GL BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH

GREATER NOIDA
MINIOR PROJECT

ON

KURL ON

Submitted in the partial fulfillment of the requirements for the award of degree of

P.G.D.M (2019-2021)

Submitted to: Submitted by:

Mr.ATUL ARORA NIKITA RAI

Associate Professor PGDM19087

 ACKNOWLEDGEMENT
It gives immense pleasure that, I have completed my minior Project report, therefore, I would
like to thank my college GL Bajaj Institute of Management And Research, our and our
honorable Director Dr. Ajay Kumar for encouraging me to take up my minior Project in
Marketing Sector. I am also very thankful to all my faculty members for their extensive
support by imparting in me the practical approach of corporate sector,
and their valuable backing of getting ourselves involved with the functioning of the company
rather than just involve us in our project.

I would also wish to acknowledge my profound gratitude to KURLON who allowed me

to do minior project and helped me in the completion of this project. I am extremely grateful
to all the concerned employees for their full support and guidance despite their tight and busy
schedules..

I would also like to thank my MENTOR MR. ATUL ARORA who was always there to
support me and without whom it wasn’t possible.

Last but not the least; I shall fail in my duty, if I don’t thank all those concerned people who
have directly or indirectly contributed in the completion of this entire Summer Internship
Project.

Signature:

NIKITA RAI
 KURL ON
CHAPTER-1- introduction

INTRODUCTION TO INDUSTRY AND COMPANY

1.1 INTRODUCTION TO KURL ON
Kurl-On Ltd., founded by Late T Ramesh U Pai, was incorporated under the name of
Karnataka Coir Products Ltd more than half a century back in October, 1962. The name of
the company was changed to Karnataka Consumer Products Ltd.with effect from October,
1980. It was in December, 1995 the name was changed to KURL-ON LTD. to fully reflect all
its business activities in diverse areas such as Rubberized Coir, Latex Foam and Polyurethane
Foam. Besides mattress KL manufactures and markets an entire range of home comfort
solutions and wide range of high-end soft furnishings such as Pillows, cushions, bed
linen/sofa to ergonomically designed Furniture, Furnishing, etc. Kurl-on has become
synonymous with mattress industry in India and being the pioneer has become a household
name across the length and breadth of India.

Currently the company exports its products to various asian countries. For the past sixteen
years the company has won the Coir Board of India’s awards for Outstanding Performance
in Export of Rubberized Coir Products, the Development of the Domestic Market for
Rubberized Coir and the award for being consistently the country’s largest manufacturer. KL
is the holding company, which promoted a subsidiary company in the name and style of
Kurlon Enterprise Ltd. (KEL) in the year 2011. Consequent upon the Business Transfer
Agreement between KL and its subsidiary, the business of Rubberized Coir, Latex Foam,
Polyurethane Foam, Pillows, Spring Mattresses, Furniture, Furnishing, sofa and entire home
comforts and related products were transferred to the subsidiary company effective 1st
April, 2014. Headquartered in Bengaluru, KEL is now the operating company. Both the
companies are closely held, unlisted public Ltd.

1.2 HISTORY

During 1965, KL introduced, for the first time in the country, the concept of rubberized coir
mattress under its renowned brand name “Kurl-On” using the know- how from Austria KL is
the innovator of coir mattresses in India and offers a wide range of comfort solutions for
retail consumers and a wide range of institutional clients such as Hotels, Hospitals and
Hostels who prefer high performance, high quality branded mattresses with flame
retardant, anti-bacterial fabrics. The company is the sole manufacturer of hospital approved
mattress. KL markets its products under the flagship brand “Kurl-On”, with approximately
35% of market share with a sales of over 1.2 Million mattress a year.

1.3 PRODUCT INDUSTRY

THE MATTRESS INDUSTRY Nationally, the mattress industry is predominantly an
unorganized market with many small regional players and just a handful of organized
national mattress makers such as Kurl-On. The organized mattress market has been
dominated by Kurl-on which is currently the number one brand in mattress and the second
largest producer of PU foams in India. The Indian mattress market is estimated
approximately ` 10,000 Crs., of which approximately 75% has been dominated by cotton
mattresses, which is majorly a low value unorganized market. Just about 20% of the total
market for mattresses comprises the rubberized coir mattress segment. With remaining
market comprising high end foam based mattress. The industry has grown at an estimated
CAGR of 8-10% over the past 5 years, primarily on account of rising urbanization, increase in
disposable income, increase in health related issues of the Indian population and increasing
awareness about sleep products.

