To Estimate the Biscuits Industry and identify the critical success factors OBJECTIVE OF THE STUDY To determine the key players operating in the industry by estimating their volumes and critically evaluate their distribution practices. Scope of the study: The study shall entail the following: Complete understanding of the category and industry. - The key players with brand wise volumes - Availability & Visibility figures of key players by channels Understanding of the distribution process and the components of the distribution chain: - The players: Distributor, trade (Wholesale & retail), Salesman. - Various channels and their dynamics (wholesale, convenience, grocer, tea stall/restaurant…).
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To Estimate the Biscuits Industry and identify the critical success factors
OBJECTIVE OF THE STUDY
To determine the key players operating in the industry by estimating their
volumes and critically evaluate their distribution practices.
Scope of the study: The study shall entail the following:
Complete understanding of the category and industry.
- The key players with brand wise volumes
- Availability & Visibility figures of key players by channels
Understanding of the distribution process and the components of the
distribution chain:
- The players: Distributor, trade (Wholesale & retail), Salesman.
- Various channels and their dynamics (wholesale, convenience,
grocer, tea stall/restaurant…).
- Distribution infrastructure (vehicle, sales force…)
- Distribution norms and practices: (inventory, billing, credit, delivery,
frequency of service…)
- Strengths and weaknesses of various players as regard distribution.
Understanding of various trade schemes in the market.
To Estimate the Biscuits Industry and identify the critical success factors
- Critically analyze the schemes as regards their design and
effectiveness.
Recommendations for ITC to formulate a distribution strategy to align
with industry needs.
Location of the Study: Saharanpur.
Duration of the Study: 6 weeks
Methodology:
The project be broadly divided into 3 parts:
Part 1: Understanding of the distribution systems at different WD point
(across companies).
Part 2: Collection of data regarding industry figures, key players,
availability, schemes etc by carrying out a detailed market survey.
Part 3: Collation of data and preparation of recommendations.
Part 1 and Part 2 should be carried out simultaneously.
To Estimate the Biscuits Industry and identify the critical success factors
L I T E R A T U R E R E V I E W
MARKETING CHANNEL
Marketing channel are sets of interdependent organizations, involved in the
process of making a product or service available for use or consumption.
From the outset, it should be recognized that not only do marketing channels
satisfy demand of supplier goods and services at right place, quantity,
quality and price, but they also stimulate demand through the potential
activities of the unit (e.g., retailer, manufacturer, representative, sales officer,
wholesaler comprises them. Therefore the channel should be viewed as an
orchestrated network that creates value for the use of consumers through
the generation of firm, possession, time and place utilities. Members of
marketing channel perform a number of key functions. Some of the functions
are:
1. Information
2. Promotion
3. Negotiation
4. Ordering
5. Financing
6. Risk taking
7. Physical possession
To Estimate the Biscuits Industry and identify the critical success factors
8. Payment
1. Information: the collection and dissemination of marketing research
information about potential and current customer, competitors and the
other forces in market environment.
2. Promotion: The development and pervasive communication design to
attract customer to its offer.
3. Negotiation: The attempt to reach the final agreement on price and
other form so that transfer of ownership or possession can be
affected.
4. Ordering: Marketing channel member’s communication of intervention
to buy to the manufacturer goods.
5. Financing: the acquisition and allocation of funds required to finance
inventories at different links of marketing channel.
6. Physical possession: The successive storage and movement of
physical product from raw materials to the final customers.
7. Payment: Buyers payment of the bill to the seller through banks and
other financial institutions.
To Estimate the Biscuits Industry and identify the critical success factors
DISTRIBUTION STRATEGIES
Companies have to decide on the number of intermediaries to use in their
channel. The various strategies that are available are as follows:
Exclusive distribution
Selective distribution
Intensive distribution
Exclusive distribution: It involves severely limiting the number of
intermediaries handling the company goods or services. It is used when the
producer wants to maintain a great deal of control over the source level and
service output offered by the reseller. Often it involves exhaustive dealer
agreement in which dealer agrees not to carry competitive brand. By
generating exclusive distribution, the product hopes to obtain more
aggressive and knowledge selling. Exclusive distribution tends to enhance
the product image and attain larger markups. It requires greater partnership
between the seller and the reseller and it is found in major industrial
products, automobiles sector etc.
Selective distribution: It involves more than a few and less than all of the
intermediaries who are willing to carry a particular product. It is use both by
established companies and by new companies seeking to obtain distributors.
In this distribution the company does not have to dissipate its effort over
To Estimate the Biscuits Industry and identify the critical success factors
many outlet, rather it can develop a good working relation with its selected
intermediaries and expect a better than average selling effort with more
control and less cost than intensive distribution.
Intensive distribution: This involves placing the goods or services in as
many outlets as possible. When the consumers require a great deal of
location convenience. This strategy is generally used for consumer items like
tobacco products, soap, snacks and cosmetics.
To Estimate the Biscuits Industry and identify the critical success factors
DISTRIBUTION CHANNEL
Distribution issues come into play heavily in deciding brand level strategy. In
order to secure a more exclusive brand label, for example, it is usually
necessary to sacrifice volume—it would do no good for Mercedes-Benz to
create a large number of low priced automobiles. Some firms can be very
profitable going for quantity where economies of scale come into play and
smaller margins on a large number of units add up—e.g., McDonald’s
survives on much smaller margins than upscale restaurants, but may make
larger profits because of volume. Some firms choose to engage in a niching
strategy where they forsake most customers to focus on a small segment
where less competition exists (e.g., clothing for very tall people).
Distribution Objectives
Interrelated objectives: A firm’s distribution objectives will ultimately be highly
related—some will enhance each other while others will compete. For
example, as we have discussed, more exclusive and higher service
distribution will generally entail less intensity and lesser reach. Cost has to
be traded off against speed of delivery and intensity (it is much more
expensive to have a product available in convenience stores than in
supermarkets, for example).
Narrow vs. wide reach: The extent to which a firm should seek narrow
(exclusive) vs. wide (intense) distribution depends on a number of factors.
To Estimate the Biscuits Industry and identify the critical success factors
One issue is the consumer’s likelihood of switching and willingness to
search. For example, most consumers will switch soft drink brands rather
than walking from a vending machine to a convenience store several blocks
away, so intensity of distribution is essential here. However, for sewing
machines, consumers will expect to travel at least to a department or
discount store, and premium brands may have more credibility if they are
carried only in full service specialty stores.
