Management Thesis

On
STRATEGIES FORMULATION FOR STRENGTHEING
SALES AND DISTRIBUTION OF PERSONAL CARE
PRODUCTS (PCP) OF ITC LTD FOR PUNE REGION

SUBMMITED BY
Bhagirath Joshi
8NBPS014
 A THESIS ON

STRATEGIES FORMULATION FOR STRENGTHEING

SALES AND DISTRIBUTION OF PERSONAL CARE
PRODUCTS (PCP) OF ITC LTD FOR PUNE REGION

BY
Bhagirath Joshi
MBA- 2008-10

A report submitted in partial fulfillment of

The requirement of
The MBA program
(2008-10)

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 TABLE OF CONTENTS
NO. PARTICULARS PAGE NO.

Acknowledgement

List of Table

List of Illustration

Abstract
1. Introduction
2. Review of literature
3. Research and Methodology
4. Result and Analysis
5. Discussion and Analysis
6. Conclusion and Recommendations
7. Reference
8. Appendices
9. Glossary

List of Table:-

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 1. Table 1.1 showing awareness about ITC personal care brands
2. Table 2.1 showing stocking other personal care brands by retailers
3. Table 3.1 showing stocking of ITC personal care brands by retailers
4. Table 4.1 showing sale Table approx in week/fortnight/month
5. Table 5.1 showing response of retailer regarding stock replenishment
6. Table 6.1 showing satisfaction level of retailers regarding credit limit
7. Table 7.1 showing satisfaction level of retailers regarding margin
8. Table 8,1 showing awareness about product differentiation made by ITC
9. Table 9.1 showing satisfaction level about buyback or return policy
10. Table 10.1 showing rating(0-5) regarding supply chain of ITC
11. Table 10.2 showing rating(5-10) regarding supply chain of ITC

List of Illustration

1. Figure 1.1 showing awareness about ITC personal care brands

2. Figure 2.1 showing stocking other personal care brands by retailers
3. Figure 3.1 showing stocking of ITC personal care brands by retailers
4. Figure 4.1 showing sale Figure approx in week/fortnight/month
5. Figure 5.1 showing response of retailer regarding stock replenishment
6. Figure 6.1 showing satisfaction level of retailers regarding credit limit
7. Figure 7.1 showing satisfaction level of retailers regarding margin
8. Figure 8.1 showing awareness about product differentiation made by ITC
9. Figure 9.1 showing satisfaction level about buyback or return policy
10. Figure 10.1 showing rating(0-5) regarding supply chain of ITC
11. Figure 10.2 showing rating(5-10) regarding supply chain of ITC

ACKNOWLEDGEMENT
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I take immense pleasure in completing this project and submission the final report. This project
has been a platform in my learning about Fast moving consumer’s goods sector (FMCG) to
acquire knowledge in this area. I am indebted to my institution INC – Adam Smith Institute of
Management, Pune to provide me an opportunity to undergo such a project, which gave me
thorough insights and experience of the corporate culture that will always milestone in path of
my successful career.

A successful project can never be prepared by the single effort of person to whom project is
assigned but it is also with the help and guardianship of some conversant person who helped the
undersigned actively in the completion of successful project.

In this context I owe my deepest gratitude to Mr. Piyush Mishra and Mr. Ashwini Kashyap
for assigning me such a worthily topic “STRATEGIES FORMULATION FOR
STRENGTHEING SALES AND DISTRIBUTION OF PERSONAL CARE PRODUCTS (PCP)
OF ITC LTD FOR PUNE REGION”.

Secondly I would like to thank Mr. Rajesh K. Khanna (Campus Head- ASIM, Pune) and
Mrs. Ruby Chanda (Marketing Faculty) who help me in overcoming the difficulties and
imparted me with the necessary conceptual knowledge.

At last but not least I would like my heartiest gratitude to my parents, well wishers and friends
for their valuable insights and suggestion that helped me in preparing the final report.

Bhagirath Joshi

8NBPS014

Abstract
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 Indian FMCG supply chain is largest supply chain in India. The title of research is related

to sales and distribution of ITC personal care products. The purpose and hypothesis of

research is that weather Efficient sales and distribution channel of I.T.C contribute 90%

market share in Pune region or not. For that purpose researcher interviewed 120 retailers

in Ghodegaon area with the help of questionnaires which include 16 crucial questions.

The major finding explain about awareness of ITC personal care brands and their market

share, customers and retailer perception about personal care product of ITC, major issues

in the area of sales and distribution, warehousing & logistics management of I.T.C.

Researcher recommendation is about how to motivate channel members, how to manage

conflicts between channel members, here we can say that researcher is plying role of

mediator between company and retailers

INTRODUCTION

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The Reason behind Selecting the Title:
The supply chain of products in the FMCG market in India is one of the longest supply chains an
industry could really have. There are as many as 5 levels of intermediaries involved in the entire
supply chain through which a product passes before reaching the end consumer. What has been
observed is that even though these FMCG companies are big multinationals and Indian but face a
major challenge of making their products available in the market in the right quantities and in the
right time. This is simply because these companies don’t really have a wide network of sales
agents and other force which is required and is ideal for catering their products to the markets.
This aspect is taken over by distributors, wholesalers and retailer whose margins on these
products actually double.

The price of this product when a final consumer buys it. The margins kept by these
intermediaries range from 2% to 5%. The products in this industry are transported from
manufacturing units via c & f agencies or warehouse to distributors who further sell the same to
wholesalers or stockiest who finally sell it to the retailers in the market. These products are
transported either via roadways or railways within the domestic markets and normally don’t take
more than a week to reach the retailers. FMCG products are normally a high volume ball game
and products have to essentially be available in the market at all given points of time and at all
given points of purchase and therefore the distribution activities are highly volatile and dynamic.
The supply of products takes place virtually on a daily basis in fixed quotas or otherwise, to
retailers as per their requisitions and the anticipation of demand and the performance of products
in the recent past. All such criteria are taken into consideration before the quantum of products
being dispatched to the next level of intermediary. Since it’s a volume game, manufacturers
make all possible efforts to boost sales and promote their distributors to earn more and more
orders from the retailers and wholesalers. A close check is maintained on the flow of the
products on a daily, weekly, fortnightly and monthly basis to determine the trend in the business
and flow of products and consumption. This activity also helps to find out drawbacks of the
distribution system, if any, and rectify them within time.

