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Overview of The Cotswolds Distillery

The organization chosen for this particular report is The Cotswolds Distillery. Established in 2014, it happens to be among the limited distilleries around the world known for the production of the English Whisky with headquarters in United Kingdom. Harry Cockburn and Dr. Jim Swan had been involved in the early growth of the distillery. Harry Cockburn holds an expertise in the case maturation and some of his previous projects include working with Kavalan in Taiwan, Penderyn in Wales and The Milk and Honey Distillery across Israel. Dr. Jim Swan on the other hand has been the production director of the Bowmore Distillery. The Cotswolds Distillery seem to produce huge range of liquors and spirits ranging from the absinthe to the rye whisky while steadily raising the production of the Cotswolds gin and the single malt whisky. The gin from Cotswolds is basically dry having a twist of aroma distilled using close to nine carefully chosen botanical items. These items primarily include coriander seed, juniper, Angelica root, lavender flower, lake leaf, hand-peeled fresh lime, zest of pink grapefruit that are distilled inside a copper vessel in order to not only make it rich but also a unique gin. The essential oil of the gin is not eliminated since it contributes to the rich flavor and the unique mouthfeel. On the other hand, whisky production is one of the core things undertaken by the distillery 1 (Cotswoldsdistillery 2021). The distillery also ensures production of liquors and spirits in smaller batches of which many of them are limited editions having certain seasonal release. These are made available across the shop. Some of the other products of The Cotswolds Distillery include Cotswolds cream liquor, No.1 and No. 2 Wildflower Gin, Dry Gin Essence, Old Tom Gin, Gin and Whisky Glass, Cotswolds dry gin gift box, and miniature gift, Cloudy Christmas Gin, barrel aided gin and 50 ml spirit measure (Cotswoldsdistillery 2021). The chosen firm is planning towards internationalizing its market in a host country like India. In this context, the main competitors that can be identified in India are Empee Distilleries Ltd, Globus Spirits Ltd, G.M Breweries Limited, IFB Agro Industries Ltd, Jagatjit Industries Ltd, Radico Khaitan, Mohan Meakin Ltd, Tilaknagar Industries Ltd, United Breweries Ltd and the United Spirits Ltd.

As far the strengths are concerned, The Cotswolds Distillery has a higher margin of profit with higher level of diversification into varied markets. The distillery seems to have knowledgeable staffs that helps them in serving the customers better. It is also known to support the local communities as well as groups thus helping in the establishment of good ties with the outdoor activity group (Brown 2018). The distillery also helps in maintaining a competitive pricing. When it comes to weakness, The Cotswold Distillery seem to have a limited share of the market in comparison to the global competitors. The firm’s single malt whiskey is available across 31 countries except India and its dry gin variety is available across 30 countries except India.

Strengths and weaknesses

The existing product that has the potential of bringing in additional profits or return to the organization through international expansion is Cotswolds single malt whiskey. It one of the signatures Single Malt sippable whiskey having a fruity flavor. The Cotswold whisky draws a balance as well as depth of flavor that belies age due to the outstanding detailing of the distilling process in addition to the use of finer quality of oak cask for the process of maturation. The toughness of the cask put across the maximum depth in the flavor. The single malt whiskey will be able to capture a greater market share since it is considered a high-quality spirit that is being aged for the years within an oak barrel (Vachris and Vachris 2021).

Certain theories have been considered for explaining the business activities which The Cotswold Distillery might implement in the international market. This is described as follows:

The theory of product life cycle focuses on the introduction of specific product of the concerned firm in a given time frame within new market (Xu 2018). There are however various stages of this theory that includes introduction, growth, maturity as well as decline. This is described in the following diagram: 

Diagrammatic Representation of Product Life Cycle

Figure 1: Diagrammatic Representation of Product Life Cycle

Source: (Haanstra, Toxopeus and Van Gerrevink 2017)

The stage of introduction is marked by the substantial investment of firm in manufacturing the product through undertaking marketing campaign so that new customers within international market become aware of the newly introduced product (Bakker et al. 2014). The growth stage is usually decided based on success of the newly introduced product into the competitive market and from where it gets elevated to the growth stage which shall eventually be characterized by the customer demand for the specific product (Stark 2016). The rising demand shall result in enhanced production of the new product thereby eventually expanding its availability. The stage of maturity is marked by the phase when the concerned organization generally witnesses profitability. It is also the stage when the marketing and the production cost usually reduces (Wang, Wang and Zhao 2015). The decrease in the cost implies that the firm will be witnessing decline in the operational cost particularly, the employees, labor as well as production. In this stage, the concerned firm is also expected to get acquainted with the demands of the customer and ensure easy and flexible organizational activities within international market (Wu et al. 2017). As far as the decline stage is concerned, it is marked by how the new product seem to be successful and competitors makes an effort in emulating not only the composition but also the price of the product that causes a reduction in the market share of the product (Faff et al. 2016).

