Note: This transcription document is a text version of the upGrad videos present in this

session. It is not meant to be read independently, but can be used to complement your
video watching experience.

Speaker: Anirudh Mendiratta

To begin with, let us quickly understand the broad business categories with an example
of each. Then, we shall discuss some real-life examples to go to market channels for
each of them.

So, the first business category is B2B. This means business to business. An example of
this would be IBM selling its hardware or software to other business enterprises.

The second category is B2C. This means business to consumers. This would entail most
of your consumer businesses or services. For example, FMCG companies like PepsiCo,
ITC, HUL or service sector like an HDFC bank selling credit cards directly to its
consumers.

The third category is C2B. That means customer to business. For example, CARS24
enables individual sellers to sell their cars in a hassle-free manner.

Now, these cars are consumed or procured by dealerships or CARS24 itself to sell
further. Another example would be Cashify. Cashify tries to streamline the procurement
of your old mobile phones and then uses the raw material from these smartphones for
consumption of various businesses.

The fourth business category is C2C. It means customer to customer. An example here
would be all the platform service providers like Airbnb, that link individual house owners
with individuals looking to rent a place.
Now, there are a lot of overlaps in many businesses that try and expand into various
business spaces. For example, telecom players like Airtel are into the B2C space by
providing cellular service to consumers like us and are also present in the B2B space by
providing enterprise level, lease lines or broadband solutions to many corporate offices.
Even CARS24 started with C2B predominantly and now has expanded into B2B as well
as C2C spaces.

Speaker: R Venkat

India is a large market ranked number three in the FMCG category worldwide. The
largeness is defined on its turnover being at $1.1 trillion and growing. 12 million stores,
7,000 cities and 15,000 SKUs suggest its largeness and is growing year on year. Such
being the size and its contribution to the country's GDP is also associated with last mile
connect challenges. Hence, no one single distribution strategy is being adapted for
products and services.

Distribution costs are varied and expensive to have a wider distribution of brand
products and services. There are different distributions and tailored for distribution
models being created to meet consumer demand.

Having said this, the FMCG method of distribution is arguably the most preferred method
of distribution adopted in our country.

Let's learn more into details of market divides and store types. Starting point of a
distribution is its relevance to meet customer and consumer demand.

Broadly, there are four types of stores: self-service stores, grocery, pharmacy, and
convenience stores. Together they account for 80% of FMCG categories.

Specifically calling out which of town classes and which of store types should form the
distribution strategy. Extent of the town class where penetration of a brand has to be
measured, leads into how much of distribution should be the outcome defined on a
product. It is also known to us, the brand consumption is different between rural and
urban. For example, a hair colour category is widely sold in an urban market, much more
in its contribution than a rural market. Likewise, a food category is potentially equally
divided on consumption between an urban and a rural market. This is a default version as
driven by consumers choices per attitudes and the market aspirations towards the
product or the services, which is the other reason to distribution strategies being
constantly sharpened and validated over time period. In many ways, such segmentation
of a product and the product offering is driving clarity to the consumer demand.

However, with changing lifestyle and aspirations of a consumer, new methods of stores,
such as self-service or modern retail are fulfilling such requirements of a consumer. Now
these stores, modern retail or self-service stores offer a wide variety of choice or
products, assortment and allows the consumer to do her picking and choosing a product
on her own without being influenced by the store owners or the shop owners.

Let's learn more into market divides and store type. The first one being self-service stores
who have a trading area of 3000 square feet and plus, contributing about 35% of a
business. These self-service stores are well laid out planograms, well-stocked and allows
the consumers to pick and choose her products. Self-service stores usually stock large
bags who add value through promotions to the consumer. The impact of these
self-service stores, having an ability to provide, pick and choose, stiffen by such kinds of
variants have a limited influence on a consumer. Periodical promotions and loyalty allow
consumers to be given more than what she could get from a normal store. Some of the
challenges faced by these self-service stores being large in size, well lit and clean,
consumers perceive such stores to be expensive when they buy a product.

