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Channel Strategies: Dell and Eureka Forbes

INTRODUCTION

In October 2011, IDC1 and Gartner Inc.2 reported that US-based information technology company,
Dell Inc. (Dell), had recorded a drop in market share to 12 percent for the third quarter of 2011
compared to the 12.6 percent recorded in the same quarter of 2010.3 According to Dell, the
lackluster performance was due to a decrease in demand from consumers and the increasing sales
of tablets and smart phones manufactured by competitors such as the Hewlett-Packard (HP)
Company4 and Apple Computers Inc.5 (Apple). Industry observers opined that the decrease in the
sales of Dells products was contrary to Dells position from the 1990s to 2003 when the company
had stood as the largest producer of Personal Computers (PCs) in the world. Analysts had reported
that Dell had earned more than its rivals and was also the only company to consistently report
positive margins on PCs. According to Dell, much of its success was attributable to its direct
selling model. While a majority of PC makers sold through resellers, retailers, and distributors,
Dell was in direct contact with its customers. It took orders from them, built PCs according to their
specifications, and directly delivered their PCs to them. Some industry observers noted that all its
rivals had copied the direct selling model. However, no other PC maker could equal Dells
performance through the mid-2000s.
Though Dell became a market leader in the PC market due to its direct selling model, it started
facing decreasing sales from the mid-2000s. Much of the decline was attributable to its direct
selling model, according to analysts. Some industry observers felt that Dells focus on only the
direct selling model had led to its fall and given an edge to its competitors who sold through
resellers and retailers. Some analysts attributed Dells decreasing performance due to the change in
leadership at the company (Michael Dell (Michael), founder and CEO of Dell, had stepped down
from the post of the CEO in July 2004). To arrest the decline in its sales, Dell decided to sell its
PCs through retail stores such as Walmart Stores Inc.6 and Carrefour S A7. In addition to this, the
company also started a formal channel partner program for value added resellers 8 (VARs).

1
IDC, based in Massachussetts, USA, is a market research and analysis firm specializing in information
technology, telecommunications, and consumer technology markets.
2
Gartner Inc., based in Connecticut, USA, is an information technology and advisory firm.
3
Amar Toor, IDC and Gartner: Lenovo Leaps Past Dell for Second Place, Still Trails HP for the Gold,
www.engadget.com, October 17, 2011.
4
Hewlett-Packard Company, headquartered in Palo Alto, California, USA, is one of the leading
manufacturers of PCs, printers, network management software, servers, etc.
5
Apple Inc., headquartered in California, is an information technology company catering to the computer
hardware and software and consumer electronics industry.
6
Wal-Mart Stores, Inc., headquartered in Bentonville, Arkansas, USA, is a discount store chain and is the
largest retail stores in the world in terms of revenues.
7
Carrefour SA, headquartered in Levallois-Perret, France, is an international hypermarket chain and is the
second largest retail stores in the world in terms of revenues.
8
A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then
resells it (usually to end-users) as an integrated product or complete turn-key solution. This practice is

1
 Channel Strategies: Dell and Eureka Forbes

Similar to Dells strategy of moving beyond the direct selling model, in 1999, Eureka Forbes Ltd.
(Eureka Forbes), a direct marketing pioneer and the leading vacuum cleaner and water/air purifier
company in India, announced plans to focus more on the retailing business. This was a bid to
increase the visibility of its products and increase its sales by selling through the retail division.
While some analysts welcomed Dells decision to move beyond its direct selling model, others felt
that the company was taking a huge risk by straying from what had made it so successful in the PC
industry. They felt that Dell faced some significant challenges, considering that it was undergoing
change at the fundamental level and that many VARs deeply distrusted the company. Similar
doubts were raised by analysts when Eureka Forbes shifted its focus from direct selling. They
opined that Eureka Forbes was a new player in retail business and could face tough times ahead.
Though Dells new channel strategy helped it increase its sales, it continued to lose market share to
HP. However, Dell remained confident about its growth since the company recorded a 16 percent
increase in revenues for the FY 2011. The company reported revenues of US$ 61.5 billion for
fiscal 2011 compared to revenues of US$ 52.9 in fiscal 2010.9 On the other hand, after facing a
few initial hitches due to its shift from direct marketing and its entry into water purifiers, Eureka
Forbes continued to retain its market leadership position in the vacuum cleaner and water purifier
markets.

ABOUT DELL

In May 1984, Michael Dell (Michael), a student at the University of Texas, Austin, incorporated
PC Ltd. with an investment of less than US$ 1000.10 The company focused on building IBM11
compatible computers from stock components and selling them at low prices. The gross revenues
of PC Ltd. amounted to US$ 6 million in the first year of its business.12 In 1985, the companys
gross revenues reached US$ 40 million.13 In 1987, the company started its first international
operations in the UK. In 1988, the companys name was changed to Dell Computer Corporation.
The rapid increase in revenues at the company prompted Michael to recruit professionals from
several domains. By 1990, the company had international operations in 12 countries. In 1992,
Fortune14 listed Dell in its Fortune 500 list of largest companies in the world.
In the early 1990s, Dell ventured into the markets through other distribution channels, like retail
arrangements with leading retailers but did not find any better distribution network than direct
selling. Since its profits were growing at a healthy rate, the company concentrated only on the
direct selling model. It found that to be the biggest profit-making channel. By the end of 1995,

common in the electronics industry, where, for instance, a software application might be added to
existing hardware.
9
Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year,
http://content.dell.com, February 15, 2011.
10
Michael Dell, http://investhunt.com, 2011.
11
IBM or International Business Machines Corporation is a multinational computer technology and
consulting corporation headquartered in Armonk, New York, USA. It is an information technology
company which manufactures and sells computer hardware and software, and offers services in
infrastructure, hosting, and consulting areas.
12
Michael Dell Articles, www.evancarmichael.com.
13
Dell Inc. - Company Profile, Information, Business Description, History, Background Information on
Dell Inc., www.referenceforbusiness.com.
14
Fortune Magazine is a bi-weekly global business magazine published by Time Inc. The magazine
regularly publishes researches and ranks lists such as the Fortune 500, which rank the worlds
companies by gross revenue, and the Best Companies to Work For, both of which have become
industry benchmarks.