When it comes to the application of the theory on the single malt flavored whiskey, it can be determined through the production of flavored whiskey where it could be anticipated that the single malt whiskey had the ability of enhancing growth. When it comes to India, the Indian distillers are looking forward to achieving the world ranking and has been sweeping the international awards with single malts made from the barley grown around the Himalayan belts. In fact, Indian distillers has been making use of a wider variety of locally brewed and sophisticated single malt thus bringing about a change in the perception. Whiskey now accounts for more than 60 percent of the overall consumption of alcohol in India with the annual sales reaching 220 million cases for the year 2019. It is to be noted that the grain is considered a key aspect in the single malt whiskey making for the Indian distillers. The country grows its barley required for whiskey making in the Rajasthan and the Punjab belt and experiments with varieties for accessing a bunch of characteristics that could contribute to the flavor through the fermentability (Menezes 2016).

Potential for international expansion in India

The Heckscher-Ohlin model represents a theory of economics which seem to propose that countries undertake export which they can plentifully and efficiently produce (Iwasa and Nishimura 2014). Also known as H-O model, it is used for the evaluation of the trade and particularly equilibrium of the trade between the two nations that have varying levels of natural resources and specialties. This model seems to emphasize export of the goods which needs factor of production which a nation has in abundant. It also focuses on the import of the goods which a country is not able to effectively produce. The emphasis of the model is on export of the goods which required the factors of the production that a country possess in abundance. It also focuses on the import of the goods which a nation is unable to efficiently produce. Therefore, countries must ideally export the resources and materials that they seem to possess in excess and proportionately import the ones that they require. The Heckscher-Ohlin model thus puts across a mathematical explanation on how the country must trade and operate when the resources seem to be imbalanced across the world. It also pinpoints the preferred balance between the two nations, each having its resources.

The model however does not seem to be limited to the tradable commodities. It also seems to incorporate other factors of production like labor. The cost of the labor has been found to vary from one country to the other, so countries having cheaper labor force primarily focus on the production of the labor-intensive goods as per the model (Lee et al. 2020).

In applying the theory to India when it comes to the making of single malt whiskey it is found that although most connoisseurs considered single malts to be synonymous with Scottish Highlands, Indian distilleries has been quite changing such perception with wider variety of the sophisticated and locally brewed single malt. As put forward by the Confederation of the Indian Alcoholic Beverage Companies, the alcohol spirit industry on the accounted for 345 million cases. The harsh weather conditions of North India with temperature fluctuations of close to over 40 degrees Celsius around summer and close to 2 degrees Celsius during the winter leads to aggressively interaction of the cask and the malt. This enabled the experts across Scotland to agree that the massive temperature variations cause aging faster across India by four times. Thus, a malt that is aged for about 10 years in the North India is equivalent to a scotch which is about 30 to 40 years. Thus, India has the resources of making single malt whiskey in lesser amount of time. Therefore, the manufacture of Cotswolds single malt flavored whiskey will take less fermentation time in India than in UK.

Thus, it can be said that the model seems to emphasize the benefits of the international trade as well as global benefits to every individual whenever each of the country put in most of the effort into export of the resources that seem to be in abundance domestically. All the countries seem to benefit whenever they are found to import resources which they lack naturally. According to the theory, as the country does not seem to rely completely on the internal market, it might take the benefit of the elastic demand. There has been an increase in the cost of the labor and a decline in the marginal productivity with the development of more countries and the emerging market. International trading enables countries in adjusting to the capital-intensive production of the goods that would be impossible if each of the country sold the goods internally. 

