Marketing Strategy - Daurala Sugar Works


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Marketing Strategy - Daurala Sugar Works

  1. 1. Daurala Sugar Works A Unit of DCM Shriram Group Integrated Marketing Communication Analysis Submission Under the Guidance of Dr. Vinay Sharma, DoMS IIT Roorkee Submitted by: Group 10 Team Members: Saurabh Patel Saurav Kumar Shailendra Shankar Gautam Sharad Srivastava Shrikant Siddharth Dikshit 12810072 12810074 12810075 12810076 12810077 12810078 1|Page
  2. 2. Table of Contents 1. Executive Summary............................................................................................................ 3 2. Sugar Industry in India ....................................................................................................... 4 2.1 Situation Analysis of the Industry .................................................................................. 6 3. Introduction of the Company .............................................................................................. 7 4. Sugar Industry Competitive Landscape .............................................................................. 9 5. Sugar Life Cycle ............................................................................................................... 11 6. Marketing Strategy ........................................................................................................... 12 6.1 Developing a Marketing Strategy ................................................................................ 12 6.2 Type of Strategies......................................................................................................... 12 6.3 Strategic Models ........................................................................................................... 13 6.4 Marketing Strategy of Sugar Industry and Daurala Sugar Works ............................... 14 7. Future Outlook .................................................................................................................. 17 8. Recommendations ............................................................................................................ 18 9. Conclusion ........................................................................................................................ 19 10. References ........................................................................................................................ 20 2|Page
  3. 3. 1. Executive Summary Sugar is an inseparable element of our food habit. As population of India grows, demand for the sugar is on the rise. The change in the income and purchasing capacity has contributed further to the change in demand. According to Indian Sugar Mills Association, India holds the second rank in sugar production with estimated production level of more than 30 million tons. It is also the largest consumer of sugar with 23 million tons. The sugar industry is an agrobased industry and therefore has a crucial role in Indian economy which is still agrarian in nature. The industry also contributes in rural development and strengthens the growth of industries in rural parts of the nation. The sugar industry not only provides sugar but also has several byproducts such as Molasses, power and chemicals. Hence it could be said that this industry could be said as a driver of the national progress. From a marketing perspective, sugar industry offers a diverse set of areas to look into. Apart from having conventional functions like competitive landscape, marketing strategy and marketing, it also offers an insight into forecasting, cyclicality management and a lot more. Thus industry becomes obvious choice for our study. For this purpose we have focused on Daurala Sugar Works which is a unit of DCM Shriram Group. The facility is located in Daurala region of Meerut district (Uttar Pradesh) and is one of the major producers of sugar in the region. The purpose of our study can be listed as: To analyze the attractiveness of the sugar industry To study the marketing strategy and various models of Daurala Sugar Works To assist in company in decision making and strategy formulations As a part of our study, we have visited the Daurala plant to gain a deeper insight about their operations. We have also interacted with an official of cane development department to have a better understanding of the processes. In addition to these primary data, we have also referred a number of secondary sources such as the annual report of the company, government sites, reports produced by various agencies both public and private. The data were collected and analyzed by the group on various functions such as market influencers, marketing strategy, strategic models, future demand, life cycle and others. These functions would give us a holistic view of the company and its positioning in the market. The descriptive analysis is done on qualitative parameters and based on the information, the future outlook is also provided to assist the further course of action. These recommendations are given considering the overall strategic view of the plant. These details would also help in reinforcing or altering the existing management decisions or may even give an entire new direction. For this study purpose we have concentrated on sugar product only. Alcohol and other products fall under the scope of further analysis. 3|Page
