ENTREPRENEURSHIP ASSIGNMENT – 2

CASE STUDY ON NYKAA

Submitted to
Mr. Pankaj Saggi

Submitted by
Sharvi Salunke 23000588
Diya Shah 23000628
Nikki Parekh 23000680
Pranjal Patel 23000820

School of Business and Law, Navrachana University

Vadodara, 2024
 INDEX

SR.NO PARTICULAR PAGE

1 Introduction

2 Background of the Start-Up

3 Market Analysis

4 Business Model Development

5 Funding and Financial Management

6 Entrepreneurial Strategies

7 Challenges and Solutions

8 Leadership and Team Dynamics

9 Future Outlook

10 Conclusion

11 References
INTRODUCTION

- A. Definition of Entrepreneurship
Entrepreneurship is when an individual who has an idea, acts on that idea usually to disrupt the
current market with a new product or service. Entrepreneurship usually starts as a small
business, but the long-term vision is much greater, to seek high profits and capture market share
with an innovative new idea.
- B. Importance of Entrepreneurship in the Economy
The role of entrepreneurship in economic development has nine salient takeaways:
• Improves Living Standards: Entrepreneurship boosts living standards by creating jobs,
wealth, and affordable products that improve quality of life.
• Fosters Economic Independence: Entrepreneurs drive self-reliance by reducing import
dependency and promoting exports, benefiting both the nation and individual
entrepreneurs.
• Supports New Businesses: Entrepreneurs shape the economy by starting new
businesses, driving innovation, competition, and economic growth.
• Creates Jobs: Entrepreneurship generates employment across various sectors, spurring
innovation and further job opportunities.
• Encourages Investment: Entrepreneurship attracts investments and promotes economic
diversity, fueling capital formation and growth.
• Reduces Poverty: Entrepreneurs help combat poverty by creating jobs and stimulating
local economies.
• Promotes Community Development: Entrepreneurs contribute to community growth by
providing services, goods, and environmental solutions, strengthening communities.
• Optimizes Resource Use: Entrepreneurs efficiently allocate resources to meet market
needs through innovative solutions.
• Boosts Economic Growth: Entrepreneurship raises GNP and PCI, driving economic
prosperity through new businesses and industries.
- C. Brief Overview of the Case Study Subject
Nykaa is a leading Indian e-commerce company founded in 2012 by Falguni Nayar.
Specializing in beauty, wellness, and fashion products, Nykaa operates both online and offline
through its website, app, and brick-and-mortar stores. The brand has revolutionized the beauty
industry in India by offering a wide range of international and domestic brands, catering to the
needs of diverse customer segments. Known for its strong customer-centric approach and
curated product offerings, Nykaa has become synonymous with beauty and wellness, setting
itself apart with personalized content, tutorials, and an influential social media presence.

- D. Objectives of the Case Study

 - Understanding entrepreneurship management principles.
By studying Nykaa, we will explore how the founder applied core entrepreneurship
management principles, including risk management, resource allocation, and leadership, to
build and scale the company.
- Analysing start-up strategies.
The study will focus on Nykaa’s key strategies, such as market positioning, brand building,
customer acquisition, and product diversification, to understand how these contributed to its
rapid growth.
- Learning from the successes and challenges of the case subject.
This case will highlight both the successes and challenges faced by Nykaa, such as scaling
operations, entering new markets, and competing in a dynamic e-commerce landscape. The
insights will offer valuable lessons on the importance of innovation and adaptability in business
growth.

