RIGHT TIME, RIGHT MEDIA

RIGHT TIME, RIGHT MEDIA How European business execs access 24/7 business and finance content A white paper by the Ehrenberg-Bass Institute for Marketing Science and CNBC 1

KEY FINDINGS TV remains dominant in the evening among business execs - the evening media peak sees TV lead, it achieves the highest reach (69) and is 15 percentage-points higher than its nearest rival, the PC/laptop. TV also featured in the top 3 media types that business execs turn to for almost 70 of news situations /needs tested. TV is a must have media. Consider weekends at the planning stage - business and finance content is not just consumed during working hours; business execs now live an always on lifestyle with 60 seeking business or finance news content over the weekend. Advertisers and planners should also consider a weekend presence when targeting this audience. PC/Laptop is essential in the media mix - although mobile is growing at a phenomenal rate; the PC/Laptop remains a dominant platform for all news situations, across all dayparts. To deliver maximum reach of business execs across all day parts, PC/laptop is an essential consideration in the cross platform mix. Maximize advertising reach by using varied media types - we see several instances of excess sharing between media from the same family (e.g. newspapers and magazines; or those using mobile and social media). This creates inefficiency and wastage and choosing dissimilar media combinations is more likely to maximize reach and minimize short-term frequency. Introduction The world is changing and we need to be connected (even on holiday). You can t reply to emails without knowing what s going on in the world. - Male 35-44, Financial Consultant Business execs operate in a demanding world. With work continuing into the evening and over the weekend, execs now need 24/7 access to international business and finance news. Thanks to advancements in digital and mobile technology this is possible. With a wider range of media available, on more devices, it is easier than ever for execs to have international content on-demand. These lifestyle and media changes require a re-examination of when, where and how business execs access business and finance news content. Timing...Information Needs...Media To help media planners and advertisers make smarter content, advertising and media planning decisions, the Ehrenberg-Bass Institute for Marketing Science and CNBC have partnered to produce this whitepaper. Here we draw on survey data from over 750 European business execs exploring their media day, from when they wake up on a weekday morning to catching up over the weekend. To understand which media they turn to and why, we delve into the underlying needs and situations driving access to news content. Bringing together these three elements gives us a unique perspective. Together, this information will help direct the right content to the right media at the right time, for this hard to reach segment. 2

Background Business and finance news is no longer just about what happened today, it is about what is happening right now. The connectivity created by digital technologies has fundamentally altered the news cycle, condensing the time from production to consumption to zero in some instances, where events are broadcast in real time. Device penetration is also growing, with mobile phones, tablets and laptops all an integral part of the work and home space. This means today s business exec has many more sources of information and more devices on hand to access this information. The one thing that hasn t changed is the amount of time that business execs have, and when time is at a premium, people don t want to take time to find the best alternative. Therefore rather than just look at the preferred option, we examine how business execs use media to access business and finance content, under different circumstances. We challenge the assumption that time-deficient business execs optimise their media choices, but rather use media convenient for the need or situation at hand. This white paper examines two key issues: When - we explore the relationship between dayparts, media types and the business content sought. We also explore which media are being used in combination at different times of day/week, as well as the crossover between the workweek into the weekend. Why - we explore business execs perceptions of the suitability of different media for different situations/needs that arise for business and finance news. Getting the timing right Work often continues into the evening and weekend while globalisation stretches it across time zones. The new normal is late night/early morning teleconferences and unrestricted communication via mobile platforms to clients, suppliers or colleagues. I watch TV and use my PC between 2am and 4am every day while trading the Japanese markets - Male 55-64, Day Trader In addition, the saturated penetration of mobile device use and 24/7 access to content is extending our working hours and the amount of business news and financial information we consume either on the move, while at home in the evening, or at weekends. The timing of media usage is relevant for business and finance content and advertising planning, and so we first examine the popularity of media by daypart. Table 1 shows the media platforms in rank order from most to least common for each daypart. 3