OBJECTIVE OF STUDY
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  To study the main personal care product of I.T.C

 To Study the pricing strategy of I.T.C. personal care products

 To study the role of sales and distribution channels of personal care product

 To study the warehousing & logistics management of I.T.C.

 To analyze selection, motivation of channel members and managing conflict.

 To study Issues and Challenges in the area of Sales and distribution.

Nature of Research
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The Research work undertaken by the researcher is descriptive in nature. Indian Personal Care Industry is
expanding it horizons in nooks and corner of the country. The distribution network for this giant operation
is needed to be foolproof and active. The researcher has undertaken the study of sales & distribution
network with special reference to ITC distribution network.

 The study will involve survey of 300 - 500retailers across Pune region and it will revel that
efficient sales and distribution channel of ITC contribute 90% market share in Rural market or
not.

 The study will trace out positive points in ITC distribution network in rural region and loop holes
and limitations if any. The researcher will develop a questionnaire which will provide a detail
analysis of inner distribution network for ITC Personal Care products network.

 Study revel the key issue and challenges involving in the area of sales and distribution. The
research work will provide some valuable input to ITC management to take the strategic decision
based on survey.

 Study will analyze selection, motivation of channel members and managing conflict.

Planned and Expected outcomes

o The observations and major findings of study will trace out the awareness of ITC’s

Personal Care brands in Rural Pune Region.

o The Findings will also tell us about the view of retailers about the ITC’s Personal Care

brands in mind of retailer and consumer.

o The finding will also convey about the ratings given by retailer to the distribution

network and finally Suggestions what to be done to strengthen ITC distribution network.

Indian FMCG Journey So Far

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FMCG sector in India has seen some ups and downs in the last half decade. The intension of this post is
to give you a flavor of the journey after independence till date. I have split it into five stages:

A) LACKLUSTER STAGE – 1950’s to 1970’s:

Post independence (During 1950's to 1970's), there was not much happening in the FMCG
sector in India. The business was limited to the upper segment of the society, as the
purchasing power was low. Companies like HLL were purely focused on the urban areas and
never bothered to enter the rural hinterland of India. The investment in the sector was low,
with few FMCG companies selling their products. Also, the government’s emphasis was
more on the small-scale sector. There was never a doubt in the potential of the sector, with
such a big base of consumers residing in India.

B) RURAL SENSITIZATION STAGE – 1970’s to 1990’s

Let me two examples, which changed the rules of the game, and brought focus to the
rural markets.
NIRMA
In the early 1970s, when Nirma washing powder was introduced in the low-income
market, Hindustan Lever Limited reacted in a way typical of many multinational
companies. Senior executives were dismissive of the new product and never considered
the potential and opportunity. But very soon, Nirma’s success in the detergents market
convinced HLL that it really needed to take a closer look at the low-income market.
At the time, the focus of the organised players like HLL was largely urbane. There too,
the consumers had limited choices. However, Nirma’s entry changed the whole Indian
FMCG scene. The company focused on the ‘value for money’ plank and made FMCG
products like detergents very affordable even to the lower strata of the society. Nirma
became a great success story and laid the roadmap for others to follow. MNC’s like HLL,
which were sitting pretty till then, woke up to new market realities and noticed the latent
rural potential of India.

CAVINKARE
1983, C K Ranganathan started selling shampoos in a sachet with an investment of Rs
15,000 and dared to take on the multinationals, Lever and P&G, the unquestioned leaders

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 in that segment. Ranganathan took the then shampoo market by storm, selling his Chik
brand of shampoo at a much lower price than other shampoo sachets which were selling
at Rs 2. He targeted rural and small-town consumers who used soaps to wash their hair.
He introduced the sachet at 90 paise and then reduced it to 50-paise. And that’s when the
multinationals sat up and noticed him. But what really worked was the ‘bring empty
sachets and take shampoo sachets in return’ offer. Sales zoomed from 35,000 sachets to
12 lakhs. Initially they took any sachet, but after three months they restricted to Chik
sachets.
C) LIBERLIZATION BOOM and STABLIZATION STAGE - Post Liberalization
(1991 - 2000)
Post liberalization not only saw higher number of domestic choices, but also imported
products. The lowering of the trade barriers encouraged MNC’s to come and invest in
India to cater to 1bn Indians’ needs. Rising standards of living urban areas coupled with
the purchasing power of rural India saw companies introduce products targeting both
rural and urban markets with value for money and value added offers. Companies started
investing in increasing the distribution depth, upgrade existing consumers to value added
premium products and increase usage of existing product ranges.
As an outcome of increased choices to the consumers and positive euphoria post
liberalization, many of the affluent consumers who always had the money but limited
choices, started splurging.
So you could see all companies be it HLL, Godrej Consumer, Marico, Henkel, Reckitt
Benckiser and Colgate, trying to outdo each other in getting to the rural consumer first.
Each of them has seen a significant expansion in the retail reach in mid-sized towns and
villages. Some who could not do it on their own, have piggy backed on other FMCG
major’s distribution network (P&G-Marico).
The Sales boom was observed for first 4 to 5 years and then it stabilized

D) DROP STAGE – (2000 – 2005):

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 2000 was a rather uneventful year for manufacturers and marketers of fast moving
consumer goods (FMCGs). The growth rate of FMCG categories was torpid to say the
least and the marketing environment was such that, even veterans like Hindustan Lever
Ltd (HLL) and Procter & Gamble (P&G) found it difficult to hold on to their market
share. The market grew more crowded, what with the entry of new brands entering
categories which were virtually the bastions of HLL, Colgate or P&G.
Even in 2001 prominent, high penetration categories such as toilet soaps and detergent
bars were very badly affected, actually shrinking in real value terms. Categories with a
comparatively lower reach in terms of market penetration, such as shampoos and skin
creams too slowed although to a lesser extent. The explanation for this could be that
categories with high penetration levels, such as detergents and soaps also depend to a
great extent on rural demand. The probable cause is a combination of both industrial
slowdown as well as the almost-crisis in the agricultural sector which forced consumers
to cut back on spending. Buyers moved from higher-end products to low-end products in
an effort to reduce monthly grocery expenditure. Mid-priced and low-priced segments in
soaps and detergents registered robust growth rates, while the premium segment faltered.
Impulse products suffered while essentials managed higher rates of growth. Despite the
slowdown, staple foods such as atta and salt managed to recorded superior growth rates,
higher than those of supposed luxury products such as chocolates and ice creams. Low
unit packs saw robust volume growth. Most FMCG marketers offered smaller versions of
their products at affordable price points and these drew in new consumers.
The crisis of declining FMCG markets was also driven by new avenues of expenditure
for growing consumer income such as consumer durables, entertainment, mobiles,
motorbikes etc. Now, as many consumers have already upgraded, their income is being
directed towards pampering themselves. Indian population was all set to experience the
new basket of products, but with cut-down on FMCG.