  4. 4. 2. Sugar Industry in India India holds an important place in the global sugar industry. It occupies the second rank in production and first in consumption. It produces around 350 MT of sugarcanes and is second largest agrobased industry with almost 50 million people associated with it. According to Indian Sugar Mills Association, the sugar industry is witnessing a healthy growth as depicted by below statistics. Table 2.1: Growth of Indian Sugar Industry Particular 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Factories count 501 516 488 490 527 529 Cane Acreage (Th. Hect.) 5151 5055 4415 4175 4885 5086 Sugar Production (Th. Tons) 28328 26356 14538 18912 24394 26342 Source: ISMA (, accessed on 08-Oct-2013 Uttar Pradesh is the largest sugar-cane producing state of the country, followed by Maharashtra and Orissa. The average sugar-cane produced between 2009-10 and 2011-12 is shown below. Figure 2.2: State-wise production of Sugar. Source: Sugarcane Breeding Institute (, accessed on 08-Oct-2013 4|Page
  5. 5. The production of sugar has seen tremendous growth. From 12 MT in 1992-93 it has risen to a level of 23 MT in 2011-12 and over 30 MT in 2012-13. Out of this production, the majority (>65%) is consumed by bulk consumers. Because of this huge production, India was in a state of surplus production. The sugar industry in India is largely depending on the monsoon season. An article in Economic times dated 11-Jun-2013 estimate a fall in the production due to the less output in drought hit states. Nevertheless, it is Rs. 80000 Crore industry that is estimated to double in next 5 years i.e. delivering growth rate of 15-20% CAGR. The industry is tightly regulated by both central and state governments. The industry operates in a narrow margin of high sugarcane purchase rate as well as ceiling sugar prices. This has resulted in huge losses for the industry. A Business Line article dated 11-Sep-2013 states that Uttar Pradesh alone has suffered Rs. 3000 Crore loss in 2012-13. It is the byproducts that are filling up for the losses and saving the industry. However recently some freedom has been awarded as per recommendations of Rangrajan Committee. This has resulted in a positive outlook given by ICRA to the sugar industry. India is also a prominent nation in the export of the sugar. It is at fourth rank after Brazil, Thailand and Australia. Occasionally it imports sugar too, subject to demand supply mismatch. For the last 7 years, India has been a net exporter of sugar. Below figure gives the position of India in sugar export. Figure 2.3: Largest exporters of world as % of total world export by volume Source: USDA FAS Sugar: World Market and Trade, May 2012 Some other benefits offered by the sugar industries are: The industry has huge potential of electricity generation (7500 MW). A total of 250 Crore liters of alcohol can be produced. The sugar industry is located in rural India and can it directly benefit to their economic upliftment. 5|Page
  6. 6. 2.1 Situation Analysis of the Industry The situation of the Indian sugar industry is analyzed through a SWOT study which is given below: Strength (S): Huge demand and therefore insulation from foreign markets. Manufacturing plants are located across different climate zones, a guard against the monsoon. In-house technological competence. Efficient cane management system Weakness (W): Poor sugar recovery level (stuck to around 10% for last 50 years). High production cost (Rs. 29-30 per kg in India whereas Rs. 24 in Brazil/Rs. 25-26 in Australia) Facilities being idle for some part of the year (inefficiency) Small and scattered holding of the land Opportunities (O): Diversification into value-adding streams (alcohol, chemical etc.) Untapped ethanol market Niche sugar products (fair trade sugar, organic sugar) Potential of electricity generation Threat (T): Environmental dependencies such as monsoon Threat of other remunerative crops taking land away Low morale in the sector Government policies and regulations 6|Page
  7. 7. 3. Introduction of the Company Daurala Sugar Works was established in the year 1932 at Daurala, a small town near Meerut on National highway no. 58. At this time, after more than 80 years it is still respected as one of the most efficient and modern facilities in the nation, earning it a respectable position in both domestic as well as overseas markets. The unit is owned by DCM Shriram industries Ltd. Later in 1994, a drug intermediary was established with the name of Daurala Organics Ltd. which amalgamated with DCM Shriram in 2005. In addition to these units, the DCM Shriram group also has a unit name as Shriram Rayons in Kota, Rajasthan. The products of these units are mentioned below: Table 3.1: Produts and Units Unit Location Products Daurala Sugar Works Daurala, Uttar Pradesh Sugar Refined Sugar Pharma Grade Sugar Alcohol Aromatic Chemicals Shriram Rayons Kota, Rajasthan Industrial Rayon Nylon Chemicals Daurala Organics Daurala, Uttar Pradesh Drug Intermediaries Fine Chemicals Source: DCM Shriram website (, accessed on 08-Oct-2013 DCM Shriram group was established and operates as per the vision of Lala Shri Ram (founder). The group gives significant importance to the corporate ethics and strives to maintain leadership position. It observes norms to achieve excellence in areas of Quality, R&D, Environment, Safety, HR, Quality of Life and Societal Considerations. It has adopted a model code of conduct to smoothen the process and decision making process. DCM Shriram has evolved over the years and some of the events are as follows: 1932 – Sugar factory was established in Daurala, UP 1965 – Rayon plant was founded in Kota, Rajasthan 1990 – DCM reorganized into 4 different companies. DCM Shriram Industries Ltd. was born. 1994 – Daurala Organics Ltd. was established. 2005 – Daurala Organics Ltd. was amalgamated into DCM Shriram group. As a group which has inherited the legacy of effective governance, sound corporate management, technological superiority & the support & trust of numerous stakeholders, it is created with the values envisioned by its founder chairman (Late) Dr. Bansi Dharji. 7|Page
