Report

03/07/2009

By | Venu Gopal V

08PG0146

2

CONTENTS Chapter 1 – INTRODUCTION...........................................................................................6 1.1 Company Overview.........................................................................................................6 1.2 Growth.............................................................................................................................7 1.3 Stanley Platform..............................................................................................................8 1.4 Awards & Recognition...................................................................................................11 1.5 Brands Accquired..........................................................................................................12 1.6 The India Story..............................................................................................................13 1.7 Valued Customers..........................................................................................................16 Chapter 2 – LITERATURE SUPPORT........................................................17 2.1

Introduction to Hand Tools

2.1.1

Hand tool Market.....................................................................................................17

2.1.2

Characteristics of Industry.......................................................................................18

2.1.3

Consumption pattern of hand tools.........................................................................................19

2.1.4

Driving forces for hand tool development.............................................................................20

2.2

Introduction to Hand Tools

2.2.1

Products.....................................................................................................................23

2.2.2

Intelligent Assist Devices (IADs)..............................................................................................23

2.2.3

Engineered System Applications...............................................................................................24

2.2.4

Threaded Fastening Applications.............................................................................................24

Chapter 3 – METHODOLOGY OF STUDY..................................................26 3.1 Reach of project.............................................................................................................26 3.2 Research plan.................................................................................................................26 3.3 Collection of data & analysiss........................................................................................................28 3.4 Findings & recommendations........................................................................................28

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Chapter 4– Statement of Objecive...............................................................29 4.1 Primary..........................................................................................................................29 4.2 Secondary......................................................................................................................29 Chapter 5–............................................................................................30 5.1 Flow chart......................................................................................................................30 5.2 Scope of Study................................................................................................................30 5.3 Limitation.......................................................................................................................31 5.4 Steps Involved................................................................................................................32 Chapter 6–Data Analysis..........................................................................35

Chapter 7–Results & Interpretation............................................................36 7.1 Assembly Technology.....................................................................................................36 7.2 Hand Tools.....................................................................................................................43 Chapter 8–Recommendaion......................................................................48 Chapter 9–Bibilography...........................................................................50 Chapter 10–Annexure.............................................................................51 10.1 Questionnaire..............................................................................................................51 10.2 Hand Tool Standard....................................................................................................56

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ACKNOWLEDGEMENT

My summer project at Stanley Works India (P) Ltd., proved out to be a good learning experience for me. In these two months of my project with Stanley Works India (P) Ltd., I was able to gather a lot of information about the hand tool market and in particular how about entering new markets and finding the suitable path to tap these new markets.

I would like to thank Mr. Kuldeep S. Bhardawaj as he found me credible enough to work for Stanley Works India (P) Ltd. and selected me for a challenging project and guided me throughout the project at each and every step, thus was able to complete my project successfully.

A special thanks to Mr.Naren Kumar, for his valuable guidance that was of great help during the project and helped me in completing this project successfully.

My sincere thanks to Madam. Sreeja Bhatacharya faculty, CUIM, Bangalore for constantly supporting and guiding me in achieving the prescribed objectives of my project.

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EXECUTIVE SUMMARY This study covers the business potential of Stanley Hand Tools mainly in the Bangalore region. The study started with gaining knowledge about the industries in and around Bangalore and their needs and requirements vis-à-vis hand tools. This was done by making daily visits to different manufacturing units across Bangalore city. It was also observed that the driving forces behind procurement of tools across the industry were more or less the same. Further a study on the comparison of different brands of hand tools available in the market was undertaken. The comparison was done on the basis of quality, ease of use, brand awareness, durability, and price-worthiness amongst other criteria. On the basis of the observations, certain recommendations are sighted at the end of this report. Some important one’s are- use of e-marketing, having a marketing calendar and sticking to it, starting of newsletters and having a regional office amongst others. If implied, a few of these suggestions may offer a low-cost solution to the brand awareness problems we face and harness more sales in the coming years to give us an opportunity to expand our business in this region.

Chapter I: INTRODUCTION

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1.1: Company Overview. The Stanley Works, The 166 year old company is a worldwide manufacturer and marketer of tools, hardware and specialty hardware products for home improvement, consumer, industrial and professional use. The company stills bears not only Frederick Stanley's name but also the spirit and passion that drove him to succeed where others failed The Stanley Works is positioned to meet tomorrow's competitive challenges and continue as a leading worldwide manufacturer and marketer. Our businesses are diversified in terms of products, geographic spread and channels of distribution. We have moved effectively to expand our products into new market areas such as the Far East and Eastern Europe. Today, the Stanley name is known around the world as a reliable guarantee of quality and value. "The secret of this company's success is an open one -- all who will may avail themselves of it, and all who do so will succeed -- one word tells it all and that one word is – Excellence The Stanley Fulfillment System (SFS), created to encompass and improve upon Stanley’s long tradition of operations excellence, is the heart of our business operations. It’s a continuous improvement program focused 100% on the needs of our customers and a comprehensive business system that guides the way we work every day. SFS is at once our blueprint for success and our roadmap for continued growth.

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At the heart of SFS are three simple, customer-facing goals: •

Improve Service

•

Increase Quality

•

Reduce Costs

Service, quality and costs have always been strengths at The Stanley Works. SFS is our commitment to making them even stronger

1.2: Growth. In 1843, an enterprise businessman named Frederick Trent Stanley established a little shop in New Britain, Connecticut to manufacture door bolts and other hardware from wrought iron. Mr. Stanley was the first Mayor in town; he brought New Britain rail service, gas lighting and a reservoir-fed water supply. In 1930, Stanley invented the tape rules. Stanley tools have built nearly every home, school, church and hospital in America. Stanley Air tools build nearly every car and truck made in North America. Millions pass through Stanley Automatic Doors each day.

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With products sold in more than 130 countries, the Stanley® brand is recognized worldwide. From crisis comes OPPORTUNITY. The chance to emerge BETTER than ever before. By remaining committed to our guiding PRINCIPLES. And TRANSFORMING a LEGACY established over a century ago. Today’s Stanley is lean, flexible, diverse, and focused on long term GROWTH. Today’s Stanley is READY for tomorrow.

1.3: Stanley Platforms. A)

Consumer Tools.

