Prince dudhatra

I, the undersigned a student of T.Y.B.B.A. Here by declare that the project work presented in this report is my own work and has been carried out under the supervision of Christ College of Rajkot under Saurashtra University. The work has not been submitted previously to any other University for any examination. Of

Date: Place: Rajkot Signature

(Vishal K. Kataria)

The experience is like adding sugar to sweet Practical Study plays a vital role in the field of education. It has been introduced for the students to get practical knowledge along with the theoretical knowledge; only bookish knowledge is not the right way of learning anything especially for the management students. How management principles are implemented in business can only be known through practical study through visit, students can be berry well become ware about industrial environment like problem, opportunities, different situations etc. This helps the students for better understanding & also gives then a chance to show their skills & ability. According to the above reviews our Saurashtra University has included practical training of any industry & viva of it as 8th paper, With a view to expand my boundaries of thinking about implications of the theoretical knowledge in practical field & have preferred M\s. ELLORA TIME Ltd., situated in Morbi, Gujarat for the same. (More known by the brand AJANTA as well as ORPAT) It was really a nice experience for me to get training in such a reputed company. It is a matter of great pleasure to present this report work, Training in the unit has helped me to gain lots of practical knowledge which am sure would benefit me in future.

I take the opportunity to express my whole hearted gratitude to all the partners of Ellora Time Ltd. Company for their kind consent which has made this project feasible. In preparation of this report, I have received encouragement and support from various persons. I would like to express my gratitude to all these persons. My special thanks are due to Mr. JAYSUKHBHAI PATEL, CEO of the Ellora Time Ltd. & RAJIV RANJAN corporate & Showroom Marketing Manager of Ellora Time Ltd without whose help guidance and support, it would have been difficult to bring this report to its present from. I remain indebt fully grateful to them all for the support provided. I take this opportunity to express my deepest sense of gratitude towards Mr. Rajiv Ranjan, Corporate and showroom marketing manager of Ellora Time Ltd. Who were my guide and mentor for this project. I would like to thanks also due to the staff of Ellora Time Ltd whose special help and assistance helped me to guide this report. For the support and guidance my deepest thanks are also due to our center head Ms. Swati Doshi, who has helped us throughout and whose constant presence has been and inspiration to us. My thanks are also due to our faculty Ms. Swati Doshi. (Vishal K. Kataria)

Sr. No. 1) 2) 3) 4) 5) 6) 7) 8) 9) 10)

Particulars

Page No.

Overview of Company Marketing Mix of Ellora Time Ltd Price Mix Sales Volume of Ellora Time ltd Market Share Analysis of Company Competitive Advantage Profile of Ellora Time Ltd SWOT Analysis Suggestion Conclusion Bibliography

6 31 40 61 63 68 72 78 81 84

Sr. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Particulars

Page No.
8 9

History, growth &development of clock History, growth & development of Ellora Time Ltd. Basic Information Government Attitude Towards the unit Market Share Brand Name Slogan Of Ellora Time Ltd. Logo Of Ellora Time Ltd. Achievements of Ellora Time Ltd. Product Variety of Ellora Time Ltd. Product Design of Ellora Time Ltd.

12 14 15 17 17 17 19 21 26

About 4000 years ago, sun dials were developed to show time. A sun dial showed time by the shadow of a pointer. But it could not work on cloudy days and at night. Sundials were followed by water clocks and hourglasses. They measured time through flowing water or dropping sand from one container to another. The first mechanical clock was invented in China about 1000 A.D. but it could never develop. Then during 1200s came to be invented clocks. The first clock had no hands or pendulum. It worked by weight. The firs spring driven clock was invented in Italy during late 1400s. Electronic clocks were invented and quartz based ones in 1930s the automatic clocks come to be developed in 1940s whereas the digital clocks become popular in 1970s. This technology was first developed by Taiwan and after that the whole world has accepted Quartz Technology.

Ellora Time Ltd.

More known by the bran

AJANTA as well as ORPAT, situated in Morbi, GUJARAT. Ellora Time Ltd was established in the year 1971. The chief promoter of the company, Mr. Odhavjibhai R. Patel. Ellora Time Ltd Company is a partnership firm. With the initial investment of Rs. 1,80,000/=, the company had started manufacturing Pendulum Transistor Power Clocks. The initial production was of 15-20 pieces of wall clocks per day. In the year 1978, with the advent of striking winding clocks, the company adopted that technology and started making striking winding clocks. In the year 1982, Ellora Time Ltd manufacturing company started manufacturing one day Alaram Time Pieces. All these clocks were manufactured up to the year 1987. In the 1988, Quartz Revolution came into the world. In order to remain astride with the latest developments, The Companys then Chairman, Mr. O.R. Patel, went to Japan, Taiwan and Hong Kong and brought the Quartz technology to India. In the year 1990, Ellora Time Ltd Company was the first Indian Company to have manufactured Musical clocks. At present the company is owned, managed and controlled by the family group of the promoter. Mr. O.R. Patel

