PILLAI’S INSTITUTE OF MANAGEMENT STUDIES & RESEARCH               Sector 16, New Panvel East, Navi Mumbai - 410206        ...
DECLARATIONI, Mr. Sayed Imran Alamgir of Pillai‟s Institute of Management Studies and Research herebydeclare that the Proj...
2
CERTIFICATEThis is to certify that the Project Work titled “Measuring Effectiveness of FevicolAdvertisements” is a bonafid...
ACKNOWLEDGEMENTI have taken efforts in this project. However, it would not have been possible without the kindsupport and ...
"The creative strategy of the brand has always been to rise above the physical bonding of tablesand chairs and bond with t...
DIRECTOR’S DESK                    I am pleased to introduce to you Pidilite Industries and its products.                 ...
TABLE OF CONTENTS                                    TOPICS                               PAGE NO.1. Introduction………………………...
1. Introduction1.1 Impact of Effective Advertisement on Consumer AttitudeAdvertisement, which is a crux of any market econ...
total impact formed them by the overall image of the company that finally influence the purchasebehavior of the customer.T...
1.4 Situations Favoring AdvertisementIt is imperative that the situation must be ripe for an advertisement to bear the fru...
2. Effective Advertisement and Consumer AttitudeThe following model exemplifies the attitude or response of a consumer to ...
A Model of the Feeling – Response to Advertisement                                      Decreases amount of total         ...
At the first level, when the consumers are fully satisfied, they will respond favorably to use theproduct continuously, su...
3. Statement of ProblemFevicol, a Pidilite Product, has captured a large space in both market and people mind-space.Fevico...
5. Research Methodology  Research methodology is a way to systematically solve the problem. It may be understood as  the s...
5.4 Preparing the Research DesignThe research design is developed to collect the relevant information with minimum of effo...
5.7 Data Collection Method   There are several ways of collecting appropriate data that differ considerably in the context...
7. Pidilite Industries: Fevicol Success StoriesIntroductionIn 2005, the Rs 400 crore- Pidilite Industries, maker of Fevico...
1990s, Fevicol had become the market leader. The other sub - brands continued to leverage thesuccess of Fevicol. In 1997, ...
Shifting focus to advertisingIn the mid-1970s, furniture making shifted from carpenters‟ premises to shops, homes andoffic...
To fortify the Fevicol brand, Pidilite introduced two new white glue brands, Parcol andBulbond,priced attractively to figh...
Other acquisitions by Pidilite included brands such as Bulbond and Vitapon in the industrialresinsegment for Rs 7.2 crores...
8. Company Profile8.1 Company InformationBoard of DirectorsB K Parekh ChairmanS K Parekh Vice ChairmanM B Parekh Managing ...
8.2 Values & Vision       Delight customers by offering quality products and services.       Be a business leader by promo...
8.4 Future ProspectsProducts of Pidilite Industries Limited have found good acceptance in international markets withexport...
An e-learning module has also been installed on our internal website (intranet) which mainlyfocuses on technical knowledge...
Other Facilities:The recently developed Pidilite canteen can cater upto 250 employees at a time. We have alsoopened a stat...
8.10 P.I.L. EnvironmentCultureThe dictionary defines culture as “the act of developing intellectual and moral faculties,es...
8.11 Milestones @ P.I.L.Year Achievements1959 Plants commissioned for Acron brand of pigment emulsion1965 FEVICOL, establi...
8.12 Pidilite’s Awards Wardrobe2004Brand: FevicolAward: ABBYCreative: TVC – The Pretender.Category: Best continuing campai...
Category: Single Ad GoldBrand: M-SealAward: Asia Pacific Ad FestCreative: WillCategory: BronzeBrand: M-SealAward: London I...
Brand: FevicolAward: CannesCreative: Cliff HangerCategory: BronzeBrand: FevicolAward: CAGCreative: Cliff HangerCategory: B...
Category: Best ScriptBrand: FevikwikAward: ABBYCreative: FishCategory: GoldBrand: FevikwikAward: CAGCreative: FishCategory...
Brand: FevicolAward: AAAICreative: Egg TVCCategory: GoldBrand: FevicolAward: CAGCreative: Egg TVCCategory: SilverBrand: Fe...
Current Advertising Strategy of ‘Fevicol’        A man walks into a dairy with a bucket.                        The buffal...
AD Gallery of FevicolTV Ads:          2004            2003           2003          2002            2001           1998    ...
Magazine/Print Ads:                      37
9. Retrospect of Fevicol Advertising:A view over Advertising Strategies:Ever since the luckless elephant was involved in a...
Fevicol this time. The basic thought was to make the advertising more product centric, with adirect reference of the brand...
10.Data CollectionThe data collection process is the predefined task that I have to undergo. The data collectionprocess st...
Table No. 1: Brand Awareness LevelUnaided Recall:      68% (asked through _ _ _ _ COL)Aided Recall: 100% (asked through cl...
Table No. 5: Advertising Promotes                                                            %age                         ...
Table No. 9: Cue for first purchase                                                          In %                         ...
11.Data AnalysisBrand Awareness Level:Unaided Recall:                         32%                                         ...
Rating of Script of Ad:              60%              50%              40%              30%              20%              ...
Advertising Promotes:                                                                         Product Knowledge     Qualit...
There are 10% such respondents who reply that they get all of the above factors while   viewing ad.Advertisement effect ov...
Product Purchase Factor:                                   Availability                                      10%       Pri...
Cue for first purchase of Fevicol:       70%       60%       50%       40%       30%       20%       10%         0%       ...
Loyalty Graph for Fevicol:        60%        50%        40%        30%        20%        10%             0%               ...
Effect of Advertisement on Repurchase Decision:        60%        50%        40%        30%        20%        10%         ...
Factors Preferred during Fevicol purchase:       60%       50%       40%       30%       20%       10%        0%          ...
12.Findings     High recall value of Fevicol reflects that the advertising expense made by organization     has well cover...
13.Recommendations     The market share is reducing due to the existence of large number of local or regional     players;...
14.SWOT ANALYSISStrengths:       Wide range of products.       Brand recognition.       Brand Standardized products.      ...
Opportunities:       The markets of rural areas are somewhat remains potentially untouched.       Now the diversified stra...
15.ReferencesIn this dissertation, while finalizing and for analyzing quality problem in details the followingBooks, Magaz...
16.QuestionnaireQ. Could you complete this brand name: _ _ _ _ COLQ. Have you ever seen the above band name in advertiseme...
Q. Your preference for product purchase is usually at       Price of the product       Quality of the product       Bra...
17.Basic Terminologies in AdvertisingIndustryUnless expressly stated otherwise, the following terms shall have the followi...
Measuring Effectiveness of Fevicol Advertisements
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Measuring Effectiveness of Fevicol Advertisements

  1. 1. PILLAI’S INSTITUTE OF MANAGEMENT STUDIES & RESEARCH Sector 16, New Panvel East, Navi Mumbai - 410206 MEASURING EFFECTIVENESS OF FEVICOL ADVERTISEMENTS (Submitted in Partial Fulfillment of the Award of the Degree of Master in Management Studies of University of Mumbai) Submitted by SAYED IMRAN ALAMGIR Roll No. 171 UNDER THE GUIDANCE OF PROF. ANJALI TAIDE MMS 2011-13
  2. 2. DECLARATIONI, Mr. Sayed Imran Alamgir of Pillai‟s Institute of Management Studies and Research herebydeclare that the Project Work titled “Measuring Effectiveness of Fevicol Advertisements”submitted as part of my curriculum of MMS degree is the original work done by me the projecthas not formed the basis for an award of any degree, associate ship, fellowship or any similartitles. Signature of the student Sayed Imran AlamgirPlace:Date: 1
  3. 3. 2
  4. 4. CERTIFICATEThis is to certify that the Project Work titled “Measuring Effectiveness of FevicolAdvertisements” is a bonafide work of Mr. Sayed Imran Alamgir carried out in partialfulfillment for the award of degree of MMS under my guidance. This project work is originaland not submitted earlier for the award of any degree/ diploma of this or any other University/Institution.Prof. Anjali Taide Director(Project Guide)Place:Date: 3
  5. 5. ACKNOWLEDGEMENTI have taken efforts in this project. However, it would not have been possible without the kindsupport and help of many individuals and organizations. I would like to extend my sincere thanksto all of them.First of all, I wish to express my indebtedness to Prof. Anjali Taide, Pillai‟s Institute ofManagement Studies & Research, for her valuable suggestions and guidance throughout theproject.I would also wish to express my warmest thankfulness to Mr. Jatin Bhatt, Marketing Manager,Consumer Products Division (Fevicol), Pidilite, who had been my project guide for the twomonths‟ internship period at Pidilite. I would also like to thank Mr. Sushil Luniya, President,Construction Chemicals Division, Pidilite, for his guidance, support and some very specialadvices. I also thank Dr. P.K.Shukla, Head – HR & Systems, Pidilite and Ms. Gargy Kapoor, Sr.Human Resource Executive, Pidilite, for giving me an opportunity to set foot in the Pidilitepremises once again after a gap of more than seven years.I would like to express my gratitude towards my family & members of Pidilite for their kind co-operation and encouragement which help me in completion of this project.I would like to express my special gratitude and thanks to industry persons for giving me suchattention and time.My thanks and appreciations also go to my colleague in developing the project and people whohave willingly helped me. 4
  6. 6. "The creative strategy of the brand has always been to rise above the physical bonding of tablesand chairs and bond with the consumers by taking a strategy that is metaphorical" Piyush Pandey, Group President and National Creative Director, O&M 5
