Acknowledgement

The study has been successfully accomplished along with considerate support and continuous
guidance of few people. This is the utmost pleasure of us to show heartfelt gratitude towards
those individuals. At the beginning we would like to pray my gratitude to the Almighty for
giving us the ability to work hard under pressure.

We have deepest gratitude towards our respected faculty Mr. M. Nazmul Amin for his support
throughout this semester. Without his cooperation it would not have been possible to accomplish
the research. We are also grateful to the director of FARR ceramics Mr. Irfan Uddin and other
officials for helping us to complete this report by providing the valuable information.

We are grateful to all concerned persons who provided valuable guidance, suggestions and
advices in collecting information, analyzing and preparing the report. We are particularly
indebted to them whose efforts and cordial cooperation made the report possible.

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 Table of Contents

Contents Page No.

Chapter 1: Introduction 4-8
1.1 Company Overview 5
1.2 History of Ceramics Industries in Bangladesh 6
1.3 Competitors of Farr and Their Market Share 7
Chapter 2: External Analysis 9-18
2.1 The Six Segment (macro- environment) Analysis 10
2.1.1 The Global Segment 10
2.1.2 Economic Segment 11
2.1.3 Demographics Segment 12
2.1.4 Political/ Legal Forces Segment 12
2.1.5 Socio Cultural Segment 13
2.1.6 Technological Segment 13
2.2 Porter’s Five Forces Analysis 14
2.2.1 Bargaining Power of Buyers 15
2.2.2 Bargaining Power of Suppliers 16
2.2.3 Threat of New Entrants 16
2.2.4 Rivalry among Existing Competitors 17
2.2.5 Threat of Substitutes 17
2.3 Interpreting Industry Analysis 18
Chapter 3: The Internal Environment Analysis 19-24
3.1 Resources 19
3.1.1 Capabilities 20
3.2 Core Competencies 20
3.3 SWOT Analysis of Farr Ceramics Ltd. 22
Chapter 4: Competitive Strategies and Implementation 25-31
4.1 Allocation of resources 25
4.2 Organization Organogram 26
4.3 Portfolio Management 26
4.4 Strategic Tradeoffs 27
4.5 Managing risk 27
4.6 Types of Corporate-Level Strategies 28
4.6.1 Growth Strategy 28
4.6.2 Diversification Strategy 28
4.7 FARR Corporate Strategies 29
4.7.1 Local Market Growth 29
4.7.2 Export Market 30
4.8 Corporate Social Responsibility (CSR) 31
Chapter 5: Recommendation and Conclusion 32-33
5.1 Recommendations 32
5.2 Conclusion 32
References 33

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 Executive Summary

The main focus of this report is on the External Analysis, Internal Analysis and Competitive
Strategies and Implementation of Farr Ceramics Limited. In order to focus on the Competitive
Strategies and evaluation of Farr Ceramics Limited. The study has been conducted mainly based
on secondary data.

External analysis is important for anticipating about the opportunities and threats existing in the
environment. Among various tools of external analysis six segment and Porter's five forces
analysis are done to analyze the environmental for ceramic industry and how it affects Farr
Ceramics ltd. is also discussed. In six segment analyses more or less all the segment shows
potential opportunities for Ceramic sector in Bangladesh. Through Porter's five force analysis the
sources of competition are elaborated. This analysis ravels weaker competitive forces of ceramic
industry and it results in apparently attractive industry condition in ceramic sector in Bangladesh.

An internal environment analysis is an exploration of an organization’s competency, cost

position and competitive viability in the marketplace. The main core competencies of Farr are its
state of the art technologically advanced production processes along with its highest capacity in
porcelain tableware items and vertically integrated supply chain management system combining
its ancillary firms which have enabled the firm to enjoy competitive advantage over its rivals
providing value to customers earning above average returns. Moreover, conducting the internal
analysis we incorporated measures that will provide useful information about Farr’s strengths,
weaknesses, opportunities and threats -- a SWOT analysis.

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 Chapter 1: Introduction

The ceramics industry is a booming manufacturing sector in Bangladesh. Over the years the
industry has flourished immensely. While it caters to 85 percent of the local demand it also
exports quality ceramic products to international markets. The growth trend is an indication of
the industry's potential to be one of the top foreign exchange earners of the country.

The ceramics industry in Bangladesh started its journey in 1958 with the establishment of a small
manufacturing plant for porcelain tableware by Tajma Ceramic Industries in Bagura. Currently,
there are more than 60 ceramic manufacturers in the country. Another 20 will hit the market by
June 2018. 

The local ceramics industry mainly produces tiles, tableware and sanitary ware. According to
Bangladesh Ceramics Manufacturers and Exporters Association (BCMEA), the yearly
production capacity of the local ceramics industry is as follows: tableware (250 million pieces),
tiles (120 million square meters) and sanitary ware (7.5 million pieces). Value addition in
ceramics stands at nearly 65 percent. To cater to the increasing demand of ceramic products all
major Bangladeshi ceramic companies have been expanding their plants and operations. The
local industry is also actively exploring the potential of manufacturing advanced ceramic
products such as industrial ceramics for spinning and textile factories, medical ceramics, ceramic
plate for bulletproof jackets, and so on.

Farr and Shinepukur have the highest production capacity of nearly 70,000 pieces a day,
followed by Standard ceramics with 40,000 pieces a day. Of the total production of 322 million
square feet of tiles in 2015, RAK ceramics alone made 74 million square feet followed by China-
Bangla, Fu-Wang an Mir, each produced slightly over 30 million square feet of tiles (M. Islam
2010, Khan 2009, Rahman 2009c, 2009e). Over the years, the ceramic industry in Bangladesh
has flourished immensely and has gained recognition throughout the world. Of different ceramic
products, ceramic tableware’s are exported to about 50 countries including the USA and Canada,
tiles to India, Nepal and Bhutan and sanitary ware to the Middle East, especially to the UAE. The
industry sells ceramic products worth of Taka 1,000 crore (Taka 10 billion) annually in the
domestic market and pays taxes close to Taka 300 crore (Taka 3 billion) and Taka 100 crore.