The other type of store is a Kirana or a grocery, which is a neighbourhood grocery store
with the trading area of about less than 1000 square feet of size, contributing about 35%
of business. These Kirana stores are usually the neighbourhood grocery who stock and
sell a limited assortment of products and are close to a neighbourhood locality and they
are open for longer hours in a given day. The impact of these Kirana and grocery stores,
they also have a higher order of trust with the consumers, for the reasons that they've
been associated with the consumers in the same neighbourhood for a longer period of
time. They usually sell small packs or even do smaller transactions as per the needs of a
consumer. The challenges faced by this store type are less on investment and not funded
so much as opposed to a self-service store, which is large and has multiple partners to
provide investment needs. These stores are also not as ambient or as well laid out as
self-service stores in the Kirana environment.
Pharmacies are the third store type accounting for 8% of business and in a trading area
of about 500 square feet. These pharmacy stores are sharply focused on assortment to
the extent that they sell medicines. They also sell general merchandise, OTC products
and health supplements. Being a pharmacy, it is a norm to have a registered pharmacist
who offers advice to consumers or patients as desired by them. The impact of these
pharmacy stores, usually they sell at full price and offer no discount to a consumer. These
stores are ambient and well laid out and well-stocked providing all kinds of hygiene to a
stocking area. Pharmacy stores also have limited inventory and do replenishment from
time to time. The challenges faced by these pharmacy stores, they sell at full price
offering no discount to consumers.

The fourth type of store is a convenience store, accounting for 12% of business and in a
trading area of about less than 300 square feet. These convenience stores carry just
about the right assortment of a product or a brand, and usually sell fast moving SKUs.
They're also called high-frequency stores as the consumer wait time in a store is
minimum. They engage in loose selling of a product or an SKU and can do smaller
transactions than any other types that we have noticed so far. The impact of these stores,
they offer no bills or vouchers and they are generally a store which does transactions
based on a consumer requirement. The challenges faced by these stores, they're
extremely small, hence always on investment related, less funded and less on
investment.

Speaker: Ridhi Aggarwal

Consider the FMCG giant, Hindustan Unilever, we all over the company, its brands and
products like Lux, Surf excel, Dove, and Sunsilk. Being the most valued FMCG firm with
the highest market capitalization of 3.5 lakh crore, it is a benchmark all its competitors
strive to achieve.

Every time you need a Dove shampoo or feel like having a Cornetto, you can go to the
nearby supermarket and Mom and Pop store and simply buy one, such as the presence
of this company, but how does someone sitting inside the office of HUL, make sure that
the products are available to the target consumers in the right places at the right time.
Even a company, as formidable as achievable, cannot possibly deliver its products to the
consumer all by itself.
These people and organizations who work continuously to ensure availability of the
products in all the target markets are known as channel partners or channel members.
Let's learn about these channel members. Let's now hear from the professor on the
various channel partners and members.

Speaker: K Dasaratharaman

A channel partner is a third-party organization or a person who sells and markets the
company's products on its behalf. On a macro level, these channel partners can be
divided into direct and passive. Direct channel partners are the ones whom you deal with
formerly and directly. They sell and promote your products because of binding contracts
in relationships. For example, consider a distributor who is paid to sell you a product, he
is a direct channel partner.

Passive channel partners on the other hand are not directly involved with you. They do
not have any binding legal obligations to sell your product, yet they choose to do so. For
example, consider a Kirana shop owner who keeps on selling your product because he
finds it profitable. He is your passive channel partner.

Direct channel partners are usually rewarded when they achieve or surpass targets while
there are no regular practices in the channel, in the case of passive channel partners.
Several companies do introduce special schemes for wholesalers, which are based on
their targets, even such schemes like this don't run regularly. They offer higher returns
whenever they are implemented to motivate the passive channel partners.

Speaker: Priyavrat Sanyal

What are distribution channels? So, distribution channels consist of entities that allow
transfer of product from manufacturing factories to the end consumers. There are
different entities, which help in distributing the product from the factories to the end
consumers, and if I talk about the FMCG industry, typically, there are four entities which
help in distributing the product.
First one is the carrying and forwarding agencies, the second are the distributors, third
the wholesaler and fourth is retailers. The carrying and forwarding agents are the link
between organization and the distribution channel. They help in transporting the product
from the company location to the distribution channel, and they also provide
warehousing facilities for the products.

Carrying and forwarding agents carry out five different activities. They receive the goods
from the manufacturer, they store the goods, they receive transport orders from the
manufacturers, they transport the material to the distributor or different locations, and
finally, they keep a record of all the transactions and take care of the taxation as well. The
next entity in this link are the distributors.

Distributors are the link between manufacturer, wholesaler and retailer. Distributors
purchase large quantities of goods from manufacturers and transfer them to wholesalers
and retailers. They eliminate the need for the manufacturer to contact a large number of
retailers, and hence, they save cost for the manufacturer as well.

