A Summer Internship Project Report on STUDY OF MARKET SHARE & RETAILER SATISFACTION FOR HAVELLS

Submitted in partial fulfillment of the requirements for the degree of Post Graduate Diploma in Management (MARKETING) By VAIBHAV BAGARIA (Roll No.A2-59)

Under the guidance of Prof. Rajlaxmi Pujar A Study Conducted for HAVELLS INDIA PVT. LTD.

at Indira School of Business Studies, Tathawade, Pune 411033 (2011-13)

ACKNOWLEDGEMENT

Such Thanks I give as near death to those that wish him Live - Shakespeare

I take this opportunity to express my sincere thanks to everyone who has directly or indirectly helped me in completing my summer project successfully.

I would like to thanks HAVELLS INDIA LTD. for giving me an opportunity to work on this project in this reputed organization. The 45 days spend with Havells India ltd. has been real fruitful experience.

I am very thankful to Mr. Amit kaushik (Branch Manager), Havells India who has provide me with such a wonderful opportunity to gain practical for this organization . experience by working on a project

I owe a profound intellectual debt to my project guide Mr. Durgesh Singh (Business Dev. Head) Havells India ltd, Pune for guiding me at each stage of my project and giving me valuable inputs, taking time out from his busy schedule to help me with my project.

I thank our SIP Mentor Mrs. Raj Laxmi Pujar for helping me completing the project successfully.

Last but not the least I would also like to express my gratitude to Havells employees. All of my friends who helped me a lot through-out this project.

Vaibhav Bagaria Indira School of Business Studies Batch 2011-2013.

FORMAT OF CERTIFICATE FROM THE COLLEGE

This is to certify that Mr. Vaibhav Bagaria is a bonafide student of this institute and has successfully completed his project entitled To Study the Market Share and Retailers Satisfaction of Havells at Havells India Pvt. Ltd for partial fulfillment of course Post Graduate Diploma in Management (Marketing) from Indira School of Business Studies.

Dr. Renu Bhargava Director, ISBS

Prof. Raj Laxmi Pujar Internal Guide

EXECUTIVE SUMMARY

The SIP project was carried out by me under Havells India ltd in PUNE. This research shows that companies today are not only customer centric but also proactive to importance of Channel Satisfaction.

Since my purpose of the study is to deeply understand on how organization maintain Channel Satisfaction and have tried to gain as much as information as possible. My research is primarily descriptive since research question aim at describing TO STUDY THE MARKET SHARE AND RETAILERS SATISFACTION FOR HAVELLS. So my intension in this research is to find out how companies strategically maintain Channel Satisfaction and companies benefit from this loyalty and create competitive advantage.

I got the opportunity to complete my summer internship program in HAVELLS INDIA LTD a leading MNC in this sector and being part of training team as marketing student and thus it has been a great learning experience.

TABLE OF CONTENTS

SR NO.

TOPIC

PAGE NO.

INTRODUCTION

INDUSTRY OVERVIEW/COMPANY OVERVIEW

REVIEW OF LITERATURE

11

OBJECTIVES OF THE STUDY

16

RESEARCH METHODOLOGY

18

DATA ANALYSIS & INTERPRETATION

21

FINDINGS

31

CONCLUSION

33

LIMITATIONS

35

10

RECOMMENDATIONS

37

15

ANNEXURE

39

16

BIBLIOGRAPHY

42

LIST OF TABLES

Table No.

Content

Page No.

01

RETAILERS DEALING IN HAVELLS PRODUCTS

23

02

HOW LONG HAVE RETAILERS BEEN SELLING HAVELLS PRODUCTS

24

03

AMOUNT OF BUSINESS ACCOUNTED FROM HAVELLS

25

04

PRICE OF HAVELLS IS COMPARABLE TO OTHER BRANDS

26

05

IS SATISFACTORY MARGINS PROVIDED BY HAVELLS

27

06

DOES HAVELLS PROVIDE SATISFACTORY SCHEMES

28

07

REASONS FOR WHICH END CONSUMERS BUY HAVELLS

29

08

DOES HAVELLS HAVE A SATISFACTORY DELIVERY SERVICE

30

09

HOW IS THE REPLACEMENT PROCEDURE OF HAVELLS

31

CHAPTER: 1 INTRODUCTION

1.1 What is the project?

To find out MARKET SHARE AND RETAILER SATISFACTION FOR HAVELLS IN PUNE and help organization to know the market share and Retailers satisfaction for their switchgear products.