  • GDP/Capita: According to IMF, India’s nominal GDP per capita for the year 2021 has been projected to around $2191 at the present prices (com 2021). The growth rate of the real gross domestic product is shown in Appendix 1.
  • Growth Rate of GDP: According to the World Bank, the GDP growth rate of India for the year 2021-22 has been around 8.3 percent. 

Product focus: Cotswolds single malt whisky

 Diagrammatic Representation of Growth Rate of GDP

Figure 2: Diagrammatic Representation of Growth Rate of GDP

Source: (tradingeconomics 2021)

  • Income Level and Distribution: In India the distribution of income is completely in-equal although the volume seem to have grown especially during the past two decades (income pyramid shown in Appendix 2). Close to 10 per cent at the top earned around 56 per cent of the overall income of a country in the year 2019 while the bottom 10 per cent accounted for only about 3.5 per cent (Sehrawat and Singh 2019).
  • Size of the Labour Force: India has close to 402 million workers of which around 275 has been males while 127 million has been females (Atwal 2019). This implies close to 51.7 percent of overall males and around 25.6 percent of the overall females happen to be workers.
  • Education Level of the Labour Force: As per records in 2018, the basic education level of the labours has been around 75 percent. Female workers represented lesser participation in same category. It is only the people belonging to the higher education background who become involved in workforce.
  • Labour Cost: The hourly cost of the labour in India is around US $ 1.7 for every hour as per the records of 2015.
  • Major Sectors of the Economy: The major sectors of the economy include the industry sector, agricultural sector, service sector, food processing and the manufacturing sector
  • Imports and Exports: India seem to export the goods and services as a percentage of the GDP which is about 18.43 percent and imports the goods at a percentage of about 20.96 percent.
  • Major Trading Partner: The key trading partners of India are United States, China, Saudi Arabia and the United Arab Emirates.
  • Inflation and Rate of Currency Exchange: The inflation in India is about 6.18 per cent as in 2020. The rate of the currency exchange would be 74.50 Indian rupee being equivalent to one dollar (Apte and Kapshe 2020).
  • Ease of Doing Business: India seems to have emerged as one of the most outstanding destinations for not only investments but also for doing business. India stood at the 63rd position in 2019 in the Ease of doing business ranking for the year 2020.
  • Infrastructure and Logistics:
  1. Internet Penetration: Irrespective of the huge base of the internet user, the rate of internet penetration across the country is close to 50 percent for the year 2020 (Pandita 2017).
  2. Airports: As far as the airports are concerned, India has close to 123 airports having scheduled commercial with some being allotted for both the civilian and the army usage. There are close to 35 international airports.
  3. Ports: When it comes to the ports India has close to 13 key ports and around 205 reported intermediate and minor ports
  4. Rail Services: The railway service in India has one of the biggest rail networks with the network for the route length spread over close to 67,956 kms having close to 13,169 number of passenger train and close to 8,479 number of freight trains and plying around 23 million passengers and daily freight close to 3 million ton across 7349 stations (Ranjan, Chatterjee and Chakraborty 2016).
  5. Distribution Network: Most of the Indian manufacturers seem to use three tier of distribution and selling structure which seem to have evolved over the years.
  • Economic Characteristics: India seem to have lower level of per capital income and an occupational pattern that focuses primarily on producing. The country also has a huge pressure of population with a prevalence of under employment and chronic unemployment. There is also need for a steady improvement in rate of the capital formation.
  1. Political and Legal System: When it comes to the political system, it can be said that India happens to be a union of the 28 states as well as 8 union territory. The country has a parliamentary system having legislatures at both the union and the state levels (Cohn 2018). The legal system however is based on common law based on the recorder precedents of the judiciary as inherited from colonial rule of British. The Indian court system comprises of the Supreme court, High Courts and the subordinate courts at the municipal, district and the village levels.
  2. Political Risk: Some of the political risk in India includes slowdown of the government decisions due to the political instability, unpredictable or adverse changes of the foreign direct investment (FDI), ownership, import, tax, pricing, legal disputes or delays as a result of the local partners, the suppliers, industrial action and the labour unrest (Dimic, Orlov. and Piljak 2015).
  3. Government Policy and Regulations Toward International Trade and Foreign Direct Investment: Foreign Trade across India remains governed by Foreign Trade Development and regulation formulated in the year 1992. Central government regulates the international trade policy in every five years. Subjected to the FDI policy provisions, foreign investment across the manufacturing sector falls under the automatic route. Under this route, a foreign investor does not need the approval either from the reserve bank of India or the Government of India for making the investment (Manchanda and Gaur 2016).
  4. Property Rights and Intellectual Property Protection: India being a World Trade Organization (WTO) member includes IP protection as a part of their national law. The registered forms of the intellectual property include the registered trademarks, patents and the registered rights for design. Copyright can also be registered in India.
  5. Membership In Regional Political and Trading Blocks: ASEAN-India Free Trade Agreement (AIFTA) represents a free trade agreement amongst ten member states of Association of Southeast Asian Nations (ASEAN) and the India (Jagdambe and Kannan 2020).
  6. Corruption and Freedom: The most prevalent corruption of India in context of doing business is bribery. As far as freedom is concerned, the economy of India stands at the 121st position, with continuous improvements being made in the business freedom.
  1. Culture: When it comes to the culture, India happens to be the birthplace of Hinduism, Buddhism, Sikhism and Jainism as well as the other religions. These are collectively known as the Indian religion (Howard 2017).
  2. Predominant Religion: Hinduism happens to be professed by majority of the population in close to 27 states except Mizoram, Arunachal Pradesh, Manipur, Lakshadweep, Meghalaya, Nagaland, Punjab and the Jammu and Kashmir. Islam is professed in majority of the Jammu & Kashmir and Lakshadweep.
  3. Language: Hindi happens to be the official language spoken by more than 528 million speakers across the Indian homes (Parshad et al. 2016). This is followed by Bengali which is being spoken by close to 97 million speakers. Some of the other languages include Telugu, Marathi, Urdu, Gujarati, Malayalam, Oria and Kannada.
  4. Social Class: India has four social classes which includes brahmins who happen to be the priests as well as gurus, the Kshatriyas who happen to be the kings, warriors and administrators, Vaishyas who happen to be the traders and agriculturalist and the Shudras who represent the laborers.
  5. Attitude and Values: It primarily revolves around harmony, endurance, non-interference and the respect towards others. There also lies a strong belief in the inherent goodness of men who should also be respected for their decisions. These values enable families and individuals in difficulty quite unwilling in seeking help.
  6. Taste and Customer Preference of Customers within market: When it comes to liquors, the brand, origin and the taste are held importance by the consumers. Millennial consumers are found to buy known brands.
  7. Relevant Cultural Characteristics: India is a country known for its diversity, innovativeness, pride, innovativeness, harmony, adaptability, modesty and the light heartedness.

