marketing mix of fevicol company

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MARKETING MIX OF PEDILITE &FEVICOL.CO

A PROJECT REPORT ON

MARKETING MIX OF PEDILITE & FEVICOL COMPANY

SUBMITTED BY

AFTAB SYED.Q.SYEDT.Y.B.M.S SEMISTER V

ACADEMIC YEAR 20010 -11

PROJECT GUIDE

PROF.MAZHAR THAKUR

SUBMITTED TO

UNIVERSITY OF MUMBAIAKBAR PEERBHOY COLLEGE OF COMMERCE AND

ECONOMICS MUMBAI – 400008

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DECLARATION

I AFTAB SYED.Q.SYED student of AKBAR PEERBHOY COLLEGE

OF COMMERCE AND ECONOMICS, MUMBAI – 400008,

T.Y.B.M.S SEM V, here by declared that I have completed Project ON

MARKETING MIX OF PEDILITE & FEVICOL COMPANY in the

academic year 20010-11 .The information submitted is true and original

to the best of my knowledge.

Place: Mumbai.

Date:

Signature of the students

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CERTIFICATE

This is to certify that the project entitled A PROJECT ON

MARKETING MIX OF PEDILITE & FEVICOL COMPANY

is the bonafide research work carried out by AFTAB SYED

student of AKBAR PEERBHOY COLLEGE OF COMMERCE

AND ECONOMICS MUMBAI – 400008, T.Y.B.M.S SEM V, during

the year 2010-11, in partial fulfillment of degree of bachelor of

management studies (B.M.S.) and that the dissertation has not formed on

the basis for previous degree, diploma or any other similar title.

Place:

Date:

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Signature of the Guide

ACKNOWLEDGMENT

I would like to thank Prof Mazhar Thakur,

The university of Mumbai and Akbar Peerbhoy College of commerce

and economics and the project guide and my big brother who cooperate

me to make this project without their cooperation I could not make the

project.

Project Co-ordinator

AFTAB SYED

TYBMS, ROLL NO 45

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SEM V

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INDEX

Sr.No Particular

1. Introduction

Pidilite

Fevicol

2. 4 P’s of Marketing

Product

Price

Place

(Distribution)

Promotion

3. Market Segmentation

4. Positioning

5. Conclusion

6. Annexure

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7. Questionnaire

8. webliography

INTRODUCTIONINTRODUCTION

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History Of Company

1969

- The Company was incorporated as a private limited company on 28th July

under the name of Parekh Dychem Industries Pvt. Ltd., to acquire and take

over on a going concern the business carried on by a partnership firm M/s.

Parekh Dychem Industries established in 1961 and having a factory in

Mumbai. The Company was promoted by Balvantray Kalyanji Parekh along

with his brothers. The brand names, are being Fevicol, Fevibond, Fevigum,

Pidifix, Pidivyl, Pidicryl, Acrolise, etc.

- The Company undertook to set up synthetic resin project with a capacity

resin project with a capacity of 3000 TPA at Mahad Industrial area in Raigad

district, Maharashtra. Also undertook to set up a constructions chemicals

project at Taloja industrial area, Taloja, Maharashtra.

1984

- Three other companies in the same group viz., Kodivita Pvt. Ltd., erstwhile

Pidilite Industries Ltd., and Triveni Chemicals Ltd. were amalgamated with

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the Company effective 1st July, 1st April 1989 and 1st April 1992

respectively.

- Effective 1st July, Kondivita Pvt. Ltd. amalgamated with the Company after

necessary approvals. The shareholders of erstwhile Kondivita Pvt. Ltd., were

allotted 41,000-15% preference share of Rs 10 each and 19,500 shares of Rs

10 each.

- 54,000 I and II Pref. - 4% shares allotted to promoters. 26,000 No. of equity

shares allotted to promoters originally:

26,000 Rights shares issued in prop. 1:1 in 1980, 52,000 bonus shares issued

in prop. 1:1 in 1981.

1985

- I & II Pref. 4% shares redeemed. 12% redeemable shares upgraded to 15%.

19,500 No. of equity shares and 41,000-15% Pref. shares allotted to

Kondivita Pvt. Ltd. on amalgamation. 54,000-15% Pref. shares allotted to

promoters & in lieu of 1st and 2nd 4% Pref. shares.

1986

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- The Name of the Company was changed to PDI chemicals private limited on

1st July, and then to PDI chemicals limited, on 28th October, 1988. Name

was once again changed to Pidilite Industries Ltd., on 21st February, 1990.

1989

- Effective 1st April, Pidilite Industries Ltd. was amalgamated with the

Company. As per the scheme of amalgamation 1,93,500 No, of equity shares

of Rs 10 each and 72,000-15% preference shares of Rs 10 each were allotted

to the shareholders of erstwhile Pidilite Industrial Ltd.

1992

- As per the Scheme of Amalgamation approved by High Court of Mumbai,

Triveni Chemicals Ltd., (TCL) was merged with the Company affected 1st

April. Accordingly 90588 No. of equity shares of Rs 10 each and 40,000-15%

preference shares of Rs 10 each were allotted to the erstwhile shareholders

of TCL 38,49,034 shares allotted in prop. 72:10 to promoters on 29.1.93

1993

- 15,36,378 shares issued at a premium of Rs 100 per share in October. Of

which 1,50,000 shares issued on preferential allotment basis to Viny

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Chemicals India Ltd. (only 1,35,000 shares taken up). Balance 13,86,378

shares along with 1,50,000 shares not taken up were issued to the public (all

were taken up).

1994

- The projects for SBR Latices, AZO Pigments and Carbazole Dioxiene Violet

Pigments were commissioned.

- Apuraj Chemicals Ltd., was amalgamated with the Company. As per the

scheme of amalgamation, 66,000 No. of equity shares of Rs 10 each were

allotted to the shareholders of erstwhile Apuraj Chemicals Ltd.

- Vapkon Finance & Industries Ltd., Fevicil Adhesives & Chemicals Ltd. and

Pidifin Finance and Investment Ltd., are subsidiaries of the Company.

- 60,000 No. of Equity shares of Rs. 10 each to be issued and allotted to

equity shareholders of the erstwhile Apuraj Chemicals Ltd. pursuant to the

scheme of amagalamtion.

1995

- Expansion project at Taloja was commissioned with an overall plant

capacity of 2400 TPA of construction chemical.

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- The Company's technical collaboration agreement with Schomburg & Co.,

KG. Germany for transfer of technical process know-how and specifications of

the plant etc., was extended till 8th September.

1996

- The first phase of grass root plant for manufacture of synthetic resins of

various types was commissioned in March at Mahad with a capacity of 7800

TPA. In the second phase, a

loop process plant for continuous emulsion polymerisation was to be

commissioned.

- Introduction of several new products in technical collaboration with M/s.

Crown Berger Ltd., U.K.

- The Company allotted 61,17,200 No. of equity shares of Rs 10 each as

bonus shares in the ratio of 1:1. 3,800 shares were kept in abyeance due to

dispute relating to the title of the same.

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1997

- 600 bonus shares allotted from Bonus Share Issue Suspence Account.

- The company has set up three windmills of 230 kv each at Village Pransla

near Dhank In Gujarat.

- The Pedilite Industries Limited, manufacturer of the popular Fevicol brand

of adhesives, is actively scouting around for buyers for its chemical and

specially resins business. The company has been in talks with several

international players in a bid to either sell off the business or enter into a

joint venture.

1998

- Triveni Chemicals, another group company was also merged with PIL in

1992. PIL's consumer products division was set up in 1984.

- The Board of Directors gave their approvals for the amalgamation of PGP

Engineering works Ltd and Pidilite Finance Ltd. with the company itself

effective 1-4-99. Also, Nebula Chemicals Ltd. manufacturers of certain

grades of

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adhesives, was to be amalgamated with the company subject to necessary

approvals.

- 2,800 bonus shares kept in abeyance allotted.

1999

- Pidilite Industries is re-engineering itself into a pure brand-oriented

marketing company and is hiving of its

manufacturing facilities into a joint venture with a strategic partner.

2000

- The Company has acquired from Mahindra Engineering & Chemical

Products Ltd (MECP), subsidiary of Mahindra & Mahindra Ltd, their adhesives

and sealants business consisting of the brand M-Seal and Mr. Fixit along with

goodwill of MECP's adhesives and sealants business.

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Pidilite IndustriesPidilite Industries

Logo And Its Significance

Pidilite Industries Ltd., has been associated with you through different

products, Fevicol Furniture Books, Upholstery Books, etc. since long. “BOND”

– has become synonymous with Pidilite Industries Limited – Makers of Fevicol

brand of Adhesives. This philosophy is now beautifully expressed with our

simple yet dynamic new corporate logo. The golden circle represents the Sun

and the blue stroke suggests the surface of the Earth.

Just like the sun maintains an eternal bond between the plants with its

gravitational force, we seek to build strong bonds with all stakeholders

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through dedicated teamwork, innovative strategies and commitment to

excellence.

This philosophy is expressed beautifully with this simple yet dynamic

design for our new corporate logo. The golden circle represents the sun, and

the blue brush stroke suggests the surface of the earth.

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FevicolFevicol

Fevicol And Its Logo

The “Fevicol” logo with elephants symbol has been very popular for decades.

The Fevicol logo has now been redesigned to give a fresh and contemporary

look. The brand graphics have been redesigned and rising sun is added

behind the elephants, reflecting the freshness and vitality of the brand.

