A STUDY OF MARKET ANALYSIS OF

PERFORMANCE OF ITC SUNFEAST BISCUITS

Semester Project submitted in partial Fulfillment for award of Master in Business Administration

2012-13
By

ASHUTOSH KUMAR
MBA IST YEAR, IIND SEM Enrollment no.6004292010 Roll no. 1200122018

Under the guidance of

DR. YASIR ARAFAT ELAHI

(Assistant Professor)
Department of Business Management Faculty of management & research. INTEGRAL UNIVERSITY, Dasauli, P.O. Bas-ha, Kursi Road, Lucknow.

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ACKNOWLEDGMENT

During the preparation of this report by me, I feel great pleasure because this report has given me extensive practical knowledge in my career. I am thankful to Dr. Yasir Arafat Elahi (Assistant Professor) for valuable inspiration and guidance provided me throughout the preparation of this semester project. This report would not be possible without his constant guidance and support at every stage.

I would also like to thank Prof. (Dr.) Zeeshan Amir, Dean, faculty of Department of Business Management, for her constant motivation. I would like to take opportunities to express my gratitude towards all of them who have contributed directly or indirectly in my project work.

At last I would like to extend my deep sense of gratitude to my friends, colleagues and each individual who directly or indirectly help me during the project work.

ASHUTOSH KUMAR
MBA IST YEAR Roll No. 1200122018
Enrollment No. 6004292010
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GUIDE DECLARATION

This is to certify that Mr. Ashutosh Kumar has undertaken his semester project on. A STUDY OF MARKET ANALYSIS OF PERFORMANCE OF ITC SUNFEAST BISCUITS He has completed his project report under my supervision and guidance. To the best of my knowledge his work is genuine and satisfactory. I wish him all the success in future.

Dr. YASHIR ARAFAT ILAHI

(Assistant Professor)

Date

Signature...
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EXECUTIVE SUMMARY
As learning is a human activity and is as natural, as breathing. Despite of the fact that learning is all pervasive in our psychologists lives,

do not agree on how learning takes place. How

individuals learn is a matter of interest to marketers. They make aware to the customer about their product, quality, benefits and promotional activities. They want to teach retailers in their roles as their roles as consumers. They want retailers to learn about their products, product attributes, potential consumers benefit, how to use, maintain or even dispose of the product and new ways of behaving that will satisfy not only the consumers needs, but the marketer s objectives. The scope of my study restricts itself to the analysis of customer and retailer preferences, perception and consumption of ITC

Sunfeast biscuit. Ther e are many other brands of biscuit available but my study is limited to three major players of biscuit leaving behind the others.The scope of my study is also restricts itself to patna region only.

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TABLE OF CONTENT
Cover Page Acknowledgement Guide Declaration Executive Summary Index Chapter - I : Introduction Chapter - II : Brief Profile of the Company Chapter - III : Research Methodology i. Objective ii. Research Design Chapter - IV : Analysis and Interpretation of Data Chapter - V : Findings, Conclusion and Suggestions Bibliography Annexures Questionnaire 1 2 3 4 5 6-11 12-61 62 63 64-65 66-75 76-79 80-81 82 83-84

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Chapter - I Introduction

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INTRODUCTION ITC reported sales of Rs34.6b in 3QFY08 as against our estimates of Rs35.8b, while PAT was Rs8.3b as against our estimates of Rs7.97b. Other income increased from Rs698m to Rs1,374m, led by higher yield on treasury investments in debt instruments. Cigarette volumes de-grew 1% YoY, which was better than our estimates of a 2% decline in growth. Cigarette business gross sales grew 7.6% and PBIT grew 16% as margins expanded 190bp. We are reducing FY08 volume de-growth estimates from 3% to 2%, which indicates flat volumes in 4QFY08. Imposition of VAT in UP will reduce state tax on cigarettes from 33% to 12.5%, which will boost the profitability from 4QFY08. Paper & Paperboards reported 11.2% increase in sales and 13.6% increase in PBIT as margins expanded 40bp. ITC is commissioning 1,20,000tpa pulp capacity in 4QFY08, 1,00000tpa writing and paper facility in 1QFY09 and 90,000tpa paperboard capacity in 2QFY09. Pulp plant will increase margins as production cost is expected to be 30-35% lower than the imported hard wood pulp prices. New FMCG accelerated sales growth to 50% while PBIT losses increased 38.7%. It reported a turnaround excluding Bingo, personal care and apparels business. Foods grew 60% as Bingo attained over 16% market share in major metros while Sunfeast biscuits increased market share to 11.8%. Personal care products under Fiama Di Wills and Superia brands received good initial response. We have increased other income estimates from Rs4.8b to Rs5.4b. We are increasing FY08, FY09 and FY10 EPS estimates to Rs8.3, Rs9.8 and Rs11.5 from Rs8.2, Rs9.5 and Rs11.4 respectively. The stock trades at 19x FY10E earnings. Maintain Buy with SOTP-based target price of Rs242, a 14% upside.

Cigarettes VAT imposition impact still unclear

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Cigarette volumes de-grew 1% as against our estimate of a 2% decline in growth. Cigarette business reported 11.4% increase in net sales and 16.0% increase in PBIT as PBIT margins expanded 190bp. Just 1% decline in the cigarette volumes shows consumer resilience in a booming economy, despitemore than 20% price increase. Volume de-growthhas been mainly

confined to lower priced non filter segments. We estimate that cigarette volumes have declined 2.7%for 9mFY08. Weare reducing FY08 volume de-growth estimates from 3% to 2%, which indicates flat volumes during 4QFY08. Our FY09 volume growth estimate remain sunchanged at 5%. The management has ruled out decline in cigarette volumes post implementation of the same(pending before group of ministers). Implementation of VAT in UP with effect from Jan 1, 2008 and concurrent withdrawal of trade tax in the state is a positive development. This will reduce the state tax from 33% to 12.5% and boost the profit margins of ITC in the coming quarter.

Other FMCG business topline growth accelerates; partial turnaround achieved Processed foods growth accelerates: Other FMCG businesses posted strong growth of 50% YoY during 3QFY08. PBIT margin during the current quarter was -9.8%, 80bp improvement on YoY basis. Branded packaged food business continued to expand rapidly with sale growth of 60%. Other categories in the FMCG business continue to post strong growth with biscuits growing by 58%, atta by 39% and confectionary by 38%. ITC has achieved a 16% market share in high growth salty snacks segment with its Bingo range of potato chips while Sunfeast biscuits increased its market share to 11.8%. Bingo is likely toemerge as a major growth driver as it is yet to be rolled outin 50% of the target markets. Aashirvaad Attas new product variant Aashirvaad MP Chakki Atta has got good consumer response and has been extended to target markets. ITC has emerged as a market leader in thissegment as per AC Nielsen data for July-Sep 2007. Readyto Eat food under the brand Kitchens of India grew 63%during the quarter due to higher volumes of instant mixes and pasta.

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Lifestyle retailing: Sales during the quarter grew by over 26% YoY. All the major lifestyle brands like Classic, Wills Sport and Wills Clublife maintained growth momentum driven by consumer franchisee expansions. During the quarter, the company added two more stores, taking the retail footprint to 44 Wills Lifestyle stores, complemented by an expanded network of John Players exclusive brand outlets and increased presence at reputed large format stores and multi-brand outlets. Lifestyle retailing is the only segment among the earlier FMCG businesses which is still in the red. We believe that turnaround is still a couple of years away.

ITC enters personal care ITC expanded the premium offering in personal care with the launch of Fiama Di Wills Polishing Drops (conditioner) and toilet soaps. Earlier launches of four variants ofshampoos and three variants of body washes have reported encouraging response. Superia brand of toilet soaps and shampoos, which target the mass market segment, have gained acceptance from consumers and is now extended to four states. The management has indicated at further extension of product range in the coming quarter primarily driven by 12-15% increase in ARR (average revenue per room) coupled with better performance of food and beverages. The management has indicated that while Kolkata and Mumbai markets are strong, Bangalore is showing some softening of ARR. Occupancy levels during the quarter declined 1% due to renovation of the premium Towers Block at ITC Maurya, New Delhi. The work on new properties in Bangalore and Chennai is on track and Bangalore property is likely to start in FY09. The management has indicated a 10-12% increase in ARR in the coming quarters. We expect this business to report steady growth up to 12-15% in the coming quarters.

Paperboards and Paper: All set to change gears

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The paper business reported an 11.2% increase in sales and 13.6% increase in PBIT as margins improved by 40bp.This was driven by a 14% improvement in volumes of value added portfolio of paper and paperboards coupled with robust performance of packaging business. The new 1,20,000tpa pulp mill project is nearing completion and is slated for commissioning in the last quarter of this fiscal. This will remove the need to import hard wood pulp for ITC. In-house production of pulp is expected to be 30-35% cheaper,which will boost the profit margin of the company.

Agri business topline drops; margins expand Agri business continued to reported decline in sales on account of restriction imposed by the government on export of non-basmati rice. Sales declined 9.4% while PBIT increased by 28.1% driven by robust growth in export of leaf tobacco. Cigarette leaf tobacco exports grew 37% during the Quarter. The management indicated that it has successfully renegotiated pricing of its export orders to offset the impact of appreciating rupee.

