MICHIGAN MEDICAL DEVICES INDUSTRY

• The state of Michigan is currently host to more than 500 manufacturers of medical devices and 14,000 medical device manufacturing facilities, making the state one of the top ten medical device sectors in the US.
• Michigan's medical devices industry also employs approximately 11,600 individuals, with a total employment impact of over 29,000 jobs, and a "more than $14 billion" impact on the local economy.
• Although Michigan may be best known for its longstanding dominance in automotive manufacturing, the state has a similarly "long and rich history" of manufacturing for devices and equipment, beginning in 1941, and has expanded its manufacturing industry "faster" than all other US states.

MaRKET CONDITIONS

• Specifically within the state of Michigan, West Michigan is currently the leader of the state's medical device manufacturing, with the area home to the "highest concentration" of medical device manufacturers in Michigan and over 20% of the state's "medical device professionals" while also representing one of the "fastest growing medical clusters" across the entire Midwest.

Market Forces

• One factor influencing Michigan's overall competitiveness in the medical devices industry is the state's proximity to Canada, with Michigan located less than 500 miles from "almost half" of the "US and Canadian markets."
• Additionally, Michigan is able to uniquely leverage the expertise of researchers at Michigan State University and the University of Michigan, as well as material research insights from Lightweight Innovations for Tomorrow (LIFT) and the Institute for Advanced Composites Manufacturing Innovation (IACMI), both "national centers of manufacturing innovation" located within the state's borders.
• Similarly, medical device manufacturers benefit from other state organizations including MiDevice, MedHealth and MichBio.

• For example, Michigan-based medical technologies corporation, Stryker Corporation, recently announced a new $109 million investment to "expand its manufacturing" of medical devices in Portage, Michigan by 2025.

• Stryker's move followed a previous $130 million investment in Portage in early 2017, similarly aimed at developing its "instruments division" in Michigan.
• Moreover, Michigan-based medical devices companies continue to expand their reach, with Stryker Corp looking to purchase Massachusetts-based Boston Scientific Corp.

General Trends

• Michigan is able to remain competitive in attracting medical device manufacturers due to its "highly skilled workforce," with more engineers than any other state at 123,000, as well as over 245,000 workers with skilled trades.
• These forces, among others, are supporting a trend of continued growth and investment in Michigan's medical devices industry.
• Also, there has been a growing trend of venture backed investments in Michigan based startups over the past 5 years. "Michigan is home to 141 venture-backed startups, a 70 percent increase."
• In parallel, Michigan "biosciences industry trade organization," MichBio, launched its first "Medical Device Summit" in Michigan this past May of 2019, yet another indication of Michigan's continued commitment and growth in the area of medical device manufacturing.

I. State of Michigan's Manufacturing Industry

• According to Manufacturers' News Inc., the Michigan manufacturing industry employs over 719,000 people. This represents a 16% growth in employment in the manufacturing industry since the end of the recession. Between 2017 and 2018, Michigan's manufacturing employment grew by 1.6%.
• According to Michigan Manufacturers Association, manufacturing accounted for about $96.22 billion of Michigan's output in 2017. The state's manufacturers exported about $56.77 billion worth of goods in 2017.
• Employment in Michigan's automotive manufacturing sector grew by about 23,000 jobs in the seven years leading to 2018 and the state currently accounts for about 22% of auto-related employment is the U.S.
• Michigan's furniture manufacturing sector makes up about 50% of the U.S.' $16.1 billion furniture market and employs about 30,000 people.
• With 2.1 million vehicles across 23 models manufactured in Michigan in 2017, the state accounted for about 18.5% of the total production in the United States. In recent years, several foreign and domestic auto manufacturers have set base in Michigan in recent years, including NAVYA and Mahindra.

II. Market Forces

• According to Forbes, the recovery of industry in the U.S. is instrumental in the renaissance in Michigan's manufacturing industry.
• According to the Michigan Economic Development Corporation, availability of labor, high R&D spending, the state's manufacturing-friendly taxation laws, and favorable policies business climate are among the forces that drive the manufacturing market in Michigan.
• The Michigan auto industry has grown due to the combination of a "resurgence of the state’s legacy industrial powerhouses" and an increase in diversified industry practices.
• Apart from the availability of about 117,000 engineers to drive innovation in Michigan, the state has also created optimal conditions for innovation in the auto manufacturing sector by passing numerous legislation for automated and connected vehicle testing.

III. Trends

• According to Crain's Detroit Business, Michigan's furniture manufacturing sector is taking a high tech approach. The leading furniture manufacturers in the state are integrating virtual reality and materials science among other technologies in order to produce innovative furniture solutions and products.
• Michigan's furniture manufacturers are "partnering with software companies to build technology into products rather than products that accommodate technology."
• Similarly, Forbes states that the auto manufacturing sector in Michigan, as well as the entire manufacturing industry, is experiencing an innovation trend with the introduction of cutting edge technology. The state's manufacturers integrate the new tech features with artistry to produce innovative products.
• According to the Detroit Metro Times, Michigan is rapidly adapting to the changing industry by moving towards environmentally-friendly automated and battery-powered vehicles.

