Chetana’s Institute of Management & Research

Bandra (East), Mumbai

A STUDY ON MARKETING STRATEGIES OF MARICO’S

HAIRCARE PRODUCTS IN INDIA

Submitted in partial fulfillment of the requirements for

Post Graduate Diploma in Management
Academic Year: 2017-2018

Submitted By
BIDYE SAURABH SAKHARAM
Roll No.: M3 - 05
PGDM, Batch: 2016-18
Declaration

I hereby declare that this project report titled “A STUDY ON MARKETING STRATEGIES OF
MARICO’S HAIRCARE PRODUCTS IN INDIA” submitted in partial fulfillment of the
requirement of Post Graduate Diploma in Management to Chetana’s Institute of Management and
Research is my original work and not submitted for award of any degree or diploma fellowship or
for similar title or prize. References of work and related sources of information have been duly
acknowledged in the report.

The project has been carried out under the guidance of Prof. HUFRISH MAJRA

I further declare that I have no objection and grant the rights to Chetana’s Institute of Management
and Research to publish any chapter/project or use it for future reference if they deem fit.

Place : Mumbai

Date : March, 2018

Name : SAURABH BIDYE

Class : PGDM MARKETING (PGDM Batch 2016-18)

Roll No. : M-05

Signature : ___________
Certificate

This is to certify that the project titled “A STUDY ON MARKETING STRATEGIES OF

MARICO’S HAIRCARE PRODUCTS IN INDIA” submitted by BIDYE SAURABH
SAKHARAM to Chetana’s Institute of Management & Research in partial fulfillment of the
requirement of, Post Graduate Diploma in Management has been done under the guidance of the
undersigned during the period December 2017 to March 2018.

Date:
Place: Mumbai

Faculty Guide Director

Prof. Hufrish Majra Dr. K.C.Pandey
ACKNOWLEDGEMENT

Every project big or small is successful largely due to the effort of a number of wonderful people
who have always given their valuable advice or lent a helping hand. I sincerely appreciate
the inspiration; support and guidance of all those people who have been instrumental in making this
project a success.

I, SAURABH SAKHARAM BIDYE, the student of Chetana’s Institute of Management and

Research, I am extremely grateful to “Prof Hufrish Majra” for the confidence bestowed in me
and entrusting my project entitled “A STUDY ON MARKETING STRATEGIES OF
MARICO’S HAIRCARE PRODUCTS IN INDIA”

At this juncture, I feel deeply honored in expressing my sincere thanks to Prof. Hufrish Majra for
making the resources available at right time and providing valuable insights leading to the
successful completion of my project.

I express my gratitude to Director Dr. K. C. Pandey and Dean Dr. Sunita Srivastava for
arranging the Industry Oriented Dissertation Project in good schedule. I also extend my gratitude to
my Project Guide Faculty Prof. Hufrish Majra, who assisted me in compiling the project.

I would also like to thank all the faculty members of Chetana’s Institute of Management and
Research for their critical advice and guidance without which this project would not have been
possible.

Last but not the least I place a deep sense of gratitude to my family members and my friends who
have been constant source of inspiration during the preparation of this project work.
SR.NO. TOPIC PG. NO.

EXECUTIVE SUMMARY 01

CHAPTER 1 INTRODUCTION
1.1 Industry Overview 04
1.2 Company Overview 08
1.3 Digital Marketing Campaigns 11

CHAPTER 2 FUNCTIONAL SPECIALISATION

2.1 Objectives of the Project/Study 15
2.2 Literature Review 15
2.3 Study Methodology 24
2.4 Study Limitations 25
2.5 Finding & Analysis 15

CHAPTER 3 SOCIAL RELEVANCE

3.1 Corporate Governance 15
3.2 Code of Conduct 15
3.3 Specific CSR initiatives 24

CHAPTER 4 CONCLUSIONS & RECOMMENDATIONS

4.1 Conclusions 36
4.2 Recommendations 37
ANNEXURES
A Questionnaire 38
B Bibliography 41
C List of Figures 42
D List of Table 43
 Executive Summary

This project is based “A study on marketing strategies of Marico’s hair care products in
India”. The study comprises use of marketing by Marico in the haircare products. As
marketing is an important aspect therefore marketers are focusing on traditional and digital
marketing as consumers are active on offline and online media so it is mandatory for
marketers to promote their products across all the marketing platforms. The study also
focuses on impact of marketing on the buying preference of haircare products of Marico,
what are the companies doing to increase their presence in marketing. The study also
addresses the steps taken by Marico to promote haircare on various platforms such as
television, radio, outdoor and social media, e commerce website etc. The advertisement
expenditure of the company in personal care sector are spending huge amount on various
media space as consumers are more active on various media platforms. Nowadays
consumers have become smarter and they want more variety for the same product and they
are fewer brands loyal as compared to earlier days. Digital will play an important role as
there are more number of people using smart phones and with the government
demonetization effect to promote cashless transaction digital will play an important role for
all the daily transaction. Wallet such as Paytm , Free charge will have a major importance
for the payment for Fmcg products. The study covers all the factors of Marico marketing
strategies.

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 Chapter 1
Introduction

1.1 Industry Overview

FMCG is the fourth largest sector in the Indian economy Household and Personal
Care is the leading segment, accounting for 50% of the overall market. Hair care (23%) and
Food & Beverages (19%) comes next in terms of market share Growing awareness, easier
access, and changing lifestyles have been the key growth drivers for the sector. The FMCG
sector in India generated revenues worth USD47.3 billion in 2015 Over 2007-16F, the sector
is expected to post CAGR of 11.9% in revenues In 2016, revenues for FMCG sector is
expected to reach USD49 billion During 2015-16, seven leading FMCG companies in the
country have fared better than their multinational peers, in terms of revenue growth. The
combined revenue of seven leading Indian FMCG companies during 2015-16 stood at USD
11,066.46 million. Retail market in India is estimated to reach USD1 trillion by 2020 from
USD600 billion in 2015, with modern trade expected to grow at 20% per annum, which is
likely to boost revenues of FMCG companies People are gracefully embracing Ayurveda
products, which has resulted in growth of FMCG major, Patanjali Ayurveda, with a m-cap
of USD 14.94 billion. Demonetization is taking a toll on rural sales in the short term, the
move will benefit in the longer term as it will help the organized players in the FMCG
industry by making the system more transparent and easy to comply with. In the long run,
with the system becoming more transparent and easily compliable, demonetization is
expected to benefit organized players in the FMCG industry.

Figure1.3: Evolution of the Indian Fmcg Sector

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 Figure 1.4: Strong Growth in the Indian Fmcg Sector

Accounting for a revenue share of around 60%, urban Urban/rural industry break-up
(2016) segment is the largest contributor to the overall revenue generated by the FMCG
sector in India and recorded a market size of around USD29.4 billion in 2016 Semi-urban
and rural segments are growing at a rapid pace; and accounted for a revenue share of 40% in
the overall revenues recorded by FMCG sector in India In the last few years, the FMCG
market has grown at a faster pace in rural India compared with urban India FMCG products
account for 50% of total rural spending.
Per capita income and rural income are increasing. The number of middle class households
(earning between USD4,413.1 and USD22,065.3 per annum) is estimated to increase more
than fourfold to 148 million by 2030 from 32 million in 2010.India has 23.6 million adults,
who have been qualified as belonging to middle class. Rising per capita income leads to
increased spending on medical and healthcare services.

8
 Figure1.5: urban/rural revenue generation

In 2015, rural India accounted for more than 40% of the total FMCG market Total
rural income, which is currently at around USD572 billion, is projected to reach USD1.8
trillion by FY21 India’s rural per capita disposable income is estimated to increase at a
CAGR of 4.4% to USD631 by 2020 As income levels are rising, there is also a clear uptrend
in the share of non-food expenditure in rural India The Central Government announced its
plans to spend USD9.16 billion for creating more jobs opportunities in the rural sector,
which will in turn propel demand for FMCG products The Fast Moving Consumer Goods
(FMCG) sector in Rural FMCG market (USD billion) and semi-urban India is estimated to
cross USD100 billion by 2025 The rural FMCG market is anticipated to expand at a CAGR
of 17.41% to USD100 billion during 2009–25 Rural FMCG market accounts for 40% of the
overall FMCG market in India, in revenue terms Amongst the leading retailers, Dabur
generates over 40- 45% of its domestic revenue from rural sales. HUL rural revenue
accounts for 45% of its overall sales while other companies earn 30- 35% of their revenues
from rural areas. The urban FMCG market in India has been growing at a Growth in urban
and rural FMCG markets (2014) fairly steady and healthy rate over the years;
encouragingly, the growth in rural markets has been more fast-paced More than 80% of
FMCG products posted faster growth in rural markets as compared to urban ones Shampoos
have maximum penetration at 69%, followed by biscuits at 68% Skin Creams have been
listed in the top 10 categories.

9
 Figure 1.6: Rural Fmcg market estimate

Personal care Industry

Hair Care is the leading segment, accounting for 23.0% of the overall market in
terms of revenue Food Products is the second leading segment of the sector accounting for
19.0% followed by health supplements and oral care which has a market share of 16.0% and
15%, respectively.
Household and Personal Care products are the largest FMCG segment, constituting around
50% of the total market, followed by health care products (32%) In 2015-16.

10
 Figure 1.7: Market break-up revenue

Figure 1.8: Market share of companies in a few Fmcg categories

Hair care Industry

11
The hair care market is a key constituent of the Indian personal care sector and is witnessing
steady growth owing to increased product penetration as well as expanding product portfolio.
India is traditionally known for extensive use of hair oil as conditioners and this product
segment still holds a leading share of hair care market.
Apart from hair oil, shampoo, hair colors and recent additions such as hair styling products
are well received, especially among the youth population in urban areas. In addition to the
retail market, specialized hair care beauty salons are increasingly becoming a popular medium
for introducing specialized products in the premium market. Hair care products with natural
ingredients are gaining market share especially in the shampoo and hair colour/ dye categories
and are largely positioned as premium products.
Hair care market: Key drivers
Well-entrenched Indian brands and strong entry barriers for multinational companies are
inherent characteristics of the hair oil sector. However, hair styling products like perms,
relaxers and serum have significant presence of multinational players.
The hair care market is estimated at around INR 152 billion in 2013-14. The hair oil segment,
valued at around INR 81 billion, accounts for around 53% of the total hair care market in
2013-14. Hair oil market in India is noted for a high market penetration, estimated at around
90%.
Hair Care Sector: Market Share by Product Segments (%) 2013-14
The market for shampoos is valued at around INR 46 billion in 2013-14 and the portfolio of
shampoos have evolved and shampoos are promoted to address specific hair related issues.
Penetration level of shampoo among urban populace hovers around 60%. Unit packaging is a
defining characteristic of the shampoo market in India; shampoos in sachets account for
around 70% of the total shampoo market.

The hair color segment accounts for around 15% of the total hair care market. Penetration
level of hair color is estimated at over 35% in India and powders, liquids, dyes and henna are
the main segments. Hair styling products comprising hair conditioners, gels, serums, perms
and relaxers account for a small share of the total hair care market and are rapidly gaining
ground.
Marico, Dabur, Bajaj, Emami, Hindustan Unilever Limited (HUL), Procter & Gamble (P&G),
Godrej Consumer Products Limited, CavinKare, Hygienic Research Institute Private Limited
are some of the well-entrenched players in the India hair care market. Several other
multinational players such as L’Oreal, Schwarzkopf and Wella have captured sizeable shares
in niche hair care product markets

1.2 Company Overview

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 1.2.1 Marico

Marico Limited is one of India's leading consumer products companies operating in

the beauty and wellness space. Empowered with freedom and opportunity, Marico works to
make a difference to the lives of all our stakeholders - members, associates, consumers,
investors and the society at large. Currently present in 25 countries across emerging markets
of Asia and Africa, Marico has nurtured multiple brands in the categories of hair care, skin
care, edible oils, health foods, male grooming, and fabric care. Marico's India business
markets household brands such as Parachute, Parachute Advansed, Saffola, Hair & Care,
Nihar, Nihar Naturals, Livon, Set Wet, Mediker and Revive among others that add value to
the life of 1 in every 3 Indians. The International business offers unique brands such as
Parachute, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men and
Thuan Phat that are localized to fulfil the lifestyle needs of our international consumers.
Charting an annual turnover of Rs. 61 billion (Financial Year 2015 - 2016) across portfolio,
Marico's sustainable growth story rests on an empowering work culture that encourages their
members to take complete ownership and make a difference to the entire business
ecosystem.

Marico Company details:

MARICO
Marico is an Indian consumer goods company providing consumer products and services in
the areas of Health and Beauty based in Mumbai. During 2015, the company generated a
turnover of Rs. 5,733 crore. 

