Sales And Distribution Of Vodafone 2j5i4r

ccc

c

c

c c c cc c c c c c

c c c

c

c

cc c c c c c c

c

c c c

cc ccc c

c c! c c !c !c

c

!c! c

c

c! c

cc

"#c cc

c c

c c c c c c c c

c c c c c c

cc

c

$ c c c c

We are very thankful to the head of sales and distribution manager Mr. Ram Krishnan

Ayer

of

Vodafone

Limitedfor

their

cooperation,

without

whichcompletion of this project would not have been possible.

We are extremely grateful to for sharing with us all the details of the project andproviding us with valuable insights about sales, distribution function.We would like to thank them for the patience shown by him and being of such agreat help to all our queries.

We would also like to express our gratitude towards our professors Naval Arora, for giving us an opportunity to do this project on sales and distribution andfor being the guiding light through the completion of this project.

c c

cc

% c

c c

"his project aims to study the distribution channels and the sales network patterns of the telecom sector through a Live Interview with the sales and distribution manager of VODAFONE L"D. Companyin Rajasthan. In this project we have tries to bring out or explained how the sales and distribution network work for the Vodafone in Rajasthan and around the India. "he project was designed after detailed discussion with the company officials that is the Sales and distribution Manager for the distribution and sales functioning in Rajasthan. "his project is Based on the live Interview which is conducted for collecting the data /information from the Sales and Distribution Manager that how the sales and the distribution network is work."he project covers the sales network of the company with the dealers and that of the dealers with the customers. In this project we have taken the Interview of the Sales and Distribution Manager Mr. Ram Krishnan Iyer, he had provided and avail the valuable information about the sales and distribution network of the Sale and Distribution. Which help us in this project for knowing the sales management? And the whole project is based on the interview and the Sales and Distribution manager has told that take the company profile from the Internet and company website. c c c c c

c c

cc

c

&'&c c CHAP"ER NO ± 1

CHAP"ER NO ± 2

CHAP"ER NO ± 3

IN"RDUC"ION OF PROJEC"

06

1.1c "ELECOMMUNICA"ION SEC"OR IN INDIA 1.2c HIS"ORY OF INDIAN "ELECOMMUNICA"ION 1.3c "ELECOM SERVICES AVILABLE IN MARKE" 1.4c GSM V/S CDMA

07 08 11 11

INDUS"RY OVERVIEW

12

2.1 BACKGROUND 2.2 GROW"H 2.3 INDIAN "ELECOM MARKE"

12 13 13

2.3.1 SIZE 2.3.2 S"RUC"URE 2.3.3 SERVICES 2.3.4 SEC"OR OU"LOOK 2.3.5 PO"EN"IAL

13 14 14 15 15

COMPANY BACKGROUND

17

3.1 COMPANY PROFILE 3.2 DRIVE OPRA"IONAL PERFORMANCE

17 19

3.2.1 VALUE ENHANCEMEN" 3.2.2 COS" REDUC"ION

19 19

3.3 PURSE GROW"H OPPOR"UNI"IES IN "O"AL COMMUNICA"ION

20

3.3.1 MOBILE DA"A 3.3.2EN"ERPRISE 3.3.3 BROADBAND

20 20 20

3.4 EXECU"E IN EMERGING MARKE"S

21

3.4.1 DELIVERY INEXIS"ING MARKE"S 21 3.4.2 SELEC"IVE EXPANSION AND CAU"IOUS APPROACH 21

c c

cc

CHAP"ER NO ± 4

CHAP"ER NO ± 5

CHAP"ER NO ± 6

CHAP"ER NO ± 7 CHAP"ER NO ± 8

VODAFONE SALES NE"WORK

22

4.1 VODAFONE OU"LE"S 4.2 VODAFONE SHOPS 4.3 VODAFONE "ELESHOPS 4.4 SALES KI"

22 22 23 23

DIS"RIBU"ION NE"WORK OF VODAFONE

24

5.1 DIS"RIBU"ION NE"WORK 5.2 SELEC"ION OF CHANNEL /DEALERS 5.3 RESPONSIBILI"IES AND FUNC"ION OF "HE DEALERS 5.4 CHANNEL S"RUC"URE OF VODAFONE 5.5 PREPAID SEGMEN" 5.6 POS"PAID SEGMEN"

24 25 26 27 28 28

O"HERS AC"IVI"Y

29

6.1 PERFORMANCE APPRAISAL 6.2 MARGINS 6.3 PROMO"IONAL AC"IVIES

29 29 29

ANNEXURE KEY WORLDS

30 32

BIBLOGRAPHY c c c c c c c c c

c c

cc

c

! ± 1

c c c "his project aims to study the distribution channels, sales network and servicepatterns of the telecom sector that is Vodafone Ltd."he project also triesto bring out the shortcomings, if any, in the present system and thus recommendssuggestions to improve the same. "he project also gives insights into the variousfinancial , norms of the sales and service departments as per the guidelines ofthe telecom industry.

