LONDON SCHOOL OF COMMERCE

MASTER OF BUSINESS ADMINISTRATION

BETWEEN TRADITION AND MODERNITY OF MARKETING MANAGEMENT: the

project to marketing strategy in Faculty of Law in Guarapari-ES-Brazil

ALTINO SILVEIRA SILVA

Floriana – Malta
2019
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 SUMMARY

1.0 INTRODUCTION 02
1.1 ORGANISATIONAL BACKGROUND 02
1.2 STRENGTH AND WEAKNESSES 05
2.0 CUSTOMERS ANALYSIS 05
3.0 PEST ANALYSIS 08
3.1 POLITICAL 09
3.2 ECONOMIC 10
3.3 SOCIAL 11
3.4 TECHNOLOGY 12
4.0 SWOT ANALYSIS 13
4.1 INTERNAL ORGANISATIONAL FACTORS 14
4.1.1 STRENGTH 14
4.1.2 WEAKNESSES 14
4.2 EXTERNAL ORGANISATIONAL FACTORS 15
4.2.1 OPPORTUNITIES 15
4.2.2 THREATS 15
5.0 MARKETING STRATEGY RATIONALE 16
6.0 CONCLUSION 18
7.0 REFERENCES 18

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BETWEEN TRADITION AND MODERNITY OF MARKETING MANAGEMENT: the
project to marketing strategy in Faculty of Law in Guarapari-ES-Brazil

ABSTRACT
This report examines how the KROTON S.A, in the Guarapari area, developed actions to
expand their presence in the education business in Espirito Santo State. The starting
point of this report is identifying the key gaps and opportunities in the Guarapari Unit,
using three different tools of marketing management. This research paper has two
objectives. The first is to analyse the external factors and their potential. The second is to
produce a strategic plan to improve the participation of KROTON in the south-coast of
Espirito Santo State. This study reveals a hybrid environment and thus a specific strategy
to obtain success in this scenario, must be developed.

1.0 SITUATIONAL ANALYSIS

1.1 ORGANISATIONAL BACKGROUND

KROTON S.A is one of the largest groups in the Educational sector, globally, and is the
leading market in Brazil. The Corporation has spread over the country and has several
educational institutions at different levels – from Primary School to Universities (in 2017
they had 804 Associate schools and 127 Higher-Education units). KROTON rapidly
expanded between 2007-2015, and its number of units grew immediately. In the last
report published by the organisation, they reported to have 26,572 employees (12.394
are professors/teachers) and 1,2 million students as of 2018. The Market Cap and
Enterprise Value corresponds to US$ 18,41bi and US$ 29,01bi respectively. These
figures show the company’s strengths as their revenue was US$ 6,7bi and the profit
generated was US$ 3,79bi over 12 months. All institutions follow the KROTON
headquarters’ strategic plan, despite the group being organised into semi-independent
units. Each one has its own structure, allowing it to work independently. A vital point in

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understanding this fragmented structure is the origin of the institutions. Based on general
aspects, the managers of KROTON headquarters’ divide all their institutions into two
categories, which are “Green Field” and “Acquired”. The Green Fields were created by
the headquarters from the start and are directly engaged with the policy of the
organisation. The Acquired were institutions bought by the group, and thus these facilities
already had their own structure. The group gradually processed actions with the scope of
substituting their “old system” for a new one, by standardising the structure to be aligned
with their goals and by changing their internal culture and values. This process normally
takes three to five years to be fully implemented.

Because KROTON in itself has an atypical plural structure, this research focuses on only
one course in the unit, localised in the city of Guarapari-ES-Brazil. This institution was
acquired in 2008 and at that time offered six courses (Administration, Accounting, Law,
Marketing and Propaganda, Pedagogy, Tourism). However, after three years of
acquisition, the government allowed the institution to launch six new courses (Architecture,
Civil Engineering, Electric Engineering, Computer Engineering, Mechanical Engineering
and Production Engineering). Nowadays, the Guarapari Unit offers 14 courses, as they
opened two more courses in 2016 (Odontology and Nursing), and has 147 professors
and 2.173 students. Within their Faculty of Law, they have 11 professors and 426 students,
which correspond to 7.4% and 19.6% of the total percentage. These numbers are
important, because they show that their Law course is responsible for a huge share of
their general income. On the other hand, the Law Faculty has a budget which is less than
that of the Engineering and Biomedical courses, as it does not have to fund the upkeep
of laboratories or invest in expensive equipment.