Table 1: Platforms Used Across the Week by Dayparts (Ranked Highest to Lowest by accessing at each time) Morning Lunchtime Afternoon Evening Weekends Radio 53 PC/laptop 36 PC/laptop 44 TV 69 TV 48 PC/laptop 44 Mobile Phone 36 Mobile Phone 38 PC/laptop 54 PC/laptop 45 Newspapers 43 Radio 27 Radio 29 Social Media 40 Magazines 40 Mobile Phone 41 Social Media 22 Social Media 26 Mobile Phone 36 Social Media 36 TV 30 Tablet 22 TV 24 Magazines 32 Newspapers 33 Social Media 27 Newspapers 21 Tablet 23 Tablet 31 Mobile Phone 31 Magazines 26 Magazines 19 Magazines 20 Newspapers 29 Radio 28 Tablet 21 TV 17 Newspapers 17 Radio 28 Tablet 26 PC/laptop ranks within the top two among business execs across all dayparts throughout the working week and at weekends, making it the most ubiquitous of all media platforms used to access content and information. I start off with TV and radio in the morning. I listen to the radio on the train to and from work and then the computer at work. Use blackberry and iphone while on the move, computer and TV at desk, ipad for the rest of the day. - Male 35-44, Fund Manager, Investment Management Television is the medium of choice during the most media intensive part of the day; the evening. TV also leads on the weekend. During the working week, radio is the most accessed media platform in the morning among business execs. However, it drops at lunchtime and in the afternoon, and ranks amongst the lowest in the evening and at weekends. I watch TV in the morning, radio during commute, desktop during the day, radio, ipad on the commute home, TV in the evening and the last thing I do at the end of the day is to check blogs. - Female 35-44, Solutions Specialist, Technology Company Although accessing content via a mobile device is highest in the morning of the working week, it ranks #4 behind radio, PC/laptop and newspapers for this day part. Mobile phone ranks highest at lunchtime among business execs (equal #1) when they are more likely to be accessed when out and about, and ranks #2 in the afternoon. I access news and business information on my mobile because you can use it on the move and in different environments e.g. in restaurants or airport lounges. I prefer the laptop for the speed and bigger screen but mobile in different situations. - Male 45-54, Day Trader Use of social media among business executives is higher in the evening and at weekends whilst the morning registers the lowest ranking for social media behind radio, PC/laptop, newspapers, mobile and TV. It is also a convenient media to turn to for business execs during weekday lunchtimes and afternoons, suggesting its use for quick instantaneous information. 4

Tablet reach is highest among business execs during weekday evenings and at weekends, although generally tablet ranking is low in comparison to other media types. This is due to a combination of the higher level of competition from other media platforms within these dayparts and lower penetration of tablets. The Competitive Multi-media Environment Across dayparts, the level of competitiveness between media-types varies. Media usage peaks on weekday evenings, the weekend and weekday mornings. At these times we see business execs selecting between three different media options - either multitasking or shifting from one to another. During the working week lunchtime and in the afternoon, the number declines to two (Figure 1) with PC/laptop and mobile phone the primary choices for both dayparts. Figure 1: Average Number of Platforms and Dominant Media by Daypart We examine how media compete with each other for audiences within each daypart, by looking at how each medium shares audiences with others within the same daypart. This analysis involves the following calculation, using the Morning Daypart as a working example: Step 1: To determine the morning radio/pc overlap, we take as the base, those who listen to radio in the morning (53 in Table 2) Step 2: We then calculate the percentage of these morning radio listeners who also access a PC in the morning (56 in Table 2) Step 3: This process continues for all the media combinations, within each of the dayparts. Note that the use of the media types can be concurrent, shifting from one to the other on one occasion or using one today and the other at the same time on another day. 5

Timing For each daypart we see a Duplication of Viewing type law 1 whereby within each daypart, every medium shares audiences with a second medium in line with the popularity of the second medium. In a practical sense, this means every medium shares more of its audience with the more popular media within that daypart, and less with the less popular media. This link between the popularity of the media and its sharing of audiences with other platforms is very strong, with statistically significant correlations of the order of 0.98 within each daypart. Table 2 shows an example of the full analysis for the morning daypart. The table reveals that of the 53 of business execs that access radio content in the morning, 56 also access a PC, 57 also access newspapers, 54 also access mobile phones down to 27 also accessing a tablet. We use the average (bottom row) as the benchmark to identify where specific platform combinations overlap in audiences more or less than average. Table 2: Audience Duplication of Media usage during Weekday Mornings Media type Accessing Radio PC/laptop of audience of media also using other media types Newspapers Mobile Phone TV Social Media Magazines Radio 53 56 57 54 38 36 32 27 PC/laptop 44 67 59 58 45 42 38 34 Newspapers 43 70 59 58 45 38 46 30 Mobile Phone 41 71 63 62 44 46 42 40 TV 30 69 66 66 61 48 43 39 Social Media 27 71 70 62 71 54 50 46 Magazines 26 67 65 78 66 50 52 40 Tablet 21 69 71 62 78 56 58 49 Average sharing across 69 64 64 64 47 46 43 37 all platforms *Green = deviation from average > 5pp, Red = deviations from average > -5pp. Tablet We discuss the results for each daypart, examining the overall competition and major deviations. On weekday mornings... Radio users tend to use other media at a lower than average rate (see Table 2). This makes radio particularly valuable at this time of day, as it delivers a higher unique reach of business execs. During the morning, radio also registers the highest duplication score among users of PC/laptops, TV, newspapers and mobile phones. On the other hand, tablet users are more likely to access content via mobile phones and PC/laptops than radio. Social media business users register high overlap with mobile phones, tablets and PC/laptops, since these are the main platforms for accessing these networks. Access to social media users via other platforms increases the propensity for excess frequency when media mixes combine these options at this time. 1 Goodhardt, G. J. and A. S. C. Ehrenberg (1969). "Duplication of television viewing between and within channels." Journal of Marketing Research 6(May): 169-178. 6

