26611817 industry analysis on ice cream industry

7/29/2019 26611817 Industry Analysis on Ice Cream Industry

1/20

INDUSTRY ANALYSIS REPORT

WITH REFERENCE

TO

ICE CREAM INDUSTRY

Submitted by:

E. Pramod Kumar

(08571E0004)

Submitted to:

SREE VISVESVARAYA

INSTITUTE OF TECHNOLOGY & SCIENCE

(Affiliated to JNTU & approved by AICTE, New Delhi)

SVITSSchool of ManagementPage 1


2/20

Ice Cream Industry

Content

SNo Title Page No

1 Industry Analysis Overview 3-7

2 Ice Cream Industry Profile 8

3 Ice Cream Industry Growth 10

4 Top Ice Cream Companies list 11

5 Short Profile of Ice Cream Companies 12-15

6 SWOT Analysis of Ice Cream Industry 16

7 Market Share of Ice Cream Industry17

8 Conclusion 18

9 Reference 19

Industry Analysis Overview:

The main objective of industrial analysis is to assess the prospects of variousindustrial groupings. At any stage in the economy there are some industries which are

Page 2

SVITSSchool of Management


3/20

Ice Cream Industry

growing while others are declining, the performance of companies will depend among

other things upon the state of the industry as a whole and the economy. If the industry

prosperous, the companies within the company may also be prosperous although a few

may be in bad shape. The share price of the company is empirically found to depend up

to 50% on the performance of the industry and economy.

To analysis the industrial performance one should follow three steps.

Industry life cycle analysis

Study of the structure& characteristics of an industry

SWOT analysis

1. Industry life cycle analysis:(Product life cycle theory)

Many industrial economists believe that the development of almost every industry

may be analyzed in terms of life cycle with four well defined stages.

Pioneering stage :( Introduction stage)

The stage is characterized by introducing of a new product and uptrend in

business cycle which encourages new product introductions. Demand keeps on growing

at an increasing rate competition is generated by the entry of new firms to grab the

market opportunities weaker firms face premature death while stronger over survive to

grow and survive. This stage is mainly suitable for a speculator.

Rapid growth stage: (Expansion stage)

Firms which enter in pioneering stage will concentrate on expansion of their

sales & profits in this stage. It is suggest to the investor respond quickly & invest more

in this stage. The market continues to grow but slowly offering steady and slow growth

to sales of industry. It is a phase of consolidation wherein companies establish durable

policies relating to dividends and investments.

Maturity stage:

Page 3



4/20

Ice Cream Industry

This stage show sign of slow progress and also prospects of decay. After

enjoying an above average rate of growth during the rapid growth, the industry enters

the maturity stage. In this stage the growth of the industry is more or less developed, it

is growth rate is comparable to that of the economy of a country it is suggested to hold

the investment in this period.

Declining stage:

The stage is existed due to the changes in the consumer performance

competition from new product etc,. In this stage the industry may grow slightly during

prosperous periods, stagnate during normal periods and during recessionary periods.

2. Study of the structure and characteristics of an industry:

Since each industry is unique; a systematic study of its specific features and

characteristics must be an internal part of the investments decision process. Industry

analysis should focus on the following:

Structure of industry & nature of competition:

(a) The no. of firms in industry & market share of top few firms in the industry.

(b) Licensing policy of the government.

(c) Entry barriers, if any

(d) Pricing policy of the firm.

(e) Degree of homogeneity or differentiation among products.

(f) Competition from foreign firms.

(g) Comparison of the products of the industry with substitutes in terms of quality,

price, appeal& functional performance.

Nature & prospects of demand:

(a) Major customers and their requirements.

(b) Key determinants of demand.

(c) Degree of cyclicality in demand.

(d) Expected rate of growth in the foreseeable future.

Cost, efficiency, and profitability:

Page 4



5/20

Ice Cream Industry

(a) Proportions of the key cost elements namely raw material, labor, utilities, and

fuel.

(b) Productivity of labor.

(c) Turnover of inventory, receivables, and fixed assets.

(d) Control over prices of outputs & inputs.

(e) Behavior of prices of inputs & outputs in response to inflationary pressures.

(f) Gross profit, operating profit, and net profit margins.

(g) Return on assets, earning power, and return on equity.

Technology & research:

(a) Degree of technological stability.

(b) Important technological changes on the horizon & their implications.