Retailers involved in a more exclusive distribution arrangement are likely to
be more “loyal”—i.e., they will tend to
Recommend the product to the customer and thus sell large quantities;
Carry larger inventories and selections; and
Provide more services
Thus, for example, Compaq in its early history instituted a policy that all
computers must be purchased through a dealer. On the surface, Compaq
passed up the opportunity to sell large numbers of computers directly to
large firms without sharing the profits with dealers. On the other hand,
dealers were more likely to recommend Compaq since they knew that
consumers would be buying these from dealers. When customers came in
asking for IBMs, the dealers were more likely to indicate that if they really
wanted those, they could have them—“But first, let’s show you how you will
get much better value with a Compaq.”
To Estimate the Biscuits Industry and identify the critical success factors
Distribution opportunities: Distribution provides a number of opportunities for
the marketer that may normally be associated with other elements of the
marketing mix. For example, for a cost, the firm can promote its objective by
such activities as in-store demonstrations/samples and special placement
(for which the retailer is often paid). Placement is also an opportunity for
promotion—e.g., airlines know that they, as “prestige accounts,” can get very
good deals from soft drink makers who are eager to have their products
offered on the airlines. Similarly, it may be useful to give away, or sell at low
prices, certain premiums (e.g., T-shirts or cups with the corporate logo.) It
may even be possible to have advertisements printed on the retailer’s bags
(e.g., “Got milk?”)
Other opportunities involve “parallel” distribution (e.g., having products sold
both through conventional channels and through the Internet or factory outlet
stores). Partnerships and joint promotions may involve distribution (e.g.,
Burger King sells clearly branded Hershey pies).
Deciding on a strategy. In view of the need for markets to be balanced, the
same distribution strategy is unlikely to be successful for each firm. The
question, then, is exactly which strategy should one use? It may not be
obvious whether higher margins in a selective distribution setting will
compensate for smaller unit sales. Here, various research tools are useful.
In focus groups, it is possible to assess what consumers are looking for and
which attributes are more important. Scanner data, indicating how frequently
various products are purchased and items whose sales correlate with each
To Estimate the Biscuits Industry and identify the critical success factors
other may suggest the best placement strategies. It may also, to the extent
ethically possible, be useful to observe consumers in the field using products
and making purchase decisions.
Here, one can observe factors such as:
How much time is devoted to selecting a product in a given category,
How many products are compared,
What different kinds of products are compared or are substitutes (e.g.,
frozen yogurt vs. cookies in a mall), and
What are “complementing” products that may cue the purchase of others
if placed nearby?
Channel members—both wholesalers and retailers—may have valuable
information, but their comments should be viewed with suspicion as they
have their own agendas and may distort information.
Direct Marketing
We consider direct marketing early in the term as a “contrast” situation
against which later channels can be compared. In general, you cannot save
money by “eliminating the middleman” because intermediaries specialize in
performing certain tasks that they can perform more cheaply than the
manufacturer. Most grocery products are most efficiently sold to the
consumer through retail stores that take a modest mark-up—it would not
To Estimate the Biscuits Industry and identify the critical success factors
make sense for manufacturers to ship their grocery products in small
quantities directly to consumers.
Intermediaries perform tasks such as
Moving the goods efficiently (e.g., large quantities are moved from
factories or warehouses to retail stores);
Breaking bulk (manufacturers sell to a modest number of wholesalers in
large quantities—quantities are then gradually broken down as they
make their way toward the consumer);
Consolidating goods (retail stores carry a wide assortment of goods from
different manufacturers—e.g., supermarkets span from toilet paper to
catsup); and
Adding services (e.g., demonstrations and repairs).
Direct marketers come in a variety of forms, but their categorization is
somewhat arbitrary. The main thing to consider here is each firm’s functions
and intentions. Some firms sell directly to consumers with the express
purpose of eliminating retailers that supposedly add cost (e.g., Dell
Computer). Others are in the business not so much to save on costs, but
rather to reach groups of consumers who are not easily reached through the
stores. Others—e.g., online travel agents or check printers—provide heavily
customized services where the user can perform much of the work.
Telemarketers operate by making the promotion an integral part of the
To Estimate the Biscuits Industry and identify the critical success factors
process—you are explained the benefits of the product in an advertisement
or infomercial and you then order directly in response to the promotion.
Finally, some firms combine these roles—e.g., Geico is a customizer, but
also claims, in principle, to cut out intermediaries.
There are certain circumstances when direct marketing may be more useful
—e.g., when absolute margins are very large (e.g., computers) or when a
large inventory may be needed (e.g., computer CDs) or when the customer
base is widely dispersed (e.g., bee keepers).
Direct marketing offers exceptional opportunities for segmentation because
marketers can buy lists of consumer names, addresses, and phone-numbers
that indicate their specific interests. For example, if we want to target auto
enthusiasts, we can buy lists of subscribers to auto magazines and people
who have bought auto supplies through the mail. We can also buy lists of
people who have particular auto makes registered.
To Estimate the Biscuits Industry and identify the critical success factors
CHANNEL STRUCTURE
Paths to the customer
For most products and situations, it is generally more efficient for a
manufacturer to go through a distributor rather than selling directly to the
customer. This is especially the case when consumers need to have variety
and assortment (e.g., consumer would like to buy not just toothpaste but
also other personal hygiene products, and even other grocery products at
the same place), when products are bought in small volumes or at low value
(e.g., a candy bar sells for less than Rs. 20), or even intermediaries have
skills or resources that the manufacturer does not (a sales force,
warehousing, and financing). Nevertheless, there are situations when these
conditions are not met—most typically in industrial settings. As an extreme
case, most airlines are perfectly happy only being able to buy aircraft and
accessories from Boeing and would prefer not to go through a retailer—
particularly since the planes are often highly customized. More in the "gray"
area, it may or may not be appropriate to sell microcomputers directly to
consumers rather than going through a distributor—the costs of providing
those costs may be roughly comparable to the margin that a distributor
would take.
Potential channel structures
To Estimate the Biscuits Industry and identify the critical success factors
Channel structures can assume a variety of forms. In the extreme case of
Boeing aircraft or commercial satellites, the product is made by the
manufacturer and sent directly to the customer’s preferred delivery site. The
manufacturer, may, however, involve a broker or agent who handles
negotiations but does not take physical possession of the property. When
deals take on a smaller magnitude, however, it may be appropriate to
involve retailer--but no other intermediary. For example, automobiles, small
planes, and yachts are frequently sold by the manufacturer to a dealer who
then sends directly to the customer. It does not make sense to deliver these
bulky products to a wholesaler only to move them again. On the other hand,
it would not make sense for a Mumbai customer to fly to Delhi, buy a car
there, and then drive it home. As the need for variety increases, a
wholesaler may then be introduced. For example, an office supply store
needs to sell more merchandise than any one manufacturer can produce.
