CORPORATE STRATEGY PART ‘A’ (IB3D80)

Student ID: 0911163

Word Count: 2200

“AMUL: A Case Study from India”

 AMUL (formally the Kaira District Cooperative Milk Producers Union Ltd.) is India’s leading dairy
cooperative based in Gujarat. In 1946, local Indian farmers, angered by exploitative practices of the local
cartel, and keen to free themselves from intermediaries approached local leadership. Under dynamic
leaders and concrete planning, AMUL was established as a cooperative organization with the aim to
provide remunerative returns to the farmers and also serve the interest of consumers by providing quality
products, which are good value for money1.

60 years later, AMUL has become the focal point of dairy development in the country, and has emerged as one of the
most recognized brands, within the same market as many MNCs and strong regional players, recording a sales
turnover of Rs. 97.74 bn in FY2011 (growth of 19.3% from previous year)2. AMUL enjoys 26% share in the packaged-
milk market,88% in butter, and 40% in ice-creams,3. GCMMF (Gujarat Cooperative Milk Marketing Federation
ltd.)4 has emerged as India’s largest food product marketing organization, as well the largest exporter of dairy
products.5

AMUL: COMPETITIVE ADVANTAGE

Barney(1991) argued that ‘it is firm’s’ resources and capabilities that are most crucial in helping them obtain, and
then sustain, competitive advantages’6. AMUL’s most significant resource has been its wide value chain network- a
three-tiered structure existing at the village, District and State level, where from procurement, to processing and
marketing – is controlled by the farmer’s cooperative, and directly linked to the final customer- a vertical integration
network without middlemen. AMUL’s unique distribution network following a combination of ambient, chilled,
frozen and fresh distribution highways, spread over 7000 distributors along and 500,000 retailers, allows it to easily
flood the market creating strong entry barrier.7
Training, fodder and
veterinary guidance AMUL Value chain and Business Model

Milk Final
collection Processiong, Marketing,
Milk Packaging Distribution customer
producers points

1
http://www.amul.com/m/organisation
2
http://www.amul.com/m/about-us
3
http://www.amul.com/m/about-us
4
AMUL’s apex organization responsible for managing the branding and marketing of AMUL products.
5
http://www.amul.com/m/organisation
6
Barney (1991), Firm Resources and Sustained Competitive Advantage
7
http://www.amul.com/m/38th-annual-general-body-meeting-held-on-31st-may-2012
 State
Marketing
Federations

District Milk
Cooperative Union

Village dairy cooperative

society
8

This business model, renamed the ‘Anand’9 model, not only ensured AMUL’s organizational success, through
establishing full control over the milk collected, and also by eliminating intermediary costs, but also made India the
world’s largest milk producer. Over 15 million milk producers pour their milk into 1,44,246 dairy cooperative societies
across India, which is processed in 177 District Co-operative Unions and marketed by 22 State Marketing
Federations.10

The model succeeded due to several reasons. It combined market and social development in a highly competitive
environment, recognizing inter-linkages between various environments that governed the lives of marginal dairy
farmers and unmet needs of consumers. It also changed the supply chain paradigm in order to reduce cost to the
consumer while increasing return to the supplier -maintaining low margins and profitability simultaneously.

As Eisenhardt and Martin mention that the ‘strategic value lies in the ability to manipulate these resources into value
creating strategies’11, accordingly, AMUL adopted several strategies to assure such growth. For instance, at the time
of formation, majority of consumers had limited purchasing power and were value conscious. Thus, AMUL adopted
low price strategy to make their products affordable and guarantee value to consumers. The success of this strategy
is well recognized and remains the core of AMUL's strategy even today. Beginning with liquid milk, the product mix
was enhanced slowly by progressive addition of higher value products while maintaining desired growth in the
existing products, without compromising on quality. AMUL’s wide product portfolio today comprises milk, milk
powder, health beverages, ghee, butter, cheese, Ice-cream, Paneer(Indian cottage cheese), chocolates, and traditional
Indian sweets12. This contradicts Porter’s generic strategy model13, rather fitting with Bowman’s Strategy Clock
model, where it currently occupies the hybrid position (moderate value-moderate price)14.

8
http://www.amul.com/m/about-us
9
Anand is the village in Gujarat where AMUL’s first milk union was established.
10
http://www.amul.com/m/about-us
11
Eisenhardt & Martin(2000) Dynamic Capabilities: What are they?
12
http://www.amul.com/m/organisation

13
Porter(1980) [Brammer, S. (2012) “Developing Strategy from the Outside-In”. IB3D80 Lecture Slides: 3- 20]

14
Bowman, C. and Faulkner, D. (1997), “Competitive and Corporate Strategy”, Irwin, London.

In ensuring lost-cost advantages, AMUL successfully applied knowledge and process technology, especially the
groundbreaking pioneer research of preparing baby food and cheese from buffalo milk, a development arising from
the need to store surplus milk. GCMMF was one of the first FMCG firms in India to employ Internet technologies to
implement B2C commerce, leading to closer integration of the supply chain, while simultaneously ensuring
development in the rural areas, mostly characterized by under-development and illiteracy.

