1. Prestige Worldwide
Strategic Analysis
Target (TGT)
Summer 2016 MAN 4720 20-9
Taylor Essma, *Anthony Gassman, Mohammed Hoosein, Zackary Jones, Ryan Lantz, Brian
Saunders
Word count (4144)

2. 2
Executive Summary
The purpose of this report is to conduct an internal analysis for the department store firm
“Target Corporation,” and to use the resulting findings in conjunction with the results of the
external Industry Analysis report to formulate a strategic recommendation for the focal firm. These
findings will be compiled into several distinct sections – Introduction, a summation of the previous
Industry Analysis report, an Internal Analysis, Financial Analysis, an analysis of the firm’s
Competitive Advantage, an industry Problem and Strategic Recommendation section as well as a
potential Fallout section, followed lastly by a Conclusion of findings. Posted at the end of the
report are extraneous contents such as the Appendix page.
The report begins with a summation of the previous external industry analysis report. The
primary findings of this report were derived from the use of analysis tools such as Porter’s Five
Forces model and the PESTEL framework. The conclusions within the report found that the
industry was neither attractive nor unattractive with a rating of 2.5 Stars, and that the most
important external factors in this industry are political, technological, and economic, with
economic being the most important factor.
The next section starts the bulk of the report with the firm analysis, beginning with an
internal analysis. The internal analysis consists of examining the firm’s value-chain activities and
running the resulting resources and capabilities through the VRIO framework to determine the
core competencies of the focal firm. We concluded that the firm has at least three core
competencies in their brand image, consumer loyalty through care of the triple-bottom line, and a
superior guest experience to rivals in the industry. We have found that Target Corporation is
utilizing these core competencies well and is organized to continue to capture their value. The
following section of the report is an examination of the firm’s competitive advantage in the
industry. The primary metric used in this section is Return on Assets. Using this metric over a 5
year period, discounting a security breach in 2014, it was shown that Target does have a sustainable
competitive advantage in the industry. Next, a financial analysis of the focal firm is conducted.
This section contains the use of several financial metrics that are used to uncover Target’s current
financial position in its market. We’ve concluded from the results of these metrics that Target has
a favorable financial position in the market and is continuing to improve on that position through
worthwhile investments.
Following the financial analysis section is the recommendation section of the report. This
section of the report contains three subsections - Problems, Recommendation, and Fallout. The
problems section outlines a major problem facing the department store industry currently, that
being the very high amount of competitive rivalry happening within the industry and noting the
industry is in the “decline” phase of its life-cycle. Of the main strategies to consider when in a
decline phase, we concluded the “maintain” strategy should be used by the focal firm, spurred to
success through further differentiation from competitors. In light of these choices, we formulated
a strategic recommendation for the firm, a partnership with the firm La-Z-Boy, creating a
showroom floor in-store and displaying certain furnishings. Assuming a 50/50 profit split, this

3. 3
project shows a positive NPV of $14,200,000 and an IRR of 89%. For full details concerning the
strategic recommendation please see the appropriate section.
Finally the report ends with the fallout subsection, this section hits on a few key potential
problems moving forward with the recommendation and solutions to those problems should they
arise. The noted problems were issues in creating the space needed for the showroom, which can
be minimized through the offset of low cost inventory and by targeting the lower percentages of
sales. Another problem is competitors in the market, as they may try to imitate the idea if it is
successful. We do not consider this to be a big issue however; if Target is the first to implement
and further differentiate itself, and combined with the already existing unique in-store atmosphere,
they will have an advantage. The third problem is that of a decrease in margin by ~30% if there is
a disruption in La-Z-Boy’s supply. This issue can be circumvented through a partnership with a
different supplier. This section is followed by a brief conclusion which summarizes all important
findings within each section of the report as well as restates the strategic recommendation.
1. Introduction
We are Prestige Worldwide and we are a group of consultants who have constructed a
strategic analysis for Target in order to provide strategic recommendations to business executives.
According to our CEO at ASI, the goal of this report is to answer two main questions provided to
us. The first question to answer is, “Is the firm’s strategy consistent with its internal resources and
capabilities, as well as the external environment?” Secondly, “What changes should be made in
the current strategy—and in investments in resources and capabilities—to improve overall
performance?” Included in the report is the Industry Analysis, which was conducted using
PESTEL and Porter’s 5 Forces. Also included is an analysis of Target’s mission and vision
statement. The internal analysis of Target was conducted by using the value chain analysis, VRIO
framework, and strategic positioning. The metric return on assets was measured in order to
determine whether Target has a competitive advantage within the industry. A variety of
calculations were constructed in order to determine the financial analysis within the firm. In
conclusion, we will report the problems, challenges, and opportunities in order to provide a
strategic recommendation to improve the overall performance within the firm.