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 Map 01
Population density of Espirito Santo State and Marketing goals

Guarapari G1
Alfredo Chaves G1
Anchieta G1
Iconha G1
Rio Novo do Sul G2 Piuma G1
Itapemirim G2

Marataizes G2

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1.2 STRENGTH AND WEAKNESSES

The strongest point is the fact that the group is heavily capitalized due to the surpluses
obtained in recent years. This way, the Guarapari unit can withstand a temporary deficit
or decrease monthly fees or renegotiate debts. Another strong point of the organisation
is the national recognition the brand receives. However, due to the fact that the unit is
located within the peripheral zone, the persuasive power of the brand tends to be less
effective. A weak point is the intervention of the headquarters in the pedagogical plan of
the Law Course, which causes dissatisfaction for both teachers and students. Another
negative point is the internal bureaucracy of the organisation, since it is a large group,
many procedures must obey the rules/supervision of higher levels. This causes delayed
decision making and operation.

2.0 CUSTOMERS ANALYSIS

Map 01 shows the geographical position of Guarapari, demonstrating the strategic

location of the Guarapari unit, between the capital and the south of the State. The map
also provides information about the demographic density of all cities. But to focus on the
strategic plan of KROTON Headquarters, it is necessary to have more information, which
can be seen in the table below:

Table 01
Population details of Priority and Secondary markets (2018)
CITY DENSITY POPULATION HDI
Guarapari medium-high 123172 0,731
PRIORITY Anchieta medium-high 29037 0,730
MARKET Iconha medium-high 14396 0,729
(Group 01) Piuma medium-high 22952 0,727
Alfredo Chaves low 14396 0,710
SECONDARY Marataizes medium-high 38318 0,696
MARKET Rio Novo do Sul medium-high 11273 0,711
(Group 02) Itapemirim medium-high 36638 0,654
TOTAL 290182
Source: SILVA, A. S. 2019 based in IJSN data

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From table 01, we can see three different aspects: population, demographic density and
quality of life. It is also possible to identify the two groups of cities in the headquarters’
strategic plan. Human Development Index (HDI) is a statistic composite index with three
main aspects: economic, education and life expectancy. The HDI is an excellent indicator
for tracing consumer purchasing power in a specific location. For the education business
it is particularly useful because it does not show the financial elements alone, but also life
expectancy and the educational level of the population.

The priority market group consists of five cities and together has 203,953 inhabitants. The
secondary group consists of three cities and together has 86,229 inhabitants. The total
inhabitants of both groups are 290,182 people. On analysing the age pyramids of the
eight cities listed in the table 01, they show that the population aged 20-40 years is around
of 35%, which corresponds to 101,564 people. Presumably, based on the HDI data, 50%
of these people have already graduated, which reduces the number to 50,781 inhabitants.
Bearing in mind that according to the national census, the Brazilian middle class
represents 42.3% of the population, it can be estimated that the market has 21,481
potential customers.

The Guarapari Unit has 14 courses and the enrollments of each course have a different
rate, ranging from 50 to 110 new enrollments per year. With a medium of 80 enrolments,
this means that the Guarapari Unit is able to receive 1,120 new students per year.
Normally, an undergraduate degree lasts five years then the Faculty can accommodate
5,600 students in its full capacity. Total numbers represent 1/4 of the total potential
customers. In the specific case of the Law Course, there are 110 annual vacancies or a
total of 550 vacancies, representing only 1.91% of the market share.

The sociological approach needs to be used beyond the economic and labour area. It is
a prerequisite to observing human relations’ behaviour in society, but more specifically,
how the interaction develops (MULLINS, 2016, p. 4). Although the city is located near the
capital, traditional customs still persist.

One of these customs is the friends’ reference. The “friends’ reference” exists and
reproduces in a complex context of local identity and personal connections (CUNHA,

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2006). This system becomes stronger when the actors sharing experiences, realise that
their own actions need to be supported by another person within the same family or by
even higher status. The structure of these cities is an enabling environment for the
development of familiar attitudes.

The AIDA Model allows the development of a process for the creation of a marketing
strategy, but the model needs to be adapted according to the scenario. Hassan et al
(2015), remind us that the AIDA Model was created for the US society of 1898 and
therefore needs actualization and contextualization. In small Brazilian towns, the
importance of friends’ recommendations is crucial for decision making, Barichello et al
(2010) consider it as a specific type of “viral marketing”. When friends and family
participate in decision making, they make the customers feel less insecure about their
decision. Traditional advertising can arouse awareness and interest of the general public,
but in order to instil desire and perform actions, the customers must be encouraged by
family and friends.