The rural distribution initiative made good progress, nearly doubling the channel throughput. On the rural retail front, 21 Choupal Saagars are now operational in the three states of Madhya Pradesh, Maharashtra and Uttar Pradesh while seven more are expected to be commissioned in coming few months. Pilot project for retailing fresh fruits and vegetables is moving smoothly. Three Choupal Fresh Cash & Carry Stores and six Choupal Fresh retail stores are currently operational at Hyderabad, Pune and Chandigarh. The company has set up a comprehensive supply chain for ensuring the availability of fresh products in the market, besides establishing direct linkages with the farmers for sourcing farm fresh produce. We expect the company to start scaling up the initiative only after achieving critical benchmarks in the pilot projects. Hotels: Steady growth continues

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Hotels business reported 11.4% increase in top line in 3QFY08 and 16.3% increase in PBIT. Sales growth was The company would commission 1, 00,000tpa writing and printing paper capacity in 1QFY09 and 90,000tpa paper board capacity in 2QFY09. Paper unit will drive growth based on strong forward linkages with the stationery business. We expect this SBU to report acceleration in sales and profit growth from FY09 as new units start contributing. Valuation and view We believe that ITC is growing from strength to strength. Cigarette volumes have shown considerable resilience and are expected to bounce back in FY09, except in case of sharp excise increase. Around 40-45% increase in paper capacity and new hotel properties in Bangalore will start contributing from FY09. We expect that new FMCG will report complete turnaround in FY10 only due to expenses related to new launches. We have increased other income estimates from Rs4.8b to Rs5.4b. We are increasing FY08, FY09 and FY10 EPS estimates to Rs8.3, Rs9.8 and 11.5 from Rs8.2, Rs9.5 and Rs11.4 respectively. The stock trades at 19x FY10E earnings. Maintain Buy with SOTP-based target price of Rs242, a 14% upside.

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CHAPTER- II
Organization Profile

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ITC PROFILE
ITC is one of India's foremost private sector companies with a market capitalization of nearly US $ 18 billion and a turnover of over US $ 5.1 Billion. ITC is rated among the World's Best Big Companies, Asia's 'Feb. 50' and the World's Most Reputable Companies by Forbes magazine, among India's Most Respected Companies by Business World and among India's Most Valuable Companies by Business Today. ITC also ranks among India's top 10 `Most Valuable (Company) Brands', in a study conducted by Brand Finance and published by the Economic Times.

ITC has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business, Packaged Foods & Confectionery, Information

Technology, Branded Apparel, Personal Care, Stationery, Safety Matches and other FMCG products. While ITC is an outstanding market leader in its traditional businesses of Cigarettes, Hotels, Paperboards, Packaging and Agri-Exports, it is rapidly gaining market share even in its nascent businesses of Packaged Foods & Confectionery, Branded Apparel, Personal Care and Stationery.

As one of India's most valuable and respected corporations, ITC is widely perceived to be dedicatedly nation-oriented. Chairman Y C Deveshwar calls this source of inspiration "a

commitment beyond the market". In his own words. "ITC believes that its aspiration to create enduring value for the nation provides the motive force to sustain growing

shareholder value. ITC practices this philosophy by not only driving each of its businesses towards international competitiveness but by also consciously contributing to enhancing the competitiveness of the larger value chain of which it is a part." ITC's diversified status originates from its corporate strategy aimed at creating multiple drivers of growth anchored on its time-tested core competencies: unmatched distribution reach, superior brand-building capabilities, effective supply chain management and acknowledged service skills

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in hotel kiering. Over time, the strategic forays into new businesses are expected to garner a significant share of these emerging high-growth markets in India. ITC's Agri-Business is one of India's largest exporters of agricultural products. ITC is one of the country's biggest foreign exchange earners (US $ 3.2 billion in the last decade). The Company's 'e-Choupal' initiative is enabling Indian agriculture significantly enhance its competitiveness by empowering Indian farmers through the power of the Internet. This transformational strategy, which has already become the subject matter of a case study at Harvard Business School, is expected to progressively create for ITC a huge rural distribution infrastructure, significantly enhancing the Company's marketing reach. ITC's wholly owned Information Technology subsidiary, ITC InfoTech India Limited, is aggressively pursuing emerging opportunities in providing end-to-end IT solutions, including eenabled services and business process outsourcing. ITC's production facilities and hotels have won numerous national and international awards for quality, productivity, safety and environment management systems. ITC was the first company in India to voluntarily seek a corporate governance rating. ITC employs over 25,000 people at more than 60 locations across India. The Company continuously endeavors to enhance its wealth generating capabilities in a globalizing environment to consistently reward more than 3, 68,000 shareholders, fulfill the aspirations of its stakeholders and meet societal expectations. This over-arching vision of the company is expressively captured in its corporate positioning statement: "Enduring Value. For the nation. For the Shareholder."

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Company History - ITC

1910

- On 24th August the Company was incorporated as a Private Limited Company under the name, Imperial Tobacco Co. of India Ltd. The Company manufactures and distributes cigarettes and smoking tobaccos and specialty papers including cigarette tissue papers (Sole manufacturer in the country).

1953

- The Company acquired the manufacturing business of Tobacco Manufacturers (India) Ltd., and the Complementary Lithographic Printing business of Printers (India) Ltd.

1954

- The Company was converted into a Public Limited Company on 27th October.

1970

- The name of the Company was changed from the Imperial Tobacco Co of India Ltd., to India Tobacco Co. Ltd., in May.

1972

- On October Company entered into hotel business.

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1973

- Company received the approval of Govt. for setting up three Processing plants.

1974

- On 1st April name again changed to I T C Ltd.

1975

- ITC Ltd Purchased the net asset in India of India Leaf Tobacco Development Co. Ltd. (UK). 1979

The name of the Company's chain of hotels was changed from Welcome Hotels to Welkom group. The company entered into a Marketing Service and Reservations Agreement with the Sheraton International Incorporated which was sanctioned by Govt. on 27th January.

1983

- A new Company under the name Gujarat Hotels was incorporated under a joint venture agreement signed between the Company and Gujarat Industrial Investment Corporation. This Co. had set up a 144-room hotel at Vadodara known as Welcome group Vadodara.

1987

- New brands viz., Wills Flake Premium Filter and Scissors Filter were introduced. Long-term agreements were entered into with the unions of factories located at Calcutta, Saharanpur and Munger. In Bangalore, however, working was affected by a strike for 114 days.

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1988

- In May the company formed a new division called Agribusiness Division for carrying out research and development on production and distribution of high yielding cultivars with emphasis on oil seeds, marketing of edible oils in bulk and consumer packs and Export of agricultural produce.

- A Memorandum of Understanding was signed with the authoritiesto open an Indian restaurant in Odessa, U.S.S.R.

- Different varieties of oilseeds under the brand name of ADARSH and cooking oil under SUNDROP were launched.

- New investments were made in water and bulk liquid packaging project. The Company explored the possibility of setting up a new software development centre in India with ability to access Company's customers' computers abroad through data communication Links.

- A major part of the business of India Leaf Tobacco Development Co. Ltd., (U.K.) (ILTD) consisted of its operations in India where it operated as a sister concern of the Company. ILTD was a pioneer in introducing Virginia tobacco to India and over the year, developed into a highly efficient enterprise, besides being a very large exporter of tobacco. The Company purchases, with effect from 1st April, 1975, the net assets in India of I LTD whereupon it became a division of the Company.

1990

- Refined mustard oil under the brand name REAL GOLD was Introduced in the market. - On 1st April Tribeni Tissues Ltd was amalgamated with the Co.

1992

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- Since January there was labour unrest at Tribeni Tissues peppermill which led to a lockout at the mill with effect from 27thMay.

- On 8th April, ITC Global Holdings Pte. Ltd was incorporated in Singapore a wholly owned trading subsidiary of the Company.

- During the same period a wholly owned subsidiary ITC InfoTech Ltd. Incorporated in UK with an authorised capital of US $ 2million and paid up capital of US lakh.

1993

- The Company successfully launched Hero brand Cigarettes.

- Two new brands viz., `Classic Mild's and `Hero' were launched at the premium and smalllength ends respectively.

1995

- Company introduced CAPSTAN Menthol filter, CAPSTAN standard and Bristo standard and re-designed Gold Flake Kings and Berkley Filter. Further, Gold Flake Lights in King-size was Introduced into test markets.

1996

- The Company has launched `Classic Ultra Mild's and `Wills Natural Lights' brands during the year.

1997

- ITC Classic Finance Ltd. was amalgamated with ICICI Ltd.

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1998

- ITC has nearly 105 subsidiaries, which are involved in various kinds of operations.

1999

- Tobacco giant ITC has raised its stake in paper and paperboards subsidiary, ITC Bhadrachalam Paperboards, from 37% to 51% through a preferential allotment of equity shares. This follow the allotment, by the board of ITC Bhadrachalam Paperboards, of 1,91,20,000 No. of equity shares of Rs. 10 each for cash, at an issue price of Rs. 65 per share and 11% redeemable cumulativepreference shares of the face value of Rs100 each, for cash, at par to promoter company ITC.

