A study of Strategic

Management of ITC

Group 8 :

Amitesh Priolkar (2009009) Purnima Yeshwant Kamat Tarkar(2009032)

Rachit Mehta (2009033) Alok Shetty (2009047)

Siddharth Chaku (2009048) Suchitra Mohan (2009055)

Ankit Tandon (2009056)

Table of Contents

Company Overview ................................................................................................................................ 3

External Environment ............................................................................................................................. 3

Political/Legal Factors ........................................................................................................................ 3

Economic Factors ................................................................................................................................ 3

Social Factors ...................................................................................................................................... 3

Technological Factors ......................................................................................................................... 4

Environmental Factors ........................................................................................................................ 4

Legal Factors ....................................................................................................................................... 4

Internal Environment .............................................................................................................................. 4

Resources ............................................................................................................................................ 4

Capabilities ......................................................................................................................................... 4

Core Competencies ............................................................................................................................. 4

ITC’s Corporate Strategy ........................................................................................................................ 5

ITC’s Product Line ................................................................................................................................. 7

Fast Moving Consumer Goods(FMCG) ................................................................................................. 8

ITC’s CIGARETTE ............................................................................................................................ 8

Pricing Strategy of ITC Cigarettes .................................................................................................. 8

COST CONTROL STRATEGY in the food division......................................................................... 8

Differentiation Strategy for Sunfeast biscuits ................................................................................. 9

Hybrid Strategy for Bingo............................................................................................................... 9

Retail Activation Strategy ................................................................................................................... 9

ITC e-Choupal: ..................................................................................................................................... 10

ITC’s Paperboards And Speciality Paper Business .............................................................................. 11

ITC’s Diversification Strategy .............................................................................................................. 13

Diversification of ITC’s business ..................................................................................................... 14

Economies of scope ...................................................................................................................... 14

Corporate Managerial Capabilities ............................................................................................... 14

Increased Market Power................................................................................................................ 14

Bibliography ......................................................................................................................................... 16

Company Overview

ITC Ltd, which had originally started in 1910 under the name of ―Imperial Tobacco

Company of India Limited‖ with humble beginnings, is a leading FMCG Cigarette major is

one of the most valuable companies of India. It has been rated among the World's Best Big

Companies by Forbes magazine. (http://www.itcportal.com, 2007) Although the company is

most famous for its tobacco business consisting of cigarette, now the company has ventured

into a number of new businesses providing a variety of products and services. These include

the hospitality industry with their hotels, their products such as paperboards, paper and

packaging, their agricultural exports business and some other fast moving consumer

goods(FMCG) such as branded packaged foods, safety matches and incense sticks.

Mission: To enhance the wealth generating capability of the enterprise in a globalizing

environment, developing superior and sustainable stakeholder value

(http://www.itcportal.com)

Vision: Sustain ITC’s position as one of India’s most valuable corporations through world

class performance, creating growing value for the Indian economy and the Company’s

stakeholders (http://www.itcportal.com)

External Environment

Political/Legal Factors The increase in the tax policies such as increase in excise duty and the VAT from 12.5% to

20% in three major cigarettes consumption states of Maharashtra, Rajasthan and Delhi have

resulted in the increase in the overall selling price of the cigarettes which deters the potential

customers and results in lower sales. On the other hand, the political policies have had a

positive impact on the hotel business. For example, the removal of the expenditure tax from

2007-08 and the exemption of Service Tax in Budget 2008-09 which helps in increasing the

buying power of the customers. (http://indiabudget.nic.in)

Economic Factors With non filter cigarettes being levied the same tax as compared to the filter cigarettes, there

was a sharp decline in the volume of the non –filter cigarettes for FY09. ITC’s volume

declined by only 3% even though it discontinued the production of non –filter cigarettes.

ITC’s volume was supported by filter cigarettes which grew by almost 15% in FY09 despite

the price hike. This shows that ITC is gaining at the expense of competitors. This shows that

ITC is gaining at the expense of competitors. On the hotel front, ITC

Social Factors The aspirations of the tobacco consumers to upgrade the consumption can multiply the shares

of cigarettes. However, growing public concern with regard to the consumption of tobacco

has led the government to ban all sorts of advertisements like the commercials, print media

and pamphlets. This may act as a setback for the company. For the hospitality business, the

society is now turning more towards an individual oriented culture which means that people

spend only for themselves. The rise in the per capita income and the working population in

the country is also a good sign for the company because the number of people willing to

spend more on leisure increases.

