CHANNEL ANALYSIS REPORT

FMCG - ITC LIMITED

DSCM CIA 1

Submitted By:

Aakash Bharathwaj (1925101)

Aditya Punia (1927602)
Rohit Redippalli (1927517)
Suresh Kumar (1928509)
Tanvi Ranade (1928516)
Yeshasvi Singh (1928511)

Under the Guidance of:

Dr. Raman Sreedhara

School of Business Management

CHRIST (DEEMED TO BE UNIVERSITY), Bengaluru.

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 LIST OF CONTENTS

Executive Summary…………………………………………………………………….....4

1. An overview of the FMCG Industry……………………………………………………5

2. Government Initiatives………………………………………………………………...6
3. PEST Analysis…………………………………………………………………………7
4. ITC Overview………………………………………………………………………….8

4.1. ITC Categories……………………………………………………………………9

4.2. Strategic partners and Alliances………………………………………………....13
4.3. ITC Market Structure……………………………………………………...…….14

5. ITC Distribution Channel ……………………………….…………………………...17

5.1. Channel levels……………………………………………………………………18

5.2. Market Coverage………………………………………………………………...20
5.3. Incentive System………………………………………………………………...23
5.4. Evaluation of Channel Effectiveness…………………………………………....24
5.5. Profit Margins……………………………………………………………….…..26
5.6. Pricing Policies…………………………………………………………………..26
5.7. Credit Availability……………………………………………………………….28

6. FMCG Growth……………………………………………………………………......29
7. Top Performing Brands………………………………………………………………30
8. Competitors of ITC………………………………………………………….………..31

8.1. Competition Pricing Structure………………………………………………...…32

9. ROI Approximation of Channel Member…………………………………………….35

10. Special Merchandising Requirements……………………………………………..…36
11. Channel Promotions………………………………………………………………….38

11.1. Above the Line Promotions………………………………………………….....38

11.2. Below the line Promotions………………………………………………….......42

12. Strategies for Growth………………………………………………………………...44

References………………………………………………………………………………..45

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 LIST OF FIGURES

Figure 4.1 market Share Comparision……………………………………………..…15

Figure 5.1 Basic FMCG Distribution Model………………………………………...18

Figure 5.2 Two Level Distribution Channel………………………………………....19

Figure 5.3. Salesforce hierarchy of ITC…………………………………………...…20

Figure 5.4. ITC Distribution Network in India……………………………………...21

Fig 5.5. Distributor Workforce…………………………………………………..…..22

Fig 5.6. Scorecard Bands…………………………………………………………….24

Fig 5.7. Actionable Basis for WD evaluation………………………………….…….24

Fig 5.8. Appraisal on the basis of targets…………………………………………….25

Fig 6.1 FMCG Business Growth…………………………………….……………….29

Fig 6.2. Annual Consumer Brand Spends ………………………….……………..…30

Fig. 10.1 Shelf Displays Visual Merchandising……………………………………..36

Fig. 10.2 Visual Appeal through Fancy Arrangement……………………………….37

Fig. 10.3 ITC Products Exhibit………………………………………………………38

Fig. 10.4 Window display………………………………………………………..…..38

Fig 10.5 Banner Advertisements…………………………………………………..…38

Fig. 10.6 Store Signage…………………………………………………………...….38

Fig. 11.1 Share of Global ad-spend by medium……………………………….…….38

Fig. 11.2 Weekly Ad Spends………………………………………………………...38

Fig. 11.3 Campaigns across Key ITC Brands…………………………………….….39

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EXECUTIVE SUMMARY [SURESH]

ITC is one of the major Indian conglomerate with good distribution network across pan India,
competing firms like HUL, P&G, Goodrej etc. in the FMCG sector. It would be worthy
studying their distribution network which clearly depicts the functioning of channel and the
challenges associated with them.

This report includes the study made on the FMCG sector and its growth which paves way for
companies like ITC to expand their market presence with various distribution strategies
adopted in this competitive market. The product portfolio and the market structure of ITC is
discussed. The different channel level types associated with the company is elaborated with
few examples. The market coverage followed by ITC channel members along their route
mapping techniques are explained with further analysis done considering Bangalore territory.
Few attributes on the competitors like the different pricing structure along the different product
portfolio is compared. Various ATL and BTL promotional activities are also discussed and
finally concluded with the suggestions on strategies for channel growth.

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1. AN OVERVIEW OF FMCG INDUSTRY [TANVI]

FMCG is the fourth largest sector in the Indian Economy. The products of an FMCG company
are very frequently consumed and purchased by every sector in the society irrespective of the
income group and social class, we spend a reasonable amount of our monthly salary on
purchasing these products1.

There are three main segments in this sector –

 Food and Beverages, which accounts for 19 per cent of the sector
 Healthcare, which accounts for 31 per cent of the share and
 Household and Personal care, which accounts for the remaining 50 per cent share.

The FMCG segment is expected to grow at 9-10 percent this year. The FMCG industry is
divided into the demographics of rural and urban India.

There was an increase by 8% in the urban segment and a 5% in the rural segment towards the
year end of 2019. It has been observed that the rural segment is a huge contributor of the
revenue generated by FMCG companies. The contribution in the revenue generation by the
urban segment is to be 55 percent. Semi-urban and rural segments are growing at a rapid pace
and FMCG products account for 50 per cent of total rural spending. It is said that the market
will reach an estimate of US$ 1.1 trillion by 2020, when compared to the 2017
market. Revenues of the FMCG sector reached Rs 3.4 lakh crore (US$ 52.75 billion) in FY18
and are estimated to reach US$ 103.7 billion in 2020.

The main FMCG segments can be classified as per:

A) By Type:

Personal Care: Personal care consists of oral care, skin care, hair care, soaps, cosmetics,
perfumes, paper products etc.

Household care: Household care consists of fabric soaps, utensil cleaners, floor cleaners, air
fresheners etc.

1
INDIA BRAND EQUITY FOUNDATION (March, 2020), Indian FMCG Industry Analysis, Retrieved from
https://www.ibef.org/industry/Fmcg-presentation

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Branded and Packaged Food and Beverages: This segment consists of health beverages, soft
drinks, chocolates, snacks, coffee, tea, processed vegetables, dairy products, sugar, juices etc.

