SUMMER TRAINING REPORT ON

ASSESSING MARKET POTENTIAL OF CNG

ENGINE OIL

FOR

GULF OIL CORPORATION LIMITED

BY

NEHA

203

In Partial Fulfillment for the award of the degree

Post Graduate Diploma in Management

2009-11

New Delhi Institute of Management

50(B&C),60, Tughlakabad Institutional area, new Delhi-110062

E-mail: info@ndimdelhi.org Website: www.ndimdelhi.org

SUMMER TRAINING REPORT ON

ASSESSING MARKET POTENTIAL OF CNG

ENGINE OIL

FOR

GULF OIL CORPORATION LIMITED

Under the supervision

Of

C.JAYKUMAR

Regional Business Manager (North)

SUBMITTED BY SUBMITTED TO

NEHA TOMAR SIR

203

DECLARATION

I Neha student of New Delhi Institute of Management batch (2009-11) declare

that every part of the Project Report “To assess the market potential of CNG

Engine Oil in Lucknow ” that I have submitted is original.

I was in regular contact with the nominated guide and contacted thrice for

discussing the project.

Date of project submission:___________________

Faculty’s comments:

________________________________________________________________

__________________________________________________________________

__________________________________________________________________

CERTIFICATE

ACKNOWLEDGEMENT

First of all thanks to God for keeping me in good health throughout my

Research work during the scorching summer.

Secondly I would like to thank my Industry mentor, Mr. C.Jaykumar who

helped me a lot in the formation of the project. He was a constant source of

inspiration and motivation during all the time of project. His valuable feedbacks,

guidance and motivation helped me to accomplish my task.

Thirdly I would like to thank my Project Guide, Prof. Tomar on the completion

of my project. He supported and co-operated me throughout my project and always

gave me useful feedback whenever I felt sort of ideas.

Fourthly I would like to thank the other working staff whose co-operation in the

office as well as in the market was very encouraging and supportive.

I would like to thank my parent as well for providing me with constant

motivation during my whole project tenure.

Lastly I would like to thank each respondent for the valuable answers for my

project report.

EXECUTIVE SUMMARY

The research conducted basically focused on the assessment of the market potential

of CNG engine oil and market share estimation of the individual competitors. From

the data obtained after primary research it can be concluded that Lucknow has

ample scope in the CNG engine oil market with the market potential of 37kltrs

(approx.)

Study of the market share revealed that MAK GE is the market leader in the CNG

engine oil industry in Lucknow with the market share of 34%. Indian Oil

Corporation Limited and British Petroleum are the other companies performing

quite well with the market share of 22% each (approx.).

Through the market research it was also found that Lucknow has approximately

120 counters which are stocking CNG engine oil out of which only 40% entertain

the Gulf CNG supreme. There is approximately 1500 mechanic garages

specialized in CNG engine repairs including all big and small garages.

The customers of CNG engine oils are basically the auto drivers and the bus

drivers who are very Price sensitive customers. The trucks in Lucknow are still

diesel driven therefore the study of the buying behavior of truck drivers was out of

the scope of study.

The research came up with the astonishing fact that Castrol GTX is ruling the mind

of the customers by positioning itself as the premium product in the market. The

factors which guide the buying behavior of the customers are quality, price,

promotional activities and different schemes being offered in the market.

TABLE OF CONTENTS

1. Acknowledgement

2. Executive summary

3. Literature Review

a) Background of Gulf oil corporation Limited

b) Overview of the Lubricant Industry

c) CNG Engine Oil Industry- an upcoming industry

d) Government Policies or Taxation aspects.

4. Introduction to the Project

I. Topic

II. Research problem

III. Need of the research

IV. Objective

V. Job assigned

VI. Responsibilities

VII. Stages of the project

VIII. Activity sheets

5. Research

I. Scope of the research

II. Research methodology

III. Types of research

IV. Sources of data collection

V. Sampling technique

VI. Sample size

VII. Limitation of the research

6. My Findings

chapter 1 Competition in the CNG engine oil market

chapter 2 Market size estimation through primary data

chapter 3 Market size estimation through secondary data

chapter 4 Market share estimation

chapter 5 Comparing private share VS public sector

chapter 6 Competition within public sector

chapter 7 Competition within private sector

chapter 8 Impact of price on CNG engine oil market

chapter 9 Comparing price with the market share

chapter 10 Retailer’s and Dealer’s perception about the performance

chapter 11 Dealer’s perception about mechanics choice

chapter 12 Mechanic’s view: about engine oils

chapter 13 Price sensitivity

chapter 14 Recommendations for future schemes

7. Some important facts found

8. Recommendations

9. Appendix

10. Bibliography

LITERATURE

RIVIEW

GULF OIL CORPORATION LIMITED

About GULF in India

The Chemical Hub of Hinduja Group was created with Gulf Oil India Limited

merging with IDL Industries Limited from 1st January 2002. The merger has

enabled the Company to leverage the large marketing networks of lubricants and

industrial explosives businesses and achieve a turnover for the financial year

2008-09 of Rs.1000 crore (US$200 million). Exports accounted for 5% of the

turnover.

IDL Industries Limited was renamed as GULF OIL Corporation Limited with the

merger of Gulf Oil India’s business. A property Development Division was started

in the Company from 2006. With effect from 1st April 2008 the business of

specialty chemicals Division has been transferred to a 100% subsidiary – IDL

Specialty Chemicals Limited through a scheme of arrangement sanctioned by the

High Court of Andhra Pradesh at Hyderabad.

The activities of the current 4 operating Divisions are:

Lubricants Division

Manufacture, marketing and technical services in lubricants, greases, auto

accessories and car care products. Major exporter of lubricants from India.

Network of over 2000 distribution outlets in India.

Industrial Explosives Division

Manufacture, marketing and technical services in industrial explosives,

detonators, explosive bonded metal clad and special devices for Defense and

Space applications. The largest exporter of explosives products from India. Widest

marketing and sales network in India.

Mining & Infrastructure Contracts Division

Undertakes large scale mining services in coal, iron ore, limestone and bauxite

mines. Contracts in the infrastructure sector such as underground metro railways,

elevated highways, industrial structures / buildings.

Property Development

Development of large properties at Bangalore (Bengaluru) and Hyderabad into

SEZ, industrial parks and commercial conglomerates.

