coal india ltd._research paper

8/10/2019 Coal India Ltd._research Paper

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BUILDING COAL INTO A BRAND: A STUDY OF COAL INDIA LIMITED

INTRODUCTION

Brands have arguably existed for thousands of years (Moore and Reid 2008), but the modern

idea of brands commences in the late 19th century with the introduction of trademarks and

attractive packaging (Fullerton 1988; McCrum 2000), which were developed as a guarantee

of authenticity (Feldwick 1991, p21). The origins of branding were reflected in the

American Marketing Association (AMA) 1960 definition of the brand, which focused on

tangible brand attributes as points of differentiation: A name, term, sign, symbol or design,

or a combination of them, intended to identify the goods or services of one seller or group of

sellers and to differentiate them from those of the competitors. A more recent AMA

definition (1995) adds any other feature to the attributes that might differentiate, reflecting

the developments in brand theory. Branding has gained much importance in industrial

marketing nowadays in view of immense global business opportunities (Raizada, 2012).

Externally, corporate brands can establish a number of valuable associations in the minds of

customers and other key constituents that can help to differentiate the brand, such as common

product attributes, benefits or attitudes; people and relationships; programmes and values;

and corporate credibility. Regardless of how it is constituted, a corporate image will depend

on a number of factors, such as the products a company makes, the actions it takes, and the

manner in which it communicates to consumers (Keller and Richey, 2006). The topic of

branding and brand management has clearly become an important management priority in the

past decade or so. Accordingly, academic research has covered a number of different issues

that have collectively advanced our understanding of brands (Kevin Lane Keller, 2001). In

the era of global marketing, corporations have to keep an eye on the marketing environment

to survive in the long run. Branding strategies, as the key role in the marketing mix, are

increasingly viewed as a powerful tool to obtain sustainable competitive advantages, to fully

utilize available resources and to avoid bleeding price competitions (Aaker and Keller, 1990).

Revenue growth is now a big focus, which means cross- and up-selling existing customers,

increasing lifetime customer value and doing a better job acquiring new ones. In short,

marketing and brand management is likely to become a distinct competitive advantage much

as access, customer relationship management and product quality are viewed today. (Michael

Hinshaw, 2005). A growing body of scholarship, particularly in marketing, draws on a widevariety of theoretical traditions to examine brands as social texts. (Hatch and Rubin, 2006).


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Coal India Limited (CIL) as an organized state owned coal mining corporate came into being

in November 1975 with the government taking over private coal mines. With a modest

production of 79 Million Tonnes (MTs) at the year of its inception CIL today is the single

largest coal producer in the world. CIL having fulfilled the financial and other prerequisites

was granted the Maharatnarecognition in April 2011.

(1) CIL produces around 81.1% of India's overall coal production.

(2) In India where approximately 52% of primary commercial energy is coal dependent,

CIL alone meets to the tune of 40% of primary commercial energy requirement.

(3) It commands nearly 74% of the Indian coal market.

(4) It feeds 82 out of 86 coal based thermal power plants in India.

(5)

Accounts for 76% of total thermal power generating capacity of the Utility sector.

(6) Also supplies coal at prices discounted to international prices.

Source: (Company website)

Objectives of the study

Although much has been talked about branding in general, but creating a brand of coal and

finding factors to do the same remains an unprecedented area upon which this paper is based.

Apart from this, the research also focuses on finding whether consumers are ready for an

increase in the price of coal, (if yes) up to what extent as well as justifying the possible

factors based on which the price of coal can be increased.

Literature Review

The coal-mining enterprises must improve their own competitiveness to adapt to the globally

changing business scenario. Therefore, it is key issue to establish a personalized,

characteristics brand for the coal-mining enterprises participating in market competition. Coal

brand products have become a comprehensive reflect to the scientific and technological level,

management level, marketing level and corporate culture of coal-mining enterprises. Despite

it is difficult to build up a good brand image in minds of customer as a result of the

characteristics of high homogeneity and alternative-not of coal products, the coal companies

still take advantage of setting brand strategy to establish a differential advantages and reduce

the sensitivity of the price from users, because the coal as a natural mineral, its region, depth,

the formation age are different. Once the coal companies become famous by their brands, it is

easy to make product or service well known, and form a certain competitive advantage, then

increase the visibility of enterprises, finally the coal companies strong market emissive and