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1.1 Company Overview

FARR Ceramics Limited (FCL) was established on 4th January 2005 as a private Limited
company with a view to producing world class porcelain Tableware. FCL is an Export Oriented
Company equipped with state-of-the-art technology. The entire plant was set up with machinery
from Germany, Italy and Japan. The factory is located about 40 KM north from Dhaka situated at
Noulapara, Bhabanipur, Gazipur.

FCL started its commercial production from March 2007 with an installed capacity of 32,000Pcs
per day. FCL has been equipped with Testing and Quality Control Laboratory, Decal&
Decoration plant, Carton-Packaging Plant, Modeling unit, Mechanical and Civil Engineering
section, Gas based power Generation unit etc. FCL is also an ISO 9001/2008Certified Company
maintaining absolute quality in production process.

At present FARR Ceramics Limited has its global network in more than 35 countries of the
world. FCL has strong market base in various countries all over the world such as Argentina,
Chile, Bhutan, Canada, Dubai, Egypt, England, Germany, Greece, Hong Kong, India, Italy,
Lebanon, Norway, Poland, Qatar, Singapore, Spain, Sweden, Switzerland, Syria, Turkey, UAE,
USA and so on. FCL is continuously searching for new market around the globe to expand its
brand footprint. Normally FCL exports 80% of its products to international market and 20% to
local market which includes various renowned corporate bodies, wholesalers, dealers etc.

Corporate office TMC Building, 3rd Floor, 52 new Eskaton Road, Dhaka 1000 Bangladesh.
Factory The factory is located about 40KM north from Dhaka situated at Noulapara
Bhabanipur, Gazipur.
Web Site WWW.farr.com.bd
Total Revenue US$ 2.5 Million - US$ 5 Million
Main Market North America, Eastern Europe, South East Asia, Middle East, Western
Europe.
Product line Round plate, dinner plate, meat plate, breakfast plate, cereal bowl, tea
saucer, casserole with lid, tea pot with lid, creamer, and platter and other
casting wares.

1.2 History of Ceramics Industries in Bangladesh

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Ceramic industry took a formal start in this country in 1958 with the establishment of Tajma
Ceramic Industries Ltd. at BAGURA. It is the oldest modern ceramic manufacturing plant in
Bangladesh and is also the only ceramic factory located in North Bengal. Its production was very
small and the quality of the product was not good. The Pakistan Ceramic Industries Ltd. was
established in early 1960s and it went into production in 1966. It manufactured ceramic products
for the domestic market. It was renamed as Peoples Ceramic Industries Ltd after the
independence of Bangladesh.

In 2001, Bangladesh had ten ceramic industry units. Five of them are fairly large and these are
Monno Ceramic Industries, Shinepukur Ceramic Industries, Bengal Fine Ceramic Industries,
Standard Ceramic Industries and Peoples Ceramic Industries. These companies produce high
quality ceramic and porcelain wares.

Tajma Ceramic Industries Ltd. is the oldest modern ceramic manufacturing plant in
Bangladesh and is also the only ceramic factory located in North Bengal. Its production was very
small and the quality of the product was not good

The Tajma Ceramic Industries has a showroom and an export department in Dhaka. It has been
manufacturing porcelain tableware since 1958. Although it is the oldest producer of ceramics,
the factory manufactures only about 12,000 pieces (4 tons) of assorted tableware per day, which
is about half the capacity of other major ceramic tableware manufacturing plants. The company
has been catering mainly to the domestic market.

The Peoples Ceramic Industries, located in Tongi Industrial Area, about 20 km north of
Dhaka, is one of the oldest and largest ceramic companies in Bangladesh.

The factory went into production in 1966. The production capacity of the factory is about 28,000
pieces of assorted tableware per day. The company however, has had little success in the export
markets. Recently, the company has developed a new brand 'Super China', which is drawing the
attention of foreign buyers.

Bengal Fine Ceramics Ltd. is the first industry in the country to make soft porcelain, which the
company calls 'stoneware'. This is an off-white product manufactured by using local
Mymensingh clay. The factory went into production in 1986. It produces about 24,000 pieces (6

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tons) of stoneware per day. From the very beginning, the company concentrated its trading
activities in the international market and has been quite successful in its endeavor. Recently, the
company has established a sister concern, Standard Ceramic Industries Ltd., near Gazipur, about
30 km north of Dhaka.

Monno Ceramic Industries Ltd, the largest and most successful ceramic company in
Bangladesh which started production in 1985 and manufactures very high quality porcelain
tableware. This company has done well in the export market with its sales office in London and a
permanent stall in the Frankfurt House-wares show.

Shinepukur Ceramics Ltd was incorporated in 1997 with the aim of establishing a world class
bone china and porcelain tableware industry. The company is located at Beximco Industrial Park,
Gazipur. It started its porcelain and bone china units in April 1999 and November 1999
respectively. Since the beginning of its commercial operations in 1999, the company has
distinguished itself as the fastest growing concern in the sector. It has captured about 60% of the
domestic market share and is doing well in the global ceramic tableware markets.

1.3 Competitors of Farr and Their Market Share

The companies now operating in the country include – Farr Ceramics, RAK Ceramics Pvt Ltd,
Great Wall Ceramics Industry Ltd, Mir Ceramics Ltd, Star Ceramics Pvt Ltd, Akij Tiles Ltd, X
Ceramics Ltd, China-Bangla Ceramics Ltd, Fu-Wang Ceramic Industry Ltd, Sun Power
Ceramics Ltd, Hua Thai Ceramics Ltd, Dhaka-Shanghai Ceramics Industry Ltd, Madhumati
Ceramics Ltd, ATI Ceramics Ltd, Apple Ceramics Ltd, Solar Ceramics Ltd, Glory Ceramics Pvt
Ltd, BISF Ltd, Sanita Ceramics Pvt Ltd, Dacca Ceramic and Sanitary Ltd etc. However, only a
few companies hold a substantial market share, others are not commendable.