E) BOOM REVISTED STAGE: 2005 onwards

Everything turned positive thereafter.

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 2006 was a different story altogether though. The FMCGs seem to have gotten a new
lease of life 2005 onwards. Be it hair care products to sunscreen, they were flying off the
shop-shelves. In fact sale of white goods dipped while toiletries registered an increase.
Such a sharp rebound was, however, unexpected. AC Nielsen's retail sales audit numbers
for August 2006, show that sales growth was sound, recording a 24%. Not so long ago, in
July 2005 most firms were unable to pass on even basic cost increases and growth had
plunged to under 3 per cent.
The key reasons look like the following (please refer my previous post – Indian FMCG
Growth Drivers and Category Trends):
a) Increased disposable income
b) Organized Retail Boom
c) Increased Rural Penetration
Also the new basket of products mentioned above (like mobile phones etc) were now
affordable (because of cheaper products and EMI culture) to the Indian consumers and
therefore revisited and upgraded to FMCG products.

Indian Personal Care Industry

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The personal care industry is comprised of:

 Fabric Wash (Detergents Bars & Powders)

 Personal Wash (Toilet Soaps)
 Hair Care (Hair Oils, Shampoo, Hair gels, Dyes)
 Oral Care (Toothpaste, Toothbrush, Tooth Powder, Mouth Rinses)
 Skin Care (Ointments, Lotions, Moisturizers, Powders)
 Colored Cosmetics (Lipstick, Nail Enamels)
 Men’s Toiletries (Shaving Products)
 Fragrances (Perfumes, Deodorants)

Personal care category in India is valued at Rs 54.6 billion. An average Indian spends 8% of his
income on personal care products. Personal care mainly consists of Hair Care, Skin Care, Oral
Care, Personal Wash (Soaps), Cosmetic and Toiletries, Feminine Hygiene. Till 2002-2003,
Personal care products, except those in oral care category, were regarded as luxury items, and
attracted a high excise duty of 120%. But the taxation reforms in India after 1991 have lowered
the excise duty rates that make these products more affordable.

Personal Care Industry is divided into two segments:

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  The premium segment
 The popular segment

The premium segment caters mainly to urban high class and upper middle class, and is more
€brand conscious and less price sensitive. The popular segment caters to mass segments in urban
and rural markets; prices here are around 40% of the premium segment prices.

The industry has a low entry barrier and competition is severe. Besides the large multinational
Players, there are some leading domestic players as well as the huge unorganized players.
Though most of the market share is with the larger players, companies vie for the marginal
market share. Cheaper imports and duplicate products are also affecting the major players.
Companies have been adopting promotion schemes to dole out freebies and repackaging
products in smaller packages to cater to a wider consumer base are some recent trends. The way
ahead for the personal care companies is to introduce new and better product, improve
penetration, and make the consumer trade up in price and quality. Rural marketing will be a
major thrust area for all companies.

Most personal care producers do not sell their goods directly to final users. They design a multi-
channel system to reach them. The design of marketing channel, that acts, as a strong interface,
can provide competitive advantage to a firm in the industry. By contrast the absence of a good
distribution network can also be a major fiasco in today’s cutthroat competitive world. Marketing
channel decisions are the most critical ones facing the marketing management today. It is
complex and the complexity further gets compounded by the fact that the channel system take
time to build usually years. Channel partners are not owned by the company in most cases. Sales
force play a crucial role in getting the best out of marketing channel. Integrating the efforts of
channel partners and sales efforts within the whole marketing effort becomes crucial towards
achieving organizational goals. Sales force is responsible towards optimizing the coverage
efforts at minimum cost- a significant need during the slowdown.

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Growth

With the increase in rural income and improvement in distribution network (i.e. road
development projects), the penetration levels are set to increase. Since the consumption level in
urban areas is already high in most of the categories, the growth can come only from deeper
penetration and higher consumption in rural areas. In the year 2005-06, the sector witnessed
growth because of the increase in consumer demand from urban and rural areas. In addition to
demand, prices also went up. Also, with the increase in disposable income, some consumers have
moved up in the value chain. The growth for FMCG products in February 2006 was the highest
in 5 years, on Y o Y (year over year) basis.

Prospects

The proportion of the consuming class to total households will touch 46% by FY07 from 17.4%
in FY95, estimated by National Council for Applied Economic Research (NCAER). As the
native companies are expanding in international market, the MNC subsidiaries are looking for
greater leverage of the parent strengths. Also, big MNCs cannot afford to avoid India because of
its potential market. The market size and the major players are:

Category Market share (In billions) Major Players

Skin Care 13 HLL
Personal Wash 46 HLL
Hair care 28 Marico
Oral care 23 Colgate Palmolive

In India, the per capita consumption of almost all the products is amongst the lowest in the
world. For example, the average consumption of toothpastes is around 320 gms in the world but
in India it is 107 gms. In Thailand, Mexico, and USA it is 262 gms, 376 gms, and 518 gms
respectively.

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 FMCG emerging player

ITC-Mission

To enhance the wealth generating capability of the enterprise in a globalizing environment,

delivering superior and sustainable stakeholder value.

ITC-Vision

Sustain ITC's position as one of India's most valuable corporations through world class
performance, creating growing value for the Indian economy and the Company’s
stakeholders

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 ITC Overview

 ITC is one of India's foremost private sector companies with a market capitalization of
nearly US $ 14 billion and a turnover of over US $ 5 billion.* ITC is rated among the
World's Best Big Companies, Asia's 'Fab 50' and the World's Most Reputable Companies
by Forbes magazine, among India's Most Respected Companies by Business World and
among India's Most Valuable Companies by Business Today. ITC ranks among India's
`10 Most Valuable (Company) Brands', in a study conducted by Brand Finance and
published by the Economic Times. ITC also ranks among Asia's 50 best performing
companies compiled by Business Week.

 ITC has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers,
Packaging, Agri-Business, Packaged Foods & Confectionery, Information Technology,
Branded Apparel, Personal Care, Stationery, Safety Matches and other FMCG products.
While ITC is an outstanding market leader in its traditional businesses of Cigarettes,
Hotels, Paperboards, Packaging and Agri-Exports, it is rapidly gaining market share even
in its nascent businesses of Packaged Foods & Confectionery, Branded Apparel, Personal
Care and Stationery.

