INTRODUCTION

MARKET
It’s derived form the Latin word “ Marcatus”. It means merchandise or trade. Market in
common language is used for a place where buyers and sellers indulge in buying and
selling activities. But, with the changing business environment, the focus of market is not
on a place but on meeting of buyers and sellers. They can conduct business without
meeting at a place by telephone, mail and internet.

CUSTOMER
Customers refer to people or organizations that seek satisfaction of their needs and wants.
There are varieties of customers:

• Male Customers
• Female Customers
• Infant Customers
• Teenage Customers
• Old Customers, etc

They can also be visualized in terms of:

• Religion
• Location
• Personality

SELLER / MARKETEER
It can be a person or an organization that makes products and services available and offer
them to the customers with an intention of satisfying their needs and wants. Marketeer’s
success lies in his ability to elicit a response (favourable) from the customers. A seller is
successful when customers respond favourably by buying the products and services
offered by him for sale to customers. E.g. McDonalds or Titan are marketeers as they try
to satisfy the customer’s varied needs. If customer is a seeker of satisfaction then
marketer is a deliverer of satisfaction.

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MARKETING
Traditionally marketing has been defined as “Marketing includes all activities that direct
the flow of goods and services from the producers to the customers”.This definition is
product oriented as it doesn’t consider the needs of customers. It emphasizes sale of
goods produced by producers. The modern definition of marketing is based on the
philosophy that “Satisfaction of customers is the basic purpose of business”. As per
‘Cundiff & Still’,”Marketing is the business process by which products are matched with
the markets and through which transfers of ownership are affected.

Marketing is a wide term as it covers all activities concerned with identifying and
satisfying the needs and wants of customers.

Selling is a narrow term as it merely concerns with selling of goods or increasing

the volume of sales.

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PRODUCTION CONCEPT
Some firms believe that potential exchange would be realized when the products are
inexpensive and are widely available.Thus,the firms following the production concept
focus on lowering the cost pf production by means of mass production and distribution.
But, there is an important drawback here. There are certain customers who don’t always
buy products that are inexpensive and widely available.

PRODUCT CONCEPT
It proposes that the way to realize business goals lies in making high quality products.
The firms that follow this concept, direct their efforts into making superior products. It’s
true that customers want to buy high quality products, but only when they need them.

E.g. a customer whoa has black hair would not like to buy a hair dye even if it is of high
quality.

BASIS MARKETING SELLING

Focus It focuses on customer’s It focuses on seller’s needs.

needs.

Sequence It begins much before actual It takes place after

production of goods production of goods.
.

Aim/Objective It aims at profits through It aims at profits through

customer satisfaction. sales volume.

Perspective It has a long - term It has a short-term

perspective as it lays perspective as it emphasizes
emphasis on growth and on profit maximization only.
stability of business.

Approach Integrated approach is Fragmented approach is

followed i.e. marketing followed i.e. attempt is
includes research, product made to sell the goods by
planning, advertising, hook or by crook.
pricing, risk taking, etc.

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SELLING CONCEPT
It is based on adoption of aggressive selling and promotional efforts due to customer
buying inertia and resistence.The assumption is that customer, if felt alone, would not
buy enough of the firm’s product. The firm must push its products through aggressive
selling and promotional efforts. The selling concept can be summed up in the statement,
“selling what you have”. Thus, the focus here is on pushing products on to customers by
hook or by crook. Selling can succeed in the short run but not in the long run.

MARKETING CONCEPT
The modern definition says that, “satisfaction of customers is the basic purpose for
business”. As per Cundiff & Still,” marketing is the business process by which products
are matched with the market and through which transfers of ownership are affected.

Pillars of Marketing Concept

1. Identification of market or customers.

2. Understanding needs and wants of customers in the target market.
3. Development of products or services for satisfying needs of potential customers.
4. Satisfying needs of target market better than the competitor.
5. Doing all this for profit.

The two dominant forces in the market are:

• Customer’s
• Competitor’s

Marketing driven firms keep a constant eye on the customers to keep a track of
changes that may take place and influence the customer needs. This is called
Customer Orientation.

But, simply selling what customers want may not be sufficient as another powerful
force in any market is competition. The firms need to be better that the competitors

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in satisfying customers. Maintaining constant vigil on competitors’ strategies is
called Competitor Orientation.

