Subsistence Marketplaces Initiative

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Subsistence Marketplaces Initiative Business Cases June 2012

* This case is based on a comprehensive business plan developed by a student group in the course entitled Sustainable Product and Market Development for Subsistence Marketplaces under the supervision of the instructor, Madhu Viswanathan. The case was prepared by Madhu Viswanathan, John Clarke and Srinivas Venugopal and copyedited by Tom Hanlon. We gratefully acknowledge the organizational sponsor of the project and the students who contributed to it.



Table of Contents

I. Executive Summary ____________________________________ 3

II. Background ____________________________________ 3

III. Idea Generation ____________________________________ 5

IV. Product Prototype: ActivEdge Healthy Mix for Wheat Flour ___________ 9

V. Manufacturing Plan ____________________________________ 14

VI. Financial Plan ___________________________________ 19

VII. Marketing Plan ____________________________________ 23

VIII. Conclusion _________________________________ 26

IX. Recommendations ____________________________________ 26

X. Appendix 1 ____________________________________ 27

XI. Appendix 2 ____________________________________ 31

XII. Appendix 3 ____________________________________ 32

XIII. Appendix 4 ____________________________________ 32



I. Executive Summary

India, the land of opportunity, is considered to be the second most populous country and the largest democracy in the world. Yet despite recent economic growth, India still has about 941 million of its residents living in the Bottom of the Pyramid (BoP) conditions (defined in US terms). This market, according to The Economic Times of India, is worth over US$1.2 trillion, making it the biggest chuck of the global $5 trillion BoP market in the world. Indus Ventures, LLC (Indus), a start-up firm, seeks to leverage its expertise in food, nutraceuticals and agriculture in hopes of creating, marketing, and introducing new, affordable consumer packaging goods in India directly for BoP consumers. Through a strategic partnership, we have developed ActivEdge – Healthy Mix for Wheat Flour. This nutritional powder-based additive can be added to regular wheat flour to produce enriched consumable products such as chapattis. For this product to be extremely successful in its initial entrance into the Indian marketplace, Indus must focus a majority of its resources behind word-of-mouth (WoM) marketing and free sampling. WoM and free sampling are extremely important, as many Indians rely heavily on feedback from friends, family, and trusted members of the community before trying a product. Once trust has been established with residents, ActivEdge should have no problem having a mass-market appeal, given that India has a population of approximately 1.12 billion, and this product could indeed have the potential to be incorporated into many daily consumption practices.

II. Background

India

India, the land of opportunity, is considered to be the largest democracy in world with a population of approximately 1.12 billion – the second most populous country in the world. According to a study released in 2007 by the World Resource Institute and the International Finance Corporation, there are nearly four billion people in the world that constitute the Bottom of the Pyramid (BoP), whose income level is below US$3000 annually. The BoP population in India is close to 941.1 million people, with 78% of them living in rural areas. This number, based on a recent article published by The Economic Times, makes up about 95% of the entire Indian population [1,2,3].

Despite these statistics, a bright and successful future awaits India. In recent years, India has witnessed a steady and growing economy. Its Growth Domestic Product (GDP) rate has grown exponentially over the last 10years, making it the fastest-growing in the world. Additionally, India has the largest reservoir of skilled and semi-skilled manpower among all nations – approximately 516.3 million people. Therefore, it should come as no surprise that many multinational corporations (MNCs), small firms, and even social entrepreneurs are looking to capitalize on this gold mine. Gaining access to the 941 million people that constitute the BoP will create opportunities not only for businesses, but also for the Indian people.

Food Customs in India

India is well known throughout the world for its extensive culinary delights. Traditional food customs in India vary from region to region and are characterized by the use of many herbs and spices that serve to augment the taste as well as the health of the product. Usage of spices makes Indian cooking far more difficult than most cuisines in the world. A significant portion of the Indian cuisine is vegetarian, although traditional meat dishes are considered among the best meat delicacies in the world. Food is an integral part of everyday culture in India, especially during festivals. North and West Indians are traditional consumers of wheat and rice, whereas East and South Indians are known mainly as rice consumers. Lentils are critical components of everyday food in India, especially since they are among the highest sources of proteins in a vegetarian diet. Different kinds of oils are used in different regions of the country as the basic element of cooking/frying the food. Traditional modes of cooking have been



criticized in certain sections of the society as leading to a high loss of nutritive quality of the food. Our main goal is to replenish these lost nutrients by making use of our additive.

Wheat flour is not a traditional food custom in South India. This is due to the fact that in Southern part of India, many residents place a greater emphasis on rice as the staple grain, as well as coconut and particularly coconut oil and curry leaves, and the ubiquity of sambar and rasam at meals. The dosa, idli, vada, bonda, and bajji are typical South Indian snacks. These are generally consumed as breakfast or evening snacks. Andhra, Chettinad, Hyderabadi, Mangalorean, and Kerala cuisines each have distinct tastes and methods of cooking. In fact, each of the South Indian states has a different way of preparing sambar; a connoisseur of South Indian food can easily distinguish the taste difference between sambars from the different regions. Some popular dishes include the biryani, ghee rice with meat curry, seafood (prawns, mussels, mackerel) and paper-thin pathiris from the Malabar area.

However, the highly migratory pattern in the country has led to changes in food consumption behavior. As a result, many South Indians now place a value on flour, as it is used to prepare chapattis much like in North India. We will be targeting wheat flour as our base to market our nutritious product. Malnutrition in India is at severely high levels, as is explained in the “Marketing Plan” section of our proposal, and our aim is to reduce these levels via the judicious use of our product. Our target market is South India, and its food customs are summarized in Table 2.

Indus Ventures LLC

One of the newest companies that is hoping to capitalize on the growing success of India is Indus Ventures, LLC (Indus). Indus is an American-based firm with an operating headquarters in Hyderabad, India. Its seeks to leverage over 100 years of combined expertise in food, nutraceuticals, and agriculture in hopes of creating, marketing, and introducing new consumer packaging goods in India. One of Indus’s main initiatives is to develop and market local food and food supplements that are not only profitable, but also focus on delivering nutritional health and wellness at an affordable price to BoP consumers in India. However, there are many constraints that could hinder the success of such a company.