Therefore, a wholesaler will buy a very large quantity of binders, file folders,
staplers, reams of paper, glue sticks, and similar products and sell this in
smaller quantities—say 200 staplers at a time—to the office supply store,
which, in turn, may go to another wholesaler who has acquired telephones,
typewriters, and photocopiers. Note that more than one wholesaler level may
be involved—a local wholesaler serving the Inland Empire may buy from
each of the two wholesalers listed above and then sell all, or most, of the
products needed by local office supply stores. Finally, even in longer
channels, agents or brokers may be involved. This, in particular, will happen
when the owner of a small, entrepreneurial company has more experience
To Estimate the Biscuits Industry and identify the critical success factors
with technology than with businesses negotiations. Here, the manufacturer
can be freed, in return for paying the agent, from such tasks, allowing him or
her to focus on what he or she does well.
Criteria in selecting channel members
Typically, the most important consideration whether to include a potential
channel member is the cost at which he or she can perform the required
functions at the needed level of service. For example, it will be much less
expensive for a specialty foods manufacturer to have a wholesaler get its
products to the retailer. On the other hand, it would not be cost effective for
Procter & Gamble and Wal-Mart to involve a third party to move their
merchandise—Wal-Mart has been able to develop, based on its information
systems and huge demand volumes, a more efficient distribution system.
Note the important caveat that cost alone is not the only consideration
—premium furniture must arrive in the store on time in perfect condition, so
paying more for a more dependable distributor would be indicated. Further,
channels for perishable products are often inefficiently short, but the
additional cost is needed in order to ensure that the merchandise moves
quickly. Note also that image is important—Wal-Mart could very efficiently
carry Rolex watches, but this would destroy value from the brand.
"Piggy-backing." A special opportunity to gain distribution that a
manufacturer would otherwise lack involves "piggy-backing." Here, a
manufacturer enlists another manufacturer that already has a channel to a
To Estimate the Biscuits Industry and identify the critical success factors
desired customer base, to pick up products into an existing channel. For
example, a manufacturer of rhinoceros and hippopotamus shampoo might
be able to reach zoos by approaching a manufacturer of crocodile teeth
cleaning supplies that already reaches this target. In the case of reciprocal
piggy-backing, the shampoo manufacturer might then, in turn, bring the teeth
cleaning supplies through its existing channel to exotic animal veterinarians.
Parallel Distribution. Most manufacturers find it useful to go through at
least one wholesaler in order to reach the retailer, and it is simply not
efficient for Colgate to sell directly to pathetic little "mom and pop"
neighborhood stores. However, large retail chains such as K-Mart and
Ralph’s buy toothpaste and other Colgate products in such large volumes
that it may be efficient to sell directly to those chains. Thus, we have a
"parallel" distribution network whereby some retailers buy through a
distributor and others do not. Note that we may also be tempted to add a
direct channel—e.g., many clothing manufacturers have factory outlet
stores. However, note that the full service retailers will likely object to being
"undercut" in this manner and may decide to drop or give less emphasis to
the brand. It may be possible to minimize this contract by precautions such
as (1) having outlet stores located in vacation areas not within easy access
of most people, (2) presenting the merchandise as being slightly irregular,
and/or (3) emphasizing discontinued brands and merchandise not sold in
regular stores.
To Estimate the Biscuits Industry and identify the critical success factors
Evaluating Channel Performance. The performance of channel members
should be periodically monitored—a channel member may have looked
attractive earlier but may not, in practice be able to live up to promises. (This
can be either because of complacency or because the channel member
simply did not realize the skills and resources needed to perform to
standards). Thus, performance level (service outputs) and costs should be
evaluated. Further, changes in technology or in the market place may make
it worthwhile to shift certain functions to another channel member (e.g., a
distributor has expanded its coverage into another region or may have
gained or lost access to certain retail chains). Finally, the extent to which
compensation is awarded in proportion to performance should be
reassessed—e.g., a distributor that ends up holding inventory longer or
taking on more returns may need additional compensation.
To Estimate the Biscuits Industry and identify the critical success factors
DISTRIBUTION OPPORTUNITIES
First of all, we must consider what is realistically available to each firm. A
small manufacturer of potato chips would like to be available in grocery
stores nationally, but this may not be realistic. We need to consider, then,
both who will be willing to carry our products and whom we would actually
like to carry them. In general, for convenience products, intense distribution
is desirable, but only brands that have a certain amount of power—e.g., an
established brand name—can hope to gain national intense distribution.
Note that for convenience goods, intense distribution is less likely to harm
the brand image—it is not a problem, for example, for Haagen Dazs to be
available in a convenience store along with bargain brands—it is expected
that people will not travel much for these products, so they should be
available anywhere the consumer demands them. However, in the category
of shopping goods, having Rolex watches sold in discount stores would be
undesirable—here, consumers do travel, and goods are evaluated by
customers to some extent based on the surrounding merchandise.
Distribution Options
Major brand standard convenience good
Moderately intense distribution inappropriate; selective distribution
Premium brand shopping good
To Estimate the Biscuits Industry and identify the critical success factors
Selective distribution
Niche brand
National moderately intense distribution unrealistic; local or "invited"
national distribution
Minor brand shopping good
Moderately intense distribution (e.g., TVs in discount store)
Major brand shopping good
National regional intense distribution unrealistic; local or "invited" national
distribution
Minor brand convenience good
Intense distribution possible but not appropriate; selective preferred
Upscale brand convenience good
Intense distribution (limiting distribution would mean forfeiting brand
status)
To Estimate the Biscuits Industry and identify the critical success factors
PRODUCT TYPE
The product life cycle. In general, a brand can expect lesser distribution in
its early stages—fewer retailers are motivated to carry it. Similarly, when a
product category is new, it will be available in fewer stores—e.g., in the early
days, computer disks were available only in specialty stores, but now they
can be found in supermarkets and convenience stores as well. Certain
products that are not well established may have to get their start on
"infomercials," only slowly getting entry into other types out outlets. (Please
see PowerPoint chart).