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advantage in pillar industries can boost the development of relevant industries. A successful

industrial brand is developed when a firm keeps its commitment on quality, deliveries and

services to its customers. Such brands are able to withstand the competition with ease and

command premium prices (Raizada, 2012). A competitive price discovery process empowers

companies to follow their own judgements of market conditions and results in the fair pricing

of products (Parikh, 2013). Once the coal companies become famous by their brands, it is

easy to make product or service well known, and form a certain competitive advantage, then

increase the visibility of enterprises, finally the coal companies strong market emissive and

advantage in pillar industries can boost the development of relevant industries (NAN Yuan

Zheng, 2006). One category of industrial product is coal which is used as a raw material in

other industries. In an industrial buying process, the buyers evaluate the suppliers on the basis

of various key parameters. These are:

(1)Performance of the product;

(2)Price and its impact on the final costing of the buyers

(3)

Reliability of suppliers in terms of after sales service

Areas of price increase may be considered once quality improves because consumer price

sensitivity matters less for high-quality brands (Dhar and Hoch, 1997). CSR activities has

been an important factor under consideration as there is a socioeconomic view of socialresponsibility, argued by theorists like Freeman (1984), Freeman and Weharne (1999),

Clarkson (1995), Lazer (1996), and Carroll (1999) who believe that businesses owe

something back to the society that supports them, and that this debt is greater than the debt of

any individual member of the society. This is a broad view of CSR which states that

companies are responsible to the society as a whole, of which, they form an integral part.

They operate by public consent and therefore should constructively serve the needs of the

society. This approach is illustrated by the concepts of corporate accountability and social

justice (Sacconi, 2004; Boatright, 2002; Alchian and Demsetz, 1972; Jensen and Meckling,

1976; Williamson, 1990).

The coal products of coal-mining enterprises are non-renewable natural resources, they are

influenced by geological storage conditions due to which the quality and yield has a big

fluctuation. In addition, the planned economy restricts the development of coal-mining

enterprises by the deep-rooted ideology that emphasized production, lighten the sales and the

brand strategy has been neglected all the times. In the oversupply environment of coal

market, most businesses take only low-level tactical adjustment and adaptation, have yet to


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form a future-oriented system of management and marketing strategies, thus leading to the

coal products become backlog, the price inversion, and the arrears are difficult to made up,

the entire coal market is in the disorder condition of low-price dumping (NAN Yuan Zheng,

2006). Most of the industrial marketers rely on their established corporate group image to

position their products rather than going for branding it separately. However, as the demand

grows and firms aspire to grow beyond existing markets, they need to develop a branding

strategy to create a distinct identity as well as to command a better price for their products

(Raizada, 2012).

RESEARCH METHODOLOGY

The Study

Our study for this project was exploratory in nature and a self administered survey was being

used as a method to complete the study.

Research Question

The Survey

The Research questions are aimed at isolating the factors for branding and areas for pricing.

Therefore they are distributed among thirty two questions in our self administered

questionnaire and the responses thus collected will be subjected to statistical analysis and

inferences will be drawn from said analysis.

Sampling Design

Population: Coal India Limiteds current customers

Sample Size: 240 current customers of CIL whom we have contacted through

intermediary agents who handle and trade in coal with these organizations and Coal

India Limited.

Sample element: Individual agents of various professional trading companies were

part of our study.

Sampling Technique: Non-probabilistic form of sampling was used, leading to

Convenience Sampling.


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Tools used for data Collection:

Self designed questionnaire was used to solicit responses from the respondents ranging from

1 to 5 on a Likert type scale.

Tools used for data Analysis:

Internal consistency was established through Reliability Analysis.

Reliability test was computed through Cronbach alpha to check whether data items in

the questionnaires are reliable or not.

Factor analysis was applied to identify the major factors that might assist in branding

Research Hypothesis

The null hypothesis for our study is that the explored factors will not affect the branding

potential of coal.

The alternate hypothesis of our study is that the explored factors do have an effect on the

branding potential of coal.

