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Innovation Screening Portfolio

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Innovation Screening Portfolio

Concept Description

Wireless Charging Table

Encouraging our requirement for a quiet and mess free way of life comes the FurniQi remote charging side table, which will decrease the measure of unattractive wires you’ll require in plain view. The exquisite bamboo configuration includes a Qi remote accusing spot set apart of an unpretentious laser etching, which will energize a scope of telephones and gadgets – just check the site to check whether it’s perfect. With the discretionary capable of being heard notice, the table is easy to utilize when the lights are off.

Qualitative Ranking Screening

The team applied the Qualitative Screening Method as an evaluative measure in determining the applicability of the innovations presented in the furniture market and product line manufactured by Gallery Furniture. In the preliminary stage, the group members were each allocated a form for evaluating each innovative product formulated. The ranking range was between 1- nine. The most innovative product would have the highest point summed. Owing to the fact that the proponents incorporated in qualitative ranking are mostly subjective that is based upon individual perceptions, there was no criterion applied in this screening. The concepts to be reviewed by the team members were subject to their own bias. In selecting the most innovative project, the ranked concepts were summed with the total points scored for each innovation determining its selection. According to the result quantified, the most innovative creation was the Multi-media chest.

Following the completion of the ranking process, the team commenced into a brain storming session to deliberate on the ranking, concepts and rankings of the products shortlisted and ranked. The main justifications provided for undertaking this process include determining the credibility of the selected concept in terms of whether the company would be able to provide the necessary resources required for its development and implementation. Secondly, during the discussion, technical viability was evaluated to understand the key risks, potential sales, and opportunities presented with the development of the product. The price perceptions were also analyzed to determine its target market and effective marketing strategies incorporated in further promoting the product upon it launch. The opinions vocalized during the process were considered during the vetting to establish the overall stance of the members pertaining to the product selected, and ranking done thereafter. The completion of this stage facilitated a more in-depth analysis of the information presented by the team members as the members were more educated when ranking the listed products in this final ranking. In the final qualitative ranking, it was determined the Smart-all-in-one sofa was the most innovative concept for the company.

  Preliminary Qualitative Ranking Screening Method
Innovation Concept Member 1 Ranking Member 2 Ranking Member 3 Ranking Member 4 Ranking Total Ranking  
1 Gallery Furniture Application 2 6 4 3 15  
2 (All-In-One Smart Sofa) 8 9 5 6 28  
3 (Multi-Media Chest ) 9 8 8 7 32  
4. (Self-Leveling Pool Table) 5 6 3 2 16  
             

 

Innovation Concept Concept Innovator Concept Name
1 Student 1 Gallery Furniture App
2 Student 2 All in One Smart Sofa
3 Student 3 Multi-Media Chest
4 Student 4 Self Leveling Pool Table

 

Final Qualitative Screening Method
Innovation Concept Student 1

Ranking

Student 2

Ranking

Student 3

Ranking

Student 4

Ranking

Total Ranking
1 8 3 2 3 16
2 7 9 9 9 34
3 6 8 9 7 30
4 6 8 7 8 29

 

Weighted Multifactor Matrix Screening

To further assure credibility to the findings deduced in the preliminary and final qualitative ranking, the team embarked on a thorough and intricate evaluation method to determine the most innovative product amongst the shortlisted items. The weighted multifactor matrix screening method was applied. The team was involved in a rigorous process of developing the list of concepts considered in this screening protocol. This method was considered effective as it would provide the necessary assistance required in selecting the best innovative product concept suitable and viable in meeting Gallery Furniture mission and vision as well as organizational goals (Gallery Furniture, n.p). The factors considered in the evaluation process were categorized as market, product and financial which, were then subdivided into 20 subsections. These components were categorically evaluated based on importance relating to idealized innovation framework. The most important factors prioritized in the weighted multifactor matrix include uniqueness of the product, creativity incorporated in concept development, the consumer needs, and market share of the company against its competitors.