Looking at deviations (highlighted in green/red) from the average sharing levels (last row), we see the readers of magazines in the morning are more likely to read newspapers, although readers of newspapers are not more likely to also read magazines. This decreases the attractiveness of magazines as a way to build reach amongst a morning audience, particularly if newspapers are already in the mix. During lunchtime and into the afternoon. Examining the deviations from average sharing levels at this time we see the old/new technology divide. The business audiences for magazines and newspapers overlap more than average; as do social media and tablet users. At lunchtime, business execs accessing social media and tablets are also more likely to reach for the mobile phone (shown in Table 3). However, this excess sharing with mobile phone users retreats back to normal in the afternoon. In the afternoon, there is now also an emerging overlap between TV and magazines. This could be a possible desire for more in-depth analysis as the day progresses. Table 3: Audience Duplication of Media usage during Weekday Lunchtimes Media type Accessing Mobile Phone PC/ laptop of audience of media also using other media types Radio Social Print Media Tablet Newspapers Magazines Mobile Phone 36 52 34 36 36 30 26 22 PC 36 53 34 35 34 27 27 27 Radio 27 47 46 34 29 33 33 24 Social Media 22 59 56 41 46 36 39 27 Tablet 22 60 55 36 46 36 36 27 Print Newspapers 21 52 45 42 37 37 44 29 Print Magazines 19 48 50 45 44 40 48 26 TV 17 48 56 38 36 34 36 30 TV Average sharing across all platforms 52 52 39 38 37 35 33 26 *Green = deviation from average > 5pp, Red = deviations from average > -5pp. Therefore, in line with cross-platform findings from Romaniuk, Beal and Uncles (2012), the findings for lunchtime/afternoon suggest it would be better to select combinations of disparate media choices at this time, such as traditional and new, rather than two traditional or two new media reducing the potential of excess frequency. Moving into the evening TV achieves the highest reach among business execs, at 15 percentage points higher than its nearest rival, PC/laptop (see Table 4). Its dominance in this daypart is also evident in that TV not only reaches 7 in 10 business execs, but also over 80 of those who access any other platform. TVs capacity to achieve unique reach is also high, with the TV audience using most other media platforms at a lower than average rate. 7

The print partition continues, with magazines and newspapers sharing audiences at the same excess level as during the afternoon. Among business execs, social media registers its highest reach during weekday evenings ranking #3 behind TV and PC/laptop. Within this daypart social media duplication with PC/laptop is highest followed by mobile phone. When comparing against the average, the social media audience is now partitioned with the mobile phone rather than the tablet audience, suggesting a move to more portable platforms in the evening and potential synergy between the PC/laptop (evenings at home) and the mobile phone (evening out and about). Although radio has the lowest reach, its reach is more unique as its users tend to access other platforms less often than average. This makes it a potentially valuable addition to a multi-platform campaign at this time of day. Table 4: Duplication of Media use during weekday evenings Media type Accessing TV PC/laptop Social Media of audience of media using other media types Mobile Phone Magazines Tablet Newspapers Radio TV 69 67 48 43 38 38 34 34 PC/laptop 54 86 57 48 40 42 37 38 Social Media 40 83 77 56 47 46 40 40 Mobile Phone 36 82 72 63 47 47 43 40 Magazines 32 81 67 59 53 47 58 42 Tablet 31 84 72 60 54 49 47 40 Newspapers 29 81 68 56 54 64 51 48 Radio 28 71 61 46 41 41 35 35 Average sharing across all platforms 81 69 56 50 46 44 42 40 *Green = deviation from average > 5pp / Red = deviations from average > -5pp On the weekends TV reach among business execs ranks #1 at weekends followed by PC/laptop (see Table 5). Magazines achieve their highest ranking at the weekend and provide a more exclusive audience during this time, reflected in the lower than average levels of sharing across several media types (TV, PC, social, mobile and tablet). We continue to see the old/new technology divide across the weekend. The business audiences for magazines and newspapers overlap more than average; as do social media, mobile and tablet users. The other media share audiences in line with expectations. 8