1.2 Definition and purpose of the project.

Some of the most important purpose behind this project is to:

To find out the reach of Havells switchgears in Pune.

To assess the present market share and suggest improvements.

To find out Channel satisfaction levels and suggest measures to improve.

1.3 Scope of the project:

To be used by the company for understanding their market share and take further decision to increase market share in Pune.

To understand the Retailer satisfaction in Pune and take further decision to increase dealer satisfaction.

The purpose of this training was to have practical experience of working within the organization, in the field of marketing and to have exposure to the Important management practices in field of marketing. While writing this report the language has been keep simple and the entire Discussion has been logical.

The main motto of the Project work was MARKET SHARE AND

RETAILER

SATISFACTION Of HAVELLS, PUNE. It includes market Research for ESP department EBG (electrical electronic division). And in detail dealer (Satisfaction) responses analysis about distribution channel, service activities, price of products etc by surveying number of dealers.

The project report is divided into two parts, first part consists market research for finding out the reach of Havells switchgear in retail market of pune and second, consist survey report of various Retailers about their responses about satisfaction towards Havells in pune.

CHAPTER: 2 INDUSTRY OVERVIEW/ COMPANY OVERVIEW

2.1 Prospects of the Indian Electric Industry:

Like every other industrial sector in India, the Indian Electrical Industry too is slowly emerging from out of its "protective cover". For far too long has Indian Industry remained shackled and consequently inward looking. Over the past fifty years there was no exposure to global players and competition, with the result that the Industry grew up in a sheltered environment, dependent on the Government for everything, from licenses to protection to tariffs. Each one of these interventions was aimed at securing protection for oneself and ensuring growth of ones own organization at the cost of industry and the nation at large. Lack of global competition encouraged a "cost plus" approach, where every conceivable cost increase was passed on to the customer. There was thus no motivation to reduce costs.

As per the recent survey, the global electrical & electronics market is worth $1,143.2 billion, which is forecasted to grow to $ 1,250.6 billion at the end of the year 2009. If we talk of electrical & electronics production statistics, the industry accounted for $1,235.9 billion in 2010, which is forecasted to reach $1,510.00 billion by 2015.

At the outset, it must be stated that the reduced domestic demand is at best a temporary phenomenon. The power sector in India is bound to grow and this will undoubtedly boost demand from the Utilities, quite apart from the industrial demand which will continue to grow with increased industrial output. The poor financial health of the SEBs is however a damper that cannot be wished away in the short term. This will continue to plague corporate in the Electrical Industry, until the SEB restructuring and unbundling brings a turnaround in the medium term

Major Players of Electrical Industry-:

Havells Schneider L&T Guts Indoasian Anchor Legrand Wipro

2.2 COMPANY PROFILE

Havells India Ltd is a billion-dollar-plus organization, and is one of the largest & India's fastest growing electrical and power distribution equipment manufacturer with products ranging from Industrial & Domestic Circuit Protection Switchgear, Cables & Wires, Motors, Water Heaters, Fans, Power Capacitors, CFL Lamps, Luminaries for Domestic, Commercial & Industrial applications and Modular Switches covering the entire gamut of household, commercial and industrial electrical needs.

Havells owns some of the prestigious global brands like Crabtree, Sylvania, Concord, Luminance, Linolite, & SLI Lighting.

With 94 branches / representative offices and over 5000 professionals in over 50 countries across the globe, the group has achieved rapid success in the past few years. Its 12 state-of-the-art manufacturing units in India located at Haridwar, Baddi, Noida, Faridabad, Alwar, Neem rana, and 6 state-of-the-art manufacturing plants located across Europe, Latin America & Africa churn out globally acclaimed products. Havells is a name synonymous with excellence and expertise in the electrical industry. Its 20000 strong global distribution network is prompt to service customers.

The company has acquired a number of International certifications, like CSA, KEMA, CB, CE, ASTA, CPA, SEMKO, SIRIUM (Malaysia), SPRING (Singapore), TSE (Turkey), SNI (Indonesia) and EDD (Bahrain) for various products. Today, Havells and its brands have emerged as the preferred choice of electrical products for discerning individuals and industrial consumers both in India and abroad.