Technological Factors ITC came a long way on the technological front. With state of the art factories and cheap

labor supply from the second largest tobacco producing country in the world, India, the

supply chain management of the ITC follows the latest trend. ITC also has the great inventory

control and logistics support. They have also been adapting other quality concepts such as

quality control, total quality management and 6-sigma concepts.

Environmental Factors The main source of raw material for cigarettes is tobacco which is found mainly in the states

of Andhra Pradesh and Karnataka in India. The environment is favourable for the company

because of the abundance of raw material and inexpensive and large availability of cheap

labour.

Legal Factors The developments in the environmental and consumers regulations and protection such as the

ban on smoking and the ban on selling cigarettes to minors have resulted in setbacks for the

company in terms of the number of sales of their product which draws them the most

revenue. The legal issues related to the hospitality industry affect the international customers

because of the visa and other administrative issues involved.

Internal Environment

Resources The physical resources such as the raw material are available in abundance in India. The

resources of innovation such as the e-Choupal initiative are very useful intangible benefits of

the company.

Capabilities

The state of art factories of ITC are one of the capabilities of the company. The technological

advantages of the company combined with the labor have allowed the company to develop

their resources well into their capabilities.

Core Competencies

ITC knows how to capitalize on its core competencies, which include unmatched distribution

reach, superior brand-building capabilities, effective supply chain management and

acknowledged service skills in hoteliering. This has also helped them to strategically

diversify and enter into the foods division.

ITC’s Corporate Strategy

ITC’s corporate strategies are aimed at matching its core capabilities with market opportunities to

produce superior shareholder value. The key corporate strategies are as follows:

1. Continue to focus on the core business of cigarettes and Tobacco, Hotels, packaging and

paperboard

2. Ensure that each of its businesses meets the three criteria of sustainability, namely market

standing, profitability and internal vitality. Making an exit from business which does not meet

these criteria within an agreed time frame.

There is a classic example of this case. The decision to exit from the Financial Services and

Edible Oils businesses was based on the need to focus on such businesses where the Company

possessed a credible track record, and where it had the relative capacity to strengthen and

nurture core capabilities over time to sustain a leadership position in the Indian global market

of tomorrow.

A careful analysis made it readily evident that ITC was not well positioned to add long term

value in these areas. In fact, persisting with these businesses over the years had caused a

substantial drain of corporate energy and shareholder value. A hard-nosed, determined and

responsible exit was the only answer.

During the annual general meeting in 2009, Mr. Deveshwar said clearly that It would be the

endeavour of the Board to keep the portfolio of businesses under periodic review. They would

not hesitate to invite a partner, or even to exit a business, if it is concluded that our capabilities

cannot match competitive forces in a reasonable time span. Each of the businesses that remain

in the company's portfolio, therefore, would have to subserve the abiding purpose of

generating value.

3. Ensure that each business is internationally competitive in the Indian Global Market

4. Create distributed leadership within the organization by nurturing talented and focussed top

management teams for each of its businesses

5. ITC’s Corporate Governance/ Organisation Structure

Institute and practice a system of corporate governance appropriate to ITC’s character and

constitution. Such a system of governance must achieve a wholesome balance between the

need for executive freedom for management and the requirement of a framework for effective

accountability

Formal 3-tiered governance structure

Board of Directors

Comprising executive (4) and non-executive directors (11)

Strategic supervision

Corporate Management Committee

Comprising executive directors and senior managers

Strategic management

Divisional Chief Executive & Divisional Management Committee

Executive management

Flowing from the concept and principles of Corporate Governance adopted by the Company,

leadership within ITC is exercised at three levels.

Level I

The Board of Directors at the apex, as trustee of shareholders, carries the responsibility for

strategic supervision of the Company.

Level II

The strategic management of the Company rests with the Corporate Management Committee

comprising the whole time Directors and members drawn from senior management.

