EVALUATION AND MEASUREMENT IN MARKETING: TRENDS

AND CHALLENGES
Georgine Fogel, Salem International Unier!it"
INTRODUCTION
Mea!#rement, eal#ation, an$
e%e&tiene!! 'ae (e&ome
in&rea!ingl" im)ortant in mar*eting
a! a$erti!er! an$ mar*eter! are
(eing 'el$ more a&&o#nta(le t'an
eer (e+ore, Mar*eting re!ear&'er!
an$ )ra&titioner! 'ae i$enti-e$
!eeral &'allenge! o+ mea!#ring an$
eal#ating mar*eting e%e&tiene!!
.D#n&an, /00/1, T'ree im)ortant
area! o+ &on&ern in&l#$e: .21
Eal#ating t'e E%e&tiene!! o+
Mar*eting3 ./1 A&&o#nta(ilit" o+
Mar*eting3 .41 Mea!#rement an$
Eal#ation &on&ern!,
Eal#ating mar*eting
&omm#ni&ation! 'a! (een an area o+
ongoing &ontroer!" +or t'e )a!t 40
"ear!, 5'at &an 6e te!t7 Can 6e
tran!late t'i! te!ting to real86orl$
enironment!7 Ho6 man" aria(le!
&an 6e &ontrol7 5'at are 6e going
to $o 6it' t'e re!#lt!7 All o+ t'e!e
9#e!tion! an$ more 6ill &ontin#e to
(e $e(ate$ (" t'e &omm#ni&ation!
in$#!tr" a! &lient ie6! in&rea!ingl"
(e&ome t'e $riing +or&e, :
A&&o#nta(ilit" o+ mar*eting
6ill (e an area o+ )arti&#lar
!igni-&an&e to (ot' &lient! an$
agen&ie! oer t'e ne;t $e&a$e, A!
management $eman$! more
a&&o#nta(ilit", mar*eting
e;)en$it#re! 6ill &ome #n$er
in&rea!ing !&r#tin", A! mar*eter!
#!e more <mea!#ra(le= me$ia .i,e,,
$ire&t re!)on!e an$ t'e Internet1,
t'e )#!' to $eelo) tool! t'at 6ill
more e%e&tiel" mea!#re t'e im)a&t
o+ IMC )lat+orm! !#&' a!
a$erti!ing, )#(li& relation!, an$
!)on!or!'i)! 6ill (e&ome een
!tronger,
5'ile eer" a&tiit" in t'e
mar*eting mi; 'a! (ot' !'ort8 an$
long8term im)a&t, 6e $o not "et
'ae t'e tool! to )ro)erl" mea!#re
(ran$ e%ort! t'at 'ae long8term
e%e&t!, A$$ to t'i! e9#ation t'e
$i%i&#lt" in i!olating a (ran$>!
a&tiitie! an$ t'e )ro&e!! (e&ome!
een more )er)le;ing, At t'e g#t
leel, 6e ma"
(eliee t'at (ran$ &omm#ni&ation!