(c) Research & Development outlays as a percentage of industry sales.

(d) Proportion of sales growth attributable to new products.

3. SWOT analysis:

Page 5



6/20

Ice Cream Industry

SWOT Analysis is a strategic planning method used to evaluate the Strengths,

Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It

involves specifying the objective of the business venture or project and identifying the

internal and external factors that are favorable and unfavorable to achieving that

objective. The technique is credited to Albert Humphrey, who led a convention at

Stanford University in the 1960s and 1970s using data from Fortune 500 companies.

A SWOT analysis must first start with defining a desired end state or objective. A

SWOT analysis may be incorporated into the strategic planning model. An example of a

strategic planning technique that incorporates an objective-driven SWOT analysis is

Strategic Creative Analysis (SCAN). Strategic Planning, including SWOT and SCAN

analysis, has been the subject of much research.

Strengths: attributes of the person or company that, are helpful to

achieving the objective.

Weaknesses: attributes of the person or company that, are

harmful to achieving the objective.

Opportunities: external conditions that, are helpful to achieving

the objective.

Threats: external conditions which could do damage to the

objective.

Identification of SWOTs is essential because subsequent steps in the process of

planning for achievement of the selected objective may be derived from the SWOTs.

First, the decision makers have to determine whether the objective is attainable,

given the SWOTs. If the objective is NOT attainable a different objective must be

selected and the process repeated.

The SWOT analysis is often used in academia to highlight and identify strengths,

weaknesses, opportunities and threats. It is particularly helpful in identifying areas for

development.

Page 6

http://en.wikipedia.org/wiki/Projecthttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Albert_S_Humphreyhttp://en.wikipedia.org/wiki/Fortune_500http://en.wikipedia.org/w/index.php?title=Strategic_Creative_Analysis&action=edit&redlink=1http://en.wikipedia.org/wiki/Projecthttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Albert_S_Humphreyhttp://en.wikipedia.org/wiki/Fortune_500http://en.wikipedia.org/w/index.php?title=Strategic_Creative_Analysis&action=edit&redlink=1


7/20

Ice Cream Industry

Evidence on the Use of SWOT

SWOT analysis may limit the strategies considered in the evaluation. "In addition,

people who use SWOT might conclude that they have done an adequate job of planning

and ignore such sensible things as defining the firm's objectives or calculating ROI for

alternate strategies." Findings from Menon et al. (1999) and Hill and Westbrook (1997)

have shown that SWOT may harm performance. As an alternative to SWOT, J. Scott

Armstrong describes a 5-step approach alternative that leads to better corporate

performance.

Use of SWOT Analysis:

The usefulness of SWOT analysis is not limited to profit-seeking organizations.

SWOT analysis may be used in any decision-making situation when a desired end-state

(objective) has been defined. Examples include: non-profit organizations, governmental

units, and individuals. SWOT analysis may also be used in pre-crisis planning and

preventive crisis management. SWOT analysis may also be used in creating a

recommendation during a viability study.

SWOT-landscape also indicates which underlying strength/weakness factors that have

had or likely will have highest influence in the context of value in use (for ex. capital

value fluctuations).

Using SWOT to analyze the market position of a small management consultancy with

specialism in HRM.

Strengths Weaknesses Opportunities ThreatsReputation in

marketplace

Shortage of

consultants at

operating level

rather than partner

level

Well established

position with a well

defined market

niche.

Large consultancies

operating at a minor

level

Expertise at partner

level in HRM

consultancy

Unable to deal with

multi-disciplinary

assignments

because of size or

lack of ability

Identified market for

consultancy in areas

other than HRM

Other small

consultancies

looking to invade

the marketplace

Page 7

http://en.wikipedia.org/wiki/Rate_of_returnhttp://en.wikipedia.org/wiki/J._Scott_Armstronghttp://en.wikipedia.org/wiki/J._Scott_Armstronghttp://en.wikipedia.org/wiki/Non-profit_organizationshttp://en.wikipedia.org/wiki/Crisis_managementhttp://en.wikipedia.org/wiki/Viability_studyhttp://en.wikipedia.org/wiki/Rate_of_returnhttp://en.wikipedia.org/wiki/J._Scott_Armstronghttp://en.wikipedia.org/wiki/J._Scott_Armstronghttp://en.wikipedia.org/wiki/Non-profit_organizationshttp://en.wikipedia.org/wiki/Crisis_managementhttp://en.wikipedia.org/wiki/Viability_study


8/20

Ice Cream Industry

Ice Cream Industry Profile:

The ice cream industry in India is in many ways, reflective of the overall

population distribution. The countrys population is primarily rural with approximately

65% of the population living in villages with a population of less than 5,000; this means

there are well over 150,000 villages with a combined population in excess of 650

million. This has contributed to a highly fragmented industry that by many estimates

has over 70,000 ice cream entities. Many of these are single family operations where

the product is made either in the home or in very small factories and sold on the streets.