and six partners. This family group is known as ORPAT Family. In 1944, the company has entered the electronic calculator and quartz Time pieces market. The annual turn over of the Ellora Time Ltd exceeds Rs. 200 crores. Ellora Time Ltd Company has earned the unique distinction of becoming the larges manufacture of Quartz Clocks not only in India, But also in the world. Ellora Time Ltd share of Quartz clocks in India works out to be 60 to 70 percent. Ellora Time Ltd currently provides employment to around 6000 (90 % of which are female employees.) employees. The recently concluded volumetric production analysis gives an indication of companys capabilities. Now the company on strong ground and has the dredit of the THE WORLD LARGEST CLOCK MANUFACTURER as well as only company in India that manufactures calculators and Education Toys and the leader in Telephone manufacturing. The current production rang of Ellora Time Ltd has achieved a world record of manufacturing 1,36,92,872 clocks during 2002-2003. At present Ellora Time Ltd is manufacturing around 100 models of wall clocks, 40 models of Time Pieces, 25 models of Telephones, 30 Models of calculators and 3 different models of educational Toys.

10

Ellora Time Ltd has many firsts to its credit. The company is a pioneer in India to undertake in house C.O.B. Technology. Being an ISO 9002 and CE certified company. On expert front too. The company has emerged a clear winner. Winning many accolades in the process. The export market is expanding in the ever-expanding export demand; the company is striving to increase its exports. The company has best and strong distribution network existing in the nation and is exporting to more than 45 prominent countries all over the world. The company has stuck to its motto of providing world-class quality products and is confident of staying ahead.

11

 Name

of

the :~ Ellora Time Limited :~ 1971 :~ ELLORA TIME LIMITED ORPAT industries Estate, Rajkot Highway, Morbi 363641 Gujarat (INDIA) of :~ Private LTD :~ Ellora Time Ltd, Orpat Industries Estate, Rajkot Highway, Morbi 363641 Gujarat (INDIA) +0-2822-231444-45-46 +0-2822-230125 marketing@orpatgroup.com www.orpatgroup.com April to March

Company Year of Commencement Location

Form Organization Registered Office

Phone No Fax E-mail Address Web site Accounting Year

:~ :~ :~ :~ :~

12

 Size of Unit Brand Name Chair Person Bankers Auditor Weekly Off Labour Availability No of Employer International Market Office

:~ Large Unit :~ AJANTAQUARTZ ORPAT ECLECTORNIC REWA :~ Mr. Odhavajibhai Ravjibhai Patel :~ SBS Morbi industrial

Branch :~ Fenawala and Co., Rajkot :~ Wednesday :~ Local :~ 6000 (90% Female) :~ Dubai

13

In this advanced world, no country can remain isolated. So our country has also adopted the path of liberalization. Today, India is going towards the development of more and more industries government provides number of incentives to small sectors to run the business. It motivates of encourages businessmen to be more and more progressive by introducing various type of incentives. Government has also provided incentives to Ellora Time Ltd, it has its own power project and it sells electivity to GEB. Government has provided incentives to this power project. They get subsidy from the government sales tax incentives are also provided. And so far as control is concerned it is an the ACT, Rules and regulations of export and import are applied to this units s per the law.

14

The term market share is used frequently. Essentially it refers to the proportion of the total sales of a product during a stated time period in a specific market that is captured by a single firm. Market share can refer to entire industries, narrow segments, of particular geographic areas & also can apply to past, present or future time periods. The analysis of market share is needed to compare the companys sales with the industrys sales. Comparing a companys sales result with its goals certainly is a useful from of performance evaluation. But it does not tell how the company is doing relative to its competitors. This nothing but a detailed study of market share analysis, which indirectly helps, in accurate forecasting of demand for a product for successful marketing planning.

15

MARKET SHARE OF ELLORA

40%

10% 50%

Ello ra

Sa a my

Oth rs e

16

 BRAND NAME AJANTA QUARTZ ORPAT ELOCTORNICS REWA SLOGAN OF ELLORA TIME LTD In Clocks Worlds Largest clock Manufacturer In Timepieces Indias Largest Timepieces Manufacturer In Calculator Indias Largest Calculator Manufacturer LOGO OF ELLORA TIME LTD

17

The products like calculator, Home appliances, Educational toys, Telephone, Timepieces are sold under the Brand Name of ORPAT ELECTRONICS. The other Brand Name of REWA is also part of Ellora Time Ltd. The clocks are sold under the Brand Name of AJANTA QUARTZ and ORPAT. They have popularized their brand name through advertising in various medias and other sales promotion activities and from view point of distributors they have been successful in attraction customers with the brand name of Ellora Time Ltd. in general strong brand and strong distribution network is the right combination for success in the Clocks, Telephones, Calculators, Timepieces, Home Appliance.

