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MARKETING PROJECT
Understanding business & marketing practice
Of
Hair Oil
DABUR INDIA LIMITED
INTRODUCTION Dabur India Ltd. (DIL), a leading name in the Indian FMCG industry was promoted by S K Burman in 1884. The company was formed by way of amalgamation with Vidogum Limited in Oct.'86. Prior to this, the company was operating under the name Dabur (S K Burman) Pvt Ltd, since 1936. An overview: ü Leading consumer goods company in India with 4th largest turnover of Rs.1329 Crore
(FY02) ü 2 major strategic business units (SBU) - Consumer Care Division (CCD) and
Consumer Health Division (CHD) ü 3 Subsidiary Group companies - Dabur Foods, Dabur Nepal and Dabur International
and 3 step down subsidiaries of Dabur International - Asian Consumer Care in Bangladesh, African Consumer Care in Nigeria and Dabur Egypt.
ü Wide and deep market penetration with 47 C&F agents, more than 5000 distributors and over 1.5 million retail outlets all over India
Leading Brands:
ü Dabur - The Health Care Brand ü Vatika - Personal Care Brand ü Anmol - Value for Money Brand ü Hajmola- Tasty Digestive Brand and ü Dabur Amla, Chyawanprash and Lal Dant Manjan with Rs.100 crore turnover each
Various joint ventures and acquisitions: few of them are: ü 1992 - Agrolimen of Spain to manufacture and market confectionary items in India. ü 1995 - Osem of Israel for food. The joint venture named as Excelcia Food Pvt Ltd will
have the Rs.15 paid up capital in which Dabur will have 60 per cent stake while Osem will have the rest 40 per cent holding in the company.
ü 2003 - Acquires Redrock Limited. DIL acquired 10,00,000 ordinary fully paid shares of 1 Pound Sterling each of Redrock Limited making Redrock Limited its wholly owned subsidiary. Redrock Limited is engaged in the business of manufacture and sale of various cosmetics, toiletries and health care products and operates from the Jebel Ali Free Trade Zone in Dubai.
ü 2005 - Acquires Balsara Hygiene Products Ltd & Besta Cosmetics Ltd.
THE GLOBAL REACH OF DABUR
In 1994, Dabur India Ltd. raises its first public issue. Due to market confidence in company, shares issued at a high premium are oversubscribed by 21%. In 2000, Dabur establishes its market leadership with a turnover of Rs 1,000 crores, with this Dabur enters the august league of large corporate business. In Dec.2000, DIL's equity shares of Rs 10 each were split into 10 equity shares of Rs 1 each. This has been done to increase the number of shares, which will improve the overall liquidity of the company. As a reflection of its constant efforts at achieving superior quality standards, Dabur became the first Ayurvedic products company to get ISO 9002 certification. Shareholding Pattern As on 30-Jun-2005
Category Sub Category No. of Securities Held % Holding
Promoter's Holding Indian Promoters 219942991 76.77
Foreign Promoters 0 0.00
Persons Acting in Concert 0 0.00
Sub Total 219942991 76.77
Institutional Investors Mutual Funds and UTI 2940359 1.03
Banks, FIIs, Insurance Cos, Central / State Govt. / Non-Govt Institutions 11963839 4.18
FIIs 22556808 7.87
Sub Total 37461006 13.08
Others Private Corporate Bodies 4962441 1.73
Indian Public 20920205 7.30
NRI / OCBs 2676382 0.93
Any Other 519188 0.18
Sub Total 29078216 10.14
GRAND TOTAL 286482213 100.00
Total Foreign Shareholding (including GDR) is 25233190 equity shares representing 8081% of the total capital.
Total paid up capital has increased during the previous quarter due to allotment of 62,500 equity shares of Re.1 each to employees under ESOS on 30th May, 2005.
PROMOTERS S.No.
Organization Owned By No. of securities held
% hold
1. Chowdhury Associates Mr. Sidharth Burman 37,052,340 12.93%
2. VIC Enterprises Pvt.Ltd. Mr. V C Burman
37,294,000 13.02%
3. Puran Associates Pvt. Ltd.
Mr. A C Burman & Mrs. Sudha Burman 36,752,000 12.83%
4. Gyan Enterprises Pvt. Ltd. Mrs. Asha Burman
36,650,330 12.79%
5. Acee Enterprises Dr Anand Burman & Mrs. Monica Burman 36,591,990 12.77%
6. Ratna Comm.Ent.Pvt.Ltd.
Mr. Pradip Burman 35,148,331 12.27%
The idea of Dabur India Ltd. was incepted by Dr. S.K. Burman and his mission to provide effective and affordable cure for ordinary people in far-flung villages was carried forward by the committed promoters onto newer levels of human endeavor in the service of mankind.
Above-mentioned promoters have holding of more than 1% in the company and are Indian promoters. (There are no foreign promoters in DIL). The above data also highlight the fact that these promoters are from Burman family itself.
NEW IDENTITY The New Dabur Identity modernizes the 100-year old equity of the Dabur brand by subtly transforming the tree. While it retains the essence of the banyan tree, it now projects a contemporary image, in consonance with today's lifestyle.
The tree, a symbol of nature, is indelibly regarded as a provider of shelter, food and protection. On a metaphysical plane, the tree is regarded as sacred, trustworthy and a symbol of fertility. The new Dabur identity retains these enduring and valuable attributes, while it adds a fresh, healthy and holistic dimension to the tree.
In the new identity lock-up, distinct elements collaborate to tell a story, even as they work independently to achieve the delineated objectives.
The new identity appropriates nature as the wellspring for Dabur. It conveys Dabur's heritage, commitment and stability through the form and colours of the tree; its branches and leaves. It also conveys that the brand stands for wellness across age groups.
The tree trunk mirrors the form for three people with their arms raised conveying exultation in achievement. The broad trunk represents stability and its multiple branches represent growth. Taken as a whole, the tree appears well rooted, implying stability; and its abundant canopy implies that it can provide amply for those who seek its produce and shade. Further, the entire image, being well-proportioned, evokes a harmonious, well-balanced, wholesome and holistic brand.
In India, the tree is a symbol of life. It is a giver of fuel, food and protection. It is a heaven for creatures it generously harbours in its foliage, as well as in the shade of its canopy. The tree is held auspicious as it spreads through the three spheres with its roots meshing through the earth, its trunk rising through the terrestrial world and its branches reaching into the heavens. This symbolism also occurs in cultures across the world. Keeping these vital associations in mind, the tree in the new Dabur identity has been carefully created to communicate Dabur's invaluable 100-year old legacy as well as its future aspirations. It now takes on a younger avatar, in its form and colours, and strikes a rapport with the consumer as a proactive brand with a commitment to wellness and to nurturing an active lifestyle across age groups.