IV. Market Conditions

• Manufacturers' News Inc. says that there were 13,457 manufacturers in Michigan as of 2018.
• According to the Detroit Regional Chamber, there are more than 1,600 automotive-oriented manufacturing companies in Michigan.
• Also, about 17 original equipment manufacturers (OEM) and 96 of North America's top automotive suppliers are headquartered in Michigan.
• Over 2,583 patents have been awarded to auto manufacturers in the state between 2014 and 2018, and it is home to the "world’s first self-driving highway test facility."
• The furniture manufacturing sector in Michigan is controlled by the three largest West Michigan-based manufacturers namely Steelcase Inc., Herman Miller Inc., Haworth Inc.
• According to a report by Zip Express, a Michigan-based freight company, the furniture manufacturing sector in Michigan comprises over 150 furniture manufacturers and is concentrated in the Western regions around Grand Rapids.

RESEARCH STRATEGY

THE CURRENT INDUSTRY OUTLOOK

• In 2018, there were 12,578 investment advisors registered in the United States of America. This number has been growing every year since 2012.
• These advisors are registered and monitored by the US Securities and Exchange Commission.
• The median pay for financial advisors in the USA stands at $88,890 per year. This pay translates to $43.73 per hour. 
• The financial advisory employment sector is expected to grow steadily over the next ten years, with an average growth rate of 7%.
•  Michigan is one of the states in the USA with the highest number of financial advisors compared to the population.
• In 2018, there were 5,210 financial advisors in Michigan. This translates to 1.21 financial advisors for every 1,000 residents of Michigan.
• The state also offers a decent return for its financial advisors. While the average wage per annum is $88,890, financial advisors in Michigan are earning $102,010 per annum. The average hourly pay is also higher at $49.04.  

MARKET FORCES

• The market for financial advisors is growing robustly. Growth in the field of financial advisors can be attributed to improving life expectancy and uncertainty in availability of income at old age.
• More people, therefore, want to secure their future by engaging financial advisors.
• Corporations and businesses also want to make the most profit from prevailing market conditions. They are looking for knowledgeable advisors who will grow their investments while minimizing the risks.
• Financial advisors are also on high demand because technology is causing employment disruption.  
• With these conditions working in favor of the financial advisors' industry, the sector is expected to grow by an average of 15% in the next decade.
• The growing numbers of financial advisors can also be attributed to the rising incomes for individuals, businesses, and corporations.
• Market conditions also determine the welfare, demand, and concentration of financial advisors in an area. A country with fewer or slow-growing businesses will provide fewer returns because the demand is low. This explains why, for instance, Battle Creek in Michigan would offer $70, 530 as the annual wage, while other areas like Detroit are offering $101,640.
• Returns for financial advisors will, therefore, depend on the area one chooses to work.

MARKET CONDITIONS

• The value of assets under management (AUM) by financial advisors stood at $80.2 trillion in 2017 up from $70.7 trillion in 2014.
• Private equity funds grew by a net of 904, considering that new funds registered in 2018 were 1,104, while 200 funds were dissolved.
• This data shows that more people are looking for financial advisors and their services, indicating an unstoppable growth in the industry.

TRENDS AFFECTING THE FINANCIAL ADVISORY SECTOR

• Technology is one of the greatest threats, on one side, and an enabler on the other.
• People are turning to apps and websites for financial projections and investment opportunities. However, financial advisors have the option of reaching out to more clients by using technology.
• It is undeniable that more people are looking for financial advisory services. This means that opportunities in the industry are endless.

RESEARCH STRATEGY

THE CURRENT STATE OF THE INDUSTRY

• Michigan's economy has grown 6% overall since 2016 compared to 29% for the country.
• According to Michigan Economic Development Corporation, “Businesses are choosing Michigan for our diverse and abundant workforce, business-friendly environment, low cost of living, and global supply chain assets.”
• Michigan has the highest concentration of engineers in the nation, with more than 130,000 engineers statewide.
• Michigan ranks in the top 10 for its number of workers in the skilled trades, with 250,000 skilled trades workers.

SOUTHWEST MICHIGAN FIRST

• Southwest Michigan First has created a national footprint by providing economic development services to cities and towns in 17 counties in the southwest corner of the state.
• The organization has national clients through economic development, leadership conferences, private consulting, and webinars.
• The organization also works to connect economic development agencies around the country with site-selection professionals to provide them the right place for their business office.
• The organization's 60% annual budget comes from earned revenue and less than 1% of the budget comes from public funding.
•  80% of all new jobs are the result of expansions by companies already here, whereas 20% is from new development.
• Southwest Michigan First is currently planning physical expansion.