A world leader in the design, development and delivery of tools, Stanley brings to market the strongest and most innovative tools available. With thousands of products on the market and hundreds introduced each year, Stanley develops the tools consumers need to get the job done. Key Brands Stanley®, Proto®, Husky®, Vidmar®, ZAG®, MAC®, Jensen®, Contact East®, Bostitch®, Atro®, Cobotics®, LaBounty®, Innerspace® Product categories Industrial hand tools and tool boxes, professional and industrial mechanics tools, electronic diagnostic tools, pneumatic fastening tools and fasteners, hydraulic tools, shearers, breakers and crushers. B)

Security Solutions.

An industry powerhouse with a global footprint, Stanley Security Solutions builds on Stanley’s development of the first automatic door with integrated solutions that provide wall-to-wall security, including doors, hardware, software and service. Stanley’s Security Solutions protect buildings, airports and institutions all over the world. Key Brands Best® Access, Blick®, cj rush™, Frisco Bay™, HSM Electronic Protection Services, Integrator.com™, ISR™ Solutions, Sargent & Greenleaf™, Safemasters®, Senior Technologies™, Stanley® Access Technologies, Stanley® Hardware The Stanley Security Solutions Product Group offers a wide array of electronic security products, mechanical security products, integration software, and installation and support services for a diverse set of industrial, institutional, and commercial facility applications.

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Electronic security, access and safety products manufactured and tested to the industry’s highest standards for functionality and long life. Applications include schools, banks, retail stores, hospitals, government agencies, manufacturing facilities, colleges and universities, and utilities, to name a few. Mechanical security products include patented keying, customized masterkey systems and quality door and lock hardware. These combine to supply customers with mechanical access control that is cost-effective and efficient.

C)

Industrial Tools

With our powerful professional tools, Stanley’s Industrial Tools Group delivers big tools for big jobs. Recognized as leaders in Industrial Tools, our family of brands builds everything from cars and trucks to roofs and floors. Key Brands Stanley®, Proto®, Husky®, Vidmar®, ZAG®, MAC®, Jensen®, Contact East®, Bostitch®, Atro®, Cobotics®, LaBounty®, Innerspace® Product categories

Industrial hand tools and tool boxes, professional and industrial mechanics tools, electronic diagnostic tools, pneumatic fastening tools and fasteners, hydraulic tools, shearers, breakers and crushers.

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1.4: Awards & Recognition. A steady stream of new and innovative products is the lifeblood of this company. In 2007, Stanley introduced more than 100 new products, many of which have won awards for great distinctions. The company itself has been triumphant in winning numerous awards throughout the years for packaging, design innovation, communication and advertising. Most recently, Stanley won 4 Golden Hammer Awards in 2007 and also won two IDEA awards in the 2007 International Design Excellence Competition.

2007 Golden Hammer Awards Presented by Home Channel News, Stanley was the recipient of the following four awards at the 2007 Golden Hammer Awards Ceremony: 

The Vendor of the Year Award.



The Innovator of the Year Award for overall new product development in all categories.



The Gold Golden Hammer Award for the Hand Tools category.



The Business to Consumer Communications Award for the Alien commercial featuring the

Stanley® MaxLife™ 369™ Tripod Flashlight. 2006 Golden Hammer Awards Stanley was the only multiple award winner at the 22nd Annual Golden Hammer Awards Ceremony, presented by Home Channel News. The awards, based on votes from retailers and buyers, were handed out at a ceremony in Las Vegas at the 2006 National Hardware Show. Stanley won: 

The Gold Golden Hammer Award for the Hand Tools category.



The Business to Consumer Communications Award for the Stanley® Sharpshooter® Staple

Gun World's Weakest Man campaign. The Innovator of the Year Award for overall new product development in all categories.

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Both the Gold Golden Hammer for the Hand Tools category and the Business to Consumer Communications awards are the highest awards in their category. For the Innovator of the Year award, Stanley was voted number one in new product innovation across all 36 product categories.

1.5: Brands Acquired. Our innovative Consumer and Industrial products help people utilize their skills, express their creativity and realize their visions on work sites around the globe. Brand names include Stanley®, FatMax®, Husky®, Goldblatt®, Bostitch®, Jensen®, Mac®, Proto®, La Bounty®, Vidmar®, CST®, David White® and ZAG®. Our Security Solutions brands include Stanley®, Best®, Blick® and Frisco Bay®.

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1.6: The India Story. Stanley India, a fully owned subsidiary of Stanley Works, U.S. having its head quarters in Delhi, started its operations in the year 2007. They import their own products manufactured in different countries and sell those in Indian Market with the help of its extensive chain of distributors & dealers. In the past one year, Stanley has been able to appoint more than 170 + distributors all over India. All the products of Stanley are categorized into 3 segments: Hand Tools, Hardware , Assembly technology and Hydraulics. In India, Stanley has launched nearly 2400 products, and is in the process of launching more. Presently, Stanley India is focusing on Industrial Tools and Hardware business in India. Some of the valued customers of Stanley India are Tata Motors, Airtel, Nokia, Mahindra, DMRC, etc. The Indian operations of Stanley is involved the •

Laser Products

•

Hardware

•

Hand Tools

•

Proto

Geographical Reach in India

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-Stanley Head Office -Stanley India Warehouse -Proto Distributor -Hardware Distributor -Stanley Hand Tools Distributor

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Stanley India Organization Structure

Stanley India Sales & Marketing Org. Chart

1.7: Stanley’s Valued Customers

Chapter II: LITERATURE SUPPORT A) Introduction to Hand Tools

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The most popular product category is hand tools. The tools, which are operated by hands, are known as hand tools. Hand tool products include a broad category of hand tools. Hand tool products are broadly used in all type of industries. Today technology has become highly advanced but still the importance of hand tools products cannot be ignored. In fact hand tool products are the backbone of all the industries; no matter how advanced are the machines and technology used there. No industrial process can be executed without using hand tools. As machine can never replace importance of mankind the same way automatic tools can never take place of hand tools. The use of hand tools is must in every kind of industrial job but sometimes it is not promptly noticeable. Even if the entire process is executed by automatic tolls and machine, then too hand tools are required for additional jobs like packing, finishing etc. Furthermore the efficient working of machine is also dependant on hand tools. Hand tools are essentially required for repair and lubrications of machines. Apart from this they are widely used for home repairs, garages, electrical appliances etc. A kit full of primary hand tools products may be easily found at any home. Hand tools are used to execute very complex as well as simple tasks. Screwdriver is such a common hand tool product, which is the part of every engineer’s tool kit as well as in every household. Spanners, screwdrivers, pliers, clamps, riveters, wrenches etc., are used for tightening and riveting the various screws etc. Hand tool products are designed to carry easily. That’s why every vehicle has its own set of hand tool products. It can be used in time of any breaking of machine where one does not find any help. Hand tool is a savior in time of need. A kit of hand tools products is like a first-aid box for machinery.