  8. 8. DCM Shriram Industries Ltd. deals with a variety of products such as Sugar, Organic & Inorganic Chemicals, Alcohol, Rayon Tyrecord and Drug Intermediates. Some of the information about the group is mentioned below: Key People: Registered Office: Turnover: Employee Headcount: Annual Sugar Production: Power Generation: Alcohol Capacity: Sh. Tilak Dhar, CMD New Delhi Rs. 1109 Cr. (2012-13) 2477 (as at 31st Mar 2013) 1.26 lakh MT (2012-13) 1887 lakh KWH (during 2011-12) 45000 KL Figure 3.2: DCM Shriram Logo DCM Shriram group believes that employees are the key strength of the company. A committed and progressive work force is the core competence for any business to achieve its objectives. A sense of togetherness increases accountability and produces better results. The Company's HR policies and actions revolve around this viewpoint and it focused on nurturing of its human resources to build their long term association with the company. Skill development training and workshops are provided to the employees with potential in order to enhance their skills. The industrial and labor relations remained friendly in its operations throughout the year. As of 31.3.2013 the total employee headcount was 2477. 8|Page
  9. 9. 4. Sugar Industry Competitive Landscape The competitive landscape analysis, sector attractiveness and influences study are performed through the Porter‟s 5 forces generic model. This model is based on the five competitive forces that makes an impact on any industry and determine its overall attractiveness. These five forces are listed below: The Potential of New Entrants: Integrated business model and increasing capital requirement in the industry restrict new entrants. The Govt. used to give incentives to set up new plants by granting higher free sales quota for the first five to eight years of operations that had led to mushrooming of small units. This incentive has been withdrawn and the new sugar units are required to comply with the levy quota regulation from first year of operations. Supplier’s Power: Allocation of the area from where the sugarcane can be procured is allocated by the govt. The millers have no choice but buy from those farmers. Moreover, the purchase price (SMP/SAP) is decided by the govt. to protects the interest of the sugar cane farmers. Buyer’s Power: Indian sugar market is highly regulated by the Govt. influencing distribution, purchase price of levy sugar and the free sale quota releases for sugar. The Threat of Substitutes: Being an essential commodity the demand for sugar is not elastic. Alternate sweeteners to refined sugar in India are gur and khandsari. Share of gur and khandsari is declining due to more utilisation of sugarcane for production of sugar Strength of Competitive Rivalry: With around 400 units engaged in production of sugar, the industry is highly fragmented. Private Individual players do not have big market share. Cooperatives are relatively high as they account for more than 50% of the industry‟s production. The five forces model was developed in 1979 by Michael Porter for analyzing industry. Outof total five forces, the first three are external and remaining two are internal forces. The model is used for qualitative assessment of the sector and how is attractive (or profitable) for a company. 9|Page
  10. 10. Figure 4.1: Porter‟s Fiver Forces for Sugar Industry Barriers To Entry Medium Integrated business model and increasing capital requirement in the industry restrict new entrants. The Govt. used to give incentives to set up new plants by granting higher free sales quota for the first five to eight years of operations that had led to mushrooming of small units. This incentive has been withdrawn and the new sugar units are required to comply with the levy quota regulation from first year of operations. Bargaining Power of Suppliers - High Threats of Substitutes Low Allocation of the area from where the sugarcane can be procured is allocated by the govt. The millers have no choice but buy from those farmers. Moreover, the purchase price (SMP/SAP) is decided by the govt. to protects the interest of the sugar cane farmers. Being an essential commodity the demand for sugar is not elastic. Alternate sweeteners to refined sugar in India are gur and khandsari. Share of gur and khandsari is declining due to more utilisation of sugarcane for production of sugar Inter Firm Rivalry High to Intense With around 400 units engaged in production of sugar, the industry is highly fragmented. Private Individual players do not have big market share. Cooperatives are relatively high as they account for more than 50% of the industry’s production. Bargaining power of Buyers Low Indian sugar market is highly regulated by the Govt. influencing distribution, purchase price of levy sugar and the free sale quota releases for sugar. 10 | P a g e
