THE E-COMMERCE MOVEMENT FROM STANDARDIZATION TO LOCALIZATION IN ...

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International Journal of Computers, Systems and Signals, Vol.8, No2, 2007
THE E-COMMERCE MOVEMENT FROM
STANDARDIZATION TO LOCALIZATION IN CONSUMER
PRODUCT MULTINATIONALS


Robert Wolk

School of Business, Bridgewater State College, Bridgewater, MA, USA
rwolk@bridgew.edu

ABSTRACT

Multinational consumer product corporations (n=150) were divided into thirty sectors
and examined for their progress towards providing language and cultural diversity elements
beyond the English Language and American Culture on their Web sites. The method of selecting
corporations was based on the highest market capitalization for the five largest within each sector.
Conceptual models are constructed to demonstrate the movement from standardization to
localization and the degree of consumer involvement of industry sectors in relation to their e-
commerce strategy. The correlation of market capitalization to languages offered is significant.

Keywords: Global e-commerce, Localization strategy, Consumer product Web sites, Language

1. INTRODUCTION

Barbie speaks Italian. The Mattel, Inc. Web site for Barbie is part of the
everythinggirl.com super site of dolls and accessories for kids and collectors. The global entry is
located in Barbie’s animated room. Once there, the user selects the language and culture for the
Web experience. There are two English sites, American Barbie and United Kingdom Barbie. The
United Kingdom Barbie says “hello” when the mouse arrow goes over the title, while the
American Barbie says “hi”. The content and style of the two English sites are quite different,
carefully reflecting subtle cultural differences. There are two Spanish speaking sites for “America
Latina” and “España”. Barbie also speaks French, Russian, Brazilian Portuguese, Dutch, and
German. At each site is an invitation to make Barbie the home page increasing the stickiness
factor of the games and activities available. The Barbie Web sites represent the movement of
global corporations towards providing Web sites with supporting local content for their products.
The Barbie site increases the value of the Barbie product by providing a sense of community and
belonging for the customer. Marketing of Barbie in the selected countries is made easier when the
product is supported by a Web site in the home language with local cultural elements displayed.
The past five years have revealed a major change in the development of global Web site strategic
thinking. International corporations, which had previously used only English language Web sites
to reach intended audiences, are rapidly developing multi-language, multi-cultural sites aimed at a
global audience of online consumers. The exact number of global online Internet users remains a
subject of debate with estimates ranging as high as one billion individual users (globalreach.com).
Rugman and Hodgetts (2001) utilized the International Management Strategy Matrix developed
by Bartlett and Ghoshal (1989) to credit Proctor and Gamble for combining a high national
responsiveness with a high level of economic integration (table 1). Proctor and Gamble initiated
Project 2005 allowing for the grouping of all 200 brands into seven business units. These units are
coordinated from different countries utilizing strategies for local and regional cultures and
business conditions.


ISSN 1608-5655 (Online), Category: Research articles, Publisher: IAAMSAD

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International Journal of Computers, Systems and Signals, Vol.8, No 2, 2007
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Table 1. International Web site Strategy Matrix


Low National
High National
Responsiveness Responsiveness
High
Coca-Cola
Proctor and
Economic
Gamble
Integration
Low

Philips
Economic
Integration


The Pringles.com Web site demonstrates this strategy of localization. For every country
and culture that Pringles is marketed, the Web site produces a separate Web site area in the native
language with content specifically geared for that region (table 2). All sites are accessed from the
home page with its map of the world. Simply drag the mouse to the country or region desired and
click. Soccer related promotions might be used in one region, while a movie tie-in is used in
another area. In Italy, there is a promotion with recipes for utilizing Pringles Chips.