4. 4
2. Industry Analysis
The definition for the industry, according to IBIS World is as follows, “Department stores
retail a broad range of general merchandise, such as apparel, jewelry, cosmetics, home furnishings,
general household products, toys, appliances and sporting goods. Discount department stores,
which are also included in this industry, retail similar lines of goods at low prices.” The vital factors
to understanding profitability in the industry are per capita disposable income and the cost of crude
oil. The future of this industry looks to be declining because of technological advancements in the
way consumers shop in the move to e-commerce.
Based on our research and analysis of the discount department store industry, we have
concluded that due to high rivalry among competitors, threat of substitutes, and threat of new
entrants, the industry is neither attractive nor unattractive and is rated 2.5 stars. (2.5*) The high
rivalry among the existing competitors is the largest factor in determining the attractiveness of the
industry and is rated 0 stars. (0*) Threat of substitutes is a close second, due to the high availability
of retail stores and products. Lastly, the ease of which new firms may enter the industry contributes
to our overall conclusion on the industry’s attractiveness.
When conducting the Environmental Analysis on this industry, using the PESTEL
framework, we determined that the environmental factors with the greatest impact on the industry
are political, technological, and economic, with economic being the most important factor. Using
Porter’s Five Forces, we concluded that the Threat of New Entrants was moderate, the Power of
Suppliers was low, the Power of Buyers was moderate, the Threat of Substitutes was moderate,
and finally the Rivalry Among Existing Competitors was high.
This industry is moderately impacted by legal changes. Economic influences such as per
capita disposable income and the price of oil have the greatest impact on the industry. Per capita

5. 5
disposable income is expected to rise and the world price of crude oil is expected to fall in 2016.
The world price of crude oil has a big impact on the discount department store industry as they
incur large shipping costs. With the expectation of falling crude prices in 2016 along with
decreasing unemployment, the discount department store industry looks poised to benefit from
consumers with more money in their pockets.
Political influences play a major role in this industry as the major oil producers, Russia,
the United States, and the OPEC nations grapple for dominance in the oil industry. OPEC nations
have a huge cost advantage as they can produce a barrel of oil for about $10 whereas Russia can
produce at about $20 per barrel and the U.S. produces at a whopping $30 to $60 per barrel
according to CNBC. An important political factor in play is the ongoing fight for an increased
minimum wage. According to IBISWORLD wages in the industry are currently 11.7% of total
revenues and are expected to increase to 12.5% of total revenues in 2021.
The Threat of New Entrants is directly correlated to how low the barriers of entry are, and
in this industry we concluded it is neither high nor low resulting in a ½ star rating. (½ *) There are
a few large companies in this industry that have the benefit of economies of scale. This decreases
the cost of goods sold resulting in either higher profit margins or lower prices passed down to the
consumer and results in large companies retaining the majority of the market share. In contrast,
the capital intensity is low along with regulations and policies. It does take some capital to pay for
the overhead of a retail store but compared to other industries the capital investment is low due to
minimal operating or manufacturing equipment. There are not many legal procedures to enter this
industry unlike other industries such as aviation or food service. (IBIS World, 2016)
The Threat of Substitute products is directly related to the availability of alternate products
in the industry. Due to an attractive price-performance trade-off of switching products and the