Table 5: Duplication of Media use during Weekends Media type Accessing TV of audience of media using other media types PC/laptop Magazines Social Media Newspapers Mobile Phone Radio Tablet TV 48 71 57 55 53 51 44 43 PC 45 75 56 56 52 50 46 42 Print Magazines 40 68 64 51 59 46 45 36 Social Media 36 72 69 56 53 57 47 46 Print Newspapers 33 77 72 72 59 53 51 42 Mobile Phone 31 77 72 59 65 55 49 49 Radio 28 74 73 63 60 59 55 46 Tablet 26 77 72 54 63 52 59 49 Average sharing across all platforms 74 70 59 58 55 53 47 43 *Green = deviation from average > 5pp / Red = deviations from average > -5pp Achieving well-timed content Work demands often extend into personal time and technology enables us 24/7 access, so how does this affect which business and finance content business execs access at different times of the day? Table 6 highlights the dynamics of changing demand, but also showcases the high/low performers: Table 6: Business/News Content Sought Across the Week (Ranked highest to Lowest by seeking at each time) Morning Lunchtime Afternoon Evening Weekends Business News 38 Business News 28 Finance News 27 Technology 49 Technology 39 Finance News 35 Finance News 23 Business News 24 Business News 42 Business News 31 Stock Prices / Finance Data 31 Stock Prices / Finance Data 21 Technology 24 Finance News 40 Finance News 30 Technology 22 Technology 18 Stock Prices / Finance Data 23 Stock Prices / Finance Data 36 Stock Prices / Finance Data 30 Foreign Direct Investment 20 Foreign Direct Investment 17 Foreign Direct Investment 20 Foreign Direct Investment 30 Foreign Direct Investment 25 9

The key outtakes are: Among execs, business news is persistently in the top two most sought types of content throughout all dayparts during the week and at weekends. Significantly, consumption of business news is higher in the evening and at weekends than weekday lunchtimes and weekday afternoons. Consumption of technology content is lower during the day but highest in the evening and at weekends, ranking #1 ahead of business news, suggesting greater interest in broader business content in these dayparts. Significantly, all business and financial content types achieved higher reach at weekends than weekday lunchtimes and weekday afternoons. Although finance news content ranks higher during working hours (weekday mornings, lunchtimes and afternoon), finance news consumption is higher in the evening, as work extends into personal time. Stock prices/finance data follows a similar pattern to finance news consumption with highest reach during weekday evenings. Increased globalisation and technology change has enabled business execs to trade the markets around the globe 24/7. Our changing work life: Weekday media reaching into the weekend The rise of digital technology has created changes to our work, lifestyle and culture. We ve become an always on society where the boundaries between work and personal time blur. Texting, emailing and keeping in contact with our work and personal lives 24/7 is accepted practice. These changes have contributed to the workweek blurring into the weekend. To explore how media fits into this pattern we look at the use of media during the week/weekend as well as business and finance content needs. Media or content with lower reach during the week has the opportunity to build cumulative reach during the weekend. We see this for print media (both newspapers and magazines), tablets and social media, which attract a greater percentage of new reach with weekend audiences (see Table 7). This means advertising in these media both during the weekday and weekend can help build reach within these platforms. For TV, PC/laptops and mobile phones, there is almost universal use across and with fewer new users being brought in during the weekend, there is a greater chance of cumulating frequency and advertisers may want to vary creative executions over the weekend to avoid wear out. 10