The leaf is a vital part of a tree. Its functions include the manufacture of food for the plant, transpiration and respiration. A tree full of leaves represents growth, vitality,
rejuvenation and renewal. The new Dabur identity of a tree with a full canopy, bursting with leaves, conveys youth and health. Its foliage captures the spirit of an evergreen tree that constantly replaces its leaves as they age and fall. The new Dabur logo, of a tree that is constantly renewing its leaf cover, thus signifies endurance, power and longevity. The leaves in dual colours reflect the combination of stability and freshness of thinking of the company & brand.
The soft orange colour selected for the trunk, rather than a dark brown, is redolent of warmth and energy. It suggests a young and youthful tree, thus tactfully breaking down the association of the brand with advanced years. It is a joyful, stimulating colour that makes for a high-visual impact, yet does so with a friendly, inviting and soothing stance.
The green colour of the leaves instantly indicates nature's freshness, life and growth. The leaves are neatly divided into two colours: a fresh light green that implies a young leaf, and a darker green that represents an older and mature leaf. By juxtaposing these two colours in each leaf, the brand indicates that it seamlessly blends the old and the new, and also offers a product that is equally suited to the young and elderly. It indicates an on-going process of growth, evolution and renewal.
Dabur’s association with nature is evident in the simple yet unique logo. The Dabur font has been created as an echo of the earlier font to preserve its distinctive and established identity. Yet, it has moved on to a more contemporary style.
The tip of the “D” emulates the apex of a leaf thus infusing the alphabet with a form and flow that discreetly suggests the effect of a leaf. The defined yet gentle curve of “D” forms an arc of trust, caring and support.
Thus, through its form and colours, the new logo identity combines freshness and stability. It expresses a brand that is positive, proactive and progressive. The burst of leaves and their colours symbolize growth, rejuvenation and inner strength. The form and colour of the trunk convey growth, youthfulness and stability. Thus, the logo identity lock up presents Dabur as a stable yet evolving, contemporary, vibrant and active brand cherishing nature as the source of all its endeavours along with an abiding commitment to the wellness of consumers across age groups.
Thus, through its form and colours, the new logo identity combines freshness and stability. It expresses a brand that is positive, proactive and progressive. The burst of leaves and their colours symbolize growth, rejuvenation and inner strength. The form and colour of the trunk convey growth, youthfulness and stability. Thus, the logo identity lock up presents Dabur as a stable yet evolving, contemporary, vibrant and active brand cherishing nature as the source of all its endeavours along with an abiding commitment to the wellness of consumers across age groups.
Dabur India limited’s tree has branched into many branches namely: HEALTH CARE: Health supplements Digestives Natural cures Dabur chyamanprash Hajmola Yumstick - Shilajit Gold - Glucose D- Hajmola Mast Masala - NatureCare - Anardana - Sat Isabgol - Baby Products Hajmola Shilajit - Hajmola candy - Ring Ring - Hajmola Candy Fun2 - Itch Care - Pudin hara - Back-aid - Pudin hara G - Shankha Pushpi - Dabur Hingoli Dabur Balm - Sarbyna Strong – Dabur Lal tail- Dabur Baby olive oil- Dabur Janma Ghunti- PERSONAL CARE: Amla hair oil- Anmol Silky Black Shampoo Amla Lite Hair Oil- Vatika Henna Conditioning Shampoo
Vatika Hair Oil- Vatika Anti-Dandruff Shampoo Anmol Sarso Amla Anmol Natural Shine Shampoo Gulabari- Dabur Red Gel- Vatika Fairness Face Pack- Dabur Red Toothpaste- Babool Toothpaste- Dabur Lal Dant Manjan- Dabur Binaca Toothbrush- AYURVEDIC SPECIALITIES:
For nearly a 100 years , Dabur has specialized in developing and producing herbal Ayurvedic formulations. Today Dabur’s Ayurvedic Specialities has over 260 medicines for treating a range of ailments and body conditions – from common cold to chronic paralysis. This range is handled by Dabur Ayurvedic Specialities Limited Division, which constitutes 7% in Dabur’s total revenue of Rs. 1163 crore.
FOODS PRODUCT RANGE: Tastes like eating a fruit Lemoneez is a Natural Lemon Juice 100% Natural Fruit Juice Capsico-pepper sauce
Hommade-The taste of India Kitchen Pure Natural Honey The DABUR VATIKA boasts of a range of four products : The delicate mix of pure coconut oil with special hair care herbs including henna, amla and lemon blended together to strengthen each strand of hair from within in the form of the DABUR VATIKA HAIR OIL.
THE DABUR VATIKA SHAMPOO that conditions from deep within, while gently cleansing and
nourishing hair created by the Vatika Expert with a perfect balance of natural ingredients like henna, green
almonds and Shikakai.
The VATIKA ANTI-DANDRUFF SHAMPOO for the persistent dandruff problem is the natural choice. This herbal treatment is completely safe and cures dandruff from within.
DABUR VATIKA FACE PACK comes in a ready to use paste format. It is enriched withnatural ingredients that penetrate deep into the skin to make it fairer.
DABUR VATIKA HAIR OIL THE 4 P’s OF MARKETING
PRODUCT
Vatika in Hindi means ‘garden’. The brand attempts to liveup to the promises – beauty and nature – that are associated with its very name. Starting with these associations Vatika has assiduously built a brand that delivers on all these values through its various product offerings.
Vatika products contain natural ingredients that have been blended together through scientific processes at Dabur’s in-house research laboratories Dabur Research Foundation has more than 100 scientists working together to make superior quality products that match international standards.
Vatika comprises products primarily in hair care. Vatika Hair Oil has made a huge impact with its innovative product offering, pricing strategy and promotion campaigns. The product innovation was fed by the vital consumer insight that many women in contemporary India are worried about hair problems caused by urban pollution, frequent change of diet due to geographical mobility and other factors.
Beset by modern-day hair problems, they are far more inclined to rely on home-grown remedies. By offering hair oil that combined the benefits of natural products in a single pack, Vatika created a niche for itself as the ‘total hair care’ brand.
