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Subsistence Marketplaces Initiative June 2012 Business Cases Subsistence Marketplaces Initiative June 2012 * This case is based on a comprehensive business plan developed by a student group in the course entitled Sustainable Product and Market Development for Subsistence Marketplaces under the supervision of the instructor, Madhu Viswanathan. The case was prepared by Madhu Viswanathan, John Clarke and Srinivas Venugopal and copyedited by Tom Hanlon. We gratefully acknowledge the organizational sponsor of the project and the students who contributed to it. Subsistence Marketplaces Initiative| Business Cases Page 1 Business Cases Subsistence Marketplaces Initiative June 2012 Table of Contents I. Executive Summary ____________________________________ 3 II. Background ____________________________________ 3 III. Idea Generation ____________________________________ 5 IV. Product Prototype: ActivEdge Healthy Mix for Wheat Flour ___________ 9 V. Manufacturing Plan ____________________________________ 14 VI. Financial Plan ___________________________________ 19 VII. Marketing Plan ____________________________________ 23 VIII. Conclusion _________________________________ 26 IX. Recommendations ____________________________________ 26 X. Appendix 1 ____________________________________ 27 XI. Appendix 2 ____________________________________ 31 XII. Appendix 3 ____________________________________ 32 XIII. Appendix 4 ____________________________________ 32 Subsistence Marketplaces Initiative| Business Cases Page 2 Business Cases Subsistence Marketplaces Initiative June 2012 I. Executive Summary India, the land of opportunity, is considered to be the second most populous country and the largest democracy in the world. Yet despite recent economic growth, India still has about 941 million of its residents living in the Bottom of the Pyramid (BoP) conditions (defined in US terms). This market, according to The Economic Times of India, is worth over US$1.2 trillion, making it the biggest chuck of the global $5 trillion BoP market in the world. Indus Ventures, LLC (Indus), a start-up firm, seeks to leverage its expertise in food, nutraceuticals and agriculture in hopes of creating, marketing, and introducing new, affordable consumer packaging goods in India directly for BoP consumers. Through a strategic partnership, we have developed ActivEdge – Healthy Mix for Wheat Flour. This nutritional powder-based additive can be added to regular wheat flour to produce enriched consumable products such as chapattis. For this product to be extremely successful in its initial entrance into the Indian marketplace, Indus must focus a majority of its resources behind word-of-mouth (WoM) marketing and free sampling. WoM and free sampling are extremely important, as many Indians rely heavily on feedback from friends, family, and trusted members of the community before trying a product. Once trust has been established with residents, ActivEdge should have no problem having a mass-market appeal, given that India has a population of approximately 1.12 billion, and this product could indeed have the potential to be incorporated into many daily consumption practices. II. Background India India, the land of opportunity, is considered to be the largest democracy in world with a population of approximately 1.12 billion – the second most populous country in the world. According to a study released in 2007 by the World Resource Institute and the International Finance Corporation, there are nearly four billion people in the world that constitute the Bottom of the Pyramid (BoP), whose income level is below US$3000 annually. The BoP population in India is close to 941.1 million people, with 78% of them living in rural areas. This number, based on a recent article published by The Economic Times, makes up about 95% of the entire Indian population [1,2,3]. Despite these statistics, a bright and successful future awaits India. In recent years, India has witnessed a steady and growing economy. Its Growth Domestic Product (GDP) rate has grown exponentially over the last 10years, making it the fastest-growing in the world. Additionally, India has the largest reservoir of skilled and semi-skilled manpower among all nations – approximately 516.3 million people. Therefore, it should come as no surprise that many multinational corporations (MNCs), small firms, and even social entrepreneurs are looking to capitalize on this gold mine. Gaining access to the 941 million people that constitute the BoP will create opportunities not only for businesses, but also for the Indian people. Food Customs in India India is well known throughout the world for its extensive culinary delights. Traditional food customs in India vary from region to region and are characterized by the use of many herbs and spices