Brief review of distribution intensity issues:
Full service retailers tend dislike intensive distribution.
Low service channel members can "free ride" on full service sellers.
Manufacturers may be tempted toward intensive distribution—
appropriate only for some; may be profitable in the short run.
Market balance suggests a need for diversity in product categories where
intensive distribution is appropriate.
Service requirements differ by product category.
To Estimate the Biscuits Industry and identify the critical success factors
CHOOSING DISTRIBUTION METHODS
Once you have selected and developed a unique product or business idea,
correctly positioned and targeted it to buyers, and developed your packaging
and pricing, the selection of distribution channels and sales representation is
key to successful marketing.
It's fairly easy to change many of your marketing tactics and strategies on a
periodic basis; pricing, packaging, and product mix are among these flexible
choices. However, distribution and sales decisions, once made, are much
more difficult to change. And distribution affects the selection and utilization
of all other marketing tools.
There is a wide variety of possible distribution channels, including:
Retail outlets owned by your company or by an independent merchant
or chain
Wholesale outlets of your own or those of independent distributors or
brokers
Sales force compensated by salary, commission, or both
Direct mail via your own catalog or flyers
Telemarketing on your own or through a contract firm
Cybermarketing, surfing the newest frontier
To Estimate the Biscuits Industry and identify the critical success factors
TV and cable direct marketing and home shopping channels
Distribution choices for a service business follow the same lines as those for
a physical product. For example, financial planning services may be offered
from printed material, sold at retail by consultants, delivered electronically by
computer, or relayed by phone, fax or mail.
Steps for selecting distribution and sales force representation include:
Identify how competitors' products are sold.
Analyze strengths, weaknesses, opportunities, and threats for your
business.
Examine costs of channels and sales force options.
Determine which distribution options match your overall marketing
strategy.
Prioritize your distribution choices.
This exercise is applicable for both large and small businesses.
Matching Distribution to Your Goals
A small company must work harder at focusing limited resources, especially
with distribution and sales force options. In some cases, the only sales force
option is for the owner to do it himself or herself, as in a small retail shop, or
consulting/service businesses.
To Estimate the Biscuits Industry and identify the critical success factors
Some distribution channels and sales force options may be attractive, but
off-strategy for the small company. A list of all possible distribution channels
and accompanying sales force options should be matched against company
marketing objectives.
For example, a company selling gourmet cooking equipment has many
options for distribution and sales force representation, including:
Company retail stores, with company sales personnel
Specialty food stores, with sales brokers
Department stores, with sales brokers
Hardware stores, with sales brokers
Specialty chains (e.g., Williams-Sonoma, Crate & Barrel), with sales
brokers
Direct mail, with company personnel
Distributors, with company sales managers, brokers, distributor sales
reps
The company's products are positioned as the highest-quality cookware,
used by celebrity chefs and guaranteed for the life of the end user/buyer.
Target end users/buyers are upscale, well-educated, urban consumers who
read upscale food magazines (e.g., Gourmet, Food & Wine), dine out at
gourmet restaurants, drink wine, travel, drive expensive cars, and spend
To Estimate the Biscuits Industry and identify the critical success factors
heavily on luxury purchases. Ideally, the company wants their products
distributed through every upscale channel that caters to this exclusive target
group.
Because of the positioning of the gourmet cookware, the company believed
that hardware stores and direct mail were not consistent with the image and
reputation that they were trying to establish with their positioning. Company
retail stores, while desirable, were financially risky and too expensive at the
early stage of development. Distributors were also eliminated because of the
time and knowledge required of distributor sales personnel, coupled with the
belief that distributors could not be encouraged to learn enough or devote
enough time to the product line. In addition, the estimated 35 percent to 40
percent discount with shipping expense to distributors was financially
unattractive.
The company decided the best distribution channels were direct sales to
specialty stores and upscale department stores such as Marshall Field's,
Bloomingdale's, and Nieman-Marcus. Their sales force consisted of three
regional managers with professional cooking experience, who also did
demos in stores with the cookware. In addition, the company had the extra
margin available to afford this highly trained and motivated sales force since
distributors were not utilized.
To Estimate the Biscuits Industry and identify the critical success factors
Costs of Distribution Channels
Obviously, financial resources and cost-effectiveness are important in
considering distribution and sales force options. What can you afford, and
what will give you the most bang for your buck?
For example, Life Designs, an independent architect specializing in
residential work, has identified three primary distribution channels for its
residential design services and estimated costs for each one:
Media sales: This channel is composed of competitors who advertise in
local city and county magazines, newspapers, and real-estate flyers,
subdivided by home-design only firms and home-design and industrial-
design firms. Ad inquiries are referred by the various media groups
carrying the ads. This quasi-sales force is paid on commission for
referrals that turn into jobs.
Contractors and developers: This distribution channel is composed of
referrals from contractors and developers who receive a commission
from home owners and buyers. The contractors and developers are the
"sales" personnel, who expect a commission and entertainment.
University design department: This is a closed distribution channel for
architectural students and professors only. It is not open to any other
architects. However, this architect's reputation may be enhanced by
occasional lectures at the university.
To Estimate the Biscuits Industry and identify the critical success factors
Life Designs knows from talking with media suppliers, competitors, and
contractors that the least expensive distribution channel is sales from
contractors and developers. However, the frequency of sales referrals and
volume of business is unpredictable. It is also somewhat out of the
architect's control because the business is dependent upon many outside
variables such as the economy, style of home wanted by buyers, etc.
Life Designs decides to work with two distribution channels concurrently —
both media and the contractor/developer channels, since most of the
spending commitment is for media. The contractor/developer channel
requires personal time and some minor entertainment expenses (wining and
dining the contractors). This one-man architect firm cannot spare much free
time, and media spending will provide a good alternative when he is busy
with a project.
Prioritizing Distribution Options
In some cases, a small business can pursue distribution into several
different channels. However, most small businesses must prioritize
distribution channel and sales force options over several years of growth and
evolving resources for the company. For example, food supplements and
vitamins are sold through a multitude of channels, including:
multi-level "network" organizations, with company and independent sales
reps
To Estimate the Biscuits Industry and identify the critical success factors
Health food stores, with company reps and sales brokers
Department stores, with company reps and sales brokers
Drug stores, with company reps and sales brokers
Grocery stores, with company reps and sales brokers
Mass merchandise stores, with company reps and sales brokers
Club member warehouse stores, with company reps and sales brokers
Direct mail, with company personnel
Distributors, with company sales managers, brokers, distributor sales
reps
Doctors’ offices, with company sales managers, brokers, distributor sales
reps
It is not always possible for a company, small or large, to take advantage of
all possible channels that match the marketing strategy it wants to achieve.