Distributors share a considerable amount of risk by paying for the product upfront and
they also have knowledge about the local market that which product would be in
demand based on the season, based on the time of the year and based on consumer
preferences.

The next entity in this link are wholesalers who act as middlemen and purchase products
in bulk. The wholesalers are a key link in indirect distribution of product as they supply
the product to many retailers. Like the distributors, since they also purchase the product
upfront, they also share a significant portion of risk with the manufacturer.

Wholesalers are important from the angle of financial support to the manufacturer, since
they pay in advance the money for the goods to the manufacturer, and they also provide
credit to the retailer and small shopkeepers. They help in maintaining cash flow both for
the demand side as well as for the supply side.

Finally, retailers are the last link in this distribution channel. They provide an assortment
of products from different brands to the end consumers. They usually operate through a
small store where they sell directly to the consumers. The retail segment contains both
organized and unorganized stores.
Unorganized stores are small shops, whereas the organized stores are large format,
showrooms like the hypermarket or the supermarkets. Most of the FMCG firms like HUL,
Godrej or Emami, they follow a similar channel where different entities are involved in
moving the goods from one place to another.

Now, let's take an example of a soap, which is required by some retailers. On day 1, the
salesperson takes that order for that soap and that order reaches HUL depot.

On the next day, the depot delivers the goods to the distributor warehouse. The goods
are moved from truck to the warehouse floor, so incoming goods are segregated as per
the beat in the distributor warehouse.

Now, a beat in FMCG parlance refers to the route which the salesperson follows while
taking the order. A typical beat in an FMCG channel consists of 15 to 16 stores, which fall
on the same route, which the salesperson follows. In a week, a sales person travels to
four or five different beats, and on the fifth or the sixth day, he starts with the first beat.

Now, once the goods are segregated, as per the beat, the next morning the truck starts
from the distributor warehouse and the material is loaded as per different beats in the
truck. It takes an hour or so to reach the market, and then party wise segregation
happens at the market. Now, the party here is referred to the individual retail store.

After segregation in the market, the goods are delivered to different retailers and, on the
way back, the truck collects extra goods or damaged goods. By the evening, the truck
returns to the warehouse. So, a typical movement of an FMCG product in a distribution
channel requires at least one or two days of time.

Speaker: Ridhi Aggarwal

Suppose, you have shifted to a new house and want to purchase utility items for your
house, such as utensils, plastic containers, kitchen appliances, your worry that
purchasing all these items will burn a big hole in your pocket. A friend of yours
recommends a wholesale outlet from where you can purchase all these items at a much
lower price than the market price.
You're not very hopeful of getting a better price, but you visit that store anyway. The
asking price of most of the products is aligned with the market price, but after a lot of
haggling, you are able to get a decent price for all your purchases. This gets you
thinking, how is the wholesaler able to offer you such a low price, why were the retailers
not able to give you that same price, even after so much haggling, what is the difference
between a wholesaler and a retailer when both have opened a shop and are selling the
same variety of products. Let's hear from our professor and find out.

Speaker: K Dasaratharaman

Sales, which is the revenue generating unit, is one of the most important functions of any
business. Efficiently reaching out to all target consumers across markets requires
companies to set up a proper distribution network. It helps them achieve a higher scale
at minimal costs. Thus, the way in which a firm decides to distribute its products as a first
utmost importance.

But first let's understand what distribution exactly means. Earlier in the program you
learned about the four P's of marketing, which are product price, place, and promotion.
The third P that is place refers to distribution which simply means making your product or
service available to your target consumers. Manufacturers distribute their products to
different channel partners, such as retailers, modern trade stores, etc., through different
intermediaries.

Depending on the choice of intermediaries, distribution can be divided into direct

distribution and indirect distribution. Direct distribution is when the product reaches
directly from the distributor to the retailer or in some industries directly from the
manufacturer to the consumer.

In this form of distribution, the distributor has direct control over retail parameters that is
inventory holding, display, service, warranty, etc., at the retail point. This firm is mostly
used by FMCG companies, B2B firms, service industries, etc.

Local products in the engineering market industry, such as fans and motors usually go
directly from the manufacturer to consumers. Indirect distribution on the other hand is
when the product goes from the manufacturer to the wholesaler or a super buyer to a
retailer, and finally to consumers.
Companies in a majority of sectors, such as FMCG consumer durables use this mode of
distribution in addition to direct distribution to achieve last mile delivery in far-flung areas.
Very often, the question is not whether the form should choose between director and
direct distribution, but in which situation it should use, which form of distribution.