DABUR VATIKA HAIR OIL:
Available in:
Bottles 75 ml, 150 ml, 300 ml
Flip cans 150 ml, 300 ml
PRICE: • Dabur Vatika is a premium product and is aimed at the premium segment. Until
recently this was the only hair oil catering to this segment. Recently Cavin Care has entered this segment with the launch of “Meera”
• Dabur Vatika comes in pack size of 75ml, 150ml, and 300 ml. The prices of these
packs are as follows
• Pack Size • Price (Rs) • 75 ml • 20 • 150ml • 40 • 300ml • 75
• Historically, price has been the major factor affecting buyer choice. This is true in
developing nations, among poorer groups, and with commodity products. However, non-price factors have become more important in buyer-choice behavior in recent years and especially in health and beauty products.
• As we can see from the prices of Vatika its target segment is the premium sector
where people are more conscious about quality and are not affected even if Vatika charges a premium for its product.
• In Vatika’s case the company is trying to sell the superior quality. They believe the customers will be willing to pay more for a better product especially in Health and beauty products.
• Our customer survey also reflects the same. The customers are ready to pay more if they perceive that particular hair oil is of superior quality.
• However because of its superior quality Vatika has gone much further than garnering a premium image and, today, stands as the preferred and trusted brand of 11.1 million users (Source: IRS Household Data).
• The prices of Dabur Vatika hair oil are same for the past 2 years. 2 years back the price of Hair oil was increased by Re 1 across all the pack sizes. The reason attributed to this was the cost of raw materials had increased.
PLACE
Placement if the product is crucial. There are often many paths (i.e. channels) which a product can take in going from factory to the customer. The choice of channels may also have a significant bearing on pricing.
Dabur Vatika operates in the P1 markets of Orissa. According to their distributor P1 market is any city in Orissa whose population exceeds 1 Lakh. The cities targeted in Orissa are Bhubhaneshwar, Cuttack, Puri, Rourkela, Bahranpur, Sambalpur. As it is a premium product only the urban cities are targeted. Because of its high price there is hardly any Market in the rural places.
The above diagram explains the marketing channel. The distributor usually forecasts a demand for the coming month and sends the forecast of the demand to the Carry and forward (C&F) agent The C&F agent gets the forecast from all the distributors across the state. The C&F agent then combines the demand for the state and sends this to the Head of Department, New Delhi. The Head of Department the directs the factory at Uttaranchal to send the products to Narendrapur (West Bengal). This place is known as mother Depot and gets the product of the eastern region of India. From here the products are dispatched to the different states as per the demand. The products come to the C&F agent and the C&F sends the product to the distributors. The distributors sell the product to wholesalers. The wholesalers sell the product to the retailers either on credit or cash. The retailers finally sell the product to customers.
Orissa has 1 C&F agent. There are 98 distributors of Dabur in Orissa of which 3 are in Bhubhaneswar. The whole process is supervised by sale officers. There are 14 sale officers in Orissa. There is a senior sales officer who supervises the whole process. Each distributor has been assigned a geographical area. All the wholesalers contact the distributors of his region to get the product from him.
PROMOTION
Vatika is the second largest brand in the stables of Dabur and is one of the five power brands of the company. The brand hit Rs 100 million during the first year of launch, prompted reigning leader Parachute to come up with a similar product and contributed to a dip in Parachute's fortunes for the first time in the decade.
Vatika – the key focus brand of the company – has always been well supported. The company realised early that, from the perspective of brand building, it was vital to invest in this brand. Vatika’s first promotion coincided with the launch of its hair oil. This campaign focussed on the key benefit – beautiful hair without hair problems – that came about as a result of the extra nourishment through the value addition of henna, amla and lemon-derived additives.
In the initial phase of the communication, the marketing objective was to create conceptual awareness about the new product – the goodness of coconut oil enriched with natural herbs. Vatika was firmly established as the leader in the new category of value-added hair oils and its promotion campaign was so successful that the product segment itself came to be identified with Vatika.
In 1997, the company created a new promotion campaign which reinforced the obvious fact that most coconut oil brands were not equipped to combat the effects of pollution, hard water and chemicals – the major causes of hair ailments and hair deterioration.
The idea of using an extraordinary hair oil that offered extra nourishment was communicated through campaigns featuring icons such as Mandira Bedi, Shefali Chhaya and Sudha Chandran– all modern, young women perceived to have that extra edge in their personality.
The Vatika woman is young, contemporary, educated, multi-faceted, achievement-driven and confident. It is in the Vatika brand that she sees a true reflection of her own personal ideals.
The qualities of Vatika products, ascribed to the brand by hundreds of thousands of satisfied consumers, have been further underlined by its attractive packaging.
The transparent bottle for Vatika Shampoo and the unique mushroom-shaped cap for Vatika Hair Oil are exercises in innovation. The green-and-white colours, used in its packaging, reflect the brands’ natural ancestry and give it a premium look. These also help Vatika stand out in the cluttered environment of Indian retail.
The message delivered in the advertisements is “Aise mein sirf nariyal tel? No ways, I need extra” which highlights the additional ingredients of the product namely amla, henna, lemon and other natural ingredients. The advertisements also promote the message of how vatika hair oil is perfect for a country like India where the dust and pollution level is so high.
In a series of other promotional activities, Vatika has been associated with shows and sponsored events such as the Vatika Super Model India 2001 and Vatika Zee Sangeet Awards. It has also had a strong association, since its inception, with Mover’s and Shakers’ – the popular TV show.
Vatika follows a trade promotion strategy where the wholesaler is given 1 bottle of hair oil free on sale of 12 and other times 24 bottles. This is not a year round strategy and is undertaken once in three-six months. They also provide additional benefits to the retailer for showcasing the product in the most attractive shelves in their stores. There is no separate strategy for the state of Orissa as the company does not believe in
geographical division. They believe that providing sales promotion in 1 state makes the consumers of the neighbouring states feel disappointed.
Vatika has recently redesigned its bottle and spent Rs. 2 crore on it because of the problem of rats destroying the bottles when kept in the godowns.
Vatika hair oil registered a double digit growth with sales value increasing by 13.1% in 2004-05. The product increased its marketshare in the hair oil category from 6.9% in 2003-04 to 7.6% in 2004-05. Dabur continued to promote this brand with its concept of “Vatika Women”. The Superbrand Council of India acknowledged the strength of the Vatika brand and it was adjudged as one of the 101 super brands in India.