Table 2. Global Web site promotions by country for Pringles during August of 2005

Canada
Trivial Pursuit
New Flavor Jalapeno
Low Calorie Options
Interactive Music game featuring Hip Hop, Punk, and Rock

USA
Trivial Pursuit
Cross promotion with Guinness World Records and Win a Camera Contest
United Kingdom
Star Wars Contest
Safety Promotion
Dippers and Dips
Spain
New Paprika Flavor
Win an Apple Mini Ipod Contest
Germany
Cross Promotion with Avis Rental
Soccer Promotion
Dippers and Dips
Pringles Games (PacMan)
Music downloads
Russia
Professional soccer Promotion
Cross Promotion with LG Televisions
Screen Savers
Greece
Star Wars Theme and Promotions
Funwars Games
Brazil
Paprika flavor Promotion
Outdoor Sports Promotion

Examination of Pringles Web sites in 2002, found separate sites in three countries with
limited content. The new integrated Pringles site allows for the user to pick their culture from one
central site.

1.1. Stickiness Strategy at Nabiscoworld.com
The stickiness strategy requires Web site construction in a manner that encourages
individuals to remain at that site for extended periods. The Nabisco site includes over fifty free
quality games for all ages and recipes for Nabisco products. Every game features a consumer
product from Nabisco. Each game, like the soccer game seen in figure 1, has a Nabisco product
sponsor prominently displayed.

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International Journal of Computers, Systems and Signals, Vol.8, No2, 2007




Figure 1: Oreo soccer Game


Nabiscoworld.com includes an abundance of recipes and promotions along with the
games. The result of this effort is a high stickiness factor. In an interview for Wharton Alumni
Magazine, Sharon Fordham, E-commerce Manager for Nabisco, describes her e-business strategy
as follows:
“We’ve pretty much broken it down into three areas: e-business is all about
leveraging the Internet as a powerful new communications medium, a new
transaction medium and a productivity tool. We’ve fashioned our strategies in
support of that view of the world,” she says. As a result of those strategies,
Fordham says Nabisco has established a powerful online lead. The company’s
two primary websites –candystand.com and nabiscoworld.com – “lead the
industry by far.”
Despite the purported size and excellence of the nabiscoworld site, the availability
remains only in the English Language. Cultural references are directed towards the American
culture. The candystand site for the candy products associated with Nabisco is only available in
English. In this comparison between Pringles and Nabisco, the more mature site (Pringles) has
moved from standardization to localization and from ethnocentric to geocentric. Nabisco remains
at ethnocentric.

1.2. Whirlpool vs. Maytag
Whirlpool, Inc. presents another example of the need for Global Web sites to address
local cultural. Different cultures require different products. In India, for example, the local
culture does not support large refrigerators with huge freezer compartments. Whirlpool’s India
site features products produced specifically for the local market in India. Whirlpool uses Indian
models for their Web page. The blond blue-eyed models are used in the Nordic cultures and
appropriate models are employed for thirty-four different global cultures. Meanwhile, over at
former competitor Maytag, only three country sites are available other than the US. The English
speaking countries of the United Kingdom, Canada, and Australia are the only local sites available
from Maytag.


2. LITERATURE REVIEW

The global firm requires more than language translation for their Web sites to be
successful in multiple countries and regions. The content must be adaptable to the host culture
and the products adapted to local needs and requirements. Research by Cyr and Trevor-Smith
(2003) compared Web sites in Germany, Japan, and the United States. Significant differences
were found in web site design, color preferences, site features, and content.