!'o#l$ (e eal#ate$ a! an
ine!tment .not an e;)en!e1 6'ile
&or)orate management ma" 'ol$
t'e o))o!ite ie6,
T'e +ollo6ing 9#e!tion! are
rai!e$ in relation to t'e
mea!#rement o+ mar*eting an$
a$erti!ing re!#lt!: Ho6 $o 6e
$emon!trate t'e long8term al#e o+
(ran$ &omm#ni&ation! an$ t'eir
)o!itie im)a&t on t'e (alan&e
!'eet7 5ill t'e tren$ to6ar$ !'ort8
term a&tiitie! 6it' imme$iatel"
mea!#ra(le re!#lt! &ontin#e7 I+ !o,
'o6 6ill t'i! &'ange t'e role o+
mar*eting )ra&titioner!7
T'e )a)er e;amine! t'e!e
im)ortant 9#e!tion! (" $i!&#!!ing
t'e &#rrent tren$! an$ )ra&ti&e! in
mar*eting, Re&ommen$ation! are
2005 Proceedings of the Midwest Business Economics Association 95
ma$e +or re!ear&'er! an$
)ra&titioner!,
EVALUATION AND
MEASUREMENT OF
MARKETING RESULTS
It i! e!timate$ t'at general
a$erti!er! !)en$ oer ?2 (illion
)er "ear +or re!ear&' an$ &o)"
te!ting to -n$ o#t 6'i&' a$ or
&ommer&ial mig't moe t'e mo!t
mer&'an$i!e .Stone an$ @a&o(!,
/0021, T'e )ro(lem i! t'at man"
time! mar*eter! are +or&e$ to rel"
on !#&' a!!#m)tion! a!: .21 t'e
telei!ion !)ot t'at get! t'e 'ig'e!t
!&ore 6ill !ell t'e mo!t goo$! or ./1
t'e )eo)le 6'o !a" t'e">ll (#" a
)ro$#&t 6ill a&t#all" $o !o, O+
&o#r!e, a!!#m)tion! li*e t'e!e o+ten
$o not 'ol$ #) in t'e real 6orl$,
Arior to t'e $eelo)ment o+
ma!! mar*eting, mer&'ant! 'a$
tr#l" )er!onal !eri&e!, one8to8one
relation!'i)! an$ re&ogniBe$ t'e
&#!tomer! a! in$ii$#al!, T'e lo&al
mer&'ant *ne6 t'e &#!tomer!, 6'at
t'e" 6ante$, 'o6 an$ 6'en t'e"
6ante$ it, T'e !'o) o6ner
e!ta(li!'e$ a t6o86a"
&omm#ni&ation 6it' &#!tomer!
re&ogniBing an$ a))re&iating $oing
(#!ine!! 6it' ea&' an$ eer"
&#!tomer .Ka'an, 2CCD1,
In to$a">! 6orl$ o+ ma!!
a$erti!ing an$ (ig retail !tore
&'ain!, it i! im)o!!i(le +or
mer&'ant! to *no6 ea&' &#!tomer
in an in$ii$#aliBe$ +a!'ion, Onl"
6it' t'e ai$ o+ !o)'i!ti&ate$
mar*eting $ata(a!e te&'nolog" &an
6e &a)t#re, anal"Be, an$ a&t on
inter)er!onal mar*eting
o))ort#nitie!,
Data(a!e Mar*eting
T'ere are t6o a))roa&'e! to
!#&&e!!+#l $ata(a!e mar*eting: .a1
&ognitie an$ .(1 (e'aioral
anal"!i!, Data (a!e mar*eting 'el)!
mar*eter! to gain a &lear
#n$er!tan$ing o+ 6'at &#!tomer!
an$ )ro!)e&t! <loo* li*e= .&ognitie1
an$ 'o6 t'e" a&t .(e'aioral
mo$el1,
Target mar*eter! o+ten go
t'ro#g' e;ten!ie &ognitie anal"!i!
o+ &#rrent &#!tomer! (" a))l"ing
&om)ile$ $ata aria(le! to i$enti+"
&'ara&teri!ti& al#e!, T'e!e al#e!
in&l#$e $emogra)'i& .age, in&ome,
)re!en&e o+ &'il$ren1 an$
)!"&'ogra)'i& .li+e!t"le, al#e!, an$
intere!t!1 $ata element!, E"
$e-ning &'ara&teri!ti& )arameter!
on &#rrent &#!tomer!, !tati!ti&al
mo$el! &an al!o (e +o&#!e$ on non8
&#!tomer! to i$enti+" <li*e8*in$!= o+
&on!#mer! +orm mar*eting
!oli&itation, T'e (e'aioral anal"!i!
i! re)etitie in '#manit" 6'i&' i! a
)o!itie aFi&tion +or $ata (a!e
mar*eter! .Ka'an, 2CCD1,
Data(a!e S"!tem Deelo)ment
A mar*eting $ata(a!e 'el)! (#il$
&#!tomer relation!'i)! (" &a)t#ring
'i!tori&al an$ (e'aioral $ata +rom
an organiBation!> mar*eting
a&tiitie!, In&rea!ingl", in+ormation
i! a !trategi& re!o#r&e!, an$
$ata(a!e! are #!e$ to integrate t'e
(rea$t' o+ an organiBation>!
a&tiitie!, In+ormation &an (e #!e$
to $rie )ro$#&t, &'annel, an$
mar*eting &omm#ni&ation )rogram!