• Business Risks

• Cultural diversity • 16 major languages • 7 religions, castes, and subgroups • Slow implementation of business-friendly laws

• Business Culture

• Negotiation never stops, even after a deal is struck • Things move more slowly in India, requires frequent follow up • Trust who you know • No organized credit checks

Vision

Within the next 5 years, grow Indus Ventures, LLC into a successful local nutritional food service, providing wholesome and complete nutritional products to Bottom of the Pyramid consumers in India

Mission



To develop consumer products that alleviate the malnourishment of individuals living in subsistence marketplaces

Objectives

• Understand the characteristics and habits of BoP market participants

• Evaluate the nutritional needs of BoP consumers

• Design a delivery method that can be incorporated into daily food customs

• Develop a compound (solid, liquid, or powder) that address one or many nutritional needs

• Educate consumers about the use and need of the product

• Communicate to shoppers the benefit of the product

Strategies

• Become nationally known for providing wholesome and complete nutritional products at an affordable price for BoP consumers

• Utilize effective marketing and packaging techniques to educate and enhance brand awareness

• Hold weekly progress meetings with team to review progress against plan/budget

• Regularly study existing markets providing nutritional value to BoP consumers in India

• Constantly work with food specialists to develop new methods of delivery for nutritional compounds

• Partner with local NGOs for marketing and solution development

• Use a team of interdisciplinary expertise to formulate an effective final solution – business plan and product concept

III. Idea Generation

Introduction

In the task of coming up with project ideas for a Nutritious Food item for BoP, our first aim was to study the entire BoP market environment, including the end consumers to whom our product will be focused on. This was done initially by studying interviews of subjects, analyzing case studies, and finally making a trip to India. In this report, we summarize our product prototype along with manufacturing, financial, and marketing plans for the Indian subsistence context.



India Trip Takeaways

Important lessons were gained from our trip to India, wherein interviews were held with our target customers. Basic knowledge of our market was derived from case studies and videos in class. Below is a short summary of the understanding of nutrition at the bottom of the pyramid populace.

• Family health is more important than health of woman in family

• Children are first priority for health foods

• Consumption of vegetables & fruits is an indication of good food intake and high nutrition

• No scientific knowledge of nutrition

• Minor changes to food preparation likely to be more successful

• Liquids seen as more easily digestible

• No visits to hospitals/doctors seen as a sign of good health

Needs of the Indian BoP Market

Based on our understanding, we categorized the following as important needs for the Indian food segment that could be targeted to sell a product.

• Leaning towards vegetables and fruits

• Marketing to children

• Higher nutritive value at lower cost

• Easy to add to the local custom of cooking

• Ability to create an entrepreneurial sector

• Sustainable packaging with long shelf life

• Locally sourced raw materials & technology

We also carried out a market feedback of our target customer base to gather more information on the specific product idea that we formulated. We tailored our product to those responses, which are summarized later.

Initial Ideas

Before our trip to India, we brainstormed for ideas in consultation with Indus experts for a viable product



that could be taken up by them. Our exercise started with broad categorization of product niches that could be studied to develop our product. This was followed up by narrowing down to a few concepts, with the primary idea being an additive to an existing food product such as wheat flour, rice, or milk or juice. To assist in our ideas, we carried out a market surveillance of the type of food products available in India by visiting local World Market stores and exclusively concentrating in the Indian Food section. This helped us in focusing our ideas more specifically and prepare for our India Trip. We have attached some photos of our India Trip as well as our local Market surveillance in Appendix 1.

Specific Product Ideas

Our top working concepts were additive powders for rice, flour, and curry; a nutritive fruit drink; ``Plumpy Coco’’; and a powder to mix into milk or water. These concepts are described briefly in the following pages. We developed these concepts after several meetings and brainstorming activities. Our team generated a list of needs that should be addressed by our final product and tossed around ideas that we felt would fulfill those needs. To help sort through these ideas and better direct our focus, we created a Needs vs. Product matrix (Table 1). We listed the eight needs that we felt were most important. On a separate axis, we listed our top concepts. We then ranked each product against each need on a scale from 1 to 5, where a 5 means that the product fulfills the need very well, and a 1 means that the product does not fulfill the need at all. We totaled each concept’s score and ranked them from highest to lowest. During this process we eliminated the ``Pop Rock’’ and the fruit tablet concepts. Additive with rice/flour/curry powder/milk/water scored highly on the matrix and were pursued further. Our decision on the product at this stage of analysis was the development of a nutritive additive packet that could be added to any existing food product.

Product Concept Statements

Powder with Rice



This product concept involves a nutritious additive in powder form. It will be mixed with rice and then cooked, or could be directly added to cooked rice. The product can be eaten normally, and will have no impact on the taste of the rice. It can be sold in bulk to entrepreneurs who mix it with rice and then sell the final product, or sold in small packets to consumers directly. This idea was discarded because of issues of homogeneity of product and mixing problems.

Powder with Flour

Similar to the power with rice, this concept is a nutritious additive for flour. It will be mixed with the flour either by a middleman or sold directly to the consumer. The flour can be used as before, for example in the preparation of chapatti. This was formalized as our final product prototype, as will be discussed later.

Curry Powder

Similar to the “Shakti Masala’’ that already exists in the Indian marketplace, this concept is a normal curry powder with nutritive additives. The product will be sold directly to consumers in small- or medium-sized packages. Advertising will emphasize the added nutritious qualities of the product. Further discussion on this product idea was discarded for lack of suitable prior knowledge .

Fruit Tablet

The fruit tablet is similar to Alka-Seltzer and Emergen--C products sold in the United States. The product will essentially be a tablet that is added to water or milk, and which has specific nutritive properties. The table will add a fruit flavor and will make the drink fizz. Sold in individual or small--quantity packets, this product will be marketed to the youth. This idea was discarded based on its poor score in Table 1.

Plumpy Coco

Plumpy Coco is essentially the same product as the Plumpy’Nut product used in Africa. Plumpy’Nut is a peanut butter-based nutritive packet sold exclusively to eradicate malnutrition in poor African countries. The product combines a specially formulated nutritive packet synthesized by a French company, Nutriset, and locally-produced peanut butter [4]. To make the product locally sustainable in India, we have chosen coconut as the base instead of peanuts. The product will be packed with vitamins and protein, and will make consumers feel nourished. Coconut is readily available and is a common flavor that will

easily gain acceptance and be inexpensive to source. This product was discarded after realization that coconut contains certain bad cholesterols which, when not eaten with appropriate foods, can be harmful.

However, the Plumpy’Nut formulation was studied further to design our additive. Furthermore, we designed a product based on the Plumpy’Nut product idea for using the nutritive additive with tamarind paste for direct sale to customers (Appendix 2). Before further development, we

decided to pitch the idea to our target market via correspondence. Unfortunately, our

tamarind product idea did not go well with the local population. A summary of the feedback is attached in Appendix 1. It was decided that this product would not be pursued further, due to time constraints to evaluate it on a detailed basis.