2
 Channel Strategies: Dell and Eureka Forbes

Dells sales revenues had crossed the US$ 3.5 billion mark and by this time, its customers had
begun to place orders through mails, toll-free calls, etc.15 In 1996, the company launched its
website www.dell.com, which gave a boost to its distribution network. In 1999, Dell achieved the
position of the largest PC seller in the US with revenues standing at US$ 25 billion.16 The
company introduced an initiative called E-Support Direct from Dell through which it offered
online technical support to its customers.
In 2000, the PC industry experienced a slump after the Internet bubble burst. Despite the crash,
Dell maintained its top position with a global market share of 13 percent in 2001, with the sales
figure at US$ 31.89 billion and a healthy profit margin.17 Analysts attributed Dells profits to its
efforts at bringing technological innovation and stimulating price wars in the PC industry.
In 2002, Dell diversified and entered other businesses like consumer electronics to storage devices,
such as Personal Digital Assistants (PDAs), Internet servers, PCs, and many more. Dells other
revenue sources included Ethernet switches for enterprise consumers, handheld computers, and
third-party software and peripherals. In 2002, US consumers rated Dell as the No. 1 computer
systems provider in the US. In the same year, i.e., in 2002, Dell announced the companys
ambitious objective of achieving US$ 60 billion in sales by 2007.18 For the fiscal year 2002, Dell
reported revenues of US$ 31.168 billion compared to revenues of US$ 31.888 billion for fiscal
2001.19 Meanwhile, it maintained an upward trend in PC and server shipments.
In 2003, Dell Computer Corporation was incorporated as Dell Inc. since the company was no
longer catering only to PC markets but to a wider and more diverse customer base all around the
globe. Kevin Rollins (Rollins), who had previously served as the president and chief operating
officer of Dell, took over as the companys president and CEO in March 2004 from Michael. Dell
product shipments grew by around 26 percent in 2004, and the revenues increased by 17 percent to
US$ 41.4 billion.20
In 2005, Dell topped Fortunes list of Americas Most Admired Companies. Revenues grew 19
percent to US$ 49.2 billion.21 The company also revised its previous objective of achieving sales
revenues of US$ 60 billion by 2007 to US$ 80 billion in 2008.22 Despite the companys growth, its
leadership position in the global PC market was being severely threatened by HP. Many analysts
started questioning its direct selling model. In the same year, the Securities and Exchange
Commission23 (SEC) too started an informal investigation into the filing of financial statements by
Dell and their timing. The SEC investigation revealed that according to Dell, the senior executives
at the company had sometimes adjusted account balances in a bid to meet financial targets.24
Admitting to the accounting irregularity, Dells the then Vice Chairman and CFO, Don J Carty,
said, Obviously if you recognize revenue inappropriately, it was inappropriate.25

15
Thomas Meredith, Performance Measurement & Risk Management at Dell, www.performance-
measurement.net, September 1, 1998.
16
Build-to-Order Model for Success (Part-I), www.themanagementor.com, 2003.
17
Robert D Hisrich and Michael P Peters, The Marketing Plan, http://gsme.sharif.edu.
18
Nat Arem, $60 Billion Dollar Question: How to Fill the Strategic-Planning Gap, www.pinegars.com,
February 11, 2003.
19
Dell Annual Report 2002, http://i.dell.com, 2002.
20
Dells Turnover Hits $41 Billion, www.guardian.co.uk, 2011.
21
% of Net Revenues for Dell, www.wikinvest.com.
22
Hanging up on Dell? www.businessweek.com, October 10, 2005.
23
Securities Exchange Commission (SEC) is the primary regulatory body of the US securities market. The
primary mission of the SEC is to protect and maintain the integrity of the securities market and to ensure
that public companies disclose comprehensive financial and other information to the public.
24
Dell Inc. Accounting Irregularities, www.contractormisconduct.org, 2010.
25
Scott M Fulton, Dell Admits Fraud in Financial Reporting, Will Restate Earnings since 2003,
http://betanews.com, 2007.

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 Channel Strategies: Dell and Eureka Forbes

In September 2006, Rollins announced a new strategy through which he planned to transform the
company from Dell 1.0 to Dell 2.0. This involved placing more emphasis on design and
usability rather than on performance and cost, which the company had traditionally relied upon.
Were evaluating a full range of supplier-partner relationship models. Our own development
opportunities probably add a little less value on certain low-end PCs and servers, so were open to
a new, open, holistic model,26 he said. However, the strategy announced by Rollins was not
implemented and the board of directors at Dell asked Rollins to resign from the company in early
2007. Industry observers pointed out that the board had taken the extreme step since it felt that
under Rollins leadership, Dell had lost its market leadership position to HP and accounting
irregularities had taken place at the company. Rollins departure was also attributed to several
other reasons. Some industry analysts felt that under Rollins, Dell had failed to capture the
imagination of the consumers with its products. According to Samir Bhavnani, an analyst with
Current Analysis27, Rollins was excellent at supply chain and logistics but did not seem to
understand the importance of industrial design.28 Some analysts opined that Rollins failure to
explore the opportunities offered by AMDs Opteron server microprocessor during his tenure had
also added to his troubles. It was observed that Rollins continued to use the Intel Xeon
microprocessors while competitors like HP were reaping the benefits of AMDs Opteron server
microprocessor. Subsequently, Rollins resigned from the post of CEO in January 2007.
On January 31, 2007, Michael resumed his leadership at Dell. Shortly after replacing Rollins as
CEO, Michael put together a new executive team at Dell. Ronald Garriques from Motorola was
hired to head Dells consumer division. Mike Cannon, former CEO of Solectron Corporation29,
was appointed as chief of Dells global operations. Brian Gladden, a veteran from General
Electric, joined as CFO and Ed Boyd from Nike served as the chief consumer designer at Dell. To
reconstruct its PC business, Dell announced that it would lay off around 1,000 employees. A
memo issued to Dell employees by Michael that was leaked to the media, hinted that the company
was now open to moving away from its direct-only model. In addition to putting a new
management team in place, the company started a new channel strategy and acquired a number of
companies such as Silverback Technologies30, EqualLogic, Inc.31(EqualLogic), ASAP Software32,
Everdream Corp.33(Everdream), and some other channel partners and MSP (managed services
provider) programs.
On May 24, 2007, Dell disclosed its plans to sell PCs in the US, Canada, and Puerto Rico through
Wal-Mart and Sams Club retail stores. In this connection, Dell spokesperson Bob Pearson said,
This is the first step in a global strategic rollout in retail for Dell. We have a great direct model,
continue to invest in it, and people can buy online or buy via phone. We need another way for
customers to access our products, and retail makes a lot of sense. A lot of people are getting a PC
for the first time. We believe that Wal-Mart knows its customers better than anyone. Ninety
percent of Americans shop at Wal-Mart.34

