the quality advantage

The Quality Advantage Maruti Suzuki owners experience fewer problems with their vehicles than any other car manufacturer in India (JD Power IQS Study 2004) The Alto was chosen No1 in the premium compact car segment and the Esteem in the entry level mid - size car segment across 9 parameters The JD Power APEAL Study 2004 proclaimed the Wagon R no 1 in the premium compact car segment and the Esteem No1 in the entry level mid - size car segment This study measures owner in terms of design content layout and performance of vehicles across 8 parameters A Buying Experience Like No OtherMaruti Suzuki has a sales network of 307 state-of -the-art showrooms across 189 cities with a workforce of over 6000 trained sales personnel to guide our customers in finding the right car Our high sales and customer care standards led us to achieve the No1 nameplate in the JD Power SSI Study 2004Quality Service Across 1036 CitiesIn the JD Power CSI Study 2004 Maruti Suzuki scored the highest across all 7 parameters least problems experienced with vehicle serviced highest service quality best in-service experience best service delivery best service advisor experience most user-friendly service and best service initiation experience92 of Maruti Suzuki owners feel that work gets done right the first time during service The JD Power CSI study 2004 also reveals that 97 of Maruti Suzuki owners would probably recommend the same make of vehicle while 90 owners would probably repurchase the same make of vehicle

Maruti Suzuki India Ltd (MSIL) launched its new compact car Ritz a premium hatchback in India This is

MSILrsquos fifth car in the segment (A2 ndash Zen Estilo Wagon R A-Star and Swift)

The car will be powered by the brand new 12 litre K12M Petrol engine and the 13 DDiS Diesel power plant

These engines are compliant with BS IV much ahead of the scheduled date of April 2010 Currently the

company has no plans to export the car

Pricing

Ritz basic model is priced at Rs405872 (petrol) and the top variant is costing Rs534579 (diesel) ex-

showroom Mumbai The pricing is very close to that of MSILrsquos top-running model in the compact car segment

- Swift

The comparative price range for Swift is Rs422859- Rs537412 MSIL has earmarked current prices of Ritz as

introductory which means possibility of a hike in future

We believe Ritz would eventually eat up into volumes of Swift As per the management Ritz would

cannibalize 8-9 of Swiftrsquos volumes

Stiff competition

The car would currently be competing against 10 products in the market ndash 4 MSIL 3 Hyundai and one each

from Hyundai GM and Tata

Over next one year many companies including Toyota Honda Hyundai Fiat and Volkswagen are launching

new compact cars This would significantly increase competition in the segment

However MSIL with its superior brand image loyalty and wider network of service stations is better placed

to counter the competition

Outlook

Despite a weakening consumer sentiment owing to lack of credit availability and worsening economic

conditions MSIL has reported strong growth in volumes and significantly outperformed the industry

During FY09 MSILrsquos market share increased by 86bps y-o-y to 522 in the passenger car segment Going

ahead we expect MSIL to report 51 CAGR in revenues and 164 CAGR in PAT during FY09-11E

However at PE of 141x FY11E earnings of Rs597 we donrsquot foresee any major upsides We downgrade the

stock to MARKET PERFORMER

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Maruti Suzuki releases May 2009 sales report

Company Brief

New Delhi June 01 2009

Car market leader Maruti Suzuki India Limited sold a total of 79872 vehicles in May 2009 This includes 9087 units

for export

The company had sold a total of 69001 vehicles in May 2008

Maruti Suzukirsquos volume in the domestic A2 segment grew by 207 per cent while in the A3 segment the sales volume

grew by 141 per cent during the month as compared to sales in May 2008 The month sales in C Segment grew by

251 per cent as compared to May 2008

The company launched its new Premium compact car Ritz during the month

The sales figures for May 2009 are given below

For further information please contact

Adfactors PR Pvt Ltd

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Mobile +91-9958007650

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Company news index page

To get news on your mobile phone log on to mafaqscom AUDITORS REPORT 105TO THE MEMBERS OF MARUTI SUZUKI INDIA LIMITED(Formerly Maruti Udyog Limited)

1 We have audited the attached Balance Sheet of Maruti Suzuki India Limited (Formerly Maruti Udyog Limited) as at31st March 2008 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that dateannexed thereto which we have signed under reference to this report These financial statements are theresponsibility of the companys management Our responsibility is to express an opinion on these financialstatements based on our audit2 We conducted our audit in accordance with the auditing standards generally accepted in India Those Standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement An audit includes examining on a test basis evidence supporting the amountsand disclosures in the financial statements An audit also includes assessing the accounting principles used andsignificant estimates made by management as well as evaluating the overall financial statement presentation Webelieve that our audit provides a reasonable basis for our opinion3 As required by the Companies (Auditors Report) Order 2003 as amended by the Companies (Auditors Report)(Amendment) Order 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 ofThe Companies Act 1956 of India (the Act) and on the basis of such checks of the books and records of thecompany as we considered appropriate and according to the information and explanations given to us we furtherreport thati) (a) The company is maintaining proper records showing full particulars including quantitative details andsituation of fixed assets(b) The fixed assets are physically verified by the management according to a phased programme designedto cover all the items except furniture and fixtures office appliances and certain other assets aggregatingto Rupees 398 million over a period of three years which in our opinion is reasonable having regard to thesize of the company and the nature of its assets Pursuant to the programme the fixed assets have beenphysically verified by the management during the year and no material discrepancies between the bookrecords and the physical inventory have been noticed(c) In our opinion and according to the information and explanations given to us a substantial part of fixedassets has not been disposed off by the company during the yearii) (a) The inventory (excluding materials lying with vendors)has been physically verified by the managementduring the year In respect of inventory lying with the vendors these have substantially been confirmed bythem In our opinion the frequency of verification is reasonable(b) In our opinion the procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of its business(c) On the basis of our examination of the inventory records in our opinion the company is maintaining properrecords of inventory The discrepancies noticed on physical verification of inventory as compared to bookrecords were not materialiii) The company has not taken or granted any loans secured or unsecured from to companies firms or otherparties covered in the register maintained under Section 301 of the Activ) In our opinion and according to the information and explanations given to us having regard to the explanationthat certain items purchased are of special nature for which suitable alternative sources do not exist forobtaining comparative quotations there is an adequate internal control system commensurate with the size ofthe company and the nature of its business for the purchase of inventory fixed assets and for the sale of goodsand services Further on the basis of our examination of the books and records of the company and accordingto the information and explanations given to us we have neither come across nor have been informed of anycontinuing failure to correct major weaknesses in the aforesaid internal control systemv) (a) In our opinion and according to the information and explanations given to us the particulars of contracts orarrangements referred to in Section 301 of the Act have been entered into the register maintained underSection 301 of the Act

Auditors ReportMARUTI SUZUKI INDIA LTD106 Maruti Suzuki India Limited ANNUAL REPORT 2007-08(b) In our opinion and according to the information and explanations given to us there are no transactionsmade in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs inrespect of any party during the year which have been made at prices which are not reasonable havingregard to the prevailing market prices at the relevant time In respect of purchase of goods and materialsincluding components from the holding company the prices paid for these items are not comparable asthese are of special naturevi) The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA orany other relevant provisions of the Act and the rules framed there undervii) In our opinion the company has an internal audit system commensurate with its size and nature of its businessviii) We have broadly reviewed the books of account maintained by the company in respect of products wherepursuant to the Rules made by the Central Government of India the maintenance of cost records has beenprescribed under clause (d) of sub-section (1) of Section 209 of the Act and are of the opinion that prima facie

the prescribed accounts and records have been made and maintained We have not however made a detailedexamination of the records with a view to determine whether they are accurate or completeix) (a) According to the information and explanations given to us and the records of the company examined by usin our opinion the company is generally regular in depositing undisputed statutory dues in respect ofprovident fund investor education and protection fund employees state insurance income tax sales-taxwealth tax service tax customs duty excise duty cess and other material statutory dues as applicablewith the appropriate authorities(b) According to the information and explanations given to us and the records of the company examined by usthe particulars of dues of income-tax sales-tax wealth tax service tax customs duty excise duty andcess as at March 31 2008 which have not been deposited on account of a dispute have been stated inNote 33 on schedule 23x) The company has no accumulated losses as at March 31 2008 and it has not incurred any cash losses in thefinancial year ended on that date or in the immediately preceding financial yearxi) According to the records of the company examined by us and the information and explanations given to us thecompany has not defaulted in repayment of dues to any bank or debenture holders as at the balance sheetdatexii) The company has not granted any loans and advances on the basis of security by way of pledge of sharesdebentures and other securitiesxiii) The provisions of any special statute applicable to chit fund nidhi mutual benefit fund societies are notapplicable to the companyxiv) In our opinion the company is not a dealer or trader in shares securities debentures and other investmentsxv) In our opinion and according to the information and explanations given to us the terms and conditions of theguarantees given by the company for loans taken by others from banks or financial institutions during the yearare not prejudicial to the interest of the companyxvi) In our opinion and according to the information and explanations given to us on an overall basis the termloans have been applied for the purposes for which they were obtainedxvii) On the basis of an overall examination of the balance sheet of the company in our opinion and according to theinformation and explanations given to us there are no funds raised on a short-term basis which have beenused for long-term investmentxviii) The company has not made any preferential allotment of shares to parties and companies covered in theregister maintained under Section 301 of the Act during the yearxix) The company has no outstanding debentures as at the year endxx) The company has not raised any money by public issue during the year

