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Experiences are the sum of all the values provided to customers by the company. They run the gamut, from the initial brochure or advertising initiated by marketing to the final invoice sent by accounting. From the web site to the implementation person, every way that a company touches the customer contributes to the total experience, and hence the total value of the company s product and services. Unlike the way companies think about customers (in pie charts and graphs), customers perceive their experience and make decisions differently. When you sit down in a restaurant and the waiter asks if you want something to drink, your response is not going to be 23.4% Pepsi, 35.6% Coke, and the rest Tropicana Orange Juice. This is the view adopted by corporations when they discuss the customer and their preferences. But the customer is going to respond with either Pepsi or Coke. Customers think in black and white. Their decisions are 100% either for this vendor or for the other. Exhibit 4.3 illustrates some basic truth regarding the nature and creation of concepts such as experience, loyalty, and relationships. Let s examine the concept of loyalty. If we understand that it is absolute in the eyes of customers, what is loyalty Loyalty is a representation of the strength of the relationship. The stronger it is, the stronger the commitment and the loyalty. What builds a strong relationship Strong relationships are not the result of a one-time even;, they are an ongoing process. The building blocks of a

A company s nancial statements do not effectively report the consequences of previously deployed capital or the value of future capital expenditures and spending Accounting pro ts do not equal economic pro ts As Peter Drucker has noted, Until a business returns a pro t that is greater than its cost of capital, it operates at an economic loss, and unless accounting pro ts exceeds an enterprise s cost of capital, then it does not create wealth it destroys it There is a principle in physics stating that nature abhors a vacuum and drives to ll it Similarly with economic theory, capital eventually ows to the investment opportunities with the best returns because investors want to maximize their personal pro ts This then transfers the responsibility to the company s management team to identify the best investment and spending opportunities for realizing and securing the capital s growth.

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other hand, the concept of context as emergent is more in keeping with a postmodernist project. In the postmodern view, context is no longer out there in the messy, complex surface of an objective world; rather, that very surface complexity and confusion are a projection of language itself, the inconsistencies of its classi cations, taxonomies, dichotomies, and more (Fox, 1997: 741). Both Fox (1997), Fox and Grey (1999) and other authors like Contu (2000) and Contu and Willmott (2003) have pointed to an ambiguity in Lave and Wenger s work: the ambiguity between realist and constructionist assumptions, for example, with respect to consideration of the context as sometimes pre-given and sometimes emergent (Fox, 1997), or as a two-faced Janus (Contu, 2000) which contemplates both possibilities, and which shifts analysis to what Contu calls semiotics of practice . This is discussed in more detail below; for the time being, I point out that Janus s realist gaze becomes more explicit in the work of Wenger (1998, 2000), where he is concerned to show how a community of practice can be identi ed and consequently developed, while his constructivist gaze merges with a practice-based approach (Gherardi,

If you look at a daily bar on almost any trading instrument, you will notice that the high price is always greater than or equal to the open and close On nonlimit days, it is always higher than the low At some time during the day, there was more demand than there was supply and, therefore, the market moved up above the open Conversely, when supply was greater than demand, the market moved down The objective of an open range break out system is to try and capture some of the market movement between the open and high (or close) or the open and low (or close) The key to successful break out systems is finding the sweet spot above or below the open that foretells further movement in that direction.

Calculating ROI on a Simple Cost Basis As input to your business case you can sketch out a very simple ROI on the back of an envelope, assuming that you have a rough idea of the costs and expected returns. This cost basis is probably the most commonly used form of calculation, and it is useful for rst approximations on market entry. However, it falls short for calculating returns on typical projects requiring continuing translation, enhancements, and synchronization, especially on long-running projects such as a marketing site in another country. Let s consider the bene t of both marketing and basic online selling sites.

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