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Just as the morning sun brings new energy, we constantly think of

fresh ideas and develop new products of global standard under this trusted

brand name.

Fevicol – A Strong Brand

If you really look at the way in which business is being conducted in India, we

do not have a large market for ready-made furniture and carpenters are

buyers of this product. Compared to wood and other materials that

carpenters use in making furniture, the adhesive cost is very minimal. And

Fevicol is so synonymous with the

quality and the product that most of the direct consumers or carpenters

cannot take risk with this kind of product. This gives them pricing power.

Despite falling raw material

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prices in recent past this company has been able to not only keep the

market steady, but also increase the market price of their products and

expand their margins.

Pidilite - a pioneer and market leader in its line of business, the company

boasts of a battery of strong brands like Fevicol. Fevicol brand ranks among

the 25 most popular Indian brands. Thus, Fevicol is a cash cow for the

company and is working wonders for it.

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4 P’S OF4 P’S OF

MARKETINGMARKETING

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PRODUCTPRODUCT

THE PRODUCT LEVELS

In planning its market offering, Fevicol needs to think through three levels of

the product. Each level adds more customer value and it forms a part of the

customer value hierarchy.

Core product

There is no identification as such where the core need is concerned.

Previously, people used animal fat as glue for bonding. But getting glue from

the animal fat was really difficult. What the customer actually wanted was

the better product, which could be made available easily.

Actually, Fevicol is not the actual pioneer in developing the white glue, as

the concept has come from abroad. Fevicol has replicated the making of

white glue in India from abroad.

According to Fevicol, the core product is that it should give a bonding i.e., it

should be provided with a good bonding.

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Actual Product

The actual product is designed as the bonding different and better than any

other product available in the market. Basically, the core product is turned

into a basic product; actual what the Fevicol is delivering.

Augmented Product

Here, Fevicol exceeds the customer expectation by giving an augmented

product where everybody using the

product can use it without any hassles, and no mistakes at all. Even a novice

can use it properly and even expert can use it without any hassles as such.

Moreover, as today’s competition takes place at the product-augmented

level, the competition has shifted its preference from what the companies

produce in their factories to what they add to their factory output in the form

of packaging, services, advertising, and other things that people value. The

latter part is more of a value to the company.

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Now even with the use of advertising, Fevicol has made itself into a super

brand. Even if tomorrow someone tries to enter this market it is not possible

to compete with Fevicol, not even through effective advertising. That is the

positioning they have achieved right now.

Product Augmentation Strategy

Firstly, each augmentation adds cost. Secondly, augmented benefits

soon become expected benefits. This means competitors will have to search

for still other features and benefits. However, Fevicol is not affected by the

competition as it has drawn the line very cautiously such that it has made

the competitors difficult to enter this

market and endanger its position. So the question of cutting price does not

occur much. Moreover, Fevicol wants to maintain its position as a brand in

the premium

segment. However, there are many small-scale competitors. Not to

take a chance, it had introduced the products in the economy segment, also,

inorder to deal with competitors in the lower segment market.

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Product Hierarchy

Each product is related to certain other products. The product hierarchy

stretches from basic needs to particular items that satisfy those needs. We

can identify Fevicol as the following levels of the product hierarchy:

1. Product Line: Fevicol has a group of products within a product class,

say, consumer-based products and industrial products. They are

closely related because they perform a similar function i.e., bonding,

are sold to the same customer groups, i.e., consumer-based and

industrial products to the common customers and the industries

respectively, are marketed through the same channels, or fall within

given price ranges.

2. Product Type: A group of items, say, Fevicol SH, Fevicol MR, Fevicol

505, etc. within a product line, say, white glue, share one of the

several possible forms, of the product.

3. Item: A distinct unit within a brand or product line distinguishable by,

say, price, would be Parcol to Fevicol.

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Product Classifications

Fevicol has been classified as Consumer and Bazaar Products and

Speciality Industrial Products.

There are about 500 industrial products under the brand name Fevicol

catering to different needs of the industry. The industrial products are

different from the consumer-based products totally. There is no link as such

other than that they all fall under the umbrella brand – Fevicol.

Product Line analysis

Sales And Profits

The sales and profits of each item in the product line is important as it helps

to determine which items to build, maintain or divest. They also help in

understanding each product line’s market profile. Fevicol has different

margins for different products in the product portfolio.

For each product, Fevicol undertake a profitability-analysis or a quarterly

analysis. On a month-to-month basis, they keep reviewing the profitability of

a particular brand.

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In terms of sales, they have a targeted year kind of sales plan. Based

on this sales plan, they have the profitability plan. Now if there is a change in

the profitability plan other than what they perceive, they take the call every

month or every three-month whether to change the pricing, or to cut the

pricing in order to

Increase the sales. It is the same case in the bottom line or the top

line.

Product-Line length

The product line of Fevicol is neither short nor long. The product line is

not short as if Fevicol finds the core need to introduce a product to add to its

product line, it does so. Similarly, if it feels that the product is cannibalizing

the other products, it does not hesitate to drop items. However, this is a rare

thing to occur as all the brands under Fevicol are catered to different

markets and areas.

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Another thing Fevicol believes in is to create a product line that

protects against economic ups and downs. Thus, they have introduced Parcol

and Bulbond to cover different

Price points even here, if Parcol and Bulbond try cannibalizing any

brand of Fevicol, restriction is put on the distribution network of Parcol and

Bulbond. Fevicol follows the perception that if Companies seeking high

market .

How Fevicol came into being?

Alcohol Poly-vinyl alcohol is one of the component of the adhesives. The

whole process of manufacturing adhesives has come from outside India.

Everybody outside India used to call from the name “ol” because of Poly-

vinyl Alcohol. So the “col” has come from there. Earlier there were no

adhesives in India. Later then, there was a brand called MOVICOL in India,

who has set the trend of calling adhesives from the word “col”. The adhesive

industry was in an unorganized sector. The Parekh family of the Pidilite

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Industries had a background of chemical engineering. As the suffix “col” had

become a trend then, FEVICOL,

When, it was changed to a brand, followed the same trend of having a “col”

in the name.

Line Extensions

Over the years, Fevicol has many products under its brand. Each type

of product can be further developed. It

has felt the need to extend its existing brand name to new flavours in the

existing product category. Line extensions consist of introducing additional

items in the same product category. For example, Parcol and Bulbond.

However, line extension involves risks. For example, Bulbond can eat

the sales of Fevicol resulting in cannibalizing of Fevicol. On the downside,

line extensions may lead to the brand name losing its specific meaning. It

may be possible that by introducing Bulbond – a cheaper version of Fevicol,

Fevicol may lose its name in providing product in the premium segment.

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However, line extensions also have a positive side. They have a much higher

chance of survival than brand-new products. If Bulbond is promoted using

the tagline from the promoters of Fevicol, then there is a possibility of it

reaping more profits.

Brand Extensions

Pidilite has used its existing brand “Fevicol “ to launch other products in

other categories. For example, Fevicol SH, Fevicol SR-998, Fevicol Foamfix,

Fevicol Nailfree, etc

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Packing

In Plastic Containers 125gms, 250gms, 500gms, 1kg, 2kg, 5kg and

10kg.

In Carboys 30kg, 50kg

FEVICOL SPEEDX

FAST SETTING SYNTHETIC ADHESIVE

WITH ALIPHATIC RESIN

SAVE TIME, GET MORE BUSINESS!

For the first time in India, a revolutionary adhesive that can save time,

increase productivity with superior water resistance. It is a fast setting water

based synthetic resin adhesive for Furniture Industry.

Fevicol SpeedX is milky white in colour.

Category: Craftsmen Products

Features:

Saves time – more productivity and faster completion of project.

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Saves Labour – cost effective.

Superior water resistance – makes furniture more durable.

Uses:

In time bound projects.

Kitchen units, wall units, bathroom where exposure to water is high.

For bonding wood, plywood, laminates, veneers, particle board, block

board/hard board, MDF to each other.

Packing:

In Plastic Containers 5kg and 10kg.

In Carboys 20kg and 50kg.

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SYNTHETIC RUBBER BASED

ADHESIVE

QUICK BONDING ADHESIVE

Fevicol SR 998 is widely accepted for speed in furniture making and for the

surfaces where it is difficult to apply pressure. Used specially for bonding

vertical laminates.

Fevicol SR 998 is dark brownish in appearance.

Category: Craftsmen Product

Features:

It is benzene free and thus, is non-hazardous to health.

To bond the surfaces where it is difficult to apply pressure.

Vertical lamination.

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Speed in furniture making.

Excellent spread ability and bond strength.

Uses:

For bonding decorative laminates to wood and plywood.

Rubber, rexine, leather, foam, fibre, metal, glass, ceramic, canvas,

etc.

Duct insulation (nitryl rubber to metal).

Under deck insulation.

Teak wood – mosaic/cement flooring.

Bonding inside roofing of cars and buses.

Packing:

In Tins 100ml, 200ml, 500ml, 1 litre, 2 litre and 5 litre

In Drum 25 litre

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FEVICOL SR X-PRES

SYNTHETIC RUBBER

ADHESIVE

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THE TWO MINUTE BOND–

THAT LASTS LONG.

A Premium quality adhesive specially formulated to tough containers. It is a

solvent borne synthetic rubber based adhesive

(Benzene free).

Fevicol SR X-Pres is a light lemon yellow liquid and it is highly inflammable

material, to be stored away from direct, heat, sunlight and flame in sealed

condition.


Features:

More resistant to heat and sunlight.