MAIN COMPETITORS:
PARACHUTE
In the pan Indian market Parachute is the No. 1 brand in coconut oil with 55% market share in Rs. 5 billion branded coconut oil segment. Parachute is Marico’s one of the most popular and profitable offering in the Indian market and in order to reduce the over- dependence on this single brand some other variants have been introduced in the market in the last 4-5 years. Parachute is one of the largest FMCG brands in the country and it is the flagship brand of Marico Marico has maintained Parachute market share despite severe competition. It is following the strategy of strengthening the brand equity of existing brands by launch of new variants of existing brands. While Parachute continued to remain the lynchpin of Marico's hair care business, it was the value-added hair oils, such as Hair and Care, which clocked higher growth rates of late. While Parachute's growth rate fell from 14 to 6 per cent in the first half of 2000-01, Hair and Care's growth rates improved from around 7 per cent to 23 per cent in the same period. Significant investment for strengthening the brand by modernising and contemporarising its image and offering tangible benefits to consumers is done by Marico, to make consumers, who currently use look-alikes in the belief that they are comparable in quality and benefit to Parachute that the quality of Parachute is unmatchable .
Marico also has Parachute Jasmine and Parachute Enrich types of coconut oil under the Parachute brand. Parachute Jasmine, the No. 2 brand in the value added coconut oil market enjoys 25% market share registering a turnover of Rs 23 crore. Marico also took the trouble to relaunch its Rs 25-crore Hair & Care brand of non-sticky oil, with a proposition to provide protection from sun, pollution and dirt.
The company posting double-digit growth in both turnover and profits during the first quarter of 2004-05. Its turnover was Rs 244 crore, a growth of 17 per cent, PBT Rs 20 crore, up 16 per cent and PAT Rs 17.4 crore, a growth of 23 per cent, Marico has persevered with its strategies of consumer-centric innovation and has maintained its enviable record of growth - quarter after quarter and have strengthened business fundamentals by investing in new products and businesses, realigning portfolio and creating a pipeline of new business and product ideas through prototypes. Upon this foundation, Marico is well placed to keep moving forward in the current year. While Parachute continues to be the market leader in both urban and rural areas, the company is planning to consolidate its leadership in rural markets by increasing its rural reach, by covering more villages through a network of super-distributors and increased van operations.
Marico’s distribution is very robust and is technologically aided. Any movement of goods across the country as well the inventory levels and the expected demand for the next two months is reflected in real time at the headquarter database thanks to the ERP implementation.
The sales team at each region projects the demand it expects two months in advance. The expected demand from all regions is available two months in advance. The data is sent to the production unit where goods are manufactured and dispatched accordingly.
NIHAR:
HLL launches 'Nihar Coconut Amla Hair Oil' an unique
hair oil that provides Double Nourishment
Hindustan Lever Ltd (HLL) launched 'Nihar Naturals', hair oil combining the benefits of Coconut oil and Methi (Fenugreek), available in three floral variants namely Rose, Jasmine and Hibiscus. The proven Double Nourishment benefit for soft silky hair is the claim, backed by strong research and development. Nihar is the second largest brand in the coconut oil segment. With this launch HLLconsolidated their presence in the hair oil category across the country.
It is a product that provides additional benefits, a mix of ingredients with demonstrable efficacy and affordability. Based on consumer feedback this multi-disciplinary task required the selection of the right 'actives' with relevant benefits and delivering it to hair. Nihar Coconut Amla Hair Oil will be available, in three packs sizes - 200 ml priced at Rs 36, 100 ml priced at Rs 19 and 50 ml priced at Rs 10 across the country. The packaging brings across the freshness & naturalness of the brand and is available in a transparent bottle that is fresh green in colour along with a tamper proof cap. The bottle is specially designed for consumer handling convenience. The brand launch was backed by a strong media campaign both on air and in print.
HAIR AND CARE:
Launched in 1990, Marico’s Hair & Care maintained its 3rd rank in the non-sticky hair oil segment with a market share of around 20%. It is positioned as a grooming oil. Marico’s Hair & Care has successfully differentiated vis-à-vis other players in the market, through Vitamin E as the nourishing ingredient.
Marico's Hair & Care, a pleasantly perfumed non-sticky hair oil is a strong brand in its category. It is positioned on the platform of being the lightest perfumed Oil - in fact it is up to 50% less sticky than any other hair oil. Hair & Care is enriched with Herbal Proteins, which nourish hair with their natural goodness. Herbal Proteins are extracted from neem & tulsi, a process patented by Marico. Marico's Hair & Care has always appealed to both men and women of all age groups, but the primary user set has always been those in the younger age group. The brand has gained popularity in both the urban and rural sections of India. Marico's Hair & Care has been the innovator in packaging for this category. Packed in a modern looking unbreakable bottle, it has been continuously innovating itself and successfully differentiated itself vis-a-vis other players in the market. In its present form, Hair & Care hair oil is up to 50% less sticky than any other hair oil.
ANALYSIS OF THE INDUSTRY
FMCG market remains highly fragmented with almost half of the market representing unbranded, unpackaged home made products. This presents a tremendous opportunity for makers of branded products who can convert consumers to branded products.
In the past decade, the personal care industry has witnessed a consumer boom. This has been possible due to liberalization, growing urbanization and an increase in the disposable incomes due to rise in Gross Domestic Product. The changing lifestyles, higher level of awareness among the rural community as a result of the onslaught of satellite television has fuelled demand.
The boom has also been fuelled by the reduction of excise duties, de reservation from the small-scale sector and the concerted efforts of personal care companies to tap the potentials of the segment of the middle class through product and packaging innovations.