To answer this question, let's compare these two forms of distribution. In a direct
distribution model, the cost of distribution is borne by the distributor. The manufacturers
need to compensate distributors for this cost. This can be done in two ways. First, by
building it into the distributor margin wherein the manufacturers provide additional
margin to the distributors to cover the cost of distribution.

The second is RFA, short for, request for assistance, wherein the distributor is a request
reimbursement against actuals, which the company reimburses. Hence, this model
increases the cost for the company. However, direct distribution helps firms have better
trade relations and provides them with greater control over retail outputs.

This is because the distributor sales force pays weekly visits to the majority of the retail
outlets. The distributor who deals directly with the manufacturer can provide feedback
from retailers or consumers and inputs from the market.

It is a push-based model under which a company pushes products to the distributor who
then pushes them further into the market. This also helps firms have greater control over
marketing in terms of brand message, merchandising etc. and makes it easier for them to
introduce new SKUs, schemes, policies in the market. This is because the distributor
appointed salesperson, who is the bridge between the company and the stores, regularly
visits these stores and on the basis of his working relationship with the retailers is able to
push new SKUs in the market and create those retail outputs.

Also, the salespeople are able to monitor and assess the implementation of all marketing
activities, merchandising and whether they are being properly implemented and whether
all the schemes are being properly run in the market or not. A company can go directly to
retail provided selling in areas that are close by logistically and it is willing to take the
financial risk of dealing with the retailers.

For example, if a company has a factory in Kolkata and it is selling in and around Kolkata,
it can go directly to retail, but the moment it wants to operate in an unknown geography
that is far away and where it can take risks, it will appoint a distributor, which is again
direct distribution.
In an indirect distribution model, the wholesaler doesn't bear the cost of distribution, the
wholesaler operates in the same manner as a dealer, but they sell primarily to small
outlets. Many retailers prefer to buy from wholesalers because they stock all categories
and brands, whereas a distributor salesman carries brands only belonging to a specific
company or category.

Also, many times wholesalers might offer discounts and schemes on certain products or
brands which the retailer can check out and accordingly make a purchase decision.
Hence, the retailer prefers to visit the wholesaler and check out the entire range of
products before placing an order. Here, the wholesaler is not responsible for distributing
to these outlets and hence the cost of transportation is borne by the retailers.

The margin for wholesalers is much less than that of distributors. Hence, their
wholesalers rely on high volumes and are more interested in stocking products with
faster selling cycles and stocking the entire edge. For example, HUL has brands like
Lifebuoy, Ayush, Dove, etc., in the soap category. Although, all these brands sell well in
the market. Lifebuoy is very fast moving as it is not very premiumly priced.

Hence, the wholesalers would prefer to stop Lifebuoy and keep very few pieces of Ayush
or Dove, or may even skip these brands. Hence, this is a pull-based model of distribution,
primarily operating with fast selling and volume SKUs, which offer organizations lesser
control over the outputs and outcomes.

For unbranded or local brands like biscuits, fast food items where companies operate on
low margins because they play on a price point. Indirect distribution is the model of
choice, as their margin structure cannot afford the fixed costs of distribution. Majority of
large companies, such as Hindustan Unilever, ITC, etc., use a combination of direct and
indirect distribution.

Deciding where to go direct and where to go indirect depends on the penetration

strategy of the company. For example, suppose it goes by population strata and decides
that as a large company for towns and markets with population more than one lakh, it will
use direct distribution. It will set up a distribution network in these markets. However, this
does not mean that the company won't use the indirect distribution in these towns.
Here, the distributor will sell to retailers as well as wholesalers. So, indirect distribution is
automatically taking place, but by taking a call that it will opt for direct distribution in
towns with population more than one lakh at least direct distribution is happening for
sure. For markets with population less than one lakh, the company will not invest in
establishing a distribution network and will go through wholesalers.

Speaker: Anirudh Mendiratta

Now, we shall focus predominantly on consumer facing businesses or services here, and
we'll try and explain their GTM strategies. Let us begin with what touches our lives on a
daily level? The general trade, all our neighbourhood, grocery stores or Kirana stores are
known as the general trade. Almost all B2C based products are present here.