 As one of India's most valuable and respected corporations, ITC is widely perceived to be
dedicatedly nation-oriented. Chairman Y C Deveshwar calls this source of inspiration "a
commitment beyond the market". In his own words: "ITC believes that its aspiration to
create enduring value for the nation provides the motive force to sustain growing
shareholder value. ITC practices this philosophy by not only driving each of its
businesses towards international competitiveness but by also consciously contributing to
enhancing the competitiveness of the larger value chain of which it is a part."

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  ITC's diversified status originates from its corporate strategy aimed at creating multiple
drivers of growth anchored on its time-tested core competencies: unmatched distribution
reach, superior brand-building capabilities, effective supply chain management and
acknowledged service skills in hoteliering. Over time, the strategic forays into new
businesses are expected to garner a significant share of these emerging high-growth
markets in India.

 ITC's Agri-Business is one of India's largest exporters of agricultural products. ITC is one
of the country's biggest foreign exchange earners (US $ 3.2 billion in the last decade).
The Company's 'e-Choupal' initiative is enabling Indian agriculture significantly enhance
its competitiveness by empowering Indian farmers through the power of the Internet.
This transformational strategy, which has already become the subject matter of a case
study at Harvard Business School, is expected to progressively create for ITC a huge
rural distribution infrastructure, significantly enhancing the Company's marketing reach.
 ITC's wholly owned Information Technology subsidiary, ITC Infotech India Limited, is
aggressively pursuing emerging opportunities in providing end-to-end IT solutions,
including e-enabled services and business process outsourcing.

 ITC's production facilities and hotels have won numerous national and international
awards for quality, productivity, safety and environment management systems. ITC was
the first company in India to voluntarily seek a corporate governance rating.
 ITC employs over 25,000 people at more than 60 locations across India. The Company
continuously endeavors to enhance its wealth generating capabilities in a globalising
environment to consistently reward more than 3,60,000 shareholders, fulfill the
aspirations of its stakeholders and meet societal expectations. This over-arching vision of
the company is expressively captured in its corporate positioning statement: "Enduring
Value. For the nation. For the Shareholder."

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 ITC Personal Care Brand Profile

In line with ITC's aspiration to be India's premier FMCG Company, recognized for its world-
class quality and enduring consumer trust, ITC forayed into the Personal Care business in July
2005. In the short period since its entry, ITC has already launched an array of brands, each of
which offers a unique and superior value proposition to discerning consumers. Anchored on
extensive consumer research and product development, ITC's personal care portfolio brings
world-class products with clearly differentiated benefits to quality-seeking consumers.

ITC's Personal Care portfolio under the 'Essenza Di Wills', 'Fiama Di Wills', 'Vivel Di Wills'
'Vivel UltraPro', 'Vivel' and 'Superia' brands has received encouraging consumer response and is
being progressively extended nationally.

ITC's state-of-the-art manufacturing facility meets stringent requirements of hygiene and

benchmarked manufacturing practices. Contemporary technology and the latest manufacturing
processes have combined to produce distinctly superior products which rank high on quality and
consumer appeal.

Extensive insights gained by ITC through its numerous consumer engagements have provided
the platform for its R&D and Product Development teams to develop superior, differentiated
products that meet the consumer's stated and innate needs. The product formulations use
internationally recognized safe ingredients, subjected to the highest standards of safety and
performance.

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Fiama Di Wills

In September 2007, ITC launched Fiama Di Wills, a premium range of personal care products comprising
shampoos, conditioner, shower gels and bathing bar. The Fiama Di Wills range combines the goodness of
nature and science, providing gentle and effective care. The Fiama Di Wills product portfolio has been
developed by scientists at the ITC R&D Centre, leveraging the expertise of International product
formulation specialists. The fragrances, aesthetics and packaging have been developed in collaboration
with European specialists.

Fiama Di Wills’s products are targeted at the young, modern, aware customers who are confident of
themselves and seek indulgences that make them feel alive and beautiful. The range combines exotic
naturals like Sage, Watercress, Magnolia blossoms and the best of contemporary science like Hydro
Restorative System and Cuticle Restore Technology to make the consumer feel beautiful, today,
tomorrow.

Fiama Di Wills Shampoos developed in collaboration with Cosmetech Labs Inc., USA, offer a range of
five variants. Each of these is designed to deliver a specific hair benefit to the consumer :

 *Fiama Di Wills ShampoosEveryday Mild (with extracts of Thyme & Juniper) is a gentle
caring shampoo suitable for regular use.

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 Aqua Balance (with extracts of Magnolia Blossoms & Watercress) is a gentle moisturizing shampoo
ideal for dry, dull hair.
 Volume Boost (with extracts of Rosemary & Sage) is a gentle volumizing shampoo ideal for thin,
limp hair.
 Silky Strong (with oils of Macadamia Nut and Babassu) helps make hair smooth, silky and strong and
is ideal for weak, damaged hair.
 Shine in Style (with extracts of Chamomile and Green Tea) makes hair shiny and manageable, easy to
style and is ideal for dull to normal hair.

Fiama Di Wills Hair Conditioner Each of these shampoos can be complemented with Fiama Di Wills
Polishing Drops conditioner. This gentle conditioner enriched with Avocado Oil and Burdock extract
promises to make hair shiny, soft and smooth. It also gives the additional benefits of UV protection as it
contains Sunflower Seed extract, which is a natural UV absorber.

The Fiama Di Wills product line also consists of a 3-variant range of transparent shower gels which are
unique as they come with suspended beads:

 Mild Dew (contains soft beads, extracts of peach and avocado) is for soft, moisturized skin.
 Clear Springs (contains jojoba beads, extracts of sea weed and lemongrass) is for clear, healthy,
smoother skin.
 Exotic Dream (contains glitter beads, extracts of bearberry leaves and black currant) is for stimulating
freshness.

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Fiama Di Wills Bathing Bar the Fiama Di Wills range

Fiama Di Wills Bathing Bar the Fiama Di Wills range of bathing bars has been launched under the sub -
brand Skin sense. The first variant to be introduced in this range is Soft Green. This is a gentle caring
bathing bar, that helps enhance retention of skin proteins giving 6 pro cares. Protein keeps skin
moisturized, supple, youthful, even toned, radiant and smooth.