2.1: Hand tools Market 2.1.1: Indian hand tools market India has a competitive advantage in the hand tool industry compared to other countries because of easy availability of raw materials, entrepreneurship skills and skilled labor at competitive wages. The hand tool industry as a whole is witnessing a shift of manufacturing base from traditional manufacturing countries in Europe and Taiwan to the developing world and this is a good sign for India to benefit. There has been an average growth of 17% per annum of the hand tool market in India for the last 7 years.

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Estimated No. of Units in India

2500

SSI Units

95%

Large Units

7

Estimated number of workers

25000

Major Manufacturing regions

Jallandhar/ Nagpur

2.1.2: US hand tool market The U.S. hand tool industry is estimated to be a $6.2 billion. Hand tool demand, including power tool in the United States is expected to rise 3.1% annually through 2011, reaching $14.3 billion, according to a recently released report. There are more than 1,000 firms active in the U.S. hand and power tools industry, ranging from small, privately owned firms to major corporations like Stanley Works, Black & Decker, Bosch, Danaher and Snap-on etc. In fact these major companies accounted for nearly 55% of the total sales in 2006.

2.2: Characteristics of the industry •

A labor Intensive Industry: A source of employment to many, hand tools industry is

basically labor intensive in nature, whose development is of great importance for a competitive as well as a self-reliant industrial structure. The manufacturers of hand tools produce a comprehensive range of of hand tools, right from carpentry and plumbing tools to striking and cutting tools. •

Energy intensive industry: Apart from being a labor intensive industry, this industry is

also an energy intensive one. It is estimated in a recent study that in most economies adoption of energy efficient processes and technologies can yield in energy savings of up to 30 to 50%. •

Effective contributor to the economy: Adding positively to the income of a country,

hand tools industry has contributed to economy in terms of development and technology upgradation.

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2.3: Consumption patterns of hand tools This depends on the following factors: •

Price

•

Supply chain dynamics

•

Product quality, design and safety

•

Service

•

Environmental factors

2.4: Driving forces for hand tool development Hand tools were in use since a long time and there has been a great change in the designs of hand tools from time to time. There were many factors that led to hand tool development. 2.4.1: Workers safety & health: This is a very important consideration in today's designing of hand tools. Hand tools should be designed in such a way so that they reduce wear and tear on the operator. Ergonomics hand tools have become very popular, driven by an increased emphasis on worker safety and health. Workers nowadays prefer tools, which reduce stress on the body and at the same time reduce employee time loss due to job-related disabilities. Today, designers are coming up with more comfortable grips, reducing the weight of the object, and making hand tools adjustable to different body types. 2.4.2: Chemicals When tools are designed, manufacturers consider ergonomics, performance and the environment. Besides considering health and cleaning factors, hand tools are also produced nowadays using less chemicals, using less environmentally damaging products which are not harmful to the the human body and which becomes an environment friendly product.

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2.4.3: Cleaning One of the driving force for change in hand tool has always been to make cleaning easier. For proper functioning and durability of hand tools, it is necessary keep them clean after usage. In most cases, the latest designs go for flexible handles which can be removed and cleaned separately as both the handle and the tool blade are of different materials. 2.4.4: Hand Tools Standards With the rapid advancement and expansion in the global trade, standardization of various products is very necessary. The standards given to various products help in expanding international trade which in turn bridges the quality gap between the manufacturers, suppliers and buyers of different nations. In hand tools as well, standards play a vital role. Standards are required in hand tools for the following reasons: •

They provide performance requirements.

•

They provide safety requirements.

•

Standards are available for all types of hand tools like pliers, screwdrivers, wrenches,

striking tools, torque instruments etc. •

These standards also include the various tests that are required to determine

conformance with the safety and performance requirements. B) Introduction to Stanley Assembly Technology: Stanley Assembly Technologies, an operating group of The Stanley Works was founded in 1963. Originally called Stanley Air Tools, the group was renamed in 2002 to reflect the emphasis on technology to deliver solutions of high value to customers. Assembly Technologies headquarters are located in Highland Heights, Ohio, a suburb of Cleveland. The Stanley Works is global corporation, headquartered in New Britain, Connecticut and has manufacturing and distribution in all world areas. An application center is located in Troy, Michigan. Locations in Europe include the U.K., France, Germany and Italy. Assembly Technologies Product Group provides solutions to the global assembly market, including the motor vehicle industry. Core solutions include high-performance DC electric and pneumatic tightening tools and controllers, conventional pneumatic articulating arms, torque tubes and Intelligent Assist Devices for ergonomic material handling.

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Tightening torque capacity ranges from 0.5 to 2000 Nm and above. Tool geometries include straight, pistol, angle, hold & drive, crowfoot and tubenut outputs. Different levels of torque control, fit assembly requirements ranging from the most critical, such as safety related vehicle components to non-critical. Network systems enable plant-wide real-time assembly monitoring including statistical charting, trace analysis, remote tool configuration and hardware diagnostics. With Cobotics products, Stanley Assembly Technologies leads the growing global market for Intelligent Assist Devices (IADs). Engineered to dramatically improve the productivity, quality and ergonomic safety of assembly operations, IADs are computer controlled, servo powered lift assist devices that assist workers in lifting and manipulating heavy and awkward parts. A highly skilled direct sales force works directly with major customers and supports distributors in all world areas. Assembly Technologies sales engineers and distributors are qualified to analyze customer applications and propose the ideal selection of assembly and material handling components. Technical Service employees support customers from Assembly Technologies offices and regional locations. Other services offered by Stanley Assembly Technologies are: •

Field service

•

Training for customers’ support personnel

•

Design consultation for special systems

•

Maintenance programs

•

Telephone support,

•

Spare parts and repair,

Equipment calibration and tool system certification include: •

Auto and Light Truck Assembly

•

Auto Parts and Components

•

Large Truck Assembly

•

Construction and Farm Machinery

•

Recreational Vehicles

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2.5: Products: 1)

Thread Fastening. i.