1.4 PRODUCT RANGE

KEL markets its products under the flagship brand “Kurl-On” with Bounty, Luxurino,
Angelica Box TOP, Klassic, Mermaid, Kurlo bond, Convenio, Ortho, Relish, SpineKare, etc. as
sub brands.
1.5 ORGANIZATION STRUCTURE OF KURL ON

CHAPTER 2
MARKET SHARE OF KURL ON
1.5 MARKET SHARE OF KURL ON
Kurlon targets 25-30% revenue growth in FY19
Mattress maker Kurlon today said it is targeting a revenue growth of 25-30 per cent in the
current fiscal year, on the back of healthy demand.

The company had reported over Rs 1,000 crore revenues last year, according to Kurlon
managing director Sudhakar Pai.

"This year we should be able to grow anywhere between 25 and 30 per cent," Pai told PTI

The Bengaluru-based company claims to enjoy over 40 per cent market share in the
organised mattress industry.

The total mattress industry is pegged at Rs 6,000 crore,of which the organised segment
accounts for 25 per cent.

Pai said the company has the ability to grow at 40-50 per cent in this segment.

Kurlon, which introduced sofas two to three years ago in its own stores, is embarking on a
pan-India rollout for the same and expects the segment to capture at least 5 per cent
market share in the Rs 12,000-crore industry in two years.

"Our revenue (from sofas) is less than 1 per cent of the turnover, but we feel this is a very
strong growing area. We should be able to grow anywhere between 60 and 70 per cent in
this segment in days to come," he said.

The company, which has invested Rs 20 crore in the sofa business so far, and has a facility in
Bengaluru, is also planning to add two to three manufacturing plants for sofas.

"In a couple of years when the demand picks up, we should be able to open two more
factories. One would be in Gujarat and the other could be in Assam or Bhubaneshwar," he
said adding that the factories' locations are not finalised.

Kurlon, which retails sofas in the price range of Rs 25,000 to Rs 1,75,000, has 31 owned-
stores under the brand Home Komfort and plans to take this tally to 200 by FY19-end.

"At present (it is) company owned, but we will soon go to the franchisee model as well," Pai
said adding that each store entails an investment between Rs 10 lakh and Rs 50 lakh.
He said the company is also scouting for opportunities to grow inorganically in the home
comfort category and is "seriously" pursuing it as the firm is debt-free.

1.6 MAJOR COMPETITORS

1.6.1 COIRFIT
Coirfit is the top competitor of Kurlon. Coirfit was founded in 1989, and its headquarters is
in Meerut, Uttar Pradesh. Like Kurlon, Coirfit also operates in the Home Furnishing Retail
field. Coirfit has 6,450 fewer employees than Kurlon.

1.6.2 DUROFLEX
Duroflex is seen as one of Kurlon's top competitors. Duroflex was founded in Bengaluru,
Karnataka} in 1963. Like Kurlon, Duroflex also works within the Home Furnishing Retail field.
Compared to Kurlon, Duroflex generates $125.3M less revenue.

1.6.3 SLEEPWELL
Sleepwell is Kurlon's #3 rival. Sleepwell's headquarters is in Ghaziabad, Uttar Pradesh, and
was founded in 1971. Sleepwell is in the Home Improvement Retail field. Sleepwell
generates 3,562% of Kurlon's revenue

The top 10 competitors in Kurlon's competitive set are Coirfit, Duroflex, Sleepwell,
Springwel, Sunday, Spring Fit, Tempur Sealy, Select Number, Centuary and Hush. Together
they have raised over 397.8M between their estimated 16.8K employees. Kurlon's revenue
is the ranked 4th among it's top 10 competitors. The top 10 competitors average 1.2B.
Kurlon has 6,500 employees and is ranked 2nd among it's top 10 competitors. The top 10
competitors average 3,046.