- ITC will set up a new tobacco processing department (TPD) because the increased production will make it economical to process tobacco on site.

2000

- ITC InfoTech Ltd, the UK-based, wholly-owned subsidiary of the Company, and Compaq Computer (I) Pvt. Ltd. signed an Mau aimed at exploring business opportunities for deploying eenabled solutions.

- The Company has launched a project e-Choupal in Bhopal to Web-enable farmers to beginning in agricultural e-trade.

make a

- ITC Ltd its entry into retailing business by launching branded leisurewear apparels as part of its diversification strategy into new areas.

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- The Company is hiving off its InfoTech services businesses in India, the US and UK and merging them into a separate wholly-owned subsidiary.

- The IT division has entered into agreements with Compaq and expand the IT business.

- The company set up the Lifestyle Retailing Business Division. A strategic Business Unit for the greeting cards business was set up under the Packaging and Printing Division.

- ITC has launched Wills Sport, a full range of internationally styled premium wear for men and women.

- Tobacco Company ITC launched a website, billed as `one stop terminus' for international customers of agricultural commodities. information on trading of key commodities. The website, WWW.itcibd.com, will provide

- The Company has set up units in the north-eastern States to avail of special incentives relating to Central excise duties.

- On 21th August, ITC InfoTech India Limited became a wholly owned subsidiary of the company. Ansal Hotels Limited became a subsidiary of ITC Hotels Limited effective from 12th July.

- The Board of the company has recommended an employee stock option scheme.

- Having carved a niche for itself by launching the first branded lifestyle apparel, Wills Sport, in Delhi in July 2000,the Lifestyle Retailing Business Division of ITC Limited has now big plans up its sleeve.

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2002

- ITC, Tobacco major, has launched Aashirvaad Atta making its foray into Indian atta market.

- ITC's greetings cards business and Maple Leaf have entered into Joint Venture where Maple Leaf will exclusively manufacture pop-up cards for ITC.

- ITC Foods ands ITC Ltd, is finally foraying its way to the Rs 1,100 crore confectionery market. The foods division which has shifted office from Kolkata to Bangalore this month, has introduced its first confectionery product, acquired brand Minto in four cities.

-ITC Greeting Cards Business (ITC-GCB), has forayed into stationery products segment with the launch of Expressions Paper Kraft.

-ITC Limited has taken over Wills brand. ITC had to acquire the Wills brand in the US, before it takes Wills merchandise to America.

-ITC, now moves towards match business, it has diversified into the match business to earn more revenues from non-tobacco businesses.

2003

-ITC Ltd has informed to BSE that company's Spriha brand of natural incense sticks (Agarbathis) manufactured by Cottage Industries, a unit of the Sri Aurobindo Udyog Trust in Pondicherry was launched on February 21, 2003.

-ITC on April 04, introduced salt in the staple segment, as part of its efforts to clock a Rs 500 crore sales in five years. Salt is the second offering from ITC Foods' staple business in the past 10months, under the brand name of 'Aashirvaad'.

-Commences commercial production of paper using the environment-friendly ECF (elemental

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chlorine-free) technology at its Bhadrachalam unit in Andhra Pradesh

-Food wing of ITC eyes on 4 pc market share in biscuit market

-ITC unveils new brand of agarbatties

2004

-ITC Food launches a range of 'cooking pastes' under its ready-to-eat gourmet cuisine brand Kitchens of India and readymeal Aashirwad brand

-Completes the process of acquiring the paperboard manufacturing facility of BILT Industrial Packaging Co Ltd. (Bipco) near Coimbatore in Tamil Nadu. The facility, renamed 'unit Kovai', will operate as part of the paperboards and specialty papers division of ITC, which has a unit at Bhadrachalam in Andhra Pradesh.

-ITC unveils Sunfeast biscuits in Chennai

- ITC ties up with Israeli firm for e-channel.

2005

- ITC Ltd becomes one of the very few companies in India to obtain the coveted Quality Management System certification ISO 9001:2000 for investor servicing.

- ITC Ltd wins 'Golden Peacock Global Award for Corporate Social Responsibility (CSR) in Emerging Economies for 2005'.

- ITC Ltd signs an MoU with Tripura Government for a bamboo development programme.

- ITC unveils new `5-in-1' agarbattis

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-ITC unveils `Expressions Regalia'

-ITC e-Choupal gets Development Gateway Award

-ITC unveils Candyman Cofitino

2006 -ITC forges alliance with Tilda for DNA-tested basmati

-ITC ties-up with Marubeni for food biz

2007

- ITCLtd. has informed that the Board of Directors of the Company at the meeting held on July 27, 2007, appointed :

(i) Mr. A. Baijal, IAS (Retd.), as an Additional Director of the Company, representating Specified Undertaking of the Unit Trust of India (SUUTI),

the

(ii) Mr. D. K. Mehrotra, Managing Director - Life Insurance Corporation of India (LIC) as an Additional Director of the Company,representing LIC,

(iii) Dr. R. K. Kaul, General Manager - National Insurance Company Limited, as an Additional Director of the Company, representing General Insurers' (Public Sector) Association of India,

(iv) Mr. P. B. Ramanujam, as an Additional Non-Executive Independent Director of the Company, and

(v) Mr. S. B. Mathur, as an Additional Non-Executive Independent Director of the Comp.

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- ITC acquires Australian agri-biotech co.

ORGANIATION STRUCTURE

BRANCH MANAGER

ASSISTANT MANAGER (FOOD)

ASSIATANT MANAGER ASSISTANT MANAGER ( PCP) (CIGARATTE)

AM

AM

AM

AE

AE

AE

SPO

ST

SPO

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Area of diversification ITC has transformed itself from a leading cigarette manufacturer to an umbrella group that offers a diversif ied product mix to enhance its brand image and reduce dependency on tobacco related products. It has forayed into the hospitality service industry and has become a major player in the hotels segment. Its position in the FMCG(fast moving consumer goods)

business is also on a growth curve; especially itsconfectionery and biscuits which are slated to achieve the top ranks among its peers. It has made heavy investments to strengthen

its IT (information technology) segment and tocompete with the big players like Infosys and Wipro. Although the ITC group ismarketing its image as an ideal corporate citizen and a company that takes its socialresponsibility seriously, it still earns 80% of revenues from selling cigarettes and other tobacco related products. The major areas in which ITC has diversified are:

FMCG Cigarettes Food Lifestyle Retailing Greetings and stationer Safety Matches Incense sticks

Hotels Paperboards and Packaging Paperboards and specialty paperpackaging

Agri-Business Agri- exports

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E- choupal

Information Technology

ITC in FMCG Sector Cigaretteds ITC is the market leader in cigarettes in India. With its wide range of invaluable brands, it has a leadership position in every segment of the market. It's highly popular portfolio of brands includes Insignia, India Kings, Classic, Gold Flake, Silk Cut, Navy Cut, Scissors,

Capstan,Berkeley, Bristol and Flake.

The Company has been able to build on its leadership position because of its single minded focus on value creation for the consumer through significant investments in product design, innovation, manufacturing technology, quality, marketing and distribution. The Company has been able to build on its leadership position because of its

single minded focus on value creation for the consumer through significant investments in product design, innovation, manufacturing technology,quality, marketing and distribution. All initiatives are therefore worked upon with the intent to fortify market standing in the long term. This in turns aids in designing products which are contemporary and relevant to the

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changing attitudes and evolving socio economic profile of the country. This strategic focus on the consumer has paid ITC handsome dividends.

ITCs pursuit of international competitiveness is reflected in its initiatives in the overseas markets. In the extremely competitive US market. ITC offers high quality, value- priced cigarettes and Roll- your- won solutions. In west Asia,ITC has become a key player in the GCC markets through growing volumes of its brands. ITCs cigarettes are produced in its state-of-the-art factories at Bengaluru, munger, Saharanpur and Kolkata. These factories are known for their high level of quality, contemporary technology and work environment.

Foods Ready to Eat: Keeping alive long forgotten culinary traditions, Kitchens of India presents its range of readyto-eat cuisines. Each one of these legendary delicacies has been created by Master Chefs of ITC Hotels, following rare, closely guarded recipes, handed down through the ages, from one generation to the next.

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Bukhara Bukhara, a village in Uzbekistan, was a meeting place for the traders from Asia and Europe. It was also a spot on the fabled Silk Route , a passage commonly used by traders, scholars and nomads. It was on this route that the unique Bukhara style of cooking was born. The Master Chefs of ITC Hotels have whipped up the delectable bite into history with this cuisine from the North-west Frontier province with a masterpiece like dal Bukhara. Dal Bukhara Dal Bukhara is an exquisite culinary treat made from whole black lentils simmered with prized indian spices over a coal fire, for long hours on end.