18

Growth rate of ORPAT products is touching new horizons day by day and year by year and are being awarded by Government of India, Department of Electronics, ESC, Gujarat Government og Gujarat and State bank of Saurashtra for best exports as under: 1) In the year 1992, "Man of the Year" award was felicitated upon ORPAT's Chairman Shri Odhavjibhai R. Patel, under whose able guidance ORPAT has become India's Largest Time Piece Manufacturer and the recipient of Exports awards for outstanding export performance every year since 1991-92. 2) For the company export performance during the year 1997-98 the Ministry of Commerce, Government of India has awarded "Certificate of Merit" to Ellora Time (P) Ltd. Honorable Prime Minister Shri Atal Bihari Vajpayee at a function organised at Vigyan Bhavan presented this award to the company on January 21, 1999. Shri A. O. Patel, Director of the company received the award on behalf of the company. 3) Ellora Time (P) Ltd. had achieved a record sales target of 17,55,000 Quartz Time Pieces and earned a foreign exchange of $35 Lacs to the nation during the financial year1997-98 through exports. The total value of exports during the year was Rs, 12.96 Crores. 4) Electronics and Computer Software Export Promotion Council Award for Excellence in Export Performance chose the company for the recognition in year 1996-97 and 1997-98. 5) Company's Managing Director Shri Pravin O. Patel was the recipient of the "TRADE POST MAN OF THE YEAR" award for year 1999 as an honour for acknowledging ORPAT's achievement of being highest

19

exporter of electronics consumer goods and India's leading quartz alarm clocks despite free imports and Chinese Challenge.

ACHIVEMENTS OF ELLORA TIME LTD.

20

Product variety includes the types of product, which a company produces. Then may be for the same consumers or for different consumers. In other words, the different products may satisfy similar need of different needs. Until the year 1998, the product variety of Ellora Time Ltd included only wall clocks. But in the year 1994, the company has included electronic calculators to its products range, The initial production of Ellora Time Ltd company included only Pendulum Transistor Power Clocks. In year 1978, the company started manufacturing striking wading clocks. In the year 1982, the company started manufacturing one day Alarm Time Pieces. From the year 1998, till date the company has been manufacturing Quartz Clocks and shapes. From the year 1994,. Ellora Time Ltd Company has introduced Electronic Calculators to its product range, The Telephone and Calculator, Now they have to Variety of clocks, Time Pieces, Calculators, Home Appliance and Educational toys. It ahs around 100 models of Wall Clocks, 40 Models of Time Piece, and 25models of Telephones, 35 Models of Calculators and 3 Models of Educational Toys has to different sizes. All products of Ellora Time Ltd have provided different variety of each products and different to other products, It has models of all classes of society.

21

 Wall Clock

1) Wall Clocks 2) Simple Clocks 3) Office Clocks 4) Wooden Clocks 5) Musical Clocks 6) Musical Pendulum Clocks

22

 Telephone

1) Basic Telephone 2) Featured Telephone 3) LCD Display Telephone

4) Advance Featured Telephone

23

 Calculators

1) Basic Calculators 2) Check and Current Calculators 3) Scientific Calculator

24

 Home Appliances

1) 2) 3) 4) 5) 6) 7)

Irons Light Product Sandwich Toasters and Fryer Kitchen Products Hair Products Air Products Water Products

25

Design reflects the outlook of the product. Design reflects are features of the product which makes it different from other products. Designing a product is a specialized job. Various aspects of the product are to be kept in mind while designing a product. These may include product differentiation, features, characteristics, performance, conformance, durability, reliability, reparability, and style etc. design is the physical appearance of 5 various kinds of products. Design is the integrating force with all the above features as its parameters. The designer has also to keep in mind the capital allocated to designing. From the companys point of view, a well designed product would be easy to manufacture and distribute. Form the customers point of view, a well designed product would b pleasant to look at easy to open, install, learn how to use, use repair and dispose off. Ellora Time Ltd Company a special designing team is engaged whose primary job, is to formulate new design for all product. This designing team works full time and takes a time period which ranges from 15 days to 2 months to formulate a new design, On an average this designing team designs around 20-24 new models is introduced in the market on commercial basis, an outdated models which has lost its demand, is pulled back from the market. These models are put to the board of the

26

company for approval. Once these designs are approval by the board, the mould required to manufacture the body of the products are shaped with the company itself. The Research and Development department of the company works hand in hand with the designing team to formulate new designs. The designing team also formulates new designs with additional features, which are in terms with the modern trends. Whenever the designing team designs a new model with additional or enhance features, it is put into the market of any major city and the feedback or the dealers and customers is recorded. Depending whether to product that model on a commercial basis. Sometime company makes innovate their product they get feedback from their customer and their employee side then they decide design, size, color etc. The chief work of the Research and Development Department is to attend various exhibition and seminars on clock and seminars their company product industries both inside and outside India and to select new designs and make them adaptable to the Indian needs and demand. At present Ellora Time Ltd Company produce various design, which are indigenously designs by the company.

27

 Wall Clock PRODUCT Wall Clock 1. Musical pendulum clocks 2. Musical Clocks 3. Wooden clocks 4. Office Clocks 5. Simple clocks Calculator Product Calculator 1. Basic Calculator 2. Check and Correct calculator 3. Scientific Calculator Total No of Models 30 No. Of Design 12 14 04 TOTLE NO OF NO OF DESIGN MODELS 100 20 10 07 06 57

28

 Home Apoliance Product Total No Of Models No Of Design Home Appliance 46 1. Irons 07 2. Light Product 05 3. Toasters and Fryer 06 4. Kitchen Product 05 5. Hair Product 06 6. Air Product 08 7. Water Product 09 Telephone Product Telephone 1. Basic Telephone 2. Featured Telephone 3. LCD Display Telephone 4. Advance Featured Total No of Models 25 08 06 05 06 No of Design

29

 Alarm Timepieces Product Total No. Of Models No. of Design Alarm Time Pieces 40 1. Wooden Alarm 07 2. Plastic Alarm 33

30

31

Sr. No. 1. 2. 3. 4.