"he project was designed after detailed discussion with the company officials onthree parameters i.e. distribution network, service network and sales functioning.

Firstly, the project discusses the distribution network of the company and thefunctions carried out by the channel . Vodafone Limited being thelargest services provider in Rajasthan definitely has a wider reach and more number ofdealers. "he project also covers the financial of the company with the dealers andthat of the dealers with the customers.Secondly, the project discusses the sales functioning of the company, whichincludes aspects such as the hierarchy of the sales department prevalent in thecompany; the responsibilities and functions of the sales force, their performanceappraisal structure etc.

Finally the project covers the service network of the company which dealswith the after sale services and their effectiveness provided by the companyand various complaints and queries are handled by them.c c c

c c

c c

c c c c

c c c c c c c c c c c c "he world is waiting at our doorsteps, waiting for us to open the gates to an economy bubbling with opportunities. "he India growth story has already got the world to sit up and take a note of the changing economic scenario. "he Indian government is doing everything that is possible to ensure that this story remains intact. Factors, like the liberalization in the government stance and the daring entrepreneurs of the Indian soils, have helped the sectors achieve the highs like never before. And currently, the flavor of the month seems to be the telecom industry. c c c c c c c c c c

c c

c c

! c c c

c c c History of Indian "elecommunications started in 1851 when the first operational land lines were laid by the government near Calcutta (seat of British power). "elephone services were introduced in India in 1881. In 1883 telephone services were merged with the postal system. Indian Radio "elegraph Company (IR") was formed in 1923. After independence in 1947, all the foreign telecommunication companies were nationalized to form the Posts, "elephone and "elegraph (P""), a monopoly run by the government¶s Ministry of Communications. "elecom sector was considered as a strategic service and the government considered it best to bring under state¶s control. "he first wind of reforms in telecommunications sector began to flow in 1980s when the private sector was allowed in telecommunications equipment manufacturing. In 1985, Department of "elecommunications (DO") was established. It was an exclusive provider of domestic and long-distance servicethat would be its own regulator (separate from the postal system). In 1986, two wholly government-owned companies were created: the Videsh Sanchar Nigam Limited (VSNL) for international telecommunications and Mahanagar "elephone Nigam Limited (M"NL) for service in metropolitan areas. In 1990s, telecommunications sector benefited from the general opening up of the economy. Also, examples of telecom revolution in many other countries, which resulted in better quality of service and lower tariffs, led Indian policy makers to initiate a change process finally resulting in opening up of telecom services sector for the private sector. National "elecom Policy (N"P) 1994 was the first attempt to give a comprehensive roap for the Indiantelecommunications sector. In 1997, "elecom Regulatory Authority ofIndia ("RAI) was created.

c c

cc

"RAI was formed to act as a regulator tofacilitate the growth of the telecom sector.New National "elecomPolicy was adopted in 1999 and cellular services were also launched inthe same year.

"he August of 1995 saw the launch of the firstmobile service in India, µModi "elstra¶ in Calcutta. However, the callrate structure; with an outgoing call rate of Rs.16 a minute, incomingcall rate of Rs.8 a minute and cell phones costing around Rs.15,000were the prime reasons why the cellular communication did not get thedesired popularity. "he New "elecom Policy in 1999 introducedseveral consumer-friendly initiatives. Only after the entry of privateoperators like BhartiAirtel, Hutch, Reliance, "ata, BPL, Idea, etc.,who created a competitive market which further reduced operationalcosts, did the upward trend in the number of mobile subscribersstarted. "he tariffs have come down substantially with Indian Mobilerates being the lowest in the world. "he number of wireless subscribersrose from 16 million in 2003 to 317 million at the end of May 2008.With this, India has become one of the fastest growing mobile marketsin the world. Already, "he Indian market leader, BhartiAirtel hasalready crossed the 50 million customer mark to become one of theworld¶s top 10 operators and has become the fastest private telecomcompany in the world to achieve this milestone.

