Uniqlo - Môn Quản trị Học - Đại Học Kinh Tế - Đại học Đà Nẵng

lOMoARcPSD| 49153326 lOMoARcPSD| 49153326
1.0 Introduction
The report is based on Uniqlo, a Japanese based company. The purpose of these report
is to perform an environmental and marketing analysis on Uniqlo. It will analyse both the
micro and macro analysis of the company. For macro analysis a PESTLE analysis will be
conducted on the country. It will then be analysed by tools such as SWOT. Following that
would be the marketing strategy which will be segregated into segmentation, targeting,
differentiation and positioning. There will be a marketing mix which consists of product,
place, price and promotion. The report will then end off with a recommendation and lastly conclusion
2.0 Company Background
Uniqlo is a specialty fashion apparel that aims to “change clothes, change conventional
wisdom, and change the world”. Uniqlo was founded in 1984, and is one of Asia’s biggest
clothing retailer. It is a brand of leading global Japanese retail holding company that
designs, manufactures and sells clothing under 7 different brands. Uniqlo is a modern
Japanese company that inspires the country to dress casually. The company has made
many beneficial success from selling high quality clothes at an affordable price. The main
headquarter is located in Tokyo and there are four other headquarters that are located in
New York, Paris, Shanghai and Singapore.
3.0 Internal (Micro) Analysis
Micro analysis refers to the different elements that has absolute impact on the success
and operations of the business. Before deciding on the strategy of an business, it’s
recommended that the business carry out a thorough check and research on the micro
background before making any decisions. This is important because if it's not done
properly, it can have a negative impact on the business thus causing the business to fail.
Business has to make sure that they are always ready to react to any changes (Anon, 2017). 3.1 Customer
Customers are anyone that is interested to purchase or buy anything from a business.
This is crucial because nobody wants to operate a business without the intention of
attracting customers to buy their products and eventually making profit out of it. Thus it's
important that when the company is making any strategic plans, they should consider the lOMoARcPSD| 49153326
customers needs and wants through their products because it's only when the products
satisfy the needs and wants of the customers, is when loyal customers plays a part. Needs
refers to the basic requirement of the customers and wants refers to the desire of the
customer. There are four main influences on customer behaviour to a product that is
cultural, social, personal and psychological. Diagram 1 below shows the different
influences in which UNIQLO adapts. Diagram 1
Cultural (Social class)
Japanese Social class is being divided into three
different categories and further divided into sub
category. This classification is being done based
on factors like authority, financial capability etc of
a person in the society.
Upper class, this group of people are the ones that
utmost power in Japan, they have the power of
freedom and money and they are usually of high
social status. The royal family are those that used
to rule Japan, ever since the government system
was implemented in Japan, they no longer have
control but still have very high status in the society.
Middle class, this group of people make up a big
percentage of Japan’s total population, they are
usually people that are employed by employees,
or they are running a small business in Japan.
Low class, are group of people which comprises of
people that are working day to day jobs just to be
able to support themselves financially. they are
employed with very low salaries but they have no
choice but to work so that they can at least lead a
life with a very minimum standard.
Personal(Economic Situation) The economic growth of Japan in year 2017 has
improved and it has edged up by 1.4%. The deficit
in 2018 is predicted to remain well above the government standard of 1%. lOMoARcPSD| 49153326
Psychological (Perception)
Japanese have a very different mindset when it
comes to perception and there are various factors
that will attract their attention. Firstly, they are
attracted to the latest gadgets or technology and
they would be very interested to know more about
it and they are willing to purchase it regardless the
price as long as its fashionable. Secondly,
Japanese demands for very high quality and
quality includes the services that the staff
provides, it doesn’t stop just at the quality of the
product. how the brand is being oriented is also
crucial as its also a sign of the social status and
the assurance of the quality of the product that is being sold. Social (Family)
Like many Asian family, Japanese family are very
huge, extended family which includes relatives that
are far away but related in a way or another. not
many of them are capable to sustain such a big
family as the day to day cost of sustaining such a
big family can be quite high. Having a big family
means in a way there will be a need to purchase
more clothing for their family.
Based on Diagram 1 seen above, UNIQLO can target based on all influences of the
consumers behavior. Below will be the following pointers of how UNIQLO uses it.