BACKGROUND OF THE START-UP

 - A. Founders’ or Company’s Background
- Education and professional experience of founders
Falguni Nayar completed her education at Sydenham College in Mumbai and earned an MBA
from the Indian Institute of Management, Ahmedabad. Before starting Nykaa, she worked for
19 years as an investment banker at Kotak Mahindra, where she gained valuable experience in
business and finance.
- Previous entrepreneurial endeavours.
Nykaa is Falguni Nayar's first venture. After years in the corporate world, she saw a gap in the
Indian beauty market, where there wasn’t an easy way to find trusted beauty products online.
She started Nykaa to fill this gap, creating a platform that offers a wide range of beauty
products, along with advice and tutorials to help shoppers. Her experience and clear vision
helped Nykaa grow quickly into one of the top beauty and fashion companies in India.
- B. Start-up Concept and Vision
- Description of the product/service offered.
Nykaa sells a wide variety of beauty, wellness, and fashion products, both online and in stores.
Customers can buy things like makeup, skincare, haircare, personal care, perfumes, and
clothing from popular Indian and international brands. Nykaa also provides helpful tips,
tutorials, and recommendations to make shopping easier for customers.
- Mission and vision statements.
Vision: Bring inspiration and joy to people, everywhere, everyday.
Mission: To create a world where our consumers have access to a finely curated, authentic
assortment of products and services that delight and elevate the human spirit.
- C. Market Need and Problem Statement
- Identification of the problem the start-up aims to solve.
Finding a wide variety of beauty products in India was difficult, especially from trusted
international brands. Many customers didn’t have access to quality products, reliable advice,
or an easy way to buy them. Nykaa was created to solve this problem by offering a one-stop
platform where customers could find trusted beauty products along with expert guidance.
- Analysis of market gaps.
Nykaa identified key market gaps by focusing on the lack of an online platform that offered a
wide range of beauty products, especially for Indian consumers. They addressed issues such as
limited access to trusted beauty brands, the need for beauty education, and uncertainty about
product authenticity. Nykaa filled these gaps by offering a curated selection of products with
personalized recommendations and tutorials, enhancing the online shopping experience.

MARKET ANALYSIS
The Indian cosmetic industry has been experiencing significant growth in recent years, driven
by factors such as rising disposable incomes, changing lifestyles, and growing awareness of
personal care. Nykaa, as a major player in this industry, has played a crucial role in driving this
growth.

Overall, the India BPC Market is estimated to grow to $30 billion by 2027 wherein the market
is categorized as

• Online BPC: $10 billion

Online BPC markets are generally marketplaces and ecommerce platforms.

• Organized Offline BPC: $9 billion

Organized Offline BPC market includes brand outlets, kiosks and immersive experience stores

• Unorganized Offline BPC: $11 billion

Unorganized offline BPC market are usually departmental stores, drugstore, supermarkets

Overall, India Fashion Market: $147 billion

Nykaa is estimated to account for 30% + of the online BPC market in India and competes with
other online marketplaces like Amazon, Flipkart and Myntra.

- Industry Size and Growth Trends:

The India Cosmetics Products Market is expected to register a CAGR of 10.91% by 2030. The
upward growth in India's Beauty and Personal Care (BPC) sector is driven by several insightful
macro factors.

Emergence of Pure-Play Beauty and Personal Care Companies:

In India, the BPC sector is thriving by leveraging localization, trend adoption, and omnichannel
innovation. Offline channels remain significant, with market leaders like Nykaa showcasing
successful pure-play BPC strategies.

Nykaa strategically plans GTM strategies for its in-house as well as global brands using
consumer insights and market research. There are new drops of cosmetics, global brand
launches fortnightly which solidify this. This agility allows them to target niche use-cases and
expand their addressable market efficiently. They have 50+ dedicated innovation team
members and have managed to launch 100+ products FY24.
Reasons for Growth:

1. Rising Incomes and Consumption: Increased income leads to greater private spending,
with BPC products benefiting significantly as fundamental needs.

2. Upward Mobility and Middle-Class Growth: A growing middle class, with exposure to
quality products, shows a higher propensity to purchase branded items through
organized channels.

3. Urbanization and Brand Creation: Urban areas, with higher income individuals,
particularly millennials and Gen Z, offer dense target audiences for new brands.

4. Women Shoppers' Influence: Educated and financially empowered women play crucial
roles in household decisions, significantly driving BPC market growth.

- Key Players and competitive landscape

L'Oréal SA, The Estée Lauder Companies Inc, Unilever PLC, Sephora are some key
competitors at global level.

Sugar Cosmetics, Tira Beauty, Purplle and Biotique are key competitors at national
level.

• Product Innovation: The company's focus on product innovation and customization has
helped it stay ahead of the competition and meet evolving consumer demands.
• International Expansion: Nykaa's expansion into international markets has contributed
to the growth of the Indian cosmetic industry on a global scale.

