CHAPTER-II LITERATURE REVIEW - Shodhgangashodhganga.inflibnet.ac.in/bitstream/10603/79410/10/10_chapter 2.pdf · CHAPTER - II LITERATURE REVIEW ... Hill and Jones have given the opinion

CHAPTER-II

LITERATURE REVIEW

21 STUDIES ON MARKETING STRATEGIES AND ELEMENTS OF

MARKETING MIX

22 PRODUCT

23 PRICING

24 PROMOTION

25 DISTRIBUTION

26 MARKET ORIENTATION

27 THE MARKETING STRATEGY IN SOAP INDUSTRY

Chapter 2 Literature Review

CHAPTER - II

LITERATURE REVIEW

There has been a plethora of studies made on the areas of marketing strategies

Most of these studies are on conceptual and functional areas of marketing strategies

marketing mix factors market orientation etc Most of them are in the form of research

papers books published articles and reports etc Comprehensive study with research

orientation on marketing strategies of toilet soap manufacturing industry in general and

KS amp DL in particular is highly inadequate In this chapter an attempt is made to present

the review of available literature on the topic


MARKETING MIX

Several studies have been made on marketing strategies elements of marketing

mix and related aspects In what follows is brief review of such studies

Hill and Jones have given the opinion that a typical multi business company has

three main levels of management the corporate level the business level and the functional

level The reason underlying the popularity of this scheme is its ability to simplify distil

and aggregate complex strategy phenomena into a lucid and workable form for analysis

and interpretation Schwenk^ observes that the risk of oversimplifying general

interpretations strategy formation can be considered as a conscious process through

which a future plan is created and then acted upon and is independent of strategy

implementation Strategy formation is a process depending upon a pattern or stream of

decisions reflecting an identification phase development phase and selection phase of

strategy

Gerbing and others opine that the strategy process adopts the assumption of

decisional rationality where a systematic process is followed in establishing a logical and

sequential pattern of decisions from goal formulation through to strategic choice and

strategy implementation

Fredrickson considered strategy formation in terms of the comprehensiveness of

the processes involved and described it as the extent to which an organization attempts to

be exhaustive or inclusive in making and integrating strategic decisions In his research

he observed that a positive relationship exists between comprehensiveness and firm

37 I


performance Miller^ has also found that high-performing firms were distinguished from

low-performing firms on the basis of systematic scanning of the environment analysis

and strategy making rationality

Priemând others have given the opinion that the specified significant associations

between overall firm performance and planning scanning and analysis

Capon and others^ found that firms employing formal planning processes

outperformed those that did not

According to Baker a marketing strategy is a process that can allow an

organization to concentrate its limited resources on the greatest opportunities to increase

sales and achieve a sustainable competitive advantage A marketing strategy is centered

on the key concept of customer satisfaction as the main goal A marketing strategy is a

written plan which combines product development promotion distribution and pricing

approach identifies the firms marketing goals and explains how they are achieved within

a stated timeframe Marketing strategy determines the choice of target market segment

positioning marketing mix and allocation of resources It is most effective when it is an

integral component of firm strategy defining how the organization will successfully

engage customers prospects and competitors in the market arena As the customer

constitutes the source of a companys revenue marketing strategy is closely linked with

sales

Hill amp Jones opine that the marketing strategies differ depending on the unique

situation of the individual business However there are a number of ways of categorizing

some generic strategies A brief description of the most common categorizing schemes is

presented below Strategies based on market dominance - In this approach firms are

classified based on their market share or dominance of an industry Typically there are

three types of market dominance strategies (a) Leader (b) Challenger and (c) Follower

According to Porter^ the strategy based on the dimensions of strategic scope and

strategic strength Strategic scope refers to the market penetration while strategic strength

refers to the firms sustainable competitive advantage The generic strategy framework

comprises of two alternatives each with two alternative scopes These are Differentiation

and low-cost leadership each with a dimension of Focus-broad or narrow (a)Product

differentiation (b)Market segmentation

Vorhies and others^ opine that the strategic management and marketing literatures

indicate that the nature of marketings contribution to business strategy formation and its

business performance implications can be influenced by a number of factors These

38 I


potential influences are planning effectiveness internal exchange processes participative

policy making number of employees and sales turnover

Cravens bull says that the marketing strategy and implementation of the strategy are

two of the most important parts of strategic marketing planning These two components

are usually discussed separately in marketing strategy texts That is marketing strategy is

formulated and then implemented In practice poor implementation can undermine good

strategy

Douglas Brovralie^^ has concluded that although in the formulation of strategy it

is possible and often advisable for imagination to be of more importance than reasoning

analysis and diagnosis occupy the heart of the planning doctrine and hold the key to its

efficacy And fiirther that where these tasks are executed systematically and

comprehensively the insight thus provided will make a major contribution to the

formulation of successful business strategies

There are several studies made on the theoretical and functional aspects of

product price promotion and distribution related strategies Which come under the broad

purview of marketing mix In what follows is the brief review of such studies

22 PRODUCT

Chamberlin argues that buyers in the market have a real freedom to differentiate

distinguish or have specific preferences among the competing outputs of the sellers This

view led to the development of the differential advantage concept one of the most

important concepts in the marketing theory

In Chamberlins^ monopolistic competition theory argues that the product is

defined as a bundle of utilities in which the physical offering is one element and

becomes the basis on which a seller can differentiate his offering fiom that of his

competitors

Alderson^^ has noted that differentiation in a products characteristics gives a

seller control over the product to identity and configure exactly This means the seller

offering a product different from others actually occupies a monopoly position in the

market However this product differentiation can be based on product characteristics such

as patented features trademarks packaging etc

Alderson^^ has given the opinion that behind the acceptance of differentiation are

differences in taste desires income location of the buyers and the uses of commodities It

39 i


is however the existence of varied wants and needs in the market place that allows

competition through product differentiation and a policy of differential advantage to be

pursued

Smith also interpreted that the seller pursues a policy of differential advantage

in general and product differentiation in particular in order to meet both competitive

activities and the various needs and wants in the market place However the seller can

pursue a policy of product differentiation either by offering the same product throughout

the whole market and secure a measure of control over the products demand by

advertising and promoting differences between his product and the products of

competing sellers or by viewing the market as a number of small homogeneous markets

(market segments) each having different product differences and adjusting the product and

the elements surrounding its sale according to the requirements of each market segment

The seller who adopts the latter method in pursuing a policy of product differentiation is

actually pursuing a policy of market segmentation However a policy of differential

advantage must be dynamic in nature since the seller must continually adjust his total

offering to match the ever changing competitive activities and customers motivation

mixes in the market place Naturally such adjustments alter the sellers cost structure and

profitability The seller therefore must be constantly engaged in creating a total offering

from all the elements under hisher control in a way that will give differential advantage

and profitability This axiom has led to the development of the marketing mix concept

