CS Non-Food FMCG Final Term Report

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Corporate Strategy

TERM REPORT
FMCG (NON-FOOD)

“Analyzing factors and determinants to launch a


detergent brand successfully in Karachi”

By:
Mushtaq Abdullah 11678
Nadir Rehman 11679
Maryam Hassan

Professor:
Mr. Kamil Shahbazkar

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Contents
Acknowledgement.......................................................................................................................................3
Abstract.......................................................................................................................................................4
Introduction.................................................................................................................................................4
Literature Review........................................................................................................................................6
Research Methodology:..............................................................................................................................9
Research Objectives:...............................................................................................................................9
Research Findings:...................................................................................................................................9
Marketing Strategy:...................................................................................................................................11
Internal Analysis....................................................................................................................................11
SWOT Analysis...................................................................................................................................11
Market Segmentation and target market selection...............................................................................11
Positioning.............................................................................................................................................12
Marketing & Supply Ecosystem.............................................................................................................12
Product Strategy................................................................................................................................12
Packaging strategy.............................................................................................................................12
Placement and distribution strategy..................................................................................................13
Pricing strategy..................................................................................................................................14
Advertising, Communication and Promotional Strategy....................................................................14
Expansion & Growth Strategy............................................................................................................14
Conclusion and Recommendations...........................................................................................................15
References.................................................................................................................................................16

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Acknowledgement
We would like to thank Mr. Kamil Shabazkar who motivated us to make a report on seeking insights on
business strategy for a (non-food) FMCG local brand in Pakistan and build a case of for a successful
home care detergent-brand launch.

We would also like to thank the officials of Colgate-Palmolive for their valuable input on the research
insights shared which helped us to analyze the local detergent market. The paper presents a case based
on business theories and perceptions formed after findings from a limited scope of primary and
secondary research being conducted on the subject regarding green cleaning products, washing
processes, consumer/communication insights and financial planning for business model innovation in
laundry detergent market in Pakistan.

As it is imperative for more researches to come forward on the topic from a local market perspective. It
is requested to accept our efforts and our intention to gather more authentic data and identify learnings
from this to continue research on the topic for final MBA program project thesis.

E-Signatures:

Mushtaq Abdullah Nadir Rehman Maryam Hassan

__________________________ ____________________ ___________________

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Abstract
The paper presents a case theory and perception based on research insights and global success stories
to launch a successful laundry detergent brand in Pakistan via e-commerce/online retail channels.

Objective is aiming to create a blue ocean strategy to make the competition irrelevant for achieving a
competitive advantage in the premium market segment of Pakistan through e-commerce/online
retailing; focusing on the topics of sustainability, convenience and wellness by gauging success stories
from different markets and regions to formulate a marketing plan.

Due to team’s limited resources, we have focused the launch of detergent to the Karachi market as
primary. Aim is to lay a successful foundation primary for our business towards future expansions and
sustainable growth.

Introduction
Detergent market is growing rapidly in Pakistan due to many obvious reasons. Pakistan is an agricultural
country whose major population resides in rural areas. This population, previously, did not use
detergent to wash their clothes but currently the immigration to urban areas is increasing and hence the
detergent market is growing in cities and as well as in the affordable rural and due to the changing
lifestyles; people are now aware and usually prefer detergent to wash their laundry.

In urban areas the people have started preferring the detergent over soap or any other washing agent
because of its cleaning power and care for clothes. People are now preferring the brands because of
quality delivery. Detergent brands introduced as low-involvement product in our society has risen to a
higher status as brands over the years have been successful to make people aware through constant
advertising efforts and timely innovations.

The detergent market is dominated by major brands in Pakistan in which surf excel is most popular. This
detergent was first launched in 1948 and now its name is used as an alternative for detergent. It enjoys
the market share of 38%. It promises to remove the toughest stains while preserving the color of the
cloth. Ariel, launched by Procter and Gamble in 1967 occupies the second place in detergent market in
Pakistan. It has 28% of market share. Colgate-Palmolive launched Bonus-detergent which enjoys the
market share of 18%. Brite and express have 11% and 7% market share respectively.

These brands have their own target audience which they divide on the basis of the income and life-style
of their consumer. Surf Excel is the most prestigious brand which is used by the upper and middle class.
The surf excel competes with Ariel in the upper middle and middle class. Whereas Brite and express are
used by lower middle class. Bonus has its own very strong market of lower class which preferred the
detergent over soap.