6. 6
buyers cost of switching to alternative products being low, we concluded there is a moderate threat
of substitutes in this industry. The high level of competition within the industry and the amount of
product choice afforded to the consumer allows consumers to go to other department stores with
relative ease. However, there are some advantages afforded to department stores. First is the ability
to shop for many types of different products in one location. Brand loyalty can also play a part in
thwarting the threat of substitutes, as consumers are more likely to shop with firms they trust.
The Rivalry Among Existing Competitors in this industry is high and the growth is
declining. The industry is dominated by a few companies, whose ability to separate themselves to
gain and sustain a competitive advantage is crucial to their ability to maintain a profitable
enterprise. Differentiation has become an increasingly dominant strategy because of a few cost-
leader firms in the industry and the commodity type products being sold. The major players in the
industry are competing with current trends by putting new focus on their websites and apps. New
entrants to the industry would find this more difficult due to lack of following and brand
recognition. Rivalry has been increasing through multiple channels as the major players in the
industry are now integrating distribution online as well as in store.
3. Firm Analysis
3.1 Mission and Vision
“We fulfill the needs and fuel the potential of our guests. That means making Target your
preferred shopping destination in all channels by delivering outstanding value, continuous
innovation and exceptional experiences—consistently fulfilling our Expect More. Pay Less.®
brand promise.”(Target, 2016)
3.2 Internal Analysis

7. 7
The value-chain of the focal firm, Target Corporation, consists of its primary
activities that directly contribute to its profitability. According to Target’s corporate responsibility
report, their value-chain contains 5 key steps. The first step is Design, where brainstorming ideas
for product and store innovation takes place. The next step is Produce, where ideas and raw
materials meet to form new products and services. The third step is Ship, which is the shipment of
these products and services to the consumer’s geographical area. The fourth step is Sell, which
encompasses the Target guest experience. Finally the last step in the chain is called Use and Reuse,
this post-purchase process provides incentives for guests to reduce waste and recycle their items
once they are through with their use.
Through an examination of the focal firm’s value-chain, several resources and capabilities
emerge. These include tangible resources such as number of shipping locations, the number of
retail locations, backward-integration through store-owned brands, and store team members; as
well as intangible resources such as the in-store atmosphere, the Target brand, marketing and
advertising, and a care for the triple-bottom line through community outreach and incentivizing
proper item recycling. After the identification of the firm’s resources and capabilities, an analysis
of these resources using the VRIO framework is conducted. For any of these resources and
capabilities to be core competencies for the firm, they must first be shown to be valuable, rare,
costly to imitate, and the firm must be organized to capture the resource’s value. We’ve concluded
from the use of this framework that Target Corporation has at least 3 core competencies, allowing
for a competitive advantage in their industry, stemming from a mix of resources and capabilities.
One of the firm’s core competencies is their easily recognizable brand name and logo. This
is an intangible resource but has proven to be an invaluable one, as firms that can differentiate their
brand in a highly competitive industry will position themselves for further success. The second

8. 8
core competency of the firm is its superior guest experience. This competency again is focused on
differentiating the firm from its myriad competitors. Target strengthened this competency through
customer service innovations such as the customer help call buttons and improved employee
training. A third core competency of the firm is their consumer loyalty. This competency was
strengthened through the firm’s commitment to their triple-bottom line, such as the firm
reinvesting a percentage of profits into the community and incentivizing recycling of used items.
This yet again ties into a differentiation strategy, as this type of behavior separates the firm from
others in the industry and cultivates trust with consumers, motivating them to shop with Target
over other firms.
Target has invested heavily in these competencies in order to push a broad differentiation
strategy that distinguishes them from its competitors in the industry and creates a competitive
advantage for the firm. The firm is playing on its strengths and is organized to consistently capture
the value of these competencies, and will see continued success and competitive advantage from
them, further improving their strategic position in the industry.
3.3 Competitive Advantage
The major public competitors in the industry identified were Nordstrom, Dillard’s,
JcPenney, Sears, Target, Macy’s, and Kohl's. The chosen metric used for determining how each
company stacked up against one another was return on assets. According to the Harvard Business
Review return on assets is one of the best and most underutilized financial metrics to measure
competitive advantage. “To analyze long-term profitability trends across all public companies in
the US, return on assets avoids the potential distortions created by financial strategies.” (Harvard
Business Review, 2010) If you look below at the appendix for the Return on Assets graph you will
notice Target is above the industry average line. This is not a result of Target doing so well but