Thompson drawn the conclusion that the two most important factors in

Marketing are a) The product and b) The ultimate consumer (people) The obvious

objective is to get these two in perfect harmony If this situation does not exist he then

proceeds to state that although companies can rather easily change products they cannot

change people but simply influence them The authors conclusive remark is that the

most important controllable factor in marketing is the product

Levitt has proposed that the product can be analyzed at five distinct levels

Core benefit mdash refers to the main benefit the customer buys (for example the

buyer of a vehicle purchases transportation)

Basic product - refers to the basic characteristics or attributes of the product

without which there is no product (for example tyres of a car)

Expected product - refers to the characteristics of the product that the customer

takes for granted (for example tyres in a good condition)

40


Augmented product - refers to the product characteristics that surpass the

customers expectations (for example road assistance)

Potential product - refers to those characteristics that could be added to the

product in the future and offer customer delight

Nowadays companies are competing at the augmented product level In other

words they try to differentiate their offerings by providing product characteristics that are

beyond the expected functional features

According to Kotler product hierarchy comprises the following five categories

Need family - the basic need underlying the existence of a product family (for example

security)

Product family - all the product classes that can satisfy a basic need effectively (for

example savings and income)

Product class or category - a group of products within a product family (for example

investment products)

Product line - a group of products within a product class which are closely related

because they are targeted to the market through the same distribution

channels or are priced within a specific range (for example investment

accounts)

Product type mdash a group of items within a product line that function in a similar manner

(for example capital guaranteed accounts)

Brand-the name of a product (for example Dunbar Bank)

Item - a unit within a brand or product line which is distinguished by size price or some

other characteristic of element

Product hierarchy provides the different levels at which a product should be

managed For example product line management is associated with different decisions

compared to brand management

Montoya-Weiss and Calantone^^concluded that Launching new products can be an

attractive growth strategy however this is not without risks Some estimate that 30-35

of all new products fail while others are even more pessimistic citing that only two out of

ten new launches succeed

Aaker in his final opinion discusses that due to factors such as high advertising

costs and the increasing competition for shelf space it has become difficult to succeed

with new products in an increasingly popular approach to reducing risk when launching

new products is to follow a brand extension strategy

41


As per the opine of Beverland and Veryzer Managing design is an aspect of

marketings activities but relatively little is known about the relationship between

marketing and design At one level marketing requires design expertise to meet user

needs and communicate brand values through a series of elements like products packs

corporate identity and advertising Design is fundamental to business success and

competitiveness To exploit new markets to retain or recapture their share of world

markets producers have to develop new products and services that consumers want

Whatever the marketing goals - holding onto market share increasing market share or

entering a new market - it is investment in design and product development that produces

the new or updatedredesigned products or services packaging and communications that

helps to achieve these goals

Olins suggests that design is the visual orientation of marketing and conveys in

particular brand values to the consumer But this is more traditional approach of design

as a functional resource to aid marketing And also design is becoming more broadly

viewed as a creative asset in its own right which can make an independent contribution to

strategy and leadership

Kotler and Rath suggest that good design differentiates companies and makes

products stand out from the crowd Innovative design opens up new markets Clever

design rekindles interest for products in a mature market Well-designed products

commimicate quality and value to the consumer It enhances the products appeal and

attractiveness making selection by the consumer easier a summary of the marketing

benefits of design is as follows (a) Enhances product and service quality (b)

Differentiates products and services (c) Markets products and services and enhances

company image (d) Lowers production andor maintenance costs (e) Adds to the

creativity (f) Intellectual property and competence of the company

Rundh^^ concluded that the Packagings importance as a marketing tool has

increased due to increased importance of buying decisions at the store the role of brand

building by media advertising growing management recognition of packagings ability to

create differentiation and new media habits 9R

Schoorsman and others opine that the packaging research has focused on its

general characteristics and design influence on product evaluation communication

aspects the impact of size on usage use as a source of profit the perceptual processes for

design and visual impact on consumer attention categorisation and evaluation

42


Sagar and Kumar have drawn the opinion on package which is the face of a

product Packaging involves the activities of designing and producing the container and

wrapper for the product Up to three levels of material may be used in packaging ie

primary package secondary package and shipping package

Kotler argued that the many marketers have called the packaging a fifth P the

other four Ps are Product Price Place and Promotion So packaging is used as a

marketing tool Well-designed packages can create convenience and promotional values

Etzel and others^ opine that the packing serves several purposes such as

protecting the product on its way to the consumer protecting the product after it is

purchased helping to gain acceptance of the product helping to persuade consumers to

buy the product supporting self-service consumer affluence company and brand

recognition and innovation opportunity

Kotler concluded that initially packaging was intended largely to provide

protection to the product With its increasing significance in marketing it has become a

major factor in gaining customers

Etzel and others 2005 opine that the Packaging is criticized largely because of its

environmental impact on depleting natural resources certain form of packages have

health hazards and there is problem of disposal of packages some packages are

deceptive others are expensive Marketing executives have to address these criticisms

They must enhance the positive features of packaging like product protection consumer

convenience and marketing support

Schreiber has drawn the conclusion that to remain competitive in the market

packaging strategies should be reviewed annually

Parker opine that the Packaging is a key component of marketing According to

recent studies by the Point of Purchase and Advertisement Institute (POPAI) which

indicate that 70 of consumers buying decisions are made at the point of sale

Pandey also claims that impulse purchase is increasing rapidly The package is a

very effective tool for influencing impulse purchasing

Further Kundu and Sehrawet showed that consumers feel that the package is

very helpftjl in identifying and distinguishing products As people become time prone

they are more prone to impulsive buying The unplanned purchase is a large source of

revenue The power of the package is an important element of unplanned purchasing no

The study by Sivan has shown that 18 buying decisions are influenced by

advertisements

43


Mehta suggests that the efficiency of traditional approaches appears to be

reducing year by year and the effectiveness of modem marketing tool like packaging is

increasing rapidly

Phillips argues that the modem consumer is more educated more sophisticated

and more cynical As a result of this the consumers are postponing their decision making

until at the point of purchase In turn this has led to an increase in impulse purchase and

brand switching and consequently a decline in the power of branding and traditional

marketing approaches So the importance of marketing communications by making use of

the packaging has increased

Narayanan claims that a large part of the population has started to give higher

importance to health and hygiene which is leading to an increased demand for packaged

goods and a shift from loose buying

The spread of education particularly among housewives has swung the trend in

purchasing from loose to pre-packaged and branded products from tea to ketchup and

noodles The market share of packaged edible oil has increased from 20 in 1998 to 26

in 2005 Todays consumers are finding packagmg as value addition [The Times of India

(TOI)2005]