Mirch ka salam

Kheema Mutter

Mughlai panner

Chicken chettina
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Chicken darbari

paneer darbari

Murgh methi

Lagan ki boti

Paneer malai

Kitchen of india Curry pastes

Butter chicken curry paste

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Hyderabadi biryani paste

Fish curry paste

Vegatable biryani

paste

chicken curry paste

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Sunfeast (biscuit)

In 2003, ITC forayed into the Biscuits market with the Sunfeast range of Glucose, Marie and Cream Biscuits. Sunfeasts brand essence, "Spread the Smile"connotes happiness, contentment, satisfaction, and pleasure. The mascot sunny reinforce the emotional aspects of the brand. In span of 6 year sunfeast has launched many new varients and has its presence in almost all types of biscuit categories. Sunfeast immediately established itself as a provider of innovative and distinctive products Sunfeast Marie was launched in an innovative orange flavour and the 'Sunfeast Dream Cream' range includes new flavours as well as flavour enhancers. The Sunfeast Dream Cream range is currently available in 8 variants. The Company has also introduced 'Sunfeast Dark Fantasy', a dark chocolate and vanilla cream offering for the premium segment in select markets. Riding on the success of its initial offering, ITC also entered the milk biscuit categary with Sunfeast milk magic biscuit. Apart from milk which helps mental growth, these biscuit also contain the finest quality wheat adding physical growth. In the last two years, the Sunfeast biscuits portfolio has been enhanced to include salted crackers and cookies. The 'Sunfeast Snacky' salted crackers are available in 2 unique variants Chilli Flakes and Special' biscuits are Classic Salted. Sunfeast's latest offering, 'Sunfeast

also available in select markets. The Sunfeast Special range currently

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includes cookies in two variants Butter and Cashew, as well as cream biscuits in two variants Choco and Orange. The sunfeast product portfolio has been further expanded to include helthy snacks option.sunfeast pasta treat is a whole wheat based instant pasta for children.after a tremendous success of the 4 initial flovours, the instant pasta range has been exented with two new exciting flavours pizza, and chicken. The pasta segment was further expanded With the launch of sunfeast benne vita in 4 innovative variants.

Confectionary:

ITC currently has two brands in the confectionery segment - 'mint-o' and 'Candyman'. 'mint-o' was acquired by ITC from Candico in March 2002. ITC re-launched the compressed mint offering, across all major markets in India, with new and improved product and packaging. Available in the regular mint flavour with added blue specks to enhance consumer experience,mint-o is also offered in innovative 'Orange mint' and 'Lemon mint' flavours. 'mint-o' is available in two sizes rolls of 20 and 6, capturing the international essence of youthful cool ITC launched the 'Candyman' range of confectioneries in August 2002. Led by the 'Candyman Fruitee Fun' range of assorted fruit flavours ('Wild Banana', 'Pineapple Punch', 'Orange Josh' and 'Mango Delite'), the 'Candyman' portfolio now includes deposited candy products like 'Candyman Butterscotch Licks' and 'Candyman clairs' (Choco flavoured as well as Vanilla Cream centre inside a Butterscotch outer shell). The coffee toffee segment also saw the successful launch of 'Candyman Cofitino' in November 2005. Two new products 'Candyman Natkhat Mango' and 'Candyman Maha Mango' were launched recently. The 'Candyman' range of confectionery is targeted at fun Roll No. : 1200122018 33

filled, naughty kids who seek a delightful candy experience through a range of candy types and flavours.

Bingo! ITC's new snacks brand Bingo! marks the company's foray into the fast growing branded snacks segment. The launch of Bingo! Represent ITC fifth major line of foods business after highly successful staples, biscuit,Ready to eat and confectionary business. The launch of Bingo! is symbolic of ITCs' distinct approach of introducing innovative and differentiated products in a largely undifferentiated market place. The initial offerings from Bingo! include an array of products in both Potato Chips & Finger Snacks segment. The Potato Chips offerings comprise four innovative variants inspired by the snacking habits of different parts of the country as well as masala, salted and tomoto flavors.Additionally, a south- inspired dairy option has also been introduced under the potato chips offering. ITC in Hotel Industry

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ITC Limited entered the hotels business in 1975 with the acquisition of a hotel in Chennai, which was rechristened Hotel Chola. Since then the ITC-Welcomgroup brand has become synonymous with Indian hospitality. Today amongst India's finest and fastest growing hotel chains, it consists of over 70 hotels across as many destinations in India. These include super deluxe and five star hotels, heritage palaces, havelis and resorts and full service budget hotels. The 440-room ITC Maurya at New Delhi is not only amongst the leading business hotel in the country, but is in a class by itself. Complete with the 'ITC One', the hotel has played host to a galaxy of world dignitaries, including Bill Clinton and Bill Gates. In fact, even as he was leaving the White House, the former US President nostalgically recalled the memories of a fabulous Indian meal he and his family had at the Bukhara restaurant in the hotal.

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Bukhara has been declared the best Indian Restaurant in the world, by The Restaurant Magazine; UK

The 386-room ITC Maratha, opened in February 2001, is perceived as amongst the leading and the finest properties in Mumbai, designed in a grandiose classic style, the hotel pays tribute to Mumbai's colonial roots and the spirit of the great Maraths.

In keeping with its plan to have a presence in every major business destination in India, ITCWelcomgroup unveiled one of Asia's finest business resort, the 238-room ITC Sonar in Kolkata on December 31, 2002.

Another landmark hotel - the ITC Grand Central in Parel, Mumbai was formally inaugurated in January 2005. This five star deluxe property with 242 suites and rooms offers international standards of service, state of the art amenities and culinary excellence.

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ITC Mughal at Agra, a proud recipient of Asia's first Aga Khan Award for Architecture, is an outstanding resort hotel, lavishly spreading across 35 acres of beautifully landscaped Mughal gardens. ITC-Welcomgroup also pioneered a holistic concept of "branded accommodation" in the hospitality industry. It was the first to launch the powerful idea of a 'Hotel within a Hotel' by segmenting and branding the hotel services. It created the exclusive 'ITC One', 'The Towers' and the 'Executive Club' each catering to the needs of the global business traveller with unmatched quality and a range of services.

In 2007, ITC-Welcomgroup entered a new phase in its collaboration with Starwood Hotels & Resorts. ITC-Welcomgroup now has an exclusive tie-up with Starwood in bringing its premium brand, the Luxury Collection, to India. The seven hotels which are part of this collection are: ITC Maurya in Delhi, ITC Maratha in Mumbai, ITC Sonar in Kolkata, ITC Grand Central in Mumbai, ITC Windsor in Bengaluru, ITC Kakatiya in Hyderabad and ITC Mughal in Agra. The agreement also includes the rebranding of WelcomHotel New Delhi as a Sheraton, while the Chola and the Park in Chennai, and the Rajputana in Jaipur retain their Sheraton connections.

The Welcome Heritage brand brings together a chain of palaces, forts, havelies and resorts that offer a unique experience. Welcom Heritage endeavours to preserve ancient royal homes and the historical Indian grandeur, opulence of romance, valour and adventure for the future Indian generations. Welcom Heritage Hotels, provide a fine range of hotel services inside these architectural legacies present in Rajasthan, Punjab, Himachal Pradesh, Madhya Pradesh,

Uttaranchal, Jammu & Kashmir, West Bengal, Tamil Nadu, Haryana and Karnataka.

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Fortune hotels are a part of the well thought-out growth strategy that brings out the mid-level business and leisure traveler under the ITC-Welcomgroup umbrella, offering full service properties without compromising on quality. With a strong presence at Ahmedabad, Thiruvananthapuram, Calicut, Darjeeling, Jamshedpur, Vapi, Hyderabad, Gurgaon, Indore, Ootacamund, Madurai, Jodhpur, Tirupati and Port Blair, it will be shortly commissioning several more hotels across India. ITC in Agricultural Industry ITC's International Business Division (IBD) is the country's second largest exporter of agri-products with exports of over Rs. 1000 Crores (Rs. 10 billion). Its domestic sales of agri-products are in excess of Rs. 1500 Crores (Rs. 15 billion). It currently focuses on exports of : Feed Ingredients- Soyameal Foodgrains Rice (Basmati & Non basmati), wheat, pulses Edible Nuts sesame seeds, HPS Groundnuts, castor oil Marine products Shrimps and prawns Processed fruits Fruit purees/ concentrates, IQF/Frozen fruit, organic fruit , Fresh fruits Coffee & Spices coffee, Black pepper, Chilly, Turmeric, Ginger, Celery, and other seed spices.

Although one of the relatively younger business divisions of ITC, it has, in a short span established itself as a first-choice supply chain partner of several leading international customers. Its major customers include Cargill , marubeni , Toepfer, among others, who source agriculture commodities and food products from india. Its customer relationship management has enabled it to achieve a very high reputation for quality, reliability and value added services. ITC's unique strength in this business is the extensive backward linkages it has

established with the farmers. This networking with the farming community has enabled ITC to build a highly cost effective procurement system. ITC has made significant investments in web-enabling the Indian farmer. Christened 'e-Choupal', ITC's web plan for the farmer centres around providing internet kiosks in villages.
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Farmer use this technology infrastructure to access on- line information from ITCs farmer friendly website. Data access by the farmers related to the weather, crop condition, best practices farming, in ruling

international prices and a host of other relevant information. Currently, the 'eChoupal' website www.echoupal.co m provides to

information

farmers across the nine States of

Madhya Pradesh, Haryana, Uttaranchal, Uttar Pradesh, Rajasthan, Karnataka, Maharashtra, Andhra Pradesh and Kerala. ITC plans to extend the 'e-Choupal' to cover 10 million farmers across 100,000 villages covering 15 Indian states. ITCs International Business Division, one of Indias largest exporters of agricultural commodities, has conceived e-Choupal as a more efficient

supply chain aimed at delivering value to its customers around the world on a sustainable basis.