LAKESHORE ADVANTAGE

• Allegan County Economic Development Commission contracted Lakeshore Advantage for their economic development services to the county’s 200 primary employers.
• Lakeshore Advantage will provide business support services including growth assistance and tackling talent challenges to the community.
• Allegan County Economic Development Commission contract with Lakeshore Advantage is a three-year-long contract effective from June 1, 2018.
• In 2014, Lakeshore Advantage offered growth assistance to Ottawa County employers and have been serving employers of City of Holland in Allegan County since 2003.
• In 2017, Lakeshore Advantage supported 49 business expansion projects which included 18 announcing business growth projects with over $90 million in private investment and more than 650 new jobs.
•  Gentex’s $100,000 investment in “Now for the Next” is part of a three-year, $240,000 commitment to Lakeshore Advantage which will respond to economic development opportunities in the West Michigan Lakeshore region over the next 10 years.
• Gentex's goal is to raise $2 million by 2021 to provide an anchor investment in Lakeshore Advantage.

THE RIGHT PLACE

• The Right Place has led the economic development vision for West Michigan with over 44,000 new jobs and $4.8 billion in investment.
•  50 economic development projects have been completed, including business expansions, attractions, and retention projects. However, their annual goal was only to complete 17 projects.
•  360 manufacturing support contracts have been completed including mmtc-west manufacturing support contracts while their annual goal was 120.
•  1,200 individual companies were served in West Michigan with an annual goal of 40.
•  4,000 value-added assists were provided to West Michigan companies and their annual goal was 1,333.
•  1,575 individual professionals were assisted in West Michigan with an annual goal of 525.
•  4,800 event attendees were educated at right place events with an annual goal of 1,600.

MARKET FORCES

• There are four major market forces — the government, international transactions, supply and demand, and speculations and expectations.

•  Tax Foundation ranked Michigan to be the best state in the nation for business and operation expansion due to its business-friendly environment.
• The government levies a 6% corporate income tax, 4.25% personal (flat) income tax, and 6% sales tax with no local sales tax.

• 6 Michigan companies will take part in Canada Trade Mission, to meet with prospective partners and customers to increase export opportunities.
• The US-Canada trading relationship is the largest in the world with trading amounting to $2 billion in goods and services daily. Michigan is ranked number 2 among other states in the US in terms of volume of exports to Canada.
• According to the U.S. Department of Commerce, Michigan exports to Canada totaled more than $23 billion i.e. 7.4% of Canada’s total U.S. imports in 2018.
• Michigan Economic Development Corporation (MEDC) International Trade Program reported export sales of $128 million to Canada in fiscal year 2018.
• The Detroit-Windsor border is the busiest border crossing in North America which helps in international trade with Canada.
• The ongoing U.S. trade conflicts with China is most likely the largest threat to the U.S. economy from international trade.
• Michigan is also strengthening the state’s relationship with China, with more than 300 Chinese firms in Michigan supporting at least 6,000 jobs. 

• Michigan is located within 500 miles of “nearly half the U.S. and Canadian population and commerce centers” which gives them the added advantage to access the market.
•  $500 million in trade crosses between Michigan and Canada daily via the busiest border, the Ambassador Bridge.
•  20% of the world's freshwater surrounds Michigan.
•  18 commercial airports are located in Michigan, including Detroit Metropolitan, one of the largest U.S. air hubs.
• West Michigan relies heavily on manufacturing due to I-75 corridor and not on automotive work.
• West Michigan factories are known to build various products ranging from boots to aircraft components to furniture and is a center for engineering and biopharmaceuticals.
• Michigan’s cost of living is 10% below the national average and is the 4th most affordable state in the country.
• Michigan has the highest concentration of engineers and skilled trade workers in the nation, with more than 130,000 engineers and 250,000 skilled trades workers.

• Both the job growth and personal income growth are expected to remain below the national averages.
• In Michigan, declining level of vehicle sales, stability in the housing market, and the strong national economy are expected to result in the unemployment rate decreasing from 4.1% in 2018 to 4.0% in 2019 but then rising to 4.1% in 2020, and 4.2% in 2021.
• The Michigan Business Tax will lower GF/GP revenue by $691.0 million in FY 2019-20.
• The "tax vouchers from the first year of the second round of the Michigan Early Stage Venture Capital program will reduce Corporate Income Tax by $19.1 million".

MARKET CONDITIONS

• Michigan's automakers and engineering sectors are “on the way to transportation and mobility development.”
• Michigan has a 22% of its workforce employed in agriculture and food development.
• Michigan's economy added over 500,000 jobs and subdued the national average from 2010 to 2018.
• The state’s labor market, relative economic conditions, per capita incomes, distance to a new home, and the state’s public assistance helps drive the people to the state.
• Michigan’s household income of $52,492 is ranked 34th in the country which is below the national average of $57,616.
• Manufacturing industry comprises 19% of Michigan’s economic output compared to 11.8% nationwide.
• 18% of Michigan’s economic output is contributed by the finance, insurance, and real estate sector.
• Michigan's unemployment rate fell to an estimated 4.4% in 2018 and is forecasted to decline to 3.9% in 2019, which will remain unchanged at 3.9% in 2020 and fall further to 3.8% in 2021.
• Michigan's vehicle production and Michigan’s share of the U.S. vehicle production fell in 2017 and 2018.
• Michigan’s labor market is strong and an increasing number of residents are finding work, with wage and salary employment increasing for the eighth straight year in 2018.
• The share of mortgage properties underwater i.e. the negative equity in Michigan is substantially higher than the national average of 6.4% in 2018.
• Rural Michigan faces challenges to attract the kind of job growth which is concentrated in urban areas since 2009.
• Michigan is most susceptible to get exposed to trade risk because of its reliance on the global auto industry.