In an attempt to transform itself from an industrial product company to a consumer products company, Havells launched the consumer electrical products such as CFLs, Fans, Modular

Switches & Luminaires. The company has been consistent in its brand promotion with sponsorship of Cricket events like T20 World Cup, India-Australia Series and IPL Season first, second and third. The company has also taken the initiative to reach directly to the consumers through "Havells Galaxy" a one stop shop for all electrical and lighting needs.

Vision

"To be a globally recognized corporation that provides best electrical & lighting solutions, delivered by best-in-class people."

Mission To achieve our vision through fairness, business ethics, global reach, technological expertise, building long term relationships with all our associates, customers, partners, and employees.

2.3 PRODUCT RANGE OF THE COMPANY

Building circuit protection: Miniature circuit breaker Changeover switch Residual current circuit breaker Residual current circuit breaker with overload and short circuit protection Distribution board Industrial circuit protection: Air Circuit Breakers Loadline MCCBs Digital MCCB Panel Board System Automatic Transfer Switches Changeover Switches By-Pass Changeover Switch Switch Disconnector Off Load Changeover Switches Contactor Thermal Overload Relay Starters Switch Disconnector Fuse Fuse Switch & Switch Fuse Fuse Holder Fuse Link & Fuse Base. Plug & Socket Load Break Switch Capacitors.

Cables: LT PVC/XLPE Power/Control Cables. Domestic House Wire/Multicore Flexible Cables Specialty Cables a) Telephone Cables b) Instrumentation Cables Energy meters. Lighting solutions. CFL. Fans. Modular plate switches. Bath Fittings and Accessories.

During this project working as an intern my job was related with the limited section of Havells product which are Building circuit protection Industrial circuit protection and Modular plate switches.

CHAPTER: 3 REVIEW OF LITURATURE/ THEOREICAL BACKGROUND

3.1 Market Share"Market share is the percentage of a market accounted for by a specific entity." Increasing market share is one of the most important objectives of business. The main advantage of using market share as a measure of business performance is that it is less dependent upon macro environmental variables such as the state of the economy or changes in tax policy. However, increasing market share may be dangerous for makers of fungible hazardous products, particularly products sold into the United States market, where they may be subject to market share liability. Market share is a key indicator of market competitivenessthat is, how well a firm is doing against its competitors. "This metric, supplemented by changes in sales revenue, helps managers evaluate both primary and selective demand in their market. That is, it enables them to judge not only total market growth or decline but also trends in customers selections among competitors. Generally, sales growth resulting from primary demand (total market growth) is less costly and more profitable than that achieved by capturing share from competitors. Conversely, losses in market share can signal serious long-term problems that require strategic adjustments. Firms with market shares below a certain level may not be viable. Similarly, within a firms product line, market share trends for individual products are considered early indicators of future opportunities or problems." Research has also shown that market share is a desired asset among competing firms. Experts, however, discourage making market share an objective and criterion upon which to base economic policies. The aforementioned usage of market share as a basis for gauging the performance of competing firms has fostered a system in which firms make decisions with regard to their operation with careful consideration of the impact of each decision on the market share of their competitors. It is generally necessary to commission market research (generally desk/secondary research) to determine. Sometimes, though, one can use primary research to estimate the total market size and a company's market share. "Market share: The percentage of a market accounted for by a specific entity."

"Unit market share: The units sold by a particular company as a percentage of total market sales, measured in the same units." Unit market share (%) = 100 * Unit sales (#) / Total Market Unit Sales (#) Unit sales (#) = Unit market share (%) * Total Market Unit Sales (#) / 100 Total Market Unit Sales (#) = 100 * Unit sales (#) / Unit market share (%) "Revenue market share: Revenue market share differs from unit market share in that it reflects the prices at which goods are sold. In fact, a relatively simple way to calculate relative price is to divide revenue market share by unit market share." Revenue market share (%) = 100 * Sales Revenue ($) / Total Market Sales Revenue($) "Although market share is likely the single most important marketing metric, there is no generally acknowledged best method for calculating it. This is unfortunate, as different methods may yield not only different computations of market share at a given moment, but also widely divergent trends over time. The reasons for these disparities include variations in the lenses through which share is viewed, where in the channel the measurements are taken, market definition, and measurement error."