Ramaswamy and Namakumari ^ conclude that packaging must be able to stand out

from other packages This can be accomplished by the use of colour shape copy

trademark logo or additional features This aspect of packaging was exploited by

Hindustan Levers Le Sancy soap with its unique bean shape which was packaged in

transparent polj^hene to exhibit its shape Customers could experience the unique shape

colour and appearance for the first time in the product of soap This package strongly

influenced the high trail purchases

In their earlier study Alsop and Abrams found that ease of storage is one of the

important features of package in influencing buying decisions

Ajarekar has come with the conclusion that the package must be able to

communicate its message to the buyers All the necessary information must be clearly

visible and highlighted by colour or design to make direct and indirect communication

effective

Ramaswami and Namakumari^ argue that it is necessary to assess the reaction of

consumers to a package periodically and adapt it accordingly Consumers may have their

own preferences covering (a) package size (b) package shape (c) packaging materials

used (d) package graphics etc Marketers must assess consumer preferences on the one

44


hand and cost and availability aspects on the other hand in order to provide the consumer

with the best possible package An effective package can be an efficient mass-selling

medium and it is often worth more attention and money that are now devoted to it by most

companies

According to the study of Alsop and Abrams 19 of consumers refiised to buy

the brand in a poor package again while 24 said they would buy it cautiously or in a

different type of package Their research further revealed that most important package

characteristics to consumers are storage life of any unused portion the ability to recognize

the contents by looking at the package and its graphics resalability and ease of storage

Shapiro^ has given the opinion that increased competition is forcing brand

managers of consumer goods to alter the portfolio of the package sizes they offer

Although some managers assume that larger package sizes encourage consumers to use

more (per usage occasion) than smaller package sizes and these assumptions are

becoming a source of controversy They suggest that compared to small packages large

packages might be expected to encourage greater use because consumers would be less

concerned about running out of the product The greater the supply of a product (eg

large package) the lower the transaction (replacement) costs for using the product and the

greater the volume people are willing to use Another possible reason that has not yet been

investigated is that unit costs often vary inversely with package size Because products

from large packages are generally less expensive (per unit) than those from small

packages They may be used in greater volume

Hoch has concluded that the large packages of familiar branded products

encourage more use than do small packages The study shows that as the size of a package

increases so does the volume of the product that a person uses And also the notion that

perceptions of a packages imit cost can influence usage and operate independently of the

package size itself

Mitchell^ says that a successful brand could gain impetus from irmovative

products andor process Product innovations may be in the form of product improvements

or development of new products Process innovation is the improvement in the operation

process integration of the operation steps leading to reductions in cycle time or

reductions in the number of process steps that improve the operations efficiency and

effectiveness However the importance of irmovation or simply admiring its usefulness

will not serve the dream of being innovative A firm needs to have a strategic know-how

system in place to put the mnovations into use

45 i


Fraser^^has argued that the innovation can be one of the ways that marketers can

differentiate themselves from their competitors The creation of an innovative

productservice can potentially provide marketers with a sustainable competitive

advantage

Webster^ draws the conclusion that the innovation refers to the extent of the

unique product service process or approach a firm is able to achieve Innovation is

concerned not only with the finished product but also with the value-creating processes

23 PRICING Shapiro argued that pricing is an important decision area of marketing It is the

only element of the marketing mix that generates revenue and all the other elements

involve cost Price is also one of the most important market place indicators

Lichtenstein Ridgway and Netemeyer opine that the all pervasive influence of

price is due to the fact that the price factor is present in all purchase situations and

represents to all consumers Although it is believed that price serves as an indicator of

quality there exists no general price-perceived quality relationship

Erickson and Johansson in their final conclusion that the price becomes a less

important indicator of quality in the presence of other product quality indicators such as

brand name or store image

Zeithaml^^says that the use of price as an indicator of quality depends on the

following The availability of other indicators to quality (a) The price variation within a

product class (b) The product quality variation within a product category (c) The

level of consumer awareness about price (d) The consumers ability to distinguish quality

variation in a product group

Scitovsky^ argued that the price is identified as an important index of quality In

his view the word cheap usually means inferior quality

Leavitt^ôbserved that in one of the pioneering studies on price-perceived quality

relationship the buyers tended to have doubts when they chose the lower priced brands

than in the case of higher-priced brands He concluded that a higher price might

sometimes increase the buyers readiness to buy

46


Gabor and Granger^^ concluded that the price would be an indicator of quality for

commodities such as textile products where quality cannot be ascertained by sight and

where owing to changes in technology and fashion past experience was of little use

McConnell^^ examined the relationship between price and the quality of beer

which is a frequently purchased consumer product He found that the buyers used price as

an indicator of product quality With a homogeneous product and various unknown brand

names buyers perceived the highest-priced brand to be of better quality than the other two

brands He concluded that price without any other indicator was an effective measure for

brand evaluation However Shapiro warned marketers that the concept of price as an

indicator of quality should not be applied indiscriminately in making pricing decisions

In an experimental study Gardener explored the degree of price-quality

relationship for three products toothpaste a mans shirt and a suit He concluded that

while price did not affect the perception of product quality in case of all the three

products whether branded or not it did affect the willingness to buy a shirt

Lambert^ says that the Consumer choices regarding price might be influenced by

the following product-specific factors (a) Buyers confidence in the predictive value of

price (b) Perceived consequences of making a poor brand choice (c) Amount of

brand-to-brand variation in product quality (d) Social importance of the product (e)

Difficulty encountered in making quality judgments (f) Ability to assess product quality cry

Shapiro sought to determine whether price would act as a communicator of

quality and ascertain the reasons for consumers judging the product quality by price by

determining the correlates of price reliance It was found that for most of the dimensions

such as quality durability looks or fragrance the number of buyers ranking the high-

priced product better than the low-priced product was greater than the number of buyers

ranking the low-priced product better than the high priced product

In the final opinion of Shivdasani on price and quality is that they are linked

together in the mind of the consumer Price plays different roles in the purchase-decision

process In traditional economic theory since higher price has a negative impact on the

consumers budget price has a negative influence on his buying decision

Monroe and Krishnan opine that a behavioral perspective price may be

perceived as a product quality indicator Therefore price may be viewed either as an

indicator of sacrifice or as an indicator of quality or both

Rao and Monroe ^ found that price increase might play a positive or a negative

role in the purchase-decision process People are more likely to use price as an indicator 47


of quality for expensive products As price increases the risk of an incorrect decision

increases and the buyer is often less familiar with the product because of the infrequency

of purchase

In the Indian scenario Mehta Parasuraman and Ambarish Kumar^^ conducted an

experimental study to find out the relationship between quality and price and to examine

the consumers brand choice with respect to ready-made shirts The study indicated that a

majority of the buyers perceived some quality difference between the two shirts which

were identical in all respects except for the brand names The study revealed that the name

of a well-known brand induced the consumers to be favourably disposed towards that

brand in terms of quality and price perception and they were willing to pay a higher price

for the well-known brand

24 PROMOTION

According to Kotler^^ sales promotion consists of a diverse collection of incentive

tools mostly short-term designed to stimulate quicker andor greater purchase of

particular productsservices by consumers or the trade

Roger Strang has given a more simplistic definition ie sales promotions are

short-term incentives to encourage purchase or sales of a product or service Hence any

forms of incentives (price cut or value added nature) offered for short period either to

trade or consumers are considered as sales promotion activities

Blattberg and others opine that Sales promotions are action-focused marketing

events whose purpose is to have a direct impact on the behavior of the firms customers

