Strategic Management Analysis: PT. Sinar Sosro

Chapter 1 – Introduction

1. Sinar Sosro is a huge beverage manufacturing company from Indonesia. They are regarded as the pioneer, the first to implement the concept of bottled tea in beverage industry through their trademark product which is Teh Botol Sosro. They are famous not only in Indonesia, as they do export to various countries mostly, the neighbouring countries but they are especially popular throughout Indonesia. The company have been around for decades and for so long they have maintained the most share in the beverage, in particular, the bottled tea market. Having achieved such a marvellous feat is obviously not easy, it is not an overstatement to say that they are in fact truly a living legend company as it is very much a well-deserved status. Nevertheless, a legend status is not something that could be obtained right away and so is the case for PT. Sinar Sosro. Just like any other legends, there is a story behind the legend, a tale left to be told, and this is their story.

It all began with this particular man, Mr.Soegiharto Sosrodjojo, yes, the man who would later be known as the founder of the living legend, PT. Sinar Sosro. But of course, his success was not achieved simply overnight, he had to work his way up and build his empire from ground zero. In 1940, The Sosrodjojo family, built their family business in Slawi, Central Java. They made and sell brewed tea under the name “Teh Cap Botol”. In 1960, they then moved to Jakarta to develop their family business in the capital city. In 1965, they tried to market their product through a strategy they called “Cicip Rasa” which revolves around visiting crowded places such as the traditional markets and then brewing their tea on the spot and offer it to potential buyers. This strategy, however, did not work quite as intended. It took too much time to brew the tea and people did not have any time to spare to wait. But then again, perhaps, even if they do have plenty of customers, they too would be unable to serve all of them and thus, it would still fail. In any case, their strategy failed, but they did not give up. They thought of another strategy. This time, they brewed the tea beforehand and put all of them in huge pans to bring them to the traditional markets via pickup trucks, but alas yet again their strategy failed. Some of the tea spilled out on their way to the traditional markets. How unfortunate, yet fortunate at the same time because, despite their failures, once again they did not stop, they tried again, this time the strategy that popped into their mind, brought them success. On their third attempt, they accidentally thought of an idea and that idea is to clean used ketchups glass bottles in order to reuse them as the container for their brewed tea. It turned out to be a brilliant idea. In 1969, they decided to sell ready to drink, bottled tea under the name Teh Botol which would later become their most iconic, trademark product. The bottle design changed three times, during 1969, 1972, and 1974 respectively. The company is then officially and legally founded in 1974. Just like the saying goes, the comeback is always stronger than the setbacks or if you prefer Asian proverbs, just as the Japanese proverbs goes, fall seven times stand up eight times well, except that they only “fell” twice not seven times, regardless, the point still stands, they did not give up and in the end they got what they thoroughly deserved which is, success.

As of now, PT. Sinar Sosro business field is still in the beverage industry and they still maintains huge market share in the domestic beverage market while increasing their reach in the foreign market through exporting to multiple countries in different regions such as Europe, Middle-east, Africa, America, Australia and Asia. Albeit, they mostly export to neighbouring ASEAN countries.

They too, have expanded their business through innovations and developing a variety of products to offer under multiple brand names, Prim-A for mineral water, Country Choice for juices, S-tee for cheap large volume tea segment, Teh Botol which is their trademark bottled tea product, Tebs for their carbonated tea drink, and FruitTea for fruit flavoured tea for teens market segment. All of those aforementioned brands are divided into several strategic business units. While they may operate independently with their own vision and direction, they still have to report back to the main company that is, PT. Sinar Sosro.

As a result of their business expansion with a variety of products under multiple brands that are treated as an individual strategic business unit, they too have multiple market and consumer segments. Prim-A is mineral water for people in general and Country Choice, juice beverage for people who would want to maintain a healthy lifestyle obviously share different segments. However, even for the bottled tea products under different brands, they too actually, do not share the same segments. Teh Botol Sosro is for everyone in any occasions, Tebs is for people who would want soft drinks, FruitTea is targeted at teenagers, and S-tee is aimed for lower income people to get more value in volumes for their money.