HIGH-LEVEL TRENDS IN THESE SECTORS LOCALLY

•  Detroit is currently re-establishing itself as a place to attract investment from around the world, with Michigan leading seven missions in China to attract business investments since 2011.
• According to Technical.ly, 134 active venture-backed startups were seen in Michigan in 2017 which is a 26% increase over the last five years.
• 68 Michigan startups received $179 million in funding from venture capital and angel investors, a 100% increase over the last five years.
• Also, 37 startups received funding from university and economic development-related funds in Michigan.
•  472 out-of-state venture firms invested in Michigan-based startups, a 376% increase over the last five years.
• The in-state and out-of-state “capital-gap” demonstrates an upward trend of Michigan’s economy through venture capital and entrepreneurial communities.
• The University of Michigan projected that the state economy will add 37,000 jobs in 2019 and 26,000 in 2020, at the CAGR of 0.8% and 0.6%, respectively.
• According to Doug Rothwell, CEO of Business Leaders for Michigan, "Michigan’s business leaders remain bullish on their ability to grow jobs and investment, and are anticipating plenty of opportunities on the horizon".

WHAT THE INDUSTRY LOOKS LIKE NOW

• In 2019, the U.S. portfolio management industry was valued at $303.0 billion and grew at a CAGR of 2.5% from 2014 to 2019.
• The U.S. portfolio management industry consists of large-cap equity, equity specialties and fixed income products, government fixed income and structured products, exchange-traded funds and passively-managed products, alternatives and solutions products, and other products (target date products and ldis).
• America’s dynamic and entrepreneurial economy has led to the development of an immense but fragmented wealth management industry.

MARKET FORCES

• The rising disposable income, the solid financial market growth, decreasing fees, and increasing regulation, have impacted the trends in the U.S. investment management industry until 2019.
• According to IBIS World, the prime rate in the U.S. is expected to increase in 2019 and pose a potential threat to the portfolio management industry.
• According to IBIS World, the per capita disposable income in the U.S. is expected to increase in 2019. This represents a potential opportunity for the American portfolio management industry.
• Private equity managers are driving rapid change in the U.S. wealth management industry.

MARKET CONDITIONS

• The portfolio management industry has experienced rising and falling revenue figures over the past five years.
• According to Deloitte, the investment management industry is rapidly changing due to "shifting investor preferences, regulatory developments, margin compression, and advancing technologies."

HIGH-LEVEL TRENDS

• Investors are "pushing towards passively managed funds with lower fees."
• According to Deloitte, new investment management firms are focused on millennials and touching on various millennial preferences such as a "technology-driven interface, low cost, peer-to-peer interaction, transparency, and thematic investing, including social impact."
• With technological advancement, financial robots, also known as "Online Wealth Management Firms," have been used increasingly and are targeted at the young technical, entrepreneurial and professional individuals in Silicon Valley.
• According to Transparency Market Research, companies in the industry are increasingly using investment management software because they need investment-related data to be processed in a trustworthy and efficient manner.

INVESTMENT MANAGEMENT COMPANIES IN MICHIGAN

• Some investment management companies in Michigan are Grand Wealth Management, Baron Wealth Management, Arbor Asset Management, GEM Asset Management, and Generations Financial Planning & Wealth Management.

RESEARCH STRATEGY

INDUSTRY ANALYSIS

• The global recession in 2008 contributed to the closure and merger of banks in Michigan. Currently, Michigan has five community banks and six regional banks with out-of-state banks enjoying dominance. Recently, Indiana’s largest credit union, the Teachers Credit Union, bought New Buffalo Savings Bank of Michigan.
• Underbanking and unbanked population in Michigan are at 19.8% and 6% respectively. The high underbanking level in Michigan is largely driven by the collapse and merger of banks in Michigan. The banking consolidation has reduced consumer choice, access, and competition that effectively has supported underbanking and unbanking of the population.

MARKET FORCES

• Banks in Michigan are aggressively embracing technology partnerships as a key market differentiator. Michigan banks are on the forefront of fintech partnerships such as the Apple Pay roll out with Northern Michigan Bank & Trust as well as Michigan's Choice One community bank partnership with fintech partners that landed it among top twenty most innovative community banks in the country.