Table 7: Using Media Platforms during Week/Weekend (Ordered by Total Reach) Media type Weekday Reach Weekend Reach Total Reach of reach on the Weekend that is NEW* TV 95 48 98 7 PC/laptop 91 45 96 11 Newspapers 81 33 93 34 Radio 84 28 91 23 Magazines 71 40 89 45 Mobile Phone 80 31 83 12 Social Media 71 36 81 28 Tablet 63 26 70 29 *Note: Calculation = (Total Reach Weekday Reach) / Total *100. Deviations of note highlighted in green/red. Turning to business and finance content on the weekend, around a third of business execs are seeking any one of the following business information types (see Table 8). While in total 60 of all execs are seeking at least one of these content types during the weekend. We also see the weekend bringing in a portion of new audiences, ranging from 19 for Business News to 35 for Stock Prices/Finance Data, and 46 for Foreign Direct Investment. This highlights the importance of a weekend presence for FDI advertisers and companies targeting the private trading community in particular. Table 8: Accessing Content during Week/Weekend (Ordered by Total Reach) Business Information type Weekday Reach Weekend Reach Total Reach of reach on the Weekend that is NEW* Business News 89 31 95 19 Finance News 85 30 93 26 Technology 80 39 93 32 Stock Prices/Finance Data 75 30 86 35 Foreign Direct Investment 63 25 74 46 *Note: Calculation = (Total Weekdays) / Total *100. Higher/lower than expected figures highlighted in green/red. The why of media choice To understand what drives business execs to use different media, we identified a series of business and finance news situations/needs (see Table 9). These ranged from accessing breaking news, to learning about competitors, or seeking a thoughtful analysis of a situation. We then asked business execs to indicate which media they reach for, if any, when each situation arises. They could name any, all or none of the media options provided. The dominance of website access via PC/laptop and TV is apparent, ranking #1 or #2 for most situations/needs. While newspapers are the most common third choice, websites/apps via mobile and tablets rank higher for situations/needs that involve answering a question or taking time out from work. 11

Table 9: Top 3 Media for Business and Finance News Situations/Needs #1 Medium #2 Medium #3 Medium To access breaking business/finance news Websites via PC/laptop TV Websites/Apps via Tablets To catch up with news at the start of the day Websites via PC/laptop TV Newspapers To check for any business/finance news at the end of the day Websites via PC/laptop TV Newspapers To get/check facts relating to a business/finance topic Websites via PC/laptop TV Newspapers To learn what competitors are doing Websites via PC/laptop TV Newspapers When I want to get a thoughtful opinion/in-depth analysis on a business/finance topic Websites via PC/laptop TV Newspapers To access thought leaders in finance or business Websites via PC/laptop TV Newspapers When I want to take time out at work Websites via PC/laptop Websites/Apps via Mobile To find the answer to a general business/finance question Websites via PC/laptop Websites/Apps via Mobile When I need a very quick answer to a business/finance question To catch up on business/finance issues on the commute to or from work To access business/finance information I can share with friends / colleagues Websites via PC/laptop Websites via PC/laptop Websites/Apps via Mobile Newspapers Newspapers TV Websites/Apps via Tablets Websites/Apps via Mobile Websites via PC/laptop Newspapers TV To answer a company related question Websites via PC/laptop Websites/Apps via Tablets Websites/Apps via Mobile The go to media varies across situations/needs To further understand how business execs use different media, we calculated the percentage of execs that only had one go to source when faced with specific needs. The results (see Table 10) show that an average of two thirds having one go to media, and one third are multimedia users. Multimedia usage was over 40 when looking for breaking news or wanting a thoughtful analysis/ opinion, but went down below one-third when the situation/need was around a quick response or finding out information about competitors. Sole medium loyalty was higher for answering questions, to quickly learn key points or to take time out of the day. It was lower for breaking news, thoughtful/in-depth analysis and to check up at the end of the day. Given the high prevalence of sole media for specific situations/needs, we wanted to know if business execs turn to the same medium to satisfy multiple situations/needs. That is, does someone who turns to social media in one situation/need, also typically turn to social media for other situations/ needs they encountered. We found that while there was high loyalty within a situation/need, it was a very different story when we looked at business execs responses across situations/needs. We found that execs tend to have media for specific situations/needs, and the specific mediums vary across people and situations/needs. Even the largest media, websites via PC/laptop, is only linked to half the situations/needs measured. This means that rarely are business execs solely loyal to one media source for all of the situations/contexts where they need business and finance news. Smart content providers will be multi-platform, with the content within each platform tailored to the most common needs within each platform. 12

