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IB Project: Dream Company
Citation preview
International Business Project
Study of International Business Initiatives of a Dream Company
(Asian Paints Limited)
Submitted by:
Academic Group 38
Divya Mulanjur: PGP-12-184
Latika Sharma: PGP-12-192
Nilotpal Ray: PGP-12-198
Nirmit Shah: PGP-12-201
Tushar Srivastava: PGP-12-233
International Business: Asian Paints Limited 2013
~Acknowledgement~
We would like to take this opportunity to extend our heartfelt gratitude to the following persons
who have helped us immensely while preparing this Report:
S.P. Jain Institute of Management & Research, Mumbai:
Prof. Jiban Mukhopadhyay (Former Economic Advisor, Tata Group): For guiding us
all along the course of the report and helping us to gain access to some very enriching
literatures based on the subject which helped us immensely in formulating this Report.
Asian Paints Limited, Mumbai:
Mr. Somak Chakraborty (Manager, Supply Chain Management): For cooperating with
us across a telephonic interview on 15.02.2013, giving us various insights and facts regarding
the international expansion strategies of Asian Paints Limited. Mr. Chakraborty is an MBA
from NITIE Mumbai, in the field of Operations Management and serving the Organization
for the past four years.
Academic Group 38 (PGP-1)
20th February 2013
International Business: Asian Paints Limited 2013
Table of Contents 1.0 Introduction ................................................................................................................................................ 1
1.1 Asian Paints in the International Markets ............................................................................................ 1
1.2 Domestic Leadership .............................................................................................................................. 2
1.3 Globalization Initiatives ......................................................................................................................... 4
1.4 Internationalization Strategy .................................................................................................................. 5
1.5 Segmentation of Global Markets .......................................................................................................... 7
1.6 Organizational Structure: APL Globalization ..................................................................................... 7
2.0 Critically Evaluating APL’s Expansion Strategies through IB Frameworks: ......................... 9
2.1 UPPSALA Model .................................................................................................................................... 9
2.2 OCF Framework ................................................................................................................................... 10
2.3 Functional Model .................................................................................................................................. 10
2.4 Scale, Scope, Synergy Model ................................................................................................................ 11
3.0 Impact of Financial Meltdown on Global Expansion Plans: .................................................... 12
4.0 Remedial Measures/Plan: ................................................................................................................... 14
5.0 Suggestions to take Internationalization to next level ............................................................... 15
International Business: Asian Paints Limited 2013
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1.0 Introduction:
1.1 Asian Paints in the International Markets:
Asian Paints Limited (APL) was set up as a manufacturing unit in a Mumbai suburb in the year
1942. This was a time when multinational paint companies dominated the scene. APL has been
leading the Indian Paints Market since 1967 (See Table-1). In 1988, the company, along with
consultancy from Booz Allen Hamilton started restructuring its activities. This effort crafted for a
new vision: To secure a leading position (within Top 5) among all the decorative paints companies
across the world by the end of 2020 (See table 2 for 2012 Ranking of decorative paints company).
Another outcome of the restructuring initiative was a decision to embark upon the International
Markets by tapping the emerging economies.
Table 1: Asian Paints – International Timeline of Events:
Year Event
1942 A partnership concern was established for the manufacture of paints
1945 The partnership firm was changed to a company
1954 First paint plant set up in Mumbai, India
1967 APL became the market leader in the Indian Paint Industry
1978 Entered Fijian Market through a JV
1982 Entered Tonga, an island in South Pacific 1982 Went public, issues equity shares in the stock market of India.
1983 Entered Nepal 1985 Entered Solomon Islands 1993 Entered Vanuatu 1995 Entered Australia 1996 50:50 JV with US owned PPG for local manufacturing of automotive paints