For cultural (social class), Uniqlo Japan on their side have tried to benefit all of the people
in this social classes in the way whereby, they have products of different value, some at
a higher price, some at a lower price but of a very standard quality. this way, all the
different levels of the social hierarchy would be able to benefit from it (Anon, 2017).
For personal (economic situation), customers would be able to purchase their more
expensive products. and this has also impact Uniqlo positively because when the
economy of a country is doing well, there will be more spare cash and customers can
afford to purchase more products despite the price of the product being high (Anon, 2017).
For psychological (perception), Uniqlo have all the above of the qualities as whoever that
enters the shops in uniqlo will always be greeted and their staff would also go the extra
mile just to make sure that your enquiries are being attended to (Anon, 2017). lOMoARcPSD| 49153326
For social (family), Uniqlo has provided a platform whereby they have clothings that are
available in their stores and suitable for all ages with prices that are reasonable and affordable (Anon, 2017).
3.2 Competitors
There are many competitors in this industry that has been around for quite awhile but the
two most that are closest to competing with uniqlo, one of them is Zara, the other is H&M.
The difference between Uniqlo and the rest of the competitors in this industry is that many
of them believes in getting their products up to date in terms of being fashionable etc but
Yanai (subsidiary founder of uniqlo) believes that not all customers are just concerned
about looking like the latest fashion trend but they are also looking into quality and values
etc. thus since, Uniqlo has been trying to innovate and create products that identifies with
their beliefs. In the year 2013, they made a global revenue of 1143 billion Japanese Yen
($11.2 billion). Uniqlo has a 6.5% share in the japanese apparel market and they have
been making annual sales of 780.1 billion yen. Diagram 2 below gives the statistical data
of how well uniqlo is doing well compared to the competitors. Diagram 2
Based on diagram 2, Uniqlo has been doing well in terms of revenue, business profit and
operating profit. There has been generally a slight increase in terms of the profit in Uniqlo international. lOMoARcPSD| 49153326 3.3 Company
In internal (micro) analysis, it is recommended that the first analysis to be done on would
be the customers followed by the competitors and then the company. This is as done in
the above section. Diagram 3 below is based on of how the 3c's are put in place. Diagram 3
Based on the company, diagram 4 below will provide the strengths and weaknesses of UNIQLO. Diagram 4 lOMoARcPSD| 49153326 Strengths
Customers can now go online to visit their products and theres
shipping service available. There's catalog available for customers
to look at them and there is actual image for the customer to look at
them, this is good because some customers may find it a hassle to
travel all the way down to the outlets in Japan and take a look at the
products that they are interested to purchase, with this online facility
it has brought a lot of convenience to the customer as now they can
be sure of what they want even when they are not physically at the
shop.they can now stay at home and shop and the products can be
delivered to their house which save time from going all the way down.
Uniqlo has a variety of clothes that suits all ages. They provide many
different kind of clothes that suits almost all ages and this is
beneficial to them because a family can now go into one shop and
purchases whatever they want in different sections of the shops that
suits different age group clothing and they no longer have to go to
other shops to get different clothing and this saves their time and
money. Uniqlo also sells items that are at a reasonable price,
promotion items too. They also sells different seasons clothes, so
customers can now purchase almost whatever they need in a single
shop be it in terms of age, seasons, long/short sleeve. Weaknesses
The clothes that they sell some of them are quite plan, thus it may
not be appealing to certain customers.
The second weakness is that not all products etc are available
online, even though a part of it is in thus when customers look at the
catalog, they won't get the full picture of what's in stored for them in
the outlets, and this may cause negative impact on Uniqlo as
perhaps for example, the customer wanted to purchase a certain
kind of clothing but in the online catalog it doesn't show that it is
available thus the customer would assume that it is not available thus
they would patronize other shops which would result in a drop in
profit for Uniqlo. As customers want to look good, tip top, fashionable
thus having too many clothes that are just plain may not be
motivating to customers to purchase them and thus this can impact Uniqlo in a negative way.
Based on diagram 4 shown above the strengths of the company allow UNIQLO to
outstand its competitors and make it bigger as a company. As for the weaknesses, it might lOMoARcPSD| 49153326
not be able to over way much of the strengths as it can also be turned into a form of
advantage for example, majority of the population would prefer to be laid back in their
outfits allowing UNIQLO to always gain consumers.