Torque Equipment

ii.

Standard Nut Runners

iii.

Small QPM Tools

2)

Engineered Systems i.

Articulating Arm

ii.

Fixtured Tools

3)

Material Handling i.

Trolley

ii.

Lift

2.6: Intelligent Assist Devices (IADs) are a new generation of computer controlled, servo powered assist devices that allow seamless collaboration of a human operator with computercontrolled machinery, delivering superior speed and precision in material handling. IADs are analogous to power steering for material handling. Providing an improved method for moving heavy or difficult to handle loads, these systems are poised to revolutionize the ergonomic handling industry, bringing unprecedented levels of productivity, quality and ergonomic safety to manual processes.

2.7: Engineered System Applications:

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A two spindle DC electric has adjustable bolt centers that can automatically change the tightening torque level for each centers' dimension. Tool Positioning System for Cylinder Head Bolts A Stanley Tool Positioning System uses a single QPM DC electric tool to sequentially tighten 26 cylinder head bolts. This is a lower cost alternative to an additional multiple spindle system. The tool is mounted on an articulating arm with a PLC that monitors the tool position and tool parameter settings. Wheel Bearing End Play Tool A special wheel bearing end play tool automates the tapered bearing assembly operation. Four Spindle Blocker Beam A four spindle fixtured multiple enables fastening of the 8 bolts for the blocker beam in two operations. Shear Bolt Tool Assembly of tension control fasteners that have an integral controlled shear section for installation without the use of torque-controlled nut runners. 2.8:Threaded Fastening Applications QPM Door Strap Secure A QPM E12PB-17 pistol DC electric tool secures the door check strap that prevents motor vehicle door from opening past 60 degrees. QPM Instrument Panel to Firewall Secure QPM pistol DC electric tool for securing the automobile instrument panel to the firewall.

Adaptive Tightening Control (ATC) is a patented algorithm developed exclusively by Stanley Assembly Technologies and is a standard feature of all QPM Assembly Systems. ATC automatically manages speed and power to the motor of DC electric nutrunners based on dynamic feedback during the course of each and every rundown. If a single application consists of a mix of hard and soft joints with the same fastener drive type and target torque, other tools must be set for the middle of the road (i.e. tolerate some overshoot on the hard joint and increased cycle time on the soft joint). With ATC, each joint type is sensed during that particular. BENEFITS OF ATC •

Dynamic loads Improve Quality: accurately tightens a wide variety of joints.

•

Improve Productivity: optimize speed of tools on a wide variety of joints.

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•

Improve Ergonomics: no sudden speed changes from downshifting.

•

Reduce Acquisition Cost: tools can be used on any assembly within their torque range.

•

Reduce Installation Cost: tools don't need to "learn" the job before use in production.

•

Reduce Maintenance Cost: smooth torque and speed transition minimizes on gearing.

Chapter III: METHODOLOGY OF STUDY

The projected was executed in such a way that it is complete to the maximum extent covering all the aspects and thus arriving at a suitable conclusion to meet the objective of the project. Few recommendations were also suggested to the company, which can help the organization to grow further and penetrate faster into the new markets.

3.1: Reach of the Project The study was conducted covering the two major industrial regions in Bangalore & Hosur. The reach of the project consisted of various industries and dealers located in these above mentioned areas.

3.2: Research Plan The research was started with a well laid research plan and weekly schedule. The research plan included the following important stages. 1)

Data Sources

2)

Research Approaches

3)

Research Instruments

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4)

Sampling Plan

3.2.1:Data Sources Primary Research: most of the data in this project was through primary research conducted in industries. It was done completely through personal interviews, though a prepared questionnaire was used as guide line and which was later filled summarized. Secondary Research: Latest information available on internet about various industries and dealers was also used apart from the data got through primary research, so as to have a good study of the hand tools market in Visakhapatnam and Kakinada.

3.2.2: Research Approaches Approaching Customers/Industries: –

Getting permission into an industry would complete almost 50% of your job as it would give is

the platform to know about their operations. –

Get the details of the persons as many as possible in the industry

–

Spend your maximum time in the industry, so that you would know what is their work

environment i.e., whether they are using quality products, how much of their operations are being done by contractors, what is their hand tools purchase quantity and frequency of purchase, etc. –

Also try to find out how the process of purchase takes place, which might be different for

different departments. Closing the sale: –

This is very important for both the parties to build the relation and also for oneself as this give

the motivation and adds more value to your work. –

To reach to this stage, one must be clear how much work need to be put in, which operates as a

funnel like, if u want to reach or make x sales at least you need to meet 10x customers. –

The time in which you would achieve this should also be planned in the similar way.

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3.2.3: Research Instruments The research instrument was both qualitative and quantitative and hence consisted of personal interviews, which were guided by self prepared Questionnaires. Each of the questionnaire consisted of 17 questions on an average. The questions were both open ended and closed ended. The closed ended questions were a diverse type consisting of single choices, multiple choices, likert scales and rating scales. 3.3.4: Sampling Plan The industries to be visited were based on their type of industry like ship building industry, steel plants and any other major industries. The sample for studying the dealers was chosen to be minimum 10, which should have the mixture of both types of dealers like the once who do counter sales and the ones who don’t deal in counter sales.

3.3: Collection of Data and Analysis Various Pie-charts and bar-graphs are made to have an easy and quick understanding of the study conducted. Initially all the questionnaires were analyzed individually, and then finally an overall comparison of the various responses from all the dealers was done and analyzed.

3.4: Findings & Recommendations Finally, the various findings from the study were listed out along with certain invaluable recommendations for STANLEY, to help them generate and tap the new markets.