Faster Drying (3-5 minutes).

Saves time and labour.

Used for the surfaces where it is difficult and apply pressure.

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Uses:

Automobile roofing applications.

For bonding decorative laminates to wood and plywood.

In vertical lamination.

Rubber, rexine, leather, foam, fibre, metal, glass, ceramic, canvas,

etc.

Duct insulation (nityrl rubber to metal)


Packing:

In Tins 200ml, 500ml, 1

litre and 5 litre

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FEVICOL SR 505

SYNTHETIC RUBBER

ADHESIVE

STRONG BONDING, LONG LASTING

Introducing Fevicol SR 505, specially for PVC flooring, foam/rexine upholstery

Fevicol SR 505 is a synthetic rubber adhesive (Solvent based) and benzene

free. It is greenish yellow in colour.


Features:

Excellent spreadability.

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Compared to other adhesive no residue left. Can be used to the last

drop.

Economical in the long run.

Free from benzene – non hazardous to health.

Uses:

PVC Flooring.

Foam/rubber foam to metal/wood.

Upholstery or rexine to metal.

A/c unit insulation.

Duct insulation.


In Glue Pen 30gm.

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PRICINGPRICING

Price is the amount of money charged for a product or service. More broadly,

price is the sum of all the values that consumers exchange for the benefits of

having or using the product or service.

In case of Fevicol the prices are fixed according to the benefits that it

offers like good quality, branded product, etc. Its price is thus a summation

of all the values that its consumers exchange for the benefits of using

Fevicol.

Internal Factors Affecting Pricing Decision

Internal factors affecting pricing include Fevicol's marketing objectives,

mix, and organizational considerations.

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Marketing Objectives before setting price

Fevicol has selected its target market and positioning carefully, and

hence its marketing mix strategy, including price, are fairly straightforward.

Marketing Mix Strategy of Fevicol

Fevicol believes that "Price is only one of the marketing mix tools that

a company uses to achieve its marketing objectives. Price decisions must be

coordinated with

product design, distribution, and promotion decisions to form a

consistent and effective marketing program for other marketing mix

variables may affect pricing decisions."

Target costing

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Target costing reverses the usual process of first designing a new

product, determining its cost, and then asking, Can we sell it for that?”

Instead, it starts with an ideal selling price based on customer

considerations, then targets costs that will ensure that the price is met.

Fevicol does exactly this in case of its line extensions, where it comes

out with a product having a certain price in mind and thus goes in a reverse

by first setting an ideal selling price based on customer considerations, then

targets costs that will ensure that the price is met.

The best examples of this Target costing are the Brands Parcol and

Bullbond, which are the line extensions of the brand Fevicol.

External Factors Affecting Pricing Decisions of Fevicol

External factors that affect pricing decisions of Fevicol include the

nature of the market and environmental elements like the government

policies, competition, etc.

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Consumer Perceptions of Price and Value

Fevicol knows that in the end, the consumer will decide whether

products' price is right. Pricing decisions, like other marketing mix decisions,

must be buyer oriented. When consumers buy a product, they exchange

something of value (the price) to get something of value (the benefits of

having or product).

Hence, Fevicol follows value - based - pricing.

Demand curve

A curve that shows the number of units the market will buy in given

time period at different prices that might be charged.

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Fevicol prepares a demand curve as and when it feels that there has

been a change in the external environment or in its internal way of

conducting business. This helps them to determine the number of units the

market will buy in a given time period at different prices.

Price Elasticity of Demand

Marketers also need to know price elasticity, how responsive demand

will be to a change in price.

Fevicol has negative price elasticity as with the increasing prices its

demand falls. This is because of the heavy competition to it from the

unorganized players of the market and other competitors whose products

are priced below the prices of Fevicol. Hence, Fevicol is very selective as to

when to rise the price because its price elasticity will surely hamper its

demand if there is a price rise.

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Competitors’ Costs, Prices, and Offers

Fevicol takes into consideration the external factor of

competitors’ costs and prices. It also takes into consideration the

possible competitor reactions to its own pricing moves affecting its

pricing decisions.

Other External Factors

When setting prices, Fevicol also considers other factors in its external

environment. Economic conditions can have a strong impact on the pricing

strategies. Economic factors such as boom or recession, inflation, and

interest rates affect pricing decisions because they affect both the costs of

producing product and consumer perceptions of the product’s price and

value.

Fevicol follows - 'Value-Based Pricing'

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Value pricing is offering just the right combination of quality and good

service at a fair price.

An increasing number of companies are basing their prices on the products

perceived value. Fevicol is no exception to it.

Value-based pricing use buyers’ perceptions of value, not the seller’s cost, as

the key to pricing. Value-based

pricing means that the marketer cannot design a product and

marketing program and then set the price. Price is considered along with the

other marketing mix variables before the marketing program is set.

NEW-PRODUCT PRICING STRATEGIES

Pricing strategies usually change as the product passes through its life

cycle. The introductory stage is especially challenging. Companies bringing

out a new product face the challenge offsetting prices for the first time. They

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can choose between two broad strategies: market-skimming pricing and

market-penetration pricing.

Fevicol uses these strategies when it comes out with a line extension.

Market-Skimming Pricing

Setting a high price for a new product to skim maximum revenues

layer by layer from the segments willing to pay the high price; the company

makes fever but more profitable sales.

As Fevicol is priced at a high price, all of its line extensions are priced

lower than that of Fevicol and hence

Fevicol rarely uses market skimming pricing as it might hamper its own

sales.

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Market-Penetration Pricing:

Setting a low price for a new product in order to attract a large number

of buyers and a large market share

Fevicol does this for its low priced products like Parcol and Bullbond.

PRODUCT MIX PRICING STRATEGIES

The strategy for setting a product’s price often has to be changed

when the product is part of a product mix.

In this case, Fevicol looks for a set of prices that maximizes the profits

on the total product mix. Pricing is

PRICE-ADJUSTMENT STRATEGIES

Companies usually adjust their basic prices to account for various

customer differences and changing situations.

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Discount and Allowance Pricing

Most companies adjust their basic price to reward customers for

certain responses, much as early payment of bills volume purchases, and off-

season buying. These price adjustments are called discounts and allowances

- can take many forms.

Fevicol uses the following price adjustment strategies:

Cash discount: A price reduction to buyers who pay their bills promptly.

Quantity discount: A price reduction to buyers who buy large volumes.

A functional discount (also called a trade discount) is offered by the seller to

trade channel members who perform certain functions, such as selling,

storing, and record keeping.

Allowances are another type of reduction from the list price.

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Uniform-delivered pricing

A geographical pricing strategy in which the company charges the same

price plus freight to all customers regardless of their location

Zone pricing

A geographical pricing strategy in which the company sets up two or more

zones All customers within a zone pay the same total price; the more distant

the zone, the higher the price.

Basing-point pricing

A geographical pricing strategy in which the seller designates some city as a

basing point and charges all customers the freight cost from that city to the

customer location, regardless of the city from that city to the customer

location, regardless of the city from which the goods are actually shipped.

Freight-absorption pricing

A geographical pricing strategy in which the seller absorbs all or part of the

actual freight charges in order to get the desired business.

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International Pricing

Companies that market their products internationally must decide what

prices to charge in the different countries in which they operate. In some

cases, a company can set a uniform worldwide price. The price that a

company should charge in a specific country depends on many factors,

including economic conditions, competitive situations, laws and regulations,

and development of the wholesaling and retailing system.

Thus, Fevicol uses different geographical pricing strategies depending

on the country to which it is exporting its products, as the environment in

each country differ and it has to adjust its pricing strategy accordingly.

Initiating Price Changes

In some cases, Fevicol may find it desirable to initiate either a price cut

or a price increase. In both cases, it anticipates possible buyer and

competitor reactions.

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Buyer Reactions to Price Changes

Whether the price is raised or lowered, the action will affect buyers,

competitors, distributors, and suppliers and may interest government as

well. Customers do not always interpret prices in a straightforward way.

Hence, whenever there is a price change, Fevicol try and communicate to its

buyers, distributors, suppliers etc. explaining the reason behind the price

change.

Pricing Within Channel Levels

Federal legislation on price-fixing states that sellers must set prices

without talking to competitors. Otherwise, price collusion is suspected. Price-

fixing is illegal per se- that is; the government does not accept any excuses

for price-fixing.

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Sellers are also prohibited from using predatory pricing selling below

cost with the intention of punishing a competitor or gaining higher long-run

profits by putting competitors out of business.

Fevicol, sometimes use predatory pricing to cut competition.

Pricing Across Channel Levels

Fevicol does not use this as a tool for pricing, as it does not believe in

pricing across the channel levels.

The following is an interview taken by Mr. UTPAL SHETH and Mr.

CHETAN PARIKH of Mr. ASIT KOTICHA of the Pidilite Industries and it

unleashes the various factors that go into pricing of its brands like Fevicol. It

also includes the various investments Ideas of the Pidilite Industries as a

whole.

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Investment Ideas from India's Money Masters (6 Jan 2000)

Pidilite - Already a multi-bagger and still a lot of steam left

Mr. UTPAL SHETH: Asit bhai, another multi-bagger pick of yours in the

recent past has been Pidilite. This is possibly the only stock of its kind in

terms of the kind of products that it has and the kind of restructuring that it

is doing to unlock shareholder value. Amongst the many that are trying to

achieve the same objective this company has succeeded in a very short time

in achieving the objective. Could you please throw some light on this stock?