Now that we know, they are competing in multiple market segments, that means they will have plenty of competitors as well. For mineral water, the competition is intense, and Prim-A cannot compete with brands like Aqua, Vit, Nestle so Prim-A targets lower income people with their lower price. Country Choice faces competition from the likes of Buavita by Unilever, Original Love Juice by Kalbe, and other up and coming brands. Meanwhile for bottled tea, there are plenty of competitors be it local or foreign such as Frestea by Coca Cola Company, Nu Green Tea by ABC President Indonesia, My Tea by Suntory Beverage & Food, Ichi Ocha, Ichitan, and many more. However, their biggest competition comes from a local product. Teh Pucuk Harum from Mayora, which could be said to be their rival.

As for PT. Sinar Sosro’s vision and mission, it is based on their philosophy that focuses on quality, safety, health, and environmentally friendly. Hence, their vision and mission are as follows:

Vision: To be a world class beverage manufacturing company that could fulfil the needs and wants of the customers anytime, anywhere, as well as adding value to anyone involved.

Mission: To improve distribution network and offer quality products in the beverage industry be it domestic or global.

That concludes my introduction of the everlasting PT. Sinar Sosro.

Chapter 2 – Analysis

Porter Analysis

Porter five forces model is a model that is used to identify and analyse the five competitive forces that comes into play in every industry which could help to determine strengths and weaknesses of the corporation. While it may be a simple tool consisting of only five forces to analyse, it is still a very reliable and effective tool.

The five forces are as follows:

Competitive rivalry

It essentially takes a look at how many competitors you have in the industry, who are your competitors, and how strong are they.

Supplier power

It is to analyse how strong the bargaining power your supplier have, the more power they have, the more expensive they can charge and the less power they have, the less money they can charge. It is usually affected by the numbers of suppliers in the industry and the switching cost if a firm were to make a switch to another supplier.

Buyer power

This serves to analyse the bargaining power of the customer. The more power the customer has, the easier it is for them to ask for lower prices and the less power they have the more power a firm have to control their price. It is usually affected by the numbers of buyers in the industry and the switching cost for them to switch to rival companies.

Threat of substitution

It is about identifying what other products that can be used as an alternative to your products. The more alternatives, the greater the threat of substitution is.

Threat of new entry

It is about the barrier to entry the industry you are playing on. The higher the barrier to entry means less competition and less threat while the lower the barrier to entry is means more competition and more threat. The barrier to entry is usually in the form of cost and other resources such as intellectual assets, technology, or regulations.

This tool is a really useful tool and of course, PT. Sinar Sosro will benefit from using them too. As for PT. Sinar Sosro themselves, their Porter Five Forces model would be as follows:

1. Sinar Sosro’s Porter Five Forces

Competitive Rivalry

There used to be little to no competitions in the early days for PT. Sinar Sosro. However, as of now there are a lot of competition and not only competition from domestic firms but also competition from foreign firms. Their competitors are the likes of Frestea from Coca Cola Company, NU Green Tea from ABC President Indonesia, My Tea from Suntory Beverage & Food, Ichi Ocha, Ichitan and their strongest competitor, Teh Pucuk Harum from Mayora. Despite the amount of competition in the industry, PT. Sinar Sosro especially with their trademark product Teh Botol Sosro still retains the most market share which makes them the strongest amongst them all.

Supplier Power

1. Sinar Sosro has their own tea plantation that supply them with tea leaves used to make their product thus, there are no significant impact from this aspect for PT. Sinar Sosro.

Buyer Power

Customers have plenty of buyer power since there are many products available in the market from other brands not only from PT. Sinar Sosro. Aside from that, there is little to no switching cost for the customer should they decide to switch to products from other companies.

Threat of Substitution

There are plenty of threats of substitution and they come from similar products of other brands by other companies as well as the growing smaller industry that sells beverages and of course the growing beverage brand that are popular among the younger generations due to the everchanging trends in the beverage industry. People can choose to drink bubble tea instead of bottled tea for example.

Threat of New Entry

The threat of New Entry specifically talking about bottled beverage industry would be small. This would be caused by the huge amount of capital required to enter the industry as it involves research, investments on technology, buildings, supplier expense and many more. Aside from that, it gets cheaper with economy of scale which is harder to acquire for new entrants.

