Britannia

1.1 Overview of Industry as a whole

Success formula of India’s leading FMCG Company Britannia:

Nutrition + Fun = Britannia

Zindagi Mein Life. That may be a hard-to-digest tag line, but that’s precisely what

Britannia has been attempting to follow. The mantra of India’s leading bakery products

firm is to continuously infuse more zindagi into its lifeline – the seven pillar brands, each

of which does more than Rs 200 crore business.

The vigour in the company’s operations seems to have increased after two important

events in the past couple of months — first, the Wadias bought out French foods major

Groupe Danone’s stake in the company; and second, Britannia ended its joint venture

with New Zealand-based Fonterra for the dairy business.

Britannia biscuits market in India has the seven pillar brands — Tiger, Good Day, Marie,

Treat, 50:50, Milk Bikis and Nutrichoice — have already become household names

across the country.The only thing it is seeking to do now is to keep pace with India’s fast

evolving consumption patterns and needs. In keeping with the underlying theme that the

company produces good food that is fun to eat, the company is offering products

spanning across segments — right from a basic glucose biscuit to a wholesome wheat

grain to a richer creamy chocolate biscuit.

At the heart of the branding strategy is the belief that biscuits can also fulfill various other

consumption needs to remain with the consumer throughout the day. Within biscuits also,

classically people have looked at this market as glucose, cream, non-cream etc. But

Britannia thinks otherwise. For example, five years ago, the market was largely glucose.

While that still remains a large segment, the market has also evolved into more affluent

forms of consumption. This perhaps is the specific insight that has made Britannia morph

its glucose-only brand ‘Tiger’ into a much larger brand by offering variety. The company

has been in the glucose market since the past decade and has managed to garner around

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17 per cent share in this high volume segment, lagging behind Parle’s share of around 65

per cent.

The company is also constantly expanding its list of brands with a sharp focus. Example:

Three years ago, broadly two to three brands were active — Goodday, Tiger and to an

extent Marie. But the base has now been enlarged to seven powerful brands.That explains

why the company is not only expanding its biscuits range with variations, it is also

parallelly widening its presence in the bread, rusks and cakes market too.

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1.2 Profile of the Organization

Britannia Industry Ltd. is one of the oldest company the company crossed more then 100

years not only completed more then century but also achieve huge reputation and brand

name. A solid brand, market leadership, an enviable history, a strong parent, constant

new product launches, a vast distribution reach, superior marketing capabilities and

healthy financials. Over the last couple of years, the company has refurbished its wide

product portfolio and has focussed on value-added products instead of low-margin

products. BIL derives revenues from four key product divisions, namely, biscuits, bread,

cake and rusk, and dairy products. Britannia Intustry Ltd. Known name company a

leading brand of biscuits started business in 1892 in a nondescript house in Kolkata with

an initial investment of Rs. 295. Britannia name was getting name and fame day by day

due to good quality and value. By 1910, with the advent of electricity, Britannia

mechanised its operations, and in 1921, it became the first company east of the Suez

Canal to use imported gas ovens. Britannia's business was flourishing. During World War

II, the Government reposed its trust in Britannia by contracting it to supply large

quantities of "service biscuits" to the armed forces. It was good opportunity for Britannia.

As In 1975, the Britannia Biscuit Company took over the distribution of

biscuits from Parry's who till now distributed Britannia biscuits in India. In the

subsequent public issue of 1978, Indian shareholding crossed 60%, firmly establishing

the Indianness of the firm. The following year, Britannia Biscuit Company was re-

christened Britannia Industries Limited (BIL). Four years later in 1983, it crossed the Rs.

100 crores revenue mark. In 1992, it celebrated its Platinum Jubilee. In 1997, the

company unveiled its new corporate identity - "Eat Healthy, Think Better" - and made its

first foray into the dairy products market. In 1999, the "Britannia Khao, World Cup Jao"

promotion further One of India’s best known brands and also one of the most admired

Food Brands in the country.

Britannia strode into the 21st Century as one of India's biggest brands and the

pre-eminent food brand of the country. It was equally recognised for its innovative

approach to products and marketing: the Lagaan Match was voted India's most

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successful promotional activity of the year 2001 while the delicious Britannia 50-50

Maska-Chaska became India's most successful product launch. In 2002, Britannia's New

Business Division formed a joint venture with Fonterra, the world's second largest Dairy

Company, and Britannia New Zealand Foods Pvt. Ltd. was born. In recognition of its

vision and accelerating graph, Forbes Global rated Britannia 'One amongst the Top

200 Small Companies of the World', and The Economic Times pegged Britannia

India’s 2nd most trusted brand.

The company's offerings are spread across the spectrum with products ranging

from the healthy and economical Tiger biscuits to the more lifestyle-oriented Milkman

Cheese. Having succeeded in garnering the trust of almost one-third of India's one billion

population and a strong management means Britannia will continue to dream big on its

path of innovation and quality. This rich biscuit enjoys a fan following of consumers

across all ages, loyal to the brand promise of a great taste evident from the visibly

abundant ingredients. Good Day is amongst the fastest growing brands in Britannia's

portfolio and is today the market leader with almost 2/3 share of the market

Marketing involves finding out what your customers want and then meeting their

requirements. To satisfy its customers, a business must create a successful mix of:

the right product or service (PRODUCT)

sold in the right place (PLACE)

at the right price (PRICE)

using the most effective forms of promotion. (PROMOTION)

This is referred to as the 4Ps of marketing

For the year ended 31st March 2008, the Company achieved a sales growth of 17.5% on

an expanded base arising from 27.5% growth in the previous year. Net Profit of the

Company increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076 Mn in 2006-07.

Operating Margin increased by 307 basis points to 7.5%.

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The Company witnessed all round growth in key categories with Biscuits recording sales

of Rs. 23,299 Mn. Bread, Cake and Rusk business crossed the Rs. 2,700 Mn mark during

2007-08. This business has doubled in two year.

In an intensely competitive biscuit environment, all ³Power Brands² of the Company

recorded double digit growth, with Tiger and Good Day growing in excess of 20%. The

Company¹s innovation forays have successfully addressed new benefit clusters and

NutriChoice Digestive has claimed its position in the health and vitality space. The

Company continues to maintain its leadership edge in 6 out of 7 key product segments,

the only exception being Glucose.