.Stone an$ @a&o(!, /0021,
2005 Proceedings of the Midwest Business Economics Association 96
S#&&e!!+#l $ata(a!e !"!tem!
&an lin* an #nlimite$ a!!ortment o+
&'ara&teri!ti&! or aria(le! toget'er
in a $"nami& arra", T'ere are t6o
*in$! o+ $ata(a!e!: Gat -le an$
relational -le, A Gat -le $ata(a!e i!
a li!t t'at i! !orte$ in one !e9#ential
or$er, Ea&' &#!tomer re&or$ i! *e)t
in t'e !ame +ormat .&#!tomer
n#m(er, la!t name, Bi) &o$e, an$
)'one n#m(er in$e;e!1, T'e Gat -le
!"!tem (e&ome! &#m(er!ome 6'en
&#!tomer &'ara&teri!ti&! are a$$e$,
5'en mar*eter! a$$
&#!tomer aria(le! relate$ to
(e'aior, $emogra)'i&!, an$
li+e!t"le!, it i! more #!e+#l to &reate
!e&on$ar" -le! &alle$ <ta(le!,= T'e
!e&on$ar" -le! are )la&e$ in a
larger $ata(a!e !tr#&t#re, &alle$
<relational= $ata(a!e !"!tem, T'e
mo!t 6i$el" #!e$ (e'aioral
&'ara&teri!ti& aria(le! +or anal"!i!
in&l#$e )ro$#&t!, !eri&e!, $ollar
amo#nt !)ent, +re9#en&" o+
)#r&'a!e!, an$ re&en&" o+
)#r&'a!e!,
Anal"ti&al Mo$eling: RFM
It 6a! Sear! Roe(#&*H Co, 6'o
-r!t $i!&oere$ (" in!erting a
&atalog 6it' an o#tgoing or$er t'at
t'eir mo!t re&ent &#!tomer! 6ere
mo!t li*el" to or$er again, From
t'i! !im)le o(!eration, t'e
mat'emati&al &om)#tation t'at i!
to$a" re+erre$ to a! RFM .re&en&",
+re9#en&", an$ monetar" al#e1 6a!
&reate$, RFM i! one o+ t'e mo!t
6i$el" re&ogniBe$ (e'aioral
anal"!i! te&'ni9#e, T'e )ro&e!!
re9#ire! t'at !#%i&ient (a!e
&#!tomer in+ormation .name an$
a$$re!!1 'ae (een a!!igne$ 6it' a
#ni9#e *e", !#&' a! an a&&o#nt
n#m(er, It al!o re9#ire! t'at all
or$er or !ale! in+ormation i! !tore$
ele&troni&all" 6it' t'e #ni9#e *e"
in&l#$e$ 6it' ea&' tran!a&tional
re&or$, Ea!e$ on t'i! in+ormation,
&#!tomer! are !orte$ o#t (" .21 $ate
o+ t'e la!t or mo!t re&ent )#r&'a!e,
./1 total n#m(er or +re9#en&" o+
)#r&'a!e!, an$ .41 aerage amo#nt
!)ent )er or$er, T'e )ro&e!! allo6!
+or !orting &#!tomer! ranging +rom
t'e <(e!t=.2221 to t'e <6or!t= .III1
!&ore!, T'e )ro&e$#re allo6! +or
(#il$ing a &#!tomer $ata(a!e to
in&l#$e &#!tomer )ro-le! t'at &an
(e #!e$ +or allo&ating mar*eting
+#n$! (" !trategi& o(Je&tie!,
RFM i! a )o6er+#l (e'aioral
te&'ni9#e, T'ro#g' t'e #!e o+
&ognitie an$ (e'aioral anal"!i!
te&'ni9#e!, $ata (a!e mar*eter!
