Sunday, March 17, 2013

“Business Dynamics have Changed”

Chairman and CEO, ITC Ltd, in an Exclusive Conversation with B&E’s Bhuvnesh Talwar & Ashutosh Harbola reveals the Path to Sustainability
 
After the economic liberalisation in 1992, almost everything changed – right from the attractiveness of the Indian market to the business dynamics. Competition is now so intense that it’s becoming difficult to keep a tab on India’s growth story. But one thing that has remained unchanged is the unfazed growth of ITC. In an exclusive interaction with B&E, Y. C. Deveshwar, the man who has been central to this growth saga, emphasises on the need for India Inc. to move on the path of CSR and calls for policies focusing on inclusive growth in order to achieve growth & long-term sustainability.

B&E: Do you think being based out of Kolkata has been a disadvantage for ITC Group?
Y. C. Deveshwar (YCD): There is no disadvantage of being in Kolkata because we are a national company. We have a national footprint and great brand recognition. So, it does not matter where we are based.

B&E: How challenging has it been to sustain and lead in a vibrant and dynamic market like India?
YCD: It has been an eventful journey and, in fact, ITC has strengthened in India. As a company we have been able to understand the consumer mindset, and the processes which we have laid down have enabled us to analyse the customers’ psyche and come up with valuable consumer insights. It is because of these insights that we have been able to compete with multinational players.

B&E: So, which key marketing strategies has ITC focussed on to understand the market better?
YCD: Marketing strategies are not constant. They are dynamic in nature and change as the market evolves. Understanding what a consumer wants is a tough job. But figuring out what the consumer would want in the future is a more challenging task. However, we have been successful in precisely achieving this and it lies in the heart of our every strategy.

B&E: FDI in retail has been creating waves in the political and business circles. What are your views on the relaxations given to foreign players in this sector?
YCD: We are not in the business of retail so these relaxations do not affect us directly. But we need retailers anyway and therefore healthy competition is always good. With this, the government has provided a fair business environment to thrive on.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

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