AMUL has enjoyed strong brand equity since initial days, especially after its ‘Taste of India’ campaign in the 1970s,
which literally led to it finding a place in every Indian household. AMUL’s umbrella branding strategy enables it to
maintain low product costing, and its value-for-money proposition, while simultaneously increasing brand
awareness. For instance, when Nestle tried launching its brand of butter in India in the 1980s, it found refrigerators
throughout the country flooded by AMUL butters.15

DAIRY INDUSTRY IN INDIA

The dairy industry is crucial to India, especially as majority of Indian population is vegetarian and dairy milk is
an important ingredient in many beverages and Indian recipes. India is the world’s largest milk producer,
accounting for almost 16% of global milk production16. By 2015, the value of the Indian dairy industry is
expected to touch Rs. 500m with milk output estimated at 190m tonnes17. Currently growing at about 10%
annually, the Indian dairy industry is predominantly controlled by the unorganized sector, which accounts for
nearly 85%, with over half of dairy farmers in rural areas.

Grant(2001) identified two crucial factors as main reasons behind firm profitability-‘the attractiveness of the
industry in which it is located, and its establishment of competitive advantage over rivals’18 It may be argued that
despite AMUL’s individual resources and capabilities, exogenous factors have also led to AMUL’s strong competitive
advantage in the Indian dairy market.

15
http://business.outlookindia.com/article.aspx?99585
16
http://www.amul.com/m/38th-annual-general-body-meeting-held-on-31st-may-2012
17
Associated Chambers of Commerce and Industry of India (ASSOCHAM)
18
Grant (2001), The Resource Based Theory of Competitive Advantage: Implications for Strategy Formation
Porter(2001) also mentioned that ‘Industry structure drives competition and profitability’.19 Using Porters’ 5 Forces
model, we can analyze the attractiveness of the dairy industry in India, and also how AMUL’s future profitability is
likely to be affected by changes in its external environment.
20

Threat of new entrants is moderate. It increased drastically after de-licensing and liberalization of the Indian dairy
sector in the 90s, which encouraged private sector investment. However, as majority of milk procurement is still
through the informal channel, the cooperative structure has the advantage of relative control over the distribution
network, though this is changing, with the organized sector predicted to account 20-25% of total supply by 202021.
Additionally, though it may be easy to enter the market, it is difficult to compete on a large scale, with big players
already flooding the market, and recent changes in Indian FDI policy22 even encouraging entry of MNCs- thus
highlighting the issue of cost/resource disadvantage and high capital requirements.

Threat of new substitutes is generally low. India has traditionally always been a milk-consuming
country, with milk being the only acceptable form of animal protein for the predominant vegetarian
population. Majority of Indians are thus unlikely to give up dairy milk for an alternative like soy-milk.

Due to the unorganized and mostly rural nature of the dairy farmers in India, bargaining power of suppliers has
been low, especially owing to low per-capita output. With international chains such as Walmart and Tesco foraying
into the Indian market, the ultimate power of the supplier becomes debatable. With MNCs known to operate on
models of predatory pricing, squeezed margins and buying in large quantities, this may reduce the supplier power
further, unless adequate steps are taken to ensure well-being of such marginal producers.

Bargaining power of consumers in high, because of the competition in both the organized market as well as the rural
unorganized market, and low switching costs, and is likely to remain so in the long-run.

Despite its strong brand power, AMUL faces strong competitive rivalry from both strong regional players (Britannia,
Dabur) as well as MNCs (Nestle, Kraft). The overall attractive nature of the industry has even ushered recent
arrival of new entrants, both regional (ITC) and international (Danone, Fonterra)23 and the trend is expected to
continue.