Figure 01

AIDA Model in Brazilian small towns scenario

General advertising
•General advertising of avaliable
Awareness products/services

•Arouse curiosity for General advertising

customers to verify the Interest
offer fits their needs and
possibilities.

Friends/Family •Convince the customer that they

Desire want the product / service

Friends/Family
•Ensure customers make the
decision to purchase the
Action
product / service

Source: HASSAN et all, 2015 with adaptations

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3.0 PEST ANALYSIS

Sammut-Bonnici (2015) explains PEST analysis as an acronym of four words: Political,

Economic, Social and Technological. The PEST is frequently used as a powerful
instrument to identify the external macro-environment risks and their effects for the
organisation. From these points the organisations can develop plans/processes to adapt
their business activities and explore the possibilities to become more competitive.

The sociocultural universe is extremely complex and plural, and it is particularly

impossible to exhaust all external variables and interferences in the company. In
fact, ″external influences are almost infinite in number and variety and no study could
hope to consider them all″ (WORTHINGTON and BRITTON, 2006, p.13). The crucial
point is not how to take all contingencies into account, but how to prevent against the
most likely and prevent their consequences or use them as an advantage. To show the
application of this methodology, one force in each component of the PEST analysis must
be chosen.

Figure 02
PEST Analysis

• Student • Depression
loan policy

POLITICAL ECONOMIC

TECHNOLOGY SOCIAL

• Social • Local
Media behavior

Source: SILVA, A. S. 2019

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3.1 POLITICAL

The Brazilian federal government has two student loan programs called Fundo de FIES
and PROUNI. Under these programs, the Brazilian Ministry of Education gives students
who need financial aid in order to cover the costs of higher education in Private institutions.
Both programs are not new, FIES was created in the 1970s. However, a large public
budget was not directed to these programs until 2000s.

At the end of first decade of the millennium, growth was intense. In 2010, FIES was
assigned 71.611 new contracts and in 2014 this number increased to 732.243. Table 02
shows this evolution.

Table 02

Evolution of FIES and PROUNI (2005-2014)

Source: Brazilian Ministry of Education

Another important aspect shown in the table is the percentage of total students entering
University and comparing it to the FIES and PROUNI numbers. In 2005, 1,108,600 new
students started University, whilst in 2014, there were 1,658,350 new students. In the
same years FIES and PROUNI had 15.6% and 57.6% growth respectively. The
expansion was possible due to the combination of a government policy, focused on
education with economic growth and tax revenue. This system worked perfectly until 2014,
when Brazil entered a period of economic crisis and budget deficit (HENRIQUES, 2018).

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 Figure 03
GDP Growth of Brazil (2004-2018)

Source: IBGE, 2019

These programs are advantageous for private universities because they reduce the risk
of student not paying their tuition fees. For this reason, private institutions increased the
number of FIES and PROUNI scholarships for students. As a result, on average, 60% of
the students enrolled in private faculties are governmental’ scholarship students.
However, during a situation of economic crisis, there is a freezing or suspension of public
resources. What was a guarantee of collection becomes a liability with no future
receivables. In other words, that which was to mitigate risks can become something much
more dangerous. In fact, this hypothesis became real in 2018, when the federal
government blocked R$ 700mi from FIES, but this decision was reversed due to pressure
from Parliament. Nowadays, the new president aims to reduce government spending, as
a way of reducing the federal government's primary deficit.

3.2 ECONOMICAL

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Economic depression is a major threat to every organization, as consumption decreases
and unemployment increases. The reasons for the crisis can be various and the effects
are also variable. The region encompassing the eight cities, is economically fragile due
to the fact that there are no large companies - except for Samarco Steel S/A. If a national
shakeout occurs or Samarco's management undergoes a change, then this will have an
enormous impact on the population's income. The crisis will also hit the public budget,
which reduces public subsidies for education, whether federal or municipal funds.

3.3 SOCIAL

The “cultural imperatives” comprise of a wide range of elements including; values,

customs and courtesy. In order for the organization to succeed in business, it must
observe its own actions and adapt its strategies to be consistent with such elements.