MARKET CONDITIONS

• Michigan cannabis industry is experiencing rapid growth after medical cannabis was legalized in 2018 and recreational cannabis will be legalized on 9 December 2019. Despite the investment interest, cannabis is excluded from banking transactions by law. With the expected passage of the Secure and Fair Enforcement (SAFE) Banking Act in late 2019, banks in Michigan will be able to undertake banking transactions of the rapidly growing industry.
•  US economic growth and trade wars with China, Mexico, and the EU have contributed to an increased interest in American products. Michigan has attracted companies in the manufacturing sector such as $1 billion by Fiat Chrysler that will be setting up an automobile production plant in Michigan. The increase in manufacturing and retail activities in Michigan will drive increased banking activities.

MARKET TRENDS

• Banks in Michigan are embracing consumer outreach through mobile, web and social media platforms to increase engagement with consumers. Primarily, millennial consumers in Michigan are highly interested in digital banking services. Pivotal technologies of interest to Michigan banks include open banking, invisible banking, intelligent assistants, artificial intelligence, and digital-first banking.
• Insurance is increasingly being offered as a complementary product by Michigan banks. Michigan First Credit Union is leading this trend in Michigan by providing auto and home insurance to its customers. It is prioritizing both online and offline customers in its insurance roll out.

PUBLISHING INDUSTRY IN MICHIGAN

• The University of Michigan Press, which is part of the umbrella organization, generates about $3.5 million in revenue which is nearly three-quarters of Michigan Publishing's total annual revenue.
• Michigan Press published about 46 titles and sold 143,319 copies in the year 2016, but the sales revenue has plummeted about 40% compared to 2005.
• In 2016, Michigan Press costs exceeded its revenue by about $150,000, eating into the organization’s cash reserves of about $800,000.
• Wayne State University Press, Caffeinated Press, Discovery House, Scribe Publishing, Wynwidyn Press, Arbutus Press are some of the top book publishing companies in Michigan.
• Some top daily newspaper by circulation in Michigan include The Detroit Free Press, The Detroit News, The Grand Rapids Press, The Oakland Press, The Flint Journal among others.

PUBLISHING INDUSTRY IN THE UNITED STATES

• According to IBIS World, the estimated market size of the book publishing industry in the United States is expected to be $29 billion in 2019.
• As of 2019, the book publishing industry has 2,461 businesses in the United States employees about 60,388 people.
• Bertelsmann SE & Co. KGaA and Pearson PLC. are the companies holding the largest market share in the book publishing in the United States.
• According to IBIS World, the estimated market size of the newspaper publishing industry in the United States is expected to be $25 billion in 2019.
• In the United States, there are about 6,909 businesses in newspaper publishing industry employing about 144,268 people.
•  Gannett Co. Inc., News Corp. and The New York Times Company hold the largest market share in the newspaper publishing in the US industry.
• Amazon.com, Inc., Barnes & Noble, Inc., Disney Publishing Worldwide, Lagardere SCA, Macmillan Publishers Inc. are some of the major players in the publishing industry in the United States.

MARKET FORCES

• Authors will be more likely to opt for self-publishing as services that were originally completed through a physical medium as book publishing services conducted online is expected to increase in 2019.
•  The per capita disposable income is expected to increase in 2019, which is representing a potential opportunity for the book publishing industry.
•  Internet-only periodicals which have lower production and distribution costs are a threat to the newspaper publishing industry in the United States.

MARKET CONDITIONS

• The book publishing industry has seen a decline in growth by -0.1% in the period of 2014-2019.
• Newspaper publishing industry has seen a decline in growth by -4.3% in the period of 2014-2019.
• As of 2017, eBooks reached 3.8% revenue growth to an estimated $3.4 billion while Paperbacks remain the most popular format in the U.S. publishing industry.

TRENDS

• The book publishing industry has seen a slight decrease in revenue over the past 10 years which generated about $26.5 billion in 2008 while in 2018 the revenue was $26.23 billion.
• The book publishing generated $2.5 billion in revenue from audio books while eBooks accounted for $162 million in 2018.
• According to data aggregated by Publisher’s Weekly, nonfiction publications are currently more popular than fiction among adults as nonfiction accounted for $281.57 million in sales, compared to $139.18 million in fiction sales in 2017.
• Most popular fiction genres were general fiction which accounted for revenue of $40.59 million, followed by suspense/thrillers ($21.84 million), and romance ($21.49 million).
• Paperback books are gaining popularity in the U. S book publishing industry as more than 1 billion copies were sold in 2017.