Powder for Milk/Water



This is the product already developed by IndusVentures, although for the top of the pyramid customers. It is a specially-formulated nutrition drink. To make the product more accessible to the BoPmarket, it will be sold in individual packets instead of the large, multi-use containers. This idea was removed from further discussion due to greater feasibility of the wheat and tamarind additive. Competition in this sector is extremely high in India.

“Pop Rock” Nutritional Candy

This product mimics the American candy ``Pop Rocks.’’ Pop Rocks are small crystals that ``pop’’ in your mouth when eaten. Utilizing the same popping and fruit flavor notes, this product will be low in sugar to prevent diabetes and will have nutrients added to it. This product will be sold in single-serve packets and will be marketed toward children. This idea was also discarded due to its poor score in Table 1.

IV. Product Prototype: ActivEdge Healthy Mix for Wheat Flour

Market Background

As we stated earlier, despite the great economic success in India, there are still many issues that may hinder India’s growth and productivity if they are not addressed in time. The state of malnourished children in India is the highest in the world. Approximately 60 million children are either underweight or are deficient in some micronutrients such as iron, vitamin A, or iodine. Child malnourishment is responsible for 22% of the country’s burden of disease. Additionally, a lack in nutrition also affects cognition, hinders educational attainment and, ultimately, impacts productivity at work, home, and school. These conditions all have adverse implications on income and economic growth, costing India approximately US$2.5 billion annually [1,2,3]. Many products have been introduced in hopes of helping to reduce malnourishment in India. Products such as Boost, Horlicks, and Complan have been introduced into the Indian marketplace. However, the main problem with current products is they are highly priced for BoP consumers. As a result, many Indians are unable to supply themselves with the essential and proper nutrients that could help them to fight off common diseases and infections, and stay healthy to seek schooling or work.

Introduction

Based on our extensive market survey in Champaign, IL, and India, and our initial product development and feedback, we narrowed our focus towards two products. We discussed what kinds of foods or food products are consumed by the local population of our target market. This is elaborated in Table 2, along with the principle nutritive and undesired elements contained in them. Hence, it is natural that our additive component should be formulated with those nutrients in mind that are consumed in reduced doses in the regular diet of the people. The product is aimed at improving the overall health of the consumer by ensuring complete nutrition through supplementing their regular food habit. Apart from this, certain elements contained in the nutritive additive are known to prevent or assist in reducing health anomalies as specified in our detailed description of the additive formulation. The basis for our micronutrients comes from an already existing product mainly used to avoid starvation deaths in Africa, known as Plumpy’Nut[1]. It should be noted that the additive mix is purely influenced and not picked up directly from the Plumpy’Nut product formulation. The additive mix is broadly based on regular food consumption habits of the market with input from the Plumpy’Nut formulation.



Nutritive Additive

To prepare an additive mix based on various micro- and macronutrients, it is essential to know the values of their safe consumption limits. This limit is defined in a list known as the Recommended Dietary Allowances. It is defined as the daily dietary intake level of a nutrient considered sufficient to meet the requirements of nearly all (97-98%) healthy individuals in each life stage and gender group. Our source for nutritional values is the Food and Nutrition Board, Institute of Medicine, National Academies. Using Table 2 as a guide, we enlisted nutrients consumed on a reduced basis, along with nutrients included in the Plumpy’Nut packet supplied by Nutriset. The result was Table 3, which is our customized nutritive packet to be included in either of the product prototypes. This formulation was then modified to optimize the financial gains, as will be described in the financial plan. We designed a nutrition label based on the common Baker’s Formulation, as shown in Figure 1 for this nutritional formulation.



Figure 1: Nutrition Label for our product prototype

Detailed Description of Additive

• We assume that our additive will be added in proportions of 10 g additive powder / 100 g wheat flour. Hence, our serving size would be 1 spoon = 10 g.

• For our technical specifications, we are targeting males in South India aged 18-50 yrs. This is purely to



simplify our product in terms of pitching an idea. Thus, the product can be easily modified to suit infants, children, females, and pregnant and lactating women, based on RDA values as specified.

• Among the vitamins, Vitamins A and C are the least consumed, according to Table 2; hence it was included in the additive. Excess vitamins, especially water-soluble vitamins, if present in the human body, are known to be removed efficiently through urine or excreta and hence do not pose toxic issues [6].

• Zinc is vital for cell reproduction, tissue growth, and repair. These functions are vital for all age groups [8].

• Iron is a nutrient for blood hemoglobin. This nutrient has reduced consumption in Indian people, mainly in women and children [8, 12].

• Biotin is needed for a variety of body functions, such as activation of enzymes and metabolism [8]. One of its primary functions is to aid in production of insulin [9]. Thus, the incorporation of biotin in the product can be used to market the product as an anti-diabetic food supplement.

• Calcium is necessary for healthy bones and teeth, normal blood clotting, and a healthy nervous system [8].

• Potassium is critical for normal muscle, cardiac, and nervous system functions. [8]

• Omega-3 fatty acids such as ALA and DHA have been shown through recent research to be useful supplements for healthy cardiovascular systems and bone joints, and have been termed as essential nutrients [10]. The Indian population has a high percentage of people afflicted with heart diseases and arthritic problems. The product with these fatty acids can be advertised and marketed as a potent DHA/ALA source, much like present products in the Indian market such asHorlicks and Bournvita.

• Vitamins B1 (thiamine), B2 (riboflavin), B3 (niacin), B6 (pyridoxine), B9 (folic acid),and B12 are consumed in sufficient quantities in Indian food. An extra supplemental dose is included for completeness of a vitamin package that can be effectively marketed in the product.

• The above supplements are known as micronutrients whose presence imparts a highly medicinal, bitter taste to the additive. These micronutrients will be added to a bulking agent – soy flour and dietary fiber - to impart overall health as well as taste benefits. The micronutrients and bulking agents would be bought from local additive companies in India. These raw materials would be dry-blended in the form of a powder from an outsourced blending firm in India as well. The blended product is our final additive mix, to be used directly by the consumer. This powder is packaged in attractive bottles that will be discussed in our manufacturing plan. Hence, our product serves to provide revenue to local additive companies in India as well as provide wholesome nutrition to the rural and urban poor. The financial plans mainly indicate pricing in $US for ease of understanding. The entire product is envisaged to be produced locally in India.