4.0 External (Macro) Analysis
The PESTEL analysis is a tool used to examine the external macro environment of a
country and how it affects an organization. There are 6 factors, namely, political,
economic, social, technological, eco-environment and legal.
The importance of conducting a PESTEL analysis is to research on the attractiveness of
setting up a business in that country and provide decision makers with a better
understanding of the changes that is happening within a given type of market. It will help
in being aware of the future development and concede the company to better suit their
methods to allow companies to progress. Diagram 5 below provides a discussion the PESTEL analysis on Japan. Diagram 5 Political
• Government type is democratic constitutional monarchy
• Effective policies being practiced domestically (Abenomics)
Corruption level is Good
• Stable and long-term Government Economical
Positive GDP Growth Rate (2017)
• Low Unemployment Rate (2.8%)
• Negative Income Growth (- 0.4%) • Exchange Rate Social • Main language is Japanese
• The Yamato Japanese are the dominant ethnic group in Japan
• The country has a population of 127 million
• The two-major religion is Shinto (51.8%) and Buddhism (34.9%) • Huge Middle-Class Segment • Low Poverty Rate
• Locals prefer domicile product Technological
• WIFI accessibility in any populated area
• Advanced telecommunication
• 78% of population use internet
• Japan has the highest online buyers in the Asia-Pacific lOMoARcPSD| 49153326 Environment
• Japan has all four seasons
• Japan is over 70% mountainous terrain
• 78% of Japan population lives in urban city Legal
• Corruption rate is 20 of 176 • Good Corporate Law • Trademark Law • Good Labour Law Practice
Based on diagram 5 shown above, a further elaboration will be done on three chosen
factors. The three would be technological factor, political factor and economical factor. It
will be further elaborated in the next few points.
4.1 Political Factor
Japan is a democratic constitutional monarchy which means the country has a Emperor
and a political party that was voted by Japanese citizens. The current Emperor Akihito
has little to do in Japan’s political and economic laws, he is more of a figurehead and a
symbol of Japan. As for the people voted party, the Prime minister has full control of the
political and economic policies such as ‘Abenomics’.
Abenomics - named after the prime minister who sanction the policy. Abenomics is based
on three arrows. First arrow is Monetary Easing, second arrow is Fiscal Policy and the
third arrow is Structural reforms. One of Structural reform plan is to lowering corporate
tax which is great news for companies like Uniqlo (Council on Foreign Relations, 2017).
4.2 Social Factor
Distribution of wealth, Japan has a very huge Middle-Class segment - nearly 45% of
Japanese people consider themselves as middle class. The gap between the middle class
and upper class was considerably reduced with welfare facilities, bonuses were
established and raised. The upper class is nearly 15% of japan population. Having a
country where approximately 85% of population are at a segment of middle class and
below, Uniqlo uses this social segmentation to their advantage and a marketing tool (Apjjf.org, 2017).
4.3 Technological Factor
Japan has one of the most advanced telecommunications systems, particularly with their
mobile devices. As many countries across the globe depend heavily on texting since data
is monopolized with restrictions. Japan is the opposite; they have made it possible to
connect to WIFI virtually anywhere in populated areas. So, instead of texting, the
Japanese send emails and pass contact information wirelessly by holding their phones lOMoARcPSD| 49153326
together. Uniqlo uses this opportunity to connect with consumers via e-mail and mobile
application to give the consumer an update on their products.