SOCIETAL MARKETING CONCEPT

The critics of marketing concept argue that blindly following the goal of identifying and
satisfying customers’ needs has led to social and environmental problems such as:

• Pollution
• Ecological Imbalance
• Wastage of Natural Resources
• Drug Abuse
• Extinction of many species

Therefore, social goals must be considered an integral part of process of consumer

satisfaction. In other words, performance of marketing activities should also enhance
social well-being. Attention needs to be paid to the social, ethical and ecological aspects
of marketing.

MARKETING MANAGEMENT

As per Philip Kotler,” marketing management is the analysis, planning, implementation

and control of programmes designed to create, build, and maintain, mutually beneficial
relationships with target markets for the purpose of achieving organizational objectives”.

Marketing Management is the process of planning, organizing, directing, and controlling

the activities related to marketing of goods and services to satisfy the customer needs and
achieve organizational goals. It is responsible for the satisfaction of the needs of
customers and generation of revenue for the business.

OBJECTIVES OF MARKETING MANAGEMENT

1. CREATION OF DEMAND

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Marketing tries to create demand through various means. There is a conscious attempt
to find out what customers want. The producers first ascertain or determine:
• what customers want
• produce goods as per needs of customers

Demand is also created by informing the customers about the utility of various goods
and services.

2. MARKET SHARE

Every business aims at increasing its market share i.e. ratio of its sales to the total
sales. To survive in a competitive world, every business concern tries to capture a
reasonable share in the market. The demands of customers with regard to reasonable
price and quality are kept in mind. Various promotional methods are used to make the
goods and services popular. These activities enable a firm to capture a reasonable
share in the market.

3. GOODWILL

Marketing helps a firm to build goodwill in the market over a period of time. By
selling quality products at reasonable prices a firm tries to earn a name for itself and
build a position in the market. The marketing manager attempts to raise the goodwill
of the firm through various business activities like:
• Sales Promotion
• Publicity and Administration
• High Quality
• Reasonable Price
• Convenient Distribution Outlets, etc

4. PROFITABLE SALES VOLUME THROUGH CUSTOMER

SATISFACTION

Marketing tries to realize long-term goals of profitability, growth and stability

through customer satisfaction. All the basic activities of the firm i.e. production,
marketing, financing, etc are coordinated to meet the wants of customers.
Sufficient profits must be earned for the growth and prosperity of the business. If the
firm is not able to earn profits, it will not be able to survive in the market. Profits are
needed for the growth and diversification of business.

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 FUNCTIONS OF MARKETING

1. MARKETING RESEARCH

As per W.J.Stanton,”marketing research is the systematic search for an analysis of

facts related to marketing problem. It is shifting from fact finding, information
gathering activity to a problem solving action recommending function”.

Marketing Research means application of research process in solving marketing

problem. This involves study of market and customers. In order to do marketing, the
market must be studied to find out different customer groups and their buying
motives. Without research of customer motives, correct product and appeal can’t be
identified. The marketeer needs to do research to decide which name would appeal to
customer the most or what should be the size of the packet. On the whole, Marketing
Research is an important function equipping the marketeer in taking all important
decisions correctly.

2. PRODUCT PLANNING

A product is something offered by a firm to customers to satisfy their needs. Products

are the foundation of any marketing programmes. The success of marketing
department depends upon the extent to which the product is liked by the customers.

Product planning and development involves a number of decisions:

• What to manufacture or buy
• How to package it
• What sizes of product
• How to fix the price
• How to sell it

The design, quality, size, colour and other features of the product can be determined
by marketing. The marketeer must take all these decisions judiciously so that
customer needs are satisfied. E.g. BPL TVs available in market are an outcome of a
series of decisions taken by the marketeer.

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3. BUYING AND ASSEMBLING

A firm procures inputs from the environment and processes them and sends them
back to environment in terms of finished products.E.g. A firm like Maruti Udyog
obtains raw materials like steel, wires, screws, etc. from various sources/vendors
which are assembled in the form of a complete product i.e. a car.
Buying is one of the important functions that a marketeer needs to perform. Different
types of raw materials are purchased that, later on, transform into finished products.
An assembly line depicts the order of operations employed to assemble various parts
to give final shape to the product.

4. PACKAGING

It is a set of activities concerned with design and production of an appropriate

container for the product.
The container or wrapper carrying the product is the package.
Packaging is essential as it protects the product from damage. It facilitates easy
transfer of goods to customers.
Packaging acts as a silent salesman of the manufacturer. It gives individuality to a
product. It makes it easier to identify the product by looking at its package.