Lubricants

The Division was started in 1993 to manufacture and market lubricating oil and

greases. Within a short span of seven years, the Division has grown to become the

second largest lubricant oil manufacturer in the private sector in India. The Gulf

brand today is one of the best known brands with an expansive distribution

network spread across the length and breadth of the country.

With the wealth of the knowledge and experience of its principal, Gulf Oil

International, including a vast database of formulations running into thousands,

the Lubricants Division is well placed to cater to all possible applications in the

lube sector. The state of the art PLC controlled manufacturing facility ensures

highest product quality and reliability enabling the division to export its product

to many countries in Asia.

The Division is a regular supplier to almost all major automobile and tractor

manufacturers in the country and is approved by almost all major original

equipment manufacturers. With the recent marketing initiatives undertaken by

the Division, It is poised to take a significant share of the lubricating oil market in

the country and neighboring countries.

Over the last 2 years, this Division has been steadily diversifying into automotive

accessories such as various types of automotive filters and mechanic services in

large metropolitan cities for maintenance of passenger cars. It is also supplying

automatic greasing equipments to large garages which are now handling large

number of transport vehicles due to phenomenal increase in the medium and

heavy transport vehicles over the last 2-3 years in India.

Industrial Explosives Division

The Division has the country's largest explosives and detonators manufacturing

facilities (9 manufacturing plants and 6 bulk explosives support facilities) around

India. Its Hyderabad Plant is one of the largest detonator manufacturing facilities

in the world (192 million nos per annum). The other plants manufacture cartridge

explosives as well as intermediaries for site mix explosives.

The Division employs well-qualified, trained and experienced team of mining

engineers, operating in various regions of the Indian subcontinent with offices in

Hyderabad, Rourkela, Ahmedabad, Asansol, Barbil, Bilaspur, Chandigarh,

Dhanbad, Guwahati, Kolkata, Nagpur, Ramagundam, Ranchi, Satna, Siliguri,

Singrauli, Talcher and Udaipur, supporting a nationwide distribution.

A well-equipped and well-staffed R&D wing has succeeded in developing new

products in line with customer demands and in obtaining a large number of

explosives related patents in India and abroad. The R&D wing has been able to

commercialize several products for defense and space applications, explosively

bonded clad metal plates for chemical industries and ship building and recently

electronically programmable detonators used for precision blasting in mines.

The Division is the country’s largest exporter of explosives and detonators (CE

Certified) to 25 countries, which includes countries in the Far East, South East

Asia, Southern Asia, West Asia, Gulf, Middle East, North Africa and Southern

Europe.

Mining & Infrastructure Contracts Division

Mining Contracts

observing the need of efficient and well planned mining operations, IDL

consult division was formed in 2001. Since then the Division has expanded

its services in coal, iron ore, manganese, limestone mines. The Division

plans and operates the mines and currently handling about 60 million tons

of rock and ore annually.

The Division has also started taking up mineral screening and crushing in

the iron ore sector and planning for coal washeries in the near future.

We have prestigious contracts with:

• Coal India Limited, Kolkata

• Singareni Collieries Company Limited, Hyderabad

• National Mineral Development Corporation Limited, Hyderabad

• Aditya Birla Group, Mumbai

• Tata Steel Limited, Jamshedpur

• Patnaik Minerals, Orissa

• Adhunik Metalliks Group, Kolkata

Infrastructure Contracts

Projects executed / under execution:

•Large R&D building for Reliance Industries at Jamnagar, Gujarat

•Bridges and Culverts for Outer Ring Road Project in Hyderabad

•Various Quarry operations in the Road Projects under NHAI

•Advanced engineering work in Delhi Metro by controlled underground blasting

•Controlled demolition activities in Hyderabad and Kolkata by implosion

techniques.

•Infrastructure development for alumina plant in Orissa. The work involves

piling, construction of plants, workshop, residential colony, bridges for railway

and roads

The Division has plans to undertake various infrastructure activities in line with

the growth plans of the Indian Government.

OVERVIEW OF THE

LUBRICANT INDUSTRY

These are exciting time for the lube industry in India. Each one of the vast

contingent of 22 multinationals and a total of 80 big and small players are vying

for the pie of Rs.5.500 crore market. worldwide established brands , some of them

albeit new to India, like Shell ,Mobile ,Caltex ,Pennzoil are fighting it out with

established Indian brands like SERVO,MAK GE,CASTROL and others to

establish their foothold in the 6th largest lubricant market in the world. Compared

to the average world consumption of 35 million tons per annum & Asian pacific

region consumption of 7.5 million tones, the Indian lube industry with annul

demand of I million tone is just behind Japan and China in Asia having a demand

growth of 4% as compared to world growth rate ranging from zero to 2%.That is

the lube industry in India today.

Prior to the 1992, the lube industry in India was controlled by the 4four major

Public oil companies in India namely Indian oil, HP, BPC& IBP and handful of

private companies like Gulf, Castrol, Tidewater & other .With the distribution &

canalization of base oil import being controlled by the Government of India, the

PSU Oil Companies controlled 90% of the market share. The decimalization of the

lube base oil imports in 1993 by the Govt. of India followed by reduction of import

duty on lube base oils from 85% to 30% and gradual scrapping of administered

pricing observed the announcement of almost a new lube venture every month

during 1994. Most of the new entrants formed associations with Indian companies

both in the Private & Public sectors. All these new entrants are targeting for a very

small share of the market considering that even 1% market share means a sale of

Rs.55 Crores.

The Government policy of deregulation followed by entry of multinationals

through JVCs had its impact on the market dominance of PCUs. This had been

followed by entry of lot many players, each claiming to have some international

collaboration and a ‘foreign’ brand name. This had its initial impact and illusions

in the market and the market became more volatile. During these phases marketing

channels of distribution had drifted from petrol stations to bazaar trade. 

The Marketing Channels 

The marketing channels for automotive lubricants in India consist of the following,

Petrol Stations

Wholesale Distributors

Lube Oil Shops

Auto Spare Shops

Authorized Service Stations

Garages

Rural & Agricultural dealers

Super Markets.

Till recently, the Indian consumers linked filling of lubricants to that of petrol

& diesel in petrol stations. With the advent of deregulated market scenario & fierce

competition, efforts are being made to position lubricant as high involvement

consumer goods. Hence, the resultant drift towards the bazaar trade i.e., outside the

petrol stations. The sales of automotive lubricants through bazaar trade increased

from a mere 10% prior to 1993 to a handsome present level of 40% compared to

Worldwide Trend of more than 70%.In the developed World, because of high

degree of customer sensitivity & awareness, D0-it-Yourself (DIY) concept has

evolved for filling of engine oil. People buy from super markets & fill it

themselves. In India, this job is still left to the mechanics & service stations.