a million promisesAUDITORS REPORT 107xxi) During the course of our examination of the books and records of the company carried out in accordance withthe generally accepted auditing practices in India and according to the information and explanations given tous we have neither come across any instance of fraud on or by the company noticed or reported during theyear nor have we been informed of such case by the management4 Further to our comments in paragraph 3 above we report that(a) We have obtained all the information and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit(b) In our opinion proper books of account as required by law have been kept by the company so far as appearsfrom our examination of those books(c) The Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with by this report are inagreement with the books of account(d) In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with by this reporthave been prepared in compliance with the applicable accounting standards referred to in sub-section(3C) ofSection 211 of the Act(e) On the basis of written representations received from the directors as on March 31st 2008 and taken on recordby the Board of Directors none of the directors is disqualified as on 31st March 2008 from being appointed as adirector in terms of clause (g) of sub-section (1) of Section 274 of the Act(f) In our opinion and to the best of our information and according to the explanations given to us the said financialstatements together with the notes thereon and attached thereto give in the prescribed manner the informationrequired by the Act and give a true and fair view in conformity with the accounting principles generally acceptedin India(i) in the case of the Balance Sheet of the state of affairs of the company as at 31st March 2008(ii) in the case of the Profit and Loss Account of the profit for the year ended on that date and(iii) in the case of the Cash Flow Statement of the cash flows for the year ended on that dateAnupam Dhawan

Membership Number-F084451PartnerFor and on behalf ofPlaceNew Delhi Price WaterhouseDate April 24 2008 Chartered Accountants

MARUTI SUZUKI INDIA LTD SustainabilityThe Company is currently evolving acomprehensive Sustainability Policyand Guidelines to ensure that whileworking to enhance shareholderwealth interest of stakeholderscontinues to act as a guide foractions and decisions in the futureas wellSustainability at Maruti Suzuki refers to sum total of all the actions and initiativesundertaken by the Company for its long-term survival and growthTo achieve longterm sustainability and prosperity the Company has nurtured asocially responsible behaviour towards its various stakeholdersOUR STAKEHOLDERSOUR CUSTOMERSSustainability begins with customersThe Company has a robust customerfeedback system through which it100BusinessPartnersShareholdersInvestorsEnvironmentEmployeesCustomersLocalCommunityMaruti Suzuki India Limited ANNUAL REPORT 2007-08

a million promisesassesses the changing aspirationsand requirements of customers Overthe past two decades the Companyhas been successful in bringing outproducts that not just meet butexceed customers expectationsThe aspiration to give more for less tothe customers has given theCompany a competitive edge incompetitive times The VA-VEinitiatives (Value Analysis amp ValueEngineering) pursued aggressively bythe Company in partnership withsuppliers have helped the Companyreduce cost of making a car withoutcompromising on quality Every yearthe Company celebrates companywide Quality Month awarenessprogrammes in association with itssuppliers While VA-VE effortscontinue all through out the year theCompany also observes a VA-VEmonth every year during which it isable to create more awareness and

consciousness towards the causeA wide and deep service networkspread across the country has helpedthe Company reach customers notonly in metro cities but also in semiurbanTier-2 and Tier-3 citiesIn addition the Company introducedmany new initiatives such as car pickamp drop facility by service workshopsfor women car owners Maruti MobileSupport to offer door step carservicing Express Service baysspecial bays that can offermaintenance service in less than 2hours and so onThe Company has a stringentcustomer complaint monitoringsystem Besides period syndicatedsurveys the Company systematicallycompiles customer feedback andratings on a daily basis The findingsare reported in the weeklyManagement Committee MeetingThis has regularly led toimprovements in product qualityfeatures processes and customerinterface For example feedback thatMaruti Suzuki cars were more proneto theft owing to high resale value ledSUSTAINABILITY 101the Company to develop and installan anti-theft device- the immobilisersystem called i-CATS in all its newcars much before regulatoryrequirement The Company was firstamong all car manufacturers in thecountry to offer this safety device incompact carsIn manufacturing where a sizeablepercentage of inputs are bought fromvendors and suppliers the ability tocontinuously improve quality andreduce costs is directly dependent onvendors doing the sameIn light of this statement theCompany guides suppliers in adoptinglatest technologies and transfers itsbest practices in the areas ofproductivity improvement qualityenhancement and cost reductionThe Company has set up MarutiCentre for Excellence (MACE) incollaboration with some of itssuppliers to achieve these objectivesOUR PARTNERS - SUPPLIERSGolden Peacock AwardFor excellence in the field ofEnvironment ManagementSustainability ContdWith the help of MACE now the

Company is assisting its direct suppliersin upgrading their sub-suppliers or (Tier-2 suppliers)Most of the suppliers and joint venturecompanies are located near Companysmanufacturing facilities in Gurgaon andManesar which are sensitive areas fromIndustrial Relations perspectiveTherefore the Company has identifiedIndustrial Relations and HumanResource as two important areas ofinterventions with suppliers The HRteam of MSIL maintains very closeinteraction with them on almost regularbasisThe Company has been passionatelybuilding its sales and service networksince its inceptionThe Company has set up 16 RegionalTraining Centres across the country tocontinuously upgrade skills of dealeremployees as per new technologies andcustomers requirementsIn recent years the Company hasconducted a comprehensive nationalsurvey of its dealer employees to gaugetheir level of satisfaction By manyaccounts this is a rare initiative by anyprincipal company Based on the resultsof the survey the Company formed across functional team of seniormanagement from sales networkdevelopment and HR to identify anaction plan to improve satisfactionlevels of dealer employees One of theinitiatives for instance was providingcar loans at low rates of interest forgood performers with repaymentguarantee provided by the dealerThe Company has put in place a strongmechanism for Corporate Governance toenhance confidence of its large numberOUR PARTNERS - DEALERSSHAREHOLDERS AND INVESTORSof shareholders and investors in theCompany The Company complieswith all guidelines of SEBI Stockexchange etcThe Company has enforced highlyconducive working environment for itsemployees MSIL does not supportfavouritism in recruitment promotionproviding compensation ortermination based on caste religiongender or age The Company offersequal opportunity for growth to allemployeesDuring the year the Companyfinalised its policy on affirmativeaction as per the guidelines laid downby Confederation of Indian Industries

In March the Company celebrated amonth long Safety Awareness DriveThe drive aimed to sensitiseemployees and their families towardsEMPLOYEESSAFETY POLICYimportance of safe working placesafer homes and need for safertraveling The drive coincided with theNational Safety Month and was ledby members of the top managementThe theme of this years Safety Drivewas Hum sab ka ek hi sankalpsuraksha pratham surakshapratham (Together let us pledgeSafety First Safety First)Giving high priority to work placesafety Maruti Suzuki firmly believesthat a plant designed to be safe is farmore productive than otherwise Inlight of this fact the Company hasundertaken concerted initiatives toeliminate work place mishaps overthe last 25 yearsOne of the most exciting exercise ofthis annual drive is that theemployees themselves identify areasactivities and operations that couldbe unsafe or hazardous Named asKekken Yuichi Training the end resultof the exercise is that the employeesuggests102 Maruti Suzuki India Limited ANNUAL REPORT 2007-08

a million promisesmeasures that are appropriate tomake the work place hazard free TheCompany has a vigilant policy in placethat monitors issues of work placesafety on a weekly basisThe Company has remained ahead ofregulatory requirements in pursuit ofenvironment protection and energyconservation at its manufacturingfacilities and in development ofproducts that use fewer naturalresources and are environmentfriendlyTotal energy consumption at thefacilities has come down by 26percent compared to the beginning ofthe decadeThe Company credited the Just-in-Time philosophy adopted andinternalised by the employees as theprime reason that helped to excel inthis directionENVIRONMENTFrom the perspective of capacityexpansion 2007-08 was one of the

busiest years for the CompanyThe Company commissioned a newplant for KB series engines atGurgaon facility and the annualcapacity of the Manesar plant wasenhanced from 100000 units to170000 units during 2007-08Despite capacity enhancements theCompany closely monitored its powerand water consumptionWhile power consumption was lowerby 30 percent and the Waterconsumption stood 61 percent lowerthat the levels of 2000-01The CO (Carbon Dioxide) emissions 2

per vehicle (produced duringmanufacturing) are lower by 38percent compared to 2000-01 levelsSUSTAINABILITY 103ADOPTING ENERGY SAVINGTECHNOLOGIESWhile the Company continues toimprove energy saving initiativesthrough numerous Kaizens(continuous improvements) on theshop floor the thrust on adoptingenergy saving technologies hasincreased phenomenallyThree-coat-one-bake paintingsystem The Company introduced thethree-coat-one-bake system at itsManesar facilitiesIn this state-of-the-art paintingsystem three wet-on-wet coats areapplied and baked togetherConventional painting systems usetwo baking steps before the finalfinish This facilitates lower energyconsumption and yet improves theproductivity levelsThe green co-efficient of this systemis much better than that of theconventional systemPRACTICING 3R (REDUCE REUSE ANDRECYCLE)GREENING OF SUPPLY CHAINCOMMUNITY INITIATIVESROAD SAFETYThe Company has been promoting 3Rsince its inception As a result theCompany has not only been able torecycle 100 of treated waste water butalso reduced fresh water consumptionby 28 The Company has implementedrain water harvesting to recharge theaquifers Also recyclable packing forbought out components is being activelypromotedThe Company has been facilitatingimplementation of Environment