3.2 RETAILER SATISFACTIONABSTRACT The conversion of production-provider markets in customer-demand markets brings a change of power and influence in the distribution channel from producers to retailers as the direct contact to the final consumer. In this article there will be analyzed the influence of power and satisfaction on the success and the behavior of the members of the distribution channel. The first analyzed problem is whether a shift of power from producers to retailer has taken place. The second important thing is the satisfaction of the retailers with their producers, factors which influence this satisfaction and the impact of the retailers satisfaction on the success of producers. As a conclusion it will be analyzed, if there is connection between power and satisfaction and if there are any effects on the members of the distribution channel and their success. The second element analyzed in this article is the satisfaction of the retailers with their producers and the effect of an increased satisfaction over the financial success of the producers. On one hand some studies show that actually the power of the retailers increases their satisfaction. On the other hand the satisfaction of the retailers have a positive influence on the cooperation willingness of the partners, which will allow the producers to negotiate good conditions and terms despite the power of the retailers. So the question which has to be asked is whether satisfaction diminishes the exercise of power of the retailers? Moreover better conditions and terms represent a better result for the producers. Consequently after an analysis of all factors it can be stated that between power and satisfaction there is a mutual relation. On one hand the increasing power of the retailers create a dependence of their producers, which give retailers a certain security, which increases their satisfaction with the retailers. On the other hand producers aim by the increase of satisfaction, the creation of a certain loyalty from the retailers characterized by trust, moral, no switch which allows them to negotiate better conditions. So somehow it can be stated that by satisfaction retailers get softer

in the exercise of their power. Regarding the success of the members of the distribution channels, it is clear that retailers increase their success by getting favorable conditions because of their power, described by Porter as a competitive advantage. For the producers, the above mentioned studies showed that although producers have to accept the power of the retailers, they also benefit from their big market shares and big sales value. So the question is if their relation with the big retailers a pact with the devil is. Despite the increased income of the producers which supply big retailers, another aspect which has to be analyzed is who has the highest profit margin? Are these the retailers or the producers? So the power relation between retailers and producers can be considered a win-win situation, but in which one part wins more than the other.

CHAPTER: 4 OBJECTIVE

4.1 OBJECTIVESPrimary Objectives:

1. To find out the reach of Havells Products in Pune city. 2. To access the present market share and suggest improvements. 3. To find out the factors contributing in retailers satisfaction.

As a part of my project, I tried to analyze and explore the market share and dealer satisfaction in Pune. I surveyed all the market places of Pune while doing the project. Major Area of operations were covered by me..

The research methodology adopted was in depth interview of dealers & Retailers with respect to the questionnaire so as to understand the market trend, market share, brand performance and dealer satisfaction.

SECONDARY OBJECTIVES: 1. To find the factors which influence the customers in buying the Havells Products. 2. To find out the major competitor in switchgears. 3. To Study the customers opinion towards the services provided by Havells India Ltd. 4. To know the efficiency of distribution channel.

CHAPTER: 5 RESEARCH METHODOLOGY

5.1 Method of research:

Research design for customer satisfaction by conducting survey.

5.2 Type of research:

Research Design: Descriptive research design

Descriptive study is the fact finding investigating with adequate interpretation. It is more specific in nature.

5.3 Data type:

Primary Source of data: Retailers of the Electrical Product who uses electrical appliance. Secondary Source of Data:

Data collected from different Marketing, articles, magazines, reports, websites and books related to Electrical industry.

5.4 Data Collection Tool:

Questionnaire containing open ended and closed ended question along with some descriptive questions to make interaction more result oriented.

5.5 Sampling Plan:

5.5.1 Sampling Frame o Retailers of Electrical product in Pune.

5.5.2 Unit: Retailer

5.5.3 Size: Retailers of Electrical product : 70

5.5.4 Method: Non-probability Convenience sampling method.

5.5.5 Region: Pune, Maharashtra.

5.5.6 Analytical tool: Tabulation, Bar & Pie charts

5.6 Data analysis techniques:

The data was summarized in the excel sheets. Then Tabulation, Bar & Pie charts was drawn according to the responses.

CHAPTER: 6 DATA ANALYSIS, RESULT & INTERPRITATION

1) Do you deal in Havells Products?