26
David Kirkpatrick, Michael Dell: We Can Execute Better, www.money.cnn.com, January 31, 2007.
27
Current Analysis offers Competitive Response Solutions to its clients that enable them to anticipate and
counter threats from competitors and win more business.
28
Tom Krazit and Michael Kannelos, Michael Dell back as CEO; Rollins Resigns, http://news.cnet.com,
January 31, 2007.
29
Solectron Corporation is a Milpitas, California based global electronics manufacturing company.
30
Silverback Technologies, based in Massachusetts, USA, was an IT service delivery company.
31
EqualLogic, Inc. is a US-based data storage systems and storage area networks provider.
32
ASAP Software is a leading software solutions and licensing services provider.
33
Everdream Corp. is a California-based software services providing firm.
34
Jim Tierney, Dell Expands beyond Direct with Wal-Mart Deal, www.multichannelmerchant.com, May
25, 2007.

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 Channel Strategies: Dell and Eureka Forbes

In 2008, Dell closed 140 kiosks located in shopping malls across the US.35 With this move, Dell
aimed to focus on its retail strategy where it sold through retailers. For the FY 2008, Dell reported
online sales of US$ 4.8 billion, up from US$ 4.2 billion in 2007.36
For the FY 2009, Dell reported a drop of 3 percent in US revenue whereas the companys
international revenues increased by 4 percent.37 The company attributed the drop in its US
revenues to the global economic slowdown.
In July 2010, Dell paid US$ 100 million as fine to the SEC for an accounting fraud.38 It was
reported that Dell did not disclose the exclusivity payments it had received from Intel in exchange
for not using the microprocessors developed by Intels arch-rival AMD. The payments had
reportedly helped Dell achieve its earnings targets from 2001 to 2006. Rollins and James
Schneider, former CFO at Dell, also paid fines of US$ 4 million and US$ 3 million respectively.39
For the FY year ended 2011, Dell recorded revenues of US$ 61.6 billion (Refer to Exhibit I for
Dells five year financial summary).40

ABOUT EUREKA FORBES

The history of Eureka Forbes dates back to 1909, when a Detroit-Michigan-based businessman,
Fred Wardell launched vacuum cleaners under the Eureka brand name. The companys vacuum
cleaners were sleek, versatile, and lightweight, compared to other vacuum cleaners that were
clumsy and difficult to use.
The companys innovative products made it a well-known name within a few years. It marketed its
vacuum cleaners through the direct marketing route and its sales personnel were trained to offer
personalized services to its customers.
In the early 1900s, the increasing popularity of its vacuum cleaners led the company to employ
nearly 5,000 salesmen. To meet the growing consumer demand, the company opened over 400
branches. Within a decade, it had gained a market leadership position in the vacuum cleaner
industry. The company earned a reputation for the quality of its products and its customer service.
In 1915, Eureka received the Grand Prize from a jury of electrical experts at the San Francisco
International Exposition.
By 1919, the company was manufacturing around 2,000 vacuum cleaners per day at its factory
(spread over 3.5 acres in downtown Detroit).41 By 1927, the company was manufacturing one-third
of all vacuum cleaners purchased in the US. During World War II, production stopped at the
company and its business suffered to a great extent for a couple of years.
In 1945, the company moved its headquarters from Detroit to Bloomington, Illinois. In the same
year, Eureka merged with Williams Oil-O-Matic Heating Company, a heating and air-conditioning
equipment manufacturer. The merged entity was called Eureka-Williams. Eureka also diversified
into other businesses such as government defense equipment and the manufacture of oil burners.

35
Geoff Duncan, Dell Closes 140 Kiosks, http://www.digitaltrends.com, January 31, 2008.
36
Christopher Calnan, Dells Retail Store Strategy yet to Compare with Online Sales,
http://www.bizjournals.com, May 24, 2009.
37
Christopher Calnan, Dells Retail Store Strategy yet to Compare with Online Sales,
http://www.bizjournals.com, May 24, 2009.
38
Joshua Gallu and Aaron Ricadela, Dell Pays $100 Million in SEC Settlement That Lets Founder Stay,
www.bloomberg.com, July 23, 2010.
39
Joshua Gallu and Aaron Ricadela, Dell Pays $100 Million in SEC Settlement That Lets Founder Stay,
www.bloomberg.com, July 23, 2010.
40
Annual Financials for Dell Inc., http://www.marketwatch.com, 2011.
41
Eureka Vacuum Cleaners, http://home.vocaboly.com.

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 Channel Strategies: Dell and Eureka Forbes

In 1960, the company entered into a merger with National Union Electric, an electronic goods
manufacturer. However, the company did not run these businesses for long and soon started
focusing only on its core vacuum cleaner and other home appliances business.
In 1974, Electrolux AB42 (Electrolux) bought Eureka-Williams and the name was changed back to
Eureka. Electrolux expanded Eurekas manufacturing base by opening factories across the US.
In 1981, Electrolux brought the Eureka brand to India through Eureka Forbes Ltd. (Eureka
Forbes), a joint venture with Forbes Gokak Ltd.43 (FGL). While Electrolux held a 40 percent stake
in the JV, FGL held the remaining 60 percent stake. In 1982, Eureka Forbes launched its first
vacuum cleaner range, Euroclean in India. In the same year, the company established its direct
sales division and also set up its subsidiary Aquamall Water Solutions Ltd.
In 1984, it launched the Aquaguard range of water purifiers. In 1985, Eureka Forbes established its
dealer sales division. In 1986, it set up its industrial sales division and its exports division in 1989.
During the mid-1990s, the company diversified into products like mixers and irons. However,
Eureka had to discontinue these businesses since the quality of these products was reportedly poor.
In 1994, Eureka entered the air purifiers segment. In 1995, it launched the Tornado vacuum
cleaner range and Aquaflo water purifiers range for marketing exclusively through the dealer
route.
In 1997, Eureka Forbes diversified into electronic security solutions under the brand name,
Eurovigil.
For the FY 2002, Eureka Forbes reported a turnover of Rs. 3.9 billion.44,45 Experts felt that the
companys direct marketing initiatives had led to the companys growth.
In 2005, the water purification market was estimated at Rs. 5 billion with Eureka Forbes cornering
a market share of 80 percent.46
In early 2008, Eureka Forbes set up new retail channels in a bid to increase the penetration of its
water purification devices.
For the FY ended 2010, Eureka Forbes recorded sales of Rs. 10.95 billion (Refer to Exhibit II for
financials of Eureka Forbes).