  11. 11. 5. Sugar Life Cycle The sugar industry in India is highly cyclic in nature and is dependent on supply of sugarcane and demand of sugar. The somewhat longer plantation period along with restrictive trade practices has also infused unpredictability. The sugar industry in India uses to follow a 4-5 years of the life cycle, going through a number of phases. Below figure depicts the sugar cycle of India. Figure 5.1: Sugar Cycle in India Source: Indian Sugar Industry: Sector Roadmap 2017, KPMG The cycle starts with higher production of sugarcane which exerts a pressure on prices to go downwards. As a result the profitability gets reduced and larger payment period for the sugarcane farmers. This discourages farmers to cultivate sugarcane and they tend to switch to other crops. This results in lower production and thus low level of supply. Going by the economics, the lesser supply would contribute to rising demands and therefore improves the profitability. The complete circle would normally take around four to five years. The first part i.e., high sugar production to lower production takes around 50% of the cycle time which means approx. 2-3 years. The other part of moving from lower sugar production to higher production contribute to the rest of the period. The production of sugar is seasonal and usually happens in the month of April to November. The final output of sugar is dependent on various factors such as sugarcane production (again dependent on the area cultivated, yield etc.), utilization of sugarcane for sugar production, sugar season, recovery rates and cane pricing. Because of the cyclic nature, companies are exposed to variations. Additionally the government regulations make sugar a non-profitable commodity. However various byproducts such as bagasse and molasses are profit making and they make overall balance sheet greet in terms of profitability. 11 | P a g e
  12. 12. 6. Marketing Strategy As defined by David Aaker, marketing strategy is a process which allows an organization to focus its resources on the optimal opportunities with the objective of maximizing sales and obtaining a sustainable competitive edge. It includes all fundamental and long term activities that deal with analyzing a company‟s preliminary situation and the formulation, evaluation as well as selection of market oriented strategies and hence contribute towards goal of the company and its marketing objectives. 6.1 Developing a Marketing Strategy Marketing strategies act as the basic foundation of marketing plans designed to satisfy market needs and achieve desired marketing objectives. These plans and objectives are often tested for measurable outputs. Usually these strategies are developed as long term plans encompassing several years, along with a tactical plan explaining definite actions to be performed in the current year. Time horizons for the marketing plan vary by organization, by industry, and also by nation. However these time horizons are becoming shorter as the rate of environmental change increases. Marketing strategies are dynamic in nature and interactive. They are partially planned as well as partially unplanned. They should have a long term view, and frameworks such as customer lifetime value models can be very useful in stimulating the effects of strategy on acquisition, churn rate and revenue per customer. Marketing strategy includes careful examination of the external and internal environments. External factors involve customer behaviors, competition, target segment analysis, as well as the assessment of any component of the cultural, economic, technological or political/legal factors likely to affect success. Internal factors involve the marketing mix, performance evaluation and strategic constraints. A main element of marketing strategy is to keep the marketing in tandem with a company's mission. Once an extensive environmental analysis is done, a strategic plan can be made for identifying alternatives, set goals, establish the optimal marketing mix to achieve these goals, and detail execution. The last step in crafting a marketing strategy is to build a plan to observe progress and contingencies if issues arise in the execution phase. Marketing Mix Modeling is used for determining the optimal marketing budget and how this would be allocated across the marketing mix to obtain strategic goals. Moreover, such models can also help in allocating across a range of brands and manage brands to create value. 6.2 Type of Strategies Marketing strategies may be different according to the unique condition of the individual business. However there are several ways of categorizing strategies. A concise account of the most common categorizations is presented below: 12 | P a g e
  13. 13. Strategies based on market dominance – In this, players are referred on the basis of their market share or position in the industry. Usually there are four types of strategies: Leader – Player with largest market share Challenger – Player with the second next share and directly competing with the leader Follower – Other players with smaller share Nicher – They usually cater to very specialized needs. Porter generic strategies - Strategy based on the strategic scope and strength. Strategic scope is the extent of market penetration while strategic strength could be understood as the company‟s sustainable competitive advantage. The generic strategy comprises two alternatives each with two alternative scopes. These alternatives are low cost and differentiation, each with a dimension of focus – broad or narrow. It deals with the rate of the new product offerings and business model innovation. It indicates whether the firm is on the cutting edge of technology and business innovation. There are three types – Pioneers, Close followers and late followers. Growth strategies – It deals with the problem, “How should the company grow?” There are several different ways of answering to that question, however the most common gives four strategies: Horizontal integration Vertical integration Diversification Intensification 6.3 Strategic Models Marketing managers and researchers often use several strategic models and tools to analyze decisions. When starting a strategic analysis, the 3Cs framework (Customer, Company and Competition) can be used to get a broad understanding of the environment. An Ansoff Matrix could also be used to convey a firm's positioning of their marketing mix. The 4Ps model (Product, Price, Place and Promotion) can then be leveraged to create a marketing plan to pursue an established strategy. Marketing Mix Modeling is used to replicate different strategic flexing to the 4Ps model. Customer lifetime value frame can help in reproducing 13 | P a g e