On the basis of the above positive developments conducive for further positive growth, the white goods industry makes the following projection in respect of the commodities for the first two quarters of 2004-05 as per the table below:
Projected Growth in Production of FMCG Sector
SECTOR UNIT
First two quarters (Apr-Sept 2003-04) Actual
First two quarters (Apr-Sept 2004-05) Projected
FMCG (overall) Rs billion 1.50% 2% Hair Care Coconut oil Rs billion 1.5% 2% Coconut oil Tonn 3.5% 6% Branded coconut oil Rs billion 6% 12%
FINANCIAL ANALYSIS
Dabur India Limited is the fourth largest FMCG Company in India with interests in Health care, Personal care and Food products. Building on a legacy of quality and experience for over 100 years, today Dabur has a turnover of Rs.1536.95 cr with powerful brands like Dabur Amla, Dabur Chyawanprash, Vatika, Hajmola & Real. The financial statement of Dabur has under gone significant changes over the last 5 years where it has been transformed from a family run business to a professionally managed company. It has evolved, being a focused FMCG player in the herbal specialist and natural platform; de-merging the pharmaceutical business into a separate entity; designing and implementing a powerful brand architecture and backing it up with advertising, marketing and selling resources; creating a coordinated and efficient organizational system that could leverage synergies while delivering higher growth and profits; building progressively larger international business; and augmenting organic growth with strategic acquisitions. All these initiatives have been systematically executed over the last five years. The result has been steadily improving performance and greater shareholder value. This will be more clear when we look at the ratio analysis of the company’s financial statements. RATIO ANALYSIS
The advantage of using financial ratios is that it is not affected by the size of the company and therefore allows comparison of financial statements of different companies. Now let us look at various ratios and find out their implications. Liquidity Ratios LIQUIDITY RATIOS 2004-05 2003-04 2002-03 2001-02 2000-01
Current Ratio 0.78 0.93 1.91 2.78 2.49
ACID TEST RATIO 0.38 0.46 1.07 1.70 1.61
Absolute Cash Ratio 0.03 0.05 0.18 0.15 0.15 1. Current Ratio : This ratio measures the ability of the firm to meet its short term liabilities. The general norm for current ratio in India is 1.33. Looking at the current ratios of past 5 yrs, we can clearly notice that there has been a continuous fall from 2.49 in 2001 to 0.78 in 2005. This has happened because Dabur has repaid debts to the tune of 1.4billions in last 3 years. So, we can clearly see that Dabur is following the policy of reducing its interest costs through reduction in debt liabilities. 2. Acid Test Ratio: Also called Quick Ratio, this ratio is a fairly stringent measure of liquidity as inventories are excluded from current assets for its calculation. This ratio gives a more accurate picture of liquidity condition of the company. From the table, we can see that there has been a drastical fall in the acid test ratio from 1.61 in 2001 to 0.38 in 2005. This is mainly because of increase in the current liabilities of the company and thereby resulting in negative working capital, which is a common feature in FMCG companies. Profitability Ratios
PROFITABILITY RATIOS 2004-05 2003-04 2002-03 2001-02 2000-01
Operating Profit Margin 14.69 11.85 10.93 10.35 11.77
Net Profit Margin 11.56 8.73 6.86 5.47 6.57 1. Operating Profit Margin Ratio: This ratio shows the margin left after meeting manufacturing costs. It measures the efficiency of production as well as pricing. There has been a continuous increase in this ratio which means that the company has not only improved its sales performance but also successfully managed to put a cap on its costs, which was achieved by continued focus on supply chain efficiencies and optimal purchasing and stocking of raw materials.
2. Net Profit Margin Ratio: This ratio shows the percentage of the turnover which the company actually earns and retains for the shareholders. There is an increasing trend in this ratio which is a very good sign for the shareholders confidence. Turnover ratios
TURNOVER RATIOS 2004-05 2003-04 2002-03 2001-02 2000-01
Inventory Turnover Ratio 10.00 10.58 6.94 7.42 8.51
Debtor Turnover Ratio 25.98 27.55 10.63 9.81 8.61
Fixed Asset Turnover Ratio 6.68 7.48 6.06 4.82 4.88
Creditors Turnover Ratio 3.05 4.27 4.83 6.60 8.16
Debtor Days 14.05 13.25 34.32 37.20 42.40
Inventory Days 36.50 34.49 52.56 49.16 42.88
Creditor Days 119.57 85.51 75.56 55.33 44.72 1. Debtors’ Turnover Ratio: This ratio shows how many times sundry debtors turn over during the year. With respect to Dabur, there has been a significant change in this ratio in the last 5 years. It has increased from 8.61 in 2001 to 25.98 in 2005. This means that the average collection period for collection of debtors has gone down substantially. Looking at the Debtors Days which is the number of days of sales represented by Debtors, we see that it has gone down from 42 to 14 days, which means that now only 14 days of sales is blocked in the form of debtors as against 42 days in 2001. Thus the company has significantly improved its efficiency in debt collection. 2. Creditors Turnover Ratio: This ratio shows how many times sundry creditors turn over during the year. This ratio also has undergone major changes as from 8.16 in 2001 to 3.05 in 2005, which means that the company average period for payment to the creditors has gone up. Looking at the Creditors Days which is the number of days of purchases represented by Creditors, we see that it has gone up from 44 days to 119 days, which means that 119 days of purchases of the company is in credit as against only 44 days in 2001. Thus, the company has succeeded in purchasing the material for longer credit periods.
3. Fixed Asset Turnover Ratio: This ratio measures per rupee of investment in fixed assets. In case of Dabur, we see that there has been gradual increase in this ratio from 4.88 in 2001 to 6.68 in 2005. This indicates the increase in efficiency with which fixed assets are being employed. SOLVENCY RATIOS
SOLVENCY RATIOS 2004-05 2003-04 2002-03 2001-02 2000-01
Debt Equity Ratio 0.15 0.15 0.27 0.54 0.55
Interest Covering Ratio 35.46 15.67 5.98 3.69 3.63
Debt/Total Assets 0.07 0.07 0.15 0.27 0.28 1. Debt Equity Ratio: This ratio shows the relative contribution of creditors & owners. The general norm for debt equity ratio is 2. In case of Dabur, debt equity ratio has fallen from 0.55 in 2001 to 0.15 in 2005 implying that most of the liabilities of the company are short term and thereby the fixed interest charges are also very less. 2. Interest Coverage Ratio: This ratio shows the number of times profits if the company is able to cover the fixed interest cost. Dabur has constantly increased this ratio through increase in profits and reduction in long term liabilities. 3. Debt/Total Assets Ratio: This ratio shows the percentage of total assets represented by debts. This ratio is negligible in case of Dabur indicating its sufficient amount of assets to cover the debts. PERFORMANCE RATIOS
PERFORMANCE RATIOS 2004-05 2003-04 2002-03 2001-02 2000-01
Net worth 343.66 269.46 412.25 415.46 354.82
PAT/Net worth 43.07 37.56 20.64 15.51 21.96
Book Value per Share 12.00 9.41 14.43 14.55 12.44
PAT/Capital Employed 47.75 34.79 19.29 13.53 19.55
Basic EPS 5.17 3.54 2.98 2.26 2.73 PAT/Net Worth Ratio: This ratio shows how the owners fund has been utilized by the company. This ratio has increased from 21.96 in 2001 to 43.07 in 2005 on account of
increase in profits from 78 cr in 2001 to 148 cr in 2005 which is an increase of almost 86% over 5 yrs. PAT/Capital Employed: This ratio shows the overall utilization of the long term funds invested in the company. This ratio has gone up considerably from 19.55 in 2001 to 45.75 in 2005 indicating that Dabur has been able to utilize its long term funds more effectively and generate higher profits. EPS: EPS refers to the earnings available to the shareholders on a per share basis. The EPS of Dabur has risen from 2.73 in 2001 to 5.17 in 2005 which means that the shareholders wealth has almost doubled in 5 years.