Particulars

Page No.

Introduction of Marketing Marketing Mix 4p of Marketing Marketing Tools

33 35 38 39

32

The marketing philosophy of business assumes that an organization can best service, prosper and profit by identifying the needs of its customers. Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of customers on whom the organization depends. Customers needs are the starting point for all marketing activity. Marketing managers try to identify these needs and develop products, which will satisfy customers needs through and exchange process which identified anticipates and supplies customer requirements efficiently and profitability. As a business philosophy, marketing puts customers at the center of all the organizations considerations. Marketing is so basic that it cannot be considered as separated function. It is the whole business seen from the point of view of its final result, which is from the customers point views, Marketing is the process of planning and executing the conception pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individuals and organization goals

Marketing occupies an important position in the organization of business unit, traditional view of marketing
33

assets that are customers will accepts whatever product the seller presents to him. In this way the main concern of the choice or the behavior of marketing has now changed, The modern concept may be viewed from the customers point of view marketing deals with identifying and meeting human and social needs one of the shortest definitions of marketing is marketing need profitability, producer does not produce whatever he likes but what ever consumer wants. Ellora Time Ltd produces consumer goods, they are directly, related with consumers. Here marketing is of great importance because in todays era consumers are queen of the market. In case of Ellora Time Ltd but also captures international market. The companys main products are Clock, Calculator, Telephone, Timepieces, Home Appliance and Education Toys are said to the most qualitative product at the reasonable price so customers favor these products. There is great demand for the Ellora Time Lads products. Consumer it the center point and customer satisfaction is given prior importance. Ellora Time Led is given more and separate attention because it produces consumer goods, so it is directly with the consumers having complex nature. So with the increasing has become crucial part in todays organization.

34

Marketing is the bridge that diminishes that gap between the producer and consumer. Without marketing, all production activities would be fulfilled. Marketing as the term implies, is focused on the market place. Marketing is selling or advertising, or retiling, but notice that these are marketing activities. Marketing is a social process by which individuals. The term marketing mix describes the result of managements efforts to creativity combine these activities. The specific combinations of interrelated and inter dependent activities, which on organization to meet its objectives. The marketing mix may be have many factors, but the basic elements of the marketing mix product, place, price, and promotion also called, the controllable variables of marketing, because they can be controlled and manipulated by the market. Marketing mix decision must be made for influencing the trade channels as well as the final consumers. The company preparing an offering mix of product services, and prices and utilizing a promotion mix of sales force, public relations, direct mail, telemarketing, and the target customers. Typically, the firm can change its price, sales force size and advertising expenditures in the short run. It can develop

35

new products and modify its distribution channels in the long run. Thus the firm typically makes fewer in the short run than the number. A marketing strategy is a plan for selecting and analyzing a target market and developing and maintaining a marketing mix that will satisfy this target market. A target market is a group of consumers at whom an organization directs its marketing efforts. Once arm selects a target market, it must develop a marketing mix that satisfies that needs of this target.

36

37

Product Mix :~ A product mix it refers to class of product is any thing that satisfied a need or wants and can be offered is an exchange and an exchange. A product can be a good, service or idea. Price Mix :~ Price is the value placed on the something of value in an exchange. Consumers exchange something of value normally purchasing power for the satisfaction or ability they expect a product to provide. Promotion mix :~ Promotion refers to marketing activities used to communicate positive, persuasive information about an organization, its products and activities to directly expedite exchange in a target market. Place Mix :~ Place refers to marketing activities that make product available to consumers at the right and in a convenient location. Thus, marketing mix is very vital decision to maintain the market corner or to increase good will of the unit. The above mentioned for variable are mixed to satisfy customer needs and wants. Marketing mix is the set of marketing tools that the firm uses to purpose its marketing objective in the target marketing.
38

Product Mix 1. Product line 2. Product variety 3. Product Quality 4. Product Design 5. Product Features 6. Bran Name 7. Packaging & Labeling 8. Sizes 9. Service 10. Warranties AND

Price Mix 1. Price Decision 2. Pricing Method 3. Price Lest 4. Discounts 5. Allowances 6. Credit Terms

MARKETING MIX

TARGET MARKET Place Mix Channels 2. Coverage 3. Location 4. Inventory 5. Transport 6. Ware Housing Promotion Mix Sales Promotion Advertising Sales Force Public relations Direct Marketing

1. 2. 3. 4. 5.

39

40

Sr. No. 1. 2. 3. 4. 5. 6. 7. 8. 9.