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Chapter IV: STATEMENT OF OBJECTIVE 4.1 PRIMARY OBJECTIVES •

To assess the scope for the business development of Stanley Hand Tools &Stanley Assembly Technology.

•

To position Stanley as a brand by focusing on its quality characteristics.

4.2 SCONDARY OBJECTIVE •

To find the potential for Stanley Hand Tools in the existing market.

•

To find the hand tools purchaser’s needs and the expectation on hand tools.

•

To find the feedback about Stanley Assembly Technologies and take corrective action thereby ensuring better business development.

•

To identify potential customers and new plants where business development can truly happen

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Chapter V: RESEARCH 5.1 RESEARCH DESIGN FLOW CHART

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Two types of information are required for doing Multi Dimensional Scaling. The first type of informational requirement pertains to those that are requires to measure the dependent variable which in this case is customers intention to buy. The second type of information required pertains to the independent variable. The independent variables being considered in this case are price, brand, quality, durability, reliability, discount, warranty, availability, breakage and comfort. This research was Multiple Cross- Sectional in nature as: Data collection was done only once from only one sample of the population (Purchasers and end users). The research involved very less of secondary data then the primary data. This was due to the fact that the accuracy of the research was to be kept high. Moreover, the research was done on the currency basis i.e. it was done for the current situation.

5.2 SCOPEOF SYUDY The study provided an insight into the SAT and its applications, hand tools usage, expectations and attitude towards hand tools like spanners, pliers and screw drivers. And to find out what factors the customers seek in general, with regards hand tools and SAT. This study will help to find out the feedback of SAT and Stanley hand tools with regards to price, brand, quality, durability, reliability, availability, and comfort.

5.3 LIMITATIONS IN THE STUDY No research would be a fool proof, 100% error free with the time/ money constraints and within the limited resources. My research study was no exception. I too had my own set of problems in terms of price, availability and with the fact that I was a first timer in this field.

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The first limitation could be the fact that Expert opinion. Depth interview and all the

Descriptive study were conducted on a sample size of 40+. Though these techniques were conducted to unearth it still could be limited. •

Next limitation would be the fact that the sample size of 40+. More the sample size more

detailed study would be. •

The sample taken for creating the model included people from various industries in Bangalore.

•

The conclusions made are based on the data collected from the sample size. So the conclusion

are based how truthfully the people entered the data. These were some of the limitations identified during the course of my research

5.4 STEPS INVOLVED The following steps were followed to attain the objective. 5.4.1Literature study There is no specific study, which was done on identifying hand tools purchasers purchase behaviour. 5.4.2Expert opinion Expert opinion is the process where an expert in the related field is interviewed to get information that can be used in the study. In this case distributors, dealers, sales officers, marketing manager of Stanley for south and purchase managers of industries which use hand tools are considered as an expert. 5.4.3Descriptive study The descriptive research design used in this case is survey method and personal interview. Personal interview with various industry purchase managers made the researcher to find some of the factors and ideas by observation, hearing their grief and interacting with them

.5.4.5 Scaling technique The scaling technique used in the questionnaire was likert scale, open, closed ended and ranking scale. All the questions in the main questionnaire were extracting answers by this scale. This was maintained throughout the questionnaire to keep the reliability and validity in control. The likert scale technique is widely used to determine the level of agreement or disagreement of an issue in the

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questionnaire. And another set of likert scaling were used to determine the most important and least important of an issue in a questionnaire. The scale was designed with five response categories as shown below. 1---Strongly disagree 2---Disagree 3---Neutral (Neither disagrees nor agrees) 4---Agree 5---Strongly agree

1---Most important 2---Important 3---Neutral (Neither important nor unimportant) 4---Less important 5---Least important The questionnaire when framed was carefully done to avoid complex words. In circumstances where such words could not be avoided, explanations were given for the respondents to understand easy. The ambiguous words or sentences were also avoided. Each section of the questionnaire had an initial explanation of how to answer the questions. An example was also given for easy understanding of filling the questionnaire. Important instructions were highlighted in bold letters to improve the vision and for a quicker understanding of the instructions by the respondent. The questionnaire was altered twice based on the opinion of the internal guide. The corrections were made and then it was tested amongst the respondents. The respondent didn’t have any problem in understanding the questionnaire and answering it. 5.4.6 Designing questionnaire Based on the results obtained from the descriptive study and using scaling method the final questionnaire was prepared and administered to the respondents. 5.4.7 Deciding the sample size The sampling technique used for the research was more of a stratified random sampling. This is because of the customers who were all possible to meet were selected. The sampling was done as mentioned above due the lack of time to get data.

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As the market research was done to B2B market the sample size was taken as 40. The data was collected from purchase managers and end users. Certain care was taken to avoid errors of history as the consumers were all contacted at the place of location. The other errors were either avoided or even though present it was cancelled out due to the presence of the same with other brands. 5.4.8 Data collection Data was collected from both purchase managers and end users using stratified random sampling. The researcher went to each of them and conducted a depth interview, which takes almost 10 minutes. The sample was about 40 potential customers for SAT The data for the questionnaire was collected directly and through e-mail from purchaser mangers and end users. The data was collected from most of all industries in Bangalore. Using the data collected by the researcher was able to come with factor analysis to see whether the factors are really related to the buying decision. 5.4.9 Analysis of the data collected All the data collected was fed into a database created in Microsoft Excel especially for this purpose. The various tools and functions available on excel were used for necessary calculation. Bar graphs and pie charts were generated to make the interpretation of the results easier. SPSS software was used for the purpose factor analysis.

Chapter VI: DATA ANALYSIS Data analysis model is econometric model and was planned to be done with the statistical tool SPSS. The data was got mainly in the likert scale for this purpose. The various tools and functions available on Excel were used for necessary calculations. Bar graphs and pie charts were generated to make the interpretation of the results. SPSS software was used for the purpose of factor analysis.

6.1 Plan of data analysis The data analysis done as in the plan given below 1.Filtering of the questionnaire were done 2.The questionnaires were sorted into the respective groups.

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31

3.Coding of the questions were done 4.All the data was entered into different excel sheets 5.This data was copied to the SPSS tool all the variable were explained 6.The other questions related awareness, departments, ranking and current brand were

analyzed using Micro soft Excel. 7.Results were tabulated and conclusion and recommendations were drawn.