Management System (EMS) at itssuppliers end Regular trainingprogrammes are conducted for all thesuppliers on EMS Surveys areconducted to assess the vendors whoneed more guidance The systems andthe environmental performance ofsuppliers are auditedThe Company works closely with localcommunities around its manufacturingfacilities to improve their quality of lifeThe Company has adopted four villagessurrounding its Manesar plant - KasanDhana Alihar and Baas Kusla andlaunched sustainable livelihoodprogrammes for under privilegedcommunities The initiatives are focusedon four key areas Health EducationEmployment Generation throughVocational Trainings amp BasicInfrastructure DevelopmentThe Company has been playing aleading role for many years now inpromoting road safety and safe drivingin the Country The Company believesthat in addition to monetary supportone of the best ways for corporates tofulfill their social responsibility is byoffering their managerial skills tosocietyIn line with this the Companymanages two Institutes of DrivingTraining amp Research (IDTR) in Delhiand Maruti Driving Schools across thecountry Through these facilities theCompany has brought internationalstandards in driving training andstate-of-the-art training infrastructurein the countryThe first major step towardspromoting road safety was in the year2000 when Delhi Government invitedthe Company to manage the Instituteof Driving Training and Research(IDTR) and start driving trainingcourses The Company introducedtraining facilities and infrastructureincluding world-class driving testtracks advanced computersimulators and training modules asper international standards at theinstitute which is spread over an areaof 145 acres Regular research inroad safety and safe driving was alsostarted at the Institute In 2006 thesecond IDTR was set up to promoteroad safety by primarily targeting noncommercialdrivers and impart drivingtraining to them This Institute is alsoequipped with the same facilities andinfrastructure as made available in

the first IDTRIn a landmark move the Companysigned an MoU with the Governmentof Gujarat to set up manage and runThe Gujarat Regional AutomobileTraining Institute ( to be referred asGUJARATI) at Gajadara village ofWaghodia taluka in Vadodara districtIt is the first of its kind initiative in thecountry The Institute will not onlyprovide driving training to tribal youthit will also offer automobile technicaltraining to them and help theiremployabilitySETTING UP GUJARATISeveral other state governmentssuch as Haryana Bihar UttarakhandChattisgarh and West Bengal havealso approached the Company to setup driving training institutes in theirstates The Company has alreadysigned an MoU with the Governmentof Haryana for setting up two drivingtraining institutes at Rohtak andBahadurgarhThe Company has also involved itsdealers across the Country inpromoting road safety and safedriving In collaboration with themthe Company has set up 34 MarutiDriving Schools in 32 differentlocations across the Country Theseschools are equipped with worldclass state-of-the-art drivingsimulators and offer beginners aswell as refresher trainingprogrammes Over 35000 peoplehave been trained so farMARUTI DRIVING SCHOOLS104 Maruti Suzuki India Limited ANNUAL REPORT 2007-08We believe our core values drive us in every endeavour

Starting business in 1909 as Suzuki Loom Works the firm was incorporated in 1920 Since foundation Hamamatsu Japan SUZUKI has steadily grown and expanded During the post-WWII period motorized bike Power free which earned a good reputation was followed by 125cc motorcycle Colleda and later by the pioneering Suzulight lightweight car that helped bring Japans automotive revolution Each of these was epoch-making in their own right as they were developed and

manufactured by optimizing the most advanced technologies of that period

Today constantly going forward to meet changing lifestyles the SUZUKI name is seen on a full range of motorcycles automobiles outboard motors and related products such as generators and motorized wheelchairs

The mark trademark is recognized by people throughout the world as a brand of quality products that offer both reliability and originality SUZUKI stands behind this global symbol with a sure determination to maintain this confidence in the future as well never stopping in creating such advanced value-packed products

Net sales ( 3502419) exceeded the pervious terms for the 9th consecutive year ( Growth of 107 )

Operating Income ( 149405 Million Yen) exceeded the previous terms for the 8th consecutive year ( Growth of 124 )

Net Income (80 254 Million Yen) exceeded the previous terms for the 7th consecutive year (Growth of 7)

Key achievements

Japan production exceeded one million units for the 4th consecutive fiscal year and marked an all time high

Overseas production reached an all time high owning especially to increased production in India amp Hungary

Global production exceeded two million units for the 4th consecutive year and marked an all time high

Increased exports of the Grand Vitara and SX4 to Middle and South America pushed overall exports in fiscal 2007 to a

record high ( exceeded 400 000 units for the first time)

Today the Suzuki brand is synonymous with value-packed products which offer quality reliability and originality An integral part of the Suzuki concept to deliver value-packed products lies in ensuring that the company use the most modern manufacturing equipment and technologies together with factory workers and engineers In addition various activities are aimed at continually enhancing productivity strict quality controls and effective communication

Suzuki develops products for the new generation and changeable lifestyles constantly creating new technologies and applying them to products with affluent imagination The team covers a wide range of latest advances in energy environment electronics communication information and control applications

For more information visit httpwwwglobalsuzukicomglobalnewsindexhtml Suzuki positively tackles environmental issues with all its products and business activities Suzuki is continually carrying out research for the further development of four-wheel vehicles particularly in the improvement of fuel economy and the reduction of gas emissions and noise

In India Corporate Governance standards for listed companies are stipulated by Securities and Exchange Board of India ( SEBI) through a special provision- Clause 49 of the Listing Agreement

As a conscious and vigilant organization Maruti Suzuki had initiated good Corporate Governance practices even before Clause 49 became applicable and these practices form an integral part of the companyrsquos governance culture

The Company strives to foster a corporate culture in which high standards of ethical behavior individual accountability and transparent disclosure are ingrained in all its business dealings and shared by its Board of Directors Management and Employees

The Company has established systems amp procedures to ensure that its Board of Directors is well-informed and well-equipped to fulfill its overall responsibilities and to provide the management strategic direction it needs to create long-term shareholder value

On its Board the Company has four non-Executive- Independent Directors of high stature from varied backgrounds who bring with them rich experience and high ethical standards

In recent years the Company has evolved a Control Self Assessment mechanism to evaluate the effectiveness of internal controls over financial reporting

Key internal controls over financial reporting were identified and put to self assessment by control owners in the form of Self Assessment Questionnaires through a web based online tool called Control Managers

With the successful implementation of the online Controls Self Assessment framework the Company has become one of the few companies in India to have a transparent framework for evaluating the effectiveness of internal controls over financial reporting The initiative further reinforces the commitment of the Company to adopt best corporate governance practices

MARUTI SUZUKI INDIA LIMITEDCODE OF BUSINESS CONDUCT AND ETHICSINTRODUCTION amp BACKGROUNDAs a responsible corporate citizen Maruti Suzuki India Limited (lsquoMarutirsquo or ldquothe Companyrdquo) has alwaysbelieved in following highest standards of Corporate Governance Being a listed Company every act ofthe Company its Board Members and its employees is the focus of public attention and accordinglythere is a need to reinforce Marutirsquos commitment towards maintaining highest standards of CorporateGovernanceThis Code of Business Conduct and Ethics (ldquoCode of Conductrdquo or ldquoCoderdquo) helps ensure compliance withour standards of business conduct amp ethics and also with regulatory requirements All SeniorManagement Personnel are expected to read and understand this Code of Business Conduct and Ethicsuphold these standards in day-to-day activities and also comply with all applicable standards policies andprocedures of the companyThis policy should be read in conjunction with applicable regulations amp existing policies amp procedures ofthe Company You can also contact the Secretarial amp Legal Department if you have any questions orclarificationsAPPLICABILITYThis Code of Conduct is applicable to all Senior Management Personnel which would include thedirectors of the Company the top management personnel (ie executive directors amp advisors at executivedirector level) amp all functional heads (including management personnel with direct functional reporting todirectors amp top management personnel) All Senior Management Personnel are expected to comply withthe letter and spirit of this Code The Senior Management Personnel should continue to comply with otherapplicable laws amp regulations and the relevant policies rules and procedures of the CompanyThe Code comes into immediate effectINTERPRETATION OF THE CODEIn this Code the term ldquoRelativerdquo shall have the same meaning as defined in Section 6 of the CompaniesAct 1956 In this Code words importing the masculine shall include feminine and words importingsingular shall include the plural or vice versa Any question or interpretation under this Code of BusinessConduct and Ethics will be considered and dealt with by the Board or any person authorized by the Boardon their behalfCOMPLIANCE WITH APPLICABLE LAWS amp REGULATIONS

Senior Management Personnel must comply and where applicable oversee compliance by employeeswith all the laws rules and regulations applicable to the Company and its employees Each SeniorManagement Personnel must acquire appropriate knowledge of the requirements relating to his dutiessufficient to enable him to recognize potential non compliance issues and to know when to seek advicefrom the Legal Department on specific Company policies and proceduresNo payment or transaction should be made or undertaken by a Senior Management Personnel orauthorized or instructed to be made or undertaken by any other person or the Company if the consequenceof that transaction or payment would be the violation of any law in forceHONESTY INTEGRITY amp ETHICAL CONDUCTSenior Management Personnel shall act in accordance with the highest standards of integrity honestyfairness and ethical conduct while working for the Company as well when representing the CompanyHonest conduct means conduct that is free from fraud or deception Integrity amp ethical conduct includesethical handling of actual or apparent conflicts of interest between personal and professional relationships