Focus on increasing branded sales and shareholder value creation

Mr. ASIT KOTICHA: As you have rightly mentioned the management has

focused on two major changes – Focus on branded products as well as

shareholder value creation. One is they are focusing more on branded

products and they are focusing on shareholder value creation. They have

become transparent in terms of disclosures to the

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investors, talking to the investors, making themselves more visible and

approachable. They are also taking steps to

make the business more attractive in terms of ROI, debt reduction, focusing

on branded business by divesting commodity businesses.

Fevicol is a strong brand with excellent pricing power

If you really look at the way in which business is being conducted in India, we

do not have a large market for ready-made furniture and carpenters are

buyers of this product. Compared to wood and other materials that

carpenters use in making furniture, the adhesive cost is very minimal. And

Fevicol is so synonymous with the quality and the product that most of the

direct consumers or carpenters cannot take risk with this kind of product.

This gives them pricing power. Despite falling raw material prices in recent

past this company has been able to not only keep the market price steady,

but increase the market

price of their products and expand their margins. That is one example of the

pricing power this brand is enjoying.

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Outstanding marketing strategy

There are many pluses in this brand for which one needs to understand how

this brand has been created, maintained and has increased in the power.

First is the marketing strategy of the company and the product. They have

resorted to direct marketing to various carpenters. They publish magazines

and send it to almost three lakh carpenters every quarter. So they have

direct dialogues with the carpenters. They conduct seminars and product

awareness sessions with carpenters on a regular basis in various regions.

And if you look at their ad campaigns, they are of excellent quality and there

is very very cost effectively placement of their ads. These are two

outstanding elements of the company's marketing strategy. If you noticed, in

the recent cricket matches they have selected replays instead of going in for

any time slots. And it had become a very very successful and effective way

of advertising. At a very low cost they could get their name registered more

frequently than any other ad at very very low cost.

Highly innovative product launches in a segments where no

organised player

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This company has come out with various other products The company has

very good product innovation plans. I would not say it is comparable to 3M

but I think they have adopted a similar strategy in terms of identifying

products. Basically they believe that they service the needs of artisans. The

strategy is to come out with either new products or products which are

already there in the market, without any credible brand. For example,

Recently, Pidilite came out with a "putty" which is used in car

Painting There is no credible brand name available and Pidilite has just come

out with a product, which is a huge market, but right now there's no

organized player in this. They have come out with products like Feviquick

and various art & stationary products also..

Summary of Pricing as followed by Fevicol:

Pidilite places/positions Fevicol in the premium category. Fevicol takes

Premium Pricing policy. It prices Fevicol 10% to 15% higher than the normal

price as the quality is also higher. For example,Rs. 80/kg.

On the economy ground, Pidilite has a brand - Bull Bond. Bull Bond, a

line extension of Fevicol, has adopted penetrating pricing.

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Pidilite also has Parcol, another line extension of Fevicol, a cheaper

version of Fevicol, which is a flanging brand. It protects Pidilite from all its

competitors. Parcol is also a part of the premium segment.

Fevicol follows value-based pricing. No skimming. It looks at the advertising

pricing also.

DISTRIBUTIONDISTRIBUTION

Distribution Channel means the channel through which the product or

service is being reached to the final customers. Distribution channel is linked

with every other marketing decision. Mainly the company’s sales depends on

how strong the distribution channel is and how well is it organized from the

reach of every customers. Also as distribution channel involves long term

commitments to other companies its pricing, its product can easily changed

but its distribution channels of franchises, independent dealers, its large

retailers cannot be replaced with company owned stores if condition

changes.

Fevicol has drawn its distribution channel by taking into consideration its

future as well as its present situations. We had seen that Fevicol has two

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types of product i.e. Consumers product and Industrial product. Pidilite has

also invested a lot to build a strong distribution network.

The Number Of Distribution Channels

Fevicol has a huge distribution channel carrying the following of them:

Retailers

Distributors

Wholesalers

Franchises are a very small part of it

Also planning to start sales through e-commerce.

There will obviously be a clash but the Net will function as an alternate

channel of selling. Possibly our retailers will end up functioning as stock

points.'' Its foray into net selling is likely to function in the next 3-4 months.

How wide is the Distribution Network

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Today, Fevicol is estimated to have a retail reach in 4,000 towns the

translation of Fevicol’s brand equity into sales. They are focusing on exports

also. Right now their export is less than Rs. 10 crores in branded products,

which is targeted to reach Rs. 100 crores in next to five years. They are

exporting to neighboring countries like

Bangladesh, Sri Lanka, and Middle East, where already these products are

very well known.

The distribution channel of Fevicol is built in a very effective way. We see

that Movicol of ColourChem is already there in the market for at least more

than a year now. It doesn't expect them to give a very tough competition to

Fevicol. They do not see major threat to Fevicol brand in

foreseeable future, as distribution channel is quite different from the channel

for FMCG goods. They may be able to get some market share in industrial

products but in consumer products, they won’t be able to have any major

impact. It has a superb distribution network in place and just needs to keep

increasing the throughput. Indeed, with a reach of four lakh retail outlets and

800 distributors, the company can compete with the best in the business.

Despite very high ad expense in the first half their overall selling and

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distribution expenses will be less than 10 percent of sales in the full year.

Networking mainly through carpenters all over the country, Pidilite has

almost 30,000 dealers. Fevicol has a distribution channel that covers more

than 400,000 sales outlets. This is comparable to the leading FMCG

companies, and unmatched by their typical competitors, who think

“commodity”.

The Nature Of Distribution Channel

The distribution channel followed by Fevicol is very effective in terms of its

control on the distribution channel

as well as it is also very cost effective. At the same time it is not very

complex. As Fevicol deals in consumer products and industrial product both

carries two different distribution channels.

The distribution channel for consumer product carries indirect marketing

channel for its distribution. Indirect marketing channel is where the company

deals with the retailer. Sometimes some small retailers take the product

from the distributors. It is due to lack of reach directly to the retailers they

had to take from distributors.

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But the distributors and the retailers are solely under the direct control of

Fevicol.

1) Manufacturer Retailer Consumer

2) Manufacturer Distributor Retailer Consumer

The distribution channel for industrial product carries direct marketing

channel for its distribution. Direct marketing channel is where the producing

company directly deals with the other industry. There is no intermediary

level present in this marketing channel. The industry directly contacts to

Fevicol for ordering the

product required by them as per their requirements. And Fevicol supplies

them as per the order placed considering the usage and requirements

without and intermediary between them.

1) Manufacturer Industrial

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Consumer

Channel Behavior

The whole distribution channel of both Consumer products and industrial

product is strongly under the control of Fevicol. As its major distribution is

direct distribution i.e. they are in direct relation to the retailer and then to

the final consumer in case of consumer

products whereas they are in direct relation to the final consumer in case of

industrial products. Here we see that both Fevicol and retailers are highly

dependent on each other for knowing the consumer needs as well as for

providing with innovative products to fulfill the consumer needs with

branded products respectively.

Consumers Service Needs

Fevicol has its distribution channel very widely dispersed all over for the easy

reach of its customer. As it has mainly FMCG products that are being

demanded more. So it has to supply its product to the nearby location of the

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people, where the customer doesn’t have to travel far for it. We see here

that Fevicol is trying to fulfill all the needs of its customer by providing

fastest delivery, greatest assortment and most services easily available to

the customer. Where it also takes into consideration the price factor stability

and makes profits at easy service fulfillment. Its Future plan for e-commerce

is also being developed taking into consideration easy consumer service

needs.

Channel Members

Selecting Channel Members

The Channel members for Fevicol should be someone dealing in furniture

appliances, as its main target customer is carpenter for consumer goods. So

it has to keep its product in

Hardware stores

Retailers of your competitor product as well as other retailers

Whole seller or Distributor who can make your product reach at

faraway places in rural areas also

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Stationary shops and General stores for household purposes, school

going children’s, small craftsmen and artisians etc.

At the same time the member should follow the same pricing policy followed

by other retailers or distributors in their territory. And they should be

cooperative.

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Distribution Channel of Fevicol in India

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The city of Mumbai, which is one of the 8 metros alone, has 63 dealers who

are visited 2 times a week.

Distribution of City Mumbai

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PROMOTIONPROMOTION

Promotion means the activities that communicate the merits of the

product and persuade target consumers to buy it.

How good is Pidilite in doing promotion? How is Fevicol as a brand being

promoted?

All this boils down to the various promotional strategies used by Pidilite for

its brand FEVICOL.

The marketers of Fevicol see themselves as selling a product,

where customers see themselves as buying value or a solution to

their problem.

Fevicol knows that its customers are interested in more than the price;

they are interested in the total costs of obtaining, using and disposing of a

product. The quality matters a lot to them. Customers want the product and

services to be as conveniently available as possible. Finally, they want two-

White Spots – Various Dealers of Fevicol located in and around Mumbai.

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way communications. Marketers of Fevicol understand this and hence they

first think of the four C's and then build the four P's on that platform.

Mr. Parekh says that the company's policy is to strike synergies with

skilled craftsman. The company already

enjoys extensive Brand Equity with carpenters and cobblers. In the

80's, Pidilite promoted the Pidilite brand

through Direct Marketing with carpenters and by providing furniture

booklets.

In the last 20 years the relationship of Fevicol with its users has

become very strong. Fevicol believes in building bonds with the consumers.

Fevicol held meets with carpenters almost 300 times a year. Actually, the

expense of these meets is higher than that of the advertisement.

