dd.

ûý õ# #

<;0339# # # # # 67$5%8&.6# # # # $ULII#.DFKUD#SUHSDUHG#WKLV#FDVH#XQGHU#WKH#VXSHUYLVLRQ#RI#3URIHVVRU#0DU\#&URVVDQ#VROHO\#WR#SURYLGH#PDWHULDO#IRU# FODVV#GLVFXVVLRQ1##7KH#DXWKRUV#GR#QRW#LQWHQG#WR#LOOXVWUDWH#HLWKHU#HIIHFWLYH#RU#LQHIIHFWLYH#KDQGOLQJ#RI#D#PDQDJHULDO# VLWXDWLRQ1# # 7KH# DXWKRUV# PD\# KDYH# GLVJXLVHG# FHUWDLQ# QDPHV# DQG# RWKHU# LGHQWLI\LQJ# LQIRUPDWLRQ# WR# SURWHFW# FRQILGHQWLDOLW\1# # ,YH\# 0DQDJHPHQW# 6HUYLFHV# SURKLELWV# DQ\# IRUP# RI# UHSURGXFWLRQ/# VWRUDJH# RU# WUDQVPLWWDO# ZLWKRXW# LWV# ZULWWHQ# SHUPLVVLRQ1# # 7KLV# PDWHULDO# LV# QRW# FRYHUHG# XQGHU# DXWKRUL]DWLRQ# IURP# &DQ&RS\# RU# DQ\# UHSURGXFWLRQ# ULJKWV# RUJDQL]DWLRQ1# #7R#RUGHU#FRSLHV#RU# UHTXHVW#SHUPLVVLRQ# WR# UHSURGXFH#PDWHULDOV/#FRQWDFW# ,YH\#3XEOLVKLQJ/# ,YH\# 0DQDJHPHQW# 6HUYLFHV/# F2R# 5LFKDUG# ,YH\# 6FKRRO# RI# %XVLQHVV/# 7KH# 8QLYHUVLW\# RI# :HVWHUQ# 2QWDULR/# /RQGRQ/# 2QWDULR/#&DQDGD/#19$#6.:>#SKRQH#+84<,#9940653;>#ID[#+84<,#99406;;5>#H0PDLO#FDVHV#LYH\1XZR1FD1# # &RS\ULJKW##�##4<<:/#,YH\#0DQDJHPHQW#6HUYLFHV# 9HUVLRQ=#+$,#533504303:# # # # 0U1#+RZDUG#6FKXOW]/#WKH#&KDLUPDQ#DQG#&(2#RI#6WDUEXFNV#&RUSRUDWLRQ/#KDG#MXVW# JLYHQ#D# VSHHFK#RQ# WKH# IXWXUH#RI# WKH#FRIIHH# LQGXVWU\#DW#D#ZHOO0NQRZQ#EXVLQHVV# VFKRRO1#$V#KH# OHIW# WKH# OHFWXUH#KDOO/#KH#VWRSSHG#DW# WKH#8QLYHUVLW\¶V#PRVW#SRSXODU# FRIIHH#VKRS/# WKH#%UHZHU\1#7KH#VKRS¶V#VLJQ# LQGLFDWHG# WKDW# LW#ZDV#³1RZ#6HUYLQJ# 6WDUEXFNV#&RIIHH1´#$V#0U1#6FKXOW]#RUGHUHG#WKH#+RXVH#%OHQG/#KH#QRWLFHG#WKDW#WKH# %UHZHU\#ZDV#D#IDU#FU\#IURP#DQ\#6WDUEXFNV#FRIIHHKRXVH1#7KH#VKRS#ZDV#PHVV\/#WKH# VHUYLFH#ZDV#SRRU/#DQG# WKH#FRIIHH#ZDV#DYHUDJH1#$V#0U1#6FKXOW]#ZDV# OHDYLQJ# WKH# %UHZHU\/#2ULQ#6PLWK/#6WDUEXFNV#3UHVLGHQW#DQG#&22/#FDOOHG#KLP#RQ#KLV#FHOOXODU# SKRQH1#0F'RQDOG¶V/#ZKRP#6WDUEXFNV#KDG# WXUQHG#GRZQ#D#QXPEHU#RI#WLPHV/#ZDV# RQFH#DJDLQ#SHWLWLRQLQJ#IRU#D#FRQWUDFW#WR#VHUYH#6WDUEXFNV#FRIIHH1#2Q#WKH#SODQH#EDFN# WR#6HDWWOH/#:DVKLQJWRQ/#0U1#6FKXOW]¶V#WKRXJKWV#GULIWHG#EDFN#WR#KLV#H[SHULHQFH#DW#WKH# %UHZHU\#DQG# WKH#FDOO# IURP#0F'RQDOG¶V1#+H#DVNHG#KLPVHOI# WZR#TXHVWLRQV=#:DV# 6WDUEXFNV#JURZLQJ#LQ#WKH#EHVW#ZD\#SRVVLEOH"#:DV#6WDUEXFNV#RYHUH[WHQGLQJ#LQ#LWV# TXHVW#IRU#JURZWK"# # # 63(&,$/7<#&2))((#,1'8675<# # &RIIHH#ZDV#WKH#VHFRQG#PRVW#WUDGHG#FRPPRGLW\#QH[W#WR#RLO1#,W#ZDV#GLYLGHG#LQWR#WZR# FDWHJRULHV=# VSHFLDOW\# FRIIHH# DQG#EDVLF# FRIIHH1#6SHFLDOW\# FRIIHH#ZDV# WKH#KLJKHVW# HFKHORQ#RI#TXDOLW\#FRIIHH#DYDLODEOH# LQ# WKH#ZRUOG1#0DQ\#SHRSOH#GHVFULEHG# LW#DV# JRXUPHW#FRIIHH1#7KHUH#ZDV#QR#RQH#DFFHSWHG#GHILQLWLRQ# LQ#WKH# LQGXVWU\>#KRZHYHU/#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

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¶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

########################################################### 47KLV#SURFHVV#YDULHG#E\#FRXQWU\1# 52QFH#WKH#FRIIHH#FKHUU\#KDG#EHHQ#ZDVKHG#DQG#GULHG/#ZKDW#UHPDLQHG#ZDV#WKH#FRIIHH#EHDQ#LQ#VRPH#VRUW#RI# KXVN1#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#6# <$<;0339# # #

&21680(56# # &RIIHH#FRQVXPSWLRQ#SDWWHUQV#KDG#FKDQJHG#LQ#WKH#8QLWHG#6WDWHV1#,Q#4<<9/#WKH#SHU# FDSLWD# FRQVXPSWLRQ# RI# FRIIHH# ZDV# 41:# FXSV# SHU# GD\# SHU# SHUVRQ/# D# VLJQLILFDQW# GHFUHDVH#IURP#WKH#WZR#WR#WKUHH#FXSV#GDLO\#FRQVXPSWLRQ#LQ#WKH#4<93V#DQG#4<:3V1# 7KH# 1DWLRQDO# &RIIHH# $VVRFLDWLRQ# DWWULEXWHG# WKLV# GHFUHDVH# WR# SRRU# SURGXFW# GHYHORSPHQW/#SDFNDJLQJ/#DQG#SRVLWLRQ# +SULFH# IRFXVHG,#E\# WKH# LQGXVWU\¶V# OHDGLQJ# FRIIHH#SURGXFHUV1#+RZHYHU/#QRZ# LW#VHHPHG# WKDW#FRIIHH#FRQVXPSWLRQ#ZDV#RQ# WKH# ULVH1#7KH#IROORZLQJ#FRPSDUHV#8161#FRQVXPSWLRQ#UDWHV#WR#JOREDO#FRQVXPSWLRQ#UDWHV=# #

,Q#WHUPV#RI#NLORJUDPV#RI#FRIIHH#SHU#SHUVRQ#FRQVXPHG#LQ#4<;8/#WKH# 8QLWHG#6WDWHV#DW#71:#UDQNHG#WHQWK/#EHKLQG#6ZHGHQ#+4419,/#'HQPDUN# +4413,/#)LQODQG#+4313,/#+ROODQG#+<18,/#*HUPDQ\#+91;,/#)UDQFH#+818,/# DQG# ,WDO\# +71<,# DPRQJ# WKH# FRIIHH0FRQVXPLQJ#QDWLRQV# DQG#EHKLQG# &RVWD# 5LFD# +918,# DQG# %UD]LO# +818,# DPRQJ# WKH# FRIIHH0SURGXFLQJ# QDWLRQV1#2YHUDOO/#LQ#WKH#GHFDGH#EHWZHHQ#4<:8#DQG#4<;8/#(XURSH¶V# OHYHOV#RI#LPSRUWHG#FRIIHH#URVH#VLJQLILFDQWO\/#WKRVH#RI#-DSDQ#GRXEOHG/# ZKLOH#WKRVH#RI#WKH#8QLWHG#6WDWHV#UHPDLQHG#VWHDG\#GHVSLWH#LQFUHDVHG# SRSXODWLRQ16#

# 7KH#UHFHQW#SRSXODULW\#RI#VSHFLDOW\#FRIIHH#ZDV#WKH#UHVXOW#RI#IRXU#FRQVXPHU#WUHQGV=# +4,#WKH#DGRSWLRQ#RI#D#KHDOWKLHU#OLIHVW\OH#KDG#OHG#1RUWK#$PHULFDQV#WR#UHSODFH#DOFRKRO# ZLWK#FRIIHH>#+5,#FRIIHH#EDUV#RIIHUHG#D#SODFH#ZKHUH#SHRSOH#FRXOG#PHHW>#+6,#SHRSOH# OLNHG#DIIRUGDEOH#OX[XULHV#DQG#VSHFLDOW\#FRIIHH#ILW#WKH#ELOO>#DQG#+7,#FRQVXPHUV#ZHUH# EHFRPLQJ#PRUH#NQRZOHGJHDEOH#DERXW#FRIIHH1# # # 3URILOH# # $FFRUGLQJ# WR#$YHQXHV#IRU#*URZWK#²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

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#7# <$<;0339# # #

&RPPXQLW\#*DWKHULQJ#3ODFH# # &RQVXPHUV¶#SDWWHUQV#RI#VRFLDOL]LQJ#KDG#FKDQJHG#VLQFH#WKH#4<;3V1#:KLOH#WKH#PLG0 4<;3V#ZHUH#FKDUDFWHUL]HG#E\#WKH#SXUVXLW#RI#HQWHUWDLQPHQW#RXWVLGH#WKH#KRPH/#LQ#WKH# HDUO\#4<<3V/#SHRSOH#ZDQWHG#WR#VWD\#KRPH1#7KHUH#ZDV#D#PRYH#DZD\#IURP#UHVWDXUDQWV# DQG#GDQFH#FOXEV1#1RZ/# LQ# WKH#VHFRQG#SDUW#RI# WKH#GHFDGH/# WKHUH#VHHPHG# WR#EH#D# UHVXUJHQFH#RI#RXWVLGH0WKH0KRPH#HQWHUWDLQPHQW1#&RIIHHKRXVHV#ZHUH#DEOH#WR#ILOO#WKLV# QHHG#DQG#ZHUH#PRUH#DFFHVVLEOH#WKDQ#EDUV1#&RIIHH¶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¶V/# &DULERX#&RIIHH#DQG#7KH#&RIIHH#6WDWLRQ/#EXW#WKH#RSSRVLWH#ZDV#WUXH#IRU#7LPRWK\¶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