These brands are available on super markets and general stores in various size packages. From sachets
to 1 kg bags. Several promotions are offered intermittently and brands are heavily advertised to beat the
competition and keep their respective target audience intact.

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The use of these detergents is consistence as washing is considered as the basic need and there comes
no fluctuation in this market because of financial crunches. But yes, the good financial conditions bring
more and more people under the umbrella which uses the detergent powder for washing its laundries.

Currently, the detergent market is increasing in Pakistan with the rate of 20-25%. The annual
consumption is 33,000 tons. One-ton average cost is PKR 138,000. However, the liquid detergent
category is still considered as an un-tapped market in Pakistan.

From another perspective, the advent of digitalization in Pakistan is at its inception’s peak phase gaining
growing attraction of the premium segments in the market.

Currently, Pakistani detergent market competitive escape can be categorized as an oligopoly between
P&G, Unilever and Reckitt Benckiser, where they seemingly have saturated the market with brands for
each market segment. Barrier to entry are very high for local companies to compete with these FMGC
giants on their advertising budgets, pricing and distribution channels while maintaining/improving
product quality. Moreover, consumer awareness, involvement in the purchase decision is still very low
which allow these FMCG giants to abuse the people with ineffective consumer rights protection
regulations.

It is imperative for a FMCG starter to devise a strategy that makes the competition irrelevant. Thus,
creating a blue ocean strategy through innovations in marketing 4Ps, customer-oriented strategies,
market space and distributing channels.

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Literature Review
Steve Estabrook, CEO of a natural cleaning company, declared “People shopping in stores like Whole
Foods are not there just for apples. They’re there to shop for everything, including cleaning supplies.
They want to feel better about everything they’re buying” (“Green Cleaners”) (University of Tenesse,
2015). In highly competitive or mature industries, green products and services can significantly grow the
brand equity of a company. This is called “first mover advantage” and it can be a significant factor in
maintaining a positive social perception of a company and their portfolio of brands (Ruisinko, 2015, p-
447). Globally, likes of Unilever and P&G had long started taking various initiatives for a sustainable
advantage including one rinse detergent formula, however, no such improvements or innovation have
been transferred to the developing countries.

In the premium market segment, companies have used a sustainability strategy to create a competitive
advantage for their firm by utilizing one or more of the following tactics:

1. Creating new market segments


2. Increasing Demand for products which have been improved to be more sustainable
3. Creating products that have proven consumer benefits which the consumer is willing to pay for,
such as a lower Total Cost of Ownership (TCO)
4. Investing in a one-time capital expenditure that results in overall net benefit for the firm, such as
brand equity

In order to capitalize on the aforementioned strategies, we will present success stories of known brands
from all over the world; those who were successful in creating a sustainable strategy to cope with tough
competitions in their respective markets.

Tide Coldwater
Innovations adapted in production of cost savings allowed for a significant return on
detergents by using agricultural waste to create investment (Nidumolu; Shayon).
cellulosic ethanol, a major component in the
new formula utilized a huge scale diverting
around 7,000 tons of agricultural waste
annually. The green innovation resulted in cost-
savings that made the product a win-win for the
consumers. Due to its unique formulation, Tide
Coldwater gave the same conventional laundry
detergent to wash clothes in a cold water
setting that reduced harmful CO2 emissions by
34 million tons while saving $63 per household
per year. Selling to households and professional
laundry services at a slight premium price, the

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Method Brand Cleaners
Their laundry bottles are made from 50% by a third party (MDBC) for environmental
recycled plastic, and are designed with end safety (“Ingredients”).
recycling potential and raw material In their supply chain, Method has taken an
minimization in mind (“Packaging”). By using initiative to concentrate their products as much
recycled materials, they use up to 70% less possible, thereby reducing transportation costs
energy than using virgin materials, thereby and packaging (“Packaging”). In the
reducing production costs (“Packaging”). They manufacturing and logistics side, Method is
have even launched a product line derived from committed to using renewable energy in their
plastic recovered from the ocean, thereby 12 manufacturing plants and uses biodiesel in
turning a pollution into a useful raw material, 35% of their delivery trucks (“Our Business”).
allowing them to launch an innovative Overall this has created a brand that has an end
marketing strategy that resonates strongly with to end sustainable and transparent supply
concerned consumers (“Ocean Plastic”). chain.
Method has never engaged in animal testing
allowing them to court another segment of
environmentally concerned consumers
(“Business”). For interested customers, Method
has an entire list of all of their ingredients
online along with their naturally derived
sources, possible irritation issues, and their role
in the product formulation (“Ingredients”).
Their use of nontoxic and biodegradable
ingredients is a benefit that consumers, such as
those with children, are willing to pay a price
premium for. All of their materials are certified