YOUR RESEARCH TEAM APPLIED THE FOLLOWING STRATEGY

ASPEN SURGICAL

• Website: https://www.aspensurgical.com/
• Size: 300 employees
• Location: Caledonia, Michigan

SKYTRON, LLC

• Website: http://www.skytron.us/
• Size: 115 employees
• Location: Grand Rapids, Michigan

MEDBIO

• Website: http://medbioinc.com/
• Size: 185 employees
• Location: Grand Rapids, Michigan

RANIR

• Website: https://www.ranir.com/
• Size: 500 employees
• Location: Grand Rapids, Michigan

OLIVER HEALTHCARE PACKAGING

• Website: https://www.oliverhcp.com/
• Size: 265 employees
• Location: Grand Rapids, Michigan

RESEARCH STRATEGY

1. KINDEL FURNITURE

• Kindel Furniture's website is kindelfurniture.com.
• The company has between 51 and 200 employees. According to the company's Zoominfo profile, it has 165 employees.
• Kindel Furniture was founded in 1901 and it's based out of Grand Rapids, Michigan.
• They are considered key players of the industry for being vocal about their opinions of designers like Jason Oliver Nixon or John Loecke of Madcap Cottage through their website, and about the 360 virtual showroom tours.
• They make use of e-newsletters to communicate with their customers.
• The company doesn't invest much in traditional advertising and instead focus on its digital presence and marketing through social media.
• On its social media accounts, Kindel Furniture has 2,161 followers on Facebook, 2,135 followers on Twitter, 610 subscribers on YouTube, and 337 followers on Instagram.

2. CHALLENGE MANUFACTURING

• Challenge Manufacturing is a tier-1 automotive manufacturer located in Walker, Michigan.
• The company's website is challenge-mfg.com.
• According to the company's LinkedIn profile, Challenge Manufacturing has between 1001 and 5000 employees. The company's Zoomifo profile indicates that they have 3,000 employees.
• Challenge Manufacturing is considered a key player for being vocal about reaching out to its audience since 2016. They've posted over 630 tweets or an average of 210 tweets per year.
• They use kiosks to interact with their clients and promote events like the Michigan Technological University Career Fair or the Western Michigan Engineering Expo, through their LinkedIn account.
• The company doesn't seem to invest much in traditional advertising and instead uses digital platforms to do marketing.
• Challenge Manufacturing currently has 1,289 followers on Facebook and 45 followers on Twitter.

3. KENONA INDUSTRIES

• Kenona Industries is a tier-2 automotive manufacturer located in Grand Rapids, Michigan.
• The company's website is kenona.net.
• According to its LinkedIn account, the company has between 11 and 50 employees.
• Kenona Industries is considered a key player for being vocal about its achievements like having a 20% annual growth, a $50 million revenue, and two facilities that total 120,000 square feet.
• The company was also covered in a 2017 video story produced by Manufacturing Marvels.
• The company seems to focus on its digital presence or social media instead of traditional advertising.
• They have three followers on their Facebook page and ten subscribers on YouTube.

4. SHAGGY'S COPPER COUNTRY SKIS

• Shaggy's Copper Country Skis is a specialty manufacturer located in Boyne City, Michigan.
• The company's website is skishaggys.com.
• According to the company's LinkedIn, they have between one and ten employees.
• Shaggy's Copper Country Skis is considered a key player for being vocal about in a Forbes interview about the company's results, reporting a consistent 35% to 42% annual growth.
• The company also has a notable Facebook following count of 11,812 followers.
• Based on their Forbes interview, the company doesn't invest much in advertising but focuses on making their name known.
• On its YouTube channel, the company posted professional videos and has 217 subscribers.

RESEARCH STRATEGY

Michigan Economic Development Corporation

• The MEDC's website can be found here.
• The organization has between 251 and 500 employees.
• It is located in Lansing, Michigan.
• While no evidence of a partnership with an advertising agency could be found, this lack is likely due to the MEDC's ability to produce marketing campaigns internally.
• In the 2018-2019 fiscal year, the MEDC had a marketing budget of $6.13 million.

Detroit Economic Growth Corporation

• The DEGC's website can be found here.
• The corporation employs between 51 and 100 people.
• The DEGC is located in Detroit, Michigan.
• In 2017, the DEGC spent $122,744 on advertising.
• Similarly to the MEDC, the DEGC has a strong internal marketing team, including a Vice President of Marketing and Communications and several staff members, which likely explains the lack of partnership with a marketing agency.

Detroit Regional Chamber

• The Detroit Regional Chamber's website can be found here.
• The organization has between 51 and 200 employees and is located in Detroit, Michigan.
• In 2017, the Detroit Regional Chamber spent $4,694 on advertising.

The Right Place

• The Right Place's website can be found here.
• The organization is located in Grand Rapids, and has between 11 and 50 employees.
• While no record exists of a partnership with an advertising agency, this lack could be due to The Right Place's strong internal marketing team, which includes a Vice President of Marketing and Communications and several other staff members.
• In 2017, The Right Place spent $83,956 on advertising.

Barry County Chamber of Commerce & Economic Development Alliance

• The Barry County Chamber of Commerce & Economic Development Alliance's website can be found here.
• The organization is located in Hastings, Michigan, and employs between two and ten people.
• While a specific number for an advertising budget was unavailable, for the 2019-20 fiscal year this organization has a budget of $133,891, which is less than the $140,585 requested.

