CONCEPT MANAGEMENT

PROJECT REPORT
ON
ITC FOOD SUCCESSFUL TURNAROUND

SUBMITTED TO:
SUBMITTED BY:
MS.SHAFALI SHUBHAM
RANA
B.COM/LLB-4thsem
181/15
Uils,pu

Page | 1
ACKNOWLEDGEMEN
T
WITH GREAT PLEASURE, WE EXTEND OUR GRATITUDE TOWARDS

PROF. SHAFALI, UNDER WHOSE VALUABLE GUIDANCE,

CONSTANT INTEREST AND ENCOURAGEMENT WE HAVE BEEN ABLE

TO COMPLETE THE PROJECT SUCCESSFULLY.

THIS PROJECT IS A CONSTANT SOURCE OF INSPIRATION FOR US

IN THE FUTURE.

I AM ALSO THANKFUL TO ALL THOSE WHO HELPED US

CONSTANTLY IN THE PREPARATION OF THIS PROJECT DIRECTLY OR

INDIRECTLY.

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 index
Sr. No. Contents Page
No.
1. Introduction 4
1. Itc food 5
2. Background 7
3. Market & Competition 8
Ready to Eat
Confectionary
Staples
Biscuits
Snacks
Juices and beverage
4. Financial data(sale) 14
5. Shareholder value track record 19
6. Strategy 22
7. Structure 25
8. Culture 27
Vision
Mission
Core Values
Philosophy

9. Questioneer 29

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 Conclusion 31
10. Bibliography 32

INTRODUCTION

ITC was established on Aug 24, 1910 as the Imperial Tobacco Company of
India Ltd in Kolkata and its name was changed to I.T.C. Limited in 1974 and
finally they changed it to ITC Ltd in 2001. ITC has diversified presence in
tobacco, foods and confectionery, apparel, paper boards, packaging and hotel
businesses.

The Foods Division is the most recent diversification of the ITC group. They
entered in this business in 2001. They launched KoI brand under Ready to Eat
segment .They expanded with brand launches in the Confectionery, Staples and
Snacks Food segments.

ITC has fulfilled all needs and requirements of the people. If the company
maintains its standard or increases it in the near future it surely will attain the
no. 1 position in the market.

Here, through our report we have tried to study the environment in which ITC
foods operate. We have also analyzed the market of ITC foods and the
competition involved. We have also studied the various strategies adopted by
company to achieve its goals and the structure and the culture developed within
ITC to support its objective. Also, an effort has been made to project ITCs
future prospects, sales and profits.

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INTRODUCTION ITC FOOD

ITC made its entry into the branded & packaged Foods business in August 2001
with the launch of the Kitchens of India brand. A more broad-based entry has
been made since June 2002 with brand launches in the Confectionery, Staples
and Snack Foods segments.
For ITC, the packaged foods is an ideal business to utilize ITC's proven
strengths in the areas of hospitality, branded cuisine, contemporary packaging
and sourcing of agricultural commodities. ITC's world famous restaurants like
the Bukhara and the Dum Pukht, nurtured by the Company's Hotels business,
demonstrate that ITC has a deep understanding of the Indian taste and the
expertise required to translate this knowledge into delightful dining experiences
for the consumers. ITC has stood for quality products for more then 100 years
to the Indian consumer and several of its brands are today internationally
benchmarked for quality.

All products of ITC's Foods business available in the market today have been
crafted based on consumer insights developed through extensive market
research. Apart from the current portfolio of products, several new and
innovative products are under development in ITC's state-of-the-art Product
Development facility located at Bengaluru.
ITC has last more then 100 years established a very close business relationship
with the farming community in India and is currently in the process of
enhancing the Indian farmer's ability to link to global markets, through the e-
Choupal initiative, and produce the quality demanded by its customers. This
long-standing relationship is being utilized in sourcing best quality agricultural
produce for ITC's Foods business.