Fiama Di Wills Aqua Pulse shower gel Fiama Di Wills has expanded its range of personal care products
by introducing Aqua Pulse shower gel, exclusively for men. The shower gel contains extracts of exotic
naturals like sea minerals and blue lotus. This blue transparent shower gel refreshes and keeps skin
healthy.

Vivel

February and June 2008, ITC expanded its personal care portfolio with the launch of Vivel Di Wills
and Vivel brands. Vivel Di Wills, a range of soaps, and Vivel, a range of soaps and shampoos, cater to the
specific needs of a wide range of consumers. Vivel Di Wills and Vivel are high quality ranges of soaps
and shampoos for the upper-mid and mid-market consumer segments. All products offer a unique value
proposition of bringing together ingredients that provide the benefit of Nourishment, Protection and
Moisturisation through one product, hence providing the ever discerning consumer complete care, which
makes her beautiful and confident. The Vivel Di Wills range of Soaps is available in two variants.

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Vivel Di Wills Sheer Radiance is enriched with Olive Oil, to provide skin luster to make it radiant.
 Vivel Di Wills Sheer Crème is enriched with Shea Butter, to moisturize skin to make it soft and
supple.

The Vivel range of soaps is available in five variants:-

 Vivel Young Glow is enriched with Vitamin E and Fruit Infusions which help in providing youthful
glow to the skin.
• Vivel Satin Soft is enriched with Vitamin E and Aloe Vera which help the skin feel beautifully soft.

• Vivel Sandal Sparkle is enriched with Sandalwood Oil and Active Clay which helps in providing clear
skin.

• Vivel Ayurveda Essence is enriched with multiple Ayurvedic Ingredients which help protect skin from
germs and harsh environment, keeping it healthy and beautiful.

• Vivel Silk Spring is enriched with Green Apple extracts and Olive oil which help in making skin
smooth.

The Vivel range of shampoos is available in three variants:-

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 Vivel Shine & Glow is suitable for dull to normal hair and is enriched with Green Tea Extract and
Conditioners. It adds shine to hair.
 Vivel Soft & Fresh is suitable for dry to normal hair and contains Extra Conditioners and Soya Protein.
It makes hair soft and fragrant.
 Vivel Volume & Bounce is suitable for oily to normal hair and contains Jojoba Oil and
Conditioners. It adds volume and bounce to hair.
The product portfolio was further enhanced with the launch of Ultrapro anti-dandruff shampoo under the
umbrella brand Vivel in December 2008. Ultrapro promises to fight dandruff twice as effectively while
also providing care for hair through the plus plus benefits of Nourishment and Moisturisation.

Superia

The Superia range of soaps and shampoos have been launched to cater to the large popular market in the
personal care category. The products under the Superia brand are made from scientifically developed
formulations enriched with natural ingredients that have traditionally been known to be good for the skin
and hair. Superia Soaps enriched with natural ingredients give radiant glowing skin. Superia Soaps are
available in four variants:-

Superia Soaps

 Fragrant Flower: with the fragrance of Rose & Lavender Oil

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  Soft Sandal: with the fragrance of Sandal & Almond Oil
 Natural Glow: with Neem & Coconut Oils
 Healthy Glow: with Orange Oil

Superia shampoos Superia shampoos with triple conditioners and natural ingredients bring a natural shine
to hair. Superia shampoos are available in two variants:

1. Shiny Black with Triple Conditioners and the natural goodness of Hibiscus & Brahmi extracts.

2 Vibrant Green with Triple Conditioners and the natural goodness of Amla & Arnica extracts.

Another addition to the Superia shampoo portfolio, Superia Maxi Protect Active Health shampoo contains
Dandruff Fighter along with Vitamins & Soya Protein. It fights multiple types of dandruff causing germs
and leaves hair & scalp feeling clean & healthy.

Literature Review
26 | P a g e
 India Embracing Western Influence in Personal Care Market

Posted: September 19, 2007

With a population of more than one billion and a growing taste for Western sophistication, India
has become one of the fastest growing markets for cosmetics and toiletries, according to a
newly published study by worldwide consulting and research firm Kline & Company. Sales
of cosmetics and toiletries grew a whopping 12.6% in 2006, and marketers are recognizing
the tremendous potential in this budding market.

“As the country becomes more westernized, the industry as a whole is becoming more
sophisticated to meet consumer demands,” says Carrie Mellage, director of the consumer
products practice for Kline’s market research group. “We’re seeing a major shift across the
board, from the types of products sold to their formulations and even the purchase channels.”

Data in Kline’s In-depth Report Series, Global Cosmetics & Toiletries 2006, indicates India
is currently the thirteenth largest market in the world for cosmetics and toiletries. Despite
having among the lowest levels of per capita spending on personal care products, averaging
just $3.40 per person in 2006, the market is evolving into one of the most promising
worldwide, particularly with regard to skin care. With more Indian women entering the
workforce, they are placing greater emphasis on personal appearance and are spending more to
look their best.

“Indian women have officially joined the search for the Fountain of Youth, driving up sales of
both anti-aging and skin-whitening products to help them develop a younger, fairer complexion,”
Mellage says.

Indian consumers are also moving away from traditional talcum powder toward more modern
deodorants and antiperspirants. Marketers are now expected to rise to the occasion with
innovative products and revamped pricing strategies to help garner a significant share of this
segment of the market

Finding of Recent Survey Conducted by Leading Business Weekly

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  Recent survey conducted by a leading business weekly, approximately 47 per cent of
India's 1 + billion people were under the age of 20, and teenagers among them numbered
about 160 million. Together, they wielded INR 14000 Cr worth of discretionary income,
and their families spent an additional INR 18500 Cr on them every year. By 2015,
Indians under 20 are estimated to make up 55% of the population - and wield
proportionately higher spending power. Means, companies that are able to influence and
excite such consumers would be those that win in the market place.

 Unlike the U.S. market for fast moving consumer goods (FMCG), which is dominated by
a handful of global players, India's Rs.460 billion FMCG market remains highly
fragmented with roughly half the market going to unbranded, unpackaged home made
products. This presents a tremendous opportunity for makers of branded products who
can convert consumers to branded products. However, successfully launching and
growing market share around a branded product in India presents tremendous challenges.
Take distribution as an example. India is home to six million retail outlets and super
markets virtually do not exist. This makes logistics particularly for new players extremely
difficult. Other challenges of similar magnitude exist across the FMCG supply chain. The
fact is that FMCG is a structurally unattractive industry in which to participate. Even so,
the opportunity keeps FMCG makers trying.