-B. Target Market Segmentation

- Target audience
Nykaa is a platform for various brands to offer their products to ultimate customers. Has its
series ofproducts manufactured under the brand name of Nykaa and offers at a reasonable price
to their customer[28]. It’s a great hit. Beginning company's activities restricted to beauty
products by targeting women of the age group of 22–35 years. But now they are added fashion,
healthcare, and wellness products even they segmented their market into products for men. The
output is classified as demographic, geographic, and psychographic segmentation.
- Demographics: Nykaa primarily targets women between the ages of 22 to 35, particularly
those from the upper-middle class. A new marketing model, on the other hand, targets every
demographic.
- Geographic: The brand is targeting customers in from tier 1 to tier 4 cities nationally and
internationally. It is mainly focused on the urban part of the population.
- Psychographic: Nykaa focuses primarily on upper-middle-class society, specifically on
women and men between the ages of 18 and 50.
- C. Marketing strategies
Marketing is one of the most important departments in a company, and its job is to figure out
what customers want and then manufacture or change products to meet those needs. With its
effective marketing strategy, Nykaa is thriving in the beauty sector. Digital marketing is at the
heart of Nykaa's marketing approach. Nykaa uses a digital marketing strategy to pitch its
customers. The brand is targeting customers from all tiers of the city. Let us take a closer look
at Nykaa's marketing strategy to see how it captures its target buyers.
- Social Media Marketing
Social media channels play a significant role in the company's marketing strategy. Nykaa has
its own platform for advertising the products. To market its brand, the company uses various
social media platforms. Nykaa uses influencer marketing to reach out to its clients on social
media platforms. The brand also shares material generated by influencers who try out Nykaa's
products on its social media accounts.
- YouTube Marketing
Nykaa has a comprehensive YouTube marketing strategy in place. Nykaa's YouTube channel
focuses on providing its target audience with consumable content such as beauty, personal care
advice, makeup hacks, and much more. Furthermore, each of its accounts has a particular
purpose. Nykaa's YouTubeplaylist has a lot of content, including beauty horoscopes, bridal
makeup techniques, celebrity beauty secrets, and so on. Additionally, the firm uses YouTube
ads to reach out to its target audience. Nykaa's YouTube marketing is full of high-quality
content that keeps visitors captivated
- Content Marketing
Content marketing is one of Nykaa's most effective techniques for attracting customers. Nykaa
converts its audience into customers by providing them with a range of consumable content.
Nykaa publishes articles on beauty, makeup, and personal care on its website, "Nykaa beauty
book.” Additionally, the brand creates video content such as cosmetic tutorials, do-it-yourself
projects, and more
- Event Marketing
Event marketing is an excellent strategy to target the appropriate customer at the right time and
in the right location. For the past three years, Nykaa has sponsored the prestigious "Femina
Miss India" contest. Nykaa's brand value has grown through sponsoring one of India's largest
beauty events
- Stepping in Brick and Mortar
Initially it’s launched as e-commerce Company, but gradually, it expanded into the physical
and mortar to provide its clients with an Omnichannel experience. Because most customers
can't try goods before buying them online, Nykaa established brick-and-mortar outlets across
the country. Nykaa has 76physical stores across India, in this way it keeps its offline presence
going.
- Brand endorsements and collaborations:
Nykaa stepped into brand endorsements and collaborations to market its business after
establishing a public image and strengthening its brand. Jhanvi Kapoor was named Nykaa's
brand ambassador. Masaba has teamed with Nykaa to create a special line called "Nykaa by
Masaba," which features Masaba's design and printing of Nykaa product packaging
- Seasonal discounts and offers:
Users of the e-commerce platform can take advantage of various deals and discounts. The Pink
Friday sale is Nykaa's biggest event, with huge discounts on various brands to attract more
customers and grow the company's sales and user base. Furthermore, the Black Friday sale
offers numerous discounts on various products. Hot Pink sale with 50% off on various products.
Customers can also participate in a Spin the Wheel contest for a chance to win prizes. To make
clients even delighted with their purchases and the firm also offers free presents with
exceptional purchases. It's a fantastic strategy for the company to increase customer retention
BUSINESS MODEL
- A. Business Model Canvas