COMPARATIVE FINANCIAL ANALYSIS WITH COMPETITORS While comparing the financials of the company it should not only be seen in stand alone but should also be compared with the other companies in the same line of business. To do so we are comparing Dabur India limited with its close competitors Marico Ltd. and Hindustan Lever Limited. PROFITABILITY RATIOS
While comparing the profitability of Dabur with the market leader in the FMCG sector we find that it is almost at par with the industry performance.
Profitability Ratios Operating Profit Margin Net Profit Margin
Dabur India Limited 14.69 11.56
Marico Ltd. 8.88 7.53
Hindustan Lever Limited 15.33 11.49
TURNOVER RATIOS
Turnover Ratios Inventory Turnover
Debtor Turnover
Total Asset Turnover
Dabur India Limited 10 25.98 6.68 Marico Ltd. 7.68 26.81 10.64 Hindustan Lever Limited 5.79 20.56 7.07
While comparing the various turnover ratios we find that though as a company the ratios of Dabur have gone a major improvement but when compared to the industry they might be improved, specially the Fixed Asset turnover Ratio. Dabur is being able to manage its Inventory better than the other competitors thus saving the cost on investments in Inventory. SOLVENCY RATIOS In regards to the Current ratio we find that it is the least among its competitors. This means that the company is following a aggressive Working capital management strategy. This reduces the cost of maintaining the current assets. If we look into the financial of Marico the Current Ratio is 2.14, this means that Marico has a significantly large investments in Current Assets. Comparing the Debt Equity ratio we find that Dabur has the lowest ratio among its competitors. This means that the firm is not using a lot of debt. Dabur can increase the Capital Gearing to enjoy the benefits of the same. Dabur can safely enjoy the benefits of capital gearing as it has the highest Interest Coverage Ratio in the Industry and it will be easily able to generate more revenues out of it.
Solvency Ratios Current Ratio
Debt Equity Ratio
Interest Coverage Ratio
Dabur India Limited 0.78 0.15 35.46
Marico Ltd. 2.14 0.24 27.78
Hindustan Lever Limited 0.95 0.7 11.86
PERFORMANCE RATIOS
When we look into the performance ratios of various companies, we find that most of the FMCG companies have a very high return on Capital Employed and Networth. Dabur also is performing according to the Industry standards. CONCLUSION Dabur has changed its position from being a herbal business player to a pure consumer player through positioning itself more on ‘Personal & Health care’ platform. The non-herbal business now accounts for more than 15 % of the total revenues of the company.
Performance Ratio Return on Capital Employed
Return on Networth EPS
Dabur India Limited 47.75 42.07 5.17
Marico Ltd. 31 33 12.72
Hindustan Lever Limited 43.27 55.27 5.36
What differentiates Dabur from its past is ability to- INNOVATE
• Entering into more than 5 businesses in last 7 years. • Launch of more than 20 successful brands. • Renovating old brands by giving them exciting new look.
EXPAND
• Increasing its exports to more than 50 countries across the world. • Five manufacturing facilities outside India. • Setting up of three manufacturing units in India within a span of 2 years with
Uttaranchal division becoming operational in 4 months. INVEST
• Increase in sales promotion & advertisement expenditure from 8.3% in 1998 to 13.3% in 2005.
• Increase in capital expenditure to increase capacities in different manufacturing plants.
ACQUIRE
• Acquisition of Balsara business for 1.4 billion in an all cash deal. • Acquisition of fruit juice plant in Jaipur for 100 million.
As per NCAER estimates, the ratio of the consuming class to total households will touch 46% by FY07 (17.4% in FY95). With per capita consumption low in most categories and expectations of the consuming class growing in significant numbers (as per NCAER estimates), the FMCG sector in India has immense growth potential in the long term, and Dabur India Ltd is likely to grow at high rate to tap the potential.
CRITERIA OF SELECTION OF QUESTIONS FOR THE QUESTIONNAIRE
Why we incorporate education level: We believe that Vatika caters to the premium segment of the market and education and awareness are highly correlated in this segment. Why we incorporated monthly income: To see whether the point that Vatika caters to the premium segment is reiterated or not. Why we incorporated age: To understand whether a particular age group had a specific inclination for a particular brand of oil or for a particular ingredient. Incorporation of TOMA: To understand what is the awareness of different brands in the consumers mind. REASONS FOR CHOOSING THE PARTICULAR ATTRIBUTES FOR THE DECISION MAKING PROCESS: Price and value for money: We wanted to find out whether price and value for money are decisive factors and for what segment of the market. We also wanted to know whether the Vatika buyers were influenced by the price of the product. Brand image and packaging were chosen to decide the degree of effect they had on the purchasing decision of the consumers. Ingredients and nourishment: The U.S.P. of Dabur Vatika is the “extra” effect where apart from coconut it also contains amla lemon and other natural ingredients. How aware is the customer about this differentiating factor and does his purchasing decision depend on this. Smell, color, coolness and stickiness are the basic criteria which are generally considered before a purchasing decision is made so we incorporated it. The last question put to the consumers was to determine how a particular brand is perceived by the consumer and is there a gap between the brand perception by the consumers and the brand positioning by the company. The competitors chosen were Shalimar, Parachute, Keo karpin so that competitor analysis could be comprehensive.
Composition
29%
47%
19%
5%
Price
8%
21%
45%
26%
Packaging
48%
31%
15%
6%
Availability
27%
46%
17%
10%
Dabur Vatika
Parachute
Shalimar
Keo Karpin
CONSUMER SURVEY ANALYSIS
Customer survey: 96 people were surveyed. The reason we chose 96 as according to statistics any sample above 96 truly depicts the population. The results were indicative of pan India. The male-female ratio in the survey was almost equal. The criteria on which the data was collected were composition, Price , Packing, Packaging, Availabilty and nourishment, among Dabur Vatika , Parachute, Shalimar and Keo Karpin. Parachute was perceived to be the best across all criterion where as Vatika was perceived as the best among the packaging. In nourishment factor Shalimar and Vatika were close second just behind parachute. Dabur Vatika was also rated highly in the availbilty factor. Dabur Vatika was perceived as the best packaging followed by Parachute but Shalimar was the clear winner and is perceived as the one offering as the best value of money.