B) By Distribution Channel

 Supermarkets & Hypermarkets

 Grocery Stores
 Departmental Stores
 Specialty Stores
 E-Commerce

2. GOVERNMENT INITIATIVES

Some of the major initiatives taken by the government to promote the FMCG sector in India
are as follows2:

 The Government of India has approved 100 per cent Foreign Direct Investment (FDI)
in the cash and carry segment and in single-brand retail along with 51 per cent FDI in
multi-brand retail.
 The Government of India has drafted a new Consumer Protection Bill with special
emphasis on setting up an extensive mechanism to ensure simple, speedy, accessible,
affordable and timely delivery of justice to consumers.
 The Goods and Services Tax (GST) is beneficial for the FMCG industry as many of the
FMCG products such as Soap, Toothpaste and Hair oil now come under 18 per cent tax
bracket against the previous 23-24 per cent rate. Also rates on food products and
hygiene products have been reduced to 0-5 per cent and 12-18 per cent respectively.
 The GST is expected to transform logistics in the FMCG sector into a modern and
efficient model as all major corporations are remodelling their operations into larger
logistics and warehousing.

2
The Business Tycoons, Analysis of FMCG Sector. Retrieved from
https://www.thebusinesstycoons.com/the-business-tycoons-sector-fmcg.html

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 3. PEST ANALYSIS OF FMCG SECTOR [TANVI]

A) Political

 Tax Structure: This segment has a complicated tax structure, they pay high direct taxes,
and their tax policies change very frequently.
 Infrastructure Issues: The government initiative and spending on the agricultural sector,
power, logistics, transport industry.
 Regulatory Constraints: Licensing and permits are needed for the FMCG segments.

B) Economical

 GDP Growth: There is constant increase in the FMCG companies, which contributes to
the FMCG organization.
 Inflation: The purchasing powers of the customers also depend on the rate of inflation.
 Consumer Income: There is an increase in the rate of
 Private Consumption: We’ve been seeing an increasingly high rate of private
consumption of FMCG goods in the last few years.

C) Social

 Change in consumer profile: There is a high rate of urbanization, literacy, rate of per
capita income is some of the factors which have caused an increased rate in the
purchasing power of the customers as well.
 Change in lifestyle: Due to the increase in the change in the lifestyle, and a completely
different consumption pattern, there has been an increased rate of purchasing of
products under FMCG.
 Rural Focus: The FMCG also aims at the rural sector, as they are the hub for the
penetration process. (By providing the customers with small sized/ single use packs and
sachets.

D) Technological Factors:

 Effective and efficient use of technology is seen in organizations like ITC, HUL etc.
 We’ve seen a boost in FMCG segments due to E-Commerce.

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4. AN OVERVIEW OF ITC [TANVI]

ITC Limited is an Indian conglomerate which was established in the year 1910 and is
headquartered in West Bengal, Kolkata. Being one of the leading private companies of India,
ITC has a total capitalization of nearly US$50 Billion gross sales value of US$ 10.8 billion
(figures as on 31.03.2019). ITC is one of the largest retailing networks in India and It employs
over 30,000 people at more than 60 locations across India.

It has its presence in various segments like FMCG, Hotels, Lifestyle Retailing, Cigarettes and
Cigars, Packaging, Agri Business, Education & Stationery etc.

As one of it reputed business, ITC Ltd sells 81% of the Cigarettes, Bidi in Asia where 275
million people use tobacco products and the total cigarette market is worth close to $11 billion
(around Rs. 757399.4 million).

ITC Vision: Sustain ITC’s position as one of India’s most valuable corporations through world
class performance, creating growing value for the Indian Economy and the company’s
stakeholders.

ITC Mission: To enhance the wealth generating capacity of the enterprise in a globalizing
environment, delivering superior and sustainable stakeholder value.

ITC Website. Retrieved from https://www.itcportal.com/about-itc/profile/history-and-volution.aspx

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4.1 Categories:
3) PAPER BOATS AND SPECIALITY
1) FMCG
PAPERS:

 Cigarettes and Cigars

 Classmate Notebooks
 Food
 Specialty Papers
 Personal Care
 Décor
 Education and Stationery
 Recycled Books
 Lifestyle Retailing
 Safety Matches 4) PACKAGING
 Agarbattis and Dhoop
 Carton Board Packaging
 Flexible packaging
2) HOTELS:  Tobacco Packaging
 Green Packaging
 The Luxury Collection
 Welcom Hotels 5) AGRI BUSINESS
 Fortune Hotels
 Agri – Commodities and Rural
 ITC Grand Chola, Chennai
Services
 ITC Windsor, Bangalore
 Agri – Business
 ITC Maurya, Delhi
 Choupal Saagar
 ITC Mughal, Agra
 E- Choupal
 ITC Gardenia, Bangalore

ITC Brands are designed and customized in a way that the need, lifestyle and target of the
customers are met and satisfied.

A few of the brand names under ITC are:

2) 2) PERSONAL CARE:
1) FOOD:
 Vivel
 Aashirvaad  Fiama
 Sunfeast  Charmis
 Bingo  Shower to Shower
 ITC MasterChef  Engage
 Yippee!  Savlon
 B- Natural  Superia

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  Candyman
 Mint-O 2) 4) LIFESTYLE RETAILING:

 Kitchen of India
 Wills Classic
 Farmland
 Wills Sports
3) EDUCATION:  Wills Club life
 Wills Signature
 Classmate
 John Players
 Paperkraft

6) CIGARETTES:
5) AGARBATTIS:
 Insignia
 Mangladeep
 India Kings
 Classic
 Gold Flake
7) SAFETY MATCHES:  American Club
 Navy Cut
 AIM
 HOMELITES

ITC FOOD:

AASHIRWAAD:

FLOUR SALT SPICES INSTANT MIXES

Aashirwaad Iodised Chilli powder Gulab Jamun
Select Aata Turmeric Rawa Idli
Chaaki Aata Coriander Rice Idli
Pickle Mirch Rice Dosa
Dhokla
Rasmalai
Vada Mix

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SUNFEAST BISCUITS:

Golden
Special Snacky Glucose Dream Cream Marie Bakery Fit Kit
Chilli
Butter Flakes Orange Chocolate Orange Vitamin
Classic Milky Multi
Cashew Salted Magic Vanilla Butternut Grain

Crunchy Nice Orange Butterscotch

Coconut Milk Cream

SUNFEAST PASTA:

 Cheese
 Masala
 Pizza
 Chicken

MINT-O

 Minto Cool Blue

 Minto Fresh

BINGO:

POTATO CHIPS MAD ANGLES HATKE JHATAK

Salted Chilli Dhamaka Funky Masala

Masala Tomato Mischeif Tomato Twist

Tomato Aachari Masti

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 Chatkila Nimbu Achar Chilli Dhamaka

Tandoori Paneer Tikka

KITCHEN OF INDIA:

CURRY PASTES CONSERVES CHUTNEY BIRYANI DESERTS

Butter chicken Strawberry and Mint Shr edded mango Bhori Moong Daal

Fish Curry Pineapple and green Mango & Jeera Yakhni Pulav Badam Halwa

Dum Aloo Apple & Cinnamon Mango and Garlic Noormahal Jodhpuri

ITC TOBACCO

ITC's cigarette business continues to be relentless in its pursuit of strengthening its leadership
position in every segment of the market in India. ITC's wide range of brands, includes Insignia,
India Kings, Classic, Gold Flake, American Club, Navy Cut, Players, Scissors, Capstan,
Berkeley, Bristol, Flake, Silk Cut, Duke & Royal.