DELLS DIRECT SELLING MODEL

Dell made its foray into the PC market during the 1990s. The exclusivity of Dells PCs was its
direct selling model, which revolutionized the global IT industry. Earlier, PC makers had sold their
PCs through middlemen like wholesalers and retailers. Hence, there was little possibility of
customizing the PCs. But the direct model provided by Dell offered customers customized
products along with appended products and services such as PC replacement, maintenance,
technical support, and upgrades. Dells direct selling model built PCs after it received customer
specifications in the form of orders. Once an order was placed, it was electronically sent to the
appropriate manufacturing facility. Then a computer generated a parts list for the order and a bar
code was assigned for the purpose of tracking. Hardware for the ordered computer was assembled
and then the machine was moved to a software loading zone where a high-speed computer network

42
Electrolux, headquartered in Sweden, is one of the worlds largest producers and marketers of
refrigerators, washing machines, cookers, vacuum cleaners, air conditioners, etc.
43
FGL was a 60:40 joint venture between the construction major Shapoorji Pallonji Group and one of
Indias largest business houses, the Tata Group of companies.
44
Eureka Forbes Aims 12% Sales Growth, http://www.financialexpress.com, September 7, 2002.
45
As of December 26, 2011, 1 US$ = Rs. 52.72.
46
Bodhisatva Ganguli and Kala Vijayraghavan, Eureka Forbes has 80% Market Share,
http://articles.economictimes.indiatimes.com, November 21, 2005.

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 Channel Strategies: Dell and Eureka Forbes

installed a software that the customer specified operating system, diagnostic software, and
application software. For some corporate customers, Dell loaded proprietary software. The fully
equipped machine was then moved to a burning area where it was tested for several hours. Finally,
the product was boxed with the accessories and then shipped to the customer via a third party
shipping agency.
Dell worked closely with suppliers to arrange just-in-time delivery of parts and to reduce the
inventory levels of its own suppliers. Suppliers could monitor online what parts were required by
Dell immediately and in the coming weeks. This model also reduced the inventory and overhead
costs. Other vendors and competitors followed the routine conventional model of selling their
products through middlemen.
Dell depended on outside suppliers for components and peripherals like CD-ROMs,
semiconductors, etc., and on contract manufacturers for manufacturing assemblies and sub-
assemblies. Every other second party dealt directly with Dell, from Original Equipment
Manufacturers (OEMs) to customers. The companys build-to-order and direct sales model
stressed the need to refurbish strategic decisions like location decisions, distribution decisions,
logistics decisions, and customer support decisions. The three golden rules that Dell followed in
this model were to disdain inventory, listen to the customer, and never to sell indirect. [Our]
direct model, which is remarkably simple: Customers generate demand for custom-configured
technology solutions that Dell provides (with the help of our suppliers). In order to build any
configuration at any time for any customer and do it quickly, we operate with a lot size of one
mentality and couple that with lean manufacturing techniques to eliminate waste in the process. As
simple as it sounds, keeping it tuned to the needs of a growing global customer base is challenging
and requires complex solutions, particularly with regard to maintaining a flexible supply chain,47
said Dick Hunter, vice president of Dell Americas Manufacturing & Distribution Operations.

DIRECT MARKETING AT EUREKA

Eureka Forbes followed the direct selling route like Dell for marketing its products in India, thus
becoming one of the first direct selling companies in India. Vacuum cleaners and water purifiers
were rather new concepts for the consumers in India, who had till then followed only the
traditional methods of cleaning and filtering. Therefore, Eureka Forbes faced the challenge of
establishing the concept of vacuum cleaners and water purifiers in India before it started selling
Eureka as a brand.
The company believed that its people were its core strength. It employed vibrant and highly
motivated individuals called Eurochamps, who projected the image of a friendly individual. Thus
for an average consumer in India, Eureka Forbes became synonymous with the smartly dressed
man who came to their houses and showed them how a vacuum cleaner could be used to clean the
house or how indispensable the air/water purifiers were. Initially, the Eurochamps targeted the
metros but they soon started visiting smaller towns and cities also.
Initially, the company posted profits but in 1992-1993, it suffered a setback when its profits
decreased by 50 percent compared to the previous year. In 1994, the company posted a loss of Rs.
42.5 million. Despite these initial hiccups, the company gradually gained acceptance in the Indian
market and company sales started picking up.
The company used various modes of advertising, targeting homemakers with its products. The
advertisements showed the salesperson solving the problems of homemakers. Television
commercials featured models who appeared trustworthy and friendly. The company also roped in
popular Hindi television actors for enhancing the friendly and trustworthy image of its
salespersons.