Headquarters: Mumbai

CEO: Saugata Gupta (Apr 2013)

Founder: Harsh C. Mariwala

Founded: 1991

Table 1: Comparatives of Marico & HUL

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As of 31st March 2016, the company recorded a market capitalization of 35,860.27Cr.The
consolidated group revenue of the company for 2016 stood at Rs. 6,132 cr. As per the
consolidated statement of profit and loss account for the year ended 31 st March 2016 the net
income is 736.62 cr. The number of employees as on 2016 is 2,402.It is mainly into Health
and Beauty Products. The share price of Marico on NSE as on 13 th Oct 2016 was 277.90
INR High end product: Parachute & Saffola Low end product: Shanti Amla & Sweekar Oil
Product Positioning in Niche Segments Benefit from Market Expansion Focus on Core
Products and a neatly defined Target Group Marico has 8 factories in India located at
Pondicherry, Perundurai, Kanjikode, Jalgaon, Paldhi,Dehradun, Baddi and Paonta Sahib. It
has presence in 25 countries across emerging markets of Asia and Africa. Its mission is to
build a winning organisation that will be an Emerging market MNC with leadership position
in Natural nourishment and Male grooming in 5 markets with revenues of `100 Billion with
India continuing to be a strong home market

14
1.3 Marketing Campaigns

Parachute Advansed #KhulKeKheloHoli

This Holi, Parachute Advansed, the hair oil brand from Marico rolled out a memorable 3-
minute film called #KhulKeKheloHoli, in which it encouraged people to let go their
inhibitions and play with colours like no one’s watching. The film set in an old age home
was received positively. On social, a Dubsmash contest invited users to share their holi song
videos, while a blogging contest asked people to share stories of their childhood holi festival
celebrations.

#Magic Of warmth

When it comes to hair oil brands promoting their products, the narrative is pretty
predictable. A mother-daughter equation where the former is massaging her daughter's hair
with oil and suddenly she has the most beautiful and shiny hair any girl can have. If not that,
it's a rough and shabby head of hair that is suddenly transformed into a luscious mane with
just a normal oil massage.

15
 Figure 1.10Screen shots of Parachute Advansed Hot Oil Advertisement

In its recently launched digital film, Parachute Advansed Hot Oil hasn't done any of the
aforementioned things. Rather, the ad film focuses on a brother-sister's rough relationship -
as rough as the sister's hair. This, some may say, is a bold move for a hair oil brand to make.
Bold because there's no visual evidence of the product transforming her hair into a smooth,
silky mane that reflects light. At the end of the ad, when the brother sees his sister cry
because of him, he goes to her room to pacify her and gives her a 'champi' (oil massage).
The ad is set in winter, in a visibly cold place; this makes the seasonal marketing push for
this product evident.

Facebook Contest

Marico Campus Connections, is a unique e-initiative launched with the objective to connect
with campuses across India.  The idea behind it is to create a space for the youth to discover,
ideate & debate.  The platform provides them with an insight into the world of Marico-
where existing paradigms are constantly challenged and where members are empowered
enough to choose their career paths. The Face Off Challenge is hosted on the Marico
Campus Connections Facebook page through a dedicated app.  It was launched on 20th April
2013 closes on Monday, 6th May, 2013.  To participate you have to like the page which then
leads to a request to access your public profile, friend list and email.  An off-putting element

16
for those with privacy concerns and bound to affect interaction and draw participation. With
Marico’s target audience being the youth, Facebook is the right place to reach out to them. 
The app is slick, well designed and navigation is smooth. The questions comprising the
challenge and the clues provided revolve around Marico’s product line, are interesting,
thought provoking and challenging enough to make budding corporate trainees think out of
the box and come up with solutions. Choosing two winners, one by the brand team and the
other by popular choice is also a good idea as it keeps things competitive while taking care
of public opinion. As one of India’s leading Consumer Products & Services companies in
the global beauty and wellness space, Marico has always worked outside the box.  From
actively working to bring innovation to its customers through continuous and sustainable
change, the brand is now working to ensure that responsibilities should be based on grey
cells, not grey hair. Marico Campus Connections initiative is taking the brand’s commitment
to offer enriching growth as opposed to predetermined plans imposed on people further.  It
is in line with the brand’s overall strategy while effectively using social media.  The Face
Off challenge puts the spotlight on Marico’s hair care range and gets people thinking
proactively.

Livon Digital Campaign.

Marico has released a new campaign to introduce its next-generation Livon Serum with an
ultra-lightweight formulation and a brand new look.
The campaign showcases the fully revamped identity of the brand with its first ever brand
endorser Kangana Ranaut who is driving the unique philosophy of "Free to be Fabulous".
The brand has kick started the campaign "Pretty Girl Swag", with the tagline 'Live free, Live
fab, Livon'. It highlights the swag that comes from fabulous looking hair, giving women the
confidence and liberation to live their life to the fullest. The 45-second television
commercial which is on air, showcases Kangana enjoying her hair and life wholeheartedly,
with no strings attached.
Also taking into account that a sizeable chunk of the brand's TG is active online, the digital
medium will be leveraged to give larger voice to the campaign.

17
 Chapter 2
Project Details

2.1 Objectives of the Project

 To study the Marketing strategies of Marico in Hair care

 To understand the influence of marketing in consumer buying pattern
 To study integrated marketing communication for Marico hair care

2.2 Literature Review

Marico’s Hair & Care Launches New Avatar of Fruit Hair Oils with A Fresh Spot

Marico's youthful and contemporary hair nourishment brand, Hair & Care, has launched a
new campaign for its revolutionary fruit hair oils. With this campaign, the brand aims to
reignite a feeling of exhilaration and excitement towards hair oiling amongst its youthful
consumers.

Hair & Care Fruit Oils caters to the modern, young woman between the age group of 18-30
years, who is on a constant look out for exciting products across categories, especially beauty
and personal care. Taking cognizance of this and marrying it with the evolving hair needs of
the consumers, the brand has introduced one-of-a-kind range of hair oils with a distinctive
mix of fruits that moisturize and energize hair.

The brand plans to make a big impact in the market through a multimedia promotion exercise
led by a TVC being showcased on various shows and channels. Starring Hair & Care's
ambassador, Shraddha Kapoor, in a never seen before avatar, the new ad highlights the
brand's core benefit - hair full of energy. Conceptualized and executed by BBH India, the film
has been shot in a manner that makes consumers actually experience the elation and vigor of
the new offering.
Anuradha Aggarwal, Chief Marketing Officer, Marico Limited said, "The new Hair & Care
fruit oils address the hair nourishment needs of its young contemporary consumers. It
redefines the traditional source codes of nourishment and introduces the much needed
stimulating oiling experience amongst today's youth. The campaign is built to disrupt the
category by presenting this product innovation, not through a narrative but by demonstrating
the visual delight of its ingredients and hair that is full of energy."

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The new launch, driven by a 360 degree campaign, focuses on key markets of the Hindi
speaking belt. In addition to the TVC, it is being promoted through high impact outdoor and
print campaign, an engaging digital campaign and cinema branding, amongst others.

Marico and Beardo to style beards together

“Narendra Modi, Amit Shah, and Virat Kohli, three of the most important men in the country
at present sport beards. As a style statement, beards have really caught on with the current
generation of Indians,” Saugata Gupta, managing director and CEO of fast moving consumer
goods-maker Marico Ltd, tells Forbes India.

It is little surprise then that Marico, whose product basket ranges from coconut oil and
deodorants to edible oil and oats, has decided to venture into the beard-grooming segment. On
March 17, Marico announced that it had acquired a 45 percent stake in Zed Lifestyle Pvt. Ltd,
an Ahmedabad-based company that owns the brand, ‘Beardo’.

According to the statement issued by Marico on March 17, Beardo was born in response to
the growing wave of male styling and grooming in India. “It caters to the discerning, urban
male, who is on a lookout for safe and specialized products/options to grow and maintain his
beard,” it added.

Beardo, founded by entrepreneurs Ashutosh Valani and Priyank Shah in June 2016, has a
product portfolio that includes growth oil, wax, and shampoo for beard; wax and serum for
hair; lotion, soap and facewash for the skin. It has a strong presence in the online channel and
salons, and almost three-fourth of its turnover comes through online sales.

The acquisition is strategic for Marico, which closed fiscal 2016 with a turnover of Rs6,132
crore for multiple reasons.
First it enables the FMCG company, founded by its chairman Harsh Mariwala in 1988, to
deepen its penetration in the rapidly growing male grooming segment. Marico is already
present in the male grooming market with its ‘Set Wet’ brand, through which it retails mass
products like deodorants and hair gels.
While Marico has not disclosed the amount it paid for acquiring Zed Lifestyle it did say that
the male grooming market is worth Rs3,200 crore. In this segment the company already has
Set Wet, a brand it acquired when it bought Paras' personal care brands from Reckitt Bankiser
in 2012. It is a wise strategy for Marico to diversify its male grooming portfolio since the
deodorants market has become increasingly crowded. Marico has had a mixed record with the
brands that it acquired form Paras. At present, Set Wet competes with Hindustan Unilever's
Axe, ITC's Engage and J K Helen Curtis' Park Avenue brands and is not in the top three

19
deodorant brands. Fogg, another brand of deodorants marketed by Vini Cosmetics, which
entered the market in late 2013 is the market leader in the segment.

Second, the acquisition also comes at a time when consumer goods companies in India have
been struggling to show meaningful volume and revenue growth for the past several quarters.
All consumer companies are constantly on the lookout for acquisitions that add to sales or
allow them to enter a new growth area. In the quarter ended December 31, 2016 Marico saw
revenues fall eight percent to Rs1,416 crore. In the same period profits fell seven percent to
Rs190 crore. The company's stock peaked at Rs306 per share on the BSE on August 2, 2016.
It has since fallen four percent to Rs293 on March 17, 2017.
Third, according to Gupta, the creation of a strong digital brand to leverage e-commerce
opportunities and increasing the proportion of premium products in its existing portfolio will
be future growth drivers for Marico. “We will focus on creating a strong digital brand that
will be exclusively sold online,” Gupta told Forbes India. “It is much easier and cost-effective
to test the market for new products online, than it is through the physical channel.” The
strategic investment in Beardo, which is a very visible brand on social media platforms like
Facebook, may well be the first step in that direction.
Marico, which is well-known for brands such as Parachute (for hair oils and skincare) and
Saffola (for edible oil and oats), has also been increasing focus on premium products –
including products like value-added hair oil and virgin coconut oil (as a superfood). The
strategic interest in Beardo is a further step in that direction, as it helps Marico move ahead
from the mass-market clutter of deodorants in the male grooming segment.
“This partnership will help us access the emerging niches at the premium end, and will
turbocharge our digital marketing and social media engagement capability,” Gupta said in the
statement in the March 17 statement. “The promoters (of Zed) bring in a strong understanding
of the online space which will support in scaling up Beardo. This is also in line with our
emerging focus of venture investments into start-ups to incubate new engines of growth.”
The acquisition is also synergetic for Zed, which gets access to a deep, pan-India distribution
network and supply chain expertise through its association with Marico.
“In Marico, we have found a perfect strategic partner to help us broaden our market segment
and significantly grow our brand while remaining faithful to the founding principles of
Beardo,” says Valani, chief executive officer of Zed Lifestyle. “Our combined expertise in
brand building, marketing and distribution will ensure Beardo rises to its true potential.
Marico’s resource and knowledge will be an incredible asset for us and our team cannot wait
to get started

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VML India Named Digital Creative AoR for Marico’s Parachute Advansed
Hair Oil Portfolio

VML India has been named the Digital Creative agency of record (AoR )for Marico's
Parachute Advansed Hair Oil Portfolio. The mandate won includes digital activation for the
brands in the Parachute Advansed Hair Oil portfolio.
Marico Limited is one of India's leading consumer products companies operating in the
beauty and wellness space and Parachute Advansed is a household name and brand in hair
care in India. As the category gets re-defined and faces competition not just from other hair
oils, but the larger hair care industry, Parachute Advansed has diversified their product
portfolio to suit the varied needs of their consumers. The productportfolio includes Parachute
Advansed Coconut Hair Oil, Parachute Advansed Aloe Vera Enriched Coconut Hair Oil,
Parachute Advansed Ayurvedic Hair Oil, Parachute Advansed Deep Conditioning Hot Oil &
Parachute Advansed Jasmine Hair Oil.