Particular Introduction Pricing Objectives Pricing Decisions Price Method Price List Discount Allowance Payment Period Credit Terms

Page no. 41 43 45 47 48 53 55

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Price is the only element of Marketing Mix that produces revenue. All the other elements like product cost. Pricing & price competition is the No.1 problem facing the marketing executives. Price is the something of value given up, consumers may purchase a substitute product is not worth the value given up; consumers may purchase a substitute product or decide not to purchase the product at all. Consumers exchange something of value, normally buying power; for the satisfaction or ability they expect forms if the entire marketing mix variable price is probably the most flexible. Organizations can adjust prices much more easily than they can modify the product change the promotional program or redesign the distribution systems. Price also the marketing mix variable that relates most directly to revenue. Where as product, promotion and distribution efforts require expenditure by as firm, the price of a product determines how much money comes into an organization. Thus, prices affect an organization profit, which are vital for long-term survival. In spite of the high degree of importance given to price mix and the only revenue-earning element, most companies do not handle pricing well. The most common mistakes are made when price is consideration to be too cost oriented, price neither is nor revised often enough to capitalize
42

on market changes. Price is set independent of the rest of the marketing mix rather than as an intrinsic element of market positioning strategy and price is not varied enough for different product items and market segments. Price is a value of goods. From customers point of view it is revenue pricing decision, which is considered very critical decision because it declared the sailing volume, profit and image of the firm. While deciding price all factors are considered that affects the producer as well as consumer. The factors may be economical, social, potential and other factors. Thus, a major part of success of business depends on its price how consciously, price of a product is decided is very important. Price mix is the second part of marketing mix. It determines company market share and profitability. Price is critical marketing mix tool and is the amount of money that customers have to pay for the product. Any company has to take decision on wholesale, and retail prices, discounts, allowance and credit terms. The price of the product should commensurate with the perceived value of the offer or else buyer will turn to competitors in choosing their product.

43

Pricing objectives is a general goal that describes what an organization hopes to achieve through its pricing activities. Pricing objectives should be measurable so that they can be evaluated. Since they effect decision in other fictional areas, such as finance & production, they must be consistent with the organizational mission &objectives. The company first has to decide what it wants to accomplish with the particular product. These objectives can be in terms of survival in the market, maximum current profit, maximum current revenues, maximum sales growth, & maximum sales growth, & maximum market skimming & product quality leadership. The pricing policy of Ellora Time Ltd Company is formulated keeping in mind the fact that majority of Ellora Time Ltds consumers belong to upper middle class and middle class. Therefore, the pricing policy is formulated in such a way that it is affordable by all classes of people and is not a burden on their income. The main aim of the company while, setting price objective is to maximize sales growth and current revenue by keeping share the cost as low as possible, in turn increasing both sales and market share. At the end of the financial year, the top management of the company sits together and formulates all policies of the company, including the pricing policy. The pricing policy is formulated keeping in mind the estimated
44

profit, estimated annual turnover, etc. all these figures are calculated on the basis of past performance and future estimated sales.

45

Pricing is a very critical decision in marketing management. The main objective of the firm, that is, to earn profit very much depends upon the correct price decision. After meeting all the cost involved, the sale revenue generated must yield a surplus before there can be profit. Price is the only element in the marketing might cerates sales revenue; the other elements are costs. What price should be changed for a product is a crucial question. Several factors-economic social, political and other factors influence the pricing decisions. Moreover marketing conditions or company product in the market or competitive situation affected the pricing decisions. Now a days Ellora Time Ltd Company is trying to create image. So its basic aim is to earn profit but main aim is to establish the product. Ellora Time Ltd has following pricing decision. 1) 2) 3) Market penetration Product quality leadership To cover the cost

Ellora Time Ltd decided price of their products depend on market monopoly, cost of raw material, government policy,

46

distribution margin and most important thing is their competitor products price. Ellora Time Ltd provide chipper price for companys products, comparison to their competitors. All include these factors then they has to take price decision. Thus, Ellora Time Ltd determines the price on the basis of economical rule i.e. price should be equal to the utility the customer derives from that product.

47

After decision pricing decision, the next function is to set up price. This is a very important and difficult task because many factors affects when deciding a price. Two main factors are helpful in deciding price. Competitors price & cost element, A part from these two customers purchasing power is also considered. So far as Ellora Time Ltd has concerned it has selected the traditional method is cost plus pricing to determine the prices of products. It is widely used by business organization. So here, company determines the prices by adding cost and predetermined percentage of profit. This method includes various costs like material cost, labor cost, overhead expenses, sales tax etc and percentage of profit margin may be change year to year.

48

Any company, which adopts the dealer Retailer Channel of distribution has to be very careful while formulating its pricing objective and pricing policies. These companies have to print and circulate price lists periodically in order to make the dealers, Retailer and consumer aware of the price. Also the Maximum Retail price at which the product is to be sold is usually printed on the company. To the company, it is a statement which indirectly shows the future profit. Price list tie the hands of the dealers & retailers in terms of maximum price of the product. The pricing policies of Ellora Time Ltd. Company are formulated at the end of every current financial year. Than the top mgt. sits together and revises its pricing policy for the next financial year. Keeping in mind the class of consumers to which the company relates, it always strives at achieving a low cost of production which would win a low and affordable selling price without compensating the profits. At the end of every financial year, after the company formulates its policy for next financial year, separate price lists are prepared, printed & circulated to the various dealers who in turn distribute them to retailers. This price list is effective from the date specified and all previous price lists become ineffective.