Level III

The executive management of each business division is vested with the Divisional

Management Committee (DMC), headed by the Chief Executive. Each DMC is responsible

for and totally focused on the management of its assigned business.

This three-tiered interlinked leadership process creates a wholesome balance between the

need for focus and executive freedom, and the need for supervision and control. The

divisional CEOs present their plans, strategies and budgets and get them approved by the

board. ―ITC’s Board of Directors acts like a venture capitalist and sets strict qualitative and

quantitative milestone and end-of-the-road goals on financial, market standing, market share

and other parameters that Divisional CEOs—the operational heads of ITC’s various

businesses— have to deliver on. Branding, marketing, distribution and logistics are handled

centrally.

Each division has its own autonomous ―board‖ and CEO and is granted full freedom to drive

the enterprise forward without undue restraints, but, at the same time, this freedom is

exercised within a framework of effective accountability overseen by the Chairman and the

Executive Directors.

Terms of reference of the Board Committees shall include

a. Objectives, role and responsibilities

b. Authority/Power

c. Membership and Quorum

d. Chairmanship

e. Tenure

f. Frequency of meeting

This strategy, of having ―companies within a company‖, has worked well for ITC. Over the

last five years, its top and bottom lines have grown at a CAGR of 12.9 per cent and 23.7 per

cent, from Rs 11,194.47 crore and Rs 1,371.35 crore, respectively, to Rs 19,841.54 crore and

Rs 2,691.97 crore. Then, it has also enabled ITC to seed and grow several new business units,

many of which have become market leaders or serious challengers in their segments.

6. Secure the future growth of the company by creating new businesses which leverage the

strength of its core competencies residing in various businesses.

ITC’s Product Line

ITC has divides its business into the following five divisions:

FAST MOVING CONSUMER GOODS (FMCG)

Cigarettes, Packaged foods & Confectionary, Lifestyle Retailing, Personal Care,

Education & Stationary, Safety Matches & Incense Stick

HOTEL

ITC Welcomgroup Hotels

PAPERBOARDS AND PACKAGING

Cyber XLPac, Cyber Cypak, Cyber Propac, Safire Graphik, Art Maestro, Carte Persona,

Indobev, Indobarr, Ecoviron, Fusion (Paperboards)

AGRI-BUSINESS

Soyameal, Rice (Basmati & Non Basmati), Wheat, Pulses, Sesame Seeds, HPS

Groundnuts, Castor oil, Shrimps and Prawns, Fruit Purees/Concentrates, IQF/Frozen

Fruits, Organic Fruit Products, Fresh Fruits, Coffee, Black Pepper, Chilly, Turmeric,

Ginger, Celery and other Seed Spices. (Agri Commodities), Choupal Saagar, Choupal

Fresh, Choupal Pradarshan Khet (e- Choupal), Leaf tobacco, Spices

INFORMATION TECHNOLOGY

ITC Infotech

Revenues from each of these business units are as follows:

After having understood the corporate strategy at ITC we will now look into the strategies

adopted at each of its business unit levels.

Fast Moving Consumer Goods(FMCG)

ITC’s CIGARETTE

ITC is the market leader in cigarettes in India. With its wide range of invaluable brands, it has a

leadership position in every segment of the market. It's highly popular portfolio of brands includes

Insignia, India Kings, Classic, Gold Flake, Silk Cut, Navy Cut, Scissors, Capstan, Berkeley, Bristol

and Flake. With three out of four cigarettes consumed in India coming from its stable, ITC is a clear

leader in the business. ITC enjoys an 84% share of the cigarette by market value. Its cigarette business

accounts for 83% of overall profit. Excise and other duties on cigarettes make up 58% of the selling

price and thus the pricing of cigarettes is largely driven by government policies.

ITC's three main competitors in the Indian cigarette industry are VST, Godfrey Phillips and Golden

Tobacco. Together the four firms account 90% of the market share. ITC has been able to reach the top

position because of its single minded focus on value creation for the consumers via its significant

investments in product design, innovation, manufacturing technology, quality, marketing and

distribution. ITC's cigarettes are produced in its state-of-the-art factories which are situated at

Bangalore, Munger, Saharanpur and Kolkata. These factories are known for their extremely high

levels of quality, contemporary technology and work environment.