Financial considerations aside, it may be wise to prioritize the orderly
development and attack each distribution channel in order of easiest entry
and least competitive resistance, for example.
Other factors such as geographic proximity, ability and availability of
management to control many different channels simultaneously, availability
of experienced sales reps, marketing experience by channel, competitive
To Estimate the Biscuits Industry and identify the critical success factors
strengths by channel, manufacturing capacities, and product life cycles by
channel should be considered.
For small companies, key factors to prioritize your choice of channels
include a shorter list:
Financial resources and risks ("How much money do we have to risk
against our objectives and marketing programs?")
Competitors’ strengths and market share ("Are they big enough and
mean enough to hurt us, and what are their objectives?")
Management experience by channel ("What do we know about each
channel's opportunities and threats?")
Product positioning to target buyers ("Will the strengths of our product
uniqueness help sell it to interested buyers and can we communicate our
uniqueness effectively?")
To Estimate the Biscuits Industry and identify the critical success factors
INTRODUCTION
The Indian bakery market is still in a nascent stage. In a country where
average per capita income hovers around US$ 450 per annum, bakery items
are not very high on the list of priorities for the masses. Low margins, and a
high level of fragmentation characterize the bakery segment. Awareness is
nearly 100%, however, penetration is lower in rural areas at 15-20% and at
60% in urban areas. This is mainly because these products are consumed
as snacks, and do not form part of the main course meal.
However, over the past few years’ bakery products have shown a marked
improvement in volumes and customer base. But this growth has mainly
come from bread and biscuits segment. Infact one can safely say that bread
and biscuits constitute around 75% of the Rs 70 bn Indian bakery market.
Bread and biscuits have grown largely because these products are
characterized by the huge presence of unorganized sector (60%), as they
were reserved for the small-scale industry earlier. Also, bread to some
extent is consumed as a food supplement in the urban areas.
The Pie
Product Market size
(Rs m)
Market size
( '000
tonnes)
Growt
h
(%)
Penetratio
n
Urba Rur
To Estimate the Biscuits Industry and identify the critical success factors
n al
Bakery Items 70,000 - 8% 60% 20%
Biscuits 35,000 1,100 7%
Cakes 750 70 4-5%
Bread 11,000 1,400 3-4%
Other bakery products like cakes and pastries are also on the growth mode,
but the growth rates leave much to be desired. These products do not yet
have a mass appeal and are basically centred on the urban areas. In these
two categories also local manufacturers hold a sizeable chunk of the market.
Over the last few years, branded companies like Parle and Britannia have
upped their ante and introduced new products with slick packaging in order
to grow the market. These companies’ prospects were also buoyed post
deregulation of the biscuit industry in April 1997. Before that, the biscuit
segment was reserved for the small-scale industries.
Realising the mental block against premium bakery products these
companies employed a two-pronged strategy, especially in biscuits. To gain
volumes these companies continued to back glucose biscuits aimed at the
mass, and for margins they continued to stack up their portfolios with new
brands and variants. As a result, the unorganised segment that dominated
To Estimate the Biscuits Industry and identify the critical success factors
over 60% of the biscuit market in 1995-96, now sees its share shrunk to
around 50% levels.
The biscuit market is now estimated to be 1.1 m tonnes, valued at over 35
bn. Britannia and Parle control 38% and 29% respectively of the organised
biscuits market. Volumes, brand loyalty and strong distribution networks
drive this market, which is growing at 6-7% annually.
On the other hand, the 1.4 m tonnes bread market valued at Rs 11 bn, is
dominated by local manufacturers (80%). Market growth is 3-4%, but it is
much higher for organised sector (brands). Brands like Modern and Britannia
are major players in the bread market (10% and 5% market share
respectively), and together they account for 90% of the organised bread
market.
With Hindustan Lever’s acquisition of Modern Foods, this segment is likely to
see increased market penetration and rivalry in the years to come. HLL
plans to enter the bakery segment in a big way and this should be a key
driver for the industry’s growth.
According to estimates, the bakery market is poised to touch Rs 100 bn by
the year 2005 (a CAGR growth of 9.3% from current levels). However, with
the current slowdown faced by the FMCG sector as whole, the growth rates
have hit a speed breaker. It is only when the recent good monsoons give
impetus to demand, the segment would see its fortunes reviving. But in the
near term such relief looks unlikely.
To Estimate the Biscuits Industry and identify the critical success factors
In the longer term the bakery segment is likely to see competition getting
even more intense with new entrants especially MNC’s. Marketing wars
would get even more cut throat as players try to convert consumers of
unbranded products to branded products. The urban areas are likely to
continue seeing new high end products in all categories of the bakery
industry. But the road for this segment’s growth would be slow and steady.
ADVERTISING IN THE BISCUITS
Biscuit advertising on television is pretty seasonal with the spends
peaking in the first and last quarter each year.
Britannia industries and Parle products top the advertiser list with
nearly 68 per cent of the advertising in this category in 2003.
Biscuit advertisers prefer advertising in drama/soap, feature films and
comedies which make up for 54 per cent of the spends in this
category in 2003.
To Estimate the Biscuits Industry and identify the critical success factors
Looking at the graph that shows the trend of advertising in the biscuits
category on the television, one can see there is a rise in advertising in this
category from 2000 onwards. The graph shows the indexed spends of the
biscuits category on television advertising since 2000.
To Estimate the Biscuits Industry and identify the critical success factors
Advertising in the biscuits category is expected to be quite seasonal. Let's
check out whether that's actually the case.
To Estimate the Biscuits Industry and identify the critical success factors
The graph confirms that biscuit advertising on television is pretty seasonal
with the spends peaking in the first and the last quarter each year.
Let's look at the advertisers, which dominate in this category. The graph
shows that Britannia Industries ltd and Parle products tops the advertiser list
with nearly 35 per cent and 33 per cent of the advertising respectively. Surya
food and Agro pvt ltd at the third position, ITC ltd at the fourth position,
Hindustan Lever ltd at the fifth position, Heinz at the sixtrh position with
nearly 15.6 per cent, 4.7 per cent, 4.4 per cent and 1.7 per cent of the
To Estimate the Biscuits Industry and identify the critical success factors
advertising share. Other advertisers are Anmol Biscuit pvt ltd, Lancer food
products, Dukes biscuits and Apsara food industries pvt ltd.