VML India will lead the digital & social strategy for the entire portfolio, with an aim to create
differentiated conversations with the sub-segments each product speaks to. The agency will be
collaborating with the brand to define the role of digital for each product within the Parachute
Advansed Hair Oil portfolio, aimed towards building brand preference & affinity. Another
important area of focus for VML will be driving the brands' strategy in 3rd party e-commerce,
to improve visibility and creating personalised shopping preferences
How Marico’s digital crusader Mukesh Kripalani is fueling growth with digital innovation
A curious sense of calm and quietude envelopes Grande Palladium, the commercial building
that bears an uncanny resemblance to a grounded spaceship and also houses the corporate
headquarters of FMCG company Marico. Tranquility rules the roost at Marico’s office on the
seventh floor, as people go about their business. But appearances, as we know, can be
deceptive. For, a quiet revolution is underway in the innovation labs of the 26-year-old
FMCG major synonymous with brands like Parachute, Saffola, Hair & Care, Mediker, and
Setwet.

With a bevy of brands in the beauty and wellness space, the Rs 5,986 crores company is
present in over 25 countries across emerging markets of Asia and Africa. 77% of its revenue
comes from India and the remaining 23% is generated from the international markets. The
organization is growing its footprint in South Asia, South East Asia, South and Sub-Saharan
Africa and North Africa & Middle East.

21
Even so, Marico is nurturing the ambition to achieve greater international market domination
in two core categories of nourishment and male grooming for these five chosen markets in
Asia and Africa, by 2022.

Realizing this lofty vision will likely prove a long row to hoe. If it has to grow as intended,
Marico needs to balance efficiency’s yin with innovation’s yang.
Peter Drucker, the father of modern management, once famously said: “The best way to
predict the future is to create it.” Towards this goal, Marico is focusing on five areas of
transformation where it will develop top quartile capability and processes. These focus areas
are Innovation, Go-To-Market Transformation, Talent Value Proposition, IT & Analytics, and
Value Management.
Drucker would agree that the other way to decode the future is to put a face to it. And Marico
has done just that by identifying digital as the growth engine fuelling the five focus areas.

Fast on the Draw

Three years ago, Marico created the business transformation vertical and IT now reports to
this function. Putting a face to the digital future of the company, Marico identified Mukesh
Kripalani its digital crusader.
At the heart of Marico’s digital strategy lies what Kripalani calls a transformation model that
encompasses Value Enhancement, Business Process Transformation, IT & analytics. “We
want to leverage digital in these areas to become future-ready for sustainable growth in a
VUCA world. Our vision is to win amongst consumers, trade, and talent. Digital will be our
weapon in this battle for growth,” proclaims Mukesh
Kripalani, Chief for Business Process Transformation & IT.
Boston Consulting Group recommends that a full-scale transformation for FMCG companies
has four components. The operating model of Marico’s digital transformation vertical is based
on these components.
Kripalani chooses his words carefully to describe the job at hand. First, generate funds from
the business by value enhancing initiatives to improve productivity, supply chain efficiency,
drive process standardization, offer optimization etc.
The second component is aimed at staying relevant through reinvention. It involves investing
funds in NPD (New Product development) projects across product categories, developing go
to market infrastructures, business process transformation projects etc.
Third, take measured bets by evaluating trends for future and make light but early investments
to adopt or pilot these trends. For example, Digital experience, SMAC, outsourcing in non-
core areas, automation etc.
Fourth, enable the transformation by investing in skills and technology with integrated
business view technology platforms, access, and trends & processes to enable the execution of
new initiatives identified organization capability and accountability: use manpower skills
either internally or from the market (outsource) to drive all initiatives.
22
Incubating Innovation
Marico had developed a framework to harness the opportunities presented by the prevalence
of new-age digital technologies to become a digitally savvy consumer company.
“Our strategy has the following five interdependent elements so that a better and integrated
experience can be delivered to the associates
and the consumers. Consumer Engagement to listen, reach and engage with consumers, sell
with a focus on e-commerce and online sales, innovation through digital business models,
data analytics to drive agile business decisions, automation for business process,” he shares.
In essence, digital for the B2B2C company is all about customer connect. As Kripalani lays it:
we follow the cycle of Listen -> Reach -> Engage -> Innovate -> Sell -> Analyse - >
Automate in order to deliver a better and integrated experience to the associates and
consumers. Marico listens and engages with its consumers through online channels like
saffolalife.com, fitfoodie.in, social media platforms like facebook\SetWetStyling, Sentiment
Monitoring and mobile channels like Nihar Shanti Amla Angrezi Pathshala, Parachute
Advansed Ayurvedic Hair Oil.The teams of Marketing, Sales, Supply chain, HR and Finance
work jointly to make the 5 areas of transformation work.

In Marico’s stable lies some of the most well-entrenched brands like Saffola and Parachute.
“Reach, frequency and cost efficiency is achieved through key brands having a higher digital
index like Livon Serums, Set Wet, Bio Oil and Parachute Advansed Body
Lotion.Programmatic buying helps the communication to reach the right consumers through
relevant micro moment algorithmic promos which increase customer connect,” he informs.
Meanwhile, rapid advances in technology are forever throwing open new opportunities.
Chatbots are now ready for prime time in the enterprise. But Marico has the first mover
advantage in this area.

Chatbots is familiar territory for Marico. Way back in 2014, the CPG company created a text-
triggered chatbot Saffola FitFoodie, the health platform for Saffola Foods. The health food
chatbot recorded 1.57million visits, 3.85 million page views and drove engagement. In
addition to the FitFoodie app, a new conversational assistant Saffola FitFoodie Buddy - a
personal Chefbot on FB Messenger platform was launched to suggest convenient recipes to
consumers depending on the time of the day and the choice of ingredients they have at home.
In the beauty segment, it created a content platform – www.HairSutras.com, which shares
ancient and timeless secrets to having healthy hair.
With such augmented efforts to build a robust digital presence, Marico is leaving no stone
unturned to connect with its customers using digital media.

23
Serious Play
Kripalani is priming the pump of digital with a clutch of efficiency-enhancing projects.
Marico has undertaken Project Prime that pertains to Process Rationalisation and Information
Management. The first phase of the project was to set up the Analytics stack and enable
Descriptive and Predictive Analytics. The performance management dashboard with the right
KPIs focuses on getting the right information to all hierarchy through dashboards available on
mobiles too.
The second phase is process rationalization to enhance the effectiveness to make use of this
data and automate workflows and focus on core activities. With Project Prime, Kripalani says,
Marico has completed an end to end automation of demand planning and fulfillment system.
This enabled the company to utilize the new SAP platform along with optimized flows to
improve range service levels and availability. The project further helped to automate and
outsource routine, repetitive tasks in the Procure to Pay (P2P), Order to Cash (O2C) and
Record to Report (R2R) processes. Similar automation of Treasury flows enabled better cash
flow, forex and investment management.

Additionally, Project Prime has helped automate performance management dashboards across
the sales hierarchy. It enables rich and visual descriptive analytics to help drive efforts in the
right channel and right outlets. Such dashboards have now been enabled on mobile devices.
That’s an area where Marico has the jump on its industry rivals.

Automation in HR processes has been initiated through the use of Membrain – a

SuccessFactors based platform as well as Workplace has enabled greater connect and
collaboration. Chatbots were used along with Marico Campus Connections platform to
improve Marico’s connect with B-school campuses from where it hires significantly.

Kripalani is spearheading several projects to boost efficiency. And he is doing it fast.Marico

has scaled its new Distributor Management System nationally, which helped link its
customers effectively and improve sales productivity, visibility, and commercial controls.
“We are now getting bill wise / item wise sales data collated at a central level and can run
analytics on the same centrally with the enhanced computing power, as compared to brand
aggregates earlier. This has helped increase new opportunities. Forecasting is more accurate
and granular (rather than work on basis of pack mix allocation only) which has led to increase
in accuracy as well,” he says.

Marico has employed Analytics in the areas of Sales, Marketing, Supply Chain, and Finance.
These business functions are the proving grounds for analytics.

24
The CPG company has implemented Project EDGE which is a new initiative aimed at
examining the current trade and marketing spends in a zero-based manner with the objective
of improving both the efficiency and effectiveness of these spends. The data- driven
promotion analysis from this project has led to optimization of sales and offer spends in the
traditional trade channel contributing to a savings of over Rs 350 million, which will be
redeployed to fuel growth and strengthen sales infrastructure. Project EDGE looks at RoI and
impact of marketing offers using data. If the returns are not as per expectation, then one can
revise the same and run a different offer next time.

As a result of these platforms, the data available has led to better descriptive and predictive
analytics. “We have set up the analytics architecture in the back end to handle the visibility of
digital data and its usage across functions. Specific projects are in various stages of progress
across Sales, Marketing and Supply Chain functions,” informs Kripalani.
That’s the sort innovation that Kripalani will have to recreate across business processes.

Bring it on
E-commerce is an important pivot of growth and with dedicated resources and technology,
Marico has been able to double its annual revenue in the e-commerce channel as compared to
2015.

Kripalani is recasting the company in line with the digital vision. He embarked on Project
Retina, a Sales Assortment Analytics model that enables Marico to garner higher volume
growths through the recommendation of cross-sell/upsell opportunities. A predictive analytics
led Forecasting System for Finished Goods has led to improvement in accuracy by around
10% points average.

Marico has over 800 and 4.6 million outlets. The company has rolled out Order Collaboration
Platform for its distributors which have helped in better fill rates, improved the visibility of
stock outs thus positively impacting sales as well as the working of the distributors.

Marico has also embarked on changing the point of sale and Distributor Management Systems
to enable improved sales productivity, visibility, and commercial controls. This has led to a
positive impact on the life of the distributors benefiting them at an overall level and
contributing to the well-being of our associates in a sustainable manner.

Marico has piloted sensor led Iot based automation in two of its manufacturing plants. The
results from these pilots are being analyzed to help drive better yield and maintenance
performance. It is exploring the use IOT in consumer engagement, sales, and asset utilization.

25
Plans are afoot to launch initiatives in the area of consumer and sales engagement like geotag
based route optimization scale up, demand sensing analytics models, online sales scale up
programmatic buying and platform based approach to providing business solutions

“I am enthused about the opportunities provided by IoT, AI and the opportunity to create a
digital business model with the help of online platforms,” Kripalani says, indicating where
things are headed.

Evidently, Marico’s innovation engine refuses to slow down even if the times they are a-
changing’

‘Good Men Deserve to Look Good’, Says Parachute Advansed in its New
Ad

Marico Ltd has launched the ad campaign to promote new Men's range of products under
Parachute Advansed Men. With this campaign, the brand aims to promise hair nourishment as
'Good Men Deserve to Look Good'. Parachute aims to intervene and protect the hair from the
extremities that people's lifestyle throws them into.

Conceptualized by Ogilvy, the campaign pens up with a soldier who is fighting the war but
yet cleans up well to meet his wife for a party, a doctor who stays up late taking care of his
patients but yet tidies himself to meet his family, and a fire fighter who risks his life for
people although they are not related to him. The ad ends with a message that good men like
these also deserve to look good, which is the core of Parachute Advansed Men.
Speaking about the campaign, Anuradha Aggarwal, Chief Marketing Officer, Marico Limited,
said, "Styling for men is a highly underpenetrated category, with a huge segment of
consumers using water/oil for grooming and nourishment post wash. Having recognized this
gap and marrying it to Marico's larger focus on the male grooming sector, we have launched
Parachute Advansed Men which truly celebrates manhood and shows them in a good light."

Speaking about the same, Kainaz Karmakar, ECD, Ogilvy, stated, "Parachute has been a
hugely trusted brand synonymous with hair care amongst women for several decades now.
The task was to carve a distinct niche for Parachute Advansed Men and make it stand apart
from the mother brand. This is where a relevant, memorable and ownable space mattered.
'Good men deserve to look good' is precisely such a space. It allows us a long term platform
for the brand to stand for a belief, and yet remain connected to the product benefit of
'Goodness for hair, inside-out".

26
Adding to which, Harshad Rajadhyaksha, ECD, Ogilvy, said, "Once this unique central idea
of 'inner goodness complemented by great grooming' was worked out, an equally important
task was bringing it all to life. We are confident that the work will resonate well with the men
it is targeting, and help this young brand grow from strength to strength."
Marico acquires South African hair care firm IsoPlus for Rs 36 crore.
Marico Ltd. has moved to further strengthen its portfolio of hair care products in South Africa
with the acquisition of South African-based Isoplus that makes ethnic hair care products.
Isoplus owned by JM Products is one of the largest African American owned companies that
manufactures hair care products in South Africa.
The acquisition comes just three months after Marico acquired a 45 percent stake in Zed
Lifestyle, an Ahmedabad-based company that owns the brand Beardo. Marico, which is well-
known for brands such as Parachute (for hair oils and skincare) and Saffola (for edible oil and
oats), has also been increasing focus on premium products –including products like value-
added hair oil and virgin coconut oil (as a superfood).