Mr R C Bhargava Mr Shinzo Nakanishi Mr Manvinder Singh Banga

Chairman Managing Director and CEO

Director

Mr Amal Ganguli Mr D S Brar Mr Keiichi Asai

Director Director Director

Mr Osamu Suzuki Mr Shuji Oishi Ms Pallavi Shroff


Mr Kenichi Ayukawa Mr Tsuneo Ohashi

Director Director and Managing Executive Officer (Production)

Maruti Suzuki sales in May 2009


Car market leader Maruti Suzuki India Limited sold a total of 79872 vehicles in May 2009 This includes 9087 units for export


Maruti Suzukis volume in the domestic A2 segment grew by 207 per cent while in the A3 segment the sales volume grew by 141 per cent during the month as compared to sales in May 2008 The month sales in C Segment grew by 251 per cent as compared to May 2008



Segment ModelsIn May Till May April08 -

March092009 2008 Change 2009-10 2008-09 Change

A1 M800 2336 6830 -658 4681 11288 -585 49383

C Omni Versa 7619 6092 251 15343 13797 112 77948

A2Alto Wagon-R Zen Swift A-star

53760 44539 207 100577 87660 147 511396

A3 SX4 Dzire 6782 5946 141 13848 10133 367 75928

Total Passenger Cars 70497 63407 112 134449 122878 94 714655

MUV Grand Vitara Gypsy 288 736 -609 1193 804 484 7489

Domestic 70785 64143 104 135642 123682 97 722144

Export 9087 4858 871 15978 7655 1087 70023

Total Sales 79872 69001 158 151620 131337 154 792167

A-star launched in November 2008 Ritz launched in May 2009

Stylish Spacious Indias first BS-IV compliant fuel efficient Passenger car

New Delhi May 15 2009 Indias number one carmaker Maruti Suzuki India Limited unveiled the much-awaited Ritz here today The car is available in both petrol and diesel engine options

With the Ritz - a Superior stance hatchback positioned at the premium-end of the compact car market - Maruti Suzuki consolidates its leadership in the highly competitive compact car segment The Ritz comes with the BS-IV and OBD-I compliance much ahead of the regulation being enforced in the country

The company commands the largest market share of 58 per cent in the compact car (A2) segment

The Ritz has been specifically designed for India Maruti Suzuki engineers worked with the Suzuki design team in Japan to co-design the car and carry out India-specific changes

Unveiling the Ritz Shinzo Nakanishi Managing Director and CEO Maruti Suzuki India Limited said The Ritz combines modern European design the sportiness of the Swift the latest in engine technology and Suzukis globally acclaimed expertise in compact cars The Ritz further reiterates parent Suzuki Motor Corporations commitment to bring global car models with contemporary design style and next generation fuel efficient environment friendly engine technology for its customers in India The Ritz is one more step by Indian engineers towards capability development in automobile research and design

The heart of the Ritz are the brand new 12 Litre K12M Petrol engine and the 13 DDiS Diesel power-plant each offering optimum performance and fuel efficiency Alongside this the transmission system has been optimized for the Ritz to match Indian driving habits With this the Ritz offers the best-in-class combination of fuel efficiency and drivability

A car for everyone

With its overall length of 37 metres height of 16 metres and a width of 17 metres the Ritz offers a comfortable roomy cabin with ample legroom for 5 adults Despite its large frame the Ritz has a tight turning radius of 47 meters

The suspension of the vehicle with a high ground clearance of 170 mm has been tuned for Indian road conditions and provides excellent handling and ride comfort The rear wheel housing has been modified to accommodate the bigger and wider tyres used only in Ritz

The customer will find a fine balance between Emotion and Functionality in the Ritz Being a car meant for the family the rear seat has been designed for comfortable seating of three passengers The seat profile has been modified for better comfort and to add to overall interior synergy

As a first in the industry two sets of dual-tone instrument panels that blend with the body colours are offered in the ZXi version

Maruti Suzuki Ritz Superior Technology all the wayIn Ritz Maruti Suzuki brings innovative technologies for benefit of customers and the society

Ritz is the first passenger car in India to be tested and verified for EMC (Electro Magnetic Compatibility) compliance EMC standards are prevalent in European countries and Maruti Suzuki as the market leader has adopted them proactively

The Ritz is ELV compliant (no use of ecologically harmful substances such as chromium cadmium mercury etc) ELV (End of Life Vehicle) norms are prevalent in Europe for ensuring recyclability of material but are yet to be enforced in India

In line with the Government of Indias intention to introduce ethanol blended fuel Maruti Suzuki has made design modifications to make Ritz E10 compliant

The Ritz comes with Drive-by-wire technology in both petrol and diesel variants This alongwith the 32-bit Engine Management system provides faster signal processing and quick response

The Heart of the Ritz

The Ritz will be available with two different power-train options

a 12-litre four-cylinder 16-valve unit with maximum power of 85PS petrol engine (Superb fuel efficiency of 177 kmpl Certified as per CMVR rule 115)

the successful 13-litre Common Rail 16-valve diesel (DDiS) unit that delivers a maximum power of 75PS (Excellent fuel efficiency of 211 kmpl Certified as per CMVR rule 115)

The all-new K12M engine on the Ritz Petrol has been specifically designed for Indian applications The BS-IV and OBD-1 compliant engine promises to be best in class fuel efficient high performance low emission light weight with lower NVH (Noise Vibration amp Harshness)

To make the all-aluminium engine lighter and more fuel efficient high grade plastic parts have been extensively used The skirt area of the piston has been shortened to reduce weight which helps in lowering friction and enhance fuel efficiency

Maruti Suzuki engineers worked as part of Suzukis engine teams for design calibration and testing of the engine in Japan and in India This is a step further in enhancing the engine development capability

Some other salient features of the all-new K12M are

Innovative rocker-less DOHC cam shaft plastic intake manifold and offset crank shaft with low tension rings to reduce losses and improve fuel efficiency

Smart Distributor Less Ignition (SDLI) system with dedicated plug top coils High pressure fuel system amp advanced injectors for superior atomization to provide uniform and optimized combustion for better performance

Optimized cylinder block light piston and nut-less con rod for light weight configuration Improved engine stiffness and use of advanced technology like silent timing chain to improve NVH characteristics First engine oil change after 10000 kms as against conventional 1000 kms Spark plugs first change at 40000 kms as against conventional 20000 kms

The Ritz Diesel is powered by the super successful 13L DDIS powerhouse which propels the Swift and Swift Dzire The engine configuration has been modified to meet the forthcoming BS-IV and OBD-1 norms and the improved calibration and tuning provides excellent combination of driveability and mileage Exterior delight

The exterior design of the Ritz embodies energy youthfulness and delight Sharp lines bold contours and flowing roofline give an appealing look and youthful sporty stance

The strong V-identity of Suzuki design language in the front is well supported by expressive headlamps The pronounced fender flairs add solidness and sporty character

The side view is characterized by dynamic shoulder and sculpted character supporting it above the sill

The stylish boomerang-shaped rear combination lamps are placed at the rear corners so as to maximize the visual width The stylish rear bumper incorporates reflex reflectors and RR fog lamp adding to its character and overall styling of the vehicle to suit Indian

requirements Youthful and useful Interiors

The design theme for interior is youthful and useful The interior is focused on enjoyment and ease of use concept

The wrap-around character of the instrument panel brings in a feeling of freshness The console mounted gear shift lever - another first in Maruti Suzuki cars - is an ergonomic delight for the driver and sets the interiors apart visually

Streamlined center console accentuated by the easy flowing silver garnish adds uniqueness The repeating oval motif forms rhythm in the interiors

The cabin features a contemporary look defined by gentle curves and blue-toned colour scheme A high panoramic roof gives passengers a sense of openness

The Ritz comes with steering integrated audio control that is a hallmark for contemporary cars Stance amp Space

The Ritz while being based on the Swift platform has a superior stance The seating in Ritz has been moved upward by 54mm in the front and 47mm in the rear providing a comfortable seating and panoramic driving position

With an overall vehicle height of 1620 mm enabling higher head room (+24mm in front and +31mm in rear) it allows for ample occupant space in the Ritz This ergonomic layout provides the best in class leg room and head room along with ease of entry and exit to passengers

Safety amp Security

Ritz comes with a rigid and light weight body structure with crumple zones The safety equipments of the Ritz includes an energy-absorbing structure Airbags ABS with EBD a collapsible steering column front seat-belt pre-tensioners and force limiters (Specifications vary according to variants)

All variants of Ritz are equipped with Marutis iCATS Immobiliser system to provide much required security to the customers

Groovy Variants

The car will be available in five variants three variants with petrol engine - LXi VXi and ZXi and two variants with Diesel engine - LDi and VDi While Airbags and ABS are standard on ZXi the Vxi and VDi variants have ABS as an optional feature Hip Colours

