Comprehensive Analysis of

Corporate Strategies applied to

India Tobacco Company Limited

Team:
Anchita Prithani - H003
Anushka Arora - H004
Heer Kothari - H008
Tanushri Bamb -H027
Advaith Kumar - H042
Sanjiv Puri, ITC Devansh Goswami - H043
Chairman &
Managing Director
OVERVIEW OF ITC LIMITED
• Established in 1910, ITC Limited is one of India’s foremost private sector companies and a leading diversified
conglomerate.
• Contribution to the Indian economy with a gross revenue of ₹69,446 crores
• Net profit of ₹20,422 crores (as of March 31, 2024) 【 Source: ITC Annual Report 2024 】 .
• ITC is ranked as India's most admired company by Fortune India, in collaboration with the Hay Group 【 Source:
ITC Annual Report 2024 】 .

THE ITC THE ITC

SustainVISION
ITC's position as MISSION
To enhance the wealth
one of India's most generating capability
valuable corporations of the enterprise in a
through world class globalising
performance, creating environment,
growing value for the delivering superior
Indian economy and the and sustainable
Company's stakeholders stakeholder value

【 Source: ITC Sustainability Report 02

 ITC’S FMCG MARKET SHARE

OVERVIEW OF ITC Cigarette Over Savlon:

FMCG
LIMITED 75-80%
s: 40% 20-25%
Paperboard packaged
s Aashirvaad
ITC’S HOTEL MARKET
atta
• Significant player in India's luxury
hotel segment..
• Pioneers in "Responsible Luxury"
ITC Packaging
with LEED® Platinum certification
hotels
ITC’S AGRI-BUSINESS MARKET
Core Business
• One of India’s largest
Activities integrated agri-businesses.
ITC operates across several
key business verticals • e-Choupal: Connects over 4
Agri- ITC million farmers
ITC’s FMCG segment
Business Infotech • Leaders of rural agri-supply
contributed over 25% of
chain digitization.
total revenues in 2022, ITC’S IT MARKET
showing rapid growth • Niche expertise in:
across personal care, Banking & Financial
food, and stationery. Services,
Healthcare,
Manufacturing and & PACKAGING
PAPERBOARDS
more.
[Source: Own Analysis using ITC Annual Report Market leader with 50%+ market share in
2022]
[Source: ITC Sustainability Report
premium paperboards in India.
Stability Strategies

Pause/ Proceed
No Change Profit Strategy
with caution
Strategy
strtegy

Source: Teacher’s
No Change Strategy
• ITC's Cigarettes segment has largely
employed a no-change strategy over the
years.
• Major market brands Gold Flake, Navy
Cut, Classic.
• 46% of ITC’s Total revenue is contributed
by cigarettes as of FY2023.
• ITC holds a market share of over 75% in
the organized cigarette market in India,
showcasing the stability and dominance
of this segment.
06

Source: Statista
 No change startegy

SUCCESS FAILURE
• Profitability • Regulatory pressures
• Economies of Scale • Health concerns
• Brand Loyalty

Source: Own Analysis using ITC Annual Report

 Profit Strategy
• Profit maximization strategy in its FMCG
business, particularly in packaged foods
(Aashrivad, Sunfeast) and personal care
(Savlon, Fiama).
• ITC's revenue from its(FMCG) business in 2022-
23 (FY23) rose 20 per cent to Rs 29,000 crore
from Rs 24,000 crore in FY22.
• It was mainly driven by supply-chain agility,
cost management and the Centre's production-
linked incentive (PLI) scheme.
• ITC's FMCG revenue up 20% in FY23
• Localising brand names under Swadeshi
movement. 06
Source: Economic
 Profit Startegy

SUCCESS FAILURE
• Innovation, Premium products, • Low margins comapred to
Aggressive marketing. cigarette business.
• Pandemic-driven demand for • Less profitability
health and hygiene products.
• Despite reduced investments,
the company reported a net
profit of ₹15,404 crore in FY
2021, a 14.8% growth from
the previous year.