Source: "Challenges before the Indian FMCG Sector & Designing a Blueprint for Future"

- by Amritanshu Mohanty

 The turmoil in global markets seems to have a favorable impact on Indian FMCG majors’
acquisition. While many big FMCG companies find this situation an ideal opportunity to
go for acquisitions, there are others who are cautious to invest in M&A. CK

28 | P a g e
 Ranganathan, chairman & managing director, CavinKare Pvt Ltd said that the global melt
down will have a favorable impact for Indian companies’ acquisition plans. According to
him, it’s an opportunity for them to acquire companies as they get good value for money.
The current financial crisis may offer more opportunities because of better valuation

Research Methodology

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Area of research: - Pune

Sample Design: - Random Sampling

Sample Size: - 120 outlets

Research Instrument: - Questionnaires

Types of forms in questionnaire: - Open ended question and Close ended Questionnaire

Primary Data:

 Personal Interview of Retailers & wholesalers

 Questionnaires
 Interview of Area sales manager of ITC, Pune branch
 Observation in outlets

Secondary Data:

 Company literature
 Internet
 Reference books of Service Marketing & Retail Management
 Magazines And Journals

Result and Analysis

30 | P a g e
 With the help of questionnaire researcher interviewed 120 retailers in the area of Ghodegaon

W.D. The questionnaire deals with 16 different questions related to ITC FMCG operations,

Supply chain management and marketing and overall performance, out of these 16 questions

researcher has selected 10 crucial questions which plays a major role in decision making process

of the company. It will also facilitate the entire distribution network and will prove a guideline

for taking up strategic decisions.

Following part explains the response of retailers and researcher has presented interpretation of

the data after coding tabulation and editing of data. This data is a primary data presented with the

help of tables and Graphs the explanation for the table and graph are explained below.

Table No. 1

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 The table showing awareness regarding ITC personal care products

Awareness State No. Percentage

s Retailer s
Aware 54 45

Unaware 66 55

Figure 1.1

120

100 66

80 55
Unaware
60 Aware

40 54
45
20

0
No. Retailers % of Retailers

Interpretation of Table and Figure:

The above displayed table and graph deals with retailer’s awareness about ITC personal care
products. The total interviewed retailers are 120 out of them 54 retailer’s are aware and 66 are
unaware about ITC personal care products. It reflected that only45% retailers are aware and 55%
retailers are unaware about ITC personal care products.

Table No. 2

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 The table showing the stocking of other personal care brand by retailers.

Percentage
Name No. Retailer s
Lux 105 87.50
Lifebuo
y 90 75.00
Santoor 68 56.67
Other 95 79.17

Figure 2.1

250

200

150 87.5
79.17
75 % of Retailer
No. Retailer
100 56.67

50 105 90 95
68
0
Lux Lifebuy Santoor Other

Interpretation of Table and Figure:

The table showing the stocking of other personal care brand by retailers. Out of 120 retailer 105
retailers stock Lux which is major then 90 retailers stock Lifebuoy, 68 retailers stock Santoor and
95 retailers stock other brands like Detol, Joe, Breeze, Medimix etc. It’s reflected that Lux is
having major market share that is 87.5%

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 Table No. 3

The table showing the stocking of ITC personal care brands by retailers.

Percentage
Name No. Retailer s
Fiama 6 5.00
Vivel 84 70.00
Superia 114 95.00
Mangaldee
p 58 48.33

Figure 3.1

250

200

150
% of Retailer
No. Retailer
100

114
50
84
58

0 6
Fiama Vivel Superia Mangaldeep

Interpretation of Table and Figure:

The table showing stocking of ITC personal care brands by retailers . Out of 120 retailers 114
retailers stock Superia than 84 retailers stock Vivel and only 6 retailer stock Fiama. About
Mangaldeep 58 retailers stocking .As per as percentages is concern 95 % retailers stock Superia
soap, 70% stock Vivel and very few means 5% retailers stock Fiama, 48.33% retailers stock
Manaldeep.

34 | P a g e
 Table No. 4

The table showing the sales figures approx in week/fortnight/month by retailers.

No. Of
Sales Figure Retailers Percentages
100 to 500 75 62.50
501 to 1000 22 18.33
1001 to 1500 12 10.00
1501 to 2000 6 5.00
2000 and above 5 4.17

Figure 4.1

80

70
62.5
60

50

40 No. Of Retialers
75
% of Retailers
30

20 18.33
10
10 22 6 5
12
0
100 to 500 501 to 1000 1001 to 1500 1501 to 2000

Interpretation of Table and Figure:

The table showing sales figure approx in week/fortnight/one month. Out of 120 retailers 75
retailers’ sales figure is between Rs.100 to 500 means 62.5% retailers sales velum is between
100 to 500 and 22 retailers (18.33%) sales figure is between 501 to 1000, only 6 retailers (5%)
sales figure is between 1501 to 2000.

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 Table No. 5

The table showing the response about stock replenishment as per order placed by retailers.

States Of Ordered Stock No. Of Retailers Percentages

Yes 68 56.67%
No 52 43.33%

Figure 5.1

140

120

100
52
80 43.33
No
60 Yes

40
68
56.67
20

0
No. Of Retialers % of Retailers

Interpretation of Table and Figure:

The table showing the response of retailer regarding stock replenishment as per order placed by
them . Out of 120 retailers 68 retailers get stock replenishment as per order placed by them and
52 retailers not get stock replenishment as per order placed by them. If we take the percentages
of it 56.67% retailer get stock as per their order and 43.33% retailer not get stock as per their
order.

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 Table No. 6

The table showing the satisfaction level of retailer regarding credit limit provided by ITC.

States Of Satisfaction No. Of

for credit limit Retailers Percentages
Satisfied 33 27.50
Unsatisfied 87 72.50

Figure 6.1

100
90
80
70
60
50 No. Of Retialers
87 Percentages
40
72.5
30
20
33
27.5
10
0
Satisfied Unsatisfied

Interpretation of Table and Figure:

The table showing the satisfaction level of retailer regarding credit limit provided by ITC. Out of
120 retailers 33 retailers are satisfied with credit limit provided by ITC and 87 retailers are
unsatisfied with credit limit provided by ITC. Here we can say that only 27.5% retailers are
satisfied with credit limit and 72.5% are unsatisfied with credit limit provided them by ITC.

