CASE 20

WHIRLPOOL: THE FIRST VENTURE INTO INDIA

I.

CASE ABSTRACT
Management at Whirlpool concluded that if the company were to be a
major player in the developing global major home appliance industry,
it needed a presence in Asia to compete with the Japanese and Korean
manufacturers. Industry projections suggested that Asia would
surpass North American and Europe and represent 40% of world demand
for home appliances by 2004.
In 1987, Whirlpool managers thought
that rising incomes and aspirations among India's middle class would
generate substantial demand for home appliances over the next few
decades. That same year, Whirlpool met and signed a joint venture
agreement with India's TVS group, for the purpose of manufacturing
automatic washing machines and eventually other appliances.
TVS
had begun as a bus service and diversified into auto component
manufacturing and other auto-related businesses.
Its most recent
(and least successful) diversification into computer components was
also its first into non-automotive consumer goods.
TVS then joined
with Whirlpool in forming TWL because it also wanted to take
advantage of future growth in consumer products in India.
Under the terms of the joint venture agreement, TVS provided day-today operational management, with Whirlpool providing the technical
expertise in automatic washing machines. Unfortunately, TVS knew
nothing of either making or marketing major home appliances, and
Whirlpool ignored the fact that the Indian market had no interest at
the time in automatic washing machines! People purchased either
manual washers or semi-automatic twin-tub washers. Fully automatic
machines were affordable only to a tiny segment of the population.
TVS' and Whirlpool's investment of time and money into the
development of their first washer meant that the venture had to sell
5,000 high-priced units per month to reach break-even. TWL was
established as an assembly operation, dependent on components that
were 80-90% externally sourced. TVS' lack of experience with
appropriate suppliers, plus the marginal ability of suppliers to
deliver quality parts on time, caused huge problems in production.
TVS also had few connections with appliance retail distribution
outlets. Dealers were not interested in buying products from
single-product firms like TWL when they could deal with companies
making a full range of consumer durables, like Videocom. Even after
two years of operations, only 2,000 to 2,500 units were coming off
TWL's assembly line. By 1993, TWL's equity was reduced to zero,
cash flow was weak, and losses were accumulating. Whirlpool
purchased TVS' stock in the joint venture and implemented a
turnaround strategy under the new name of Whirlpool Washers
Manufacturing Limited (WWML).

__________________________________
Copyright 1999 by Thomas L. Wheelen and J. David Hunger. Reprinted by
our permission only for the 7th Editions of Strategic Management and
Business Policy and Cases in Strategic Management.

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Case 20
Whirlpool: The First Venture Into India
Whirlpool initiated its Worldwide Excellence Program in the
Pondicherry plant to raise the level of quality and reduce costs.
It worked to develop better relations with its suppliers. Whirlpool
replaced TVS managers with its own from the United States but still
had to deal with the TVS corporate culture in the workplace.
The
reorganized venture reduced its losses and became profitable.
Whirlpool's market share rose from 12.9% in 1994 to 17% by the end
of 1995. WWML finally made a book profit in 1995 but still had to
pay off its accumulated losses of US$50 million.
Increasing
competition and price wars were making the targeted 1996 market
share of 20.6% difficult to achieve.
Also in 1995, Whirlpool purchased a 51% interest in Delhi-based
Kelvinator of India (KOI), one of India's leading refrigerator
makers. Even though KOI had 30% market share in India, its
refrigerators were outdated and the company was unprofitable.
Whirlpool began construction of a US$119 million plant to produce
state-of-the-art refrigerators. This was on top of its investment,
totaling US$120 million, in the TVS joint venture and in Kelvinator.
The company was also considering entering the Indian air
conditioning market as well as the fast-growing, Chinese major home
appliance market. In the meantime, Whirlpool's erratic corporate
earnings translated into a decline in its per share stock price from
$56 in 1993 to $51 in 1996.
Whirlpool's plan to become a global
appliance manufacturer appeared to be in difficulty.
Decision Date: June 1996
Note:
II.

1995 Sales:
1995 Net Income:

Whirlpool Corporation.

$8,347,000,000*
$209,000,000*

Figures for WWML not available.