49

The change in price of Ellora Time Ltd. are chiefly due to a change in the prices of raw materials, Imports of new technology, change in exchange rates, change in the industrial policy of the govt., etc. keeping in mind these changes, the company revises its existing price list and formulates the new one. Though it looks like a relatively easy task, it is not so. The large amount of hard work and effort which goes behind the preparation of price lists can not be measured. The top mgt. and various other employees of the company work days together to prepare the final price list. Numerous calculations are made, various estimations are figured out, and other processes are carried out before the final price list is finalized. Thus, all aspect which directly or indirectly affects the price of products is to be taken into account. Also the margin of profit of Ellora Time Ltd., its distributors and retailers is to be taken into account. Price list of the Ellora Time Ltds products :~

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 Wall Clocks :~ Sr. No. Products 1. Musical & Musical Pendulum 2. 3. 4. 5. 6. Sweep Wooden & Pendulum Fancy & Big Wood Plat Economic Range Price 240 to to

Rs.

Rs. Rs. 400 280 230 135

19000 Rs. 170

1450 Rs. 170 to Rs. Rs. 130 to Rs. Rs. 210 to Rs. Rs. 65 to Rs.

Time Pieces :~ Sr. No. Products 1. Table Pendulum Time Pieces 2. Devotional Type Alarm 3. 4. 5. Bell Alarm Snooze Alarm Simple Buzzer Time Pieces Price Rs. 150 to Rs. 320 Rs. 300 to Rs. 400 Rs. 150 to Rs. 195 Rs. 105 to Rs. 190 Rs. 85 to Rs. 165

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 Educational Toys Product 1. Educational Toys & Weight

Scale

Price
Rs. 325 to Rs. 2200

Calculator Product 1. Check & Correct Calculators 2.Basic Calculator 3. Scientific Calculator Telephone Products 1. Advanced Featured Technology
Telephone 2. LCD Display Telephone 3. Featured Telephone 4. Basic Telephone

Price
Rs. 199 to Rs. 465 Rs. 60 to Rs.320 Rs. 220 to Rs. 300

Price
Rs. 1410 to Rs. 2190 Rs. 485 to Rs. 950 Rs. 410 to Rs. 600 Rs. 280 to Rs. 405

52

Ellora Time Ltd gives some discount to his dealers and also at Diwali time, given surprised gift to his distributors who achieved targeted sale. This policy of Ellora Time Ltd motivates the distributors & ultimately increases the sales volume. Company gives offering discounts to Dealers & Retailers is very effective and has resulted in an increase in the total sales and sales revenue of Ellora Time Ltd.

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The term Discount means a deduction from the nominal value or price or amount of the product. In other words, discount is taken off the full price of the product. Most companies modify their basic price to reward the customers for such acts as early payment, volume purchase and off season buying. The prices adjusted are called discounts. Discounts are a very popular tool in the hands of the top management to increase their sales. The companies make efficient use of the tool to expand their market. Discounts can be offered I various forms like cash discounts, quantity discounts, functional discounts, seasonal discounts, etc. discount are direct benefit to the consumers and an indirect benefit to the manufactures. Consumers benefits are the reduction in of the product. Manufactures benefit in terms of increase of sales, increase in the total revenue, reduction of stock, and many other intangible benefits. Ellora Time Ltd Company does not allow any direct discount to their dealers, retailers, and consumers. But at the end of financial year, the company gives a surprise gift to its dealers. This gift may in terms of cash money depending on the quantity of clocks sold or some other tangible gift also depending on the quantity of clocks and other products sold. The dealers and retailers are aware of the fact that they will receive a gift but the gift itself is a surprise. This is an incentive to the
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dealers and retailers to sell more. It totally depends on the dealers and retailers incite to sell more other products and clocks of Ellora Time Ltd rather than of any other brand.

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Allowances are other types of reductions from the list price. An allowance is amount offered in return for the retailers agreeing to features the manufactures product. A display allowances compensates them for carrying a special product display. Allowances are another reduction from prices they are given to dealers to promote the sales. It is an efficient promotional tool. In other word, it is a return to distributors for favoring the product of a firm. Ellora Time Ltd has given fix margin of allowance to its dealers. Its depending upon the relation with dealers to the company. Some time dealers are given extra allowances for great effort of increasing sales. Ellora Time Ltd offers no special allowances to its dealers or retailers. This is because of all the trade promotion activities are directly carried on by the company itself. Thus, the process of promotion is centralized.

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Payment period is a critical aspect of any manufacturing organist ion. Payment period refers to that period of time within which the dealers have to pay the money to the to the manufactures. Payment period is a crucial period of time. This is because the company has to plan its revenue and expenses depending on the payment period. If eh payment period is very short then the capital turnover is very liabilities easily. If, on the other hand, the payment period is very long then the capital turnover is very low and the company always experiences a deficiently in the funds. Considering the important of payment period, careful calculations and computations are necessary and are usually carried out in order to arrive at the effective payment period. This period is binding on both the consumers and the producers. The terms of credit always depends on the policies of the company giving the payment period. It is usually arrived at by an agreement between the seller and buyer. Ellora Time Ltd Company has no direct connection with its ultimate consumers. Company only has a direct connection with their distributors who sell and promote only Ellora Time Ltd products. So they have only to consider the payment period of the distributors who have to worry about the payment period of retailers and the retailers sell the products of Ellora Time Ltd to the ultimate

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consumers in cash. Ellora Time Ltd has a well Goodwill as well as vary big popular name in Clocks and Electronics product so they can get half payment in advance and remaining amount is collect 25 to 30 days its dealers. This is considering only distributors.