ITCs E- choupal

The e-Choupal model has been specifically designed to tackle the challenges posed by the unique features of Indian agriculture, characterised by fragmented farms, weak

infrastructure and the involvement of numerous intermediaries, among others.

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e-Choupal also unshackles the potential of Indian farmer who has been trapped in a vicious cycle of low risk taking ability > low investment > low productivity > weak

market orientation > low value addition > low margin > low risk taking ability. This made him and Indian agribusiness sector gslobally uncompetitive, despite rich & abundant natural resources. ITC in Paper Industry ITC is one of the world's most modern and contemporary manufacturers of packaging and graphic series of boards. ITC's Paperboards business has a manufacturing capacity capacity of 360,000 (TPA) tonnes per annum and is India's market leader across all carton- consuming segments including cigarettes, foods, beverages, pharma, personal care & toiletries, durables and match shells. ITC makes some of the premium graphic boards used for greeting cards , covers, sleeves, tags and playing cards. The Company produces both Virgin and Recycled boards spanning the full requirement of packaging customer.

Further, a growth in rural incomes will also unleash the latent demand for industrial goods so necessary for the continued growth of the Indian economy goods . This will create another

virtuous cycle propelling the economy into a higher growth trajector my. This will create another virtuous cycle propelling the economy into a higher growth trajectory.

The erstwhile ITC Bhadrachalam Paperboards Limited was incorporated in 1975. It set up an integrated pulp and paper/board manufacturing facility in 1979 at Bhadrachalam inAndhra Pradesh in South India, 300 kms. east of Hyderabad. Since then, the mill facilitieshave been continuously upgraded to achieveinternationally ional efficiencies. benchmarked quality standards and operat

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In 1998, the Paperboards business commissioned a new production line for coated boards. This production line incorporated Paper Machine 4, with original capacity of 120,000 tonnes per annum (TPA)and finishing & packing lines sourced from

internationally renowned suppliers. This machine has been fitted with a sophisticated 'Web Detection and Inspection system' and since been modernized further with the addition of the latest web forming technology. The PM4 board machine can deliver international quality boards for Cigarette, Liquid, Food and Pharma Packaging by providing a flawless surface for print reproduction. To meet the growing requirement for high quality paperboards , PM5 was commissioned in 2003 with a capacity of 80,000 TPA. In September 2002, ITC's Bhadrachalam Paperboard Unit commissioned a 110,000 TPA

ITC is the largest exporter of coated boards from India. The Company exports nearly 15 percent of the coated boards it produces. Its coated boards fulfill exacting customer

requirements inMalaysia, Sri Lanka, Bangladesh, Iran, Australia, UAE, UK, Italy, Poland and Russia.

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Elemental Chlorine Free (ECF) fibre line. This is a state-of-the-art fibre line and the only one in India, which meets effluent norms, set by the Ministry of Environment and Forests of the Government of India and Pollution Control Boards. The product range has also been

enhanced as ECF pulp uniquely fulfills the demand for food-grade packaging and environment-friendly paper. To meet its growing need for bleached pulp, a second ECF pulp line with a capacity of 120000 TPA is now nearing completion at Bhadrachalam. ITC has set up India's first world-class plant for the manufacture of premium Cast CoatedBoards that meet highly sophisticated packaging andprinting requirements. The Unit at Bollaram has beenexpanded further to accommodate specialized converting production lines. ITC has added a modernPoly-extrusion line to its production facility, to meet the growing demand for food packaging and beverage cups.

This

Division pioneered

the

manufacture

of

Specialty

Papers

for

the

Indian

cigaretteindustry in 1949. It currently offers a comprehensive range of Cigarette Tissues, Plug Wrap, Tipping Base printed tipping papers and metallising Base. ITC's Paperboards business has a strong customer focus. The Company's Paperboards business devoutly practices a 'TPM' philosophy during each stage of manufacture. Lean

management techniques have also been introduced in making the operations more responsive and efficient. Statistical Process & Quality control supplement the state-of-the-art on-line process controlsand scanning systems in the production lines. ITC is the premier manufacturer of Specialty Papers in India, with a diversified product portfolio.ITC's Specialty Papers are used in the manufacture of opaque lightweight fine printing papers, cigarettes, papers for decorative laminates, electrical insulation-grade papers , fireworks fuse tissue and automotive filter paper.

The Specialty Papers Unit of PSPD at Tribeni, Chandrahati, West Bengal aims to reach out

.
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and fulfill existing and emerging customers needs. The Unit reconfigures systems and processes to meet specific customer requirements. Quality control processes at the Unit are designed to ensure consistent high quality at every stage of manufacture. On-line monitoring and documentation of production parameters are carried out for continuous correction andupdation of quality standards.A Product Development Team ensures Total Quality Management (TQM) in all operations. The TQM group closely dovetails its operations with marketing, production and research teams to ensure international standards in products and services. The business creates long-term product development solutions on the basis of customer specifications and market

trends.ITC has demonstrated strong capability in product development and research in pulp and paper. The Company has collaborated with the United Nations Development Programme (UNDP) and the Government of India on research programmes to develop high quality pulp. The Division exports cigarette tissues and dcor paper for laminates to Iran, Turkey , Nepal, and Bangladesh ITC in Apparels ITCs Lifestyle Retailing Business Division has established a nationwide ret

ailingpresence through its Wills Lifestyle chain of exclusive specialty stores. Wills Lifestyle,the fashion destination, offers a tempting choice of Wills Classic work wear, Wills Sports. And Fiama Di Wills a range of premium shampoos and shower gels. Wills Lifestylewear by leading designers of the country. has also introduced Wills Signature, designer distinctive presence across segments at the premium end, ITC has also established John Players as a brand that offers a complete fashion wardrobe to the male youth oftoday. The recent launch of Miss Players with its range of trendy fashion wear for young women has been a successful addition to the youth portfolio. With its brands, ITC is committed to build a dominant presence in the apparel market through a robust portfolio of offerings.Wills Lifestyle has been established as a chain of exclusive specialty stores providing the Indian With a

consumer a

truly 'International

Shopping Experience' through world-class ambience, have

43

customer facilitation and clearly differentiated product presentation. Our stores

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established themselves as preferred shopping destinations in the prime shopping districts across the country. Wills Lifestyle is now title partner of the countrys most premier fashion event - Wills Lif estyle India Fashion Week. Taking the celebration of the event to its stores, Wills Lifestyle ITC InfoTech, a global IT services company, is today one of Indias fastest growingIT and ITES service providers. Since it's inception in October 2000, the company has established itself as key player in offshore outsourcing, providing outsourced IT solutions The company enjoys the rare advantage of having a practitioner's expertise with a strong vertical focus in Consumer Packaged Goods (CPG) and Retail, Travel, Hospitality and Transportation, and Manufacturing - domains that its parent, ITC Limited, has traditionally dominated - as well as in the main stay of technology service providers ITC InfoTech offers services through a global delivery platform with a strength of over 2,000 employees and delivery centers across North America, Europe and Asia-Pacific that serve Fortune-listed companies in 42 countries. has partnered with leading designers Rohit Bal, Rajesh Pratap Singh, Manish Malhotr a and Rohit Gandhi - Rahul Khanna to create a new editionof available at Wills Lifestyle Designer wear, which is now

ITC in information technology ITC InfoTech conforms to the highest standards in international process quality

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international process quality, with ISO 27001, ISO 9001,SEI CMM Level 5 and BS 7799 accreditations. Thesereflect the companys ongoing enterprise-wide focus toensure that ever y engagement, program and projectdelivers international quality consistently. Industry Recognition: Premier analyst and market research agencies have recognizedITC

InfoTechs position as the preferred IT partner. It has been:

Create multiple drivers of growth by developing a portfolio of world class businesses that best matches organizational capability with opportunities markets. STRATEGIES OF ITC in domestic and export

ITC is a board-managed professional company, committed to creating enduring value for the shareholder and for the nation. It has a rich organizational culture rooted in its core values of respect for people and belief in empowerment. Its philosophy of all-round value creation backed by strong corporate governance policies and systems. ITCs corporate strategies are is

Featured

amongst

Top

100

Global

Outsourcing

Companies

in

the

Leaders

category international Association of outsourcing professionals. Ranked amongst Top 10 Specialty Application Development Providers - Global Services, CMP Media .named among major Indian global services providers for plm implementation and engineering services -

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 Continue to focus on the chosen portfolio of FMCG, Hotels, Paper, Paperboards & Packaging, Agri Business and Information Technology Benchmark the health of each business comprehensively across the criteria of Market

Standing, Profitability and Internal Vitality. Ensure that each of its businesses is world class and internationally competitive. Enhance the competitive power of the portfolio through synergies derived by blending the diverse skills and capabilities residing in ITCs various businesses Create distributed leadership within the organization by nurturing talented and focused top management teams for each of the businesses. Continuously strengthen and refine Corporate Governance processes and systems to catalyses the entrepreneurial energies of management by striking the golden balance between executive freedom and the need for effective control accountability.