Unilever turns Blue


Unilever (United States) came up with a detergent that uses fewer resources, greener materials, and less
packaging. Yet Small & Mighty, the industry's first super-concentrated liquid detergent, launched in
October 2005 in a partnership with U.S. retailer Wal-Mart Stores (WMT), 18 months ahead of rivals such
as Procter & Gamble (PG). What started as a means to boost Unilever's green credentials now is opening
up avenues of innovation that are helping to drive growth in the company's once-lackluster laundry unit.
Since rolling out Small & Mighty in Europe in January 2007, more than 30 million bottles have been sold.

The virtue of the product is that consumers can wash the same amount of laundry with one-third the
detergent. Smaller packaging means each bottle uses 55% less plastic, enabling retailers to stock three
times the number of bottles in the same space, saving on labor and out-of-stock costs. There's big
savings for Unilever, too, in manufacturing, transportation and water conservation. "It's a good example

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of how good environmental practice is good for the company's bottom line," says Keith Weed, Unilever's
group vice-president for home care.

Amazon.com
Through Amazon’s Marketplace, Amazon has greatly expanded its third-party marketplace, where
merchants all over the world can set up their own virtual stores on Amazon.com and sell their products
alongside Amazon’s—all the while leveraging Amazon’s large customer base and credit card–processing
capability. Both retailers and individual sellers utilize the Amazon.com platform to sell goods. Large
retailers like Nordstrom and Target use Amazon.com to sell their products in addition to selling them via
their own websites. (Richard, 2014)

The learnings from cases and the current growing Pakistani digital dynamics show a great evidence that
if interlinked can create a strong value-proposition for specific market segments and also using the
aforementioned strategies are likely to provide success and sustained profit exponentially.

Business model innovation involves creating entirely new approaches for doing business. Business
model innovation is transformative; that is, it redefines the competitive playing field by introducing an
entirely new value proposition to the consumer (Osterwalder & Pigneur, 2010, p. 23)

For any further development on the category offering and sector development, the concept of
convenience also talks about the shift from the conventional/traditional retail channels to the
introduction of advancement in technology through implementation of e-commerce through online
retailing portals.

The landscape of methods available to companies for collaborative innovation with users is developing
rapidly. In the book Blue Ocean Strategy, business authors Kim and Mauborgne (2005) make the
argument that in order to create new growth opportunities, innovative companies create an entirely
new market space.

In a situation where consumers consider both prices and retail channels when making purchase
decisions, retailers may not need to match every single price that a competitor charges, especially when
considering products with low price elasticities or less relevant competitors (Ross school of Business,
2017).

The challenge is to become more fully diversified and distinct in terms of product and service offerings
for value creation to the customer. In time, incorporation of customer reviews and leveraging of such
information as a way to sell more products, after-sales services, customer feedback as well as improving
the customer experience.

The preventive or wellness factor talks about the consumer preferences/demand, attitude and behavior
towards using green laundry detergents, and lastly, convenience of availability of the premium product
sold in midst of or in an individual market space via online retail and e-commerce venues will provide
new entrants to make the consumers aware and highlights its offerings in a better yet cost-effective
way.

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Research Methodology:
An exploratory qualitative analysis and open ended discussions with 3 FMCG corporate
specialists/individuals to analyze latest consumer and market trends of the washing, manufacturing and
retail processes in order to derive to a launch of successful detergent brand launch in Pakistan.

Research Objectives:

1. To examine income accounts for household and consumer-gender purchasing preferences


2. To determine whether location is a factor that must be considered in the marketing of
detergents.
3. To determine the major factors that influence consumers buying behavior towards laundry
detergent among house-holds and Industries.
4. To determine whether there is scope for the introduction of a new detergent venture among
households in Karachi.