1998 Introduced Colour World in India
1998 Restructuring with Booz Allen Hamilton; rediscovered merits of Fiji Entry.
1999 Entered Sultanate of Oman 1999 Acquired Delmenge Forsyth & CO. in Sri Lanka
2000 Acquired Pacific paints in Australia 2001 Acquired powder coating business of Hawcoplast in India
2002 Acquired SCIB Chemicals in Egypt 2002 Acquired Berger International and its 11 subsidiaries in Singapore
2003 Acquired Tabumans in Fiji
International Business: Asian Paints Limited 2013
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Today The APL Group Operates in the following geographies:
Caribbean: Barbados, Jamaica, Trinidad & Tobago
Middle East: Egypt, Oman, Bahrain and UAE
Asia: Bangladesh, Nepal, Sri-Lanka and Singapore
South Pacific: Fiji, Solomon Islands, Samoa, Tonga and Vanuatu
Source: Company Files and Annual Reports
Table 2: Top 15 Global Paint Companies (2011)
Name (Country) Turnover (2011)
1. AkzoNobel (The Netherlands) $13 billion
2. PPG (USA) $10 billion
3. Henkel (Germany) $9.7 billion
4. Sherwin-Williams (USA) $6.5 billion
5. DuPont (USA) $3.8 billion
7. RPM (USA) $3.41 billion
8. Valspar (USA) $3.0 billion
9. Kansai (Japan) $2.8 billion
10. Nippon (Japan) $2.5 billion
11. Sika (Switzerland) $2.3 billion
12. Jotun (Norway) $2.0 billion
13. Asian Paints (India) $1.9 billion
14. Comex (Mexico) $1.6 billion
15. Masco (USA) $1.5 billion
Source: Coatings World (2011 Top Companies Report)
1.2 Domestic Leadership:
Continuous innovation in operations allowed APL to gain market leadership in a competitive
Indian Market which had historically witnessed two local players viz: Jenson & Nicholson and
Snowcem. APL strategized to apply innovation in the following 7 key areas. Each innovation
process applied in the domestic market was later extended to the International Market (with
increasing psychic distance) to provide a distinctive competitive advantage:
1) APL had a very structured process of collecting feedbacks right from the customer-touch-point
through dealers and dedicated sales forces. This helped them to identify gaps in the customer needs
and develop new market segments. It also helped APL to structure their pricing policies for the price
sensitive Indian customers. Tractor Emulsion (2002), Color World (2002), AP Helpline (2003), AP
Home Solutions (2005) are some examples how APL used consumer insights to build new revenue
streams.
International Business: Asian Paints Limited 2013
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2) In 1971, APL in India was the first paint company to launch a mainframe computer system. In
1994, it became the first manufacturer to make use of V-SATS in the field of satellite
telecommunications technology. This helped them to improve demand forecasting, reduce inventory
and lower working capital costs. The company’s IT systems provided real time data easily accessible
to employees across the hierarchies.
3) When APL started to make its mark in the Indian Paint Industry in early 2002, it was nearly twice
the size of its nearest competitiors. The average capacity of a APL Plant was 67,000 MT, compared
to 29,000 MT of Goodlass Nerolac; 17,000 MT of ICI and 13,000 MT of Berger Paints (India)
Limited. This gave APL a head start in the Indian paints market w.r.t. operational parameters and
working capital efficiencies.
4) APL religiously invested in internal R&D which has enabled it to secure savings from efficiencies
in formulations. Regular improvements in formulation efficiencies have resulted in reduced cost of
Operations.
5) An all India distribution network of above 16,000 dealers coupled with strategically placed Plants
(Refer Table 3) gave APL the advantage of penetrating deep rural markets. 18-20% of the dealers of
APL were only selling their products exclusively.
6) As per the McKinsey 7S Framework, APL also worked rigorously upon the ‘Staffing’ criteria.
They were able to attract the best talent and retain them also. APL was known in the Indian Market
to be very good pay-masters and giving foreign location postings (Singapore, Fiji, UAE) etc.
Table 3: APL Plant Locations as of March 2011
Plant locations
Asian Paints Ltd.