Pricing Strategy of ITC Cigarettes

ITC is the market leader in tobacco industry with almost 85 % of market share. So it is operating in a

kind of monopolistic business environment where price is not affected by external environment other

than the government tax regulations. Very recently, under the union budget 2010, excise duty has

been increased by 17 % on cigarettes which are longer than 60 mm. Most of the cigarettes

manufactured by ITC falls in this bracket. The company eventually had to hike the cigarette price to

compensate. ITC has hiked the price of its flagship cigarette brand Gold Flake Kings by 7-8.

COST CONTROL STRATEGY in the food division

When ITC started its food division, its main challenge was to compete with the players who were

already there. To overcome this challenge, ITC realized that they have to offer products at a price

which is equal to or lesser than what is being offered. So, they planned to capitalize by leveraging the

strength of its other businesses like tobacco’s distribution network and e-Choupal.

ITC’s printing and packaging business provided high quality, cost effective and innovative packaging.

ITC’s strong e-Choupal network covering 34,000 villages gives it unparalleled procurement and

distribution muscle. Wheat is the primary input in the atta and biscuits segments, which contribute the

bulk of ITC’s revenues. It is also the commodity in which we have the strongest presence.

Differentiation Strategy for Sunfeast biscuits

Before entering the biscuit business, ITC did a lot of market research and concluded that there were

lots of strategic gaps where ITC could benefit. New recipe and innovation was the key here. ITC took

a calculated risk by launching Sunfeast with six ranges. However, ITC was still producing category

favourites like Glucose, Marie and Bourbon cream.

The strategy followed by ITC here was the differentiation strategy. They differentiated their biscuits

from the other types of biscuits available in the market. Their aim was to achieve competitive

advantage by offering better biscuits at the same price. The company follows the going rate pricing

that is the price of the product depends upon the competitors’ price. The firm chooses pricing more or

less same as that of the market leader. ITC’s e chaupal which is kind of centre of excellence also

augurs well for the sunfeast brand. Biscuits industry had not witnessed any major product innovation

in years, so ITC launched innovations such as orange-flavoured Marie, Marie light and butterscotch-

flavoured cream biscuits

Hybrid Strategy for Bingo

In case of Bingo!, we think that it was the hybrid strategy which played the trick. ITC offered

completely different kind of chips catering to the Indian taste buds (differentiation) and still is

offering them at a price which is lower than that of its competitors like Frito Lays etcetera. That’s the

reason why Bingo, within six months of launch captured 12-15 percent of the total market share. ITC

used its core competencies (Expertise of ITC hotels chefs, E- Chaupal, the best distribution channel)

in order to achieve success. This was used as an entry strategy in the chips market.

As of now Indian snack industry is about 2500 crores. Frito Lays has 48%, Haldiram has 25% market

share and ITC bingo has 14% share. Rest of the market is dominated by few regional players like

Balaji.

Retail Activation Strategy

The 'boutique store' concept, experimented at the ITC Maurya in Delhi, will now be taken national.

Plans are afoot to roll out 10 boutique stores across the country in 1-2 years, mainly in ITC's Luxury

Collections hotels. ITC’s garment retailing arm Wills Lifestyle is looking to synergise its operation

with its hotel business. The company will set up stores at ITC-run star hotels to leverage on the

ambience.

The company is strengthening its position in the ramp-to-rack initiative where designer wear will be

available at affordable price.

The company is also focusing on women’s wear. Women’s wear is growing at 35 per cent annually.

Company has offered a wider product assortment with a shorter product lifecycle of 6-8 weeks, as

opposed to 3-4 months earlier. Wills has also collaborated with international design studios

Alessandra Macchi Studio (Italy) for flat knits and with Ricardo Rami Studio (Italy) for fashion wear

for women.

ITC e-Choupal:

A strong example of corporate strategy linking business purpose to larger societal purpose, e-Choupal

leverages the Internet to empower small and marginal farmers – who constitute a majority of the 75%

of the population below the poverty line in India. e-Choupal removed the constraints of rural

commerce by bridging the rural differences of incomes and opportunities for the poor, while creating

a new business opportunity for companies willing to tackle these inefficiencies. Their basic objective

was to create a Win-Win transaction model. The success of e-Choupal should come from the

condition in which both the farmer and the processor share the benefits coming out of the elimination

of middle men due to timely information availability.