c c c c c c c c

c c

c c c c

c c c c c

c

c c c c

c c

c c c

c c c c c c c

"he telecom services available in India include1.c Basic Fixed Line Services 2.c Mobile Services (GSM & CDMA) 3.c Internet Services 4.c International Long Distance Services 5.c National Long Distance Service

(c cc c c GSM and CDMA are the two main competing network technologies deployed by cellular service provider¶s world over. GSM(GlobalSystemfor MobileCommunications) Originated in Europe in 1990. "he GSM Association is an international organization founded in 1987, dedicated to developing, providing and overseeing the worldwide wireless standard of GSM. While CDMA (Code Division Multiple Access) is a proprietary standard designed by Qualcomm Inc in United States and has been the dominant network standard for North America and parts of Asia. It became an international standard in 1995. However now, GSM networks have penetrated the United States and the CDMA networks have spread in other parts of the world. People of both the camps claim that their architecture is superior to the other.

c c

cc

c

! c ± 2 c $c c )*+,"-&.c

"he Indian "elecommunications network with 203 million connections is the thirdlargest in the world and the second largest among the emerging economies of Asia."oday, it is the fastest growing market in the world. "he telecommunication sectorcontinued to significant success during the year and has emerged as one of thekey sectors responsible for India¶s resurgent India¶s economic growth.

§c "elecom sector s for 1 percent of India¶s GDP. Likely to double in 2-3 years.c §c "elecom services contribute 30 percent to India¶s total service tax revenue.c §c "he Indian telecom sector gives direct employment to more than 4,00,000people, compared to about6,00,000 people in China.c §c Not just the enabler of software, BPO and IteS companies, it is also thelifeline of a fast growing E-commerce space.c §c State-of-the-art telecom infrastructure has led to the rise of cities like Mysore,Mangalore, Jaipur, Ahmedabad, Kochi on the software services map.c §c "his has helped spread the benefits of a booming Indian economy to beyondmetros and large cities, and wealth creation is happening in tier-2 cities.c c c

c c

cc

c c c

"/c "he sector, which was growing in the range of 20 to 25 per cent up to the year 2002-03,has moved to a higher growth path of an average rate of 40-45 per cent during the lasttwo years.

(c &.0)&c'1'*2c )"+'c (c 3c §c India is the fifth largest telecom services market in the world; $17.8 billion revenues in 2005. §c Industry grew by about 36% in 2005 over 2004. §c "he Indian telecom market size of over $8.3 billion is expected to treble itselfbyyear 2011-2012, accordingto Ernst & Young. Financial year 2012. "husthere is a significant opportunity for telecom players. §c "elecom market has grown at about 25% p.a. over the last 5 years. §c Wireless segment subscriber base grew at 85% p.a.: fixed line segment atabout 10% p.a. c c c c c c c

cc

c c (cc c §c "he Indian telecom market has both public and private sector companiesparticipating:c §c Public sector has over 60% market share, down from 90% in 2000.c §c Private companies have added subscribers at a CAGR of 192% since 2000.c §c Mobile operators have deployed both CDMA ( 16 million s) and GSM(55 million s) wireless networksc §c Value added service features constitute 10% ofrevenue today (2 % in 2001)POLICY.c §c 74% to 100% FDI permitted for various telecom services.c §c FIPB approval required for foreign investment exceeding 49% in all telecom.c c

(('"0*'c c §c 100% FDI permitted in telecom equipment manufacturing.c §c India has a telecom policy aims to encourage private and foreigninvestment.c §c An independent regulator ± the "elecom Regulatory Authority of India("RAI).c §c Revenue-share model for license issued by the Government for telecomservices in India. Unified access licenses are available for providing telecomservices on a pan-India basis.c §c Planned opening up of National Long Distance (NLD), International Long Distance (ILD) and other value added services.c c c c c c c