Marico is currently present in South Africa through brands like Caivil, Black Chic, Just for
Kids, Hercules and Medi-Pac.
Commenting on the acquisition, Saugata Gupta, MD and CEO, Marico Limited said “This
bolt-on acquisition plugs a critical gap in Marico’s portfolio in the ethnic hair care space in
South Africa. Isoplus has a strong consumer franchise and I am confident that the team will
leverage its strengths and expertise to further grow the business.”
Marico, which says that Isoplus has a 27 percent market share by value paid Rs 36 crore for
the acquisition. At revenues of Rs 30 crore the acquisition is unlikely to have a meaningful
impact on Marico’s Rs 5,900 crore topline for FY17.

Male Facial Cleansers Beats Deo and Hair Products

Indian men’s obsession with their face is driving sales of male facial cleansing products faster
than sales of masculine staples like deos, perfumes and hairstyling products. Market Research
Firm Nelson said “The use of face cleansing products among men in India has jumped 60
times in the past seven years. The surge in sales of male grooming products is being fuelled
by a desire to gain a competitive edge over other males in career growth rather than to attract
females.”
Sachin Killawala, marketing director of Nivea India said “Our ‘care’ category for men, which
includes products such as face creams, has grown by around 50% annually. Indian men lag
behind their western counterparts, when it comes to grooming. “The need to look good and fit
is well-pronounced in developed markets among all age groups. We don’t even have a men’s
anti-ageing product yet. After they get married, most Indian men lose the urge to look good.”

27
Mumbai-based cosmetologist Rashmi Shetty said she is regularly approached by 40-year-old
corporate somethings, who seek solutions for their wrinkles and hair fall. “Five years ago,
only 10% of my clientele would be men. Currently, they account for 40%,” she said. “Most
come with problems such as acne, pigmentation and hairfall.”
Mainly an urban phenomenon due to high price points of products, the Rs 6,000-crore men’s
grooming market is set to grow further. The potential of the category has prompted most
consumer goods companies to beef up their male grooming portfolio. While some such as
Marico have acquired stakes in male grooming startups, others have asked their R&D
departments to develop new products.
Vandana Luthra, founder of VLCC said “Eyeing a major source of revenue in the men’s range
of beauty products, we at VLCC are also hopping on to the bandwagon. We are introducing
men’s Ayurvedic skincare range next month. From being mere buyers of razors and shaving
creams about a decade back, men are currently spending a handsome part of their disposable
income on grooming sessions and buying skincare products.”

Marico’s Hair & Care launches its new avatar of fruit hair oils

Marico’s youthful and contemporary hair nourishment brand, Hair & Care, has launched a
new campaign for its revolutionary fruit hair oils. With this campaign, the brand aims to
reignite a feeling of exhilaration and excitement towards hair oiling amongst its youthful
consumers.
Hair & Care Fruit Oils caters to the modern, young woman between the age group of 18-30
years, who is on a constant look out for exciting products across categories, especially beauty
and personal care. Taking cognizance of this and marrying it with the evolving hair needs of
the consumers, the brand has introduced one-of-a-kind range of hair oils with a distinctive
mix of fruits that moisturize and energize hair.
The brand plans to make a big impact in the market through a multimedia promotion exercise
led by a TVC being showcased on various shows and channels. Starring Hair & Care’s
ambassador, Shraddha Kapoor, in a never seen before avatar, the new ad highlights the
brand’s core benefit – hair full of energy. Conceptualized and executed by BBH India, the
film has been shot in a manner that makes consumers actually experience the elation and
vigor of the new offering.
Commenting on the new campaign, Chief Marketing Officer, Marico Limited, Anuradha
Aggarwal said, “The new Hair & Care fruit oils address the hair nourishment needs of its
young contemporary consumers. It redefines the traditional source codes of nourishment and
introduces the much needed stimulating oiling experience amongst today’s youth. The
campaign is built to disrupt the category by presenting this product innovation, not through a
narrative but by demonstrating the visual delight of its ingredients and hair that is full of
energy.”

28
Marico tapped into consumer behaviour patterns with the help of digital
marketing and social media.

With rapid explosion of the Internet and social media, the stage is set for a digital feat. Chef
Vikas Khanna doling out some healthy recipes on YouTube channel with Marico’s Saffola
Masala Oats, promises the customers to be ‘The Fit Foodie’. These interactive campaigns
strike an immediate connect with the audience.  This is what you call the direct customer
engagement or digital marketing in real time. This is the new challenge and opportunity as
customers are spending more time on the Internet and the number is growing at 20 percent.
As long as technology continues to advance, digital marketing will evolve. Having said that,
the more the people see the content, better the familiarity with the brand helping the
businesses to develop trust and rapport with the audience. At the same time, it helps
businesses to generate ROI, experience business growth and sustain cut throat competition in
this digital age.
It is now more important than ever to tap into demographic-specific, digital content. “To
reach out to the next generation and tune into large size of the population, digital marketing
is important,”
A major share of the credit for the digitization goes to the rapid growth of smartphones and
tablets. These smart devices have taken the digital wave to the next level. “As consumers are
becoming IT savvy and mobility is getting more penetration, the only way to reach out to the
consumers is in the social and digital way,”
Social media is a great ambassador to the cause of digital marketing. “Digital media is
everywhere and consumers can access the information from anywhere.  It helps you to find
out what is working and what isn’t in real time.”
Having a coordinated customer experience will give insights into the user’s buying patterns
and online behaviour. The data can be mined further for improved customer-specific
strategies. A consolidated view of customer preferences and expectations across all
channels–web, social media, point of sale, and so on is important to drive better results.
But the ultimate goal and the motive behind these strategies is to drive traffic. To improve
the online business and to gain better visibility than their competitors, Marico has laser focus
on Search Engine Optimization. Functionality of the website, social media marketing, video
marketing, website design are the key elements playing an important role in digital
marketing.

29
The head of media and digital marketing at Marico, is honest about the fact that FMCG
firms are yet to explore data led marketing opportunities. When it comes to digital
marketing, there are a few smart lessons that can be learned from start-up companies. For
instance, he is of the opinion that consumer companies should understand that marketing on
mobile is not equal to advertising on mobile. Another point in case is how start-ups focus on
customer relationship management (CRM) more than consumer companies at this moment.
Today, the bigger challenge for a traditional player like Marico apart from setting up
measurement tools is to understand more about the use of the online ecosystem.
As a company, Marico's investment numbers on digital may not be in line with other large
players in the market but they are open to learning and experiment with the medium. Desai
says that the rise of programmatic advertising may change the way marketers look at digital
platforms.

Marico and all the various brands in personal care and digital marketing

In the leave-in serum and conditioners category in India, we have over 50% market share,
backed by our two brands: Silk-n-Shine and Livon. Our competitors are higher priced and
don't have the kind of distribution it takes to grow the category. The challenge in such a
category is to grow it. The trial, adoption and repeat cycle is harder to accomplish when you
are talking about an addition to the repertoire instead of a replacement of the repertoire. The
reboot of Livon was aimed at putting a new design, better formulation and better product
into the market and we are hoping that it will continue to drive growth.

Set Wet is a brand One-and-a-half years back, we launched Set Wet with a new archetype to
talk to a slightly younger consumer who is the core gel consumer. This consumer, we
realised, was feeling a little under confident in this world where women are equal, where it
is very difficult for him to approach a woman without an inherent sense of confidence. We
started the journey last year with the Sada Sexy Raho campaign with Aditya Roy Kapur. It
did really well for us. The gel brand, Set Wet, has grown from 12% to 54% (moving annual
total basis).

30
We found an amazing fit with Ranveer Singh. Set Wet, overall, is not a very urban brand.
The success of its `10 gel pack is testament to that. It is a top 100 city brand but is not
restricted to being a metro brand.

How are the Parachute ranges performing in non-urban markets?

Parachute is a very different story. It is as mass and widespread as it can get. In four or five
states in the country, it is more than 60% to 70% penetrated. In fact, coconut oil distribution
in some states is benchmarked as Parachute distribution. In rural, we are not only looking for
the Parachute brand to go deeper but also trying to get people to upgrade to better benefit-
led segmented products such as our anti-hairfall solutions, Ayurvedic variants etc.

Smaller SKUs and accessible price points are our fundamental strategic shifts. As the rural
economy is looking a bit softer this year, we want to be ready for a shift in consumer
demand both ways. Uttar Pradesh and Gujarat are open to small packs. For some categories,
Andhra Pradesh is very receptive of sachets where our Set Wet gels are doing well. Nihar
SKUs are doing well in Rajasthan, Uttar Pradesh and Madhya Pradesh. Parachute small
packs are finding traction in Maharashtra. Digital marketing efforts with the traditional
approach of branding

In Marico DNA, there is risk-taking and entrepreneurship. Digital Marketing is quite

developed at Marico. The primary thing for our brand teams is to be able to get out and
experiment on  Livon Hair Gain is an example of a product which gets a large percentage of
traction through digital via tie-ups with portals such as Snapdeal, Big Basket etc. There is a
lot to learn and experiment with. I'm pushing my team to spend more on digital.We are not
in line with the largest players in the market but getting close to about 10% to 15% on
digital.

What would you say are the challenges facing an FMCG marketer today?

What the e-commerce boom has done is make people feel confident in taking a step, if they
have an idea. This needs to make us marketers nimble-footed with our ears to the ground to
figure what can disrupt our business. Challenges today can come from anywhere, even from
a small guy who can put a differentiated offering online and take away 2-3% of your share.

31
The present challenge for a marketer is to figure how to use this ecosystem to her benefit
rather than see it as a competitive environment. Today the FMCG business is very small
online. The key necessary conditions for success have changed. Now you have `50 crore
brands which have been created online in one year using just Facebook

advertising. Suddenly you are looking at business in a very different light. It is no longer
really large scale but definitely more customised, more benefit-oriented and allows for
sharper targeting. That said, the ecosystem is not the competition at all. It just allows the
presence of a different kind of competitor operating at a different scale. As an FMCG major,
we know how to deal with really large competitors but we now have to deal with new
initiatives and ideas which could disrupt you maybe not today but definitely in the future.

32
2.3 Study methodology

Research Design: Research Design is considered to be the heart of the research, dealing with
at least four major aspects: - Which questions to study, which data is relevant, which data
should be collected and how to analyze the results.

The nature of research is descriptive and research methodology used is Quantitative.

The main advantage of descriptive research is that it provides a detailed and comprehensive
explanation of the variables under study. Quantitative research design is a structured and has
a measurable set of variables with a presumption about testing them.

Data collection sources

Primary Data: Primary data is collected by conducting survey among consumers at

the retail outlets. Primary data is also being collected by Google Docs and been sent
on social media, emails, etc

Secondary Data: Newspapers-The Economic Times, Business Standard

Magazines and different websites.

Data collection method

The method of collecting data was through physical survey with the help of questionnaire
and sending out through Google Docs on social media and emails

33
Sampling Plan

Sampling size: 105 customers

Sampling unit: Households and Individuals

Sampling method: For conducting this research convenience sampling was used

Area of Research. The Universe is Mumbai , India

Data Analysis

The Primary data obtained out of the Questionnaire, both during physical interaction and
Google Docs, is descriptive in nature. The Research methodology is Quantitative and
therefore the data analysis technique used is statistical with representation of data in form of
bar graph, pie chart, line graph.

34
2.4 Study Limitation

 Some limitations while working on the project which made the scope of analysis
limited.

 The study was conducted in Mumbai in specific area only, so the limited area of the
study may affect the conclusions.

 It might also be possible that some respondents were not motivated enough to respond
properly although full attempt was made to keep it as unbiased as possible.

 Some of the respondents did not give exact answers related to some questions because
they did not want to reveal things to strangers.

 The sample size is small as the questionnaires were provided on google forms basis
hence the questionnaire was only given to the consumer having internet excess and
smart phone falling inside that area which led to the limited sample size.

35
 Chapter 3
Analysis &Findings

To understand the influence of marketing in consumer buying pattern

Consumer Survey Analysis

Demographics

The maximum numbers of respondent are in the age group of 15-24 years of age around 61
respondents i.e. 58%.

36
There was more number of Female respondents as compared to male respondents. The
female respondents are double the number which is 69% and the male ratio is 31%.

Around 28% of consumers have income more than Rs 5 lacs and along with 2-3.5lacs of
income have similar percentage.. The rest 50%income is been divided by the rest of the
groups.