Patil, Pramod. (2016). An Overview of Indian FMCG Sector. PARIPEX - INDIAN JOURNAL OF

RESEARCH. 5. 171-173.

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4.2. STRATEGIC PARTNERS AND ALLIANCES [ROHIT]

ITC has partnered with Amway to expand distribution networks of its products under the health
and nutrition department for an expansion in the health and nutrition space, as there has been a
change in the interest and trend of the consumer as such products also improve and boost
immunity. It launched B natural + range of fruit juices which have been developed by ITC.3

ITC Standards Map is also supporting the work of FSI together with two main partners: Global
G and GSCP. ITC has also developed a strategic alliance with Maple Leaf which is one of the
leading and premium pop-card manufacturers in India. It's an exclusive alliance with ITC and
Maple Leaf.4

ITC InfoTech is a leading IT service provider and a solution company and fully owned
subsidiary of ITC Ltd. It has made a strategic partnership with Ramco Systems which is one of
the leading enterprise software on cloud, mobile and tablets, to increase the profitability and
better customer experience. The partnership will enable ITC InfoTech to strengthen its aviation
capabilities and expand its expertise in the Human Capital Management (HCM) domain. If the
partnership goes well then Ramco can think of expanding its business further and across
Europe, Middle East, America, and Asia Pacific etc.5

In November 2019, ITC Ltd acquired 33.42 per cent stake in Delectable Technologies, which
is a vending machine start-up.

3
https://economictimes.indiatimes.com/industry/cons-products/food/itc-partners-with-amway-india-
to-sell-new-immunity-beverage/articleshow/76066640.cms?from=mdr
4
https://www.business-standard.com/article/companies/itc-in-greeting-cards-pact-with-maple-leaf-
102060601046_1.html
5
https://www.itcinfotech.com/press-release/itc-infotech-forms-strategic-partnership-with-ramco-
systems/

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4.3. ITC MARKET STRUCTURE [ROHIT]

FMCG being a hyper competitive sector where the business prevails with low margin, is much
of a distribution and marketing focussed universe. With such extensive competition, rivalry
among firms to gain the maximum market share make its way for dominant players to create a
oligopolistic environment where they preferably decide on the market pricing and margin
structures in a similar way. Some of the main and leading competitors of ITC Ltd. in personal
care products are:
 Hindustan Unilever Ltd
 Procter & Gamble
 Colgate Palmolive Ltd
 Dabur India Ltd.
 Godrej Consumer
 Emami Ltd.

Study of Market Structure of ITC Ltd.:-Market structure of ITC Ltd. is done by a

comparative analysis of the company with its competitors and then analyzing its strengths and
weaknesses.

Comparison of ITC Ltd. with other FMCG companies in India in 2019-2020 (in Crores).
Name Sales Net Profit Market Total Net
Turnover Capital Assets Worth
ITC Ltd. 49,404.05 15,584.56 2,54,879.41 67,661.99 59,140.87
Hindustan 39,783.00 6,756.00 4,20,392.76 20,153.00 8,229
Unilever Ltd.
Procter and 2,946.50 419.13 33,596.86 1,617.36 909.06
Gamble

Colgate 4,525.09 816.47 37,593.85 897.4 1,566.96

Palmolive Ltd
Dabur India 8,703.59 1,447.93 82,564.7 9,354.01 6,605.75
Ltd.
Godrej 9,910.80 1,495.77 73,356.31 14,957.01 7898.36
Consumer
Emami Ltd. 2,654.88 308.32 10,365.61 2,678.48 1,823.75

Money control website. ITC Competitors. Retrieved from https://www.moneycontrol.com

/competition/itc/comparison/itc

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 Name Total Total Investments Inventory Earnings
Debt Liabilities per Share
ITC Ltd. 10.01 59,494.35 25,043.49 7,943.97 12.47
Hindustan 0 8246 1255 2767 31.17
Unilever Ltd.
Procter and 0 1,631.91 0 203.42 129.12
Gamble
Colgate 4.59 334.81 19.57 111.36 30.02
Palmolive Ltd
Dabur India 467.13 7,109.34 2,800.26 1,379.57 8.18
Ltd.
Godrej 2663.74 10,562.10 671.98 1,703.12 14.64
Consumer
Emami Ltd. 210.23 2,033.12 68.33 244.65 6.67

Fig. 4.1 MARKET SHARE COMPARISION

4,50,000.00
4,00,000.00
3,50,000.00
3,00,000.00
2,50,000.00
2,00,000.00
1,50,000.00
1,00,000.00
50,000.00
0.00

ITC Ltd. Hindustan Unilever Ltd. Procter and Gamble Colgate palmolive Ltd.
Dabur India Ltd. Godrej Consumer Emami Lt.

Analysis:
From the above chart, it can be well inferred that ITC Ltd. is one of the leading companies in
personal care products. ITC Ltd. is one of the last entrants in the market among competitors
such as HUL. Due to the slight increase in sales turnover and net profit, it is easy to understand
that the company's growth rate is faster than other companies. The higher value of debts and
liabilities indicates that the company has assumed a lot of debts, so efforts should be made to
reduce debts and liabilities. The higher value of market share and assets, investment, and net
worth indicates a strong position in the market and shareholder centre.

