Professional Documents
Culture Documents
ON
Vivekananda Institute of Professional Studies AU Block (Outer Ring Road) Pitampura Delhi -
110034
Table of Contents
CHAPTER 1 INTRODUCTION
CHAPTER -2
Company Profile……………………………………………………………………………….
CHAPTER -3
CHAPTER -4
Bibliography
Annexures
STUDENT UNDERTAKING
This is to certify that I have completed the Project titled “Character Ethics of ITC Ltd.” under
the guidance of “Ms. Swati Verma” in partial fulfilment of the requirement for the award of
degree of Bachelor of Business Administration at Vivekananda Institute of Professional
Studies, Vivekananda School of Business Studies, New Delhi. This is an original piece of
work and has not been submitted elsewhere.
DAKSH SINGHAL
CERTIFICATE
This is to certify that the project titled “Character Ethics of ITC Ltd.” is an academic work
done by “Daksh Singhal” submitted in the partial fulfilment of the requirement for the award
of the degree of Bachelor of Business Administration from Vivekananda Institute of
Professional Studies, Vivekananda School of Business Studies, New Delhi., under my
guidance & direction. To the best of my knowledge and belief the data & information
presented by him in the project has not been submitted earlier.
Signatures
ACKNOWLEDGMENT
With profound sense of gratitude and regard, I convey my sincere thanks to my guide
and mentor, for their valuable guidance and the confidence they instilled in that helped
me in the successful completion of the project report.
This topic has been chosen to study the Character Ethics of ITC Ltd. There are
certain prospective on Which a company sells their products in to the market
and diversifies their business. This project has been a great learning experience
for me; at the same time, it gave me enough scope to implement my analytical
ability. Full project gives an insight about the strategies and its various aspects.
It is purely based on whatever the researcher learned at Vivekananda Institute
of Professional Studies. All the topics have been covered in a very systematic
way. The project describes the analysis of various products of ITC and its
various aspects.
ITC’s businesses and brands are focused almost entirely on the Indian markets.
and despite being most well-known for its tobacco brands such as Gold Flake,
the business is now diversifying into new FMCG (Fast Moving Consumer
Goods) brands in a number of market sectors Including cigarettes, hotels,
paper, agriculture, packaged foods and confectionary, branded apparel, personal care,
greetings cards, Information Technology, safety matches, incense sticks and
stationery. Examples of its successful new FMCG products include:
Aashirvaad - India's most popular atta brand with over 50% market share. It
is also present in spices and instant mixes.
► Minto - Mint-0 Fresh is the largest cough lozenge brand in India
► Bingol - a new introduction of finger snacks.
► Kitchens of India - pre-prepared foods designed by ITC's master chefs.
► Sunfeast - is ITC's biscuit brand (and the sub-brand is also used on
some pasta products).
CHAPTER- I
INTRODUCTION
1.1 Purpose of Study
The purpose of this study is to search through the multifaceted dimensions of ITC Limited
and explore its significance as a case study. ITC is an Indian conglomerate (Mixture of firms)
with a diverse business portfolio encompassing sectors such as fast-moving consumer goods
(FMCG), hospitality, paperboards, paper & packaging, agribusiness, and information
technology, among others. By examining ITC, we aim to understand the company's purpose,
its impact on society, and its contributions to sustainable development.
Company Overview:
Provide a comprehensive overview of ITC, including its history, founding principles, and core
values. Highlight its growth trajectory, financial performance, and market presence both in
India and globally. Emphasize the company's commitment to sustainability and corporate
social responsibility.
Business Divisions:
Explore the various business divisions of ITC, such as FMCG, hotels, paperboards,
packaging, agri-business, and information technology. Describe the key products and services
offered in each division. Discuss how ITC has diversified its operations to mitigate risk and
capitalize on emerging market opportunities.
1
1.2 RESEARCH OBJECTIVES
2
1.3 RESEARCH METHODOLOGY
TYPES OF DATA:
PRIMARY DATA: • Primary Data is data that has not been previously published, i.e.,
the data is derived from a new or original research study and collected al the source.
e.g., in marketing. it is information that is obtained directly from first-hand sources by
means or surveys. observation or experimentation.
SECONDARY DATA: • Secondary data, is data collected by someone other than the
user. Common sources of secondary data for social science include censuses.
organizational records and data collected through qualitative methodologies or
qualitative research.