Now, all companies reach their consumers, either directly or indirectly. An indirect
channel is where a company reaches via various distribution nodes in the value chain,
like the distributor, wholesaler and retailer. For example, the soft drinks that we consume,
like Pepsi, 7UP, dew coke or thumbs up, they reach us via a chain of distributors and
retailers and retailers could be your general trade, Kirana stores or organize stores like
your more reliance retail, etc.

Similarly, HUL uses a similar channel for getting soaps like lifebuoy, detergents like surf
and its brew coffee to us consumers. Organised trade channels like big bazaar or
reliance retail also serve as retailers, which may or may not get service directly from the
company plant or warehouse solely due to their scale.

Generally, national modern trade chains, such as reliance or metro, get service directly
from the company plant or warehouse due to their scale, whereas regional modern trade
chains, such as Nilgiris may be serviced from a distributor. PepsiCo serves key national
modern trade chains directly, as it provides a better control on the point of sale data.

The point of sale data can give you a lot of insights on consumer buying patterns,
behaviours and sell through of various brands, which help streamline the back end of the
supply chains as well. It also helps companies redesign their marketing strategy or trade
promotions for brands that may not see a very high sell through.
Another part of the organized trade is the on-premise consumption. On-premise food
service stores like Pizza Hut, Domino's, Subway, KFC, McDonald's, etc. These chains play
a very critical role in driving point of sale consumption for the food and beverage sector.
As you may have seen Subway, KFC, Pizza Hut or Domino’s, each have either a Pepsi or
a coke cooler to drive complementary sales.

Speaker: Anirudh Mendiratta

Direct and indirect channels have various partners. Let us now quickly take an example
for different product categories that work in various channels.

So, first let us understand the traditional plant to warehouse, to distributor, to retailer, to
customer chain. PepsiCo beverages follow such a distribution model. Here, what
happens is a bottle of beverage is produced in a plant and then packed in cases. Such
cases are shipped to the company warehouse in full truck loads, and in the warehouse,
multiple SKUs or the entire assortment of beverages that the company has to offer is
stored as cases.

Then, a distributor places an order of mixed assortment, which is then shipped to the
distributor again in full truck loads. Now, the important thing to take care here is that a
retailer which is a small player, may not be able to buy full cases of each flavour.

So, a retailer places an order of a mixed case assortment. He may choose to buy a full
case of a high selling SKU, such as glass bottles, but he may choose to order a mixed
case of multiple flavours for a low selling pack, such as 2.25 litres, and he may choose to
ask for one case, which is a mix of 7UP, Mirinda, Mountain Dew, etc. So, the distributor
here breaks the bulk mixes the assortment and then ships it to the retailer in smaller
trucks. A single such truck may be used to service multiple retailers in a vicinity.

Then, the consumer goes to the retailer, buys in each single bottle and then consumes
the beverage. That is how the product flows from a single bottle, packed into cases,
shipped to a distributor in full truck loads, then break bulk happens, it moves to the
retailer and then we consume again in a single bottle.
Now, let's take a look at another product category like notebooks. ITC Classmate is
perhaps the most recognized brand in this segment of highly localized players, since
notebooks is the only product that ITC wishes to push into multiple stationery shops, a
distributor trying to control the retailer and brand placement might not be the most suited
strategy for this segment, as it is highly cost intensive.

So, what typically happens is that a distributor might send bulk volumes to a wholesaler, a
wholesaler then pushes these volumes to the retailer on either via running routes himself
on small rickshaws, along with the entire assortment of stationary product that a retailer
might need, or the retailer might himself go to the wholesaler to procure all the stationary
related items needed.

So, the key thing to note here is the break bulk happens at the wholesaler now instead of
the distributor. This model enables ITC to maintain a high fulfilment in stationary shops
without incurring the high cost of controlling its distribution.

Speaker: Priyavrat Sanyal

After the example of FMCG, let's look at how other industries have channel systems. In a
business to business scenario where the customer and the producer are very close to
each other. At times, it also requires some kind of channel to mediate in between.

In a B2B scenario, there can be four different type of channels based on their
applicability, based on their competency, and based on their necessity. Take an example
of an industrial product like the ball bearing. Now, ball bearing is required by all the
industries who use a moving equipment or who manufactures something, which moves,
be it an automobile or a motor or a heavy machinery. Now, that ball bearing company has
four different options to choose to select their channel.