There are three major types of sales promotions consumer promotions retailer

promotions and trade promotions Consumer promotions are promotions offered by

manufacturers directly to consumers Retailer promotions are promotions offered by

retailers to consumers Trade promotions are promotions offered by manufacturers to

retailers or other trade entities

Huff and Alden observe that throughout the world sales promotions offered to

consumers are an integral part of the marketing mix for many consumer products

Marketing managers use price-oriented promotions such as coupons rebates and price

discounts to increase sales and market share entice consumers to trial and encourage

them to switch brands or stores Non-price promotions such as sweepstakes fi-equent user

clubs and premiums add excitement and value to brands and may increase brand

attractiveness In addition consumers like promotions They provide utilitarian benefits

such as monetary savings increased quality (higher quality products become attainable)

48

J


and convenience as well as hedonistic benefits such as entertainment exploration and

self-expression

Aradhna Krishna and others^ opine that sales promotions have become a vital tool

for marketers and its importance has been increasing significantly over the years In India

sales promotions expenditure by various marketing companies is estimated to be Rs 5000

crore and the emphasis on sales promotion activities by the Indian industry has increased

by 500 to 600 percent during the last 3 to 5 years (Economic Times June 15 2003) In the

year 2001 there were as many as 2050 promotional schemes in the Rs 80000 crore

FMCG Industry

Kotler opine that the given the growing importance of sales promotion there has

been considerable interest in the effect of sales promotion on different dimensions such as

consumers price perceptions brand choice brand switching behaviour evaluation of

brand equity and effect on brand perception and so on One of the purposes of a consumer

promotion is to elicit a direct impact on the purchase behaviour of the firms customers

Blattberg Bnesch and Fox emphasise that research evidence suggests that sales

promotions positively affect shot-term sales Research on price promotion has consistently

reported high sales effect and high price elasticity for brands which are on promotion

Aradhna Krishna says that the studies have shown that price promotions enhance

brand substitution within a product category affect aggregate sales and significantly

affect stock piling and purchase acceleration However there have also been studies that

suggest that sales promotion affects brand perceptions Researchers have found out that

promotions especially price promotions have negative effect on brand equity

In a study Schultz^ argues that over dependence on promotions can erode

consumers price-value equation

The result of a study by Jeddi indicates that in the long term advertising has a

positive effect on brand equity where as price promotions have negative effects

Similarly Yoo and others^ opine that based on structural equation model

suggests that frequent price promotions such as price deals are related to low brand

equity where as high advertising spending high price and high distribution intensity are

related to high brand equity There is also a managerial belief that if a brand is supported

with frequent promotional offers the equity of the brand tends to get diluted

Yoo and others have argued on the contrary that there have also been studies that

indicate brands benefit from promotions Among all the elements of marketing mix sales

promotions have long-term influence on brand equity

49 I


Mariola amp Elena suggested that monetary and non-monetary promotions are

useful to create brand equity because of their positive effect on brand knowledge

structures

Barbara Khan and Jagmohan Raju^deg encompass that an effect of promotions on

variety seeking and reinforcement behaviour has also been studied The importance of

consumer sales promotion in the marketing mix of the fast moving consumer goods

(FMCG) category throughout the world has increased Companies spend considerable

time in planning such activities However in order to enhance the effectiveness of these

activities manufacturers should understand consumer and retailer perceptions of their

promotional activities

Moreau Aradhana Krishna Bari Harlam^ have given outlook that in India fast

moving consumer goods (FMCG) category has witnessed an outburst of sales promotion

activities in the post-liberalization era and studied differing perceptions with respect to

price promotion from the point of manufacturers retailer and consumers

Campbell and Diamond set up that there have been very few discussions in sales

promotion literature about how different types of promotions may be classified One

dimension which has been suggested to classify different promotions is the price versus

non-price nature of the promotion

Cooke has given the opinion that the Price promotions are defined as

promotions such as coupons cents off refunds and rebates that temporarily reduce the

cost of the goods or service These promotions focus on the reduced economic outlay

required to obtain a good or service

Cooke states that the Non-price promotions has defined as promotions such as

giveaways or contests in which value is temporarily added to the product at full price

Although a wide variety of price and non-price promotions are launched in the market

Blattberg and others view that the most of the academic research on promotions

has focused on price promotions namely price offs and coupon offers

Smith and Sinha presented that the promotional tools such as free gift offers

exfra product offers are increasingly being used in the market place In recent years

researchers have started comparing consumer response to different promotions eg price

promotion versus premium promotion or extra product promotion versus price promotion

These researchers have found that different types of promotions create differential

response from the consumers

50

p


Reichheld and Sasser have originated that the customer retention helps increase

revenue through increases in sales volume andor premium prices as well as reducing the

expenses or costs of generating those revenues An increase in retention rate has been

argued to have led to a corresponding increase in profit

Reichheld has identified six economic benefits of retaining customers (1)

savings on customers acquisition or replacement costs (2) a guarantee of base profits as

existing customers are likely to have a minimum spend per period (3) growth in per-

customer revenue as over a period of time existing customers are likely to earn more

have more varied needs and spend more (4) a reduction in relative operating costs as the

firms can spread the cost over many more customers and over a longer period (5) free of

charge referrals of new customers from existing customers which would otherwise be

costly in terms of commissions or introductory fees and (6) price premiums as existing

customers do not usually wait for promotions or price reductions before deciding to

purchase in particular with new models or versions of existing products

Reichheld has given the opinion that even if not all customers prefer long-term

relationships there are those who prefer stable long-term relationships inherently spend

more pay promptly and require less service Long-serving employees generate several

economic benefits not only that they are much better at finding and recruiting the best

customers but they retain customers by producing better products and value and they are

sources of customer referrals

Reichheld^ offered strategies that measure retention in terms of both crude and

weighted rates This involves interviewing former customers customer complaints and

service data and identifying switching behaviour With the use of computers firms should

have little difficulty in calculating and reporting both crude and weighted rates In

addition to measuring retention firms should consider interviewing former customers in