Despite the competition and vulnerability, CRISIL believes AMUL will maintain its dominant position in the dairy
industry over the medium term, supported by its strong milk procurement capability and distribution network,

19
Porter,(1987). From competitive advantage to corporate strategy
20
Brammer: “Developing Strategy from the outside-in Lecture, IB3D80”, 2012
21
http://www.thehindu.com/opinion/op-ed/critical-and-necessary-move/article3897915.ece
22
On 14 September, 2012, the Government announced a revision of its FDI policy-permitting 51% MNC investment in
multi-brand, and 100% in single brand retail.
23
http://www.agrimoney.com/news/danone-joins-fonterra-in-stressing-india-potential--5277.html
provided it manages to retain its strengths profitably. GCMMF’s financial risk profile is also expected to remain
strong over the medium term, supported by negligible debt and healthy cash flows.24

STRATEGIC CHALLENGES AT AMUL

A major challenge AMUL faces is threat of entry of foreign retail giants, with the Government recently permitting
foreign MNC investment of 51% ownership in multi-brand, and 100% in single-brand25. AMUL clearly cites this as a
huge threat to the company, as well as the millions of farmers benefitted by the AMUL model, describing FDI in
retail as a ‘double-edged sword’26. The FDI decision poses a threat to AMUL’s ‘farm-to-fork’ model, and its policy of
operating at low margins, as it will reinforce intermediaries in the supply chain; forcing producers to sell cheap, and
customers to buy at inflated prices. It will also drastically increase competition, both in FMCG and retail, especially
due to the huge negotiation power of such retailers to purchase in large quantities and indulge in practices like
predatory pricing and offering cheaper substitutes (price-wars),

AMUL needs to strategically fight such competition. It should consider strengthening its supply chain, through
including more Milk Unions, offering higher prices to farmers and expanding distribution network regionally
(especially South India where it is not a strong player) and globally. As retail giants offer severe competition to the
millions of ‘mom and pop stores’ (‘kiranas’ in India), AMUL must focus on strengthening its retail segment- through
widening its network of ‘AMUL parlors’ and ‘AMUL Cafes’ that exclusively stock and serve AMUL products.
Another effective source of revenue would be the establishment of AMUL milk and ice-cream stalls at railway
stations, malls and other places, receiving high footfall. With the organized retail sector in dairy expected to grow to
almost 20%(5-65%currently)27, AMUL may consider leveraging its cash flows and capabilities to enter new, yet
related segments-yoghurts, gourmet cheeses, and pro-biotic products, which would help diversify its already wide
product portfolio, thus reducing its vulnerability, if it competes in limited segments.

Despite India being the world’s largest milk producer, it is still a relatively small player in the global dairy market,
with only 0.5% share globally28. With strong expectations of future growth in population and demand for dairy
products, there is a need to increase productivity, as well as to convert part of surplus production to value-added
products to reduce dependence on imports. This can only be done through upgrading back-end infrastructure in the
country- better quality livestock and fodder, advanced methods of procurement, and well-developed storage and
transport facilities to prevent wastage.

Although FDI is currently being opposed by AMUL, with appropriate management, it could, however, prove
beneficial in the long-run The investment in modern inventory management practices, cold storage and vending
technologies, and transportation brought in by foreign retailers may go a long way in modernization of the country,
and improving its poor dairy infrastructure, a major impediment to AMUL. Despite the ongoing debate on how
profitable FDI will be for the Indian economy, many economic experts argue that FDI, adopted with strict-
monitoring and strong prerequisites imposed by the Government may enhance the overall profitability of the retail
sector, indirectly also benefitting AMUL.

Although AMUL is the undisputed leader in milk, cheese, butter and ice-cream, its foray into ancillary segments such
as chocolates and pizza has not been as successful, where it has just leveraged itself enough to stay afloat with
competitors. It thus faces the challenge of being stuck in the image of a ‘butter-and-cheese company’, which could

24
http://www.amul.com/m/crisil-rating-for-gcmmf
25
http://india.blogs.nytimes.com/2012/09/14/india-opens-door-to-foreign-investment/

26 th
Chairman Speech, 38 Annual General Body Meeting , AMUL

27
http://india.blogs.nytimes.com/2012/09/14/india-opens-door-to-foreign-investment/
28
International Farm Comparison Network, 2011
potentially damage AMUL’s plan of diversifying and entering new segments. AMUL thus needs to reinvent itself and
exploit its brand beyond its dairy portfolio, keeping track of changing customer preferences as and when it enters
new segments. However, simultaneously, it must retain its core competency of providing pure milk products and
catering to the masses. This can be done through reworking the firm’s branding and advertising strategy.

The AMUL model has tasted great success, with its adoption on a national level even having spurred off the ‘White
Revolution ‘ in 1970s, transforming a milk-deficit nation to a milk-surplus one. However, AMUL cannot simply rest
on its laurels, as the current scenario does not allow scope for complacency. The dairy industry, once supply-driven is
now a highly competitive one, with changes occurring both in external environment as well as internal structure.
AMUL, thus needs to to rethink its strengths and strategies , and categorically capitalize on them, to continue to be
the mainstay in the Indian dairy industry as well expand successfully in foreign shores.

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