -* +$4.'#, &.%-. ;,&&,% 4.,'# $# '+>%-@, /$'&3 4-#&%- $& $

&$, -* +$#*$4&%'#5 T., @$%'- *#4&'-#$ &%$&,', *-% Z$%$ .$@, ;,,# $' -#

;,-5

Mar0eting Strateg-

O#3 -#, '&,+ -* ,$4. ', '# ,$4. 4--% ->&'-# $ >$4, -# &., &-4 *--% %,/'%'#

&-%, &- +$'#&$'# $ 4-#',%$;, %,&-4'# >-'435

C&-+,% *,,;$4 $ &$,# ;3 $ &., $, >,%-##, $& &., &-%, &- $, &., #,,

-* &., 4&-+,%5

N, >%-4& '#&%-4&'-# ,%, >$##, &'4, $ ,, &- +$'#&$'# *$.'-# *%,.#,5

Z$%$ &-%, ,%, -4$&, '# >%'+, %,&$' -4$&'-#8 &. $@-''# &., #,, *-% $@,%&''#

&- $&&%$4& 4&-+,%5 M$%,&'# ,?>,#, ,%,05 -# $, $ 4-+>$%, &- 59 -*

4-+>,&'&-%5

M$&,%'$ M$#$,+,#& S&%$&,3

31 | P a g e


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T., %$ +$&,%'$ $ &-4, '# $@$#4, $44-%'# &- *-%,4$&5 T.,3 ,%, -%4, *%-+

4-#&%', ', S>$'#8 &., *$% ,$&8 I#'$ $# M-%-44-5

D, &- - ,$ &'+,8 @,%3 , '#@,#&-%3 #,,, &- ;, +$'#&$'#,5

I#@,#&-%3 &%#-@,% ' .'. ,$'# &- ,,% 4$>'&$ #,,5

Z$%$ -&-%4, '& ,'# $4&'@'&', &- 4-#&%$4&-%8 &. -,%'# 4-&5

RKD S&%$&,3

D,'# &,$+ 4-#'&'# -* 3-# '#'@'$ '# &.,'% 20 .- $%, +-%, 4-#@,%$#& '&.

$&,& *$.'-#5

A%-# "0000 ,'# ,%, -#, &.%-.-& &., 3,$% -& -* .'4. $%-# 11000 ,%,

,,4&, *-% +$#*$4&%,5

H+$# R,-%4, S&%$&,3

Z$%$ ,+>.$', ,$%#'# *%-+ +'&$, $# $44,>&'# 4%'&'4'+5

E@,%3-#, $ ,#4-%$, &- ,?>%, &.,'% ->'#'-#5

N- >,%*-%+$#4, $>>%$'$ 3&,+ '# >$4, ;& $ 3&,+ -* '++,'$&, *,,;$4 *%-+

4-,$, $& $ ,@,5

P,%-#$ ,+>$&.3 '@,# +-%, '+>-%&$#4, &.$# *-%+$ /$'*'4$&'-# '# %,4%'&+,#&5

A '#'*'4$#& >-%&'-# -* $$%', @$%', $44-%'# &- >,%*-%+$#4,5

I#*-%+$&'-# S3&,+ S&%$&,3

32 | P a g e


33/46

IT $ , &- '#&,%$&, &., 4.$'# @,%&'4$3 $# .-%'-#&$38 *-% +--&. *- -*

'#*-%+$&'-# > &., 4.$'# $# $4%- &., @$%'- *#4&'-#8 %,>,4&'@,35

I#*%$&%4&%,

Z$%$ .$ $ %,$&'@,3 *$& &%4&%, '# 4-+>$%'-# &- -&.,% *'%+ '# &., $+, '#&%35

C%-!F#4&'-#$ I#&,%$&'-# ,?'&, ;,&,,# &., @$%'- *#4&'-# &- ,#%, &.$&:

N, ,'# $%, ,@,->, $44-%'# &- 4&-+,% #,,5

I#*-%+$&'-# *- ' /'45

T'+, &- +$#*$4&%, &., #, ,'# $# &.,'% >%,,#&$&'-# &- &., 4&-+,% %,4,5

T., 4-& -* ,@,->+,#& $%, -5

G-;$ L,@, S&%$&,3

Z$%$ .$ ->,#, > $%-# 1900 &-%, '# $%-# 4-#&%', '# D,4,+;,% 2008 $# '&

' &' ,?>$#'# ;3 --'# *-% ->>-%'&',5 T., +$'# *$4&-% &.$& .,>, Z$%$ $4.',@,

G-;$ 4-+>,&'&'@,#, $%,:

