From the Desk of Director

enturion Institute of Professional Studies in a very short span of time has emerged as a promising B-school in Jaipur. It aspires to establish its credentials for its academic excellent, quality research and industry interface. Our major strength lies in a strong team of highly qualified, dedicated and committed faculty, enthusiastic students and totally dedicated staff members. The institute has state of Art infrastructure. In today's organic environment, Centurion Institute of Professional Studies continuously strives to bring in relevant education to classrooms and the curriculum emphasizes on practice orientation through students' participation. Appreciating the need of Global business, we help the student to assimilate various management practices to understand the issues of crosscultural issues in managing business in different industries. We believe in preparing leaders who believe in contributing to the national and global economy and society. I on behalf of management of Centurion Institute of Professional Studies would like to congratulate all the students of Centurion Institute of Professional Studies who have contributed to this magazine directly or indirectly. This magazine inculcates the habit of creative writing. While we feel proud of our achievements in the last 04 years, we continue our endeavour in realizing our vision to reassert the significance of quality management education by grooming competent professionals who can shape the destination of organizations the serve in particular and our nation in general.

Prof. R.N. Krishnia (Editor)

From the Desk of Editor

elcome to the second issue of our more improved internal magazine Sapphire. The new MBA graduates should not only have management skills but public skills, communication skills, managerial skills & leadership skills are also required. These skills are the key for success in the business & life as well. Aim of this magazine is to expose the talent and views of the students & the members of Centurion Institute of professional Studies. Management is one of the most powerful tools available to the mankind. It is a myth that management could be utilized in business or business like structure/situations only. Apart from business, the management field has a plethora of other applications as well. It has the potential to solve the social issues & thus, is capable of supporting the lives of human beings on this earth for longer time. Stress has become common in todays scenario however the stress can be managed through applying stress management techniques. It can not only be controlled but it can also enhance the productivity in the organization. An article related to Productivity Enhancement through Stress Management will surely prove a great help to the management aspirants in the area of solving stress. This issue contains our regular mix of articles related to various management fields. Articles on Sales & Marketing strategies, Financial Scenario in India, Industry overview & Operations are beautifully featured in this edition. This edition will also focus on deciding the individuals goal for achieving success in life Importance of kaizen & Importance of Self Management in improving emotional intelligence & thereby managerial performance within the organization. I would like to invite all the readers of the magazine for their kind feedbacks & suggestion to evoke more creativity in the future editions on the Sapphire. P. Shivani Singh (Editor)

Centurion Institute of Professional Studies, Sec. 18, Kumbha Marg, Pratap Nagar, Near Medical University, Sanganer, Jaipur 302033. Tel.: 0141-2792976,

Contents

Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13

Title BPO Industry in India Kaizen in Japan The 7 Most Common Marketing Mistakes The Relationship Between Marketing And Sales The Top 10 Marketing Tips of All Time Sales Techniques for Handling and Overcoming Sales Objections ICICI Results - Sorry, no magic Anti Takeover strategies Productivity Enhancement through Stress Management Advertisement Information How to Decide and Achieve the Goal Indian Economy 2010 Overview: Development in the Global Economy Post Recession Will Power and Self-Discipline: Managing Self

Page No. 1 9 16 23 24 26 27 29 31 42 44 45 48

Chapter - 1

BPO INDUSTRY IN INDIA

A Report by Gaurav- 3rd Sem,PGDM

Business process outsourcing (BPO) is a broad term referring to outsourcing in all fields. A BPO differentiates itself by either putting in new technology or applying existing technology in a new way to improve a process. Business Process Outsourcing (BPO) is the delegation of one or more IT-intensive business processes to an external provider that in turn owns administers and manages the selected process based on defined and measurable performance criteria. Business Process Outsourcing (BPO) is one of the fastest growing segments of the Information Technology Enabled Services (ITES) industry. Few of the motivation factors as to why BPO is gaining ground are: Factor Cost Advantage Economy of Scale Business Risk Mitigation Superior Competency Utilization Improvement Generally outsourcing can be defined as - An organization entering into a contract with another organization to operate and manage one or more of its business processes. Different Types of Services Being Offered By BPO's

1. Customer Support Services Our customer service offerings create a virtual customer service center to manage customer concerns and queries through multiple channels including voice, e-mail and chat on a 24/7 and 365 days basis. Service Example: Customers calling to check on their order status, customers calling to check for information on products and services, customers calling to verify their account status, customers calling to check their reservation status etc. 2. Technical Support Services Our technical support offerings include round-the-clock technical support and problem resolution for OEM customers and computer hardware, software, peripherals and Internet infrastructure manufacturing companies. These include installation and product support, up & running support, troubleshooting and Usage support. Service Example: Customers calling to resolve a problem with their home PC, customers calling to understand how to dial up to their ISP, customers calling with a problem with their software or hardware. 3. Telemarketing Services Our telesales and telemarketing outsourcing services target interaction with potential customers for 'prospecting' like either for generating interest in products and services, or to up-sell / promote and cross sell to an existing customer base or to complete the sales process online.