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SWOT ANALYSIS [ROHIT]

Strength Strong brand recognition and product portfolio

Experienced Management
Diversified Product Portfolio
Established Research & Development
Global market reach
Well established distribution network

Weakness Dependence on tobacco revenues

Negative Connection of Tobacco
Low export levels
Brand Proliferation

Opportunities Low per capita consumption of personal care products

Untapped rural Market
Collaboration with foreign players
e-retailing

Threats Competition both Domestic & International

Ban on smoking
Competition from unbranded products
High competition from established companies

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5. ITC Distribution Channel [SURESH]

Distribution channel has an important role in positioning the product as it is the main tool by
which a product can reach the final consumers. That's why selecting a distribution channel is
an important aspect of building a competitive advantage for businesses of every size. The
Distribution channel includes the direct sales force, retailers, distributors and the Internet. The
right distribution channel ensures that customers in different locations around the country, or
around the world, can buy the products and get the right level of service from a company. To
select the right distribution channel for a business, we need to consider what a channel can
offer, including location and reach, skills and resources, management costs and degree of
control.

Gaining Supply Chain Advantage in Emerging Markets

ITC, being one of the leading FMCG in the country which operates in Foods, Personal Care,
Cigarettes and Cigars, Branded Apparel, Education and Stationery Products, Incense Sticks
and Safety Matches, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business and
Information Technology Category, has come a long way from when it started. The biggest
harbinger in the ITC growth story has been Cigarettes, the category in which ITC still is the
major player in the country.6

ITC's highly popular portfolio of brands includes Silk Cut, Insignia, Lucky Strike, Classic,
Bristol, Gold Flake, Players, India Kings, Scissors, Capstan, Berkeley, Flake, Duke & Royal,
Navy Cut. The Company has been able to maintain its Market leadership through complete
focus on ceaseless value creation for consumers through substantial investments in creating &
bringing innovative product designs to market, ensuring consistent & superior quality, state-
of-the-art manufacturing technology, & superior marketing and distribution.

ITC Has 4 Divisions under FMCG:

1. Groceries – Atta, biscuits, chips, yippee etc.

2. Personal care – Perfumes, Soaps, Hand sanitizer etc.

3. Cigarettes

4. Stationary – Classmate Notebooks

6ITC Website. Retrieved from https://www.itcportal.com/about-itc/profile/historyand-volution.aspx

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It has 2 Separate Distributors – one distributor pertaining to the sale of groceries, Personal care
items and cigarettes and one distributor for stationery products like classmates notebooks as
they are seasonal products. Each Distributor covers roughly around 1500 shops.

5.1. CHANNEL LEVELS

Fig 5.1. Basic FMCG Distribution Model

(Source: https://brandalyzer.blog/2011/07/16/fmcg-distribution-network/)

OMNI CHANNEL STRATEGY

The number of levels is determined by the number of intermediaries between the factory and
the consumer. ITC indulges much in one and two level distribution channels. One Level
channel is followed along the distribution to modern retail outlets like More supermarkets,
Dmart, Metro cash and carry etc. where the supply of goods happen directly from the
warehouse/ C&F to their outlets in bulk.
Two Level channel system is followed along the general trade outlets with the transfer of
goods through a distributor to a retailer or wholesaler. In certain markets even three level
distribution happens when an additional stockist or a sub dealer exists in the distribution
channel. ITC engages altogether these different channel levels in an efficient manner,
synchronised in their data base and ERP system and also have an application platform on their
own for the same.

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5.1.1. Two level Distribution Channel

Fig 5.2. Two Level Distribution Channel

(Sourced from http://indianresearchjournals.com/pdf/APJMMR/2013/February/7)

The above chart shows the flow of the goods from the manufacturing stage to the selling stage.
After the goods are manufactured, they are sent to C&F for storage and from there it is supplied
to the distributors in various parts of the city to be sold to the various outlets like provision
stores, sub-wholesale, bakeries, super markets, fancy stores, etc.

There are around 16 ITC distributors in Bangalore city. The same distributor supplies all the
products like food, personal care and cigarettes to the retail outlets. There are salesmen to
collect the order from the various outlets and the order delivery is done the next day with the
help of the delivery vehicles. Salesmen get a fixed salary for the month. There are about 350-
380 loyalty outlets that provide about 50% of the total turnover for the company from this
market.

B - NATURALS DISTRIBUTION CHAIN (ONE – LEVEL)

FACTORY B NATURAL BEVERAGES PVT LTD,

VIDYARANYAPURA, BANGALORE

DISTRIBUTOR VAISHRAVANA AGENCIES, ADUGODI

RETAILER YEN YEMM SUPERMARKET, ADUGODI

CONSUMER

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5.1.2. One Level Channel Distribution channel

With increased competition in the FMCG industry, the companies are now looking for
increasing sales through pushing the products at Modern trade outlets which are evolving at a
greater pace and gaining market share. So, ITC now focuses on competitive selling of products
through modern retail outlets like D-marts, Big Bazaar, Metro Cash and carry, More
supermarkets etc. An example of one level channel distribution is illustrated below:

B - NATURALS DISTRIBUTION CHAIN (ONE – LEVEL)

FACTORY B NATURAL BEVERAGES PVT LTD,

VIDYARANYAPURA, BANGALORE

RETAILER MORE SUPERMARKET, ADUGODI

CONSUMER

5.2. MARKET COVERAGE

Fig 5.3. Salesforce hierarchy of ITC.

(Sourced from https://www.slideshare.net/abdullanc/itc-sales-force-management)

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5.2.1. Hierarchy wise Division:

Karnataka (2 Branches)

Bangalore, Mysore and few small cities around Bangalore belong to Bangalore Branch

Everything else in Karnataka like Udupi, Mangalore, Belgaum etc. belong to Karnataka Branch

Each Branch has a branch Manager, each division one assistant Manager. On an average, one
branch will have 4 assistant managers and under them they have area managers. Each area
manager probably handles 5 big cities/areas. The Chennai branch may have 3 area managers.
Each area manager covers 2 -3 distributors. Each Distributor covers roughly around 1500
shops. An area executive reports to the area manager and they are in charge of 2 or 3
distribution points. Area Manager overall about 10 -12 distribution points

Each salesman has to cover 30 shops a day and works 6 days a week. Hence every salesman
would cover around 180 shops a week. So on an average, under each distributor 7 - 8 sales
people would be working.