&an more e%e&tiel" #!e
ele&troni&all" &a)t#re$ in+ormation
lea$ing to t'ree t")e! o+ (ene-t!:
.21 in&rea!e$ re!)on!e rate!, ./1
lo6ere$ &o!t )er or$er, an$ .41
greater )ro-t,
T'e RFM te&'ni9#e allo6!
mar*eter! to $i%erentiate (et6een
&#!tomer!, A&&or$ing to t'e D0K/0
r#le o+ Aareto>! t'eor", a !mall
)er&entage o+ t'e &#!tomer! are
attri(#te$ 6it' t'e maJorit" o+
reen#e $ollar!, A! long a!
&on!#mer! e;'i(it !imilar
(e'aioral &'ara&teri!ti&!, t'e
a!!#m)tion &an (e ma$e t'at t'e"
6ill (e'ae in t'e !ame 6a" in t'e
+#t#re .or a !tati!ti&all" !igni-&ant
)er&entage 6ill1, Ka'an .2CCD1
ma*e! t'e arg#ment t'at in!tea$ o+
targeting t'e entire &#!tomer -le,
mar*eter! !'o#l$ target a
)er&entage o+ ea&' RFM !egment
+rom 222 t'ro#g' III, Mar*eter!
!'o#l$ te!t t'e re!)on!e again!t
2005 Proceedings of the Midwest Business Economics Association 97
(rea*8een rate!, T'en roll o#t t'e
&am)aign onl" to t'o!e RFM
!egment! t'at are )roen to a&'iee
)ro-ta(le re!)on!e rate! .Fig#re 21,
One o+ t'e maJor (ene-t! o+
t'e RFM met'o$olog" i! t'at it
allo6! mar*eter! to te!t mar*eting
&am)aign! to !maller !egment! o+
&#!tomer!, an$ $ire&t larger
&am)aign! onl" to6ar$! t'o!e
&#!tomer !egment! t'at are
)re$i&te$ to re!)on$ )ro-ta(l",
C#!tomer Li+etime Val#e .LTV1
Stone an$ @a&o(! ./0021 note$ t'at
in t'e )a!t, it 6a! $i%i&#lt to
eal#ate 'o6 6ell a &om)an"
n#rt#re$ it! &#!tomer relation!'i)!,
Alt'o#g' (#!ine!!e! *ne6 t'at t'e
n#m(er o+ &#!tomer! in&rea!e$ or
$e&rea!e$, t'at a$erti!ing
attra&te$ !ome ne6 &#!tomer!, or
t'at &om)etitor! too* a6a" ot'er!,
t'ere 6ere +e6 6a"! o+ *no6ing
6'i&' &#!tomer! &ame or 6ent an$
6'",
5it' $ata(a!e management,
an organiBation &an i$enti+" it! lo"al
&#!tomer!, it! re)eat )#r&'a!er!,
an$ it! one8time8onl" <trier!,=
Mar*eter! &an al!o tra&e t'e
&#!tomer!> a&tion! an$
tran!a&tion!, T'i! a(ilit" ma*e!
&#!tomer! a !igni-&ant an$
mea!#ra(le a!!et,
T'e &on&e)t o+ li+etime al#e
o+ a &#!tomer .LTV1 im)lie! t'at
&#!tomer! are a !o#r&e o+ +#t#re
reen#e! an$ )ro-t! t'an &an go
6ell (e"on$ re&oering t'e initial
&o!t! o+ a$erti!ing an$ !ale!