The Ritz comes in an array of eight vibrant colours including 5 new ones

Glistening Grey Racing Green Bakers Chocolate Firebrick Red

Blue Blaze Silky Silver Midnight Black Superior White

New colours Price Introductory Prices of Maruti Suzuki RITZ in DELHI are

Petrol Variants Diesel Variants

Model City Ex-Showroom (Rs) Model City Ex-Showroom (Rs)

Ritz Lxi Delhi 390 lakh Ritz Ldi Delhi 465 lakh


Ritz Lxi Delhi 480 lakh

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Similar on Suzuki

Abstract The case study outlines the transformation of Maruti Suzuki India Private Ltd (Maruti) from a state-owned company to a dominant market player (with protectionism all around) and also to an effective competitor (in the era of increased and intensified competition from domestic and foreign players) Beginning with its inception as Maruti Udyog Ltd (MUL) the case study progresses towards its market entry growth expansion turnaround and competitive strategies to establish and strengthen its presence in the Indian passenger car market The case study also highlights Marutirsquos strategies to counter intensified competition and external conditions like global economic recession the resultant credit crunch and its impact on sales volume Given its successful corporate transformation over the past 25 years there arises the dilemma whether it

can adopt proven strategies of the evolutionary phase to the new revolutionary phase of another 25 years or so Further amid challenging industrial and economic conditions what are the growth options for Maruti Suzuki to ensure future growth sustenance and profitability

Pedagogical Objectives

To understand the historical state-connections of MUL and to debate over the necessity of government to start an automobile company

To examine and debate over Marutirsquos competitive strategies during three different phases of its 25 years ndash (1981ndash1991) (1992ndash1999) and (2000ndash2008)

To explore growth options available for Maruti To analyse all the impending challenges and suggest ways and means to overcome them

Keywords Maruti Suzuki India Asia Corporate Transformation New product introduction global strategy marketing promotion Growth Strategies Automobile new entrants competition market leader

Abstract

The case highlights the pricing strategy of Maruti Udyog Limited (MUL) the market leader in the Indian passenger car industry MUL has launched various models catering to all market segments at various price points

The case provides a brief note on the various models of MUL their prices and their features It specifically focuses on the competition between two of MULs best selling models - the M800 and Alto

MUL reduced the price difference between these two models positioning them on an almost equal platform which resulted in confusion in the minds of consumers and industry analysts

M800 had ruled the passenger car market as the only car in the entry-level segment in the Indian automobile industry and was now facing the danger of cannibalization from one of its own family members Alto The case highlights the pricing dilemma faced by MUL and leads to a debate on the right pricing strategy for the company and the future of its flagship product M800

Issues

The case is so structured to enable the students to

bull Gain insights into the recent trends in the Indian passenger car industry due to the changing economic and business conditions

bull Examine how MULs aggressive pricing strategy helped the company to retain its leadership position amidst fierce competition by foreign players in India

bull Critically analyze the pricing strategy of MUL and determine the rationale of having several product models at various price points

bull Arrive at possible solutions for the current pricing dilemma of MUL

Contents

Page NoThe Competition 1Background Note 2The Product Line 3The Pricing Strategy 5Promotion and Distribution 6The Result 8Exhibits 10

Keywords

There is absolutely no question of phasing out the Maruti 800 Why would anybody want to stop producing the car that is selling so well As long as the customer demands it we will continue to produce the 8001

- Jagdish Khattar Managing Director Maruti Udyog Limited

There is no fault in what Khattar is doing Upgrading people from two-wheelers is a great idea But there is one problem This is the high-volume-low-margin game If volumes dont come through the company could be in trouble2

- Rama Bijapurkar Strategic Marketing Consultant

The Competition

Since 1985 Maruti Udyog Limited (MUL) has been the market leader in the passenger car industry in India Its flagship product - M800 had the distinction of being the largest selling car model in India since its launch in December 1983

Positioned as peoples car M800 ruled the Indian passenger car market and remained unchallenged ever since it occupied the top slot five months after its introduction

In March 2003 MUL sold 20687 units of M800 the highest ever sales by any single model in a month It was also the highest sales since M800 debuted surpassing its previous monthly high of 18735 units in August 1999

For the first few months of 2004 M800 performed well selling 15301 units in January 13518 units in February and 15540 in March But gradually Alto another MUL product began eating into M800s share Alto reported sales of 8399 units 8324 and 9011 units in January February and March respectively

In April its sales increased to 9350 units and in May 2004 Alto took over M800s position as the largest selling car with sale of 10373 units slightly over M800s sales of 10016 units Analysts felt that Alto had taken the top spot because of its price reduction in September 2003 by Rs 23000 followed by the launch of the non-AC Alto for Rs 023 mn in the first week of April 2004 On reducing the gap between its bread and butter model M800 and its compact car Alto MUL said it had long term plans for M800 Commenting on Altos pricing strategy Jagdish Khattar (Khattar) managing director of MUL said The new price positioning of the Alto would cannibalize existing A1 segment product the M800 which is also considered an old model

The Competition Contd

But the cannibalization will remain within the Maruti family and the bigger numbers will help Maruti depreciate Alto faster Net M800 sales may be less but we would be pushing more Alto and the more we sell the Alto the faster it will depreciate3 Though industry analysts said this move would boost MULs profits they also expressed their views that MULs long-term plan might be to discontinue M800 and replace the entry segment with Alto

However Khattar clarified that MULs pricing strategy was not meant to replace M800 with Alto He said Now we have two cars in entry-level Maruti 800 is still a dream of Indians how can I replace it4

Background Note

In its efforts to fulfill the growing demand for personal transport vehicles the Government of India (GoI) established MUL in February 1981 through an Act of Parliament It was incorporated to take over the assets of the erstwhile Maruti Limited set up in June 1971 and wound up by High Court order in 1978 In October 1982 the GoI signed a joint venture agreement with Suzuki Motor Corporation (SMC) of Japan

MUL received technology support from SMC On the other hand SMC got support from the Indian government which helped it get import clearances for manufacturing equipment and obtain land for its factory

At the time of its establishment the objectives of MUL were

bull Modernization of the Indian automobile industry

bull Production of fuel-efficient vehicles to conserve scarce resources

bull Production of large number of motor vehicles which was necessary for growth

In an era when owning a car was a distant dream for a vast majority of Indians MUL rolled out its first car the M800 The company labeled it a peoples car with a 796cc 3-cylinder engine that delivered 395bhp at an affordable price of Rs 65000 The first vehicle was released for sale in December 1983 Initially the car was criticized for its diminutive size but it proved to be spacious enough to carry four adults

The Product Line

The Indian passenger car market was divided into various segments and sub-segments on the basis of price size (ie length of the model and its weight) and other factors (including engine capacity) MUL had a presence in all the segments and sub-segments

The Pricing Strategy

Due to the fierce competition in the Indian passenger car industry price emerged as an important factor affecting the purchasing decisions of customers Since it had been in the industry for more than two decades and as a market leader MUL adopted aggressive pricing strategies

The company had products at various price points (Refer Exhibit IV for a comprehensive list of MULs products their variants and prices) In the early 2000s when the passenger car industry was witnessing stagnation MUL slashed the prices of its various models to revive the industry

Promotion and Distribution

In the early 2000s MUL also focused on promotion and distribution to face intense competition The company devised various innovative promotional strategies With interest rates declining from 12 to as low as 8 in automobile finance MUL used financing as a major tool to drive up its car sales The overall percentage of cars being financed through automobile loans increased from 65 in 1998 to over 85 in 2003

The Result

By 2004 the competition in the Indian passenger car industry had further intensified However MUL retained its leadership position mainly due to its aggressive pricing strategy In December 2004 MUL reported an 18 rise in vehicle sales helped by a sharp increase in exports and rising demand in the domestic market

Domestic sales increased by 114 percent amounting to 37153 units while exports jumped 78 percent to 6675 units After the price reductions and aggressive promotion M800 and Alto sold in huge volumes in India

KEY STRATEGIC INITIATIVES BY MARUTI

A) TURNAROUND STRATEGIES MARUTI FOLLOWED

Maruti was the undisputed leader in the automobile utility-car segment sector controlling about 84 of the market till 1998 With increasing competition from local players like Telco Hindustan Motors Mahindra amp Mahindra and foreign players like Daewoo PAL Toyota Ford Mitsubishi GM the whole auto industry structure in India has changed in the last seven years and resulted in the declining profits and market share for Maruti At the same time the Indian government permitted foreign car producers to invest in the automobile sector and hold majority stakes

In the wake of its diminishing profits and loss of market share Maruti initiated strategic responses to cope with Indiarsquos liberalization process and began to redesign itself to face competition in the Indian market Consultancy firms such as AT Kearney amp McKinsey together with an internationally reputed OD consultant Dr Athreya have been consulted on modes of strategy and organization development during the redesign process The redesign process saw Maruti complete a Rs 4000 mn expansion project which increased the total production capacity to over 370000 vehicles per annum Maruti executed a plan to launch new models for different segments of the market In its redesign plan Maruti launches a new model every year reduce production costs by achieving 85-90 indigenization for new models revamp marketing by increasing the dealer network from 150 to 300 and focus on bulk institutional sales bring down number of vendors and introduce competitive bidding Together with the redesign plan there has been a shift in business focus of Maruti When Maruti commanded the largest market share business focus was to ldquosell what we producerdquo The earlier focus of the whole organization was production production and production but now the focus has shifted to marketing and customer focus This can be observed from the changes in mission statement of the organization