Response Yes No Total

No. of Responses 62 8 70 (Table No.- 01)

Percentage 88.57 11.42 100

Deals in Havells

11% Yes No

89%

(Graph No.- 01)

INTERPRETATION

This graph shows that out of 70 dealers/retailers interviewed89% of dealers are dealing with Havells , which shows that Havells has covered huge market.

2) How long have you been selling Havells Products?

Years <1 years 1-3 years 3-5 years >5 years Total

No. of Respondents 9 10 11 40 70 (Table No.-02)

Percentage 12.85 14.28 15.71 57.14 100

How long have you been selling Havells Products?

13% <1 years 14% 57% 16% 1-3 years 3-5 years >5 years

(Graph No.-02) INTERPRETATION This graph shows that more than 55% interviewed dealers have been dealing with Havells from more than 5 years, on which most of them have been dealing from more than 15 years.

3) How much of your Business Volume is accounted from Havells Products?

Volume <25% 25% - 50% 50% - 75% >75% Total

No. of Respondents. 43 15 4 8 70 (Table No.- 03)

Percentage 61.42 21.42 5.71 11.42 100

Volume of Business accounted from Havells

11% 6% <25% 25% - 50% 21% 62% 50% - 75% >75%

(Graph No.-03) INTERPRETATION This shows that more than 60% dealers are dealing with less than 25% Havells product. It means there is scope of increase the sale of products by improving its loopholes like products quality, after sales services, dealers relationship & other loopholes.

4) What do you think about the prices of Havells with compare to the price of other brands?

Pricing Competetive Higher Lower Cant Say Total

No. of Respondents. 51 11 0 8 70 (Table No.- 04)

Percentage 72.85 15.71 0 11.42 100

Prices for the Products of Havells are

0%

11% Competetive Higher Lower Cant Say 73%

16%

(Graph No.-04)

INTERPRETATION This graph shows that most of the retailers think that the price of the Havells Product is higher when compared with other companies.

5) Are you satisfied with the Margins provided to you by Havells?

Responses Yes No Total

No. of Respondents 45 25 70 (Table No.- 05)

Percentage 64.28 35.71 100

Margins Provided by Havells

36% Yes No 64%

(Graph No.- 05)

INTERPRETATION This graph shows that more than half of the retailers are satisfied with the margin that is provided to them and 35% of the retailers are neither satisfied nor dissatisfied.

6) Are you satisfied with the schemes offered to you by Havells?

Attributes Satisfied Nor satisfied nor dissatisfied Dissatisfied Total

No. of Respondents 32 21 17 70 (Table No.- 06)

Percentage 45.71 30 24.28 100

Schemes offered by Havells

24% 46%

Satisfied Nor satisfied nor dissatisfied Dissatisfied

30%

(Graph No.- 06)

INTERPRETATION This graph shows that nearly 46% retailers are satisfied with the scheme that they get from the Havells but 30% of the retailers are nor satisfied nor dissatisfied with the scheme and around 24% of the retailers are not at all satisfied by the schemes.

7) What are the reasons the Retailers feels because of which the end consumer buy the products? Attributes Price Availability Quality Advertisements Total No. of Respondents 12 22 30 6 70 (Table No.- 07) Percentage 17.14 31.42 42.85 8.571 100

Reasons because of which end consumers by the Product

9%

17% Price Availliability Quality

43%

31%

Advertisments

(Graph No.- 07) INTERPRETATION This graph shows that nearly 43% of end consumers buy Havells products because of Quality, 31% consumers buy because of better availability of Stock, and rest of 9% and 17% buys because of Advertisements and price. Through this it has been showed that Quality is the main reason because of which Havells has created better impact of it in the Market

8) Are you Satisfied with the Delivery service of Havells with comparison to other brands?

Attributes Excellent Good Average Below Average Total

No .of Respondent. 14 38 5 13 70 (Table No.- 08)

Percentage 20 54.28 7.14 18.57 100

Delivery Service of Havells

19%

20% Excellent

7%

Good Average Below Average 54%

(Graph No.- 08)

INTERPRETATION This graph shows that more than 70% of the customers are very much satisfied by Delivery Service of Havells but around 20% of consumers are not satisfied by Delivery Service of Havells

9) Are you satisfied with the Replacement Procedure of Havells?

Response Yes No Total

No. of Respondents 48 22 70 (Table No.- 9)

Percentage 68.57 31.42 100

Does Havells have a Satisfactory Replacement Procedure?