F$& %-&. '# &., S>$#'. +$%,&

H'. ,+$# *-% ,?>-%& *%-+ S>$'# R'@$%3 '&. -&.,% *'%+ ', HKM $# G$>5

33 | P a g e


34/46

G1o/a1 Strateg-

Z$%$ ' #-& *-- $#3 -4$'$&'-# '# &., 4-#&%', .,%, '& $ >%,,#& $# >%-@', -#3

&$#$%', >%-4&5 A- '& ;,',@, '# >%-@''# &., $&,& *$.'-# $& &., - 4-&5 T. *%-+

&., G-;$ S&%$&,3 G%' '& 4$# ;, ,,# &.$& Z$%$ F--, $ G-;$ S&$#$%'$&'-# S&%$&,35 B3

-'# - '& .->, &- '#4%,$, '& >%-*'&$;''&3 ;3 %,4'# 4-& $# $4.',@'# ,4-#-+', -* 4$,5

C'oice o6 Entr- Mo*e

Z$%$ 4.-, &- ,#&,% &., '**,%,#& +$%,& '# @$%'- ,#&%3 &%$&,',5 T., &%$&,', $%,

-&'#, ;,-5

E2)orting Z$%$ ,?>-%&, '& >%-4& &- $ *, +$%,& .,%, ->,#'# > $

+$#*$4&%'# *$4''&3 - #-& .$@, ;,,# >%-*'&$;, ', M-#$4-8 O+$#8 ,&45

Franc'i(ingZ$%$ $- ->,# > &-%, '# @$%'- -4$&'-# &.%-. *%$#4.', ,$

$@-''# ,@,->+,#& 4-& $# %' -* ->,#'# > $ *-%,'# +$%,& -# '& -#5

E?$+>, -* 4. -4$&'-# $%, C3>%8 V,#,,$8 ,&45

Joint #ent+re(O@,% $ >,%'- -* &'+, Z$%$ ,#&,%, @$%'- +$%,& ;3 *-%+'# J-'#&

V,#&%, &- &$, $@$#&$, -* &., >$%,% #-,, -* &., *-%,'# 4-#&%35 I& ,#&,%,

&., I&$'$# M$%,& '# 1 ;3 *-%+'# $ JV '&. B,#,&&-#5

34 | P a g e


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W'o11- O.ne* S+/(i*iarie(Z$%$ ,#&,%, +-& -* &., +$%,& ;3 ->,#'# > .-3

-#, ;''$%',8 &- &$, $@$#&$, -* &., 4-#&%- &.$& '& 4- ,?,%4', '# &.-,

4-#&%',5 E?$+>, -* 4. -4$&'-# $%, US8 U68 ,&45

QUESTONNARE

Q.! "HAT S #OUR GENDER$

OPTONS ANS"ER N NU%BERS

%A&E 4

FE%A&E 11

Q.' HO" O&D ARE #OU$

OPIONS ANS"ER IN NUMBERS

1.

UNDER 1* '

2

.

1*%25 YEAR OLD $

3.

2*%35 YEAR OLD 7

4.

3*%45 YEAR OLD '

5.

OLDER #AN 45YEARS

'

35 | P a g e


36/46

Q.( "HAT S #OUR "OR) STATUS$


1. "ORIN! 152. SELF EMPLOYED '

3. REIRED '

4. SUDEN '

5. O#ERPROFESSION

'

Q.* "HAT S #OUR ANNUA& GROSS NCO%E +BEFORE TA,-

OPIONS ANS"ER INNUMBERS

1. BELO" 4'('''% 1

2. ABOVE 5'('''% 2

3. LESS#AN 1(''('''% 2

4. MORE #AN2(''('''%

1'

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38/46

Q.1 DO #OU )NO" ZARA THE FASHON BRAND$ F #ES2 THAN HO" #OU HEAR

ABOUT ZARA


1. V OR RADIO '

2. ONLINE MEDIA '

3. PRIN MEDIA 4

4. "ORD OF MOU# *

5. O#ER SOURCE 5

Q.3 "HAT CATEGORES OF C&OTHNG "OU&D #OU BE %OST &)E TO PURCHASE

FRO% ZARA$


1. CASUAL 11

2. "ORCORPORAE 4

3. ACCESSORIES '

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Q.4 HO" OFTEN DO #OU 0ST 5 BU# FRO% ZARA$