Fig 5.4. ITC Distribution Network in India

(Sourced From: https://pt.slideshare.net/manoj03singh/itc-supply-chain-management/11)

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5.2.2. Route Mapping

The salesmen are given mobile devices which has an application called ‘Applicate’ which
gives him his route for the day. Instead of writing down which place he has to visit on a
particular day, within the application his route plan for 30 shops coverage per day would be
displayed. Every shop with which the company does the business is enrolled in it and each
product category which the shop purchases shall also be displayed and selected on the order
placed.
Finally on collecting the data from all the shops, on visiting the distribution point in the
evening, all the data collected in the device is synchronized to the system using Wi-Fi and the
system will automatically generate a bill for the shop based on which they will load the van
catered to each shop’s delivery. The shop wise order data, salesman wise order data, route wise
order data, product wise order data and overall yearly sales data. These huge dumped data can
be used to generate performance reports and based on that, predictions can be made about the
sales improvement and deriving an annual operating plan.
Hence the sales beat plan is very well handled by the Applicate application where they can
avoid the general problems that exist with traditional book entry of the journey data like,

 Under-utilised salesmen/marketing executives 

 Long and cumbersome Beats
 Overlap in salesmen routes

5.2.3. WHOLESALE DISTRIBUTOR (WD)

Fig 5.5. Distributor Workforce

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Control mechanism:

• The performance and work of WD employees is evaluated by company’s officials weekly

• Their daily sales order is monitored by Area Executive

• The salesmen is given a geographical territory which doesn’t consider sales potential

• Salesmen has to cover 30 outlets each day

• They are given a beat plan for each day

• If a WD employee is not performing then the company can sack him

5.3. INCENTIVE SYSTEM

Bill cut & Line Cut

Bill Cut – if there are 30 shops in a route, each salesman will have a value target. If one shop
provides a business of 500Rs per visit, with 4 visits per month he would expect 2000Rs worth
of Business from that shop. The company might hold an incentive plan if the salesman gets
business of minimum 300Rs from at least 150 shops each week.

During festival seasons, say Diwali, there will be contests run by the company itself where if a
shop purchases 5000Rs, they get an additional worth of 500Rs stock. Here each salesperson
shall be given a target of 100 shops to enrol in this contest and he shall be given incentive based
on the shops covered.

The incentive and salary is paid by the company and not the distributor. If a salesman performs
very well in his job, he might even be given an opportunity to become a permanent employee
in the company.

Line cut incentive system is based on the product coverage and the ability to push multiple
products to the dealers through similar offering as that of Bill Cut. It is not just the sales person
who are incentivized, it is the dealers too where they are incentivised with additional quantity
offerings based on their original order quantity.

23
5.4. EVALUATION OF CHANNEL EFFECTIVENESS [ADITYA]

Usually the effectiveness of the channel is often relied on the distributor performance as a
whole, along the effectiveness of each channel members involved like the sales representative
in it. To be clear, the performance is based on the following broad parameters:

Ø Distribution Health (Outlet coverage, Visibility levels etc.)

Ø Business health (sales performance benchmarked to relevant circle)

In analysing the distribution health, the Sales executive sometimes have visits along the sales
person to be dealers outlet and evaluate the Visibility of the products at outlets and reviews the
sales person based on the dealer engagement.

Measurement of WD Performance:

Fig 5.6. Scorecard Bands*

Fig 5.7. Actionable Basis for WD evaluation*

(*Sourced from https://www.slideshare.net/sharadsrivastava12/presentation-sales-

distribution-at-itc)

24
WD employees: Recruitment and Compensation

Recruitment:

The salespersons of distributors are appointed by the distributor himself in consultation with
ITC officials

Compensation:

• Their fixed salary is paid by the distributor but is reimbursed by the company

• The variable salary of salesmen is decided on his meeting of sales target

Salesmen Evaluation and Compensation:

• The compensation received by salesmen depends upon the target achieved by them

• Targets under consideration:

1. Monthly sales target

2. Product wise sales target

3. Category wise

Fig 5.8. Appraisal on the basis of targets

25
5.5. PROFIT MARGINS [ADITYA]

 In the company's tobacco business, the dealers have margins of 1.45 per cent. All cigarette
company at any stage in the supply chain is conducted in cash only. Yet this margin of 1.45
Percent is good enough for any dealer because he does not have to make any attempt to
market the cigarettes. Cigarette being the cash commodity does not need any additional
investment to offer credit to the distributor's retailers / pan walas on the market which is
not a typical case for other FMCG Goods to rest. Market credit is a part of a distributor’s
investment in any commodity.

 Being a cash product, the distributor requires very less investment for the retailers' sake of
the credit and this subsequently reduces the need for investment in the company's cigarette
division. There's always far less order lead time for the dealer. Generally a distributor
receives the stock from the client every second day, which means the distributors need very
limited investment.

 But in the FMCG Division itself the ITC being a multi-brand business has many products.
In non-tobacco, brands such as Sun feast, Candyman, Aashirvaad, Fiama Di Wills, etc.,
offer a 3–6 Percent margin that differs depending on the brands and product category.
*In case of cigarettes the need of investment is low as compared to rest other brands of ITC.

5.6. PRICING POLICIES

5.6.1. Pricing Strategy - ITC Foods Business Division

 Pricing strategy is now a vital component of a management mix. Old school management
duties Marketing managing the trade spending budget and consumer deals with marketing
control of the Suggest Retail Price do not work in the knowledge based era of today.
 The retail market volume is now dominated by 80 percent by 2-3 chains, with the scattering
of independent retailers making up the remainder. This focus means bargaining in favor of
the seller with the manufacturer giving the margin through the trade terms process and
through the demand for increased promotional.
 The geographical location in terms of the product's liking and use.as in ATTA is a product
of daily use in the NORTHERN and EASTERN region, so the product for sale is largely
categorized under the Economy Strategy as volume sales can only be achieved thereafter.

26
 Likewise, for example in the North, the product WHOLE WHEAT ATTA is a special diet,
and that helps the luxury brand to be sold here and consumers can buy it.
 One solution was to keep the commodity price different in certain regions where people had
more disposable income and high purchasing power.

5.6.2. Pricing Objectives

 Maximization of current sales-strives to optimize current revenue, irrespective of profit

margins. The underlying aim is also to increase long-term profitability by raising the
market share and reducing costs
 Maximize quantity-aims at maximizing the number of units sold or the number of
customers served to reduce long-term costs
 Quality leadership - use price to signal high quality in an attempt to position the product
as the quality leader. Pricing Methods.