Service Example: Outbound calling to sell wireless services for a telecom provider, outbound calling to retail households to sell leisure holidays, outbound calling to existing customers to sell a new rate card for a mobile service provider or outbound calling to sell credit or debit cards etc. 4. Employee IT Help-desk Services Our employee IT help-desk services provide technical problem resolution and support for corporate employees. Service Example: of this service include level 1 and 2 multi-channel support across a wide range of shrink wrapped and LOB applications, system problem resolutions related to desktop, notebooks, OS, connectivity etc., office productivity tools support including browsers and mail, new service requests, IT operational issues, product usage queries, routing specific requests to designated contacts and remote diagnostics etc. 5. Insurance Processing Our insurance processing services provide specialized solutions to the insurance sector and support critical business processes applicable to the industry right from new business acquisition to policy maintenance to claims processing. Service Example: New Business / Promotion: Inbound/outbound sales, Initial Setup, Case Management, Underwriting, Risk assessment, Policy issuance etc. Policy Maintenance / Management: Record Changes like Name, Beneficiary, Nominee, Address; Collateral verification, Surrender Audits Accounts Receivable, Accounting, Claim Overpayment, Customer care service via voice/email etc. 6. Data Entry Services / Data Processing Services Service Example: o Data entry from Paper/Books with highest accuracy and fast turn around time (TAT) o Data entry from Image file in any format o Business Transaction Data entry like sales / purchase / payroll. o Data entry of E-Books / Electronic Books o Data Entry : Yellow Pages / White Pages Keying o Data Entry and compilation from Web site o Data Capture / Collection o Business Card Data Entry into any Format o Data Entry from hardcopy/Printed Material into text or required format o Data Entry into Software Program and application o Receipt and Bill Data Entry o Catalog Data Entry. o Data Entry for Mailing List/Mailing Label. o Manuscripting typing in to word o Taped Transcription in to word. o Copy, Paste, Editing, Sorting, Indexing Data into required format etc.

7. Data Conversion Services Service Example: o Conversion of data across various databases on different platforms o Data Conversion via Input / Output for various media. o Data Conversion for databases, word processors, spreadsheets, and many other standard and custom-made software packages as per requirement. o Conversion from Page maker to PDF format. o Conversion from Ms-Word to HTML format o Conversion from Text to Word Perfect. o Conversion from Text to Word to HTML and Acrobat o Convert Raw Data into required MS Office formats. o Text to PDF and PDF to Word / Text / Doc o Data Compilation in PDF from Several Sources. o E-Book Conversion etc. 8. Scanning, OCR with Editing & Indexing Services Service Example: o High speed Image-Scanning and Data capture services o High speed large volume scanning o OCR Data From Scanned page / image o Scan & OCR paper Book in to CD. o ADOBE PDF Conversion Services. o Conversion from paper or e-file to various formats 9. Book Keeping and Accounting Services Service Example: General Ledger o Accounts Receivables and Accounts Payable o Financial Statements o Bank Reconciliation o Assets / Equipment Ledgers etc. 10. Form Processing Services: Service Example: Insurance claim form o Medical Form / Medical billing o Online Form Processing o Payrol Processing etc. 11. Internet / Online / Web Research Service Example: Internet Search, Product Research, Market Research, Survey, Analysis. Web and Mailing list research etc. Challenges for a HR Professional in BPO 1. Brand equity: People still consider BPO to be "low brow", thus making it difficult to attract the best talent.