To quote Mr. Sivakumar, CEO of ITC’s agri-business division, “While the eChoupal network was

initiated to facilitate more efficient and effective procurement, the connectivity — both physical and

informational — between the farmer and the market that it also facilitated and allowed ITC to use it

for distribution of goods and services from the market to the farmer.”

Though e-Choupal is an Innovative Product mainly aimed at the rural market but still it is very clear

that Michael Porter’s Value Chain Strategy is extensively used to build the business model.

For example in the above diagram if we consider the value chain of ITC e-Choupal based on their

cost they are totally saving the Inbound Logistics, Marketing & Sales, Services, Firm Infrastructure

and HRM. The cost incurred for Technology is also very minimal. Hence the whole cost is revolving

around the Procurement, Operations and Outbound Logistics vertical.

With this Value Chain not only ITC’s revenue is increasing, the margin is also significantly higher

than expected.

An organization may seek the benefits of synergies by building a portfolio of businesses through

related and unrelated diversification.

The e-choupal business strategy is also bringing in a lot of synergies thus helping the other divisions

as well with the unlimited sourcing of Raw Materials.

ITC’s Paperboards And Speciality Paper Business

The unorganized players totally dominated the Paper industry, when ITC entered into it. Hence ITC

had to develop a new Product in an existing Market to gain foothold.

Ansoff's Model can be easily applied here whereby with new capabilities ITC entered into a new

Market by creating new Products.

The stationery products business in India was fiercely price competitive and, therefore, ITC's new

products were just 5 per cent more expensive than its nearest unorganized competitors. With respect

to the organized ones the products were almost similarly priced if compared to Camlin or Navneet

Books.

ITC used a different Strategy for expansion in this sector. They targeted Multiple Markets, i.e. they

used multi-local expansionary Strategy. They targeted 2 different Market Segments by creating two

Sets of products aligned to the individual needs of those segments. That was a masterstroke.

The 2 different segments and the Product Brands are:

Students – Classmates

Corporate - Paperkrafts

A large chunk of its stationery products revenues to come from the Classmate brand which is being

aggressively promoted through school contact programmes, point-of-sale promotions, and the

Classmate Young Author Contest. The Classmate products are mainly aimed at students and thus they

have launched ballpoint and gel pens under this brand whereas PaperKraft products are basically

targeted at corporates and executives and hence ITC uses this brand for markers and highlighters.

However breaking into the market is not easy as distribution of a mass product like notebooks can be

an expensive proposition, which actually explains the lack of national organized players.

But ITC has a huge advantage which its competitors do not have i.e. Classmate and Paperkraft

leverages

ITC’s back-end (paper)

The paper (Back-end) business of ITC, which was bleeding 12 years ago, turned around with the help

of a clonal propagation programme covering 100,000 hectares. ITC's paperboards business is

critically dependent on wood pulp for raw material. Another Strategy was instead of opting for

imports, the company took a decision to source its fibre by mobilizing tribal to plant trees on their

private wastelands and encouraging small and marginal farmers to undertake farm forestry

programmes in the vicinity of the mill. This Strategy had 2 positive effects:

1. Low Cost Raw Material (no need to import)

2. Employment for the Tribal (CSR)

The tribal are given saplings at break-even cost. Of the 100,000 hectares, around 3,000 is a

registered clean development mechanism project. The whole initiative improved profit margins from

15 per cent to 30 per cent over a period, while mitigating external risks.

ITC’s Front-end capacities (Sales and Distribution)

The vast sales and Distribution network that the Company has developed over the years by selling

cigarettes can easily be leveraged for new Products that ITC intend to launch. Hence every mass

product that it launches will always enjoy the above benefit.

As a future goal, at a corporate level, ITC has announced close to Rs 5,000 crore (Rs 50 billion)

investments in paper and paperboards business. The tie-ups with the Tribal has immensely helped the

company and also increased their volumes significantly. While ITC supply the paper, the

manufacturing is carried out by small scale industries. This outsourcing of production has turned out

to be a great strategy. The successful entry into the Paper Industry marks the correct implementation

of different Strategies applied by the Company.