The 350 million remaining people are concentrated in the cities where the industry isreasonably concentrated in the hands of a few international and domestic firms. It is

estimated that only 30% of the entire market is organized and the industry meets the

classic definition of a fragmented industry, that is, one where there is an absence of

market leaders with the power to shape industry events.

Ice cream or ice-cream is a frozen dessert usually made from dairy products,

such as milk and cream, and often combined with fruits or other ingredients and

flavours. Most varieties contain sugar, although some are made with other sweeteners.

In some cases, artificial flavourings and colorings are used in addition to (or in

replacement of) the natural ingredients. This mixture is stirred slowly while cooling to

prevent large ice crystals from forming; the result is a smoothly textured ice cream.

The meaning of the term ice cream varies from one country to another. Terms

like frozen custard, frozen yogurt, sorbet, gelato and others are used to distinguish

different varieties and styles. In some countries, like the USA, the term ice cream applies

only to a specific variety, and their governments regulate the commercial use of all these

terms based on quantities of ingredients.[2]In others, like Italy and Argentina, one word is

used for all the variants. Alternatives made from soy milk, rice milk, and goat milk are

Page 8

http://en.wikipedia.org/wiki/Dairy_producthttp://en.wikipedia.org/wiki/Sweetenerhttp://en.wikipedia.org/wiki/Seasoninghttp://en.wikipedia.org/wiki/Crystalhttp://en.wikipedia.org/wiki/Frozen_custardhttp://en.wikipedia.org/wiki/Frozen_yogurthttp://en.wikipedia.org/wiki/Sorbethttp://en.wikipedia.org/wiki/Gelatohttp://en.wikipedia.org/wiki/Ice_cream#cite_note-1http://en.wikipedia.org/wiki/Ice_cream#cite_note-1http://en.wikipedia.org/wiki/Soy_milkhttp://en.wikipedia.org/wiki/Rice_milkhttp://en.wikipedia.org/wiki/Goat_milkhttp://en.wikipedia.org/wiki/Dairy_producthttp://en.wikipedia.org/wiki/Sweetenerhttp://en.wikipedia.org/wiki/Seasoninghttp://en.wikipedia.org/wiki/Crystalhttp://en.wikipedia.org/wiki/Frozen_custardhttp://en.wikipedia.org/wiki/Frozen_yogurthttp://en.wikipedia.org/wiki/Sorbethttp://en.wikipedia.org/wiki/Gelatohttp://en.wikipedia.org/wiki/Ice_cream#cite_note-1http://en.wikipedia.org/wiki/Soy_milkhttp://en.wikipedia.org/wiki/Rice_milkhttp://en.wikipedia.org/wiki/Goat_milk


9/20

Ice Cream Industry

available for those who are lactose intolerant or have an allergy to dairy protein, or in

the case of soy milk for those who want to avoid animal products.

Ancient civilizations have served ice for cold foods for thousands of years. The

BBC reports that a frozen mixture of milk and rice was invented in China around 200 BC,and in 618-97 AD, King Tang of Shang had 94 men who made a frozen dish of buffalo

milk, flour, and camphor. The Roman EmperorNero (3768) had ice brought from the

mountains and combined with fruit toppings. These were some early chilled delicacies.In

400 BC, Persians invented a special chilled pudding-like dish, made of rose water and

vermicelli which was served to royalty during summers. The ice was mixed with saffron,

fruits, and various other flavours. The treat, widely made in Iran today, is called

"faloodeh", and is made from starch (usually wheat), spun in a sieve-like machine which

produces threads or drops of the batter, which are boiled in water. The mix is then

frozen, and mixed with rose water and lemons, before serving.

Industry Competition:

As the industry evaluation would indicate the competition is significant. The

70,000 some participants is a large number but the more serious challenge comes from

the top six national firms; Amul, Kwality Walls, Mother Dairy, Vadilal, Dinshaw, and Arun.