The Foods business is today represented in categories in the market. These are:

1. Ready To Eat Foods

2. Staples
3. Confectionery
4. Snack Foods
5. Juices and beverage
6. spices

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In order to assure consumers of the highest standards of food safety and
hygiene, ITC is engaged in assisting outsourced manufacturers in implementing
world-class hygiene standards through HACCP certification. The unwavering
commitment to internationally benchmarked quality standards enabled ITC to
rapidly gain market standing in all its 11 brands:

1. Kitchens of India
2. Aashirvaad
3. Sunfeast
4. mint-o
5. 5.Candyman
6. Bingo!
7. B-natural
8. Gum on
9. Sunbean
10.Fabelle
11.Yipee

Recently, on Aug 1, 2014, ITC Foods has drawn up plans to extend its Kitchen
of India brand to frozen foods.

ITCs Branded Packaged Foods business continues to expand with sales

growing by 9% over the previous year. Apart from the development costs of
new products, the business has had to contend with the recent economic
slowdown and severe cost increases in input commodities including wheat,
vegetable oil, maize and skimmed milk powder, in addition to the soaring fuel
prices. Having acquired reasonable scale in a relatively short span of time, the
business is progressively focusing on consolidating the portfolio in certain
categories, improving market servicing and driving supply chain efficiencies.

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 BACKGROUND NOTE (ITC)

1. ITC was established on August 24, 1910 as the Imperial Tobacco

Company of India Limited in Kolkata. Initially, the company was
involved in the trading of imported cigarettes.
2. In 1925, in a backward integration move, the company started a
packaging and printing business.
3. The name of the company was changed to India Tobacco Company
Limited (I.T.C. Ltd.) in 1974.
4. In 1975, I.T.C. Ltd., through ITC-Welcomgroup, tied up with the US-
based Sheraton Corporation to enter the hospitality industry. It acquired
its first hotel in Madras (later renamed Chennai) in Tamil Nadu and called
it the WelcomgroupChola Sheraton.

5. I.T.C. Ltd established ITC Bhadrachalam Paperboards Ltd. (IBPL) in

1975. The company started production at its integrated pulp and
paper/board manufacturing facility at Bhadrachalam, Andhra Pradesh, in
1979.

6. In 1990, I.T.C. Ltd. set up an International Business Division (IBD) for

export of agricommodities.
7. I.T.C. started a greeting cards business under the brand name Expressions
in the year 2000.
8. In the same year, I.T.C. also entered the fashion retailing business by
extending its well known cigarette brand Wills. The retail outlets were
called Wills Lifestyle and offered premium leisure wear for men and
women under the Wills Sport brand.

9. In September 2001, the company was renamed ITC Ltd (without full
stops, and with no meaning attributed to the alphabets).

10.In 2001, ITC made an entry into the foods business.

11.In 2002, the company launched another clothing brand, John Players,
which targeted the urban youth.
12.In 2004, ITC was one of eight Indian companies to make it to the Forbes
A List8 which featured 400 of the worlds best big companies.
13.In Oct 2005, ITC has launched an exclusive line of prestige fine
fragrances and personal care products under the Essenza Di Wills brand.
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14.In late 2007, ITC launched Fiama Di Wills soaps and shampoos
following the success of Essenza Di Wills.
15.15.In Dec 2007 ITC launches ECF (Elemental Chlorine Free). ITC is the
first andonly Company in India using the ECF technology.
16.expanding the tabacoo
17.Enter into juices and beverage with b-natural

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 Market and Competition

Indian Foods market is a monopolistic market. There are many competitors in

all the categories and although they all have similar products available at similar
prices, they are trying to prove themselves different through their marketing
strategies. However, entry to this business is easy and ITC has utilized this fact
very efficiently to their benefit as they entered into the several categories among
this Foods business.

READY TO EAT
ITC entered into the branded and packaged foods business in with the launch of
Kitchens of India brand. In 2004, the company launched KoI brand fruits and
spice conserves and cooking pastes. The fruits and spice conserves, were
developed jointly with Karen Anand, a food expert. Priced at Rs. 70, these were
targeted at the premium segment. The KoI cooking pastes, which were priced at
Rs.30 for a 100g pack, also targeted the high-end market. Multi-purpose
cooking pastes were also launched under the Aashirvaad brand and these were
priced at Rs. 10 for 80g pack. The manufacturing of these products was
outsourced to contract manufacturers for saving the operating cost.