2. Standard pre-job training: Again, due to the wide variety of the jobs, lack of general clarity on skill sets, etc, there is no standard curriculum, which could be designed and followed. 3. Benchmarks: There are hardly any benchmarks for compensation and benefits, performance or HR policies. Everyone is charting their own course. 4. Customer-companies tend to demand better results from outsourcing partners than what they could actually expect from their own departments. "When the job is being done 10,000 miles away, demands on parameters such as quality, turn around timeliness, information security, business continuity and disaster recovery, etc, are far higher than at home. So, how to be more efficient than the original? 5. Lack of focused training and certifications Given this background, the recruiting and compensation challenges of HR departments are only understandable. Key To success The key to success in ramping up talent in a BPO environment is a rapid training module. The training component has to be seen as an important sub-process, requiring constant reengineering. Business Process Outsourcing: The Top Rankers WNS has emerged as the top BPO in India, pushing Wipro Spectramind to the second position, according to a survey done by NASSCOM . The basis of ranking is the revenues generated by the BPO companies in 2003-04, as per US GAAP. A list of top fifteen BPO companies in India is given below. 1. WNS Group 2. Wipro Spectramind 3. Daksh e-Services 4. Convergys 5. HCL Technologies 6. Zenta 7. ICICI Onesource 8. MphasiS 9. EXL 10. Tracmail 11. GTL Ltd. 12. vCustomer 13. HTMT 14. 24/7 Customer 15. Sutherland Technologies The parameters for the survey was: Employee Size (Operation level executives), Percentage of last salary hike, Cost to company, Overall Satisfaction Score, Composite Satisfaction, Company Culture, Job Content / Growth, Training, Salary and Compensation, Appraisal System, People, Preferred Company: (Percentage of respondents of a company who named

their own company as the preferred one), Dream Company: (Percentage of respondents in the total sample who preferred a particular company). Employee Benefits Provided By Majority Of the BPO Companies

Provident Fund: As per the statutory guidelines, the employee is required to contribute a percentage of his basic salary and DA to a common fund. The employer for this fund contributes as well. The employee can use the amount deposited in this fund for various personal purposes such as purchase of a new house, marriage etc. Gratuity: Gratuity is one of the retrial benefits given to the employee in which the employer every year contributes a particular amount. The fund created can be used by the employee for the purpose of long-term investment in various things such as a house etc. Group Mediclaim Insurance Scheme: This insurance scheme is to provide adequate insurance coverage of employees for expenses related to hospitalization due to illness, disease or injury or pregnancy in case of female employees or spouse of male employees. All employees and their dependent family members are eligible. Dependent family members include spouse, non-earning parents and children above three months Personal Accident Insurance Scheme: This scheme is to provide adequate insurance coverage for Hospitalization expenses arising out of injuries sustained in an accident. It is applicable to all the employees of JFWTC and covers total / partial disablement / death due to accident and due to accidents. Subsidized Food and Transportation: The organizations provides transportation facility to all the employees from home till office at subsidized rates. The lunch provided is also subsidized. Company Leased Accommodation: Some of the companies provides shared accommodation for all the out station employees, in fact some of the BPO companies also undertakes to pay electricity/water bills as well as the Society charges for the shared accommodation. The purpose is to provide to the employees to lead a more comfortable work life balance. Recreation, Cafeteria, ATM and Concierge facilities: The recreation facilities include pool tables, chess tables and coffee bars. Companies also have well equipped gyms, personal trainers and showers at facilities. Corporate Credit Card: The main purpose of the corporate credit card is enable the timely and efficient payment of official expenses which the employees undertake for purposes such as travel related expenses like Hotel bills, Air tickets etc

Cellular Phone / Laptop: Cellular phone and / or Laptop is provided to the employees on the basis of business need. The employee is responsible for the maintenance and safeguarding of the asset. Personal Health Care (Regular medical check-ups): Some of the BPO'S provides the facility for extensive health check-up. For employees with above 40 years of age, the medical check-up can be done once a year. Loans: Many BPO companies provides loan facility on three different occasions: Employees are provided with financial assistance in case of a medical emergency. Employees are also provided with financial assistance at the time of their wedding. And, The new recruits are provided with interest free loans to assist them in their initial settlement at the work location. Educational Benefits: Many BPO companies have this policy to develop the personality and knowledge level of their employees and hence reimburses the expenses incurred towards tuition fees, examination fees, and purchase of books subject, for pursuing MBA, and/or other management qualification at India's top most Business Schools. Performance based incentives: In many BPO companies they have plans for , performance based incentive scheme. The parameters for calculation are process performance i.e. speed, accuracy and productivity of each process. The Pay for Performance can be as much as 22% of the salary. Flexi-time: The main objective of the flextime policy is to provide opportunity to employees to work with flexible work schedules and set out conditions for availing this provision. Flexible work schedules are initiated by employees and approved by management to meet business commitments while supporting employee personal life needs .The factors on which Flexi time is allowed to an employee include: Child or Parent care, Health situation, Maternity, Formal education program Flexible Salary Benefits: Its main objective is to provide flexibility to the employees to plan a tax-effective compensation structure by balancing the monthly net income, yearly benefits and income tax payable. It is applicable of all the employees of the organization. The Salary consists of Basic, DA and Conveyance Allowance. The Flexible Benefit Plan consists of: House Rent Allowance, Leave Travel Assistance, Medical Reimbursement, Special Allowance Regular Get together and other cultural programs: The companies organizes cultural program as and when possible but most of the times, once in a quarter, in which all the employees are given an opportunity to display their talents in dramatics, singing, acting, dancing etc. Apart from that the organizations also conduct various sports programs such as Cricket, football, etc and regularly play matches with the teams of other organizations and colleges.