During these years this shift in trade had the following effects:

Decline in Market Share of PSU oil companies.

Market became heavily crowded & the industry got transformed into FMCG.

Dumping of products in the bazaar.

War of trade discounts resulting in rice war & lesser margins for dealers.

Entry of spurious lubricants.

Lubricant Industry Segmentation 

The lubricant industry can be divided into two major categories i.e.,

Automotive & Industrial brand of lubricants. The industrial segment basically

comprises of Core Sector industries like Defense, Railways, State Transport

Undertakings, Steel Plants, Coal Mines, Fertilizers, Power Houses and

Chemicals & Heavy Engineering Industries. In the industrial segment, the PSUs

could successfully maintain their stronghold due to the reasons that the

requirement is most end use specific, customer focused, productivity linked &

service oriented. Here, price, quality, performance track record, R&D

infrastructure for technology up gradation and product development for end use

specific application & after sales service play the most significant role &

FMCG techniques of promotion and creating illusions takes a back seat. Indian

Oil virtually dominated and continues to dominate this sector through their

proven track record of quality product and vast network of professionalized pre

sales & after sales services. But the automotive segment which accounts for

major share i.e., 67% of the lubricant market became soft target for new

entrants and here private sector players could immediately consolidate their

market share by adopting FMCG techniques. PSU oil companies in general and

IOC in particular initially restricted their channel of distribution through their

large infrastructure of marketing network i.e, petrol stations & distributor

network. The focus happened to be on ensuring quality & customer

accountability and restrict mushrooming of spurious trade in bazaar through the

marketing channels where some kind of control could be exercised by the

company. The major thrust put by Industry leader like Indian Oil at this

juncture was to promote brand visibility and creation of brand image through

endorsement, TV advertisements & image building at Retail sites. 

Strategic Business Plan 

The PSUs initially could not resist the onslaught of dumping in bazaar channels

and illusions created by FMCG practices but off late started regaining their lost

ground and to some extent restrict & arrest their decline from a level as high at

90% to 65%. In this front Indian Oil after emerging as India's largest commercial

organization and being the only company in the country to feature in the Fortune

Global 500 listing has adopted structured business plan approach to strike a

balance between conventional marketing channels (petrol stations)/distribution

network and parallel marketing channels (bazaar trade). The parallel marketing

channels chosen by the Company also adopted the path of brand image, customer

focus & customer accountability by way of putting up SERVO Premium Lube

Shops in the bazaar trade. The petrol stations are also simultaneously undergoing

major facelifts through implementation of the companies Vision-2000

modernization plan. By way of this modernization the customers will get the

opportunity to pick up all their convenience stores in the `Convenio' (departmental

store) put up at the petrol stations while filling up petrol, diesel & lubricants.

Strength of an Oil Company 

Manufacturing of quality lubricants is guided by two important parameters i.e,

resourcing of consistent premium quality base oils and incorporation of cost &

performance effective additive technology which is privy to the oil company

and is an effective tool to establish superiority over competitors. In this area R

& D effort plays a significant role as it has to be end use specific, location

specific, environment specific & at the same time cost effective. Just bringing

in imported technology without any own & defined resource of quality inputs

like base oil may not be suitable for Indian road/market conditions. Today,

technology has become so demanding and requirement is so stringent that

leading institutes like API (American Petroleum Institute) gives performance

approval on the basis of identification & sourcing of base oils. Their approval is

on crude specific, Refinery specific & base oil specific considerations. Bringing

in base oils taking leverage of decimalization of imports & reduction of duty,

putting up blending plants at Tax holiday locations to remain in the cut throat

competition & dumping may or may not yield far reaching benefits. The need

of the hour is long term commitment and not sheer opportunism and with more

competition expected in the coming years, customers will also realize impact of

such focused approach. 

The automotive lubricant trade is gradually becoming wiser today. The traders

now understand the benefits of stocking fast moving & familiar brands instead

of overcrowding the shelf space because there are very few companies in India,

who can make the entire range of automotive products available. It has also

been found by the trade that because of working capital constraints the new

entrants are increasing cash discounts resulting in price war and reduction of

dealer margins. For making all the products available at all times a company

would need to keep a high inventory commensurate with the sales volume for

which an additional working capital of at least 35% would be necessary.

Among the oil companies in India, established companies like IOC have good

financial resources, who can afford to keep such high inventories. 

R&D efforts & pursuits for excellence 

Technology was never in short supply in the field of lubricant market in India.

In fact it is at par with the latest standards, thanks to the import of technology

and the exceptional efforts made by companies like IOC in the field of Research

& Development of indigenous products meeting World standards. The biggest

& one of the best petroleum R&D in Asia accredited with ISO 9001 belongs to

IOC. This R&D has developed over 1500 formulations through their scientists

with state of the art technology and enjoys approval from competent bodies

both at National & International level. Through development of bio-degradable,

energy efficient & eco-friendly lubricants, Titanium complex grease, Indian

Oil's R&D won various laurels like prestigious DSIR award, NRDC award for

best invention, ICMA & FICCI award & UN-WIPO award. It has also got over

75 National & International patents including the US & Australia. Over the

years IOC's R&D has demonstrated its ability to develop World class lubricants

suiting Indian conditions. 

Quality & continuous technology up gradation is one of the key attention area

in this competitive environment and here also IOC scored very high among all

Oil Companies in India having secured ISO 9002 & ISO 14002 accreditation

for all its refineries, lube blending plants & QC labs. 

Conclusion : 

Lubricant market, in the last 5 years has seen severest turmoil and this phase

will continue for a year or two and then it is likely to stabilize. It is difficult to

predict what path it will undertake but one this is sure & certain that oil

companies owning refineries i.e., proven source of premium quality base stocks

(an essential component for manufacture of quality lubricants), sound R&D set

up with innovative business plan, wide distribution network with some system

of control & accountability and wide infrastructure of professionalized technical

services will continue to survive.