Uniqueness was highlighted as a prioritized factor in this evaluation based on its importance in the contribution of innovation on company’s growth. According to surveys conducted by multinational companies such as The Deloitte Innovation Survey, an estimated 67% of the respondents indicated the for organizational growth, innovation should be unique and different allowing for the corporate entity to scale up and provide more employment opportunities while facilitating liaisons with other companies and stabilizing financially (Ulrich and Eppinger 65). With this in mind, it is evident the innovation of a unique product will ensure business growth is realized regardless of its size which, the overall mission of Gallery Furniture as it strives to meet its clientele expectations and product demands (Gallery Furniture, n.p). The team mirrored this opinion as it understood the importance of innovation therefore the need to avoid already available products, which are already in the furniture market. Therefore, the need to offer a distinct product with unique features was prioritized as opposed to mimicked product line.

Buyers’ needs were also listed as one of the important factors considered in the matrix. The furniture retail industry experienced was negatively affected with the reduction in non-essential spending during the economic recession. However, with the increasing improvement observed in the housing sector, discretionary spending has continued to raise further promoting furniture sales as the economy stabilizes. In layman terms, it is clearly evident that people are spending more on furniture and floor covering as the Real Estate industry becomes more active in terms of revenue generation. With this in mind, furniture companies and business are becoming more aware of the consumer needs for various furniture products. Therefore, given the knowledgeability and awareness of these facts, the team was keen on prioritizing consumer needs in order to leverage on the upward trend observed in the Real Estate industry with more people buying homes and renting apartments therefore requiring diversified furniture products. In addition, the team also opined that the consumer needs and demands were essential in ensuring the overall concept selected in the evaluation and ranking was successful upon its launch and introduction in the respective market.

Creativity compounds the uniqueness, which is synonymous with business innovation mandatory for economic proliferation for any company. In understanding its selection as a criterion factor in the ranking, it is imperative to acknowledge it is crucial for any business to incorporate this facet as a fundamental component guaranteeing its success in any developed economy. Innovation targets solutions therefore promoting the inclusion of creativity that allows for creative problem solving leading to the development of highly functional products, which are insightful and progressive in resolving any consumer needs or demands (Gallery Furniture, n.p). Therefore, for any company or business entity, creativity is imperative as it allows for production of unique and new services, products, or ideas through its implementation in product development. With a collaborative perspective indicative of the importance of creativity as a constituent part of innovation, the team agreed on its inclusion in the criteria list.

Factors considered least important include the duration of sales and the legality components. Basing on the fact that the company is well established in the American furniture industry, and all the proposed items were in line with the adherence to the code of product espoused for furniture companies or business entity, it lack any criticality in determining the best innovative concept proposed by the team members. Additionally, according to the deliberation conducted with the team, the highest scoring product would also be successful when placed in a legal review following its selection. Therefore, in this regard, the legal component was included in the evaluation as a formality as opposed to a highly prioritized factor of analysis. The duration of product sales was viewed as continuous hence less impactful on the success of the company from a general perspective (Ulrich and Eppinger 76). The team concluded it would be perceived as a constituent of the repeated or recurring business, which is expected. With this in mind, it was not influential in necessitating the proliferation of the company on a short-term basis but rather long term given the unpredictability of loyal clients purchasing products irregularly.

It is also imperative to note that in terms of financial evaluation, the team focused on comparing products from the company’s competitors as opposed to delving into economic ramification associated with the proposed products. Despite the importance of this comparison, it would have been imperative for a proper and detailed investigation to be undertaken in determining the production and revenue costs of the products in order to work with a proper estimate when presenting a proposal of product development to the company’s management. In addition to this, inclusion of this activity would serve in fulfilling the requirement of the team to conduct its due diligence in covering all the intricate components pertaining to the products in question. According to scholars, product costs should be determined and decided during the early stages of concept and its development in order to ensure profits are maximized and competition is also evaluated rigorously during the pricing stage (Ulrich and Eppinger 88). In establishing the outlook on the financials, the team would be able to consider the product development cycle relating to time and availability of resources and the duration taken in pushing it into the markets further influencing their selection of which  concept is more innovative and functional.