31% Yes No 69%

(Graph No.- 9)

INTERPRETATION This graph shows that more than half of the retailers are satisfied with the replacement procedure that is provided to them and 31% of the retailers are not satisfied by the replacement procedure provided by Havells.

CHAPTER: 7FINDINDS

FINDINGS

Dealer influenced market

Dealer recommendation crucial Price/ margins may play a major role

Havells not only expanded its switchgear range but also its reach into Asia-Pacific and the Middle East.

Major competitors are Schneider, Indoasian, Siemens, GE, L&T & Legrand, those are catching the Havells market.

The brand whose relations in the market with the dealers are not sound or the dealers satisfaction is not with the brand, the brand suffers in terms of Retailers negative recommendation to customers and market availability.

Dealers/retailers are not updated with change in price & change in product line. Some of them does not has the latest price lists

Dealers or retailers are more interested in pushing the product of the company which provides them better schemes.

Dealers are not given proper Technical support for the training of the product.

CHAPTER: 8 CONCLUSION

8.1 Salient Conclusion from the work:

After conducting Retailers research for Havells Ltd, with their valuable suggestions and responses to the different questions. We can conclude that there is good market Awareness about Havells in the market. Retailers satisfaction level of most respondents is higher for Havells, which is provided by survey. Higher satisfaction level of Havells was due to it provides good products at affordable prices. This conveys that the dealers are stocking more Havells products than other companies.

About 90% of the Retailers of this Industry stocks Havells as their running item in Pune. The company has a 40% share in India's low-voltage switchgear market. The main factors contributing in Retailers Satisfaction are high Margin provided to them. Quality is the main factor which influence the customer in buying the products of Havells. According to the end consumers, the Price of Havells Product are a bit high but the Quality is also better comparatively. Working environment of company is sound. And all the employers work with coordination.

CHAPTER: 9 LIMITATION

LIMITATIONS OF THE PROJECT-

For the time limitation I could not gather more information to justify exact condition. The time constraints are limiting factors. The study is limited by the size of the sample. As the sample size is very small, geographical and regional differences could not be included. Difficult to take an appointment with business class people. Most of the dealers and retailers could not give me enough time to fill up questionnaire. It was very difficult to cover all the areas under Pune.

CHAPTER 10 RECOMMENDATION

RECOMMENDATIONS

Retailer should be appointed & sound relation should be maintained with dealers. Continuous scheme and offers should be offered to dealers.

Price of the product should be updated with the market changes.

Havells has its brand name, people rely on this company, so company should also take care of their customer, and also now competition is more, so company should always work on their loopholes.

Sales executive should meet with dealers and retailer in time of intervals, when they are free to give you time.

Give the certificate to the Retailers, who achieve his targets.

Give the proper information and training about the new products to the dealers/retailers also.

Organize a meeting once or twice in a year among dealers to know the pros and cons about the company, that will help to know the loopholes about the company, and then company can overcome on those problems.

APPENDIX

ANNEXURE
1) Do you deal in Havells Products? Yes No

2) How long have you been selling Havells Products? <1 years 1-3 years 3-5 years >5 years

3) How much of your Business Volume is accounted from Havells Products? <25% 25% - 50% 50% - 75% >75%

4) What do you think about the prices of Havells with compare to the price of other brands? Competitive Higher Lower Cant Say

5) Are you satisfied with the Margins provided to you by Havells? Yes

No

6) Are you satisfied with the schemes offered to you by Havells? Satisfied Nor satisfied nor dissatisfied Dissatisfied

7) What are the reasons the Retailers feels because of which the end consumer buy the products? Price Availability Quality Advertisements

8) Are you Satisfied with the Delivery service of Havells with comparison to other brands? Excellent Good Average Below Average

9) Are you satisfied with the Replacement Procedure of Havells? Yes No

BIBLIOGRAPHY

Books: Philip Kotler (2010), Marketing Management, Koshi, Jha, Pearson Education, 13th edition.
C.K.Kothari (2004), Research Methodology Methods and Techniques, Revised 2nd

edition, New Age International Publishers.

Websites:

http://www.havells.com http://business.mapsofindia.com/india-company/h/havells-india.html www.crabtree.com www.havellsindia.wordpress.com www.managementmarketing.ro/pdf/articole/96.pdf