Business Level Strategy

Every business must operate with a strategy in place in order to achieve their goals through competitive advantages and there are a lot of strategies that can be used however the 5 main business level strategies are as follows:

Cost Leadership

This strategy aims to cut your costs in order to be able to sell at a lower price to attract customers to your product as well as to create a greater profit margin should they decide not to lower the price.

Differentiation

This strategy aims to differentiate your business by creating a unique product that your competitors cannot copy.

Focused Cost Leadership

It is basically cost leadership strategy but with emphasise on a niche market

Focused Differentiation

Again, essentially differentiation strategy but with focus on a niche market.

Integrated Cost Leadership / Differentiation

This strategy tries to combine both cost leadership and differentiation with some compromise but with the aim to get the best you can out of both strategies.

1. Sinar Sosro Business Strategy

Out of the five aforementioned business level strategies, PT. Sinar Sosro should be applying the integrated cost leadership/differentiation strategy. This is due to the fact that they offer a variety of product albeit admittedly all of which are beverages. Their differentiation is in the form of innovation and variation for certain products as well as an entirely new and closely related or different products under different brand name. Their products are also being sold with a relatively low price, especially their trademark product Teh Botol Sosro. As evident from what you can see in real time, their products are available everywhere including in cheap places like “warungs”.

While obviously they will have to compromise to a certain degree since they can neither be the most “Cost Leadership” company nor the most “Differentiation” company, they will still gain a competitive advantage from applying the integrated cost leadership and differentiation strategy. When their relatively low cost albeit maybe not the lowest and their high differentiation although again, they may be not the most differentiated company, when both of them are combined with their strong brand reputation it is just enough or perhaps even more than enough for them to be able to control most of the market shares and win against their competitors.

How do they have low cost?

They can provide a relatively low price because of their low cost. They get their low cost by investing in advanced technology that ensures quality and efficiency. Producing fast means more and higher quality means less returns or defects. Aside from that, they also have their own tea plantation which saves them further additional cost.

How do they differentiate?

As for differentiation, they were the first one to apply the concept of “bottled-tea”. They were the innovator, the first mover. It is their differentiation. Since then, they have developed different products such as mineral water, juices, juice-flavoured tea and else.

Future Outlook

However, they should bear in mind that the market is a lot more competitive now compared to the old times, although they still dominate the market even now, a lot of brand are catching up, some are copying, some have their own innovations. PT. Sinar Sosro must continue to innovate and differentiate to keep up with the competition.

Internal Analysis

An internal analysis, as opposed to its counterpart, external analysis, is a type of analysis that is meant to be conducted by a company on the company environment itself. The goal of this analysis is to find out the capabilities, resources, and competitive advantages a company has. This analysis will allow you to know what your strengths and weaknesses are. The information gained from conducting the analysis will help decision makers in making a strategic decision.

Once the analysis is done and the results are in, a company will know their strengths and weaknesses. They will then know what to do, what strategies they can apply in order to maximise their strengths and fixing or improving their weaknesses.

Aside from that, they can determine their position in the market based on their resources and capabilities, and they will also know how competitive they are, whether or not they are capable to compete with the competitors and what they can do to improve their competitiveness.

There are many ways in which they can do an internal analysis such as the Organizational Capacity Assessment tool, McKinsey 7S framework, and the most popular one the SWOT analysis.

OCAT and McKinsey 7S has their own 10 and 7 criteria to observe respectively, while the SWOT analysis is both an internal and external analysis with the strength and weakness being an internal analysis tool.

This analysis is based on the SWOT analysis as it is the most commonly used analysis and it is highly effective.

1. Sinar Sosro’s Strengths

Their strengths are their brand, technology, and own tea plantation.

They are a huge well-known brand with good reputation so, consumers receive their products well and trust their product quality. This means, people will have no doubt or hesitation when buying PT. Sinar Sosro’s products which could lead to quick decision making by the consumers in choosing products which in turn could lead to more market share for PT. Sinar Sosro should their products gets purchased more than their competitors.

Technology is a must and one of the key resources in the bottled beverage business which enables economies of scale which can save them a lot of money. PT. Sinar Sosro themselves have a good advanced technology in use which aid in their production efficiency and quality.

Their own tea plantation ensures that they can have top quality tea leaves as well as lower their cost in the long run which means it saves them a lot of money compared to buying from outside suppliers. This mean they can either sell at a more competitive price to attract customer or keep the same price to get higher profit margin depending on their profitability calculation with the two options.