Wedding Day Gift: Employee is given a gift voucher of Rs. 2000/- to Rs. 7000/- based on their level in the organization. Employee Referral Scheme: In several companies employee referral scheme is implemented to encourage employees to refer friends and relatives for employment in the organization. Paid Days Off Maternity Leave Employee Stock Option Plan

Inspite of all these benefits, the attrition rate in BPO industry is very high, why?. What is the reason for an employee to leave? These and many more are the questions that need immediate attention from the industrial gurus. Why people prefer to join BPO's? In general a person with any graduation can join any of the BPO. Some BPO's like to take people with MBA but then again the specialization are of an individual hardly makes any difference. Again, this is the industry, where there is no reference checks and very often people don't even specify there exact age. Lets me share with you some of the reasons as why people prefer to join a BPO: 1. Did not get a better job. 2. Find nothing better to do. 3. Education level doesn't matter 4. Good work environment 5. Good Benefits 6. Flexibility of time 7. Attractive life style 8. Transport facility Why people leave the BPO's? When there are so many benefits associated with BPO industry .when there are so many privileges for the BPO employees than what makes them to change the company/industry?? Is it only MONEY that matters or anything else as well?? Here are some of the reasons for a BPO professional to change his/her job. 1. No growth opportunity/lack of promotion 2. For higher Salary

3. 4. 5. 6. 7. 8.

For Higher education Misguidance by the company Policies and procedures are not conducive No personal life Physical strains Uneasy relationship with peers or managers

What they have to say? With so much of uncertainty in the market, people are trying their best to stop or to at least have a control on the attrition rate let me share with you the opinion of the real gurus of the industry. "Training is a very important aspect of the ITES-BPO industry"- Mr. Arjun Vaznaik, COO, Tracmail " Career growth in the industry is robust and there is a long-term opportunity. The great growth momentum that the industry is witnessing is creating both vertical and lateral career opportunities. There also exists enough growth opportunities in the middle-management and supervisory level within the industry". - Aadesh Goyal, Executive Vice President & GM, Hughes BPO Services "It will not be possible for the industry to arrive at a blanket agreement on poaching but bilateral agreements between companies are being signed. Basic norms are being put in place and code of ethics is being stressed upon by industry players within the sector with respect to HR practices. We are encouraging companies to adopt responsible behavior in order to ensure that the industry does not become a victim of its own actions. Industry needs to go aggressive but not cannibalistic." - Mr. Suren Singh Rasaily, Senior Vice President, NIIT Ltd. and Head Plantworkz, Conclusion: This is a descriptive report on BPO industry. I have tried to cover almost everything related to the industry. I like to have your opinion about the same. Even at the end of this comprehensive report, my concerns are related to development of employees in BPO, controlling attrition rate in BPO, can we have some standard industrial compensation package/ break-ups??

Chapter - 2

KAIZEN IN JAPAN
Mrs. Babita Jha ( HOD, CIPS), Arvind Singh Hada (3rd Batch) apanese term that means continuous improvement, taken from words Kai means continuous andZen means improvement. Some translate Kai to mean change and Zen to mean good, or for the better. The same japanese words Kaizen that pronounce as Gai San in chinese means; Gai= The action to correct. San= This word is more related to the Taoism or Buddhism Philosophy in which give the definition as the action that benefit the society but not to one particular individual. The quality of benefit that involve here should be sustain forever, in other words the san is an act that truly benefit the others. Kaizen was created in Japan following World War II. The word Kaizen means continuous improvement. It comes from the Japanese words Kai meaning school and Zen meaning wisdom. Kaizen is a system that involves every employee from upper management to the cleaning crew. Everyone is encouraged to come up with small improvement suggestions on a regular basis. This is not a once a year, or monthly activity. It is continuous. At Japanese companies, such as Toyota and Canon, 60 to 70 suggestions per employee, per year are written down, shared and implemented. In most cases these are not ideas for major changes. Kaizen is based on making little changes on a regular basisalways improving productivity, safety and effectiveness, and reducing waste. Suggestions are not limited to a specific area such as production or marketing. Kaizen is based on making changes anywhere that improvements can be made. The Kaizen philosophy is to do it better, make it better, and improve it even if it isnt broke, because if we dont, we cant compete with those who do. Western philosophy can be summarized as, if it isnt broke, dont fix it. The Kaizen philosophy is that everything, even it isnt broke can be improved. Kaizen is a system of improvement that in Japan includes both home life as well as business improvements. Kaizen even includes social activities. It is a concept that is applied in every aspect of a persons life. In business Kaizen encompasses many of the components of Japanese businesses that have been seen as a part of their success. Quality circles, automation, suggestion systems, justin-time delivery, Kanban and 5S are all included within the Kaizen system of running a business. Kaizen involves setting standards and then continually improving those standards. To support the higher standards Kaizen also involves providing the training, materials and