  7. 7. DIRECTOR’S DESK I am pleased to introduce to you Pidilite Industries and its products. Since its inception in 1959, Pidilite has been a pioneer and market leader in Craftsmen Products, DIY (Do-it-Yourself) Products and Industrial Specialty Chemicals in India. Pidilite is amongst the leading companies of India and its brand "Fevicol, Steelgrip, Acron, Dr. Fixit, Fevitite and M-seal" are amongst the mosttrusted brands of India.Product range of Pidilite includes Adhesives and Sealants, Construction and Paint Chemicals,Art Materials, Industrial and Textile resins and Organic Pigments and Preparations. Pidiliteproducts conform to global quality standards and are exported to developing and developedcountries all over the world.The driving force behind our success is the consistent teamwork of our over 2900 employees.Together with our shared value system of commitment to excellence, closeness to customers andthe spirit of innovation we have been able to build bonds with our customers, dealers andstakeholders.I hope your association with Pidilite & Parekh Group of Companies is fruitful and satisfying.B.K. Parekh(Chairman) 6
  8. 8. TABLE OF CONTENTS TOPICS PAGE NO.1. Introduction………………………………………………………………….. 8 1.1 Impact of Effective Advertisement on Consumer Attitude………… 8 1.2 Need for Advertisement……………………………………………. 8 1.3 Essentials of Effective Advertisement……………………………... 9 1.4 Situations favoring advertisement………………………………….. 10 1.5 An Ideal Consumer Feeling………………………………………... 102. Effective Advertisement and Consumer Attitude…………………………… 113. Statement of Problem………………………………………………………... 144. Objective…………………………………………………………………….. 145. Research Methodology……………………………………………………… 15 5.1 Formulating the research problem…………………………………. 15 5.2 Extensive literature survey…………………………………………. 15 5.3 Development of Working Hypothesis……………………………… 15 5.4 Preparing the Research Design…………………………………….. 16 5.5 Determining the Sample Design…………………………………… 16 5.6 Period of Study…………………………………………………….. 16 5.7 Data Collection Method……………………………………………. 17 5.8 Tools for Analysis………………………………………………….. 176. Scope of the study…………………………………………………………… 177. Pidilite Industries: Fevicol Success Stories…………………………………. 188. Company Profile…………………………………………………………….. 23 8.1 Company Information……………………………………………… 23 8.2 Values & Vision……………………………………………………. 24 8.3 Quality……………………………………………………………… 24 8.4 Future Prospects……………………………………………………. 25 8.5 Research & Development………………………………………….. 258.6 Employees Training………………………………………………... 25 8.7 Welfare Schemes…………………………………………………… 26 8.8 Recruitment Policies……………………………………………….. 27 8.9 Awards for Excellence……………………………………………... 27 8.10 PIL Environment…………………………………………………... 28 8.11 Milestones @ PIL…………………………………………………. 29 8.12 Pidilites Awards Wardrobe……………………………………….. 30 8.13 Products Category…………………………………………………. 349. Retrospect of Fevicol Advertising…………………………………………... 3810. Data Collection……………………………………………………………... 4011. Data Analysis……………………………………………………………….. 4412. Findings……………………………………………………………………... 5313. Recommendations…………………………………………………………... 5414. SWOT Analysis…………………………………………………………….. 5515. References…………………………………………………………………... 5716. Questionnaire……………………………………………………………….. 5817. Basic Terminologies in Advertising Industry………………………………. 6018. List of Abbreviations used………………………………………………….. 61 7
  9. 9. 1. Introduction1.1 Impact of Effective Advertisement on Consumer AttitudeAdvertisement, which is a crux of any market economy, plays a pivotal role in the economicprogress of a nation. Advertising is indeed the only direct method, which helps to reach massesof potential buyers. Advertising, being dynamic, changes with changing methods of distributionand consumption. Advertisements have become the part of life for everyone as a listener throughsome media or other. In the present era of information explosion and media influence, theseadvertisements play a major role in changing the settled perception or thinking, which isotherwise called attitude, of the consumer and also the consumption pattern of the society ingeneral. Thus, the impact leads to cultural and social changes to a great extent. Under thissituation efficiency of the manufacturers, marketers and advertisers is tested in churning outadvertisements, matching the expectation of the consumers, which may gradually bring aboutdesired attitudinal changes in them.1.2 Need for AdvertisementAdvertisement plays a major role in every walk of life. The divergent sections of the society mayneed advertisement for a variety of reason from information sharing to consumer persuasion todecision making. The paramount reason which may necessitate the use of advertisements maybe: Advertising is a way of communicating information to the consumer, which enables him or her to compare and choose from the products and services available. Advertisement enables consumer to exercise their right of free choice. Advertising is the most economical means by which a manufacturer or an institutional body can communicate to an audience whether to sell a product or promote a cause of social welfare such as a civic drive or an immunization programme. Advertising, being a necessary means of communication is an inseparable part of speech. Any restriction on the right to recommended legitimate goods, services or ideas in public will diminish the fundamental right of the freedom of speech. Advertising can help in improving the economies of developing countries. Advertising stimulates increases in production and consequently generates more employment. It can help stabilize prices and thus lead to wider distribution and greater availability of goods and services. Advertising is an essential and integral to the marketing system. It is sometimes maintained that the marketing system is nothing but the consequent of a country‟s social and economic growth. The fact is that advertising is the main key tool used to a country‟s growth.The basic concept based on „Telling and Selling‟. One of the 5 M‟s of an advertising programmeis Measurement. It denotes how the results should be evaluated. Measurement can at best bedone around an audience/ customer‟s ability to recognize and recall the advertisement and the 8
  10. 10. total impact formed them by the overall image of the company that finally influence the purchasebehavior of the customer.The present scenario of the FMCG has witnessed many a great advertisements in its field. Themajor players hire top advertising agencies to create memorable advertisements for their brandsto enhance the sale.Thus, the response of the customers, whether existing users or prospective, about the impact ofthese advertisements is momentous to help the firms decide how the advertising is benefitingtheir brand and in what proportions, and also about the future strategies.1.3 Essentials of Effective AdvertisementThe measure of any advertisement is its effectiveness in reaching out to the consumers; there area few agreed principles, which govern the effectiveness of an advertisement. Some of theprinciples, which are the ingredients of an effective advertisement, have been dealt here.Importance of claim: The most important factor determining the effectiveness of an advertisement isthe importance of claim made in it. Many advertisements make important claims. But theseclaims should be important for the consumer too. If a buyer gives importance for quality, there isno point in speaking about cheap price, similarly if cheap price is important the advertisementshould highlight only that. Nowadays advertisement agencies concentrate on USP, i.e., uniqueselling proposition. Each advertisement must make a strong factual claim to pull the consumerinto the store to buy.Believable: An advertisement must be believable. This can be incorporated in many ways.One way is to quote facts and figures about tests proving your claim. However, negativelyspeaking, the advertisement should not mention anything unbelievable. Sometimesadvertisement given in prestigious magazines is believed by the readers.Uniqueness: The advertisement itself must have something unique about it. Uniqueness drawsattention. According to the four-fold principle of AIDA (Attention, Interest, Desire and Action-buying), any effective advertisement should draw the attention of the customer. It is a mistake todepend entirely on uniqueness. It should be followed by proper claims, and believability.Typically advertisements whose major objective is to gain brand recognition and acceptancerather than gaining conviction or buying action rely on uniqueness.Repetition: Repetition is one of the key concepts of advertising. It is better to have a longseries of small advertisement than one extremely long advertisement. Repetition is a basicprinciple of memory. Naturally, the more times an advertisement is run, the more likely it is thatany person has seen one of the most advertisements recently. Repetition and regency are usuallyclosely related. In fact, an advertisement is better read upon repeating, certain repetition lowersadvertisement cost. 9
  11. 11. 1.4 Situations Favoring AdvertisementIt is imperative that the situation must be ripe for an advertisement to bear the fruits of optimumreturn or reward. The advertiser must constantly assess the situation to choose the rightenvironment and ideal time for an advertisement to be launched. The conditions favouring anadvertisement are as follows: When there is a favourable primary demand of particular product. When there is a distinctive product differentiation from other competitive brands. Availability of favourable hidden qualities in the advertised products not found in competitive products. When mass market is penetrated. Possibility of powerful emotional buying motive is seen in the advertised product. Favourable managerial personnel personal and company policies. Non-Exaggeration of facts in product advertisement. Effective or systematic research work conducted for a particular product to be advertised.1.5 An Ideal Consumer Feeling - Response to an Effective AdvertisementIn order to ensure that the advertisements reach the target consumers in a most effective way andbegets right response from, it has to be ensuring that such advertisements are presented in theright way. The following steps on the part of consumer may ensure that the advertisements areon the right track. Getting attracted towards the advertisements. Listening and observing the contents of the advertisements in full. Continuous watching of the same over a period. Comparing the advertisements of similar products. Learning more about the product, the producer and the advertiser. Making a trail purchase as follow up activity. Using the product as per the instructions. Assessing the level of utility of the product individually. Assessing the level of utility derived with other similar consumers. Comparing the level of utility of the product with similar products. Decision-making regarding the continuous use of the product, and to recommend to others, positively or negatively. If not satisfied with the product discrepancy regarding the quality and the characteristics of the product are to be taken to the knowledge of the producer and the advertiser. If any damages suffered on account of the advertisement information, claiming remedy through legal means against the advertisers, modeling persons and the media together, with the help of MRTP Act, Consumer Right Protection Act in Criminal Procedure Code. 10