Characteristics and Usage of Wheat Flour in South India

Wheat is one of the major food crops in India. It is used by almost all Indians in different forms, of which



wheat flour is most common. Wheat is mainly consumed in North and West India. However, the highly migratory environment has ensured that even South and East India are good, viable markets for wheat flour. The entire chain of wheat farming to consumption has been discussed elsewhere [11]. Buying and consumption of wheat is mainly in the form of wheat flour in South India, as compared to North India, where people buy wheat grains. We would preferably want to target the wheat flour segment as our market in South India. Wheat flour is generally used for making chapattis for lunch or dinner in India.

Product Concept

Wheat flour is a nutritious product in itself, as it provides some important nutrients in good amounts. However, it does not provide wholesome nutrition as required. Furthermore, cooking habits in India necessitate further augmentation of the regular food consumed by means of supplements. Wheat flour is typically mixed with water, made into soft dough, flattened, rolled, and heated on a flat pan to prepare chapattis. Our product idea is to mix the additive with wheat flour in a proportion as specified after rigorous scientific testing and follow the same methodology for preparing chapattis as stated above. For ease of description, we have assumed a weight ratio of 1:10, i.e., every 100 g of wheat flour will have 10 g of additive mix. The monthly consumption of wheat flour in Tamil Nadu is 14.5 kg, as extrapolated from research in Karnataka [10]. This number is under scrutiny, as our local target market mentioned using 2-5 kg of wheat flour per month. Hence, monthly consumption of additive mix would be approximately 0.2-0.5 kg. We also formulated our product to keep in mind various feedback statements that we got back from our target market. The satisfaction of needs of the target market is envisaged as follows:

• Our targeting will primarily be for mothers, which will result in the entire family gaining wholesome nutrition, since cooking for the family is mainly a female custom.

• Targeting to mothers will also enable children to be healthy, as a regular supply of nutrients will be ensured by the mothers.

• Our product is easy to integrate into the local custom of cooking, as mixing is all that is required for obtaining essential nutrients from the food.

• The product concept entails for buying of raw materials from local additive companies, which will be a source of revenue for them. Furthermore, our marketing plan includes selling of wheat flour via local Self-Help Groups in the state of Tamil Nadu that will be explained later in the report.

• Our product packaging is optimally designed for longer shelf life and ease of use of the additive.

Learning from Market Feedback

We were able to learn a lot of important elements and aspects of developing and selling our product in the subsistence marketplace. We conducted two feedback sessions separated by one month of product development. The first feedback was for obtaining insights into two of our product ideas. The second feedback was for procuring critical information about our final product prototype, mainly for usage, labeling, and packaging of the product. Following is a summary of the important lessons learnt. The statements in brackets are direct quotes from the market feedback.

• We realized that people will favor a separate additive packet instead of a packet of whole enriched flour. (“They need additive packet separately and usage instruction such as ratio of mixing per



kg.”)

• The taste or cooking custom of the local population should not be changed. (“It should not change the traditional taste we get.”)

• People would pay a maximum premium of INR 6.00 for 1 kg of enriched flour. (“Present price of a kg packed wheat flour Rs. 28/-. Ready to pay maximum Rs.34/- So, judge the proportionate while the market price may raise or decrease.”)

• Tamarind paste would not be a definite success in this market, as people prefer using fresh tamarind juice for their daily cooking instead of tamarind paste. (“Tamarind is not used by all. Alternate is lemon or tomato.” Paste is not familiarized yet; only one out of nine in this respondent group use this. Rural people some times use the soup as main item in their lunch, which is prepared with tamarind, but they use the raw tamarind and not paste. “Because it is easily available in the villages”.)

• Monthly consumption of wheat flour for a single family is 2-5 kg. (Out of 20 respondents, three informed that they used to buy 5 kg wheat flour in a month; 13 women shared that they used to buy 2 kg and 4 women 3 kg in a month.)

• On an average, 100 g of wheat flour is required to make four chapattis. (Out of 20 women, 14 felt that they may need 100 grams flour to prepare four chapattis; three shared that they may require 80 grams, and three needed 120 grams flour.)

• Our original tagline, “A Doctor in a Bottle,” led them to believe that the product is mainly medicinal. (Out of 20 women, 14 stated that it contained medicinal contents, three informed us that it was recommended by a doctor, and the other three felt that it contained traditional medicinal contents.)

• The feedback group also shared some doubts regarding our product brand trustworthiness and how the trust in the impact statement of the product can be built among the consumers.

V. Manufacturing Plan

We recommend that Indus Ventures, LLC, produce the packaging in India for the main reason that it is cost effective. Manufacturing would simply be cheaper in India than in the US. Additionally, it would eliminate the cost of shipping the packaging from the US to its final destination in India.

There are five parts to the product packaging, excluding the labels. The packaging thatholds the additive is made up of two parts, the cap and container (Figure 2). The container cap and mixing screen would be injection-molded, using polypropylene. Polypropylene would be the most appropriate polymer to use for the cap, as it is industry standard for manufacturing these types of lids for containers. The container base, mixer cap, and mixer base would also be made of polypropylene, using the manufacturing process of extrusion blow molding.

The lower portion of the product is the flour and additive mixer. There are three parts that make up the mixer, the cap, the mixing screen, and the container (Figure 3). The container and the cap would be made of polypropylene through extrusion blow molding. The mixing screen would be made of polypropylene and be injection molded.



Packaging cost for all these parts would be $3.25 per 200g size container. Labeling would cost $1.13 @ 1,000 units, $1.15 @ 2,500 units, and $1.18 @ 5,000 units. There would be a label on the front and back of the additive container.

Description of Prototype

To demonstrate the packaging design and method in which this product would be used, a prototype was developed. Through hand sketching, packaging concepts were generated (Figure 4). With manufacturing simplicity and cost in mind, concepts were filtered and refined. Using Solidworks, a 3D mechanical CAD program, a 3D computer model was created. After a few iterations, a final design was produced through rapid prototyping, using a fused deposition-modeling machine (Figure 5).



Packaging Design

The packaging design allows for the additive container to lock into the top of the mixer (Figure 6). When the 10g of ActivEdge is put in the mixer with 200g of wheat flour, the user would shake the container (Figure 7).





Labeling

Through our labeling, we are trying to create a perception that our product will make children strong, healthy, and smart (Figure 8). The label targets mothers through images of happy, energetic children. Based on competitive products, we decided to include what our product does for the user, which is why we included the phrase “strength for body and mind.” We also noticed that a lot of products showed some sort of chemical benefit, driving us to include a small graphic implying our product includes DHA, ALA, and iron. The back label includes the nutritional facts (Figure 9). Figure 10 shows the containers with the labels applied.