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Marcus and Gould (2000) followed the work of Gerte Hofstede (1990) in applying the latter’s
theory on cultural dimensions to Web site design amongst different cultures. Hofstede identified
five dimensions: power-distance, collectivism vs. individualism, femininity vs. masculinity,
uncertainty avoidance, and long vs. short-term orientation. Marcus and Gould found that cultural
Web sites design was heavily influenced by the dimensions outlined by Hofstede. One example
found educational Web sites in high power distance (PD) cultures stressed authority, prominence
to leaders, authority symbolism while low power distance cultures used Web sites concentrating
on students with their pictures prominently displayed and not faculty and administrators.
Hofstede’s (1990) use of clustering countries by cultural similarities resulted in six clusters:
Anglo, Nordic, German, Latin, Asian, and Japan. Research conducted by Robbins and Stylianou
(2003) selected the top fifteen global corporations from each cluster for a total of 90 corporations.
The study found that the Anglo cluster corporations were least likely to have Web sites that
included language translation.
The reliance on Hofstede’s cultural dimensions appears to be nearly universal amongst
researchers. Critics suggest abandonment on the dependence on Hofstede in developing the
marketing of products using e-commerce Web sites. Holden (2004), outlined a fresh marketing
approach to global e-commerce that thinks of culture in terms of evolving relationships and
affinity waiting to be discovered. Hofstede’s five cultural dimensions is attacked as outdated and
dangerous for marketing professionals who may be trapped into making decisions on a market
because it is judged as less masculine than another. The break-up of the former Soviet Union has
implications for those that thought that the various parts possessed a level of homogeneity, but
these differences were not explored by Hofstede.
Another approach to examining Web sites of global corporations was developed by Kim
et al (2003) using the criteria of business function, credibility, content reliability, site
attractiveness, systematic structure, and navigation. The twelve selected industries included 245
sites. The study found differences from industry to industry suggesting that the nature of the
industry impacted Web site design. This study failed to take into account that corporations may
create multiple Web sites for different cultures. The argument of whether Web site development
should be standardized or localized for cultural differences has been explored by Okazaki (2004).
The study examined fifty Japanese multinational corporations that utilized three sites each in
Japanese, English, and Spanish for a total of 150 Web sites covering nine product categories. The
sites were evaluated using twenty cultural value variables including pragmatism and directness.
Significant differences were found suggesting that localization of Web sites relate to cultural
values and attributes. Japanese Web site versions were more likely to use curiosity awareness and
symbolism. The English versions of the multinational Web sites were more likely to use
emotional and psychological appeals to attract and hold their customers.
Nitish Singh (Singh and Matsuo, 2002, Singh, 2003, Singh et al 2004, 2005) examined the
question of localization of Web content comparing United States, China, India, and Japan in one
study and United States, France, and Germany in another study. Singh moves beyond Hofstede in
developing a cultural value framework and provides evidence that multinational corporations are
moving away from standardization of Web site content to a more localized approach. Cultural
differences prove to be more than regional in the examination of Asian sites that are considerably
different from each other in language and in cultural dimensions.
Strategic implications for global competition rely on the orientation of the firm.
Ethnocentric firms rely on the cultural orientation of the home country. Polycentric orientation of
the firm works with the culture of the host country. Regiocentric orientation is based on regional
culture, while geocentric orientation is global (Pearce and Robinson, 2005). While many Global
Corporations strive to sell their products to as many cultures as possible, the accompanying Web
site may still be ethnocentric in language and cultural design.
This study looks at localization at one point in time in 2005 and examines what languages
are chosen by large global consumer product firms. The study seeks to find whether market
capitalization is a significant determinant of localization marketing strategy.

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International Journal of Computers, Systems and Signals, Vol.8, No2, 2007



3. METHODOLOGY

The Web sites of 150 publicly traded International Corporations were examined for this
study during the months of October and November, 2005. The corporations represent the top
consumer products firms from thirty different sectors and were accessed from the various sources
provided by the Yahoo Finance Web site. Five corporations were chosen from each of the thirty
sectors based on the highest market capitalizations.
Market capitalization was chosen as the most reliable variable of measuring a firm’s size
and performance. General Motors may have the same sales as Toyota, but the market
capitalization is only a fraction of Toyota. Earnings are reflected in market capitalization in
addition to growth potential. The various Web sites for each corporation were examined for
language options and cultural differences. The Web sites were first examined by 60 students split
into two teams. Each team examined the 150 Web sites and the results of the two teams were
compared for errors with the author examining all 150 corporations for a third check of the results.
Many corporations possessed Web sites for each of their product lines and each one may
have had multiple language versions. Sites were examined to determine whether the other
language sites were merely a translation of the main site or the cultural content was different.
Care was taken to examine whether a Web site was localized to the culture or merely a translation
of the original English or Japanese Web site.