Are there any particular program genres, which biscuit advertisers prefer?
Let's look at the chart below for answers.
To Estimate the Biscuits Industry and identify the critical success factors
The graph makes it clear that drama/soap, feature films and comedies make
up for nearly 54 per cent of the television advertising spends in the biscuits
category in 2003. Cartoons/animation is ranked fourth accounting nearly 12
per cent of the spends in the television medium in this category.
To Estimate the Biscuits Industry and identify the critical success factors
MAJOR PLAYERS IN BISCUIT INDUSTRY
BRITTANNIA
Britannia was incorporated in 1918 as Britannia Biscuits Co Ltd in Calcutta.
In 1924, Pea Frean UK acquired a controlling stake, which later passed on
to the Associated Biscuits International (ABI) a UK based company. During
the ’50s and’ 60s, Britannia expanded operations to Mumbai, Delhi and
Chennai. Exports of sea foods started in the ’70s. In 1987, Nabisco, a well
known European food company, acquired ABI. In 1989, J M Pillai, a
Singapore based NRI businessman along with the Groupe Danone acquired
Asian operations of Nabisco, thus acquiring controlling stake in Britannia.
Later, Grop Danone and Nusli Wadia took over Pillai’s holdings.
In 1977, the Government reserved the industry for small scale sector, which
constrained Britannia's growth. Britannia adopted a strategy of engaging
contract packers (CP) in the small scale sector. This led to several
inefficiencies at the operating level. In April ’97, the Government dereserved
the biscuit sector from small scale. Britannia has expanded captive
manufacturing facilities and has modernized and upgraded its facilities in the
last five years. It has also forayed into the Dairy Business with the launch of
Cheese, Butter, Ghee, Dairy whitener and flavored milk products.
Parent Group
To Estimate the Biscuits Industry and identify the critical success factors
Britannia's controlling stake is jointly with Groupe Danone and Nusli Wadia.
Groupe Danone is one of the leading players in the world in bakery products
business. It acquired interest in Britannia Industries in 1989 and acquired
controlling stake in 1993..Nusli Wadia group is one of the leading industrial
houses in the country, with interests mainly in textiles and petrochemicals.
Plant locations
Britannia's plants are located in the 4 major metro cities - Kolkatta, Mumbai,
Delhi and Chennai. A large part of products are also outsourced from third
party producers. Dairy products are out sourced from three producers -
Dynamix Dairy based in Baramati, Maharashtra, Modern Dairy at Karnal in
Haryana) and Thacker Dairy Products at Howrah in West Bengal.
Business
Britannia core businesses constitute of Bakery and Dairy products. Bakery
products account for 90% of the revenues and include Biscuits, Bread and
Cake & Rusk. Dairy products contribute to 10% of Britannia’s annual
turnover of Rs13.38bn.
To Estimate the Biscuits Industry and identify the critical success factors
Over the years, Britannia has introduced and developed a full line of brands
in all segments of the biscuit market. The company's Tiger range of glucose
biscuits have been a runaway success, enabling the company to expand its
presence in the largest gluco category of the biscuit market. In salty-sweet
segment Parle’s Krackjack and Britannia’s Fifty-Fifty compete very closely.
Britannia’s other major brands include Marie, Thin Arrowroot, Bourbon, Milk-
bikis, Nice, Snax, Coconut Crunchies, Pure Magic, Good Day, Jim-Jam and
Chekkers. It has also launched biscuits like Vita MarieGold, Nutri-Choice etc,
under the health positioning.
Bakery products major, Britannia Industries, had a brilliant FY04. The
company reported over 11% topline growth during the year, where most of
its FMCG peers found it tough to grow the topline. Focus on improving cost
efficiencies aided operating margin expansion. The company finished FY04
with nearly 20% bottomline growth.
To Estimate the Biscuits Industry and identify the critical success factors
(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 3,167 3,627 14.5% 12,959 14,396 11.1%
Other Income 208 306 47.1% 329 546 66.0%
Expenditure 2,857 3,281 14.8% 11,487 12,695 10.5%
Operating Profit
(EBDIT)
310 346 11.6% 1,472 1,701 15.6%
Operating Profit
Margin (%)
9.8% 9.5% 11.4% 11.8%
Interest 29 7 -75.9% 111 60 -45.9%
Depreciation 66 57 -13.6% 261 224 -14.2%
Profit before Tax 423 588 39.0% 1,429 1,963 37.4%
Tax 141 202 43.3% 482 656 36.1%
Extraordinary items 9 -83 - 44 -119 -
Profit after Tax 291 303 4.1% 991 1,188 19.9%
Net profit margin 9.2% 8.4% 7.6% 8.3%
To Estimate the Biscuits Industry and identify the critical success factors
(%)
Effective tax rate
(%)
33.3% 34.4% 33.7% 33.4%
No. of Shares (m) 25.9 25.1 25.9 25.1
Diluted earnings per
share* (x)
46.4 48.3 39.5 47.3
P/E ratio (x) 13.0 13.3
(* annualised)
The key reason for the strength in topline is believed to be the increasing
affordability of branded biscuits that aided volume growth. Moreover, the
company's repackaged and relaunched most of its biscuit brands. This
seemed to have kept the momentum going for Britannia. Apart from this,
Britannia continued to focus on ways to bring down its costs. VRS and lower
cost of debt has helped the company improve profitability.
The hiving off of properties has led to lower depreciation provisioning. The
company also received an order in favour of closure of its Mumbai plant. The
matter though is still sub-judice. After the break away from the dairy
business, the company's cash flows seemed to have improved significantly.
The company reported a strong 66% growth in other income, seemingly led
To Estimate the Biscuits Industry and identify the critical success factors
by sale of the company's mutual fund investments. All this led to a 36%
growth in profit before tax and extraordinary items.
Threat from competition
The key threats for the company are the growing competition in the biscuit
segment and the possibility of pricing pressures in the mass market.
Competitors such as Parle-G and Surya Foods have already carved out a
significant share in the mass market through aggressive pricing, where
Britannia's brand, Tiger, is trying to enlarge its share. At the higher end of
the market too, competition is hotting up, with players such as ITC rolling out
new extensions.
Britannia's profits in 2003-04 received a one-time boost from the cut in
excise duty on biscuits. This may not be repeated this fiscal.