- Key Partnerships:
Nykaa collaborates with various beauty brands, both Indian and international, to offer a wide
range of products. They also partner with logistics and payment service providers to ensure
smooth operations.
- Key Activities:
Nykaa’s key activities include sourcing and curating beauty products, maintaining an e-
commerce platform, managing inventory, marketing and advertising, providing customer
support, and offering educational content on beauty trends and techniques.
- Key Resources:
The key resources for Nykaa include its online platform, a vast product inventory, partnerships
with brands, a strong customer base, logistics infrastructure for product delivery, a team of
experts in the beauty industry, and a well-established brand image.
- Value Proposition:
Nykaa provides customers with a convenient and comprehensive shopping experience for
beauty and personal care products. They offer a diverse range of products, including both
affordable and luxury options, and provide informative content and tutorials to educate and
inspire customers.
 - Customer Segments:
Nykaa targets beauty enthusiasts and consumers looking for a wide selection of beauty
products. They cater to customers of different age groups, genders, and preferences, offering
something for everyone.
- Channels:
Nykaa primarily operates through its e-commerce website and mobile app, where customers
can browse, select, and purchase products. They also have physical stores (Nykaa Luxe) for
customers who prefer in-person shopping experiences.
- Customer Relationships:
Nykaa strives to build strong customer relationships by offering personalized
recommendations, providing responsive customer support, and engaging customers through
social media, newsletters, and loyalty programs.
- Revenue Streams:
Nykaa generates revenue through product sales, earning a margin on each item sold. They also
offer advertising and promotional opportunities for brands on their platform.
- Cost Structure:
Nykaa’s main costs include product sourcing and inventory management, technology
infrastructure, marketing and advertising expenses, employee salaries, logistics and fulfilment,
and maintaining physical stores.
- Key Metrics:
Key metrics for Nykaa include customer acquisition and retention rates, average order value,
website/app traffic, conversion rates, customer satisfaction scores, and revenue growth.

-B. Sustainability and Scalability of the Model

Nykaa's achievement stems from its stock-primarily based commercial enterprise model inside
the beauty and personal Care (BPC) category. This model permits the business enterprise to
ensure product authenticity, availability and set off delivery, and to address customer concerns
approximately counterfeit goods. Its omnichannel strategy combines virtual advertising and
marketing, influencer partnerships and physical stores in more than forty-five cities, increasing
consumer engagement and distribution. Nykaa shops allow clients to try merchandise and
provide customized reports, especially for top class manufacturers.
Nykaa additionally uses a content material-centric approach with more than 3,000 influencers,
creates its personal content material and supports its associate application to increase credibility
and logo consciousness. Its distinctive product line, inclusive of its personal brands consisting
of Nykaa Cosmetics, contributes to its precise position within the marketplace. Operations
pushed technology, which include AI and system mastering, help Nykaa optimize the client
experience with customized tips.
FUNDING AND FINANCIAL MANAGEMENT
- A. Initial Funding Sources
Nykaa, founded by Falguni Nayar in 2012, started primarily through bootstrapping. Falguni Nayar, who
had extensive experience in investment banking, initially funded the company using her own capital
and networks. Nykaa subsequently raised several rounds of funding from angel investors and venture
capital firms to expand its online presence and omnichannel operations. The major funding sources over
the years included:
- Angel Investors:
Early-stage investments from individuals and angel networks.
- Venture Capital:
Nykaa raised multiple rounds from venture capitalists, including TPG Growth, Steadview Capital,
Fidelity Management, and Lighthouse Advisors.
- Initial Public Offering (IPO):
In 2021, Nykaa went public with an IPO that raised ₹6,300 million ($845 million). The IPO helped
accelerate Nykaa's growth by investing in new customer acquisition and enhancing its omnichannel
presence.
- B. Financial Projections and Budgeting
Nykaa's financial projections for FY 2021-22 indicate strong growth across key business verticals. Key
financial metrics include:
- Revenue:
For FY 2021-22, Nykaa reported a 55% YoY revenue growth, generating ₹37,739 million.
- Gross Merchandise Value (GMV):
The GMV grew by 71% YoY, reaching ₹6,933 crores, showing rapid expansion, particularly in its
fashion and lifestyle segments
- Profit After Tax:
Despite high investments in technology, customer acquisition, and geographic expansion, Nykaa
remained profitable with a PAT of ₹413 million for FY 2021-22
- Balance Sheet:
Total assets doubled to ₹26,460 million, and equity rose by 174%, largely due to the IPO, while the
debt-to-equity ratio improved to 0.25.
Nykaa's focus on omnichannel expansion, inventory management, and growing owned brands in both
beauty and fashion have helped balance revenue growth and profitability. Nykaa’s budgeting
emphasizes strategic investments in infrastructure (warehouses and stores), technology, and marketing.