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 Companys stakeholders

To enhance the wealth generating capability of the enterprise in a globalising environment, delivering superior and sustainable stakeholder value

Sunfeast profile

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:: Snack foods Sunfeast In July 2003, ITC forayed into the Biscuits market with the Sunfeast range of Glucose, Marie and Cream Biscuits. Sunfeasts brand essence, "Spread the Smile" connotes happiness, contentment, satisfaction and pleasure. The mascot Sunny reinforces the emotional aspects of the brand. In a span of 6 years Sunfeast has launched many new varieties and has its presence in almost all types of biscuit categories. Sunfeast Milky Magic Packed with goodness of milk these deliciously nutritious crisp and crunchy biscuits are a favorite among mothers and kids. Milky Magic has the power of 2 - A perfect balance of energy that aids physical strength and mental ability. These biscuits strike the right balance of milk and
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wheat which helps in an all round development and nurturing of the child. Sunfeast Marie Sunfeast Marie Light:

This ideal teatime biscuit is made from the finest quality wheat high in fibre and keeps one light and healthy through the day. Orange Marie :

It has the distinction of being one of the most successful innovative Marie biscuits and is liked by one and all. Sunfeast Golden Bakery Sunfeast Golden Bakery is a premium cookie on an innovative and differentiated platform. Launched

nationally in March 2008, these cookies are made from the recipes crafted by the master bakers of ITC Hotels and are slowly baked in the traditional way till they are golden brown and develop the crispy broken crust texture. The Sunfeast Golden Bakery cookies are available in three distinct flavours - Butter-Nut, Butterscotch and Choco-Nut cookies. These products are designed to give consumers a rich & truly indulgent experience. Sunfeast Dark Fantasy Inspired by the Master Chefs of ITC hotels, it is the richest of chocolate vanilla biscuits. These biscuits are created using carefully chosen premium ingredients for a sensory experience unlike any other. Dark Fantasy is more than a biscuit, its a luxurious mix of

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aromatic cocoa and vanilla. Sunfeast Glucose For those light hunger pangs, a wholesome & nutritious choice as these golden brown biscuits are made from the best quality wheat. Sunfeast Glucose biscuits are ideal not just for kids but adults too. Sunfeast Dream Cream A truly scrumptious range of cream biscuits that have become an instant hit with children. ITCs chefs have put their legendary skills into these biscuits to deliver truly tasty cream biscuits. Special Flavor Crystals in Strawberry and Pineapple cream biscuits keep the creamy flavor linger on.

Strawberry

Cream Bourbon A special delight for all those chocolate lovers.

The first of its kind cream biscuit with special strawberry flavor

crystals that will keep the creamy flavor linger on.

Orange

Cream

Butterscotch

Cream

Experience a tangy twist in biscuits with every Orange cream.

Another first, the taste of ice-cream in cream biscuits.

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Mango

Cream

Elaichi

Cream

A special summer flavour cream biscuits for all those who love the king of fruits.

Taste the queen of spices in cream biscuits.

Sunfeast Snacky Bigger than most others in the salted biscuit category, Snacky is light and crispy like no other. From kids to adults, its the quintessential Family Biscuit. Available in two variants, Classic salted and Chilli flakes - the very first of its kind in India. Sunfeast sweet 'n salt These thin and crisp biscuits come with a distinctive sundry taste, that of salt and sweetness. A bite into one of these one keeps wondering about its taste! Sunfeast Nice

These are crisp coconut biscuits showered with sugar crystals. The crisp sugary sweetness will just go on to make all those nice moments nicer.

Sunfeast Benne Vita Flaxseed Biscuits

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If Benne Vita in Italian stands for Good Life, then Benne Vita Flaxseed biscuits just make the good life better. The Flaxseed content in these protein and mineral enriched biscuits are rich source of Omega III acids that helps control cholesterol. Flaxseed is the richest plant source of these essential Omega-3 Fatty Acids. It is also rich in dietary fibre, proteins, calcium and other minerals to maintain healthy heart and good gut health. Sunfeast Special ITC Sunfeast presents a range of Special cookies and creams.

SpecialCookies: Made with best quality wheat, cashew and butter, Sunfeast Special cookies are baked with real butter and the finest ingredients to give a mouth-watering treat that makes every moment special. Available in Cashew/ Butter/ Coconut. SpecialCreams: Delicious value for money cream biscuits with a thick layer of cream sandwiched between two biscuits. Available in Orange and Chocolate variants. Sunfeast Pasta The Sunfeast product portfolio was expanded in early 2005 to include healthy snacking options as well. Sunfeast Pasta Treat, a whole wheat based instant pasta was introduced as a healthy snacking option for children and young adults. After the tremendous success of the 4 initial flavours, (Masala, Tomato Cheese, Cheese and Sour Cream), the instant
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Pasta range has been extended with three new exciting flavours - Pizza style, Chicken and Tangy Tomato. How ITC turned biscuits business around. Biscuits and tea in the morning were a routine. So were the key market players and their favourite products.. The two major players Britannia [Get Quote] and Parle were busy biting

of chunks of the national market among themselves, with a host of smaller brands in various regions. While the business was still very competitive, there wasn't anything groundbreaking. In 2003, with ITC foraying into the segment, a lot of that changed. At that time, Britannia and Parle held, between them over 82 per cent of the market in value terms. The rest too was firmly held by smaller players like Priya Gold which had a strong presence in the north. So, in essence, the market already had strong well entrenched players. So how could a late entrant like ITC make its mark? Six years down the line, however, things have changed a lot. It is a classic story of the hare and the tortoise. While it is far from winning the race, slowly and steadily, the tortoise is gaining ground. The late entrant is already on the podium in the third place with as much as 7 per cent of the market in terms of value. "ITC made hay when the sun wasn't shining," says a consultant who's been tracking the industry for a long time. But first, why did ITC train its eye on biscuits? Ravi Naware, chief executive, ITC Foods, makes it sound simple. "We decided to enter the foods segment because it's a Rs 550,000 crore (Rs billion) market in India. But only 6 per cent of this is branded and packaged. In developed markets, nearly 95 per cent of the food market is branded and packaged. So there was lot of scope for a branded player In foods, biscuits was tempting. The Rs 4,000-crore (Rs billion) Indian biscuits market has grown at 12-14 per cent year-on-year. Then, there was a business synergy. ITC was already value-adding to wheat with its branded atta presence. By entering the biscuits segment, it could
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also improve its bottomline further. But despite the fast growth rates, the biscuits industry was not all rosy. Over the years, even giants like Hindustan Lever had failed. For instance, HLL which had flirted with biscuits under the Max brand exited in 2005. But ITC's Sunfeast has a different story to tell so far. the strategist looks at the gameplan of a late entrant and how the biscuits industry has responded. New recipe Before entering the segment, ITC dug into market research. Research revealed that the category had gaps which ITC could settle into. Findings revealed that consumers wished to taste new and innovative products. That was precisely what the competition had not done in a big way. Says Naware, "The biscuits industry had witnessed little innovation; Glucose was Glucose and Marie was still Marie." The company decided that this could be its biggest point of attack. In 2003, ITC launched Sunfeast with six ranges. But it was a calculated risk. ITC stuck to category favourites like Glucose, Marie and Bourbon cream Along with that, it also launched innovations such as orange-flavoured Marie, Marie light and butterscotch-flavoured cream biscuits. In 2004, Sunfeast followed this up with the launch of Sunfeast Milky Magic. More recently, it also has launched the Sunfeast Snacky and Sunfeast Golden Bakes. Analysts believe that just because Sunfeast was a new brand, helped matters. Says a consultant, "The biscuits industry had not witnessed any major product innovation in years. Consumers were just waiting for something new, something fresh, when Sunfeast happened." Even the competition had not made things better. Between 2000 and 2005 neither Parle nor Britannia launched any major new product. Yes, Britannia did re-launch its Tiger brand in 2005. But Britannia claims that it is looking at more than just products. Richa Arora, general manager and head of marketing and innovations, Britannia Industries, says, "We are not just looking at new products, but tapping newer opportunities -- such as different occasions as well as out-ofhome consumptions."
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In 2005, before Diwali, Britannia launched Occasions -- boxes of assorted biscuits priced between Rs 50 and Rs 200 -- which the company claims has been very successful. In 2006, however, the industry has seen a flurry of innovations from the big two. Digestive Marie -- was launched by Parle in early February 2006. Britannia launched its new doubleflavoured Mariegold and 50-50 Chakkar. And Parle is all set to launch at least two new products before the end of this year. Distribution maze It's common knowledge, that for FMCG products, distribution channels are very important. Says Pravin Kulkarni, general manager, marketing, Parle Products, "For biscuits, distribution and visibility are extremely important as it's partly a impulse purchase product." And in biscuits, setting up a distribution channel is anything but easy. Consider this. Priya Gold, which entered the western region in 2000, is struggling to find its feet even eight years later. However, in this regard, Sunfeast has been fortunate: thanks to its tobacco business, ITC already had a good understanding of distribution channels. The company used its existing network of convenience stores -- the company's name for the hole-in-the-wall pan-beedi shops -- for Sunfeast. Not content with the existing resources, the company also looked at grocery stores and other retail formats. The company says the brand is now available in nearly 1.8 million outlets. Britannia claims it has a superior distribution clout with its presence in nearly 3.3 million outlets. Parle, the seasoned player itself, says it is available in 1.5 million outlets. Sunfeast's next step was to step up its branding and promotion. Ad thrust In August 2003, a month after its launch, the company undertook a major sampling exercise to
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promote the product. For two years then, the brand did all the usual rounds -- riding behind buses, blocking television spots, booking that corner space in your favourite newspaper and so on. Well differentiated advertisements, some which showed a complete cream world with cream rivers, cream mountains and cream trees, were targeted at kids watching cartoon channels. At the same time, on general entertainment channels, mothers received information on the importance of glucose, the wholeness of wheat and so on. Also, the company tied up with Bey Blades, the popular television series that was a rage among children, to promote itself. In April 2005, Sunfeast launched its major campaign. It signed on Hindi film actor, Shah Rukh Khan as its brand ambassador. In the same year, as the official sponsor of the WTA tennis championship -- titled the Sunfeast Open -- the company had teenage sensations Sania Mirza and Mahesh Bhupathi campaigning for it. But that's not all. For promotions in southern states, Sunfeast has signed Tamil super star Surya as a brand ambassador. Analysts say that ITC's deep pockets have helped Sunfeast in many ways. The company claims that it has been spending 35-40 per cent of its turnover from the biscuits segment on advertising and promotions. Going by that number, ITCs annual marketing spends are estimated to be in the region of about Rs 115-120 crore (Rs billion). Until last year, Priya Gold spent close to Rs 45-50 crore (Rs billion), nearly 10 per cent of its turnover on marketing. Even market leader Britannia with spends of Rs 100 crore (Rs billion) (2004-05) spends about 10 per cent of sales on marketing. But Arora says that the figure will increase substantially in 2006-07. ITC is clearly among the largest spender on ads and promotions in the biscuits category. Analysts predict that these figures are all set to rise this year. But industry experts aren't impressed.
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Says a consultant, "Although Sunfeast's Shah Rukh Khan association is interesting, it is yet to do something groundbreaking, like Britannia khao world cup jhao or the Lagaan promotion for that matter." Pricing models The biscuits industry now has two clear models. Parle products plays the low price game at all varieties of biscuits from glucose to cream. Essentially, Parle plays a high volume, low margin game. But Britannia and Sunfeast look at a two-pronged strategy. High margins in cream variants and volumes from the Marie and Glucose segments. For instance, cream biscuits from both Britannia and Sunfeast cost Rs 10 for 100 grams. Parle, however, only charges Rs 5 for its cream variants. Except for Hide & Seek, all of Parle's products lie in the price range between Rs 4 and Rs 6 for 100 gram packs.