Successful business people know the Chinese word guanxi, the Japanese
ningen kankei or the Latin American compadre. All refer to friendship, human
relations or attaining a level of trust. They also know that there is no substitute
to establishing friendship in some cultures, before effective business
negotiations can begin. Informal discussions, entertaining, mutual friends,
contacts and just spending time with others are ways guanxi, kankei,
compadre and other trusting relationships are developed. In those cultures
which friendships are a key to success, the business person should not slight
the time required for their development (CATEORA, 2013, p.130).

In a Brazilian context, one of these customs is the friend’s reference. The “friend’s
recommendations” exists and reproduces in a complex context of local identity and
personal connections (CUNHA, 2006). This system becomes stronger when the actors
share experiences, realise that their own actions need to be supported by another person
within the same family or with an even higher status. The structure of small cities is an
enabling environment for the development of familiar attitudes. Barichello et al (2010),
point out that decisions of the Brazilian consumer are usually collective in nature,
particularly stronger in the lower classes and in small cities. Only upper-middle class and

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riches cultivate attitudes that have similarities with the individualistic American
consumerism style.

3.4 TECHNOLOGY

The emergence of Social Media has changed the way companies relate to their
customers and develop marketing campaigns. In the past, obtaining market and customer
information was a task that consumed vast amounts of time and resources for
organizations. Only large corporations had the capital and specialized employees to
develop actions in this regard. In contemporary times much of this information is available
on the internet. Unlike traditional marketing research, the information obtained on the
internet is mostly produced by consumers. The internet has given more than visibility to
consumer opinions and desires. In the digital age the consumer-consumer is also a
promoter of products and services.

With the ever-increasing use of the internet, companies have acquired new means
to communicate with their consumer markets, giving rise to digital marketing and
also to viral marketing. The viral marketing refers to the idea of spreading the
message like a virus, seeking its sharing through the dissemination and
spontaneous action of the consumers themselves (SANTOS, 2015, p. 53).

Table 03
Classification of Social Media Types
Classification of Social Media Types
Virtual
Divulgation High Blogs Social Networks Words
Colaborative Thematic Virtual
Level
Low Projects Communities Games

Source: Based in KAPLAN et al (2010)

Maintaining a customer relationship via social media is relatively inexpensive and allows
organisations to create opportunities which increase customer engagement over the
medium term. The risk is equally low as it does not require large outsourced advertising

12
investments. In addition to the fact that all digital material can be reused as it does not
undergo degradation (CANT and HEERDEN, 2013).

One of the main features of Social Media is the possibility of implementing viral marketing.
This strategy is described as a way to encourage social media users to post photos or
comments in/directly related to the organization. This increases exposure and influence
the organisation has on the internet. The exposure gained by clients posting comments,
allows the organisation to reach a specific audience from a personal recommendation
(BAMPO et al, 2008).

4.0 SWOT ANALYSIS

Marketing Management has several methods to develop research and the SWOT
analysis is the most well-known in this field. To be more effective the SWOT analysis is
used in conjunction with PEST. The SWOT is frequently used as an instrument to
evaluate two dimensions: internal and external factors. The internal organisational factors
are Strengths and Weaknesses. The external organisational factors are Opportunities
and Threats. The analysis consists of collecting information in order to create a
hypothesis about the forces that influence the actions and the environment of the
organisation.

Figure 04

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 SWOT Analysis

STRENGTHS OPPORTUNITIES

• Financial resources • Weak/distante

•Known how in competitors
Educational Business
•Well know Branch

WEAKNESSES THREATS
•Internal Bureaucracy •Changes in Student
•Heartquarters loan policy
intervention •Economic crisis

Source: SILVA, A. S., 2019.

Despite the SWOT analysis acting as a good tool to develop a general hypothesis, on the
other hand it has some limitations. “One of the advantages but at the same time
disadvantages of SWOT analysis is the fact that it is the method of valuation. The
emphasis on the evaluation of the work seems more applied than theoretical. SWOT has
proved very useful in understanding the environment of the organization and
consequently, in the strategic planning of their growth and development” (ORESKI, 2012,
p.284).

4.1 INTERNAL ORGANISATIONAL FACTORS

4.1.1 STRENGTHS

The financial resources of the organisation are their strongest point, their revenue was
US$ 6,7bi and their profit was US$ 3,79bi over the last 12 months. With the high surplus
and profit, it is possible for the organization to compete in the market with low-prices or

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to resist temporary deficits. The KROTON brand is well known in the market, which gives
students a feeling of security in choosing their faculty and opportunities in the job market.