3
CHAPTER- II
COMPANY PROFILE
4
INTRODUCTION
5
ITC's diversified status originates from its corporate strategy aimed at creating
multiple drivers of growth anchored on its time-tested core competencies:
unmatched distribution reach, superior brand-building capabilities, effective
supply chain management and acknowledged service skills in hoteling. Over
time, the strategic forays into new businesses are expected to gamer a
significant share of these emerging high-growth markets in India.
6
History
ITC was Incorporated on August 24, 1910 under the name Imperial Tobacco
Company or India Limited. As the Company's ownership progressively
Indian ltd, the name or the Company was changed from Imperial Tobacco
Company to I n d i a Tobacco Company Limited in 1970 and then to I.T.C.
Limited in 1974.
ITC's foray into the marketing of Agarbattis (incense sticks) in 2003 marked
the manifestation of its partnership with the cottage sector. Mangaldeep is a
highly established national brand and is available across a range of fragrances
like Rose, Jasmine, Bouquet, Sandalwood, Madhur, Sambrani etc.
7
RESEARCH & DEVELOPMENT
ITC firmly believes that quality is not a specifically assignable task. needs to
be firmly rooted and institutionalized. In the culture and value system of the
Company. ITC nurtures a culture of striving for continuous improvement in
quality, be it in products, services, systems or performance. The Company is
committed to the establishment of systems and processes to promote
organizational creativity and innovation.
All ITC manufacturing units have ISO quality certification. Almost all
contract manufacturing units in the Foods Business and all large hotels have
food safety and quality systems certified by accredited 'third party' in
accordance with 'Hazard Analysis Critical Control Points' (HACCP)
standards. Additionally, the quality of all FMCG products of the
Company is regularly monitored through 'Product Quality Rating System'
(PQRS). The Leaf Tobacco and Printing & Packaging businesses have
achieved work-class ratings in the 'International Quality Rating System'
(IQRS) for business excellence in which key processes are rated against
international bench marks and certified by accredited 'third party' independent
assurance providers.
8
STRENGTHS
ITC leverage its traditional businesses to develop new brands for new
segments. For example, ITC used its experience of transporting and
distributing tobacco products to remote and distant parts of India to the
advantage of I T C FMCG products. ITC master chefs from its hotel chain
are often asked to develop new food concepts for its FMCG business. ITC
is a diversified company trading in a number or business sectors including
cigarettes, hotels, paper, agriculture, packaged foods and confectionary,
branded apparel, personal care, greetings cards, Information Technology,
safety matches, incense sticks and stationery.
WEAKNESSES
The company's original business was traded in tobacco. ITC stands for
Imperial Tobacco Company of India Limited. It Is interesting that a business
that is now so involved in branding continues to use its original name, despite
the negative connection or tobacco with poor health and premature death.
To fund its cash guzzling FMCG start-up, the company is still dependent
upon its tobacco revenues. Cigarettes account for 47 per cent of the company's
turnover. and that in itself is responsible for 80% of its profits. So, there is an
argument that ITC's move Into FMCG (Fast Moving Consumer Goods) is
being subsidized by its tobacco operations. Its Gold Flake tobacco brand is the
largest FMCG brand in India - and this single brand alone holds 70% of the
tobacco market.
9
OPPORTUNITIES
Core brands such as Aashirvaad, Mint-o, Bingo! And Sun Feast (and others)
can be developed using strategies of market development, product
development and marketing penetration.
ITC is moving into new and emerging sectors including '1formation
Technology, supporting business solutions.
E-Choupal is a community of practice that links rural Indian farmers using the
Internet. This is an original and well thought of initiative that could be used in
other sectors in many other parts of the world. It is also an ambitious project
that has a goal of reaching 10million farmers in 100,000 villages.
ITC leverages e-Choupal In a novel way. The company researched the tastes of
consumers in the North, West and East of India of atta (a popular type of
wheat Hour), then used the network to source and create the raw materials
from farmers and then blend them for consumers under purposeful brand
names such as Aashirvaad Select in the Northern market, Aashirvaad MP
Chakki in the Western market and Aashirvaad in the Eastern Market. This
concept is tremendously difficult for competitors to emulate.
Chairman Yogi Deveshwar’s strategic vision is to tum his Indian
conglomerate into the country's premier FMCG business.