Table 10: Sole versus multi-media use across situations/needs One Go to media only Draw on Multiple Media Breaking news 57 43 Access thought leaders 58 42 Thoughtful/in-depth analysis 59 41 Catch up at the start of the day 60 40 Check at the end of the day 61 39 Check facts 61 39 News to share 64 36 Take time out 65 35 Answer a general question 66 34 Catch up on commute 67 33 Learn about competitor activity 68 32 A quick answer 69 31 Competitor related questions 70 30 Quickly learn key points 71 29 0 25 50 75 100 13

Summary & Key Recommendations The competitive nature of our multimedia world is here to stay. Globalisation has changed the lifestyle of business execs around the world, blurring the lines between weekday and weekend. They are using multiple platforms to keep informed, connected and accessible, meaning it is essential for media planners and advertisers to understand the right time and context for each medium to reach this exclusive and receptive audience. Some key recommendations are: Consider weekends at the planning stage - business and finance content is not just consumed during working hours; business execs now live an always on lifestyle with 60 seeking business or finance news content over the weekend. Advertisers and planners should also consider a weekend presence when targeting this audience. PC/Laptop is essential in the media mix- although mobile is growing at a phenomenal rate; the PC/Laptop remains a dominant platform for all news situations, across all dayparts. To deliver maximum reach of business execs across all day parts, PC/laptop is an essential consideration in the cross platform mix. TV remains dominant in the evening among business exes - the evening media peak see s TV lead, it achieves the highest reach (69) and is 15 percentage-points higher than its nearest rival, the PC/laptop. TV also featured in the top 3 media types that business execs turn to for almost 70 of news situations /needs tested. TV is a must have media. Magazines, social and tablets attract new reach at weekends - whilst it s clear to see the strength of TV and PC/laptop across multiple dayparts and news situations /needs, further platforms such as print, social and tablet attract a greater percentage of new audience at the weekend. So if these media types are used in combination with the most dominant media, they can attract an audience not accessed during the week. Radio shines in the morning - radio was the most common medium used in the morning and reaches a more exclusive audience, increasing its value to advertisers at this time. In the evening it also tends to reach a more exclusive audience, although with a lower penetration. Mobile is strongest during the working week - mobile or tablet appeared in the top 3 media types turned to for half of news situations/needs. To engage with this audience it is important to optimise content and advertising on these devices and to consider these platforms to increase reach and optimise frequency particularly weekday lunchtimes and afternoons. Maximize advertising reach by using varied media types - we see several instances of excess sharing between media from the same family (e.g. newspapers and magazines; or those using mobile and social media). This creates inefficiency and wastage and choosing dissimilar media combinations is more likely to maximize reach and minimize short-term frequency. Multi-platform activity is highest during weekday evenings and mornings - across the week we find media competition peaks during weekday evenings, weekday mornings and weekends when business execs usage is spread over, on average, 3 different media. As business execs are spread across platforms smart content providers and planners will be multi-platform, with the content within each platform tailored to the most common needs within each platform. 14

Note on method The research was conducted in October 2013, using an online survey among European business execs 2. The sample of 760 respondents is drawn from the UK, France and Germany and comprises of 75 males and ages ranging from 18 to 65 years. The verbatim quotes are drawn from an additional series of focus groups conducted in July 2014 with a similar cohort. Contacts Mike Jeanes Director of Research, CNBC mike.jeanes@cnbc.com Dr Virginia Beal Senior Research Associate Ehrenberg-Bass Institute for Marketing Science University of South Australia Virginia.Beal@MarketingScience.info References & Key Readings: Ehrenberg, A. S. C. and G. Goodhardt (2002). Double Jeopardy revisited. Report 26 for Corporate Members. Adelaide, Ehrenberg-Bass Institute for Marketing Science: 1-2. Goodhardt, G. J. and A. S. C. Ehrenberg (1969). "Duplication of television viewing between and within channels." Journal of Marketing Research 6(May): 169-178. McPhee, W. N. (1963). Formal Theories of Mass Behaviour. New York, The Free Press of Glencoe. Romaniuk, J. (2013). "Modeling mental market share." Journal of Business Research 66(2). Romaniuk, J., V. Beal and M. Jeans (2012). Planning For Synergy: Harnessing the Power of Multi- Platform Media, Ehrenberg-Bass Institute and CNBC. Romaniuk, J., V. Beal and M. Uncles (2013). "Achieving Reach in a Multi-Media Environment: How a Marketer s First Step Provides the Direction for the Second." Journal of Advertising Research 53(2): 221-230. 2 defined as 1+ business trip or general manager or above, or earning at least 40K+ or decision making responsibility. 15