order to learn their reasons for defecting Customer defections may have been caused not

by the firm itself but by factors beyond its control

Reichheld^ identified six types of defectors (1) price - for a lower price (2)

product -for a superior product (3) service - for a better service (4) market - for a

different market for example a transport company which has moved out of road haulage

and therefore no longer buys trailers (5) technological - a customer that has converted

from using one technology to another and (6) organizational - switches due to political

pressure

5 1 I


Rosenberg and Czepiel^^ have orated that it is probably unreaUstic to expect all

customers to stay indefinitely Not only do customers buy on a portfolio basis but firms

have to accept that a proportion of their customers will leave from time to time for a

number of reasons A strategy that would enable firms to cope with this situation is

customer portfolio management It involves an analysis of the firms customer portfolio

with a view to creating a specified balance of customer groups before reorganizing the

firm for customer retention Some examples of retention tactics are giving product extras

reinforcing promotions providing sales force connections providmg specialized

distribution and providing post-purchase communication Reorganization for customer

retention involves setting an acceptable target for customer turnover establishing

executive accountability for keeping customers and improving internal coordination by

targeting promotional strategies towaids repeat usage

25 DISTRIBUTION

Stem El-Ansary and Coughlan have concluded that the distribution intensity has

been commonly defined as the number of intermediaries used by a manufacturer within its

trade areas Ideal distribution intensity would make a brand available widely enough to

satisfy but not exceed target customers needs because over saturation increases

marketing costs without providing benefits The use of too few intermediaries can limit a

brands level of exposure in the marketplace However using too many intermediaries can

be detrimental to the brands image and its competitive position Exclusive distribution

in relation to intensive distribution has been examined in the economics literature In

opposition to traditional economic theory many economists now argue that exclusive

distribution can have pre-competitive effects when intermediary support is critical to the

success of the brand High distribution intensity may promote sales in the short run but

long-term results are less clear

It is evident from the above review that the works on marketing strategies throw

light mainly on general theme of and functional aspect of marketing strategies and

elements of marketing mix


There are several studies on consumer orientation of marketing retention of

consumers relationship marketing and consumer involvement and related reports which

52


have gained a prominent place in formulation of marketing strategies A brief review of

literature on the above aspects is given below

Ruekert has given the opinion that for over 40 years the marketing concept has

been described as being the management philosophy that focuses on satisfying customer

needs and wants based on customer knowledge Recently however within the academic

literature increasing attention has been given to the concept of market orientation This

revival of the attention for a market orientation has been driven by enviroimiental

changes a more competitive international market place increasing pace of changing

technology a shortening of product life cycles and a decrease in customer loyalty

Kohli and others are given the opinion that empirical evidences support that the

market orientation is positively associated with superior performance As a result

businesses recognise that a focus on the customer and the markets they serve may result in

long-run competitive advantage and superior profitability

Days^^ opinion on market orientation is represented in three principal features

ie a set of beliefs that put the customers interest first the ability of the organisation to

generate disseminate and use superior information about customers and competitors and

the coordinated application of inter functional resources to the creation of superior

customer value

In the final opinion of Webster^ on market oriented organisation marketing is no

longer the sole responsibility of specialists Rather everyone in the firm is responsible for

understanding customers and delivering superior customer value

This study has been performed in order to gain insight into the extent to which

KSampDL maintains a marketing orientation in responding to enviroimiental changes and

into the relationship between marketing orientation and performance This project aims at

examining the marketing environment approaches to marketing the organisation and

responsibility for marketing activities and the marketing strategies adopted by KSampDL

Customer retention can be seen as the mirror image of customer defection where a

high retention rate has the same significance as a low defection rate Defining customer

retention in terms of percentage share of customer savings borrowing spending or

purchasing may be more usefial instead of in terms of the absolute numbers of customers OR

Storbacka found that 20 of their customer base accounted for 90 of their total

customer base profitability Hence customers ftom the remaining 80 of the customer

base were either unprofitable or contributed to an insignificant amoimt of profit

53

bdquo ir


Reichheld^^ concluded that the high proportion of new customers could bring

down the rate of retention and vice versa Moreover defection rates tend to be much

higher for new customers than long tenure customers

Reichheld^ and Dawkins have found that the tangible advantages of retaining

customers into prominence They claimed that a 5 increase in retention rate led to an

increase in the net present value of customers of between 25 and 85 in a wide range of

industries from credit card to insurance brokerage and from motor services to office

building management Despite its potential benefits customer retention did not obtain

much attention in strategic or marketing plaiming processes

The end goal of a firms marketing activities is making profit Fornell and

Wemerfelt^^ emphasized that marketing resources may be better spent on keeping

existing customers than acquiring new ones This was based on the assumption that

existing customers are profitable and they cost less to keep than to replace Firms

therefore have to be aware of the profitability of not just their products but also their

customers

BlattbergRC and Deighton J ^ Customer retention clearly deserves some

attention and should form a part of a firms strategic marketing goals rather than simply

being seen as the end result of good marketing management

Reichheld^ has given the opinion that the objective of many marketing strategies

in the last 10 years has been building the customers commitment to a brand or a dealer

This has taken three forms (a) Creating customer satisfaction - delivering superior quality

products and services (b) Building brand equity - the sum of the intangible assets of a

brand Factors that contribute to this are name awareness perceived quality brand

loyalty the associations consumers have towards the brand trademarks packaging and

marketing channel presence

Peppers and Rogers opine that creating and maintaining relationships - Success

with any of these strategies will result in high levels of repeat purchase insulation from

price increases and improved responsiveness to marketing communications by customers

Relationship marketing sought to build interdependence between partners and relied on

one-to-one communications historically delivered through the sales force With the

grov^^h of marketing databases and the Internet the ability to reach customers individually

became a viable strategy for a wide range of firms including consumer products

companies

54

r


Reichheld^ claimed that even small improvements in customer retention can as

much as double company profits This is because 1 It costs less to serve long-term

customers 2 Loyal customers will pay a price premium 3 Loyal customers will generate

word of-mouth referrals to other prospective customers

Finn^deg^ argues that though consumer involvement can take place at various levels

other than product level of motivation results from product attributes and relatedness of

the product to the consumers psycho social wants and needs It has also been identified

that products which are highly priced having complex features and high perceived risk

generate high involvement levels from the consumers

Saxena^ has concluded that the consumers express low involvement levels for

products which are generally low priced have simple features and low perceived risk