Research Findings:

Findings shows that this study found that income accounts for differences in purchasing of detergents.
The manufacturer of detergents needs to be aware that location is a factor that must be considered in
the marketing of detergents. Branded detergents carry a premium price whereas non-branded
detergents are cheaper. Correspondingly, the marketer must match the type of detergent product to
the consumer profile of the location in which the business is operating. It was found that gender does
not account for differences in monthly expenditure on detergents. Price and quality of detergents were
found to be important characteristics for both the household and business user.

In addition, it was found that consumers were willing to support a new detergent business venture in
Karachi. The major variables influencing detergent brand choice in the Karachi market seem to be
attitudinal variables such as perception regarding the efficacy (QUALITY) of the brand, closely followed
by the perception on the value for- money (PRICE). Field level promotional activities such as price-offs,
freebies associated with different pack sizes of the same brand also seem to impact the choice of the
brand, although the impact was low. Base price reduction is generally resorted to quite infrequently and
hence a price elasticity measure may be found to be statistically insignificant.

Consumer perceptions/trends on Washing Performance

 Research hints at most of the consumers being satisfied from the use of the existing laundry
detergent brand, regardless of type and country
 Consumers understand the usefulness of stain removers and showed a high degree of
satisfaction using them.
 Damages to textiles, when it occurs, are not usually associated with the quality of the detergent
used but with other factors in the washing process
 Trust and preference in product brands, washing machine age and washing habits to achieve
washing performance differ from region to region and country to country
 Fabric softener is the most frequently used detergent additive by far, being used in a high
proportion of washes in upper class segment of the country

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 Stain removers are the next most commonly used additive
 Bleach is perceived as less effective in stain removing than other stain removers.
 Those respondents, who do not feel satisfied with their detergent, complain mostly about
insufficient stain removal.
 Bad odor in the washing machine is also a relevant issue that seems to gain visibility
 Consumers are willing to try new products that are more environmental friendly and offer
relevant value to the target segment

Product and marketing/media Innovations/trends

 The key parameters one has to look at in order to classify an emulsion are the appearance, the
droplet size, the stability, the surfactant concentration and the way it is generated
 Media and advertisement are effective tools for awareness for low involvement products like
detergents
 Liquid detergent is an untapped product in Pakistani market
 Brand image is determined by prior experience, brand familiarity, and awareness.
 Intrinsic cues are related to the physical characteristics of the product itself, like size, color,
fragrance etc
 The extrinsic cues on the other hand are related to elements that are put together with the
actual product like packaging, pricing, advertising etc. The perceived quality of products and
services is central to the theory that strong brands add value to consumers' purchase
evaluations (Low and Lamb, 2000).

Retail processes

 High number of options of detergents at points of sales does not always make selection easy for
consumers.
 Brand awareness plays a vital role in consumer perception especially when their buying pattern
is not defined
 Availability is the greatest factor which ensures satisfaction as you will get the product available
at any time you need it.

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Marketing Strategy:
Internal Analysis

SWOT Analysis

Strengths Opportunity

 Intelligent use of available resources  Substitution of petroleum-based raw


 Easy access to internet hence an ability materials with renewable raw materials
to reach the potential target market and the wishes of consumers for
 Organizational structure that supports ‘green’, but at the same time high-
innovation and sustainability performance, products continue to be
 Detergent is a supply-driven product; focal points.
operational control for better use of  Detergent dosage seems still to be
resources and high quality highly dependent on own, personal
 Feedback in products to be directly criteria and the advantages of a mindful
accessed through consumers via dosage (cost savings, lower impact)
internet and social media remain unknown to many consumers
 Innovative products in competitive  There is a need to raise awareness of
pricing the general consumer of detergents

Weaknesses Threats

 New entrant barriers  The demand for ever better, innovative


 R&D costs are too high products against the background of
 Inability to distribute the product to world-wide increases in the price of raw
mass channels and across country materials is a great challenge to us all.

Market Segmentation and target market selection

It is widely assumed that habits and values of similar age groups across the world resemble to each
other in a lot of ways. Our brand focusing on the generation-Y, who claim to be more educated and
aware of the changing dynamics of the society. They will be more inclined towards the use of green
products and bringing innovations in their homes for effecting the environment positively in the smallest
of ways.

A product catering to newly wedded couples further categorizing into market belonging to a social-
economic-class between B and A; those who can afford the product and will be willing to pay an extra
amount for the improvements in the product.