Source: Own Analysis using ITC Annual Report

Pause/Proceed with caution strategy
• ITC’s Hotel business paused major expansion
plans.
• Focused on cost optimization while maintaining
quality and brand reputation.
• ITC’s hotels segment contributed ₹1,681 crore in
FY 2023
• Focusing on sustainability initiatives while
pausing aggressive capacity expansions in
Paperboard & packaging business.
• ITC’s paperboard division contributed ₹8,295
crore in FY 2023.
• Premiumization and cost efficiency. 06
Source: ITC Sustainability report
Pause/Proceed with caution

SUCCESS FAILURE
• Slowed recovery in the
• Minimized losses during
hotels division
uncertain economic
• Lower-than-expected
conditions
revenue growth compared
• Premiumisation helped ITC
to peers
strengthen its brand equity
• Paperboard segment has
and market presence.
also faced environmental
regulatory challenges

Source: Own Analysis

 ANSOFF’ PRODUCT-MARKET MATRIX
ITC uses concentration strategies to focus on core businesses, primarily FMCG and Tobacco,
STRATEGIESthrough:
PRODUC
PRESE NE
MARKET T
NT W
MARKET PENETRATION PRODUCT DEVELOPMENT:
• ITC’s dominance in the tobacco with a • The FMCG segment diversified
77% market share in Indian cigarettes with brands such as Fiama, Vivel,
continues to drive its revenue. and Engage, targeting both mass
• Aggressive marketing across rural and and premium markets.
PRESE urban markets boosts sales of key FMCG • Entry into new categories like
NT brands such as Aashirvaad, Sunfeast, and health foods, leveraging existing
Bingo. distribution networks, and increasing
• Increased distribution through 6 million
FMCG market share.
retail outlets across India.

MARKET DEVELOPMENT: DIVERSIFICATION

• ITC expanded its product lines to (Seperate strategy)
rural India with affordable variants SOURCES :
of its brands like Sunfeast biscuits 1.[Source: Market Research Reports, ITC
and Savlon.
NE Annual Report 2022]
• International expansion into 2.[Source: Nielsen FMCG Market Report,
W geographies such as the Middle 2022]
East, South Asia, and Europe with 3.[Source: ITC Global Market Strategy
premium products in personal care Report]
and foods. 04
Concentration Source

Strategies: ITC Annual

Report 2022

Success Failure Nielsen

factors
• Market Leadership: ITC's dominant
position in the Indian cigarette market factors
• Market Saturation: Over-reliance on
core markets (e.g., cigarettes) risks
Tobacco
Market
(77% share) shows successful market saturation, limiting growth potential. Report 2022
penetration, leveraging brand strength. • Slow Diversification: ITC’s gradual
• FMCG Growth: ITC's focus on product diversification into FMCG has faced ITC
development and diversification has competition from established brands like Agribusiness
resulted in a 15% year-on-year growth in HUL and Nestle , slowing market share Division
its FMCG business, making it a key gains. Report 2022
revenue driver. • Limited International Reach:
• Core Competency: Specialization in key Concentrating largely on the Indian
segments like tobacco and FMCG ensures market limits ITC’s exposure to global ITC
Paperboards
deep market knowledge, competitive growth opportunities.
& Packaging
advantage, and operational efficiency. • Cash Flow Pressures: High
Report 2022
• Strong Brand Equity: Through investments in expansion without
continuous product development and immediate returns can create cash flow
ITC Hotels
market penetration, ITC has built a strong pressures, especially in new segments
Sustainabilit
brand across multiple industries, from like hotels and FMCG.
y Report
FMCG to hospitality. 2022
 FORWARD
INTEGRATION

[Soucre:
https://youtu.be/s8LIT7K1i4c?si=zwE-R
iKEojJ_y0AJ
,
https://www.itcportal.com/media-
centre/press-reports-content.aspx?
id=1597&type=C&news=ITC-looks-at-
direct-supply-of-products-to-retail-
outlets ]

BACKWARD
INTEGRATION
 INTEGRATION STRATEGIES

HORIZONTA VERTICAL
• ITC expanded into related
L
industries through internal
development and
acquisitions in packaged
food (Aashirvaad) and
personal care (Fiama, Vivel).
FORWARD BACKWARD
• This allowed the company to • ITC established direct retail channels, reducing • ITC’s agribusiness ensures the supply of high-quality raw
achieve economies of scale, dependency on third-party retailers materials like wheat and paper pulp.
lower costs, and diversify its • Strengthening the customer interface. • Improving cost efficiency and product quality in its FMCG and
FMCG portfolio. • Serves its own FMCG needs packaging segments.
[Source: ITC Annual Report 2022] • Also, provides packaging solutions for other • ITC's e-Choupal digital initiative directly connects with over 4
industries, contributing to revenue diversification. million farmers to source agricultural produce, improving
[Source: ITC Packaging Division Report, 2022] procurement
[Source: ITC Agribusiness Division Report, 2022]