 

CNG ENGINE OIL

AN UPCOMING INDUSTRY

Compressed Natural Gas (CNG) is a fossil fuel substitute for gasoline (petrol),

diesel, or propane fuel. Although its combustion does produce greenhouse gases, it

is a more environmentally clean alternative to those fuels, and it is much safer than

other fuels in the event of a spill (natural gas is lighter than air, and disperses

quickly when released). CNG may also be mixed with biogas, produced from

landfills or wastewater, which doesn't increase the concentration of carbon in the

atmosphere.

CNG is made by compressing natural gas (which is mainly composed of methane

[CH4]), to less than 1% of the volume it occupies at standard atmospheric pressure.

It is stored and distributed in hard containers at a pressure of 200–248 bar (2900–

3600 psi), usually in cylindrical or spherical shapes.

CNG is used in traditional gasoline internal combustion engine cars that have been

converted into bi-fuel vehicles (gasoline/CNG). Natural gas vehicles are

increasingly used the Asia-Pacific region, Latin America, Europe, and America

due to rising gasoline prices.[1] In response to high fuel prices and environmental

concerns, CNG is starting to be used also in tuk-tuks and pickup trucks, transit and

school buses, and trains.

CNG's volumetric energy density is estimated to be 42% of LNG's (because it is

not liquefied), and 25% of diesel's.[2]

Developments

Scientists are developing methods of storing methane in a new form known as

ANG (Absorbed Natural Gas) at 35 bar (500 psi, the pressure of gas in natural gas

pipelines) in various sponge like materials, such as activated carbon [6] and metal-

organic frameworks (MOFs).[7] The fuel is stored at similar or greater energy

density than CNG. The benefits are that vehicles can be refuelled from the natural

gas network without extra gas compression, the fuel tanks can be made of lighter,

weaker materials, and the tank designed to be much slimmer.

CNG cars

Worldwide, there were 11.2 million natural gas vehicles by 2009, led by Pakistan

with 2.4 million, Argentina (1.8 million), Iran (1.7 million), Brazil (1.6 million),

and India (725 thousand).[1] with the Asia-Pacific region leading with 5.7 million

NGVs, followed by Latin America with almost 4 million vehicles.[1]

CNG cars available in Europe are bi-fuel vehicles burning one fuel at a time. Their

engine is a standard gasoline internal combustion engine (ICE). This means that

they can indifferently run on either gasoline from a gasoline tank or CNG from a

separate cylinder in the trunk. The driver can select what fuel to burn by simply

flipping a switch on the dashboard.

Several manufacturers (Fiat, Opel(General Motors), Peugeot, Volkswagen, Toyota,

Honda and others) sell bi-fuel cars. In 2006, Fiat introduced the Siena Tetrafuel in

the Brazilian market, equipped with a 1.4L FIRE engine that runs on E100, E25

(Standard Brazilian Gasoline), Gasoline and CNG.

Any existing gasoline vehicle can be converted to a bi-fuel (gasoline/CNG)

vehicle. Authorized shops can do the retrofitting, this involves installing a CNG

cylinder in the trunk, installing the plumbing, installing a CNG injection system

and the electronics.

CNG Advantage

Due to the absence of any lead or benzene content in CNG, the lead fouling of

spark plugs is eliminated. CNG-powered vehicles have lower maintenance costs

when compared with other fuel-powered vehicles. CNG fuel systems are sealed,

which prevents any spill or evaporation losses. Another practical advantage

observed is the increased life of lubricating oils, as CNG does not contaminate and

dilute the crankcase oil. CNG mixes easily and evenly in air being a gaseous fuel.

CNG is less likely to auto-ignite on hot surfaces, since it has a high auto-ignition

temperature (540 °C) and a narrow range (5%-15%) of flammability.[8]

CNG produces significantly lesser emissions of pollutants like carbon dioxide

(CO2), hydrocarbons (UHC), carbon monoxide (CO), nitrogen oxides (NOx), sulfur

oxides (SOx) and particulate matter (PM), as compared to petrol . For example, an

engine running on petrol for 100kms emits 22,000 grams of CO2, while covering

the same distance on CNG emits only 16,275 grams of CO2. [CNG is essentially

methane, ie CH4 with a calorific value of 900 Kj/mol. This burns with Oxygen to

produce 1 mol of CO2 and 2 mol of H2O. By comparison, petrol can be regarded

as essentially Benzene or similar, C6H6 with a calorific value of about 3,300

Kj/mol and this burns to produce 6 mol of CO2 and 3 mol of H2O. From this it can

be seen that per mol of CO2 produced, CNG releases over 1.6 times as much

energy as that released from petrol (or for the same amount of energy, CNG

produces nearly 40% less CO2).] The corresponding figures are 78 and 25.8 grams

respectively, for nitrogen oxides. Carbon monoxide emissions are reduced even

further. Due to lower carbon dioxide and nitrogen oxides emissions, switching to

CNG can help mitigate greenhouse gas emissions.[8] The ability of CNG to reduce

greenhouse gas emissions over the entire fuel lifecycle will depend on the source

of the natural gas and the fuel it is replacing. The lifecycle greenhouse gas

emissions for CNG compressed from California's pipeline natural gas is given a

value of 67.70 grams of CO2-equivalent per megajoule (gCO2e/MJ) by the

California Air Resources Board (ARB), approximately 28% lower than the average

gasoline fuel in that market (95.86 gCO2e/MJ). CNG produced from landfill

biogas was found by ARB to have the lowest greenhouse gas emissions of any fuel

analyzed, with a value of 11.26 gCO2e/MJ (over 88% lower than conventional

gasoline) in the low-carbon fuel standard that went into effect on January 12, 2010.[9]

CNG Locomotives

CNG Locomotives are operated by several railroads. The Napa Valley Wine Train

successfully retrofit a diesel locomotive to run on compressed natural gas before

2002.[10] This converted locomotive was upgraded to utilize a computer controlled

fuel injection system in May 2008, and is now the Napa Valley Wine Train's

primary locomotive[11] Ferrocarril Central Andino in Peru, has run a CNG

Locomotive on a freight line since 2005[12]. . CNG locomotives are usually diesel

locomotives that have been converted to use compressed natural gas generators

instead of diesel generators to generate the electricity that drives the motors of the

train. Some CNG locomotives are able to fire their cylinders only when there is a

demand for power, which, theoretically, gives them higher fuel efficiency than

conventional diesel engines.

GOVERNMENT POLICIES

OR

TAXATION ASPECTS

In U.P., the government tax being charged =12.5%

Development tax =1%

Therefore, the total tax being charged=13.5%

INTRODUCTION

TOPIC

“TO ASSESS THE MARKET POTENTIAL OF CNG ENGINE OIL IN

LUCKNOW”.