Per capita consumption of personal care products in India is the lowest in the
world offering an opportunity for ITC's soaps, shampoos and fragrances under
their Wills brand.
THREATS
10
LIST OF PRODUCTS & BUSINESSES
1. FMCG
4. Agri- Business
► Agri Commodities & Rural
► Services
► E-croupal
► Lear Tobacco, Spices & Agri Inputs
5. Information Technology
11
ITC BUSINESSES
FMCG
12
ITC's cigarettes are manufactured in state-of-the-art factories at Bengaluru,
Munger, Saharanpur, Kolkata and Pune, with cutting-edge technology &
excellent work practices benchmarked to the best globally. An efficient
supply- chain & distribution network reaches India's popular brands across
the length & breadth of the country.
FOODS
ITC made its entry into the branded & packaged Foods business in August
2001 with the launch of the Kitchens or India brand. A more broad-based
entity has been made since June 2002 with brand launches in the
Confectionery, Staples and Snack Foods segments.
The packaged foods business is an ideal avenue to leverage ITC's proven
strengths in the areas of hospitality and branded cuisine, contemporary
packaging and sourcing of agricultural commodities. ITC's world-famous
restaurants like the Bukhara and the Dum Pukht, nurtured by the Company's
Hotels business, demonstrate that ITC has a deep understanding of the
Indian palate and the expertise required to translate this knowledge into
delightful dining experiences for the consumer. ITC has stood for quality
products for over 100 years to the Indian consumer and several of its brands
are today internationally benchmarked for quality.
The Foods business carries forward this proud tradition to deliver quality rood
products to the consumer. All products of ITC's Foods business available in
the market today have been crafted based on consumer insights developed
through extensive market research.
Leadership i n the Foods business requires a keen understanding of the
supply chain for agricultural produce. ITC has over the last 100 years
established a very close business relationship with the farming community in
India and is currently in the process or enhancing the Indian farmer’s ability
to link to global markets, through the e-Choupal initiative, and produce
the quality demanded by its customers.
The Foods business is represented in 4 categories:
The Ready to Eat Foods
Staples
Confectionary
13
Snack Foods
In order to assure consumers of the highest standards of food safety and
hygiene, ITC is engaged in assisting outsourced manufacturers in
implementing world-class hygiene standards through HACCP certification.
The unwavering commitment to internationally benchmarked quality standards
enabled ITC to rapidly gain market standing in all its 7 brands:
LIFESTYLE RETAILING
14
EDUCATION & STATIONERY
ITC made its entry to the education and stationery business with its
Paperkraft brand in the premium segment in 2002; and later expanded into
the popular segment with its Classmate brand in 2003. By 2007, Classmate
became the largest Notebook brand in the country. Together, Classmate
and Paperkraft offer a range of products in the Education & Stationery
space to the discerning consumer, providing unrivalled value in terms of
product & price.
15
HOTELS
ITC Hotels, India's premier chain of luxury hotels was launched on October
18, 1975, with the opening of its first hotel Chola Sheraton (now rechristened
as My Fortune) in Chennai. Since then, the ITC Hotels brand has become
synonymous with Indian hospitality. With over 100 hotels in more than 90
destinations, ITC Hotels has set new standards of excellence in the hotel
industry in Accommodation, Cuisine, Environment and Guest Safety.
A leader in the premium hospitality segment, ITC Hotels have had the
privilege of hosting world leaders. Heads of State and discerning guests from
across the world and within. As one of India's most dynamic hospitality
chains, ITC Hotels has set standards for excellence in the hotel industry by
pioneering the concept of branded accommodation. The chain has developed
three brands of accommodation ITC One', ‘Tower’ and the 'Executive Club' to
differentiate between the needs of various travelers and provide high levels of
service.
First to introduce branded cuisine, its restaurants Bukhara, Dakshin and Dum
Pukht are renowned for their delicious and authentic Indian cuisines from the
different regions of India. ITC Hotels also showcases international cuisine in
its specially restaurants West View and Pan Asian.