4. FINDINGS

Of the 150 Web sites surveyed during October of 2005, a total of 149 had operating web
sites. All of the sites were in English, although many had multiple English sites to accommodate
local cultures in Canada, United Kingdom, Ireland, Australia, New Zealand, and India. Spanish
sites were available for 46.98% of the multinational corporations (table 3) with many offering
multiple options for different Spanish speaking cultures. This was also true of some French,
German, Portuguese, and Chinese sites that accommodated various cultures within those
languages.

Table 3: Languages Chosen by Consumer Product Corporations (Over 15%)

Language Number Percent

Spanish
70
46.98%
French
67
44.97%
German
56
37.58%
Japanese
51
34.23%
Italian
43
28.86%
Dutch
42
28.19%
Portuguese
41
27.52%
Chinese
39
26.17%
Korean
37
24.83%
Russian
33
22.15%
Swedish
31
20.81%
Danish
31
20.81%
Polish
29
19.46%
Norwegian
27
18.12%
Finnish
27
18.12%
Hungarian
26
17.45%
Czech
25
16.78%

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Greek
23
15.44%
Turkish
23
15.44%

The consumer products sectors with the highest count of multiple language and culture
Web sites included auto makers, electronic equipment, toys and games, and cigarettes. The
sectors with the lowest count of languages offered were farm products and beverage wine and
distillers.
Three stages in global Web site development can be identified by examining the extent
by which language and cultural differences are incorporated into the design. The early stage
utilizes English language and culture and leaves translation responsibility to the user. The
standardization stage is identifiable in those Web sites where some language options exist for
primary markets. These sites primarily take English language text and culture and obtain foreign
language translation with little difference in culture, design, or American references. The third
stage finds a mature Web site that encompasses the language required for each culture and the
design differences adapted for each country and region. The automotive sector provides an
excellent of a mature sector.

Early
Standardization
Localization
Stage
Stage
Stage
Web site
Web site is
Web site
available
translated
utilizes
only in
into other
multiple
English with
languages,
languages
English/US
but culture
and cultures
Culture
remains
English/US


Figure 2: Three stages of International Web site Maturity

When market capitalization was compared to the number of language sites offered, the
Pearson correlation of .412 indicated a relationship between the two variables. Spearman’s rho
revealed a lower correlation of .398. The two variables produce a higher correlation when some
sectors are eliminated. Web sites may be less of a marketing tool in some sectors as in farm
products, office products, and beverage wine.

5. DISCUSSION

The importance of this study is threefold. First, it provides a snapshot in time of the
movement from standardization of Web site design to localization of content. The importance of
the increasing penetration of the Internet to new cultures in recent years has not been lost on
strategic planning.
Second, it provides the extent that some languages and cultures are benefiting from the
movement to localization. Okazaki (2004), found that Japanese multinational Web sites were
always translated into English. English multinationals from the United States, United Kingdom,
Canada, and Australia utilized Japanese language Web sites in only 30% of the sample. This
difference is significant in understanding the marketing prowess of Japanese corporations.
The third benefit of the study is the examination of multinational consumer products
corporations to discover whether market capitalization is related to localization of marketing
through Web site content. The growth of global sales of firms like Whirlpool and Toyota is
reflected in their Web site development. Corporations that truly desire to be global players may be
encouraged to develop their Internet presence. The correlation between market capitalization and

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International Journal of Computers, Systems and Signals, Vol.8, No2, 2007
mature Web sites may signify the commitment of individual corporations to multinational
markets.
The contrast between the mature Whirlpool Web delivery and the immature Maytag Web
sites offers an explanation of the future of these corporations in 2005.
The ability to communicate effectively with varied cultures through the medium of the
Internet in an approaching era where English speaking users may become the global minority is a
concern for all strategic planners.