5. TRANSPORTATION

Transport plays a significant role in the economic, social, and political development
of our country. Rapid industrialization and exchange of goods and services cannot
take place unless sufficient facilities of transportation are available.
It is with the help of means of transport that raw materials are transported from place
of production to industrial centers where they are converted into finished goods.
It is transportation that facilitates movement of goods from produces to ultimate
consumer. Transportation helps to create time utility in goods and services as speedy
transport minimizes the time consumed in their transit.

6. STORAGE AND WAREHOUSING

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 There is invariably a time lag between production and consumption. To bridge up
this time lag goods need to be stored in the warehouses so that the exposure of goods
to the various risks is minimized. (theft, fire, weather, moisture, rust, insects, etc.)
Warehouses help to meet the unexpected demand throughout the year. They create
time utility.

7. PROMOTION AND SELLING

Once the goods are produced, the marketeer offers them to the potential customers
for the purchase. It requires performance of two important functions:

• PROMOTION
It includes all those activities that are undertaken to inform the prospects
Of the product, its qualities, its availability, its price, etc.

• SELLING
The ownership of goods is transferred from the seller to the buyer. By
selling, the marketeer earns revenue.

THE MARKETING MIX

P-lace Mix
P-romotion Mix
P-roduct Mix
P-rice Mix

Marketing Mix refers to the ingredients or tools or variables which the marketeer mixes
in order to interact with a particular market.

It is used to describe the combination of 4 inputs that constitute the core of company’s
marketing system i.e. product, price, promotional activities, distribution system.

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As per McCarthy, Marketing Mix is a combination of 4 Ps.

PRODUCT

As per Philip Kotler,” a product is anything that can be offered to a market for attention,
acquisition, use or consumption. It includes a variety of products like:

• Physical goods e.g. soaps, TVs, cars, etc.

• Services e.g. banking, insurance, etc
• Experiences e.g. theatre, movies, etc.
• Place e.g. trip to Dubai, USA ,etc
• Ideas e.g. “say no to drugs/polybags”, etc
• Information e.g. opening a bank account, etc.

PRODUCT MIX

The total number of products and items that a particular marketeer offers to the market is
called Product Mix or Product Assortment. It involves planning, developing, producing
the right type of products and services for the customers. It consists of product lines e.g.
product mix of ITC consists of product lines like hotels (Welcome group), cigarettes
(Wills), readymade garments (Wills Sport), groceries (Aashirwad), etc.
COMPONENTS OF PRODUCT MIX

1. PRODUCT LINE

It refers to group of products within a product class that are closely related due to their
similarity in terms of functions performed or buyer group.e.g. detergent line, car line,
soap lone, etc.

2. MIXED WIDTH

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It refers to the total number of product lines the company operates. Some companies have
narrow width like Maruti carries only 1 product line while some have multiple product
lines. E.g. Hindustan Lever has soap line, detergent line, shampoo line, toothpaste line,
etc.

3. LINE LENGTH

It refers to the number of product items carried in a line e.g. HLL carries number of lines
in the soap line-Lux, Rexona, Liril, Lifebuoy, Hamam, etc.

4. DEPTH

It refers to the number of variants offered of each product in the line. E.g. Lux soap
comes in different sizes, fragrances, etc

5. MIXED CONSISTENCY

This implies how closely the products are related. The closeness can be seen on the
parameters like production, consumers, distribution or needs.

E.g. a firm can grow and expand its business by 3 ways:

• By adding a new product line

• By increasing the length of the product line.
• By increasing the depth of n item

BRANDING

It is defined as the process of using a name, symbol, design individually or in

combination to identify a product. In other words, a brand can be defined as a word,
symbol or a letter, or a group of all these. A brand defines the buyer’s expectations and

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promises to satisfy them consistently. Branding helps to give distinct individuality to a
product.

There are four types of Branding:

• Individual Branding
• Blanket Family Branding
• Separate Family Brand Name
• Company Name combined with Individual Name

QUALITIES OF A GOOD BRAND NAME

1. It should be short and simple.

2. It should be easily pronounceable.

3. Suggestive brand names are better as they work as silent salesmen. They convey
product benefits.

4. It should be distinctive; it should not lose its identity in a crowded market.

5. A brand name should be selected after considering its meanings in other

languages and cultures.
PACKAGING

Package means a case, container or a wrapper for packing goods. It can be made of
metals, paper, glass or cloth.