CHAPTER-3
1.7 PESTLE ANALYSIS
The PESTEL analysis is a tool devised by Harvard professor Francis Aguilar to conduct a
thorough external analysis of the business environment of any industry for which data is
available. This is an important step for eventually devising a strategy that can effectively
manoeuvre the competition to maximize a firm's chances of sustainability and profitability.
PESTEL is an amalgam of initials of various factors that not only affect Mattress Firm Holding
but the entire industry as a whole- these factors are namely Political, Economic, Social,
Technological, Environmental and Legal.

PESTEL analysis provides valuable insight into the operating challenges that any company in
the industry appears to face, and so the company in question may face as well. An
understanding of the overall competitive landscape will prevent investors and
entrepreneurs from partaking in any risky ventures if the risk arises out of, say, an unstable
political regime or a sudden economic recession. This may be best exemplified by the recent
exit of the United Kingdom from the European Union. The sudden fallout was political and
caused many investors to pull out of new ventures and halt their expansions, as the future
became uncertain in the wake of this decision.

1.7.1 Political Factors that Impact Mattress Firm

Holding
The political factors that may impact the profitability or chances of survival of the company
are quite diverse. The political risks vary from sudden changes in existing political regimes to
civil unrest to major decisions taken by the government. In cases of possible multinationals,
one may also include political factors that take place/ affect not only the host country but
also all countries that contain business operations, or that may engage in trade with
Mattress Firm Holding

To properly appraise the extent of the overall systematic political risk that KURL ON may be
exposed to, the following factors should be considered before taking part in any
investments:

 The level of political stability that the country has in recent years.

 The integrity of the politicians and their likelihood to take part in acts of corruption,
as the resulting repercussions may lead to possible impeachments or resignations of
high level government employees.

 The laws that the country enforces, especially with regards to business, such as
contract law, as they dictate what Mattress Firm Holding is and is not allowed to do.
Some countries, for example, prohibit alcohol or have certain conditions that must
be fulfilled, while some government systems have inefficient amounts of red tape
that discourage business.
  Whether or not a company’s intellectual property (IP) is protected. For example, a
country that has no policies for IP protection would mean that entrepreneurs may
find it too risky to invest in Mattress Firm Holding

 The trade barriers that the host country has would protect Mattress Firm Holding;
however, trade barriers that countries with potential trade partners would harm
companies by preventing potential exports.

 A high level of taxation would demotivate companies like Mattress Firm Holding
from maximizing their profits.

 The risk of military invasion by hostile countries may cause divestment from
ventures.

1.7.2 Economic Factors that Impact Mattress Firm

Holding
Economic factors are all those that
pertain to the economy of the country that Mattress Firm Holding, such as changes in the
inflation rate, the foreign exchange rate, the interest rate, the gross domestic product, and
the current stage of the economic cycle. These factors, and their resulting impact on
aggregate demand, aggregate investment and the business climate, in general, have the
potential to make a company highly profitable, or extremely likely to incur a loss. The
economic factors in the PESTEL analysis are macroeconomic.

The economic factors that Mattress Firm Holding may be sensitive to, and in turn should
consider before investing may include the following:

 The economic system that is currently operational in the sector in question- whether
it is a monopoly, an oligopoly, or something similar to a perfect competition
economic system.

 The rate of GDP growth in the country will affect how fast Mattress Firm Holding is
expected to grow in the near future.

 The interest rates in the country would affect how much individuals are willing to
borrow and invest. Higher rates would result in greater investments that would
mean more growth for Mattress Firm Holding

 However efficiently the financial markets operate also impact how well Mattress
Firm Holding can raise capital at a fair price, keeping in mind the demand and supply.

 The exchange rate of the country kurl on operates in would impact the profitability
of Mattress Firm Holding, particularly if kurl on engages in international trade. The
 stability of the currency is also important- an unstable currency discourages
international investors.

 A high level of unemployment in the country would mean there is a greater supply of
jobs than demand, meaning people would be willing to work for a lower wage, which
would lower the costs of kurl on.