Research Strategy

 ZHANG FINANCIAL 

• Located in Portage, Zhang Financial has 39 employees. The company offers a variety of services, and defines one of them as investment management, in its investment philosophy.
• The founder, Charles Zhang, is often quoted by prominent publications, including Wall Street Journal, CNBC, New York Times, Washington Post, Chicago Tribune, Barron's, Reuters, Associated Press, Forbes, Yahoo! Finance, U.S. News & World Report, CNN, MSN Money, Fox Business, PBS, and Financial Times. He is also the best-ranked advisor in Michigan by most companies.
• The company handles $2.9 billion in team assets, with a typical size of household accounts of $1 million to $5 million.

 MAINSTAY CAPITAL MANAGEMENT

• Mainstay Capital Management is an independent, fee-only, registered investment advisor with more than $2 billion under management.
• The company has an average net worth of $3 million, a retention rate of 97% and a $200,000 account minimum.
• The founder and CEO, David Kudla, was named the second-best wealth manager in Michigan by Forbes and Barron’s.
• David Kudla is also a contributing writer for Down Jones and Forbes, and he is constantly featured in prominent media outlets across the world. Kudla is currently listed as one of the Top 20 Most Social Financial Advisors in the U.S. as ranked by BrightScope's Social Media Influence Rank.
• The company has between 11 to 50 employees and is located in Grand Blanc, Michigan.

 SANFORD FINANCIAL SERVICES  

• Sanford Financial Services provides personalized, confidential financial planning and investment management to individuals, pension and profit-sharing plans, corporations or business entities, among others.
• The company, located in Portage, has 16 employees and manages $826 million in assets with a typical size of household account of $1.5 million.
•  Todd Sanford is the CEO and president of Sanford Financial Services,

RESEARCH STRATEGY

 CHEMICAL BANK 

• Chemical Bank had 3,100 employees in 2018.

• The bank is headquartered at 333 West Fort Street, Suite 100 in Detroit, Michigan.

•  Extra Credit Projects/Gravity Six is one of the advertising agencies used by Chemical Bank to promote branches in Michigan.
•  Drum Agency is one of the advertising agency used by Chemical Bank to increase product exposure.

• The ad spend of the company was $8.2 million in 2018.

• Chemical Bank was considered as Finance Yahoo's best bank in Michigan with $19 million assets.
• According to Advisory HQ, Chemical Bank is one of the most competitive banks in Michigan for its variety of business checking account options.
• Chemical Bank was considered as the 7th bank in Michigan with ample branches but with $11.8 billion deposits.
• The market share of Chemical Bank in the Michigan market is 5.59%.  

 FLAGSTAR BANK 

• Flagstar Bank had 3,900 employees in 2018.

• 5151 Corporate Drive Troy, MI 48098-2639 is the headquarter location of Flagstar Bank.

•   Bernstein-Rein was the ad agency of Flagstar Bank in 2017.

• According to Media Post, the annual ad spend of Flagstar Bank is modest considering its 2015 ($2.3 million) and 2016 ($1.7 million) ad spend.

• Flagstar Bank was considered as Finance Yahoo's best bank in Michigan with $16 million assets.
• According to Advisory HQ, Flagstar Bank is one of the most competitive banks in Michigan for its variety of personal and business loan options.
• Flagstar Bank was considered as the top 8th bank in Michigan with ample branches but with $9 billion deposits. 
• The market share of Flagstar Bank in the Michigan market is 4.28%. 

 INDEPENDENT BANK 

• According to Independent Bank's official LinkedIn profile, the bank has an estimated average of 750 employees.

• 4200 East Beltline Grand Rapids, MI 49525 is the headquarter location of Independent Bank.

• Think Full Circle is the ad agency of Independent Bank since 2007.

• Independent Bank was considered as Finance Yahoo's best bank in Michigan offering high APYs on CDs like 1.07% APY for its 5-month CD and a 1.29% APY on its 13-month CD.
• According to Advisory HQ, Independent Bank is one of the most competitive banks in Michigan for more than 50 customized mortgaged program options.
• Independent Bank was considered as the top 13th bank in Michigan with ample branches but with $2.3 billion deposits. The market share of Independent Bank in the Michigan market is 1.08%.

 MERCANTILE BANK OF MICHIGAN 

• Mercantile Bank of Michigan currently has 300 employees.

• The branches of Mercantile Bank of Michigan are all over Michigan State in the cities of Alma, Belding, Cadillac, Canadian Lakes, Clare, Comstock Park, DeWitt, East Lansing, Fairview, Grand Rapids, Hastings, Holland, Howard, Ionia, Ithaca, Kalamazoo, Kentwood, Lakeview, Lowell, Merill, Mt. Pleasant, Paw Paw, Portage, Remus, Rose City, Shepherd, St. Charles, St. Helen, St. John, West Branch, and Wyoming.