Multifactor Matrix Criteria Definitions

  1. Product
  • Uniqueness
  • Creativity
  • Feasibility
  • Upgradeability
  • Market time
  1. Market
  • Buyer needs
  • Market Share
  • Beneficial
  • Growth Potential
  • Market Size
  • Buyer Attraction
  • Duration of Sales
  • Logical Conceptualization
  1. Financial
  • Affordability
  • Low Risk
  • Competitively Priced
  • Legal Factors

Student 1

                                                                    Weighted Multifactor Matrix                                                             
Criteria Weight Score Weighted Score Weighted Score Weighted Score Weighted  
Product Concept 1     Concept 2   Concept 3   Concept 4      
Feasibility 8 7 56 8 64 6 48 5 40    
Uniqueness 10 5 50 9 90 9 90 9 90    
Creativity 9 5 45 8 72 7 63 7 63    
Upgradeability 8 7 56 8 64 6 48 3 24    
Raw materials 6 5 30 5 30 4 24 5 20    
Market                      
Growth potential 7 4 28 6 42 5 35 5 35    
Beneficial 6 5 30 6 36 5 30 2 12    
Buyer Needs 10 8 80 9 90 10 100 3 30    
Market Share 9 7 63 8 72 5 45 5 45    
Market Size 8 5 40 4 32 4 32 5 40    
Competitive 9 4 36 8 72 9 81 3 27    
Brings Buyers 5 4 20 4 20 5 25 4 20    
Comprehension 4 3 12 4 16 3 12 2 8    
Logical 4 4 16 3 12 2 8 2 8    
Duration of Sales 2 1 2 2 4 2 4 1 2    
Financial                      
Legal Factors 1 1 1 1 1 1 1 1 1    
Affordability 5 4 20 2 10 2 10 4 20    
Competitively Priced 8 7 56 6 48 6 48 8 64    
Low Risk 5 5 25 2 10 1 5 2 10    
Total Weight                      
Total Weighted 121   666   726   709   559    
Normalized     5,5   6.0   5.8   4.6    

Student 2

      Weighted Multifactor Matrix      
Criteria Weight Score Weighted Score Weighted Score Weighted Score Weighted  
Product Concept 1     Concept 2   Concept 3   Concept 4    
Feasibility 10 7 70 9 90 10 100 7 70  
Uniqueness 9 2 18 8 72 8 72 9 81  
Creativity 8 1 8 7 56 7 56 8 64  
Upgradeability 6 4 24 5 30 5 30 3 18  
Raw materials 7 6 42 7 49 5 35 4 28  
Market        
Growth potential 6 5 30 3 18 6 36 4 24  
Beneficial 10 10 100 8 80 9 90 2 20  
Buyer Needs 9 7 63 8 72 9 81 3 27  
Market Share 8 6 48 7 56 7 56 7 56  
Market Size 9 8 72 8 72 6 54 3 27  
Competitive 5 3 15 4 20 4 20 4 20  
Brings Buyers 4 4 16 4 16 3 12 2 8  
Comprehension 4 2 8 3 12 2 8 1 4  
Logical 2 1 2 2 4 1 2 1 2  
Duration of Sales 2 1 2 2 4 2 4 2 4  
Financial                    
Legal Factors 1 1 1 1 1 1 1 1 1  
Affordability 8 8 64 5 40 4 32 3 24  
Competitively Priced 5 3 15 4 20 5 25 3 15  
Low Risk 5 4 20 2 10 4 20 2 10  
Total Weight 121                  
Total Weighted     618   712   734   503  
Normalized     5.1   5.9   6.1   4.2            

 

Student 3

Weighted Multifactor Matrix      
Criteria Weight Score Weighted Score Weighted Score Weighted Score Weighted  
Product Concept 1     Concept 2   Concept 3   Concept 4    
Feasibility 10 7 70 8 80 10 100 3 30  
Uniqueness 9 5 45 9 81 7 63 7 63  
Creativity 8 2 16 6 48 7 56 8 64  
Upgradeability 6 2 12 2 12 8 48 2 12  
Raw materials 7 7 49 4 28 5 35 7 49  
Market                    
Growth potential 6 3 18 4 24 4 24 2 12  
Beneficial 10 9 90 7 70 9 90 3 30  
Buyer Needs 9 6 56 8 72 8 72 4 36  
Market Share 8 4 32 3 24 4 32 8 64  
Market Size 9 3 27 3 27 7 63 7 63  
Competitive 5 1 5 5 25 4 20 4 20  
Brings Buyers 4 2 8 5 20 4 16 2 8  
Comprehension 4 4 16 2 8 2 8 1 4  
Logical 2 1 2 2 4 2 4 2 4  
Duration of Sales 2 1 2 2 4 2 4 1 2  
Financial                    
Legal Factors 1 1 1 1 1 1 1 1 1  
Affordability 8 8 64 2 16 5 40 5 40  
Competitively Priced 5 5 25 4 20 3 15 2 10  
Low Risk 5 5 25 2 10 1 5 4 20  
Total Weight 121                  
Total Weighted     538   574   696   532  
Normalized     4.4   4.7   5.7   4.3  