1.7.3 Social Factors that Impact Mattress Firm Holding

The social factors that impact Mattress Firm Holding are a direct reflection of the society
that Mattress Firm Holding operates in, and encompasses culture, belief, attitudes and
values that the majority of the population may hold as a community. The impact of social
factors is not only important for the operational aspect of Mattress Firm Holding, but also
on the marketing aspect of the organization. A thorough understanding of the customers,
their lifestyle, level of education and beliefs in a society, or segment of society, would help
design both the products and marketing messages that would lead to a venture becoming a
success.

The social factors that affect Mattress Firm Holding and should be included in the social
aspect of the PESTEL analysis include the following:

 The demographics of the population, meaning their respective ages and genders,
vastly impact whether or not a certain product may be marketed to them. Makeup is
mostly catered to women, so targeting a majority male population would be less
population than targeting a population that is mostly female.

 The class distribution among the population is of paramount importance: Mattress

Firm Holding would be unable to promote a premium product to the general public if
the majority of the population was a lower class; rather, they would have to rely on
very niche marketing.

 To some extent, the differences in educational background between the marketers

and the target market may make it difficult to relate to and draw in the target
market effectively. Mattress Firm Holding should be very careful not to lose the
connection to the target market's interests and priorities.

 Mattress Firm Holding needs to be fully aware of what level of health standards,
reactions to harassment claims and importance of environmental protection prevail
in the industry as a whole, and thus are expected from any company as they are
seen as the norm.

1.7.4 Technological Factors that Impact Mattress Firm

Holding
Technology can rapidly dismantle the price structure and competitive landscape of an
industry in a very short amount of time. It thus becomes extremely important to constantly
and consistently innovate, not only for the sake of maximizing possible profits and becoming
a market leader, but also to prevent obsolescence in the near future. There are multiple
instances of innovative products completely redesigning the norm for an entire industry:
Uber and Lyft dominate the taxi cab industry; smartphones have left other phones an
unviable option for most et cetera.

The technological factors that may influence Mattress Firm Holding may include the
following:

 The recent technological developments and breakthroughs made by competitors, as

mentioned above. If Mattress Firm Holding encounters a new technology that is
gaining popularity in the industry in question, it is important to monitor the level of
popularity and how quickly it is growing and disrupting its competitors’ revenues.
This would translate to the level of urgency required to adequately respond to the
innovation, either by matching the technology or finding an innovative alternative.

 How easy, and thus quickly, will the technology be diffused to other firms in the
industry, leading to other firms copying the technological processes/ features of
Mattress Firm Holding

 How much an improvement of technology would improve/ transform what the

product initially offers. If this improvement is drastic, then other firms in the industry
suffer more heavily.

 The impact of the technology on the costs that most companies in the industry are
subject to have the potential to increase or reduce the resulting profits greatly. If
these profits are great in number, they may be reinvested into the research and
development department, where future technological innovations would further
raise the level of profits, and so on, ensuring sustainable profits over a long period of
time.

1.7.5 Legal Factors that Impact Mattress Firm Holding

The government institutions and frameworks in a country, while technically also political
and thus subject to whichever political party holds the majority in a government body, are
also legal and thus should be considered in a PESTEL analysis. Often Mattress Firm Holding
policies on their own are not enough to efficiently protect Mattress Firm Holding and its
workers, making Mattress Firm Holding appear an undesirable place of employment that
may repel skilled, talented workers.

The legal factors that deserve consideration include the following:

  Intellectual property laws and other data protection laws are, as mentioned earlier,
in place to protect the ideas and patents of companies who are only profiting
because of that information. If there is a likelihood that the data is stolen, then
Mattress Firm Holding will lose its competitive edge and have a high chance of
failure.

 Discrimination laws are placed by the government to protect the employees and
ensure that everyone in Mattress Firm Holding is treated fairly and given the same
opportunities, regardless of gender, age, disability, ethnicity, religion or sexual
orientation.

 Health and safety laws were created after witnessing the horrible conditions that
employees were forced to work in during and directly after the industrial revolution.
Implementing the proper regulations may be expensive, but Mattress Firm Holding
has to engage in it, not only due to the law but also out of Mattress Firm Holding's
personal feeling of ethical and social responsibility to other human beings.

 Laws are also placed to ensure a certain level of quality or reasonable price for
certain products to keep the customer safe and prevent them for being provided.
The industries this applies to find often their costs elevated.