1. Sinar Sosro’s Weaknesses

One of their weakness is the fact that they are family owned. This is a double edged sword but the negatives would be the fact that there is a probability of nepotism in running the company, disputes between family member may happen, and low chance for someone outside the family to fill in executive position despite perhaps being a more capable person.

Not all tea leaves can be used, and this means time, money, and effort wasted. Although there isn’t really much to be done about this as it is pretty much inevitable.

Aside from that, they seem to take their brand reputation for granted. They do not advertise their product as much as other brands in the recent times. Younger generation may be more familiar with and prefer other brand’s products if they do not keep up in promoting and advertising their products.

External Analysis

External analysis is the opposite of internal analysis. External analysis examines and analyse things outside not inside the company. This mainly deals with the market/industry, supply chain network, competitors, political, economic, and social issues. They can be done via SWOT analysis and PEST analysis which is especially used for entering foreign market.

PEST Analysis

While obviously it can be used in domestic market as well, this is used especially when entering a foreign market. They will have to observe the political situation, economic condition, social cultural aspects of a country and technological advances in the world. Political situation needs to be observed because political tensions or instability can affect the economy of a nation. Social cultural aspects reflect what will be needed, wanted, or accepted by the society in the country as well as providing demographic information. Economic is self-explanatory, you would want to know how the country’s economy is doing, their GDP, their consumer buying power, and else. Technology is important to increase efficiency and productivity therefore you need to be up to date to the technological development in the world.

This analysis will be done through the lens of SWOT analysis specifically the opportunity and threats.

1. Sinar Sosro’s Opportunities

The main opportunity for PT. Sinar Sosro would be a business expansion to the international market which they have already done albeit not to the full extent. Tea is a widely popular product and some countries like China, Japan, and The United Kingdom are well known tea lovers. PT. Sinar Sosro should analyse those prospects and see if there is any potential profitable market to enter.

Another thing is the everchanging trends in beverage industry which could be a double-edged sword. The negative from this thing will be explained later however, the positive here is to adapt the trend and sell those trending products bear in mind that they have to be wise in observing and deciding which trends they should adapt.

1. Sinar Sosro;s Threats

There are two threats that I would like to highlight. The first is the many alternative beverages not limited to tea that can always substitute PT. Sinar Sosro’s products. The second thing is the fact that the trends in beverages come and go sometimes it would be only for a shortwhile and sometimes it may stay for a long time. Those trends lead to more business playing in the beverages field including smaller business and those products can be a substitute as well. Aside from that, should PT. Sinar Sosro decides to adapt the trend as a product if they are not wise and the trend only last for a while it would be a huge waste of resources.

Competitive Dynamics

First, we shall define competitive dynamics as a set of actions and reactions in a competitive business environment that firms display, which will affect competitive advantage of firms involved.

1. Sosro at first didn’t have any competition. That is because, they were the first mover since they were the first to engage in the bottled-tea industry which is why they are considered as the pioneer. On top of that, there weren’t any respond, or at the very least, the response from competitors are late, they didn’t enter the industry until quite some time, which gave PT. Sinar Sosro some time to capitalise on the opportunity known as first mover advantage and consolidate their power.

A great example of competitive dynamics performed by PT. Sinar Sosro would be during the time a competitor emerged named Tekita. They show up and steal customers by promoting their product as one with more volumes despite the same price. PT. Sinar Sosro countered this move by releasing a new product under a fighting brand called S-tee to beat Tekita in their own terms. This moev caused another segment to emerge and Tekita couldn’t compete in that segment with S-tee and collapsed.

Why do PT. Sinar Sosro are in a constant competition now? Despite the relatively high barrier to entry, competition is still inevitable as more players will enter the market as soon as they realise the profitability of the indsutry. To gain more control of the market share, they will have to formulate their own plans and counters for the actions taken by competitors in order to, maintain their competitive advantage.

Who are their competitors? As of now, there are plenty of competitors in the bottled-tea industry, be it local, such as Teh Pucuk Harum from Mayora , Nu Green Tea from PT. ABC Central Food, or even foreigns like, Japanese firm, Suntory Beverage & Food, and American firm, Coca-Cola with their FresTea.