Chapter VII: RESULTS AND INTERPRETATION 7.1 STANLEY HAND TOOLS 7.1.1 Hand Tool Market Share The below table & graph gives the market share different companies hold.

CURRENT BRAND Company ==>

Taparia

East man

Everes t

Ambik a

No. Of Respondents ==>

20

8

7

5

Our study reveals from the above table and pie chart that about 50% of the respondent industries are using Taparia tools and about 20% by Eastman. As a competitor we can tap the

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32

segmented audience using these taparia tools in case of sockets as our prices are much cheaper than the other tools which we can use this as a penetration strategy.

7.1.2 Frequency & Channel of Buying Hand Tools

From the above frequency table it is revealed that about 37.5% of the industries purchase hand tools half yearly, 47.5% of the industries purchase annually and 15% once in two years. This concludes company should constantly focus on the market to grab the opportunity.

The above chart clearly indicates that around 44% of the dealers procured hand tools directly from the company, 37% of them import those directly from the company and the remaining 19% get it from regional distributor. This also indicates that they have a very good reach in the market as they are able to get the items imported directly or from the regional distributors though not very frequently but at least once in 6 months as required by their foreign clients.

7.1.3 Factor Analysis KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy.

.766

Bartlett's Test of Sphericity

Approx. Chi-Square

114.141

df

66.000

Sig.

.000

Kaiser-Mayer-Olkin A measure of whether your distribution of values is adequate for conducting factor analysis. A measure >.9 is marvellous, >.8 is meritorious, >.7 is middling, >.6 is mediocre, >.5 is Miserable and unacceptable. In this case it is middling. Bartlett’s test of Sphericity

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This is a measure of the cumulative normality of researcher’s set of distribution. It also tests whether the correlation matrix is an identity matrix. A significance value <.05 indicates that these data do not produce an identity matrix and are thus approximately multivariate normal and acceptable for the factor analysis. In this case it is <.05, so this data is acceptable for the factor analysis.

Stanley Works India (P) Ltd.

34 Correlation Matrix Correlation

E Pric Perf Cust C Qu ase e Avail Main orm Functi omiz omp alit Dura of wort abili tena Relia anc Desi onalit abili actn y bility Use hy ty nce bility e gn y ty ess

Quality

1.000

.291

-.117

-.224

-.086

-.090

.204

-.236

.398

-.205

-.019

.250

Durabili ty

.291

1.000

-.365

-.129

-.217

.226

.342

.249

.600

-.453

.098

.112

Ease of Use

-.117

-.365

1.000

.336

.107

.011

-.152

.125

-.468

.481

.135

-.152

Price worthy

-.224

-.129

.336

1.000

-.195

-.045

.137

.231

-.114

.241

.362

.127

Availabi lity

-.086

-.217

.107

-.195

1.000

.159

-.133

-.104

-.221

.240

-.176

-.126

Mainten ance

-.090

.226

.011

-.045

.159

1.000

-.043

.012

.138

-.120

-.039

.245

Reliabili ty

.204

.342

-.152

.137

-.133

-.043

1.000

.101

.300

-.203

.244

.069

Perform ance

-.236

.249

.125

.231

-.104

.012

.101

1.000

.018

-.177

.288

.053

Design

.398

.600

-.468

-.114

-.221

.138

.300

.018

1.000

-.536

.025

.012

Functio nality

-.205

-.453

.481

.241

.240

-.120

-.203

-.177

-.536

1.000

.285

-.102

Customi zability

-.019

.098

.135

.362

-.176

-.039

.244

.288

.025

.285

1.000

.061

Compac tness

.250

.112

-.152

.127

-.126

.245

.069

.053

.012

-.102

.061

1.000

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35

This Scree plot’s the Eigenvalues on a bicoordiante plan. It is used to select how many factors to rotate to a final solution. The traditional construct for interpretation is that the Scree should be ignored and that only factors on the steep portion of the graph should be selected and rotated.

Stanley Works India (P) Ltd.

36 Component Matrixa Component 1

2

3

4

5

Quality

.496

-.130

-.403

.551

.131

Durability

.776

.210

.165

-.082

.213

Ease of Use

-.660

.272

.036

.128

.158

Price worthy

-.285

.718

.007

.104

-.156

Availability

-.324

-.418

.308

.083

.598

Maintenanc e

.166

-.043

.813

.279

.182

Reliability

.435

.417

-.242

.069

.381

Performanc e

.075

.593

.370

-.435

-.040

Design

.819

.041

-.067

-.060

.167

Functionalit y

-.760

.128

-.153

.289

.246

Customizab ility

-.065

.745

-.121

.126

.276

Compactne ss

.237

.184

.303

.694

-.432

The rotated factor structure is displayed next. Note that due to the selection of the sort by size option, the factor loading are sorted in two ways. Firstly the highest factor loading for each factor are selected and listed in separate blocks and secondly within each block the factor loading are sorted from largest to smallest. The numbers in each column are the factor loading for each factor, roughly the equivalent of the correlation between a particular item and the factor.

7.1.4 Source of Information

SOURCE OF INFORMATION

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37

Parameter s

General Specialis newspap t ers or magazin magazine es s

No. Of Responden ts ==>

3

In local outle t

Friends or colleagu es

Sales Repsentat ive

Special exhibiti on or Semina rs

Others

18

3

5

8

0

3

Much of the information about the hand tools was obtained from the local outlets. Hence, better visibility must be done through magazines, newsletters and through special exhibitions and seminars, as they carry a meager 20%. Better promotional campaigns and brand awareness programs must be carried out.

7.2 STANLEY ASSEMBLY TECHNOLOGY 7.2.1 Market Share The following table indicates the existing brands in the assembly technology categories and there relative market share.

MARKET SHARE Company ==>

Atlas Copco

IR

Stanley Assembly Technolog y

No. Of Respondents ==>

12

24

4

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IR is better penetrated in the assembly technologies market (60%) compared to other brands like Atlas Copco (30%) and SAT (10%). Atlas Capco subsequently followed IR in tapping the assembly technology market. SAT’s presence has slowly been improving across major industries and has a huge potential to tap the market in the near future.