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#8# <$<;0339# # #

5HWDLO0%DVHG#&RPSHWLWLRQ# # 7KH#6SHFLDOW\#&RIIHH#$VVRFLDWLRQ#RI#$PHULFD#HVWLPDWHG#WKHUH#ZRXOG#EH#URRP#IRU# DERXW#43/333#FRIIHH#UHWDLO#RXWOHWV#LQ#WKH#8QLWHG#6WDWHV#DQG#&DQDGD#E\#4<<<1#%XW# RQO\#8/833#RI#WKRVH#ZRXOG#EH#FRIIHH#EDUV#DQG#FDIHV>#WKH#UHVW#ZRXOG#EH#FDUWV19##7KH# IROORZLQJ#WDEOH#GHSLFWV#WKH#DPRXQW#RI#URRP#IRU#JURZWK#LQ#WKH#UHWDLO#FRIIHH#LQGXVWU\=# # #

/RFDWLRQ# 3RSXODWLRQ#+PLOOLRQV,#

1XPEHU# RI#

6WDUEXFNV# 6WRUHV#

&XUUHQW# 3RSXODWLRQ# 26WRUH#

3RSXODWLRQ# QHFHVVDU\# WR#VXSSRUW# D#FRIIHH# KRXVH#

0D[LPXP# QXPEHU#RI# FRIIHH#VWRUHV# VXSSRUWDEOH# E\#PDUNHW#

7RWDO# 6WDUEXFNV# 6WRUHV#DV#D# SHUFHQWDJH# RI#WRWDO# SRVVLEOH# VWRUHV#

7RS#83# 8161# 0DUNHWV#

# 4771<#

# ##<47#

# 48;/8;4#

# 87/7:3#

# 5/994#

# 67(#

9DQFRXYHU/# 7RURQWR/# 2WWDZD/# 0RQWUHDO/# &DOJDU\#

# ##4416#

# ##446#

# ##<</944#

# 89/333#

# ##534#

# 89(#

7RS#433# 8161#)# 0DMRU# &DQDGLDQ# 0DUNHWV#

# 4;315#

# 4/3:7#

# 49:/:;7#

# 88/333#

# 6/5:9#

# 66(#

7RWDO#8161# )#&DQDGLDQ# 0DUNHWV#

# 5:915#

# 4/3:7#

# 58:/45;#

# 89/333#

# 7/<64#

# 55(#

# )URP#:LOOLDP#%ODLU#)#&RPSDQ\/#6WDUEXFNV#&RUSRUDWLRQ/#-XQH#53/#4<<:# # # *LYHQ# WKH# ORZ#EDUULHUV# WR#HQWU\# LQ# WKH#UHWDLO#VSHFLDOW\#FRIIHH#PDUNHW/# WKHUH#ZHUH# PRUH#WKDQ#6/7;8:#FRPSHWLWRUV#LQ#WKH#PDUNHW1#+RZHYHU/#PRVW#RI# WKHVH#ZHUH#RQH0 VWRUH# HVWDEOLVKPHQWV# ZLWK# QR# UHDO# SODQV# IRU# JURZWK1# $# GHVFULSWLRQ# RI# WKRVH# FRPSDQLHV#WKDW#KDG#GHYHORSHG#D#VWURQJ#UHJLRQDO#DQG2RU#QDWLRQDO#SUHVHQFH#IROORZV1# #

########################################################### 9&KLFDJR#7ULEXQH/#6XQGD\/#0DUFK#43/#4<<9# :³&DIIHLQH#5XVK=#&XVWRPHUV#DUH#+LJK#RQ#*RXUPHW#&RIIHH#DQG#VR#DUH#2SHUDWRUV´#5HVWDXUDQW#%XVLQHVV/# -DQXDU\#4/#4<<9#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#9# <$<;0339# # #

',('5,&+¶6#&2))((# #

*5((1#02817$,1# &2))((#,1&1#

&2))((#3(23/(# #

xý PDGH#ZLWK#LWV#RZQ#IUHVKO\# URDVWHG#EHDQV#

xý VROG#OLJKW#IRRG#LWHPV#DQG# ZKROH#EHDQ#FRIIHH#

xý D#IHZ#ZKROHVDOH# FXVWRPHUV#

xý RSHUDWHG#D#WRWDO#RI#65# FRIIHHKRXVHV#LQ#7H[DV/# &RORUDGR/#DQG#&DOLIRUQLD#

xý 4<<9#VDOHV=#'4315#PLOOLRQ#

xý SULPDULO\#D#ZKROHVDOHU#RI# VSHFLDOW\#FRIIHH#+6/333# FXVWRPHUV,#

xý VPDOO#QXPEHU#RI#UHWDLO# RSHUDWLRQV#ZLWK#LQ0VWRUH# URDVWLQJ#IDFLOLWLHV#

xý URDVWHG#RYHU#58#KLJK# TXDOLW\#$UDELFD#FRIIHHV#WR# SURGXFH#RYHU#:3#YDULHWLHV#

xý 4<<9#VDOHV=#'6;16#PLOOLRQ#

xý ORFDWHG#LQ#VXEXUEDQ# QHLJKERXUKRRGV#DQG# EXVLQHVV#GLVWULFWV/# DYHUDJLQJ#DERXW#4/833#WR# 5/333#VTXDUH#IHHW#LQ#VL]H#

xý XVHG#VSHFLDOW\#NLRVNV# ORFDWHG#LQ#KLJK#WUDIILF# ORFDWLRQV#VXFK#DV#DLUSRUWV# DQG#VKRSSLQJ#PDOOV#

xý KRSHG#WR#KDYH#433# ORFDWLRQV#E\#4<<;#

# $1/1#9$1#+2877(# #

%$51,(¶6#&2))((#)# 7($#&203$1<#

&$5,%28# #

xý RIIHUHG#69#W\SHV#RI# JURXQG#FRIIHH/#QLQH#W\SHV# RI#IODYRUHG#FRIIHH#DQG#87# W\SHV#RI#ZKROH#EHDQV#

xý VROG#LWV#FRIIHH#WKURXJK# UHVWDXUDQWV/#LQFOXGLQJ#LWV# RZQ#QHWZRUN#RI#43:#FDIp0 ELVWURV#+RQO\#IRXU# FRUSRUDWH#VWRUHV,#

xý JRRG#UHSXWDWLRQ#DV#D# YHQGRU#RI#FRIIHH#WR# RIILFHV/#KRWHOV/#HWF1#

xý 4<<9#VDOHV=#'49714# PLOOLRQ#

xý IRFXVVHG#RQ#WKH# PHUFKDQGLVLQJ#DVSHFW#RI# FRIIHH#UHWDLOLQJ>#LW#RIIHUHG# 733#GLIIHUHQW#EUDQGHG# SURGXFWV#

xý W\SLFDOO\#VHDWHG#DERXW#83# SHRSOH#DQG#ZDV#ORFDWHG#LQ# PDOOV#

xý LWV#QHZHVW#LQQRYDWLRQ#ZDV# D#UHVWDXUDQW/#/D#9HQH]LD# &DIH>#VHDWHG#533#SHRSOH# DQG#RIIHUHG#7:#GLIIHUHQW# FRIIHHV#

xý ZDQWHG#WR#EH#WKH#WKLUG# SODFH#EHWZHHQ#ZRUN#DQG# KRPH#ZKHUH#SHRSOH#FRXOG# VRFLDOL]H#

xý LPSOHPHQWHG#D#YHU\# $PHULFDQ#IHHO#WR#LWV# FRIIHHKRXVHV#UDWKHU#WKDQ#D# (XURSHDQ#IHHO#

xý RIIHUHG#YHU\#IDVW#VHUYLFH/# PDJD]LQHV/#QHZVSDSHUV/# IUHH#UHILOOV/#DQG#VHDWLQJ#

xý KDG#83#VWRUHV>#DQDO\VWV# SUHGLFWHG#WKDW#LW#ZRXOG#EH# D#JURZWK#OHDGHU#

# &2))((#%($1(5<# &+2&.#)8//#2¶1876# &$)(#$33$6,21$72# xý IUDQFKLVHU#ZKR#RSHUDWHG# 4:8#XQLWV#DFURVV#WKH# 8QLWHG#6WDWHV#

xý FRIIHH#EHYHUDJHV#DQG# IRRG#DFFRXQWHG#IRU#;3#SHU# FHQW#RI#WKH#VDOHV#DQG#53# SHU#FHQW#FDPH#IURP# PHUFKDQGLVH#

xý IRFXV#KDG#DOZD\V#EHHQ#RQ# PDOOV#EXW#LW#ZDV#QRZ# VKLIWLQJ#LWV#IRFXV#WR#IUHH0 VWDQGLQJ#ORFDWLRQV#

xý EHJXQ#IUDQFKLVLQJ#FRIIHH# FDUWV#

xý RSHUDWHG#DV#D#FRIIHH# VXSSOLHU#WR#WKH#UHVWDXUDQW# LQGXVWU\#

xý HQRXJK#FRQWUDFWV#ZLWK# UHVWDXUDQWV#WR#ZDUUDQW#LWV# RZQ#IOHHW#RI#483#WUXFNV#

xý UHFHQWO\/#FRPSDQ\#KDG# EHJXQ#GLYHUVLI\LQJ#LQWR# GLIIHUHQW#FRIIHHKRXVH# IRUPDWV#OLNH#GRXEOH#GULYH0 WKURXJKV#DQG#VLW0GRZQ# UHWDLO#RXWOHWV/#DERXW#6/333# VTXDUH#IHHW#LQ#VL]H#

xý VPDOO#EXW#DJJUHVVLYH# SOD\HU#LQ#WKH#LQGXVWU\#

xý SULPDULO\#D#FRIIHH#URDVWHU# xý VROG#LWV#FRIIHH#LQ#LWV#RZQ# UHWDLO#RXWOHWV/#IUDQFKLVHG# VWRUHV/#ZKROHVDOH#FRIIHH# WR#VSHFLDOW\#VWRUHV#DQG# UHVWDXUDQWV/#JURFHU\# GLYLVLRQ/#GLUHFW#PDLO/# H[SRUWV#WR#WKH#3DFLILF# 5LP/#SULYDWH#ODEHO#FRIIHH# SURGXFWLRQ#DQG#FR0ODEHO# YHQWXUHV#ZLWK#IDVW#IRRG# FKDLQV/#VXFK#DV#7DFR#%HOO#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#:# <$<;0339# # #

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¶V#+57:#ORFDWLRQV,/# LQ#WKH#8QLWHG#6WDWHV1#,QFOXGLQJ#LWV#RZQ#576#VWRUHV/#WKH#6HFRQG#&XS#ZDV#WKH#VHFRQG# ODUJHVW#SOD\HU#LQ#WKH#VSHFLDOW\#FRIIHH#LQGXVWU\1#:KHUH#WKH#6HFRQG#&XS¶V#UHYHQXHV# FDPH# IURP# OLTXLG#FRIIHH#DQG# VQDFN# IRRG# LWHPV/#*ORULD# -HDQ¶V#REWDLQHG#D#KLJK# SHUFHQWDJH#RI#VDOHV#IURP#FRIIHH#PXJV/#UHODWHG#LWHPV#DQG#FRIIHH#EHDQV1# # ,Q#UHFHQW#WLPHV/#WKH#6HFRQG#&XS#KDG#EHFRPH#TXLWH#DFWLYH#LQ#GHYHORSLQJ#DOOLDQFHV# ZLWK#RWKHU#IRRG#VHUYLFH#FRPSDQLHV1#7KURXJK#LWV#DOOLDQFH#ZLWK#&DUD#2SHUDWLRQV#/WG1/# WKH#6HFRQG#&XS#KRSHG#WR#JDLQ#DFFHVV#WR#D#QXPEHU#RI#LWV#SDUWQHU¶V#LQVWLWXWLRQDO#DQG# UHWDLO#VLWHV#VXFK#DV#+DUYH\¶V#DQG#6ZLVV#&KDOHW1#7KH#6HFRQG#&XS#DOVR#KHOG#D#63#SHU# FHQW#LQWHUHVW#LQ#WKH#*UHDW#&DQDGLDQ#%DJHO#WKDW#RSHUDWHG#453#VWRUHV#LQ#4<<9#DQG#ZDV# SODQQLQJ#WR#RZQ#4:8#E\#WKH#HQG#RI#4<<:1#)LQDOO\/#WKH#FRPSDQ\#KDG#DOVR#VWUXFN#D# GHDO# WR#VHUYH# LWV#FRIIHH#RQ#$LU#&DQDGD#IOLJKWV1#5HYHQXHV#IRU#4<<9#DPRXQWHG# WR# '9616#PLOOLRQ1# # 6HH#([KLELW#6#IRU#D#FRPSDULVRQ#RI#WKH#LQGXVWU\#FRPSHWLWRUV#XVLQJ#GLIIHUHQW#ILQDQFLDO# DQG#JURZWK#PHDVXUHV1# # # 67$5%8&.6¶#675$7(*<# # 6WDUEXFNV¶#VWUDWHJ\#IRU#WKH#IXWXUH#ZDV#SUHVHQWHG#LQ#WKH#IROORZLQJ#H[WUDFWV#RI#D#OHWWHU# WR#6WDUEXFNV¶#VKDUHKROGHUV1#7KLV#OHWWHU/#IURP#+RZDUG#6FKXOW]/#&KDLUPDQ#DQG#&(2/# DQG#2ULQ#6PLWK/#3UHVLGHQW#DQG#&KLHI#2SHUDWLQJ#2IILFHU/#DSSHDUHG#LQ#WKH#FRPSDQ\¶V# 4<<9#$QQXDO#5HSRUW=# #