The Company introduced several new and renovated offerings in Tiger, Good Day, Treat

and MarieGold. The health and nutrition platform was buttressed by Tiger Banana with

³iron-zor², fortified Milk Bikis, renovated MarieGold and Nutrichoice Digestive. To tap

the more indulgent consumers, your Company launched Good Day Classic Cookies,

while continuing to roll out individual consumption packs at the highly affordable Rs. 5

price point.

The Bread, Cake and Rusk portfolio was strengthened with the successful relaunch of

Breads, fortified with vitamins and minerals, positioning them firmly as the healthy start

to your day. This innovation combined with relevant consumer activation in key markets

has seen a 30%+ growth in the Bread, Cake and Rusk business.

As a Corporate, Britannia worked for the benefit of all stakeholders - shareholders,

consumers, dealers , suppliers, bankers and employees. It has established an excellent

track record in terms of its financial performance and dividends distributed to its

shareholders. This has been adequately demonstrated with the Company's topline

growing from Rs 10,301 Mn in 1999 to Rs 26,176 Mn in 2008, a growth of 154% over

the last 10 years. The net profit grew even more significantly at 382% from Rs 396 Mn in

1998-99 to Rs 1,910 Mn in 2007-08, giving a CAGR of 19.1%. As at 31st March 2008,

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the issued and paid up capital of Britannia amounts to 23, 890,163 equity shares having a

nominal value of Rs 10 each. The shareholder base is about 25,300 in number.

Nutrition + Fun = Britannia

The Britannia brand is all about eating healthy for leading a better life

• Largest company in the Indian Food processing industry whose

product range also includes Breads and Cakes.

• Manufacturing and sourcing locations spread across the length and

breadth of the country.

• Pan-India presence with a coverage of tens of thousands of outlets and

having one of the strongest distribution networks in the country

• Exporter of key biscuit brands enjoying brand loyalty in export

markets.

PRODUCT LINE OF BRITANNIA INDUSTRY LTD.

Britannia Biscuits

Tiger, launched in 1997, became the largest brand in Britannia's portfolio in the very first

year of its launch and continues to be so till today. Tiger has grown from strength to

strength and the re-invigoration in June 2005 and more recently, in Apr 2008 has further

helped bolster its growth in the highly competitive glucose biscuit category.

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2.

Britannia Good Day was launched in 1986 in two delectable avatars - Good Day Cashew

and Butter. Over the years, new variants were introduced - Good Day Pista Badam in

1989, Good Day Chocochips in 2000 and Good Day Choconut in 2004.

3.

India's first and favorite Bourbon's sweet adventure began in 1955. Since then, Bourbon

lovers across the country have been caught opening this chocolate couplet, licking the

cream, and nibbling at the melt-in-your-mouth biscuit, bit by bit. Some have been

witnessed chomping it whole, at one go. Some have been noted to alternate it with sips of

coffee; others team it with lots of gossip and gupshup, while a few have been observed

enjoying it with a book.

4.

With a brand name like 50-50, can the product be anything but fun? Launched in 1993,

50-50 belongs to the family of crackers and is considered the "very very tasty tasty"

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snack. Britannia 50-50 is the leader in its category with more than one-third of market

share. The versatile and youthful brand constantly aims to provide a novel and exciting

taste experience to the consumer. As a result, in 2001, the delicious Maska Chaska was

launched as a variant of the original brand and became an instant success.

5.

Britannia's oldest brand enjoys a heritage that spans the last 50 years - and going strong.

In a market swamped with me-too products and where even the name 'Marie' has become

generic, Britannia Marie Gold has maintained its stronghold. Today, the ever-popular

Marie Gold is synonymous with the 'Tea Time Biscuit'. Its taste, crispiness and lightness

make it a must for every tea break. It is the #1 brand in its category by a long shot.

6.

As a move to consolidate all the individual Cream Treat offerings under a single

umbrella, Britannia launched Treat in 2002. Treat has a range of tasty delights for all kids

with yummy creamy treasures within the biscuit shells. The kids have always relished

unraveling the irresistibly delicious creams hidden inside the biscuit Britannia Treat

offers a wide variety of flavors, such as the Elaichi, the Fruit Flavored Creams such as

Orange, Pineapple, Mango, and Strawberry, the Jam Filled Centers under the Jim Jam

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range, and the Duet Range (biscuits with two flavours of cream between three layers of

biscuit) comprising Strawberry Vanilla and Duet Strawberry Chocolate.

7.

n 1996, Milk Bikis launched a variant called Milk Cream. These round biscuits come

with smiley faces and are full of milk cream that makes them very popular with children.

Milk Cream also promoted the idea of 'eating milk' in a yummy way, which makes

mothers happy as well.

8.

In continuation of the promise of "Swasth Khao, Tan Man Jagao," Britannia introduced

NutriChoice range of healthy biscuits in 1998. The brand is targeted towards overall

health and wellness for adults. The range has for long comprised of three popular

variants, namely NutriChoice Thin Arrowroot, NutriChoice Cream Cracker and

NutriChoice Digestive.

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9.

Then in late 2000, supported by aggressive advertising that featured the brand as a perfect

partner for timepass moments, Britannia Timepass was launched.

10.

Little Hearts was launched in 1993 and targeted the growing youth segment. A

completely unique product, it was the first time biscuits were retailed in pouch packs like

potato wafers. The launch message introduced a special taste experience that made the

unlikeliest characters - like Dracula and Frankenstein - melt. In 1997, the 'Direct Dil Se'

campaign encouraged youngsters to openly express their feelings. And in 2003, two

variants called Little Hearts Chocolate and Little Hearts Sesame were rolled out with a

campaign "Dil sabka actually sweet hai". With Little Hearts, Britannia has tasted the

sweet taste of success.

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11.

Britannia Nice Time was the pioneer of sugar sprinkled biscuits in India. This unique

product managed to create such a strong consumer pull that soon there was a rush of

pretender products in the market, clearly indicative of the success of the concept. Today,

Nice Time has a fan base spread across India, and, particularly, East India, where its

consumers have grown up with the brand. Especially popular amongst children, Britannia

Nice Time has managed to create a loyal franchise for itself and is a strong brand loved

by people of all ages.

12.

Till 1958, there were no breads in the organised sector and bread consumption was a

habit typified by the British. Then, a mechanised bread unit was set up in Delhi with the

name "Delbis" which produced sliced bread and packed it under the Britannia name.

Thus, Britannia was not only the pioneer, but also inculcated in the people of Delhi the

habit of eating white sliced bread.