Thus the level of consumer involvement is dependent on the product

Alreck^ in his argument says that the age affects consumers self concept and life

styles and carries with it culturally defined behavioral and attitudinal norms Age

determines the consumption of various products media and shopping centers and has

been used by marketers to segment the markets

Jain and Sharma^ have found that the age also influences the level of consumer

involvement Though age forms a part of ones stage of family life cycle yet it is in itself

an important factor for various Products

Sanjay^deg has argued that men and women possess unique personality traits

interests knowledge judgment capabilities and social status Hence both sexes process

and evaluate products differently

Jain and Sharma^ have initiated that there are differences in the involvement

levels for various products between men and women

Jain and Sharma have concluded that the income of the family combined with

familys accumulated wealth determines the purchasing power However income enables

purchases but does not generally cause or explain them It is likely that the occupation and

education dnectly influence the preferences for products media and activities Income

provides the means to acquire them Occupation is strongly related to education and

income Various studies have found differences in consumption of products with

differences in the occupations

Jain and Sharma have gathered a minimal support for the argument that

consumer involvement differs for differences in consumers occupation However it may

55


be speculated that the differences in the involvement levels of consumer would be

influenced by different occupations

Varadarajan^^has concluded that the discipline and practice of marketing has been

undergoing a period of metamorphosis over the last four decades

Morgan^^ indicated that durmg 1970s marketing was imresponsive to greater

societal issues and during the 1980s marketing caused discontent by over-segmenting

markets and overstating the value of consumers expressed needs

Homburg and others^^drawn the conclusion that the importance and value in

studying the contribution and influence of marketing within the organization is therefore

fundamental They outlined as organizations evolve the importance of all functional

departments will inevitably be diminished Some functions will be relatively more

powerful than others - that is they will control more resources and have more influence in

the strategy dialogue

Christopher has argued that the significant cultural social demographic

political and economic influences during the last decades of the 20 century combined

with rapid technological advances have radically transformed the consumers needs

nature and behaviour The new consumer has been described as existential less

responsive to traditional marketing stimuli and less sensitive to brands and marketing cues

while the influence of family or other types of reference groups on the new consumers

behaviour is changing or diminishing

Christopherôpine that more researchers share the view that the modem

consumer is different demanding individualistic involved independent better informed

and more critical A factor underlining the change is the increasing consumer power and

sophistication due to wide availability of affordable personal computing power and easy

access to online global commercial firms networks databases coriiminutes or

marketplaces These developments have intensified the pressure on marketers to switch

from mass marketing approaches towards methods allowing personalization interaction

and sincere direct dialog with the customer Such approaches allow marketers not only to

improve communications with their target groups but also to identify the constantly

changing and evolving customer needs to respond quickly to competitive movements and

to predict market trends early and accurately

According to Trott^ Organizational competence affects firm performance and

can explain sustained performance differences among firms due to slow diffusion of best

practices and difficulties in imitation of complex organizational capabilities There are

56


specific requirements to support organizations innovativeness such as an orientation

towards long-tenn profits the ability to identify threats and opportunities acceptance of

risk uncertainty and change teamwork using a diverse range of skills slack receptivity

and a strong commitment to technological development

For teamwork to succeed Hoegl and Gemuenden^^ emphasize the need for team

cohesion and commitment existence of an open level of commimication between team

members good coordination of tasks member contribution corresponding to personal

knowledge and mutual support within the team

Banerjee and Banerjee say with the population of over one billion India is on

the threshold of becoming one of the worlds foremost consumer markets About a quarter

of this huge mass of consumers is urbanized and about three-quarters are rural Over the

years the retailing infrastructure that has proliferated in India is characterized by a high

degree of fragmentation as compared with many developed nations There are an

estimated 10 million operational retail outlets in India of which 68 are in rural areas

The challenge lies in identifying the key drivers that steer the Indian consumers

perception and behaviour when it comes to their shopping needs

Mahalingam has argued that about a half of Indias rural population do not have

access to good roads and infrastructure They are relatively poor and so have limited

spending power Easy finance associated with rising income has caused a major boom in

the discretionary income of the middle class This has led to heightened consumer

expectations 19T

Lakshminarayan conclude that the changing life styles of the Indian population

are likely to boost the sales of packaged products It is estimated that the Indian food

industry would grow to $140bn in the next 10 years creating wealth from what is waste

today

Mahalingam has given the opinion that the realizing the potential of the rural

market HLL launched project Shakti 3 years ago to target villages having a population of

less than 2000 by appointing rural women as retailers of their products Today such

13000 retailers are operating in 12 states of India and contributing 15 of the companys

rural sales (Srinivasan 2005) The HLL will cover half a million villages in 2010

Sayulu and Ramana Reddy ^ suggest that the rural market offers a very promising

future for the marketing of consumer goods But this rural market has certain

characteristics that hinder marketers from exploiting the opportunities provided by this

huge market These characteristics are (a) low literacy (b) ignorance of their rights as 57


consumers (c) low purchasing power (d) indifference to quality or standards and (e) lack

of cooperative spirit

Ramana Rao^^ôbserves that the marketing boom in the rural areas is caused by

such factors as increased discretionary income market surpluses rural development

schemes improved infrastructure increased retailing and retailers increased awareness

expanding TV Networks liberalized government policies for rural development emphasis

on rural markets by companies new entrepreneurship competitive and creative sales

promotion the packaging revolution and changing life styles The new generation in the

rural areas considers itself to be like the urban generation

Sudhakar^^ observes that the process of evolution of the urban markets is being

replicated in rural India both for international brands and home-grown products

The above review shows that the studies made on market orientation and related

aspects are of general nature and the research orientation is lacking


There are a few studies on the grov1h and development and marketing strategies

of toilet soap industry In what follows is a brief review of the literature on the topic

Sonal kureshi in report entitled Exploratory study on sales promotion activities

in toilet soap category An insight in to consumer and retailer perceptions opines that

both retailers and consumers perceived that sales promotion activities carried out by the

companies for increasing sales in short term and clearing stocks What it implies is that

companies need to use sales promotion synergistically and communicate so that they

provide value to the audience and enhance brand qualityimage perceptions

58


Yogin^^ in his work Changing Indian Rural Consumer Behavior-Soaps and

Detergents observes that Indian consumer behavior is aimed to get a better

understanding of the Indian market place thus enabling them to embark on selected

strategies to effectively reach the Indian RURAL consumers From the market

perspective people of India comprise different segments of consumers based on class

status and income An important and recent development in Indias consumerism is the

emergence of the rural market for several basic consumer goods Three-fourths of Indias

population lives in rural areas and contribute one-third of the national income India is a

lucrative market even though the per capita income in India is lov and it remains a huge

market even for costly products

Mr Dalip Sehgal^deg Managing Director GCPL stressed Business Line There is

a large market for personal care products in Latin America Outside India Brazil is the

second largest market for toilet bar soaps With a mix of both mass market and a premium

market at the top end these are high growth markets with large populations and good per

capita income and GDPThe Godrej group is on the lookout for personal care companies

manufacturing toilet bar soaps in Latin America After India Brazil is the next largest