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

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#;# <$<;0339# # #

HYHU\WKLQJ#ZH#GR#1#1#1#1#:KHQ#\RX#ZDON#LQWR#D#6WDUEXFNV#VWRUH/#ZKHQ# \RX#RSHQ# D#PDLO#RUGHU#SDFNDJH/#ZKHQ# \RX#GULQN#RXU# FRIIHH#RQ# 8QLWHG#$LUOLQHV/#LW#LV#RXU#JRDO#WR#RIIHU#PRUH#WKDQ#MXVW#D#JUHDW#FXS#RI# FRIIHH#²#ZH#ZDQW# WR#RIIHU#D#PHPRUDEOH#H[SHULHQFH# 1# 1# 1#:H#DUH# H[FLWHG# DERXW# WKH# JOREDO# SRVVLELOLWLHV# DV# PRUH# QHZ# FXVWRPHUV# HPEUDFH#RXU#EXVLQHVV/#DQG#ZH#NQRZ# WKDW#ZH#KDYH#PDQ\#EUDQG0 EXLOGLQJ#RSSRUWXQLWLHV#DKHDG#RI#XV1#,Q#4<<7/#ZKHQ#ZH#HQWHUHG#LQWR#D# MRLQW#YHQWXUH#DJUHHPHQW#ZLWK#3HSVL0&ROD#WR#GHYHORS#UHDG\0WR0GULQN# FRIIHH#SURGXFWV/#ZH#NQHZ#WKDW#ZH#ZDQWHG#WR#UHGHILQH#WKH#FDWHJRU\# 1#1#1#1# ZH# ORRN# IRUZDUG# WR# WKH# SRVLWLYH# UHFHSWLRQ# RI# ERWWOHG# )UDSSXFFLQR# 1# 1# 1#EXW#PRVW# LPSRUWDQWO\/# ZH# NQRZ# WKDW# ZH# KDYH# GHYHORSHG#D#SODWIRUP#IRU#ELJJHU#SURGXFW#LQQRYDWLRQV1#'XULQJ#ILVFDO# 4<<9/# ZH# LQVWDOOHG# SURSULHWDU\/# VWDWH0RI0WKH0DUW# URDVWLQJ# DQG# PDQXIDFWXULQJ# HTXLSPHQW# WR# FUHDWH# D# ZRUOG0FODVV# ORJLVWLFV# DQG# PDQXIDFWXULQJ#RUJDQL]DWLRQ#1#1#1#1#2XU#VSHFLDOW\#VDOHV#DQG#PDUNHWLQJ# WHDP#KDV#FRQWLQXHG#WR#GHYHORS#QHZ#FKDQQHOV#RI#GLVWULEXWLRQ#1#1#1#RXU# GLUHFW# UHVSRQVH# JURXS# ODXQFKHG# D# QHZ# $PHULFD# 2QOLQH# &DIp# 6WDUEXFNV#VWRUH#1#1#1#ZH#FRQWLQXH#WR#ZRUN#WRZDUGV#RXU#ORQJ0WHUP#JRDO# RI#EHFRPLQJ#WKH#PRVW#UHFRJQL]HG#DQG#UHVSHFWHG#EUDQG#RI#FRIIHH#LQ# WKH#ZRUOG#1#1#1#1#:H#EHOLHYH#PRUH#VWURQJO\#WKDQ#HYHU#WKDW#DW#WKH#KHDUW# RI# RXU# FRQWLQXLQJ# VXFFHVV# OLH# WKH# FRPSDQ\¶V# WZR# FRUQHUVWRQHV/# FRIIHH#DQG#RXU#SHRSOH#1#1#1#1#7ZHQW\0ILYH#\HDUV#IURP#QRZ/#ZKHQ#ZH# ORRN#EDFN#DJDLQ/#LI#ZH#FDQ#VD\#WKDW#ZH#JUHZ#RXU#FRPSDQ\#ZLWK#WKH# VDPH#YDOXHV#DQG#JXLGLQJ#SULQFLSOHV#WKDW#ZH#HPEUDFH#WRGD\/#WKHQ#ZH# ZLOO#NQRZ#ZH#KDYH#VXFFHHGHG1#

# # 67$5%8&.6¶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¶#H[SRUWHU=# # #

,I# ,#DP#ZRUNLQJ#ZLWK#D#GHDOHU#ZKR#KDV# VROG#PH# 8/333#EDJV#RI# *XDWHPDODQ# IRU#-DQXDU\¶V#VKLSPHQW#DQG#KH#NQRZV# WKDW#KH# LV#QRW# JRLQJ#WR#EH#DEOH#WR#GHOLYHU/#,#GRQ¶W#ZDQW#WR#KHDU#DERXW#LW#LQ#-DQXDU\1# ,#ZDQW#KLP#WR#FDOO#PH#LQ#6HSWHPEHU#DQG#VD\/#µ0DU\/#ZH#DUH#JRLQJ#WR#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#<# <$<;0339# # #

KDYH#WURXEOH#ZLWK#WKLV#-DQXDU\1#:KDW#FDQ#ZH#GR"#+RZ#FDQ#ZH#ZRUN# WKLV#SUREOHP#RXW"#:KDW#FDQ#,#GR#WR#KHOS#\RX"#6KDOO#ZH#VZLWFK#LW#WR# DQRWKHU#FRIIHH"¶#,I#,#KDYH#D#TXDOLW\#SUREOHP/#,#H[SHFW#WR#EH#DEOH#WR# FDOO#XS#WKH#SHUVRQ#,#ERXJKW#WKH#FRIIHH#IURP#DQG#VD\=#µ6RUU\/#,#KDYH# WR#UHMHFW#WKLV>#LW#GRHVQ¶W#PHHW#RXU#VWDQGDUGV1¶#,#H[SHFW#WKHP#WR#VD\=# µ2./#ZH#ZLOO#WDNH#LW#EDFN/#QR#SUREOHP#DQG#ZH#ZLOO#UHSODFH#LW1¶#%RWK# WKH#FXVWRPHU#VHUYLFH#DQG#FRQVLVWHQF\#DUH# WKH# WKLQJV#ZH# ORRN# IRU# RYHU#WLPH1#

# ([SRUWHUV#RI#KLJK#TXDOLW\#FRIIHH#ZHUH#YHU\#DQ[LRXV#WR#EHFRPH#6WDUEXFNV#VXSSOLHUV# EHFDXVH#6WDUEXFNV#SXUFKDVHG#PRUH#KLJK#TXDOLW\#FRIIHH# WKDQ#DQ\RQH#HOVH# LQ# WKH# ZRUOG1#6WDUEXFNV¶#UHODWLRQVKLS#ZLWK#LWV#VXSSOLHUV#ZDV#VR#JRRG#WKDW#LI#6XSSOLHU#µ$¶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

:KHQ#\RX#EOHQG#FRIIHH/#LW¶V#OLNH#EDNLQJ#D#FDNH>#\RX#QHHG#WR#SXW#ORWV# RI#GLIIHUHQW#NLQGV#RI#VSLFHV#LQ#D#VSLFH#FDNH>#\RX#GRQ¶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

# 'HVSLWH#6WDUEXFNV¶#ODUJH#VXSSO\#QHHGV/#JURZLQJ#LWV#RZQ/#KLJK0TXDOLW\#FRIIHH#ZDV# DQ#RSWLRQ#WKDW#ZDV#QHYHU#VHULRXVO\#FRQVLGHUHG1# # #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#43# <$<;0339# # #

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¶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³ZKR# ZLOO# QHHG# FRIIHH# ZKHQ´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¶#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#44# <$<;0339# # # ([HFXWLYH#9LFH#3UHVLGHQW/#6XSSO\#&KDLQ#2SHUDWLRQV/# WKH#SKHQRPHQDO#JURZWK# LQ# WKHVH#EXVLQHVV#XQLWV#ZDV#SRVLQJ#FKDOOHQJHV#WR#VXSSO\#FKDLQ#RSHUDWLRQV=# #

6XSSRUWLQJ#IRXU#EXVLQHVV#XQLWV#LQ#DQ#LQWHJUDWHG/#HIIHFWLYH/#HIILFLHQW/# FRVW0HIIHFWLYH# PHWKRG/# LV# D# FKDOOHQJH1# :H# DUH# WU\LQJ# QHZ# DQG# LQQRYDWLYH# WKLQJV1#:H#DUH#QRW#DIUDLG# WR#HQWHU# LQWR#DJUHHPHQWV#RU# FKDOOHQJH#RXU#VXSSOLHUV#VXFK#DV#8QLWHG#3DUFHO#6HUYLFH#+836,#WR#GR# WKLQJV#LQ#QHZ#DQG#LQQRYDWLYH#ZD\V1#

# # 5(7$,/#6$/(6# # 7KH# UHWDLO# RXWOHW# KDG# EHHQ# 6WDUEXFNV¶# IXQGDPHQWDO# JURZWK# YHKLFOH1# )RU# PDQ\# FXVWRPHUV#6WDUEXFNV#ZDV#QRW#RQO\#D#SODFH#WR#GULQN#FRIIHH#EXW#DOVR#DQ#H[SHULHQFH1# +RZDUG#6FKXOW]¶V#YLVLRQ#IRU#6WDUEXFNV#ZDV#D#SODFH#WKDW#RIIHUHG#LQWHUHVWLQJ#FRIIHH0 UHODWHG#GULQNV#LQ#D#WKHDWULFDO#NLQG#RI#DWPRVSKHUH/#ZKLFK#SLYRWHG#DURXQG#DQ#HVSUHVVR# PDFKLQH=# #

<RX#JHW#PRUH#WKDQ#WKH#ILQHVW#FRIIHH#ZKHQ#\RX#YLVLW#6WDUEXFNV1#<RX# JHW#JUHDW#SHRSOH/#ILUVW0UDWH#PXVLF/#D#FRPIRUWDEOH#DQG#XSEHDW#PHHWLQJ# SODFH/#DQG#VRXQG#DGYLFH#RQ#EUHZLQJ#H[FHOOHQW#FRIIHH#DW#KRPH1#$W# KRPH#\RX¶UH#SDUW#RI#D#IDPLO\1#$W#ZRUN#\RX¶UH#SDUW#RI#D#FRPSDQ\1# $QG#VRPHZKHUH#LQ#EHWZHHQ#WKHUH¶V#D#SODFH#ZKHUH#\RX#FDQ#VLW#EDFN# DQG#EH#\RXUVHOI1#7KDW*V#ZKDW#D#6WDUEXFNV#VWRUH# LV# WR#PDQ\#RI# LWV# FXVWRPHUV#²#D#NLQG#RI#µWKLUG#SODFH¶#ZKHUH#WKH\#FDQ#HVFDSH/#UHIOHFW/# UHDG/#FKDW#RU#OLVWHQ1;#