1984 Fuel efficient vehicle with latest technology

1987 Leader in domestic market and be among global players in the overseas market

1997 Creating customer delight and shareholders wealth

Focus on customer care has become a key element for Maruti Increasing Maruti service stations with the scope of one Maruti service station every 25 km on a highway To increase its market share Maruti launched new car models concentrated on marketing and institutional sales Institutional sales which currently contributes to 7-8 of Marutirsquos total sales Cost reduction and increasing operating efficiency were another redesign variable Cost reduction is being achieved by reaching an indigenization level of 85-90 percent for all the models This would save foreign currency and also stabilize prices that fluctuate with exchange rates However change in the mindset was not as fast as required by the market Maruti planned to reduce costs increase productivity quality and upgrade its technology (Euro IampII MPFI) In addition it followed a high volume production of about 400000 vehicles year which entailed a smooth relationship between the workers and the managers

Post 1999 the market structure changed drastically Just before this change Maruti had wasted two crucial years (1996-1998) due to governmental interventions and negotiation with Suzuki of Japan about the break-up of the share holding pattern of the company There was a change in

leadership Mr Sato of Suzuki became the Chairman in June 1998 and the new MrJ Khatter was appointed as the new Joint MD Khatter was a believer in consensus decision making and participative style of managementAs a result of the internal turmoil and the changes in the external environment Maruti faced a depleting market share reducing profits and increase in inventory levels which it had not faced in the last 18 years

After their fall in market share they redesigned their strategies and through their parent company Suzuki they learned a lotThe organizational learning of Maruti was moderately successful the cost was relatively inexpensive as Maruti had its strong Japanese practices to fall back upon With the program of organizational redesign rationalization of cost and enhanced productivity Maruti bounced back to competition with 508 market share and 40 rise in profit for the FY2002-2003

B) CURRENT STRATEGIES FOLLOWED BY MUL

I PRICING STRATEGY - CATERING TO ALL SEGMENTS

Maruti caters to all segment and has a product offering at all price points It has a car priced at Rs18700000 which is the lowest offer on road Maruti gets 70 business from repeat buyers who earlier had owned a Maruti car Their pricing strategy is to provide an option to every customer looking for up gradation in his car Their sole motive of having so many product offering is to be in the consideration set of every passenger car customer in India Here is how every price point is covered

II OFFERING ONE STOP SHOP TO CUSTOMERS OR CREATING DIFFERENT REVENUE STREAMS

Maruti has successfully developed different revenue streams without making huge investments in the form of MDS N2N Maruti Insurance and Maruti Finance These help them in making the customer experience hassle free and helps building customer satisfaction

Maruti Finance In a market where more than 80 of cars are financed Maruti has strategically entered into this and has successfully created a revenue stream for Maruti This has been found to be a major driver in converting a Maruti car sale in certain cases Finance is one of the major decision drivers in car purchase Maruti has tied up with 8 finance companies to form a consortium This consortium comprises Citicorp Maruti Maruti Countrywide ICICI Bank HDFC Bank Kotak Mahindra Sundaram Finance Bank of Punjab and IndusInd Bank Ltd( erstwhile-Ashok Leyland Finance)

Maruti Insurance Insurance being a major concern of car owners Maruti has brought all car insurance needs under one roof Maruti has tied up with National Insurance Company Bajaj Allianz New India Assurance and Royal Sundaram to bring this service for its customers From identifying the most suitable car coverage to virtually hassle-free claim assistance its your dealer who takes care of everything Maruti Insurance is a hassle-free way for customers to have their cars repaired and claims processed at any Maruti dealer workshop in India

True Value ndash Initiative to capture used car market

Another significant development is MULs entry into the used car market in 2001 allowing customers to bring their vehicle to a Maruti True Value outlet and exchange it for a new car by paying the difference They are offered loyalty discounts in returnThis helps them retain the customer With Maruti True Value customer has a trusted name to entrust in a highly unorganized market and where cheating is rampant and the biggest concern in biggest driver of sale is trust Maruti knows its strength in Indian market and has filled this gap of providing trust in Indian used car market Maruti has created a system where dealers pick up used cars recondition them give them a fresh warranty and sell them again All investments for True Value are made by dealers Maruti has build up a strong network of 172 showrooms across the nation The used car market has a huge potential in India The used car market in developed markets was 2-3 times as large as the new car market

N2N Car maintenance is a time-consuming process especially if you own a fleet Marutirsquos N2N Fleet Management Solutions for companies takes care of the A-Z of automobile problems Services include end-to-end backupssolutions across the vehiclersquos life Leasing Maintenance Convenience services and Remarketing

Maruti Driving School (MDS) Maruti has established this with the goal to capture the market where there is inhibition in buying cars due to inability to drive the car This brings that customer to Maruti showroom and Maruti ends up creating a customer

III REPOSITIONING OF MARUTI PRODUCTS

Whenever a brand has grown old or its sales start dipping Maruti makes some facelifts in the models Other changes have been made from time to time based on market responses or consumer feedbacks or the competitor moves Here are the certain changes observed in different models of Maruti

Omni has been given a major facelift in terms of interiors and exteriors two months back A new variant called Omni Cargo which has been positioned as a vehicle for transporting cargo and meant for small traders It has received a very good response from market A variant with LPG is receiving a very good response from customers who look for low cost of running

Versa prices have been slashed and right now the lowest variant starts at 33 lacs They decreased the engine power from 1600cc to 1300cc and modified it again considering consumers perception This was a result of intensive survey done all across the nation regarding the consumer perception of Versa

Esteem has gone through three facelifts A new look last year has helped boost up the waning sales of Esteem

Baleno was launched in 1999 at 72 lacs In 2002 they slashed prices to 64 lacs In 2003 they launched a lower variant as Baleno LXi at 546 lacs This was to reduce the price and attract customers

Wagon-R was perceived as dull boxy car when it was launched This made it a big failure on launch Then further modifications in engine to increase performance and a facelift in the form of sporty looking grills on the roof Now itrsquos of the most successful models in Maruti stable

Zen has been modified four times till date They had come up with a limited period variant called Zen Classic That was limited period offer to boost short term sales

Maruti 800 has so far been facelifted two times Once it came with MPFi technology and other time it came up with changes in front grill head light rear lights and with round curves all around

IV CUSTOMER CENTRIC APPROACH

Marutirsquos customer centricity is very much exemplified by the five times consecutive wins at J D Power CSI Awards Focus on customer satisfaction is what Maruti lives with Maruti has successfully shed off the public- sector laid back attitude image and has inculcated the customer-friendly approach in its organization culture The customer centric attitude is imbibed in its employees Maruti dealers and employees are answerable to even a single customer complain There are instances of cancellation of dealerships based on customer feedback

Maruti has taken a number of initiatives to serve customer well They have even changed their showroom layout so that customer has to walk minimum in the showroom and there are norms for service times and delivery of vehicles The Dealer Sales Executive who is the first interaction medium with the Maruti customer when the customer walks in Maruti showroom is trained on greeting etiquettes Maruti has proper customer complain handling cell under the CRM department The Maruti call center is another effort which brings Maruti closer to its customer Their Market Research department remains on its toes to study the changing consumer behaviour and market needsMaruti enjoys seventy percent repeat buyers which further bolsters their claim of being customer friendly Maruti is investing a lot of money and effort in building customer loyalty programmes

V COMMITTED TO MOTORIZING INDIA

Maruti is committed to motorizing India Maruti is right now working towards making things simple for Indian consumers to upgrade from two-wheelers to the car Towards this end Maruti partnerships with State Bank of India and its Associate Banks took organized finance to small towns to enable people to buy Maruti cars Rs 2599 scheme was one of the outcomes of this effort

Maruti expects the compact cars which currently constitute around 80 of the market to be the engine of growth in the future Robust economic growth favorable regulatory framework affordable finance and improvements in infrastructure favor growth of the passenger vehicles segment The low penetration levels at 7 per thousand and rising income levels will augur well for the auto industry

Maruti is busy fine-tuning another innovation While researching they found that rural people had strange notions about a car - that the EMI (equated monthly instalments) would range between Rs 4000 and Rs 5000 That plus another Rs 1500-2000 for monthly maintenance another Rs 1000 for fuel (would be the cost of using the car) To counter that apprehension the company is working on a novel idea Control over the fuel bill is in the consumers hands But maintenance need not be Says Khattar What the company is doing now is saying how much you spend on fuel is in your hands anyway As far as the maintenance cost is concerned if you want it that way we will charge a little extra in the EMI and offer free maintenance

VI DISINVESTMENT AND IPO OF MARUTI UDYOG LIMITED

It was a long and tough journey but a rewarding one at the end A reward worth Rs 2424 crore making it the biggest privatization in India till date The size of Marutirsquos sell- off deal is proof of its success On the investment of Rs 66 crore it made in 1982 when Maruti Udyog Limited (MUL) was formally set up the sale represents a staggering return of 35 times The best part of the deal is the Rs 1000 crore control premium the Government has been able to extract from Suzuki Motor Corporation for relinquishing its hold over Indiarsquos largest car company Now looking at the strategy point of it ndash for Suzuki of course complete control of MUL means a lot Maruti is its most profitable and the largest car company outside Japan Suzuki will now be in the driverrsquos seat and will not have to mind the whims and fancies of ministers and bureaucrats ldquoDecisions will now become quicker The response to changing market conditions and technological needs will be fasterrdquo says Jagdish Khattar managing director MUL After the disinvestment Suzuki became the decision maker at MUL They flowed fund in India for the major revamp in MUL Quoting from the report that appeared in The Economic Times 4th April 2005 -