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 Market Share Tableware

Others Shinepukur
Protik Ceramics 6% Ceramics
9% 21% Shinepukur
Ceramics
Standard Ceramics
Farr Ceramics Star Porcelain
12% Standard Ceramics
4% Monno Ceramics
Star PorcelainArtisan Ceramics
5% Paragon Ceramics
Peoples Ceramics Peoples Ceramics
6% Farr Ceramics
Protik Ceramics
Others
Paragon Ceramics Monno Ceramics
12% 19%
Artisan Ceramics
6%

Figure 1 Market Share Tableware as per BCWMA

Major Player of White Ware Sanitary Market in Bangladesh

Market Segment Major Players Production capacity
Tableware Shinepukur Approx. 70,000 piece/day
Monno Approx. 60,000 piece/day
Standard Approx. 40,000 piece/day
FARR Approx. 70,000 piece/day
Floor and wall tiles RAK 22,000 sqm /day
Akij 25,000 Sqm/day
FU WANG Approx. 6,000 sqm/day
China Bangla 6,000 Sqm/day
Mir Ceramics Approx. 6,000 Sqm/day
Great Wall Approx. 6,000 Sqm/day
Sanitary Ware RAK 3,400 pieces /per day
BISF 3,400 tons a year
Source: Bangladesh Ceramic Ware Manufacturers Association

Chapter 2: External Analysis

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External environments comprise of factors existing outside the organization which are beyond
control of organization. Regardless the industry, these factors will have enormous effect on any
firm’s growth and survival. However, the degree of influence of the factors depends on the
industry. External environments consist of many different factors comprising an enormous
entity, including political, sociological, demographical, global and technological factors,
customer preference and related industries factors, to name a few. External environments can be
divided into three major areas including general (macro environment), industry and competitor
environments (Amin, 2018).

To keep the business ahead of the competition, managers must continually adjust their strategies
to reflect the environment in which their businesses operate. To plan business strategy a business
organization must do Macro environment screening. It helps businesses to assess about the
existing and upcoming influencing factors in the external environment. Compared to the macro
environment analysis industry structure analysis provides more specific information regarding
industry environment. Strategic group mapping helps to identify the close competitors and
competitor analysis gives idea about strategic movement of competitors. Critical success
factor analysis helps to identify the crucial factors of the business to become successful. All
these factors comprise the proper external analysis (Thompson, Pteraf, Gamble, and Strickland,
2016).

Core Factors of External Analysis

Figure 02: Central

Crafting strategies, by using outcomes from external environmental analysis, helps the business
firm to frame plans and policies that could help to utilize the opportunities and to be prepare for

9|Page
the upcoming threats from the external environment. At the end of the day, it will ensure smooth
accomplishment of those organizational objectives. Without undertaking environmental
scanning, the firm cannot develop a strategy for business success, which is the main objective of
business.

2.1 The Six Segment (macro- environment) Analysis

The Six Segment Analysis is a framework to analyze the general (macro) environment of a firm.
The framework is frequently used in the analysis of competitive strategy. Six segment analyses
could help managers to identify potential opportunities and threats in the environment. The six
segments of the general environment are global, economic, demographic, political/legal, socio-
cultural, and technological.

In order to understand the overall macro environment and their related impact on ceramic
industry attractiveness the following segments are analyzed below:

2.1.1 The Global Segment

In this era of globalization external environment, including global competition, is one of the
major sources of threats and opportunities facing by today’s organizations. Since the ceramic
industry of Bangladesh is an export oriented sector, global competition has a significant
influence on it. In twenty first century, rising labor cost coupled with fluctuating global financial
scenario exert extreme challenges to the ceramic product manufacturers operated in developed
countries. After the crash of mortgage market with subsequent slowdown in developed
economics pushed ceramic industry into bearish zone. Bangladesh, being a gas rich, low-labor
cost economy, and having advanced ‘bone china’ technology, is perfectly positioned to be a
strategic partner in production and supply of ceramic goods (Bangladesh Investment
Development Authority-BIDA, 2018).

Apart from the good prospect of export, there is also an unfavorable scenario in global market.
USA, being one of the major export destinations for ceramic industry of Bangladesh, has made
the export difficult by suspending The Generalised System of Preferences (GSP) for Bangladesh.
This suspension has made the export costly compared to the one with GSP facility for the
importers of USA.

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2.1.2 Economic segment

Favorable economic
GDP Growth in Bangladesh condition is always
% Per Year desirable by firms.
9
8
8 7.1 7.2 7.4 7.6 Irrespective of industries,
7 6.5 6.6
6 6.1 it influences all firms
6
5 GDP because it has direct
4
3 impact on purchasing
2 power of consumer and
1
0 financial capability of
2 3 4 5 6 7 8 9 0
-1 -1 -1 -1 -1 -1 -1 -1 -2 firm. Economic segment
11 12 13 14 15 16 17 18 19
20 20 20 20 20 20 20 20 20
deals with the straight
facts like GDP, interest
rate, exchange rates etc. The interest rate (banks' lending rate) in Bangladesh is decreasing over
couple of years and due to the lower CRR banks are having more loanable fund (Bangladesh
Bank, 2018). This economic phenomenon emphasizes the availability of low cost capital for
business. Undoubtedly, it is lucrative for any firms which wants to expand or enter into new
business. Bangladesh has made strong progress over recent years in terms halving poverty,
growing the economy by holding average 6.6% GDP each year and increasing foreign reserve. In
FY2016-17 GDP was 7.2%, which is as expected as consumption picked up in response to rising
income, and as inflation was lower than projected. Foreign reserve was also more than estimated
(Ministry of Finance, 2017, p.13).

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 Figure 02: GDP of different years of Bangladesh

Note: GDP growth rate forecasts for FY 2017-18, 2018-19 and 2019-20.

Unemployment Rate in Bangladesh remained unchanged at 4.20% percent in 2016 to 2017. Also
disposable personal income is increasing in Bangladesh while inflation rate is decreasing
("Bangladesh Unemployment Rate", 2018). It signifies that people have now more money in
their hand to spend on them. All these parameters indicate an attractive economic environment
for any industry. This positive trend is crucial for ceramic sector because products of this
industry are not ordinary commodity goods and people will spend money on these goods only
when they have sufficient for daily expenditure.