These top six firms dominate the market and essentially control the organized market.

Detail statistics are not available to indicate market share but Ben & Jerry's estimates

that these six firms control 40% to 50% of the urban market.

Historically MNCs have not achieved much success in penetrating the Indian

market. There are a number of possible explanations for this; the relative embryonic

and disorganized nature of the market, excessive government regulation that included

excessive tariffs and the restriction that imported ice cream could only be sold in hotels,

and a highly fragmented and ineffective media. Most of these market inefficiencies have

been or are in the process of being corrected and Ben & Jerry's believes that conditions

have ripened to the extent where MNCs can now effectively enter the market and

compete with the domestic firms.

Page 9

http://en.wikipedia.org/wiki/Lactose_intolerancehttp://en.wikipedia.org/wiki/Dairy_allergyhttp://en.wikipedia.org/wiki/Tang_of_Shanghttp://en.wikipedia.org/wiki/Camphorhttp://en.wikipedia.org/wiki/Roman_Emperorhttp://en.wikipedia.org/wiki/Nerohttp://en.wikipedia.org/wiki/Persian_Empirehttp://en.wikipedia.org/wiki/Rose_waterhttp://en.wikipedia.org/wiki/Vermicellihttp://en.wikipedia.org/wiki/Saffronhttp://en.wikipedia.org/wiki/Iranhttp://en.wikipedia.org/wiki/Faloodehhttp://en.wikipedia.org/wiki/Lactose_intolerancehttp://en.wikipedia.org/wiki/Dairy_allergyhttp://en.wikipedia.org/wiki/Tang_of_Shanghttp://en.wikipedia.org/wiki/Camphorhttp://en.wikipedia.org/wiki/Roman_Emperorhttp://en.wikipedia.org/wiki/Nerohttp://en.wikipedia.org/wiki/Persian_Empirehttp://en.wikipedia.org/wiki/Rose_waterhttp://en.wikipedia.org/wiki/Vermicellihttp://en.wikipedia.org/wiki/Saffronhttp://en.wikipedia.org/wiki/Iranhttp://en.wikipedia.org/wiki/Faloodeh


10/20

Ice Cream Industry

Industry Growth:

The three factors of growth, population, per capital consumption, and price are all

projected to increase over the next six years. Population is projected to grow at 1.8%, per capital

consumption is projected to grow at 5%, and prices are projected to increase at just over 1% per

Page 10



11/20

Ice Cream Industry

year. (Overall the long-term projection for consumer prices is expected to rise at 3.5%, however,

given the intense level of competition Ben & Jerry's does not think it likely that ice cream prices

will rise that fast.) Overall the market will grow from $245 million to $360 million, a compound

growth rate of 8%. Of the $115 million in growth, 60% will come from increased per capita

consumption, 24% from increased population, and 16% from increase in price.

Top Ice Cream Industries List:

Vadilal Ice Cream India

Amul Ice Cream

Kwality Walls

Mother Diary

Ben & Jerry

MTR

Page 11



12/20

Ice Cream Industry

Short Profile of Ice Cream Companies:

Vadilal Ice Cream Ltd:

Vadilal ice cream division has always been a hot favorite with the people both

inside and outside the organization. In India, the name Vadilal is synonymous with Ice

Cream.The Ice Cream industry in India today has a turnover of Rs. 15 billion [US$ 330

million]. A quarter of this comes from the house of Vadilal alone. But thats no surprise,

considering that we have the largest range of Ice Creams in the country 120 plus

flavors, in a variety of more than 250 packs and forms. The range includes cones,

candies, bars, ice-lollies, small cups, big cups, family packs, and economy packs.

Something for all tastes, preferences and budgets.

To make it convenient for our consumers to relish our complete range under one

roof, we have set up a chain of Happiness Parlors Ice Cream boutiques so to say.

Hordes of people flock to these parlors daily because they know that our products

contain the purest and creamiest milk, and the freshest and tastiest fruits and nuts.

Among our products are OneUp Chocobar and King Cone all-time favorites

which have today attained the generic status. Another hit is our Kulfi traditional Indian

milk sweet. Some of our products are a combination with confectioneries.