Year-ended : March 2011
Location District State Product
Ankleshwar Bharuch Gujarat Maleic Acid Paints, Enamels,
Varnishes & Blacks
Phthalic Anhydride Synthetic Resins Bhandup Mumbai Maharashtra Paints, Enamels,
Varnishes & Blacks
Cuddalore Cuddalore Tamil Nadu Formaldehyde Pentaerythritol Sodium Formate Kasna Bulandshahr Uttar Pradesh Paints, Enamels,
Varnishes & Blacks
International Business: Asian Paints Limited 2013
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Khandala Satara Maharashtra Paints, Enamels, Varnishes & Blacks
Patancheru Medak Andhra Pradesh
Paints, Enamels, Varnishes & Blacks
Raigad Raigarh (MAH) Maharashtra Paints, Enamels, Varnishes & Blacks
Rohtak Rohtak Haryana Paints, Enamels, Varnishes & Blacks
Sriperumbudur Kancheepuram Tamil Nadu Paints, Enamels, Varnishes & Blacks
Source: CMIE Prowess
1.3 Globalization Initiatives:
International Business of APL comprised of 35 subsidiaries as of March 2012 (See Table 4). Four
of them were JV’s with local companies (in Samoa, Egypt, Australia and Sri Lanka). Following that,
seven more was set up by APL (in Oman, Fiji, Vanuatu, Nepal, Solomon Islands, Tonga and
Bangladesh). As a result of acquiring a stake in Berger International, a global player in paints ten
more came up in Bahrain, Barbados, Jamaica, Trinidad & Tobago, China, Malaysia, Myanmar,
Singapore, Thailand and the UAE). The following table gives the Global Subsidiaries of Asian Paints
as on March 2012:
Table 4: Global Subsidiaries of APL as on March 2012:
1. Asian Paints Industrial Coatings Ltd.
2. Asian Paints (International) Ltd.
3. Asian Paints (Nepal) Pvt. Ltd.
4. Maxbhumi Developers Ltd.
5. Multifacet Infrastructure (India) Ltd.
6. A P Coatings Ltd. [Merged]
7. Technical Instruments Mfrs. (India) Ltd. [Merged]
8. Asian Paints (Bangladesh) Ltd.
9. Asian Paints (Middle East) Llc
10. Asian Paints (Queensland) Pty. Ltd.
11. Asian Paints (S I) Ltd.
12. Asian Paints (South Pacific) Ltd.
13. Asian Paints (Tonga) Ltd.
14. Asian Paints (Vanuatu) Ltd.
15. Asian Paints (Lanka) Ltd.
16. Asian Paints (South Pacific) Holdings Ltd.
17. Berger Building Services (Singapore) Pte. Ltd.
18. Berger Contractor (Singapore) Pte. Ltd.
19. Berger International Ltd.
International Business: Asian Paints Limited 2013
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20. Berger International Sdn. Bhd.
21. Berger Paints (Hong Kong) Ltd.
22. Berger Paints (Thailand) Ltd.
23. Berger Paints Bahrain W L L
24. Berger Paints Barbados Ltd.
25. Berger Paints Emirates Ltd.
26. Berger Paints Jamaica Ltd.
27. Berger Paints Singapore Pte. Ltd.
28. Berger Paints Trinidad Ltd.
29. Enterprise Paints Ltd.
30. Lewis Berger (Overseas Holdings) Ltd.
31. Nirvana Investments Pvt. Ltd.
32. Samoa Paints Ltd.
33. S C I B Chemical, S A E
34. Taubmans Paints (Fiji) Ltd.
35. Universal Paints Ltd.
Source: CMIE Prowess
It was in the mid 1970’s that the idea of entering the foreign markets first surfaced in APL.
Mr. Jalaj Dani, the then President (International) APL described this as “intellectual curiosity”. This
was to test the limits of APL, which was hugely successful in India against the competitive foreign
markets. The first move was triggered in 1978 when a group of non- resident Indians in Fiji
approached APL for creating JV with a startup paint factory in the Islands. This JV at the ratio of
51:49 required no financial outlay on part of APL. The JV built a thriving export pipeline to
neighboring Tonga and Solomon Islands. Building upon its initial success, APL established its first
overseas JV in Sri Lanka in 1999. By 2004, IB of APL accounted for 19% of the company’s
consolidated revenues.
1.4 Internationalization Strategy:
Asian Paints used the Model as follows to identify the markets across the world where it planned
to establish a footprint:
Figure 1: Model of Internationalization used by APL
APL Business
Size of Paint Market
Investment Potential
Size of Economy
Nature of
Competition
International Business: Asian Paints Limited 2013
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To make the first cut, the target market had to meet three minimum parameters:
a) GDP in excess of 6% per annum.
b) Very limited competition with no multinational company (MNC) present.
c) A market which would provide APL an opportunity to be among the top three brands
within five years of entry.