CASE ISSUES AND SUBJECTS

Major Home Appliance Industry
Environmental Scanning
Industry Analysis
India
International Growth
Strategies
Joint Ventures
Strategic Alliances
Turnaround Strategy
Strategy Formulation

20-2

Core Competencies
Core Deficiencies
Distinctive Competencies
SWOT Analysis
Competitive Strategy
Corporate Culture
Evaluation and Control
Vertical Integration vs.
Outsourcing

Case 20
Whirlpool: The First Venture Into India
1. III. STEPS COVERED IN STRATEGIC DECISION-MAKING PROCESS
(See Figure 1.5 on pages 20 and 21)
Strategy Formulation
Pe
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rm
an
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Str
at
egi
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Po
stu
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Co
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or
at
e
Go
ve
rn
an
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Ex
ter
nal
Fa
cto
rs

Int
er
nal
Fa
cto
rs

Str
at
egi
c
Fa
cto
rs

Rev
iew
Mis
sion
&
Obj
ecti
ves

1A

1B

5A

5B

S
tr
at
e
gi
c
A
lt
e
r
n
at
iv
e
s
6

O = Emphasized in Case
IV.

Strategy
Implementation

Evaluation &
Control

X = Covered in Case

CASE OBJECTIVES
1.

To provide an example of a large successful company entering

an international market via a joint venture. Students should
be able to identify a number of mistakes that were made.

2.

To illustrate how an industry, major home appliances, can be

mature in one part of the world (North America), approaching
maturity in another part of the world (Europe), and just
beginning its growth curve in another part of the world (Asia).
Only rarely is any industry at the same stage of development
around the world - the automobile and tire industries are now
global and mature.

3.

To show that a company's core (or even distinctive)

competencies may not be transferable to another industry
(appliances in TVS' case) or to another part of the world
(India in Whirlpool's case). Both companies were extremely
successful in their own spheres of action but together proved
incompetent in a joint venture requiring new competencies and
resources. Both firms' weaknesses became core deficiencies in
this situation.

4.

To illustrate how a large company like Whirlpool can learn

from its mistakes. Once it realized that its partner was not
offering anything to the joint venture, it moved to take over
control and to transfer to the Indian operation those things in
which it was extremely competent.

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Case 20
Whirlpool: The First Venture Into India
5.

To show
Neither
getting
its own

the importance of appropriate environmental scanning.

Whirlpool nor TVS really understood what they were
into. Each assumed that the other would make up for
deficiencies.

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Case 20
Whirlpool: The First Venture Into India
V.

SUGGESTED CLASSROOM APPROACHES TO THE CASE

1.

This is a fairly difficult case for the typical student.

Students have a difficult time deciding what to analyze. It is
imperative that the instructor define the appropriate unit of
analysis for students. It could be (a) Whirlpool Corporation
(the multinational corporation based in the United States, (b)
TWL (the Indian joint venture of Whirlpool and TVS), (c) WWML
(the Indian venture after Whirlpool bought TVS' interest in
TWL ), or (d) Whirlpool's operations in India (WWML plus KOI).
Without this clarification up front, expect confusion in written
papers or oral presentations.
We have noted, for example, that
student written papers and strategic audits of this case tend to
intermix information from all four of these units of analysis.
For example, the corporate governance section tends to include
information about Whirlpool Corporation's board of directors and
top management. The environmental scanning section for societal
focuses only on India, but the industry analysis discusses the
global (not the Indian) major home appliance industry.
One
could argue that all three possibilities are reasonable units of
analysis, but mixing them together makes such a paper confusing
and very difficult to grade.
This clarification is not
important if the instructor wishes to use this case in open
class discussion. The instructor is then free to discuss each
of these units of analysis in sequence. First discuss
Whirlpool's decision to enter India from the point of view of
the U.S. based corporation. Then discuss its joint venture with
TVS. Then move to a discussion of Whirlpool's Indian operations
now that it has control of both the joint venture (WWML) and
Kelvinator of India (KOI). The discussion could then end up
with a discussion of Whirlpool's Asian strategy with special
emphasis on entering China.

2.

This case should be placed in that part of the course where

international or business unit issues are being discussed. It
seems most appropriate to use it when discussing international
entry strategies - probably in the second half of the course
after the standard corporate and competitive strategies have
been discussed.

3.

This case can be used either alone or with the other cases in
Industry Five: Major Home Appliances. These cases are The U.S.
Major Home Appliance Industry (Case 17), Maytag (Case 18), and
Whirlpool (Case 19). This case is especially effective after
the first three cases have been discussed.
Case 17 sets the
stage by describing how the industry is moving from national to
global. Case 18 shows Maytag's mistake in purchasing Hoover to
enter Europe. Case 19 illustrates how Whirlpool became a
dominant player in the U.S. and Europe in major home appliances.
Case 20 shows how even an international success like Whirlpool
can still make mistakes when entering a new part of the world.