To Estimate the Biscuits Industry and identify the critical success factors
However, the company's new cost-reduction measures may help alleviate
these pressures to some extent. The company has recently initiated
proceedings to close down its Mumbai unit and set up new manufacturing
facilities at Uttaranchal, which will significantly lower its excise and tax
burden.
The cost savings from the Mumbai unit closure, if it proceeds as planned,
could help lower the company's cost structure and put it in a better position
to compete in the mass market.
To Estimate the Biscuits Industry and identify the critical success factors
Britannia Industries Ltd. (BIL) is one of the leading producers of biscuits and
bakery products in the country. BIL’s marketing campaigns riding on the
cricket mania especially during the World Cup, have probably been the most
successful, which have added to its growth and visibility. The findings of a
recent study conducted by a private channel have also rated Britannia as
the most liked biscuit brand among kids.
Union Budget 2003-04 halved the excise duty on biscuits from 16% to
8%. Excise duty of 16% on biscuits was quite high and hence, BIL was
be the biggest beneficiary of this excise duty reduction. This also took
away some of the pricing advantage from the unorganized sector and
the pricing differential between the organised and the unorganized
sectors would also be bridged.
BIL HIGHLIGHTS:
BIL’s biscuit volume growth has outpaced the segment driven by the
various initiatives taken by the management. Tiger biscuits launch in July
1997 led Britannia’s foray into the glucose category. Tiger now
contributes about 40% to the biscuits turnover and has been Britannia’s
biggest success.
BIL has decided to focus on seven core brands in the biscuits and
bakerycategory. The brands include Good Day, Tiger, 50-50, Snax, and
the Cream Treat brands, among others. Last year, the company acquired
Kwality biscuits. Maska Chaska, the snack biscuit extension of Britannia's
To Estimate the Biscuits Industry and identify the critical success factors
50-50, is selling more than the mother brand in certain markets like north
Karnataka. And in doing so, Maska Chaska is contributing nearly 30% to
the mother brand 50-50's total sales across the country.
To establish a presence at various points of consumer visits, the
company is now in talks with specialty coffee outlets and petrol pumps to
place its products at strategic sites.
Britannia, which has agreed in-principle to acquire a 49% stake in Kwality
Biscuits and Snacko Bisc, has the option of hiking the holding in the two
companies to 100%. The company had acquired Kwality Biscuits and
Snacko Bisc to increase its presence in the southern market. Britannia is
expected to complete the acquisition of the 49% stake in Kwality Biscuits
and Snacko Bisc by the end of the current fiscal.
The effect of a poor monsoon last year is not likely to affect growth
significantly. Though, Britannia derives close to 40% of its sales from the
rural markets, the biscuit category is likely to be more resilient compared
Other factors, which support its higher-than-market growth are the
existence of relatively smaller players like Bakeman’s and Nutrine within
the organised sector that continue to be soft targets and the
aggressiveness of Britannia.The company is likely to better its operating
margins through greater volume sales as well as increasing productivity.
Volumes are expected to increase as company may pass on some of the
excise duty cut benefit to the customers.
To Estimate the Biscuits Industry and identify the critical success factors
PARLE
A long time ago, when the British ruled India, a small factory was set up in
the suburbs of of Mumbai city, to manufacture sweets and toffees. The year
was 1929 and the market was dominated by famous international brands
that were imported freely. Despite the odds and unequal competition, this
company called Parle Products, survived and succeeded, by adhering to
high quality and improvising from time to time.
A decade later, in 1939, Parle Products began manufacturing biscuits, in
addition to sweets and toffees. Having already established a reputation for
quality, the Parle brand name grew in strength with this diversification. Parle
Glucose and Parle Monaco were the first brands of biscuits to be introduced,
which later went on to become leading names for great taste and quality.
The strength of the Parle Brand
Over the years, Parle has grown to become a multi-million US Dollar
company. Many of the Parle products - biscuits or confectionaries, are
market leaders in their category and have won acclaim at the Monde
Selection, since 1971. Today, Parle enjoys a 40% share of the total biscuit
market and a 15% share of the total confectionary market, in India. The
Parle Biscuit brands, such as, Parle-G, Monaco and Krackjack and
confectionery brands, such as, Melody, Poppins, Mangobite and Kismi,
enjoy a strong imagery and appeal amongst consumers.
To Estimate the Biscuits Industry and identify the critical success factors
Be it a big city or a remote village of India, the Parle name symbolizes
quality, health and great taste! And yet, we know that this reputation has
been built, by constantly innovating and catering to new tastes. This can be
seen by the success of new brands, such as, Hide & Seek, or the single
twist wrapping of Mango bite. In this way, by concentrating on consumer
tastes and preferences and emphasizing Research & Development, the
Parle brand grows from strength to strength.
The Quality Commitment
Parle Products has one factory at Mumbai that manufactures biscuits &
confectioneries while another factory at Bahadurgarh, in Haryana
manufactures biscuits. Apart from this, Parle has manufacturing facilities at
Neemrana, in Rajasthan and at Bangalore in Karnataka. The factories at
Bahadurgarh and Neemrana are the largest such manufacturing facilites in
India. Parle Products also has 14 manufacturing units for biscuits & 5
manufacturing units for confectioneries, on contract. All these factories are
located at strategic locations, so as to ensure a constant output & easy
distribution. Each factory has state-of-the-art machinery with automatic
printing & packaging facilities.
All Parle products are manufactured under the most hygienic conditions.
Great care is exercised in the selection & quality control of raw materials,
packaging materials & rigid quality standards are ensured at every stage of
the manufacturing process. Every batch of biscuits & confectioneries are
To Estimate the Biscuits Industry and identify the critical success factors
thoroughly checked by expert staff, using the most modern equipment.
The Marketing Strength
The extensive distribution network, built over the years, is a major strength
for Parle Products. Parle biscuits & sweets are available to consumers, even
in the most remote places and in the smallest of villages with a population of
just 500.
Parle has nearly 1,500 wholesalers, catering to 4,25,000 retail outlets
directly or indirectly. A two hundred strong dedicated field force services
these wholesalers & retailers. Additionally, there are 31 depots and C&F
agents supplying goods to the wide distribution network.
The Parle marketing philosophy emphasizes catering to the masses. They
constantly endeavour at designing products that provide nutrition & fun to
the common man. Most Parle offerings are in the low & mid-range price
segments. This is based on their cultivated understanding of the Indian
consumer psyche. The value-for-money positioning helps generate large
sales volumes for the products.