Since our products are highly perishable, quick transport and proper storage are

of paramount importance. Hence our refrigeration equipment and deep freezes are

imported from companies, which are world leaders in their respective fields. To ensure

Page 12



13/20

Ice Cream Industry

sufficient, timely and constant ice cream supply, we have a Cold Chain Network

comprising three manufacturing plants [totaling a production capacity of 1.25 lakh litre

per day], about 23 C&FA, more than 500 Distributors and over 40,000 Retailers.

Amul India Ltd:

AMUL means "priceless" in Sanskrit. The brand name "Amul," from the Sanskrit

"Amoolya," was suggested by a quality control expert in Anand. Variants, all meaning

"priceless", are found in several Indian languages. Amul products have been in use in

millions of homes since 1946. Amul Butter, Amul Milk Powder, Amul Ghee, Amulspray,

Amul Cheese, Amul Chocolates, Amul Shrikhand, Amul Ice cream, Nutramul, Amul Milk

and Amulya have made Amul a leading food brand in India. (Turnover: Rs. 67.11 billion in2008-09). Today Amul is a symbol of many things. Of high-quality products sold at

reasonable prices. Of the genesis of a vast co-operative network. Of the triumph of

indigenous technology. Of the marketing savvy of a farmers' organisation. And of a

proven model for dairy development.

Kwality Walls Ltd:

Kwality Ice Cream is the pioneer in the Indian ice-cream manufacturing industry

and in 1956 became the first company in the country to use imported technology for

manufacturing ice-cream on a commercial scale. As the ice-cream industry exploded in

India, in 1995 Kwality Group joined hands with Hindustan Lever Limited and then there

was no looking back.

The Indian consumer market was introduced to KWALITY WALLS the result of

a collaboration between global brand Walls and the leading Indian ice-cream brand

Kwality. Though the two giants eventually parted ways, the collaboration made Kwality a

Page 13



14/20

Ice Cream Industry

household name and created deep in roads for the brand in the consumer market.

Today, Kwality is not just a brand it is the ice-cream associated with the Indian

summer; its the first choice in ice-cream for any child or adult during the scorching

Indian summers. Kwality ice-creams are trusted not only for their rich, creamy flavours,

but also for their trusted quality and nutritious food value.

Mother Diary Ltd:

Mother Dairy Fruit and Vegetable Pvt. Ltd. offers the following products: Mother

Dairy markets dairy products like Liquid Milk, Ice Creams, Flavoured Milk, Dahi, Lassi,

Mishti Doi, Ghee, White Butter, Table Butter, Cheese, UHT Milk, Dhara range of edible oilsand the Safal range of fresh Fruits & Vegetables, Frozen Vegetables and Fruit Juices at a

national level, through its sales and distribution networks, for marketing food items.

Mother Dairy milk (Bulk Vended Milk) is fortified with vitamin A @2000 IU per litre of milk

as a part of social accountability. This program was started with the Mother Dairy, Delhi,

since February 1980and there after Mother Dairy is continuing this program on their own

as a social responsibility without having any financial assistance from the Government as

well as since it is felt that BVM is generally consumed by the middle / lower middle / poor

strata of the society. It is also found that the dietary practices adopted by these classes

are deficient in Vitamin A.

Mother Dairy sources significant part of its requirement of liquid milk from dairy

cooperatives. Mother Dairy sources fruits and vegetables from farmers / growers

associations. Mother Dairy also contributes to the cause of oilseeds grower cooperatives

that manufacture/ pack the Dhara range of edible oils by undertaking to nationally

market all Dhara products.The company markets an array of fresh and frozen fruit and

vegetable products under the brand name SAFAL through a chain of 400+ own Fruit and

Vegetable shops and more than 20,000 retail outlets in various parts of the country.Fresh produce from the producers is handled at the Companys modern distribution

Page 14



15/20

Ice Cream Industry

facility in Delhi with an annual capacity of 200,000 MT. An IQF facility with capacity of

around 75 MT per day is also operational in Delhi. A state-of-the-art fruit processing plant

of fruit handling capacity of 120 MT per day, a 100 percent EOU, setup in 1996 at

Mumbai supplies quality products in the international market. With increasing demand

another state-of-the-art fruit processing plant has been set up at Bangalore with fruit

handling capacity of around 250 MT per day.