# 6WDUEXFNV¶# IRUPXOD# ZDV# ILUPO\# EDVHG# LQ# LWV# FRIIHH/# LWV# HPSOR\HHV/# LWV# PHUFKDQGLVLQJ/#LWV#RZQHUVKLS#SKLORVRSK\/#LWV#UHDO0HVWDWH#DSSURDFK/#LWV#LPDJH/#DQG# LWV#LQQRYDWLYHQHVV1# # # (PSOR\HHV# # 6WDUEXFNV¶#VWRUH#HPSOR\HHV#+EDULVWDV,#WHQGHG#WR#EH#HLWKHU#LQ#FROOHJH#RU#XQLYHUVLW\1# 7KH\#UHFHLYHG#D#JUHDW#GHDO#RI# WUDLQLQJ#DQG#ZHUH#DEOH# WR# WDON#DERXW#D#YDULHW\#RI# GLIIHUHQW#FRIIHHV#DQG#SURFHVVHV1#+DYLQJ#EDULVWDV#WKDW#KDG#D#VWURQJ#FRIIHH#HGXFDWLRQ# ZDV# HVVHQWLDO# EHFDXVH# 6WDUEXFNV¶# FRQVXPHUV# ZHUH# EHFRPLQJ# PRUH# DQG# PRUH# NQRZOHGJHDEOH#DERXW#FRIIHH1#0DU\#:LOOLDPV/#693#&RIIHH#IRU#6WDUEXFNV/#RXWOLQHG# WKH#QDWXUH#RI#WKH#TXHVWLRQV#DVNHG#RI#WKH#EDULVWDV#DW#6WDUEXFNV=# #

:H# KDYH# YHU\# HGXFDWHG# FRQVXPHUV1# 7KH\# DVN# YHU\# LQWHUHVWLQJ# TXHVWLRQV#RI# WKH#SHRSOH#ZKR#ZRUN# LQ#RXU# VWRUHV># VXFK#DV/# µ,#DP# KDYLQJ#FKRFRODWH#PRXVVH#IRU#GHVVHUW/#ZKDW#NLQG#RI#FRIIHH#VKRXOG#,#

########################################################### ;4<<8#$QQXDO#5HSRUW/#6WDUEXFNV#&RUSRUDWLRQ##

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#45# <$<;0339# # #

VHUYH"¶>#RU#µ,#DP#KDYLQJ#VKULPS#VFDPSL#IRU#GLQQHU#DQG#D#IUXLW#VDODG# IRU#GHVVHUW/#ZKDW#NLQG#RI#FRIIHH#VKRXOG#,#VHUYH"¶##6R#ZH#KDYH#WR#JLYH# WKH#EDULVWDV#VRPH#NLQG#RI#D#EDVLV#DQG#EDFNJURXQG#VR#WKDW#WKH\#FDQ# DQVZHU#WKHVH#GLIILFXOW#TXHVWLRQV1<#

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¶#FRQFHSW#RI#VWRUH#FOXVWHULQJ/#ZKLFK#RIWHQ#SODFHG# UHWDLO#RXWOHWV#DFURVV#IURP#RQH#DQRWKHU#RU#RQ#WKH#VDPH#EORFN/#DOORZHG#6WDUEXFNV#WR# PD[LPL]H#LWV#PDUNHW#VKDUH#LQ#JLYHQ#DUHDV#RI#D#FLW\#DQG#WR#EHJLQ#EXLOGLQJ#D#UHJLRQDO# UHSXWDWLRQ1# # 7R#PHHW# LWV#JURZWK#QHHGV#6WDUEXFNV#KDG#DSSUR[LPDWHO\#53#UHDO#HVWDWH#PDQDJHUV# DFURVV# WKH# FRXQWU\1# 7KHVH# PDQDJHUV# ZRUNHG# ZLWK# ³VWUHHW# VQLIIHUV/´# L1H1/# SURIHVVLRQDOV# ZKR# VSHFLDOL]HG# LQ# LGHQWLI\LQJ# WKH# EHVW# UHWDLO# ORFDWLRQV1# 7KHLU# FRPPLVVLRQV#ZHUH#SDLG#HLWKHU#E\#WKH#ODQGORUG#RU#E\#6WDUEXFNV1#7KHVH#UHDO#HVWDWH# EURNHUV#ZHUH#JXDUDQWHHG#D#PLQLPXP#FRPPLVVLRQ#SHU# ORFDWLRQ1#,I# WKH# ODQGORUG¶V# EURNHUDJH#FRPPLVVLRQ#GLG#QRW#FRYHU#WKH#PLQLPXP/#6WDUEXFNV#SDLG#WKH#GLIIHUHQFH1# 7KLV#HQJHQGHUHG#D#YHU\# OR\DO#UHODWLRQVKLS#EHWZHHQ#6WDUEXFNV#DQG#WKH#UHDO#HVWDWH# QHWZRUN1# # #

########################################################### <0DU\#:LOOLDPV/#693#&RIIHH/#6WDUEXFNV#&RUSRUDWLRQ#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#46# <$<;0339# # # 6WDUEXFNV#ZDV#YHU\#GLVFLSOLQHG#DERXW#LWV#HQWLUH#DSSURDFK#WR#UHDO#HVWDWH=# #

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¶V#WKH#GLVFLSOLQH#RI# LW1#43#

# $V#6WDUEXFNV#JUHZ#DQG#WKH#QXPEHU#RI#µ$¶#VLWHV#LQ#µ$¶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¶# WUDGHPDUN#ILQLVKHV1#,W#ZRXOG#DOORZ#WKH#FRPSDQ\#WR#WDNH#DGYDQWDJH#RI#VDOHV#DUHDV# VXFK#DV#WUDLQ#VWDWLRQV/#VWUHHW#FRUQHUV/#PDOOV/#HWF1#6WDUEXFNV#ZDV#LQ#WKH#LQLWLDO#VWDJHV# RI#LWV#'RSSLR#VWUDWHJ\1# # # 'RPHVWLF#YHUVXV#,QWHUQDWLRQDO#5HWDLO#,PDJH# #

7KH# UHWDLO# V\VWHP# LV# WKH# EDVH# RU# DQFKRU# RI# WKH# EUDQG0EXLOGLQJ# VWUDWHJ\/#WKH#HVVHQFH#RI#WKH#FRPSDQ\¶V#SDVVLRQ#IRU#TXDOLW\#FRIIHH/# DQG#WKH#VKRZFDVH#IRU#WKH#OLIHVW\OH#WKDW#6WDUEXFNV#LV#GHILQLQJ1#,W#LV# WKLV#OLIHVW\OH#DWWULEXWH#RI#WKH#EUDQG#WKDW#FRXOG#FDWDSXOW#WKH#FRPSDQ\# EH\RQG#LWV#URRWV#DV#D#VSHFLDOW\#UHWDLOHU2UHVWDXUDQW#ZLWK#D#IHZ#FORVHO\# DVVRFLDWHG#EUDQG#H[WHQVLRQV144#

# 6WDUEXFNV#GHFLGHG#WR#HQWHU#WKH#LQWHUQDWLRQDO#PDUNHW#SODFH#WR#SUHYHQW#FRPSHWLWRUV# IURP#JHWWLQJ#D#KHDG#VWDUW/#WR#EXLOG#XSRQ#WKH#JURZLQJ#GHVLUH#IRU#:HVWHUQ#EUDQGV/#DQG# ########################################################### 43$UWKXU#5XELQIHOG/#6HQLRU#9LFH03UHVLGHQW#5HDO#(VWDWH/#6WDUEXFNV#&RUSRUDWLRQ## 440HUULOO#/\QFK#&DSLWDO#0DUNHWV/#6WDUEXFNV#&RPSDQ\#5HSRUW/#6HSWHPEHU#49/#4<<9#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#47# <$<;0339# # # WR# WDNH#DGYDQWDJH#RI#KLJKHU#FRIIHH#FRQVXPSWLRQ# UDWHV# LQ#GLIIHUHQW#FRXQWULHV1# ,W# IRFXVHG#RQ#$VLD#3DFLILF#VLPSO\#EHFDXVH#LW#GLG#QRW#KDYH#WKH#UHVRXUFHV#WR#JR#LQWR# GLIIHUHQW#DUHDV#RI#WKH#JOREH#DW#RQFH#DQG#EHFDXVH#RQH#KDOI#RI#WKH#ZRUOG¶V#SRSXODWLRQ# OLYHG#D#ILYH#DQG#D#KDOI#KRXU#IOLJKW#IURP#WKH#DUHD1#,W#ZDV#H[SHFWHG#WKDW#LQ#WKH#QH[W# ILYH#WR#43#\HDUV/#LQWHUQDWLRQDO#UHWDLO¶V#FRQWULEXWLRQ#ZRXOG#EH#VL]HDEOH1#6HH#([KLELW#9# IRU# D# IRUHFDVW# RI# ,QWHUQDWLRQDO# 5HWDLO¶V# SRWHQWLDO# FRQWULEXWLRQ# WR# 6WDUEXFNV¶# HDUQLQJV1#$OVR#VHH#([KLELW#8#IRU#D#IRUHFDVW#RI#6WDUEXFNV¶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xý 8QLWHG#$LUOLQHV#²#6WDUEXFNV#ZDV#VHUYHG#RQ#DOO#GRPHVWLF#DQG# LQWHUQDWLRQDO# IOLJKWV1#

xý 1RUGVWURP#²#6WDUEXFNV#KDG#GHYHORSHG#D#VSHFLDO#EOHQG#IRU#1RUGVWURP1# xý %DUQHV#)#1REOH#%RRNVWRUHV#²#6WDUEXFNV#RSHUDWHG# LQGLYLGXDO#EXW#DWWDFKHG# ORFDWLRQV1#0DQ\#RI#WKHVH#ORFDWLRQV#KDG#VHSDUDWH#HQWUDQFHV#WKDW#DOORZHG#WKHP#WR# VWD\#RSHQ#HYHQ#DIWHU#%DUQHV#)#1REOH#FORVHG1#

xý 3HSVL&R#²#6WDUEXFNV#DQG#3HSVL&R#KDG# MRLQWO\#GHYHORSHG# WKH#)UDSSXFFLQR# SURGXFW/#D#PLON0EDVHG#FROG#FRIIHH#EHYHUDJH#LQ#D#ERWWOH1#

xý 3ULFH&RVWFR#²#6WDUEXFNV#KDG#GHYHORSHG#D#VSHFLDO#EUDQG#QDPH/#0HULGLDQ/#IRU# 3ULFH&RVWFR1#

xý 5HG# +RRN# %UHZHULHV# ²# 6WDUEXFNV# SURYLGHG# FRIIHH# FRQFHQWUDWH# DV# DQ# LQJUHGLHQW#IRU#RQH#RI#WKH#EUHZHU\¶V#EHHUV/#'RXEOH#%ODFN#6WRXW1#

xý 'UH\HUV¶#,FH#&UHDP#²#,Q#WKLV#MRLQW#YHQWXUH/#6WDUEXFNV#KDG#LWV#RZQ#EUDQG#RI# LFH#FUHDP#WKDW#'UH\HUV¶#SURPRWHG#YLD#LWV#JURFHU\#FKDQQHOV1#

xý $5$0$5.#²#7KLV#ZDV# WKH#ZRUOG¶V# OHDGLQJ#SURYLGHU#RI#D#EURDG#UDQJH#RI# VHUYLFHV#WR#EXVLQHVVHV/#UHDFKLQJ#43#PLOOLRQ#SHRSOH#D#GD\#DW#PRUH#WKDQ#733/333# ORFDWLRQV1#7KURXJK#$5$0$5./#6WDUEXFNV#FRIIHH#ZDV#QRZ#EHLQJ#VHUYHG#DW# RYHU#RQH#KXQGUHG#RI#WKRVH#ORFDWLRQV/#LQFOXGLQJ#VXFK#FROOHJH#FDPSXVHV#DV#WKH# 8QLYHUVLW\#RI#)ORULGD#DQG#%RVWRQ#8QLYHUVLW\/#FRUSRUDWLRQV#VXFK#DV#%RHLQJ#DQG# &LWLFRUS/#DQG#KRVSLWDOV#VXFK#DV#6W1#9LQFHQW¶V#LQ#1HZ#<RUN1#$5$0$5.#DOVR# KDG#D#IHZ#OLFHQFHG#ORFDWLRQV1#