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Payment period is also called the credit period because it is the period for which credit is allowed to the consumers. The terms of credit always depending on the policies of the company giving the payment period. Credit terms refer to the rules and regulations in the form of an agreement between the producers and consumers in relation to the credit facilities which the producers give to their consumers. Depending on the policy of the management of the company, credit terms may remain the same from consumer to consumer. Credit terms may also change when the policy of the company changes over a period of time. Credit terms can be defined as a set of rules and regulations which bind the parties to agreement in obeying them and abide by them. The credit terms of Ellora Time Ltd Company are fairly straightforward. The credit period allowed to the dealer is 25 to 30 days. The company also takes a deposit from the distributors against the dealership allocated to them. The company usually does not allow a credit which is more than the deposit. So the company is fairly safe in relation to the credit facility. When the company exports its wall clocks to other countries, it delivers the consignment only after it receives and irrevocable letter of credit, the delivery is done within 6- days. All bands charges are on the account of buyers. Thus, the terms

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of experts are more stringent as compared to the domestic market. This is chiefly because a company cannot easily recover its due from on site demand incase a distributor turns defaulter.

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SALES VOLUME OF ELLORA TIME LTD

2002-03 2001-02 2000-01 1999-2000 1998-99 1997-98 1996-97 1995-96 1994-95 1993-94 65 59.67 44.2

212.01 190.52 178.03 156.12 124.12 95.89 85

50

100

150

200

250

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The analysis of market share is needed to compare the companys sales with the industrys sales. Comparing a companys sales results with its goals certainty is a useful from of performance evaluation. But it dose not tell how the of performance evaluation. But it does not tell how the company is doing relative to its competitors. This is nothing but a detailed study of market share analysis, which indirectly helps in accurate forecasting of demand for a product for successful marketing planning. Ellora Time Ltd has a national and international market it also face big competition. But due to it quality Ellora Time Ltd. gets string position in market.

MARKET SHARE ANALYSIS OF ELLORA TIME LTD IS GIVEN BELOW

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All over in India Market share of Ellora Time Ltd

others 30%

ALL Over in Indial 70%

Market Share In Wall Clock

Ellora 25%

Others 75%

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MARKET SHARE IN CALCULATOR

ELLORA 18%

OTHERS 82%

MARKET SHARE OF TELEPHONE

OTHERS 84%

ELLORA 16%

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MARKET SHARE IN tIME PIECES

OTHERS 93%

ELLORA 7%

MARKET SHARE IN HOME APPLIANCE

ELLORA 4%

OTHERS 96%

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Competitive Advantage Factor Companys position in the factor,

Marketing Factors :~ Superior, especially in the Wall

Clocks, Telephone, Calculator having a good market share and its overall market share in India is 70 percent. Has cut delivery time and improved service to customer by increasing production. Ellora Time Ltd having a wide product line Wall Clocks, Home Appliances, Timepieces, Calculators, Telephone, and Educational Toys. Widest product rang in terms of product, colours, size, features, design, etc. 100 models of Wall Clocks, 40 models of Timepieces, 25 models of Telephone, 30 models of Calculators, & 3 different types of Education Toys. Has quite a number of brands converting all segments and filling all gaps. Ellora Time Ltd has a three brand name ORPAT, AJANTA, REWA. Totally Ellora Time Ltd products enjoys prominent place in more than 45 countries. 300 wholesalers & around 50,000 retailers dotting the country, the company has one of the best distribution networks of regional offices and company depots and sales personnel service the nation wide dealer network.

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Manufacturing/Operations Factor :~ Size advantages in

relation to compaction finesse in production planning and scheduling, matching with marketing requirements. For production location; spread Benefit. High capacity production. Strong in quality assurance; that is ISO 9002:9001 and CE certification. Well established supplier network helps in cost, effective production. Strong distribution channel has helped Ellora Time Ltd create a strong supplier net work & high capacity utilization. Human Resources Factors :~ Has a highly skilled, well

trained and well motivation workforce and competent engineers and executives. The company currently provides employment to around 6000 employees (90% of which are female employees). Technology And R & D Factors :~ Company is using

most advanced & sophisticated machineries to give best international standard products. The only company which has installed more than 130 Imported Injection Molding Machines with Micro Process base controlled system.

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The R & D department at Ellora Time ltd is the reach behind the companys phenomenal success.

Finance Factors :~ A strong position in profit and net

profit of Ellora Time Ltd in year 2004 is 7.2 percent. Return on Assets of Ellora Time Ltd is 27.71 percent. Corporate Factors :~ Strong & high Corporate Image.

Company has been winning the ESC Award for consecutive 10 years for the Excellent Performance in Export by the Ministry Of Communication & Information Technology ( Govt. Of India). A world record production of 2,36,91,424 Clocks during 2003-2004.