47
Dick Hunter, Tying Supply Chain to Customers, www.industryweek.com, December 16, 2005.

7
 Channel Strategies: Dell and Eureka Forbes

Eureka Forbes also started a customer care network that took care of after the sales services
offered by the company. The companys customer service network comprised several CRC
(Customer Response Centers) that offered a plethora of options to its customers in order to
enhance their satisfaction with their purchases.
The company also emphasized Customer Relationship Management (CRM) and tried to maintain a
high level of post-sale customer contact. It set up a 24-hour, 365-day virtual call center as after-
sales service formed a crucial element of its marketing mix. The software installed at the call
center tracked a complaint back to the nearest sales office or franchisee on the basis of the
complainants telephone number or PIN code.
To enhance the efficiency of its direct marketing efforts, Eureka Forbes implemented various e-
business strategies called B2E (Business to Employee) exercises.
The company also made efforts to fine-tune the performance of its sales force. This it did by
ranking their performance. This information was posted on the Intranet for other sales
representatives to see and improve their own performances.
The company offered information to its suppliers that enabled them to better plan their production.
It also
set up an online model through which it interacted with its customers. The company held online
training sessions for training its new sales representatives. The company manager conducted chat
sessions with new sales representatives over the companys network.
According to analysts, the companys focused approach and innovative products helped it record
an operating income of Rs. 1.59 billion and a net profit of Rs. 56 million in 1995-1996. In 1997-
1998, the operating income recorded was Rs. 2.29 billion with a net profit of Rs. 104 million.
Despite recording impressive figures, Eureka Forbes was not satisfied with the growth of the
vacuum cleaner market. The product usage was limited because most of the Indian homemakers
found the vacuum cleaners bulky. Moreover, the easy availability of domestic help in India made it
difficult for the company to sell its vacuum cleaners. Thus, penetration remained low and the
upgrades of the product were low due to infrequent usage.
In a bid to rejuvenate the vacuum cleaner market, Eureka Forbes changed its advertising
strategy in November 1999. While the earlier ads had focused on the theme of a friendly
salesman, the new ads featured a maid using the vacuum cleaner. This shift was made after
examining certain facts about end users and vacuum cleaners usage patterns in the Indian
market. The company also launched a consumer training drive to support the new campaign.
Sales personnel trained the domestic help on product usage and upkeep. The new campaign
aimed to create the consumer perception that vacuum cleaners were easy to use and that even
maids could be trusted with the product. The company also publicized a pager number along
with the advertisement so that customers could request product demonstration and training by
a salesperson.
The company also set up the Eureka Forbes Institute of Environment in an attempt to boost its
image as an environment-friendly and hygiene-oriented company. Through the institute, the
company undertook various initiatives for environment protection in the metropolitan cities of
India. This was done in association with TV media company NDTV, and was aired through a
weather bulletin on the satellite TV channel Star News. It was also published on the websites
www.ndtv.com, and www.webhealthcare.com. The company held free pollution control camps in
10 metropolitan cities on World Environment Day on June 5, 2000, in association with TV channel
National Geographic and the United Nations body UNICEF. In addition, the company conducted
lectures and cleanliness drives in various parts of the country.

8
 Channel Strategies: Dell and Eureka Forbes

THE COMPETITION

Though Dell enjoyed a market leadership position in the 1990s through the mid-2000s due to its
direct selling model, it soon started facing problems when its competitors tried to replicate the
direct selling model. In the 1990s, IBM took some initiatives to reproduce some aspects of direct
distribution by coordinating better with resellers and distributors. IBM launched an Enhanced
Integration program under which it shipped heavily configured PCs to authorized resellers and
distributors who completed the configurations as per the customers specifications and finally
delivered the PC to them.
In 1995, IBM started an Authorized Assembly Program (AAP) that shipped lightly configured PCs
to downstream partners. The channel partners then completed the configuration as per customer
specifications using components purchased from IBM. In 1998, IBM launched a website that
allowed individual customers to buy standardized PCs directly from IBM. Later in 1998, IBM
launched a program that enabled businesses to buy a few products especially a line of servers
without the involvement of resellers. In 1999, the company started selling PCs through the web to
small and medium sized businesses directly.
The direct selling model was adopted by other competitors such as HP and Compaq too in the
early 1990s, prior to their merger. In 1997, Compaq launched a new initiative called Optimized
Distribution Model (ODM). Under this initiative, PCs were manufactured only after an order was
received and orders and deliveries went through distributors and resellers. In late 1998, Compaq
revealed its DirectPlus Program to sell customized PCs to small and midsized companies at lower
prices compared to the comparable Compaq machines sold by resellers. Before the merger, HP had
sold quality PCs to high demanding customers. In 1998, it sold 75 percent of its PCs through
resellers and distributors; 23 percent through retail channels; and less than 1 percent directly to
customers. In 1999, HP announced its plans to sell PCs directly to business customers online. In
2001, the then CEO Carly Fiorina (Fiorina) adopted a hard deck policy where HP was not allowed
to directly sell PCs to business customers below a certain size.
Another competitor, Gateway Computer Corporation48 took orders directly from the consumers,
produced PCs according to the specifications provided by the consumers, and shipped machines
directly to them. In 2009, Acer started an approach called 100% indirect where the PCs were
sold to individual customers through retailers and distributors. Its product line emphasized light
laptops called netbook computers. In late 2009, Acer surpassed Dell to become the second largest
provider of PC in unit terms.
In addition to competition, Dells market share declined due to a series of moves taken by Apple in
2000s such as launching of the iPod, then the iPhone, followed by the opening of Apple retail
stores and release of new operating systems. Moreover, Apples decision to shift to Intels
microprocessors from AMD chips revived Apples image and renewed consumer interest in the
PCs manufactured by the company.
While competition added to Dells woes, Eureka Forbes did not face much of a competition but it
had to deal with the tough task of convincing consumers to buy its products. Moreover, the high
prices of vacuum cleaners did not encourage consumers to buy these devices. Therefore, Eureka
Forbes had a tough task in marketing its products to homemakers.

DELL AND EUREKA: MOVING BEYOND DIRECT SELLING MODEL

Dells innovative sales model had made it the favorite in the industry and the company was also
regarded as a high technology initiator. However, with the decline in Dells profits and share
prices in the mid-2000s, many industry observers began questioning the efficacy of the direct
model. Dell was also being flooded with complaints about the companys failure to provide