Though, these parameters show a favorable economic condition for ceramic sector in Bangladesh
but simultaneously there are facts which has adverse effect on this sector. Fall in inward
remittance has posed a threat to the ceramic industry as individual homebuilders’ ability to spend
on ceramic tile and sanitary ware has declined correspondingly with fall in remittance from the
gulf region.

2.1.3 Demographics segment

In the external environment sector, changing demographical element like population growth rate
has huge impact on firms. It determines the size of the market and thus influence the business
level strategy. Bangladesh has the highest population density in the world; with a life expectancy
70.65 year (2017 EST.) The current population of Bangladesh is 166,368,149 as of April 22,
2018 ("Bangladesh Population", 2018) which is equivalent to 2.18% of the total world
population. 58.8% of this population participate in the labor force (Bangladesh Bureau of
Statistics, 2016, p 28). This huge population can be counted as a huge market opportunity for the
firm which has very high fixed cost and want to achieve economies of scale through mass
production to serve a huge market. From this perspective the demography of Bangladesh poses a
lucrative opportunity for ceramic industry.

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2.1.4 Political/ Legal Forces

Tile and sanitary ware both are very important market segment of ceramic industry and their
production depends on the demand on market. During the time of political stability builders tend
to involve in building more infrastructure and it increases the demand of both tile and sanitary.
As a result producers can increase production and achieve economies of scale.

Natural gas is a vital element in the production process of ceramic ware and crucial for
maintaining quality (colour and shine) because local natural gas does not contain any Sulphur.
One of the main challenges to the growth of the ceramics industry is inadequate supply of natural
gas. Recently government has assured producer about resolving of the crisis by July 2018 when
liquefied natural gas (LNG) will come into operation. It will reduce the burden on the natural gas
reserve and ensure supply of grid-gas in ceramics industry ("An Overview of Bangladesh's
Ceramic Industry", 2017). This action by government will help the existing firms to extend their
business and encourage the new entrants.

2.1.5 Socio Cultural segment

These days more women are joining the workforce in both urban and rural area. Moreover,
urbanization is taking place very rapidly. Both the phenomena changes lifestyle and it increases
the demand for durable tableware, which can be used with minimum care. As a result plastic and
melamine tableware are replacing ceramic tableware. On the other hand, as the disposable
income is increasing people are spending more on premium ceramic tableware as a symbol of
aristocracy. Urbanization has another impact also. With urbanization use of tile and sanitary
ware has increased. From the above discussion it can be said that these socio-cultural elements
has different dimensions which pushed the ceramic industry to become dynamic and exposed
them to new business opportunities.

2.1.6 Technological Segment

Technologies have evolved and have introduced more environmentally friendly manufacturing
systems for the ceramic industry. The pressure from environmental activist would cause ceramic
manufacturer to adhere to more environmentally friendly manufacturing process.

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2.2 Porter’s Five Forces Analysis

It is important to analyze the competitive forces (influencing factors) in an industry’s

environment in order to identify the opportunities and threats confronting a company. The
competitive forces are never the same for firms operating in different industries. Even within the
industry the impact of competitive forces varies from firm to firm. The most powerful and
widely used tool for systematically diagnosing the principal competitive forces in a market and
assessing the strength and importance of each is the ‘five forces model of competition’ proposed
by Michael. E. Porter. This model, depicted in Figure 3, holds that the state of competition in an
industry is a composite of competitive forces operating in five areas of overall market
(Thompson et al, 2016).

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(i) Competitive pressures among rival sellers in the industry;

(ii) Competitive pressures associated with threat of new entrants into the industry;

(iii) Competitive pressures coming from the attempts of companies in other industries to win
buyers over their own substitute products;

(iv) Competitive pressures coming from supplier bargaining power;

(v) Competitive pressures stemming from buyer bargaining power;

Understanding these competitive forces and their underlying causes reveals the roots of an
industry’s current profitability while providing a framework for anticipating and influencing
competition (and profitability) over time. This five forces model suggests that the stronger each
of these forces is, the more limited is the ability of established companies to raise prices and earn
greater return. Within Porter’s framework, a strong competitive force can be regarded as a threat
since it depresses profits. A weak competitive force can be viewed as an opportunity because it
allows a company to earn greater profits (Thompson et al, 2016).

Competitive forces of ceramic industries and their impact on FARR ceramics Ltd. are discussed
below:

2.2.1 Bargaining Power of Buyers

In Bangladesh, individual consumers of ceramic products have much bargaining power in

negotiating price concession or other favorable terms with seller because customers can easily
switch to comparatively low-priced imported ceramic goods, plastic and melamine products.
Keeping this in mind, the local manufacturers are aiming for competitive pricing to attract and
retain customers. However, with the increase in disposable income and changing lifestyle
demand for quality ceramic ware is increasing. In consequence, buyers are increasing for
ceramic products

15 | P a g e
The same scenario also applies for international buyers because they can always switch to low-
priced suppliers of ceramic wares from China, Sri Lanka, Thailand and Malaysia (Islam, 2015).
However, due to increased production cost, these countries are also failing to offer competitive
prices and losing their share in the international market. Thus, more international buyers are
moving towards Bangladesh as it has cost competitiveness in terms of gas supply, lower labor
cost, skilled labor and also has competitive advantage of possessing “bone china” technology
(BIDA, 2018). Since the number of buyers both in local and international market is growing, the
bargaining power of buyers is weakening gradually.

Though there are many local and imported substitutes (plastic and melamine tableware)
available, bargaining power of buyer for Farr Ceramics ltd is still weak because of the increased
demand for quality tableware in home and abroad.