16
ITC Green Centre
17
ITC Hotels - Empowering Differently-abled people
ITC Hotels has established that if provided with an opportunity to work and become
self-sufficient, people who are differently abled can significantly contribute to the
workplace, families and the community. ITC Hotels has taken a positive step in this
direction by employing people who are differently abled across its hotels. ITC
Hotels believes that everyone should be treated with sensitivity and empathy. The
models it has created have been effective and have succeeded in sensitizing other
employees to the needs of those differently-abled. Keeping in mind their specific
skills, over 100 differently abled have been employed in diverse functions like
housekeeping, teleworking, bakery and as musicians. Special badges for the visually
impaired, whistles for hearing impaired employees to use in an emergency and sign
language classes for the staff to communicate with them are just a few examples of
how ITC Hotels has created an atmosphere of sensitivity and caring.
ITC Hotels has also published a booklet aimed at sharing experiences with the rest
of the corporate world and laying down a step-by-step guide to demystify the
perceived complexities around employing persons with disabilities.
18
PACKAGING
The Division, which was set up in 1925 as a strategic backward integration for
ITC's Cigarettes business, is today India's most sophisticated packaging
house. Stale-of-the-art technology, world-class quality and a highly skilled
and dedicated team have combined lo position ITC as the first-choice
supplier of high value-added packaging.
With three packaging factories at Tiruvottiyur near Chennai (in the South),
Munger in Bihar (in the East), and Haridwar (in the North of India), the
Company offers a comprehensive product range in packaging backed by its
packaging expertise over the decades and cutting-edge technology making It
truly a "One stop shop for Packaging".
ITC’s Packaging business has 3 major product lines:
Carton Board Packaging
Flexible packaging
Tobacco Packaging
19
.......... ._,-::;;-,t_
.0
.._ .-: -,'J
Tobacco packaging: ITC offers a range of products line including flip top
boxes (Square, Round, Beveled and Pillow Pack Hinge lids etc,), Outers, Soft
Cup labels, Pack inserts, Printed cork tipping, printed overwraps, inner
frames. ITC makes value added shoulder boxes for cigars and cigarettes. ITC
supplies packaging for over 80 billion cigarettes a year domestically, and
supplies packaging for 15 billion cigarette sticks a year for the export
market to leading tobacco majors.
20
Figure 1.8 Tobacco packaging
ITC has enhanced the value of some of the most favored brands with superior
look-and-reel packaging, using the best raw materials and process
combinations, and an in-house pre-press Design Centre,
Green Packaging
21
INFORMATION TECHNOLOGY
Formed in 2000, ITC InfoTech has today carved a niche for itself in the arena
or global IT services and solutions. The company has established technology
Centers of Excellence (CoE) to deepen capabilities and incubate cutting-edge
technical competencies. A robust outsourcing model, comprehensive suite of
differentiated solutions & services and focus on excellence in execution has
provided the company a leadership position in chosen domains.
22
ITC InfoTech conforms to the highest standards in international process
quality, with ISO 27001, ISO 9001, CMMi Level 3 and BS 7799 accreditations.
These reflect the company's ongoing enterprise-wide focus to ensure that
every engagement, program and project delivers international quality
consistently.
The company became the first Indian IT company to receive the prestigious
Social Accountability (SA) 8000:2008 certification. SA8000 is widely accepted
as the most viable and comprehensive international workplace management
system.
23
CHAPTER - III
ANALYSIS &
INTERPRETATION
24
ANALYSIS OF MARKETING ACTIVITIES
ITC had launched nearly all the products range off Non tobacco Products; they
are very aggressive in their distribution of such products. The existing network
of ITC's Cigarettes distribution is being used extensively for the sales all products
of ITC Food division. They are trying to capitalize the market by associating the
products with the ITC brand.
1. ITC Pricing strategy
The pricing of the ITC food division depends upon the Customers' demand
schedule, the cost function and the competitors' price. The pricing of the
company is such that it caters to the need of all income groups of people but
special provision has been kept for Low- a n d m i d d l e - i n c o m e group,
and their pricing are competitive with respect to other players like Britannia,
Parle and Brisk farm. The company follows the Going rate pricing that is the
price of the product depends upon the competitor’s price. The firm chooses
pricing more or less the same as Markel leader.
25
they make, this was a drop-down promotion i.e., of the number of free cases
that a particular distributors gels, off them ascertain part is reserved for the
retailers and customer if they buy a certain level of biscuit quantity.