48
Founded in 1985, Gateway Computer Corporation is an Irvine, California-based is a computer hardware
company.

9
 Channel Strategies: Dell and Eureka Forbes

support services, particularly in its consumer business. Dell set up a program called TechConnect
to solve the problems of household customers and smaller businesses where a Dell technician
would take over the technical problem online and solve it within minutes.
While Dell reported a decline in PC volume shipments from the third quarter of 2006, its arch-rival
HP surged ahead. According to Gartner, this was the first time that Dell had lost market share
since the research firm had begun tracking the market in 1989. IDC analysts noted, Dells focus
on profitability over share is coming right at a time of aggressive competition from companies
such as HP, Acer, and Apple, and is compounded by a slow commercial market. As a result,
Dell is in the unusual circumstance of seeing volume decline sequentially from the third quarter in
both the United States and worldwide.49 However, for the year 2006, Dell managed to hold on to
its No.1 position with a virtual tie with HP.50
Dell saw further erosion in its market share in the first quarter of 2007. Analysts said that the trend
in the share prices of the company and the fact that Dell had lost its No. 1 position in the PC
makers market to HP in 2007 were signs of the models plunging efficiency. This led many
analysts to question the viability of Dells direct-only model in the rapidly changing PC market.
Analysts felt that Dells supply chain efficiency and direct custom-made selling were no longer
giving it a big competitive advantage. Sergeui Netessine, professor of operations and information
management at the Wharton School of the University of Pennsylvania (Wharton), argued that
Dells supply chain advantage was approaching a point of diminishing returns. While Dells
supply chain advantage is still there, its not as big any more. Competitors of Dell have been quite
effective. Now you can build to order from any computer manufacturer.51 Moreover, many
analysts believed that Dells restricted presence in the retail segment was one of the factors which
had pushed its shipments to consumers down. David Daoud, manager of the Personal Computing
and PC Tracker programs at IDC, said, HP has a much more diverse channel strategy. It sells
direct, through retailers, system integrators, you name it. This enables HP to do better than any
company that puts all its eggs in one basket.52
It was also reported that several analysts had advocated a change in Dells business model since
the mid-2000s. They pointed out that the dynamics in the PC market demanded that Dell change
its business model. Some industry observers opined that Dell could either leave the PC market
business the way IBM had left it or set up a retail presence in these economies and ensure that it
earned huge revenues from emerging economies in the coming years. Some industry observers
suggested that Dell could consider selling through the retail channel.
The erosion in its market share prompted Dell to move beyond its direct selling model. The
company planned to sell its PCs through retailers such as Walmart and Carrefour. Analysts noted
that this was not Dells first foray into retail. In the early 1990s, its products had been sold through
retailers such as Best Buy Co., Inc.53, Costco Wholesale Corporation54, etc. but Dell later aborted
the arrangement due to low margins. In the year 2003, it made another foray into retail with Sears,

49
Sharon Gaudin, Dell Remain on Top in PC Worldwide Shipment, www.eetindia.co.in, January 22,
2007.
50
Consumers Help Lift Worldwide PC Shipments 8.7 Percent in Fourth Quarter 2006, Says IDC,
www.computers.tekrati.com, January 17, 2007.
51
Can Dells Turnaround Strategy Keep HP at Bay? www.knowledge.wharton.upenn.edu, September 5,
2007.
52
Shaun Nichols, Dell Pays Dearly for Strategy Change, www.vnunet.com, January 19, 2007.
53
Best Buy Co., Inc., headquartered at Richfield, Minnesota, USA, is the largest retailer of consumer
electronics in the US and Canada.
54
Costco Wholesale Corporation, headquartered in Issaquah, Washington, USA, is a leading membership
warehouse club chain.

10
 Channel Strategies: Dell and Eureka Forbes

Roebuck and Company55 but the deal did not prove productive. Dell had started trying the retail
segment in 2002 by setting up kiosks in a number of shopping malls in the US and abroad. Then in
July 2006, Dell unveiled a retail store in the US in the North Park Center in Dallas. It planned to
open one more in the Palisades Center in West Nyack, New York, and another one in Russia.
However, unlike the Apple Retail Stores, Dells store did not keep inventory. Customers could
touch and see the products and place orders but could not take the products away.
In early 2007, Dell rolled out its new distribution strategy by bolstering its presence in retail and
also launching a channel partner program. Dells new channel strategy was not just about retailing,
it also focused on VARs. Since 2006, Dell had been secretly developing some business with
channel partners. These VARs integrated the hardware components provided by Dell and
sometimes also installed software to offer customized products to their clients who were indirect
customers of Dell. Dell, which wanted to penetrate the enterprise and midsize-business markets,
found the VARs a better channel and therefore its model allowed them to deliver customer-
customized solutions within five days. Both Dell and its OEM partners did not speak publicly of a
vendor relationship; rather, they did everything behind closed doors. It was never made public that
Dell was working with any reseller or OEM manufacturer. In May 2007, Dell announced its
intention of giving a further push to its channel partner program. Also, for the first time, it revealed
that the companys sales revenues from the VARs channel were US$ 4 billion.56
On December 5, 2007, Dell launched PartnerDirect, an exclusive channel partner program for its
resellers and service providers. During the launch ceremony, which was attended by over 500
VARs, the channel chief Gregory Davis (Davis) clarified every query of the VARs. PartnerDirect
was structured with two levels of participation. The benefits to the partners included scope for deal
registration, an online partner portal, and access to logos and other marketing materials.
Participation in PartnerDirect was initially available to channel partners in the US; there was a
move to launch it in additional countries and partner groups starting early 2008. Through its
channel initiative, Dell hoped to increase its channel partners in North America from 15,000 in
November 2007 to 30,000 by the end of 2010, according to Davis.57
While Dell felt the need to move beyond its direct selling model due to its decreasing sales, Eureka
Forbes decided to focus on the retail business and enter into the bottled water business though its
direct selling business was picking up. Many analysts felt that the move would jeopardize its well-
established hold over the Indian vacuum cleaner and water purifier markets. The companys
decision to enter the retail business was primarily the result of the launch of its Tornado vacuum
cleaners and Aquaflo water purifiers in 1995. Eureka Forbes had utilized the retail route for this
range, mainly to cater to the industrial segment. Over the years, the retail business assumed greater
significance and by 1999, around 5% of the companys sales came from the 2500-strong dealer
network. Eureka Forbes saw a lot of potential in the retail business and thus decided to work
toward expanding its dealer network further and double its revenues from this segment. In 2001,
the dealer market was growing at the rate of 25% annually, and the company expected its dealer
network to grow further by 25% by the end of 2002.
In 2003, Eureka Forbes formed a new division called Eureka Forbes Home Store as part of its
retail initiative. The company set up around 100 multi-branded retail showrooms across India. In
addition to its products, the company sold products from Sony, Sansui, Samsung, and Videocon.

55
Sears, Roebuck and Company is an American mid-range chain of international department stores based in
Illinois, USA.
56
Michele Howe, Dell Reaffirms Channel Strategy, www.arabianbusiness.com, October 3, 2007.
57
Craig Zarley, Fast Growth VARs Doubt Success of Dells Channel Push, www.cmpchannel.com,
December 3, 2007.