5.0 SWOT analysis
Diagram 6 below states the SWOT analysis of Uniqlo based in Japan. Diagram 6 Strengths
• In terms of sales and profits Uniqlo is the leading clothing retail chain in Japan
• Operates in 15 countries worldwide
• Develop innovative and new products
• Strong position in international market
• Outsourcing their clothing manufacturing to manufacturers in
China, Vietnam and Pakistan where labour is cheap. A huge
workforce of over 30,000 employees Weaknesses
• Despite being a well establish brand it has a limited brand recall
• Relying on certain countries for production
Caters only to the needs of basic wear Opportunity
• Good brand image could leverage on that and increase product portfolio along with clothing
• Uniqlo can advance itself by viral advertising and social media
• High opportunity in sponsoring in various sports • Increase global presence Threats
• Increasing competition from domestic companies and global companies like H&M
• Strategic cost leadership cannot sustain for long term
6.0 Marketing Strategy
Marketing strategy is defined as the process in researching about the market place,
customer buying behaviour, needs and wants to allow a company to focus limited
resources on the best opportunities to up sales and therefore achieve a sustainable
competitive advantage. Marketing strategy comprises of segmentation, targeting,
differentiation and positioning. This will be further elaborate in the next few points. lOMoARcPSD| 49153326
6.1 Segmentation
Segmentation is defined as the procedure of dividing a market into different groups of
buyers with different needs, characteristics or behaviour. It is important to segment as no
products or services will be of no homogenous group. Different buyers has different
preference thus segmentation can be a way to narrow down to the specific group of
consumers thus creating a more beneficial profit for the company. Below are ways that a
company can segment their market. The four ways are psychological, demographical,
behavioural and geographical. Diagram 7 below is the definitions of each segmentation
(Boundless.com, 2017), (Recklies, 2017). Diagram 7 Behavioural
Behavioural segmention is a segmentation based on the the
consumers behaviour, the way the population reacts to, use or
gets aware of a certain product.
Demographic segmentation is about dividing the market into
segments of different age, race, gender, nationality, education, income and occupation. Demographic Geographic
Geographic segmentation is about dividing it into geographical
units into countries, cities, nations, provinces, states and even neighbourhood.
Psychographic segmentation is a segmentation that divides the Psychographic
market into segments based on personality traits, values,
attitudes, lifestyle and social class.
Based on diagram 7, it suggests that UNIQLO concentrates on demographic and
psychographic segmentation. Based on their psychographic segmentation UNIQLO does
provide outfits that comes in a variety style that suits the need of different occasion thus
ensuring that the lifestyle of different consumers can be met. Based on their demographic
segmentation, UNIQLO, has a statistical data on how consumers in Japan goes about
buying the products of UNIQLO. Below is diagram 8 which displays the data. Diagram 8 lOMoARcPSD| 49153326 6.2 Targeting
Targeting will be followed by segmentation as it is the evaluation of different types of
segmentation and concentrating the market efforts into one or a few key segments that
works closely with the product or service offered by the company. It is important as it
allows company to focus on potential consumers as it is not possible for a company to
produce one product or service to suit every consumer's preference (The Balance, 2017).
The chosen segmentation that is going to be used for targeting will be the Demographic
segmentation. This is because UNIQLO targets all the segments under it by ensuring they
provide consumers of different age, race, gender, nationality, education, income and
occupation. This can be seen by how UNIQLO comes up with a range of clothing that
suits people aged from 16 to 30 and above. They also provide range of clothing for both
males and females. The stores are usually segregated in a way where they would place
their items such that it is convenient for both genders to find their needs and wants. They
also target based on the occupation as seen from a source online it states that working
adults from either white or blue collars can shop in UNIQLO.
6.3 Differentiation
Differentiation is defined as a value-added advantage in a company. It is something that
makes the product unique, different and special. It is basically the process of creating a
distinct difference from one's company product and service to another. This is highly
important as it allows the company's product or service to stand out easily to the
consumers thus generating a larger pool of consumers as compared to the other
competitors out there. Diagram 9 below shows the way UNIQLO differentiates themselves from their competitiors. Diagram 9 lOMoARcPSD| 49153326 Quality
Uniqlo strategy to remain differentiated can be seen from three key
points. Firstly, Uniqlo believes in sticking to the roots. This is seen by
the fact that Uniqlo offers basic and quality products. The brand is
attractive because it comes from the consistency and trustworthiness
of the products. Since Uniqlo does not consider itself as a
“Fastfashion” retail, it gives them more time forn stable product
development which will allow repeat business and adds on to the brand loyalty. Awareness
UNIQLO builds a flagship store. This is to increase brand awareness,
Uniqlo has built flagship stores in several international countries,
including London, New York, and Shanghai. These stores are in
volume areas and can build positive brand perceptions by delivering
good customer service and a good shopping environment. Relevance Uniqlo remains relevant. Many fashion brands build on
cultureassociated trends that are not globally relevant. Offering quality
products and sticking to basic designs has allowed Uniqlo to attain
multiple cultural consumer types and remain relevant as short-lived trends come and go.