EXAMPLE FOR THE CATEGORY STAPLES: WHOLE WHEAT ATTA

1. ECONOMY PRICING
It is a low quality, no frills. Marketing and fabrication costs are kept to a minimum.
Supermarkets also have economic brands, ITC has a BIG BAZAR deal to sell these
goods and then they have a wide distribution base established because of their cigarette
distribution chain. Example: NORTH POPULAR AASHIRVAD ATTA (North India)
OR EAST POPULAR BRAND AASHIRVAD (Eastern India)
2. PREMIUM PRICING
Having a high price where product or service has uniqueness. This strategy is used
where there is a major competitive advantage. EXAMPLE: SELECT BRAND OF
AASHIRVAD ATTA, CHAKKI Atta MP Blend

3. PROMOTIONAL PRICING
Pricing is a very popular method for selling a commodity. There are other examples
of discount pricing like strategies such as BOGOF (Buy One Get One Free), where
the purchase of a small SKU (10 kg) is offered free of charge. Example: At BIG
BAZAR in Western Markets, MP Blend uses 10 kg to have a 1⁄2 a Kg pack free
itself as a promotional strategy. Pricing for drug packages.

27
5.7. CREDIT AVAILIBILITY [ADITYA]

In the FMCG industry distributors pay money upfront where everything is prepaid. They pay
on the invoice generated and receive the stock. Retailers either pay to bull or avail credit. Some
distributors provide additional discounts around 1-2% when retailers pay on same day of
purchase or before the credit period deadline. This strategy is only followed by some big brands
to push their brands and to improve their shelf life and spacing in the retail outlet.

Due to the tightening liquidity squeeze, companies such as ITC, Emami, Dabur, HUL etc are
trying to de-risk their credit exposure to Modern Trade retailers by implementing measures like
shorter and more frequent delivery cycles, delivery against cash payments and shorter duration
credit policies.

The frequency of supply to modern trade retailers from once a week has increase to two-three
times a week due to the rapid growth in the consumption of goods. Many companies have
reduced their credit cycle over the past few years like Emami.

Due to the global financial meltdown, private banks in India are squeezing the credit lines to
all companies, hence FMCG companies which predominantly followed a credit period of 30
days, now has set the standard for 7-15 days. This also ensures that defaulting on credit
payments are avoided by large retailers, who usually do not fulfil their credit obligations.

Margins depends upon the payment cycle if it is short and advance payment chances of margin
increases as Manufacturer is ready to compromise on his margin because he is getting the
money on the spot, but if it is credit-based business it is really difficult to compromise on
margins. Generally, the payment by retailers is made after one week up to 70% of retailer will
work with one-week credit. Credit is important in market to get business, otherwise the order
quantity placed by the retailer might come down. In every supply, distributor will collect the
payment of last supply. In case there are any damaged or expiry goods at the retailer then that
is also collected back by the distributor in every supply. The amount of expiry, damaged goods
collected from market depends on norms of company.

7
https://www.business-standard.com/article/companies/fmcg-firms-cut-credit-exposure-to-
modern-day-retailers 109020600074_1.html#:~:text=In%20turn%20FMCG
%20companies%20are,15%20days %2C%22%20he%20says.

28
6. FMCG Growth (ITC) [YESHASVI]

ITC Growth for FMCG has been growing over 10% over last year compared to 7% of industry

The transition to GST taxation has helped reduce tax burdens and complexity.

The focus now is to have a consistent growth in FMCG sectors especially food sector and
reduce reliance on sales of tobacco products.

Tobacco accounts for 40% of revenue in 2019FY and the company is looking to grow to
1,00,000 Crores sales by 2030

Fig 6.1 FMCG Business Growth

(Sourced from https://www.itcportal.com/about-itc/ shareholder-value/ITC-Corporate-

Presentation.pdf)

29
7. TOP PERFORMING BRANDS [YESHASVI]

Although Tobacco products constitute 40% of revenue, the non-tobacco products are growing
well.

Aashirvad Brand which mainly sells staple food items such as varieties of flour (or ATTA),
Sugar, Salt, Spices, Rice.. ETC. This segment has been the dominant segment of revenue for
food products.

Sunfeast has now the 3rd biggest market share holder in the biscuits segment in India, behind
Parle and Britannia. It is also the market leader in the Cream Biscuit market.

Bingo has gained high dominance thanks to its non-potato based chips and trend of moving to
healthier options

Yipee has now overtaken likes of Chings, Knorr, Nissan foods (top ramen) but still lags behind
nestle Maggie in the share of noodles market.

Fig 6.2. Annual Consumer Brand Spends

(Sourced from https://www.itcportal.com/about-itc/ shareholder-value/ITC-Corporate-

Presentation.pdf)

30
8. COMPETITORS [YESHASVI]

Top 10 Best Trusted FMCGs in India:

Ranking BRAND Turnover Employees Head Office

1 HUL 4 Billion 17000+ Mumbai, Maharashtra

2 Colgate-Palmolive 17.08 Billion 37000+ New York, USA

3 ITC Limited 7 Billion 29000+ Kolkata, West Bengal

4 Nestlé 87.0 Billion 328000+ Vevey, Switzerland

5 Parle Agro 1 Billion 2500+ Mumbai, Maharashtra

6 Britannia Industries 730 Million 2000+ Kolkata, West Bengal

7 Marico 808 Million 1000+ Bandra, Maharastra

8 Procter and Gamble 83 Billion 125000+ Cincinnati, USA

9 the Godrej Group 4 Billion 25000+ Mumbai, Maharashtra

10 Amul 2.15 Billion 700+ Anand, Gujarat

Anjali (July 6, 2020), List of Top 10 FMCG Leading Companies in India (2020). Retrieved from
https://www.reviewsxp.com/blog/fmcg-companies-in-india/

31
8.1. COMPETITION PRICING STRUCTURE [YESHASVI]

Firms like Hindustan Unilever, Marico, Emami and ITC are all following a similar strategy to
ramp up sales from existing outlets, analysts tracking the FMCG sector say. The idea is to be
able to make the best of outlets directly under them, even as they focus on improving overall
direct reach.7

The current size of the modern trade market for fast moving consumer goods categories stood
at Rs 41, 416 crores for MAT (Moving Annual Total) August 2018, a healthy growth of 22
percent from a year ago. ITC manages around 20 brands in this segment which comprises some
high-recall ones like Engage, Aashirvaad, Sunfeast, Vivel, Bingo! Classmate and Yippee!

In FMCG, the average margin earned by the distributor is 3-10%, whereas the retailer earns
about 8-40% margins. But in case of online the margins increase as the number of levels in the
distribution channel goes down. Hence online platforms like Big Basket, Amazon Pantry offer
more discounts to its customers as compared to General Trade or Modern Trade outlets.