37
Age

Respondent Number Percentage

Age of of
Respondent Respondent

15-24 61 58%

25-34 28 27%

34-45 10 9%

45+ 6 6%

Table 3.1: Age of Respondant

Gender

Percentage
Respondent Number of
Gender of Respondent Respondent

Male 33 31%

Female 72 69%

Table 3.2: Gender of Respondent

Monthly Income

38
 Respondent Income Number of Percentage of
(In lakhs PA) respondent Respondent

24 23%
Less than 2
2 - 3.5 30 28%

3.6 – 5 22 21%

More than 5 29 28%

Table 3.3: Monthly Income of Respondent

Occupation

Respondent occupation Number of Percentage of

respondent Respondent

Employed 59 56%

Self - Employed 9 9%

Student 37 35%

Table 3.5:Occupation

Do you or any of your family members use hair care products?

39
 Respondent occupation Number of Percentage of
respondent Respondent

YES 102 97%

NO 3 3%

Where do you usually buy hair care products from?

Most of the respondents were aware of all the retail channels available. The maximum
number of respondent knew modern retail outlets. Out of 105 respondents 46 respondent
knew about modern retail, the second highest response was for supermarket.

How frequently do you/your family member use hair care products?

40
From the respondents it can be interpreted that maximum number of customers use hair oil
on a regular basis. About 49% purchases use it daily.

Do brand names influence you while purchasing a type of product?

Do you tend to buy more when there are sales and special offers on?

41
Does demand of the product change your buying behavior because
of...?

Demand Changes because of ...

Price of the product

Other

Increase or decrease in price of the product

Being Cautious

0 10 20 30 40 50 60 70

42
How frequently do you/your family member buy hair care product?

What factors do you/your family member consider while buying a hair care product?

Factors considered while buying Number of Respondents

hair care product?
Brand Name 16

Packaging 11

Packaging, Brand Name 14

Quality 22

Quality ,Brand Name 14

Quality, Packaging 18

Quality, Packaging ,Brand Name 10

How important is the Price of Hair care product in your buying decision?

43
Most of the respondent gets less influenced by price for their purchases. Maximum number
of customers rate the price as a factor that affect buying behavior as two then followed by
three therefor the marketers to promote their brands for more customer engagement should
be much price sensitive.

Does product's SKU size affect your buying behavior?

44
Does advertising and promotion influencing your buying behavior, when you intent to
purchase a hair care product?

Most of the respondent rate two pointers as influence of advertising and promotion in their
buying behavior i.e. 38% of the respondent. About 33.33% of the respondent preferred
rating of three for it.

Which brand comes in your mind when you think about Hair care products?

Parachute has the highest recall amongst all the other brands available. 63% of share is being
acquired by parachute.

45
 Which other Hair oil brand are you aware of? Number of Respondents

Kesh-Kanti ,Indulekha 3
Kesh-Kanti, Sesa 3
Navratna, Kesh-Kanti, Indulekha 3
Nihar Shanti Amla , Indulekha 4
Nihar Shanti Amla, Kesh-Kanti 4
Nihar Shanti Amla, Kesh-Kanti, Bajaj Almond hair oil 3
Nihar Shanti Amla, Kesh-Kanti, Indulekha 4
Nihar Shanti Amla, Navratna 3
Nihar Shanti Amla, Navratna, Bajaj Almond hair oil 4
Nihar Shanti Amla, Navratna, Indulekha 4
Nihar Shanti Amla, Navratna, Kesh-Kanti, Indulekha, Sesa, 3
Bajaj Almond hair oil
Nihar Shanti Amla, Sesa 4
Parachute 3
Parachute, Navratna, Kesh-Kanti, Bajaj Almond hair oil 11
Parachute, Navratna, Kesh-Kanti, Indulekha, Sesa 4
Parachute, Navratna, Sesa 3
Parachute, Nihar Shanti Amla, Indulekha, Sesa 3
Parachute, Nihar Shanti Amla, Kesh-Kanti 4
Parachute, Nihar Shanti Amla, Navratna, Bajaj Almond 8
hair oil
Parachute, Nihar Shanti Amla, Navratna, Indulekha, Bajaj 7
Almond hair oil
Parachute, Nihar Shanti Amla ,Navratna, Kesh-Kanti, 4
Indulekha, Bajaj Almond hair oil
Parachute, Nihar Shanti Amla, Navratna, Kesh-Kanti, 8
Indulekha, Sesa, Bajaj Almond hair oil
Parachute, Nihar Shanti Amla, Navratna, Kesh-Kanti, Sesa 4
Sesa 4

Maximum responses agreed on aware of Parachute, Navratna, Kesh-Kanti, Bajaj Almond

hair oil for their buying decision of goods. Around 11% of respondent agreed on influence
of aware of these brands for buying decision.

Have you heard about Marico brands of Hair care products?

46
 Maximum respondents are aware of the brand Marico which counts to 96 respondents.

If yes, which brands are you aware of?

Which brands are you aware of? Number of Respondents.
Nihar Naturals, Hair and Care fruit oils 7
Parachute 7
Parachute Advansed 7
Parachute Advansed, Hair and Care fruit oils 16
Parachute Advansed, Nihar Naturals 11
Parachute, Hair and Care fruit oils 3
Parachute, Nihar Naturals 7
Parachute, Nihar Naturals, Hair and Care fruit oils 3
Parachute, Parachute Advansed 18
Parachute, Parachute Advansed, Hair and Care fruit oils 7
Parachute, Parachute Advansed, Nihar Naturals 7
Parachute, Parachute Advansed, Nihar Naturals, Hair and Care fruit oils 12

BRANDS TARGETED CUSTOMER'S

47
 PARACHUTE - Primary Target Women Of All Age's
 PARACHUTE ADVANCED - Young Girls (College & School Going)
 HAIR & CARE - Appealing To Both Men & Women of All Age's
Primary User the Young Age Group
 SHANTI AMLA - Customer Looking for Value for Money (H.OIL+Badam)
 SILK & SHINE - Primary Target Female Of age 18 – 34
 AFTER SHOWER - Primary Target Young Males 18 – 34
 MEDIKER - Young Children Age Group 3-13
(Due to Lice Problem)

BCG MATRIX

1. STAR
 It is represented a product having high relative market share and high market growth rate.
 It need capital over and above its cash flow to maintain its market share. It provides cash
for growing stars. It suggested Expansion Strategy for STAR...
 kaya skin care and parachute coconut oil in Marico comes in these categories as it needs
capital over and above its cash flow to maintain its market share. It provides cash for growing
stars. It suggested Expansion Strategy for STAR...

48
2. QUESTION MARKS….??
 It represented by a Product having low relative market share and high market growth rate
I.E low Market share in a growing market. It requires large cash due to market growth, but
generates less Cash due to low market share. It requires additional investment to increase its
competitive advantage.
 The brands like nihar, Hair and care fruit oils and in the whole industry dabur come in it.
 These product company given more advertisement. Because these product not more
popular in the Market. So company gave more cash to these products.

3. CASH COW
 It represent by a Product having high relative market share and low market growth rate. It
is not
Attractive in long ran due to less market growth rate.
 E.G SAFFOLA (EDIBLE OIL), SILK N SHINE
 Competitor -FORCHUN OIL, DHARA OIL etc.
To meet the investment need of stars on question marks, over heads and growth strategy is
suggested
4. DOG
 It represents a product having low relative market share and low market growth rate. It has
very low competitive position due to high costs, poor quality, poor marketing etc. It also has
low growth potential due to low market growth rate. The preferred strategy is retrenchment.

SWOT ANAYSIS
STRENGTH
FINANCE
 Centralized payment
 Decentralized collection
 Low invest
 Source of funds
 Management of funds

49
 2009-10, the company generated a Turnover of about Rs.26.6 billion (USD 600 Million)
In 2008-09
13.6 billion (about 380 million)
 15%profits-over last 5 years
 30%* market share (640 billion)
MARKETING
 widespread distribution network of more than 2.5 Million outlets in India and overseas.
 innovative approach :focused on meeting the emerging needs of the modern day
consumers
 Wide variety of product
 Understanding of Indian consumer behavior in the hair oil segment
 Large distribution network all over India.Rural market reach
 one of the largest amongst Indian FMCG company.
 Marico reach approximately 130 Million consumers in about 23 Million households
 No. 2 player in the growing VACNO (Value Added Coconut Oil)
 Strong brand equity
 Wide global presence
 High bargaining power
 Diversification of business by expansion
OPERATIONS
 Plant location as per raw materials availability
 Low cost operations
 Absorb imported technology
 R & D system is so good
 MIS system of operation and control system
 Plant location
 Production system
 Operation and control system
 Strong in inventory control (28 days)
 In house production –no outsourcing-high reliability supplier’s superior quality assurance.

50
 India and foreign production location-spread benefit.
 Use JIT (just in time) approach for handling of raw material
 Known for their which reliability which comes from efficient operations
Human Resource
 A flat organizational structure
 empowered : everyone is a member and not an employee
 Marico’s structure is dynamic & constantly
 Good personnel system
 Good industrial relation with other company
 Personnel system
 Organizational and employee characteristics
 Industrial relations
 Quality and motivation of personnel
 rated as one of the most innovative companies by Business Today -Monitor Group
WEAKNESS
FINANCE
 Fixed price
 Sales of Rural Area was Slowly Decreasing.
MARKETING
 Not strong within the shampoo segment, having hardly any share
 Not having any antidandruff hair oil whose market potential is worth 25% of the total oil
market
in India.
 Low company image
 Low promotion
 Low export level
Operation
 High cost of branded products

51
Human Resource
 High dependence on Parachute
 High leverage compared to peers
 Indian labour laws are relatively unfavorable to the trades and there is an urgent need for
labour reforms in India
OPPORTUNITIES
FINANCE
 India's Rs.460 billion FMCG market
 Increase Income Level With Result in Faster Revenue Growth.
MARKETING
 Need to concentrate within the various others market potential zones like hair shampoo,
hair colorants etc.
 Large Domestic Market
 Growth Marico, is betting big on its international business and is open to acquisitions
provided they fit in with its overall growth strategy.
 Growth in international markets
 Successful entry into beauty and healthcare market
 Untapped rural market
 In rural markets, brands are non-existent
OPERATION
 Constant innovation
 Access international technology
 Huge Distribution Network including 2 million in 3,160 towns and four million in
627,000 Villages.
 Low education level.
 Foreign countries emerging as a leading buyer of the products
 Expand geographical presence
 Less developed infrastructure.

Human Resource

52
 India is rich in highly trained manpower
 Industry has large and diversified segments that provide wide variety of products
 Population
THREAT
Finance
 Marico’s debt-to-equity ratio for FY 2008 was 1.1, which is the highest among the FMCG
companies. Any further large acquisitions financed by increasing leverage.
 Tax and Regulatory structure
 Economic slowdown resulting in lower consumer spending
 Currency risk: Marico derives approximately 20% of its revenues from international
markets.
Marketing
 Marico's key raw materials include copra, kardi oil, sunflower oil, corn oil and rice bran
oil, which are commodity crops whose availability isseasonal.
 Competition from the diverse players present in the market can cause loss of market share.
 Intense competition from global brands in international market
Operation
 High cost of Land
 Environmental regulations
 Infrastructural bottlenecks in terms of power, utility, road transport etc
 Inadequate transport
 Geographical Disadvantages
 Retailers are becoming stronger and are wielding more power over manufacturers
Human resource
 More job opportunities for the Human Resources around the world
 International labor Laws
 Despite technological advances, beverage sector remain labour-intensive
 Labor problems
 Any change in Government policy

Chapter 3

53
 Social Relevance

3.1 PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE

Basic Philosophy Corporate Governance encompasses laws, procedures, practices and

implicit rules that determine a management’s ability to make sound decisions vis-à-vis all its
stakeholders – in particular, its shareholders, creditors, the State and employees. There is a
global consensus on the objective of Good Corporate Governance: Maximizing long-term
shareholder value. Since shareholders are residual claimants, this objective follows from a
premise that in well-performing capital and financial markets, whatever maximizes
shareholder value must necessarily maximize corporate value, and best satisfy the claims of
creditors, employees and the State. A Company which proactively complies with the law and
adds value to it through Corporate Governance initiatives would also command a higher
value in the eyes of present and prospective shareholders. Marico therefore believes that
Corporate Governance is not an end in itself but is a catalyst in the process towards
maximization of shareholder value. Therefore, shareholder value as an objective is woven
into all aspects of Corporate Governance the underlying philosophy, development of roles,
creation of structures and continuous compliance with standard practices. Corporate
Governance as a concept has gained considerable importance with the revised clause 49 of
the listing agreement, which has become mandatory from January 1, 2006. For Marico,
however, good corporate governance has been a cornerstone of the entire management
process, the emphasis being on professional management, with a decision making model
based on decentralization, empowerment and meritocracy. Risk Assessment and Risk
Mitigation Framework Marico believes that Risks are an integral part of any business
environment and it is essential that we create structures that are capable of identifying and
mitigating them in a continuous and vibrant manner.