Ben & Jerry Ltd:

Since 2003, Ben & Jerry's have been working on a sustainable Caring Dairy

initiative, which helps level out needs of the farmers and their cows, as well as the

planet's needs. The company has, so far, reduced energy use on their 11 farms by 2%,

and converted all their farms to green energy. Also, in 2002, Ben & Jerry's in the USAcommitted to reducing carbon dioxide emissions by 10% by 2007, and by investing in a

variety of efficiency measures, this target was achieved with ease - the USA now

produce 32% less carbon dioxide emissions (per pint of ice cream) today (in 2008) than

in 2002. This initiative was brought to the exclusive provider of milk for Ben & Jerry's

European ice cream production, Beemster Cheese, in 2007.

In addition to helping farmers and their cows, in 2001 Ben & Jerry's began

sourcing vanilla, cocoa, and coffee, for their smooth ice creams, from cooperatively run

farmer associations - these community structures help promote their members' quality

of life, improve worker's benefits, and sustain a commitment to their land and

communities. In 2006, the world's first ever vanilla ice cream made with Fairtrade

ingredients was launched by Ben & Jerry's. 2007 saw the release of Vanilla Toffee

Crunch, using 100% Fairtrade certified cocoa, sugar, and vanilla, and in 2008, Chunky

Monkey was guaranteed to be traded in accordance with international Fairtrade

standards as well.

MTR Pvt Ltd:

MTR Foods Private Limited is amongst the top five processed food manufacturers

in India. We manufacture, market and export a wide range of packaged foods to global

markets that include USA, UK, Australia, New Zealand, Malaysia, Singapore, UAE, Japan

and Oman.

Starting with the legendary MTR restaurant in Bangalore, Indias silicon valley, wenow offer ''complete meal solutions'. Our wide range of products include ready-to-eat

Page 15

http://www.mtrfoods.com/mealsolutions.htmhttp://www.mtrfoods.com/mealsolutions.htm


16/20

Ice Cream Industry

curries and rice, ready-to-cook gravies, frozen foods, ice cream, instant snack and

dessert mixes, spices and a variety of accompaniments like pickles and papads.

Our deep understanding of culinary expectations and needs has resulted in many

new and innovative products. Our investments in infrastructure and technology ensurethat we can scale rapidly and bring these to market. Today, consumers across the globe

count on us to bring them all-natural, wholesome and delicious food that is also

convenient and no-fuss.

SWOT Analysis of Ice Cream Industry:

Strengths:

1) They are available in reasonable prices.

2) Known for product quality.

3) Strong presence of parent company in India.

4) The Brands almost generic to their product category

5) Wide variety of unique ice cream flavors.

Weakness:

1) The durability of ice-creams is not really good

2) it melts very soon

3) The industry has a complex supply chain management and the main issue is

traceability

4) Domestic business as well as many international markets are thriving

Page 16



17/20

Ice Cream Industry

Opportunities:

1) They can come up with new flavors

2) They should focus more on their advertising and marketing strategies

3) They should come up with offers for purchase of ice-cream in whole market

4) Efforts to exploit export potential are already on

Threats:

1) Currently, the threat of new viable competitors

2) Foreign players entering the market

3) Consumer buying power also represents a key threat in the industry4) Consumers can easily switch to other substitutes with little cost or consequence

Market Share of Ice Cream Industry:

Page 17



18/20

Ice Cream Industry

Conclusion:

Following are the concluding points taken into consideration after the conduct of

the Industry Analysis:

Page 18



19/20

Ice Cream Industry

Advertisement acts as a very important role here. So if heavy advertisements are

carried out it will definitely increase purchase.

Due to the changing in climate, life style and preferences, it was not necessary

that they will consume same product every time.

The Ice Cream Industry had to further focus on:

Strengthen communications

Multi v/s sole dealer

Training to dealers

Reference:

Books:

Page 19



20/20

Ice Cream Industry

1) Prasanna Chandra : Investment analysis & portfolio management, 2nd

EditionTata Mc Grill Hill, New Delhi.

Journal: The Brand Reporter

Web Sites:

1) www.moneycontrol.com2) www.reportbuyer.com

3) www.indiatodaygroup.com

4) www.moneycontrol.com

5) www.indiainbusiness.nic.in

6) www.google.co.in

Page 20

SVITS S h l f M t
http://www.moneycontrol.com/http://www.reportbuyer.com/http://www.indiatodaygroup.com/http://www.indiainbusiness.nic.in/http://www.moneycontrol.com/http://www.reportbuyer.com/http://www.indiatodaygroup.com/http://www.indiainbusiness.nic.in/

26611817 industry analysis on ice cream industry

Documents