11
 Channel Strategies: Dell and Eureka Forbes

Though the company adopted the retail route to sell its products, it continued its focus on its direct
marketing channel. In 2005, the company launched a new vacuum cleaner which was sold through
direct marketing since direct marketing accounted for 80 percent of its total sales.58
In 2008, Eureka Forbes set up new alternative and new retail channels in a bid to increase the
penetration of its water purification devices. The companys retail division extended its products to
chemists and general merchandise stores.
Though the company launched several retail initiatives, it focused more on its direct selling route.
By 2009, Eureka Forbes boasted of the largest sales network in Asia with 6,000 sales personnel
visiting 60 million homes every year. Its retail distribution network also had 9,041 dealers to serve
the customers (Refer to Table I for details of Eureka Forbes).59
Table I
Details of Eureka Forbes Direct Sales and Retail Network

Direct Sales Network Retail Network

Sales personnel (EuroChamps) 6,000 Dealers 9,041
Households visited each year 60 Distributors 385
by EFL salesmen (million)
Demonstrations of products their 4 Distributors 90
visits result in (million) (Institutional)
Customer response centers 210
Franchise direct operators 419
After sales service partners 1,075
Service technicians 5,800
Water laboratories (Aquacheks) 18
Source: Delivering Safety, www.eurekaforbes.com, June 14, 2009.

LOOKING AHEAD

Analysts in general appreciated Dells new channel strategy as many of them had been saying for a
long time that such a change was necessary for the company. They felt that Dell would benefit
from its foray into retail as well as its new channel initiative. Industry experts observed that
partnering with retailers like Wal-Mart was a win-win for both the retailer and Dell. While the
retailers got highly branded Dell PCs added to their consumer electronics segment, Dell got its
customers and revenues. Dell was confident that the initiatives it had taken would lead to healthy
growth and profitability in the long term.
In March 2011, Dell reported that for the fourth quarter of 2010, its market share in unit shipments
was higher than that of Acer by 1.9 percent (Refer to Exhibit III for worldwide PC shipment
market share ranking for 2010 and to Exhibit IV for worldwide PC shipment market share ranking
for fourth quarter of 2010).

58
Eureka Forbes to Introduce New Model Vacuum Cleaner, www.thehindubusinessline.in, July 14, 2005.
59
Delivering Safety, www. eurekaforbes.com, June 14, 2009.

12
 Channel Strategies: Dell and Eureka Forbes

On the other hand, the foray into the retail business and entry into the water purifier market
assumed greater significance for Eureka Forbes. For the FY 2010, the company held a market
share of 52 percent in the water purifier segment.60 According to industry estimates, the company
held a 90 percent market share in the vacuum cleaner market for the FY 2010.61 The company
planned to earn one-third of its revenues from the vacuum cleaner market by 2014. According to
Marzin R Shroff, Eureka Forbes, Chief Executive Officer for Direct Sales and Senior Marketing
Vice-president, The vacuum cleaner business currently contributes to 25% of our revenues. We
would like that to grow to 33% by 2014, because that is definitely a thrust area for our business. 62
Going forward, the company had ambitious plans to enter the packaged water segment since the
bottled water segment was estimated to be worth Rs. 30 billion.63 Some analysts felt that it would
be challenging for Eureka Forbes to enter the packaged water segment since it was already
dominated by established players. According to Eureka Forbes CEO Direct Sales and Senior
Vice President Marketing, Marzin Shroff, Our core expertise of direct selling is our differentiator.
We believe, this shall help us establish in the 20 liters bubble segment that currently is dominated
by local players. The existing customer base of over 10 million users of Aquaguard and AquaSure
are a captive audience for bottled water launch.64
Industry observers felt that though Eureka Forbes had tasted success through the retail route, it
would continue reaping benefits by selling through the direct marketing route. As of December
2011, the company had 7500 direct selling personnel serving 1.25 million homes.65

60
Eureka Forbes to Enter Packaged Water Segment, www.thehindubusinessline.com, July 10, 2011.
61
Eureka Forbes Eyes 33% Revenue from Vacuum Cleaners by 2014, www.moneycontrol.com, August
22, 2011.
62
Eureka Forbes Eyes 33% Revenue from Vacuum Cleaners by 2014, www.moneycontrol.com, August
22, 2011.
63
Eureka Forbes Eyes 33% Revenue from Vacuum Cleaners by 2014, www.moneycontrol.com, August
22, 2011.
64
Eureka Forbes to Enter Packaged Drinking Water Market,
http://articles.economictimes.indiatimes.com, July 20, 2011.
65
Eureka Forbes Customer Care India, www.eurekaforbes.com.

13
 Channel Strategies: Dell and Eureka Forbes

Exhibit I
Dells Five-Year Financial Summary (in US$ billion)
Fiscal year is February-January 2007 2008 2009 2010 2011
Sales/Revenues 57.42 61.13 61.1 52.9 61.6
Cost of Goods Sold (COGS) incl.
D&A 47.9 49.52 50 43.4 50
COGS excluding D&A 47.43 48.91 49.23 42.55 49.03
Depreciation & Amortization Expense 0.471 0.607 0.769 0.852 0.97
Depreciation 0.58 0.666 0.647 0.62
Amortization of Intangibles 0.027 0.103 0.205 0.35
Gross Income 9.52 11.61 11.1 9.5 11.6
Source: Annual Financials for Dell Inc., http://www.marketwatch.com, 2011.

Exhibit II
Financials of Eureka Forbes (in Rs. billion)
For the FY ended March 31, 2011 2010 2009 2008
Sales and Other Income 10.95 9.9 8.7 8.1
Profit before Depreciation 0.26 0.37 0.42 0.49
Less: Depreciation 0.12 0.11 0.089 0.094
Profit before Tax 0.14 0.25 0.33 0.4
Less: Provision for Current and Deferred 0.12 0.13
Tax 0.034 0.062
Profit After Tax 0.107 0.194 0.2 0.23
Less: Prior Years Tax Adjustments (Net) 0.0027 0.0026 0.0045 0.00028
Profit After Tax and Prior Years 0.19 0.23
Adjustments 0.104 0.191
Add: Balance brought forward from 0.19 0.18
Previous year 0.25 0.15
Amount available for appropriation 0.35 0.34 0.39 0.41
Transferred to General Reserve 0.059 0.089 0.009 0.1
Balance carried to Balance Sheet 0.29 0.25 0.15 0.19
Source: Forbes, Annual Report 2010-2011, and 2008-2009 http://www.forbes.co.in.