)romotion, Generall" a&&e)te$
a&&o#nting )rin&i)le! li!t t'e al#e
o+ &#!tomer! on t'e (alan&e !'eet!
a! <goo$6ill,= T'e ine!tment! in
)rogram! to re$#&e &#!tomer
$e+e&tion! an$ im)roe &#!tomer
lo"alt" are 6ritten o% a! an e;)en!e
rat'er t'an an ine!tment t'at &an
'ae a long8term im)a&t on )ro-t!,
Ho6eer, 6'en t'e 'ig' &o!t! o+
&reating mar*eting $ata(a!e are
!een a! an e;)en!e, t'e" &an ea!il"
+all i&tim to mar*eting (#$get &#t!,
Stone an$ @a&o(! ./0021
)ro)o!e$ t'at t'e LTV o+ a ne6
&#!tomer i! t'e net )re!ent al#e o+
all +#t#re reen#e! min#! all
attri(#ta(le &o!t! t'at are
a!!o&iate$ 6it' an aerage
&#!tomer, A $i!&o#nt +a&tor i! #!e$
to re&ogniBe t'at mone" earne$ in
t'e +#t#re i! 6ort' le!! t'an mone"
earne$ to$a", I+ )ro-t or lo!! earne$
on t'e -r!t )#r&'a!e i! e;&l#$e$
+rom t'e long8term al#e
&al&#lation, t'e net o+ t'e -r!t
tran!a&tion &an (e t'o#g't o+ a! t'e
a&9#i!ition ine!tment, F#t#re
)#r&'a!e! (egin to o%!et t'e
ine!tment an$ &ontri(#te to t'e
long8term al#e o+ t'e mar*eting
e%ort, T'ere are n#mero#!
a))roa&'e! to e!timating LTV 6'i&'
al!o !#gge!t! t'at t'ere i! no one
<rig't= 6a", Mo!t a))roa&'e! $erie
a ta(le !imilar to Ta(le 2,
T'e (ene-t o+ LTV i! t'at i+ a
(#!ine!! &an $eelo) an e!timate$
LTV +or ne6 &#!tomer!, t'i! &an (e
#!e$ to e!ta(li!' 'o6 m#&' to
!)en$ on a&9#iring t'em, T'e goal
m#!t (e to +ore&a!t (#"ing leel!
an$ re!#lting )ro-ta(ilit" o+
&#!tomer!, To a&&om)li!' t'i!,
mar*eter! m#!t -r!t &reate a
'ierar&'" o+ e;)e&tation! an$ t'en
e!ta(li!' )ro-ta(ilit" mea!#re! at
ea&' leel, Ta(le! / an$ 4 )roi$e
e;am)le! o+ e!timate$ )er+orman&e
2005 Proceedings of the Midwest Business Economics Association 98
+or re)re!entatie gro#)! o+
&#!tomer!,
Mar*eting A#$it!
A mar*eting a#$it i! a t'oro#g'
re!ear&' met'o$olog" +or
eal#ating relation!'i)8(#il$ing
e%ort! in mar*eting, It e;amine! t'e
organiBational !tr#&t#re, t'e leel o+
#n$er!tan$ing an$ agreement o+
mar*eting o(Je&tie! an$ !trategie!
an$ to 6'at e;tent )lanne$ (ran$
me!!age! are !trategi&all"
&on!i!tent .D#n&an, /00/1,
An im)ortant )art o+ t'e
mar*eting a#$it i! t'e ga) anal"!i!
6'i&' &om)are! 6'at manager! !a"
i! (eing $one to 6'at i! a&t#all"
(eing $one, 5'ile t'e main )#r)o!e
o+ eal#ating mar*eting
e%e&tiene!! i! o+ten to &reate
$ata(a!e !"!tem! to arrie to
9#antitatie mea!#re! o+ rate o+
ret#rn! an$ )ro-ta(ilit" o+
mar*eting ine!tment, t'e
mar*eting a#$it +#rt'er 'el)! to
i$enti+" ga)! an$ (arrier! in t'e
mar*eting e%ort!, T'e mar*eting
a#$it i! a 9#alitatie )ra&ti&e t'at
'a! t'e (ene-t! o+:
L O(Je&tiel" !'o6ing t'e
&on!i!ten&" .or in&on!i!ten&"1 o+ t'e
)lanne$ me!!age!,
L I$enti+"ing t'e $egree o+
&on!en!#! an$ +o&#! among
manager!,
L I$enti+"ing t'e leel o+ internal
an$ e;ternal &oor$ination (et6een
&omm#ni&ation #nit!,
L In$i&ating 6'i&' #nit!K)er!on! are
nee$e$ to in&rea!e &ore
&om)eten&" in integration an$ MC
tool!,
L Rein+or&ing t'e im)ortan&e o+ MC
an$ !en$ing t'at me!!age
t'ro#g'o#t t'e organiBation,
L Aroi$ing a (a!i! +or reallo&ating
or re8+o&#!ing re!o#r&e!,
T'e mar*eting a#$it i! an
e;&ellent )ra&ti&e t'at 6ill li*el"
gain more a&&e)tan&e a! &om)anie!