(Relationclient-davpro.fr, 2017)
6.4 Positioning
Positioning is defined as the arrangement of a product to shape a clear distinctive and
desirable place relative to competing products in the mind of the consumers. Positioning
is key in marketing strategy as it allows consumers to always have this product or services
located subconsciously in the back of their mind. This enables the company to be known
and stay relevant with the consumers. Digram 10 belows shows the positioning of how
uniqlo places itselves within the competitors (Anon, 2017). Diagram 10: quality vs price lOMoARcPSD| 49153326
Based on diagram 10 it shows that Uniqlo has positioned itself with two factors to take
into consideration, it being the quality and price. It has positioned itself such that it has
the best quality compared to its competitor’s due to its fabrics produced and having such
great quality at reasonable price. Uniqlo makes up for the limitation of its products by
selling the same item in a range of colors, example, and socks come in 50 shades at its
store in Tokyo. With such basics, the company believes this has added benefits of
appealing to a larger group of consumers than the competitors (Postcron - Social Media
Marketing Blog and Digital Marketing Blog, 2017).
7.0 Marketing Mix
Marketing mix is defined as having the right product, targeting the right people, sold in the
right people, sold in the right place, at the right price using an effective promotion. The
importance of conducting a marketing mix is so that a company can have the ability to
determine the sustainability of a product of service to different types of consumers with
different needs and wants. The marketing mix comprises of the 4P’s namely product,
price, place and promotion which will further elaborated in the following sections. 7.1 Product
Product is defined as anything that can be offered to a market for attention, acquisition,
use, or consumption that could satisfy a customer's wants or needs. In short it is anything
that is tangible at the point of purchase. Diagram 11 belows shows three levels of product based on uniqlo. Three levels of product lOMoARcPSD| 49153326 Diagram 11 Core customer
Core customers is defined as the competitive advantage that
the company possesses. Based on this UNIQLO has the key
advantage of having affordable price with good quality
clothing. This has been stated in both the positioning under
market strategy as well as the company backgrounds. This is
an advantage as certain types of consumers would not have
the purchasing power to get the products they desire in the
price and quality that UNIQLO has to offer. Actual product
Actual product is the physical product a company has to offer.
As for UNIQLO their physical products would be the outer and
inner wear for consumers. They also have shoes in stores as
well as winter wear items. This can be seen from the sections
for both males and females where UNIQLO provides a product
called "cotton inner wear". As for their winter wear, the have
items such as gloves, socks and even ear mufflers. lOMoARcPSD| 49153326
Augmented product Augmented product is defined as the post sales services of
the company. It can also be referred to as the additional
service that is provided. UNIQLO has a policy in which outfits
can be altered to their liking and also an exchange policy for
none promotional items. Their refund and exchange policy
work within 30 days with the tags all intact and also receipts
must be presented at the point of exchange for it to be
successful. This also adds as an advantage for the company
because of the consumers are not satisfied with their buy due
to unforeseen circumstances they could still come back for a refund or exchange. Types of product
There are four types of a consumer product. Convenience, shopping, specialty and
unsought. Uniqlo falls under the shopping category. Shopping products is defined as less
frequently purchased products.that customers carefully check on suitability, quality, price
and style. Shopping item are usually charged at a slighter higher price for examples
clothings that a sold in uniqlo can be considered slightly pricy compared to the competitors
but that is due to the quality of the clothes that are provided. Advertising are done both
by resellers and producer. UNIQLO is a product that follows shopping as it has a variety
of products. The stores are usually located in shopping malls which are usually densely
populated with buyers and shoppers. Diagram 12 below is the product
life cycle of UNIQLO in japan. UNIQLO JAPAN Diagram 12 lOMoARcPSD| 49153326 7.2 Place
Place is defined as the channels in which products moves from the manufacturer to the
consumers. Such places could be the intermediaries, distributors, wholesalers and
retailers. Diagram 13 below is an illustration of which types of distribution is used. Diagram 13
Indirect distribution It is defined as the process of having a product being
distributed started from the manufacturer which will then be
distributed to wholesailers where it will be then sold to different
retailers who will then sell the goods to the final consumers. Direct distribution
It is defined as the process of which the manufacturer produces
the product and sells it to final consumer.