QUASI TAPER
• Partial Ownership: ITC holds stakes in related firms for long-term supply of key • Partial Backward Integration (Packaging): ITC produces part of its packaging needs
raw materials like wheat and spices. while sourcing the rest from external vendors, optimizing costs and efficiency.
• e-Choupal: Direct connection with 4 million farmers provides semi- • Excess Production: Surplus packaging materials are sold to third parties, generating
formal ownership-like control over the agricultural supply chain. extra revenue.
• Benefit: Ensures steady supply without full vertical ownership, sharing profits • Partial Forward Integration (Retail): ITC sells some products through its own outlets while
and enhancing trust. relying on third-party retailers for broader distribution, balancing direct feedback with market
[Source: ITC e-Choupal Agribusiness Report 2022] reach.
08
[Source: ITC Packaging and Paperboards Report 2022]
 Source
Integration
Strategies: ITC Annual
Report 2022

Success Failure Nielsen

Tobacco
Market
• Cost
factors
integration
Efficiency:
reduces
Backward
input costs,
factors
• High Capital Costs: Significant
investments in integration lead to
Report 2022

secures raw materials, and enhances slower ROI in areas like hotels and
ITC
quality control. paperboards. Agribusiness
• Synergies: Agribusiness and • Limited Flexibility: Integration Division
packaging divisions work together, can reduce adaptability to changing Report 2022
optimizing resources and operational market conditions.
efficiency. • Operational Complexity: ITC
• Sustainability: Forward integration Managing diverse, integrated Paperboards
in hotels, with "Responsible Luxury," operations can lead to & Packaging
differentiates ITC in the premium inefficiencies. Report 2022

segment. • Overextension: Wide-ranging

• Taper Integration: Balances in- integration risks spreading ITC Hotels
Sustainabilit
house production with external resources too thin, affecting core
y Report
sourcing, optimizing costs and competencies. 2022
Let’s Look at Our Portfolio, and Find out our Strategies
:
OPTIONS

Market Market
01 02
penetration development

Product Backward
03 04
development integration

Forward Quasi
05 06
Integration Integration

Quasi
07
Integration

Link to caselets :
https://www.canva.com/design/DAGSwwY5XdU/UREZFP03brpa5J3xVmbPFg 07
[Source: Own Analysis using ITC Website, Youtube ITC stories /view?utm_content=DAGSwwY5XdU&utm_campaign=share_your_design&
utm_medium=link&utm_source=shareyourdesignpanel
Diversificat
ion

Source : Company
Website
 Diversification Types
CONCENTRIC STRATEGY CONGLOMERATE STRATEGY

• Leveraging packaging solutions from • ITC Hotels and ITC Infotech operate in
Paperboards for ITC’s FMCG products. completely different markets compared
• Growing from tobacco into food products to its core FMCG business.
and personal care as a logical • Allows risk diversification and the
progression based on existing opportunity to enter fast-growing
distribution and R&D capabilities. markets outside of the core.

Marketing-related Concentric Technology-related Concentric Marketing- and Technology-related

Diversification Diversification Concentric Diversification

• Packaged Foods: Entry into Sunfeast • Biodegradable Packaging: Expansion of • Personal Care Products: Launch of Fiama
biscuits and Bingo! chips using Paperboards business into eco-friendly and Vivel, leveraging R&D and marketing
established distribution channels from packaging for FMCG. from existing FMCG expertise.
• e-Choupal Initiative: Utilizing digital • Stationery Products: Expansion from
tobacco.
• Personal Care: Launch of Savlon technology to enhance agri-business Classmate notebooks to a full stationery
leveraging brand-building capabilities operations. portfolio (pens, geometry boxes) .
from FMCG products like Vivel and
Fiama. [Source: Own Analysis using ITC Annual Report
 Diversificatio
n