  12. 12. 2. Effective Advertisement and Consumer AttitudeThe following model exemplifies the attitude or response of a consumer to an advertisement anda glance through the following pictorial presentation would simplify our understanding of theadvertisement‟s effects on thinking response and it also magnifies the peripheral and associativeeffect of an advertisement.A rather simple explanation of how a feeling – response advertisement works is that people likeit or dislike it is an advertisement, and this attitude gets transformed to or associated with theproduct in the advertisement. There is thus the potential for a direct causal link between theattitude towards an advertisement and the attitude and behaviour towards a product. As noted inthe diagram, feelings engendered by an advertisement can create or influence an attitude towardsthe advertisement directly, as well as indirectly, through assessment of the quality of theadvertisement‟s exceptional characteristics. In fact, some researchers believe that attitude to theadvertisement really has two different components; an effective one, reflecting the direct effectof the feelings evoked by the advertisement, and a second more cognitive one, reflecting howwell is the advertisement made and how useful is the advertisement.It is important, in understanding how an advertisement ultimately affects consumer attitude; tosee what kind of attitude people develop toward the advertisement itself. If the feeling that theadvertisement creates is positive, and if the way the advertisement is made is evaluatedfavourably, then the advertisement should elicit a favourable attitude towards itself and vice-versa. 11
  13. 13. A Model of the Feeling – Response to Advertisement Decreases amount of total thinking Raises product Increases ratio of positive to attribute valuation negative thoughts Increase positive product Transform use experience attribute attitude Advertising -Evoked Positive Affective Increases Attitude towards the Response Advertisement Increase Evaluation of Advertisement characteristicsIn respect of the viewers of the advertisement, the matter of concern is that, how far does itinfluence them and how should it influence them in the right direction. Viewers ofadvertisement, who are the mass, have got their own outlook and their own way ofunderstanding. The customers are to depend on the advertisements, only till he gets the product.After buying and using the product for the first time, comes the response to the advertisement.This can be in three different levels viz. 12
  14. 14. At the first level, when the consumers are fully satisfied, they will respond favorably to use theproduct continuously, subject to the price and the availability of the product. Continuousadvertisement in various media further influences the listeners to build up a positive attitudetowards the product. This leads to the change in the consumption behavior of the society, whichleads to a great level of social and cultural change among the people in general.The next level is the stage of getting dis-satisfaction by the consumers on the use of the product,on persuasion by the advertisement. This will lead to consumer resistance to the product. Thedissatisfaction at this state means that the quality or the contents of the utility value of theproduct might not have reached the height expectations created by the advertisement. If theproduct or service at this stage is able to satisfy at least a section of the people, then it can servicehigher and thus will serve as forbidding factor. As far as the attitude formation is concerned, thisstage can be considered as a formative stage. But if the product fails to reach, not even a sectionof the society in total, it will lead to the product withering away from the market in course oftime.The third situation leads to a stage, when the viewer‟s understanding that the advertisementmisguides them or giving a wrong information deliberately. Under this situation the viewer losesconfidence on the advertiser, producer and the seller. This leads to a negative attitude on themarketing of the products of the company in general. The defects are to be brought to theknowledge of the producer to give a chance for him to correct the mistakes, if it is so. Whenthere is no proper response for this complaint, then it leads to earning discredit from thecustomers. 13
  15. 15. 3. Statement of ProblemFevicol, a Pidilite Product, has captured a large space in both market and people mind-space.Fevicol has covered both commercial and home consumers with peak share. Still far from thefact that there is presence of several other local and known brands in adhesive segments but themarket share of Fevicol remains almost unaffected.It is always in the mind of Advertising Manager that how much effective their advertisingcampaign would be. And the task becomes more complex as it includes the Brand name with itthat comes under stake during campaign.Fevicol as a brand is known to almost everyone either he may be a user or not. Several things arein the mind such as, Is the brand rightly positioned in the mindset of consumers? What strategies have they used? Does the current advertising strategy or the past strategy really have any deep impact over consumer mind?Several such queries have to be answered here.4. Objective  To measure recall of advertisement and its contents.  To measure brand recognition.  To measure attitude change from previous purchase behavior to present purchase behavior.  To test the brand loyalty.  To justify company‟s high advertising expenditures 14
  16. 16. 5. Research Methodology Research methodology is a way to systematically solve the problem. It may be understood as the science of studying how research is done scientifically. In it we study the various steps that are generally adopted by the researcher in studying his research problem along with logic behind them. It is necessary for the researcher to know not only the research methods/techniques but also the methodology. Researchers not only need to know how to develop certain indices or tests, how to calculate mean or median or mode, how to apply particular research techniques are relevant and what would they mean and indicate and why. Research process consists of series of actions or steps necessary to effectively carry out the research. I have undergone the following steps to carrying out my research work. 5.1 Formulating the research problem Two steps are involved in formulating the research problem:  Understanding the problem.  Rephrasing the problem into meaningful terms from an analytical point of view. These sessions are undergone in the beginning of dissertation in order to make clear the tasks and objectives to cover under the whole research process. 5.2 Extensive literature survey After formulating the problem, a brief summary of it should be written. For this an extensive search is made through the journals, magazines, articles, books, websites, etc. 5.3 Development of Working Hypothesis The role of hypothesis is to guide the researcher by delimiting the area of research and to keep him on the right track. The hypothesis development process undergoes following phases: Discussions with colleagues and guide about the problem. A hypothetical objective to achieve gets developed. Data showing past trends and peculiarities are analyzed. A preview of the market is taken from the concerned authorities in order to develop the relative hypothesis in accord with. 15
  17. 17. 5.4 Preparing the Research DesignThe research design is developed to collect the relevant information with minimum of efforts,time and money. Marketing Research Objectives:  To undertake a prior market study before doing own research.  To make an analysis on the basis of the results. Type of Study: Descriptive (Under the descriptive study technique the statistical method has been used. Here the researcher must design their studies to give as much evidence as possible for reflecting the cause and effect relationships from the data collected through the „survey‟ technique. The designs of such studies should be planned with the type of required analysis already in mind). Research Area: Mumbai. Source of Information: Primary Data, Secondary Data. Primary Data Collection Instrument: Questionnaires & Personal Interview. Research Approach: Survey Method.5.5 Determining the Sample DesignSample Design is a definite plan determined before any data are actually collected forobtaining a sample for a given population. The sample design to be used must be decided bythe researcher taking into consideration the nature of inquiry and other related factors.The sample design for my dissertation is as follows: Target Population: o Element: Home-base & Industrial-base (Carpenters, mostly) respondents in selected areas of Mumbai. o Extent: Selected areas of Mumbai. Sampling Method: Stratified Random Sampling (This technique is a kind of probability sampling. This technique uses the principle of stratification. In this technique researcher begins by constructing the „strata‟; even the compound strata can be used. After that the sample sizes, called quotas, are established for each stratum and the interviews are conducted. The data collected get categorized over the basis of stratum formed. As a result the analysis can be easily made due to earlier classification of the data collected. Here the stratum made is „Home-base respondents‟ and „Industrial respondents‟, on the basis of Product Usage Variable). Sample Size: 100 (75 Home-Base + 25 Industrial-Base) respondents.5.6 Period of StudyThe study is covered under the period of May-June 2012. 16