# 6RPH#RI# WKHVH# SDUWQHUVKLSV# LQYROYHG# VHUYLQJ#6WDUEXFNV# FRIIHH/# VRPH#ZHUH# IRU# SURGXFW# GHYHORSPHQW# DQG# RWKHUV# ZHUH# IRU# VWRUH# GHYHORSPHQW1# 6WDUEXFNV# ZDV# DFWLYHO\#LQFUHDVLQJ#LWV#SDUWLFLSDWLRQ#LQ#VSHFLDOW\#VDOHV#FRQWUDFWV1# # #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#48# <$<;0339# # #

1(:#9(1785(6# # 7KUHH#RI#6WDUEXFNV¶#QHZHVW#EXVLQHVV#YHQWXUHV#LQFOXGHG#LWV#FRQWUDFW#ZLWK#'UH\HUV¶# ,FH#&UHDP/#LWV#ERWWOHG#)UDSSXFFLQR#SURGXFW#ZLWK#3HSVL#DQG#LWV#SHQHWUDWLRQ#LQWR#WKH# JURFHU\#FKDQQHO1# # ,W#ZDV#HVWLPDWHG# WKDW#6WDUEXFNV¶# LFH#FUHDP#ZRXOG#SHUKDSV# UHDFK#'73#PLOOLRQ#DW# UHWDLO#DQG#FRQWULEXWH#DW#OHDVW#'833/333#WR#HDUQLQJV#GXULQJ#ILVFDO#4<<:1#$OWKRXJK#WKH# UHWXUQ#ZDV#VRPHZKDW#OLPLWHG#+VHH#([KLELW#9,/#LW#RSHQHG#6WDUEXFNV# WR#DQ#HQWLUHO\# QHZ#FXVWRPHU#EDVH/#UHLQIRUFHG#LWV#SUHPLXP#TXDOLW\#LPDJH/#DQG#EXLOW#LWV#UHSXWDWLRQ# ZLWK#VXSHUPDUNHW#FKDLQV1# # %RWWOHG#)UDSSXFFLQR#ZDV#6WDUEXFNV¶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¶V#QDWLRQDO#GLVWULEXWLRQ#FKDQQHOV1#6HH#([KLELW#9# IRU#D#IRUHFDVW#RI#ERWWOHG#)UDSSXFFLQR¶V#FRQWULEXWLRQ#WR#6WDUEXFNV¶#IXWXUH#HDUQLQJV1# # ,Q#SHQHWUDWLQJ#WKH#JURFHU\#PDUNHW/#6WDUEXFNV#PHW#ZLWK#D#JUHDW#GHDO#RI#VXFFHVV#ZKHQ# LW#EHJDQ#WHVW#PDUNHWLQJ#LQ#WKH#3RUWODQG#DUHD1#1RZ#LW#ZDV#WHVW#PDUNHWLQJ#WKH#&KLFDJR# PDUNHW1#,I#LW#ZDV#VXFFHVVIXO#LQ#&KLFDJR/#WKHQ#LW#ZRXOG#FRQVLGHU#LQLWLDWLQJ#D#QDWLRQDO# UROO#RXW#ZLWK#WKH#H[SHFWDWLRQ#WKDW#LQ#ILYH#\HDUV#LW#ZRXOG#EH#QDWLRQDOO\#DYDLODEOH1#6HH# ([KLELW# 9# IRU# DQ# HVWLPDWH# RI# WKH# LPSDFW# RI# D# QDWLRQDO# UROO# RXW# RQ# 6WDUEXFNV¶# HDUQLQJV1#0U1#2ULQ#6PLWK/#6WDUEXFNV#3UHVLGHQW#DQG#&22/#H[SODLQHG#KRZ#KH#YLHZHG# WKH#LPSRUWDQFH#RI#6WDUEXFNV¶#SHQHWUDWLRQ#LQWR#WKH#JURFHU\#FKDLQ=# #

3UHVHQFH#LQ#VXSHUPDUNHWV#LV#QRW#HVVHQWLDO#WR#6WDUEXFNV¶#VXUYLYDO#RU# SURVSHULW\1# +RZHYHU/# LQ# WKH# LQWHUHVW# RI# EHLQJ# D# PDMRU# SOD\HU# LQ# FRIIHH#IRU#WKH#KRPH/#ZH#KDYH#WR#EH#DYDLODEOH#LQ#VXSHUPDUNHWV1#7KLV# LV#EHFDXVH#FRQYHQLHQFH#SOD\V#D#NH\#UROH#LQ#WKH#GHFLVLRQ#WR#SXUFKDVH# FRIIHH# IRU# WKH#KRPH1#7KHUHIRUH/#QR#PDWWHU#KRZ#PDQ\# VWRUHV#ZH# RSHQ/# ZH# ZLOO# QHYHU# RYHUFRPH# WKH# µFRQYHQLHQFH¶# DGYDQWDJH# RI# VXSHUPDUNHWV1#)RU#XV/# WKH#FKRLFH# LV#FOHDU=#$UH#ZH#JRLQJ# WR#DOORZ# VXSHUPDUNHWV#WR#FRQWLQXH#WR#FDSWXUH#:3#WR#;3#SHU#FHQW#RI#WKH#KRPH# FRIIHH#EXVLQHVV#RU#DUH#ZH#JRLQJ# WR# MRLQ#XS#DQG# WDNH#RXU#SLHFH#RI# WKDW"#6XSHUPDUNHWV#DUH#YHU\#LQWHUHVWHG#LQ#FDUU\LQJ#6WDUEXFNV#&RIIHH# EHFDXVH#ZH# FDQ#RIIHU# WKHP#JUHDWHU#PDUJLQV>#ZH# FDQ#JURZ# WKHLU#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#49# <$<;0339# # #

EXVLQHVV#DQG#ZH#ZLOO#KHOS#SXOO#FRQVXPHUV#RXW#RI#WKH#ORZHU#SULFHG# FDWHJRULHV#LQWR#RXU#FDWHJRU\145#

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³QRW#D#IHDU#RI#IDLOXUH#EXW#D#IHDU#RI#PHGLRFULW\1´#+H#ZDV#WKH#ILUVW#LQ# KLV#IDPLO\#WR#JHW#D#FROOHJH#GHJUHH#DQG#KDG#DOZD\V#EHHQ#DQ#RYHU0DFKLHYHU1#+H#ZDV# \RXQJ#DQG#HQHUJHWLF#DW#78#DQG#YHU\#KDQGV0RQ#LQ#WKH#FRPSDQ\1## #

+RZDUG# LV#YHU\#FUHDWLYH/#KH# LV#YHU\# LQVSLULQJ/#KH# LV#H[FHSWLRQDOO\# GHPDQGLQJ/# KH# LV# WUHPHQGRXVO\# FRPSHWLWLYH/# H[FHSWLRQDOO\# DPELWLRXV/#DQG#KDV#YHU\#KLJK#VWDQGDUGV#LQ#HYHU\WKLQJ#ZH#FDQ#GR#DQG# KH# LV#DOZD\V#UDWFKHWLQJ# WKH#EDU#XS1#+H#UHDOO\#FDUHV#DERXW#SHRSOH># DQ\WKLQJ#DQ\RQH#ZRXOG#GR#WR#GDPDJH#WKH#FXOWXUH#²#KH#ZRXOG#EH# ULJKW#RQ#LW146#

#

########################################################### 452ULQ#6PLWK/#&KLHI#2SHUDWLQJ#2IILFHU/#6WDUEXFNV#&RUSRUDWLRQ## 462ULQ#6PLWK/#&KLHI#2SHUDWLQJ#2IILFHU/#6WDUEXFNV#&RUSRUDWLRQ##

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#4:# <$<;0339# # # +RZDUG#6FKXOW]#SOD\HG#D#YHU\#LPSRUWDQW#DQG#XQLTXH#UROH#DW#6WDUEXFNV1# #

7KH# EDULVWD¶V# LQWHUSUHWDWLRQ# RI# WKH# YLVLRQ# LV# WKH# HQJLQH# RI# WKH# FRPSDQ\/#+RZDUG#LV#WKH#RQ0ERDUG#FRPSXWHU/#DQG#WR#VRPH#H[WHQW#KH# LV#DOVR#WKH#IXHO#WKDW#GULYHV#WKURXJK#LW1#3HRSOH#DURXQG#KHUH#IHHO#YHU\# PXFK#WKDW#WKH\#DUH#IROORZLQJ#+RZDUG#XS#VRPH#PRXQWDLQ#ZLWK#D#IODJ# FOHQFKHG#XQGHU#WKHLU#WHHWK#DQG#WKH\#JLYH#443#SHU#FHQW147#

# # +80$1#5(6285&(6# # 6WDUEXFNV#KDG#D#YHU\#IODW#RUJDQL]DWLRQDO#VWUXFWXUH1#(YHU\RQH#IURP# WKH#&(2# WR#D# EDULVWD#ZDV#D#SDUWQHU#DQG#QRW#DQ#HPSOR\HH1#6WDUEXFNV#SODFHG#D#JUHDW#GHDO#RI#HIIRUW# LQWR#VHHNLQJ#WKH#WKRXJKWV#DQG#RSLQLRQV#RI#LWV#EDULVWDV/#EHFDXVH#WKH\#ZHUH#LQ#GLUHFW# FRQWDFW#ZLWK#6WDUEXFNV¶#FXVWRPHUV1#6WDUEXFNV¶#UHWDLO#PDQDJHPHQW/#DW#KHDGTXDUWHUV/# NHSW#LQ#UHJXODU#FRQWDFW#ZLWK#ILHOG#SHRSOH1#0DQ\#SHRSOH#LQ#WKH#VWRUHV#NQHZ#'HLGUD# :DJHU/#WKH#([HFXWLYH#9LFH03UHVLGHQW#RI#5HWDLO/#DQG#ZRXOG#QRW#KHVLWDWH#WR#FDOO#KHU# GLUHFWO\#WR#WDON#DERXW#WKH#UHWDLO#JURXS¶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¶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³%HDQ#6WRFN/´#DQ#HPSOR\HH#VWRFN# RSWLRQ#SODQ1#7KLV#ZDV#TXLWH#SURILWDEOH#IRU#VRPH#HPSOR\HHV1# # )URP#LWV#EDULVWDV#WR#LWV#VHQLRU#PDQDJHUV/#6WDUEXFNV#WRRN#JUHDW#FDUH#LQ#UHFUXLWPHQW1# )RU#EDULVWDV/#WXUQRYHU#UDWHV#ZHUH#DERXW#93#SHU#FHQW>#WKLV#ZDV#OHVV#WKDQ#KDOI#RI#WKH# LQGXVWU\#DYHUDJH#+483#WR#633#SHU#FHQW,1#0DQ\#RI#WKH#VHQLRU#PDQDJHUV#FDPH#IURP# FRPSDQLHV# OLNH# 7DFR# %HOO/# 1LNH/# 0F'RQDOGV/# +DOOPDUN/# :HQG\¶V/# DQG# %ORFNEXVWHU1#7KHVH#PDQDJHUV#NQHZ#KRZ#WR#PDQDJH#D#KLJK#JURZWK#UHWDLOHU1#