FINDINGS AND INTERPRETATION

Since our primary task was to conduct a Brand Positioning exercise by understanding the

Points of Parity and the Points of Differences applicable for the product which is Coal in this

case, we have made the following observations and our interpretations of the results achieved

are elaborated on below:

Since CIL has a monopoly in the area of supply of Coal in India, therefore to achieve

a comparison on the POP and POD, we considered the growing usage of Imported

Coal as a competition. Our results show that among the consumers we interviewed,

50% prefer the usage of Domestic Coal which is being supplied by CIL. But typically

in the West Bengal region, a number of Power Plant customers have moved towards

using Imported Coal as well for their needs of power generation. 33% of the

consumers prefer Imported Coal. There are 17% of consumers who would like to

continue with using Domestic Coal provided by CIL but to meet any shortage in


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demand; they are also willing to use Imported Coal. Essentially what we could gather

from the interviews we conducted with the consumers is that the mindset of 33% of

the consumers who prefer the usage of Imported Coal is that there is total lack of

transparency as to the quality of coal that is being provided by CIL. The higher grades

of coal being provided are not up to international standards of GCV though their

prices being charged are equivalent to international standards. Therefore customers

are more inclined towards ordering Coal from outside the borders since their

perception is that they are getting their moneys worth in this case. The sale of lower

grades of Coal is not impacted as such for CIL and is being used heavily in the

country.

(Refer to Table 6.1, Fig 6.1)

Tabulation of results obtained regarding the preference of the form coal in the current market

scenario for consumers

# Form of Coal Percentage

1 Domestic Coal 50

2 Imported Coal 33

3 Combination of Both 17

Table 6.1

Fig 6.1


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Tabulation of results for the acceptability of price increase with the supply of fixed

quantity of coal by CIL as responded by the consumers

# Answer Response %

1 Yes 119 63%

2 No 111 37%

Table 6.3

Fig 6.2

We asked the respondents on their views over the price quality compatibility of the

coal that CIL provides. Overwhelmingly the response we obtained was that there is no

compatibility in the current nature as it stands. Respondents have been candid enough

to declare that only if the quality of coal supplied by CIL improves can there be any

compatibility. Some respondents believe that CIL cannot improve the GCV value of

the coal they provide, but continuing on charging an international standardized rate on

equivalent GCV coal which is essentially not being provided is unacceptable. Prices

need to come down in order for any resemblance of compatibility to exist.

Table 6.5 gives a comparison on the quality and price parameters for Domestic Coal

and Imported Coal. This exercise was particularly done to ascertain the differences in

perception of respondents towards Domestic and Imported Coal. In totality it attempts

to give us points of parity and points of differences in the quality parameter. We haveobserved that Imported Coal, on a scale of 100 performs better in the opinion of the


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consumers on most quality parameters but on the price parameters Domestic Coal

fares better.

Weighted Average Performance Perception of Consumers on Quality Parameters (Scale of 100)

Quality Parameter Domestic Coal Imported Coal

Gross Calorific Value 47.8 89.5

Ash Content 40.9 83.2

VM Content 62.9 94.9

Carbon Content 46.3 82.7

Source of Origin/Supply 73.5 84

Gross Price (FOB/FOR) of Coal sold 68 65.6

Net Price of Coal Inclusive of Landed Cost 79.6 57.3

Ash Fusion Temperature 66.9 74.4

Table 6.5

The basic price for coal to be supplied is fixed by the Government of India and the

pricing notification describes the prices charged for surface transportation, capacity

loading, beneficiation costs and many more. But CIL would like to explore other

areas apart from the above where they could charge for fees after putting in efforts.

This exercise is purely exploratory in nature so that CIL can look for enhancement in

reasonable profits. Owing to this task, we asked the respondents to rate their opinions

on some potential areas where if CIL concentrates its efforts and then consumers

might be willing to shell out a little more for the price of coal. We observed that for

the service of providing a supply of fixed quantity of coal which we discussed above,

63% had found it agreeable to have a hike in price on this account. The consumers

believed that at an average they could probably accept a 15.5% increase in the price of

coal before switching over to the use of Imported Coal. (Refer to Table 6.4)


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Tabulation of results obtained for consumer willingness to absorb an acceptable price

increase before switching to use of Imported Coal

# Answer Min Value Max Value Average

Value

Standard

Deviation

Responses

1

Percentage

increase in

price

5.00 25.00 15.50 7.70 240

Table 6.4

The consumers believed that the 42.45% of the above price increase can be accounted

for the service of guaranteeing a fixed supply of coal. But 58.6% of the price increase,

the consumers believed can be attributed by linking the current prices to the

Wholesale Price Index and let the Inflation Indexing be a running factor for price

determination which is not happening currently. (Refer to Table 6.6)

Weighted Average Distribution of Price Increase (in %)

Price Component Percentage Increase

CIL Community Service 7.5

Inflation Indexing 58.6

Usage of Scarce Non Renewable sources of energy 16.4

CIL guaranteeing a supply of fixed quantity of coal 42.4

Table 6.6

To observe customer response towards a unique selling proposition, we attempted to

ask the respondents to react towards an enhanced service that would be provided by