In December 1999, Fevicol had started an association called Fevicol

Champions Club where there were about 400 carpenters present. There was

music and difficulties of these carpenters were solved. New techniques were

demonstrated. Fevicol freebies were given away which made the carpenters

go home happily. Now this association is started in about 16 cities with

13,000 members. In these meets, value addition of the carpenters is done. In

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these meets, interior decorators or tool companymen are called to show how

to work better.

Mr. Parekh has realized that "today the brand's message is bigger than the

product. He understands that they have to convey a message that is more

exciting and satisfying to the consumers."

Pidilite is moving away from a commodity-driven market to build a

brand. They have highlighted the range

as being every reason for every season in our communication strategy.

The company has been relying on humorous advertising to get brand

recall.

Getting more market-savvy by changing the look and feel of its brands

has become the main focus of the company.

Does Fevicol use Promotional allowances as a tool in their

promotion kit?

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Promotional allowance is the money paid by manufacturers to retailers

for an agreement to feature the manufacturer's products in some way.

Marketers of Fevicol bank on this a lot. They have a distribution channel to

obtain this objective of building relationships using Promotional Allowance as

a tool.

Does Fevicol use Promotional Pricing?

Temporarily pricing products below the list price, and sometimes below

cost, to increase short-run sales is what Promotional pricing is all about.

Fevicol does use this tool to an extent as a means of promotion.

Fevicol offers cash rebates to consumers who buy the product from

dealers within a specified time and then sends the rebate directly to the

customers.

Sometimes they simply offer discount from normal prices to increase sales

and reduce inventories if there is an overstock.

Fevicol knows that promotional pricing however can have adverse

effects. Used too frequently and copied by

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competitors, price promotions can create "deal-prone" customers who

wait until brands go on sale before buying them. Or, constantly reduced

prices can erode a brand's value in the eyes of customers.

Therefore, Fevicol marketers sometimes use price promotions as a

quick fix instead of sweating through the different process of developing

effective longer-term strategies for building their brands.

Fevicol believes that price promotions can be downright addicting to

both the company and the customer. Price promotions are the brand

equivalent of heroin: easy to get into but hard to get out of. Once the brand

and its customers are addicted to the short-term high of a price-cut it is hard

to wean them away to real brand building. The point is that promotional

pricing can be an effective means of generating sales in certain

circumstances but can be damaging if taken as a steady diet.

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The Marketing Communication Mix of Fevicol

Companies need to communicate to present customers for brand

loyalty and potential customers for brand switch.

Company has to communicate to:

Middlemen

Channel members

Consumers

A Company's total marketing communication mix - also called its

promotion mix- consists of the specific blend of:

Advertising: Any paid form of nonpersonal presentation and promotion of

ideas, goods, and services by an identified sponsor. It is a model of

impersonal contact.

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Personal Selling: Personal presentation by the firm's sales force for the

purpose of making sales and building customer relationship.

Sales Promotion: Short-term incentives to encourage the purchase or sale of

a product or service.

Public Relations: PR is very believable - the message gets to the buyer as

"news" rather than as sales - directed

communication. The program design increases the company's product

image.

Direct marketing: Direct connection with carefully targeted individual

consumers to both obtain an immediate response and cultivate lasting

customer relationships - the use of telephone, mail, fax, e - mail, the

Internet, and the other tools to communicate directly with specific

consumers.

Although the promotion mix is the company's primary communication

activity, the entire marketing mix –

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promotion and product, price, and place - must be coordinated for the

greatest communication impact.

Fevicol hence coordinates all these activities to achieve the best results.

Outstanding marketing strategy of Fevicol!

If you noticed, in the recent cricket matches they have selected

replays instead of going in for any time slots. And it had become a very very

successful and effective way of advertising. At a very low cost they could get

their name

registered more frequently than any other ad at very very low cost.

Promotion Decision

Fevicol use the normal promotional tools - advertising, personal selling,

sales promotion, public relations, and direct marketing - to reach consumers.

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They advertise in newspapers, magazines, radio and television.

Advertising is supported by newspaper inserts and direct-mail pieces.

Fevicol also uses personal selling as a tool in their promotions. Personal

selling requires careful training of salesperson in how to greet customers,

meet their need,

and handle their complaints. Fevicol hence makes sure that the people

involved in personal selling are well trained.

Sales promotion of Fevicol includes demonstrations to its consumers

via carpenters meet etc., displays, contests, and visiting celebrities.

PR activities, such as press conferences and speeches, special events,

newsletters, magazines, and some sort of public service activities, are

always on Fevicol's agenda of promotions.

They also have their web site "www.fevicol.com", offering customers

information and other features.

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Setting the Total promotion Budget and Mix

It is a big question as to how does Fevicol decide on the total

promotion budget and its division among the major promotional tools to

create integrated marketing communications?

Fevicol uses "Objective - and - Task Method" to set its promotion

budget:

Fevicol every year sets its promotional budget based on what it wants to

accomplish with promotion. Their budgeting method entails:

Defining specific promotional objective

Determining the tasks needed to achieve these objectives, and

Estimating the costs of performing these tasks.

The sum of these costs is the proposed promotion budget of Fevicol.

Pidilite have spent extraordinarily high amount, compared to what they

have been doing in the recent past, on cricket matches where the major

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thrust was not only creating or re-launching most of their products like

Fevicol, but export markets like Bangladesh, Sri Lanka, Kenya and most of

these matches were played with these countries. They have created

tremendous awareness for their products, which in the second half, of

course, they will not be repeating, and it is not a normal part of their ad

expense. They do their ad campaign very very wisely in a very cost-effective

way. One of the things that work in their favour is that they are not doing ad

campaigns for sustaining but growing the market.

Building bonds and brands!

Pidilite is stepping up its sales promotion and advertising budget from Rs. 27

- 35 crore this year. "We will still continue to allocate a, major portion of our

spends on ground activities such as dealer meets and the rest is for

advertising." added Mr. Parekh.

Historically the aggregate selling and distributing expenses have been

in the vicinity of 8 percent of sales.

Despite very high ad expense in the first half their overall selling and

distribution expenses will be less than 10 percent of sales in the full year.

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Promotional expenditure and adspend is expected to increase by over 30%

compounded annually over the next five years. Cost of sales (including

adspend and distribution costs) is already creeping upwards.

How does Fevicol Set the Overall Promotion Mix?

Like any other company, Pidilite also has to decide how to divide the total

promotion budget among the major promotion tools:

Advertising

Personal Selling

Sales Promotion

Public Relations

Direct Marketing

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It uses the concept of integrated marketing communications where it blends

the promotion tools carefully into a coordinated promotion mix. But this

keeps on changing every year depending on the objectives set for that

particular year.

Fevicol's Promotion Mix strategies:

Steps for Promotion Mix:

Identifying your target audience.

Increase the buyer's readiness to purchase.

Designing message.

Fevicol mostly uses the Push strategy that calls for using the sales force

and trade promotion to push the product

hrough channels. They induce them to carry the product and to promote it to

final consumers.

Before Fevicol was introduced, carpenters worked with animal glue and

natural glue, which were quite inconvenient to use. The chairman and

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founder Balwantray Parekh worked with carpenters, understood their

requirements and tried to convert the carpenters to Fevicol.

Innovative advertising has backed PIL's marketing efforts for its wide

range of products. Cultivating success!

According to Parekh, much of the company's success stems from the

fact that they have worked closely with the

markets, thereby cultivating their customers. "We try to give our customers

more than just a product," he says. For instance, carpenters - the small-time

carpenters who you are most likely to call home to get some work done - are

Pidilite's main customers. Over the past 20 years, the company has complied

a mailing list of 100,000 carpenters

nationwide, and mails them furniture designs. Carpenter meets are

conducted by the company where they are given new product information

and shown how to use them.

Despite the distinct sub-branding, the awareness of the mother brand,

Fevicol, is so high that even while sponsoring programmes, `Pidilite

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Industries' has been replaced with the line `Makers of Fevicol'. Fevicol itself,

marketed mainly to carpenters/ plumbers who buy in bulk,

is available in all kinds of sizes ranging from a bucket to a pen form for the

end use consumer. Says B.O. Mehta, Vice President - Marketing, Pidilite

Industries: ``We believe in working very closely with the **karigars, directly

promoting our product through demonstrations.'' Networking mainly through

carpenters all over the country, Pidilite has almost 30,000 dealers.

Mehta explains that the company also publishes a journal, Fevicraft,

that highlights noteworthy work of carpenters. The brand is also promoted in

schools through craft contests, in a bid to get closer to schoolchildren. "It is

basically the awareness and emotional bond which has helped the product,

more than sales escalating as a result of the commercials,'' says Mehta.

And, says Pandey, "Brands develop their own personalities and if you

find that your brand brings a smile on someone's face, then unless there is a

very good reason,

we would like to continue with the basic communication strategy in

selling with a smile.''

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Integrating the Promotion Mix

Fevicol takes steps to see that all of the promotion mix elements are

smoothly integrated.

As Fevicol, now is in its Maturity Stage uses the communication model

of advertising to increase sales.

The essence of Fevicol’s advertising!

Predictably wacky.

Yet so unpredictable in its wackiness.

That’s the essence of Fevicol’s advertising.

HUMOUR, used well in advertising, can make even an intermediary

product look attractive. It's certainly working wonders for Fevicol. This

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mother brand, which comes from a typical speciality chemical company --

Pidilite Industries -- has expanded successfully into several variants, cashing

in on the strong brand equity it has built over the years, and through its

clever advertising.