supervision that is needed for employees to achieve the higher standards and maintain their ability to meet those standards on an on-going basis. Kaizen often takes place one small step at a time, hence the English translation: continuous improvement, or continual improvement. Yet radical changes for the sake of goals such as just in time, and moving lines also gain the full support of upper level management. Goals for kaizen workshops are intentionally set very high because there are countless examples of drastic reductions in process lead time to serve as proof of their practicality. The cycle of kaizen activity can be defined as: standardize an operation -> measure the standardized operation (find cycle time and amount of in-process inventory) -> gauge measurements against requirements -> innovate to meet requirements and increase productivity -> standardize the new, improved operations -> continue cycle ad infinitum. Learn-by-Doings The Zen in Kaizen emphasizes the learn-by-doing aspect of improving production. This philosophy is focused in a different direction from the command-and-control improvement programs of the mid-20th century. Kaizen methodology includes making changes and looking at the results, then adjusting. Large-scale preplanning and extensive project scheduling are replaced by smaller experiments in improvement, which can be rapidly adapted as new improvements are suggested.

PRINCIPLES OF KAIZEN There are certain basic principles which are followed in various Japanese companies which are listed below: 1. Focus on customers: -The Kaizen philosophy has only one prime objective of customers satisfaction. Kaizen permits no middle ground its either you provide best products and customer satisfaction or not. All the activities should aim at providing customer with whatever he wants and should help the firms long term objective of customers satisfaction at the same time building up good relationship. It is a responsibility of each and every person working in a Kaizen company to make sure that the product is up to the mark and it satisfies customers need.

2. Make improvements continuously: There is not a best way to do a thing, there is still a better way. In a Kaizen company, the search for excellence just does not end. We should work on the improvement implemented and see if we can make it even more effective. 3. Acknowledge problems openly: Every company has certain problems related to finance, competition, change in demand etc. Kaizen companies are no exception, but by fostering an appropriately supportive, constructive culture it becomes easier for any team to get its problem in the open. The whole organization works as a team to solve the problem. The problems are openly shared by the management with the employees which avoids

rumours. It simply means FIGHT WITH YOUR PROBLEMS DONT RUN AWAY FROM THEM. 4. Promote openness: There seems to be less functional ring fencing i.e. only the senior managers have private cabins. Otherwise the workplace is generally open and in many companies even the dress code and canteen for everyone is the same. 5. Create work teams: Each individual in a Kaizen company belongs to work team headed by a leader. Working in various overlapping teams draws employees into corporate life and reinforces the mutual understanding. 6. Cross- functional teams: kaizen states that no individual or team has all the required skill and knowledge to complete a task. Cross-functional teams help in getting all the valuable informations from the view of all the related people. It calls for letting ideas to flow as wide as running on moon. 7. Right relationship process: This principle can be explained in one word as harmony. Harmony means a complete mixture of the best process and also the best results. 8. Develop self-discipline: The most important evidence of existence of Kaizen in a company is the level of self-discipline in an employee. 9. Inform every employee: Kaizen requires all the staff to be given all the information at the time of their induction and throughout their working tenure. This is very important to make sure that the employees have the right attitude and also that they respect their culture and help their co-workers. 10. Enable every employee: Enabling employees gives those skills and opportunity to apply the information provided. In a Kaizen company it is also important to give employees adequate training to sharpen their skills and also incentives should be provided. In case where a workers suggestion is implemented he should be given rewards.