• Mercantile Bank of Michigan was considered as the top 12th bank in Michigan with ample branches but with $2.3 billion deposits. The market share of Mercantile Bank of Michigan in the Michigan market is 1.13%.

 MACATAWA BANK 

• As of December 31, 2018, the bank had 334 full-time equivalent employees consisting of 292 full-time and 79 part-time employees.

•   10753 Macatawa Drive Holland, MI 49424, is the corporate office of Macatawa Bank.

• Macatawa Bank was considered as the top 14th bank in Michigan with ample branches but with $1.5 billion deposits. The market share of Macatawa Bank in the Michigan market is 0.70%.

RESEARCH STRATEGY

FORMULAFOLIO INVESTMENTS, LLC

• Company’s website 
• Despite the firm’s control of assets exceeding $3 billion, its team of advisors comprises 13 members while the total number of employees is about 100.
• The fact that it has over $3 billion worth of assets under its management is an indication that it is a major industry player in Michigan State.
• The company’s headquarters is on 89 Ionia Northwest Suite 600 Grand Rapids, MI 49503.
• FormulaFolio Investments is a heavy user of products in online advertising.
• Through online advertising, the company is likely to create a big client base and can reach a specifically targeted customer. Also, it is highly effective and keeps the management in control of its long term strategy.

REHMANN CAPITAL ADVISORY GROUP, LLC

• Company’s website 
• The assets under the company’s management are $3.9 billion.
• It has 35 employees.
• The value of assets under its management ranks it among the top financial advisory firms in the Grand Rapids area.
• The company is located on 4086 Legacy Parkway Lansing, MI 48911-4261.
• There is no clear information about how the firm advertises itself.

PLANTE MORAN FINANCIAL ADVISORS

• Company’s website 
• The assets under the company’s management are over $14 billion.
• It has 3,100 employees, including over 100 advisors. 
• The high value of assets under its management and employees ranks it as the top in the area.
• Plante Moran Financial Advisors is located on 1000 Oakbrook Dr. Suite 400Ann Arbor, MI 48104 as well as 1 111 Michigan Avenue East Lansing, MI 48823.
• The company advertises through experienced consultants who use numerous channels and have strong relationships with the company.
• It also seeks the services of in-house marketing executives on the payroll of the company.
• Furthermore, the company is engaged in different charitable campaigns. 
• This serves as a form of advertising because it enhances brand recognition, increases sales, customer loyalty, and improves the firm’s financial performance. It makes it easier for the company to access capital and leads to an enhanced ability to attract and retain skilled employees.

Research Strategy:

Southwest Michigan Spark (Ellis Strategies, LLC)

•  Spark is a free monthly publication aimed at "baby boomers" and is available throughout Southwest Michigan at more than 650 locations.
• The magazine is published by Ellis Strategies, LLC which is owned by Steve Ellis. Steve spent 23 years at the Kalamazoo Gazette before establishing his own publication.
• Spark is located in Scotts, Kalamazoo County, Michigan.
• In its Facebook Page, Spark claims to have 20,000 readers in Southwest Michigan.
• Spark has no advertising agency of record, but it was advertised on the radio through WMUK 102.1.

Encore Publications Inc.

•  Encore Publications Inc. is the publisher of Encore, a Southwest Michigan’s lifestyle magazine, and Excelsior, a news publication concerning Kalamazoo Public Schools.
• Encore magazine is distributed free among 14,000 readers, while Excelsior is delivered to 51,000 homes monthly, excluding July.
• The publishing company is a small company with only 3 employees registered in D&B Hoovers.
• Encore Publications Inc. is located at 117 W. Cedar St., Suite A, Kalamazoo, MI 49007.
• The company does not specify any advertising agency in its website, but has a list of its advertisers in its publications.

ACRA Enterprises, Inc.

•  ACRA Enterprises, Inc. is a publisher of technical books for the construction industry and any other sector that conducts crane and rigging job. The firm is best known for ''Rigging Handbook'' and is regarded an industry expert in activities for rigging and hoisting.
• ACRA Enterprises, Inc., with company size of 2-10 employees, is located at 5950 Red Arrow Hwy Stevensville, MI 49127.
• The company does not specify any advertising agency in its website, but its e-commerce functionality feature is provided by AmeriCommerce.

MLive Media Group

•  MLive Media Group, aside from its Michigan news website MLive.com, has several printed publications including The Grand Rapids Press, Kalamazoo Gazette, Muskegon Chronicle, Flint Journal, Saginaw News, Bay City Times, Jackson Citizen Patriot and The Ann Arbor News.
• MLive Media Group is a company with 201-500 employees, and is located at 169 Monroe Ave NW, Suite 100, Grand Rapids, MI 49503.
• In January 2019, the group ceased some of its publications because "the cost of publishing the products exceeded the company’s ability to sustain production," according to Dan Gaydou, president, MLive Media Group.
• MLive Media Group worked with Grey Matter Group for brand campaigns to get their newspaper subscribers to use their new website and mobile platform.

RESEARCH STRATEGY