VI. Financial Plan

For our financial analysis, we utilized a discounted cash flow approach to determine the net present value (NPV) of the ActivEdge project. We estimate this present value over a five-year production period, with a six-month preproduction testing and marketing phase. Based on the analysis described below, we arrived at a final NPV of $35,328.

Key Assumptions

The analysis presented here is based on both quotes obtained from potential suppliers and our own estimates when no definitive information was available. Where estimates are used, we have projected conservatively. Also note that all figures are based on US implementation. We have enabled the model to adapt to local realities through a “Cost in India Factor.” By increasing or decreasing this number, we can adjust our analysis to better fit actual costs. Finally, we set our conversion rate at INR 1.000 = USD 0.025. This can be modified for changing economic climates. Table 4 states our assumptions for the financial model.

Model Overview

Our first step was to estimate our preproduction costs for testing, development, and market introduction. These costs will occur during Q1 and Q2 of Y1, and will not be repeated. These numbers are based on estimates to product tiny test batches, as well as to build public awareness of our product. Marketing costs increase dramatically in Q2, which is the ramp-up phase.



We estimated sales for Y1 Q3 and then assume quarterly growth of 17.5% thereafter. Y1 Q3 sales are estimated based on our assumption that we will at first be able to reach 3% of Chennai’s subsistence marketplace. We expect that word-of-mouth and a “cool” factor will enable our robust growth estimate. Our market research indicated that consumers are willing to pay a premium of INR 6.00 per kilogram of wheat flour. Our additive formula calls for 10 g of additive for every 100 g of wheat flour. Assuming a package size of 200 g, we estimate that the market can bear a price of INR 14.00 per refill unit. For brand-new units, which include the mixing container, we feel that customers will be willing to pay INR 18.00 per unit. At our conversion rate, this is USD 0.35 and USD 0.45, respectively, per unit. A 200 g container should last an average family one month. Revenue each quarter is calculated by growing the previous period’s unit sales by 7.5%, and multiplying that number by $0.45 (for new packets), and multiplying the previous period’s unit sales by $0.35.

Our quarterly costs are calculated on a per-unit basis and are based on supplier estimates. The cost for labels decreases in response to increased sales. Our analysis takes into account this fact; as an example, the cost in Y1 Q3 is $1.13 for the first 5,000 labels, plus $1.13 for the subsequent 859. We use the total cost for 1,000 labels for any remainder, because we must order 1,000 labels regardless of sales. This overhead must be expensed in order to have accurate forecasts. Our selling, general, and administrative (“SG&A”) costs include the cost of sales and management teams, as well as post-launch marketing. SG&A is estimated at 10.0% of sales.

To arrive at a final net present value, we calculated the net cash flow for each period, including the six-month preproduction phase. These cash flows were then discounted to the present and added together. Using our optimized additive formula (see below), we arrived at a NPV of $35,328, with a net margin of approximately 30% each quarter.

Optimizing NPV: Additive Reformulation

Initially we arrived at an extremely low NPV for the ActivEdge project, before including the SHG marketing channel (see below). With a real return in today’s dollars of only $219, this project is extremely unattractive. We felt that there must be a way to improve this figure, and began to seek ways to either increase revenue or decrease costs.

After reconsidering our revenue projections, we felt that they were in fact accurate, and that more aggressive figures would be unrealistic. We considered that sales might grow more steeply in Y3 and Y4, but chose to remain as conservative as possible. As an alternative, we began to examine our cost structure. We quickly noted that all of our inputs are commodities, meaning that we have little bargaining power, because prices are set by the marketplace. The only way to reduce our costs would be to use less. Knowing that our costs for labels, bottles, and packaging could not be reduced, we instead sough to optimize our formula to maximize profits.

We determined that while we have an accurate list of the types of ingredients that should be included in ActivEdge, we could not comfortably assert that the exact quantities were ideal. Considering the original additive specifications, we determined tolerable increases and decreases for each additive. For example, we know that DHA is a critical component of the final product, but admit that we would be happy with a greater than or equal to 100 mg per unit, and less than or equal to 500 mg per unit. This is a band of -120 mg and +280 mg from the original specification of 220 mg. These tolerances are summarized in Table 5.



With a set of tolerances created for each additive, we then utilized the “Solver” tool in Excel to maximize our NPV subject to our parameters for each ingredient. After performing this analysis, we arrived at an NPV of $35,328, which is a considerable improvement over $219. We determined that this project should be a “go.” A comparison of original and optimal quantities of each additive is provided in Table 6. Figure 11 depicts our cash flow on a quarterly basis.



Additional Uses for the Optimization Function Considering the tremendous gains made by seeking to optimize the formula specifications, we concluded that this process could be repeated at regular intervals. As prices for each commodity increase or decrease, the optimization function can be repeated on a monthly, quarterly, or even annual basis to respecify ingredient quantities to maximize profit. This can help to sustain the viability of ActivEdge through turbulent market cycles, without any impact on product quality. Potential drawbacks may include rigid supplier contracts and the cost of reprinting labels.

The Impact of Innovate Marketing

Our marketing plan calls for an innovative method of product promotion. We propose to utilize a fraction of the self-help groups for women (“SHGs”) in the city of Chennai to sell samples of our product. This section will discuss only the financial impact of this marketing plan; for further details about the program, please see our marketing and distribution section.

Our plan is to sell 100,000 units per quarter, beginning in Y1 Q3, and continuing for the subsequent three quarters. These units will be sold to the SHGs for only INR 10.00, generating revenue of USD $25,000 per quarter. The SHGs in turn will sell the product for INR 12.00 or greater, and the profits earned by them will go towards their own local financial reserves. The total cost to produce one unit is a fraction more than $0.30. Since we are selling these units for only $0.25, we are taking a $0.05 loss on each unit sold through this marketing channel. Fortunately, these losses are offset in each quarter by increased sales through the typical retain channels. The most noticeable impact of this promotion channel is a 66% decrease in net margin for each quarter in which the channel is being used. However, we feel that the addition of this channel will rapidly increase sales through word of mouth. We estimate this sales growth at an additional 10% per quarter. We have also included costs for free sampling among NGOs as well as to SHGs in the first two quarters of the project. The free sampling marketing channel and the reduced price sale to the SHGchannel do not overlap to provide for the market to warm to our product before sale to customers and SHGs begin.

Model Conclusions

The financial modeling project was extremely useful in our overall evaluation of the ActivEdge product and business model. Utilizing the discounting cash flow approach, the optimization function to retool our formula, as well as the SHG promotion channel, we were able to arrive at an NPV of $35,328. The project



realizes net margins of approximately 30% every quarter, once the SHG channel is discontinued. ActivEdge will provide investors with a return of approximately 47%. This value is ideal for a venture-capital enterprise, and when coupled with the high NPV, makes this an attractive project. We recommend that Indus move forward with the ActivEdge project.