  18. 18. 5.7 Data Collection Method There are several ways of collecting appropriate data that differ considerably in the context of money costs, time, and other resources at the disposal of the researcher. The tools used for data collection are as: Primary Data: - Questionnaire – A set of questionnaire is prepared for the cause of collecting different information related to the pre-determined objectives. The questionnaire prepared is targeted towards both home base consumers and industrial base consumers. The format of questionnaire is structured and disguised. Direct Personal Interview – Under this method of collecting data there is face-to-face context with the person from whom the information is obtained. The data collected are from the respective respondents selected randomly. The pattern used is structured and direct interview. Secondary Data: - The secondary data are collected from the different resources, which are same in context as with the objective but still not exactly. The data is also obtained from various journals, magazines, websites and newspaper articles. Also from the company provided manuals and information broachers.5.8 Tools for AnalysisSimple Mathematical calculation is used as a tool for analysis of data collected through PrimarySources.6. Scope of the study:Specific emphasis is being given on the tracking of the consumer attitude towards theadvertisement, which is growing at a tremendous rate. Advertising is a booming sector, but stillare they proving worthful to the Advertisers. This has to be evaluated. Another important featureis the attempt to analyze the overall effect of the advertisement over the long term/short termbuying behavior of the consumer, whether it may be on the residence consumer or it may be overthe industrial segment. In a volatile market huge expense is to make out, to be in-fight in market with the competitors.These lead to the focused expenditure at large level over the advertisements. Are they reallyproving to be effective and worthwhile to the powerful brand such as Fevicol, it is to be searchedout. Whether there still lies the need of more expenses over advertisement or not.Another factorthat is to be covered here is the brand loyalty of the consumers. Whether it as affected orpromoted by the advertisement or still the emphasis of the advertisement script need to get arevolutionary change. The whole exercise is carried out for the city of Mumbai and done for theMay-June months of 2012. 17
  19. 19. 7. Pidilite Industries: Fevicol Success StoriesIntroductionIn 2005, the Rs 400 crore- Pidilite Industries, maker of Fevicol, recorded a 23 % growth. Thecompany‟s other major brands included Fevikwik, Fevigum, Fevistick, Fevicryl and Fevibond.Fevicol stood 24th among top 150 Indian brands.BK Parekh, Chairman, Pidilite Industriesexplained, “The driving force behind our success is the consistent team work of our over 2900employees. Together with our shared value system of commitment to excellence, closeness tocustomers and the spirit of innovation we have been able to build bonds with our customers,dealers and stake holders”.Over the years, Fevicol had commanded a consistent market share of over 60% in the white gluemarket in India. Together with its brand extensions, it accounted for over 70% of the totalmarket.A popular product in the industrial segment, Pidilite‟s innovative marketing strategies hadenabled Fevicol to carve out its niche as a consumer brand. The company had also madesignificant inroads in segments such as adhesive and sealants, art materials, construction andpaint chemicals and industrial specialty chemicals. Pidilite also exported its products to morethan 50 countries.Background notePidilite Industries was established by the Parekh group in 1959 to make specialty chemicals.Recognizing a demand for white glue in the Indian market, the company launched Fevicol, awhite glue, used as furniture adhesive. Madhukar Parekh, Managing Director, Pidilite Industriesrecalled, “The idea was to offer something distinctly better than what customers are getting.”In its early days, Fevicol faced competition from small industries as well as German and UKmultinationals. The multinationals promoted their products through hardware stores and timbermarts. Pidilite decided to directly approach the carpenters. The efforts paid off and by 1965,Fevicol had become a big hit with the carpenters.Pidilite established its manufacturing units at Mahad, Panvel and Taloja in Maharashtra and Vapiin Gujarat. The Vapi plant manufactured adhesives and resins, the Mahad plant manufacturedresins while construction chemicals were manufactured at the Taloja plant. A total of 7manufacturing units were set up by Pidilite in Gujarat and Maharashtra.Banking on the success of Fevicol, Pidilite introduced a number of sub-brands such as Fevikwik,Fevigum, Fevistick, Fevicryl, Fevibond and Fevitite under the Fevicol brand name. To sharpenits focus on promoting Fevicol and its related products as consumer brands, Pidilite established aconsumer products division in 1984. The company divided its products into two main categories,namely, consumer and bazaar (branded) products and industrial & specialty products. By the 18
  20. 20. 1990s, Fevicol had become the market leader. The other sub - brands continued to leverage thesuccess of Fevicol. In 1997, Fevicol was amongst the top 15 Indian brands.Pidilite implemented Total Quality Management programs at all its manufacturing units. Thecompany also developed an internal quality assurance system at its plants called Pidilite QualitySystem. In 1995, Pidilite obtained ISO 9001 certification for the Mumbai and Vapi plant andISO 9002 certification for the Mahad plant. All these measures went a long way in improvingproduct quality.Pidilite‟s humour based advertisements during the 1990s and a number of brand acquisitions inearly 2000 helped to increase revenues rapidly. According to a survey conducted by TheEconomic Times in 2002, Fevicol stood 25th in the list of top Indian brands, leaving behindpopular brands such as Amul, Bajaj, Dabur, Godrej and Cadbury. In 2003, another survey by theEconomic Times ranked Pidilite Industries as 138th in the list of 200 most valuable companies ofIndia.Pidilite also concentrated on exports. In 1999, the company was declared an Export House by theGovernment of India. In 2005, Pidilite established a wholly owned subsidiary in Singaporecalled Pidilite International Pte Ltd. The main objective was to grow in international marketsthrough acquisitions and joint ventures.Building bonds with customersIn 1959, when Fevicol entered the Indian market, the product faced stiff competition from smallcompanies in the unorganized sector and multinationals. German-based MNC Hoechst Dyes andChemicals had launched its white glue called Movicol in 1961 in collaboration with the Mafatlalgroup. Another UK-based MNC, Calico Chemicals had also launched its branded glue calledCalibond.Pidilite adopted a direct marketing approach to promote Fevicol. The company sent its salesforce to various parts of India to directly approach the carpenters. The company also created adatabase of carpenters. In 1975, Pidilite launched a magazine called Fevicraft. The magazineprovided an insight to the carpenters on furniture designs. By 1980, Fevicol had become thefavourite adhesive of carpenters.In the mid-1980s, Pidilite decided to enter the art materials segment. Leveraging the Fevicolbrand, the company introduced fabric paints under the brand name „Fevicryl‟. Pidilite‟s salesforce directly approached schools, hobby classes and individual teachers to promote the product.Housewives were offered fabric painting courses using Fevicryl.Fevicol‟s presence in the market continued to grow in the 1990s. In 2001, Pidilite established theFevicol Champion Club. The association met thrice a year and organized seminars, contests andawareness programmes for the carpenters. To strength its presence in the art materials segment,Pidilite sponsored contests for school children. The main objective of the whole exercise wastocreate strong bonds with the customers. 19
  21. 21. Shifting focus to advertisingIn the mid-1970s, furniture making shifted from carpenters‟ premises to shops, homes andoffices. So, Pidilite decided to take the advertising route along with direct marketing to promoteFevicol. In the mid-1980s, Pidilite increased its ad spending. The company introduced the „dumlagaake haisha‟ commercial on television depicting an elephant trying to break the Fevicol bond.The idea was to drive home the message that Fevicol created bonds that never broke.During the 1990s, Pidilite introduced a series of commercials to re-inforce the message ofbonding. The company also used print media and outdoor advertising to support the televisioncommercials. Pidilite had hired Ogilvy and Mather (O&M) Advertising to handle its advertisingcampaign. Piyush Pandey, National Creative Director, O&M mentioned, “We have shown thebonding power of the product in a non- literal way. The message is simple – Fevicol is theultimate adhesive”.Pidilite often used comedy and humour in advertisements to create a high recall value. BharatMehta, Senior Vice President, Marketing, Pidilite Industries clarified, “For a product likeFevicol, which is not a day-to-day product, the advertising needed to have vibrancy and spark init to make it memorable. We have used subtle humour with the story which is easily understoodby the target group. It stimulates you and makes you remember the brand Fevicol when you goout to buy an adhesive. Moreover, humour has no boundaries and has a universal appeal”.In the late 1990s, Pidilite‟s advertising campaign changed from bonding of furniture to bondingwith the consumers. In 2000, O&M won a silver in the „Campaign of the Century‟ category atthe Abby Awards for Fevicol television commercials. The Fevikwik commercial depicting afisherman catching fish using Fevikwik won a gold at the awards.In 2002, O&M again won a silver at Cannes Awards for a Fevicol commercial. The commercialdepicted a bus travelling on a bumpy road. The bus was overcrowded with passengers seated allover and an advertisement on its back saying, „ Fevicol ka jodh hai, tutega , chootega nahi‟(meaning Fevicol created bonds that neither broke nor separated).Again in 2002, Pidilite and O&M jointly telecasted the Fevicol ad festival on Zee TV. Thefestival was called „Jashn Manao Haisha‟ (meaning celebrate). Fevicol‟s award winningcommercials were shown and viewers were asked to take part in the Fevicol contest. The ideawas to increase Fevicol‟s brand recall. In 2004, O&M again won the Abby Award for Fevicol‟sbest continuing ad campaign on television.Fighting competitionIn the white glue market, Fevicol faced competition from both the unorganized and the organizedsector. In the un-organized sector there were regional brands from local players. In the organizedsector, major players were Vam Organics‟s Vamicol, Kitply‟s Kitkol, Century Plywood‟sCenturycol and Ciba Speciality‟s Araldite. 20