Packaging is the designing or producing of the wrapper for a product to prepare

goods.

In other words, it is a set of activities that are concerned with the design and
production of an appropriate container for the product. It is an important marketing
tool capable of performing variety of functions like protection, identification,
convenience, promotion and innovation.

FUNCTIONS OF PACKAGING

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1. PROTECTION

Appropriate packaging saves the product from moisture, breakage due to handling,
spoilage due to insects, etc.

2. IDENTIFICATION

It gives individuality to the product and this acts as a device of publicity.

Manufacturers chose attractive packages so that users are able to remember and
identify the product.

3. CONVINIENCE

Packaged goods are very easy to handle It is a must for majority of goods like oil,
salt, butter, wheat, etc. It helps middlemen to store goods.

4. PROMOTION

In self-service product packaging plays an important role of silent salesman. It can

grab attention, describe contents and induce a customer to buy the product.

5. INNOVATION

By developing innovative packages, the marketeers can capture new customer

segments.

LABELLING

It means putting identification marks on the package. It is that part of product that
contains information about the producers, brand, grade, etc. of the product.
In general, label provides:

• Name of product
• Name and addresses of manufacturers
• Ingredients
• Directions and use
• Maximum retail price
• Manufacturing and expiry dates, etc

FUNCTIONS OF LABELLING

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 1. Label contains the essential information about the product.

2. It acts as a promotional tool by highlighting the special features of a product.

3. It enables the producer to give brief instructions to the traders and consumers with
regard to the handling of the product.

4. It helps to highlight the price of the item so that retailers are not able to charge
higher prices.

5. It is used by producers to seal the package to ensure that consumers get genuine
products.

6. Labels of different colours can be used to suggest different grades of the product.

TRADEMARK

It is a mark of a trade carried on by an identified entity. It is usually defined as sign, mark

or symbol, word or words. It sets apart a product from others in the category.
E.g. when we see a ‘three pointed star ‘we are able to identify the car is a Mercedes.
A trademark maybe registered or may not.

FEATURES/QUALITIES OF A TRADEMARK

1. It should be distinctive and attractive.

2. It should be easy to pronounce.
3. It should be short and simple to remember.
4. It should not contain any term or symbol that is offensive.

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 PRICE MIX
The decisions related to pricing of a product or service is called Price Mix. It involves
determining the price of a product and establishing policies regarding cash, trade and
cash discount, credit sales.

FACTORS AFFECTING PRICE MIX

1. OBJECTIVES

Companies with the objective of profit maximization fix the price at a higher level to
achieve a specific level of profit. Whereas, some firms follow sales oriented goals. they
adopt a pricing policy that falls in line with their competitors.

2. COST

It is important that the price should recover all costs (fixed and variable).The price must
be able to recover the total cost but sometimes, a product maybe priced below the cost.
Usually the price should be able to recover at least variable cost if not full as fixed cost
tends to be sunk.

3. COMPETITION

When a firm does not face any competition it can enjoy full freedom in fixing its price
i.e. firm becomes ‘price maker’. On the other hand, if there are lots of competitors selling
similar products, the pricing freedom is limited to an extent. Its price must fall in line
with the competitors.

4. CUSTOMER DEMAND

Price elasticity refers to the responsiveness of demand to the changes in price. If the
demand of the product is elastic then slight alteration in the price alters the demand to a
great extent. In elastic demand seller can earn large revenue by decreasing the price. On
the contrary, in inelastic demand, the seller can charge higher price without much loss of
demand.

PRICING STRATEGIES

1. PRICE SKIMMING STRATEGY

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It means using high introductory price to skim the ‘cream’. When a marketeer
introduces a new high-tech product, he prices it at a higher level. Innovators use this
strategy to enable them to recoup their R&D expenditure within a short time period.
Following conditions need to be fulfilled before skimming:

• The product should have inelastic demand so that the buyer is able to pay a
higher price for its novelty.
• There should be market segment that valued a high price.
• The marketeer should be able to maintain uniqueness of the product.

2. PRICE PENETRATION STRATEGY

It means lower initial price to capture a large market share. A market penetrator
aggressively pushes the product with low price and captures a large part of the market
so that only a small part is left for its competitors.
Supportive conditions for penetration policy:

• The price elasticity of demand is high.