4.1.2 WEAKNESSES

KROTON has developed a management model with the scope of it gradually being
implemented by the acquired units with the function of integrating the financial and
pedagogical systems. The internal bureaucracy of the organisation, dictates that many
procedures must obey the rules/supervision given by higher levels. This causes sluggish
decision making and operation. Another weak point is the intervention of the headquarters
in the pedagogical plan of the Law Course, which causes dissatisfaction of both
professors and students. Based on the presumption that every organisation’s primary
objective is to generate profit, the Guarapari unit must promote a work environment
capable of creating a contemporary pyramid structure. This is because when the
employee feels satisfied and valued they will treat customers better. If customers are
treated right, they are loyal and do not cause problems for the organisation. This is crucial
to the unit's success, as the product sold by KROTON is not an isolated object or short
service. Education is a long-term relationship between organisation, employee and
customer. The Law Degree takes five years to be completed, and so proper customer
service, must be a permanent and constant concern. Following this reason, an important
difference is the fact that a professor can also be a marketing asset. This informal
leadership towards the students should be used by the Chief-coordinator as an instrument
to build customer loyalty.

4.2 EXTERNAL ORGANISATIONAL FACTORS

4.2.1 OPPORTUNITIES

Most private universities and the only public university in the state of Espirito Santo are
located in the metropolitan region of the capital. In the south of the state, there are only
five competitors and all of them are small as they only offer one to three courses – the
exception being the Centro Universitario São Camilo. The faculties of the south of the

15
state are based in Cachoeiro de Itapemirim, the largest city in this region. Thus, the cities
of group 01 are closer to Guarapari, and the cities of group 02 are at same distance from
Guarapari and Cachoeiro de Itapemirim (refer to map 01 and table 01). Thus, the market
presents a low risk of competition. After all, this area can be explored without much fear;
as it takes a minimum of three years to open a new Faculty and the government
bureaucracy contributes to this low risk of competition.

4.2.2 THREATS

The biggest threat is the region's economic weakness, as there are no large companies
(with the exception of Samarco Steel S.A). Indeed, per capita income and employability
have solid limitations. There is a concentration of income in small cities, which is notoriety
in the Brazilian context. Due to this, subsidized federal and state government loans are
fundamental for increasing the educational level of the population outside of the large
urban centers. The economic crisis allied to the government's budget deficit makes this
threat have an even greater impact on the Guarapari Unit. Most of the students need
student loans and if the government cuts back FIES / PROUNI funds then it will cause a
wave effect:

Figure 05
Wave effect hypothesis

Less credit Less Defict

Economic
loans + enrollment at
Depression (Financial loss)
unemployment Guarapari Unit

Source: SILVA, A. S. 2019.

5.0 MARKETING STRATEGY RATIONALE

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Digital marketing goes beyond merely just website creation or ad serving on Google,
blogs, and more. When it comes to this kind of marketing strategy, they are targeting the
online consumer and aiming at addressing their desires, behaviors and needs. Social
media shows the complex potentiality of the Internet. Maintaining a customer relationship
via social media is relatively inexpensive and allows companies to create opportunities to
increase customer engagement over the medium term. The risk is equally low as it does
not require large outsourced advertising investments. In addition to the fact, that all digital
material can be reused (CANT and HEERDEN, 2013).

However, to use social media as a marketing tool, you need to know how the world works.
MIRCHANDANI and KUMAR (2012) developed a model to guide the implementation of
a viral marketing campaign on social networks. The model consists of four phases and
nine steps as can be seen in Figure 06.

Figure 06

Mirchandani and Kumar Model

•create official social media with sharing material

MONITORING
•monitor social media posts about brand/product/service

•identify influencers who can spread messages

•identify factors common to these individuals
IDENTIFY •identify which influencers are interested in publicizing the brand/product/service

•produce sharing material and make it available to influencers

RECRUITMENT
•encourages them to spread positive posts about brand/product/service

•collect the rewards of the viral marketing campaign

COLLECT
•share success with influencers

Source: MIRCHANDANI et al (2012) with adaptations

This model shows that for the development of viral campaigns on social media, there
must be a key-marketer: the influencer. This is because attractive material is not enough
to produce good results. One of the key features of social media, is its ability to encourage

17
users to spread the message by increasing exposure and influence of the marketing
campaign. The reasons are relatively simple: 1) it reaches a larger audience; 2) and has
a relational appeal.