To be fair, in Glucose and Marie, the companies have little choice. As there is little differentiation, consumers are extremely price sensitive. But these segments are important. Marie and the popular glucose varieties make up for nearly 55 per cent of the Rs 4,000 crore (Rs billion) biscuits segment -- a significant Rs 2,200 crore (Rs billion). Says Sunil Alagh, chairman, SKA Advisors, and former CEO of Britannia Industries, "the biscuit consumer is willing to pay more only when he sees a clearly differentiated product. Hence companies have little choice in terms of pricing." No wonder all the Glucose and Marie variants straddle price points of Rs 4-6 (for 100 grams). Key challenges Back in 2003, nobody thought Sunfeast would have consumers eating out of its hands. Says Naware, "Seven per cent in less than three years is something that we could have only dreamt about." Importantly, industry barometer AC Nielsen has indicated that both Parle and Britannia are
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losing market shares. According to the AC Nielsen retail sales audit in March 2006, both Britannia and Parle have lost volumes. Britannia's shares have dropped from 35.8 per cent in 2004-05 to 30.5 per cent in May 2006 (volumes). Parle's shares have also dropped from 42.2 to 38.4 per cent in the same period. Even Priya Gold has seen a minor dip from 6.4 per cent to 5 per cent. ITC's Sunfeast has been a big gainer with its share increasing from 2.7 to 6.7 per cent. In terms of value, Britannia leads the market with 37 per cent market share, followed by Parle's 31.3 per cent and ITC's 6.3 per cent. Nevertheless, the gap is still wide. Sunfeast still has a long way to go. But what can the bigger players do? Alagh has an interesting observation. Says he, "Biscuits have always been a low margin, high volume game. Both Britannia and Parle have very high volumes and can easily afford to lower their margins." A potential after-effect? Sunfeast too may have to drop its prices to be in the reckoning and this will squeeze its margin even lower. While the full game is yet to be played outfor the moment the sun seems to be shining on Sunfeast. Creaming the market

Innovation in the product line -- biscuits with butterscotch cream with actual granules in the cream, strawberry cream with flavour-enhancers and orange-flavoured marie.

Gained an edge from the well established distribution network of its tobacco business. Signed up big film stars like Shah Rukh Khan and southern star Surya as brand ambassadors for Sunfeast.

Branded the WTA tennis tournament with promos starring tennis stars, Mahesh Bhupati and Sania Mirza

Needs further embellishments

Big brand ambassadors, but not strong enough advertising campaigns for big brand recall.
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The gap between the number three and the top two slots is too wide. Competitors can play the low price game as they have volumes to support

CATOGARY

SUNFEAST BISCUIT VARIENT SKU 19G 38.5G 58G 82.5G 187G 418G MRP(1 PKT) 1 RUPEE 2 RS 3 RS 4 RS 10 RS 20 RS 40.61 RS 40.44RS PTS(1KG)

SUBCATOGARY SF GLUCOSE

MARIE LIGHT PLAIN ORANGE MILK MAGIC 171G 224G 306G 171G 85G 100G 150G SALTED CHILLI SWEET n SALT 75G 200G 90G 180G 62G 250G 62G 250G 7 16 10RS 18 5RS 20 6 20 70.6G 70.6G 13 RS 21 13 7 49.9 RS

10 7 8

COOKIES

BUTTER SCOTCH SPECIAL BUTTER SPE CASHEW

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CREAM

ORANGE CHOCO PINEAPPLE

65G 195G 65G 195G 90G

5 15 5 15 10

CATOGARY

PARLE BISCUIT

SUBCATOGARY PARLE-G GLUCOSE

VARIENT

SKU

MRP(1 PKT)

MARGIN OF STOCKIST

16.5G

1RUPEE

3.5%

38.5G 60.5G 82.5G 99G 209G 313G 418G

2RS 3RS 4RS 5RS 10RS 15RS 20RS

3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%

MILK SHAKTI

75G 150G

5RS 10RS

5% 5%

CREAM

ORANGE

80G 160G

5RS 10RS 5RS 10RS 5RS 10RS 5RS 10RS

5% 5% 5% 5% 5% 5% 5% 5%

ELACHI

80G 160G

PINEAPPLE

80G 160G

MANGO

80G 160G

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MONACO

ROLL

75G 120G 240G

5% 5% 5% 5% 5% 5RS 10RS 5RS 5% 5% 5%

FUNION

75G 120G 75G 150G

NAMKIN

75G 120G

MONACO ZIRA

75G

120G KRACKJACK 75G 120G 240G 5RS 10RS 20RS 5% 5% 5%

20-20

BUTTER

65G 117G 225G

5RS

5% 5% 5% 5% 5% 5%

CASHEW

65G 117G 215G

MARIE DIGESTIC 77G 170G 226G 5RS 5% 5% 5%

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PARLE MARIE

10.34G 77G 226G 336G

5% 5% 5% 5%

HIDE & SAKE

COFFEE

100G 200G 600G

5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

MINT

100G 200G 600G

ORANGE

100G 200G 600G

CHOCO

100G 200G 600G

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CHAPTER - III
Research Methodology

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OBJECTIVE OF THE PROJECT

Defining the objectives is the most crucial part of the research. If the objectives are not clear the researcher cannot identify the problem and thus cannot find a way of the problem. This project is based on the study of relative performance towards ITC sunfeast biscuits.

Objectives of the study are: 1. To study the relative performance of sunfeast biscuit. 2. To know the market share of sunfeast, and To know the visibility, supply, distribution channel, promotional activities, of sunfeast in market. 3. To know the customer perception about sunfeast. 4. To know the customer satisfaction level and customer preference level in term of brand, price, quality, quantity, packaging. 5. To know the level of satisfaction of the retailers and wholesalers with respect to credit line and product delivery provided by wholesale provider. 6. To know the company distribution channel, different process of supply.

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RESEARCH METHODOLOGY This chapter describes the methodology of the study. This project is based on information collected from primary sources. After the detailed study, an attempt has been made to present comprehensive analysis of performance of ITC sunfeast biscuit versus britania and sunfeast consumed by the people. The data had been used to cover various aspects like consumption, retailers preference and retailers satisfaction, customer preference and

satisfaction regarding sunfeast and britania. In collecting requisite data and information regarding the topic selected, I went to the retailers and customer of patna and collected the data.

Survey design: The study is a cross sectional study because the data were collected at a single point of time. For the purpose of present study a related sample of population was selected on the basis of convenience.

Sample Size and Design: A sample of 100 people was taken on the basis of convenience. The actual customer and retailers were contacted on the basis of random sampling Research Period: Research work is only carried for 2 or 3 weeks.