Risks are multi-dimensional and therefore have to be looked at in a holistic manner,

straddling both, the external environment and the internal processes. Marico’s Risk

54
Management processes therefore envisage that all significant activities are analyzed keeping
in mind the following types of risks:
 Business Risks
 Controls Risks

 Governance Risks

Cornerstones Marico thus follows Corporate Governance Practices around the following
philosophical cornerstones: Generative Transparency and Openness in Information Sharing
Marico believes that sharing and explaining all relevant information on the Company’s
policies and actions to all those to whom it has responsibilities, with transparency and
openness, creates and maintains an environment which helps all stakeholders to take
informed decisions about the Company. This reflects externally in making maximum
appropriate disclosures without jeopardizing the Company’s strategic interests and as also
internally in the Company’s relationship with its employees and in the conduct of its
business. Such transparency and openness is however judiciously tempered with discretion
to ensure that the Company’s strategic interests and competitive position are not
compromised. Constructive Separation of Ownership and Management Marico believes that
constructive separation of the Management of the Company from its owners results in
maximizing the effectiveness of both, by sharpening their respective accountability. Value-
adding Checks & Balances Marico relies on a robust structure with value adding checks and
balances designed:

 To prevent misuse of authority

 To facilitate timely response to change
 To ensure effective management of risks

55
Especially to those relating to statutory compliance. At the same time, the structure provides
scope for adequate executive freedom, so that bureaucracies do not take value away from the
Governance objective. Board/Committee Proceedings. The process of the conduct of the
Board and Committee proceedings is explained in detail later on in this report. Other
Significant Practices Other significant Corporate Governance Practices followed by Marico
are listed below: Information Sharing
Operational performance details are circulated through Media releases / Information updates
useful to analysts amongst others.
 All material information is included in the Annual Report.
 All relevant information is also posted on the corporate website.
 Financial results are posted on the intranet for employees.
 Financial results are published in leading newspapers.
 Stock exchanges are informed of all material developments

Role of various Entities

Details of Directors seeking appointment / re-appointment at the forthcoming Annual
General Meeting

Harsh C. Mariwala
Harsh C. Mariwala leads Marico Limited (Marico) as its Chairman. Over the last 3 decades,
Harsh Mariwala has transformed a traditional commodity driven business into a leading
Consumer Products Company, in the Beauty and Wellness space. Marico markets leading
brands such as Parachute Advansed, Saffola, Mediker, Revive, Setwet, Livon among others.
From a turnover of Rs.50 Lakhs in 1971, Marico's Products and Services in Hair Care, Skin
Care and Healthy Foods generated a turnover of about INR 5,936 crores during 2016-17.
Today one out of three Indians is a Marico consumer. Marico has also established strong
consumer

Mr. Rajen Mariwala

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Mr. Rajen Mariwala has done his Masters in Chemical Engineering from Cornell University,
USA. He is currently the Managing Director of Eternis Fine Chemicals Limited, a leading
exporter of specialty chemicals - specifically chemicals for fragrances and personal care
products. He brings with him a rich experience of over 16 years in leading a competitive
global business in specialty chemicals. He has been on the Board of Directors of Marico
Limited since July 26, 2005.

Saugata Gupta
Saugata joined Marico Limited in January 2004 as Head of Marketing. In the year 2007 he
was elevated to become the CEO of the Company's India business. In April 2013, Marico
restructured its Consumer Product Business (CPB) in India and International Business Group
(IBG) under Saugata's leadership as the CEO of Marico Limited, the unified FMCG
business. In March 2014, Saugata was appointed as the Managing Director of the Company.
Prior to joining Marico, Saugata was Chief of Marketing and Group Sales at ICICI
Prudential and was part of the start up team that was instrumental in establishing ICICI
Prudential as the sales head

Mr. Bipin Shah

Mr. Bipin Shah (74 years) was first appointed on the Board of the Company on April 17,
1996. He is a Bachelor of Commerce and a Chartered Accountant by profession. He has a
rich experience in company management in commercial and financial matters. His other
directorships includes Dolphin Offshore Enterprises Ltd. and Kotak Mahindra Asset
Management Company Ltd. His Committee memberships in other public limited companies
include Shareholder’s Grievance Committee of Dolphin Offshore Enterprises (I) Ltd. and
Audit Committee of Kotak Mahindra Asset Management Company Ltd. He holds 4400
shares of the Company.

57
Rajeev Bakshi
Mr. Bakshi has an Honours Degree in Economics from St. Stephens College in Delhi and an
MBA degree from the Indian Institute of Management, Bangalore. He is currently the
Managing Director of Metro Cash & Carry India Pvt Ltd. Until recently he was the Joint
Managing Director of ICICI Venture Funds Management Company Limited (ICICI), prior to
which he was Vice President Commercial - Asia of PepsiCo International and the Chairman
of PepsiCo India Holdings (P) Ltd., with responsibility for the Company's business in India,
Nepal, Bhutan, Bangladesh and Sri Lanka. 

Mr Atul Choksey
Mr. Atul Choksey (54 years) was first appointed on the Board of the Company on October
23, 2001. He has done his Bachelor’s in Chemical Engineering from Illinois Institute of
Technology, Chicago, U.S.A. and has also done management courses in Finance, Personnel,
Micro and Macro Economics, etc. He is the Chairman of APCO group of companies which
consists of Apcotex Industries Ltd. and Apco Exnterprises Ltd. as well as other group
companies. He also holds directorships in Ceat Ltd., Mazda Colours Ltd., Finolex Cables
Ltd., Standard Chartered Asset Management Company P. Ltd. and Cricket Club of India. He
also takes active interest in various religious and educational institutions. He brings to the
Board a rich experience in project planning and execution, marketing and general
management. He holds 6000 shares of the Company.

Mr. Jacob Kurian

Mr. Jacob Kurian (50 years) was appointed as the Additional Director on the Board of the
Company on July 26, 2005. He holds Bachelor’s degree in Engineering (Electrical &
Electronics) from the Regional Engineering College, University of Chennai and a Post
Graduate Diploma in Management from the Xavier Labour Relations Institute. He brings to
the Board a varied experience in retailing, marketing and corporate strategy formulation. He
holds 500 shares of the Company.

Ms. Hema Ravichandar

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Ms. Hema Ravichandar (45 years) was appointed as the Additional Director on the Board of
the Company on July 26, 2005. She holds a Bachelor’s degree in Arts (Economics) from the
University of Chennai and a Post Graduate Diploma in management from the Indian Institute
of Management, Ahmedabad.
Her experience of 22 years comprises corporate roles in Infosys Technologies Ltd. and
Motor Industries Co. Ltd., and an entrepreneurial stint in an HR consulting venture she set
up independently to service clients across industries.
She is also on the Board of Feedback Business Consulting P. Ltd. She brings to the Board a
rich experience in change management, leadership development and human resource
development. She does not have any shareholding in the Company.

Nikhil Khattau
Nikhil is an experienced investor, entrepreneur, and banker. At Mayfield, Nikhil has been
leading investments since 2007. He sits on the boards of Securens Systems (monitoring and
surveillance), Matrimony.com (world’s largest marriage portal), Joguru, Inc. (trip planning
platform named “Triphobo”), Marico Ltd. (packaged consumer goods, listed on the Bombay
Stock Exchange) and Kaya Ltd. (listed, specialty skin care).

Rishabh Mariwala
Rishabh, a second generation family business entrepreneur is a graduate from Zarb School of
Business, Hofstra University, New York, USA. He is an avid learner and has undergone
different executive courses from various universities. His engagement at Kaya Skin Care
(chain of Dermatology Clinics across India) from 2008 – 2011 gave him an opportunity to
gain holistic organizational experience. In 2010, he launched a new business line "Soap
Opera” catering to the masstige and luxury consumer segment. His passion for innovative
product formulations and the deep consumer insight was instrumental in introducing the
luxury.

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Corporate governance report
Marico’s stated purpose is to “Make a Difference”. This purpose has defined our reason to
exist. We have always believed that we exist to benefit the entire ecosystem of which we are
an integral part. We firmly believe that we belong to an interdependent ecosystem
comprising Shareholders, Consumers, Associates, Employees, Government, Environment
and Society and those we have a commitment to all these stakeholders. We believe that
economic value and social value are interlinked. A firm creates economic value by creating
social value – by playing a role in making a difference to the lives of its key stakeholders.
Furthermore, a firm cannot do this in isolation; it needs the support and participation of other
constituents of the ecosystem. Sustainability comes from win-win partnerships in the
ecosystem. Marico’s CSR Policy is therefore anchored on the core purpose of “Make a
Difference” to the lives of all its stakeholders to help them achieve their full potential. The
Government has notified various initiatives that qualify to be CSR for the purpose of the
mandatory spend applicable to the Companies. The CSR initiatives of Marico thus, for the
purpose of such mandatory spend would exclude the benefits made by the Company
exclusively or predominantly to its employees, shareholders, investors, creditors and
business partners.
The Companies Act, 2013 (“the Act”) read with the Rules framed thereunder and Schedule
VII to the Act provide a framework for companies to define the key thrust areas in the CSR
space. Further, the Act also provides instructions on agencies eligible for implementation
through which companies may spend its CSR Expenditure. Marico’s CSR Policy, the Key
Thrust Areas and the implementing agencies shall therefore remain within the boundary set
by the said Act, Rules and the Schedule framed thereunder.

REMUNERATION POLICY OF THE COMPANY

Remuneration Policy for Executive Director
The Marico Board presently consists of only one Executive Director namely Mr. Harsh
Mariwala, Chairman & Managing Director. Therefore, the remuneration policy for
Executive Directors presently covers only the Chairman & Managing Director. The
remuneration of the Chairman & Managing Director is governed by the agreement dated

60
April 23, 2001 executed between the Company and Mr. Harsh Mariwala. The terms of this
agreement have already been shared with the members. The remuneration to Chairman &
Managing Director comprises of two broad terms – fixed remuneration and variable
remuneration in the form of performance incentive. The performance incentive is based on
internally developed a detailed performance related matrix which is verified by HR
department. A proposal relating to his re-appointment as Managing Directors, on revised
terms has been scrutinised by the Corporate Governance Committee of the Board, as also by
the Board. After the approval of the shareholders, the proposal will be implemented.
Remuneration Policy for Non-executive Directors Non-executive Directors of a Company’s
Board of Directors can add substantial value to the Company through their contribution to
the Management of the Company. In addition, they can safeguard the interests of the
investors at large by playing an appropriate control role. For best utilizing the Non-executive
Directors, Marico has constituted certain Committees of the Board, viz. Corporate
Governance Committee, Audit Committee, and Shareholders’ Committee. Non-executive
Directors bring in their long experience and expertise to bear on the deliberations of the
Marico Board and its Committees. Although the Non-executive Directors would contribute
to Marico in several ways, including off-line deliberations with the Managing Director, the
bulk of their measurable inputs come in the form of their contribution to Board / Committee
meetings. Marico therefore has a structure for remuneration to Non-executive Directors,
linked to their attendance at Board / Committee meetings. The shareholders of the Company
had on July 26, 2005 approved payment to Non-executive Directors for a period of five
years up to a limit of 3% of the net profits of the Company calculated in accordance with the
provisions of the Companies Act, 1956. The Board of Directors was allowed freedom,
within this limit, to decide the mode, the quantum, the recipients and the frequency of
payment of such remuneration.