9. 9
more so the fact that Sears and JcPenney are doing so poorly that the average is being skewed
downward. The other four companies are surpassing Target in average ROA thus telling us that
Target has not sustained a competitive advantage, according to this metric. Looking at average
ROA alone Target is mediocre at best. This said, it should be understood that Target was
unfortunate enough to undergo an enormous data breach in 2014.
According to the New York Times there was a 148 Million dollar cost associated with the
breach in addition to lost potential profits due to lack of consumer confidence. (Abrams, 2014)
This is obviously reflected in the ROA used to measure competitive advantage. Looking at the
most recent year of ROA it would seem Target has made a miraculous turnaround and obviously
gained back their consumer confidence. Using this reasoning, Target currently has the competitive
advantage. In the strategic group map created below, the variables used were percentage of
markups and number of locations. Markups was used because it directly suggests how much a
consumer is willing to pay for the same product at each store. The second variable, number of
locations, suggest the importance each firm places on being physically as close as possible to as
much people as possible. Looking at the strategic group map you will notice there are 3 clusters.
The first being the cluster that has a high markup and a medium amount of locations. The second
cluster are the firms that have relatively few firms but about average markups. The last cluster and
the one that includes our subject firm Target has many locations and the lowest markups.
Essentially Target is trying to attract consumers by being extremely accessible and keeping prices
low, while attempting to have a higher average ticket price per customer.
3.4 Financial Analysis
According to IBIS World, Target commands the majority of the market share for the
discount department store industry. While Target’s current ratio, return on equity, and return on

10. 10
revenue have remained relatively steady (with the exception of 2014, due to their security breach)
over the past five years, their gross margin has been steadily declining. Target claims that their
gross margin is impacted negatively due to “seasonal markdowns” and “product promotions” but
compensate with higher purchase prices per customer, relative to competitors. Target’s strategy
in this area is simply that they can accept a lower gross margin on products as long as each
customer spends more on average while shopping at Target.
Major outliers in the debt ratio and quick ratio are apparent in 2014; these oddly poor
financial positions during that time were due almost entirely to the credit card breach that led to
Target’s 46% drop off in profit for the quarter (Forbes, 2014). For this industry, the average return
on assets is roughly 5%, a number that Target has more than achieved in the past five years
excluding 2014, topping out at over 8% in the fiscal year ending 2016, which is a five-year best
for them. A key area that Target has focused on as of late is their e-commerce sales. Their fourth
quarter online sales in 2015 (holiday season) rose a whopping 34%, blowing away the growth of
their competitors (Investorplace.com, 2016). If Target is able to continue to grow their online
presence, their profitability as a firm will have the opportunity to skyrocket. Target’s current P/E
ratio of about 12.85 is a solid number for investors to look at, along with a relative consistency
with their common stock after recovering from the 2014 drop in price.
In addition to their consistency, Target pays a higher dividend than most in their industry,
which is also attractive for potential investors. On the books, it may look as if Target has had
better numbers in the past, and that is true to an extent. While their net income has been slightly
lower in recent quarters, which is highly due to their extended marketing campaigns as well as
costs to cover a move to e-commerce, this can be looked upon as an investment for higher sales

11. 11
and revenues in the near future. Overall, Target has a favorable financial position in the market
relative to competitors and is continuing to improve and invest in the future.
4. Strategic Recommendations
4.1 Problems
In this industry, threat of rivalry is considered the highest of all the five forces. Rivalry is
high in this industry because the other forces are strong which causes the firms in the industry to
compete with a high level of intensity. This high intensity rivalry is also an indication that the
department store industry has entered into the decline stage of the industry life cycle according to
IBISWORLD. When an industry is in the decline stage, it has four strategic options: exit, harvest,
maintain, or consolidate according to Strategic Management: Frank T. Rothaermel.
Exiting the industry does not appear to be a viable option, as the exit barriers are high. A
firm attempting to exit the industry would be required to sell its real estate which would pose
significant challenges due to the fact that there is so much of it. A harvest strategy is not a good
path forward either. This strategy attempts to generate the most profit from existing product lines
without much investment in product innovation or customer service. Given the nature of the
industry and the intense rivalry within it, this strategy would most likely not work well. The other
two options, maintain and consolidate seem to be the most promising for this industry. The
maintain strategy can be implemented through building a strong base of brand loyalty through
differentiation.
The consolidation strategy is also a possibility for this industry however it poses significant
risks due to the large amount of capital required to buy such vast quantities of real estate. We feel
that the most likely strategic option for this industry will be to “maintain” given that exiting would
be very difficult, harvesting would most likely lead to a decline in brand loyalty, and consolidation