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Case 20
Whirlpool: The First Venture Into India
4.

This is a good case for a written paper dealing with

international strategic issues. Whirlpool wanted desperately to
be a player in Asia but seemed to have little clue about how to
achieve it without spending huge amounts of money. Did the
company learn any lessons from India in terms of deciding how it
was going to enter China?
This can also be a good case for a
student presentation, especially if it is tied to the Whirlpool
Corporation case (Case 19). Case 19 suggests that Whirlpool was
a real pioneer in the concept of the "world washer." Case 20
illustrates the world washer seemed to be a failure in practice.
(It was discontinued in India according to the case.)
Was
Whirlpool premature in its entry into Asia? Or was the decision
sound but the strategy bad? Was the strategy sound and the
execution bad? Did it make sense to buy Kelvinator of India,
especially when Whirlpool was going to build a new refrigerator
plant?

5.

SUGGESTION FOR DAILY CLASS PARTICIPATION:

We have often found it difficult to get quality daily
participation from undergraduate students. We suggest the
following:
a.

Have the class members prepare individually or as a team (1)

EFAS, IFAS, and SFAS Tables or (2) just a SFAS Table for the
assigned case.
*We have 1 or 2 individual students of a team bring their
EFAS, IFAS, and SFAS or just their SFAS on a transparency.
We have found in a 75-minute class that SFAS alone as a
transparency works most effectively.

b.

We compare the student's work with that of the team or

individual students making a presentation to the class.
*We also discuss how the WEIGHTS and RATINGS were developed
and the Total Weighted Score for the case under discussion.

c.

We ask each student at the beginning of the class to write

down his/her Total Weighted Score for the case under
discussion and to hand it in.
*You can use the results to call on students whose scores
seem to be out of line with the case.
**It allows for a discussion of the Total Weighted Score as
his/her overall evaluation of how the management of the
company is managing the company's internal and external
environment.

***We ask the students whether they would buy stock in this
company. The Total Weighted Score then seems to have real
meaning.

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Case 20
Whirlpool: The First Venture Into India
VI.

DISCUSSION QUESTIONS
1. What are the strengths and weaknesses of Whirlpool's venture in
India?
2. What are the opportunities and threats facing Whirlpool's
venture in India?
3. What are the strategic factors of Whirlpool's venture in India?
4a. Does Whirlpool Corporation have any core competencies?
'yes,' what are they?

If

4b. Does Whirlpool's venture in India have any core competencies?

If 'yes,' what are they? If not, why not?
5a. Does Whirlpool Corporation have a distinctive competency?
'yes,' what is it?

If

5b. Does Whirlpool's venture in India have a distinctive competency?

If 'yes,' what is it? If not, why not?

VII.
VIII.

6.

What did Whirlpool do wrong in entering India?

7.

What did Whirlpool do right in entering India?

8.

What did TVS do wrong in joining with Whirlpool to make major

home appliances in India?

9.

What did TVS do right in joining with Whirlpool to make major

home appliances in India?

10.

What are the pros and cons of

Kelvinator of India (KOI)?

11.

What did Whirlpool learn (or what should it have learned) from
its Indian experience?

12.

What should Whirlpool do with its Indian operations?

13.

Should Whirlpool enter China?

should it enter China?

CASE AUTHORS' TEACHING NOTE

Whirlpool's purchase of

If not, why not?