########################################################### 476FRWW#%HGEXU\/#6HQLRU#9LFH03UHVLGHQW/#0DUNHWLQJ/#6WDUEXFNV#&RUSRUDWLRQ##

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#4;# <$<;0339# # #

25*$1,=$7,21$/#&8/785(# # 7KH#IROORZLQJ#VL[#JXLGLQJ#SULQFLSOHV/#IURP#WKH#FRPSDQ\¶V#4<<8#$QQXDO#5HSRUW/# KHOSHG#6WDUEXFNV#PHDVXUH#WKH#DSSURSULDWHQHVV#RI#LWV#GHFLVLRQV=# # 41# 3URYLGH# D# JUHDW# ZRUN# HQYLURQPHQW# DQG# WUHDW# HDFK# RWKHU# ZLWK# UHVSHFW# DQG# GLJQLW\1#

51# (PEUDFH#GLYHUVLW\#DV#DQ#HVVHQWLDO#FRPSRQHQW#RI#WKH#ZD\#ZH#GR#EXVLQHVV1# 61# $SSO\#WKH#KLJKHVW#VWDQGDUGV#RI#H[FHOOHQFH#WR#WKH#SXUFKDVLQJ/#URDVWLQJ/#DQG#IUHVK# GHOLYHU\#RI#RXU#FRIIHH1#

71# 'HYHORS#HQWKXVLDVWLFDOO\#VDWLVILHG#FXVWRPHUV#DOO#RI#WKH#WLPH1# 81# &RQWULEXWH#SRVLWLYHO\#WR#RXU#FRPPXQLW\#DQG#RXU#HQYLURQPHQW1# 91# 5HFRJQLVH#WKDW#SURILWDELOLW\#LV#HVVHQWLDO#WR#RXU#IXWXUH#VXFFHVV1# # 7KH#IROORZLQJ#VWDWHPHQWV#FDSWXUHG#HPSOR\HH#VHQWLPHQWV#DERXW#6WDUEXFNV¶#FXOWXUH1# #

:KHQ#SHRSOH#DVN#PH#ZKDW#,#GR#IRU#D#OLYLQJ/#,#VD\=#,#GULQN#FRIIHH#DQG# WDON#DERXW#LW1#7KDW¶V#P\#MRE#²#QRW#WRR#VKDEE\1#,#KDYH#D#ORW#WR#OHDUQ/# DQG#D#ORW#RI#SODFHV#,#FDQ#JR#LI#,#ZDQWHG#WR#OHDYH#6WDUEXFNV/#EXW#LWV#VR# LQWHUHVWLQJ#DQG#,¶YH#PHW#WKH#QHDWHVW#SHRSOH#WKDW#ZRUN#KHUH1#,#KDYH#D# ORW#RI#SDVVLRQ#IRU#LW1#<RX#NQRZ#\RX#JR#WKURXJK#EXPSV#DQG#JULQGV# EHFDXVH#ZH¶YH#FKDQJHG#D# ORW#EXW# LW¶V# OLNH#EHLQJ# LQ#DQ\#NLQG#RI# UHODWLRQVKLS1#<RX#IDOO#LQ#ORYH/#LW¶V#DOO#JUHDW/#HYHU\WKLQJ#LV#EHDXWLIXO# DQG#WKHQ#\RX#ILQG#RXW#WKDW#WKHUH#DUH#VRPH#WKLQJV#OLNH#ZULQNOHV#RU# EDG#KDELWV1#<RX#ZRUN#RQ#WKRVH#DQG#WKHQ#\RX¶UH#LQ#SXSS\#ORYH#DJDLQ1# ,#ORYH#ZRUNLQJ#DW#6WDUEXFNV>#P\#KXVEDQG#WKLQNV#LW¶V#SUHWW\#WZLVWHG1#,# PHDQ#,#ZDV#D#VWRUH#PDQDJHU#DQG# ,# OLYHG#DW#P\#VWRUH# 1# 1# 1#SHRSOH# ZRXOG# VD\# WKDW#\RX#GR# VXFK#D#JUHDW# MRE#DQG# ,#ZRXOG# VD\# WKDW# ,# FRXOGQ¶W#GR#LW#ZLWKRXW#WKHVH#SHRSOH#²#,#FDQ¶W#GR#LW#DORQH#²#QRQH#RI# XV#FDQ1#,# WRWDOO\#UHO\#RQ# WKH#ZHDOWK#DQG#GHSWK#RI#NQRZOHGJH# WKDW# RWKHU#SHRSOH#KDYH/# WKH#EDFNJURXQG# WKH\#EULQJ# WR#6WDUEXFNV/# WKHLU# VXSSRUW#DQG#ZRUN#HWKLF1#$QG#,#MXVW#HPEUDFH#WKDW#KXJHO\>#,#FDQ#EULQJ# P\#ZHLUG#LGHDV#DQG#EH#DV#JRRI\#DV#,#ZDQW#RQH#GD\#RU#DV#VHULRXV#DV#,# QHHG# WR#EH#DQRWKHU#GD\#DQG# LWV#2.1#:KHQ# ,#VWDUWHG#DW#6WDUEXFNV# VRPHRQH#WROG#PH=##\RX#WHOO#PH#ZKDW#\RX#ZDQW#WR#GR#DQG#,#ZLOO#KHOS# \RX148#

# ,Q#D#GD\#RIIVLWH/#ZLWK# -LP#&ROOLQV# +DXWKRU#RI#%XLOW# WR#/DVW,/# WKH# VHQLRU#PDQDJHPHQW# WHDP#RI#73#SHRSOH#RU#VR#ZDV#GLYLGHG# LQWR#43# JURXSV#RI#IRXU1#)LUVW/#ZH#LGHQWLILHG#RXU#RZQ#VHW#RI#YDOXHV#DQG#WKHQ# ZKHQ#ZH#EURNH#LQWR#JURXSV#RI#IRXU#SHRSOH#DQG#FRPELQHG#RXU#OLVWV#RI# YDOXHV1#,W#ZDV#DEVROXWHO\#PLQG0ERJJOLQJ#WKDW#ZH#DOO#FDPH#EDFN#DQG# KDG#H[DFWO\#WKH#VDPH#OLVW#RI#YDOXHV1#&ROOLQV#KDG#QHYHU#VHHQ#DQ\WKLQJ# OLNH# WKDW1#(YHU\RQH# LV#SDVVLRQDWH#DERXW#ZKDW# WKH\#GR/#DERXW# OLIH/#

########################################################### 48$LOHHQ#&DUUHOO/#&RIIHH#7DVWHU/#6WDUEXFNV#&RUSRUDWLRQ##

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#4<# <$<;0339# # #

DERXW#HYHU\WKLQJ1#(YHU\ERG\#KDV#D#VHQVH#RI#LQWHJULW\/#WKDW#ZH#ZDQW# WR#VXFFHHG#EXW#ZH#ZDQW#WR#GR#LW#LQ#D#IDLU/#HTXLWDEOH/#HWKLFDO#ZD\1#:H# FDUH#DERXW#ZLQQLQJ>#\RX#NQRZ#ZH#DUHQ¶W#DVKDPHG#WR#DGPLW#WKDW#ZH# ZDQW#WR#EH#VXFFHVVIXO/#WKDW#ZH#GR#FDUH#DERXW#SHRSOH#DQG#GR#UHVSHFW# RXU#SDUWQHUV1#7KH# ILIWK#YDOXH#ZDV#RXU# HQWUHSUHQHXULDO# VSLULW1#:H# GRQ¶W#ZDQW#WKLV#WR#EHFRPH#D#ELJ#FRPSDQ\>#ZH#ZDQW#WR#FRQWLQXDOO\# VWULYH#WR#EH#LQQRYDWLYH#DQG#FRQWLQXDOO\#UHMXYHQDWH#WKH#FRPSDQ\149#

# # ),1$1&,$/# # 6WDUEXFNV¶#VWRFN#SULFH#DQG#(36#KDG#EHHQ#UDSLGO\#LQFUHDVLQJ#RYHU#WKH#ODVW#ILYH#\HDUV# +VHH# ([KLELW# :,1# ,Q# WKH# VSDQ# RI# VL[# PRQWKV/# IURP# -DQXDU\# WR# -XQH# 4<<:/# IRXU# SURPLQHQW# LQYHVWPHQW# FRPSDQLHV#KDG# UDWHG# WKH# FRPSDQ\# DV# D# ³%8<´# LQ# WKHLU# UHSRUW# WR# LQYHVWRUV1#6HH#([KLELW#;# IRU#D# IRUHFDVW# IURP#HDFK#RI# WKHVH#FRPSDQLHV# UHJDUGLQJ#(36/#32(# UDWLRV#DQG#VKDUH#SULFH1#2QH# LQYHVWPHQW#FRPSDQ\# WKDW# UDWHG# 6WDUEXFNV#DV#D#ORQJ0WHUP#EX\#VWDWHG=# #

6LQFH# LWV# 4<<5# ,32/#6WDUEXFNV#KDV# H[HFXWHG# LWV# VWUDWHJ\# WR#QHDU# SHUIHFWLRQ/# DFKLHYLQJ# LWV# LQLWLDO# JRDO# RI# EXLOGLQJ# WKH# FRXQWU\¶V# OHDGLQJ#EUDQGHG#UHWDLOHU#RI#VSHFLDOW\#FRIIHHV1#$V#JURZWK#LQ#LWV#1RUWK# $PHULFDQ#UHWDLO#EXVLQHVV#GHFHOHUDWHV#IURP#XQVXVWDLQDEO\#UDSLG#UDWHV/# WKH# FRPSDQ\# LV# QRZ# LQ# WKH# HDUO\# VWDJHV# RI# SXUVXLQJ# D# PRUH# DPELWLRXV#JRDO#²#WR#EXLOG#WKH#PRVW#UHFRJQL]HG#DQG#UHVSHFWHG#FRIIHH# EUDQG#LQ#WKH#ZRUOG1#&XUUHQW#LQLWLDWLYHV#LQFOXGH#WKH#GHYHORSPHQW#RI# 6WDUEXFNV#VWRUHV#ZLWK# ORFDO#SDUWQHUV# LQ# WKH#3DFLILF#5LP/#GRPHVWLF# EUDQG#H[WHQVLRQV# LQWR#SDFNDJHG# LFH#FUHDP#DQG#ERWWOHG#EHYHUDJHV/# DQG# WHVW0PDUNHWLQJ# 6WDUEXFNV# ZKROH# EHDQ# FRIIHHV# LQ# WKH# VXSHUPDUNHW#FKDQQHO1#:KLOH#JUHDWO\#HQKDQFLQJ#WKH#FRPSDQ\¶V#ORQJ0 WHUP#JURZWK#SRWHQWLDO/#ZH#EHOLHYH#WKHVH#QHZ#SXUVXLWV#DOVR#UDLVH#WKH# ULVN#SURILOH#RI#WKH#VWRFN1#:LWK#6%8;#VKDUHV#WUDGLQJ#DW#66#WLPHV#RXU# HVWLPDWH# RI# FDOHQGDU# 4<<;# (36/# ZH# EHOLHYH# H[WUDRUGLQDU\# LQWHUPHGLDWH0WHUP#DSSUHFLDWLRQ#UHOLHV#XSRQ#WKH#VXFFHVVIXO#H[HFXWLRQ# RI#WKHVH#YHQWXUHV1#*LYHQ#WKH#VWUHQJWK#RI#WKH#EUDQG/#RXU#FRQILGHQFH#LQ# PDQDJHPHQW/# DQG# LPSUHVVLYH# MRLQW0YHQWXUH# SDUWQHUV/# ZH# DUH# RSWLPLVWLF# WKDW# WKHVH# DFWLYLWLHV/# LQ# WKH# DJJUHJDWH/# ZLOO# FRQWULEXWH# VLJQLILFDQWO\#WR#6WDUEXFNV¶#SURILWDELOLW\#RYHU#WKH#QH[W#WKUHH#WR#ILYH# \HDUV1#:H#FRQFOXGH#WKDW#6WDUEXFNV#UHPDLQV#D#FRUH#KROGLQJ#IRU#ORQJ0 WHUP#JURZWK#VWRFN#LQYHVWRUV/#DOEHLW#ZLWK#KLJKHU#ULVN/#DV#LW#WUDQVLWLRQV# IURP#D#FDWHJRU\0GRPLQDQW#GRPHVWLF#EUDQGHG#UHWDLOHU#LQWR#D#JOREDO# FRQVXPHU#EUDQG14:#