RESEARCH PROBLEM

The poor sales of Gulf CNG supreme in CNG Engine Oil market is a

serious problem. In order to come up with the recommendations to

improve the sales, the following research was conducted.

NEED FOR THE RESEARCH

Though Gulf oil Corporation Limited is performing tremendously in the northern

region with increasing sales and expanding market share but the CNG engine oil is

not providing good business in the market.

In spite of the ample scope in the CNG Engine Oil market, the Gulf CNG Supreme

20W50, which is Premium Gas engine oil is not able to attract customers for itself.

Therefore, this static business provided the base and the need for the research work

to be done to resolve this serious problem.

OBJECTIVE

# To estimate the market potential and hence the business scope of CNG engine

oil.

# To understand the mindset of the customers about the positioning of different

engine oils in respect to their performance, price and schemes.

# Since Mechanics play the persuading factor in purchasing of engine oils

therefore it is necessary to understand the buying behavior of the mechanic and

how different marketing schemes persuade them.

# A great emphasis was also laid on the perceived quality of different engine oils

by different retailers and dealers in Lucknow , also the market share of engine oil

is calculated on from the information collected by the retailers and dealers.

JOB ASSIGNED

# To understand the working of the lube industry as a whole.

# to know the working of Distribution channel in the Lube sectors Gulf oil

Corporation Limited.

#to have the basic knowledge of the different products and product line,

manufactured by the gulf oil Corporation Limited.

#to understand the conditions and the competition which exist in the market and

the reasons for it.

# On the basis of these I was asked to prepare separate questionnaire for Retailers

and Dealers, Mechanic and Customers in order to understand their buying

behavior.

# the most important job was to visit the market and get the questionnaire filled up,

which covered the major part of my research work.

# and the data thus obtained was used for interpretation of the present situation of

the market and providing the recommendations to solve the research problem.

RESPONSIBILITIES

Through the research conducted by me,

I was asked to report:

1. The Market Potential of CNG Engine Oil.

2. The market share of each of the competitors.

3. Competition on all four P’s of marketing.

4. Population of CNG driven vehicle on road in Lucknow.

5. Number of counter stocking CNG Engine Oil.

6. Number of counters presently stocking Gulf CNG Supreme in Lucknow.

7. Number of Mechanic Garages specialized in CNG Engine Repairs.

8. Recommendation for increasing Gulf CNG Sales in the area with the

recommended strategy.

STAGES OF THE PROJECT

The whole Project was done on altogether 3 stages:

1. Initially, the lube industry was understood, it’s working and key factors

involved in it.

With the help of these learning, three questionnaires were prepared each for

Retailers and Dealers, Mechanics and Customers.

This stage took almost 12 days of the internship.

2. Then, the second stage was primary research where these questionnaires

were being filled by the technique of interview and hence the data was

collected. This stage took almost 5 weeks.

3. Finally, these data were observed and studied carefully and hence the

market potential, market share and other required information were

evaluated.

ACTIVITY SHEETS

1. Mid-evaluation sheet was being filled after the completion of

primary research.

2. Final evaluation sheet was being filled when the Report was finally

being submitted to the mentor.

RESEARCH

SCOPE OF THE RESEARCH

The research work is covering the whole Lucknow city. The respondents

includes Retailers , Dealers , Mechanics and Customers from the areas such as

Sardari Khera market, Kanpur Road, Lalbagh , Latus Road, Sitapur Road ,

Faizabad Road (HL hub Automarket) ,Chinnat and Kapurthala.

RESEARCH METHODOLOGY

This research was conducted to formulate the total market potential of CNG

engine Oil in Lucknow altogether and the market share of each of the Competitors.

And then analyzing the data to formulate the recommendation to increase the

sales of Gulf CNG Supreme.

TYPES OF RESEARCH

The nature of Research work conducted is Descriptive, as major part constitutes

survey analysis. The following research work is used in estimating the monthly

sales of different Engine Oil in a month.

Some part of the research is Exploratory as well. Some secondary data is also

used in order to know the number of vehicles using CNG engine.

SOURCES OF DATA COLLECTION

Primary Data: It was collected by interviewing the respondents in hindi .

Secondary Data: For collecting the secondary data, RTO office was consulted.

The information about number of CNG vehicles on road of last year was given

by Ashok Leyland service station.

SAMPLING TECHNIQUE

Judgmental or purposive sampling was used for the purpose. This is because the

primary consideration in purposive sampling is the judgment of the researcher as to

who can provide the best information to achieve the objective of the study.

During the research those respondent were only selected who are in researcher’s

opinion are likely to have the required information and willing to share it.

SAMPLE SIZE

The three questionnaires were filled up by different respondent during the

primary research.

Dealers and retailers : 50 sample

No. of Mechanics being interviewed : 40 sample

No. of customers (auto driver & bus driver) being interviewed : 40 sample

LIMITATIONS OF THE RESEARCH

The primary as well as secondary research was conducted by one person, so

there can be some human error during the analysis of data.

It was really a challenge to get the information about their sale and margin they

get.

MY

FINDINGS

COMPETETIORS IN THE CNG ENGINE OIL MARKET

1. MAK GE: MAK GE 20W-50 is suitable for use in all seasons and helps in

reducing oil consumption. It extends oil life due to its excellent oxidation and

nitration resistance. Also it optimizes ash content; prolong s the life of values and

spark plugs. It keeps piston and engine clean, this ensuring smooth engine

operation. It is compatible with catalytic exhaust system fitted in the vehicle.

Superior quality Gas Engine oil is specially developed for vehicle operating on

Compressed Natural Gas (CNG), LPG and dual fuel.

MAKGE was among the very first entrance in the CNG engine oil market. This

helps Bharat petroleum to milk the CNG lube oil market 7 establish itself as a

market leader. It is holding more than 35% of CNG Lube oil market in Delhi.

PHYSICAL PROPERTIES

GRADE NAME

KV@ 100 C V I Flash point COC ,C

Pour point

MAKGE 40 14.5 98 232 -9

MAK GE 20W-50 20.7] 120 242 -21

2.BP VANLLUS CNG : BP name stands for British Petroleum . It provides

excellent wear protection to engine components operating at extreme temperature.