6. FUTURE STUDY

Additional variables may improve the value of the data. The initial data set left out some
large consumer products companies due to low market capitalization. The inclusion of all thirty
sector allowed for the inclusion of some relatively small corporations at the expensive of some
large consumer electronics companies. Sales and revenue variables may produce different
correlations. Comparison of this data in a longitudinal study in 2007 would offer another look at
progress towards localization.

7. REFERENCES

Bartlett, C.A. and Ghoshal, S. (1998) Managing across borders: the transactional solution.
Harvard Business School Press.

Bingi, P., Mir, P. and Khamalah, J. (2000) “The challenges facing global E-Commerce: A
multidimensional perspective”. Information Systems Management Journal, 17
http://www.cia.gov/cia/publications/factbook/.

Cyr, D. and Trevor-Smith, H. (2003) “Globalization of Web Design: An Empirical Comparison
of German, Japanese, and U.S Website Characteristics”, Journal of the American society
for Information Science and Technology. 55, 1-10.

Kim, S., Shaw, T. and Schneider, H. (2003) “Web site design benchmarking within industry
groups. Internet Research”, Electronic Networking Applications and Policy. 13, 17-26.

Hofstede, G. (2001) Cultures consequences: comparing values, behaviors, institutions, and
organizations across nation’s”, 2nd Ed. Sage Publications. Thousand Oaks, California.

Holden, N. (2004) “Why marketers need a new concept of culture for the global knowledge
economy”. International Marketing Review, 21, 563-572.

Marcus, A. and Gould, E.W. (2000) “Cultural dimensions and global Web-interface design:
What? So what? Now What?” Proceedings of the Sixth Conference on Human Factors
and the Web in Austin, Texas on June 19th, 2000. Accessed on November 10th, 2005
from http://www.amanda.com/resources/hfweb2000/hfweb00.marcus.html.

Okazaki, S. (2004) “Do multinationals standardize or localize? The cross-cultural dimensionality
of product-based Web sites”. Internet Research: Electronic Networking Applications and
Policy. 14, 81-94

Pearce, J.A. and Robinson, R.B. (2005) Strategic Management: Formulation, Implementation and
Control. Boston: Irwin McGraw Hill.

Robbins, S. S., and Stylianou, A. C., (2003) “Global corporate web sites: an empirical
investigation of content and design”. Information and Management, 40, 205-212.

Rugman, A. and Hodgetts, R. (2001) “The End to global strategy”. European Management
Journal. 19, 333-343.

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Shaoyi, H. (2001) “Interplay of Language and culture in global E-commerce: a comparison of
five companies’ multilingual websites”. ACM Special Interest Group for Design of
Communication ISBN 1-59113-295-6.
Schneider, G. (2005) Electronic Commerce. Thomson Publishing, Boston.
Sharon Fordham, “Nabisco’s rising star”, Wharton Alumni Magazine
http://www.wharton.upenn.edu/alum_mag/issues/fall2000/wharton_now6.html (accessed Sept.
12, 2005).
Singh, N. (2003) “Culture and the world wide web: a cross-cultural analysis of web sites from
France, Germany and USA”, American Marketing Association, 14, 30-1.

Singh, N. and Matsuo, H. (2002) “Measuring cultural adaptation on the web: a study of US and
Japanese web sites”, Advances in Consumer Research, 29.

Singh, N., Zhao, H., and Hu, X. (2003) “Analyzing the cultural content of web sites: across-
national comparison of China, India, Japan and US”. International Marketing Review. 22.
129-146.

Singh, N., Kumar, V., and Black, D. (2005) “Adaptation of cultural content: evidence from B2C
e-commerce firms”. European Journal of Marketing. 39, 71-86.

Yahoo Finance Consumer Products Index. Accessed 10/2/05-10/21/05 from
http://biz.yahoo.com/ic/ind_index.html.