VII. Marketing Plan

The marketing plan is a proposal for Indus Venture with suggestions for handling the marketing of ActivEdge in India.

Targeting

With a population of approximately 1.12 billion and the enormous potential of incorporating the product in many daily consumption practices, ActivEdge should have no problem having a mass- market appeal. However, Indus should concentrate on a couple of segments.

• In going with our current vision of developing a nutritional product that would help to alleviate malnourishment at an affordable price, Indus should first target families – rural and urban - living in BoP conditions.

• Given that this product also has a great combination of vitamins and minerals, ActivEdge should focus on mothers and children. While we realize that this is a very broad range, we are also very confident that this product has much to offer not just to mothers and children, but also families in general. Therefore, our last recommendation is to target all consumers of wheat flour.

Positioning

Whether you are young or old, a child or a mother, ActivEdge aims to provide strength not just for the body but also for the mind. ActivEdge seeks to deliver nutritional health and wellness for all families. With our “Three shakes is all it takes” slogan and our innovative packaging, we offer an efficient and reliable mixing container. Unlike our competitors, we seek to give our customers the most in value and benefit at an affordable price.

Competitive Landscape

We perceive competition from existing products such as Glucon-D, Horlicks, Complan, Boost, etc., though these products are not in the same category as our product, since ours is a novel product in itself. Our price factor clearly marks us out in the market. The only product that is close in identity is the Saffola Cholestrol Management Atta Mix that is priced at Rs. 60 for 500g, which is clearly higher than our price. We also provide an attractive bottle + shaker for personal use within our low price. Our product is marked out for complete nutrition for the whole family and not just for those with cardiac risks. This clearly marks our product as a winner, provided good marketing and promotional campaigns are launched.

Marketing Mix

For our marketing mix we will incorporate the traditional “Four Ps” of the marketing mix (Product, Price, Placement and Promotion).

Product



ActivEdge is a powder-based nutritional additive. It is a healthy mix that can be mixed with wheat flour to produce enriched flour that supplies vitamins and minerals to the body. Additionally, this product also has other supplements that help to strengthen the mind. Once this product is mixed, it can later be used to make delicious edible delicacies, such as chapattis. Furthermore, this product can either be sold in bulk to wholesalers or sold in small packets for direct consumer retail. While we have not fully developed the nutritional formula for bulk sale, this is an option that should be further examined, as we feel there may be potential to expand the product line. Lastly, ActivEdge will be available in two different packages: full bottle with shaker and replacement bottles for those consumers who may not want to repurchase the full bottle/shaker combo.

Price

Based on our financial model, the price for ActivEdge would be approximately INR 18.00 for a 200 gram container. With such an affordable price, we believe that ActivEdge will have a mass-market appeal to not only mothers and children but also to other segments of the Indian population, such as the elderly and those who suffer from nutritional deficiencies. It was also pointed out in our market feedback that consumers would be willing to pay a premium of INR. 6.00 for 1 kg. of enriched wheat flour. This directly translates to a window of INR. 6.00 for 100 g of our additive. Hence, we decided to fix the price of the product at INR. 12.00 initially. However, the cost of the additive + container was pegging back our NPV. We have decided to provide low costs in our initial phase of sale, as explained in the financial plan for promotion and sampling.

Promotion

There are two methods of promotion that we feel will be very successful in India for promoting ActivEdge: Word-of-Mouth (WoM) marketing, along with free samples and sampling events.

In order to generate buzz around ActivEdge, we believe that Indus should pair up with nongovernmental organizations (NGOs) and self-help groups (SHGs). Both NGOs and SHGs are very effective, because they are tightly formed micro-communities that are built on personal relationships. Additionally, some NGOs and SHGs target specifically women and mothers. This is extremely important, as this is our main target segment. Lastly, based on our research, we discovered that people in India value highly the advice that is shared among women and peers in such organizations. Therefore, if we are able to create WoM in such micro-communities, we feel confident that this would help in generating buzz.

Furthermore, based on our research in India, local respondents stated that the best way for them to try a new product and personally see the benefit of such a product was for them to receive a free sample. In keeping with such findings, we also recommend that Indus give away free samples of ActivEdge to local people. As stated before, NGOs and SHGs already have established micro-communities that are based on trust and long-term relationships. Therefore, Indus should target specific NGOs and SHGs for a promotional trial campaign. However, Indus should also have a built-in mechanism to help measure success. A simple way for them to accomplish this is to give away free samples under the condition that women have to return for a focus group where they are able to discuss the pros and cons of ActivEdge.

Another method that could be used to also generate buzz would be to sell ActivEdge at lower prices to various representatives within each SHG. It is well known that the number of SHGs in the southern states of Tamil Nadu and Andhra Pradesh are much higher than in any other region of India. The SHGs are mainly involved at the local rural level in providing community and financial services to villagers. In this scenario, the representative would sell the lower-price products at a price fixed locally. Based on that target sale, profits would be immediately pooled into the financial reserves of each SHG.



This method could work well, since by establishing such a model, Indus would create a locally sustainable economy. It is well known that in many SHGs, women already participate in many activities that allow them to make additional income that allows them to support their families, and, more specifically, their children. By creating jobs for women in SHGs, Indus could also leverage its brand persona, as women may feel empowered bybeing able to perhaps become entrepreneurs by selling ActivEdge.

Lastly, Indus could also sponsor cooking parties where an ActivEdge representative (most likely an Indian woman) will either host a chapatti party at her house or go to other Indian households to hold live demonstrations about how easily the product works. Upon completion of the demonstration, the ActivEdge representative could give out a free sample with the condition that the women who sample the product must come back and fill out a survey and express their opinions about the product. Hosting these types of events would not only serve to generate WoM, but would also assist in measuring customer perception.

Placement

ActivEdge will be available at local retail stores. Indus should first target the local village stores, as many consumers in BOP conditions tend to frequent their local village stores due to transportation constraints. Additionally, Indus should seek to place ActivEdge at large supermarket stores. This is in keeping with our mass-market approach of targeting the segment of individuals who consume wheat products. Additionally, Indus should consider exploring the idea of hiring women in SHGs for exclusive sales as well, similar to the Shakti concept by Unilever India. If Indus follows through on this recommendation, then they would be able to capitalize and leverage direct selling.