• The firm has substantial capacity of production as the demand increases.
• When marketeers expect strong competition from their competitors.
• When there is no elite customer segment.

PLACE MIX
It refers to a set of decisions that need to be taken to make the products available to
the customers for purchase and consumption.
Making the products available to the customer requires:

1. DEVELOPMENT OF CHANNELS OF DISTRIBUTION

They refer to the path taken by the goods in their movement to the customers. There
are series of firms or individuals like company agents, wholesalers, dealers, retailers
that help in the transfer of goods from producer to the ultimate consumer.

2. PHYSICAL DISTRIBUTION OF PRODUCTS

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It refers to physical handling and movement of goods from place of production to
consumption. It is used synonymously with logistics management. Logistics means
activities and decisions concerned with efficient physical movement of goods or
services from producer to customer.

CHANNEL LEVELS

1. ZERO-LEVEL CHANNEL

It is a case where no intermediary is involved in between the producer and the

customer. He directly sells the goods to the customer.

P-------C

Zero- level/Direct

E.g. Bata sells shoes directly to customers through its own network.

2. ONE-LEVEL CHANNEL

In this case one intermediary is used in between the producer and the customer. This
is suitable for specialty goods like expensive watches, electrical equipments, etc.

P-----A-----C

One –level

E.g. Titan watches are available at Titan dealer shops.

3. TWO-LEVEL CHANNEL

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In this case, two intermediaries are used in between the producer and the customer.
The manufacturer directly deals with the wholesaler and sells to him in bulk, who in
turn sells to a large number of retailers in smaller quantities. It is suitable for
convenience goods.

P-----W-----R-----C

Two-level

E.g. soaps, sugar, coffee, creams, etc are available at various shops.

4. THREE-LEVEL CHANNEL

In this case, one additional agent is added to two-level channel. It is usually done
when the producer cannot directly approach the wholesaler. Thus, the agent acts as a
linking pin between the producer and the wholesaler. It is suitable when the wide
market is to be reached and the producer carries limited product line.

P-----A-----W-----R-----C

Three-level

E.g. Insurance companies, etc.

DECISIONS IN PHYISCAL DISRTRIBUTION

T- Transport
I- Inventory
W- Warehousing
O- Order Processing

1. TRANSPORT
Physical distribution of goods needs transport. It adds value to the goods by moving
them to the place where they are required.

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E.g. Fruits like apples are transported from villages in Kashmir to urban cities where
their value is much more than where they are grown. But, transport involves cost,
therefore value addition by transportation is greater than the cost of transportation.

2. INVENTORY
Inventories need to be maintained as they ensure product availability as and when
customer demand rises. It prevents out of stock situations. But, it involves cost, i.e.
cost of capital blocked in the stock. Customer service demands higher inventory level
but cost angle demands minimum inventory level, therefore, a firm must weigh
benefits of maintaining inventory against the cost and as per deciding optimum
inventory level.

3. WAREHOUSING
Production is a continuous process and often what is produced is not consumed
immediately. Therefore, every form needs to store finished goods in warehouses until
they are sold in the market. Hence, the marketeer needs to take decisions about
warehousing. Customer service demands many stocking locations, but, it would
enhance cost, therefore a firm must weigh benefits against the cost and decide the
number of locations of warehouses.

4. ORDER PROCESSING
The order cycle involves steps like:

• Order placement to the salesperson

• Order transmission by the salesperson
• Order entry in company system
• Customer credit check
• Order and invoice shiftment
• Receiving order payment

There is a direct connection between the speed with which orders are processed and
the customer satisfaction level. Longer it takes in order processing, more discomfort a
customer is put to, therefore, companies are now investing in information technology
based systems so that order processing becomes faster and, but, cost should not be
ignored.

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 PROMOTION MIX

It is concerned with activities undertaken to communicate with both customer and the
participants in the channel of distribution so that sales goals are achieved.
Promotion mix aims at informing and persuading the actual customers and potential
customers about the merits/special features of a product so that demand for a product and
sales enhances.

TYPES OF PROMOTION TOOLS

1. ADVERTISING

It is a non-personal form of communication that is paid by an identified sponsor. It is

aimed at promoting a product or service or ideas, etc.

2. PUBLICITY

It is non-paid form of non-personal communication. It takes place when media in

form of news covers some event and information is spread free of cost.
3. SALES PROMOTION

It refers to short-term incentive that seeks to stimulate interest in the consumers so

that they try or buy a particular product sales promotion incentives refer various
activities. E.g. sample, gifts, rebates, contests, trade, shows, free offers.
The distinguishing feature is that they draw stronger response from the target
audience. They create some sense of urgency to respond.