Britannia Dairy Products: : It took a new step into the dairy industry in 1997 with two

products - Processed Cheese and Dairy Whitener. Dairy products are outsourced from

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Dynamix Dairy Industries, a manufacturer based in Baramati, Maharashtra. . The cheese

market is estimated to be worth around Rs 125 crore and is expected to grow at about

20%. In fact, BIL could itself take the credit of putting the cheese market in such a

healthy growth trajectory. For increasing and promoting sales BIL started to provide

Refrigerator for it’s Dairy products. In 2002, Britannia's New Business Division namely

'Britannia Milkman' formed a joint venture with Fonterra, the world's second largest

Dairy Company, which gave birth to Britannia New Zealand Foods Pvt. Ltd.

13.

Britannia offers the largest range of cheese in India. Made at hi-tech facilities under high-

quality conditions, and from cow's milk, Britannia Milkman Cheese range is a very tasty

and healthy food for the family.The entire range of Britannia Milkman Cheese is

available in various forms, pack sizes and flavors, which provide a variety of easy, quick,

tasty, healthy recipes for family, guests and kids' tiffins.

14.

Britannia Milkman Butter is known for its rich yellow butter color, great taste, and

excellent spread-ability, even after refrigeration!Made by churning fresh cow's milk,

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Britannia butter can be used as a spread on your breads, or as a dollop on your paranthas,

or in baking, sauce making and frying.

15.

Britannia Milkman Ghee is trusted for its purity and taste all over India.Britannia is the

only national brand in ghee, and it offers 4 different variants in ghee, depending on the

taste, texture and color preferences of our consumers. Ghee made from cow's milk gives

you the goodness of Vitamin A, E and cancer fighting anti-oxidants like CLA

(Conjugated Linoleic Acid).

16.

Britannia Milkman Dairy Whitener is known for the taste, thickness and creaminess it

lends to our foods and drinks. Be it tea, coffee, kheer (porridge), or custard, Britannia

Dairy Whitener gives it a rich and tasty look and feel.Available in carton packs and

pouch refills, Britannia offers you Dairy Whitener for all kinds of servings... the single

serve pack, the double cup pack and so on... going up to an entire month's supply of dairy

whitener.

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17.

18. Milk: Britannia is reentering in this segment and launched it’s UHT milk on 28 th

June. UHT (Ultra High Temperature) milk in regular and 'Slimz' format,

which is a zero fat and zero cholesterol milk in Mumbai, Delhi and Bangalore markets for

starters. UHT Technology helps preserve and retain all the goodness of milk and has a

shelf life of 120 days.

19. Nutro: Britannia Industry ltd. has expanded its UAE operations by taking a 70

percent stake in Strategic Foods International Co. Ltd. (SFIC), one of the GCC's largest

biscuit and wafer manufacturing firms. The investment is part of the organisation's

campaign to capture the lion's share of the UAE's biscuit market, worth an estimated

AED500 million a year. The biscuit and wafer giant's growth stategy, which generates

annual revenues in excess of AED2.57 billion, is being underpinned by the re-launch of

its Nutro label after an investment of AED4 million. Research commissioned by BIL

revealed that Nutro products, especially Nutro Family Choice Wafers and Nutro Glucose

products, are among the brand's most favoured among shoppers.

2. PLACE: Britannia basically targeting high and upper medial class customers for

cheese so place where Britannia cheese is available is urban cites where people know use

of cheese and use cheese on daily bases.

Though figures vary widely from product to product, roughly a fifth of the production

cost of an item goes on getting it to the customer. The term 'place' deals with various

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methods of transporting and storing goods and then making them available to the

customer.

Getting the right product to the right place at the right time involves the distribution

system. Distribution is the process of moving goods and services to the places where they

are wanted.

Channel Levels: The channel of distribution used by Britannia is:

Intensive Distribution: As biscuits need to reach the consumer at their nearest locations

this type of distribution channel is used. This type of distribution helps when for products

that are categorized by low involvement of the customer and where customer looks for

location convenience.

3. Price: Pricing is one of the most important elements of the marketing mix, as it is the

only mix, which generates a turnover for the organisation. The remaining 3p’s are the

variable cost for the organisation. It costs to produce and design a product; it costs to

distribute a product and costs to promote it. Price must support these elements of the

mix. Pricing a product too high or too low could mean a loss of sales for the organisation.

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Pricing should take into account the factors like fixed and variable costs, competition,

company objectives, proposed positioning strategies, target group and willingness to pay.

The pricing strategies are based much on what objectives the company has set itself to

achieve and Britannia has adopted a number of pricing strategies:

Competition pricing: They have set a price which is competitive when compared with

competitors.

Product Line Pricing: Priced different products within the same product range at different

price points. The better the feature and the benefit given the greater the consumer will

pay. This form of price discrimination assists the company in maximising turnover and

profits.

Bundle Pricing: The organisation bundles a group of products at a reduced price when

providing family packs.

Value Pricing: They have also used value based pricing.

Price of cheese is continuously increasing due to fluctuating rate of row material. And

second factor behind increment of Britannia cheese price is that they are continuously

improving quality of product new products in different flavors are introduce by them

continuously in the market.

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Price competitive analysis between Britannia & Amul

BRITTNIA AMUL

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Product Name MRP Retailers’

Margin

MRP Retailers’

Margin

BUTTER

100 g.m

500 g.m

1 k.g.

20

97

176

9.5% 20

97

170

9%

Pizza Cheese

100 g.m

400 g.m

1 k.g.

72

140

310

9% 48 9%

Natural Cheddar

Cheese

200 g.m

1 k.g

110

335

9%

Processed

Cheese Blocks

400 g.m

1 k.g.

130

261

9% 108 9%

Processed

Cheese cubes

108 g.m.

540 g.m.

72

190

9% 65 9%

Flavored Cubes

(108g.m.)

Cream Onion

Masala Mania

Marchi Popper

45 9%

Cheese Slice

200 g.m

480 g.m

85

195

9% 73

130

9%

Low fate Slice

100 g.m 60 9%

Cheese Spreadz

(180 g.m.)

Regular

Flavored

52

55

9% 47 9%

Dahi

200 g.m

400 g.m.

13

24

9% 12

22

9%

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Very soon Britannia and Amul is coming with new MRP in market.