1. ONCE A YEAR &

2. MORE #AN A YEAR 2

3. ONCE A MON# 3

4. MORE #AN A MON# 1

5. ONCE A "EE '

Q.!6 P&EASE NDCATE HO" ATTRACT0E THE FO&&O"NG FEATURES OF ZARA ARE

TO #OU


1. LAES% FAS#IONREND

5

2. +UALIY &

3. CUSOMER SERVICE 1

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Q.!! P&EASE SPECF# THE FASHON RETA&ER THAT #OU SHOP THE %OST OTHER

THAN ZARA$


1. PEER EN!LAND 2


1. PEER EN!LAND 2

2. LEE( DENIM 1

3. BIBA 1

4. FBB 1

5. COOLEX C#ILLON 2

*. DLLEN SOLLY 1

7. PANALOON 2

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Q.!' P&EASE NDCATE #OUR &E0E& OF AGREE%ENT "TH THE FO&&O"NG

STATE%ENT7

OPIONS ANS"ER INNUMBERS

1. ZARA #AS LO" PRICE 2

2. ZARA #AS A "ELL NO"N BRANDIMA!E

3

3. ZARA IS A RENDSEER 3

4. ZARA #AS A CONVENIEN LOCAION 1

5. ZARA PRODUCES #I!# +UALIY

PRODUCS

*

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Q.!( DO #OU )NO" A%ANCO ORTEGA 5 ROSA&A %ERA$ THE FOUNDER OF ZARA

BRAND

OPIONS ANS"ER IN NUMBERS ANS"ER INPERCENA!E

1. YES 1

2. NO 14

42 | P a g e


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Q.!* AN# ONE SUGESSONS FOR THE BRAND ZARA THAT #OU "OU&D &)E TO G0E.

OPTONS ANS"ER NNU%BERS

ANS"ER N PERCENTAGE

!.

ADVERISE MORE 2

'.

OFFER PRODUC ADISCOUN RAE ALEAS

"ICE A YEAR

2

(.

!E IN CONAC "I#C#ILLON

1

CONCL"SION

Z$%$ 4-#&'#, &- %,>'4$&, &., $+, +-, &.$& .$ -%, *-% '& -;$3 !! 4%,$&'# $**-%$;,8

4->', @,%'-# -* &., $&,& '# &%,# -% ,'#,%!,$% $# +$'# &.,+ $@$'$;, &- .->>,% $&

$ *$& >$4,5

43 | P a g e


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A+$#4'- O%&,$ G$-#$8 .- $ $& 3,$% #$+, &., &.'%!%'4.,& +$# '# &., -%8 *-#,

Z$%$ $ $ +$,% -* '#,%', '# &., #-%&.,%# S>$#'. &-# -* L$ C-%#$ '# 15

T-$38 &.,%, $%, 1800 Z$%$ &-%, '# 9 4-#&%',5 I# I#'$8 I#'&,? T%,#& >$# &- ->,# -@,% 1

&-%, '# &., #,?& &.%,, 3,$% '# T',% II 4'&', I#'&,? T%,#& >$# &- ->,# -@,% 1 &-%, '# &.,

#,?& &.%,, 3,$% '# 4'&', 4. $ M$#$-%,8 S%$& $# I#-%,8 $' $ >,%-# $$%, -* &., >$#5

T., >'&*$ 4- ;, &.$& .->>,% '# &.,, 4'&', +$3 #-& .$@, &., $+, $&&%$4&'-# *-% Z$%$

,>'&, .$@'# &., >%->,#'&3 &- >,# -# '#&,%#$&'-#$ ;%$#5 S,@,%$ +$ -#,% $%, $-

,&&'# $%3 $;-& %,#&'# &-%, &- Z$%$5

A44-%'# &- &., %@,3 -#, -# Z$%$ F$.'-# ;%$# '# I#'$ '& $ #-&'4, &.$& +-&3 >,->,

-%'# '# C-%>-%$&, L,@, .$@, ;3 >%-4& *%-+ $%$ &-%, %,& $ .$@, @''&, 7& *-% *#

S"GGESTIONS FROM S"R#EY POINT:

Z$%$ ' *$+- $+-# &., 3-# >,->, +-&3 -* .'.,% ,@, %-> .- 4$# $**-% &-

>,# -# 4-&.'# $# $44,-%',5

Z$%$ ' $ &%,# ,&&,% '# I#'$5

44 | P a g e


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T.,%, +& ;, $@,%&',+,#& +$, &- '#4%,$, &., $,8 A@,%&',+,#& -# TV8

NESPAPER 4$# ;, $ ,**,4&'@, -#,5

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