Even now, despite the intense competition in the beverage industry, Teh Botol Sosro the trademark product of PT. Sinar Sosro still dominates the market as the most recognized and highly rated brand with 42.1% in the Popular Brand Index Result with the second place belonging to the competitor, Teh Pucuk Harum (15.6%).

1. Sinar Sosro is able to maintain their competitiveness for such a long period of time. One of the reasons why is due to their competitive price and they can sell at a competitive price due to the fact they invest in technology and they have their own tea plantation to supply them with tea.

Aside from that, they already have a strong brand recognition and reputation due to their first mover advantage, which they keep on strengthening by advertising to keep their products relevant. They don’t only rely on the existing reputation, but always try to improve the awareness and reputation.

They also stay competitive through innovations, they were the first to introduce the concept of bottled-tea and when other firms start to sell the same thing, they offer a variety of products under different brand names with different strong points. For example, they offer a variety of flavoured tea (FruitTea) which especially attracted youngsters. Of course, now they also offer a variety of products other than bottled tea albeit still in the beverage industry.

1. Sinar Sosro too, work together with restaurants, warungs, and stalls, to sell their beverages to accompany the foods offered in those places. Further strengthening their position in the market and brand reputation and awareness in the mind of their customers.

Lastly, while they may still be dominating the beverage industry, as of now there are plenty of smaller brands that offers a different product but acts as a substitute for bottled tea, such as the ever popular boba tea. This is a threat of substitute that forces PT. Sinar Sosro to react since it causes a change in the market.

Type of Diversification

There are three levels of diversification according to experts.

Low Level Diversification

Companies fall into this category if their 95% or more of their revenue comes from a single business or if they have between 70% to 95% of their revenue from the dominant business.

Moderate Level Diversification

This is further split into two types. The first is moderate related constrained which means that less than 70% of revenue comes from the dominant business and the strategic business units share resources such as technology and distribution channels. The second one is moderate related linked which is similar to related constrained but the strategic business units only share limited links.

High Level Diversification

This category is for companies that less than 70% of its revenue is from the dominant business and there are no shared links between the strategic business units.

1. Sinar Sosro’s Type of Diversification

Up until now, PT. Sinar Sosro did not simply idle by and stagnant, they innovate and diversify their business. As of now, they have sold a variety of products under different brand name such as; Teh Botol Sosro, a sweet tea beverage, Fruit Tea, a fruit flavoured tea beverage, Sosro tea bags, Country Choice, a juice soft drink, Prim-a, a mineral water, S-tee, a cheap large sized tea beverage, and Tebs, a tea with sparkling soda beverage. Each of them is considered as an individual strategic business unit that operates separately with their own visions and directions while still reporting to the main company which is PT. Sinar Sosro.

Teh Botol Sosro is the first and the main product line of the company which is a bottled sweet tea and as of now has gotten some variation such as the less sugar variety. This product line also consists of different product types. A returnable glass bottle, plastic bottle, boxed, and canned. All of which available in different volumes.

Fruit tea is the innovation that they did that specifically targets teenagers. It is a fruit flavoured tea that offers a variety of fruit flavours to choose from. Like Teh Botol Sosro, they also consist of some product types; glass bottle, plastic bottle, canned, and boxed.

Country choice is an entirely different product line, while it is still a beverage, it is not a tea drink. Instead, it is a juice beverage. It comes in boxed packaging with two volumes and a variety of fruits to choose from.

Prim-a is another different product line. It is a mineral water. They consist of some product types such as cup mineral water, bottled mineral water, and mineral water gallon.

S-tee just like Teh Botol Sosro is a sweet tea beverage however, they are made to be affordable and comes with a bigger volume as a more valuable alternative to combat other brand that uses volume and price as their selling point such as the old brand of “Tekita”. They come in different type of glass bottle and plastic bottle.

Tebs, is a carbonated tea soft drink, an innovation to compete in the growing carbonated soft drink market. It consists of different product types; glass bottle, plastic bottle, canned, and premix.

Hence, it is evident that PT. Sinar Sosro does innovate and thus, diversify their business. However, despite their diversification and expansion attempts with all the brands and business units, out of the three levels of diversification, they still fall into the low level of diversification category. As to why, it is because of the fact that 95% or more of their revenue comes from a single business that is tea, starting from the plantation to the ready to drink tea beverage, of which mainly comes from their trademark Teh Botol Sosro brand which is safe to say, legendary.