market for toilet bar soaps followed by Asian countries such as Indonesia while it is liquid

soap brands which dominate in Europe and America In the Rs 8500-crore domestic toilet

soaps market GCPL has gained one per cent share during the quarter ended in March for

the category Its Godrej Nol brand is the third largest today with a value share of 105 per

cent after HULs Lux and Lifebuoy

Fierce^ in his article Competition in Indian soap market emphasised on the

Indian toilet soap market which has been described as a perfiimed rat race by a local

industry spokesman since it is highly price competitive and oversupplied and likely to

become more so as new capacity comes into production National companies with their

own or franchised international brands jockey for market leadership against state or

regionally based companies with high local consumer loyalty Total aimual soap sales by

companies marketing their brands at national or state levels is estimated at 14000 tones of

a total soap market considered to be about 126000 tones

The London School of Hygiene and Tropical Medicine^^ in their article The

Global market for soaps concluded that the market for soap products is largely matured

in developed market and displays stagnant growth The growth potential in developing

country is huge but there are many obstacles to expansion

59


Mr Pravin Tripathi^^ observes in his article study on opportunities for GMCG

products in rural areas that Hindustan Unilever Products are the most known and

popular brand of FMCG products in rural market followed by Dabur ITC and Procter and

Gamble Because of huge product line cheaper cost brand loyalty good pubJicity and

advertisement

Mr Hitendra Bargal^ has given the opinion in his report Promotion of soap

brand in rural market India that the language and content must be according to the

suitability of rural environment background figures are also a deterministic factor

admissibility of brand ambassadors plays an important role in this regard and special

promotion measures are the strong applicable factors in this regard

Miss Prathiba HL has concluded that the pears soap ranks high quality

composition etc It is observed that pears soap has maintained better product image

among the persons who have uses it and are using it The company has also vast network

of salesmanship It is also observed that pears soap is facing competition from numbers of

other soaps both in price and quality Therefore it is immensely necessary for both

producers and dealers to see that competitive efficiency of product is kept high

Chandrabha Barua^ ^ has concluded that KSampDL is a consumer oriented company

it manufactures Mysore sandal soap (75 grams) to satisfy the consumers needs It has to

go for some changes like reduction in price and change the packaging style come up with

some other variety in flavours and colour etc It should mould itself to the modem

marketing concepts like customer relationship management and consumer focused

marketing

Dipendra has drawn in his article that HUL is the market leader in the FMCG

sector in India Lifebuoy soap brand market leader at Indian Urban and Rural Areas Most

of the customers are satisfied with the performance of Lifebuoy soap and their other

products Approx 70 customers have positive and 30 customers have negative attitude

in support of preference to Lifebuoy soap and the other products of Lifebuoy Customers

awareness level is better in India Lifebuoy soap is improving health amp hygiene for over

100 years in India and all over world

httpwvvrwnaukrihubcomindiafmcgoverviewsoaps^^ reveals that in India

soaps are available in five million retail stores out of which 375 million retail stores are

in the rural areas Therefore availability of these products is not an issue 70 of Indias

population resides in the rural areas hence around 50 of the soaps are sold in the rural

markets With increase in disposable incomes growth in rural demand is expected to

60

Jlt Chapter 2 ^ S S Literature Review

increase because consumers are moving up towards premium products However in the

recent past there has not been much change in the volume of premium soaps in proportion

to economy soaps because increase in prices has led some consumers to look for cheaper

substitutes

httpwwwdetergentsandsoapscomindustry-overviewhtml quotes that the

market size of global soap and detergent market size was estimated to be around 31M

tonne in 2004 which is estimated to grow to 33M tonne by 2008 Toilet soaps account for

more than 10 of the total market of soap and detergents In Asia even though the

countries like China and India are showing rapid growth in the toilet soap section the

Japanese toilet soap industry is showing signs of decline due to the preference of

consumers for liquid soaps This trend is also observed in other developed markets like

the US and Europe which is adversely affecting the toilet soap industry Market share of

body wash was estimated to be around 2 in 2004 and is showing signs of healthy growth

in these markets X - i ^ U- O

httpwwwdetergentsandsoapscomindustry-overviewhtml presents that the

major products of soap and detergent industry include soaps laundry detergents

dishwashing detergents household-cleaning products hair cleaning products and

toothpaste Laundry detergents account for 40 of the overall market while soaps for 20

and dishwashing detergent for 15 laundry detergents come in powder as well as

liquid form and may contain also contain bleach additives or color brighteners

Christ college institute of management organisation structure study concluded

that it is a company wholly owned by government so it has to follow the rules made by

the government The company is under utilizing its capacity Its production is based on

old technology which leads to more wastes in the production process Consumer

awareness of its products is very less except for Mysore Sandal soap Its products are not

available easily in district places of states other than Kamataka There is mismatch in

production amp sales activity Recruitment in the company has been stopped since 1988 due

to some circumstances and recruitments are taking place only in some departments

The review of the studies on the marketing strategies in soap industry reveals that

the most of the studies are on soap and detergents in general Only a few studies are on

toilet soap manufacturing in general and KS amp DL in particular Further these studies are

mainly in the form of reports and articles Research orientation in these studies is lacking

Therefore there is immense need to conduct a comprehensive research on marketing

strategies of toilet soap manufacturers Kuvemou University Library Jnana Sahvaari Shankaraghatta

61


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April 28 2010

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Antecedents of Consumer Involvement An Exploration Vision January - June

pp13-24

110 Sanjay Putrevu (2001) Exploring the Origins and Information Processing

Differences Between Men and Women Implications for Advertisers Academy of

Marketing Science Review p 10

111 Jain K Sanjay and Kavita Sharma (2002) Relevance of Personal Factors as


pp13-24

112 Ibid Op Cit Vision January - June pp13 - 24


114 Varadarajan PR (1999) Strategy content and process perspectives revisited

Journal of the Academy of Marketing Science 27(1) pp88-100

115 Robert M Morgan and Shelby D Hunt The Commitment-Trust Theory of

Relationship Marketing The Journal of Marketing Vol 58 No 3 (Jul 1994)