2.2.2 Bargaining Power of Suppliers

Bangladesh needs to import 100% raw materials for producing ceramic wares. The raw materials
account for 35-40 percent of the total production cost of the ceramic products. The raw materials
of ceramic wares include China clay, ball clay, fire clay, feldspar, quarters plaster of Paris,
aluminum oxide, aluminum hydro oxide, zinc oxide, coloring items and liquid gold. These raw
materials and machineries are imported from mainly India, China, Rumania, Indonesia, Italy,
New Zealand and Germany (Islam, 2015). The Mymensingh clay could be used for producing
tiles, but in 2007 the government put an embargo on cutting hills which stopped the ceramic
manufacturers from procuring raw materials from the Mymensingh hills. Since in Bangladesh,
there is a shortage of raw materials, equipment and machineries for ceramic industry, it gives the
supplier more leverage in bargaining the price. However, the supplier base of ceramic sector is
moderately large enough to weaken the supplier power.

2.2.3 Threat of New Entrants

Bangladesh has certain competitive advantages in the international market in terms of

availability of gas, low cost labor and no quota restriction on the export in European market.
There are some favorable economic condition like decreasing borrowing rate, increasing GDP
etc. which are discussed earlier in this report, are also pose a positive potential to the new

16 | P a g e
entrants. As the construction industry including residences, shopping malls and others is growing
so fast, the ceramic tiles business become lucrative to the new entrants. Demand for premium
ceramic tableware has also increased significantly in Bangladesh with a continuous rise in use
among middle income groups in the past decade (Jahan, 2010).

Considering this sector’s potentiality for investment, ceramic industry has always allured both
local and foreign investors. Since domestic and export demand for ceramic products are rising
rapidly, widening the gap between demand and supply, the new entrants can easily expect to earn
attractive profit by capturing the untapped demand. Keeping this low entry barrier in mind Farr
ceramics puts emphasize on expanding business in home and abroad by increasing its capacity.

2.2.4 Rivalry among Existing Competitors

The ceramic industry of Bangladesh faces stiff competition from foreign sources like Sri Lanka,
China and Thailand but the domestic marketplace is yet weakly competitive. Ceramic
manufacturers like Monno Ceramic, Shienpukur Ceramic, Standard Ceramic, FARR Ceramic,
and Bengal Fine ceramic are still leading, especially in the export market, and have been recently
expanding their plant to further improve their share of export market. All other ceramic
manufacturers like RAK Ceramic is leading the market of sanitary ware and are also increasing
their production capacity following robust growth in demand for ceramic wares. Due to the
global recessionary impact and rising labor cost, the developed countries are placing more orders
to low-cost countries for quality ceramic wares; hence, the export demand for Bangladeshi
ceramic ware is growing rapidly. Addressing this strong growth, the numbers of competitors,
roughly of equal size and competitive capability, are increasing in this industry day by day
(Islam, 2015).

However, increment in the number of new plants, capacity development, product development
and market expansion by ceramic ware manufacturers of Bangladesh are still low compared to
the robust growth in demand both in export and local market. As there still exist ample growth
opportunities in this industry, the rivalry among the existing companies are still weak, thus
making this sector more attractive for the potential entrants. Apparently, lower rivalry among
competitor ensures no price war and gives Farr ceramics the opportunity to focus on the
premium quality product and ensure expansion of export oriented business.

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2.2.5 Threat of Substitutes

The ceramic industry is already in fierce competition with low-priced sanitary ware, tiles and
table wares, mostly imported from China. Besides, this sector is also facing strong competitive
pressure from firms in other industries offering substitute products. The demand for low-priced,
attractive and convenient substitutes of ceramic tableware such as melamine wares, aluminum
wares, steel kitchen wares, glass wares and plastic wares are raising.

In recent years, large scale manufacturers like RFL, BRB GAZI have entered the crockery
market, with their brands competing strongly with both local ceramics products and foreign
products of their same kind. Some local manufacturers are even producing world-class plastic
goods, spending a large amount on TV commercials and selling thousands of pieces every
month. Companies like Bangladesh Melamine, Sharif Melamine, RFL, BRB, and GAZI are
contributing greatly to this thriving crockery market by creating demand for new products
(Jahan, 2010).

As the demand raised the local large manufacturers of these substitute products are also
expanding their existing capacities with concentration on new product lines to attract more
customers. Moreover, the history of tiles business is not very old in Bangladesh; still mosaic,
marble and other stones are used in many urban and sub-urban households. Other substitutes of
tiles include wooden flooring or tiles, bamboo flooring, and ply board for both interior and
exterior usage. Hence, the availability and low cost of substitutes is exerting moderately
competitive pressure on the existing companies of ceramic industry (Jahan, 2010).

Farr ceramic also experiencing impact of availability of these local substitutes and to counter this
threat they focus on more premium quality product for which it is difficult to find close
substitute.

2.3 Interpreting Industry Analysis

From the above discussion it can be summarized that ceramic industry has-

 Low entry barrier

 Weaker position of buyer and supplier

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  Weak rivalry among competitor
 Moderate threat from substitute product

This summary signifies that ceramic industry of Bangladesh is apparently attractive.

Chapter 3: The Internal Environment Analysis

An internal environment analysis is an exploration of an organization’s competency, cost

position and competitive viability in the marketplace. An extensive internal analysis is essential
to understand the strengths and weaknesses during the strategic planning process, which are,
unlike the external factors, out of the control of an organization. Specifically, the study examines
strengths and weaknesses, helping firms make smart decisions that promise business
sustainability and profits. The data generated by an internal analysis carries significant
importance because they can be used to develop strategic planning objectives to sustain and grow
the business of a firm.

There are several components or elements of an internal environment analysis which includes
identifying resources (tangible and intangible), capabilities, core competencies, SWOT analysis,
four criteria of sustainable advantage, value chain analysis, competitive advantage and finally the
strategic competitiveness of a company. Thus, a manager needs to blend the results obtained
from all these tools with courage, self-confidence, integrity etc. to get the optimum return out of
a business. Moreover, a business which wants to outperform the rivals and survive in the market
must have some core competencies which can be turned into sustainable competitive advantages
which will yield above-average returns through value creation for the consumers (Amin, 2018).

3.1 Resources

Resources are mainly inputs into a firm’s production process. These can be also considered as
economic or productive factors required to accomplish an activity, or as means to undertake an
enterprise and achieve desired outcomes. Resources can be of two types: 1) tangible resources
(physical entities) such as land, buildings, equipment and 2) intangible resources (non-physical
entities), created by managers or other employees, such as brand names, company reputation,
employee knowledge and experience.