1.3 Problem of the Organization

So many Competitor in this Sector Like

Mother Diary

Amul

Cadbury

MotherDairy

Mother Dairy markets approximately 2.8 million liters of milk daily in the markets of

Delhi, Mumbai, Saurashtra and Hyderabad. Mother Dairy Milk has a market share of

66% in the branded sector in Delhi where it sells 2.3 million liters of milk daily and

undertakes its marketing operations through around 14,000 retail outlets and 845

exclusive outlets of Mother Dairy.

The company’s derives significant competitive advantage from its unique distribution

network of bulk vending booths, retail outlets and mobile units. Mother Dairy ice creams

launched in the year 1995 have shown continuous growth over the years and today boasts

of approximately 62% market share in Delhi and NCR. Mother Dairy also manufactures

and markets a wide range of dairy products that include Butter, Dahi, Ghee, Cheese, UHT

Milk, Lassi & Flavored Milk and most of these products are available across the country.

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Amul

Amul (Anand Milk Union Limited), formed in 1946, is a dairy cooperative movement in

India.

It is a brand name managed by an apex cooperative organisation, Gujarat Co-operative

Milk Marketing Federation Ltd. (GCMMF), which today is jointly owned by some 2.8

million milk producers in Gujarat, India

The Amul Pattern has established itself as a uniquely appropriate model for rural

development. Amul has spurred the White Revolution of India, which has made India the

largest producer of milk and milk products in the world. It is also the world's biggest

vegetarian cheese brand

Amul is the largest food brand in India and world's Largest Pouched Milk Brand with an

annual turnover of US $1050 million (2006-07) . Currently Amul has 2.8 million

producer members with milk collection average of 10.16 million litres per day. Besides

India, Amul has entered overseas markets such as Mauritius, UAE, USA, Bangladesh,

Australia, China, Singapore, Hong Kong and a few South African countries.

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Cadbury

Cadbury is a leading global confectionery company with an outstanding portfolio of

chocolate, gum and candy brands. We employ around 50,000 people and have direct

operations in over 60 countries, selling our products in almost every country around the

world.

In India, Cadbury began its operations in 1948 by importing chocolates. After 60 years of

existence, it today has five company-owned manufacturing facilities at Thane, Induri

(Pune) and Malanpur (Gwalior), Bangalore and Baddi (Himachal Pradesh) and 4 sales

offices (New Delhi, Mumbai, Kolkota and Chennai). The corporate office is in Mumbai.

Our core purpose "creating brands people love" captures the spirit of what we are trying

to achieve as a business. We collaborate and work as teams to convert products into

brands. Simply put, we spread happiness!

Currently Cadbury India operates in four categories viz. Chocolate Confectionery, Milk

Food Drinks, Candy and Gum category. In the Chocolate Confectionery business,

Cadbury has maintained its undisputed leadership over the years. Some of the key brands

are Cadbury Dairy Milk, 5 Star, Perk, Éclairs and Celebrations. Cadbury enjoys a value

market share of over 70% - the highest Cadbury brand share in the world! Our flagship

brand Cadbury Dairy Milk is considered the "gold standard" for chocolates in India. The

pure taste of CDM defines the chocolate taste for the Indian consumer.

In the Milk Food drinks segment our main product is Bournvita - the leading Malted

Food Drink (MFD) in the country. Similarly in the medicated candy category Halls is the

undisputed leader. We recently entered the gums category with the launch of our

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worldwide dominant bubble gum brand Bubbaloo. Bubbaloo is sold in 25 countries

worldwide.

Since 1965 Cadbury has also pioneered the development of cocoa cultivation in India.

For over two decades, we have worked with the Kerala Agriculture University to

undertake cocoa research and released clones, hybrids that improve the cocoa yield. Our

Cocoa team visits farmers and advises them on the cultivation aspects from planting to

harvesting. We also conduct farmers meetings & seminars to educate them on Cocoa

cultivation aspects. Our efforts have increased cocoa productivity and touched the lives

of thousands of farmers. Hardly surprising then that the Cocoa tree is called the Cadbury

tree!

Today, we are poised in our leap towards quantum growth. We are a part of the Cadbury

PLC, world's leading Confectionery Company.

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1.4 Competition Information

Price: Pricing is one of the most important elements of the marketing mix, as it is the

only mix, which generates a turnover for the organisation. The remaining 3p’s are the

variable cost for the organisation. It costs to produce and design a product; it costs to

distribute a product and costs to promote it. Price must support these elements of the

mix. Pricing a product too high or too low could mean a loss of sales for the organisation.

Pricing should take into account the factors like fixed and variable costs, competition,

company objectives, proposed positioning strategies, target group and willingness to pay.

The pricing strategies are based much on what objectives the company has set itself to

achieve and Britannia has adopted a number of pricing strategies:

Competition pricing: They have set a price which is competitive when compared with

competitors.

Product Line Pricing: Priced different products within the same product range at different

price points. The better the feature and the benefit given the greater the consumer will

pay. This form of price discrimination assists the company in maximising turnover and

profits.

Bundle Pricing: The organisation bundles a group of products at a reduced price when

providing family packs.

Value Pricing: They have also used value based pricing.

Price of cheese is continuously increasing due to fluctuating rate of row material. And

second factor behind increment of Britannia cheese price is that they are continuously

improving quality of product new products in different flavors are introduce by them

continuously in the market.

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1.5 SWOT Analyses of Britannia Industry Ltd.:

Strength:

• It’s good distribution network

• Logo of Britannia

• Different Flavors according to

Indian consumers test and

preference

• Good quality products

• Credit facility for retailers which

Amul don’t provide

• Strong brand name and

consumer base

• Strong portfolio of top selling

food brand

• Ranked second amoung FMCG

company in the ‘Business

World’s Most Respected

Company Survey 2006’

• Launch of innovative products

and brand extension

Weakness:

• Incremental sales in local as well

as International brands.

• Frequent price hikes in the

products and very high premium

to nearest competitor i.e. Amul.