#

########################################################### 49/L]#6LFNOHU/#'LUHFWRU/#6SHFLDO#3URMHFWV/#6WDUEXFNV#&RUSRUDWLRQ## 4::LOOLDP#%ODLU#DQG#&RPSDQ\#RQ#-XQH#53/#4<<:#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#53# <$<;0339# # # ,Q#1RUWK#$PHULFD/#6WDUEXFNV#RZQHG#DOO#RI#LWV#UHWDLO#RXWOHWV#RWKHU#WKDQ#KRVW#OLFHQVLQJ# DUUDQJHPHQWV1#+RZHYHU/#RZQLQJ#DOO#RI# LWV#VWRUHV/#6WDUEXFNV#ZDV# IDFHG#ZLWK# WKH# SURVSHFW# RI# GHSHQGLQJ# KHDYLO\# RQ# HTXLW\# DQG# GHEW# ILQDQFLQJ# WR# JURZ1# ,WV# FRPSHWLWRUV#OLNH#6HDWWOH¶V#%HVW#&RIIHH#DQG#WKH#6HFRQG#&XS#ZHUH#DOO#IUDQFKLVHG/#DQG# FRQVHTXHQWO\/# QHHGHG# OHVV# LQWHUQDO# ILQDQFLQJ# WR# UROO# RXW# VWRUHV1# )RU#6WDUEXFNV¶# EDODQFH#VKHHW/#VHH#([KLELW#<1#)RU#WKH#LQFRPH#VWDWHPHQW/#VHH#([KLELW#:1# # # 0$5.(7,1*# # 2I#NH\#FRQFHUQ# LQ#6WDUEXFNV¶#PDUNHWLQJ#GHSDUWPHQW#ZDV# LWV#EUDQG#HTXLW\1#7KH# UHWDLO#EXVLQHVV#KDG#KLVWRULFDOO\#EHHQ#6WDUEXFNV¶#VRXUFH#RI#EUDQG#HTXLW\1#7KLV#KDG# PHDQW# WKDW#6WDUEXFNV#ZDV#QHYHU# MXVW#DERXW# WKH#FRIIHH># LW#ZDV#DERXW#D#SODFH/#DQ# H[SHULHQFH1# # 6WDUEXFNV#QRZ#ZDQWHG#WR#GHYHORS#LWV#EUDQG#EH\RQG#EHLQJ#WKH#SUHIHUUHG#RXWOHW#IURP# ZKLFK# WR# SXUFKDVH# FRIIHH# WR# EHFRPLQJ# WKH# SUHIHUUHG# FRQVXPHU# EUDQG1# 6FRWW# %HGEXU\/#6WDUEXFNV¶#6HQLRU#9LFH03UHVLGHQW#RI#0DUNHWLQJ/#H[SODLQHG#LWV#EUDQG=# #

:H#DUH#WUDQVLWLRQLQJ#IURP#D#YHU\#UHWDLO#FHQWULF#YLHZ#DERXW#WKH#EUDQG# WR#D#YLHZ#WKDW#ZLOO#DOORZ#XV#WR#VD\#WKDW#6WDUEXFNV¶#UROH#LV#WR#SURYLGH# XSOLIWLQJ#PRPHQWV#WR#SHRSOH#HYHU\#GD\1#,#GLGQ¶W#VD\#FRIIHH$##,I#\RX# JR#EH\RQG#FRIIHH/#\RX#FDQ#JHW#WR#PXVLF/#\RX#FDQ#JHW#WR#OLWHUDWXUH/# \RX#FDQ#JHW# WR#D#QXPEHU#RI#GLIIHUHQW#DUHDV1#,W#FDQ#DOVR#EHFRPH#D# OLFHQVH#WR#GLOXWH#WKH#EUDQG1#7KHUHIRUH#RXU#JRDO#LV#WR#UHPDLQ#WUXH#WR# RXU#FRUH/#FRIIHH1#$IWHU#DOO#ZH#DUH#WKH#SURWHFWRUV#RI#VRPHWKLQJ#WKDW#LV# <33#PLOOLRQ#\HDUV#ROG1#-XVW# OLNH#ZKHQ#\RX#GURS#D#URFN# LQ#D#SRQG# WKHUH#ZLOO#EH#ULSSOHV#WKDW#FRPH#RXWVLGH#WKDW#FRUH/#6WDUEXFNV#LV#QRW# MXVW#D#SRXQG#RI#FRIIHH/#EXW#D#WRWDO#FRIIHH#H[SHULHQFH1#

# 2QH#RI#WKH#NH\#FKDOOHQJHV#IDFHG#E\#6WDUEXFNV#ZDV#WU\LQJ#FRQFUHWHO\#WR#GHILQH#LWV# EUDQG# LPDJH1#&RPSDQ\#H[HFXWLYHV# IHOW# WKDW# WKLV#ZDV#HVVHQWLDO#EHIRUH#6WDUEXFNV# VWDUWHG# PRXQWLQJ# JUDQG0VFDOH# QDWLRQDO0DGYHUWLVLQJ# FDPSDLJQV# DQG# RWKHU# EUDQG# OHYHUDJLQJ# DFWLYLWLHV1# /L]# 6LFNOHU/# 6WDUEXFNV# 'LUHFWRU# RI# 6SHFLDO# 3URMHFWV/# FRPPHQWHG=# #

,#GRQ¶W#WKLQN#WKDW#ZH#OHYHUDJH#RXU#VL]H#ZHOO#HQRXJK1#9HU\#RIWHQ#ZH# KDYH#VWURQJ#FRPSHWLWLRQ#LQ#ORFDO#PDUNHWV#IURP#&DULERX/#WR#6HDWWOH¶V# %HVW#&RIIHH#WR#WKH#6HFRQG#&XS#LQ#&DQDGD1#$QG#LW¶V#DOZD\V#PLQG0 ERJJOLQJ#KRZ# WKH\#FDQ#EH# VR#FRPSHWLWLYH# LQ# WKHLU# ORFDO#PDUNHWV# GHVSLWH#WKH#IDFW#WKDW#RXU#QDWLRQDO#EUDQG#LPDJH#LV#VR#PXFK#VWURQJHU1# :H#QHHG# WR#WDNH#DGYDQWDJH#RI#RXU#QDWLRQDO#SUHVHQFH1#:H#QHHG# WR# FRPSHWH#RQ#RXU#EUDQG#UHFRJQLWLRQ1#,#WKLQN#WKDW¶V#ZK\#ZH#VWDUWHG#WR# GR#VRPH#QDWLRQDO#DGYHUWLVLQJ#WKLV#\HDU#WR#VHH#LI#WKDW¶V#KRZ#ZH#FDQ#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#54# <$<;0339# # #

OHYHUDJH#RXU#VL]H1#,#WKLQN#JRLQJ#LQWR#GLIIHUHQW#GLVWULEXWLRQ#FKDQQHOV# DQG#OHYHUDJLQJ#WKH#EUDQG#LV#WKH#DQVZHU1#

# # 237,216# # +RZDUG#6FKXOW]#DQG#WKH#VHQLRU#PDQDJHPHQW#DW#6WDUEXFNV#ZHUH#FRPPLWWHG#WR#WKH# FRPSDQ\¶V#VWUDWHJ\1#,W#ZDV#IHOW#WKDW#6WDUEXFNV¶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¶V#NH\#FRQFHUQV1# # #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#55# <$<;0339# # #

([KLELW#4# #

63(&,$/7<#&2))((#6$/(6# $6#$#3(5&(17$*(#2)#727$/#&2))((#6$/(6#

# #

# # 6RXUFH=#6SHFLDOW\#&RIIHH#$VVRFLDWLRQ#RI#$PHULFD/#0RQWJRPHU\#6HFXULWLHV#9ROXPH#5:# # #

([KLELW#5# #

&203$5,1*#7+(#5(7$,/#6$/(6#2)#&2))((#+86'#0,//,216,# # #

# 4<<3## 4<<7# #

4<<;(# #

4<<3±4<<7# JURZWK#

4<<7±4<<;(# JURZWK#

*URXQG#5HJXODU# #5/383### 4/573# ###;33# ±441;(# ±4317(# *URXQG#'HFDIIHLQDWHG# ##983# ###8:8# ###783# ±613(# ±81<(# *URXQG#6SHFLDOW\# ##;43# 4/648# 4/968# 451<(# #819(# ,QVWDQW#5HJXODU# 4/4:8# 4/343# ###:;3# ±61:(# ±916(# ,QVWDQW#'HFDIIHLQDWHG# ##6;8# ###5<8# ###4:3# ±917(# ±451<(# :KROH#%HDQ# #588# ###6;3# ###833# 4318(# #:14(# 5HDG\07R0'ULQN# ####8# ###583# 4/588# 4981<(# 7<1:(#

7RWDO# 8/663#### 8/398# 8/8<3# ±416(# #518(# # 6RXUFH=#<RUNWRQ#6HFXULWLHV#,QF1/#0DUFK#58/#4<<:#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#56# <$<;0339# # #

([KLELW#6# #

&2))((#&+$,16¶#672&.#35,&(6#$1'#0$5.(7#&$3,7$/,=$7,216# #

<HDU# &RPSDQ\#

+LJK#+',# /RZ#+',# 0DUNHW#&DS1# +'#PLOOLRQV,#

8161#&RPSDQLHV# %URWKHUV# 7196# 5146# 631;# &RIIHH#3HRSOH# <16;# 9133# 5417# 'LHGULFK# 45133# 6133# 5619# *UHHQ#0RXQWDLQ# :183# 91;;# 571;# 6WDUEXFNV# 73158# 54183# 5/76;18#

&DQDGLDQ#&RPSDQLHV# &DUD# 71;3# 6163# 77315# 9DQ#+RXWWH# 5;168# 4;183# 55819# 6HFRQG#&XS# 46168# <148# 46:15#

# &203$5,1*#7+(#&2))((#&+$,16#

# &RPSDQ\# 7(9#+4,2(%,7'$#+5,# 1HW#0DUJLQ#

8161#&RPSDQLHV# %URWKHUV# 913# ±4713(# &RIIHH#3HRSOH# ;17# 41:(# 'LHGULFK# 4819# 415(# *UHHQ#0RXQWDLQ# :16# 616(# 6WDUEXFNV# 5814# 913(# $YHUDJH# 4718# #

&DQDGLDQ#&RPSDQLHV# &DUD# :1:# 81;(# 9DQ#+RXWWH# :1;# 71:(# 6HFRQG#&XS# 4615# ±61:(# $YHUDJH# 4:1<# #

# +4,# 7(9#LV#WRWDO#HQWHUSULVH#YDOXH#GHILQHG#DV#FXUUHQW#PDUNHW#FDS#SOXV#GHEW#OHVV#FDVK1#'HEW#DQG#FDVK#DUH#DV#ODWHVW#DYDLODEOH#