Intangible Benefits

In addition to all the tangible costs and benefits presented in our financial plan, there are other social/intangible benefits that can positively affect not just the community, but India as a whole. The lack of malnourishment can severely impact the growth and success of India’s economy. In general, the physical impairment associated with malnutrition is estimated to cost more than 2-3% of GDP per year. Additionally, iron deficiency in adults has been estimated to decrease productivity by 5-17% (Figure 12). [13]

Therefore, we believe that ActivEdge has the potential to help restore productivity to people, thus allowing India to continue its consistent growth as a global economy. Additionally, depending on the



finalized approach of direct selling, ActivEdge has the potential to not only provide employment for women, but could, in the long run, have the ability to empower women as local entrepreneurs. Finally, by producing an affordable nutritional additive such as ActivEdge, Indus enables a significant amount of the Indian population to have access to nutrition that could lead people to live longer lives..

VIII. Conclusions

We have successfully developed a product prototype, “ActivEdge,” that aims to provide wholesome and planned nutrition to BoP consumers at a very affordable price. The product aims to allow traditional cooking lifestyles of India along with supplementing lost nourishment due to cooking or non-consumption of certain foods. It is critical that the development of this prototype be followed up by massive promotional campaigns as well as efficient management of product manufacture and delivery for the envisaged success of this revolutionary idea. We look forward to a healthier India through successful implementation of this product concept.

IX. Recommendations & Future Work

These criticalfollow-up actions are recommended:

• The product formulation should be followed up by extensive lab testing to check the palatability of the additive. Suitable changes should be made to develop a good taste as well as allow complete nutritional delivery with optimal IRR.

• The additive should be tested with various food products consumed in India, especially wheat flour, considering that it is the product of choice for our additive. We are confident that the “wheat flour” mode of using ActivEdge is easily possible, considering that minimal cooking is required to make chapattis. Other suitable products like sambar, rasam, and local foods should be tested with our additive for compatibility of the additive with the cooking custom.

• Promotional campaigns should be launched as soon as the product is ready for launching.

• Suitable local vendors in India should be researched for procuring raw materials and blenders. Alternatively, product manufacture in US should be considered in the event of not findingsuitable local producers of additives.

• Financial plans should be revised on a half-yearly basis, depending on local economic conditions and the success of the product.



X. Appendix 1 - Feedback & Extra pictures

Feedback 1

Feedback Questions

1. Would people buy enriched tamarind paste or enriched wheat? Would they prefer to buy an additive mix that they themselves could add to tamarind paste or wheat flour or do they want a finished enriched product?

2. What price would they be willing to pay for 100 gm of enriched tamarind paste and one kilogram of enriched wheat?

3. Would they prefer to see any other enriched product rather than these two? Do they think any other product that they consume should be made more healthy and/or cheap?



Feedback from the discussion with group members

No. of respondents - 9

Wheat

• Majority used to buy the packet. Better to mix and supply.

• Few used to buy the wheat, grind it, and prepare it at home- they need additive packet separately and usage instructions such as ratio of mixing per kg, time to add, whether before or after grinding, hours before making the chapatti, etc.

• It should not change the traditional taste we get.

• Present price of a kg packed Wheat flour Rs. 28. Ready to pay maximum Rs.34. So, judge the proportionate while the market price may raise or decrease.

Tamarind paste

• Tamarind is not used by all. Alternate is lemon or tomato. Paste is not familiarized yet, only one out of nine in this respondent group uses this.

• Rural people sometimes use the soup as main item in their lunch, which is prepared with tamarind, but they use the raw tamarind and not paste. Because it is easily available in the villages.

• Urban people use little amount of raw tamarind (not paste) are ready to buy additive mixed. Presently they use to buy raw for Rs. 2.50 per 50 gram. If it is a paste with additive they are ready to pay maximum for Rs.5/ per 50 gram. Calculate the proportionate and decide the price while market price raises or drops. The one who use paste now buy for Rs.58 per 200 gram; she is ready to pay Rs.65 with additive.

• No separate additive packet for mixing in case of this tamarind paste. Reasons are: We may not know the exact ration to be mixed, we may forget it in the hurry of preparation and laziness.

• Is it possible to add the additive in the oil and salt, which are used in common and by all segments for all/majority items? Is it possible to add in a pasteurized sachet Milk Packet?

Feedback 2

The following questions and product concept statement were shared with 20 women. All were married and between 25 and 50 years old. Their responses for each question are given under the respective question in blue color.

Initial Questions:

1. What kind of healthy products do you buy at the store?



Out of 20 women respondents, 6 informed that they used to buy “Boost,”6 used to buy “Horlics,” 4 used to buy “Bournvita,” and 4 used to buy ragi and other cereals and prepare the nutrient powder at home.

2. Have you ever seen enriched wheat flour?

All 20 informed that they have heard of and seen enriched wheat flour.

3. How much does enriched wheat flour cost?

Out of 20 women, 13 members informed us that a half kilo (1/2 kg) cost Rs.14; the remaining 7 members responded that it cost Rs.15 per half kilo wheat flour.

4. How much does normal wheat flour cost?

14 respondents out of 20 women informed us that a half kilo (1/2 kg) cost Rs.10, 3 members told that it cost Rs.11 per half kilo, and the remaining 3 members shared that it cost Rs.9 per half kilo of normal wheat flour.

5. What brands of flour do you buy?

Out of 20 women, 10 members used to buy “Asirvad.” 3 members used to buy any of the following brands, depend on the availability, etc.: “Asirvad,” “Bilsbury,” or “Annapurna.” The remaining 7 members responded that they used to buy raw wheat and prepare the flour at home.

6. Can you name some brands of enriched wheat flour?

10 women out of 20 informed us “Asirvad,”,3 told us “Asirvad,” “Bilsbury,” and “Annapurna,” and the other 7 women told us that they have no idea.

7. How much wheat flour do you purchase in one month?

Out of 20 respondents, 3 informed that they used to buy 5 kg wheat flour in a month, 13 women shared that they used to buy 2 kg, and 4 women buy 3 kg in a month.

8. How much what flour do you use to make four chapattis?

Out of 20 women, 14 felt that they may need 100 grams of flour to prepare 4 chapattis, 3 shared that they may require 80 grams, and 3 needed 120 grams flour.

Product Concept:

This product will be nicknamed “A Doctor in A Bottle.” The product is a powder additive containing a special mix of vitamins, minerals, and protein that can help children stay healthy and grow up to be big and strong. It might also help improve their performance at school. Just one spoonful of the additive should be mixed with a specific measure of wheat flour, to produce chapattis that are fortified with the healthy nutrients. To help mix the product, a special free container comes with the package. You mix one spoonful of the additive with the wheat flour inside the special container and shake it up. Then pour this mixture into a bowl and prepare it like normal chapattis. The healthy chapattis will not taste any different from normal. One container of our product will provide enough mixture to enrich 1 kg of wheat flour. “Just three shakes is all it takes.”