 

Student 4

Weighted Multifactor Matrix      
Criteria Weight Score Weighted Score Weighted Weighted Score Weighted  
Product Concept 1     Concept 2   Concept 3   Concept 4    
Feasibility 10 8 80 9 90 7 70 6 60  
Uniqueness 9 5 45 9 81 8 72 7 63  
Creativity 8 5 40 8 64 6 48 4 32  
Upgradeability 6 4 24 5 30 5 30 5 30  
Raw materials 7 6 42 5 35 6 42 5 35  
Market                    
Growth potential 6 1 6 6 36 5 30 4 24  
Beneficial 10 5 50 6 60 8 80 2 20  
Buyer Needs 9 3 27 9 81 8 72 8 72  
Market Share 8 4 32 5 40 7 56 7 56  
Market Size 9 6 54 3 27 8 72 5 45  
Competitive 5 2 10 5 25 4 20 4 20  
Brings Buyers 4 4 16 3 12 4 16 2 8  
Comprehension 4 4 16 2 8 3 12 2 8  
Logical 2 2 4 2 4 2 4 1 2  
Duration of Sales                    
Financial                    
Legal Factors 1 1 1 1 1 1 1 1 1  
Affordability 8 4 32 8 64 7 56 3 24  
Competitively Priced 5 4 20 3 15 4 20 4 20  
Low Risk 5 5 25 2 10 1 5 2 10  
Total Weight 121                  
Total Weighted                    
Normalized                    

 

Portfolio Summary

On commencing with the innovative product concept development, the team members agreed to incorporate cooperation, teamwork, and creativity in ensuring the product development and screening process was seamless. These invaluable components were important allowing different professionals within the teamwork together in presenting an innovative concept elemental in assuring quality to the company’s clientele. Following a thorough evaluation of the conditions mandatory to facilitate teamwork, the team proposed high levels of professionalism and open mindedness in welcoming different opinions and perceptions through the whole process of screening the product concepts proposed. The first activity the team undertook was selecting the company. The discussion was conducted through a one on one meeting in a conference room. Several companies were highlighted. However, it was essential for the team to have detailed research on the companies selected therefore prompting the scheduling of another meeting. In the second meeting, the members agreed to select Gallery Furniture as the company of choice to develop innovate concepts on.

Key reasons for selecting Gallery furniture was based on its service in the furniture industry. Developing furniture concepts was new to the team considering most of desirable and easier concepts were associated with technological or automotive firms. Therefore, through selecting this company, the members opined it would serve as a inspirational challenge given the opportunity to inculcate technological ideas in developing innovative furniture products. Secondly, James Franklin McIngvale, the owner and founder of Gallery Furniture, is one of the most philanthropic individuals in the country served as a motivation given the proliferation of the company and his contribution to the community (Gallery Furniture, n.p). His business acumen was interestingly alluring following a detailed research by one of our members who pointed to his incorporation of artificial intelligence in running his retail store. Given this detail, it also served as a platform for developing the innovative concepts for his company as clearly the entrepreneur strives to incorporate the digital and technological mechanism in developing furniture meeting the current retail trends.

The entrepreneurial journey narrated by James Franklin also played a major role in influencing the selection of the company. Mattress Mack, as popularly nicknamed in Texas founded Gallery Furniture three decades ago with minimal capital of $ 5,000. The milestones experienced in the establishment of the company have been bolstered by his acts of generosity, which have featured in the media severally. In 2017, he awarded his customers will $10 million with of rebates as refunds after he bet on Houston Astros to win the World Series (Gallery Furniture, n.p). He was also in the front line in offering refuge to victims of Hurricane Harvey where he opened his storefront as a refuge center. His incorporation of great ambition and humanity in his work and directorship of his business has been applauded as an effective business strategy, which has seen the company grow and remain afloat in this digital age (Onorato, n.p). With the company seeking innovative ways to maintain its competitiveness and market share in the furniture retail industry, it was a perfect selection for the project.

