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ms 11 strategic management note: this paper consists of two sections a and b. What do you understand by tangible and intangible components of differentiation? explain give five examples each of tangible and intangible products and give reasons for their classification. A bcg matrix b balanced score card bsc c joint ventures d competitivestrategies read the case given below and answer the questions given at the end of the case. We are shivering in our paints, as we grope against new competition from firms from usa and korea. A very senior l t executive to the author at a management development programme at iim ahmedabad in 1993 the competition we have faced till now is nothing is compared to what lies in store for us.

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Till now, the period post liberalisotion was one of learning and assessment for the big global competitors sudhakar divokar kulkarni, ceo. In 1997 larsen and tubro l t , one of the largest engineering companies in india and one of the top five private sector companies posted yet again a growth rate of over 20 per cent. This happened for the fourth consecutive year despite acute liquidity crisis in the market, political instability, and uncertainty about execution of power projects of foreign companies e.g. Since last few years, l t was becoming a lesson for companies worldwide in managing explosive growth and developing internal capabilities on a continuous basis. Simultaneously, it was setting new challenges for the academics in defining core competencies and core capabilities. An independent survey named l t to be one of the best managed companies in asia and another by business toda, showed that the company was one of the most transparent and a leader on the issue of corporate governance. During 1995 96 and 1996 97, the company achieved an incredible growth in sales of nearly rs.

1,0 crore per annum over the previous years, crossing the landmark turnover of rs. the evolution l t was set up in 1938 as a partnership trading firm by two danish engineers, henning holck larsen and soren kristian toubro, who had quit their jobs. In 1946, it became a private limited company and by 1950 reached the status of a public limited company. L t presently has a shareholder base of nearly 1 million and employee strength of over 24,0 as a company, this multi dimensional engineering giant is actually the nucleus of a group of companies involved in building complexes, worksheets, offices and service outlets at different locations all over india and abroad.

Over the years, l t has acquired a commendable reputation for capabilities for executing engineering related projects. table 1 l amp t business history: the milestones 1938 incorporation as a partnership firm 1946 incorporation as a private ltd co. I950 l amp t goes public powai works set up 1961 audco india incorporated for manufacturing valves 1962 retirement of soren toubro ewac ltd.

the takeover attempt during 1991 93, as the country progressed towards liberalisation, the company just emerged from a not so welcome takeover threat from the powerful ambanis of reliance. The ambanis were themselves embarking upon massive expansion in chemicals and petrochemicals business, and l t would have provided a real and logical synergy in terms of executing turnkey projects for construction, engineering, supplying machinery and of course, offering suppliers credit to the tune of rs. Through protracted investigation and litigation in which the reliance industries ltd. Was found to have collected forged proxies , the company somehow remained in the hands of 'professionals'. The big question mark as posed by an article in the economic and political weekly was where does l t go from where it has reached now? however, it was obvious that a total new mindset and working culture would be required if l t was to grow and remain competitive. In 1993 94, the company started adopting the principles of total quality management tqm by becoming customer focused, reducing the costs and wastage, and adding value at all stages for maximising customer satisfaction.

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Kulkarni took over as the ceo of l t and confidently promised that the company would reach its mission of being a rs. He also declared that the company would strive to maintain and develop leadership positions in all its businesses or else it will quit. The philosophy of tqm was embraced with added emphasis on 'customer delight', that is, delivering more value than expected by the customer. vision, core values, and tqm infrastructure being a key bottleneck for indian industry was identified as the engine of growth for the company's ambitious plans.

But before that, the company needed an ambition statement, which every employee could own and share. A massive companywide exercise for finding out what the company stood for and what its core values were was embarked upon. The emergent statement though not sounding much different from several other organisations vision, however, came to be owned and understood by almost every employee because of the process of identifying the mission and peoples involvement. The key elements of l ts vision f focussed towards a world class company dedicated to: excellence and professionalism customer delight through service entrepreneurial leadership and creation of an organisation that is on the path of continuously learning by fostering teamwork, trust, and care community service and environmental protection. core competencies according to a senior executive, today the core competence of l t lies in its ability to synthesise, integrate and harmonise its diverse world class engineering, manufacturing, procurement, construction and fabrication skills around turnkey projects in core economic sectors and people.

This is made possible through a world class vendor base and quality technological alliances, excellent it infrastructure cad,/cam systems, pmis etc. business leadership l t holds a leadership position in india in most of the areas in which it operates. The first company to introduce hydraulic excavators in the country, it still maintains its leadership status in this and in the vibratory compactor segments.