If so, how

None was available

STUDENT STRATEGIC AUDIT - (Modified to describe Whirlpool's total

Indian operations)
I. CURRENT SITUATION
A. Current Performance
WWML finally made operating profit in 1995 after years of
losses totaling $US50 million.
KOI was loosing money when Whirlpool bought it in 1995.
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Case 20
Whirlpool: The First Venture Into India
B. Strategic Posture: Implied, but not clearly stated in the
case for Indian operations.
1. Mission: Provide major home appliances to the Indian
subcontinent and provide a beachhead for subsequent
expansion into the rest of Asia.
2. Objectives:
To dominate the Indian washing machine and refrigerator
markets in terms of market share.
To earn a substantial return on investment for
Whirlpool Corporation.
To eventually expand into other major home appliances
such as air conditioners.
3. Strategies: Horizontal growth corporate strategy into Asia
First unsuccessfully tried joint venture as entry
strategy into India. . .
Followed by turnaround strategy at WWML and now at KOI.
Now using entry strategies of acquisition and green
field development. (Comment: Although these entry
strategies are more expensive than joint ventures, they
may be cheaper than the turnaround at WWML.)
4. Policies: Introduce Whirlpool Corporation's management
practices into Indian projects.
II. CORPORATE GOVERNANCE
A. Board of Directors: Whirlpool controls WWML and KOI through
its control of each company's board of directors. No
information regarding rest of board membership.
B. Top Management: Through its control of the boards of
directors, Whirlpool is replacing the top management of WWML
and KOI with its own people. (Comment: Since the past
management was responsible for past poor performance, this
makes sense.)
III. EXTERNAL ENVIRONMENT

(EFAS - see Exhibit 1)

A. Societal
Opportunities:
Ability to work more closely with suppliers to reduce
supplier bargaining power and increase quality of parts
High growth potential of Asian market
Only 7% of Asian's households own refrigerator; only
2% own washing machine
Rapid economic growth of 6-8% annually is spurring per
capita income levels

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Case 20
Whirlpool: The First Venture Into India

Indian major home appliance market is on the verge of

a boom growth period
Recent easing of restrictions on foreign ownership and
investment in India makes expansion attractive

Threats
Heavy start-up costs in Asia.
Increasing competition in Asia, especially India
Poor infrastructure to support making, selling, and using
appliances in India.
Questionable water purity and availability of
electricity.
Politicians perhaps less tolerant of foreign firms in
future.
B. Task Environment: Major Home Appliance Industry in India

Rivalry among competitors is rapidly increasing; price

wars are based on short-term promotions and purchase
incentives.

Threat of new entrants is high. Other major players from

Japan, Korea, United States, and Europe are planning to
soon enter either India or China or both. Must build
entry barriers quickly or face greater competitive
intensity.

Threat of substitute products is high. Until

infrastructure is built, many people in less developed
parts of India substitute daily shopping for
refrigerators, creeks for washers, sun for dryers, and
fires for stoves.

Bargaining power of suppliers is high for those few firms

that can make quality components.

Bargaining power of distributors is high for those

appliance firms that only make one or two products.

Relative power of other stakeholders appears low.

Government is allowing foreign companies to acquire local
firms and to build green field plants. It is doubtful
that unions are a problem. Religious norms and values
could negatively affect the importation of some U.S.
management practices.

C. Summary of Internal Factors - See EFAS Exhibit

IV. INTERNAL ENVIRONMENT

(IFAS - see Exhibit 2)

A. Corporate Structure: WWML and KOI now under sub-regional

headquarters of Whirlpool South Asia in Delhi, which is under
the regional umbrella of Singapore regional headquarters.
(Comment: This structure better connects the Indian
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Case 20
Whirlpool: The First Venture Into India
operations with Whirlpool's global operations and gives
Whirlpool greater control over its Indian ventures. Not yet
known whether it is a strength or weakness.)
B. Corporate Culture: Culture clash at both WWML and KOI as
Whirlpool introduces elements of its own culture into these
unsuccessful operations. Although the worst is over at WWML,
it may be just beginning at KOI, a more established company
with a deeper culture. Conflict likely at KOI. (Weakness)
C. Resources: WWML and KOI
1. Marketing:
Strengths
Good market share exists for both WWML and KOI.
KOI brand is well respected throughout India.
KOI has established distribution outlets.
Weaknesses
Whirlpool brand is not well known.
WWML is still weak in distribution in northern India.
2. Finance:
Strengths
Whirlpool's Indian operations have access to
corporations funds.
WWML is making an operating profit and should pay down
losses.
Weaknesses
KOI is losing money; may take years to turn it around
Decline in Whirlpool stock makes it increasingly
difficult for headquarters in United States to invest
more in India, especially given interest in entering
China.
3. Research and Development:
Strengths
Reasonably good product R&D competence at corporate
level
Excellent process R&D competence at corporate level
Weaknesses
Corporation still learning how to transfer its
technology appropriately to India
R&D not connected to needs of Indian market.
4. Operations and Logistics:

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Case 20
Whirlpool: The First Venture Into India
Strengths
Turnaround at WWML shows that operations is a strength
of Whirlpool, which is being transferred appropriately.
Output at WWML doubled to 64,000 units in 1994 and is
rising to 120,000 units in 1995 with only modest
increase in workforce.
Weaknesses
KOI's inability to earn profit as market leader in
refrigerator sales suggests inefficient manufacturing
and distribution.
Poor distribution for WWML is being rectified.
Relationships with suppliers are improving.
5. Human Resource Management:
Strengths
Streamlined hierarchies of management at WWML with
cross-functional work teams
WES used to clarify job responsibilities
Sales force placed on incentive system
Weaknesses
KOI must still be dealt with.
poor.