  14. 14. long term impacts of altering the 4Ps, e.g.; visualize the multi-year effect on churn rate, acquisition and profitability of variations in pricing. However, 4Ps have been expanded to 7Ps (including People, Process and Physical Evidence) to address the different character of services. There are many organizations, especially those in the consumer packaged goods market that accepts the theory of functioning on Consumer, Shopper & Retailer requirements. Their marketing departments spend considerable time on looking for "Opportunities for Growth" in their categories by recognizing important insights (both behaviors and mindset) on their Consumers, Shoppers and retailers. These opportunities come out from variation in market trends; segment dynamics fluctuations and internal business challenges. The team can then prioritize these opportunities and start with developing strategies to exploit the prospects that could include new or advanced products, services as well as changes to the 7Ps. 6.4 Marketing Strategy of Sugar Industry and Daurala Sugar Works Daurala Sugar Works was founded before independence in the year 1932 at Daurala, Meerut on National highway no. 58. Today, it commands respect as one of the most efficient and modern sugar plants of the country, having a strong brand name in India as well as abroad. During this period, a range of activities were carried out under the umbrella brand of "Daurala Sugars". The portfolio included the production of sugar, establishing a distillery, sugarcane research farm, manufacture of chemicals and generation of power etc. The full ranges of products are produced in plants with modern equipments and leveraging research based advanced technologies. An independent system for quality assurance and control makes sure the continual improvement and best quality products to fulfill the requirement of the customers. Some of the highlights are mentioned below: It was the first plant in the country to manufacture international quality double-refined sugar. It was the first plant in the country to manufacture pharmaceutical grade sugar which conforms to the IP/BP specifications. It was among the first plants in the country to adopt thorough process automation even for high skill requiring sugar crystallization process to provide best quality products with consistency. In order to further upgrade the quality of the sugar, new technologies are adopted on a regular basis. Syrup clarification and filtrate clarification systems are examples of these technologies which meet the requirements of international standards. Daurala Sugar works was the first plant in India to indigenously convert bagasse fed boilers to the multi fuel fed boilers which now operates on rice husk, mustard bran, bagasse, methane and other agro fuels. It was first in India to indigenously design, install and operate distillery effluent treatment plant by recovering eco-friendly fuel methane gas. 14 | P a g e
  15. 15. These achievements are acknowledged and appreciated by various agencies. For example, Daurala plant was awarded with the high-status Green Manufacturing Excellence Award 2011 for its co-friendly manufacturing practices. The award is awarded by M/s. Frost & Sullivan and is given to recognize the companies which have shown effective green manufacturing practices. The award is an appreciation for a number of initiatives taken towards conserving electricity, water and implementation of other Eco friendly actions. Daurala Sugar Works marketing department follows 4 types of reports for obtaining marketing insights. They are mentioned below: The Daily Market Report – The report provides sugar prices (bids, offer price and spot prices) and analysis on key products and countries involving the Brazilian, EU and Thai sugar markets, as well as India, China and Russia. The Daily Sugar News Summary – It is a collation of the recent industry news selected by Kingsman‟s analysts, delivered to your Inbox in the morning. The Weekly Sugar Report – It is a weekly synopsis of the global industry from the last week with a focus on the broad environment. The Friday in-depth Editorial – This is a weekly sugar industry report which concentrates either on a particular event, country or a „hot topic‟ at that time. Figure 6.1: All India non-levy sugar consumption by segment Source: Indian Sugar Industry: Sector Roadmap 2017, KPMG The sugar industry is one of the few industries that have contributed to the inclusive growth. Additionally, the industry has become the basis of the alcohol production. The sugar industry employs more than 5 crore farmers. In general terms, process of sugarcane account for around 70% of the sugar price. The industry also has a noteworthy position in the global sugar market. The Indian sugar market is among the largest markets in the world, in volume 15 | P a g e