We have identified both the tangible and intangible resources of Farr Ceramics Limited

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The tangible resources, what we can see, are:

 Hi-Tech state of the art production machineries

 A coordinated and well-organized supply chain management system by vertical
integration with other Farr owned ancillary (power, designing, printing, packaging) firms
 Most advanced factory layout with automated and capital intensive production system

The intangible resources are:

 The brand name of Farr Ceramics Ltd.

 One of the best technological know-hows in the industry
 Company reputation in the industry

3.1.1 Capabilities

Capabilities are mainly an organization’s skills in coordinating its resources and putting them to
productive use or are the capacities for a set of resources to perform a task or activity in an
integrative manner. The main capabilities of Farr Ceramics Limited are:

 Largest capacity of ceramic porcelain tableware in Bangladesh

 Sophisticated designs of the porcelain tableware

 Highest capacity of producing cups, mugs, bowls of 12000 pieces per day in South East
Asia

 Highest capacity of producing flatware in Bangladesh

 No record of product claim or complain about products till now

 Far sight of the internal and external business environment

3.2 Core Competencies

Core competencies are resources and capabilities that serve as a source of competitive advantage
for a firm over its rivals (Amin, 20180). The core competencies of Farr Ceramics Limited are:

 Hi-Tech state of the art production equipments and processes

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  A coordinated and well-organized supply chain management system by vertical
integration with other Farr owned ancillary (power, designing, printing, packaging) firms

 Fastest production and delivery using the most modern technology

 National Export Gold Trophy for the consecutive years of 2011, 2012, 2013, 2014

 Brand name and market reputation of the firm

The core competencies helped Farr Ceramics to gain a competitive edge over its rivals in terms
of products, services, pricing strategy and creating a strong foothold of the brand in the market.
The company differentiated its offerings so well that consumers have a very positive perception
about the brand which helped the firm to create value for customers increasing market share and
earning superior returns from the market within a very short span of time after its inception in
2005.

Four Criteria of Sustainable Competitive Advantage - This test outlines and discusses each of the
four criteria that qualify capabilities as core competencies and ultimately establish competitive
advantages for firms.

 Valuable - allow the firm to exploit opportunities or neutralize threats in its external
environment
 Rare - possessed by few, if any, current or potential competitors
 Costly to Imitate - cost for other firms to develop is prohibitive, cannot easily be
developed by other firms
 Non-substitutable - do not have strategic equivalents

We have tested the supply chain management system along with its ancillary firms and the
technologically advanced production processes of Farr Ceramics Ltd. under the four criteria for
sustainable advantage to see if these two core competencies can be turned into sustainable
advantage and found out that the results are positive (yes) for all the 4 criteria for both the
competencies which turned them into sustainable advantages for the firm to efficiently operate in
the ceramic industry outperforming rivals.

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 1.Advanced Production Process
2. Vertically Integrated Supply Chain Mangement
System

Valuable Rare Costly to Imitate Non-Substitutable

Yes Yes Yes Yes
By using the 4 criteria test we can ascertain that Farr Ceramics has enjoyed a sustainable
competitive advantage through its state of the art technologically advanced production
processes along with its highest capacity in porcelain tableware items and vertically
integrated supply chain management system combining its ancillary firms. These two core
competencies have enabled the firm to enjoy competitive advantage over its rivals
providing value to customers earning above average returns.

3.3 SWOT Analysis of Farr Ceramics Ltd.

Strengths
• Largest Production Capacity in the Industry of Porcelain Items
• Modern and Technologically Advanced Factory
• Technological Know-Hows
• Vertically Integrated Supply Chain Management System
• Huge Export Market
Weaknesses
• Only Specialized in Porcelain Items
• Less Focus on Local Market of Bangladesh
• Competitors Providing Both Porcelain and Bon Chan Items
Opportunities
• Expansion to New Locations of Local Market
• Production of Bon Chan Items
• Anti-Dumping Policies Imposed on China in European Union (EU)

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 • Expanding its Ancillary Firms to Include Other Potential Support Services
• Creating more Sophisticated Designs of Tableware providing Richer, Satisfying
Experience for Consumers.
Threats
• Changing Customer Lifestyles and Tastes
• Substitute Products from China at Lower Prices- Cheaper Imports
• Increased Competition from Local Ceramic Industry
• New Market Entrants Offering Lower Prices
• Gas and Electricity Shortages
• Political Instability

Farr, given its strengths should continue to expand to be able to exploit its opportunities in the
market. Since, the designs and products of Farr has been well accepted in the market which
helped to grow so fast, they should continuously improve their production processes with
innovative products which will help them to grow bigger and secure their future market. The
technologically modern factory, reliable vertically integrated supply chain management system,
largest production capacities and satisfying customer experience that Farr provides will
definitely yield profit for the firm in the future.

Farr is only producing the porcelain items which is one its major drawbacks as most of the other
firms in the industry like Monno, Sinepukur are producing both porcelain and bon chan line of
products which puts Farr in a detrimental position. Moreover, the company mainly focuses on
the export market and has little attention towards the local Bangladeshi market which is why the
company is missing out opportunities and sales revenue in the local market compared to its
competitors.

Farr has huge opportunities in the local market too providing different types of products to
different groups of customers. Introducing variations in their product lines, designs or adopting a
differentiation strategy will enable them to penetrate the local market along with the foreign
market. An Anti-Dumping Policy has been generated against China in the European Union (EU)
market which has opened up more opportunities for the ceramic industry of Bangladesh,
especially Farr Ceramics Ltd., to export more quantities in its core market increasing its market

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share. Finally, Farr can form other ancillary firms which will directly support its primary
activities expanding its range of support services in the industry.