  22. 22. To fortify the Fevicol brand, Pidilite introduced two new white glue brands, Parcol andBulbond,priced attractively to fight competition. Pidilite also realized that Fevicol had thelimitation of being sold only through timber merchants and hardware stores. So the companylaunched Fevicol in small tubes in order to promote it in the household segment. By beingavailable in stationery stores, Fevicol entered households and increased its reach in the market.Pidilite also introduced extensions of the Fevicol tube as „Fevicol MR‟ and „Fevikwik‟ tostrengthen the mother brand. The distribution network was also strengthened to reach smalltowns and rural areas. The acquisition of the „Ranipal‟ brand in 1999 helped to increase thedistribution network of Fevicol by another 50,000 outlets.By 2002, Pidilite had a strong distribution network of around 40,000 dealers and 4 lakh retailoutlets all over India. Madhukar Parekh explained, “We have 30 years of established presence inthe business. Over 60% of our sales come from products and segments we have pioneered inIndia. We have built a strong image of durability and quality for our products. A strong brandequity, ability to meet consumers‟ needs by a process of direct and close contact and continuousfeedback from users and a wide distribution coverage are our key strengths.”Acquiring brands to drive growthTo facilitate further growth and avoid excessive reliance on Fevicol, Pidilite planned to add morebrands to the existing portfolio. In 2000, Pidilite acquired the Ranipal brand from IndianDyestuff Industries, a Mafatlal group company, for Rs 4 crores. A well-known fabric whitener inthe household market, Ranipal accounted for only 1% of the fabric care market with an annualturnover of Rs 2.5 crores. But Pidilite felt that the brand had a huge potential for growth.During the same year, Pidilite acquired popular brands M-Seal and Mr Fixit and the entireadhesive and sealant business of Mahindra Engineering and Chemical products for Rs 32 crores.M-Seal was a sealant used to seal cracks and joints. Mr Fixit was a chemical used in constructionmaterials. M-seal was the market leader in sealants ahead of Pidilte‟s Fevi-Seal. M-Sealcommanded 56% of the market share and had an annual turnover of around Rs 17 crore in the Rs30 crore sealant market. With the acquisition of M-Seal, Pidilite hoped to completely dominatethe sealant market.In 2002, Pidilite acquired another brand called Steelgrip, an electrical insulation tape from BhorIndustries for Rs 8.73 crores. The brand was a leader in the insulation tape segment and had a25% market share. Madhukar Parekh explained, “We intend beefing up the brand to have a 50%market share”.In 2004, Pidilite acquired „Roff‟, a popular chemical brand of Roff Construction Chemicals. Roffhad a wide product range and a strong distribution network. Pidilite felt that the acquisition ofthe brand would help its specialty chemicals business grow significantly. 21
  23. 23. Other acquisitions by Pidilite included brands such as Bulbond and Vitapon in the industrialresinsegment for Rs 7.2 crores from Parekh Marketing Ltd. Industrial resins were organicmaterials made of plant or animal secretions used for bonding. The company also acquiredsmaller brands in the same category such as Kalvyl, Tracol and Parvyl for Rs 1.85 crores fromKalva Chemicals Ltd. Madhukar Parekh asserted that Pidilite would acquire only those brandsthat were already market leaders in their segment or had the potential to become a leader.Achieving growth in international marketsAfter strengthening its position in the Indian market, Pidilite planned to focus on exports. Sinceinternational markets offered nearly the same margins when compared with domestic markets,the company viewed exports as a major opportunity for growth. Pidilite ventured into themarkets of South Africa, Asia, Europe, US, Sri Lanka and Middle East. Main product categoriesincluded adhesives, art materials and industrial chemicals.Pidilite achieved an export turnover of Rs 11.3 crore in 1994 -95, which increased to Rs 30.82crore in 1998-99. In 2002, the company‟s turnover increased to Rs 35 crores. Apurva Parekh,Senior Vice President, Pidilite Industries mentioned, “We want to continuously grow andstrengthen our business in India as well as abroad. We want to grow internationally, we want ournew brands to create new markets and in the existing products where we already have highmarket shares, the goal would be to maintain and grow market share”.Pidilite had developed a strong in-house R&D base to cater to the requirements of internationalcustomers. The company also met international quality norms for its products and obtainednecessary certifications from International Testing Agencies. Pidilite hoped to become a majorplayer in the international market in future.Future outlookMarket analysts pointed out that the main reasons for Pidilite‟s success were its ability to launchnew brands supported by innovative marketing and a strong distribution network. The success ofFevicol and its brand extensions prompted Pidilite to introduce extensions of brands such asRanipal, M-Seal, Steelgrip and Mr Fixit (re-named to Dr Fixit). The company consideredbranding a major driver for sales over the years. 22
  24. 24. 8. Company Profile8.1 Company InformationBoard of DirectorsB K Parekh ChairmanS K Parekh Vice ChairmanM B Parekh Managing DirectorN K Parekh Joint Managing DirectorR M Gandhi DirectorN J Jhaveri DirectorBansi S Mehta DirectorRanjan Kapur DirectorYash Mahajan DirectorBharat Puri DirectorD Bhattacharya DirectorSanjeev Aga Director (wef 29.07.2011)A B Parekh Wholetime DirectorA N Parekh Wholetime DirectorJ L Shah Director (upto 08.11.2011)R Sreeram Wholetime Director (wef 08.11.2011)Corporate Office Company SecretaryRamkrishna Mandir Road Savithri ParekhOff Mathuradas Vasanji RoadAndheri (E), Mumbai 400 059 Solicitors & Advocates Wadia Ghandy & CoRegistered OfficeRegent Chambers, 7th Floor AuditorsJamnalal Bajaj Marg Haribhakti & Co208, Nariman PointMumbai 400 021 Internal Auditors Mahajan & AibaraRegistrar & Transfer AgentTSR Darashaw Limited Bankers6-10, Haji Moosa Patrawala Ind. Estate Indian Overseas Bank20, Dr. E Moses Road, Mahalaxmi Corporation BankMumbai 400 011 ICICI Bank The Royal Bank of Scotland N.V.` 23
  25. 25. 8.2 Values & Vision Delight customers by offering quality products and services. Be a business leader by promoting innovation and achieving global standards.These are the values and vision of Shri M. B. Parekh – Managing Director, on which PidiliteIndustries Ltd. performs and delivers quality products to its millions of consumers.8.3 QualityThe products that are designed to satisfy the needs and expectations of customers are developedby dedicated Research & Development (R & D) professionals and tested with end users beforelaunching.Pidilite spends fairly large resources on R & D of its products and processes. Pidilite‟s team ofscientists at its six R & D laboratories has developed the entire range of the Company‟s products.The quality of products is assured and supported by well-defined, structured and focused qualityassurance system that is continuously audited and upgraded in line with in-house Quality Policy.The state-of-the-art manufacturing facilities are located at Mahad, Panvel and Taloja inMaharashtra and Vapi in Gujarat. The manufacturing processes are precisely controlled andmonitored. Its Industrial products segment and four manufacturing units at Mahad A/22, Vapi78, Vapi 23 and Andheri are ISO-9001 certified by RWTUV.Even branded products in the consumer and bazaar products category strictly follow qualityparameters defined under the Company‟s internally designed Pidilite Quality System (PQS).Pidilite has implemented `Small Group Activities‟ (Quality Circles), Pragati (Kaizan) and`Sadachar‟ under its Total Quality Management (TQM) programme.Divisional Functional Committee (DFC) and Profit Improvement Plan meetings (PIP) at seniormanagement level review the performance of various core activities at Pidilite to further upgradequality of its products.Our dedication towards quality in all our products has made Fevicol a household name and a factwell acknowledged. The Economic Times (Brand Equity) ranked our brand `Fevicol‟ at 25thamong the top brands in India. 24
  26. 26. 8.4 Future ProspectsProducts of Pidilite Industries Limited have found good acceptance in international markets withexports to more than 50 countries. Adhesives and Art Materials are sought by consumers andOEM customers. The export range of Pidilite meets stringent quality standards and havenecessary approval from International Testing Agencies like ACMI, ITS and SGS.The Industrial Specialty Chemical range including organic pigments of Pidilite IndustriesLimited is exported to leading paint, ink and paper manufacturers around the world.The strong R&D department of over fifty research personnel is able to develop as per the specificrequirements of customers. All the products are manufactured under ISO 9000 certification.8.5 Research & DevelopmentOur R&D team working closely with the marketing and technical service teams strive to upgradeexisting products and develop new products to meet the continuously changing requirements ofthe customers. Among the products introduced by us for the first time in India are carbazoledioxazine violet pigment, acrylic polyols, fabric colors with built-in medium, rapid setting epoxyadhesives, tempera colors, etc.8.6 Employees TrainingLearning is a continuous process at Pidilite. Right from the time a person joins the Pidilitefamily, he is inducted into the culture of learning through various initiatives. The objective is tobuild functional and general management competencies so that he performs his job moreeffectively or prepares himself to handle higher responsibilities, thereby adding value both tohimself and the organization.Every employee, after joining, undergoes an orientation programme whereby he learns about thecore values and vision, culture and performance / improvement management initiativesundertaken by the Company.Improvement Management initiatives focus on institutionalizing continuous improvementprogrammes in all processes, products and services through proper methodology of solvingproblems. Internal trainers and champions are regularly developed by the organization to carryforward these initiatives on a continuous basis. Repeat index of successful initiatives undertakenis also tracked so that successfully implemented initiatives at one location are replicated at otherlocations as well.Apart from the above, training needs are identified at organizational, departmental and individuallevels. Training is arranged internally by internal/external trainers and externally bydeputing/sponsoring employees to programmes, seminars, conferences and workshops arrangedby leading training institutes. 25