However, Parle Products also manufactures a variety of premium products
for the up-market, urban consumers. And in this way, caters a range of
products to a variety of consumers.
Import-Export
To Estimate the Biscuits Industry and identify the critical success factors
The immense popularity of Parle products in India was always a challenge
to their production capacity. Now, using more modern techniques for
capacity expansion, they have begun spreading their wings and are going
global. Parle bisuits and confectionaries are fast gaining acceptance in
international markets, such as, Abu Dhabi, Africa, Dubai, South America
and Sri Lanka. Even the more sophisticated markets like USA & Australia,
now relish Parle products. As part of the efforts towards a larger share of the
global market, Parle has initiated the process of getting ISO 9000
certification. Many Parle Products have also won Gold, silver and
bronze medals at the Monde Selection.
To Estimate the Biscuits Industry and identify the critical success factors
PRIYA GOLD BISCUITS
TOUGH cookie. The term sits well on the shoulders of Shekhar Agarwal,
Director of the Rs 150-crore, Delhi-based Surya Food & Agro Ltd, the
company behind the Priyagold brand of biscuits. Unfazed by the muscle of
big-ticket competitors such as Britannia and Parle, Agarwal modestly tells
Catalyst that the reactive strategies adopted by his competitors speak for
themselves.
A decade of being in the business has got Priyagold the perception of being
a brand name to reckon with in the Northern region, a distribution network
that has helped the brand chart its way in Western India as well, and
recognition for quality production from Surya Food & Agro's manufacturing
plant at Surajpur (Greater Noida) in Uttar Pradesh. And while all these
factors have played significant roles in getting Priyagold where it is today, is
its competitive pricing that remains his brand's main strength.
A fact acknowledged by FMCG analysts. "It is a matter of concern that
regional players such as Priyagold offer products at retail prices that are
almost half that of established players such as Britannia. The product
offerings from such regional players may not necessarily be innovative on
taste, but are priced very aggressively and do not compromise on quality,"
observes an FMCG analyst. Some of Britannia's products such as Marie,
Good Day and Milk Bikis, for example, have been the victims of this strategy,
To Estimate the Biscuits Industry and identify the critical success factors
registering some decline in market share in recent months, according to an
AC Nielsen report.
This trend is highlighted more in semi-urban and rural markets, known to
occupy a significant share of the overall Rs 3,000-crore domestic biscuit
market. In fact, close to 70 per cent of Priyagold's sales are accounted for by
semi-urban rural markets, and the skew is expected to continue in favour of
these markets.
On the other hand, intensified competition from regional players has led the
established Britannia and Parle to squeeze their profit margins, offer
products at various price points, introduce small pack sizes, and offer
aggressive marketing promotions. And even as the battle royale continues
between Britannia and Parle on a national level, Surya Agro now claims
market leadership in the non-glucose biscuit segment, which, according to
industry estimates, accounts for 30 per cent of the overall biscuits market.
For all practical purposes then, Priyagold is hot property, especially for first
time entrants in the biscuits category. Surya Food & Agro has been
approached several times by FMCG multinationals, with proposals of either
acquiring the Priyagold brand, or forging strategic alliances with the
company.
It is very difficult for any company to enter the domestic biscuits market.
First, consider the competition. Britannia and Parle are very aggressive
nationally, in the East Priya Biscuits is tough competition for any new player,
To Estimate the Biscuits Industry and identify the critical success factors
while Duke is strong in the South. Then, of course, there is Priyagold. Yet
another player is Bakeman's. The second reason is that margins have to be
incurred at dealer, distributor and stockist levels. Then there are other
factors such as large investments involved in manufacturing and brand
building. It makes it easier for any company wanting to enter this segment,
therefore, to buy out an existing brand.
Recent times have thrown up examples of several established FMCG
players going slow on biscuits. Kellogg's recently stopped active production
of biscuits, Dabur has ruled out an entry and Nestle SA sold off the assets of
Excelsia Foods some months ago. There has been talk of Hindustan Lever,
too, extending its Modern brand to biscuits, but nothing has been announced
yet.
Surya Food & Agro, meanwhile, appears to be going full steam ahead. The
company now proposes to take on Britannia on its own turf. Their
strongholds are Uttar Pradesh, Punjab and Haryana, but they plan to foray
into the Southern market by the end of the current calendar year, beginning
with Karnataka. Surya Food intends to subsequently set up a manufacturing
unit in the State.
Up North, plans to set up a fresh manufacturing facility in Greater Noida next
financial year are currently being finalised. The proposed investment in this
plant will be about Rs 20 crore,. Production in full swing is expected to begin
by the end of this month at the company's third manufacturing base, in
To Estimate the Biscuits Industry and identify the critical success factors
Lucknow. The Lucknow plant, set up on an investment of Rs 5 crore,
commenced production about two months ago. Consolidation of production
is obviously a significant strategy for the company now, with its existing
manufacturing bases in Surajpur with seven biscuit lines and Faizabad, a
franchisee unit, in place. On the product front, 23 varieties of biscuits are
currently being produced by the company, and there is a plan to foray into
salty biscuits next year.
In the current fiscal, meanwhile, expect more of last year's Hak se maango
advertising, complete with its small-town appeal. Surya Food plans to hike
its consolidated ad spend to Rs 8 crore this fiscal, against the Rs 5 crore
spent on advertising last year.
On the exports front, the company plans to take its Priyagold brand to
markets such as Dubai, Muscat and Oman.
The Priyagold story, which began in late 1993 as a family business led by
entrepreneur B. P. Agarwal on an investment of Rs 1.5 crore, doesn't seem
to be playing second fiddle to anyone. With a target of doubling sales
turnover to Rs 300 crore in the current fiscal, the cookie certainly isn't
crumbling for Priyagold.
To Estimate the Biscuits Industry and identify the critical success factors
Other prominent players:
Ampee Industries Pvt. Ltd
Ampro Biscuits
Bakewal
Dalmia Biscuits
Delta Foods
Real Foods
Super Snacks
Tashi Commercial Corporation
To Estimate the Biscuits Industry and identify the critical success factors
COMPANY PROFILE - ITC LIMITED
ITC is one of India's foremost private sector companies with a market
capitalisation of around US $ 6 billion and a turnover of US $ 2.6 billion.
Rated among the World's Leading Companies by Forbes magazine, ITC
ranks fourth in net profit among India's private sector corporations . ITC has
a diversified presence in Cigarettes, Hotels, Paperboards & Specialty