CIL. This service would be fundamentally an improvement in the method of washing

the coal to be supplied such that the ash content in the coal is reduced to nearly 6%

from the current 21-22% that is prevalent. It was heartening to see that 100% of the

consumers reacted very positively towards this idea. When asked as to how much

would they be willing to pay premium if this enhancement is provided, a whopping

33% of the respondents replied with 20-25% increase where as 30% replied with 15-

20% increase. This elementally meant that for the consumers, if provided with better

quality of coal can forego certain costs when taking into benefits that they would

receive. This was a key observation in our study and gives a potential POD and USP

for the coal being provided by Coal India Limited.

(Refer to Table 6.7, Fig 6.3, Fig 6.4)


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Tabulation of the results obtained regarding the acceptability of price increase of coal if

washed coal is provided to the consumers

Table 6.7

Fig 6.3

Response No. Choice ofPercentage

Increase

Response PercentageDistribution

1 0-5% 64 27%

2 5-10% 16 7%

3 10-15% 8 3%

4 15-20% 72 30%

5 20-25% 80 33%

6 25-30% 0 0%

7 30-35% 0 0%

8 35-40% 0 0%

9 40-45% 0 0%

10 45-50% 0 0%

11More than

50%0 0%

Total 240 100%


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Fig 6.4

Reliability Analysis on the Data Collected

The first important table is the Reliability Statistics table that provides the actual value

for Cronbach's alpha, as shown below:

Case Processing Summary

N %

Cases Valid 30 100.0

Excludeda 0 .0

Total 30 100.0

a. Listwise deletion based on all variables in

the procedure

Table 6.8

We can see that Cronbach's alpha is 0.658, which indicates a high level of internal

consistency for our scale with this specific sample.

0

1

2

3

4

5

67

8

9

10

No.ofRepons

es

Indicative Price Range

Acceptable Increase in Price if washed coal is provided

Response

Reliability Statistics

Cronbach'sAlpha N of Items

.658 15


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Regression Analysis

Model Summary

Model

R

R

Square

AdjustedR

Square

Std.

Error ofthe

Estimate

Change Statistics

Durbin-

Watson

RSquare

Change

F

Change df1 df2

Sig. F

Change

1 .981 .963 .924 .443 .963 24.523 15 14 .000 1.981

Table 6.9

In the above case, 96.3% of the variation in the dependent variable can be explained by the

collection of the independent variables.

ANOVA

Model Sum of

Squares df

Mean

Square F Sig.

1 Regression 72.218 15 4.815 24.523 .000

Residual 2.749 14 .196

Total 74.967 29

Table 6.10

Factor Analysis

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .535

Bartlett's Test of Sphericity Approx. Chi-Square 479.637

df 105

Sig. .000

Table 6.11


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As the value is more than .5 we can say the sample is adequate.

Communalities

Initial Extraction

Quality_PurchaseInfluence 1.000 .845

TransportCost_PurchaseInflunce 1.000 .766

OtherCharges_PurchaseInfluence 1.000 .946

TimelyDelivery_PurchaseInfluence 1.000 .934

TransportMode_PurchaseInfluence 1.000 .747

InfoCIL_PurchaseInfluence 1.000 .881

GovPolicies_PurchaseInfluence 1.000 .887

CILPersonnelService_PurchaseInfluence 1.000 .864

Clarity_TermsConditions_PurchaseInfluence 1.000 .846

FutureCILPlans_PurchaseInfluence 1.000 .850

PerceptionIndustry_PurchaseInfluence 1.000 .877

PerceptionOtherIndustry_PurchaseInfluence 1.000 .945

CIL_CSR 1.000 .941

Inflation_PurchaseInfluence 1.000 .773

CIL_GreenPromotion 1.000 .874

Extraction Method: Principal Component Analysis.

Table 6.12

The above table basically helps us in extracting the important factors. We have the choice of

either selecting the factors from the above table and compare their respective with Eigen

values from the below table and considering the ones greater than 1, decide on our reduced

number of factors.


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Table 6.13

Fig 6.5

From the above table and Scree plot, we can see that there are 5 major factors that we need to

consider from the questionnaire and survey we conducted.