ITC’s Diversification Strategy

Pros & cons of Diversification

Pros Economies of scale and scope

- Operational synergies can be realized.

- Spreading the firm's unutilised organizational resources to other areas can create value.

- Leveraging skills across businesses can create value.

Transaction costs

- Coordination among independent firms may involve higher transaction costs.

Internal capital market

- Cash from some businesses can be used to make profitable investments.

- External finance may be more costly due to transaction costs, monitoring costs, etc.

Diversifying shareholders’ portfolios

- Individual shareholders may benefit from investing in a diversified portfolio.

Identifying undervalued firms

- Shareholders may benefit from diversification if its managers are able to identify firms that

are undervalued by the stock market.

Cons - Combining two businesses in a single firm is likely to result in substantial influence costs.

- Resource allocation can be influenced by lobbying.

- Costly control systems may be needed that reward managers based on division profits and

discipline managers by tying their careers to business unit objectives.

- Internal capital markets may not work well in practice.

- Shareholders can diversify their own personal portfolios. Corporate managers are not really

needed to do this.

- Identifying undervalued firms may not be as easy as it sounds.

ITC gives us the best example of diversifying into new businesses. Though it is a subsidiary of the

UK based BAT, ITC has always operated with considerable autonomy. Among the businesses which

ITC has entered in recent years are apparel retailing and branding, ready-to-eat packaged foods,

confectionery items, InfoTech, paper and boards.

ITC has been the leader in the tobacco business, but it has realised from the upcoming trends that

remaining with a single business is not a noble thought; moreover the company was threatened of the

annti tobacoo campaign. ITC made its first foray into a non-tobacco business long back in the 1970s,

when it entered the hotel industry. Since then the company has diversified into a variety of other

businesses- sportswear, greeting cards, ready to serve packaged foods, confectionery, branded staples,

information technology, greeting cards and stationery to reduce its dependence on its cigarette

business.

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 hotel

industry. Diversification is a strategy which takes the organisation into new markets and products or

services and therefore increases the diversity that a corporate parent must oversee. Over time, the

strategic forays into new businesses are expected to garner a significant share of these emerging high-

growth markets in India.

Diversification of ITC’s business

Economies of scope

CSR is a common activity which an organisation does. Looking closely at the processes we can easily

come to know about the synergies which exists among the different businesses of ITC. It’s expertise

in Distribution channel have enabled ITC to launch its other FMCG products in the most efficient

manner. The hotels were used as a marketing tool for launching some of its wills lifestyle retail

outlets. Again the chefs from the welcomgroup hotel individually prepared 16 different flavours of

Bingo. The blending technology used in manufacturing cigarettes was widely used in other businesses

as well. Paper and packaging business dramatically reduced the overall cost of packaging of FMCG

goods. E-chaupal catered to the sourcing need of the foods division. Be it anything, Bingo,

Aashirvaad atta, Procurement of wheat, potatoes, everywhere E-chaupal played an important role.

Corporate Managerial Capabilities

ITC has, over the past 80-90 years, developed appraisal and employee feedback systems that have

served it well and thrown up leaders at every level. An executive working in the tobacco division can

get the opportunity to work in the hotels, agri business, FMCG or paper divisions depending on his or

her inclination and track record. The company also encourages employees to seek transfers across its

divisions. Ravi Naware, Divisional Chief Executive of ITC Foods, for example, is a former tobacco

executive, who launched the division he now heads. The attrition rate at ITC is 5-6 per cent compared

to the FMCG industry average of 10-12 per cent. All these business leaders enjoy a very high degree

of autonomy and run their divisions as entrepreneurs would

Increased Market Power

Already Aashirvaad atta is a market leader. Bingo and sunfeast are doing well in their

respective markets.

Current market for safety matches is estimated at Rs. 1250 crores per annum for 24 billion

match boxes. Aim brand of safety matchbox is at present the highest selling brand.

Current industry consumer spend estimated at over Rs. 21000 crores per annum for the beauty

care market which is growing at the rate of 12 %.

Mangaldeep incense stick is the only national brand in the category

An emerging (currently Rs 9000 cr stationery) market in India

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