Concentr Conglomera
te[Source: Own
 Diversification

SUCCESS FAILURE
• Lifestyle Retail (Wills Lifestyle): ITC’s
• FMCG Growth: ITC successfully entry into the fashion and retail sector
leveraged its brand and faced stiff competition, and they
distribution network to expand into eventually exited.
FMCG • Hotel Business: While ITC Hotels has a
• ITC Infotech: ITC’s venture into IT prestigious presence, its capital-intensive
services has become a global nature hasn’t generated returns.
player. • Complexity: Managing such diverse
• Agri-Business: ITC's portfolios has led to increased
diversification into agribusiness administrative costs and operational
through its e-Choupal initiative challenges.
revolutionized rural agriculture.

[Source: Own Analysis using ITC Annual Report

Source : Company
Internationalisatio
 Entry Modes
Entry Mode Examples of ITC's Activities Revenue Contribution / Benefits

- FMCG Products: Aashirvaad (Atta), Sunfeast

Export Entry Mode (Biscuits), Yippee! (Noodles) exported to Middle - FMCG exports contribute to 8-10% of global sales.
East, Africa, Europe.

- Example: Aashirvaad Atta sold in Gulf countries. - Increased global presence and brand recognition.

- Franchising: Wills Lifestyle (Lifestyle Retail

Contractual Entry - Expands presence without significant capital
Business) operates through franchise agreements
Mode investment.
in some international markets.

- Licensing: Partnering with local manufacturers for - Enables faster market entry and reduces
food products. production and operational costs.

- ITC Infotech: Direct foreign investments, wholly- - ITC Infotech generates over 50% of its revenue
Investment Entry
owned subsidiaries in US, UK, Europe for IT from international markets, supporting ITC’s
Mode
consulting and services. diversification strategy.

[Source: Own
Analysis]
- Joint Ventures: Collaborates with international
- Strengthens market presence and operational
firms in agribusiness, focusing on food exports to
capacity in global food export markets.
Europe and Africa.
Types of Internationalization
Strategies
Global Strategy (Example: ITC Transnational Strategy:
Infotech): • Combines global efficiency and local
• ITC Infotech offers standardized IT responsiveness.
solutions to clients globally (e.g., • ITC Hotels (through "Responsible
banking, retail, hospitality sectors) by Luxury" branding) offers eco-friendly,
focusing on efficiency and cost- premium services to cater to diverse
effectiveness. international travelers while maintaining
• Example: Strategic alliances with global global standards.
technology leaders.

International Strategy (Example: Multi-Domestic Strategy (Example:

FMCG Exports): Personal Care Products):
• Exporting Indian products like FMCG • Customized FMCG offerings like
brands globally without significant different packaging sizes and
modifications. flavors for international markets to
• Focus: Premium products that suit local tastes.
leverage ITC’s brand reputation.

[Source: Own Analysis using ITC Annual Report

 Diversification

SUCCESS
• FMCG Exports: ITC successfully expanded
FAILURE
• Limited Market Penetration: ITC has
its FMCG brands to international markets, faced challenges in achieving deeper
especially in the Middle East and Africa, market penetration in highly competitive
contributing to global revenue growth. global markets.
• ITC Infotech: ITC’s IT consulting arm has • Capital-Intensive Expansion: Expanding
gained a strong foothold in the US, UK, and through investment-heavy ventures has
Europe through direct foreign investments. required significant capital.
• Agri-Business Expansion: ITC’s • Cultural and Regulatory Barriers: ITC
collaboration with international firms have has encountered difficulties in adapting to
strengthened food exports, particularly in local preferences and navigating complex
Europe and Africa. regulatory environments.

[Source: Own Analysis using ITC Annual Report

DIGITALIZATION
The company's sixth sense marketing
01
command centre mines unstructured
data to gain deep, valuable consumer
insights and knowledge of market
trends

ITCMAARS (Metamarket for Advanced

02
Agriculture and Rural Services) a
cutting-edge super-app, empowers
farmers with hyperlocal crop
advisories, quality inputs, market
linkages, and allied services.

Project Astra, an AI/ML and advanced

03
analytics-based platform, supports
smart buying decisions, price
discovery, and operational efficiency in
ITC's Agri Business.