cc

c c c

(4c'*"c-1+c c §c India expected to be among the fastest growing telecom markets in theworld.c §c Projected growth of 30-40% p.a. to reach 250 million subscribers by20092010.c §c Over 3 million new s are added every month ± mostly in wireless.c (5c c c c c Favorable demographics and socio economic factors leading to high growth:c c §c Growth of disposable income combined with changes in lifestyleIncreasing affordability-low tariffs, easy payments plans and handsetfinancing.c c §c Increased coverage and availability of mobile services.c c c c c Investment opportunity of $22 billion across many years:c c §c "elecom Devices and Software for Internet, Broadband and Direct "oHome Services. Set "op boxes, Gateway exchange, Modem, Mobile handsets andconsumer premise equipment¶s, Gaming Devices, EPABX, "elecom Software. c c c c c

cc

c c c §c "elecom Services for voice and data via a range of technologies.c c c c §c Applications and Content development ranging from gaming to education.c c §c Nokia, LG, Ericsson are all investing in India.c c c c c c c c c c c c c c c c c c c c c c c c c

c c

c c c

! c6c(c c c c c (c c cc c

Vodafone limited c

c Vodafone, the world¶s leading international mobile communicationscompany, has fully arrived in India. Vodafone Essar announced today thatthe Vodafone brand will be launched in India from 21st Septemberonwards. "he popular and endearing brand, Hutch, will be transitioned to Vodafoneacross India. "his marks a significant chapter in the evolution of Vodafoneas a dynamic and ever-growing brand. "he brand change over the next fewweeks will be unveiled nationally through a high profile campaign coveringall important media. Vodafone, the world¶s leading mobile telecommunication company,completed the acquisition of Hutchison Essar in May 2007 and thecompany was formally renamed Vodafone Essar in July 2007. AsimGhosh,Managing Director, Vodafone Essar, said ³We¶ve had a great innings asHutch in India and today marks a new beginning for us. Not as a departurefrom the fundamentals that created Hutch, but an acceleration into thefuture with Vodafone¶s global expertise.´ c c c

c c

c c HaritNagpal, Marketing and New Business Director, Vodafone Essar, said, ³"his transition is probably the largest brand change ever undertaken in this country and arguably as big as any in the world. It is even larger than our own previousbrand transitions as it touches over 35 million customers, across 400,000 shops and thousands of our own and our business associates¶ employees.´ "he Vodafone mission is to be the communications leader in an increasingly connected world ± enriching customers¶ lives, helping individuals, businessesand communities be more connected by delivering their total communication needs. Vodafone¶s logo is a true representation of that belief ± "he start of a new conversation, a trigger, a catalyst, a mark of true pioneering. Vodafone established its presence in India in 1994 by acquiring the cellular license for Mumbai. It now has operations in 16 circles ing for 70% of India¶s mobile customer base. With over 27.7 million customers, it is one of India¶s most reputed telecom companies. Vodafone, under the Hutch brand, over the years, has been named the µMost Respected "elecom Company¶, the µBest Mobile Service in the country¶, and the µMost Creative and Most Effective r of the Year¶. Hutchison Essar is now part of Vodafone ± the world¶s leading international mobile communications company. Vodafone now has operations in 26 countries across 5 continents and 36 partner networks with about 225 million proportionate customers worldwide. Vodafone has tied up with Essar as its principal t venture partner for the Indian operation."he Essar Group is one of India¶s largest corporate houses with interests spanningthe manufacturing and service sectors like Steel, Oil & Gas, Power, "elecom & BPO, Shipping & Logistics and Engineering & Constructions. "he Group has an asset base of over Rs.20 billion (US$ 4.4.billion) and employs over 4000 people. c c c c c c c

cc

(c c c c c §c (cc! cc "hey will drive operational performance through customer value enhancement (which replaces revenue stimulation) and cost efficiency. Value enhancement involves maximizing the value of their existing customer relationships not just the revenue. "hey will move away from unit pricing and unit-based tariffs to propositions that deliver much more value to our customers in return for greater commitment, incremental penetration of the or more balanced commercial. "his will require a more disciplined approach to commercial costs to ensure their investment is focused on those customers with higher lifetime value. "hey are confident that by targeting their offers, they can deliver more value to our customers and have a better financial outcome for Vodafone. §c (cc cc Cost efficiency requires them to continue to deliver scale benefits by optimizing operating and capital expenditure. Across the Group they have a significant number of cost programmers, which they expect to reduce current operating costs by approximately £ 1 billion per annum by the 2011 financial year. "his will offset the pressures from cost inflation and the competitive environment and enable investment in revenue growth opportunities. As a result, on a like-for-like basis, we are targeting broadly stable operating costs in Europe and for operating costs to grow at a lower rate than revenue in ACE (Africa and Central Europe) and APME (Asia Pacific and Middle East) between the 2008 and 2011 financial years. Capital intensity is expected to be around 10% over this period in Europe and to trend to European levels in emerging markets over the longer term.c