The organized interview with two members of our team also presented extensive information on the important components of product development and manufacturing at Gallery Furniture. Firstly, the company invested in retrieving customer feedback for all their products with the involvement of the digital marketing team as well as sales representatives. In addition, the company uses hallmark materials synonymous with American made furniture, which is their trademark in furniture production (Gallery Furniture, n.p). These materials and techniques include fine woods, dove-tailed joints, and handcrafted finishes for a perfect finished and authentically American look. The main reason provided for the reputable nature of Gallery Furniture products is the long-standing relationship with American furniture materials suppliers who ensure the outcome of the products made by the company are of high quality; offer comfort, durable and high value (Stewart, n.p). Another component the entrepreneur highlighted which is incorporated in the business model employed at the company is the same day delivery service. This feature is attributed to the customer loyalty the company has established owing to the ability to deliver furniture purchased on the same day (Gallery Furniture, n.p). This single feature tops the company as one of the most competitive furniture companies in America. With the availability of nationwide delivery, it has further boosted this service having received world-class recognition.

Following the completion of the interview with James Franklin, the team embarked on further deliberation leading to the unanimous selection of Gallery Furniture as the subject company for the innovative concepts. The main goal established by the team was to develop concepts, which would revolutionize the company through the incorporation of innovative technology in order to attract the tech savvy millennials (Gallery Furniture, n.p). This target market was particularly focused on based on extent to which the modern day world is digitized therefore requiring smart devices in both personal and professional spaces. This notion was highly prioritized in developing the concepts primarily because there is an increase in the number of millennial customers purchasing furniture products. Another important detail presented during the interview was the increased number of people renting homes (Stewart, n.p). According to the information given, 36.7% of the households in America were living in rental living spaces in 2016 (Gallery Furniture, n.p). This is the highest number recorded since 1965 therefore indicative of rising student loans, the housing bubble burst, and the common trend of millennial starting families at a later stage in life. Therefore, the selected innovation concept should be mindful of the consumer trends of this population, which is described as opting for smaller furniture fitting the small rental apartments and home where space is limited (Holt-Johnstone, n.p). In addition to this, furniture manufacturers inclusive of competitive companies are focusing more on developing more inexpensive, multipurpose, and streamlined furniture suitable for rental spaces.

After gathering solid information on the company and the furniture consumer trends, the team members embarked in the delegation of activities necessary for the concept screening. Firstly, two members were involved in evaluating each teammate to establish their professional strengths and skill set important in work allocation. Each member was also allowed to elaborate on their skills, which would be important in the project and contribute to its overall success. With only four members, the duties were delegated dependent on the amount of work involved. Data organization and analysis were allocated to team member 1. The second member was involved in establishing collaborations and compilation of the report. The third member was involved in sourcing for the requirements for data analysis as well as liaising with different professionals to obtain a more in-depth evaluation of the furniture industry.          One of the main challenges facing the team was synchronizing the innovation project activities to match with each member’s schedule. Some of these activities included setting up meetings on a weekly basis. The team opted to have some of the meeting via virtual setting with SKYPE where they would communicate in their different locations. Communication was also conducted through instant messaging in a group chat on Whatsapp to ensure all the important components of the project were discussed at length. These meetings were highly crucial and played a significant role in the selection of the company as the two members sought after Gallery Furniture’s owner for an interview. They were able to inform us on all the details provided which are highly appreciated.

The second step involved was the creative stage where all the members were expected to develop innovative products, which can be sold at Gallery Furniture. Creativity was emphasized as the company does wood working and metalworking in product manufacturing. In addition to this, the concepts were to be creative. This was ensured through a listing developed to inspire the members to brainstorm on their ideas?

  • Is the idea viable for the company in terms of revenue generation and boosting customer loyalty?
  • Is the idea suitable for the company in terms of availability of resources and raw materials for production?
  • Is the idea suitable for the Gallery Furniture clientele?
  • Is the product attractive and functional for purchase?
  • Is there anyone who you would recommend the product to if it were launched in the retail market?