Certainly, there are many threats that intimidates the top management of Farr Ceramics Ltd.
Among them the crucial threats are power shortages like gas and electricity which hampers the
production and operation of the firm most at frequent intervals. Thus Farr formed its own power
plant to minimize the risk of electricity shortages but the gas shortage is still unresolved as it is
one of the main determinants for the increase in the cost of production. On the other hand, there
is an increasing pressure of competitors in the market as new entrants are entering the industry
offering lower prices. Nonetheless, customers also choosing substitute products at lower prices
imported from China such as high quality plastics, melamine etc. due to changes in their
preferences, tastes and lifestyles. Finally, the political unrests at times creates significant
negative impacts on the overall smooth operations of the business.

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 Chapter 4: Competitive Strategies and Implementation

Corporate-level strategy is an action taken to gain a competitive advantage through the selection
& management of a mix of businesses competing in several industries or product markets. In
order to develop a corporate strategy, firms must look at how the various business they own fit
together, how they impact each other, and how the parent company is structured in order to
optimize human capital, processes, and governance.  Corporate Strategy builds on top of
business strategy, which is concerned with the strategic decision making for an individual
business. Leaders of an organization focuses on many components before creating their
corporate strategy. The main task of corporate strategy is:

 Allocation of resources
 Organization Organogram
 Portfolio Management
 Strategic Tradeoffs

4.1 Allocation of resources

The allocation of resources at a firm focus mostly on two resources: people and capital.  In an
effort to maximize the value of the entire firm, leaders must determine how to allocate these
resources to the various businesses or business units to make the whole greater than the sum of
the parts.

People

 Identifying core competencies and ensuring they are well distributed across the firm
 Moving leaders to the places they are needed most and add the most value
 Ensuring an appropriate supply of talent is available to all businesses

Capital

 Allocating capital across businesses so it earns the highest risk-adjusted return

 Analyzing external opportunities (mergers and acquisitions) and allocating capital
between internal (projects) and external opportunities
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 In terms of the ceramic industry in the Bangladesh, it’s a booming economy with more than
500,00 employees employed, so there is no scarcity of resources. Also, as the ceramic industry is
relatively a new market, external opportunities (mergers and acquisitions) are yet to be
implemented.

4.2 Organization Organogram

Organizational organogram involves ensuring the firm has the necessary corporate structure and
related systems in place to create the maximum amount of value.  Factors that leaders must
consider are, the role of the corporate head office (centralized vs decentralized approach and the
reporting structure of individuals and business units.

Head office (centralized vs decentralized)

 Determining how much autonomy to give business units

 Deciding whether decisions are made top down or bottom up
 Influence on the strategy of business units

Organizational structure (reporting)

 Determine how large initiatives and commitments will be divided into smaller projects
 Integrating business units and business functions such that there are no redundancies
 Determining the appropriate delegation of authority
 Setting governance structures
 Setting reporting structures (military / top down, matrix reporting)

As discussed with the Director of FARR Ceramics, the ceramic industry is still following
centralized approached as most of the organizations are local corporate. Also, they following
top-down approach for day to day decision making and strategies.

4.3 Portfolio Management

Portfolio management looks at the way business units’ complement each other, their correlations,
and decides where the firm “play”

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 Corporate Strategy related to portfolio management includes:

 Deciding what business to be in or to be out of

 Determining the extent of vertical integration, the firm should have
 Managing risk through diversification and reducing the correlation across businesses
 Creating strategic options by seeding new opportunities that could be heavily invested in
if appropriate

4.4 Strategic Tradeoffs

One of the most challenging aspects of corporate strategy is balancing the tradeoffs between risk
and return across the firm.  It’s important to have a holistic view of all the businesses combined
and ensure that the desired levels are risk management and return generation are being pursued.

Below are the main factors to consider for strategic tradeoffs:

4.5 Managing risk

 Firm-wide risk is largely depending on the strategies it chooses to pursue

 True product differentiation, for example, is a very high-risk strategy that could result in
a market leadership position, or total ruin
 Many companies adopt a copycat strategy by looking at what other risk takers have done
and modifying it slightly
 It’s important to be fully aware of strategies and associated risks across the firm
 Some areas might require true differentiation (or cost leadership) but other areas might be
better suited to copy-cat strategies that rely on incremental improvements
 The degree of autonomy business units have is important in managing this risk

Incentives

 Incentive structures will play a big role in how much risk and how much return managers
seek

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 It may be necessary to separate the responsibilities of risk management and return
generation so that each can be pursued to the desired level

 It may further help to manage multiple overlapping timelines, ranging from short-term
risk/return to long-term risk/return and ensuring there is appropriate dispersion

4.6 Types of Corporate-Level Strategies

Business owners need targeted corporate level strategies to position themselves for success.
Corporate-level strategies define a plan to hit a specific target needed to achieve business goals.
Strategies tend to be long-term in nature, but allow for dynamic adjustments, based on
uncertainty and changing market conditions. Corporate-level strategies are implemented
throughout the entire organizational structure. Different strategies might be simultaneously
employed but set at different priority levels.

4.6.1 Growth Strategy

Growth strategies look at methods to get more revenues from the sales of products or goods.
Industry leaders often talk about vertical and horizontal strategies when referring to growth
strategies. A vertical strategy seeks growth by taking over various components of the operations
path. The ceramic industry in Bangladesh is a booming sector with a growth of more than 200
per in last 5 years. This sector has some positive advantages including low labor wages
compared to other ceramic competitive countries. Traditionally, ceramic industry is a labor-
intensive sector and companies in developed countries experience difficulties in remaining
competitive due to rising labor cost. Bangladesh, being gas rich, low-labor cost economy and
having advanced ‘bone china’ technology, is perfectly positioned to be a strategic partner in
production and supply of ceramic goods (Board of Investment, Bangladesh).

4.6.2 Diversification Strategy

Diversification strategies are used to expand firms' operations by adding markets, products,
services, or stages of production to the existing business. Businesses diversify in order to create
value adding activities such as economies of scale, Increase market share, increase in market

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power and Financial economies. Diversification strategy is made up of two types one is Related
Diversification and other is unrelated Diversification.

Related diversification occurs when a firm that owns more than one business that uses a similar
set of tangible and intangible resources that allows the company to take advantage of resources
to achieve economies of scope. Unrelated diversification occurs when a firm that manages
several businesses with no reasonable connection; creates value through financial economies,
distributing capital over many business units.