Based on the definitions in diagram 13, UNIQLO follows the direct distribution as their
marketing channels. This is because UNIQLO manufactures their products and delivers
directly to their consumers to whoever who comes into store. They do not have any form
intermediaries that carries the products around on their behalf. 7.3 Price
Price refers to the value that is put for a product. It depends on the costs of production,
segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors.
There are many pricing strategies that can be used in a marketing mix. Namely,
valuebased, cost-based and competition-based. Uniqlo uses value-based as their pricing
strategy. Value-based pricing is defined as a set of prices that are primarily and not
exclusively used to perceive or estimate the value of a product and service to the targeted
consumers instead of using the cost of the past prices. Uniqlo uses this pricing strategy
because they assess their consumers’ needs and understand their perceptions. This is to
ensure that the Uniqlo consumers are satisfied. Uniqlo then sets a target price that
matches the consumer’s perceived price. They will then determine the price that can be
likely to happen. After which they will design a product to sell their desired products at
targeted price. This can be seen from the fact that Uniqlo has a price range of
merchandises from $1.90 being the lowest to as high as $199.90 for a product.
There are two kinds of new-product pricing namely skimming and penetration pricing.
Uniqlo uses penetration pricing as their strategy. Penetration pricing is defined as a
pricing strategy that puts a low starting price for a product. Uniqlo uses this to boost sales lOMoARcPSD| 49153326
by offering special promotion deals by temporarily lowering the price. The aim is to quickly
attract new consumers based on low pricing. Uniqlo has done so by combining higher
value products and lower value products to come up with a product that has moderate pricing. 7.4 Promotion
Promotion refers to all the activities undertaken to make the product or service known to
the user and trade. This includes advertising, sales promotion, personal selling, public
relation and direct marketing. Uniqlo uses all except for personal selling. This can be seen
from how Uniqlo chooses promotional activities whereby they selected 10 products and
handed it over to the consumers at a discounted price, using social media platform to
raise awareness or the product and promotions happening (Lsap2009.org, 2017).
Diagram 14 below explains the advantages and disadvantages of the promotional tools
that are being used in Uniqlo. Diagram 14 Promotional Advantage Disadvantage tool Advertising
Uniqlo consumers will be able to Since it is a one-way get repetitive messages of
communication, Uniqlo does not
the advertisement made thus get the consumers point of view. enabling repeated messages Direct
Uniqlo provides a mailing It is a disadvantage because the marketing
system for their online retail consumers only have a visual website to ensure
direct representation of their products connection with consumers
and do not get the physical touch of
the actual product thus causing uncertainties.
Public relation Uniqlo offers a on the spot It is hard to maintain as the alteration for whatever
is expectations of consumers might
purchased does not fit the change which might not allow the
consumers. This helps build company to keep up. this is then good relationship and hard measure success.
reputation with the consumers. Sales
Uniqlo offers seasonal sales Seasonal sales promotions usually promotion
which will attract consumers to last for a short period of time that purchase more.
leads to a shorter life span of advantage it brings. lOMoARcPSD| 49153326
8.0 Recommendation
Diagram 15 below shows things that UNIQLO has to improve on and things they can
already continue to strive better. Diagram 15 Positive aspects
UNIQLO can continue doing their best especially in their core
advantage of providing quality services. This will allow
UNIQLO to retain their loyal customers and also allow them
to maximize profits in the long run because consumers will
recognize UNIQLO as a store that provides quality service.
UNIQLO provides basic tees in many different forms. For
example, the guys long sleeve t-shirts can be selected with
firstly, a variety of color and also the different style for
example, crew neck, round neck, v-neck and goat neck. This
will allow to target larger pools of consumers with different preference in style. Negative aspects
UNIQLO divides its apparel into genders such as males and
females. UNIQLO can instead combine certain types of
products that is in both range. For example, would be the
basic tees such as crew neck tees. They could instead place
it into the same shelfs with different levels of coding to allow
the current view of "gender equality". This will also allow
UNIQLO to gain consumers under the homogenous gender.
9.0 Conclusion
In conclusion, it can be observed that Uniqlo’s products have an acceptable price and
good quality. Many consumers buy the products due to that fact that the product has good
value for money. Uniqlo sells product that are suitable for anyone regardless of their age,
sex or nationality. This is because Uniqlo offers a wide range of varieties of products. It is
also observed that most of the consumers prefer to purchase more products during the promotion period. lOMoARcPSD| 49153326 References
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