HRM likely to be fairly

6. Information Systems:
Strengths
Seem to be introducing information system to track
progress
Weaknesses
Likely that IS at KOI needs a lot of work before it can
be integrated into the rest of the Indian operations
V. ANALYSIS OF STRATEGIC FACTORS

(SFAS - see Exhibit 3)

A. Situational Analysis
B. Review of Mission and
objectives still seem
being a global player
Becoming a key player

Objectives: Current mission and

appropriate given Whirlpool's interest in
in the major home appliance industry.
in Asia is important to Whirlpool.

VI. STRATEGIC ALTERNATIVES AND RECOMMENDED STRATEGY

A. Strategic Alternatives

(for operations in India)

1. Retrenchment: Cut back on investments in India in order to

put more emphasis on China. Sell off KOI's operations and

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Case 20
Whirlpool: The First Venture Into India
form a joint venture with KOI's buyer for the new
refrigerator plant in Pune
Pros:
Stops cash flow into India so cash can be used elsewhere.
Eliminates a costly turnaround of KOI.
Forming a joint venture for the new refrigerator plant
keeps Whirlpool in the refrigerator business.
WWML has been turned around and should be able to grow
using its own cash flow.
Cons:
Lack of multiple appliance products may make it
increasingly difficult to sell washing machines to
India's distributors.
Lack of significant growth could cause investor pressure
to completely pull out of India.
Investment is just starting to pay off.
Retrenchment makes it difficult to make and market
appliances in nearby countries.
It sends a bad signal to appliance industry that
Whirlpool is not a serious global competitor. Will make
it difficult to successfully enter and grow other parts
of Asia, such as China.
2. Stability: Keep all current operations, but add no new ones
(kill air conditioner idea). WWML grows using internal cash
flow. Implement turnaround at KOI and use new plant to make
refrigerators.
Pros:
Allows time to turn KOI around and to solidify WWML's
turnaround.
Keeps additional investment in India in check until KOI
is turned around and new refrigerator operation begins to
pay for itself.
Allows Whirlpool to turn its full attention to entering
China.
Cons:
Lack of growth at a time when the appliance market is
undergoing rapid growth will make it difficult to achieve
Whirlpool's goal of dominating the major home appliance
market in India.
It may hurt relations with distributors who may soon
demand a full line of appliances from any one supplier
(similar to situation in United States) and thus cut into
sales growth.
Stability allows competitors opportunity to move ahead
and take away markets that could have been Whirlpool's.
3. Growth: Push ahead with expansion of WWML and KOI. Use
joint ventures to move into other major home appliances such

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Case 20
Whirlpool: The First Venture Into India
as air conditioners, stoves, and microwaves.
add clothes dryers.

Expand WWML to

Pros:
Growth enables Whirlpool's India operations to grow with
the market, with a good chance of dominating while others
are focusing on China.
WWML's new profitable position may enable it to grow out
of its own cash flow.
KOI may be easier to turn around given Whirlpool's
success with its joint venture with TVS.
Expansion now will enable Whirlpool to move into related
appliances and gain bargaining power with its suppliers
and distributors, thus boosting sales and cutting costs
at a time when competition is increasing.
Cons:
Growth is likely to be very costly. Will seriously cut
into Whirlpool's funds to enter China.
KOI may be very expensive to turn around - similar to
Maytag's problems with turning around its Hoover UK
operations.
Whirlpool seems unable to successfully adapt its
technology to less developed nations. Question whether
Indian market is interested in the new refrigerator.
China is hot now and should be emphasized over India.
B. Recommended Strategy
Recommend Stability Strategy: Keep all current operations but
add no new ones (kill air conditioner idea). WWML grows using
internal cash flow.
Implement turnaround at KOI and use new
plant to make refrigerators. This choice allows the parent
corporation sufficient time to consider and implement a good
entry strategy for China. For the time being, washers and
refrigerators are the key appliances for India and contiguous
countries. Import other appliances or purchase them from
competitors in order to have a full line for distributors.
Continue emphasizing quality and cost reduction for competitive
advantage. Develop policies to support this emphasis.
VII. IMPLEMENTATION
A. Programs:
Introduce WES system at KOI. Use same programs as were
successful at the WWML venture.
Use the Kelvinator brand and distribution system to market
the new Whirlpool refrigerator.
Convert KOI's management system and culture to Whirlpool's.
Use Kelvinator distributors to sell Whirlpool brand washing
machines and vice versa.

