Defining a Strategic Roadmap for a Company in the Fine Chemical Business
The client was a manufacturer of turpentine based fine chemicals and also the single largest manufacturer of synthetic camphor, worldwide. Due to the increased competition in the industry and high pressure on margins, the client had been losing its market share. Given the increased competition, the client needed to form a strategy to regain its market leadership and increase profitability. The management requested UC to develop a strategic roadmap for the company.
To define a strategic roadmap for the company, UC adopted the following approach:
- UC conducted a strategy audit, to understand the existing plans and the direction the organisation was going in
- UC undertook extensive primary and secondary research, and met senior executives, customers, channel members, competitors in the industry to understand the industries global trends and the WTO regulations impacting industries in India and worldwide
- UC also undertook competitor mapping to understand the strategies adopted by them and glean best practices
- The competitor and client performance was rated to understand the overall competitive landscape in the industry.
Some of the initiatives identified for the client to undertake were:
- Supplier partnerships for continuous supply of material
- Developing a distribution network to improve market penetration
- Rationalising the product portfolio/ identifying new application areas for new products
- Developing a detailed implementation plan for each of the initiatives with the time frame for implementation and the responsibilities.
The client received a clearly articulated strategy and definition of initiatives to regain market leadership. The client also requested UC to assist in implementation of the strategic initiatives, redesign of processes, organisation review and review of information technology.