05

[Source: Dataquest,,ITC
 Methods of Digitalization

Deconstructio Cannabilzati Techno-

• n of product
Digital versions • on
Online Sales Replacing Traditional • Intensification
Automation in Hospitality: ITC
manuals, recipes, and Retail: The ITC e-Store and Hotels is implementing online
warranty cards, reducing partnerships with e-commerce booking platforms, chatbots, and
the need for paper and platforms like Amazon and AI-powered customer service
improving sustainability. Flipkart

• ITC’s personal care and • Automation in Hospitality: ITC • AI & Automation in Customer
food products have Hotels is implementing online Service: ITC has implemented AI-
increasingly adopted digital booking platforms, chatbots, and driven customer service across its
platforms to deliver AI-powered customer service FMCG, agri-business, and hotel
marketing content and sectors.
product information

[Sources: YourStory,ITC
 Digitalization

SUCCESS
• Disintermediation: E-Choupal connected
FAILURE
• Digital Divide in Rural Areas: While e-
farmers directly with ITC, improving Choupal is successful, lack of widespread
procurement, reducing intermediaries internet access in rural areas still limits its
• Enhanced Supply Chain Efficiency: ITC reach.
streamlined its supply chain with AI and IoT • High Initial Costs: Investments in
integration, improving real-time monitoring technologies like AI, IoT, and cloud
and reducing operational costs. infrastructure under Project Astra have high
• Sustainability Goals Support: Digital upfront costs, posing financial pressure
initiatives such as smart manufacturing and • Challenges in Managing Diverse Digital
the reduction of paper use through Strategies: Managing digital initiatives
deconstruction have helped ITC achieve its across ITC’s diverse business segments has
sustainability targets. proven complex, making coordination and
integration challenging.

[Source: Own Analysis using ITC Annual Report

COOPERATIVE

Acquisitions JV&Alliances

: In 2020, ITC acquired a 100% stake ITC Hotels and Marriott

01 in Sunrise Foods Private Ltd., a market 01 International have a joint venture
leader in the spices segment in in India through The Luxury
Eastern India Collection brand

ITC's acquisition of the Savlon and ITC partnered with IBM to drive digital
02 Shower to Shower brands from 02 transformation across its operations.
Johnson & Johnson in 2015 was a This strategic alliance focuses on
significant step to expand its personal automating ITC’s processes using AI
care product line. and data analytics.

ITC Limited acquired the B ITC’s alliance with Bayer Crop

03 Natural juice brand from Balan 03 Science in 2020 to provide farmers
Natural Food in 2014 and with advanced crop protection
rebranded it in 2015 products and technologies

[Source: Marketing 360,Business

Standard}
 Cooperative
SUCCESS
• Sustainable Packaging: supporting its
FAILURE
• Farmer Resistance: certain regions faced
goal of achieving a plastic-neutral status resistance from farmers who were
and enhancing its brand reputation in the unfamiliar with digital technology or
FMCG sector. skeptical of adopting a new system.
• Partnerships with Technology Firms: • Cultural Mismatch: ITC has faced
IBM for Project Astra allowed ITC to challenges in aligning with foreign partners
leverage advanced digital tools due to differences in corporate cultures and
• Collaborative Farming: partnerships with local market understanding.
Agritech startups and local governments • Regulatory Hurdles: ITC’s acquisition
helped increase farm productivity and efforts, particularly in the FMCG and
improve the livelihoods hospitality sectors, have faced several
regulatory challenges delaying or derailing
potential deals.

[Source: Own Analysis using ITC Annual Report

Sources-
 Sources-
Business Today
Sources-
Sources-
Sources-
Sources-
Sources-
7 / Strategic Transformation in ITC: Enhancing Profi tability and Market
Competitiveness
Sources-
C
O
M S
B T
I R
N T SIMULTANEOUS

A E
T G
I Y
O
N SEQUENTIAL
Source: Own source
SIMULTANEOUS COMBINATION SEQUENTIAL
STRATEGY

[Source: Own Analysis and

Teacher’s notes]
 AASHIRVAAD
Simiultane AATA
Current Market Share of 52% (as of

ous
2024) in the Packaged Aata industry.
Aashirvaad has also expanded into
organic and health-focused food

Combinati products.