Total

% of

Variance

Cumulativ

e % Total

% of

Variance

Cumulativ

e % Total

% of

Variance

Cumulativ

e %

1 6.718 44.787 44.787 6.718 44.787 44.787 5.541 36.941 36.941

2 2.168 14.454 59.241 2.168 14.454 59.241 2.530 16.869 53.809

3 1.680 11.202 70.442 1.680 11.202 70.442 1.771 11.809 65.618

4 1.399 9.325 79.767 1.399 9.325 79.767 1.703 11.351 76.969

5 1.011 6.738 86.506 1.011 6.738 86.506 1.431 9.537 86.506

6 .627 4.183 90.688

7 .491 3.274 93.963

8 .319 2.127 96.090

9 .247 1.648 97.738

10 .179 1.193 98.931

11 .067 .445 99.376

12 .038 .255 99.631

13 .034 .226 99.858

14 .017 .111 99.96915 .005 .031 100.000

Total Variance Explained

Component Initial Eigenvalues

Loadings

Loadings


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Image Perception

Through our study we have found that the decision to purchase coal whether it be Domestic

Coal or Imported Coal, does depend to a certain extent on the perception of the other players

in the same Industry to which a particular customer belongs. Similarly the assessments of

other Industries about the coal supplied by CIL also influences a consumers buying

behavior.

The information provided by CIL on the quality and grade determination methods if

transparent builds the reputation of the organization in the minds of the consumers and thus

enhances chance of the same consumer buying Domestic Coal from CIL.

Organizational Service

To build the brand for coal, it is important to build the reputation of CIL. Now this can be

done by improving the image, meaning with considering intangible evidences. It can also be

improved by improving the interaction between company agents and consumers. If CIL

provides transparency and clarity on the terms and conditions for selling of coal, it also

improves the perception of the consumer.

Government Policies

Since coal is a national commodity used for the good of the nation and industrial growth, it is

extremely important that the friendliness of government policies be understood by the

customers. If government policies are favorable, it creates a positive attachment for the

consumer towards the Domestic Coal

IMPLICATIONS

No artificial demand would be generated: If the coal allocated to the consumers match

their actual requirements or actual consumption, then the gap between demand and supply

may be greatly reduced. This can be done by periodic reviews targeted towards matching the

actual consumption of coal and the quantity allocated to the plants.


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Increase in CSR activities would lead to the following:

(a)Increase in long term production: Community service activities such as

improvement in the health condition, better education etc. would enable people

living around the mining areas to move up in the Maslows heirarchy. When

people feel satisfied of their life and work they put in their best efforts in

everything they do. As a result of this they would give more output leading to

increase in production in the long run.

(b)Easy land acquisition: One of the main issues faced by CIL is that the people are

not ready to move away from the probable mining areas. The reason for this might

be that they perceive lesser benefits in doing so. If CIL is actively involved in

community service activities, the trust of the community towards CIL would

increase and the companys demand to clear the land and shift somewhere else

will be readily accepted.

More revenue generation for CIL: Consumers are ready to accept an increase in the price

of coal within a margin of 15%-20% subject to the improvement in the quality of coal

supplied to them. When the price of coal would increase it would surely generate more

revenue for CIL. The collected revenue might be used to fuel its various CSR activities,

projects like expansion to foreign lands and other such activities.

Reduction in per unit cost of electricity: Improvement in the quality of coal would lead to

higher efficiency utilisation of plants and thus generating more electricity at a lower cost than

now.

Reduction in the transportation cost for consumers: With the development in the modes

of transport like new railways tracks and roads which would enhance connectivity, the

transportation cost which forms a major cost component for consumers will be greatly

reduced and price increase may seeem to be more justifiable.


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Limitations and scope for further research

Though our study has been able to successful establish a few factors but there can a be a few

limitations to our study

For a more comprehensive outlook it might have been possible to have a larger reach

of consumers to help us in our study, but time and geographical constraints limited us.

Our study focused more on establishing what the current consumers believed about

the state of coal supply by Coal India Limited. A further step would have been to

explore on the possibilities that might have been presented by potential consumers

and their perceptions.

Since Government policies influence the coal industry in a major way, the current

political scenario in the country might result in certain ideological biases in the minds

of the respondents.

The technical aspects on our survey regarding the quality of coal were not necessarily

aspects which some consumers were aware of and hence the responses might not have

been accurate enough.

We believe that this study has thrown up potential branding factors and the next logical step

for the organization, if and when it chooses to do so, is to invest in preparing branding

strategies based on the factors concluded from our research. Coal India Limited currently

enjoys a monopoly in the country but it is never a bad idea to brand the coal they supply in

order to have a head start on any competition which might crop up in future.

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