  16. 16. terms. India remains a main driver of growth for world sugar and is growing above the Asian and global consumption growth average. The Indian sugar market is highly regulated. Though some the restriction are removed however sugar still is one of the essential commodities according to Essential Commodity Act. There are several regulations for the value chain, prices of the sugarcane, procurement of the sugarcane, land demarcation, production as well as sale of sugar in domestic markets and exports. The shift in the consumer profile and the ability of the industry to ensure sugar availability has weakened the argument for sugar as an essential commodity. Going by a recent nationwide survey, approx. 75% of the total non-levy sugar is used by industrial, high income household and small business segments. For a low income group, a 10 % rise in prices of sugar would result in less than 1% increase in the quarterly food expenses. 16 | P a g e
  17. 17. 7. Future Outlook The future of the sugar industry is positive in many aspects. The sugar industry is achieving sufficiency and as a report the imports are estimated to be declining in the future. Below figure depicts that the variations. Figure 7.1: Future production and imports of Indian sugar industry Source: OECD and FAO secretaries The consumption of sugar in India is growing. However the production is increasing at a faster rate and hence the need to import is becoming lesser. China on the other hand will experience higher imports. Also we can see that the production of sugar follows the sugar cycle with with a cycle time of around 5 years. An important point is that, the Indian sugar cycle would affect the international sugar process. As a result, sugar prices would fall in the immediate future and will again rise by 2015. Then again it would fall by the year 2020. For the trade, the share of Brazil is expected to grow and will be around 55% by the year 2020. India share will not see much change. The import sector will be more diversified and several regions such as China, Indonesia and EU will dominate the market. Based on the past 10 year rise in the sugar consumption and estimates from various sources, the domestic sugar consumption is expected to be around 28.5 million MT. Considering the high imports cost and the importance of food security, India would need to target its production in excess of domestic consumption. Accounting for the production cyclicality, an extra 3.5 million MT of sugar should be produced by 2017. Fortunately India is on the right path and should be able to do the same. 17 | P a g e
  18. 18. 8. Recommendations Following sets of recommendations can be made for the company.: Vertical Integration: The company should also look towards vertical integration. This would broaden the business opportunity and also enhance profitability. This integration should ideally be targeted in both ways. However, DCM Shriram has already good relations with upstream segment like farmers. The need is to foster an association with downstream players like retailers. Soft drink manufacturers, sweets and chocolate manufacturing companies are the most likely targets for such initiatives. The integration model is as given: Figure 8.1: Vertical Intergration in Sugar Industry Source: Vertical Business Integration: A Logical Prospective Evolutionary Step for Sugar Industry in India – by Dr. Vinay Sharma, Dr. Rajat Aggarwal, Anita Sengar, Ritika Mahajan and Kumkum Bharati, 71st Annual Convention Proceedings (Sep 2426, 2012), The Sugar Technologists Association of India Marketing Effort: Though the company is well-known however there is a further need for intense marketing efforts in order to make it a household name. The company at present produces several packaged products but they are not well established in the consumer‟s minds. A sustained effort is therefore required to remove this gap. 18 | P a g e
  19. 19. 9. Conclusion As the demand of sugar in rowing, the sugar industry faces a positive supply pressure. This coupled with recent freedom provided by the government would create a favorable environment for the company. The company is already doing sufficiently well and also took several initiatives for further improvement. It should try to adopt newer technologies to stay ahead of the competition. In addition to this, it should constantly look for adding to the value provided to customers. This requires a dedicated marketing and consumer research activity set. The company should also work on strengthening its internal operations and try to develop new business models (such as integration). All these things will help in putting DCM Shriram in a position of leadership. 19 | P a g e
  20. 20. 10. References Research Papers/Confrerences: Dr. Vinay Sharma, Dr. Rajat Aggarwal, Anita Sengar, Ritika Mahajan, Kumkum Bharati (2012), “Vertical Business Integration: A Logical Prospective Evolutionary Step for Sugar Industry in India”, Proceeding of the 71st Annual Convention of STAI, pp. 3-11 Dr. N. Ramanjaneyalu, Mahantesh P Biradar, (2012), “A Study on Marketing Strategies, Problems and Analysis of Sugar Industry”, Asian Journal of Research in Social Science and Humanities, pp. 110-136 Reports: Vision 2030, 2011, Indian Institute of Sugarcane Research Sugar Sector Report, 2008, HDFC Securities Indian Sugar Industry: Sector Roadmap 2017, 2007, KPMG OECD-FAO Agricultural Outlook 2011-2020, 2011, OECD and FAO Online Resources: 20 | P a g e