- C. Financial Challenges and Solutions

Like many e-commerce platforms, Nykaa faced financial challenges in managing its working capital,
logistics, and scaling operations:
- High Operational Costs:
The rapid expansion of both online and offline channels increased operational costs. Nykaa managed
this through its inventory-led model, ensuring efficient stock management to optimize supply chain
costs
- Cash Flow Management:
With aggressive growth in both BPC and fashion verticals, Nykaa invested heavily in customer
acquisition and technology, causing strain on cash flow. The IPO funds allowed Nykaa to recapitalize
and invest in long-term growth drivers, such as infrastructure and marketing
- Competitive Market:
The Indian beauty and fashion market is highly competitive, requiring significant marketing expenses.
Nykaa addressed this challenge by leveraging content marketing and influencer-driven campaigns,
resulting in greater customer engagement and retention
ENTREPRENEURIAL STRATEGIES
- A. Innovation and Product Development
Nykaa has hooked up itself as a product innovator within the splendor and personal care
industry. A few awesome aspects encompass:
- In-house brands:
Nykaa has developed one of a kind product lines which includes Nykaa Cosmetics and Nykaa
Naturals that cater to precise splendor needs, from make up to skin care. Those non-public
labels permit Nykaa to keep manipulate over satisfactory at the same time as imparting unique
merchandise not to be had some place else.
- Tech-enabled Operations:
Nykaa has invested closely in generation to improve the purchaser enjoy. Using artificial
intelligence (AI) and device mastering has enabled the employer to offer customized
purchasing experiences. Those technology offer customized tips, improving conversion
charges via displaying customers merchandise they are probably to buy.
- Content-centric approach:
Nykaa's content material-centric technique includes producing instructional and tasty content
through Nykaa's army of influencers and YouTube channel. This positions Nykaa not most
effective as a store, but additionally as a splendour authority that helps clients make
knowledgeable decisions.
- B. Growth Strategies

- Acquisition:
To make things simpler, we’ll stick to ICP1 and analyse Nykaa’s acquisition strategy. There
are mainly 5 channels of acquisition through which Nykaa reaches this customer profile.
• Search engine optimization
A strong SEO strategy is the key to acquire new customers and retarget existing ones by
leveraging technology to reach the right audience and prompt them to make purchases. A quick
internet search about Nykaa would solidify the success of Nykaa’s SEO channels.
• Content marketing
As a BPC and Fashion focused company, Nykaa utilizes content marketing by posting blogs,
magazines and advisories for its customers to make informed decisions regarding their
purchases. This in turn improves their user engagement rates and enables repeat purchases.
• Affiliate marketing
Social media has enabled ecommerce companies like Nykaa to use strategies like affiliate
marketing to promote products by partnering with affiliates, usually micro celebrities to acquire
new customers. Social Media. The Nykaa Affiliate Program (NAP) is a strong network of
5500+ creators spread across India. Creators with 5K and above followership are eligible to
Sign Up on NAP and generate unique Affiliate Links, which can be integrated in your organic
content. NAPpers earn 8% commission on every purchase made through their link.

• Brand Collaborations and Partnerships

Nykaa managed to get the renowned Fenty Beauty into the Indian market which led to 30x
jump in brand search and became the biggest beauty launch on Nykaa. This is just one instance
on how powerful partnerships with global brands to acquire customers.

- C. Strategic Partnerships and Collaborations

Nykaa’s strategic alliances have played a critical function in building its brand credibility and
increasing its client base:
- Influencer marketing and celebrity Collaborations: Nykaa has collaborated with over
3000 influencers, including beauty bloggers, makeup artists, and celebrities. these
influencers create attractive content material, which resonates with Nykaa’s audience
of beauty fanatics. Collaborations with celebrities like Katrina Kaif (for the release of
her splendor line, Kay beauty) have no longer simplest added visibility but additionally
bolstered Nykaa’s position as a high-stop beauty platform.
- Brand Tech Partnerships: Collaborations with tech organizations like Adobe have
enabled Nykaa to offer a continuing and customized digital experience for its
customers. Adobe’s virtual marketing solutions allow Nykaa to leverage information-
driven insights, assisting the employer tailor its content, promotions, and conversation
to individual choices. This has extensively more suitable client engagement and
retention.
 - Offline occasions and Collaborations: Nykaa hosts and sponsors beauty occasions just
like the Nykaa Femina beauty Awards, which gives the emblem good sized visibility
and credibility within the splendour community. Such activities attract each splendour
lovers and industry experts, supplying a platform for emblem collaborations and
networking.