APPENDIX

List of Consumer Multinational Corporations Studied (2005)

Market
Corporation/Symbol
Cap $m
Sector
WHIRLPOOL CP [WHR]
4800 Appliances
LENNOX INTL INC [LII]
1600 Appliances
MAYTAG CP [MYG]
1300 Appliances
HELEN OF TROY LTD [HELE]
534 Appliances
NATL PRESTO IND [NPK]
299 Appliances
TOYOTA MTR CP ADS [TM]
150000 Auto Makers
HONDA MOTOR CO ADR [HMC]
53000 Auto Makers
DAIMLERCHRYSLER AG [DCX]
51000 Auto Makers
FORD MOTOR CREDIT [F]
16000 Auto Makers
GEN MOTORS [GM]
15800 Auto Makers
JOHNSON CONTROLS INC [JCI]
12600 Auto Parts
MAGNA INTL CL A [MGA]
7400 Auto Parts
TOMKINS PLC ADS [TKS]
3700 Auto Parts
AUTOLIV INC [ALV]
3700 Auto Parts
S P X CP [SPW]
3200 Auto Parts
DIAGEO PLC ADS NEW [DEO]
43900 Brewers
ANHEUSER BUSCH [BUD]
32800 Brewers
COMP DE BEBA AM ADS [ABV]
23000 Brewers

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International Journal of Computers, Systems and Signals, Vol.8, No2, 2007
FEMSA FOMENTO ADS [FMX]
6800 Brewers
MOLSON COORS CO CL B [TAP]
5300 Brewers
COCA COLA CO THE [KO]
100000 Beverages Soft
PEPSICO INC [PEP]
95400 Beverages Soft
CADBURY SCH PLC [CSG]
20000 Beverages Soft
COCA COLA ENTRPR INC [CCE]
9000 Beverages Soft
COCA-COLA HELLEN ADS [CCH]
6700 Beverages Soft
BROWN FORMAN INC B [BF-B]
7100 Bev. Wine & Dist
CONSTELLATION BRD A [STZ]
5000 Bev. Wine & Dist
TODHUNTER INTL INC [RUM]
189 Bev. Wine & Dist
WILLAMETTE VALLEY [WVVI]
21 Bev. Wine & Dist
360 GLOBAL WINE CO [TGWC.OB]
2 Bev. Wine & Dist
XEROX CP [XRX]
13 Business Equipment
PITNEY BOWES INC [PBI]
9500
Business Equipment
HNI CORP INC [HNI]
3100
Business Equipment
DIEBOLD INC [DBD]
2400
Business Equipment
STEELCASE INC [SCS]
2000
Business Equipment
ALTRIA GROUP INC [MO]
146600
Cigarettes
BRITISH AMER TOB ADR [BTI]
43300
Cigarettes
IMPERIAL TOBAC ADSSC [ITY]
20200
Cigarettes
REYNOLDS AMERICAN [RAI]
11600
Cigarettes
GALLAHER GRP PLC [GLH]
9900
Cigarettes
PROCTER GAMBLE CO [PG]
138100
Cleaning Products
CLOROX CO [CLX]
8200
Cleaning Products
ECOLAB INC [ECL]
8100
Cleaning Products
CHURCH DWIGHT CO INC [CHD]
2200
Cleaning Products
DARLING INTL INC [DAR]
231
Cleaning Products
WRIGLEY WM JR CO [WWY]
16200
Confectioners
THE HERSHEY COMPANY [HSY]
13700
Confectioners
TOOTSIE ROLL IND [TR]
1700
Confectioners
M&F WORLDWIDE CP [MFW]
305
Confectioners
IMPERIAL SUGAR CO [IPSU]
144
Confectioners
DREYERS CALL PUT [DRYR]
7900
Dairy Products
DEAN FOODS CO [DF]
5500
Dairy Products
LIFEWAY FOODS INC [LWAY]
89
Dairy Products
BRAVO! FOODS INTL CP
[BRVO.OB]
58
Dairy Products
GALAXY FOODS CO [GXY]
36
Dairy Products
MATSUSHITA EL INDL [MC]
39300
Electronic Equipment
SONY CP ADR [SNE]
33300
Electronic Equipment
KONINKLIJKE PHLP NEW [PHG]
32000
Electronic Equipment
HITACHI LTD ADR [HIT]
21400
Electronic Equipment
ECHOSTAR COMMUN A [DISH]
12700
Electronic Equipment
FRESH DEL MONTE PROD [FDP]
1500
Farm Products
CHIQUITA BRANDS NEW [CQB]
1100
Farm Products
DELTA & PINE [DLP]
917
Farm Products
ALICO INC [ALCO]
337
Farm Products
CRESUD SACIF ADR [CRESY]
185
Farm Products
UNILEVER N V N Y [UN]
71900
Food/Diversified
UNILEVER PLC AMER [UL]
700
Food/Diversified
KRAFT FOODS INC [KFT]
50500
Food/Diversified