Also it provides lower maintenance cost to users. It is recommended for lubrication

of engine fuelled by CNG/LPG vehicles. BP India has clearly demonstrated its

commitment to Indian consumers for over 80 years, by offering its international

range of high performance products backed by the highest level of customer’s

service. The company has managed to gain sustainable competitive advantage

through:

# Distinctiveness driven by continuous innovation in all areas of business.

# winning culture and a desire to excel strong meaningful relationship with all

stakeholders.

PHYSICAL PROPERTIES: API CF , SAE 20W50

CASTROL GTX CNG: Recommended for lubrication of engine fuelled by

CNG/LPG under wide range of loads and during condition for on-highway

vehicles like autos, taxis and passengers cars. Specially formulated to work in

hotter gas engine. Advanced wear protection to engine components operating in

the hot condition. Castrol India Limited is a Public limited company with 70.92%

of the equity held Castrol U.K.(part of BP group).In 2003, the company’s turn

over RS 1360.51 CRORES and profit after tax Rs137.38 crores.

From a minor oil company with a share of about 6% in 1991,Castrol India has

grown to become the second largest lubricant company in India with a market

share of around 22%.Castrol India manufacture and market arrange of automotive

and industrial lubricant. Its markets its auto motive lubricants under the name of

two brands – Castrol and BP. The company has leadership positions in most of the

segments in which it operates including passengers can engine oil, premium 2-

stroke and 4-stroke oils and multigrade diesel engine oils .Castrol India has the

largest manufacturing and marketing network amongst the lubricant companies in

India. The companies has 5 manufacturing plants across the country, including a

state-of-the-art plant in Silvassa.The company reaches its consumers through a

distribution network of 270 distributors, servicing over 70000 retail outlets.

PHYSICAL PROPERTIES: SAE 20W-50 –meets SAE 20W-50 viscometrics,

API SG/CD performance standards

SERVO PRIDE GEO: Servo Pride Geo –ALT 20W_50 is a high performance

low ash gas engine oils,formulated from high quality mineral oil and select

additive system to provide excellent thermal stability and resistance to oxidation

and nitration. Servo Pride ALT GEO 20W-50 is recommended for Ashok Leyland

commercial vehicles operating under CNG fuel.It has got excellent resistance to

oxidation and nitration. Also excellent resistance to corrison.It gives extra

protection for value guide seats against wear. The SERVO PRIDE GEO is a

product from Indian Oil Limited.

PHYSICAL PROPERTIES: Servo Pride Geo ALT 20w-50 meets the following

specifications. Also got CES 20074 of Cummins.

SAE Grade20W-50

1.Kinematic viscosity

2.Viscocity Index , Mn

3.Flash point (COC), oC min

4.Pour point oC max

5.TBN mg KOH/gm

17.5-19.5

120

200

(-)21

5-6

MARKET SIZE ESTIMATION

THROUGH PRIMARY DATA

The monthly sales of each of the Retailers and Dealers were summed up to get

the market size of the CNG Engine Oil as a whole.

According to the Survey analysis and the Data collected the percentage

of Dealers and Retailers covered were 80% of the whole present in

Lucknow.

We have,

MS = ∑ ms

Where, MS – Market Size

ms- Monthly Sales.

From the primary data collected, the monthly sales of the Lucknow

region (only the counters which were consulted during the research) is

29754ltrs or 30 kltrs (approximately).

Since the survey covered only 80% (approximately) of the total Lucknow

CNG engine Oil sales,

Therefore, the actual Market Size be ‘x’.

80% of x = 29754

i.e. x=37.192.5ltrs

Thus Market size of Lucknow in CNG Engine Oil industry is 37kltrs, which

means lots of scope for the business to expand.

MARKET SIZE ESTIMATION

THROUGH SECONDARY DATA

According to the Data collected:

“ From the Lucknow RTO office (Faizabad road):

DATA TILL 2008: CNG vehicles on road.

Number OF Three Wheelers:

Number of Autos – 5015

Number of Vikrams– 3776

#Total number of three wheelers = 8791

DATA FOR 2009-10 TILL MARCH (CNG vehicles on road)

Obtained from Service station of Ashok Leyland: (Faizabad road)

Number of Three wheelers – 1550

Number of buses -27

Again,

Rate of consumption of engine oil by three wheeler = 2ltrs

monthly per vehicle

Rate of consumption of engine oil by buses = 15ltrs per

20000kms = i.e. 15ltrs per 4 months

= 3.75ltrs per month

Therefore, Engine oil consumption by three wheelers = (8791+1550) ×2

=20682ltrs

Engine Oil consumption by buses = (109+27) × 3.75

=510ltrs

Hence, total Engine oil consumption = 21192ltrs

= 21kltrs.

MARKET SHARE ESTIMATION

During the survey the sales of individual brands were also recorded in order to

calculate the Market Share of individual brands.

Name of the brand Sales in ltrs (per month)

Market share (in %)

1.BPCL (MAK GE)

2.IOCL (Servo)

3.HP Gasnol

4.Castrol GTX

5.British Petroleum

6.Pennzoil

7. Others

a) Veedol

b) Valvoline

c) Gulf Oil

d) Motul

10144

6709

3775

3263

3229

1704

930

34.092%

22.548%

12.687%

11%

10.85%

5.72%

3.12%

Table showing the market share of the individual brands

Market shares of each brand

34.092

22.548

12.687

11

10.85

5.723.12

MAK GE(BPCL)Servo(IOCL)HP GasnolCastrolBritish PetroleumPennzoilothers

Pie chart showing the market share of individual brands in the market

OBSERVATIONS:

Bharat Petroleum Corporation Limited is the Market Leader with the

maximum shares of 34%.

British Petroleum with 23.6% is the Second Market leader, BP being

separated in Castrol owning11% share individually.

Indian Oil Corporation Limited is the Third Leader with the market share

of 22.5% shares.

HP Gasnol and Pennzoil are the next Followers in this segment with

12.6% and 5.7% share respectively.

The rest of the brands which are not doing well in Lucknow also hold

some of the market share of around 3%. These include Veedol,

Valvoline, Gulf Oil Corporation limited and Motul .

CONCLUSION:

MAK GE the CNG specialized product of BPCL is ruling the market by

positioning itself as “Cheap and Best” oil in the market. It has become

the first preference of the auto drivers, as they are highly price sensitive.

British Petroleum is also doing well because of its Promotional activities.

It has positioned itself as the “Best Performer” and hence the premium

product in the market. People don’t mind paying more for this as still

30% of the customers are brand conscious.