The liquor market across India happens to be not only the fastest growing but also the third biggest. A substantial portion of the demand is met through the domestic production. The market however, seem to operate under a tough regulatory framework which has resulted in cronyism, corruption, exorbitant price, concerns for public health and black marketing thereby influencing the quality of liquor. All states of India seem to have protected its local market from the local imports. India however permits close to 100 per cent of the FDI for the brewing and distillation of the portable alcohol through automatic route. Thus, investors hold up fear of investing due to the restrictions and the taxes at state level (Kumar 2014). The imported liquor happens to be in the expensive category having a flat rate of close to 150 percent in the local customs duty. Therefore, for the amount of consumed whisky, consumer requires to pay roughly five times that of the average price for the imports. The state level tax thus reduces the foreign direct investment in liquor although imports seem to be rising at the rate of close to 33 percent.

Given, the above scenario, a partnership through joint venture would serve as the most suitable mode of entry for The Cotswolds Distillery (Nippa and Reuer 2019). With formation of partnership, business owners hold the option for creation of agreement which dictate how the loss or profit seem on to the members of partnership. In absence of an agreement, profit or loss is equally shared amongst the partners. In presence of the agreement, profit is divided depending on the specified terms. The two key factors that acts as the basis for ratio of profit sharing are capital contribution and responsibility. Thus, partnership happens to be a formal arrangement where two or more than two parties are found to operate and manage a business thereby sharing the profits (Rathi, Given and Forcier 2014).