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After gaining an entry in the customer home, smart marketers aim for a space in the customers heart too. To reach at the consumers heart Ellora is doing SWOT analysis so that they can add value to the customers. Feedback is the breakfast of champions SWOT Analysis means the analysis of :~ 1. S = Strength 2. W = Weakness 3. O = Opportunity 4. T = Threat

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. S :~ Strength Experience, Strong T :~ Threat

Quality, Service, Technology Chances of Duplication Marketing Infrastructure In India & Out side India. W :~ Weakness Stiff Competition with Samay Strength :~ I am I am superior I am beautiful :~ :~ :~ Worlds Largest Clock Manufacturer. In Quality, In Marketing, In Experience. In Color & Shape. Ellora Time Ltd. Quality is ke6y to success , translating it into a reality, company has concentrated of quality, simultaneously keeping a hawk eye of cost factor. And the result is beautiful models of Quartz clock. Fine blended with quality & economy. O :~ Opportunity Electronic items like CDs, Toys, Wrist Watches etc.,

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Ellora Time Ltd is an enormous plant situated on 15,00,000 sq. ft. of land on Morbi Rajkot Highway Equipped with world famous highly sophisticated machines in all departments packaging. As research & development play a vital role into quality enhancement, R & D at Ellora Time Ltd is equipped with the state- of the are instruments & most modern testing devices, which help not only meeting the exact quality but also meet the changing requirement of customer, by producing new & innovative products all the time. Weakness:~ The company has to face stiff competition with SAMAY & other clock manufacturing Companies. This the only weakness of the company & every time they surviving form this competition very plan fully & impressively. including molding, assembling, testing &

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Opportunity :~ Small opportunity are often the beginning of great enterprises. There are so many opportunities, which the company can capture in near future, It envisages to start production of following electronics items in near future :~ Wrist Watches CDs Toys Dont sit-down & wait for opportunities to come. Get up and make them! Threats :~ In todays competitive era there is always risk. More risk, more glory is the call of the day, Some threats are there for Ellora Pvt. Ltd. There is a chance of duplication of the products. Competition can also be a major threat.

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But Ellora Time Ltd. is having broad horizons & vision. So that it anticipate the furute well & can known the threats, which can become hurdle in future as the Ellora people are having 50 years experience of clock market. Ellora Time Ltd. Can say that :~ WE ARE THE LEADER OF THE CLOCK MARKET, WE ARE NOT AFRAID OF COMPETITION, LET COMPETITION BE AFRAID OF US

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Ellora Time Ltd each department has its own muster which daily entry and exits of each employee a noted. All workers are given numbers along with their individual card which indicates their department. The company is having a system that is manual card showing system. This system is very time consuming as per as the number of employees are less time consuming should be adopted by the company. Ellora Time Ltd here 90% employees are female and most of them come from villages and less educated. Due to this Ellora Time Ltd arrange special training and development programs for their employees. They should appoint some qualifies employees for the management of the workers that are illiterate. They should spend the money training camps. In the training camps under the supervision at the qualified person than can assure good output in all circumstances from workers. Ellora Time Ltd has 3 brand names from which Ajanta, Orpat, Rewa are given top priority for on publications. Thus, two means of Ellora Time Ltd are very popular amongst the market. But Rewa is not given any priority on publication. Thus it is not known to people doesnt accept is quality product and so the company should give somewhat priority to Rewa on publication.
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In this world competition they should give top most priority on companys publication. Ellora Time Ltd should give their advertisement on T.V. as well as Newspaper like Times Of India Economic Times in Gujrat company give advertise in Gujrat Samachar and Sandesh. They should specialy give on the famous T.V. channel like Star Plus, News channel, National Channels,.etc. Ajanta, Rewa, Orpat of Ellora Time Ltd from which Orpat manufactures large verity of Home Appliances but never done publicly for this Appliances. Now a day this product is decline stage. They used the publicity for this Home Appliances. When company started producing Home Appliances Company more focus on this products advertisement but after some time they stopped giving advertisement and the low sales the Home Appliance reached the decline stage. They should make advertisement of this Home Appliance. They should start doing the publicity to take the position of sales topmost level.

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Ellora Time Ltd Clock manufacturing company is a progressive in the field of Wall-Clocks. The contribution of the company to the industry is substantial. It has reached its zenith in the world of clocks. It has adopted a futuristic approach, anticipating the companys need in the era to come. Ellora Time Ltd, the brand name of the company has become a house hold Name Company. It provides employee to around 6000 employee (90% of which are female employees). Thus, the company has given employment to a large number of people who are very much in need of it. The firm always keeping itself unto date with latest developments in the field of technology for the production of new type of clocks. This is the secret of its great success. A part form this the industrial relations are also sound. It maintained good relations with other companies. The spirit of brotherhoods is also developed between mgt. & workers. The company is earning reasonable rate of profit. The chief aim of the company is to capture the international market as well. It wants to become the biggest exporter Wall-Clocks in the worlds. I had a great experience in visiting Ellora Time Ltd. Who more know as ORPAT it is really a progressive company. One seeing its production it is tremendous development for any new company from all points of view ORPAT is perfect in its world.
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AT last, I would to say that this type of industrial visit helps us in future. I also thankful to the MR. Rajiv Sir who is marketing manager of Orpat Company. And I give my best wishes to ORPAT to achieve more and more success and to become world famous.

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Sr. No. 1 2 3 Sr. No. 1 2

Name Of the Book Marketing Management Marketing Management Marketing Management

Author Philip Kotler

Dr. C. B. Gupta & Dr. N. Rajan Nair Sharlekar

Name Of The Site www.orpatgroup.com www.AJ.com

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