Ceramics industries in Bangladesh does diversifications both related and unrelated. Some
companies expanding their product lines from producing Tableware or sanitary. In of FARR
Ceramics they have followed unrelated diversification by starting a Poly Foam industry, they are
supply Poly Foam to electronics and battery industries in Bangladesh. When asked why did
FARR choose to open a Poly Foam industry, Mr. Irfan Uddin mentioned that there is a huge
demand for this product and not a lot of companies produce high quality poly foam and as
resources (land) was available FARR has decided to diversify themselves in the Poly Foam
industry.

4.7 FARR Corporate Strategies

Understanding industry structure is of great concern to strategist since defending against the
competitive forces and shaping them in a company’s favor are crucial to strategy. Besides, it is
also essential for effective strategic positioning of a company (Porter 2008). Therefore, to sustain
in the ceramic industry, companies should match strategy to prevailing competitive conditions of
the marketplace. FARR Ceramics has realized that their strategies should include actions such as
continuous product development, quality improvement and offering ranges of prices to satisfy all
segments of the domestic and export market. Keep this is mind FARR Ceramics has taken
strategic decision for both Local and Export Market.

4.7.1 Local Market Growth

Even though FARR Ceramics mainly focuses on the export market, they still have a corporate
strategy implemented to cater to the local needs and increase their market share. After our
interview with the Director of FARR Ceramics we have realized that FARR strategies vastly

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differs from their competitors. FARR introduces a new design every six months for the local
market and when the new designs hits the market, the old design is fully discontinued. Also, as
per the market trend other companies will increase their prices by 10% once a year, instead of
one-time increase FARR would increase their price twice a year by 5% when they launch the
new design in the market.

Additionally, FARR has the option for dealers to get directly delivery from the factory if the
order is more than BDT 10 Lacs, which is a unique service provided only by FARR. This can
reduce the cost for the dealers as the transportation cost will be borne by FARR and the
showroom will avoid the commission of the middle man/wholesaler. Currently FARR has about
150 dealer’s country wide but they would only supply to 50 – 60 dealers each month to create an
artificial demand in the market for their products. FARR Ceramics strictly maintains no credit
sales or bulk discount, as they are confident that their product will be in demand for their unique
design and supreme quality.

4.7.2 Export Market

FARR Ceramics is the only ceramics company in Bangladesh that exports 75% of its products to
foreign countries. In order to maintain this percentage, it is essential for the company to take
proper measures. This is where they have implemented their export strategy is allowing them to
maintain footprint in the foreign market.

As informed by the Director of FARR, since inception of the company the company has never
faced any product claim from their buyers, which mean for the last 11 years FARR has never
exported faulty or low-quality product aboard. This is because the company has invested and
implemented high standards in their Quality and Assurance department.

FARR Ceramics has also implemented and strategy to create new market every year, which
means that FARR Ceramics tends to export one new country every year. In 2013, they started
exporting to Turkey followed by Brazil in 2014 and Argentina in 2015. They are able to achieve
this strategy because of capacity building through agent sales. They employ agents from the
importing country, this helps FARR to maintain their sales in the host country by giving up a
percentage of their profit.

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The above two corporate level strategies helped FARR Ceramics to maintain their strong hold in
the export market and slowly increasing their local market share by sustaining their growth and
being a strong competitor in the ceramic industry of Bangladesh.

4.8 Corporate Social Responsibility (CSR)

William Frederick has written extensively on the subject, CSR for decades. With books and
many academic journal articles having been published by 4 Frederick about CSR, he openly
states that an accepted definition does not exist by stating "the actual meaning of CSR has
dogged the debate from the beginning." He adds, "The moral underpinnings of CSR are neither
clear nor agreed upon (Frederick, 2006)."

Although the concept of corporate social responsibility (CSR) has been advocated for decades
and is commonly employed by corporations globally, agreement on how CSR should be defined
and implemented remains a contentious debate amongst academia, businesses and society
(Smith, 2011).

According to United Nations Industrial Development Organizations, Corporate Social

Responsibility is a management concept whereby companies integrate social and environmental
concerns in their business operations and interactions with their stakeholders. CSR is
generally understood as being the way through which a company achieves a balance of
economic, environmental and social imperatives (“Triple-Bottom-Line-  Approach”), while at
the same time addressing the expectations of shareholders and stakeholders.

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 Chapter 5: Recommendation & Conclusion

5.1 Recommendation

After studying the total scenario of FARR Ceramics Limited, the following recommendations
may be offered for improving present condition of the market as well as its prospects:

 FARR Ceramics should go for more promotional activities such as TVC, newspaper ad,
radio ad etc.
 FARR Ceramics should do some CSR activities.
 FARR Ceramics should inform its consumers and customers about the new improvement
of its products;
 The company can encourage its customers (retailers) by providing different types of trade
offers, complementary samples, gift offerings etc;
 FARR Ceramics should confirm the availability of its products for more convenience of
the end users;
 FARR Ceramics should cover as much outlet it can ensuring the availability of the
brands;
 FARR Ceramics should make aware all about its brand to the consumers as well as
customers for creating image of brand assistance;
 FARR Ceramics should improve its merchandising activities to get an improved market
shares as it has enough scope to increase the same;
 The can increase its advertising efforts. Billboard may be the best way in advertising of
its products;
 FARR Ceramics can arrange cultural programs like–verities shows, folk concerts etc
under its brand to improve brand image in the mind of people;
 FARR Ceramics should increase the annual budget for merchandising expenses;
 To increase company image, brand image and for social responsibility, FARR Ceramics
can do some social works like–tree plantation, blood donation, vaccination programs etc.

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5.2 Conclusion

The desirable qualities of the tableware –beauty of design, excellence in making and affordable
price. The tableware is made to the most exact standards to please the most apprehensive
customers. The quality control supervisors at every stage of production ensure that all items meet
the most critical standards in the world. Giving dignity and distinction to the users, FARR
tableware becomes centerpiece in any stylish home. It blends together the outstanding
technology and timeless craftsmanship to catapult Bangladesh into the new millennium.

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