14
 Channel Strategies: Dell and Eureka Forbes

Exhibit III
Preliminary 2010 Worldwide PC Shipment Market Share Ranking
(Ranking by Unit Shipments in Thousands)
2010 Unit 2009 Unit Year over Year 2010 Market
Rank OEM
Shipments Shipments Growth (in%) Share (in%)
1 Hewlett-Packard 64,817 59,620 8.7 18.8
2 Dell 43,805 38,959 12.4 12.7
3 Acer 41,549 38,485 8 12
4 Lenovo 34,051 24,885 36.8 9.9
5 Toshiba 18,994 15,464 22.8 5.5
Others 142,140 124,990 13.7 41.2
Total 345,356 302,403 14.2 100
Source: Matthew Wilkins, Dell Increases PC Market Lead over Acer in Q4, Courtesy of Apples iPad,
http://www.isuppli.com, March 10, 2011.

Exhibit IV
Preliminary Q4 2010 Worldwide PC Shipment Market Share Ranking
(Ranking by Unit Shipments in Thousands)
Year over Q4 2010
Q4 2010 Q3 2010 Sequential Q4 2009
Year Market
Rank OEM Unit Unit Growth Unit
Growth Share
Shipments Shipments (in %) Shipments
(in %) (in %)
Hewlett- 18,209 15,868 13.6 17,235 4.6 19.4
1 Packard
2 Dell 11,296 11,300 0 10,830 4.3 12.1
9,538 10,951 -12.9 11,864 - 10.2
3 Acer 19.6
9,484 9,220 2.9 7,870 10.2
4 Lenovo 20.5
5,361 4,602 16.5 4,668 5.8
5 Toshiba 14.8
39,399 36,151 9 36,422 42.3
Others 8.2
93,107 88,092 5.7 88,889 105.7
Total 4.7
Source: Matthew Wilkins, Dell Increases PC Market Lead over Acer in Q4, Courtesy of Apples iPad,
http://www.isuppli.com, March 10, 2011 and Doug Olenick, Acer Closes in on Dell, www.twice.com.

15
 Channel Strategies: Dell and Eureka Forbes

Suggested Readings and References:

1. Thomas Meredith, Performance Measurement & Risk Management at Dell,

www.performance-measurement.net, September 1, 1998.
2. Eureka Forbes Aims 12% Sales Growth, http://www.financialexpress.com, September
7, 2002.
3. Dell Annual Report 2002, http://i.dell.com, 2002.
4. Nat Arem, $60 Billion Dollar Question: How to Fill the Strategic-Planning Gap,
www.pinegars.com, February 11, 2003.
5. Build-to-Order Model for Success (Part-I), www.themanagementor.com, 2003.
6. Eureka Forbes to Introduce New Model Vacuum Cleaner,
www.thehindubusinessline.in, July 14, 2005.
7. Hanging up on Dell? www.businessweek.com, October 10, 2005.
8. Bodhisatva Ganguli and Kala Vijayraghavan, Eureka Forbes has 80% Market Share,
http://articles.economictimes.indiatimes.com, November 21, 2005.
9. Dick Hunter, Tying Supply Chain to Customers, www.industryweek.com, December
16, 2005.
10. Consumers Help Lift Worldwide PC Shipments 8.7 Percent in Fourth Quarter 2006,
Says IDC, www.computers.tekrati.com, January 17, 2007.
11. Shaun Nichols, Dell Pays Dearly for Strategy Change, www.vnunet.com, January 19,
2007.
12. Sharon Gaudin, Dell Remain on Top in PC Worldwide Shipment, www.eetindia.co.in,
January 22, 2007.
13. David Kirkpatrick, Michael Dell: We Can Execute Better, www.money.cnn.com,
January 31, 2007.
14. Tom Krazit and Michael Kannelos, Michael Dell back as CEO; Rollins Resigns,
http://news.cnet.com, January 31, 2007.
15. Jim Tierney, Dell Expands beyond Direct with Wal-Mart Deal,
www.multichannelmerchant.com, May 25, 2007.
16. Can Dells Turnaround Strategy Keep HP at Bay?
www.knowledge.wharton.upenn.edu, September 5, 2007.
17. Michele Howe, Dell Reaffirms Channel Strategy, www.arabianbusiness.com, October
3, 2007.
18. Craig Zarley, Fast Growth VARs Doubt Success of Dells Channel Push,
www.cmpchannel.com, December 3, 2007.
19. Scott M Fulton, Dell Admits Fraud in Financial Reporting, Will Restate Earnings
since 2003, http://betanews.com, 2007.
20. Geoff Duncan, Dell Closes 140 Kiosks, http://www.digitaltrends.com, January 31, 2008.
21. Christopher Calnan, Dells Retail Store Strategy yet to Compare with Online Sales,
http://www.bizjournals.com, May 24, 2009.
22. Delivering Safety, www. eurekaforbes.com, June 14, 2009.

16
 Channel Strategies: Dell and Eureka Forbes

23. Joshua Gallu and Aaron Ricadela, Dell Pays $100 Million in SEC Settlement That Lets
Founder Stay, www.bloomberg.com, July 23, 2010.
24. Dell Inc. Accounting Irregularities, www.contractormisconduct.org, 2010.
25. Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year,
http://content.dell.com, February 15, 2011.
26. Matthew Wilkins, Dell Increases PC Market Lead over Acer in Q4, Courtesy of
Apples iPad, http://www.isuppli.com, March 10, 2011.
27. Eureka Forbes to Enter Packaged Water Segment, www.thehindubusinessline.com,
July 10, 2011.
28. Eureka Forbes to Enter Packaged Drinking Water Market,
http://articles.economictimes.indiatimes.com, July 20, 2011.
29. Eureka Forbes Eyes 33% Revenue from Vacuum Cleaners by 2014,
www.moneycontrol.com, August 22, 2011.
30. Amar Toor, IDC and Gartner: Lenovo Leaps Past Dell for Second Place, Still Trails
HP for the Gold, www.engadget.com, October 17, 2011.
31. Michael Dell, http://investhunt.com, 2011.
32. Dells Turnover Hits $41 Billion, www.guardian.co.uk, 2011.
33. Annual Financials for Dell Inc., http://www.marketwatch.com, 2011.
34. % of Net Revenues for Dell, www.wikinvest.com.
35. Eureka Forbes Customer Care India, www.eurekaforbes.com.
36. Eureka Vacuum Cleaners, http://home.vocaboly.com.
37. Michael Dell Articles, www.evancarmichael.com.
38. Robert D Hisrich and Michael P Peters, The Marketing Plan, http://gsme.sharif.edu.
39. Dell Inc. - Company Profile, Information, Business Description, History,
Background Information on Dell Inc., www.referenceforbusiness.com.

17