Research Instrument: This work is carried out through self-administered questionnaires. The questions included were open ended, dichotomous and offered multiple choices.

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Data Collection: The data, which is collected for the purpose of study, is divided into 2 bases: Primary Source: The primary data comprises information survey of Comparative study of retailer and customer behavior towards ITC sunfeast britinnia and parle . The data has been collected directly from respondent with the help of structured questionnaires. Secondary source: the secondary data was collected from internet and reference from library. Data Analysis: The data is analyzed on the basis of suitable tables by using mathematical techniques. The technique that I have used is bar graphs.

Limitations of the study

In attempt to make this project authentic and reliable, every possible aspect of the topic was kept in mind. Nevertheless, despite of fact constraints were at play during this project. The main limitations are as fellow. Due to limitation of time only few people were selected for the study. So the sample of customers and retailers was not enough to generalize the finding of the study. The main source of data for the study was primary data with the help of self-administered questionnaires. Hence, the chances of unbiased information are less. People were hesitant to disclose the true facts. The chance of biased response cannot be eliminated though

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Chapter - IV
Analysis and Interpretation of Data

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BASED ON CONSUMERS ANALYSIS OF THE STUDY ON CONSUMERS HOW DO YOU COME TO KNOW ABOUT SUNFEAST BISCUIT. FACTORS NUMBER OF RESPONDENTS

ADVERTISEMENT FAMILY / FRIEND RETAILER ANY OTHER TABLE:1

60 20 15 5

FACTORS AFFECTING AWARENESS

60 60 NO OF CONSUMERS 50 40 30 20 10 0 20 15 5

FACTORS

chart-1 From the above analysis of given sample of 100 respondents it is concluded that out of 100 people 60 people know sunfeast biscuit through advertisement while 20 people through family and 15 people follow by retailers.
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AWARENESS ABOUT SUNFEAST [ ITC brand ]

SUNFEAST IS ITC BRAND

76 80 70

NO OF CONSUMERS

60 50 40 30 20 10 0 YES AWARENESS NO 24

chart-2 From the above analysis out of 100 people 76 people know that sunfeast is of ITC brand. But 24 people donot know about this.

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WHICH FEATURE OF SUNFEAST INSPIRE YOU TO BUY

FEATURES QUALITY PRICE QUANTITY PACKAGING ANY OTHER

NUMBER OF RESPONDENTS 55 5 5 23 7

FEATURE OF SUNFEAST
23

QUALITY 55 5 5 PRICE QUANTITY PACKAGING ANY OTHER

CHART-3 From the above analysis out of 100 people 55 people Like the quality of sunfeast and 23 people like their packaging.

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REASON FOR SWITCHING OVER TO OTHER BRANDS

REASONS TO CHANGE THE TASTE DUE TO OFFERS ON OTHER ECONOMICAL (PRICE) HABIT ANY OTHER

NO OF RESPONDENTS 53 21 13 11 2

TABLE:4

SWITCHING OVER TO OTHER BRAND

NO OF RESPONDENTS 60 50 40 30 20 10 0 CHANGE TASTE PRICE 13 11 21 53

2 HABIT OFFERS

OTHERS

CHART-4 From the above analysis out of 100 people 55 people switching over to other brand due to change taste and 21 people due to offers and value added products .
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WHICH BRANDS COMES IN YOUR MIND FIRST WHEN PURCHASE BISCUIT

BRAND BRITINNIA SUNFEAST PARLE OTHER

NO OF RESPONDENTS 48 19 29 4

Table: 5

BRAND LOYALITY
48 50 45 40 35 30 25 20 15 10 5 0 BRITINNIA

NO OF RESPONDENTS

29 19

SUNFEAST

PARLE

OTHER

BRAND

CHART: 5 From the above analysis out of 100 people.. there are 48 people first preference is britinnia, 29 parle, 19, people sunfeast, and 4

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WHICH CATOGARY OF BISCUIT YOU LIKE MOST. TABLE: 6 SUB CATOGARY NO OF RESPONDENTS

GLUCOSE SNACKY CREAM MARIE ANY OTHER

23 18 44 9 6

CUSTOMER CHOICE
11 6 23

GLUCOSE SNACKEY 16 44 CREAM MARIE OTHER

CHART- 6 From the above analysis out of 100 people.. there are 44 people who likes cream biscuit and at the second 23 people said they likes glucose biscuits.
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PACKAGING DO YOU LIKE MOST. TABLE: 7 PACKAGING PARLE BRITINNIA SUNFEAST ANY OTHER NO OF RESPONDENTS 20 36 40 4

COMPANY PACKAGING
40 40 NO OF RESPONDENTS 35 30 25 20 15 10 5 0 SUNFEAST BRITINNIA 4 20 36

PARLE OTHER

CHART-7 From the above analysis out of 100 people.. there are 40 people who likes SUNFEAST packaging and at the second 36 people likes Britinnia biscuits packaging.
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DO YOU FIND SUNFEAST BISCUIT IN YOUR NEAR OUTLET

TABLE- 8 SUNFEAST OUTLET NO OF RESPONDENTS

YES NO

91 9

NO OF OUTLET

YES NO

CHART-8 From the above analysis out of 100 people . 91 people say, they find sunfeast in near outlet in patna.
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PRICE CATOGARY SUITABLE FOR YOU

TABLE- 9 PRICE CATOGARY 5 10 15 20 25 NO OF RESPONDENTS 38 34 14 6 8

NO OF RESPONDENTS OF PARTICULAR CATOGARY

8 38 5 RUPEE 10 RUPEE 15 RUPEE 20 RUPEE 25 RUPEE 34

6 14

CHART- 9s According to the above analysis it is concluded that in 100 people 38 people like 5 rupee pack while 34 people like 10 rupee pack.

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Chapter - V
Findings, Conclusion and Suggestions

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FINDING RETAILER RESEARCH: Retailer research deals with retailer and their problems and solution to the problems. In this I came to know about the retailers need and expectation levels regarding products and ascertainable levels of satisfaction. CUSTOMER REASEARCH: Customer research deals with customer and their problem and solution to the problems. In this I came to know about the customer need and expectation levels regarding products and ascertainable levels of satisfaction. PRODUCT RESEARCH: Under product research I came to know about the modification which customer, retailers

wants as to the quality, packing, shape, color, and quantity etc of their favorite biscuit. PRICING RESEARCH: This includes ability to consume, to pay for the product,how much aperson can spend on his/her favorite biscuit. In this I have tried to find out retailers price expectations and reactions. ADVERTISING RESEARCH: Under this I have concluded that whether the advertisement appeals the customers and

retailers or not. This also includes evaluating and selecting the proper media-mix and measuring advertising effectiveness.

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SUGGESTIONS AND RECOMMENDATION

Company should concentrate more on television for advertisement, as mostly people get attracted through television only. For promotional offers, company should go for free gifts rather than going for other ways. parle company should concentrate on its packing as people are least satisfied with it while ITC sunfeast should concentrate on the shape of their candy. People are unsatisfied with the price and quantity of sunfeast so companies should concentrate in this regard also. Competitors can play the low price game as they have volumes to support

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CONCLUSION
A survey of the people has been conducted to know the liking pattern of the ITC sunfeast, britinnia, parle. It is observed that overall retailers like to buy britinnia and parle rather than sunfeast due to new brand. It is concluded that mostly people preferred ITC sunfeast cream biscuit due to its flavor/taste, quality and image . Some people often like to have a biscuits with good flavor, quality and crunchiness so they are going towards biscuits of sunfeast due to its taste and . It is thus concluded from the facts collected that mostly people refer to buy jars of their favorite candy and sometimes some of them go for Polly bags and jumbo jars.

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Bibliography

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BIBLIOGRAPHY

1.

BOOKS/MAGAZINES REFFERED

Marketing Management by Philip kotler

2.

WEBSITES REFFERED: http://www.itcportal.com WWW.project paradise .com WWW. Scribed.com

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ANNEXURE

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QUESTIONNAIRE PROJECT REPORT ON "COMPARATIVE ANALYSIS OF BRITANNIA VS. SUNFEAST" 1. How do you come to know about sunfeast biscuit. a. advertisement b. family/ friend c. retailer d. any others.

2. Do you know sunfeast is from ITC brand.

a. yes

b. no

3. which feature of sunfeast inspire you to buy.

a. quality

b. price

c. quantity

d. packaging

e. any other.

4. why do you sift from one brand to another brand.

a. to change your taste.

b. due to offer/ scheme.

c. quantity.

d. cheap price

e. quality f. anything else.

5. when do you think of purchasing a biscuit which brand comes in your mind.

a. britinnia

b. sunfeast

c. parle d. any other.

6. which category of biscuits you like most. a. Glucose b. snacky c. cream d. marie e. any other.

7. packaging do you like most ? a. Parle b. britinnia c. sunfeast d. bisk farm e. any other.

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8. do you find sunfeast biscuit in your near outlet. a. yes b. no

9. you want any change in sunfeast like. a. test b. price c.quantity d.quality e. packaging.

10. price catogary suitable for you. a. 5 b. 10 c. 15 d. 20 e. 25

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