The Globalization Strategy of APL focused on the following verticals:
The paint industry in the developed world had become mature, as evidenced by market
concentration, high entry barriers and flatness of growth in demand. On the contrary, emerging
markets in the Asia-Pacific Region, Latin America and Eastern Europe were growing. These markets
exhibited low-per-capita paint consumption, ensuring APL’s own long term growth. Additionally:
Emerging Markets had supply chain and distribution models similar to India.
JV/Buying out a potentially threatening competitor is easier in the emerging markets.
No single MNC had a presence across all emerging markets.
APL’s focus on localized manufacturing was in line with the nature of the global paint’s industry.
Asian Paints had a manufacturing plant in each overseas market with products calibrated to meet
local consumer needs.
JV’s ensured ready-made platforms of distribution, brands and plant capacity. Organic
growth was costly. In Egypt, by acquiring SCIB Chemicals, Asian paints paid onlt $5.33
Million in comparison to a greenfield venture cost of $8.9 Million.
JV with Berger International in 2002 for $12.9 Million gave APL straight access to 11
countries in addition to savings of an estimated amount of about $24 Million in comparison
to a similar greenfield investing. The JV with Berger was very synergistic because both APL
and Berger operated out of emerging economies and had the same business DNA.
In Bangladesh, APL set up a $2.22 Million greenfield plant due to the lack of a proper
acquire.
A Focus on Emerging Markets:
Localized Manufacturing:
Growth through Joint Ventures:
International Business: Asian Paints Limited 2013
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1.5 Segmentation of Global Markets:
After the acquisition of Berger International, APL extended its presence in more than 70 countries.
IB Division of APL categorized these markets into three segments:
Leadership Markets
Growth Markets
Turnaround Markets
Table 5: Market Segmentation by APL
Segment Countries Characteristics
Leadership Markets Caribbean Region Bahrain Fiji Nepal
1. APL already a leader. 2. Combined market size approxly $100million. 3. Combined sales approxly $55million. 4. Per capita consumption close to market average. 5. Focus on market penetration and expansion.
Growth Markets Thailand Malaysia China Middle East UAE Bangladesh Sri Lanka
1. Possibility of future growth. 2. Total size of markets approxly $3.3 billion. 3. APL typically has a near 10% share in each of these markets. 4. China operations was a bottleneck due to barriers in distribution.
Turnaround Markets
Oman Australia
1. Thrust these markets to get profitability of APL on track, not growth. 2. Combined size represented $575 million of opportunity. 3. APL is still a niche player in these markets. 4. Near to breaking even with their investments so far, but competitive stance was still challenging.
1.5 Organizational Structure: APL Globalization
APL’s International Business Division was based on a three spike approach: global, regional and
local (See Figure 2). Expertise leveraged at the global level pertained to branding, material sourcing,
business generation, new product development, balance sheet management, risk management and
talent management. This was done because these areas required a common agenda, cutting across
subsidiaries. At a regional level, synergies were sought in deploying resources through logistics,
manufacturing, marketing, technology, HR etc. These resources were region specific with common
characteristics across markets in a region. At the local level, there was decentralized decision making.
This was done to ensure that decision catered to the local needs rather than the global needs.
International Business: Asian Paints Limited 2013
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Figure 2: International Business-Organizational Structure and Ownership Pattern
Source: Company Files
Asian Paints Limited
Asian Paints
International (100%)
Asian Paints Industrial
Coatings (100%)
Asian Paints Nepal
(51%)
Asian Paints Mauritius
(100%)
Technical Instrumental
(100%)
Pentasia Investment
(100%)
Berger and its
subsidiaries
(50.1%)
SCIB Egypt
(60%)
APL Sri Lanka
(98%)
APL Bangladesh
(71%)
APL Oman
(49%)
APL South Pacific (51%)
APL Tonga (51%)
APL Solomon Islands
(75%)
APL Vanuatu (100%)
APL Queensland (100%)
International Business: Asian Paints Limited 2013
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2.0 Critically Evaluating APL’s Expansion Strategies through IB Frameworks:
1. UPPSALA Model
1. The UPPSALA model states that additional market commitments are made in small
incremental steps: choosing additional geographic markets with small Psychic distances:
combined with choosing entry modes with few additional risks.
2. Thus four different models of entering an international market were identified, where the
successive stages represent higher degrees of international involvement/ market
commitment.
a) No regular export (sporadic export)
b) Export via independent representatives (export modes)
c) Establishment of foreign sales subsidiary
d) Foreign production/manufacturing units.