12. 12
would require huge risk. However, the maintain strategy relies heavily on the ability of a firm to
build brand loyalty through differentiation which may be difficult to do considering the high
degree of rivalry between the firms. We feel that Target may be able to gain some differentiation
through the use a strategic partnership with La-Z-Boy. We feel that these products will generate
above average revenue per square foot within the firm and there is little risk to either party. The
potential challenge with this will be to change the layout of the Target stores to properly display
the products so that consumers find them appealing.
According to Fortune.com, Target’s new CEO, Brian Cornell, is already moving forward
with product presentation as a way to drive sales. According to the same article Target’s CEO
states that the use of mannequins to showcase clothing, have grown sales by 30%. Because of these
results Target feels that they can implement the same showcasing strategy in their home
department. In the same article Cornell mentions that when a customer enters the store, they simply
see a sea of racks. We couldn’t agree more. Our team went to a local Target and found dusty
merchandise placed apathetically on whatever rack space was available. If Target is to gain an
advantage through a differentiation strategy, they must create a more attractive area within their
stores to showcase their merchandise in a way that customers can visualize what individual items
will look like with others.
4.2 Recommendations
As the department store industry becomes more and more competitive, Target must find a
way to differentiate themselves. Our strategic recommendation is for Target to partner with La-
Z-Boy. “To passionately create customers for life-one comfortable and exceptional experience at
a time.” (La Z Boy, 2016) This is La z Boy’s mission statement and if you refer back to the mission
statement listed for Target you will see a strong commonality in the two. This is especially true

13. 13
when they both mention the importance of an “exceptional experience”. We believe these two
companies would be a great fit for each other due to their similar mission statements. In this
mutually beneficial partnership, Target will display La-Z-Boy products and La-Z-Boy will handle
the storage and delivery of the products. Target has begun to experiment with “showroom style”
departments, and we believe it is in Target’s best interest to build upon this idea.
Upon partnering with La-Z-Boy, Target will display 4-10 recliners and couches in their
home section, fully decorated and on display. There will be iPad’s added to the section so that
customers may search a larger catalog of products, and orders will be shipped through La-Z-Boy’s
delivery services. After speaking with a manager at a local La-Z-Boy store, we have determined
that, assuming a 50/50 profit split, Target will earn roughly $150, on average, in gross profit on
each recliner that is sold. In addition to this, we believe that the merchandise that Target can pair
with the furniture in these showrooms will earn increased sales numbers. The cost to implement
this recommendation will be minimal. La-Z-Boy will benefit from the added sales revenue as well
as the advertising, and Target will differentiate themselves as well as increase sales in their home
division.
The main cost that we have identified will be the clearing of space in order to organize the
showroom. We believe that this cost can be offset by the decrease in cost of inventory that this
partnership will allow for. Due to La-Z-Boy possessing and handling delivery of the actual
products, Target will have less inventory to process in-store which we believe will help lead to
higher returns. Through research at a local Target, we believe that selling 3 La-Z-Boys per week
is a conservative number on average. The income from implementing this idea is calculated to be
roughly $22,000 in profit each year, per store, stemming solely from the sales of La-Z-Boy’s. This

14. 14
results in a favorable revenue per square foot (assuming the section is roughly 6,000 square feet)
and does not take into effect the added sales from other products.
A Target representative stated that home décor sales are not even 2% of total store sales,
and rugs and other home goods are even lower (1.2%). We believe that by consolidating some
of the sections in order to make room for the showroom, Target will be able to drop costs
associated with maintaining the respective department for these items while simultaneously
increasing sales through the showroom method. We have determined a NPV of roughly
$14,200,000 and an IRR of 89%. The IRR is unusually high due to the minimal startup costs.
The NPV was derived by assuming an average of three recliners sold per week, and that the
recommendation was rolled out to 100 stores. Each year, we assumed that 100 more Target
stores adopted the recommendation, and each store incurred set-up costs of $4000. The return on
investments per year were determined to be as follows: 2.324 in year 1, 5.161 in year 2, 7.565 in
year 3, 9.585 in year 4, and 11.944 in year 5. The return on investment continued to rise due to a
higher initial cost of setup (due to accounting for year number “0”).
In order to better differentiate themselves as well as create a more rewarding customer
shopping experience, Target must implement a partnership with La-Z-Boy. This will solve their
display problems as well as give consumers a larger selection of items to purchase. In addition,
the gross margin on recliners (roughly 30%), is on par with store average for most items.
4.3 Fallout
In any business recommendation there are potential risks involved, however many times
the reward is great. A potential risk associated with implementing the showroom of La-Z-Boys
would be clearing space in order to create the showroom. We believe we can minimize this risk by
the offset of low cost inventory associated with this partnership by targeting the store divisions