Generation Y are widely technology-savvy and are present on social media. Their willingness and
cognitive ability is stronger than of the generation X. Seeking out information about the new innovative
products, using them and then sharing their opinion/feedback are common traits of individuals
belonging to this specific class. The target market is ready to try new opportunities and is looking for

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daily improvements in their way of living and hence adapting to brands/products that provide those
benefits of sustainable products, convenience and wellness.

Positioning

“A lifestyle and customer-oriented homecare FMCG brand promoting an improved green-ingredient


detergent/cleaning products that copes up with the evolving needs and embodies youth to grow with
ideas of sustainability, wellness and convenience to make world a better place for flourishing.”

Marketing & Supply Ecosystem

In the detergent market there is huge competition among the competitors, therefore it is imperative to
allure the consumers by top-of-mind/clutter breaking advertisements through unconventional methods
and promotional schemes and also keep them satisfied by the quality performance of detergent.

Product Strategy

As stated earlier, Pakistan being an agricultural country, we will take the opportunity to gather/acquire
agricultural waste and use it as a raw material to manufacture detergents and create a natural
ingredient liquid-formula and innovating a premium green-detergent brand with supreme-quality
washing. We intend to launch variants of the branded product that capitalize on the different user
needs. Manufacturing, testing and sampling phases will be outsourced completely.

Another opportunity to make our brand offering unique, in the midst of the saturated market, is that in
FMCG non-food sector there is a need of making consumer aware of their suited needs and rights. By
bringing in pre and post-purchase services concept in FMCG we will enhance the trust levels of the
FMCG consumers and erase any transparency issues associated with FMCG products. Hence consumers
will get more acquainted with our product. We will give consumers a platform where they can
themselves become more aware of the product ingredients, can openly read reviews of the product
while making their purchase decisions. Once they have used the product they can give direct feedback
on our company interactive website and form their own opinion of the product/brand. The idea is to
keep the communication open between the brand and the end-consumer at all time.

Packaging strategy

Innovative packaging will be of utmost importance to have an impact on the digital class in order to
attract them towards our product. Introduction of small but mighty bottles with a pump will be
introduced from global standards to make the packaging more allure and luxury looking.

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Moreover, our packaging will have a functional benefit that will allow more clothes to be washed from a
smaller quantity of the detergent.

Our packaging will also have QR codes from which users can extract information of the product and link
to our web portal for further interactions. This application will also be compatible for phone wallet
payment apps which is an upcoming phenomena in Pakistan.

Packaging is an important factor that determines the premium-ness of the product which helps it
become distinct in the eyes of the consumer and they are eventually motivated to spend more for the
product.

It is established that 50% of recycled plastic can be used to make the packaging; it will also be a
challenge to achieve this target as the current industry standard is up to 30% recycled plastic used.

It is decided to launch the detergent in packages of different sizes which includes from the 500 gm
bottles to 5 kg bottle SKUs. It is also necessary to capture the target market is to provide them the
detergent in the liquid form as well in bottles to keep the brand differentiated from the competitors.

Placement and distribution strategy

Detergents are usually marketed in Pakistan via super stores and general stores, GT and MT outlets. To
make this detergent successful it is imperative to make it available on unconventional channels that
make the competition irrelevant; primary via e-commerce/online closed and open retail channels where
there is less competitive-focus.

Our FMCG Company will launch its very own digital interface that will be the service escape for the
respective target market as well as maintain existence on the third-party online retailing channels like
Daraz.pk, yayvo, etc. The product will be distributed to third-party online retailers based on purchase
order standard operating procedure till demand increases.

We will also supply our product to all modern trade outlets in Karachi with a differentiated placement
from the rest of the detergent brands making it more exclusive and current to create that hype and
associations from our digital presence.

There is an opportunity to sell our green innovative detergent products to corporates like hospitals,
schools and restaurants may be at different price margins as per industry norms; a matrix function team

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structure will allow us to connect with corporates on a personal level to sell maximum number of units
in a limited time.

For an unspecified testing period, the launch will be effective in the metropolitan city of Karachi. Once
successful and initial target achieved of units sold, the brand will open distribution for the four urban
cities of Pakistan. However, the Company will be ready to deliver to cities and pockets wherever
demand arises from in order to gain consumer trust and experiences.