that serve to augment the taste as well as the health of the product. Usage of spices makes Indian cooking far more difficult than most cuisines in the world. A significant portion of the Indian cuisine is vegetarian, although traditional meat dishes are considered among the best meat delicacies in the world. Food is an integral part of everyday culture in India, especially during festivals. North and West Indians are traditional consumers of wheat and rice, whereas East and South Indians are known mainly as rice consumers. Lentils are critical components of everyday food in India, especially since they are among the highest sources of proteins in a vegetarian diet. Different kinds of oils are used in different regions of the country as the basic element of cooking/frying the food. Traditional modes of cooking have been Subsistence Marketplaces Initiative| Business Cases Page 3 Business Cases Subsistence Marketplaces Initiative June 2012 criticized in certain sections of the society as leading to a high loss of nutritive quality of the food. Our main goal is to replenish these lost nutrients by making use of our additive. Wheat flour is not a traditional food custom in South India. This is due to the fact that in Southern part of India, many residents place a greater emphasis on rice as the staple grain, as well as coconut and particularly coconut oil and curry leaves, and the ubiquity of sambar and rasam at meals. The dosa, idli, vada, bonda, and bajji are typical South Indian snacks. These are generally consumed as breakfast or evening snacks. Andhra, Chettinad, Hyderabadi, Mangalorean, and Kerala cuisines each have distinct tastes and methods of cooking. In fact, each of the South Indian states has a different way of preparing sambar; a connoisseur of South Indian food can easily distinguish the taste difference between sambars from the different regions. Some popular dishes include the biryani, ghee rice with meat curry, seafood (prawns, mussels, mackerel) and paper-thin pathiris from the Malabar area. However, the highly migratory pattern in the country has led to changes in food consumption behavior. As a result, many South Indians now place a value on flour, as it is used to prepare chapattis much like in North India. We will be targeting wheat flour as our base to market our nutritious product. Malnutrition in India is at severely high levels, as is explained in the “Marketing Plan” section of our proposal, and our aim is to reduce these levels via the judicious use of our product. Our target market is South India, and its food customs are summarized in Table 2. Indus Ventures LLC One of the newest companies that is hoping to capitalize on the growing success of India is Indus Ventures, LLC (Indus). Indus is an American-based firm with an operating headquarters in Hyderabad, India. Its seeks to leverage over 100 years of combined expertise in food, nutraceuticals, and agriculture in hopes of creating, marketing, and introducing new consumer packaging goods in India. One of Indus’s main initiatives is to develop and market local food and food supplements that are not only profitable, but also focus on delivering nutritional health and wellness at an affordable price to BoP consumers in India. However, there are many constraints that could hinder the success of such a company. • Business Risks • Cultural diversity • 16 major languages • 7 religions, castes, and subgroups • Slow implementation of business-friendly laws • Business Culture • Negotiation never stops, even after a deal is struck • Things move more slowly in India, requires frequent follow up • Trust who you know • No organized credit checks Vision Within the next 5 years, grow Indus Ventures, LLC into a successful local nutritional food service, providing wholesome and complete nutritional products to Bottom of the Pyramid consumers in India Mission Subsistence Marketplaces Initiative| Business Cases Page 4 Business Cases Subsistence Marketplaces Initiative June 2012 To develop consumer products that alleviate the malnourishment of individuals living in subsistence marketplaces Objectives • Understand the characteristics and habits of BoP market participants • Evaluate the nutritional needs of BoP consumers • Design a delivery method that can be incorporated into daily food customs • Develop a compound (solid, liquid, or powder) that address one or many nutritional needs • Educate consumers about the use and need of the product • Communicate to shoppers the benefit of the product Strategies • Become nationally known for providing wholesome and complete nutritional products at an affordable price for BoP consumers • Utilize effective marketing and packaging techniques to educate and enhance brand awareness • Hold weekly progress meetings with team to review progress
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