Be it Fevikwik, Feviseal, Fevistik or Fevicryl, there is a sub brand for sticking

just about anything. Apart from Fevicol, these are the brands that are

advertised even though they make up only a small part of the turnover and

do not really have large marketing budgets to support them. Thus clever,

snappy advertising has helped enormously in reducing their marketing costs

during these hard times.

Explains Piyush Pandey, Executive Creative Director, O&M: ``All the

Pidilite commercials are demonstration commercials without using the

standard techniques of demonstration.'' The various campaigns have

actually been developed in accordance with the life-cycle of the brand.

Initially, when Fevicol was being established, the functional attributes of the

product were highlighted (the `haiya ho'

commercial). Once that task was accomplished, it was time to take the brand

to a metaphysical level (with the `netaji' commercial), with adequate humour

to bring a smile to one's face.

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Piyush Pandey - the man behind Fevicol's Advertisements!

Piyush Pandey raised the Indian flag high at Cannes, by bagging a

clutch of lions. He has dazzled and put a smile on the viewers of TV and

readers through print, by his finely crafted ads. As he was to later state in

the interview, 'people don't like to see ads, for them it's a nuisance. So, the

question is, how do you make this nuisance entertaining?' This

understanding of his has led

to his making memorable and engaging ads, which have stuck on to the

memory even years after they have been made. 'No Idea, No Product', is

what he believes and, the strength of his ideas are amply proved by the work

he has done for the brands like Fevicol, etc.

Some of the stuff that Piyush Pandey thought had a very good chance

of winning at Cannes was the old Fevicol ad with the egg. But they didn't win

at Cannes. Doesn't mean they didn't win anywhere else, they won at other

places.

As Piyush Pandey says, "There is no standard approach or creative exercises.

There are only two things that I approach it from; one, Ads are not made for

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us they are made for the people; second, people are not looking for ads, we

have to make them look at them. Nobody is looking

for ads all the time; nobody puts on the TV, because there are ads at

this time. Infact, ads are a nuisance. So, how to make that nuisance

endearing, memorable, these are the issues on my mind when I start writing

an ad. When you start working on it, observations come in very handy,

experiences that you have had, other people's experiences that you have

heard of. Little jokes here, little emotions somewhere else, little charming

things about people and somewhere down the line it falls into place.

There is no standard pattern of working on a brief, you absorb the brief

and understand what role does this

product play in the life of the person you want to sell it too. Then you let it

role in the mind and somewhere down the line something pops up. There is

no procedure.

Created by Ogilvy & Mather Advertising, the advertising campaigns

highlights the efficacy of the product in a humorous way. Says O&M national

creative director Piyush Pandey: "Our main objective is to reinforce Fevicol's

leadership position as the strongest brand in this category.''

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The communication looks quite over-the-top, yet makes perfect sense

to the viewer. “None of Fevicol’s communication has been over-the-top or

bizarre,” clarifies an O&M spokesperson. “In fact, Fevicol’s communication

proves that involving communication based on understanding the consumer

as a person – and not just as a professional, a housewife etc – always strikes

a chord.”

He also quite rightly points out that Fevicol advertising has “evolved

over a period of time, each communication building on the preceding one”.

In the early years of Fevicol advertising, the effort was to demonstrate

physical bonding. Gradually the communication moved to

establishing Fevicol as a bonding simile – “Fevicol jaise chipak gaya”. And

what we see today is a reinforcement of the bonding message at a lateral

plane.

All this certainly didn’t happen overnight. For the Rs 192-crore brand (figures

for 1998-99), becoming the market leader in the branded synthetic

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adhesives market didn’t happen overnight either. And despite the best

efforts, Fevicol still has a long way to go before it can come anywhere close

to market domination. Only because saresh – a traditional, unbranded

adhesive made from animal fat –

is still the most widely used adhesive in India, constituting a whopping 70

per cent of the market!

The target consumer of Fevicol is the carpenter “who has basic

education and speaks only his mother tongue”.

However, the spokesperson is quick to point out that Fevicol’s

communication has a more broad-based appeal, which has helped increase

salience in a low-involvement category. “Our learning's indicate that Fevicol

advertising brings a smile to the face of the individual; be the individual a

carpenter, or the end-user of the furniture.” True. Even the non-target viewer

has come to associate Fevicol with bonding.

The creative strategy that O&M has been pursuing is to build brand

associations with bonding – “to make bonding a metaphor and invoke

diverse associations and

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meanings in the consumer’s mind.” The objective is to appropriate bonding

as a Fevicol attribute.

Says Pidilite Industries managing director Madhukar Parikh: "Our

market results and the creativity of our advertising go hand in hand, and

they will continue to do so.''

To support the television campaign, the company also launches

aggressive print campaign. Deviating from

traditional print route, O&M has taken an unusual route to hammer the

brand message - anything that comes in close proximity to Fevicol gets

stuck. To illustrate the USP of Fevicol, the campaigns of Fevicol shows how a

small ad of Fevicol can attract great attention by its bonding strength.

Let us now have a gist of Fevicol's TV advertisements over the years:

Fevicol (Haisa with elephant)

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Remember the `haiya ho' commercial with elephants trying to pull apart a

block of wood stuck with Fevicol? That mnemonic is, in fact, being used by

the brand in the form of a trademark today.

Fevicol (Netaji)

Then came the `Netaji' campaign of a politician trying to stay stuck to his

seat while the public wants to pull him down.

Fevicol (Panihari)

Followed by the village belle who manages to carry all her

matkas, stuck one on top of the other with Fevicol, despite

the various obstacles she is made to encounter.

Fevicol (Egg)

It may be recalled that O&M 's egg commercial for Fevicol walked away with

a maximum number of awards for creative excellence last year. The latest

TVC for Fevicol depicts bonding in a metaphorical form. An egg at a roadside

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dhaba cannot be broken because the hen's feed is in a Fevicol jar with

remnants of the `white glue', which in turn has hardened the eggs.

Fevicol (cliffhanger)

Shot in Mumbai, the storyboard of this commercial entirely

relies on drama and music. The action takes place at a TV

showroom, where carpenters are busy watching a climax scene from a Hindi

potboiler. Chhorna nahin, pakre rehna, repeatedly screams the village belle

holding on to the hero, who is clinging on to dear life from a rope, high up in

the mountains, in the movie. Just then a carpenter unknowingly picks up a

Fevicol can that has been placed on top of a television set.

The real drama unfolds. For the heroine suddenly stops' screaming as

the hero falls down instantly-thus

proving that it was the Fevicol power that was keeping the hero intact

with the rope. Pandey elaborates on the ad strategy: ``We have shown the

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bonding power of the product in a non-literal way. The message is simple -

Fevicol is the ultimate adhesive.''

It may be recalled that O&M 's egg commercial for Fevicol walked away

with a maximum number of awards for creative excellence last year.

Fevicol (Shadow):

Take the latest commercial for the brand. There’s this man walking down a

deserted street. His ear is pressed to a transistor radio that is belting out

some crummy Hindi ‘dance number’. As the man sways to the tune and

walks, he notices his shadow slanting across the shop shutters that line the

street.

The man smiles to himself, starts dancing to the tune and proceeds on

his way, all the time admiring his shadow. Enjoying himself thoroughly, he

eventually reaches a shutter with a Fevicol ad painted on it. He stands in

http://www.agencyfaqs.com/tvc/sboard/fevicol_fasa_0911.html

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front of this shutter, does a jig, and starts walking again. However, he quickly

notices something is amiss. He turns

to find his shadow stuck to the shutter, convulsing grotesquely…

Point taken. Effortlessly.

Fevicol (Bus):

At the 2002 Cannes awards, considered to be the Oscars of

the advertising world, the Fevicol's Bus TV commercial won a

silver. It also won a special award for the Best

Soundtrack in TV Commercials. It shows how in a bus all the people are

bonded in large numbers, thus showing that Fevicol is the best bonding

agent.

Fevicol's Advertisements continues to win recognition at local as well as

international forums

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The company's advertising, created by its agency Ogilvy & Mather,

continued to win recognition at local as well as international forums.

At the 2002 Cannes Awards, considered to be the Oscars of the

advertising world, the Fevicol 'Bus' TV commercial won a Silver in the

category for Household Maintenance Products.

At the Asia Pacific Advertising Festival, the Fevicol 'Bus' TV commercial

won a Bronze. Moreover, a special

award for the Best Soundtrack in TV Commercials was also awarded to the

Fevicol 'Bus' TV commercial.

At the ABBY Awards, Fevicol advertising won a Gold for the Advertising

Campaign of the Year and also a Silver for the Best Continuing Campaign

over the years.

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MARKETMARKET

SEGMENTATIONSEGMENTATION

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Market SegmentationMarket Segmentation

Market Segmentation is identifying market segments, selecting one

or more of them and developing products and marketing programs

according to it.

Levels Of Market Segmentation followed by Fevicol over the Years.

Firstly, Fevicol when it came into market they performed Niche Marketing

where they targeted carpenter for buying their product. They found most of

its concentration on this category customer at that time and even today it is

being seen that its major sale is to the carpenters only.

After some years Fevicol started to serve its customer throughout the market

with same product i.e. is called as Mass Marketing where they used to

serve only one product to the whole market. This took place for a very short

period of time.

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Then they started to understand customers’ wants and behavior as well as

they started feeling threats from other competitors offering to the market. So

Fevicol came out with line extension as well as with brand extension for it

Brand Fevicol. This shows that they started to follow

Segment Marketing where the company tries to matches the needs of the

market basically its for fulfilling the needs of different customers. For e.g.