COMPARING PRIVATE SECTOR VS PUBLIC SECTOR

69.322

30.673

public sector

private sector

The pie chart showing the % share of private sector VS public sector

OBSERVATIONS:

The Public Sector enjoys the largest share in the CNG Engine Oil market

with 70% shares whereas Private sector could only capture 30% of the

total market share.

CONCLUSION:

The Taxation Policy of the Government and the Distribution Network ,

basically the Petrol pumps add to the low Price and the Availability of

the products of the Public Sector , which is the reason behind their high

market share.

Therefore, the benefits enjoyed by the Public sectors are

1. Rebate in taxation on the base oils.

2. Hence, the low price of the Public owned products.

3. Their own Petrol Pumps which acts as a retail outlets for their

Engine Oils.

COMPETETION WITHIN PUBLIC SECTOR

49.175

32.523

18.3

MAK GE (BPCL)Servo(IOCL)HP Gasnol

The pie chart showing the shares of different Public sectors companies.

OBSERVATION:

Bharat Petroleum Corporation Ltd. is the market Leader in the public

sector because of its low price as well as its perceived quality is quite

high.

Indian Oil is also doing well. Customers perceive Servo to be of high

quality and they are satisfied with its performance.

CONCLUSION:

Perceived value of the product and its brand promotion plays very important

role in the public sector as well.

COMPETETION WITHIN PRIVATE SECTOR

35.75

35.38

18.67

10.19

Castrol bp castrol GTXpennzoilOthers

The pie chart showing competition within the Private sector.

OBSERVATION:

In the Private sector, British Petroleum is covering 71% of the market share

alone.

The Castrol GTX is the best Quality Premium oil and people are going for it

though it is charging the most.

Castrol BP has low price and its perceived Quality is satisfactory.

Pennzoil is the next one who has captured the market with its uniqueness.

Others include Veedol , Valvoline, Gulf OIL and Motul which are not

performing well . They together could capture only the market share of 10%

of the Private market share, which shows their weakness in one aspect or the

other.

CONCLUSION:

Though Price is an important factor determining the buying behavior of the

customers in this segment but still Quality is something which ban never be

ignored.

One can never do well only by lowering the price of the product, the

positioning of the product is equally important.

Promotional activity is need of the time for a brand in order to register itself

in the mind of the customers.

IMPACT OF PRICE ON CNG ENGINE OIL MARKET

Name of the Brand Market Operated price (MOP) in Rs.

Dealer Landed Price (DLP) in Rs.

1.MAK GE(BPCL)

2.Servo (IOCL)

3.Valvoline

4.HP Gasnol

5. Castrol BP

6.Pennzoil

7.Motul

8.Castrol GTX

9.Gulf CNG Supreme

120, 130

125, 130 ,135

130

140

145

160

170

210

220

109

115

118

125

135

148

155

205

205

Table showing the market Rate Price and Dealer Landed price of various

CNG Engine Oil sold in Lucknow at various Retail outlets.

OBSERVATION:

This is a clear fact that consumers have ample choices in different ranges.

Dealers are quite worried about the DLPs of different engine oils.

COMPARING PRICE WITH MARKET SHARES

Castrol GTX

Castrol BP

Pennzoil

MAK GE

Servo

HP Gasnol

0 50 100 150 200 250

210

145

160

120

130

140

market shareprice

Chart showing the relationship between Price and Market Shares.

OBSERVATION:

Through the chart it can be observed that there is no relationship between

the price and the market shares of the Engine Oils. Both the factors are

independent of each other.

Price is just a parameter for customers to judge their affordability.

The most amazing fact is that though Castrol is costly Product but it has

got high market share, i.e. there are still customers who are ready to pay

the high price for a premium product whose performance and Quality is

perceived to be the best.

CONCLUSION:

From the available data and the Research conducted it can be concluded

that in a price sensitive market also Quality cannot be compromised.

The performance is been Judged by the perceived value of the particular

brand upon the mind of the customers.

Therefore, the biggest task is to increase the perceived value of a

particular brand through different promotional activities and the market

share would automatically increase.

RETAILERS AND DEALERS PERSEPTION ABOUT THE

PERFORMANCE:

In the third question of the questionnaire, the Retailers and dealers had to rank

the Performance of the Different Engine Oils. But they found it difficult to rate the

performance. Therefore, they selected one brand which deserved 5 on 5, and which

was best according to them.

Castrol GTX

Servo

MAK GE

0 10 20 30 40 50 60 70

64

20

16

Series1

Chart showing the Retailers perception about the Performance.

OBSERVATION:

The promotional activity along with the Quality contributes in the

popularity of the Castrol GTX. In fact Castrol GTX has become the

synonym of Quality.

In some places, basically Chowk , the Servo is considered the best and

the retailers and Dealers are satisfied with its Performance.

16% of them consider MAK GE to be the Best.

DEALERS PERCEPTION ABOUT MECHANIC CHOICE:

According to the Dealers and Retailers, Mechanic prefers those engine Oils which

are low in price but best in quality. This is because they are the one who actually

judge the quality of the engine oils and their source of income is limited, therefore

they they tend to prefer low range product.

Among the mechanic, MAK GE is the most popular.

78% of the Mechanics prefer MAK GE.

Other brands being preferred is Servo & Castrol GTX.

Most of the mechanics are attracted by the different schemes because they

are the source of income for them.

Presently only MAK GE offers the scheme, 1 Cinthol soap with 1ltr pack,

which is attracting so many mechanics towards them and inspires them to

increase their sales.

Reasons for the Popularity of MAK GE

Low price

Quality

Consumer promotional Schemes

Promotional Activities.

low price

Quality

consu

mer pro

motional sch

emes

promotional

activiti

es05

101520253035404550

popularity factors

percentages

Factors contributing in the popularity of MAK GE

MECHANIC’S VIEW

The mechanics are those people who do all the servicing of engine oil in auto

vehicles and generally recommends auto driver to use a particular brand. The

major factor which is effecting the selection of a particular brand of oil is that of

mechanic satisfaction.

From the Data obtained, it is clear that 90% of the auto drivers are

uneducated and unaware about the quality standard of engine oil. So, it is

by the word of mechanic and recommendations they adopt the general

perception about a particular brand. Therefore, a company should work

towards developing a positive brand image in the mind of mechanics

through various campaign and meets.

Asking recommendations from mechanics will make them feel important

and hence will help in the promotion of the brand, via word of mouth to

the customers.