SUNFEAST
A.
on Sunfeast diversified into

EXPANSION
premium biscuits, cookies,
and cakes. The new launches
include Sunfeast Farmlite

VS STABILITY Super Millets, Sunfeast

Bounce day & Night, Sunfeast
Celebration pack.

Conclusion- https://www.itcportal.com/
brands-microsite/
Expansion strategy helped in getting higher market share
sunfeast.aspx
and profits

YIPPIE!
Yippee! has expanded its
instant noodles line with new
Sources variants targeting younger
consumers and health-
https://blog.osum.com/aashirvaad-atta-market-share/ conscious markets.
https://www.itcportal.com/brands-microsite/sunfeast.aspx
 Regulations
Simiultane Despite regulatory pressures,

ous
cigarettes remain ITC’s highest profit-
making segment, contributing 63% of
EBIT (Earnings Before Interest and Tax)

Combinati in FY2023

A.
on EXPANSION Market Share
VS STABILITY ITC holds a dominant 73%
market share in the Indian
cigarette market, led by
brands like Gold Flake,
Classic, and Navy Cut

Conclusion-
Stability strategies helped them maintain their market No growth
share and continue to reap profits from this segment.
While regulatory and taxation
challenges continue, ITC has
maintained stability by
optimizing its supply chain
Sources and leveraging its pricing
power. The segment’s net
https://www.tobaccotactics.org/article/india-country-profile/ revenue grew by 12% in
FY2023, despite modest
volume growth .
Simiultane ITC Hotels
ous • Post-Pandemic Recovery- No
aggresive expansion even when

Combinati post Covid profits were high. Focus

on recovery.
• Operational Efficiency- Instead of

onSTABILITY VS
B.
launching new hotels aggressively,
ITC has focused on ensuring that its
existing properties are efficiently

RETRENCHMEN run and cater to luxury consumers.

T
Conclusion- Lifestyle
While retrenchment helped ITC shed underperforming • Increased competition from global
assets, the stability strategy in hotels allowed it to sustain fast fashion brands like Zara and
profitability without significant expansion or contraction. H&M.
• Changing consumer preferences
toward more affordable and fast-
Sources moving fashion.
• High costs related to store
https://economictimes.indiatimes.com/industry/services/retail/itc-exits-from-
lifestyle-retailing-business/articleshow/93303296.cms?from=mdr operations, inventory management,
https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/itc- and supply chain inefficiencies.
chairman-puri-says-companys-hotels-business-to-provide-stability-to-the-
business/articleshow/102638522.cms?from=mdr#
 Stability Strategy
Growth Strategy
(Mid 2010 )
Sequentia (2002)
• Geographic
• Packaging
l Expansion- focus on
both cities and rural Innovations- Vaccum

Combinati areas sealed

• Brand Loyalty
on • Product
Diversification- spices, Programs- Get Chakki
salt, and dairy points and redeem.
(levels)
Retrenchment
products
Growth and
Strategy (Post Stability in New
•
2020) Categories (Late
Rationalization of SKUs-
Aashirvaad Svasti
•
2020s)
Steady Growth- Focus
restricted to only high
on quality of atta
Source- https://aashirvaadchakki.com/pages/rewards? demand areas of Tamil
srsltid=AfmBOoplKG7HEYZmf11x_Zbx_RBl3U6qTQvEEUHxrdkDUJb
OUx0NrLid
Nadu, Kerala, Karnataka,
while introducing
https://www.aashirvaadsvasti.in/#:~:text=Aashirvaad%20Svasti
%20Pure%20Cow%20Ghee%20is%20available%20in%20the
%20markets,through%20leading%20e%2Dcommerce
Delhi – NCR, Hyderabad ready to eat chapatis
%20platforms.
Conclusion : Suggesting corporate level strategies to the chosen
company for better profits.

Source: Own Analysis

 Some other suggestions for
Corporate level strategies

• Expand in Health and Wellness Segment

• Sustainability and Digital
Transformation
• Global Expansion in FMCG
• Aggressive Expansion in Hospitality

Source: Own Analysis

 Work Allocation

• Introduction - Tanushri

• Stability - Anushka

• Expansion
1.Concentration & Integration - Tanushri
2.Diversification & Internationalisation -
Heer
3.Co-operative & Digitalisation - Advaith

• Retrenchment - Devansh

• Combination - Anchita

• Conclusion - Anushka Thank