Follow-up Questions:



1.Do you like this idea?

All said yes 2. Would you purchase this product?

All said yes

3. How much would you be willing to pay for this product?

Out of 20 respondents, 6 women would like to buy it @ Rs.30-32 per kg, 3 women expected the product @ Rs.32 per kg, 4 women for Rs.33 per kg, and the other 7 women expect it @ Rs.35 per kg.

4. Would this product be a part of your daily cooking, or only once in a while?

Three stated that they use the wheat flour daily and the other 17 stated that they use it twice in a week to eat items that are prepared from wheat flour.

5.Would you like the free container, designed for mixing the product with wheat flour?

All said ok in general and asked about the container or pocket model 6. Would it be easy to add this product to your chapattis?

All said yes

7. How do you feel about the message: “Doctor in a Bottle”? and what comes to mind when you hear this?

Out of 20 women, 14 stated that it contains medicinal contents, 3 informed us that it is recommended by doctors, and the other 3 felt that it contains traditional medicinal contents.

8. What does the phrase “Just three shakes is all it takes” mean to you?

‘It is easy to prepare’ was the statement of 3 women and the rest of them said that ‘it is easy method’

Note:General doubts and clarification raised by the respondents:

1. Healthy mix container is a separate product or part of wheat flour pocket?

2. Is it a standard company’s product? (for trustworthiness)

3. How to trust your impact/benefit statement? Is it really a healthy mix and help the children grow? How to measure it or how will you convince us?



XI. Appendix 2 – Alternative Product Prototype: Enriched Tamarind Paste

Figure 13: Tamarind pods

Tamarind fruit is a brown pod-like legume (see Figure 13) that contains a soft acidic pulp and many hard-coated seeds. It is commonly consumed in many parts of the world, including India, the West Indies, Latin America, and Southeast Asia. It is used as a medicine for gastric/digestion problems. The tamarind tree is itself a popular sight in tropical parts of the world. There are commercial plantings in Central and South America. India has tamarind orchards producing 275,500 MT annually.

Owing to the large presence of tamarind in India and its nutritional values, it is consumed on a regular basis in daily foods. Our targeted market segment is South India. There is extensive use of tamarind in South Indian cuisine, particularly in Tamil Nadu. It is used to prepare Rasam, Sambhar, Puliyogare, pickles, and other types of chutneys popularly used in evening snacks. Tamarind is soaked in water and then squeezed to extract the liquid pulp and make a thick paste. The paste is directly added to the food being prepared to give it a tangy taste. Tamarind paste is commonly made and sold can be stored at room temperature for extended periods of time.

However, the feedback from South India was the opposite, as tamarind there is freshly squeezed in every house and used immediately, rather than buying the paste from the market. Tamarind itself is quite nutritious. However, considering the Indian methods of cooking wherein long boiling times are used, it is possible that a part of these nutrients are lost. Also, it is not a complete nutritional food in itself.

Product Concept

Our product concept combines tamarind paste, prepared by a local factory in Tamil Nadu under the supervision of Indus, with the enriched nutritive packet. This enriched Tamarind paste will then be sold locally to consumers for quick consumption. Before further development, we decided to pitch the idea to our target market via correspondence. Unfortunately, our tamarind product idea did not go well with the local population. A summary of the feedback is attached in Appendix 1. It was decided that this product would not be pursued further, due to time constraints to evaluate it on a detailed basis.



XII. Appendix 3 – Dialogue with Experts

We had detailed discussions with our experts at Indus Ventures, LLC, for appropriate technical development of ActivEdge. They are summarized as follows:

• We were made aware of many existing technologies as well as products specific to our product idea

• The idea of a mixer/shaker was developed in this mutual dialogue

• Mixing with rice was negated due to issues of homogeneous mixing in the product

• Development of a product with an “Intel Inside” concept was discussed, wherein our product would be used to formulate other products

• Blending and procurement of raw materials was discussed effectively

XIII. Appendix 4 – References

Authors and Journals

. 1 Hammond, Allen L., Kramer, William J., Katz, Robert S., Tran, Julia T., and Walker Courtland., “The Next Four Billion: Market Size and Business Strategy at the Base of the Pyramid,” World Resources Institute and International Finance Corporation, 2007.

. 2 Challenges in the Health Sector in India, www.go.worldbank.org/15URN7VSO0, Accessed 2008

. 3 “Bottom of the Pyramid Market Stands at $1.2 Trillion,” The Economic Times, www. economictimes.indiatimes.com/articlesshow, Accessed April 27, 2007.

. 4 Http://www.plumpynutinthefield.com/eng/index-eng.php, Accessed 1st March, 2008

. 5 Http://www.healthy-india.org/Indian3.asp, Accessed 1st March, 2008

. 6 Http://www.hinduonnet.com/folio/fo0004/00040260.htm, Accessed 1st March, 2008

. 7 Vitamins, Http://www.whereincity.com/medical/vitamins/, Accessed 29th March, 2008

. 8 NutriStrategy Nutrition Information for Nutrients, Vitamins and Minerals , http://www.nutristrategy.com/nutritioninfo2.htm, Accessed 29th March, 2008

. 9 Boltin, http://www.vitamins-supplements.org/biotin.php, Accessed 29th March, 2008

. 10 Frits A. J. Muskiet, M. Rebecca Fokkema, Anne Schaafsma, E. Rudy Boersma& Michael A. Crawford, 2004, Is Docosahexaenoic Acid (DHA) Essential? Lessons from DHA Status Regulation, Our Ancient Diet, Epidemiology and Randomized Controlled Trials, The American Society for Nutritional Sciences, J. Nutr. 134:183-186.

. 11 V. P. Gandhi & Abraham Koshy, 2006, Wheat Marketing and its Efficiency in India, Working



Paper Series, IIM Ahmedabad, W. P. No. 2006-09-03.

. 12 C. N. Dhillon, J. Haas, N. Balakrishna, P. Andersen & GNV Brahmam, 2007, Iron Intake and Bioavailability in Rural India (1975-2005), http://www.micronutrientforum.org/ meeting2007/posters/, Accessed 30th March, 2008.

. 13 Gragnolati, Michele., Shekar, Meera., Gupta, Monica Das., Bredenkamp, Caryn., and Lee, Yi- Kyoung., “India’s Undernourished Children: A Call for Reform and Action,” Health, Nutrition and Population, The World Bank, August 2005.



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