Gulf Oil Corporation Limited have been organizing mechanic meets over

a period of time if same is done for Auto mechanics, they will feel

themselves as the part of the company and would definitely bring in some

more business.

PRICE SENSITIVITY

70

30

Price conscious brand conscious

The pie chart showing the sensitivity of the customers.

OBSEVATION:

70% of the customers are price sensitive ,i.e. their primary concern is the

price of the product whereas 30% of the customers are brand conscious i.e.

they need the quality and performance in the product.

Different brand target different customers by unique positioning.

RECOMMENDATIONS FOR FUTURE SCHEMES

Consumer promotional schemes act as magnet in attracting consumers

towards themselves. Presently only MAK GE offers the scheme of providing

1 Cinthol soap free on 1ltrs pack. Many auto drivers and mechanics are

getting attracted because of this scheme.

45%

30%

25%

couponsgift itemsany other

The pie chart depicting the choice between the schemes.

OBSERVATION:

45% of the customers like coupons as the schemes as coupons acts as

a cash discount upon the products.

Whereas 30% of the consumers like consumable gift items as the

scheme, as the gift obtained can be easily used.

Rest 25% of the customers are not bothered about the kind of schemes

they are getting, in fact they are satisfied with the fact that they are

getting some offers upon the product.

It was interesting t o discover that more than 90% of the customers

knew about the different schemes available in the market.

This can be interpreted that changing the scheme pattern from time to

time helps in creating buzz about the product in the market.

SOME IMPORTANT FACTS FOUND

There are 120 counters (approximately) in the the Lucknow stocking

CNG Engine Oil.

Out of the total counters, 40% of the counters i.e. only 48 counter

(approximately) tocks CNG Engine Oil.

Number of mechanic garages specialized in CNG engine repairs is

approximately 1500.(including big and small service stations.

In Lucknow, still the trucks being used are diesel driven and not CNG

driven.

And therefore, Trucks were not considered in the segment of CNG driven

vehicle.

Also, truck driver was not consulted for the primary research.

RECOMMENDATIONS

RECOMMENDATIONS FOR INCREASE IN SALES

Gulf CNG Supreme 20W-50 has positioned itself as a premium brand in the

market. Its performance and quality are good according to the experts but still it is

not able to make any mark in the market and performing badly with the market

share of 2% in the the Private sector. The research work hence done suggests some

of the measures to be implemented to increase the sales and thus the market share

of the Gulf CNG supreme.

An important fact is that according to the research survey only 5% of the

mechanics have tried the product.

But the best part is all those who have tried it are completely satisfied

with its quality and performance.

THE 4 P’S OF MARKETING:

PRODUCT:

The product is completely acceptable on the parameters of the

customer’s choice.

The quality and the packaging Gulf CNG supreme is good and

there is no need of any change in the Product.

PLACE:

Gulf CNG Supreme is available in the 40% of the counters, reason

being it is less in demand.

Once the demand for the product is generated, the availability will

automatically increase.

And therefore, making the product available is not a problem.

PRICE:

Price plays a major factor in the buying decisions of the customers.

Also the MAK GE has captured a major part in the market by

playing the trump of the low price factor.

Before demanding the high price .The Gulf oil should position

itself in such a way that its price value should look fully justified.

For ex. Castrol GTX charges high rate and boost itself as the best

in the market and even consumer don’t mind paying such a high

price. Therefore, proper positioning of the product is important to

target the mass market.

Hence, initially Gulf oil should go lowering the price for a short

duration which can make it affordable for the masses and hence

provide them a scope to judge the oil. Once, the try it , they would

surely go for it.

PROMOTION:

The promotion for the Gulf CNG supreme is extremely poor. People

hardly know about this.

The lack of promotion is the basic reason for the failure of the brand in

the market.

Therefore, in order to increase the sales there is need of lots of

promotional activities in order to increase the perceived value of the

Gulf CNG Supreme.

The promotional activities can be done through mechanic meets, as

being conducted for other products of the company.

Radio advertisements, pamphlet distribution and road campaigning are

other activities which if introduced will surely bring the business.

APPENDIX

QUESIONNAIRE FOR RETAILERS AND DEALERS

1. all are the key industry players in the CNG engine oil market? # price of each one ( for 1 ltr , 3.5 ltr , 20 ltr )

2. What are the key drivers of growth in the CNG engine oil market?

# total sale of CNG engine oil as a whole.

# particular sale of each brand-: 1 ltr 3.5 ltr 20 ltr

BPCL Valvoline Gulf oil Shell

3. Analyse the performance of the different oil on a scale rate of 5 to 1. (5 being the best)

4. Popularity of any brand among the mechanics and the reason for it?

5. Any kind of promotional activity which has ever inspired you?

6. What is your current margin from each player?

7. Attractive schemes of different players:

# Retailer’s scheme # Consumer promotional schemes

NAME:

SHOP NAME:

AREA

QUESTIONNAIRE FOR MECHANICS

(for 1l tr pack)

1. Attractive schemes for you in the market by different brands?

2. Performance Analysis---------- on a scale rate of 5 to1.

3. How much price sensitive is the customer?

4. Maximum price the customer is ready to pay for the product?

5. Any recommendations for the future schemes: # coupons

# gift items

# any other

NAME:

AREA:

QUESTIONNAIRE FOR CUSTOMERS

(for 1ltr pack)

1. Do you have any preference for any engine oil brand?

2. What are the factors guiding your buying decision?

3. Are you aware of different schemes launched by different company?

NAME :

OCCUPATION:

BIBLIOGRAPHY

1. Philip Kotler and Kelvim Lane keller 2009 , Marketing Management , Delhi:

Pearson education.

2. Information on CNG vehicles, www.igl.co.in as assessed on june,

24th ,2010.

3. Information regarding lube oil & its job function,

http://gulfcoastfilters.com/understanding_lube_oil_and_its_j.htm as assessed

on June, 20th, 2010.

4. About Gulf Oil Corporation Limited from www.gulfoil.com as assessed on

June, 22nd, 2010.

5. About MAK GE brand, www.bpcl.com as assessed on June, 23rd, 2010.

6. About servo, www.iocl.com as assessed on June, 23rd 2010.

7. About Castrol GTX & BP Vellenus , www.castrolindia com as assessed on

July 20th, 2010.

8. Ranjit Kumar: Research methodology: Pearson Education.