EDODQFH#VKHHW#GDWH1# +5,# (%,7'$#IRU#%URWKHUV#DQG#'LHGULFK#LV#WUDLOLQJ#45#PRQWKV1# # 6RXUFH=#<RUNWRQ#6HFXULWLHV#,QF1/#0DUFK#58/#4<<:#

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#57# <$<;0339# # #

([KLELW#7# #

$1$/<6,6#2)#81,7#(&2120,&#75(1'6# +86'#WKRXVDQGV,#

# # 4<<7# 4<<8# 4<<9# 4<<:(# 4<<;(# 4<<<(#

&DVK#,QYHVWPHQW=# # # # # # # 6WRUH#%XLOG#2XW#+4,# 663# 68:# 648# 643# 638# 633# 3UH0RSHQLQJ# 49# 56# 54# 53# 53# 53# %HJLQQLQJ#,QYHQWRU\# 4:# 53# 57# 53# 53# 53#

7RWDO#&DVK#,QYHVWPHQW# 696# 733# 693# 683# 678# 673# $YHUDJH#6DOHV26WRUH#+5,# ;53# ;53# ;83# ;58# :<3# :98# $YHUDJH#6DOHV2,QYHVWPHQW# 516[# 514[# 517[# 517[# 516[# 516[# (%,7#0DUJLQ#+6,# 4;1<(# 4:18(# 4918(# 4;13(# 4:1;(# 4:19(# (%,7# 488# 477# 473# 483# 474# 468# 52,#+(%,72&DVK#,QYHVWHG,# 7613(# 6913(# 6<13(# 7613(# 7413(# 7313(#

# +4,#(VWLPDWHG#,QYHVWPHQW#SHU#VWRUH#RSHQHG#GXULQJ#WKH#ILVFDO#\HDU1# +5,#(VWLPDWHG#DYHUDJH#VDOHV#DQG#(%,7#IRU#XQLWV#RSHQ#DW#OHDVW#RQH#\HDU1# +6,#(%,7#LQFOXGHV#PDUNHWLQJ#DQG#ILHOG#OHYHO#RYHUKHDG#H[SHQVHV1# # 6RXUFH=#:LOOLDP#%ODLU#)#&RPSDQ\/#4<<:# # #

([KLELW#8# #

67$5%8&.6#&25325$7,21#352-(&7('#3$&,),&#5,0#'(9(/230(17#+$,# +86'#PLOOLRQV,#

# # 4<<:(# 4<<;(# 4<<<(# 5333(#

1HZ#XQLWV# 46# 63# 88# 433# (QGLQJ#XQLWV# 48# 78# 433# 533# $YHUDJH#XQLW#YROXPH# '413# '413# '413# '413# 7RWDO#VDOHV#+D,# '<# '63# ':6# '483#

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

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#58# <$<;0339# # #

([KLELW#9# # 352-(&7('#$9(18(6#2)#*52:7+#²#(67,0$7('#&2175,%87,21#)520#-2,17#9(1785(6#

+86'#PLOOLRQV,# # #

# 4<<8# 4<<9# 4<<:(# 4<<;(# 4<<<(#

$QQXDO#,QYHVWPHQW# # # # # # ,FH#&UHDP# 313# 31<# 513# 413# 318# %RWWOHG#%HYHUDJHV# 415# 51:# 4;13# 4813# 4313# :KROH#%HDQ# 313# 313# 613# 813# <18#

7RWDO# 415# 913# 6313# 6613# 6813#

5HWDLO#5HYHQXHV# # # # # # ,FH#&UHDP# 313# 4813# 7313# 7813# 8313# %RWWOHG#%HYHUDJHV# 313# 313# 9813# 58313# 63313# :KROH#%HDQ# 313# 313# 416# 761;# :;1;#

7RWDO# 313# 4813# 4471;# 69;1;# 83416#

&RQWULEXWLRQ#WR#6WDUEXFNV#(DUQLQJV=# # # # # # ,FH#&UHDP# 313# ±31:# 318# 517# 613# %RWWOHG#%HYHUDJHV# ±415# ±317# ±318# 717# :1<# :KROH#%HDQ# 313# 313# ±318# 419# 718#

7RWDO# ±415# ±414# ±418# ;17# 4817#

-RLQW#9HQWXUH#&RQWULEXWLRQV# ±415# ±414# ±418# ;17# 4817# # # 6RXUFH=#:LOOLDP#%ODLU#)#&RPSDQ\/#4<<:# #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#59# <$<;0339# # #

([KLELW#:# #

,1&20(#67$7(0(17# +86'#WKRXVDQGV,#

# #

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±8/877# 6/35:# 44/83;# 6/933# ±5/933# ±:/333# (DUQLQJV#EHIRUH#LQFRPH#WD[HV# 4:/:87# 76/476# 9;/834# <6/;33# 46;/433# 4;6/:33# ,QFRPH#7D[HV# :/87;# 4:/374# 59/6:6# 69/433# 86/533# :3/:33# 1HW#(DUQLQJV# 43/539# 59/435# 75/45;# 8:/:33# ;7/<33# 446/333# 3UHIHUUHG#6WRFN#'LYLGHQGV#$FFUXHG# ±5:3# 3# 3# # # # 1HW#(DUQLQJV#$YDLODEOH#WR#&RPPRQ#6KDUHKROGHUV# </<69# 59/435# 75/45;# 8:/:33# ;7/<33# 446/333# 1HW#(DUQLQJV#3HU#6KDUH# 314:# 3169# 317:# 31:3# 4133# 4163# :HLJKWHG#$YHUDJH#6KDUHV#2XWVWDQGLQJ# 8:/8:8# :4/<3<# ;3/;64# ;;/933# ;</833# <3/733# $YHUDJH#6KDUH#3ULFH# 58# 48# 57# # # # 3ULFH#(DUQLQJV#5DWLRV# 47;# 75# 84# 84# 69# 5;# # 1RWH#4=# 7KH#'317:#(36#LQ#4<<9#H[FOXGHV#WKH#JDLQV#IURP#WKH#VDOH#RI#1RDK*V#%DJHOV1# 1RWH#5=# 7KH#'314:#(36# LQ#4<<7#ZRXOG#EH#'3155#ZLWKRXW#WKH#RQH0WLPH#FKDUJHV#DVVRFLDWHG#ZLWK#WKH#DFTXLVLWLRQ#RI#&RIIHH#

&RQQHFWLRQ1# 1RWH#6=# 2Q#'HFHPEHU#4/#4<<8/#WKH#FRPSDQ\#UHFRUGHG#D#5#IRU#4#VWRFN#VSOLW#WR#KROGHUV#RI#UHFRUG#RQ#1RYHPEHU#4/#4<<81#1HW#

HDUQLQJV#SHU#VKDUH#IRU#DOO#\HDUV#KDYH#EHHQ#UHVWDWHG#WR#UHIOHFW#WKH#VWRFN#VSOLW1# # 6RXUFHV=##6WDUEXFNV#$QQXDO#5HSRUWV#)#:LOOLDP#%ODLU#)#&RPSDQ\# #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#5:# <$<;0339# # #

([KLELW#;# #

)25(&$67#2)#67$5%8&.6¶#(36/#3(#5$7,2#$1'#6+$5(#35,&(# # #

5RELQVRQ0+XPSKUH\#&RPSDQ\#,QF1# 4<<9# 4<<:(# 4<<;(#

(DUQLQJV#3HU#6KDUH# '3187-# '31:3# '4133# 3ULFH#2#(DUQLQJV#5DWLR# 8819#WLPHV# 751<#WLPHV# 6313#WLPHV# )RUHFDVWHG#6KDUH#3ULFH# # # '7<133#

# -,QFOXGHV#D#RQH0WLPH#JDLQ#RQ#WKH#6DOH#RI#1RDK¶V#%DJHOV1# #

$OH[1#%URZQ#)#6RQV## 4<<9# 4<<:(# 4<<;(#

(DUQLQJV#3HU#6KDUH# '317;# '31:3# '31<;# 3ULFH#2#(DUQLQJV#5DWLR# # 6<13#WLPHV# 5:1;#WLPHV# )RUHFDVWHG#6KDUH#3ULFH# # # '78133#

# #

3DLQHZHEEHU#,QF1# 4<<9# 4<<:(# 4<<;(#

(DUQLQJV#3HU#6KDUH# '317:# '31:3# '31<8# 3ULFH#2#(DUQLQJV#5DWLR# # 7318#WLPHV# 6313#WLPHV# )RUHFDVWHG#6KDUH#3ULFH# # # '75133#

# #

:LOOLDP#%ODLU#DQG#&RPSDQ\# 4<<9# 4<<:(# 4<<;(# 4<<<(#

(DUQLQJV#3HU#6KDUH# '317:# '31:3# '4133# '4163# 3ULFH#2#(DUQLQJV#5DWLR# :914#WLPHV# 8414#WLPHV# 681;#WLPHV# 5:18#WLPHV#

# # #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.

3DJH#5;# <$<;0339# # #

([KLELW#<# #

%$/$1&(#6+((7# +86'#WKRXVDQGV,#

# # # 4<<7# 4<<8# 4<<9# 4<<:(# 4<<;(# 4<<<(# $VVHWV# # # # # # # &XUUHQW#$VVHWV=# # # # # # #

&DVK#DQG#&DVK#(TXLYDOHQWV# ;/6<7# 53/<77# 459/548# 45;/<33# 86/533# 54/333# $FFRXQWV#5HFHLYDEOH# 8/6<7# </;85# 4:/954# 57/633# 64/433# 6;/333# ,QYHQWRULHV# 89/397# 456/98:# ;6/6:3# 455/833# 47</933# 4:;/433# 2WKHU#&XUUHQW#$VVHWV# 47/:5;# 83/;<:# 445/668# 45/833# 49/433# 4</933#

7RWDO#&XUUHQW#$VVHWV# ;7/8;3# 538/683# 66</874# 5;;/533# 583/333# 589/:33# 3URSHUW\#DQG#(TXLSPHQW/#1HW# 473/:87# 577/:5;# 69</7::# 7<9/:33# 94:/933# :66/933# 2WKHU#$VVHWV# 9/3;:# 4;/433# 4:/8<8# 76/433# :;/433# 454/433# 7RWDO#$VVHWV# 564/754# 79;/4:;# :59/946# ;5;/333# <78/:33# 4/444/733# # # # # # # # /LDELOLWLHV#DQG#6KDUHKROGHUV¶#(TXLW\# # # # # # # &XUUHQW#/LDELOLWLHV# # # # # # #

$FFRXQWV#3D\DEOH# </45;# 5;/99;# 6;/367# # # # 2WKHU#&XUUHQW#/LDELOLWLHV# 64/5<3# 75/6:;# 96/38:# # # #

7RWDO#&XUUHQW#/LDELOLWLHV# 73/74;# :4/379# 434/3<4# 467/433# 498/;33# 4<;/433# 2WKHU#/LDELOLWLHV# ;4/438# ;7/<34# 4:6/;95# # # # 6KDUHKROGHUV¶#(TXLW\=# # # # # # #

&RPPRQ#6WRFN# ;</;94# 598/9:<# 694/63<# 84</733# 937/633# :4:/533# 5HWDLQHG#(DUQLQJV# 53/36:# 79/885# <3/684# # # # 7RWDO#6KDUHKROGHUV¶#(TXLW\# 43</;<;# 645/564# 784/993# # # # 7RWDO#/LDELOLWLHV# 564/754# 79;/4:;# :59/946# ;5;/333# <78/:33# 4/444/733# # 6RXUFHV=#6WDUEXFNV#&RUSRUDWLRQ#$QQXDO#5HSRUWV#)#:LOOLDP#%ODLU#)#&RPSDQ\# # #

For the exclusive use of J. Tian, 2016.

This document is authorized for use only by Jin Tian in MGM 399 - spring 2016 taught by Dr. Shawn Riley, Kutztown University from January 2016 to July 2016.