They came with Bull bond,

Parcol as line extension and Fevicol DDL, Fevicol Foamfree as brand

extension.

Basis for Segmentation followed by Fevicol

Fevicol started serving its customer according to the usage. By packaging it

in smaller as well as bigger containers. For e.g. Small tubes for school

children’s, medium sized containers of 50gms to 500gms for household

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purpose, office works, small artisians, etc. This shows that they had already

carried out Demographic Segmentation to cover all segments from small

age group to the professions of people.

They also segmented their product in Psychographics Segmentation in

social class where they considered the lower class carpenters. They came

with cheaper version of Fevicol named Bull Bond and Parcol in the market,

which is an economically priced product. It’s for those carpenters who

consider price factor the most.

Behavioral Segmentation is carried out on the basis of uses and benefits.

There are some industries, which need Fevicol as a raw material in their

product. So they

came with the industrial products, which are being produced as per the uses

and needs of the industry. They are also in consumer products newly coming

with many number of innovative products on the basis of the uses and

benefits of the product.

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For e.g. In industrial product Fevicol is being used by cigarette

manufacturing industry. Whereas in consumer products there are varieties of

products like Fevicol

Foamfix, Fevicol Nail Free, etc., which is being used for different, purposes

i.e. it depends on the uses and benefits we get from the product.

Market Targeting

Evaluating Market Segments

1. Segments Size and Growth

The sales and profits of each item in the product line is important as it

helps to determine which items to build, maintain or divest. The sales of

Fevicol contribute 60% of the total sales of Pidilite Industries Limited. The

actual

sale, which contributes, is Rs. 310.68 Crores. The growth of the company is

9.3 per cent. The expected profit from the brand Fevicol is Rs. 42.85 Crores.

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2. Segment Structure Attractiveness

The competitors in the market segment are small in size i.e. they are

not very strong enough as Fevicol is. Fevicol has built its image over a long

period of quality product and also as the premium priced product. Whereas

the competitors are acquiring small part of the market share. There is also

competition from unbranded product to Fevicol, but still they do not affect

much to Fevicol as such. Due to lot of brand positioning being done in the

market and acquired lots of sales, Fevicol has achieved its position as a

market leader in this segment. This will make the segment attractive, as it

doesn’t have many strong and aggressive competitors. In this segment there

is not really

any substitutes for the product in this segment but as it’s a branded formula

based product, you can substitute it with animal glue and natural glue which

is quiet inconvenient to use. So there is no limit to prices and profits that can

be earned in this segment. Finally the power of the buyer of Fevicol in this

segment is not present since it’s a quality product and sticks to its quality

and proper pricing strategy.

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For e.g. I think raw material prices are not very relevant because Fevicol or

any other products, which are branded products, can pass on any cost

increases. In fact, they are benefited because the company has been

able to exercise their pricing power in the recent past. Despite the raw

material prices going down they have retained or increased their end

product prices and they have been able to increase their margins.

This shows that the segment is less attractive since it has much powerful

supplier to control the prices or reduce the quality or quantity of ordered

goods.

3. Company’s Objective and Resources

Even if the segment is not attractive due to powerful suppliers and still the

segment fits the company’s objectives in Fevicol’s’ case. It should look after

the strengths needed to compete successfully in the segment. They are

constant innovative products, proper pricing strategies, etc. And it should

also have to employee skill and resources more available to attract the

segment.

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Fevicol should enter the segment only with superior values and gains

advantages over competitors.

Fevicol has to emphasis more on its competitive advantage that is quality

product. So that it can fight against the competitors and tell the reason why

is Fevicol better than other competitor’s products? i.e. why should people

buy its product than others.

Choosing a Market Coverage Strategy

Company’s Resources: For Fevicol the firm’s resources are abundant.

Such as financial resources, own research and development, its brand

image in the market, loyalty of customer toward its product, etc.

Product Variability: It has its own research and development with lots

of money, which will help them in constant innovation in their product

portfolio.

Products’ stage in the Product Life Cycle: The product is at the maturity

stage in the product life cycle. So it requires constant innovation to

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carry its sales. Therefore differentiated marketing will make a more

sense in it.

Market Variability: The requirements for different customer is different,

the quantity required is different, etc. so differentiated strategy is

more preferable over here.

Competitors Marketing Strategy: The competitors for Fevicol are most

of them are followers rather than competitors who try to acquire a

small part of market share. So according to the above parameters

differentiated strategy is more preferable to Fevicol.

Differentiated Coverage Strategy

Using differentiated coverage strategy Fevicol decides to target several

market segments or niches and separate offers for each. Fevicol has come

up with lots of products in its brand extension and line extension, which are

being targeted towards different type of customers and also on the different

types of uses.

For e.g.

Fevicol PA 3 – Cigarettes

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Fevicol SpeedX – To stick fast.

Fevicol Nail Free – It doesn’t require to apply nails its sticks very fast and

strong bonding.

Fevicol DDL – Its distemper added in colures to paint the wall Parcol &

Bull Bond – Its cheaper version of Fevicol, etc…

Marketing Mix (II)

Fevicol

Price

Product

Promotion

Place

Price

Product

Promotion

Place

Marketing Mix (I)

Carpenter

Cigarettes Ind.

Households

Paints, etc.

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POSITIONINGPOSITIONING

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POSITIONINGPOSITIONING

Positioning means “the way the company designs its offerings

and image in the mind of the people and the distinct competency

why people should buy your product”.

Every company tries to position itself in the market with one or the other

distinct competency. It tries to position its brand through emphasizing more

on that distinct competency with the help of different communication

channels. Basically, selecting the target customer’s, it decides what positions

it wants to occupy to increase or carry the sales smoothly in that market

segments. It tells the customer about why should he buy your product and in

what manner can it benefit him more than the competitors product.

How Does Fevicol Position Itself?

Fevicol entered the market as branded white glue used majorly by the

carpenters. It was a very niche market. Their main target customer was

carpenter whom they wanted to sell their product. Fevicol positions over the

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years through their television campaigns, based on the proposition of

bonding through various analogies, have graduated from showing the

product as a symbol of purely

physical bonding, to a metaphysical and now, a metaphorical form.

Its campaigns

The `haiya ho' commercial with elephants trying to pull apart a block

of wood stuck with Fevicol? That mnemonic is, in fact, being used by

the brand in the form of a trademark today.

Then came the `Netaji' campaign of a politician trying to stay stuck to

his seat while the public wants to pull him down.

Followed by the village belle who manages to carry all her matkas,

stuck one on top of the other with Fevicol, despite the various

obstacles she is made to encounter.

The latest TVC for Fevicol depicts bonding in a metaphorical form. An

egg at a roadside dhaba cannot be broken because the hen's feed is in

a Fevicol jar with remnants of the `white glue', which in turn has

hardened the eggs.

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The various campaigns have actually been developed in accordance with the

life cycle of the brand.

Initially, when Fevicol was being established, the functional attributes

of the product were highlighted (the ‘haiya ho' commercial). Once that task

was accomplished, it was time to take the brand to a metaphysical level

(with the `netaji' commercial), with adequate humour to bring a smile to

one's face.

Targeting Its Non-targeted Customers

The target consumer of Fevicol is the carpenter “who has basic

education and speaks only his mother tongue”. However, the spokesperson

is quick to point out that Fevicol’s communication has a more broad-based

appeal, which has helped increase salience in a low-involvement category.

“The learning’s indicate that Fevicol advertising brings a smile to the face of

the individual; be the individual a carpenter, or the end-user of the

furniture”. Even the non-target viewer has come to associate Fevicol with

bonding. The good thing is that its advertising campaigns have consciously

eschewed talking to the carpenter as a professional. This would have

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alienated the non-targeted customers and could have proved restricting in

the long-term.

The main objective is to reinforce the position of Fevicol's

leadership position as the strongest brand in this category through

its television commercial.

The storyboard of the new commercial entirely relies on drama and music.

The action takes place at a TV showroom, where carpenters are busy

watching a climax scene from a Hindi potboiler. “Chhodna nahin, pakde

rehna”, repeatedly screams the village belle holding on to the hero, who is

clinging on to dear life from a rope, high up in the mountains, in the movie.

Just then a carpenter unknowingly picks up a Fevicol can that has been

placed on top of a television set. The real drama unfolds. For the heroine

suddenly stops screaming as the hero fall down instantly – thus proving that

it was the Fevicol power that was keeping the hero intact with the rope.

“Here it is has shown the bonding power of the product in a non-literal way.

The message is simple - Fevicol is the ultimate adhesive’’. “The market

results and the creativity of the advertising goes hand in hand, and it will

continue to do so.”

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The Overall Message of Fevicol Brand to all the Customers

Deviating from traditional print route, Fevicol has taken an unusual route to

hammer the brand message - anything that comes in close proximity to

Fevicol gets stuck. To illustrate the USP of Fevicol, the campaign shows

how a small advertisement of Fevicol can attract great attention by its

bonding strength.

Marketing Strategies For Competitive Advantages

Marketing Strategy For Positioning Against Competitor

Over the years Fevicol has positioned itself as the ultimate bonding

adhesive. It is also quite rightly points out that Fevicol advertising has

“evolved over a period of time, each communication building on the

preceding one”. In the early years of Fevicol advertising, the effort was to

demonstrate physical bonding. Gradually, the communication moved to

establishing Fevicol as a bonding simile – “Fevicol jaise chipak gaya”. And

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what we see today is a reinforcement of the bonding message at a lateral

plane. All this certainly didn’t happen overnight.