69 I


pp 20-38 (article consists of 19 pages) Published by American Marketing

Association

116 Homburg Christian John Workman and Harvey Krohmer (1999) Marketings

Influence With in the Firm Journal of Marketing 63 (April) pp 1-17

117 Christopher M (1989) The Existential Consumer European Journal of

Marketing Vol 23 N 8 pp80-84

118 Ibid Op Cit Vol 23 N 8 pp80-84

119 Trott P (2005) Innovation Management and Product Development (3rd ed)

Pearson Education

120 Hoegl M and HG Gemuenden (2001) Teamwork quality and the success of

innovative projects A theoretical concept and empirical evidence Organization

Science 12 (4) pp435-449

121 Banerjee A amp Banerjee B (2000) Effective retail promotion management use of

point of sales information resources Vikalpa 25 pp54-55

122 Mahalingam TV (2007) Salvation in a sachet Business Today 11 February pp

98-102

123 LakshminarayanTV(2001) India wastes 70000 cr worth food articles The

Tribune

New Delhi 15January p 8

124 Mahalingam TV(2007) Salvation in a sachet Business Today 11 February

pp98-102

125 Sayulu K amp Ramana Reddy VV (1996) Socio-economic influences of rural

consumer behaviour- an empirical study Management Researcher 3 pp41-51

126 Ramana Rao PV (1997) Rural market problems and perspective Indian

Journal of

Marketing 11 pp17-19

127 Sudhakar BR (1997) Target the rural consumer The Times of India New

Delhi 11 March p 19

128 Sonal kureshi and Vyas preeta Exploratory study of sales promotion activities in

toilet soap category An insight in to consumer and retailer perceptions authors

and research associates at IIM Ahmedabad IndiaW P No2002-07-02 July 2002

129 Yogin Changing Indian Rural Consumer Behavior-Soaps and Detergents

130 Mr Dalip Sehgal Managing Director GCPL stressed Business Line Godrej scouts

70


for toilet soap brands in Latin America First Indian FMCG company to enter

this marketApr-2010

131 Fierce competition in Indian soap market Article from Cosmetics International

Article date February 25 1991

132 The London School of Hygiene and Tropical Medicine The global market for

soaps- A market research report pp no 4 to 39

133 Mr Pravin Tripathi guided by Mr Siddratha Varma IME Ghaziabad Study on

opportunity For FMCG products in rural areas

134 Mr Hitendra Bargal Research Associate IIM Indore Promotion of Brand in

rural market of India

135 Miss Prathiba HL commerce student of Acharya Tulasi National College of

Commerce Kuvempu University Shimoga Project report Topic Consumer

Behaviors towards Pears Soap Guidance of DrDM Basavaraj Professor of

Commerce 1995-96

136 Chandrabha Barua Topic A Study on consumer perception towards Mysore Sandal

Soap (75 grams) MS Ramaiah Institute of Technology Bangalore October 2004

137 Dipendra Market Strategies Of Hul For Lifebuoy Master Of Business

Administration [2008 - 2010] in Astha School Of Management Bhubaneswar

Under Biju Pattnaik University Of Technology Orissa

141 Christ College Institute of Management Organisation Structure Study 2009-10

Website 138 httpwwv^naukrihubcomindiafincgoverviewsoaps

139 httpwwwdetergentsandsoapscomindustry-overviewhtml

140 httpwwwscribdcomdoc19054886KSDL

71

P


CHAPTER - II

LITERATURE REVIEW

There has been a plethora of studies made on the areas of marketing strategies

Most of these studies are on conceptual and functional areas of marketing strategies

marketing mix factors market orientation etc Most of them are in the form of research

papers books published articles and reports etc Comprehensive study with research

orientation on marketing strategies of toilet soap manufacturing industry in general and

KS amp DL in particular is highly inadequate In this chapter an attempt is made to present

the review of available literature on the topic


MARKETING MIX

Several studies have been made on marketing strategies elements of marketing

mix and related aspects In what follows is brief review of such studies

Hill and Jones have given the opinion that a typical multi business company has

three main levels of management the corporate level the business level and the functional

level The reason underlying the popularity of this scheme is its ability to simplify distil

and aggregate complex strategy phenomena into a lucid and workable form for analysis

and interpretation Schwenk^ observes that the risk of oversimplifying general

interpretations strategy formation can be considered as a conscious process through

which a future plan is created and then acted upon and is independent of strategy

implementation Strategy formation is a process depending upon a pattern or stream of

decisions reflecting an identification phase development phase and selection phase of

strategy

Gerbing and others opine that the strategy process adopts the assumption of

decisional rationality where a systematic process is followed in establishing a logical and

sequential pattern of decisions from goal formulation through to strategic choice and

strategy implementation

Fredrickson considered strategy formation in terms of the comprehensiveness of

the processes involved and described it as the extent to which an organization attempts to

be exhaustive or inclusive in making and integrating strategic decisions In his research

he observed that a positive relationship exists between comprehensiveness and firm

37 I




















sales
















38 I








strategy










22 PRODUCT








competitors








39 i




pursued































40











security)








accounts)

















41



































42



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




















sales
















38 I








strategy










22 PRODUCT








competitors








39 i




pursued































40











security)








accounts)

















41



































42



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P








strategy










22 PRODUCT








competitors








39 i




pursued































40











security)








accounts)

















41



































42



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




pursued































40











security)








accounts)

















41



































42



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P











security)








accounts)

















41



































42



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



































42



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



































advertisements

43




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




increasing rapidly














(TOI)2005]













effective





44





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P





companies






















package size itself









45 i





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P





advantage

























46







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P







































of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




of purchase









24 PROMOTION























48

J



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



self-expression







FMCG Industry


























49 I




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




structures































50

p


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P


































pressure

5 1 I














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P














25 DISTRIBUTION



















52



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



















customer value
















53

bdquo ir
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P
















customers


















companies

54

r



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



































55




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




































56






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P






















expectations 19T




today

































58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P
























58



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



































59






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P






advertisement

















marketing













60





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P





substitutes































61


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P


References

Books





P41-552007


order





27 pp399-423









Publications




Strategies2007



33(12) pp1171-1202






pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



pp547-569


University Press



Irwin



alternative






Introduction)

Prentice Hall 1984 1987 1990 1993 1997 2000 2003 2005 2007 2009











963 - 996



21



63










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P










New Delhi




New Delhi


News 5 December p7


India






August-

September pp59-61


pp 18-23








64












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P












45(4) pp27-30






Price


Marketing





22









pp547-569

65 I






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P






















Business Review





Research38 pp47- 57



pp4-16





66




pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



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Commerce 1995-96










71

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pp4-16






selected








1991 pp316-337






31










services

I 6 7




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P




March-April pp64-73












p 15-33


propositions










services



March-April pp64-73



pp337-46

68



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



equity






Vol 9 Iss 5 pp672-688








April 28 2010


October pp891 -900



pp13-24






pp13-24







69 I



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



Association







Pearson Education



Science 12 (4) pp435-449




98-102


Tribune



pp98-102




Journal of



Delhi 11 March p 19






70



this marketApr-2010












Commerce 1995-96










71

P



this marketApr-2010












Commerce 1995-96










71

P

Documents

CHAPTER-II LITERATURE REVIEW - Shodhgangashodhganga.inflibnet.ac.in/bitstream/10603/79410/10/10_chapter 2.pdf · CHAPTER - II LITERATURE REVIEW ... Hill and Jones have given the opinion