15. 15
with the lower percentages of sales. Potential risk arises in negotiating the financial splits when
selling the furniture pieces. Upon consulting with the La-Z-Boy manager he felt that a 50/50 split
on profits was feasible.
If our recommendation is fulfilled by Target, some of the firm’s competitors will be
impacted by loss of market share, as Target becomes more differentiated in the industry. As a
result, competitors may try to imitate Target’s showrooming concept, but it could be unfavorable
as Target would have already partnered with La-Z-Boy and other manufacturers to increase their
home goods division, gaining an advantage.
An additional problem that Target could potentially face if partnering with La-Z-Boy, is a
decrease in margin, currently at about 30%. If La-Z-Boy suffers from any unforeseen supply chain
issues, it could result in a lower margin on the products that Target will be selling. If the margin
drops below the desired level and the minimum cost per square foot is not being reached, then
partnering with La-Z-Boy could then become unprofitable for Target. This may result in Target
wanting to end the business relationship with La-Z-Boy and repurposing the lost display area with
other potential manufacturers with more desirable margins.
5. Conclusion
Overall, based on our entire analysis it was found that Target was the most competitive
firm in the industry although they did not sustain competitive advantage due to a fluke year in
2014 caused by a data breach. Even with a strong recovery in 2015 Target still has some major
hurdles to jump through. In our 5 Forces analysis, it was found that the Rivalry Among
Competitors is the highest among all forces. To improve the Rivalry Among Competitors, Target
needs to differentiate themselves more so than they have. Our recommendation is to partner La-Z-
Boy and Target to sell recliners which will help differentiate them among their competitors. Due

16. 16
to the extremely low risk of this partnership to both companies and the financials to back it up, we
are confident as ASI consultants that this recommendation, if followed through, will improve
Target holistically to their full potential.
References
(n.d.). Retrieved July 06, 2016, from
http://www.forbes.com/sites/maggiemcgrath/2014/02/26/target-profit-falls-46-on-credit-card-
breach-and-says-the-hits-could-keep-on-coming/#41c37f115e8c
Bryant, C. (n.d.). Wal-mart and Target Have the Worst Gross Profit Margin Among Peers.
Retrieved July 06, 2016, from http://www.fool.com/investing/general/2014/01/21/wal-mart-and-
target-have-the-worst-gross-profit-ma.aspx
IBIS World. (n.d.). Retrieved from
http://clients1.ibisworld.com/reports/us/industry/keystatistics.aspx?entid=1090
Target Corp. (n.d.). Retrieved July 06, 2016, from
http://www.marketwatch.com/investing/stock/tgt/financials
Target Corp. (TGT) | Corporate Profile. (n.d.). Retrieved July 06, 2016, from https://www.stock-
analysis-on.net/NYSE/Company/Target-Corp/Profile
Will Target Stock Get a Big Push From E-Commerce? (TGT). (2016). Retrieved July 06, 2016,
from http://investorplace.com/2016/03/target-stock-tgt-e-commerce/#.V3GLn_krK00
Harvard Business Review. (2010, March 04). The Best Way to Measure Company Performance.
Retrieved from Harvard Business Review: https://hbr.org/2010/03/the-best-way-to-measure-
compan.html
Target. (2016). Target. Retrieved from Target: https://corporate.target.com/about/purpose-beliefs
Target. (2013). Corporate Responsibility Report. Retrieved from Target:
https://corporate.target.com/_media/TargetCorp/csr/pdf/2013-corporate-responsibility-report.pdf

17. 17
Abrams, R. (2014, August 05). Target puts data breach cost at 148 Million, and forecast profit
drop. Retrieved from New York Times: http://www.nytimes.com/2014/08/06/business/target-
puts-data-breach-costs-at-148-million.html?_r=0
La Z Boy. (2016). About Us. Retrieved from La Z Boy: http://www.la-z-
boy.com/Louisville/Louisville/Store-Info/
Appendix

18. 18

19. 19

20. 20

21. 21