IMPORTANCE OF KAIZEN o answer this question let us first see what does Kaizen do or what are the benefits of Kaizen. The details of the same are follow: Kaizen involves every employee in making changein most cases small, incremental changes. It focuses on identifying problems at their source, solving them at their source, and changing standards to ensure the problem stays solved. Its not unusual for Kaizen to result in 25 to 30suggestions per employee, per year, and to have bovver 90% of those implemented. For example, Toyota is well-known as one of the leaders in using Kaizen. In 1999 at one U.S. plant, 7,000 Toyota employees submitted over 75,000 suggestions, of which 99% were implemented. These continual small improvements add up to major benefits. They result in improved productivity, improved quality, better safety, faster delivery, lower costs, and greater customer satisfaction. On top of these benefits to the company, employees working in

Kaizen-based companies generally find work to be easier and more enjoyableresulting in higher employee moral and job satisfaction, and lower turn-over. With every employee looking for ways to make improvements, you can expect results such as: Kaizen Reduces Waste in areas such as inventory, waiting times, transportation, worker motion, employees skills, over production, excess quality and in processes. Kaizen Improves space utilization, product quality, use of capital, communications, production capacity and employee retention. Kaizen provides immediate results. Instead of focusing on large, capital intensive improvements, Kaizen focuses on creative investments that continually solve large numbers of small problems. Large, capital projects and major changes will still be needed, and Kaizen will also improve the capital projects process, but the real power of Kaizen is in the on-going process of continually making small improvements that improve processes and reduce waste. To add to all this we would further like to add the following: Kaizen closely associated with quality, quality refers to meeting specification and requirement, competitive cost and reliability, customer satisfaction, safety, consistency and so on. Kaizen signifies small improvement made in the status quo as a result of large investment. The word Kaizen refers to small and continuous improvement. The wider meaning is continuous improvement consistently, every time, every step, every place leading to self development and hereby neighbourhood development. The kaizen philosophy is based on our life; our working life, our social life or our home life needs to be constantly improved for the betterment. In a management sense this means continual & gradual improvements through evolution rather than revolution. The reality is you can make improvements once if you try; you can make them more than once if you care. Bad business ignores the sign of disaster. Good business spots the sign of disaster and deals with them. KAIZEN business constantly reviews and monitors to preclude disaster. To finish we would like to say that CHANGE IS THE NEED FOR THE HOUR, but this change is not easy. To implement these changes is not easy and to shed light on how Kaizen helps companies excel we have chosen this topic. HISTORY OF KAIZEN he history of this philosophy can be traced to as back as 1950s. Although the term KAIZEN first became apparent in the west in the mid 1980s, its roots lie in the aftermath of the Second World War. The birth of Kaizen as a management concept is closely bound up with Japans recovery & growth after world war-II, as a management concept, however it was first used in 1970 within post-war Japan there was clearly a pressing need to make manufacturing industry efficient, this led some of the major manufacturer ways to build on the ways of the team structures in their companies & to harness the full contribution of their system, became increasingly common. Then in 1986, Masaaki Imai published his influential book entitled Kaizen: the key to Japans key to

success in which he showed a number of companies were successfully using this ideas in an integrated way : kaizen as a management concept had been born. The Global economic situations which lead to evolution of KAIZEN as an important management tool are:Sharp increases in the cost of material, energy, labour. Overcapacity of production facilities. Increased competition in already saturated market. Changing consumer values. A need to have a lower breakeven point. The traditional Japanese approach to Kaizen embeds it in a hierarchical structure, although it gives considerable importance to the employees as well, but within fixed limits. The key to applying this principle in practice the main points to be considered are:Attention to process, rather than end results. Cross-functional management. Use of QCs and other tools to improve communication. Japanese organizations over the years have applied this philosophy and have reaped huge benefits. Unlike in the West where the emphasis is on one goal that is profit , in Japan the motto is to produce something in the best possible manner and in the process if possible try for profits. They have over the period put more stress on research and development to improve the existing process and make it more productive and also satisfy high quality standards. Japanese organizations believe its better to continuously improve the process rather than to go for innovations. According to theory its great strength of the Japanese companies to pay attention on the process rather than the results. A NOTE ON WHY KAIZEN WORKED IN JAPAN The essence of implementing Kaizen is the attitude & it is the attitude of the Japanese people (now known as Kaizen Attitude) that helped them in implementing Kaizen successfully. Many of Japanese people by nature are hardworking, attentive ,training oriented and most importantly they feel a strong obligation to be responsible for their work. This is one of the basic reasons of success of kaizen philosophy in Japan. The following examples would throw light on the above mentioned point:WESTERN ATTITUDE: As long as the targets are met dont interfere KAIZEN ATTITUDE: -Dont aim for perfection it isnt good enough WESTERN ATTITUDE: Its a Marketing problem not a production one right KAIZEN ATTITUDE: -There is a problem here; lets see what we can do about it GEMBA-KAIZEN In the service sectors, GEMBA is where the customers come into contact with the services offered. At banks, tellers are working in Gemba, as are loan officers receiving applicants. The same goes for employees working desks in offices and for telephone operators sitting in front of switchboards. Thus, Gemba spans a multitude of offices and administrative functions.