37 | P a g e
 Table No. 7

The table showing the satisfaction level of retailer regarding margin provided by ITC.

No. Of
Status of margin Retailers Percentages

Satisfied 42 35.00

Unsatisfied 78 65.00

Figure 7.1

140

120

100

80 78
65 Unsatisfied
60 Satisfied

40

20 42 35
0
No. Of Retialers % of Retailers

Interpretation of Table and Figure:

The table showing the satisfaction level of retailer regarding margin provided by ITC. Out of 120
retailers 42 retailers are satisfied and 78 retailers are unsatisfied with margin provided by ITC. If

38 | P a g e
we take percentages 35% retailers are satisfied with margin provided ITC and 65% are
unsatisfied with margin provided by ITC.

Table No. 8

The table showing the awareness of product differential made by ITC compare to other players.

Status Of Product
differentiation No. Of Retailers Percentages
Aware 33 27.50
Unaware 87 72.50

Figure 8.1

120

100
87
80
72.5
Unaware
60 Aware

40
33 27.5
20

0
No. Of Retialers % of Retailers

Interpretation of Table and Figure:

The table showing the awareness of product differential made by ITC compare to other players.
out of 120 retailers 33 retailers are aware about product differential made by ITC and 87 retailers

39 | P a g e
are unaware about It, we can say that 27.5% retailer are aware about product differential made by
ITC as compare other players and 72.5% retailers are unaware about It.

Table No. 9

The table showing the Satisfaction level of retailer regarding buyback or return policy of ITC.

Status of satisfaction
regarding Buyback
policy No. Of Retailers Percentages
Satisfied 112 93.33
Unsatisfied 8 6.67

Figure 9.1

8
120
6.67
100

80
112 Unsatisfied
60 93.33 Satisfied

40

20

0
No. Of Retialers % of Retailers

Interpretation of Table and Figure:

The table showing the Satisfaction level of retailer regarding buyback or return policy of ITC.
Out of 120 retailers 112 retailers are satisfied and 8 retailer are unsatisfied with buyback policy.

40 | P a g e
It reflected that 93.33 retailers are satisfied with buyback policy and 6.67% retailers are
unsatisfied with buyback policy of ITC.

Table No. 10.1

The table showing the rating regarding to supply chain and distribution network of ITC

Status of rating
regarding Supply
Chain Rating No. Of Retailers Percentages
Distribution 0 to 5 45 37.50
Operation 0 to 5 43 35.83
Stock Replenishment 0 to 5 35 29.17
Overall 0 to 5 56 46.67

Figure 10.1

60

50

40

No. Of Retialers
30
% of Retailers

20

10

41 | P a g e
 Table No. 10.2

The table showing the rating regarding to supply chain and distribution network of ITC

Status of rating
regarding Supply
Chain Rating No. Of Retailers Percentages
Distribution 6 to 10 75 62.50
Operation 6 to 10 77 64.17
Stock Replenishment 6 to 10 85 70.83
Overall 6 to 10 64 53.33

Figure 10.2

90

80

70

60

50
No. Of Retialers
Percentage
40

30

20

10

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 Discussion and Implications
As said earlier researcher had developed a questionnaire containing 16 crucial questions, first
question deal with the awareness of retailer about ITC personal care brands.

Awareness
Table.1 explains about the awareness of the retailer about ITC personal care brands. Out of 120
retailers 54 are aware of the ITC personal care brands and rest 66 are unaware. This shows that
the awareness is among retailer is creating but with a slow pace, not only retailer but also the
customer also are not aware of the brand like Superia which is targeted to lower class and rural
market.
Competitors Brand and stocking of them by retailers
As the awareness is low people are not aware are brands like Superia, Vivel competitors product
are stock by most of retailers in a bulk quantity. The brands like Lux, Lifebuoy and Santoor play
a major role in shelf area of retailers as the off take by customers of these brands are more
frequent by customers.
Stocking of ITC Personal care brands
The retailer’s stock only two brands with small quantity in their outlets ,The brands like Superia,
Which is specially introduced to target rural class and rural market is not so familiar in targeted
market. It is strategically priced in competition with Godrej No.1, Santoor, Joe, Breeze, Dyna but
the off take by customer is slow and it is slowly getting recognition in retailer’s eye.
The brand like Vivel which is based on beauty attributes compete with brands like Lux and Pears
in the market is still not been asked by retailer and the off take for which is slow by customer.
These are certain issue with the packaging of Vivel soap as complaints are received by WD for
the same. The initiative taken for development of Vivel brand is not enough and so the off take
be retailer is slow.

43 | P a g e
Sales figure approx in week / fortnight.
As the awareness is low and off take by customers is small the stock slowly moves from the
shelf of retailers. There are lot of complaints from retailers about Vivel soap and Superia soap
and Shampoo about its slow moment from the shelf and that’s why the bill generated at one
outlet falls under 100-500.

Stock Replenishment
Table no.5 and graph for the same one can easily traces that there are complaint about
replenishment of stock by WD most of the retailers complain about replenishment of stock done
by WD. The complain that stock ordered by them is not delivered at said time in a said quantity
that’s why mostly the store is out off stock secondly it also hurt trust of retailers.

Credit Limit Provided by Company

Credit limit provided ITC and WD is not sufficient as told by retailers according to retailers the
off take by customers is low and so the payment is not as per desired and expected, so retailers
are not in position to pay out to ITC. Secondly credit limit given by ITC for purchasing 1 CFC
and small order are same so retailers are in chaos what to do and how to pay company.

Margin Provided by ITC

Margin provided by ITC is very low as compared to other competitors brands so retailers are
not interested to put stock in their shelf the initiative taken by company for promotional scheme
are picking up slowly but to sustain in market company need to take some effective majors and
think about margin issue.

Product Differentiation Made by ITC

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 People are not aware of product differentiation made by ITC due to slow awareness and
advertisement strategy adopted by company so products knowledge is low for both retailers and
consumers. Secondly Most of retailers are satisfied by buy back policy adopted by ITC.

Supply Chain Management of ITC

Finally to get clear picture the researcher selected attribute which play major role in distribution
the rating scale is in 1-5 and 6-10 according to this major retailers rated the Distribution
between 1-5 scale, Operations issues is not very serious as the gap between the rating is low.
There issue is stock replenishment where ITC need to concentrate and finally overall retailer is
between 1-5 so it is clear that retailer rate the supply chain of ITC as average

_______________________________________________________________________

45 | P a g e
 Conclusion and Recommendations

 The most of retailers under Ghodegaon WD area are unaware about ITC personal care brands.
The reason behind this is lack of advertisement. The local level strategies adopted for Superia
and Vivel is not strong. Retailers are hesitating to keep stock in their outlet so lot of Push up is
required.