The main driver in attracting the consumers Is quality of the product itself
with near ,5% of the people surveyed citing ii as the main criterion for
choosing the product, followed by past experience of the consumer with
the brand
(17.6%). Price was third criterion with a percentage of 11.7% of the people
surveyed gave importance during buying.
The above graph shows the experience of the customer alter using the
product I.e., whether they were satisfied with the product as a whole. The
higher the satisfaction level higher will be the chances that the customer
will buy the same brand again and again that leads to the building of the
26
Brand loyalty.
The Availability of the Product determines the effectiveness and the penetration of the
distribution channel or that
particular brand among the people.
Figure 3.4
27
MARKET STAND OF ITC LTD. In 2022
MARKET POSITIONING
Market capitalization of over US $ 33 billion. Turnover of US $ 7 billion. Its
Agri-Business is one of India’s largest exporters of agricultural products. One
of the country’s biggest foreign exchange earners (US $ 3.2 billion),
MARKET & COMPETITION
Indian Foods market is a monopolistic market There are many competitors
in all the categories and although they all have similar products available
at similar prices, they are trying to prove themselves different through
their marketing strategies. However, entry to this business is easy and ITC
has utilized this fact very efficiently to their benefit as they entered into the
several categories among this Foods business.
Ready To Eat
ITC entered the branded spices market in 2005 and the Instant Mix
segment in 2006, both under the Aashirvaad Brand. As on April 2006, the
total turnover In the Indian ready-to-eat and ready-to-cook segments was
only around Rs.700 million. But it continued to post an annual growth of
20%. By early 2006, though ITC had captured a 35% market share in the
ready-to-eat segment. MTR was the clear market leader with close to
60% in market share. ITC exported 40-50% of Kol brand products (in tons
of volumes) to the US, Canada, UK. Switzerland, and Australia.
In May 2006, ITC planned to introduce ten more varieties under the Kol
brand within a price range of Rs.35 to Rs.98. In 2007. Some new
products have been launched under Ready to Eat category like chutneys,
curries, conserves, biryanis (Noor Mahal, Bhori Biryani and some new range
of products under Gharana (Paneer Malai, Keema Mutter). After launching all
these products ITC FOODS is looking to share SO to 60% or market by 2008-
2009, Following are the major competitors ITC is competing with in Ready
to Eat category:
28
BRANDS DESCRIPTION
Gits Gits produces the selected range of popular ready to
cook and instant foods that cover a range of ethnic
Indian cuisine-and where the recipes have “Global
pallet acceptance·.
Haldirams Offers packaged Bhelpuri chats such as SevPuri,
Chana Masala, Samosa, Pakoras, Alu Tikki, Pao
Bhaji, Gol Gappa, Dhokla among others,
Ethnic Offers packaged sweets, syrups, namkeens,
Kitchens cookies,
29
Confectionery
2. Toffies
3. Eclairs
4. Chewing gum
5. Bubble gum
6. Mints
7. lozenges
ITC has currently in market with its two brands “Mlnt-0” and
·Candyman·. ITC’s Mint-O fresh secured a 17% share or Indian cough
lozenges market ahead of former leader Perfetti which only achieved
14.3% with chloramine The Indian giant marked the confectionary sector in
2002 and has only two brands “mint-0 fresh” and “Candyman.
30
Biscuits:
Indian biscuit market is estimated to be around 5000 crores. Biscuit industry
in India in the organized sector produces around 60% of the total production,
the balance 40% being contributed by the unorganized bakeries. ITC with its
premium product SUNFEAST, is acquiring a big share of market. Within few
years, they are able 10 get 12% share of the market.
Ltd. (Sunfeast)
Tiger Marie Parle-g Butter Bite
Nutrichoice Dream cream Krack-Jack Classic Cream
Junior Good Milky Magic Monaco Butter Lite
Day, Fit kit Kreams Big Boss
50 50, Choco Nut Hide and seek Marie lite
Treat Butter Nut Milk Shakti Magic Gold
Pure Magic,
Milk Bikis
Good Morning.
31
STRATEGIES OF ITC
Corporate Strategies
Sustain multiple dri11ers of growth.
Pursue world class competitiveness in all businesses.
Best-in-class.
Organization & governance.
Blend core competencies & leverage ITC umbrella strengths.