The efforts to bring about sales management in cooperative banks take place in Gemba. Hence a few more lines on Gemba will be in order. The problem with most managers is that they prefer their desk as their workplace, wish to distance themselves from the events taking place in Gemba. Most managers come into contact with reality only through their daily, weekly or even monthly reports, or other meetings. (Masaaki, Imai: Gemba Kaizen. The Japanese word KAIZEN is now well known on the floors of factories all over the world. It is written with the two kanji characters at left. KAI means alter, renew, reform, or to be corrected, among other meanings, and ZEN means simply good (The Kanji Dictionary, Spahn & Hadamitzky). In everyday Japanese, KAIZEN means improvement. For people in factories, though, KAIZEN means a lot more than that. It means the relentless process of finding and eliminating MUDA (or waste). That is why KAIZEN is sometimes translated in English as Continuous Improvement, because experts felt that saying merely improvement gave the wrong impression. MUDA is everywhere. Eliminate it and you will find it in new places. And so KAIZEN is endless. In the field of sales management in cooperative banks, managers first priority should be to go to Gemba and observe. Gemba is your teacher. When you go to Gemba, what you see is the real data. The report from Gemba you read sitting at your desk is merely secondary information. There is a golden rule of Gemba management, the 5-Gemba principles, which can be described as follows: When a trouble (abnormality) happens, go to Gemba first. This is the first and most important principle. Many managers learn about the problems that happened in Gemba from a report that reaches them several days or weeks after. The best solution is to go to Gemba at once when you hear that a problem has happened. Check with gembutsu (machines, tools, rejects, and customer complaints.) Gembutsu, another Japanese word means some tangible things on which you can put your hands on. If a machine is down, the machine itself is gembutsu. If a customer is complaining, the customer is Gembutsu. For instance, if the machine is down, go to Gemba and have a good look at the machine. By looking at the machine, and asking the question why several times, you can probably find out the reason for the breakdown on the spot. Take temporary countermeasures on the spot. For instance, if the machine is down, you have to get it started because the show must go on. Sometimes you kick the machine to get it started. If a customer is angry, you will need to apologize, or even give some gift to appease. But these are only temporary measures and do not address the real issue, which leads to the next point. Find out the root cause. By repeating the question why several times, you can find out the root cause of the problem. Standardize for prevention of recurrence. Once you identify the root cause, and come up with a countermeasure, you should standardize such a countermeasure so that the same problem will not recur.

What is GEMBA-KAIZEN? Gemba-Kaizen is a work discipline that pretends getting the required information for improvement, directly where the phenomenon is produced. . To solve a problem you have to go to Gemba or work place, machine, plant area, that is, to the place where the event that prevents things from working properly is occurring. So what is Gemba Kaizen? Its a philosophy that uses small, continuous and commonsensical improvements in the workplace to save money and enhance the bottomline instead of heavy investments in new technology. For Masaaki, Gemba contains the root of all problems, solutions and is the source of all improvements and revenues. In order to solve problems found in Gemba, todays managers often try to apply sophisticated tools and technologies to deal with problems that can be solved with a commonsense, low cost approach. They need to unlearn the habit of trying ever-more sophisticated technologies to solve everyday problems. There are two approaches to problem solving. The first involves innovation applying the latest high-cost technology, such as state-of-the art computers and other tools, and investing a great deal of money. The second uses commonsense tools, checklists, and techniques that do not cost much money. THE 3 MUS OF KAIZEN 1. Eliminate Muda Muda means waste and muda elimination in the context of kaizen implies an on going and systematic elimination of waste. Seven kinds of muda elimination are; Muda over production Muda of stock Muda of transport Muda of defects Muda of delays Muda of motion Muda of over processing MURA Mura = Inconsistencies in the system Happens sometimes Happens some places Happens to some people One side is ok; the other side is not ok All this is Mura Muri Muri = Physical Strain Bend to work Push hard Lift weight