c ((c c $!c

c ccc c c

c c

cccccc

c c c §c ((c cc

"hey have made significant progress on mobile data, with 20nnualized revenue of £3 billion. "his is still a large opportunity, with the penetration of data devices relatively low in Europe and almost nil in emerging markets. c §c ((c c

"hey have a strong position in core mobile services and they have built a solid presence in 18 months in multi-nation s through Vodafone Global Enterprise. "hey will make the most of this strength to expand our offerings into the broader enterprise communications market locally. "his means serving small and home offices (SOHs) and small-to-medium enterprise (SMEs) with shared platforms and services, ed by our local sales forces. c §c (((cc

"hey will adopt a market-by-market approach focused on the service, rather than the technology. It will be targeted at enterprise and high value consumers as a priority.c c c c c c c

c c

(4c%c c c cc c c §c (4c'10'"7c0&c'800&,c2)"+'c c c "hey are represented in most of the key emerging markets where significant growth is expected in the coming years. Our main focus now is on execution in these markets, particularly in India, "urkey and African footprint, following their agreement to acquire control of Vodacom.

c §c (4c'1'*0'c'89)&0&c)&.c*)-0-c)99")*c c c "hey will also try to maximize the mobile data opportunity. "here are few potential large new markets of interest to us and they will be cautious and selective on future expansion.c c c c c c c c c c

c c

cc

! cc± 4 cc$ c c 4c cc You want to go Vodafone and stay connected anytime, anywhere? Just visit a Vodafone outlet in your neighborhood and choose from a range of affordable Postpaid or Prepaid connections. c c 4c c! c c Whether you¶re looking for a new Vodafone connection, or a fresh handset, you¶ll find it here. You can also subscribe to any of our value added services or get more information on them. Pay your bills, get your queries answered, and lots more. Hutch Shops are located at very convenient locations around the country. Select your region to find one near you. Mobile Vodafone Shops Vodafone Shops are going on the move, to bring our services closer to you and to provide faster online service, right at your doorstep. You can visit a Mobile Vodafone Shop near you for:c §c Postpaid connections and add on cards. §c Prepaid connections and recharge cards §c Information on the latest talk plans. §c Bill payments via cash, cheque or credit card §c Demos and activation of our Value Added Services §c Queries, SIM replacements and much more.c c c c c c

cc

4(c c! c c c Did you know that a range of Vodafone services are available in your very own neighborhood? Just walk into a Vodafone "eleshop, just round the corner, for anything you need. At a Vodafone "eleshops you can buy a new postpaid or prepaid card, pay your bills, reactivate your connection, and much more.

44cc

c

c A dealer should carry the following in his sales kit: a)c

All products leaflets (adequate quantities).

b)c

List of prospects with their addresses

c)c

Information about the competition in the market

d)c

Price list of Vodafone product and corresponding prices of competitor products.

c c c c c c

cc

! cc6c5c c c$ c c c c c (c c$ c c A supply chain is described that consists of all the parties and their supplied activities that help us to create and deliver services to the final customer. "he front channels are specially kept in mind.

c

§c Orderc §c Handlingc §c Storage §c Display §c Promotionc §c Sellingc §c Information and c c c c c c 4c c c!c :c c c

cc

c Vodafone follows a strict policy in selection of the dealers, and therefore it is necessary to fulfill the following pre- requisites to be eligible to become a dealer:

I.c

"he dealers should have a sound financial background. "he financial capability of a dealer is solely depended on the discretion of the company officials.

II.c

"he dealers should have a good market reputation, since the dealers help thecustomers in forming the first impression a customer has about the company.

III.c

"he dealer should have a good previous track record,i.e of timely payments, nocriminal background etc.

IV.c

"he dealers should have good market penetration. "he company¶s ability to gainmaximum customers in this era of competition solely depends on the penetrationthe dealers have in the market.