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International Journal of Computers, Systems and Signals, Vol.8, No 2, 2007
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GROUPE DANONE ADS [DA]
25600
Food/Diversified
KELLOGG CO [K]
18900
Food/Diversified
LEGGETT PLATT INC [LEG]
3600
Home Furnishings
HUBBELL INC B [HUB-B]
2800
Home Furnishings
ETHAN ALLEN INTERIOR [ETH]
1000
Home Furnishings
FURNITURE BRNDS INTL [FBN]
947
Home Furnishings
SELECT COMFORT CP [SCSS]
658
Home Furnishings
NEWELL RUBBERMAID [NWL]
6000
Housewares
LANCASTER COLONY [LANC]
1400
Housewares
BLOUNT INTL INC [BLT]
819
Housewares
LIFETIME BRANDS INC [LCUT]
259
Housewares
LIBBY INC SC [LBY]
172
Housewares
TYSON FOODS INC CL A [TSN]
6300
Meat Products
HORMEL FOODS CP [HRL]
4500
Meat Products
SMITHFIELD FOODS [SFD]
3400
Meat Products
PILGRIMS PRIDE CP [PPC]
2400
Meat Products
SEABOARD CP [SEB]
1700
Meat Products
BANTA CORP [BN]
1200
Office Products
ENNIS, INC. [EBF]
437
Office Products
STANDARD REGIST [SR]
430
Office Products
COURIER CP [CRRC]
418
Office Products
FRANKLIN COVEY CO [FC]
143
Office Products
AMCOR LTD ADR [AMCR]
4400
Packaging
BALL CP [BLL]
3900
Packaging
SEALED AIR CP NEW [SEE]
3900
Packaging
OWENS ILLINOIS [OI]
2900
Packaging
CROWN HOLDINGS INC [CCK]
2700
Packaging
KIMBERLY CLARK CP [KMB]
27300
Paper Products
INTL PAPER [IP]
13300
Paper Products
STORA ENSO OYJ [SEO]
10400
Paper Products
UPM KYMNENE CP ADS [UPM]
10200
Paper Products
AVERY DENNISON CP [AVY]
5700
Paper Products
COLGATE PALMOLIVE [CL]
27200
Personal Products
AVON PRODUCTS INC [AVP]
12700
Personal Products
ESTEE LAUDER COS INC [EL]
7800
Personal Products
ALBERTO CULVER CO [ACV]
3900
Personal Products
YANKEE CDLE CO INC [YCC]
1100
Personal Products
CANON INC ADR [CAJ]
49
Photography
EASTMAN KODAK CO [EK]
6600
Photography
OCE ADR [OCENY]
1200
Photography
X RITE INC [XRIT]
251
Photography
SPATIALIGHT INC [HDTV]
162
Photography
MCCORMICK & CO [MKC]
4100
Processed Goods
SMUCKERS J M NEW [SJM]
2700
Processed Goods
DEL MONTE FOODS CO [DLM]
2100
Processed Goods
FLOWERS FOODS INC [FLO]
1700
Processed Goods
CORN PRODUCTS INTL [CPO]
1500
Processed Goods
FOSSIL INC [FOSL]
1200
Recreational
RC2 CORPORATION [RCRC]
681
Recreational
MOVADO GROUP INC [MOV]
437
Recreational

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