ITC entered the branded spices market in 2005 and the Instant Mix segment in
2006, both under the Aashirvaad Brand. As on April 2006, the total turnover in
the Indian ready-to-eat and ready-to-cook segments was only around Rs. 700
million, but it continued to post an annual growth of 20%. By early 2006,
though ITC had captured a 35% market share in the ready-to-eat segment, MTR
was the clear market leader with close to 60% in market share. ITC exported
40-50% of KoI brand products (in terms of volumes) to the US, Canada, the
UK, Switzerland, and Australia.

In May 2015, ITC planned to introduce ten more varieties under the KoI brand
within a price range of Rs. 35 to Rs. 98. In 2016, some new products have been
launched under Ready To Eat category like chutneys, curries, conserves,
biryanis (Noor Mahal, Bhori Biryani and some new range of products under
Gharana (PaneerMalai, Keema Mutter). After launching all these products ITC
FOODS is looking to share 50 to 60% of market by 2015-2016.Following are
the major competitors ITC is competing with in Ready to Eat category:

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Brands Description
Gits produces the selected range of popular ready to
cook and instant foods that cover a range of ethnic
Gits
Indian cuisine-and where the recipes have "Global
pallete acceptance".
Offers packaged Bhelpuri chats such as SevPuri, Chana
Haldirams Masala, Samosa, Pakoras, AluTikki, PaoBhaji,
GolGappa, Dhokla among others
Offers packaged sweets,syrups,namkeens, cookies,
Ethnic pickles, aloo Masala, Bhujia, Bhelpuri, Chana Dal,
Kitchens KajuiLadoo and many more items.
MTR foods currently comprise twenty-two delicious
MTR and completely authentic Indian curries, gravies and
rice.
Priya has a range of popular traditional recipes starting
from Dal Makhani, NavaratanKurma to PalakPaneer,
Priyafoods Paneer Butter Masala, Punjabi Chhole and Rajma
Masala along with true southern delicacies like Andhra
Veg Pulav, Mango Dal, Gongura Dal.

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 market share -Ready to eat

Itc ltd.
9.57% MTR
8.51% KOHINOOR
44.68%
OTHERS
37.23%

CONFECTIONERY
Confectionary market in India is about Rs.2500 crore. It is loosely divided into
seven categories:

1. Hard boiled candies

2. Toffies
3. Eclairs
4. Chewing gum
5. Bubble gum
6. Mints
7. lozenges

ITC has currently in market with its two brands Mint-o and Candyman.
ITCs Mint-O fresh secured a 17% share of Indian cough lozenges market ahead
of former leader Perfetti which only achieved 14.3% with chloromint. The
Indian giant marked the confectionary sector in 2002 and has only two brands
mint-o fresh and Candyman. But in overall confectionary market they are
lagging behind having just 3% market share as compared to market leader
Perfetti with more than 37% market and providing larger number of brands.

Perfetti van ITC Ltd. Nestle Cadbury

melle

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Alpenliebe Candyman . Kit Kat Bubbaloo
AlpenliebeCrea Minto . Kit Kat Lite Dairymilk
mfills . Milky Bar Eclairs
Alpenliebe . Munch % Star
Lollipop . Milk Gems
Big Babol Chocolate Perk
Center Fresh . Fun Bar Halls
Center Fruit . Polo
Center Shock . Polo Power
ChatarPatar mint
Chlor-mint . Munch Pop
Chocotella Choc
Cofitos . clairs
Fruittella
Happydent
White
ProtexHappyde
nt
Marbels
Mentos
Chocoliebe

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 market share -confectionary

itc ltd.
7.27% perfatti van
malle
38.18% cadbury
38.18% nestle
6.36% other
10.00%