  27. 27. An e-learning module has also been installed on our internal website (intranet) which mainlyfocuses on technical knowledge of our wide range of products.The aim is to provide on an average three man-days of training per employee per year so as toenhance Pidilites learning excellence.8.7 Welfare SchemesAt Pidilite, we are concerned about the all-round well-being of our employees.Medical check-up:We undertake medical check-up of all employees over 40 years of age. Those found to haveBlood Pressure and blood sugar above acceptable levels are sent for regular medical check-upsand progress is tracked.Hobby awareness classes:We undertake hobby and awareness classes for employees and their families wherein they areintroduced to new hobbies as well as personality development concepts.Sports:Pidilite also has a cricket club and employees are encouraged to participate in crickettournaments through the same.Celebrations:At Pidilite the feeling goes beyond an employer-employee relationship. We work as a team andtreat each other like family. All festivals are celebrated together. We play garbha, light lamps,burst crackers, decorate the Christmas tree and party at New Years.FORUMS - Aap Ka Mitra:A forum unique to Pidilite is Aap Ka Mitra. Employees within the Company are nominated asAap Ka Mitras and trained in counseling. Other employees may approach Aap Ka Mitras forhelp in solving various work related or personal problems. In the case of work related problems,Aap Ka Mitras refer the issue to concerned authorities.Annual picnic:The picnic is an annual affair organized by all our locations. The employees get an opportunityto spend time with each other and the management in a completely relaxed atmosphere. Thishelps in furthering relationships even at the work place. For the picnic we go to a resort whereeveryone enthusiastically participates in games and competitions.Get together:Each department organizes a dinner or snacks for all its members every year. This creates aplatform for all the members of the department to interact informally. 26
  28. 28. Other Facilities:The recently developed Pidilite canteen can cater upto 250 employees at a time. We have alsoopened a state-of-art gymnasium at our Kondivita premises.8.8 Recruitment PoliciesObjectiveIn order to support the aggressive growth plans & restructuring initiatives, a large number ofprofessionals have been added to Pidilite talent pool in the last few years.Our Approach The sourcing is planned at entry level as well as through lateral placements & internal promotions / transfers. The post-graduates in management from reputed management institutes specializing in various disciplines are inducted through a comprehensive campus recruitment programme which is structured induction and training. Other than recruiting marketing and sales personnel, various professionals with diverse background like engineers, chartered accountants, R&D/IT professionals have been inducted into the Company from time to time in a planned manner.8.9 Awards for ExcellenceIn an initiative to recognize and encourage young architects and interior designers Pidilite hasinstituted awards for the students from this year onwards, these awards will be for: Architecture students (PIDILITE AWARD FOR EXCELLENCE IN ARCHITECTURAL STUDIES) Interior designing students (PIDILITE AWARD FOR EXCELLENCE IN INTERIOR DESIGNING STUDIES)The college could nominate the best architecture and interior-designing students (one nominationfrom one college for each course), keeping the eligibility into consideration.The nominated student from each college will receive as an award: A cash award for Rs. 1500. A special certificate of Pidilite Award for Excellence.The awards will be sent to the college, which can be given to the students during theirconvocation ceremony or at an appropriate moment as decided by the college. 27
  29. 29. 8.10 P.I.L. EnvironmentCultureThe dictionary defines culture as “the act of developing intellectual and moral faculties,especially through education”. Every organisation has its own unique culture. Most organisationsdon‟t consciously create a certain culture, instead it is typically created unconsciously, based onthe values of the top management or the founders of the organisation. Our vision is the outcomeof a large scale interactive process. Under this all employees got together and after rigorousdiscussions formulated our "shared vision".AttitudeIt all starts with having the right kind of people. We look for a particular kind of people,regardless of the job category. We seek attitudes that are positive and want people who enjoyworking in a team and have a good sense of humour. An appetite for learning at every step andfrom every person is another trait essential for anyone working at Pidilite.InteractionOne of the best things about Pidilite is easy interaction with your superiors who are always readyto guide you through. The environment is quite friendly and enthusiastic. It gives you anopportunity to experiment with new ideas and learn in the process. The whole concept is to makeyou comfortable.Our Core Values Be a business leader by promoting innovation and achieving global standard. Delight customers by offering quality products and services. Instill a can do attitude, nurture team spirit, learn continuously and achieve a high level of employee satisfaction. Adopt ethical, safe and environmental friendly practices. 28
  30. 30. 8.11 Milestones @ P.I.L.Year Achievements1959 Plants commissioned for Acron brand of pigment emulsion1965 FEVICOL, established as carpenter‟s preferred choice of synthetic adhesives1973 First company in India to start production of violet pigment1984 Consumer Product Division is born. Plans to set up a nation-wide distribution chain.1989 Fevicryl acrylic colours transform fabric and multi-surface painting market1993 Pidilite makes a maiden public offering of equity shares1995 Plants in Mumbai & Vapi acquire ISO 9001; plant at Mahad acquires ISO 9002certification1997 Fevicol ranked among the Top 15 Indian brands (by FE Brandwagon Year Book, 1997)1999 "Ranipal", leading brand of optical whitener, acquired2000 "M-Seal", leading brand of epoxy compounds, acquired2000 Fevikwik “fish” commercial wins Golden ABBY for the best TV Commercial of theCentury in India2000 Fevicol campaign wins Silver ABBY for the Campaign of the Century in India2001 Dr. Fixit range of Construction Chemicals launched2002 "Steelgrip", leading brand of PVC insulation tape in India, acquired2002 At the 2002 Cannes Awards, considered to be the Oscar of the advertising world, FevicolBus TV commercial wins a Silver in the category for Household Maintenance Products2004 Acquires Roff2006 Tristar Colman, Sargent Arts, Inc., Cyclo acquisition. Establishes R&D centre inSingapore2007 Acquires Pulvitec2008 Acquires Holdtite2009 Acquires Woodlok 29
  31. 31. 8.12 Pidilite’s Awards Wardrobe2004Brand: FevicolAward: ABBYCreative: TVC – The Pretender.Category: Best continuing campaign of the year – Gold.2003Brand: FevicolAward: ABBYCreative: TrainCategory: Continuing campaign – Silver Campaign – Silver Film campaign – SilverBrand: FevicolAward: Young GunsCreative: Well of DeathCategory: Silver2002Brand: FevicolAward: CannesCreative: BusCategory: SilverBrand: FevicolAward: ABBYCreative: BusCategory: Best continuing campaign – Silver Campaign – GoldBrand: FevicolAward: Asia Pacific Ad FestCreative: BusCategory: Bronze Best Sound TrackBrand: FevicolAward: One ShowCreative: Press campaign-Seaface, dog, train - InsideCategory: FinalistBrand: M-SealAward: ABBYCreative: Will 30
  32. 32. Category: Single Ad GoldBrand: M-SealAward: Asia Pacific Ad FestCreative: WillCategory: BronzeBrand: M-SealAward: London International Advertising AwardsCreative: WillCategory: Finalist2001Brand: FevicolAward: ABBYCreative: ShadowCategory: TV Single Gold Campaign Silver Press Single GoldBrand: FevicolAward: Asia Pacific Ad FestCreative: Press - TrainCategory: BronzeBrand: FevicolAward: Asia Pacific Ad FestCreative: VanCategory: Gold2000Brand: FevikwikAward: ABBYCreative: All Creative upto 2000Category: TVC of the CenturyBrand: FevicolAward: Big Bang, Clio, Cannes.Creative: Press campaign – Tyson, Bill Gates, George MichaelCategory: SilverBrand: FevicolAward: Big BangCreative: Cliff HangerCategory: Gold 31
  33. 33. Brand: FevicolAward: CannesCreative: Cliff HangerCategory: BronzeBrand: FevicolAward: CAGCreative: Cliff HangerCategory: Big idea of the Year – GoldBrand: FevicolAward: ABBYCreative: Cliff HangerCategory: Best continuing campaign – SilverBrand: FevicolAward: Ad Club CalcuttaCreative: Cliff HangerCategory: Best continuing campaign – GoldBrand: FevicolAward: ABBYCreative: All creative upto 2000.Category: Campaign of the century – SilverBrand: FevicolAward: Media – the Asian Advertising AwardsCreative: Press- BirdsCategory: GoldBrand: FevicolAward: Media – the Asian Advtg Awards, London Intl Advtg Awards, Young Guns.Creative: Press – Train, Birds & VanCategory: FinalistBrand: FevicolAward: Media – the Asian Advertising Awards.Creative: Press – TrainCategory: Best of show finalist1999Brand: FevikwikAward: Showcase Indian AdvertisingCreative: Fish 32
  34. 34. Category: Best ScriptBrand: FevikwikAward: ABBYCreative: FishCategory: GoldBrand: FevikwikAward: CAGCreative: FishCategory: SilverBrand: FevikwikAward: RAPACreative: FishCategory: Best TVC Best ScriptBrand: FevikwikAward: Big BangCreative: FishCategory: GoldBrand: FevikwikAward: Ad Club CalcuttaCreative: FishCategory: Best TVCBrand: FevikwikAward: AAAICreative: FishCategory: Gold1998Brand: FevicolAward: First Asia Pacific Ad Fest, ABBY, Ad Club Calcutta.Creative: Egg TVCCategory: SilverBrand: FevicolAward: Seventh A&MCreative: Egg TVCCategory: Campaign Gold Single Ad Silver Campaign Advertising Best. 33
  35. 35. Brand: FevicolAward: AAAICreative: Egg TVCCategory: GoldBrand: FevicolAward: CAGCreative: Egg TVCCategory: SilverBrand: FevicolAward: Cresta International Advtg Festival, London Intl. Advtg Awards, Creativity 28Creative: Egg TVCCategory: FinalistBrand: FevicolAward: Showcase Indian AdvertisingCreative: Egg TVCCategory: Best Script8.13 Products CategoryConsumer Products: Art Material Publications Construction and Paint Chemicals Adhesives and Sealants Fabric Care Car Care Maintenance ProductsSpecialty industrial: Industrial Adhesives Industrial pigments Industrial & Textile Resins Lather Chemicals 34
  36. 36. Current Advertising Strategy of ‘Fevicol’ A man walks into a dairy with a bucket. The buffalos are brought into position. Meanwhile, a truck comes and parks itself outside the The milkmen get down to business of milking the buffalos. dairy.But just as the truck‟s carrier is opened the animals stop In the midst of the panic and confusion the men look at the their milk. truck. They find the truck loaded with huge containers of The animals and their masters continuing staring at the Fevicol. Fevicol drums. 35
  37. 37. AD Gallery of FevicolTV Ads: 2004 2003 2003 2002 2001 1998 1997 1996 36
  38. 38. Magazine/Print Ads: 37