• No advertisement

• High dependence on Indian

Market

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Opportunity:

Already Establish name of BIL in

the market

Consumer oriented market

Acquisition with Fonterra, the

world's second largest Dairy

Company

In 2007, beneficial stake in

Dubai-based strategic Food

International LLC and Oman-

based Al Sallan Food Industries

CoSAOG

Grater purchasing power and

demand for new products

Increasing preference for dairy

products

Growing demand for health and

convince products

Growth in modern trade

Threat:

High competition in market and

Low price of Local Cheese

Inflationary product price

Price fluctuations in global

materials market

Higher margin demand by the

organized retail players

Outbreak of animal diseases

Dependence on row materials

like milk

Intellectual property right

between Britannia and group

Danon

High dependence on Dynamix

Dairy Industries for cheese and

batter

Mother Dairy’s and Amul’s

outlets

2.1 Significance

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• To understand the route of marketing and selling

• To learn the behavior of consumers and retailers

• To study the offerings of the competitors of Britannia in the Market

• To understand the problems of distributors

• To enhance self observation power

• To determine the Key areas of Strengths & Weaknesses of Britannia

• To check the awareness level of the customers about Cheese

• To check the effect of shelf size on consumers

• To understand retailers need and wants and how to seal product in the

market and how to convince retailer of putting the product on the eye

caching point

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2.2 Managerial Usefulness of the Study

Research design constitutes the blue print for the collection, measurement, and analysis

of data. It aids the researcher in the allocation of limited resources by posing crucial

choices in methodology.

In order to fulfill the objectives of the study primary as well as secondary data have been

collected to analyze the trends in the Cheese Industry.

The Logic behind selecting the area of Delhi for primary data collection can be justified

by the argument that due to high migration rate from different states of the country to the

Delhi makes it almost representative of the entire country.

The following research design was chosen for the research:-

Type of Research Design

The Research Designs used for this Research are Descriptive and Exploratory

Research Design.

(A) Exploratory Research Design

First Phase of research consists of:

The survey of concerning literature

The experience based survey

Discovering of ideas and insights.

Flexible approaches towards research

(B) Descriptive Research Design

Second Phase of Research consist for clear instructions and planned focused path

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Pre-Planned research design for analysis

Advances instructions about instrument of data collection

Multi-Stage random sampling is used for sample design

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2.3 Objective

Different objectives of the study are:

To understand the route of marketing and selling

To learn the behavior of consumers and retailers

To study the offerings of the competitors of Britannia in the Market

To understand the problems of distributors

To enhance self observation power

To determine the Key areas of Strengths & Weaknesses of Britannia

To check the awareness level of the customers about Cheese

To check the effect of shelf size on consumers

To understand retailers need and wants and how to seal product in the market and

how to convince retailer of putting the product on the eye caching point

To analyze the findings & make recommendations on the basis of observations

2.4 Scope of the Study

29

The research was conducted through Multi-Stage random sampling in Delhi.

Information Needed

The information needed can be classified into the following heads:-

Primary

Information about retail size of all cheese brands in Delhi. So target for research were

retail shops of varies area of Delhi

Secondary

Detail study about the cheese Product and Britannia Indestry, other study and researches

related to Indian and other cheese industry.

Sources of secondary data

The secondary data was collected from research journals, Company websites and visit to

competitors and collecting informative booklets.

Scaling Techniques

Two kinds of scaling techniques were used in the questionnaire:

Ranking Scale

Consumers make relative judgment against other similar objects (Comparative Scales).

They were presented with several factors influencing decision making while buying a

cheese.

Shelf size of all the brands and there competitive analysis

Dealers were presented with several factors influencing customer decision making of

purchasing chasse.

Likert Scaling

Respondents were presented with there name and presence of shelf size in percentage.

Questionnaire Design and pre testing

30

Keeping in mind the information required for achieving the objectives of the research,

questionnaire was developed and Pre tested on a small sample of 50 respondents chosen

on a convenience basis .The questionnaire was a blend of following type of questions:-

Retailer name

Address of retail outlet

Total Shelf Size

Presence of all cheese brands in shelf of the shop

31

2.5 Methdology

Various steps involved in research done on Britannia Industry Ltd. are

Survey – before starting the research, an in-depth study of the topic was conducted so as

to draw a clear image of what and how the research has to be carried out.

Formulating the Research Problem – the next step was to find out the problem of the

case. The most important task was to define the problem clearly from an analytical point

of view. This is the most important step because; if a problem is well defined then it

means that it is half solved.

Design of the Questionnaire – an unstructured questionnaire was framed. All the

questions used are closed ended and open in the questionnaire.

Determining the Sample Size – furthermore the next step was to choose the number of

Shops to be targeted from various area of Delhi, and various classes of shop. So a total of

224 shops were approached for the survey

Collection and Analysis of Data – the data was collected from various class of shops

among different area of Delhi and the data was segregated into various parameters in

order to analyze it.

Interpretation of Data and Preparation of Report – the findings was identified and

recommendations were made and the final report was prepared.

32

Strategy

Main strategy of Britannia is to improve visibility in terms of good shelf size at the shop.

There emphasis a lot on visibility of Britannia Dairy products.

Cheese Industry is growing at a fast pace in Indian market. Demand of cheese varies from

market to market and consumers to consumer. Like in posh areas demand and shelf size

of Britannia and other cheese brands is good but in areas where middle class people’s

ratio is high, the demand and shelf size of Amul and local cheese is good.

The objective of the project is to find out retail share of Britannia cheese, for that I visited

shops and through observation and interviewing of shop-keeper I tried to find out retail

share. Some sales officers helped me to find retailer outlets in different part of Delhi.

The data has been collected through various sources; Primary research has been done to

collect data. A Survey was carried out with the sample size of 224 in various classes of

retail outlets in vaious parts of Delhi. The main objective of project was to find out retail

share of Britannia cheese.

The Research Design is descriptive and exploratory and sampling technique used is

Random Sampling. Certain recommendations and conclusions have been derived that can

help Britannia to know retail share of its cheese products and to improve its retail share.

33

LITERATURE REVIEW

India is one of the fastest growing markets for cheese with annual growth pegged at 20%

with a total consumption of about 7,000 tons a year according to Agri-Commodity

Federation. With one of the largest consumer bases in the world, cheese could be a multi-

million dollar industry in India. Nowhere else do people consume cheese in so many

different forms and use cheese in so many varieties of food preparation as in India.