in&rea!ingl" (egin to #n$er!tan$
'o6 im)ortant (ran$! are to t'eir
long8term -nan&ial !#&&e!!,
CONCLUSION
5it' an in&rea!ing )#(li&
e;)e&tation o+ &or)orate (#!ine!!
re!)on!i(ilit" an$ &on&ern +or
et'i&al (e'aior, organiBation!
to$a" are loo*ing +or ne6
a))roa&'e! to eal#ate an$
mea!#re re!#lt! o+ mar*eting
a&tiitie!, Mar*eting re!ear&' 'a!
(een #n$ergoing a +#n$amental
&'ange, !'i+ting +rom mea!#re!
(a!e$ on a!!#m)tion! to one! t'at
are 9#anti-a(le,
T'e )a)er e;amine$ t'e late!t
tren$! an$ &riti&al i!!#e! in
mea!#ring mar*eting e%e&tiene!!,
Met'o$! $i!&#!!e$ in&l#$e$ t'e
re&en&", +re9#en&", an$ monetar"
al#e .RFM1 mo$el, &#!tomer li+e8
time al#e .LTV1 mo$el, an$ t'e
mar*eting a#$it )ro&e!!,
T'ro#g' t'e #!e o+ a$an&e$
$ata(a!e !"!tem! an$ mat'emati&al
mo$eling, mar*eting )eo)le to$a"
'ae t'e tool! t'at 'el) $etermine
t'e im)a&t o+ a$erti!ing an$
mar*eting )romotion, Mar*eting
re!ear&'er! an$ )ra&titioner! are
a$i!e$ to (e&ome +amiliar 6it'
a$an&e$ anal"ti&! t'at mea!#re
9#antitatiel" !ale! (" $i%erent
t")e! o+ &on!#mer gro#)!, tra&*!
&on!#mer attit#$e!, re!)on!e!,
2005 Proceedings of the Midwest Business Economics Association 99
)#r&'a!e )attern!, an$
relation!'i)! o+ )ro-ta(ilit" an$
rate o+ ret#rn on mar*eting
ine!tment!,
It i! )roJe&te$ t'at in t'e
+#t#re, tra&*ing t'e re!#lt! o+
mar*eting a&tiitie! (ot'
9#antitatiel" an$ 9#alitatiel" 6ill
(e a (a!i& re9#irement +or
$eelo)ing !#&&e!!+#l an$ )ro-ta(le
&om)etitie !trategie! an$ (ran$
)o!itioning,
REFERENCES
D#n&an, T, ./00/1, Integrate$
Mar*eting Comm#ni&ation:
U!ing A$erti!ing an$
Aromotion to E#il$ Eran$!,
M&Gra6 Hill A#(li!'ing,
C'i&ago: IL
Ka'n, Ron .2CCD1, <U!ing Data(a!e
Mar*eting Te&'ni9#e! to
En'an&e Mo#r One8to8One
Mar*eting Initiatie!,= @o#rnal
o+ Con!#mer Mar*eting, Vol, 2I,
No, I, )) NC28NC4,
Stone, E, an$ R, @a&o(! ./0021,
S#&&e!!+#l Dire&t Mar*eting
Met'o$!, M&Gra6 Hill
A#(li!'ing, C'i&ago: IL
2005 Proceedings of the Midwest Business Economics Association 100
Ta(le 2: RFM Anal"!i!