STAPLES

ITC entered the staples market in 2002 with wheat flour under the Aashirvaad
brand. In 2003, ITC extended the Aashirvaad brand to edible salt. By early
2006, ITC had a 40% market share in the Rs. 6 billion packaged flour business.
Its closest competitor HLLs Annapurna brand was trailing behind with a market
share of 18%. The market was growing at 12%. Under its Aashirvad brand ITC
FOODS also launched salt, mixers, ready to cook pastes. In the Rs. 4 billion
organized salt market (as of 2006), Tata Salt was the market leader with a 28%
market share. ITC had only a 5% share of the market. Other players in this
business are HLL (Knorr Annapurna), Nirma (Shudh), Marico Industries
(Saffola), etc.
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 market share -Stapels

24.00% ITC
HILL
42.00% PILSBURY
4th Qtr
13.00%

21.00%

BISCUITS:
Indian biscuit market is estimated to be around 5000 crore. Biscuit industry in
India in the organized sector produces around 60% of the total production, the
balance 40% being contributed by the unorganized bakeries. ITC with its
premium product, SUNFEAST, is acquiring a big share of market. Within few
years, they are able to get 12% share of the market.

Britannia ITC Ltd Parle Priyagold

(Sunfeast)

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Tiger Marie Parle-g Butter Bite
Nutrichoice Dream cream Krack-Jack Classic Cream
Junior Milky Magic Monaco Butter Lite
Good Day, Fit kit Kreams Big Boss
50 50, Choco Nut Hide and Seek Marie Lite
Treat Butter Nut Milk Shakti Magic Gold
Pure Magic,
Milk Bikis
Good
Morning.

market share -buiscuit

itc
8.00% 12.00% priyagold
10.00% britania
32.00% parle
others
38.00%

SNACKS:

Snacks industry overview

Snacks industry in India is worth 1800 Crores of Rs. and growing at 10% is one
of the largest markets in the world, out of which potato chips holds the major
market share of around 85%.

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Product Price Product Price Product
(ITC Ltd) (Frito Lay) Price
(Haldiram)
Bingo Lays Namkeen
Rs. 5 Rs. 5 Rs. 5
Rs. 10 Rs. 10 Rs. 10
Rs. 20 Rs. 20 Rs. 20
Lehar Namkeen
Rs. 5
Rs. 20
Kurkure
Rs. 5
Rs. 10
Rs. 20

Sales

Itc fritolay
12.00% 16.00% india
27.00% haldiram others
45.00%

JUICES AND BEVERAGE:

ITC entered the fruit-based juices and beverage market with the launch of B-
natural juices in january 2015.At present market share in the organised juice
segment is around 7% and itc hope it to get 10% next yrs .ITC has roped
bollywood food actress and fitness enthuasistShilpaShettyKundra face of B-
natural juices amd beverage

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 market share -juices and beverage

23.00% 7.00% ITC

tropicana
32.00% real
others

38.00%

SALES OF ITC FOOD

2010- 2011- 2012- 2013- 2014- 2015- 2016-17

11 12 13 14 15 16 (APPROX)
SALES 4482 5545 7012 8012 9038 9731 10500

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 The foods business is expanding rapidly with sales growth of 9% in the
year 20016. This range of product includes more than 150 different
products. The growth of this sector in terms of product categorization is
as follows.

Sales in biscuits category grew by 55%.
Sales in staples category grew by 52%
Sales in confectionary grew by 51%.
Sales in RTE grew by 35%

ITC Food is looking to expand its RTE category to maximize its profit

SHAREHOLDER VALUE TRACK RECORD

ITC has been a consistent performer in terms of shareholder

value creation. During the period 1995/96 to 2015/16, Total
Shareholder Returns have clocked compound annual growth
rate of 23.3% significantly outperforming the Sensex (10.6%).

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ITCS NEW CHALLENGES:
This food industry is the industry with very less profit margins. So low
operation cost is the key. Also, Indian middle class is price sensitive. In this area
international, national and also regional competition is very tough. With that
wheat, petrol and labor cost is increasing day by day. Different types of
restrictions imposed by the government are also playing a vital role in reducing
profit margins. For example, exporting non-vegetarian foods out of India is
restricted. To cover this up, ITC is trying to reduce cost of its biscuits by
acquiring mass production of wheat directly from farmers through its E-chaupal
initiatives. Also in this way ITC is able to reduce the price of its staples. As far
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as Confectionary market is concerned, ITC is looking to launch its brand of
chocolate in collaboration with an American company. After analyzing the food
sector, one can say that it is one of the toughest market to compete in as all the
market giants are already there.