SHAREHOLDERS’ COMMITTEE CONSTITUTION:

The Shareholders’ Committee was constituted by the Board of Directors at its meeting held
on October 23, 2001 and was last re-constituted on April 27, 2005. The terms of reference of
the Shareholders’ Committee are to specifically look into the redressal of shareholders’ and

61
investors’ complaints like transfer of shares, non-receipt of balance sheet, non-receipt of
dividends etc. The Shareholders’ Committee now comprises the following Directors (All
Non-executive):
Mr. Nikhil Khattau – Chairman
Mr. Rajen Mariwala - Member
Mr. Milind Sarwate - Secretary to the Committee During the financial year 2005-2006, one
meeting of the Committee was held on April 27, 2005

3.2 Code of Conduct

The underlying philosophy of this code is to conduct our business in an ethical manner as
well as create a work environment that is conducive to members and associates alike, based
on our values and beliefs. To help us meet this commitment, the code defines what we
expect of our members and associates. This code of conduct sets out guidelines for each
individual in the group to follow. The Code does not cover every eventuality or situation and
the laws in each country also differ. Where you encounter situations not covered by the
Code, always reflect on the spirit of the Code and values of Marico to make a decision based
on common sense and good judgment. In case of any doubts, please consult with your
supervisor and / or your HR Representative The provisions of the Code shall be in addition
to and not in derogation of the provisions of any other law for the time being in force. Where
differences exist as the result of local customs, norms, laws or regulations, you may apply
either the code or local requirements - whichever is more stringent and sets highest standards
of recommended behaviour. If compliance with the Code conflicts with any local laws and /
or practices, please notify this immediately to the Code of Conduct Committee (CCC). The
Code establishes principles for business conduct applicable throughout the group, regardless
of location. The organization will support and stand by all decisions taken by Members in
the spirit of trust and membership

62
MARICO’S CODE OF BUSINESS ETHICS (MCOBE) ANNEXURE III
This code is applicable to all our associates. Associate means external person/body of
persons / company / organization Marico does its business with. They could be advertising
agencies, distributors, consultants, vendors, suppliers, third party manufacturers, etc.
1.Ethics to meet social responsibilities, you are expected to conduct your business in an
ethical manner and act with integrity. You shall safeguard and make only appropriate use as
authorized by Marico Group of confidential information and ensure that all employees,
associates, business partner’s privacy and valid intellectual property rights are protected. 2.
Legal Compliance a) you will comply with all the applicable laws, regulations, rules and
regulatory orders. b) You will acquire appropriate knowledge of the requirements relating to
your duties sufficient to enable you to recognize potential dangers and to know when to seek
advice from Legal department of Marico on specific law or company policies and
procedures. c) Violation of any law, regulations, rules and orders may make you liable for
criminal or civil action, in addition to termination / suspension of your association with the
company without any compensation / damages for such action against you. d) You will not
at any time or under any circumstances enter into an agreement or understanding, written or
oral, express or implied with any competitor concerning prices, discounts, other terms or
conditions of sale, profit or profit margins, costs, allocation of products or geographic
markets, allocation of customers, limitations on production, boycotts of customer or
suppliers, or bids or the intent to bid or even discuss or exchange information on these
subjects. These prohibitions are absolute and strict observance is required. 3. Prohibition of
Corruption & Bribery You warrant that you will not make any payment, gift or other
commitment to Members of Marico group, to Government officials or otherwise in a manner
contrary to applicable laws, policies or standards of conduct, for the purpose of obtaining or
facilitating the performance of or otherwise relating to the contract. Nothing in this Policy
will render Marico liable to reimburse the vendor / associate / agents or their associates for
any such consideration given or promised or for any consequences arising out of such
actions.

63
Originally adopted by the Board of Directors on October 26, 2010 First Amendment to the
Code of Conduct adopted by the Board of Directors on January 31, 2014 This Code of
Conduct will be known as Marico’s Unified Code of Conduct. (Hereinafter to be referred to
as “the Code / this Code”) This Code is applicable to all Members. For the purpose of this
Code, the following terms will have the meaning assigned to it as hereunder, unless the
context otherwise requires
1. “Member” means i) a director (executive or non-executive) and an employee whether
part-time or full-time, fixed term, permanent trainee of Marico Limited, its subsidiaries and
all corporates in which Marico Limited or its subsidiaries have management control; or ii) an
individual who is a temporary staff, intern, secondee, an apprentice; or
iii) A third party or parties who represent the Company or act on behalf of the Company.
2. “Audit Committee” means the Committee of the Company constituted by the Board of
Directors of the Company.
3. “Chairman” means Chairman of Marico Limited.
4. “Corporate Governance Committee” means the Committee of the Company constituted by
the Board of Directors of the Company.
5. “Company” shall mean Marico Limited and its subsidiary companies
6. “Improper Activities” including but not limited to:
i) Questionable accounting, internal accounting controls or auditing matters
ii) Disclosures in documents filed by the Company with statutory authorities and other
public disclosures made by the Company that may not be complete or accurate
iii) Fraudulent financial reporting
iv) Violation of any policies of the Company

v) Violation of laws applicable to the Company

vi) Fraud against company’s shareholders
vii) Forgery or alteration of any documents
viii) Misappropriation or misuse of Company resources, such as funds, supplies or other
assets

64
 ix) Pursuits of a benefit or advantage in violation of conflict of interest policy of the
Company state herein above
x) Unauthorized alteration or manipulation of computer files
xi) Disclosure of confidential information without any authorization
xii) Any other act or omission which involves gross misconduct and / or violation of any
provision of this Code.

Equal opportunity at workplace

Marico is committed to building a work environment of mutual trust, where all members are
treated with dignity and respect. Members will be recruited, selected, developed, transferred
and advanced basis our principle of meritocracy – requirements of the role and business.
You will treat all other Members of the Marico with dignity, courtesy, respect and with
equality irrespective of race, colour, religion, gender identity, age, national origin, sexual
orientation, marital status, physical disability, etc. You will not abuse your position and
influence other Member for committing any type of offence.

Harassment free workshop

Marico stands committed to maintaining a work environment free from all forms of
harassment and discrimination for all members consistent with its commitment to conduct its
business in accordance with principles of equality, equal opportunity, and human rights. A
key manifestation of a pleasant and conducive work environment is respect for the
individual, irrespective of the gender, disability or religious orientation of the member
concerned. In order to sustain this strongly through creation of a better understanding,
behaviors that go against mutual respect have been articulated. Marico Limited aims to:
natural justice members and associates know their rights and responsibilities.

65
Abuse- Substance or Alcohol
You will not use or be in possession or under influence of alcohol or illegal drugs or any
other controlled / prohibited substance / material in the work place on the job or during
working hours. In case you need to use / possess any such substance under medical
prescription, then you shall immediately inform your Supervisor and HR representative.

Abuse of Position
You will not abuse your position in the Company to gain any illegal advantage or for
committing any offence. Bullying is unreasonable behaviour that is directed against an
individual or group; by another individual or group and is derived from the misuse of power
over the target of the behaviour. This may include: It is the responsibility of all Members to
ensure that premises and facilities are free from harassment, every Member has a
responsibility to meet this requirement.

Racial and religious vilification

Racial and religious vilification is conduct that incites hatred against, serious contempt for,
or revulsion or severe ridicule against a person or group on the grounds of racial
identification or religious belief or activity. Racial and religious vilification is a form of
harassment and discrimination and is unacceptable conduct in the Company.

Respecting and confidentiality of member

You are expected to respect the privacy of other Members and safeguard the confidentiality
of information that Marico or you had about such member. You shall comply with any and
all local and international privacy and data protection laws. Guidelines: a) Information
pertaining to a member must be obtained only with prior consent of such Member; b)
Members personal information gathered must be reasonable, relevant and not be intrusive in
relation to the purpose for which it is collected. Such information shall only be used for the
purpose for which it is collected and shall not be retained longer than necessary. c) All
member personal information shall be kept confidential and secure. d) Advice must always
be sought from Legal Function before gathering any personal information of a member or
moving such information gathered outside the country of origin.
66
Dress Code
Members are expected to dress appropriately during working hours or when representing the
Organization. This means presenting yourself in a professional, business appropriate style at
all times. In addition you must ensure that your attire does not present a safety issue.

Internet and social media policy

You shall not represent the Company or any brand of the Company without prior written
approval from your Supervisor, Head of such Brand in any blog site, social networking site,
micro blog sites, photo / video sharing sites, chat rooms, chatting sites or alike. You will also
adhere to the Marico’s Information Security Policy in this connection.
Sustainability
Marico believes that it belongs to an interdependent ecosystem comprising Shareholders,
Consumers, Associates, Employees, Environment and Society. Sustainable Profitable
Growth goes hand in hand with the sustainable progress of the entire ecosystem. The pursuit
of profits is not at odds with the pursuit of Purpose: It is the pursuit of a purpose that helps
realize the true potential of all participants of the ecosystem. Marico endeavours to be a
purpose-focused organization, which achieves sustainable profitable growth by making a
difference to the other members of its environment by enabling them to realize their true
potential. 

Our comprehensive stakeholder engagement program facilitates a good understanding of the

company’s key thrust areas from stakeholders’ perspective. We constantly evaluate the
sustainability considerations across our product life cycle and strive to reduce Green House
Gas emissions, improve energy efficiency, adopt sustainable procurement practices and
employ renewable energy sources while reducing waste generation in our operations.

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We have formalized focus areas under the themes of Climate Change, Resource
Optimization and Corporate Citizenship. At present, we are implementing projects in the
realm of energy efficiency, renewable energy, water positivity, recycling & reuse of
materials, sustainable procurement, societal wellbeing, skill development & employability,
education of underprivileged children and creating sustainability awareness. A tracking
mechanism for sustainability performance is developed and review system is being
established. The FY 16-17 measurements will be used for setting up long term Sustainability
Goals at Marico.

Sustainable supply assurance is at the heart of Marico's Procurement Excellence Framework.

As a part of our business initiatives, we have been able to forge strong and long-lasting
relationships with farmers under the "Farmer First" program.

Coconut cultivation
 Marico has set up a team to understand the best practices for Coconut farming through
learning programs with universities & on-field experiments. The information collected is
converted into a Package of practice manual which is circulated to farmers. Exclusive
training programs are designed for the farmers accordingly.

Partnering with Govt : Marico is working with the Government of Kerala as part of their
Keragramam Project initiative in Kavannur Panchayath, Malappuram. We have partnered
with the agricultural departments in the state for training farmers and setting up 12 model
farms across Kerala. These Model Farms aim to educate and demonstrate benefits of
scientific farming and pest management practices.

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Collaboration with Coconut board of India: Marico’s Copra collection centre in
Malappuram district partnered actively with the Coconut Development Board for rollout &
execution of the CPS (Coconut Producer’s Society) program. As a part of the program, the
collection centre will be leveraging its reach to the farmers to form clusters in order to avail
benefits from the Govt. of India. This initiative has brought about a transformation in the
lives of coconut farmers in that area. Overall, 110 clusters were formed from 07-08 to 13-14
and 121 CPS were formed in 14-15 to 15-16. These efforts influenced the lives of 7,700
farmers covering more than 6,700 acres.

Safflower productivity development 

Marico has been instrumental in developing Safflower production as well as productivity in

India. Multiple initiatives have been undertaken in past 10 years to arrest decline of crop and
develop Safflower as a profitable option for Rabi season. We are making efforts towards
bringing in new technological solutions to farmers and improve productivity of Safflower in
farmers’ fields. 

Green building

Our corporate office in Mumbai is a Green Building certified by USGBC (LEED

Certification for Commercial Interiors). In order to achieve this certification we have taken
up several energy and water conservation projects and have demonstrated efficient use of
resources. We have recently completed an important project on “Reduction of Illumination
energy reduction” as a result of which, it is expected that we will be able to better our
credentials and achieve further reductions in energy consumption. We have also rolled out
projects for water free Urinals and recycling of waste water which has brought down fresh
water demand considerably. The LEED Certification given by USGBC is a testimonial to the
efforts taken in this direction.

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 Specific CSR initiatives

 Marico’s CSR Philosophy

Marico’s stated purpose is to “Make a Difference”. This purpose has defined our reason to
exist, which goes beyond just generating profits and creating shareholder value. We firmly
believe that all stakeholders in any organization, whether it is Shareholders, Consumers,
Associates, Employees, Environment, and the Society we operate in, are closely interlinked
in an interdependent ecosystem. A compelling sense of higher purpose creates an
extraordinary degree of engagement amongst all stakeholders, and catalysis creativity,
innovation, and commitment.

Marico Innovation foundation

Marico Innovation Foundation is a not-for-profit organisation working towards the cause of

innovation since 2003. The Foundation creates impact through its four core programs:
I. MIF Scale-up program works closely with innovative social organizations which are
driven to achieve large scale impact. Our network of domain experts, CXOs, B-Schools and
like-minded corporates consult organizations on their scale-up. We diagnose the challenges,
implement prototype solutions and integrate successful solutions into the business offering
of the organization.
II. MIF Innovation Awards celebrate the most breakthrough Indian innovations that hold
the potential to have a large scale impact. 49 breakthrough innovations have been recognized
over the last 12 years.

III. India Innovates: A video series that showcases some of the most amazing innovations of
India that are truly transforming lives, communities, businesses and more
IV. hack2incubate: A platform created and designed to inspire innovations and incubate
them into successful businesses
Education for all

Marico launched programmes called “Chotte Kadam Pragati Ke Aur” (Small Steps to
progress), “Going to school” to support the education of underprivileged children under the
age group of 6 – 18 years in India. Under this programme, projects were undertaken with a

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prime focus of mobilisation and retention of children in the schools. Last year, education
strategy was built on three core pillars to a drive combined brand and social impact:
 Bringing children back to school and preventing dropouts
 Improving in-class learning for children
 Equipping children with life skillss
 Over 200000 children benefited in programs put together.