CHALLENGES AND SOLUTION

- A. Common Challenges Faced by Start-ups

Nykaa, as an e-commerce beauty startup, initially faced several challenges:

- Competition:
Established global beauty brands and large e-commerce platforms were already dominant in
the market.
- Funding and Scaling:
Like many startups, Nykaa had to secure sufficient capital to scale operations and maintain
inventory.
- Building a Consumer Base:
Nykaa had to differentiate itself in a highly competitive market and attract a loyal customer
base.
- Logistics and Supply Chain Management:
Managing a smooth supply chain and ensuring timely delivery posed significant hurdles,
especially with a vast product range.

- B. Specific Challenges Encountered by Nykaa

- Brand Recognition:
Gaining credibility in a market dominated by traditional retailers and well-known brands.
- Customer Experience:
Creating an omnichannel experience to ensure seamless interaction between Nykaa’s physical
stores and its digital platform.
 - Inventory Management:
Ensuring real-time inventory management and handling a wide variety of SKUs across
categories.
- Technological Infrastructure:
Scaling its platform to handle increasing website traffic and offering personalized
recommendations.
- C. Analysis of Solutions Implemented

- Customer Experience Focus:

Nykaa heavily invested in a user-friendly interface, offering detailed product information,
reviews, and tutorials. Their “virtual try-on” technology became a key differentiator.

- Omnichannel Strategy:
Nykaa opened offline stores to complement its online presence, tapping into customer
preferences for physical shopping.

- Influencer Marketing and Content Creation:

Collaborated with influencers and content creators to build trust and engage with their
audience, effectively using social media platforms to promote the brand.

- Technological Investments:
Built robust tech infrastructure for personalized customer journeys and real-time inventory
updates.
LEADERSHIP AND TEAM DYNAMICS

- A. Leadership Style of the Founders:

Falguni Nayar, the founder of Nykaa, adopted a visionary and transformational leadership style. Her
strategic decision-making, clear vision for the brand, and strong emphasis on customer experience drove
Nykaa’s growth. Nayar emphasized a hands-on approach, ensuring that her team aligned with the
brand’s mission of democratizing beauty access in India.
- B. Team Composition and Role Allocation:

Nykaa’s team includes a diverse group of professionals from various sectors including technology,
beauty, logistics, and marketing. The leadership team focused on key areas like digital marketing,
supply chain management, and customer service to ensure business efficiency.
Key roles: Technology and data experts ensured a smooth user experience on the platform, while
marketing and product development teams worked closely on product launches and building brand
awareness.
- C. Importance of Team Dynamics in Start-up Success:

Nykaa’s success is largely attributed to its strong team dynamics. Collaboration across departments
allowed the company to scale quickly and respond to customer needs effectively.
Falguni Nayar fostered a culture of innovation, encouraging her team to explore new ideas, particularly
in the realms of digital transformation and customer engagement.
FUTURE OUTLOOK
- A. Long-term Vision and Goals

Nykaa’s vision is to remain a leader in India’s beauty and wellness sector while continuing to expand
its product lines and geographical presence. It aims to enhance its omnichannel strategy and explore
new verticals like fashion and wellness.
- B. Potential Market Trends and Opportunities

With increasing demand for personalized beauty products, Nykaa can capitalize on trends such as
sustainable and eco-friendly beauty, personalized skincare, and technological integrations like AI for
beauty consultations.
The growing demand for men’s grooming products presents another opportunity for expansion.
- C. Possible Risks and Mitigation Strategies

Competition: As global giants and local startups continue to compete in the beauty space, Nykaa must
continue to innovate to maintain its market share. Investing in cutting-edge technology and maintaining
customer loyalty are key.
Supply Chain and Logistics Risks: Any disruptions in the supply chain could impact Nykaa’s ability to
deliver products efficiently. Enhancing supply chain resilience is critical to mitigating this risk.
 CONCLUSION

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