Consumer Perception about different Brands
Nourishment
26%
46%
23%
5%
Dabur Vatika
Parachute
Shalimar
Keo Karpin
32.29
70.83
53.13
26.04
8.33
22.92
8.33
15.63
2.08
8.33
27.08
1.040
10
20
30
40
50
60
70
80
Perc
enta
ge R
ecal
l
Dabur
Vatika
Parach
ute
Shalim
ar
Hair n
Care
Dabur
Amla
Clinic A
ll Clea
r
Bajaj A
lmon
dNiha
rAyu
sh
Navrat
an
Keo Karp
in
Bajaj S
heva
shram
Brands
Analysis of TOMA
When people were questioned about Top of Mind Awareness (TOMA), Parachute and Shalimar were the most favoured one. While 68% had a first hand recall of Parachute. Shalimar was close second with 51% whereas 31% could recall Dabur Vatika.
Factors Considered
0
50
100
150
200
250
300
350
400
450
500
Price
Availa
bility
Ingred
ients
Brand I
mage
SmellColo
r
Coolne
ss
Stickin
ess
Pack S
ize
Schem
es& O
ffers
Value f
or Mon
ey
Packa
ging
Nouris
hmen
t Valu
e
Among the factors considered were price availibilty ingredients, brand image, smell, colour, coolness, stickiness, pack size, schemes and offers, Cost effectiveness, packaging and nourishment value, the audience rated them on a scale of 1 to 5. It can be summarized that brand image is highly critical factor with almost 72% giving a high weightage. Price schemes and offers, packaging, pack size they were also highly rated with around 50 % weightage. Ingredients and nourishment value were the most important factors in the eye of the audience surveyed with 70 to 80% giving it high importance. Colour is not that important in the eyes of the audience.
Usage Frequeny
Daily11%
2-3 times a week18%
weekly52%
Occasionally19%
Hair Oil Used
19%
35%19%
8%
4%
4%
3%
1%
6% 1%
Dabur Vatika
Parachute
Shalimar
Hair n Care
Dabur Amla
Almond Oil
Clinic All Clear
Bajaj Almond
Nihar
Ayush
Around 50% of those surveyed used hair oil used hair oil weekly, and the rest is equally divided among daily, weekly and occasionally. Brand usage: The most popular hair oil in terms of usage turned out to be Parachute closely followed by Shalimar and Dabur Vatika.
ANNEXURES
BALANCE SHEET
LIABITITIES Mar 2005
Mar 2004
Mar 2003
Mar 2002
Mar 2001
(All Figures In Rupees(Crores)) 12 mths 12 mths 12 mths 12 mths 12 mths
-
Net worth 338.07 268.66 411.09 400.37 362.20
Authorised capital 50.00 50.00 50.00 50.00 50.00
Issued and Paid-up equity capital 28.64 28.63 28.58 28.56 28.52
Reserves & surplus 309.43 240.03 382.52 371.81 333.68
Free reserves 283.42 213.24 359.04 345.18 306.24
Share premium reserves 57.58 56.66 53.78 52.93 50.29
Other free reserves 225.84 156.58 305.26 292.25 255.95
Capital Reserve 16.28 16.28 14.73 14.55 12.06
Capital Redemption Reserve 0.57 0.57 0.57 0.57 0.57
Specific reserves 9.16 9.94 8.18 11.52 14.81
Accumulated losses 0.00 0.00 0.00 0.00 0.00
Borrowings 48.63 39.81 110.01 213.17 196.10
Secured borrowings 15.70 19.09 29.00 49.75 27.53
Long Term Borrowing 10.09 13.40 19.88 28.19 19.87
Short Term Borrowing 5.61 5.70 9.12 21.56 7.66
Unsecured borrowings 32.93 20.72 81.01 163.42 168.57
Long Term Borrowing 0.00 8.06 16.16 39.28 37.56
Short Term Borrowing 32.93 12.66 64.84 124.14 131.00
Deferred tax liabilities 11.40 7.40 3.56 18.57 0.00
Current liabilities & provisions 322.23 236.22 212.24 146.68 157.53
Current liabilities 238.38 164.52 159.86 129.25 112.86
Sundry creditors 236.22 162.14 154.70 121.07 102.47
Interest accrued / due 0.02 0.12 0.52 0.43 5.29
Advances from Customers 0.54 1.01 3.54 6.11 3.71
Other current liabilities 1.60 1.25 1.11 1.64 1.39
Provisions 83.85 71.70 52.38 17.43 44.68
Tax provision 29.18 21.72 20.21 15.52 11.51
Dividend provision 42.96 40.07 25.72 0.00 31.43
Dividend tax provision 6.03 5.13 3.28 0.00
Other provisions 5.68 4.77 3.18 1.91 1.74
Total liabilities 720.33 552.09 736.91 778.79 715.83
ASSETS Mar 2005
Mar 2004
Mar 2003
Mar 2002
Mar 2001
(All Figures In Rupees(Crores)) 12 mths 12 mths 12 mths 12 mths 12 mths
-
Gross fixed assets 326.72 274.50 321.98 392.55 376.40
Less: cummulative depreciation 135.12 119.56 117.33 148.13 133.53
Net fixed assets 191.61 154.94 204.66 244.42 242.87
-
Investments 270.94 171.23 123.74 123.32 72.73
In group / associate cos. 227.17 56.14 116.71 116.66 59.07
In mutual funds 43.77 115.08 6.95 6.65 6.65
Other investments 0.00 0.00 0.08 0.01 7.01
-
Deferred tax assets(Net) 0.00 0.00 0.00 0.00 0.00
-
Inventories 128.03 109.52 178.65 158.53 139.25
Raw materials 43.83 42.57 50.84 33.90 30.64
Stores and spares 19.58 10.29 18.17 11.39 12.24
Semi-Finished goods 6.15 11.17 27.92 22.56 22.09
Finished goods 58.47 45.49 81.73 90.67 74.29
-
Receivables 113.29 97.92 189.88 227.27 230.16
Sundry debtors(Less Provision for Douthful Debt) 49.28 42.07 116.66 119.97 137.68
Accrued income
Advances / loans to corporate bodies
Group / associate cos. 0.73 0.26 0.00 18.26 2.01
Other cos. 0.00 1.15 3.04 5.64 5.38
Deposits with govt. / agencies 18.92 16.06 22.23 23.25 19.25
Advance payment of tax 29.10 21.80 20.40 18.65 12.36
Advances to creditors 7.75 5.26 6.07 16.84 16.13
Other receivables 7.51 11.32 21.48 24.67 37.35