Figure 3: Market Parameters driving decision making
The company should embark on its internalization strategies in the following three phases:
1) Phase 1 (green): The countries in this region represent the leadership markets where the
company is a leader and the per capita consumption is close to the market average in the
developed countries. Penetration led growth thus seems difficult and growth by acquisition
seemed to be an option.
2) Phase 2 (orange): The countries in this region represent growth markets where APL’s
current share is less than 10% share of the individual markets but the regions were the
fastest growing regions.
3) Phase 3 (Red): The countries in this region represent the turn-around markets where
profitability is a big concern and not growth. If successful in turning the corner, the two
markets could impact the overall margins at IB.
International Business: Asian Paints Limited 2013
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Commitment
Market
Sporadic
Export
Regular
export
Export
through
Agents
License
or
Franchise
Sales
Office
Joint
Venture
Mfg/Sales/Subsidary
Caibbean
Region
Bahrain
Fiji
Nepal
Solomon
Island
Vanuatu
Thailand
Malaysia
Egypt
UAE
Bangladesh
Sri Lanka
China
Australia
Oman
Figure 4: Stages of Internationalization as per the UPSALLA model
2. OCF framework
The OCF framework can be depicted using the table below:
STAGES I II III IV
Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign
Ownership × × × ×
Control × × × ×
Facilities × × × ×
As per the OCF framework, the operations of company in various countries are in the following
stages:
Increasing commitment
Increasing Internationalization
Increasing geographic diversification
International Business: Asian Paints Limited 2013
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Stage 1 Stage 2 Stage 3 Stage 4
Indian Operations Bahrain, Barbados,
Jamaica, Trinidad and
Tobago, China,
Malaysia, Myanmar,
Singapore, Thailand,
UAE, Australia
Nepal, Solomon Islands,
Tonga, Vanuatua,
Bangladesh, Oman
3. Functional Model
The functional model explains the evolution of a global company:
Stages R & D Engg. Mfgr. Mktg Sales Service
Export
Direct sales x
Mfgr. Co. x x x
Full Co. x x x x x x
Global Co. x x x x x x
x= overseas market
As of 2012, the company is in stage of full company in Caribbean region (Barbados, Jamaica, and
Trinidad and Tobago), the Middle east region (Egypt, Bahrain, UAE, Oman), the South Asia region
(China, Malaysia, Myanmar, Singapore, Thailand) and South Pacific region (Australia, Fiji, Tonga,
Solomon Islands and Samoa).
4. Scale-Scope-Synergy Model
The scale-scope-synergy model has three phases of operation:
1. Initial Entry
2. Local market Expansion
3. Global Rationalization
International Business: Asian Paints Limited 2013
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The structure of Asian Paints was such designed to leverage expertise at the global level, synergize
operations at the regional level and empower decisions at the local level. To leverage expertise at the
global level pertains to branding, material sourcing, business generation, new product development,
and risk and talent management. Such areas require a common agenda which cuts across all
subsidiaries. Synergies are sought at the regional level by deploying resources such as technology,
logistics, marketing and HR. These resources should be region specific with similar characteristics
across markets in a region. At local level, the decisions pertaining to execution in particular should
be de centralized. The purpose is to ensure that decisions taken at the local level is consistent with
local needs.
3.0 Impact of recent financial meltdown and the continuing recession/ slowdown in some
developed countries on the global expansion plans:
On January 28, 2013, Asian Paints reported Q3 2013 results for FY 2013, which surpassed the
expectations by analysts. For the consolidated company, revenue and net profit increased by 19%
and 31% y-o-y, respectively for the quarter. The high growth was driven by the demand during the
festive season starting from and continuing after Diwali. The industry faces seasonal demands where
the demand for decorative paints increases during period of January to June. The two main factors
are: fall in input prices including the prices for titanium dioxide, company’s pricing power which
is led by the strong brand loyalty.
This suggests that Asian Paints’ profitability is majorly governed by the input prices where the prices
of crude oil and foreign exchange rates play a major role. Hence, Asia Paints is exposed to the
dynamics in the external environment.
