Did ITC offer competitive pricing as an entry-market strategy?
We do not believe in undercutting at any level. Some of the players see that as an easiest strategy to get initial growth. Product differentiation, brand superiority and merchandising superiority are critical to be noticed by consumers. Fighting on price is a no-brainer. It will get market shares initially, but sustaining growth on that strategy will be difficult. Undercutting kills the whole market and industry profits with it. ITC did not undercut in atta and biscuits which are some of the most competitive markets. Food companies have to ensure that the quality offered is consistent throughout. Quality consistency, safety and hygiene and innovation are critical success factors.
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