Here we can see that the average pricing for most of the comorbidities are very similar and do
not have much of a difference, Example, most of the biscuits are in the same price bracket as
the competition. Same can be said for the chips and noodles segment. There are few exceptions
in the case.

7
Alliance Experts Website, Distributor Margin. Retrieved from
https://www.allianceexperts.com/en/knowledge/what-is-a-reasonable-margin-for-your-distributor/

32
 Tag Brand Name Price
Biscuits ITC Sunfeast Dark Fantasy 30
Biscuits Parle Parle Hide & seek 30
Biscuits Britania Britania Bourbon 30
Atta ITC Aashirvaad Atta 268
Annapurna Farm Fresh
Atta HUL Atta 275
Atta Laxmibogh Laxmi Bhog Atta 170
Atta Patanjali Patanjali Atta 192
Chips ITC Bingo 20
Chips Frito Lays Lays 20
Chips Parle Wafers 20
Chips Amrit Agro Uncle Chips 20
Ready to eat Kitchens of
Meals India Dal Makhni 90
Ready to eat
Meals MTR Dal Makhni 110
Ready to eat Quick Quisine - White
Meals Tata Pasta 79
Noodles ITC Yippie 12
Noodles Nestle Maggie 12
Noodles Capital Foods Chings 12
Juice ITC B Natural 105
Juice Pepsico Tropicana 100
Juice Dabur Real Fruit 85

Atta: Wheat flour which is among the most essential goods are priced by ITC amongst the
highest with comparison to others in the market. But ITC has managed to keep a very good
quality control on Aashirvaad atta where they are quite sought after due to their high quality
atta and they are also the market leaders, where they occupy the majority of the market share.

33
Ready to Eat Meals: A developing segment where MTR is currently the market leader. These
products are packets of vacuum sealed food items where one just has to heat the packet.
E.g. MTR Dal Makhni.
ITC and Tata are entering the market, and there isn't much of other competitors, but Seeing
MTR having a dominance in the segment, ITC is trying to match up to their quality then go
aggressive on the prices. On other side, Tata is focusing on western and foreign cuisines, thus
having a different strategy.

JUICES: B Natural has been earning a name in the market for a high-quality juice with high
fruit content in its products with minimal additives. But Tropicana has been leading the market
share and Real has also competing with Tropicana in the commercial sector where Bars and
other restaurants are preferring Real products to serve to their guests. B-Natural is being used
a lot on high-end restaurants.

34
9. ROI Approximation of Channel Member [YESHASVI]

A retailer usually has to put in an investment to buy the products and sell it to make a profit.
Since the Prices are fixed (MRP) the retailor earns on the margin provided by the company and
only way to make a good profit is by selling in high volumes.

Assuming an FMCG company gives margin of 10 % as gross margin and we are considering
only one product for easier calculation. Applicable if all transaction are in immediate payment
(No credit)

Calculation:

Investment --- Stock investment+ Closing Stock (Lying in godown)+ stock in transit+ Claims
from the company.

Fixed Expenses - Rent + Wages + Auditor fee Etc. (INR 10,000) (A)
Variable Expenses -Fuel + Electricity +GST + miscellaneous (INR 15000) (B)

Considering a distributor does Business for INR 4,00,000 as turnover

10 % margin = INR 40,000
so 40,000 - expenses (25,000) (A+B) = INR 15,000 is the net profit

If Distributor had to invest INR 3Lakh as an initial investment

ROI: =Net Profit/Total Investment

=15,000/3,00,000

=.05 or 5%

Therefore a distributor makes 5% of his investment back every month.

i.e., 60% ROI in one year (5%*12 months). The company can recover the whole investment in
1 Year 8 Months.

Predominantly FMCG Companies would ideally give 36% - 40 % as ROI Per year

35
10. SPECIAL MERCHANDISING REQUIREMENTS [YESHASVI]

A point of sale requires few tools from the merchandiser which can help increase the chances
of consumer purchasing the products while at the store. Challenges may arise based on if the
store is new or old, the type of store and various other factors, but most of the requirements can
be simplified under these sections for a POS.

 Storage Requirements
 Visual Requirements
 Others

ITC usually engages in visual merchandising activities especially at the launch of any new
products where posters and visual boards are given to distributors to place at top 10 dealer sites
or more. Shelf displays and kiosk are usually offered to POS retailers to advertise products of
their own company. Like the below example where Dark fantasy shelf is placed near casher to
entice last min. purchases.

Fig. 10.1 Shelf Displays Visual Merchandising

Prenitha Xavier, Visual Merchandising. Retrieved from https://applefora.com/blog/visual-

merchandiser-deepak-careers-courses/

36
 Fig. 10.2 Visual Appeal through Fancy Arrangement

Fig. 10.3 ITC Products Exhibit Fig. 10.4 Window display

Fig 10.5 Banner Advertisements Fig. 10.6 Store Signage

37
11. CHANNEL PROMOTIONS [AAKASH]

11.1. Above the Line Promotion (ATL)

Fig. 11.1 Share of Global ad-spend by medium

ITC has been recently spending a lot of money on Advertising in the recent years.
Globally, TV ads are still predominant for the highest reach, but have been losing their share
to internet advertising.

TV Ads:

Fig. 11.2 Weekly Ad Spends (Sourced from BARC Website)

38
Above data from BARC India shows how weekly ad spends are changing at the corona age.
ITC is the fifth highest company in terms of advertising on TV medium. This has changed
dramatically as prior to the Corona outbreak the top Ads were HUL, P&G, Godrej etc.

CAMPAIGNS

ITC has been able utilize high value brand ambassadors very well and are represented by the
likes of MS Dhoni, Ranbir Kapoor, Alia Bhatt. etc and have been able to gain the attention of
majority of target demographic.

ITC has been spending a lot on TV ads, but has been investing in other media such as Internet
Ads, Billboards, Print Media. Etc

It is to be noted that ITC expenses over TV ads have increased a lot lately, especially after
lockdown.

ITC is now the third highest spender on TV ads as per BARC India, whereas it wasn’t even in
the top 3 places a few months ago.