Based on the traditional factors for acquisition and retention of customers, the
organization that explore into educational businesses need to: 1) have clear information
about the courses offered and their employability; 2) have payment methods or offer
student loans; 3) provide good lectures; 4) have a facility and classrooms with good
infrastructures; 5) agility in solving administrative problems. In addition to these, there are
the social media factors, which include: 6) banner advertising; 7) publicity of promotions
and events on the website and then sharing them on social media; 8) verification of
mentions to organization on other Social Media pages; 9) rectification of negative
mentions.

6.0 CONCLUSION

In the last decade of XX Century, societies have suffered through an intense process of
technological evolution and, to them; various inventions have been introduced, which
contributed to changes in all aspects of human life (economic, social, cultural and political).
One of the most recent technological phenomena is Social Media, which has proved
extremely relevant in bringing about significant changes in the forms of communication
between individuals. The contemporary paradox is a transitional existence. We live in a
society marked by coexistence of modernity and tradition. This is evident by the
hybridization of analog and digital media of communication. The coexistence between
different forms of communication has created a new media ambience. As a result,
individuals have undergone numerous changes and began to interact in a much more
dynamic way with society, with institutions and also with each other.

Traditional marketing strategies are not enough succeed. It is necessary to adopt the
traditional theories of society into the new millennium. One such adaptation is the use of

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Social Media to access, capture and convince consumers. Note that social network
marketing and viral marketing are in tune with the recommendation of friends’
recommendation. In a virtual society users see themselves as equals, as friends. In this
way the consumer finds comfort in their decision as it is advised and ratified by virtual
friends, whoever they are.

7.0 REFERENCES

BAMPO, M. EWING, M. T. MATHER, D. R., STEWART, D. and WALLACE, M. (2008)

The effects of the social structure of digital networks on viral marketing performance.
Information systems research, vol. 19, n. 03.

BARICHELLO, E. M. M. R. & OLIVEIRA, C. C. (2010) O marketing viral como estratagia

publicitaria nas novas ambiencias midiaticas. Em questao, vol. 16, n. 01.

CANT, M. C. & HEERDEN, C. V. (2013) Marketing management: a South African

perspective. Cape Town: Juta.

CATEORA, P. R. (2013). International marketing. 16th ed. New York: McGraw-Hill.

CUNHA, A. M. (2006) Patronage, clientele, and political networks: the apparent duration
of a concept within Brazilian political history. Revista de Historia, vol. 25, n. 01.

HASSAN, S. NADZIM, S. Z. A. and SHIRATUDDIN, N. (2015). Strategic use of social

media for small business based on the AIDA model. Procedia-social and behavioral
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HENRIQUES, F. G. (2018). Evolução histórica, expansão e financiamento do ensino

superior no Brasil. Comunicologia, vol. 11, n. 02. Brasilia.

KAPLAN, A. M. & HAENLIEN, M. (2010). Users of the world, unite! The challenges and
opportunities of Social Media. Business Horizons, vol. 53, n. 01.

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KIETZMANN, J. H., HERMKENS, K., MCCARTHY, I. P. and SILVESTRE, B. S. (2011).
Social media? Get serious! Understanding the functional building blocks of social media.
Business Horizons, vol. 54, n. 03.

LANCASTER, G. & MASSINGHAM, L. (2011) Essentials of marketing management. New

York: Routledge.

MIRCHANDANI, R. & KUMAR, V. (2012). Increasing the ROI of social media marketing.
MIT Sloan management review. Vol. 54, n. 01

MULLINS, L. J. (2016) Management & organisational behaviour. 11th ed. New York:
Pearson.

ORESKI, D. (2012) Strategy development by using SWOT-AHP. TEM journal, vol. 01, n.
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SAMMUT-BONNICI, T. & GALEA, D. (2015) In COOPER, C. L. (Ed.), Wiley encyclopedia

of management. Hoboken: John Wiley & Sons.

SANTOS, A. A. A. & ANDREOLI, T. P. (2015). Viral marketing: a case study of three

videos from Banco Itau that have become successful viral campaign. Getec, vol. 04, n.
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WORTHINGTON, I and BRITTON, C. (2006) Business environment. 5th ed. Financial

New York: Times Prentice Hall.

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