The Indian car giant Maruti Udyog Limited has finalized its two mega investment plans mdash a new car plant and an engine and transmission manufacturing plant Both the projects will be implemented by two different companies At its meeting the companys board approved a total investment of Rs32719 crore for these two ventures which will be located in Haryana

The above signifies when GOI was a major stakeholder in the MUL strategies which lead to investment have had a bureaucracy factor in it but after the disinvestment strategy followed is a TOP DOWN approach with a fast implementation

Suzukis proposed two-wheeler facility in India would start making motorcycles and scooters by the end of 2005 through a joint venture in which Maruti has 51 per cent stake The two-wheeler unit will have a capacity of 250000 units a year

The disinvestment followed by IPO gives the insight in the fact that now all the strategic decisions are taken by Maruti Suzuki Corporation Disinvestment had helped by removing the red tape and bureaucracy factor from its strategic decision making process

VII REALISATION OF IMPORTANCE OF VEHICLE MAINTENANCE SERVICES MARKET

In the old days the companys operations could be boiled down to a simple three-box flowchart Components came from the vendors to the factory where they were assembled and then sent out to the dealers In this scheme you know where the companys revenues come from The new scheme is more complicated It revolves around the total lifetime value of a car

Work on this began in 1999 when a MUL team wondering about new revenue streams traveled across the world Says RS Kalsi general manager (new business) MUL While car companies were moving from products to services trying to capture more of the total lifetime value of a car MUL was just making and selling cars If a buyer spends Rs 100 on a car during its entire life one-third of that is spent on its purchase Another third went into fuel And the final third went into maintenance Earlier Maruti was getting only the first one-third of the overall stream As the Indian market matured customers began to change cars faster Says Kalsi So the question was if a car is going to see three users in say a life span of 10 years how can I make sure that it comes back to me each time it changes hands So Maruti has changed gears to take a big share of this final one-third spent on maintenance Maintenance market has a huge market potential Even after having fifty lakh vehicles on road Maruti is only catering to approximately 20000 vehicles through its service stations everyday

For this they are conducting free service workshops to encourage consumers to come to their service stations Maruti has increased its authorized service stations to 1567 across 1036 cities Every regional office is having a separate services and maintenance department which look after the growth of this revenue stream

VIII PLAYING ON COST LEADERSHIP

Maruti is the price dictator in Indian automobile industry Itrsquos the low cost provider of car The lowest car on road is from Maruti stable ie Maruti 800 Maruti achieves this through continuous improvements in operational efficiency and productivity

The company has set itself (and its vendors) the target of a 50 improvement in productivity and a 30 reduction in costs in three years The ability to keep lowering the prices sets Maruti apart from other players in the league Maruti spread the overheads over a larger base

The impressive sales and profits were the result of major efforts within the company Maruti also increased focus on vendor management Maruti consolidated its vendor base This has provided its vendors with higher volumes and higher efficiencies Maruti does that by working with vendors assuring them that for every drop in price volumes will go up Maruti is now encouraging its vendors to develop RampD capability for specialized components Based upon such activities product competitiveness in the market will further increase

Maruti also made strides in applying IT to manufacturing A new Vehicle Tracking System improved efficiency on the shop floor and enhanced quality control The e Nagare system adopted from Suzuki Motor Corporation smoothened Marutirsquos Just In Time operations

C) MAJOR FUTURE STRATEGIES

I PHASING OUT ZEN IN 2007

The launch of Swift and phasing out Zen is a strategic move Alto was launched keeping in mind that it will take over Maruti 800 market in future Perhaps being the flagship product phasing out of Maruti 800 faced lots of resistance from dealers all over Another reason behind not phasing out Maruti 800 was the fear of brand shift of customers to other competitorrsquos product Swift was launched in May 2005 in the price band starting from 4 lacs Before launch of Swift Maruti management had decided that they will phase out Zen since it had already came up with two modifications The major reason behind this decision was cannibalization of Wagon R and Swift due to overlapping of price band It is a rational decision to kill a product before it starts facing the decline stage in product cycle Maruti is offering Rs 300000 more margins to dealer on the sale of Wagon-R as compared to Zen This is to let dealer push Wagon R instead of Zen

II MARUTI PLANS FOR A BIG DIESEL FORAY

The new car manufacturing company called Maruti Suzuki Automobiles India Limited will be a joint venture between Maruti Udyog and Suzuki Motor Corporation holding a 70 per cent and 30 per cent stake respectively The Rs15242 crore plant will have a capacity to roll out 1 lakh cars per year with a capacity to scale up to 25 lakh units per annum The new car manufacturing plant will begin commercial production by the end of 2006

Maruti would set up a diesel engine plant at Gurgaon in line with its plan to become a major player in diesel vehicles in a couple of years This has been done in the wake of major competition from Tata Indica and meets the growing demand of diesel cars in India While the annual growth in the diesel segment was 13 per cent in the last three years it was 19-20 per cent in the first quarter (April-June) of the current fiscal Maruti has currently an insignificant presence in diesel vehicle It will manufacture new generation CRDI (common rail direct injection) engines in collaboration with Fiat-GM Opel and engines will be of 1200 cc The plant with a capacity to produce one lakh diesel engines would be operational in 2006 At present Peugeot of France supplies diesel engines for Marutis Zen and mid-sized Esteem models This will further reduce the imported component in Maruti vehicles making them more competitive in the Indian market

III MARUTI PLANS FOR A NEW ENGINE AND TRANSMISSION PLANT

The engine and the transmission plant will be owned by Suzuki Powertrain India Limited in which Suzuki Motor Corporation would hold 51 per cent stake and Maruti Udyog holding the balance The ultimate total plant capacity would be three lakh diesel engines However the initial production would be 1 lakh diesel engines 20000 petrol engines and 14 lakh transmission assemblies Investment in this facility will be Rs17477 crore The commercial production will start by the end of 2006

IV INDIA AS EXPORT HUB FOR MARUTI

Three years back as an experiment based on the increasing design capabilities of suppliers in countries like India McKinsey did an exercise to figure out just how much money could be

saved if automobiles were to be made in overseas locations like India Mexico and South Africa -- an automobile BPO so to speak The result was staggering the industry stands to gain $ 150 billion annually in cost savings and an additional $ 170 billion annually in new revenues once demand shoots up following the drop in prices and the combination of which means a 25 per cent increase in existing revenue levels

According to the study over 90 per cent of automobiles today are sold in the countries they are made in so theres a lot of money to be made by shifting the production overseas Till recently just 100000 cars produced in low-cost countries were exported to high-cost ones -- presumably this figure is going up now that Altos from Maruti Santros from Hyundai Indicas from Tata Motors and Ikons from Ford among others are being regularly exported out of India

Yet as McKinsey points out since it just costs $ 500 and just three weeks (and both figures are falling) to ship out a car to anywhere in the world why produce cars in high-wage islands If a car was produced in India instead of in Japan the study says it will cost 22-23 per cent less after factoring in higher import duties for componentssteel lower levels of automation and transport costs

In August 2003 Maruti crossed a milestone of exporting 300000 vehicles since its first export in 1986 Europe is the largest destination of Marutirsquos exports and coincidentally after the first commercial shipment of 480 units to Hungary in 1987 the 30000 mark was crossed by the shipment of 571 units to the same country The top ten destination of the cumulative exports have been Netherlands Italy Germany Chile UK Hungary Nepal Greece France and Poland in that order

The Alto which meets the Euro-3 norms has been very popular in Europe where a landmark 200000 vehicle were exported till March 2003 Even in the highly developed and competitive markets of Netherlands UK Germany France and Italy Maruti vehicles have made a mark Though the main market for the Maruti vehicles is Europe where it is selling over 70 of its exported quantity it is exporting in over 70 countries

Maruti has entered some unconventional markets like Angola Benin Djibouti Ethiopia Morocco Uganda Chile Costa Rica and El Salvador The Middle-East region has also opened up and is showing good potential for growth Some markets in this region where Maruti is are Saudi Arabia Kuwait Bahrain Qatar and UAE

The markets outside of Europe that have large quantities in the current year are Algeria Saudi Arabia Srilanka and Bangladesh Maruti exported more than 51000 vehicles in 2003-04 which was 59 higher than last year In the financial year 2003-04 Maruti exports contributed to more than 10 of total Maruti sales

V MARUTI EMERGING AS RampD HUB FOR SUZUKI MOTOR CORPORATION

Japanese auto major Suzuki is all set to convert Maruti Udyog Ltdrsquos research and development (RampD) facility as its Asia hub by 2007 for the design and development of new compact cars according to a top official of the firm The countryrsquos leading car manufacturer will make

substantial investments to upgrade its research and development centre at Gurgaon in Haryana for executing design and development projects for Suzuki This includes localisation modernisation and greater use of composite technologies in upcoming models