Another example would be rise in Digital/Online campaign Such as recent new comer
“Fabelle” Chocolates

Fig. 11.3 Campaigns across Key ITC Brands (Source: Company Website)

39
Other Ad Campaigns:

ETBrandEquity (September 7, 2019). ITC launches digital film as part of 'Sab saath badhein' campaign
highlighting social initiatives. Retrieved from https://brandequity.economictimes.indiatimes.com
/news/marketing/itc-launches-digital-film-as-part-of-sab-saath-badhein-campaign-highlighting-social-
initiatives/71021363

40
ETBrandEquity (August 14, 2019). ITC’s B Natural launches digital campaign on 73rd Independence Day.
Retrieved from https://brandequity.economictimes.indiatimes.com/news/advertising/itcs-b-natural-
launches-digital-campaign-on-73rd-independence-day/70678541

41
11.2. Below the Line Promotion (BTL) [AAKASH]

exchange4media Staff (Feb 10, 2020). ITC and Dentsu India partner to launch first TVC for Fabelle
Chocolates. Retrieved from https://www.exchange4media.com/advertising-news/itc-and-dentsu-
india-partner-to-launch-first-tvc-for-fabelle-chocolates-102565.html

42
ITC has run various campaigns over the years to boost its brand image and promote its FMCG
products indirectly. Some of the popular BTL promotion campaigns done by ITC to improve
its Brand Image in the customer's mind are as follows:

1. ITC’s large-scale sustainability initiatives include Watershed Development covering

more than 1 million acres of water-stressed areas, the ITC e-Choupal initiative which
has empowered over 4 million farmers, the Afforestation programme which has
greened over 7,30,000 acres, whilst generating over 135 million person-days of
employment.
2. "The ‘Sab Saath Badhein’ campaign is an illustration of the soul of ITC. As a company
deeply rooted in Indian soil, ITC is inspired by the opportunity to serve larger national
priorities. What gives us immense pride is that ITC has created a robust portfolio of
vibrant brands that anchor Farm to Fork, Tree to Textbook and Bamboo to Agarbattis
value chains that empower millions of farmers and generate livelihoods for more than
six million people in the country. We believe that when consumers exercise their choice
for such brands, a powerful driver for larger value creation for the nation gets
unleashed”.
3. As part of ITC’s centenary initiative, Classmate launched the largest student contact
program- Ideas for India challenge. It provided a platform for Indian youth to
brainstorm and address the issues and challenges which our nation faces and help in
developing the nation.
4. ITC also launches a lot of digital campaigns to ensure maximum participation. The
Fiama De Wills Men campaign is one such example. Fiama DE Wills has had an
association with the talented designer, Masaba Gupta for Wills Lifestyle Fashion
Week.
5. ITC also engages in cross marketing promotions. Yippee! Launched a campaign with
Paytm offering recharge coupons equivalent to the price of yippee noodles.
6. Apart from this, ITC also sponsors various Events like Spell Bee and College Fests
across the country to boost its image in the minds of their customers.

exchange4media Staff (July 6, 2019). ITC Limited releases new corporate campaign ‘Sab Saath Badhein’.
Retrieved from https://www.exchange4media.com/advertising-news/itc-limited-releases-new-
corporate-campaign-sab-saath-badhein-97904.html

43
12. STRATEGIES FOR GROWTH [AAKASH]

1. Rural Distribution - ITC is going to make products available in small towns and rural
areas, which were earlier confined only to cities. For example, if they had 1,000
stocking points in a region, they’ll now have 3,000 stocking points. They are appointing
new wholesalers, stockists. ITC’s strategy is to intensely market our products in rural
areas.

2. Increase Margins based on slabs- Based on the number of units ordered by the Retail
outlets, ITC can provide with free products for each slab based on the number of units
ordered by them. This way retailers will be able to sell more units and make more profits
as their cost per unit will reduce.

3. Increase Market Credit Period- In FMCG the credit period given to the channels is
usually 15 days, however an increase in the credit period would allow retailers to push
the product into the market for a longer period of time. However, it has to be an
extension of 7 days or less. Based on the slabs, the credit period can be flexible this
would help boost secondary sales.

4. Trade Discounts- ITC could encourage retailers if they are able to sell their products
by providing a discount on the credit. If the retailers surpass the sales targets set by the
company, they would be provided with incentives with coupons or vouchers.

5. Reduction in the Level- This way ITC can ensure that they are able to reach the
retailers directly and ensure that they are provided with margins similar to online
platforms, this way the retailers will be able to make more profit margins and boost
ITC’s products more into the market. Also, ITC will be able to increase their margin by
3-5% by reducing the level and increasing their reach.

44
REFERENCES

 Anjali (July 6, 2020), List of Top 10 FMCG Leading Companies in India (2020).
Retrieved from https://www.reviewsxp.com/blog/fmcg-companies-in-india/
 Alliance Experts Website, Distributor Margin. Retrieved from
https://www.allianceexperts.com/en/knowledge/what-is-a-reasonable-margin-for-
your-distributor/
 exchange4media Staff (6th July 2019). ITC Limited releases new corporate campaign
‘Sab Saath Badhein’. Retrieved from https://www.exchange4media.com/advertising-
news/itc-limited-releases-new-corporate-campaign-sab-saath-badhein-97904.html
 exchange4media Staff (Feb 10, 2020). ITC and Dentsu India partner to launch first
TVC for Fabelle Chocolates. Retrieved from
https://www.exchange4media.com/advertising-news/itc-and-dentsu-india-partner-to-
launch-first-tvc-for-fabelle-chocolates-102565.html
 INDIA BRAND EQUITY FOUNDATION (March, 2020), Indian FMCG Industry
Analysis, Retrieved from https://www.ibef.org/industry/Fmcg-presentation
 ITC Website. Retrieved from https://www.itcportal.com/about-itc/profile/history-and-
volution.aspx
 Patil, Pramod. (2016). An Overview of Indian FMCG Sector. PARIPEX – INDIAN
JOURNAL OF RESEARCH. 5. 171-173.
 The Business Tycoons, Analysis of FMCG Sector. Retrieved from
https://www.thebusinesstycoons.com/the-business-tycoons-sector-fmcg.html
 https://economictimes.indiatimes.com/industry/cons-products/food/itc-partners-with-
amway-india-to-sell-new-immunity-beverage/articleshow/76066640.cms?from=mdr
 https://www.business-standard.com/article/companies/itc-in-greeting-cards-pact-with-
maple-leaf-102060601046_1.html
 https://www.itcinfotech.com/press-release/itc-infotech-forms-strategic-partnership-
with-ramco-systems/
 Money control website. ITC Competitors. Retrieved from
https://www.moneycontrol.com/competition/itc/comparison/itc
 https://www.business-standard.com/article/companies/fmcg-firms-cut-credit-
exposure-to-moderndayretailers109020600074_1.html#:~:text=In%20turn%20FMCG
%20companies%20are,15%20days %2C%22%20he%20says.

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