  39. 39. 9. Retrospect of Fevicol Advertising:A view over Advertising Strategies:Ever since the luckless elephant was involved in a futile tug-of-war with that Fevicol-bondedpiece of wood, Fevicol advertising has revolved around the brands core property of physicalstrength and stickiness. However, over the past five years or so, brand communication hasmoved away from pure end-user benefit - which, in the case of Fevicol, is a superior adhesive forwooden furniture - and taken a more lateral approach to physical strength. So the last fivecommercials for the brand („hen, „cliffhanger, „shadow, „bus and „train journey) have been lessabout wood and furniture, and more about the rub-off that Fevicols stickiness has on people andobjects in its close proximity.With the new television commercial, the wood and furniture is back in Fevicol advertising.Dished out in patented Fevicol style humor, of course.The ad opens on a bathing ghaat in Benares, where an assortment of pious souls are performingtheir ablutions. The tranquility of the ghaat is shattered when a small boy runs down the steps,sounding some sort of an alarm. His frenzied shouting results in a commotion, with the entirewaterfront stampeding towards a shuttered house in the middle of a busy market. People throngthe house, pushing and shoving to get a better view of the goings on.Cut to the inside of the house where a young man is standing on a chair, tightening a noose. Thetownsfolk holler at him through the barred windows, begging him not to do the unthinkable.Their entreaties appear to fall on deaf ears. Clearly enjoying all the attention he is being lavishedwith, the man calmly goes about giving the final touches to his dramatic exit.He tightens the noose one last time. He then leans forward, cranes his neck and pulls the noosearound his head. He looks in the direction of the crowd, searching their faces for reactions.Suddenly, he teeters. Cut to the chair that is supporting him. Unable to bear his weight, the chairtwists slowly then gives in. As the chair smashes, the man comes crashing down and falls amidstthe wreckage - stunned by the fall, but otherwise unhurt. Cut to an old man at one of thewindows. „Fevicol nahi lagaayo toh saale ka kaam nahi hoyo, he grunts, unable to hide thedisgust in his voice. „Nahi hoyo, the crowd commiserates, almost heartbroken with the way thesuicide bid came undone.Just then, the rafter that the man had used to tie the noose to creaks… then gives way. It plungesdown and crashes into the man lying beside the wrecked chair. Wide-eyed, he stares for asecond, then passes out. „Fevicol nahi lagaayo toh saale ka kaam ho gayo, the old man nowremarks, eyes twinkling. „Ho gayo, the onlookers agree and start filing away, having had theirfill of the days quota of entertainment."For the last four or five years, we have done a lot of lateral advertising around Fevicolsstrength, but none of it focused on wood and furniture," agrees Abhijit Avasthi, creative director,O&M. "Sometime this year, the client and agency team agreed that the physical strength ofFevicol and its effect on furniture should be the strategic direction that we should explore for 38
  40. 40. Fevicol this time. The basic thought was to make the advertising more product centric, with adirect reference of the brands usage on wood and furniture."According to the agency, the reason for bringing a reference to wood and furniture back intobrand communication is "keeping new consumers in mind". The rationale is that new consumersare coming into the market, and for the brand to stay relevant to them, keeping the end benefitand the product story alive is critical. However, the agency insists that while the objective was togo back to the brands basic properties, "we had to do it without losing the edge and the creativevalues that the brand has acquired over time".Which is why, Avasthi informs, the agency came out with many scripts for the commercial. “Thefocus was on physical strength, and the communication had to be built around wood andfurniture. Some of the scripts were strong on physical strength but didnt build a convincing storyaround wood, so we had to drop them." Finally, this script (written by Piyush Pandey, grouppresident & national creative director, O&M) happened, and Avasthi says it went down well witheveryone, "as it was true to the communication objective, plus it had the typical Fevicol flavour".An interesting aspect of the commercial is the manner in which Fevicol has been pitched. Whileall previous communication for the brand showcased situations where things occurred becauseFevicol happened to be around, the situation in this one unfolds and reaches a climax only due tothe absence of Fevicol. It must be added that the background score - by Ehsaan and Zubin,supported excellently with vocals by Chetan Shashital - is integral to the buildup in the ad.Returning to the Fevicol „suicide ad, in the final analysis, it is the intrigue and irony in the ad -captured wonderfully on film by Prasoon Pandey - that makes it watchable. The intrigue stemsfrom the reaction that the townspeople display, first when the suicide bid is foiled, then when theman is knocked cold by the falling rafter. Despite appearing to implore the man not to commitsuicide, their disappointment at his failure, and subsequently, their matter-of-fact acceptance ofhis (implied) death makes engaging viewing. "Its almost as if the man has been crying wolf allthe time, and the people have come to look at it only as a tamasha," says Avasthi.And the irony? Ah, it lies in the way the man is first saved by „no Fevicol. Then gets done in byit. 39
  41. 41. 10.Data CollectionThe data collection process is the predefined task that I have to undergo. The data collectionprocess starts right from the first day till the final day on the field. During the whole period therespondents are interviewed and their behavior gets scanned. The main task is to analyze thebrand awareness and loyalty level of consumer towards the Fevicol Brand, which proportionallyreveals the effectiveness of brand in generating sales through advertising strategies adopted.The survey process is done by measuring the consumer attitude by analyzing the post purchasedecision and the effect of advertising over to that. The response made by both industrialconsumer and home base consumer is given due importance in the research. The data collectionmode is the questionnaire and direct personal interview.The data collected from the various efforts and sources are presented in tabular form and areshown distinctively from the next page.The elements considered are:Respondents surveyed: 100.Source of data: Primary. 40
  42. 42. Table No. 1: Brand Awareness LevelUnaided Recall: 68% (asked through _ _ _ _ COL)Aided Recall: 100% (asked through clues). Recall Level at %age Cumulative % Clue 1 (Shadow) 8 8 Clue 2 (Egg) 38 46 Clue 3 (Cliffhanger) 54 100Table No. 2: Brand FamiliarityAd seen even once: 100%.Table No. 3: Most remembered Ad Pakde Rehna Chhodna Nahi (Cliffhanger) Moochwali Fevicol ka majboot jodd hai tootta hi nahi (Tug-of-war). Fevicol nahi lagaayo saale ko kaam na hoyo. An unbreakable egg. Buffaloes and milkman. Netaji ki kursi. Bus Ad (people gummed over that).Table No. 4: Rating of Script of Ad No. of people agrees for Rating (in %) Rating Factor Excellent 56 Good 30 Cant‟ Say 10 Not Good 4 No Effect -- 41
  43. 43. Table No. 5: Advertising Promotes %age Factors promoted Product Knowledge 62 Quality Knowledge 40 Extended Use 32Table No. 6: Trial RateEver tried for a single time: 100%.Table No. 7: Advertisement effect over purchase decision % Effects Agrees for having effect 54 Says no effect 24 Indecisive 22Table No. 8: Product Purchase Factor In % Factors responsible Price 18 Quality 54 Brand Name 18 Availability 10 42
  44. 44. Table No. 9: Cue for first purchase In % Factors responsible Ad over TV 64 Heard from Others 20 Shopkeeper recommended 10 Others_ _ _ _ _ _ _ _ 6Table No. 10: Loyalty Graph Regular Purchaser: 52% Second Time Purchase: 2% First Purchase: 4% Not Fix: 42%Table No. 11: Effect of Advertisement on Repurchase Decision Promoted through Ad: 56% Unaware: 28% No Effect: 16%Table No. 12: Factors Preferred during Fevicol purchase Quality Offerings: 56% Brand Name: 32% Non-availability of other brand: 12%Table No. 13: Competiting brands known Araldite Vamicol Kitcol Arpit Prakash 43
  45. 45. 11.Data AnalysisBrand Awareness Level:Unaided Recall: 32% Chunk Aware Chunk Unaware 68%During Unaided Recall: 68% of respondents are found to be aware of the brand. Rest of the respondents is found to be unaware about the brand, unaided.Aided Recall: 0% Chunk Aware Chunk Unaware 100%During Aided Recall: 100% of respondents are found to be aware of the brand. 44
  46. 46. Rating of Script of Ad: 60% 50% 40% 30% 20% 10% 0% Excellent Good Cant SayNot Good Not have any effectInference: The concept of Ad rated to be Excellent by 56% of respondents. 30% of respondents are agreeing that the Ad is Good. 10% of respondents remain indecisive. Amazingly, not even a single respondent says that it doesn‟t have any effect. 45
  47. 47. Advertising Promotes: Product Knowledge Quality Knowledge 18% 12% 38% 10% 2% 20% Knowledge of use or Extended useInference: 18% of the people reply that by seeing commercial they get Quality knowledge. 38% states that they get awareness about the product through ad. 20% says that they get to know about the Extended use of the product. 12% of the respondents say that through the ad they get the knowledge of about both Product and Quality. Only 2% of the respondents are agreeing that the commercial provide them knowledge of both Product and Extended use of product. 46
  48. 48. There are 10% such respondents who reply that they get all of the above factors while viewing ad.Advertisement effect over purchase decision: 60% 50% 40% 30% Effect of Ad on Purchase Decision 20% 10% 0% Having No Effect Cant Effect SayInference: 54% of respondents admitted that their purchase decision got effected through advertisement. While 24% feels that their decision is not derived through ad exposure. 22% of respondents are indecisive in this concern. 47
  49. 49. Product Purchase Factor: Availability 10% Price 18% Brand Name 18% Quality 54%Inference: Quality polls out to be the most affluent factor that drives prospects to purchase. Price and Band Name both are ranked as second most influential factor that people generally considered while purchasing a product Availability of the brand also plays a crucial role as it has 10% respondents in its favor. 48
  50. 50. Cue for first purchase of Fevicol: 70% 60% 50% 40% 30% 20% 10% 0% Ad over TV Heard from others Shopkeeper Other Factors RecommendationInference: The very first purchase factor is due to Ad seen over TV, 64% of respondents are agreeing on this statement. 20% of respondents made first purchase due to effectiveness of Mouth publicity, i.e. they have heard from others. Brand promotional measures also play role in first purchase as 10% of the respondents made first purchase by the influence of shopkeeper. 6% of the respondents have different opinions that make them to purchase it for the first time. 49
  51. 51. Loyalty Graph for Fevicol: 60% 50% 40% 30% 20% 10% 0% Regular Second First Purchase Not Fix Purchaser PurchaseInference: 52% of the respondents are regular purchaser of Fevicol, i.e., the market share of Fevicol is nearly half of the total market. Around 6% are the people who are at primary stage as they are either using it for the first time or as second purchase. The market consists of nearly 42% of such respondents who like to switch on different brands they are not brand loyal. 50