For the Rs. 192-crore brand (figures for 1998-99), becoming the market

leader in the branded synthetic adhesives market didn’t happen overnight

either. And despite the best efforts, Fevicol still has a long way to go before

it can come anywhere close to market domination. Only because saresh – a

traditional, unbranded adhesive made from animal fat – is still the most

widely used adhesive in India, constituting a whopping 70 per cent of the

market!

It started moving from targeting the niche marketing to the whole market. It

is seen that, the learning’s indicate

that Fevicol advertising brings a smile to the face of the individual; be the

individual a carpenter, or the end-user of the furniture”. Even the non-target

viewer has come to

associate Fevicol with bonding. The good thing is their advertising campaign

has consciously eschewed talking to the carpenter as a professional. For that

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would have alienated the non-target. And could have proved restricting in

the long-term.

The creative strategy that has been pursuing is to build brand

associations with bonding – “to make bonding a metaphor and invoke

diverse associations and meanings in the consumer’s mind.” The objective is

to appropriate bonding as a Fevicol attribute. So the egg that just won’t

crack because the hen that laid the egg fed from a Fevicol tub. So the

shadow that sticks to a shutter…

All the above shows how the brand has been build over the years for

becoming the market leader. Fevicol being the market leader in the branded

synthetic adhesives its is facing competition from many small players

acquiring a small part of the market share. It has to carry a market leader

strategy to fight against the constant increasing competition from the

competitors. So first we will see what are the advantages of Fevicol.

Fevicols’ Advantages

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A pioneer and market leader in its line of business. Well-entrenched

distribution network. Its sounds financials and growth strategy help it

bond with the market.

This company has successfully done it and proved over last 25 - years

the brand power of Fevicol. Lot of adhesives have come and gone and

Fevicol has been able to sustain and increase its market share.

Also, the market has strong brand loyalties as adhesives account for a

minuscule proportion of total woodworking cost. Thus, Fevicol not only

commands a premium in the market, but also is also largely immune to

pricing wars. It is due to its power in branded adhesives for serving

quality products.

For one, branding tends to work well in these markets because the

products are not very sensitive to price fluctuations. "Adhesives and

sealants account for a smaller portion of the total cost of the end-use

product’s. So most of the end users would prefer branded products.”

A very well known brand for the people, as if any one wants an

adhesive you will see that they would prefer Fevicol rather than any

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other. It is being more known as a quality product in this market

segment.

Market Leader Strategy Of Fevicol

The market leader has to be constantly alert to face any situation and give

the right response to competitor’s action. He has to be innovative on its

product and also has the power to expand the market or hold the market

share.

Expanding the Total Market.

Fevicol target customers with the entry were carpenters in FMCG product.

Then they targeted the footwear industry, cigarettes industries, etc. They

also came with small packaging targeted towards the school going children

and also for some household purposes. This expanded their total market.

Protecting Market Share

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For protecting the market share Fevicol is coming up with constant

innovation in the product as line extension as well as brand extension. This

fulfills the customer’s needs and makes the customer stick to the product,

which in turn protects the market share.

For e.g. most of its brands are concentrated in the high-priced segment of

the market. Now the company is trying to expand into niche and lower-end

markets and increase it's

rural and small-town penetration. For instance, it has launched Parcol, a

cheaper version of Fevicol.

Developing The Marketing Mix

Marketing mix as the set of Controllable, tactical marketing tools that the

firm blends to produce the response it wants in the target market. It is the

mix of what you can do to influence the demand of its product. And the main

possibility is collected into four groups of variables known as the four P’s:

Product, Price, Place and Promotion.

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Product

Fevicol is a synthetic adhesive in the branded products, which is also

the main contributor, is normally perceived as a mature product. It has

become a cash cow for its company. Fevicol offers the customer with variety

of products. From premium segment to economical segment

and with proper pricing strategies the products are being offered to the final

customer.

For e.g.

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Recent one is Fevicol SpeedX. This is to upgrade. The main feature of

this product is that it sticks faster i.e., in 4-5 hrs.

Latest one is Fevicol Nailfree, which is the fast setting adhesive; even

faster than Fevicol SpeedX. It is available in only 250gm. bottle. It is

applicable in a smaller area i.e., for vinear or edges, etc.

So far, most of its brands are concentrated in the high-priced segment

of the market. Now the company is trying to expand into niche and

lower-end markets and increase it's rural and small-town penetration.

For instance, it has launched Parcol, a cheaper version of Fevicol.

Price

Pricing for Fevicol is wholly depends on the quality of the product.

Pidilite has positioned Fevicol in the premium segment category. So it has a

good quality and also higher prices. It has also came with the cheaper

version of Fevicol named as Bull Bond and Parcol.

Fevicol takes Premium Pricing policy. It prices Fevicol 10% to 15%

higher than the normal price of Pidilite Industry as the quality is also higher.

For example, Rs. 80/kg.

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On the economy ground, Pidilite has Bull Bond. Bull Bond has adopted

penetrated pricing where the perceived

value add the actual value. This is targeted majorly to the readymade

making furniture’s.

Pidilite also has Parcol, a cheaper version of Fevicol, which is a flanging

brand, protecting Pidilite from all its competitors.

For e.g. I think raw material prices are not very relevant because

Fevicol or any other products, which are branded products, can pass on any

cost increases. In fact, they are benefited because the company has been

able to exercise their pricing power in the recent past. Despite the raw

material prices going down they have retained or increased their end

product prices and they have been able to increase their margins.

Place

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Fevicol’s distribution channel has been made very strong by investing in lots

of money on distribution. It distribution channel is spread all over India in

eight states. It distribution channel is widely dispersed to make it available at

the easy reach of the final customer. It is also being exported to few of the

neighboring countries like Bangladesh, Sri Lanka and Middle East Countries.

Whereas the company is planning to establishing distribution networks in

several countries including a strategic tie-up with Sadolin Paints, UAE, to

market Fevicol in the Gulf countries.

It has also gone into franchising where you can get all the Fevicol brands. It

is also planning to sell its product

through websites. PIDILITE has already floated its Web site _ pidilite.com _

and intends using it for e-commerce in future. Considering it takes a long

time for any model to succeed, Pidilite does not expect to alienate its

existing retailers. There will obviously be a clash but the Net will function as

an alternate channel of selling. Possibly our retailers will end up functioning

as stock points.'' Its foray into Net selling is likely to fructify in the next 3-4

months.

Promotion

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Promotions are the one, which has got Fevicol to its market leader position.

Promotions are being carried out in each and every target customers

segment to know the benefits of the product. We had seen that there are two

types of product being sold by Fevicol; they are industrial products and

consumer products. Promotions are being carried for the consumer products

targeting that group of segments.

Promotions are being carried majorly through ad campaigns on

television, radio ads, printed ads etc.

Its campaigns

The `haiya ho' commercial with elephants trying to pull apart a block of wood

stuck with Fevicol? That mnemonic is, in fact, being used by the brand in the

form of a trademark today. Then came the `Netaji' campaign of a

politician trying to stay stuck to his seat while the public wants to pull him

down. Followed by the village belle who manages to carry all her matkas,

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stuck one on top of the other with Fevicol, despite the various obstacles she

is made to encounter. The latest TVC for Fevicol depicts bonding in a

metaphorical form. An egg at a roadside dhaba cannot be broken because

the hen's feed is in a Fevicol jar with remnants of the `white glue', which in

turn has hardened the eggs.

sInitially, when Fevicol was being established, the functional attributes of the

product were highlighted (the `haiya ho' commercial). Once that task was

accomplished, it was time to take the brand to a metaphysical level (with the

`netaji' commercial), with adequate humour to bring a smile to one's face.

These ads are being targeted to the whole market removing its barriers from

niche marketing. The market results and the creativity of the advertising

goes hand in hand, and it will continue to do so.''

Carpenters are the main target segment of Fevicol; they carry many different

types of promotion activities for them. It believes in working very closely

with the “Kari gars, directly promoting our product through demonstrations.''

Networking mainly through carpenters all over the country, Fevicol has

almost 30,000 dealers. The company also publishes a journal, Fevicraft that

highlights noteworthy work of carpenters.

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For school going children’s the brand is also promoted in schools through craft contests, in a bid

to get closer to school children

CONCLUTION

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annexture

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QUESTIONNAIRE

1} HOW WOULD YOU DEFINE THE CONCEPT OF

MARKETING MIX OF PEDILITE & FEVICOL

COMPANY ?

2} WHAT ARE THE CRITERIA ADOPTED FOR

SELECTING AN AGENCY TO HANDLE THE BRAND ?

3} WHO ARE THE TARGET AUDIENCES FOR THE

VARIOUS CONSUMERS ?

4} EFFECTS OF 4PS ON THE CONSUMER PSYCHE, IF

ANY?

5} WHAT ARE THE PROMOTION STRETEGY OF PEDILITE & FEVICOL .CO ?

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6}

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WEBLIOGRAPHY

Websites

www.pidilite.com

www.fevicol.com

www.google.com

http://about.com

O&M Agency’s Website

Other search engines

http://about.com/

http://www.google.com/

http://www.fevicol.com/

http://www.pidilite.com/

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marketing mix of fevicol company

Business

rights shares

bonus shares

redeemable shares

equity shares of rs

preference shares of

company effective

history of company

project report