The company will be hiring more software engineers and technocrats to handle Suzukirsquos RampD projects Investment would be more in terms of manpower than in infrastructure which is already in place Apart from working on innovative features the RampD teams will focus on latest technologies using CAD-CAM tools to roll out new models that will meet the needs of MULrsquos diverse customers in the future

The reasons as to why it can be good for RampD is that

Oslash Firstly the cost involved in RampD and infrastructure is low in India as compared to other countries Also the technical skills are abundantly available again at a cheaper cost

Oslash Secondly India is growing as an export hub along with the Indian market growing aggressively into becoming an attractive one for investors

Oslash Thirdly Suzukirsquos investment in India is also important as it has completely divested now as a result MUL will now become a 100 subsidiary of Suzuki in the coming year

KEY SUCCESS FACTORS

(1)The Quality Advantage

Maruti Suzuki owners experience fewer problems with their vehicles than any other car manufacturer in India (JD Power IQS Study 2004) The Alto was chosen No1 in the premium compact car segment and the Esteem in the entry level mid - size car segment across 9 parameters

(2)A Buying Experience Like No Other

Maruti Suzuki has a sales network of 307 state-of -the-art showrooms across 189 cities with a workforce of over 6000 trained sales personnel to guide MUL customers in finding the right car

(3)Quality Service Across 1036 Cities

In the JD Power CSI Study 2004 Maruti Suzuki scored the highest across all 7 parameters least problems experienced with vehicle serviced highest service quality best in-service experience best service delivery best service advisor experience most user-friendly service and best service initiation experience

92 of Maruti Suzuki owners feel that work gets done right the first time during service The JD Power CSI study 2004 also reveals that 97 of Maruti Suzuki owners would probably recommend the same make of vehicle while 90 owners would probably repurchase the same make of vehicle

(4)One Stop Shop

At Maruti Suzuki customers will find all car related needs met under one roof Whether it is easy finance insurance fleet management services exchange- Maruti Suzuki is set to provide a single-window solution for all car related needs

(5) The Low Cost Maintenance Advantage

The acquisition cost is unfortunately not the only cost customers face when buying a car Although a car may be affordable to buy it may not necessarily be affordable to maintain as some of its regularly used spare parts may be priced quite steeply Not so in the case of a Maruti Suzuki It is in the economy segment that the affordability of spares is most competitive and it is here where Maruti Suzuki shines

(6)Lowest Cost of Ownership

The highest satisfaction ratings with regard to cost of ownership among all models are all Maruti Suzuki vehicles Zen Wagon R Esteem Maruti 800 Alto and Omni

(7) Technological Advantage

It has introduced the superior 16 4 Hypertech engines across the entire Maruti Suzuki range This new technology harnesses the power of a brainy 16-bit computer to a fuel-efficient 4-valve engine to create optimum engine delivery This means every Maruti Suzuki owner gets the ideal combination of power and performance from his car

FUTURE CHALLENGES

Oslash Maruti has always been identified as a traditional carmaker producing value-for-money cars and right now the biggest hurdle Maruti is facing is to shed this image Maruti wants to change it for a more aggressive image Maruti Baleno has failed due to one of the major reasons being that customers could not identify Maruti with a car as sophisticated as Maruti Baleno Maruti is looking forward to bring about a perception change about the company and its cars Maruti started the exercise with the new-look Zen and Suzukis decision to pick India as one of the first markets for this radically different-looking car gave this endeavor a new thrust Maruti has also changed its logo at the front grill It has replaced the traditional Maruti logo on grill lsquostylish lsquoMrsquo with Srsquo The major thrust in the facelift endeavour is with the launch of 13 litre Swift Itrsquos a style statement from Maruti to Indian market

Oslash The next threat Maruti faces is the growing competition in compact cars Companies like Toyota Ford Honda and Fiat are planning to come out with small segment cars in near futureFord is launching Focus and Fiesta GM is launching Aveo in 2006 Chevrolet is launching Spark in 2006 Hyundai is launching its new compact car in 2006 Honda is launching Jazz in 2006 GM is has reduced prices of its Corsa Fiat is coming up with Panda and new Fiat Palio Skoda is launching Fabia All this will pose a major threat to Maruti leadership in compact cars

Oslash New emission norms like Bharat Stage 3 which has come into effect from April 2005 has increased car prices by Rs20000 and Bharat Stage 4 which is coming into force in 2007 will contribute in increasing car prices further This could be of concern to Maruti which is low cost provider of passenger cars

Oslash Rise in petrol prices and growing popularity of other substitute fuels like CNG will be another threat to Maruti There is also a threat to Suzuki from RampD investment by Toyota and Honda in Hybrid cars Hybrid cars could run on both petrol and gaseous fuels

Oslash There is a threat to Maruti models ageing Maruti models like Maruti 800 which is in market for the last twenty years and others like Zen and Esteem which have also entered the decline phase are the other threats Maruti is planning phasing out Zen in 2007 and there were rumors of phasing out Maruti 800 also This all makes Suzuki to replace these brands with new launches As Swift and Wagon R are replacing the Zen market Maruti will have to keep on making modifications in its present models or its models will face extinction

Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result

During FY09 MSILrsquos market share increased by 86bps y-o-y to 522 in the passenger car segment Going

ahead we expect MSIL to report 51 CAGR in revenues and 164 CAGR in PAT during FY09-11E

However at PE of 141x FY11E earnings of Rs597 we donrsquot foresee any major upsides We downgrade the

stock to MARKET PERFORMER

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Maruti Suzuki releases May 2009 sales report

Company Brief


Car market leader Maruti Suzuki India Limited sold a total of 79872 vehicles in May 2009 This includes 9087 units

for export


Maruti Suzukirsquos volume in the domestic A2 segment grew by 207 per cent while in the A3 segment the sales volume

grew by 141 per cent during the month as compared to sales in May 2008 The month sales in C Segment grew by

251 per cent as compared to May 2008



For further information please contact

Adfactors PR Pvt Ltd

Nivedita Sikdar

Mobile +91-9958007650

Email niveditasikdaradfactorsprcom

Company news index page

To get news on your mobile phone log on to mafaqscom AUDITORS REPORT 105TO THE MEMBERS OF MARUTI SUZUKI INDIA LIMITED(Formerly Maruti Udyog Limited)























Key achievements





















Director
















A1 M800 2336 6830 -658 4681 11288 -585 49383

C Omni Versa 7619 6092 251 15343 13797 112 77948


53760 44539 207 100577 87660 147 511396

A3 SX4 Dzire 6782 5946 141 13848 10133 367 75928



Domestic 70785 64143 104 135642 123682 97 722144

Export 9087 4858 871 15978 7655 1087 70023

Total Sales 79872 69001 158 151620 131337 154 792167









A car for everyone


































Safety amp Security



Groovy Variants














Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result























Key achievements





















Director
















A1 M800 2336 6830 -658 4681 11288 -585 49383

C Omni Versa 7619 6092 251 15343 13797 112 77948


53760 44539 207 100577 87660 147 511396

A3 SX4 Dzire 6782 5946 141 13848 10133 367 75928



Domestic 70785 64143 104 135642 123682 97 722144

Export 9087 4858 871 15978 7655 1087 70023

Total Sales 79872 69001 158 151620 131337 154 792167









A car for everyone


































Safety amp Security



Groovy Variants














Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result











Director
















A1 M800 2336 6830 -658 4681 11288 -585 49383

C Omni Versa 7619 6092 251 15343 13797 112 77948


53760 44539 207 100577 87660 147 511396

A3 SX4 Dzire 6782 5946 141 13848 10133 367 75928



Domestic 70785 64143 104 135642 123682 97 722144

Export 9087 4858 871 15978 7655 1087 70023

Total Sales 79872 69001 158 151620 131337 154 792167









A car for everyone


































Safety amp Security



Groovy Variants














Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result














A1 M800 2336 6830 -658 4681 11288 -585 49383

C Omni Versa 7619 6092 251 15343 13797 112 77948


53760 44539 207 100577 87660 147 511396

A3 SX4 Dzire 6782 5946 141 13848 10133 367 75928



Domestic 70785 64143 104 135642 123682 97 722144

Export 9087 4858 871 15978 7655 1087 70023

Total Sales 79872 69001 158 151620 131337 154 792167









A car for everyone


































Safety amp Security



Groovy Variants














Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result

A3 SX4 Dzire 6782 5946 141 13848 10133 367 75928



Domestic 70785 64143 104 135642 123682 97 722144

Export 9087 4858 871 15978 7655 1087 70023

Total Sales 79872 69001 158 151620 131337 154 792167









A car for everyone


































Safety amp Security



Groovy Variants














Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result





























Safety amp Security



Groovy Variants














Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result




Tags



Similar on Suzuki








Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result







Abstract





Issues






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result






Contents


Keywords





The Competition









Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result








Background Note








The Product Line







The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result






The Result

















































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result













































































KEY SUCCESS FACTORS








(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result

(4)One Stop Shop








FUTURE CHALLENGES






Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result




Abstract

Issues

Contents

Keywords

The Competition


Background Note

The Product Line



The Result

the quality advantage

Documents

compact car segment

right car

premium compact car

car manufacturer

new compact car ritz

quality service

power csi study

userfriendly service