Now, the first option is a low-cost transactional channel. A low-cost transactional channel,
as the name suggests, is typically a shop where customer can walk-in, tell their
requirement, and get the product. So, in the case of ball bearing, a low-cost transactional
channel would be a hardware shop or a spare part shop, which is located in the city's
market and anybody who requires a ball bearing can simply walk into that store and
purchases that.
The second type of channel is high-touch consultative experience channel. Now, imagine
the same ball bearing company gets to know that tomorrow reliance is coming up with a
company called reliance automobile and they are planning to manufacture cars. Now this
ball, bearing company wants to put their ball bearing in that vehicle.

They want their presence in that product. Now, in order to achieve that, they need
somebody who is an expert in automobile who knows the technology, who can go and
discuss it with the customer, because the product is still at the design stage. So,
high-touch consultative experience channel does exactly the same. They educate the
customer about the product, they are the expert of the technology and they suggest how
your product in this case the ball bearing can be useful for the customer's automobile.

Now, the third type of channel is a flexible multi-access point channel. A flexible
multi-access point channel is a combination of a low-cost transactional channel, plus a
high-touch consultative experience channel, where the channel partner has a shop, but
he also has a sales team who can go and discuss with the customer about their
requirements, can suggest various variants and can take orders.

The fourth type of industrial channel is the one-stop shopping experience channel. Now,
imagine tomorrow reliance decides that, okay, I want to make automobile, but I am going
to make only the engine. The rest all other parts, I will outsource to one party who will
manufacture everything, who will get it from different vendors, assemble it and give it to
me. In that case, your channel is that one party, that one contractor who is assembling
components from different vendors, so those kind of channels help you in staying ahead
of competition, where there are many players in the market.

Speaker: Anirudh Mendiratta

Let us try and understand a very different distribution channel now, laptops and mobile
industry.

Take an example of Dell. Everywhere in the world, Dell had an online only presence that
helped customers build their own configuration and get the product delivered at their
home. It meant that you and me as customers would go onto the Dell website, select our
own configuration of Ram, Rom and the accessories that we need. Dell would then
assemble it and deliver it at our home.

This did not work very well in India. Ultimately, Dell had to invest in a retail presence in
India to help explain the features of their laptop to help drive sales.

The same happened with Xiaomi. They began with an online only offering but soon
realized that a driving push is required to penetrate markets in India and thus came the
franchisee sales rep model. You know having a single brand retail is a very costly
exercise and your PL does not support it until you are perhaps, let's say Apple.

So, what Xiaomi did was to have their franchisee sale representatives in local multi-brand
shops, which explained why Xiaomi products are perhaps better and help drive sales.
The sales reps earned an incentive for each sale and Xiaomi got the volumes it needed.
An offline retail presence was also made by sponsoring display boards for these shops,
Oppo and Vivo soon followed suit.

To take another industry example here, let us look at retail bank loans. While for
enterprise loans, banks have dedicated teams to manage large accounts, but having a
dedicated team for retail, multiple retail customers may not fit the organization structure.
Yes, internal employees do have sales targets, but they have to sell the entire portfolio of
offerings that a bank has. So, they may not really focus on individual retail loan
requirements.

So how does the bank solve for that? They hire multiple individual independent agents
that work for a commission. They will get a loan requiring customer to the bank and
charge a small incentive. This helps the banks increase their penetration in the market
with lower fixed costs.

Disclaimer: All content and material on the upGrad website is copyrighted, either
belonging to upGrad or its bonafide contributors and is purely for the dissemination of
education. You are permitted to access, print and download extracts from this site purely
for your own education only and on the following basis:
● You can download this document from the website for self-use only.
● Any copies of this document, in part or full, saved to disk or to any other storage
medium, may only be used for subsequent, self-viewing purposes or to print an
individual extract or copy for non-commercial personal use only.
● Any further dissemination, distribution, reproduction, copying of the content of the
document herein or the uploading thereof on other websites, or use of the
content for any other commercial/unauthorised purposes in any way which could
infringe the intellectual property rights of upGrad or its contributors, is strictly
prohibited. 
● No graphics, images or photographs from any accompanying text in this
document will be used separately for unauthorised purposes. 
● No material in this document will be modified, adapted or altered in any way.
● No part of this document or upGrad content may be reproduced or stored in any
other website or included in any public or private electronic retrieval system or
service without upGrad’s prior written permission.
● Any right not expressly granted in these terms is reserved.