V.c

"he last criterion of dealer¶s selection for Vodafone is the area the dealers cover."his would include different geographical areas which are covered by a dealer.

c c c c

c c

cc

c c

5c cc c c!ccc c c

Vodafone believes in ³Customer Loyalty´ and thus Vodafone expects that their dealers apart from selling paint products should perform the following functions for better customer relations¶ management:

I.c

II.c

Sales promotion through regular promotional schemes, road shows, campaigns etc. the expenses incurred by the dealers is shared by the company only if these activities are for promotion of the company and not of the dealer. Recruitment- done under the guidance of certain Vodafone officials.

III.c

"raining and development of manpower with company assistance.

IV.c

Servicing according to the size of orders.

V.c

VI.c

Customer relation management. Promote other products of the company

c c c c c c

c c

"he dealer should be in regular touch with the customer, keep taking his and ensure maximum customer satisfaction. "he dealer shouldalso try and convince the customer to try newer products of the company. "he dealer has to thus cater to 3 major areas: a)c Pre sale b)c Selling c)c Post sale service

;c !cc c c c c !cc

c c c

c"c.0"'*c)1'I&.0"'*c)1' 0*c)1'c c c Business head G.M. Sales Shop Owners Sales Consultants Executives "ele Marketing Executives Field Executivesc

DSA/DS" Manager "LS "elemarketing Executives Field Executives

Dealers Shop Owners Metro Shops Vodafone Shops

c c c c c

c c

c

"'9)0.c',2'&)0&c c c c c &.00.-)1c<"&='cccc &.00.-)1c01'"cccc &.00.-)1c,1.ccc &.00.-)1c91)0&-2c

ccccccccc ccccccccccccccccccccccccccc ccccccccccccccccccccccc cccccccccccccccccccccccc c c c c

9)0.c',2'&)0&c

&.00.-)1c<"&='cccc &.00.-)1c01'"cccc &.00.-)1c,1.ccc &.00.-)1c91)0&-2c ccccccccccccccccccccccccccccccc cccccccccccccccccccccccccccc cccccccccccccccccccccccccccc c c c c >*/&'.:*c9)0.?>*c/&'.c0&.1c )0.?c

c c c c c c c c c c c

cc

! cc6c;c !c c c c c

c c For the dealersVodafone involves both external and internal agencies which conduct this survey on a monthly basis. @c c c "he company gives margins at the time of sale of the product. "he margin varies according to the type of the product. c

Ac c c c Vodafone actively s its cannel with promotional activities. Vodafone helps performing these activities on a daily basis.Further these are dividing in to different levels which are:§c Zonal level-zonal staff is involved in this. "hese include various kinds of road shows. §c Circle level-"his has the FM radio and local newspapers. ! cc6cc c

c c c

c c

%

B c c

1)c What type of sales organization structure do you possess? 2)c What are the various channel structures in which you operate? 3)c What are the various criterion/ and conditions of selecting your channel ? 4)c What is the average Inventory Size you keep? 5)c What is the average Order Cycle time? 6)c What are the various modes of transportation adopted and cost incurred? 7)c What are the methods of measurement and frequency of providing appraisals to channel ? 8)c What are the modes of by which you receive your payments: I.c II.c III.c

Advance payment Payment on Delivery Credit Payment

9)c In case you provide the credit period, what is the time limit? I.c

upto15 days

II.c

15-30 days

III.c

c c

>30 days

c c

10)c

How frequently do you collect the from your channel

? 11)c

What are the margins you provide to your Channel ?

12)c

Do you your Channel by promotional activities?

c c c c c c c c c c c c c c c c c c c c

cc

! c6c@c c

c$c c

c In bookkeeping, ing, and finance, Net sales are operating revenues earned by a company when it sells its products. Revenue (net sales) are reported directly on the income statement as Sales or Net sales. c c!cc c A way of selling a company's product either directly or via distributors; "possible distribution channels are wholesalers or small retailers or retail chains or direct mailers or your own stores". c

c A model of cellular service whereby the customer is charged for usage in the prior month (hence 'post' usage), and hence does not feature any limitations on volume of service used.c

cc A model of cellular service whereby the customer is charged for usage in prior month and pay before using the services. c c c c c c c c

cc

c

!cc §c collegesavings.about.com §c wikipedia.org §c www.st-patricks.ac.uk §c www.sba.gov §c www.pinsentmasons.com §c wordnetweb.princeton.edu c c c

c c

cc