7.2.2 The Usual Applications in Assembly Line The following table indicates the user oriented applications of SAT in manufacturing plant.

APPLICATIONS Period ==>

Thread Fastening

Engineeri ng Systems

Material Handling

No. Of Respondent s ==>

13

18

9

Engineering Systems is identified as the major application across the industry segments (45%) followed by Thread Fastening related applications. There is a huge scope in the material handling segment for SAT with a wide variety and highly sophisticated equipment being available. SAT can surely emerge as the best fastening solution provider in the near future.

7.2.3 Awareness of SAT Products The table below shows the awareness of Stanley Assembly Technology.

AWARENESS OF STANLEY ASSEMBLY PRODUCTS Response ==>

Stanley Works India (P) Ltd.

Yes

No

39 No. Of Respondents ==>

24

16

60% of the people across the industry segments are aware of the Stanley as a brand. It is mainly known for the range of applications and operational efficiency which act as the major differentiators when compared to IR and Atlas Copco.

7.2.4 Present Scenario of technology in production line The table below indicates the satisfaction levels of the existing technologies in the production line which mainly are non-SAT related applications.

SATISFACTION LEVEL OF EXISTING ASSEMBLY TECHNOLOGY Paramete rs

(Highly Satisfie d) 1

2

3

4

5

6

(Dissatisfie d) 7

No. Of Responden ts ==>

1

6

5

13

13

2

0

It can be interpreted from the above table that the satisfaction levels across the various assembly technologies are moderate and there by SAT with its wide range of applications and operational efficiency has a edge over its competitor. SAT thus has a huge potential in addressing these needs and thereby delivering desired satisfaction levels.

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7.2.5 Expansion Plan Based on the expansion plan of the companies, the forecast for SAT requirements can be arrived.

EXPANSION PLAN Period ==> No. Of Respondents ==>

Yes

No

57.5%

42.5%

57.5% of the respondents (People across the industry segments) are leaking out for expansion plans. Example: Toyota “New Plant” and “Training Centre” “Tetra Vectra” for SAT to tap these expansion plans thereby ensuring better “Business development and positioning of SAT”

58% of the respondents are planning for expansion roughly in 2 years down the line. Example: Toyota. Other Plants Example: Tetra Vectra have their expansion plans 1 year down the line (42%). Much of the “Expansion Plans” of the companies are a hold due to the Recession factor.

Chapter VIII: RECOMMENDATIONS Based on my experience and research conducted, I have identified that the major issue concerning us is that the brand Stanley is the least visible in the industry compared to our

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competitors. I have the following recommendations which I have divided as short term and long term implementation to face the current situation. Short Term: 1. Newsletters: By creating our own email newsletter, we could send out industry news and tips to

suspects in our market. Since we will be on your prospects' minds more often than our competition, eventually, our sales leads will turn into actual sales. Articles about latest trends in tools industry, helpful solutions and how Stanley plays a helpful role. 2. Customer feedback: It’s important to get feedbacks from our existing customers on a regular

basis. This can be done by asking them how is their product performing, and if any problems, be ready to offer a solution. This way we build a good relationship with our existing customers. Small questionnaires through e-mails, or visits to the plant to see if customer is satisfied. 3. Create a marketing calendar and keep it consistently: Scheduling marketing activities that

take place weekly, bi monthly, monthly and quarterly will help us to avoid sudden planning or having ineffective seminars. And, by doing so, marketing will become easier since it becomes a regular part of our business life. Regular seminars, for example once a month or once in two months, every 2nd Saturday. This will help the industry relate brand Stanley with an info provider and just another company trying to sell its expensive products. Plus it will be like a ritual followed by Stanley and keep the employees motivated and on their feet. 4. Leaf Lets & Brochures: Equip the sales man with enough amount of product catalog, brochures

and leaflets which he can leave at customers place. 5. Freebies: Provide customers with freebies like table calendar or year book, which the customer

uses and Stanley stays at top of mind recall.

Long Term: 1. Internet Marketing: Pay per click, Social networking sites, blogs, links, search engine

optimization. These are inexpensive ways to make the Stanley brand visible, which we have not used yet. Sites like Facebook, LinkedIn etc are being used extensively by the biggest of companies, so what is stopping us from capitalizing the huge potential of such cost-free marketing. This will also help spread brand awareness before Stanley plans to increase its operations in India.

Stanley Works India (P) Ltd.

42 2. Increase the number of Sales Team: Presently the sales team for Karnataka operations has only

two dealers and one BDE, hence this BDE has a hurricane task to cover the entire state which is highly impossible. Thus Stanley should increase strength of its sales team. 3. Build a referral team: Good referral team involves existing satisfied customers, vendors,

distributors, some retailers, auxiliary services like service personnel who can suggest usage of Stanley Tools for better performance and less break down maintenance and other technical issues. 4. Local Office setup: A well organized local office setup is recommended to streamline the

operations. The local employees, distributors and dealers will have a common place to have their periodic meetings, which will ensure identifying loopholes, potential business areas and strategizing further steps at regular intervals.

Chapter IX: BIBILOGRAPHY –

www.stanleytools.com

–

www.infoengineers.com

–

www.industrialtools.in

–

www.wikipedia.com

–

www.agelessmarketing.com

–

www.marketingprofs.com

–

www.hand-tools-manufacturers.com/handtools-publications.html

Stanley Works India (P) Ltd.

43 –

http://www.hti.org/0410HTIStandards.htm

–

http://www.hand-tool-manufacturers.com/suppliers/

–

JÖNKÖPING INTERNAT IONA L B U S I N E S S SCHOOL

–

http://www.learnmarketing.co.uk/consumer.htm

–

Company Manual

Chapter X: ANNEXURE 10.1 QUESTIONNAIRE We would like to know your views and opinion on the Stanley Hand Tools and Assembly Technology, as a part of our survey.

Part A - General: 1. What is the approximate annual turnover of your company? _____________________ 2. What is the amount of purchases done annually? ________________________ 3. What is the amount of Hand tools in your total purchases purchased? _______________________

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44

4. What is the amount of special purpose hand tools in the total purchases? _______________________

Part B - Hand Tools: 1.

2.