Pricing strategy

Price of the product is decided to keep higher but close to competitive prices to give old players tough
competition in a new market space and also achieve break-even point. The Classic variant will start will
close to competitive pricing and once the product is successful and revenue increases, other variants
launched will have increased prices.

Advertising, Communication and Promotional Strategy

Internet being the primary existence of our company, major efforts will be conveyed on the establishing
our brand on the social media front and owning multiple social platforms to communicate the true
efficacies of the brand with the right message to a targeted audience which is easily provided by the
highly advanced advertising social platforms like Facebook, Snapchat, Instagram and Linkedin etc.

It is imperative to have successful product samplings and promotions to engage the consumer and prove
the differentiating factor of our brand so it becomes the talk of the town. Samplings will be carried out
the internet as well as Modern trade outlets as a city spread campaign.

Launch of the product will be on the ground-breaking functional attributes/offerings and price of the
product communicated to DVCs and attractive visuals that promote the positioning of the brand and
testing of the product.

Post launch, team will engage real consumers and develop true testimonial based videos told through
the art of story-telling compelling Gen-Y and Young Couples to try the product, and eventually the brand
will take an emotional/thematic route to continue to prosper lives that display the unique brand
identity.

Expansion & Growth Strategy

The company will initiate its operations with a limited quantity ordered of product supply in the market
in terms of analyzing the acceptability of our product. Once the demand is escalated from third party
vendors, the company will officially start its own web platform and link it with the online retailing
channels.

R&D strategy and Future Research

As planned, there is an opportunity to connect with consumers directly and have their feedback on our
detergent which will the direct basis of any future R&D and improvements to the product.

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Conclusion and Recommendations
It must be empirically tested if e-commerce will have a bearing on the industrial business and household
user. This is one of the major driving forces of today's business landscape. Electronic business-to-
business platforms are forming a major part of the business landscape. The way in which businesses
learn and place orders for new detergent products is constantly changing.

Furthermore, research into the effects of television and print media need to be investigated. One of the
findings from this study pointed out that newspaper advertising specific to a location has no bearing on
whether consumers would purchase from that detergent manufacturer. It was also found that television
has a slight effect on the detergent purchasing habits of consumers' directly. However, it was the lower
income individuals that were more likely to use advertising cues as stimuli to purchase detergent
products. Thus, further studies on these findings should shed more light.

In accordance with assertions on green products, additional research focusing on the marketability of
green detergents should be considered. A healthy and natural alternative is one of the drivers of the
'modem' world today and any research on this branch of detergents should provide a totally new
knowledge field.

Many of the large multi-national companies such as Unilever, Proctor & Gamble, and Colgate-Palmolive
advertise their liquid detergent products on television. On the basis of this study, it was found that very
little relationship exists between television advertising and influencing consumers to purchase liquid
detergents. Outta-Bergman (2006: 103) states that advertisers need to strategically target appropriate
market segments, based on the demographics and psychographic correlates of the market. In addition,
consumers' receptiveness (attitudes) to advertising should be analyzed to derive maximum benefit from
the advertisements in both television and print media.

Targeting the most appropriate consumer and capturing potential consumers by television should be
looked at by marketers.

Liquid detergent manufacturers need to major more on the price of the product and the quality. These
two factors are critical in ensuring a new detergent business venture is successful and sustainable. Davis
(1993: 19) punts 'green marketing' as one of the strategies that may shift consumers to purchase
products. Accordingly, companies that can market a 'green' detergent product would have a greater
chance of penetrating the market, and gaining market share from the dominant and larger multi-
national detergent companies.

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References

- http://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=5996&context=lkcsb_research
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- http://dspace.bracu.ac.bd/jspui/bitstream/10361/4402/1/final%20report.pdf
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Based_Dynamic_Pricing_in_Online_Retailing_A_Methodology_Validated_with_Field_Experim
ents/links/58c44da3aca272e36dd6f3c1/Competition-Based-Dynamic-Pricing-in-Online-
Retailing-A-Methodology-Validated-with-Field-Experiments.pdf
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tising_and_price_competition_in_a_manufacturer-
retailer_channel/links/592c2326aca27295a80f6f11/Advertising-and-price-competition-in-a-
manufacturer-retailer-channel.pdf
- https://seminar.utmspace.edu.my/jisri/download/Vol11-1/Paper7-Yunusa.pdf
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