  52. 52. Effect of Advertisement on Repurchase Decision: 60% 50% 40% 30% 20% 10% 0% Positively Seems no Effect Cant Judge PromotedInference: 56% of respondents feel that Ad helps them to conform their decision and also promote to repurchase the same brand. While 16% of the respondents didn‟t see any effect of Ad over their repurchase decision of brand, they say it‟s purely their own intuition to re-buy a product. Rests of the respondents are unable to analyze the cue that held responsible for repurchase. 51
  53. 53. Factors Preferred during Fevicol purchase: 60% 50% 40% 30% 20% 10% 0% Quality Product Brand Name Non-Availability of Other ProductInference:Respondents like to purchase Fevicol due to: 56% of the respondents prefer to purchase due to its quality offering. While 32% of the respondents looks it as a brand name purchase. And the rest 12% looks for it only if other product cheaper than it is not available. 52
  54. 54. 12.Findings High recall value of Fevicol reflects that the advertising expense made by organization has well covered human mind space. Excellent Advertising strategies of Agency (O & M, for Fevicol) have made the brand as most recognizable brand while measuring unaidedly. In Research we have found that there exist a cause-and-effect relationship between sales and advertisement, as 54% respondents make their purchase decisions on the basis of advertisements. Apart from advertising heavily, quality remains the key concern for an organization to focus primarily. Whatever the brand may be the Quality is the prime factor for most purchases. Advertising helps at large extent in influencing the prospect for generating first purchase of product. Continuously reminding of the brand through Ad helps the promoter to induce the repurchase, and also it leads to conform by consumer. In Ads of Fevicol the natural activities are linked with unnatural sequences, that lead to have word-of-mouth-marketing of product and a remarkable amount of sales is generated through this. 53
  55. 55. 13.Recommendations The market share is reducing due to the existence of large number of local or regional players; efforts are to be made in developing low cost product. More emphasis should be done on consumer interactive programs so as the reach of product could be extended. Major thrust should be made to enforce the Product-Quality Awareness programs at the rural areas where mainly local players are operating. Having mastered advertising as evidenced by Fevicol, Pidilite Industries Ltd. should create a power-communication programme inclusive of the following elements: o Advertisement on local cable channels, to begin with, is a cost-effective medium to hit the towns if not the Metro. o In-shop Demonstrations to influence, apart from making aware, the customers at the point of purchase. o Wall Painting in interior areas and Signboards at dealer outlets shall serve dual purpose: create awareness and increase dealer satisfaction. The product mix of Pidilite Industries Ltd. is a mammoth in all respects - width, length and depth - but the same cannot be said of the Paints & Food Division under PIL. Expansion of the product portfolio on all counts has emerged as a common refrain across categories. The basic problem ahead is that people are not aware of the large portfolio of Pidilite. Hence provisions are to be made to make public communicated about the portfolio. 54
  56. 56. 14.SWOT ANALYSISStrengths: Wide range of products. Brand recognition. Brand Standardized products. Capable of surviving in Long run. Products are familiar to consumer. Good efforts for Research & Development facilities. Employees‟ beneficiary plans that attract potential employees. Result oriented products. Financially sound. Good Diversified Management. Background of successful mergers and acquisitions. Goodwill of last 45+ years. Nation-wide presence. Good advertising and promotional strategies.Weakness: Presence of lower priced products makes market weaker in some areas. Nationwide same strategy. No endorser of brand. Pidilite as a whole depended a lot over Fevicol, while in all it has 40 brands. Advertisements are now in remembering phase, which means it has to be now emphasized over new product developments. 55
  57. 57. Opportunities: The markets of rural areas are somewhat remains potentially untouched. Now the diversified strategies should be adopted, as it has been long in adhesives. No established competitor is the potential advantage. The niche of the market is the rural area and the plenty of opportunities are lying there. Forming of Free-Trade Area with China can led to Export opportunities and thus the market diversification could be adopted. This will also help as the product now is in maturity stage.Threats: Due to Industrial policies and easy avail of finance the competition can become tougher in coming years. Due to the presence of the low priced firms the competition is proving to be tougher. Aggressive advertising and promotional efforts of competitors are making a shift in the market share of the company. Being the economy opened by govt. of India their lies the continuous threat from the foreign players. Free Trade Area with China, could open up the fight with a major technology intensive country and hence to compete with that more efforts to be make over R & D. 56
  58. 58. 15.ReferencesIn this dissertation, while finalizing and for analyzing quality problem in details the followingBooks, Magazines/Journals and Web Sites have been referred. The all material detailed belowprovides effective help and a guiding layout while designing this text report.Books:Kotler and Gary Armstrong (2011),Marketing: An Introduction(New Delhi: Prentice Hall of India)Boyd, Harper W. and Ralph Westfall (1996),Marketing Research (U.S.A.: Richard D. Irwin, Inc.)Kothari, C. R. (2008),Research Methodology (Delhi: Global Business Press)Batra, Rajeev and John G. Myers (2002),Advertising Management (India: Thomson Press (I) Ltd.)Gupta, S. L. and V. V. Ratna (2004)Advertising and Sales Promotion Management (Delhi: Sultan Chand & Sons)Gupta, S. P. (1996),Statistical Method (New Delhi: Sultan Chand & Sons.)Websites:www.pidilite.comwww.agencyfaqs.comwww.tvadsindx.comwww.indiainfoline.comwww.businesstoday.comwww.coursework.infowww.thehindubusinessline.comwww.domain-b.comwww.brand-reporter.com 57
  59. 59. 16.QuestionnaireQ. Could you complete this brand name: _ _ _ _ COLQ. Have you ever seen the above band name in advertisement? Yes( ) No( )Q. What plot do you remember associated with this brand name? _______________________________________________________________ _______________________________________________________________ _______________________________________________________________.Q. Could you name the brand advertisement showing:Clue 1. A shadow affixed to shutter of a shop and the person moves ahead without shadow. Overthat shutter the brand name was written.Clue 2. An unbreakable egg at restaurant.Clue 3. A movie in a TV set: a person hanging through a bridge, a girl having his hand in herhand and suddenly after an event he fells down. But not in same movie running over to other TVsets. {Words from the same movie “Pakde Rehna Choddna Nahi”.} ______________________________________________.Q. How would you rate the commercial on the factor of Script of Ad?  Excellent.  Good.  Can‟t say.  Not good.  Not have any effect.Q. While seeing the commercial you get  Product Knowledge.  Quality Knowledge.  Knowledge of use or extended use.Q. Have you ever tested or tried this product? Yes( ) No( )Q. Does Advertisement made any effect on your purchasing decision of brand? Yes( ) No( ) Can‟t say( ) 58
  60. 60. Q. Your preference for product purchase is usually at  Price of the product  Quality of the product  Brand name of the product  Availability of any brand / any product  Other reason ____________________.Q. You have made first bought of brand due to  Its Ad shown over TV  Heard from others  Recommended by shopkeeper  Other factor ______________.Q. For how long time you are using this brand?  First Purchase.  Second Purchase.  Regular Purchaser.  Not Fix.Q. Does Advertisement promote your repurchase decision of brand? o Positively o Can‟t say o No EffectQ. You prefer to go with this brand due to  Quality Offering  Brand Name  Non – Availability of other brand  Other reason ________________.Q. Could you name any competitive brand, whose commercial you have seen or purchasedproduct from? ________________________________________________.Thank you for your cooperation and providing useful information to us.Name: ___________________________________.Age: ____________________________________.Occupation: ______________________________.Address: _________________________________Contact No.: ______________________________. 59
  61. 61. 17.Basic Terminologies in AdvertisingIndustryUnless expressly stated otherwise, the following terms shall have the following meanings: "Advertising Contract" means the contract formed between client and agency on the Commencement Date, the terms and conditions of which are set out herein and in the Application Form. "Application Form" means the form submitted by client to agency to place an order for the Advertising Services to be provided. "Advertising Charge" means the charge specified in the Application Form for the provision of the Advertising Services for one Service Period. "Commencement Date" means the date of receipt of payment of the Advertising Charge. "Contact Center" means the facility operated by agency for receiving communications from clients requiring services in country of origin. "Content" means clients business logo and/or picture and sales message to be advertised on the Websites, and other means of commercial operations as Radio, TV etc. "Design" means the design created by agency as a result of her provision of the Design Services. "Design Charge" means the charge specified in the Application Form for agency‟s provisions of the Design Services. "Design Information" means all information which an agency require relating to clients‟ business and desired advertising message in order to perform the Design Services, as such information is specified in the Application Form. "Design Services" means the optional design services offered by agency, as described in the Application Form. "Intellectual Property Rights" means all existing and future copyright, design rights (whether registered or unregistered), database rights, patents, trademarks (whether registered or unregistered), semi-conductor topography rights, plant varieties rights, internet rights/domains names, know how, confidential information and any and all applications for any of the foregoing. "Service Period" means renewable periods of 30 days, commencing either on the Commencement Date or, where Design Services are to be provided, on the date on which the Design Services are completed by agency and renewable at intervals of 30 days thereafter. 60

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