All partnership business seems to share the profits and the liabilities in an equal manner (Storey et al. 2016). It is to be noted that the ratio of profit sharing represents arbitrary numbers agreed upon by partners. This indicates that the partner is able to look at two key factors and thereby negotiate and share the profit that becomes mutually beneficial for both. When the terms seem to be agreed upon and in agreement of partnership, partners are usually found to split the profit. Business partnership thus provides the business with an opportunity of expanding the customer base thereby improving the business. This will also allow The Cotswolds Distillery to have access to the new market and a chance of enhanced customer loyalty. Partnership also helps the business in enhancing the lease knowledge, expertise and the available resources. Also, formation of a partnership will enable the distribution of the profit and losses based on the percentage interest in partnership. Generally, each partner is found to own 25 percent of business within a partnership. Partners can also decide upon dividing its profits based on the responsibility (Delmon 2017). The extent of responsibility held by the partners is generally known while forming the partnership. For instance, if one of the partners have more responsibility in handling the operations then due to the additional responsibility, this partner will receive more percentage of profit in comparison to the other partner. In forming partnership, partners also contribute certain amount of capital. One of the partners has been found to contribute more towards the partnership in comparison to the other partner. In such instances, the partner might want to share the profit depending on the contribution made.

Applying the product life cycle theory

Partnership result from contract and remains governed by Partnership Act of 1932 (Dari-Mattiacci et al., 2017). Partnership also remains governed by generalized provision of Indian Contract Act on issues where Partnership Act remains silent. It has been mentioned that provision of the Indian Contract Act that is not cancelled remains applicable on Partnership until such a provision lies in contrary to any kind of provision of the Partnership Act of 1932. The contract rules with regard to the contract capacity, acceptance and offer will remain applicable to partnership. In other words, it can be said that governing of the partnership in India is done under the Indian Partnership Act of 1932. Limited Liability Partnerships (LLP) however remains governed by Limited Liability Partnership Act of 2008. It is to be noted that in LLP, the liability of partners remains limited while in partnership, liability of partners remains unlimited. As per the section 4 of Partnership Act of the 1932, Partnership indicates the relation between two individual firms that seemed to have agreed towards sharing the profits of the business. The key requirements of the partnership would include an agreement between partner, motive of earning and sharing of profit between partners and there should be an agreement of carrying the business in a joint fashion. It is however to be noted that an LLP or partnership firm remains taxed at a rate of close to 30 percent of the income which excludes not only the surcharge but also the tax levied for a particular purpose. The share of the profit which a partner seems to bring out of the partnership firm or the LLP is usually exempted in the hands of partner. The income earned by the partner is taxed and assessed. In addition to this, an LLP or partnership firm needs to possess an account number according to the provisions of Income Tax Act of 1961.

Conclusion

On a concluding note, it can be said that the organization shall manage certain issues of management through analysis of potential risk and market opportunities where adopting the market strategy of direct export shall act advantageous for the organization within the alcohol industry of India. The key potential risk shall revolve around the presence of the key competitors like Globus Spirits Ltd, Empee Distilleries Ltd, Jagatjit Industries Ltd, IFB Agro Industries Ltd, G.M Breweries Limited, Mohan Meakin Ltd, Tilaknagar Industries Ltd, United Breweries Ltd and many others who seem to be dominating the alcohol markete through establishment of healthy relations. Therefore, establishment of new product in form of single malt flavored whiskey shall revolve around undertaking risk of the failure within the alcohol market. The Cotswolds Distillery can however incorporate certain level of innovation in the product during the development process of the product in order to avoid any kind of risk in the international market. Nevertheless, competitors based across India seem to possess competitive advantage as they already have been associated with the trading with time as well as business operations.

The organization might also face issues with the maintenance of key elements of the business ethics like fairness, integrity, transparency as well as accountability while undertaking the operations of business. The organization shall also be making an entry into the new market therefore it increases the onus of The Cotswolds Distillery in maintaining the business ethics while gaining the profit across the new market. The organization holds the possibility of disobeying elements with regard to gaining of profit in initial stages of the business within the host country. It is tough for the firm to experience profit in initial stages of the new venture hence the organization has higher chances of non-adherence to the business ethics. It is also to be noted that the newer business opportunity seems to offer business advantage for attracting newer customers. Nevertheless, there is also the possibility of any kind of failure in attracting the new customers. It is therefore vital to make the product innovative as well unique prior to making an entry into the international market. The implications of theories mentioned as a part of the report portrays that post the establishment of new product across the market, operating cost shall reduce respectively. 

Indian single malt whisky industry

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