4. PERSONAL SELLING

It involves face-to-face interaction between the buyer and seller for the purpose of
making a sale. The process of selling involves informing, assisting and persuading the
consumers to buy a product. The sales person helps to
• Ascertain customer needs.
• Identify right product.

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 • Communicate product features.
• Buy the product.
The modern personal selling aims at helping customers achieve their goals.

FEATURES OF PERSONAL SELLING

A. PERSONAL INTERACTION

Unlike other tools, personal selling involves face-to-face interaction between buyer
and seller i.e. both the buyer and seller interact on one-to-one basis.

B. TWO-WAY COMMUNICATION

In advertising the communication is monologue but here, it’s two-way. It makes

personal selling quantitatively better than other tools available.

C. BETTER RESPONSE

Personal Selling puts the potential buyer under some obligation to listen and pay
attention.

D. RELATIONSHIP

When the seller and buyer come together, it generally ends up in good relationship
like friendship.

E. FLEXIBLE

Salesmen can clear the doubts and reply to the obligations raised by customers on the
spot.

TYPES OF MEDIA

1. NEWSPAPER

It is the most prominent print medium available to the advertisers.

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 MERITS

• It enjoys wide reach or mass coverage.

• Due to large circulation the average cost per exposure is less.
• Messages in newspapers tend to be perceived ads more believable.
• It allows flexibility in message design.

DEMERITS

• It suffers from short one-day life.

• The quality of advertisements is very poor.
• Information is given in a cluttered form.

2. TELEVISION

It is one of the most prominent A/V media of advertising.

MERITS

• It is audio-visual, combining sight, sound and motion.

• It enjoys wide reach or mass coverage.
• It has a high attention catching power and better impact as it simultaneously
appeals to our eye sand ears.

DEMERITS

• It is very expensive.
• Short span of message exposure.
• Message congestion and clutter.

3. MAGAZINE

It is an example of print media available for advertising.

MERITS

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 • The life of magazines tends to be longer.
• The production quality tends to be better.
• Good magazines add credibility to the message.
• Advertisements in magazines have an advantage of repeated exposure.

DEMERITS

• They have less frequency.

• They offer less flexibility in message design.

4. RADIO

It has always been a very popular medium of advertising.

MERITS

• Mass coverage and lower cost.

• It reaches out to the remotest of places.
• Higher frequency i.e. commercials are aired frequently.

DEMERITS

• Only audio effect grabs less attention.

• Noise and disturbances.
• Short message life and impact is less.

5. OUTDOOR ADVERTISING

MERITS

• It enjoys the benefit of repeated exposure.

• It has high attention grabbing power.
• High visibility and lower cost.

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DEMERITS

• Short attention span.

• Limited creativity.
• Clutter of information.

6. INTERNET

It is a very recent advertising medium.

MERITS

• It is very interactive.
• It is not expensive.
• Unlimited creativity, messages can be dramatized as per sponsor’s wants.
• Mass coverage.

DEMERITS

• Only suitable for an educated group of customers having access to internet.

DECLARATION

I , YAMUNA BHUCHAR, A student of

DYAL SINGH COLLEGE, DELHI UNIVERSITY
pursuing the under graduate course of
BACHELOR IN COMMERCE, hereby declare that
the Project that I have accomplished has been

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done with full commitment and it is purely based
on my own understanding and the materials have
not been copied from any published source or
website. In the process of completing the
Project, I have resorted to certain websites,
journals and books in order to make it more
practical.

ACKNOWLEDGMENT

This Project is prepared as a part of THE

PROJECT WORK (PAPER-XXXVII) - curriculum for
the course of BACHELORS IN COMMERCE (NEW
COURSE STRUCTURE)

I take this privilege to thank MR. RAJIV, my

Teacher & Mentor for teaching and guiding me
to complete this Project.

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Above all I thank the PRINCIPAL , HEAD OF
DEPARTMENT and OUR COMMERCE FACULTY OF
DYAL SINGH COLLEGE, DELHI UNIVERSITY for
supporting and giving me an opportunity to
complete my curriculum project work.

My special thanks to my beloved Family who

has encouraged me to complete this project
successfully.

(YAMUNA BHUCHAR)

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