These questions provided the basis upon which the team members deliberated as they presented their different views and defined their concepts further. Through the group chat and SKYPE conversations, the concepts were refined and well defined to the point of becoming innovative concepts eligible for implementation in the company and inclusion in the report The team embarked on an intricate and extensive evaluation of each of the three concepts outlined. It was agreed that absolute impartiality would be practiced in order to circumvent any possibility of bias in the ranking and scoring process. The first evaluation stage involved the Preliminary Qualitative Ranking Screening Method. The findings indicated the team members favored the multi-media chest, which received the highest score. The second analysis stage was the Final Qualitative Ranking, which was highly ranked as indicated by the results. The Weighted Multifactor Matrix was the final stage through which the concepts were analyzed to establish validity. The team incorporated various factors as directed by the screening criterion selected. They were used in the development of weights, which would be ranked between 1-10. To generate a normalized score, the weight was, multiplied with the criteria score allocated by each member towards a particular concept. Through the application of ranking and extensive evaluation, the team Reached the conclusion that the Multimedia chest was more innovative compared to the other two ideas presented.

Concept Description

Concept 1: Wireless Charging Table

Encouraging our requirement for a quiet and mess free way of life comes the FurniQi remote charging side table, which will decrease the measure of unattractive wires you’ll require in plain view. The exquisite bamboo configuration includes a Qi remote accusing spot set apart of an unpretentious laser etching, which will energize a scope of telephones and gadgets – just check the site to check whether it’s perfect. With the discretionary capable of being heard notice, the table is easy to utilize when the lights are off.

Concept 2:  Sleep Evaluation Mattress

The smart mattress will come as an appreciated expansion to the room for any individual who experiences difficulty getting settled during the evening or those inclined to a bit of a sleeping disorder. The shrewd sleeping cushion has five ‘zones’, each comparing to a piece of the body – head, bear, lumbar, hips and legs  and utilizing the inbuilt application you can tweak the level of help in each zone to suit you. The bedding screens your shape and weight profile, naturally altering the solidness continuously as you rest, so you will wake up feeling revived. The application will likewise report your one of kind rest information so you can break down your rest examples to make upgrades. Most excitingly, the bed will be able to associate with other shrewd home gadgets for example, lighting, warming and individual home aides later in 2018.

Concept 3: Smart Baby Crib

Any new parent fixating on their child’s rest will need to give the smart baby crib a major embrace. The product has a major claim to help support an infant’s rest and quiet their objecting by reacting with repetitive sound a ‘jiggly’ shaking. As indicated by the organization’s exploration, babies will begin to rest better inside two long stretches of utilizing the den.

 

In the event that your infant gets fussier, the repetitive sound increment in volume and the shaking will react to your child’s cry by accelerating or backing off. The crib has a cell phone application so you can control it remotely through your iPhone. Following three minutes notwithstanding, the crib will close off, and it’s the ideal opportunity for you to venture in – yet that is valuable time to complete some tea at any rate.

Conclusion

On reviewing the whole process, concept development was challenging and rewarding enabling the team members to experience entrepreneurship. The Multimedia chest selected as the most innovative concept was successful in meeting the criteria factors outlined. In addition, the members learnt to coherently work together through proper division of labor, structured instructions, and good communication to facilitate entrepreneurial progression and innovation.

 

 

Works Cited

Freeman, Chris. Economics of Industrial Innovation. ROUTLEDGE, 2017.

Gallery Furniture. “What Makes Gallery Furniture Different.” May 2018, www.galleryfurniture.com/what-makes-gallery-furniture-different.html.

Holt-Johnstone, Janet. “Retail Success Story: Gallery Furniture.” Furniture World Magazine, 3 Jan. 2014, www.furninfo.com/furniture-world-articles/3473. Accessed 4 Aug. 2018.

Onorato, Amy. “How Mattress Mack Uses AI To Power His Furniture Empire.” DMNews.com, 12 Feb. 2018, www.dmnews.com/customer-experience/article/13034700/how-mattress-mack-uses-ai-to-power-his-furniture-empire. Accessed 4 Aug. 2018.

Stewart, Caitlin. “5 Top Trends in the Furniture Industry.” Market Research Blog, 27 Jan. 2017, blog.marketresearch.com/5-top-trends-in-the-furniture-industry. Accessed 4 Aug. 2018.

Ulrich, Karl T, and Steven D. Eppinger. Product Design and Development. McGraw-Hill/Irwin, 2008.

 

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