Major Strategies Adopted by ITC Foods

Entering the foods business was itself a strategic decision for ITC. While ITCs
core business, tobacco, was under pressure owing to several factors like
government bans on advertising and on smoking in public places, hikes in the
excise duty for cigarettes, and anti tobacco campaigns, ITC planned to deploy
its surplus in the packaged food business where it saw huge business potential.
Following are some of the strategies that ITC adopted to make its food business
a success:

Entering into less competitive or unexplored markets (Ready to eat,

Staples, Wafers):When ITC entered into the foods business in 2001, it
focused on unleashing the areas where the competition is very less or
there is no competition. It started with packaged ready to eat food and
later extended that to Aashirvaad brand of edible salt and Atta. Recently
ITC has announced its desire to forge in the frozen foods category in the
domestic market. Players in this category are limited and ITC hope to
exploit this fact. Also, in Bingo, although the competition is tough but
there is only one player with whom ITC has to compete i.e. Frito Lay.
This strategy has helped ITC to quickly establish itself in the above
mentioned businesses.

Distribution Network: ITC already had a huge distribution network due

to its tobacco business. ITC used this network to distribute their biscuits
and wafers. This not only provided a good launch to their products but
also helped in boosting sales. Today, ITCs Bingo and Sunfeast are
available at nearly 1.8 million outlets whereas Parle is available at only
1.5 million outlets.

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 Market differentiation (Ready to eat, Biscuits): ITC started packaged
foods business with the KoI brand of ready-to cook products. They were
positioned as premium products with target groups including tourists,
NRIs, etc. In Biscuits also, ITC launched differentiated products in each
and every segment. For e.g. it introduced an Orange Marie, a
butterscotch cream biscuit, chilli flakes in a biscuit and even honey flavor
under the Sunfeast brand.

In March 2005, ITC Foods launched Sunfeast Pasta, a whole wheat based
product targeted at children. It was expected to compete with products
like Nestles Maggie noodles. With this strategy ITC built for itself new
markets.

Cost control strategy (all products):When ITC started the foods

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 either equal or less than what the
competitors are offering. To do this, they planned to capitalize by
leveraging the strength of the groups other businesses. ITCs printing and
packaging business provided high-quality, cost-effective, and innovative
packaging. ITC also enjoyed cost advantages over its competitors owing
to its electronic procurement system called e-Choupal. This helped ITC to
compete with the best.

Diversification of products (Biscuits, Wafers, and Ready to Eat):One

of the ITCs successful strategies has been the method of diversifications
among its various products. If we talk just about Bingo, ITC has come up
with 16 flavors in comparison to its competitor Lays of Frito Lay
which has only 4 major flavors. Same is the case with Ready to Eat food
category and Biscuits.

This strategy has helped ITC to attract a wide range of market.

Extensive advertising (Biscuit, confectionary, wafers):Just like a

Bollywood movie needs good publicity to be a super hit, every new
product launched in the market needs to be known to the consumers
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 before it is launched. Advertising is where ITC made the difference in
comparison to its competitors. They hired the best professionals and the
best ambassadors in the country to make their products famous. This is
evident form the award winning marketing campaign for Bingo and
Minto Fresh. The tagline "Jab Lailakokarnatha impress to majnu ne khayi
mint o fresh" has stood the test of times and is still widely known and
remembered. Hiring the best people from the film industry and sports
(Sharukh Khan and Sachin Tendulkar for Biscuits, RakhiSawant for
Minto Fresh) showed ITCs urge to be the best.

On television, the company booked 10 to 15 spots per channel per day on

youth channels such as MTV and Star World, mass Hindi channels like
Zee and Star TV, and news channels. It also had around 20 spots on a
variety of radio channels and advertised in most leading national dailies.
In the top-30 cities, over 1,000 outdoor hoardings advertised the product.
According to industry estimates, ITC spent close to Rs 100 crore on
marketing.

This kind of promotion of products helped ITC to make its products

known to everyone and now it was not difficult to attract consumers.