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Case 20
Whirlpool: The First Venture Into India
B. Budgets:
Both WWML and KOI become separate responsibility centers.
WWML's budget comes out of its own cash flow.
KOI's budget is supplemented by a separate turnaround
budget for the next two years.

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Case 20
Whirlpool: The First Venture Into India
C. Procedures:
Transfer the procedures that work best from WWML to KOI and
vice versa.
Introduce Whirlpool's tried and true procedures if no local
procedure is effective.
VIII. EVALUATION AND CONTROL
A. Upgrade the information system at KOI and at WWML where
necessary.
B. Integrate the information systems of all Indian operations so
can deal with suppliers and distributors as one company, not
two.
C. Implement effective performance evaluation system at all
operations.
D. Evaluate KOI and WWML as investment centers responsible for
achieving ROI figures

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Case 20
Whirlpool: The First Venture Into India
IX.

EFAS, IFAS, and SFAS EXHIBITS

Exhibit 1
EFAS (External Factor Analysis Summary)
Key External Factors

Weight

Rating

Weighted
Score

Opportunities:
Forming closer relationship with
suppliers

.15

.75

Doing this now

Expanding sales throughout India

.15

.75

KOI helps

Make air conditioners

.05

.15

Have technology

Make other appliances

.10

.30

Expansion possible

Import other appliances

.05

.20

Expensive

Market to nearby countries

.05

.15

Could do soon

Threats:
Seasonal sales fluctuations

.05

.15

Must live with it

Weak infrastructure to support

appliances

.10

.40

Getting better

Increasing competition

.20

.80

KOI helps

Politicians' tolerance of foreign firms

.10

.40

So far, so good

TOTAL SCORE

1.00

20-16

4.05

Comments

Case 20
Whirlpool: The First Venture Into India

IX.

IFAS, EFAS, and SFAS EXHIBITS

Exhibit 2
IFAS (Internal Factor Analysis Summary)
Key Internal Factors

Weight

Rating

Weighted
Score

Strengths:
New management & system

.10

.40

Needed at KOI

Kelvinator brand

.05

.20

Well known

New manufacturing facilities

.10

.40

2 /3 brand new

Parent company's technology expertise

.10

.50

Excellent

Market share

.15

.60

Good & growing

Weaknesses:
Inadequate distribution

.10

.30

Improving

Larger capital investment: more needed

.05

.10

More money needed

KOI's inefficient operation: losses

.15

.45

Not yet dealt with

Lacks simpler technologies

.05

.10

Has to license

Ignorance of Indian market

.15

.45

Getting better

TOTAL SCORE

1.00

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3.50

Comments

Case 20
Whirlpool: The First Venture Into India

IX.

SFAS, EFAS, and IFAS EXHIBITS

Exhibit 3
SFAS (Strategic Factor Analysis Summary)

Key Strategic Factors

Weight

Rating

Weighted
Score

Forming closer relationship with

suppliers (O)

.05

.20

Expanding sales in India (O)

.10

.40

Make other appliances (O)

.10

.20

Weak infrastructure to support

appliances (T)

.05

.15

Increasing competition (T)

.15

.60

New management & system (S)

.10

.40

Key to profits

Kelvinator brand (S)

.05

.15

Short-term value

Market share (S)

.10

.40

Key to success

Inadequate distribution (W)

.10

.30

Getting better

KOI's inefficient operation (W)

.10

.20

Knowledge of Indian market (W)

.10

.20

TOTAL SCORES

X.

1.00

Duration
S
I L

Getting better
X

Key to success

Investment high
Getting better

Getting tougher

Must fix now!

X

3.20

Financial Ratio Analysis Was inappropriate for this case.

20-18

Comments

Must improve!