When we think of buying a Cheese, than generally tow names Amul and Britannia comes

in over mind. there are certain parameter which effect consumer preference in Cheese ,

such as:

i. Test:

ii. Packaging:

iii. Flavor: Advertisement:

iv. Retailer Suggestion:

v. Shelf Size:

vi. Price:

vii. Brand Name:

34

Major Players in Cheese Industry

As of now, the major players (in India) in the Cheese category are:

Britannia

Amul

Lebon

Mother Dairy

Kraft

Laughing Cow

Frico

President

Prestige

Frico

Arla,

Lurpark

Dairy Craft,

Floric,

Chodhery

Growth Drivers : India is one of the fastest growing markets for cheese with annual

growth pegged at 20% with a total consumption of about 7,000 tons a year according to

an official of the Indian Agri-Commodity Federation. With one of the largest consumer

bases in the world, cheese could be a multi-million dollar industry in India. Nowhere else

do people consume cheese in so many different forms and use cheese in so many

varieties of food preparation as in India. In 2007, Britannia, one of the India’s largest

biscuit brands held a market share of 38% in terms of value. Indian biscuit industry, the

third largest producer of the biscuits in the world was highly under-penetrated. This

presented numerous growth opportunities to new as well as existing players. Apart from

the presence of big players like ITC Foods and Parle, the local manufacturers of biscuits

35

and other Indian snacks had been raising concerns for Britannia. Besides competition,

Britannia faced critical challenges due to declining margins in the biscuit industry due to

the increasing costs of raw materials. Its profit had been on a decline since 2005. Though

Britannia had forayed into dairy and bakery products, 90% of its revenues still came from

its core business in biscuits category which was largely driven by product innovation.

The case, highlighting the Britannia’s growth strategies, provides scope to analyse

opportunities and challenges for Britannia in the Indian biscuit industry.

Pedagogical Objectives:

Product portfolio management, brand extension and market segmentation of

Britannia

Analysing product innovation strategies of Britannia as its competitive advantage

Organic and inorganic growth strategies of Britannia to face the challenges in the

Indian biscuit industry.

Britannia has doubled its ad spending in the last three years. It is also working to increase

trade marketing visibility and, for the first time ever, has signed on with a trade

marketing agency. According to Mehta, Britannia plans to increase advertising and

marketing spending to 10% to 12% of sales over the next few years from a current 7%.

On the infrastructure front, Britannia has added 200,000 tons of annual capacity, an

increase of about 60%. It has also devised a long-term distributed manufacturing strategy,

put in place a continuous replenishment supply efficiency system, and strengthened its

supply chain management significantly. According to Rajesh Lal, vice president and

chief technology officer: "The stocks at our distributors are now replenished within 24

hours, and in the past three years we have increased the availability of our [stock-keeping

units] from 60% to 90% across the country." Lal adds that cost reductions over the last

three years have saved the company $30 million. Bali is looking to leverage all these new

pieces for maximum competitive advantage. Sources inside Britannia say revenue targets

are $1.25 billion by 2010 and $3 billion by 2015. While Bali won't commit to any

numbers, her hunger clearly is to be the best. "There is a huge opportunity out there in the

market and it is up for grabs," she says. "What we make of it depends on our ability to

36

commercialize the opportunity. We want to be among the three fastest-growing FMCG

companies in the country and to grow profitably."During the last few years, the Indian

cheese market has grown steadily at 15 to 20 per cent per annum according to a market

survey of dairy products in India. The Australian cheese processor, Kraft, has made an

inroad into the Indian market followed by Remia of Holland. Initially, the imported

brands of cheese were introduced into Delhi, Mumbai, Kolkata and Chennai and were

patronized by expatriates. But, now some Indians too have started taking a fancy for these

brands.

Shelf Presence is Very Important: According to market strategy of Britannia space in

shelf is very important. processed cheese growing the fastest led by innovative new products, new

flavour introductions, attractive packaging and the advent of new channels such as modern trade where the

consumer interaction with the product is enhanced substantially and product storage and visibility has also

enhanced substantially.

Different Flovers of Britannia Cheese

classic (plain),

pepper,

Slimz (low fat),

Masala herbs,

Peppy Cilantro,

Sour Cream and

Onion,

37

Minty Coriander and have also

recently launched Mexican Mirchi.

Development of the Field of consumer Behavior

For a variety of reasons, the study of consumer behavior has developed as an important

and separate branch in marketing discipline. Scholars of marketing had observed that

consumers did not always behave as suggested by economic theory. The size of the

consumer market in all the developed and rapidly developing economies of the world was

extensive. A huge population of consumers was spending large sum of money on goods

and services. Besides this, consumer preferences were shifting and becoming highly

diversified. Even in case of industrial markets, where the need for goods and services is

generally more homogeneous, buyers' preferences were becoming diversified and they

too were exhibiting less predictable purchasing behavior.

Important factors that contributed to the development of consumer behavior as a

marketing discipline include shorter product life cycles, increased environmental

concerns, interest in consumer protection, growth of service marketing, opening up of

international markets and the development of computers and sophisticated techniques of

statistical analysis.

Consumer Behavior Application in Marketing

Consumer behavior principles are applied in many areas of marketing as discussed

below:

Analyzing market opportunities

Consumer behavior study helps in identifying the unfulfilled needs and wants of

consumers. This requires examining the trends and conditions operating in the

marketplace, consumers' lifestyle, and income levels and emerging influences. This may

reveal unsatisfied need and wants. The trend towards increasing number of dual income

households and greater emphasis on convenience and leisure has led to emerging needs

38

for household gadgets. All these opportunities can be determined ones the consumer

behavior is studied.

Selecting target market:

A review of marketing opportunities often helps in identifying distinct consumer

segments with very distinct and unique wants and needs. Identifying these groups,

learning how they behave and how they make their purchase decisions enables the

marketer to design and market products or services particularly suited to their wants and

needs.

Marketing - mix decisions:

Once unsatisfied needs and wants are identified, the marketer has to determine the right

mix of product, price, distribution, and promotion. Here too, study of consumer behavior

is very helpful in finding answer too many perplexing questions.

Product: The marketer designs the product or services that would satisfy unfulfilled

needs and wants. Further decision regarding product concerns to size, shape and features.

The marketer has also to decide about packaging, important aspects of service, warranties

and accessories etc.

Price: The second important component of marketing mix is price. Marketers must

decide what price should be charge for the product or the services. These decisions will

influence the flow of revenue to the company. Should the marketer charge the same,

higher or lower price in comparison to competition? Is the consumer price sensitive and

would a lower price stimulate sales? Should there be any price discounts? Do consumers

perceive lower price as being indicative of poor quality?

To answer these questions, the marketer must understand the way the company's product

is perceived by the consumers. It is only through consumer behavior study in actual

buying situations that the marketer can hope to find answers to these important issues.