Which company hand tools do you use? 1. Taparia 2. East man 3. Everest 4. Ambika 5. __________ Name few hand tools which you frequently use: 1. 2. 3. 4.

3.

How often do you buy hand tools: 1. 6months 2. 1year 3. 2years 4.________

4.

Are you aware of STANLEY products: yes / no

5.

How do you rate the existing hand tools on the following parameters Parameters

(Very Poor) 1

2

3

4

5

6

(Very Good) 7

Quality Durability Ease of Use Price worthy Availability Maintenance Reliability Performance Ergonomically Design

Stanley Works India (P) Ltd.

\

45 Functionality Customizability Compactness

6.

Rate your satisfaction level on your existing hand tools : (Highly Satisfied) 1

7.

(Dis-satisfied) 2

3

4

5

6

7

How do you find out information about hand tools?

General newspapers

Specialist magazines

In local outlet

From friends or colleagues From sales reps

special exhibitions or seminars Other (PLEASE WRITE IN)______

Part C - Assembly Technology: 1.

Which company’s products do you use in assembly line? 1. Atlas Copco 2. IR 3. Stanley Assembly Technology 4. _________________

2.

What are the usual applications in assembly line? 1. Thread Fastening 2. Engineering Systems

Stanley Works India (P) Ltd.

From

46

3. 4.

Material Handling _______________

3.

Are you aware of STANLEY ASSEMBLY TECHNOLOGY? : yes / no

4.

Rate your satisfaction level on your existing assembly line method : (High ly Satisf ied) 1

5.

6. 7.

5 2

3

4

5

6

(Dissatisfied ) 7

List a few issues you currently face in your assembly line: 1.__________________________________________________________. 2.__________________________________________________________. 3.__________________________________________________________. Plans of expansion in near future: yes/ no. By when are you planning to expand : 1. 6months 2. 1year 3. 2years 4.________

Part D - Response: 1. Are all your queries and doubts be satisfied when a Stanley works Salesman visits you? Yes

Stanley Works India (P) Ltd.

No

47

2. Do you think the content and level of details presented by them is adequate? Yes

No

3. If No, then suggest measures for improvement.

Part E – Personal Details: Company Name:

Address:

Phone number:

Email Id:

Name of individual participating in the survey:

Designation:

Thank you.

Stanley Works India (P) Ltd.

48

10.2 Hand Tool Standards B107 Standards The B107 ASME series standard is given to various hand tools and accessories. The Committee of B107 Standards operate under the American National Standards Institutes's procedure. The B107 Committees are comprised of experts in the field of hand tools. These standards are published by ASME after being approved by ANSI and ASME. The B107 standards on hand tools cover the complete general and dimensional data for hand tools, including safety and other requirements. • B107.1-1993 Socket Wrenches, Hand (Inch) • B107.2-1995 Socket Wrenches, Extensions, Adaptors, and Universal Joints, Power Drive

(Impact) (Inch Series) • B107.4M-1995 Driving & Spindle Ends for Portable Hand, Impact, Air, and Electric Tools

(Percussion Tools Excluded) • B107.5M-1994 Socket Wrenches, Hand (Metric Series) • B107.6-1994 Wrenches, Box, Angled, Open End, Combination, Flare Nut, and Tappet (Inch

Series) • B107.8M-1996 Adjustable Wrenches • B107.9M-1994 Wrenches, Box , Angled, Open End, Combination, Flare Nut, and Tappet

(Metric Series) • B107.10M-1996 Handles and Attachments For Hand Socket Wrenches - Inch and Metric

Series • B107.11M-1993 Pliers, Diagonal Cutting, and Nippers, End Cutting • B107.12-1997 Nut Driver (Spin Type, Screwdriver Grip) (Inch Series) • B107.13M-1996 Pliers - Long Nose, Long Reach • B107.14M-1994 Hand Torque Tools • B107.15-1993 Flat Tip and Phillips Screwdrivers • B107.16-1998 Shears (Metal Cutting, Hand) • B107.17M-1997 Gages, Wrench Openings, Reference

Stanley Works India (P) Ltd.

49 • B107.18M-1996 Pliers (Wire Twister) • B107.19-1993 (R1998) Pliers, Retaining Ring • 107.20-1998 Pliers (Lineman's, Iron Worker's, • B107.21-1998 Wrench, Crowfoot Attachments (Inch Series) • B107.22M-1998 Electronic Cutters • B107.23M-1997 Pliers, Multiple Position, Adjustable • B107.25M-1996 Pliers - Performance Test Methods • B107.27-1996 Pliers, Multiple Position (Electrical Connector) • B107.28M-1997 Electronic Torque Instruments • B107.29M-1998 Electronic Tester, Hand Torque Tools • B107.31M-1997 Screwdriver, Cross Tip Gaging • B107.34M-1997 Socket Wrenches for Spark Plugs • B107.35M-1997 Nut Drivers (Spin Type, Screwdriver Grip) (Metric Series) • B107.38M-1998 Electronic Pliers • B107.41M-1997 Nail Hammers, Safety Requirements • B107.42M-1997 Hatchets - Safety Requirements • B107.43M-1998 Wood Splitting Wedges - Safety Requirements • B107.44M-1998 Glaziers Chisels & Wood Chisels, Safety Requirements • B107.45M-1998 Ripping Chisels and Flooring/Electricians' Chisels - Safety Requirements • B107.46M-1998 Stud, Screw, and Pipe Extractors - Safety Requirements • B107.47M-1998 Metal Chisels - Safety Requirements • B107.48M-1998 Metal Punches and Drift Pins: Safety Requirements • B107.49M-1998 Nail Sets: Safety Requirements • B107.50M-1998 Brick Chisels & Brick Sets: Safety Requirements • B107.52M-1998 Nail Puller Bars - Safety Requirements • B107.53M-1998 Ball Peen Hammers - Safety Requirements • B107.54-2001 Heavy Striking Tools - Safety Requirements • B107.55M-1998 Axes: Safety Requirements • B107.56-1999 Body Repair Hammers and Dolly Blocks - Safety Requirements • B107.57-2001 Bricklayers Hammers & Prospecting Picks - Safety Requirements • B107.58-1998 Riveting, Scaling, Tinners Setting Hammers - Safety Requirements

Stanley Works India (P) Ltd.