Saffola World Heart Day

Saffola’s vision is to create a Heart Healthy India! Through its not for profit initiative
Saffolalife, it is on a mission to make people realise the need & importance of heart health
by educating them on early markers of heart health & enable them to start on this journey in
a manner that is simple, effective yet measurable.
Over the years, Saffola has reached out to millions across the country via large scale mass
media awareness programs, helped over 200,000 people over 90 cities with diagnostic
check-ups, dietician services, and ‘Heart Age Finder’ tool.
In 2014, Saffola undertook the task of driving awareness of Women’s heart health since
there was an existing myth that Women were protected from heart diseases- this issue
continues to be largely unknown & unaddressed. In 2015, the brand stayed committed to the
cause of Women’s Heart Health through its campaign “Protect her Heart”. Saffolalife
launched one of its kind– Heart Fitness Test that helps people assess their Heart Health basis
their Fitness Parameters. Over 46,000 Heart Fitness Tests taken till date.

Nihar Shanti Amla Mobile Pathshala (Mobile School)

The Mobile Pathshala program was designed to aid to schooling in deep rural pockets
especially for 4-8 year old children. It was based on principals like “Teach by Principles
rather than linear directions”, “Mnemonic devices aid retention” and “Paint a picture with
words”. Overall, 15.82 Lac user registered till date.

Marico Bangladesh- Dhaka Ahsania Mission Children Learning Center project

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As part of our continued efforts to create a positive lasting impact on the society, Marico
Bangladesh formed a partnership with Dhaka Ahsania Mission (DAM) to bring the light of
education to underprivileged communities. Through this partnership, free access to quality
education is being provided to out-of-school children who unfortunately had to drop out of
mainstream schooling due to life’s hardships. 
The partnership has so far provided education to 3,000 out of school children in the
Melandah Upazila of Jamalpur district, which has historically suffered from very low
literacy rate. The team has established and today operates 75 Children Learning Centers
comprising 75 teachers selected and trained exclusively.
Based on the unique model of community mobilization, multi-grade teaching- the project is
witnessing great participation from teachers, parents and the community at large. While the
parents are applauding this initiative, teachers are enjoying working at CLCs, students are
making most of the learning experience.

Hercules Smart School Campaign – South Africa

Marico South Africa launched the HERCULES Hygiene and First Aid Awareness Campaign
in 2015. HERCULES reached out to 50 schools in 2 townships within major metropolitan
areas. The primary objective was not only to create brand awareness, promoting early
engagement with the brand but to also educate and empower school learners in previously
disadvantaged communities on health and wellbeing.

It was a huge opportunity for Marico South Africa to give back to the community by
supplying these schools with much-needed materials and supplies such as educational
posters, leaflets, frisbees and water bottles (to encourage a healthy lifestyle). A significant
contribution to these schools was the donation and installation of a fully stocked, metal
branded first aid kit, which was placed in strategic areas within the premises (i.e the sick
room, office area and sports areas). The campaign was a success resulting in HERCULES
interacting with over 32,000 learners (plus the teachers and parents) over the set period.In a
survey of 500 companies conducted by 'Businessworld' in 2003, Marico ranked 16th in terms
of ROCE while it ranked fourth among FMCG companies. Marico's products reached

72
 around 100 million Indians every month through 17 lakh retail outlets, which were serviced
by its nation-wide distribution network comprising six regional offices, 32 Carrying and
Forwarding Agents (CFAs) and 3600 distributors and stockists.

Marico entered two new lines of business in the year 2002-03 - Skin Care services through
its 'Kaya Skin Clinics', and Ayurvedic Skin Care Products business in the US by its
acquisition of a controlling stake in 'Sundari LLC', which owned the Sundari line of skin
care products

Brands with a Purpose

Saffolalife “Chhote Kadam – Dil ke Bade Kaam ke” : Saffola life: Healthy lifestyle is
the key to a Healthy Heart: For the World Heart Day campaign this year, the findings
revealed that - “Staying Active, Eating Better and Being Happy can make the heart up to
50% healthier”. The campaign coined "Chhote Kadam – dil ke bade kaam ke" (Small
steps to go a long way for heart) as a creative idea to drive home the point. It educates
people about how making a small effort & bringing about minimal alteration in your
daily habits could lead to your heart health improving by 50%. Saffolalife Research
Study was conducted amongst consumers across metros with Neilsen and SRL Labs to
release India’s healthy lifestyle score. The study went further to bring out insights on
country’s physical activity levels, eating habits and stress levels. Saffolalife Research
Study released Healthy Lifestyle Score of India at 68. During the year we had 43,542
consumers taking the test online.

Farmer First

Majority of Marico’s raw materials are agricultural produce. Therefore, driving consistent
initiatives to improve the farmers’ well-being is the prime motive behind Marico’s
sustainability efforts. These initiatives are primarily directed towards coconut and safflower
producers in India. Marico has been instrumental in bringing in new technological solutions
for safflower production, as well as improving productivity in India. The safflower contract

73
farming programme helps farmers to source quality sowing seed from nearby locations as
well as assists them with knowhow and troubleshooting support throughout the crop cycle.
The programme provides farmers assurance of a buyer at a predefined fair price for seeds.
Similarly, over the last 10 years, the Company has set up “Collection Centres” for copra in
partnership with the Coconut Development Board, enabling the small farmer converters to
directly supply the material within a 20-30 km radius from their production points. Farmers
are equipped with better seeds and agricultural practices to improve yield from their farms.
Marico has also encouraged farmers to set up Coconut Producer Companies (CPCs),
whereby they can aggregate and supply coconuts to the Company

Case Studies
Marico - Managing 'Saffola'
Marico Industries, a well-known Indian fast moving consumer goods (FMCG) company,
offers unique and ethnic Indian products. The company has a significant presence in the
edible oil market with two brands 'Saffola' and 'Sweekar'.
This case discusses Marico's brand building efforts for Saffola, the positioning adopted to
target health conscious consumers and the company's continuous efforts in maintaining the
association between Saffola and heart care.

It also deals with Marico's innovations in product Marico Industries, a well-known Indian
Fast Moving Consumer Goods (FMCG) company, offered unique and ethnic Indian
products. Marico was famous for its 'Parachute' and 'Saffola' brands. In a survey carried out
by 'Brand Equity' of The Economic Times in early 2006, for India's 100 most trusted brands,
Saffola ranked 75th and Parachute ranked 29th. Marico's brands had shown resilience against
competition and maintained their market shares over the years. Marico had maintained a
steady sales and profit growth over the years with a consistent Return On Capital Employed
(ROCE) of over 30%.formulation (like the launch of blended edible oils), product delivery
and pricing strategy.

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 Analysis
This case critically analyses the positioning journey traversed by Saffola, one of India's
leading cooking oils. For nearly half a century, Saffola was strongly associated with the
health of the human heart, with its visual language, communication strategy, and brand
positioning, all revolving around heart-related risks. With changing trends and market
sentiments, Saffola became painfully cognizant of its shrinking relevance as a brand,
indicated by stagnating sales, thus posing a unique conundrum: how should Saffola expand
its user base to include non-heart patients while still being relevant to its current, loyal user
base? In order to address this, the marketing team at Saffola undertook two re-positioning
exercises, one in 2001 and the other in 2004. This case studies both these efforts in detail,
analysing the dynamics of the brand's image, identity, and positioning in tandem with
changing consumer trends and market conditions.

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 Chapter 4
Conclusion & Recommendations
4.1 Conclusion
1) The study is made in a particular geographical region the results of the study reveals that
people aware of different media channels which help them make their buying decision.

2) As most of the customers prefer modern retail channels to buy any sought of products,
no much role of monthly income of people plays a role choosing a kind product buy
through these modern retail channels.

3) Preferably female population prefer shopping for goods which are related to hair care and the
buying is usually through the influence of different media channels and we understood through the
analysis that there is a rise in purchase of hair care goods as brands influence the buying
behavior.

4) Effective reach of advertisements for hair care products will increase the sales of those
goods through different retail channels.

5) A proper SKU’s size would make the customer more inclined towards buying the hair
care products

6) Marico as a hair care brand is very popular amongst its target

customers and serves the product very well

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4.2 Recommendations
 Marketing plays a very important role in today’s world as consumers are more and
more conscious about their buying behaviour.
 As from the research it can be recommended that consumers are now days purchasing
hair care products from modern retail outlets with discounts and offers, consumers are
not attracted towards these schemes. Consumer is brand conscious and maximum
influence on buying is from media and websites.
 Marketers should promote their brands through the unique selling proposition and the
benefits of the brand to keep customer engaged with the brand.
 As customers for the hair care products are not price conscious and neither are they
much influenced by promotional offers, the brand should focus on a strategy which
would help customers buy more of hair care products from various media platforms so
Marico should bring fresh content which is relevant information to the consumer and
should promote on different online media and offline media platforms.

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 ANNEXURES
A. Questionnaire

To understand the influence of digital marketing in consumer buying pattern

1. Age
15-24
25-34
35-45
45+

2. Gender
Male
Female

3. Occupation
Employed
Self-Employed
Student
Others

4. Monthly income(PA)
Less than 2lacs
2lacs - 3.5lacs
3.6lacs – 5lacs
More than 5lacs

5. Do you or any of your family members use Hair care products?

Yes
No
Maybe

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6. Where do you usually purchase your hair care products from?
Kirana store
Modern Retail
Supermarket
Online
Other

7. How frequently do you or any of your family member use hair care Products?
Everyday
Every Alternate Day
Once a week
A few times a month

8. Do brand names influence you purchasing a type of product?

Always
Sometimes
Never

9. Do you tend to shop more of there is a sale or some promotional offer going on?
Always
Sometimes
Never

10. Does Demand of the products change your buying behaviour because of…?
Increase or decrease in price of the product
Being cautious
Other

11. How frequently does you or your family member purchase hair care products
Once in a fortnight
Once a month
Once in three months
Twice a year

12. What are the factors do you or your family member consider while buying a hair care
product?
Quality
Packaging
Brand Name
Other

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13. How important is the price of the hair care product in your in buying decision?

1 2 3 4 5
Not important Very Important

14. Does product SKU size affect your buying behaviour?

Yes
No
Maybe

15. Is advertising and promotion influencing in your buying behaviour, when you intent to
purchase a hair care product

1 2 3 4 5
Not so influential highly influential

16. Which brand comes to your mind when you think of hair oil ?
___________________

17. Which other hair oil brand are you aware of?
Parachute
Bajaj shanti amla
Hair & care
Indulekha
Kesh kanti
Navratna
Nihar shanti amla
Sesa

18. Have you heard of Marico brands of hair oil?

Yes
No
19. If yes, then which brands are you aware of?
Parachute
Parachute advansed
Nihar Naturals
Hair and care Fruit Oils
Other

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B Bibliography

Source:-

1. Search.Proquest.com
2. www.moneycontrol.com
3. www.search.proquest.com
4. www.moneycontrol.com
5. Annual Report of MARICO 2015-2016
6. www.marico.com
7. http://www.adageindia.in/marketing/cmo-strategy/maricos-hair-care-launches-new-
avatar-of-fruit-hair-oils-with-a-fresh-spot/articleshow/59633509.cms
8. http://www.forbesindia.com/article/special/marico-and-beardo-to-style-beards-
together/46347/1
9. http://www.adageindia.in/agency/agency-news/viaan-industries-appoints-columbus-
india-to-handle-digital-duties-for-chasebid-com-matchipl/articleshow/60494741.cms
10. https://cio.economictimes.indiatimes.com/news/strategy-and-management/how-maricos-
digital-crusader-mukesh-kripalani-is-fueling-growth-with-digital-innovation/59847096
11. http://www.consultmcg.com/blog/hair-care-sector-in-india/
12. http://www.forbesindia.com/article/special/marico-acquires-south-african-hair-care-firm-
isoplus-for-rs-36-crore/47715/1
13. https://news.franchiseindia.com/wellness/Male-Facial-Cleansers-Beats-Deo-And-Hair-
Products.n15156
14. http://www.indiaretailing.com/2017/07/14/food/food-grocery/maricos-hair-care-
launches-new-avatar-fruit-hair-oils/
15. http://marico.com/investorspdf/Marico_Investor_Presentation_August16.pdf

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C List of Figures

SR.NO. TOPIC PG. NO.

Figure 1.1

Figure 1.2

Figure 1.3

Figure 1.4

Figure 1.5

Figure 1.6

Figure 1.7

Figure 1.8

Figure 1.9

Figure 1.10

Figure 1.11

Figure 2.1

Figure 2.2

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5.4: List of Tables

SR.NO. TOPIC PG. NO.

Table 1

Table 1.2

Table 3.1

Table 3.2

Table 3.3

Table 3.4

Table 3.5

Table 3.6

Table 3.7

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