In addition to this, Asian Paints is receptive to the recent financial crisis and the continuing
downturn present across the globe which is explained as below:
International Business: Asian Paints Limited 2013
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Figure 5: Global Effect of Financial Crisis 2008-09
• There was a collapse in economic growth in USA, Europe and Japan which witnessed recessionary effects
• There was a steep downfall in commodity prices with downturn in activities
Areas serverely hit by the recession
• There was a slowdown in demand in both export as well as domestic market
• Majorly hit sectors were servies, including IT, due to protectionary measures in the developed world
• Fiscal and trade deficits were widening and there was a huge depreciation in INR
Effect on India
• Bahrain, UAE and Oman were witnessing pressure on government budgets with significant decrease in iol prices
• There was also a rapid decline in constructin and real estate industries
GCC countires
• Witnesses a domestic unrest with inflation hovering around 10%
• In addition, there was the problem of declining revenues from tourism
Egypt
• Barbados, Trinidiad and Jamaica were witnessing a drag in tourism and financial services industries
Carribean
• The region was reeling under a challening environment
South East Asia & South Pacific
Figure 6: Effect of Recession on Global Markets of APL
International Business: Asian Paints Limited 2013
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In 2008, the profitability of the company was hit by various tax write backs and losses from disposal
of group’s stake in its Australian subsidiary. Internationally, the focus of the company was to grow
top-line and maintain the level of profitability, for which the company had planned to expand
capacity globally. Due to the sudden financial crisis of 2008-09, the company couldn’t follow the
expansion plans in all the foreign markets.
4.0 Remedial Measures/Plan:
To tackle the global recession, the company had employed the means of capacity expansion in
countries which were less affected by the downturn. The company also followed the strategy to
continuously review the portfolio of global companies, so that it sold off the stakes in various loss-
making joint ventures in countries like Australia and started identifying the countries less hit by the
recession including Middle East and South Asia explained by the following:
Table 6: Identifying less hit regions due to Global Recession 2008-09
Continuing the strategy of global consolidation, the company also divested operations in Honk
Kong, Malaysia and China in the following years. Hence, as a remedial measure, the company
should follow the strategy of global strategy identifying the high growth markets given by the
following Table 7:
Table 7: Identifying High Growth Markets
Revenue growth (%) 2008 2009 2010 2011 2012 2013E 2014E 2015E
Caribbean -1.4 8.7 -1.4 -2.6 9.6 20 12 12
Middle East 22.6 45.6 15.5 -4 12.1 30 15 20
Asia 17.2 28.6 -9.2 20 31 20 32 32
South Pacific -24.5 13.2 16.3 4 20.8 30 20 20
Total 12.2 28.5 33.4 -18.8 15.7 25.1 19 22
International Business: Asian Paints Limited 2013
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5.0 Suggestions to take the company’s global businesses to the next level:
The company should ride high in its areas of strengths which are strong distribution network and
adaptability to changing trends. In relation to the latter, the company should upgrade its product
portfolio to contain emulsions and branded paints which should be led by the innovation and
efficient operations.
The company should leverage on its competitive advantage as given below (Table 8):
Table 8: Benchmarking with Competitors
Conclusion:
There is a revival in construction industry post-recession, as well as resurgence of the
automotive and consumer durable sector. This will lead to an increase in demand of paint led by the
domestic and global automotive players. The segment with highest potential growth and hence the
target for focus will be powder coatings and high performance coatings which will add to the top
line growth of various paint manufacturers. In order to tap this growth, Asian Paints should focus
on improving efficiency of supply chain and distribution mechanism in India, in conjunction with
aggressive promotion. These steps should be replicated in the global operating locations to expand,
increase profitability and compete against other global players who also have various plans of
capacity expansions in their pipeline.
Adaptability
to changing
trends
Strong
distribution
network
International Business: Asian Paints Limited 2013
References:
1. Company Annual Report.
2. Asian Paints Website.
3. Media Reports from Public Domain.
4. Capitaline Database (SPJIMR)
5. CMIE Prowess Database (SPJIMR)
6. Richard Ivey HBS Case 906M58 on Asian Paints Business Strategy by R. Chandrashekhar.
7. Richard Iver HBS Case 906M58 on Asian paints IB Division by R. Chandrasekhar.
8. India Brand Equity Foundation (IBEF) Analysis and Report.
9. Ambit Capital Research Reports.