Chapter 3 – Summary

To summarise everything, PT. Sinar Sosro is a huge company from Indonesia that was founded officially in 1974 by Mr. Soegiharto Sosrowidjojo.  The company operates in the beverage industry and they are known as the pioneer of bottled tea beverage and have dominated the domestic bottled tea market for decades with their first and trademark product Teh Botol Sosro. However, they are not only active in the domestic market but in the global market as well. They export their products to various countries in different regions such as Asia, South-East Asia, North America, Africa, Europe, and Australia. They continuously improve through innovations to provide a variety of beverage for consumers as can be seen from the different beverage products and brands they develop such as Teh Botol Sosro, Country Choice, Fruit Tea, Prim-A, S-tee, and Tebs. As a result, they have been able to maintain their dominance and have prospered for decades earning them the title of living legend company.

The Porter Analysis revealed that their customers’ bargaining power are strong due to low switching cost, weak supplier bargaining power since they have their own tea supply, an intense competitive rivalry due to the amount of domestic and foreign competitors, a decent amount of threat from substitute items as there are plenty of alternative beverages, and the low threat of new entry due to the relatively high barrier to enter the industry.

1. Sinar Sosro are using the integrated low cost and differentiation business level strategy as evident from the fact that they offer their products at a relatively low cost while still offering a decent amount of variety through differentiation. They have low cost by investing in technology and having their own tea plantation to save them money in the long run. They have differentiation through continuous innovations to offer a variety of products different from competitors that customer can choose.

Internal analysis through SWOT method gives us an overview of their strengths which are as follows: strong brand reputation and recognition leading to more customer and market share, advanced technology, and owning tea plantation which saves them costs. Aside from that, it also gives us an overview of their weakness which includes being family owned which can lead to family feud or nepotism, some wasted tea leaves albeit inevitable, and lack of advertisement when compared to newer competitors.

External analysis through SWOT method showcased the opportunities they have which are as follows: plenty of foreign markets to enter if they want to expand their business and the everchanging trend in the beverage industry which means they can always adapt trending products to boost sales and shares. Meanwhile, it also showcased threats they face which is mainly the many alternatives to their products as well as again, the everchanging trend in the beverage industry because if the trend is only for a short while and they failed to realize it and decided to adapt it that would mean they have wasted resources on that.

Competitive dynamics analysis highlights the fact that the competition in the beverage industry is intense. While PT. Sinar Sosro are still the undisputable leader in the industry thanks to their first mover advantage, innovations, competitive price, cooperation with other entities, and other strategies, they still have to be ready to counteract any sort of plans and actions of their competitors to ensure their dominance.

1. SInar Sosro’s type of diversification, based on the level of diversification classifications, belongs into the low-level diversification. That is because despite their diversification efforts, splitting their brands into strategic business units, 95% or above of their revenue comes from their dominant strategic business unit that is their trademark Teh Botol Sosro.

Suggestion

I believe that in order for them to keep their position as the market leader, there are at least three things to keep in mind.

First, they have to keep their price competitive. Price is a sensitive issue and even the slightest amount of difference in price matters a lot in the decision making of most consumers. Therefore, they have to keep their price competitive through technology, efficient supply chain, psychological tactics in marketing their products.

Second, they have to keep innovating. The beverage industry is highly competitive and if they stay stagnant means they are losing in the long run. Innovations will give them the edge over competitors since they can offer more and different or unique values to the customers.

Last but not least, they have to gather information regarding the market/industry as well as information on their competitors. Competitive intelligence allows them to plan for the future be it long term or short term according to the market/industry landscape and gives them a boost through first mover advantage if executed well. Information about the strengths and weaknesses of your competitors, their capabilities, furthermore their plans allows you to counteract beforehand and keeps you steps ahead of your competitors.

To close this, I would like to quote one of the ancient Chinese philosopher Sun Tzu regarding war which I believe can be applied to business as well, “Know the enemy and know yourself; in a hundred battles you will never be in peril. When you are ignorant of the enemy, but know yourself, your chances of winning or losing are equal. If ignorant both of your enemy and yourself, you are certain in every battle to be in peril.”

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