Regular introduction of new products (all products):Having acquired

reasonable scale in a relatively short span of time, ITC realized that, to
remain in the competition it had to introduce new products regularly. ITC
has been expanding its distribution network aggressively and also their
product range. In biscuits and wafers range, it is launching new products
or flavors week after week. Same is the case with Ready to Eat and
Kitchen of India.

Innovation (all products):When the need to introduce new products

arrived, ITC shifted its focus on to the innovation. Also, ITC was
innovative in identifying the market or niche for all its products.

Maintenance of freshness and hygiene (all products):ITC positioned

its wheat flour on the health & hygiene and value for money terms.
Success in the staples business, especially in the branded and packaged
wheat flour business, depended on two factors an effective distribution
network and the quality of the product. Therefore, ITC attempted to

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 ensure that the supply chain was responsive, and laid emphasis on
making accurate sales forecasts using inputs from distributors, sales
personnel and a well-managed MIS system. To maintain freshness of the
product, the company strove to minimize the transit time by regulating
the shippers to maintain company-specific transit norms. The physical
aspects of the supply chain like warehouses and trucks were closely
monitored to maintain cleanliness.

From Analyzers to Prospectors (Biscuits):When ITC entered the

biscuits market with Sunfeast in 2003, with three varieties of biscuits -
glucose, marie, and cream, they did what any new player in the market
does, imitating and emulating the leader that was Britannia. Their strategy
was to manufacture those products which are already a success in the
market. But, as ITC got hold of the market, it started to manufacture
flavors which were never heard of. This was the result of ITCs desire to
exploit new product and market opportunities.

All the above strategies and with the help of launch of Bingo in 2007, ITC
finally tasted success in its food business in 2008 when it became a profitable
business for the first time since its launch in 2001

Structure

ITC has a three-tier management structure.

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At the top are Chairman and Board of Directors, who are responsible for the
strategic supervision of ITC, its wholly owned subsidiaries and their wholly
owned subsidiaries. The ITC board is a balanced board comprising Executive
and Non-Executive Directors. The Board ensures that the Company has clear
goals relating to shareholder value and its growth. It sets strategic goals and
seeks accountability for their fulfillment. There are four board committees,
namely, the Audit Committee, the Nominations Committee, the Compensation
Committee and the Investor Services Committee.

At the second level is the Corporate Management Committee, which is

responsible for the strategic management of the company's businesses within
Board-approved direction/framework. It comprises all the Executive Directors
and three or four key senior members of management.

Third level consists of divisional CEOs of each business assisted by

their own divisional management committees. Corporate Functions of the
Executive Management Team includes Planning and Treasury, Accounting,
Legal, Secretarial, Human Resources, Communications, Internal Audit and
Information Technology.

The companys organizational structure and governance processes are designed

to support effective management of multiple businesses while retaining focus on
each of them." This three-tier governance structure ensures that:

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For and on behalf of the shareholders the company believes in incorporating
strategic governance in its work culture so as to ensure that despite being free
from involvement in the task of strategic management of the Company, it can be
conducted by the Board with objectivity, thereby sharpening and ensuring
accountability of management;

With mundane tasks of everyday executive management being delegated the

management remains focused on issues of immediate importance;

The Executive management of the individual businesses that are free of

handling strategic management responsibilities of ITC as a whole is then able to
channelize their energies and time in enhancing the effectiveness and overall
growth of their individual units.

Corporate Governance as defined by ITC is a systemic process

by which companies are directed and controlled to enhance their wealth-
generating capacity. A company employs vast sums of societal resources during
this process of wealth generation. ITC is of the firm belief that the governance
process being followed should ensure that these resources are used optimally to
meet the aspirations of its stakeholders and society. This is further reflected in
the deep commitment of the company to contribute to the Triple Bottom Line,
which is the development of the nations economic, ecological and social
resources.

The company believes in empowering the executive

management. But corporate governance ensures a system of checks and
balances to ensure that these powers that are bestowed upon the executive
management are used in a responsible manner so as to meet shareholder and
societal expectations. The core strengths of ITC's governance philosophy are
trusteeship, transparency, empowerment and accountability, control and ethical
corporate citizenship. The practice of each of these creates the right corporate
culture that fulfils the true purpose of Corporate Governance.