Marketing Strategies
1. Pricing Strategy:
Market follower
2. Promotional Strategy:
32
PRODUCT MIX OF ITC
33
DATA ANALYSIS AND INTERPRETETION
PRIMARY DATA
AGE
Figure 3.12
Responses 10 91 15 6 114
GENDER
Figure 3.13
Responses 65 47 2 114
34
Figure 3.14
Response 70 44 114
The pie chart indicates that 61.9% of people responded "Yes" and
38.1% responded "No."
35
Figure 3.15
36
Figure 3.16
The bar graph represents the ratings given by respondents for the
quality of ITC Ltd.'s products/services on a scale of 1 to 5. The
graph shows the number of people who selected each rating option.
37
Figure 3.17
38
Figure 3.18
Responses 78 17 19 114
39
Figure 3.19
Responses 65 49 114
The "less likely" category accounts for 42.5% of the pie chart,
suggesting that a significant portion of respondents are hesitant to
switch to a competitor's offering even if it offers similar quality at a
lower price.
40
Figure 3.20
Responses 53 35 8 17 113
41
Figure 3.21
Responses 62 18 33 113
The "no" category accounts for 15.9% of the pie chart, indicating a
smaller proportion of people are dissatisfied with the information
and communication.
42
Figure 3.22
Responses 10 34 39 30 113
43
Figure 3.23
44
Figure 3.24
Responses 68 15 30 113
45
Figure 3.25
Response 52 47 15 114
The largest slice in the pie chart corresponds to the category with
the highest percentage. In this case, the familiar category has the
largest slice, accounting for 45.6% of the population.
46
CHAPTER- IV
CONCLUSION AND
RECOMMENDATIONS
47
CONCLUSION
48
RECOMMENDATIONS
49
BIBLIOGRAPHY
In this project report, while finalizing and for analyzing quality problem in
details the following books magazines/ journals and websites have been
referred. All the material detailed below provides effective help and a guiding
layout while designing this text report.
www.itcportal.com
www.wikipedia.org
www.economictimes
www.indiatimes.com
www.moneycontrol.com
www.google.com
www.bseindia.com
www.perfettivanmelle.in
www.cadburyindia.com
www.nesUe.in
www.rediff.com
www.thehindubusinessline.com
www.kitchensofindia.com
www.aashirvaad.com
www.bingeonbingo.com
www.mycandymanclub.com
www.sunfeastharabanao.co
Economic times
50
ANNEXURES
Age Group
a) Below 15
b) 15 to 25
c) 25 to 40
d) Above 40
Gender
a) Male
b) Female
c) Other
How familiar are you with ITC Ltd.?
a) Familiar
b) Somewhat Familiar
c) Not Familiar
Have you ever purchased or used any products/services offered by ITC Ltd.?
a) Yes
b) No
c) Maybe
If yes, please specify the ITC Ltd. products/services you have purchased/used.
a) FMCG Products
b) Education and Stationary Items
c) Personal Care Products
d) Agribusinesses
e) Hotels
How would you rate the quality of ITC Ltd.'s products/services on a scale of 1 to 5?
a) 1
b) 2
c) 3
d) 4
e) 5
51
What factors influenced your decision to purchase/use ITC Ltd.'s products/services?
a) Quality Of Products
b) Availability
c) Brand Loyalty
d) Attractive Packaging
e) Goodwill
Are you aware of ITC Ltd.'s sustainability initiatives and responsible business practices?
a) Yes
b) No
Which aspects of ITC Ltd.’s sustainability initiatives do you find most impressive?
a) Environmental conservation
b) Social Welfare Programs
c) Education and Healthcare Initiatives
d) Community Development
e) Employee Welfare
Would you recommend ITC Ltd.’s products or services to others?
a) Yes
b) No
c) Maybe
How would you rate ITC Ltd.'s customer service and support?
a) 1
b) 2
c) 3
d) 4
e) 5
How frequently do you interact with ITC Ltd. through their online platforms (website, social
media, etc.)?
a) Regularly
b) Often
c) Sometimes
d) Never
52
Are you satisfied with the information and communication provided by ITC Ltd. through their
online platforms?
a) Yes
b) No
c) Maybe
How do you perceive ITC Ltd.’s brand reputation compared to its competitors?
a) Better
b) Similar
c) Worse
d) Not Sure
How likely are you to switch to a competitor's product/service if it offers a similar quality at a
lower price?
a) Likely
b) Less Likely
53