S&oreO Re&en&" S&oreO Fre9#en&" S&oreO Monetar" .?1
2 NKCP8 QKCP 2 24R 2 2,/00,00
/ 22KCQ 8 4KCP / D82/ / PN2,448
2,2CC,CC
4 /KCQ 8 20KCQ 4 I8P 4 N2Q,PQ8PN2,4/
N 2/KCN 8 2KCQ N /8N N 2/D,NP8N2Q,PI
I CKC4 8 22KCN I 2 I 2,0082/D,NQ
O 2S mo!t re&ent, +re9#ent or large!t ? an$ I S lea!t re&ent, +re9#ent or !malle!t ?
2005 Proceedings of the Midwest Business Economics Association 101
2005 Proceedings of the Midwest Business Economics Association 102
Ta(le /: Si;8Mear Val#e o+ 2,000 Ne6 E#"er!
Mear 2 Mear / Mear 4 Mear N Mear I Mear Q
A#r&'a!e
tran!a&tion!
/PC /44 2QD 24/ 200 PC
Aerage tran!a&tion
!iBe
?I2,// ?I2,4I ?I2,Q0 ?I2,PI ?I/,0
2
?I/,0Q
Gro!! )ro$#&t !ale! ?2N,/C
Q
?22,CN
0
?D,QIC ?Q,D4N ?I,/0
0
?N,202
Ret#rn! IP/ NPD 4NQ /P4 /0D 2QN
Net !ale! 24,P/N 22,NQ/ D,424 Q,IQ2 N,CC/ 4,C4P
Mer&'an$i!e &o!t! Q,/24 I,2DC 4,PQ4 /,CP0 /,/Q0 2,PD4
2005 Proceedings of the Midwest Business Economics Association 103
O)erating &o!t! 2,4D2 2,2I4 D4Q QQ0 I0/ 4CQ
Oer'ea$ /,0N2 2,P0N 2,/4Q CPI PN/ IDQ
Contri(#tion N,0DC 4,N2Q /,NPP 2,CIQ 2,NDD 2,2P/
Selling &o!t /,QDP /,Q0D 2,PCC 2,NCI 2,2NQ C22
Li!t rental in&ome 422 222 DN QI I0 4C
Ca!' Go6 2,P24 C2C PQ/ I/Q 4C/ 400
Di!&o#nte$ at 2I
)er&ent
2,NC0 QCI I02 402 2CI 240
C#m#latie )re!ent
al#e
2,NC0 /,2DN /,QDI /,CDQ 4,2D2 4,422
Di!&o#nte$ at /I
)er&ent
2,4P0 IDD 4C0 /2I 2/D PC
C#m#latie )re!ent
al#e
2,4P0 2,CIC /,4NC /,IQN /,QC4 /,PP2
Ta(le 4: Hi!tori& Aer+orman&e +or Onetime E#"er!
Re&en&" o+
La!t A#r&'a!e
Re!)on!e
Aer&enta
ge
Sale! )er
2,000
Aro-t )er E#"er at Aromotion
Co!t! o+
?NI0KK ?I00KK ?II0KK
Le!! t'an Q
mont'!
N,/ T ?/,I/0 ?C,0C ?P,C0 ?Q,P0
2005 Proceedings of the Midwest Business Economics Association 104
Q U 2/ mont'! 4,I 2,CCI I,CI N,I/ 4,20
2/ U /N mont'! /,N 2,/ND 8 2,IC 4,QP 8 I,PQ
/N U 4Q mont'! 2,D C00 8 D,I0 8 22,/D 8 2N,0Q
4Q U ND mont'! 2,/ IQN 8 /2,CC 8 /Q,2Q 8 40,4/
NDR mont'! 0,C N0I 8 4I,2I 8 N0,P2 8 NQ,/Q
2005 Proceedings of the Midwest Business Economics Association 105