39

Distribution: The next decision relates to the distribution channel, that is, where and

how to offer products and services for sale. Should the products be sold through all retail

outlets or through selected outlets or should company be involved in direct channeling for

the products? Is the location of the dealers important from the consumers' point of view?

Should the company think of direct marketing?

The answers to these questions are furnished by consumer behavior research.

Promotion: Promotion is concerned with marketing communications to the consumers.

The marl' important promotion methods are advertising, personal selling, sales

promotion, publicity and marketing. The marketer has to decide which method would be

most suitable to effectively reach the consumers. Should it be advertising alone or should

it be combined with sales promotion? The company has to know the target consumers,

their location, what media do they access to and what are their media preferences, etc.

To get the desired results the marketer always looks for the consumer behavior and

buying pattern the target consumers in the respective locations.

Model of consumer behavior

Understanding consumer behavior and "knowing customers," have and never will be

simple. Consumers may say one thing but do another. They may not be in touch with

their deeper motivations. They may respond to influences that change their mind at the

last minute. These issues have lead to theories like that of the black box approach taken

on by Futrell. It refers to how marketers are not able to tap into consumer minds, thus

"keeping them in the dark." In other words, marketers can apply various stimuli and

observe the conduct of consumers, but they cannot observe the consumers' actual thought

processes.

40

This hidden Information is considered to be the black box. In an attempt to obtain some

understanding, marketers study consumer behavior. Many researchers describe consumer

behavior as the study of individuals or groups and the mental, emotional and physical

processes they use to select, obtain, consume and dispose of products or services, to

satisfy needs and wants, and the impact that these processes have on the consumer and

society.

There are numerous models trying to explain consumer behavior. These models generally

deal with various stimuli, influential factors, the decision-making process and outcomes.

Some models are very basic and categories all variables such as the one proposed by

Philip Kotler, which is illustrated in figure above.

41

DATA ANALYSIS

Out of 89 shop of south Delhi number of different class of shops are:

Class A B C

No. of Shops 24 53 12

Percentage 27% 60% 13%

CLASS

A27%

B60%

C13%

A B C

42

Out of 89 shops retail share of all brands are as followes:

Brand

Name

Britannia Amul Mother

Dairy

Lebon Other

Quabites 104 80 2 2 12

Presentage 52% 40% 1% 1% 6%

Shalf size was not ideal so I am taking it out of 200 Quabites.

Retail Share in Percentage

Amul40%

Britannia52%

Lebon1%

M.D.1%

Others6%

Britannia

Amul

M.D.

Lebon

Others

43

WEST DELHI:

Out of 84 Shope of west Delhi number of different classes of shopes are as follow:

Class A B C

No. of Shops 16 .64 4


CLASS

A19%

B77%

C4%

A B C

44

Out of 84 shops retail share of different brands are as follow:

Brand

Name


Dairy

Lebon Other

Quabites 106 86 0 2 6

Presentage 53% 43% 0% 1% 3%

Shalf size was not ideal so I am taking it out of 200 Quabites.


M.D.0%

Lebon1%

Others3%

Britannia53%

Amul43%

Britannia

Amul

M.D.

Lebon

Others

Interpretation

This graph shows that britania 53% in south delhi has been leading from all other brands.

45

CENTRAL DELHI

Out of 35 shop of center Delhi number of different class of shops are:

Class A B C



CLASS

A9%

B36%

C55%

A B C

Interpretation

This graph shows that britania 55% in central delhi has been leading from all other

brands.

46


Brand

Name


Dairy

Lebon Other

Quabites 47 45 0 0 8

Presentage 47% 45% 0% 0% 8%

Shalf size was not ideal so I am taking it out of 100 Quabites


Lebon0%

Other8%

M.D.0%

Britannia47%

Amul45%

Britannia

Amul

M.D.

Lebon

Other

47

NORTH DELHI:

Out of 16 shop of center Delhi number of different class of shops are:

Class A B C

No. of Shops 2 13 1


CLASS

A13%

B81%

C6%

A B C

Interpretation

This graph shows that britania 81% in north delhi has been leading from all other brands.

48


Brand

Name


Dairy

Lebon Other

Quabites 19.5 23.5 0 1 6

Presentage 39% 47% 0% 2% 12%



Lebon2%

Others12%

M.D.0%

Amul47%

Britannia39%

Britannia

Amul

M.D.

Lebon

Others

Interpretation

49

This graph shows that in retail shares of britania 39% in overall delhi and 47% of amul

giving tough competition .

OVERALL DELHI:

Out of 224 shop of overall Delhi number of different class of shops are:

Class A B C



CLASS

A20%

B65%

C15%

A B C

Interpretation

This graph shows that retail shares of britania 65% in overall delhi has been leading from

all other brands.

50

51

Out of 224 shopes retail share of different brands of cheese:

Total shelf size is 550 quabite

Brand

Name


Dairy

Lebon Other

Quabites 280 231 0 6 33

Presentage 51% 42% 0% 1% 6%


Mother Dariry is very less which is not showed in graph.


Lebon1%

M.D.0%

Others6%

Amul42%

Britannia51%

Britannia

Amul

M.D.

Lebon

Others

Interpretation

This graph shows that retail shares of britania 51% in overall delhi has been leading from

all other brands.

52

FINDINGS:

Britannia is not able to satisfy Consumer who are using other good Brands : Kraft

and President tow international brands have made good position in high class and

upper middle class societies like Chadakaya puri and Vasanth Kung. The flavors

of Britannia Cheese is just according to Indian consumers whereas demand in

Indian foreign consumers for consuming high quality foreign flavor cheese in

quite high.

Demand and consumer behavior defer in every market according to there status

and company follow different strategy for every market and products availability

is also different like in west Delhi we find local brands too and in south Delhi

important brands are dominating.

Till now people in urban cities are not aware of the right use of cheese, even

people who consume cheese from Dairies are not aware of Britannia Cheese.

Outlets of Amul and Mother Dairy are increasing day by day but most of

consumers purchase only milk from these outlets.

Consumers are very much brand conscious now a days so Britannia name is good

opportunity for it’s dairy products but they just need to create some awareness

using banners and hoardings as many people are still not aware of Britannia dairy

products like cheese.

There are no Advertisements of Britannia Cheese in the market, not even in form

of Pamphlets and banners or hoardings. Due to which Cheese consumer don’t get

information about any new offers, like free knife coming with spread, Britannia

biscuits free with cheese products. But general trade products are in the invisible

place and consumers don’t get information about promotional strategy.