Overall, the structure of ITC has high complexity because of horizontal

differentiation within the organization. The most visible evidence is that of
specialization and departmentation. Complexity also increases because of
spatial differentiation.

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 The ITC Code of Conduct, as adopted by the Board of
Directors, is applicable to all Directors, senior management and employees of
the Company. This Code is derived from three interlinked fundamental
principles, viz. good corporate governance, good corporate citizenship and
exemplary personal conduct. The Code covers ITC's commitment to sustainable
development, concern for occupational health, safety and environment, a gender
friendly workplace, transparency and auditability, legal compliance, and the
philosophy of leading by personal example. Since non-adherence to the code is
brought to the attention of the immediate reporting authority, formalization is
also there in ITC.

Decision-making is decentralized, as the company believes in

giving executive freedom to the management to drive the enterprise forward
without undue restraints but this freedom of management should be exercised
within a framework of effective accountability.

CULTURE

ITC's Vision

Sustain ITC's position as one of India's most valuable corporations

through world-class performance.
Create growing value for the Indian economy and the Company's
stakeholders.

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ITC's Mission

To enhance the wealth generating capability of the enterprise in a

globalizing environment
Deliver superior and sustainable stakeholder value.

ITC's Core Values

The companys Core Values are aimed at developing a performance-oriented

organization that is highly customer focused and also creates value for those
holding stake in it. It fully understands that it has a commitment to its
stakeholders to act as a guardian of the company from stakeholders point of
view and deliver results in a manner that actualizes stakeholders interest on a
long-term basis.

It also delivers on the commitment to its customers by consistently addressing

their needs on product quality, value and overall satisfaction. It respects the
values of people and also encourages individuals to pursue their dreams, values
their differences and helps them to experiment in the pursuit of various
opportunities.

ITC firmly believes in the concept of Excellence with their mantra being, we
do what is right, do it well and win. We will strive for excellence in whatever
we do. It is constantly in the pursuit of better and newer products, processes,
services and management practices. Apart from the interest of shareholders they
also address their commitment to the nation to generate economic value, at the
same time ensuring that in achieving these goals no compromises are made
whatsoever in complying with rules and regulations as specified by law.

ITCs Philosophy

ITC believes in practicing ethical behavior among the corporate citizen. The
company follows an HR policy that is regulated by Teamwork, Trust,
Collaboration, Mutuality,
Meritocracy, Objectivity, Collaboration, Self-respect and Human-dignity. It is
also deeply committed to make the company a gender friendly place for each
individual while also ensuring enhancement of equal opportunities for men and
women, preventing sexual harassment of any form and the adherence to good
employment practices. It is ensured that the interest of the company is foremost
and in this context acceptance of any kind of gifts or payments from suppliers or

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customers is viewed as a serious breach of company discipline. And such acts
are also considered as damaging to the reputation of the company.

High standards of house keeping and hygiene are followed to ensure excellent
physical working conditions. It is understood that all the directors, senior
management and employees shall conduct themselves in an honest manner and
avoid any conflict of interest.

The top officials and employees of ITC believe that ITC provides them freedom
at work and resources to experiment. Employees take pride in working for ITC
for its work culture, environment, and the way people are treated. They are
consulted before a new project\system is introduced and their concerns and
suggestions addressed. ITC also gives a lot of input to develop their skill and
career. They give utmost importance to equal opportunities, better work
environment.

QUESTIONEER ON ITC FOOD

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 conclusion
ITC food ,the leading FMCG manufacture in indai was the
pioneer in several indian industries.since its inspection
in 2001,the company had faced increased market
competetion which had made its position difficult one in
the indian marketplace.in 2009,ITC food has made its
maidain profit , thus having made the company
succesfully turnaround from a loss making unit to profit
generating unit and if the company maintain its position
it will became the no.1 company in the future

Bibliography
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 www.itcportal.com
www.wikipedia.org
www.moneycontrol.com
www.economictimes.indiatimes.com
www.moneycontrol.com
www.google.com

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