-
Cash & bank balance 10.65 11.89 37.58 21.77 23.44
-
Intangible / DRE not written off 5.81 6.60 2.40 3.48 7.38
-
Total assets 720.33 552.09 736.91 778.79 715.83
INCOME & EXPENDITURE ACCOUNT Mar 2005
Mar 2004
Mar 2003
Mar 2002
Mar 2001
(All Figures In Rupees(Crores)) 12 mths 12 mths 12 mths 12 mths 12 mths
-
Income 1,280.22 1,159.02 1,240.59 1,177.07 1,185.34
Sales 1,268.72 1,147.98 1,232.30 1,163.19 1,166.47
Other income 11.50 11.05 8.30 13.87 18.87
-
Expenditure
Raw materials, stores, etc. 543.65 503.19 521.19 515.61 538.47
Wages & salaries 82.09 75.59 93.81 84.49 77.69
Manufacturing Expenses 29.19 25.49 29.67 26.94 29.06
Indirect taxes (excise, etc.) 42.49 65.40 73.37 60.61 59.36
Selling & Advertising expenses 394.89 351.17 386.27 364.57 339.73
Other Expenses 1.49 2.10 1.62 4.41 3.74
-
Profits / losses
PBDIT 186.41 136.09 134.65 120.45 137.29
Financial charges (incl. lease rent) 4.30 6.90 17.08 23.95 29.66
PBDT 182.12 129.19 117.57 96.50 107.63
Depreciation 17.10 15.75 22.04 20.99 22.45
PBT 165.02 113.44 95.53 75.51 85.17
Tax provision 17.00 12.24 10.43 11.07 7.25
PAT 148.02 101.20 85.10 64.44 77.92
-
Appropriation of profits
Dividends 81.39 64.58 43.28 15.73 31.43
Retained earnings 66.63 36.62 41.82 48.71 46.49
RATIO ANALYSIS Mar 2005
Mar 2004
Mar 2003
Mar 2002
Mar 2001
12 mths 12 mths 12 mths 12 mths 12 mths
PROFITABILITY RATIOS
Operating Profit Margin 14.69 11.85 10.93 10.35 11.77
Net Profit Margin 11.56 8.73 6.86 5.47 6.57
TURNOVER RATIOS
Inventory Turnover Ratio 10.00 10.58 6.94 7.42 8.51
Debtor Turnover Ratio 25.98 27.55 10.63 9.81 8.61
Fixed Asset TurnoverRatio 6.68 7.48 6.06 4.82 4.88
Creditors Turnover Ratio 3.05 4.27 4.83 6.60 8.16
Debtor Days 14.05 13.25 34.32 37.20 42.40
Inventory Days 36.50 34.49 52.56 49.16 42.88
Creditor Days 119.57 85.51 75.56 55.33 44.72
LIQUIDITY RATIOS
Current Ratio 0.78 0.93 1.91 2.78 2.49
ACID TEST RATIO 0.38 0.46 1.07 1.70 1.61
Absolute Cash Ratio 0.03 0.05 0.18 0.15 0.15
SOLVENCY RATIOS
Debt/Equity Ratio 0.15 0.15 0.27 0.54 0.55
Interest Covering Ratio 35.46 15.67 5.98 3.69 3.63
Debt/Total Assets 0.07 0.07 0.15 0.27 0.28
PERFORMANCE RATIOS
Networth 343.66 269.46 412.25 415.46 354.82
Capital Employed 309.98 290.92 441.26 476.27 398.59
PAT/Networth 43.07 37.56 20.64 15.51 21.96
PAT/Capital Employed 47.75 34.79 19.29 13.53 19.55
Book Value per Share 12.00 9.41 14.43 14.55 12.44
Earning per Share
Basic EPS 5.17 3.54 2.98 2.26 2.73
Diluted EPS 5.14 3.52 2.97 2.25 2.73
05
10152025303540
I/C Ratio
2000-01
2001-02
2002-03
2003-04
2004-05
Year
Interest Covering Ratio
Interest Covering Ratio
Chart 1 Chart 2
DebtEquity Ratio
0
0.1
0.2
0.3
0.4
0.5
0.6
2000-01
2001-02
2002-03
2003-04
2004-05
Year
D/E DebtEquity Ratio
05
1015202530354045
Ratio
2000-01 2001-02 2002-03 2003-04 2004-05
Year
PAT/Networth
Chart 3
0.002.004.006.008.00
10.0012.0014.0016.00
Ratio
2000-01
2001-02
2002-03
2003-04
2004-05
Year
Operating Profit Margin
Operating Profit Margin
Chart 4
CONSUMER SURVEY QUESTIONNAIRE
1. Name:______________________
2. Sex: c Male c Female
3. Age: c <20 c 21-30 c 31 -40 c >40
4. Educational level:________________ 5. Occupation: c Student c Business c Service c Homemaker c Others
6. Monthly Income: c <5000 c 5000-15000 c 15000-25000 c >25000
7. Do you use hair oil? c Yes c No
8. Frequency
(a) Daily c (b) 2-3 times a week c (c) weekly c (d) Occasionally c
9 Name few Brands of Hair Oil :
---------------------------
---------------------------
---------------------------
10. Have you heard of Dabur Vatika? c Yes c No
a. Have you ever tried Dabur Vatika?
c Yes c No b. Do you continue to use Dabur Vatika? c. If NO, please tell the reason………………………………………………..
11 Which brand of hair oil do you generally apply? (You can tick more than one) Dabur Vatika c Parachute c Clinic All Clear c Shalimar Others (specify) _______________
12 If I were to say that you consider the following before you choose Hair oil, you would…….
Attributes Strongly agree
Agree Neither agree nor disagree
Disagree Strongly Disagree
Price Availability Ingredients Brand Image Smell
Color Coolness Stickiness Pack size Schemes & offers
Value for money
Packaging Nourishment value
13. In the following table kindly place the brands of Hair Oil mentioned in the question above in the places, as you feel most appropriate. First column for the brand which is near to the quality mentioned on the left and last column for the brand, which is near to the quality mentioned on the right.
V for Vatika P for Parachute S for Shalimar K for Keo- Karpin 1 2 3 4
1 Composition 2 Low priced High priced 3 Attractive
packaging Not attractive
4 High nourishment value
Low nourishment value
5 Availability Not convenient 6 High value for
money Low value for
money
BIBLIOGRAPHY:
1)www.dabur.com
2)www.hll.com
3)www.maricoindia.com
4)www.daburindia.com
5)www.myiris.com
6)www.economictimes.com
7)www.equitymasters.com
8)CMIE database
9)survey questionnaires.
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