53

Choudhery is major compotator of Britannia due to its good quality and lower

price, in B2B it is acquiring Britannia Clients. The Park Hotel who was good

client of Britannia was it acquired by Choudhery Cheese. Even Bakeries also use

Choudhery Cheese for making fast food for there store. Even end consumers also

like this brands. Its shelf size is less but sales is very high.

Maximum purchase of Britannia cheese is in posh areas

Wholesalers who are selling Britannia cheese in large quantity want some extra

incentives for there extra sales.

In South Delhi Sales of Britannia is more than it’s shelf size but in other parts of

Delhi sales of Britannia Cheese is less than it’s Shelf size, in South Delhi sales

can be increased by providing extra incentive to wholesalers and retailers for extra

sales.

Amul is major competitor of Britannia in small parts of Delhi and other cities as

there distribution network and advertisement strategies are batter then Britannia.

Like in small retail shop of south Delhi where sales is less Britannia distributor

don’t like to go, Jamrat pur is one of the example, even small shops of other part

of Delhi also.

The Advertisement strategy of Amul through local sources is stronger then

Britannia. Through Banners and Hoardings at eye catching point and through

newspapers. Amul advertises its whole product rang which Britannia is not doing

for its Dairy products. Even in small towns Amul’s distribution network is better

then Britannia. Like in small towns of Rajasthan sales of ghee is very high but

Britannia Ghee is not available there. There Amul is doing advertisement through

painting on walls which are at eye catching area.

54

STRATEGY:

Besides focusing on competitive pricing, BIL has adopted three pronged strategy of

1. Freshness (Lower pipeline stock) : The fist purpose of Britannia is to fast

supply of products so that consumer fresh and can enjoy fresh test of it’s dairy

products. For that their supply pipeline is very short, Britannia cheese comes from

Baramati to Delhi to distributor hands and distributor supply it in to market.

2. Available (Improve distributaries Network) and:

3. Improve visibility (More shelf space at modern trade)

4. Customer Satisfaction : The company’s policy is customer satisfaction with less

price as well as quality. Target maximum customer and sales of maximum

volume.

55

Recommendations:

• Extra Incentives for Extra sales: Retailer and wholesalers should get extra

incentives or margin for extra sales. It will motivate retailer and wholesaler for

selling Britannia cheese only. Like Selling of 24 packs of Britannia cheese slice 2

pacts of slice free or selling price in 2-3% is more. On the basis of monthly sales,

gift or extra benefit should be provided. Retailers who are contributing good sales

to Britannia every month dinner should be arranged for them in that area etc.

To create awareness there is a need of advertisements so that consumers get to

know about Britannia product range and can know its promotional schemes.

Pamphlets banners, hoardings for advertisement of Britannia Dairy products

should be displayed on shops for consumer awareness.

Distributors network in good areas is very week in C class shops and in small

areas of Delhi although demand of ghee is good is these areas. So distribution

network need to improve in smaller areas.

Britannia should come up with more flavors of cheese which can be substitute of

imported brands of cheese.

Promotional offers should come time to time for end users with proper

advertisement. For high quantity users of cheese some combined packs should be

launched so that consumers can get benefit in price.

In south Delhi sales of Britannia cheese is higher then other parts of Delhi but it

can increase by regular supply in small parts and shops.

56

LEARNINGS

Basic retailing and whole selling function.

Technique to tackle retailer according to satiation

Analysis of sealing and product positioning in the market

Analysis of price strategy used by Britannia and other products

Analysis of promotional strategy used by company.

Operation at retail level.

Analyzing the Factor influencing the retailer behavior.

Learning various levels of channel, distribution channel function and channel

design decisions.

Application of Segmentation, Targeting and Marketing.

Developing Basic marketing processes (Analyzing Macro and Micro factors).

Application of basic market research process (Defining, Developing and

Interpreting).

57

ANNEXURES

58

QUESTIONNAIRE

Name:

Area/Location:

Address:

Contact No.:

1. Do you know Britannia Cheese?

(a) Yes (b) No

2. Do you buys Britannia Cheese?

(a) Yes (b) No

(c) Can't say

3. If yes, then why Britannia Cheese?

(a) Taste (b) Quality

(c) Price (d) Availability

4. If no, then why not?

(a) Price (b) Health conscious

(c) Taste (d) Can't say

5. How often do you buy Britannia Cheese?

(a) Frequently (b) Occasionally

(c) Rarely (d) Never

6. How do you feel about Britannia Cheese t?

(a) Good (b) Very Good

(C) Neutral (d) Bad

59

7. On what occasions do you buys Britannia Product?

(a) Festivals (b) Birthdays

(c) Gift (d) Mood

8. Do you think of a specific brand when you buy Britannia Cheese?

(a) Britannia (b) Nestle

(c) Amul (d) Others

9. Which brand of chocolate do you like most?

(a) Britannia (b) Nestle

(c) Amul (d) Others

10. How do you feel regarding price of different brands of Britannia Cheese?

(a) Britannia - High/Low

(b) Nestle -High/Low

(c) Amul -High/Low

(d) Others -High/Low

11. How easily do you get different brand of Britannia Cheese

(a) Easily (b) Not easily

(c) Rarely

12. Among which brand of chocolate, the taste is good?

(a) Britannia Product (b) Nestle

(c) Amul (d) Others

13. If the price of another brand ae reduced would you shift your brand?

(a) Yes (b) No

14. Do you have any grievance before the company?

(a) Yes (b) No

(c) Not certain

60

15. Do you have any suggestions regarding the product?

(a) Yes (b) No

(c) Not certain

16.If any suggestions for the company

………………………………………………………………………………………………

……………………………………………………………………

61

BIBLIOGRAPHY

62

BIBLIOGRAPHY

Philip Kotler Marketing Management Book 9TH Edition1998

Documents related to Britannia and other Cheese company

Research Mythology Method and Techniques by Dr. C.K. Kothari

Designing And Managing Research by Micheal Jay Polonsky & David S.

Waller

Consumer Behavior by M. S. Raju & Dominique Xardel

INTERNET

All companies websites to gather secondary data

britannia.com

fincialeexpress.com

Many other sites for marketing terminologies.

.bobsguide.com

mouthshut.com

Google.com

Wikipedia.com

63

http://www.mouthshut.com/

http://www.bobsguide.com/

http://www.fincialeexpress.com/

http://www.britannia.com/

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