 Major Retailers stock Lux, Lifebuoy & Santoor as their major soap brands in there outlet
because margin for these brands are high, display are actively arranged by competitor.

 FMCG brands of ITC like Vivel, Superia, Mangaldeep while comparing these brands Superia
is stock by retailers in bulk quantity Vivel and Fiama are hardly available in outlets , the reason
behind this is Superia is priced is strategically low and provided some margin to retailers. The
reason behind rarely availability of Fiama is it is targeting higher class not rural class

 Most of retailers purchase goods worth of 100-500 because of retail outlets is small, they don’t
have enough money to manage the large inventory and secondly every week DSR visit outlets.

 When researcher ask retailer about stock replenishment by WD as per place order by them the
response is very small number of retailers are happy with stock replenishment as per order by
them because order quantity is not available in WD, in proper arrangement of sales and
distribution.

46 | P a g e
 The retailers have to paid money at the time of delivery of goods so retailers not get any credit
limit therefore most of retailers are unsatisfied about credit limit provided by ITC.

 As compare to other player ITC is not providing margin to retailers so most of retailers are not
willing to spend their space for ITC brands. While margin provide by competitors are more
than Rs 4-5.

 Retailers are not having product knowledge of ITC brands such as Vivel, Superia they don’t
known the product differentiation made by ITC for Vivel, Superia soap and shampoo. The
reason behind it is DSR is not upgrading them about products attributes price comparison
that’s why they don’t have enough product knowledge.

 Most of retailers are satisfied with buy back or return policy adopted by ITC.

 Rating regarding supply chain distribution and overall performance is average because of some
major issues are as follows.
o Distribution of goods retailer not get right quantity at right time in proper manner.
o Stock replenishment is also rated average by retailers.
o Brands like Superia Vivel push up in market by all terms are required.

47 | P a g e
 Recommendations

1) Increasing awareness rapid penetration in terms of advertisement is required and these

advertisements should be in local newspaper and in rural area in mother tongue of the
area.

2) Secondly there should be proper arrangement of display which can give comparative
advantages.

3) There should be changes in branding strategy and marketing strategy of Vivel because it
is targeting middle class and higher middle class.

4) ITC should give one week credit limit to small retailers so products should be made
available in all outlets.

5) There should be proper coordination between DSR & WD so they can tack ordered
accordingly.

6) There should proper training to DSR about product differentiation, how to handle the
stock, how to take the order and how to maintain the relationship with retailer.

7) Delivery should be made in committed way and quantity should be delivered as per the
ordered by retailers.

48 | P a g e
 8) When DSR visit the outlets retailers refuse to place the order because the margin is low
and so they are not interested to put the stock in the outlet.

9) ITC FMCG business is in initial stage and new to retailers as well as Consumers
company should adopt the scheme for different retailers more frequently and try to build
a bond with the company.

10) Promotional scheme should be in form of gifts, rewards

11) There should be separate DSR for personal care

12) There should be incentive policy for DSR

49 | P a g e
 Reference

Google.com – Major Theoretical background covered from mentioned search engine.

http://www.thehindubusinessline.com

http://www.scribd.com

http://www.thaindian.com

http://www.scribd.com

http://www.financialexpress.com

Manorama Year book

Eonomic times

DNA

Business Today

Population Census report

50 | P a g e
http://www.chillibreeze.com

Business world.

Business Standard.

Business Today.

ITC distribution channel- Major Practical aspects and studies

Marketing management – Eleventh Edition, Author – Philip Kotler

Principles of Supply Chain Management- Joel D Winser, G. Keong, Keah-Choon Tan

ITC product portfolio catalog

ITC price listing catalog

ITC availability format

Questionnaire developed on the basis of the practical experience while working with ITC

51 | P a g e
 Appendices

Name of Retailer:-
Address:-
Route:-
Dealer:-

1.Are You aware of ITC Personal care products?

Yes

No

2. How long you are you associated with ITC FMCG products?

3. Which personal care brand in soap you stock more and why?

4. Do you stock these ITC personal care brands?

o Fiama o Mangaldeep
o Vivel o Matchbox
o Superia

5. The sale figure approx in week/fortnight/one month in your shop for?

o Fiama o Mangaldeep
o Vivel o Matchbox
o Superia

6. How many times in a month DSR visit your shop?

52 | P a g e
 Monthly

Fortnightly

Weekly

7. Do DSR check availability of stock in your shop for ITC Products in every visit?

Yes

No

8. In how many days you get stock after placing order?

Next day

Week

Fortnight

Month

9. Do you get the ordered stock as per the placed order?

Yes

No

10. Do DSR update you regarding new schemes of ITC?

Yes

No

11. Are you satisfied with credit limit provided by ITC if not why?

Yes

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 No

12. What are your views on margin provided by ITC if not why?

Cheap

Reasonable

Expensive

14. Are you aware of the product differential made by ITC compare to other players?

Yes

No

15. Are you satisfied with the buyback or return policy adopted by ITC?

Yes

No

16. How will you rate supply chain and distribution network of ITC?

Distributions-1. 2. 3. 4. 5. 6.7. 8. 9. 10

Operations -1. 2. 3. 4. 5. 6. 7. 8. 9. 10

Stock Replenishment- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10

Overall- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10

54 | P a g e
 Glossary

Owe – To be indebted

DSR- Direct sales representative

FMCG- Fast moving consumer goods

WD- Wholesale Distributor

Supply chain- Delivery chain

PAMS- Personal care, Agarbatti, Match box, Spectra.

Value addition- More significance

Proposed- Planed

Horizons- Boundary

Foolproof- Fail safe

Loop holes- Weakness

Margin- Scope

Macro- Vast level

55 | P a g e
 Intensity- Concentration

Logistic- Organization of services and supplies

Inventory- Goods

Robust- Strong and sturdy in construction

MNC- Multinational

Sustainable- Support, bear the challenge or weight for long period

Portfolio- Set of folder

Variant – Differing in form or details form of standards

Radiant- Emitting raise of light

Fragrant –Sweet smelling

Formulation- Express enough formula

Backed- Rear surface

Just in time- In a small timed

Editing- Amending

Tabulation- Arrange in a table or list

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