1.7.6 Environmental Factors that Impact Mattress Firm Holding

Different industries hold different standards of environmental protection in their head as
the norm. This norm then dictates what every company should aim for, in the least, to
prevent becoming the target of pressure groups and boycotts due to a lack of
environmental conscientiousness. A company in the textile industry, for example, is not
expected to incur the same level of pollution and environmental degradation as an oil
company. The new consumer, armed with the interest and the knowledge it carries, prefers
to give its business to companies it views as more ethical, particularly about the
environment in the wake of global warming.

The environmental factors that may significantly impact Mattress Firm Holding include:

 The current weather conditions may significantly impact the ability of Mattress Firm
Holding to manage the transportation of both the resources and the finished
product. This, in turn, would affect the delivery dates of the final product in the case
of, say, an unexpected monsoon.

 Climate change would also render some products useless. For example, in the case
of textiles, in countries where the winter has become very mild due to Global
Warming, warm winter clothes have much less of a market.
  Those companies that produce extremely large amounts of waste may be required
by law to manage their environmental habits. This may include pollution fines and
quotas, which may place a financial strain on Mattress Firm Holding

 If Mattress Firm Holding should (knowingly or unknowingly) contribute to the further

endangerment of an already endangered species may face not only the
consequences from the law but also face a backlash from the general public who
may then boycott Mattress Firm Holding in retaliation.

 While relying, in any percentage, on renewable energy may be expensive, it often

receives support not only from the government but also from its customer base, who
may be willing to pay a premium price for the products that Mattress Firm Holding
may produce.

CHAPTER-4
SWOT ANALYSIS
CHAPTER 5 – FINDINGS
FINDINGS: 
60% of female feel that the quality of products at Kurlon
Mattress Express Store is better than at other stores.
 20% of age group (35-40) custotresmers are satisfied for
shopping at Kurlon Mattress Express Store.
45% of housewife who visit Kurlon Mattress Express Store.
45% of customiziation prefer Kurlon Mattress Express Store
for purchasing mattres.
30% of newspaper were aware of kurlon matters store
through advertisement.
35% of customers purchase more mattres whose income
level is 20,000-40,000.
60% of customers are satisified with kurlon mattress.

CHAPTER 6 - RECOMMENDATION
RECOMMENDATION
To attract more customers, Kurlon Mattress Express Store needs to
focus on the 55 and above age group. 

Advertising through television and F.M radio needs to be improved.



To attracts more the focus on the self employed group people. 

The company focus on the low price strategy to increase the sales. 

To attract more Fe male customers , company need to do some more

BTL activity. 

The company focus on the income level of the customes whose

income between the 40,000 and above. 

In the kurlon mattres express stores there is no one customer which

is not satisfied.

CONCLUSION:
 The study concludes that majority of the customers prefer
shopping at Kurlon Mattress Express Store, because of
product variety, quality, service facility, reasonable prices
which make the customers feel more comfortable in visiting
the store again & again. Customers shop more in the food
bazaar and the men’s wear department in Kurlon Mattress
Express Store. Customers feel that Kurlon Mattress Express
Store has variety of products available in various
departments Considering the fact that there are a lot middle
class families in India, Kurlon Mattress Express Store has had
a huge impact on the middle class section of India, the prices,
quality and sales strategy has helped in getting the middle
income groups getting attracted towards Kurlon Mattress
Express Store. Kurlon Mattress Express Store has been known
for its great sale and great offers& discounts. Kurlon Mattress
Express Store has had long lines of people waiting to get into
the store for the sale. Therefore, the sales that Kurlon
Mattress Express Store has had increased in a huge way due
to offers & discounts, thus this has been one of the main
advantages of Kurlon Mattress Express Store.

CHAPTER 7 – REFRENCES
BOOKS:
1). PHILIP KOTLER, “The principles of marketing”, Tata
Mc Grew-Hill Publishing .
2). Willian.D.perreault, Jr. “Basic Marketing”
E.J.erom.e.mccarthy .
3).sass A.SIVAKUMAR “Retail Marketing” Excel book’s
publication.
4). C.R.KOTHARI, “Research Methodology” New age
international publication, 2nd revised edition.
Websites
 www.kurlon .com
 google search
 Wiki pedia.com