Repeat tiring action Wasteful walk All this is Muri FIVE WS AND ONE H CHECKLIST FOR KAIZEN Who? Why? What? Where? When? How? The Five Ws and H, are an influential, inspirational and imaginative checklist (often used by journalists). The technique uses basic question generating prompts provided by the English language. The method is useful at any level from a formal checklist to complete informality. For example: Informal back-of-an-envelope use is suitable as a quick-aide checklist, a private checklist to keep in mind when in an ongoing discussion, quick points scribbled down in a meeting, or to generate further questions. To generate data-gathering questions, during the early stages of problem solving when you are gathering data, the checklist can be useful either as an informal or systematic way of generating lists of question that you can try to find answers for. To generate idea-provoking questions, whilst brainstorming, brain writing or some other such similar technique, the checklist could be used as a source of thought provoking questions to help build on existing ideas. To generate criteria, the checklist could help in generating criteria for evaluating options. To check plans, the checklist is a useful tool for planning implementation strategies. However, the question words owe their strength to their fundamental place in the English language, and can conceal some of the assets of nature that our language copes less well with. The responses to the questions in the checklist are usually facts, rather than actions or problems. TEN COMMANDMENTS OF KAIZEN: 10. 09. 08. 07. 06. 05. 04. 03. Though shall not speak falsehoods about thy modifications. Though shall not embark in any illegal activity Though shall not belittle another members ride. Though shall not monopolize the group. Though shall not deviate from Kaizen doctrine and code. Though shall never criticize a members final decision Though shall not take out stress on thy ride or the group. Though shall not totally rip-off another rides design

02. Though shall not risk thy car recklessly. 01. Though shall not strut. ADVANTAGES & DISADVANTAGES OF KAIZEN ADVANTAGES Efficiency:- It leads to better efficiency in terms of through put time, inventory turnover, man hours employed, plant and machinery. Continuous improvement: Kaizen philosophy stresses on continuous improvement rather than innovation. This process leads to better utilization of R & D resources of a company and better productivity. Mutual understanding:- Due to the openness in a Kaizen company, mutual understanding among the employees increases along with better understanding with management. Develop self -discipline: The philosophy stresses that all the employees in a Kaizen company should have self- discipline. This helps the top level management to set an example for the others to follow. This helps the management in improving their leadership skills as well as the companies practices are percolated throughout the organization. Participative Management: Due to the openness in the working environment and also in the management decisions the employees feel themselves to be a part of the organization. Participative Management also leads to a high employee morale. DISADVANTAGES It is difficult to achieve kaizen in practice, because it requires a complete change in attitude and culture, and needs the energy and commitment of all employees. It also requires a substantial investment of time. It is difficult to maintain enthusiasm for several reasons: Some people see Kaizen as a threat to their jobs; A lot of poor ideas tend to be put forward as well as good ones, which can be demotivating; By implication, there is complete satisfaction. Continuous improvement is not sufficient on its own, major innovations are also needed. There is a danger of becoming evolutionary rather than revolutionary. KAIZEN & THE FIVE Ss The Five Ss, or just 5S , is the name for a Japanese system of workplace cleaning and organization. It first appeared at Toyota Motor Company shortly after the end of World War II by the ideas of Taiichi Ohno, and is considered a vital part of the Toyota Production System and Lean Production philosophy. The Japanese have long recognized the vital importance of workplace housekeeping. The Five Ss are:

1. Seiri, which can be translated as sorting, refers to the practice of sorting through all the tools, materials, etc., in the work area and keeping only essential items. Everything else is stored or discarded. This leads to fewer hazards and less clutter to interfere with productive work. 2. Seiton, or organizing, focuses on the need for an orderly workplace. Tools, equipment, and materials must be systematically arranged for the easiest and most efficient access. There must be a place for everything, and everything must be at its place. 3. Seiso, which means cleaning, indicates the need to keep the workplace clean as well as neat. Cleaning in Japanese companies is a daily activity. At the end of each shift, the work area is cleaned up and everything is restored to its place. 4. Seiketsu, or standardizing, allows for control and consistency. Basic housekeeping standards apply everywhere in the facility. Everyone knows exactly what his or her responsibilities are. Housekeeping duties are part of regular work routines. 5. Shitsuke, which means sustaining, refers to maintaining housekeeping standards and keeping the facility in safe and efficient order day after day, year after year. Managements Role in Implementing Kaizen Introduction of Kaizen involves considerably more sweeping changes in attitudes, structures and processes. Senior managers need to think about the impact and implications of kaizen, as well as about the practicalities of introduction. In particular. Senior management commitment is essential Senior managers must be aware of Kaizens role in the overall business strategy. All employees should understand Kaizens role in their work. Kaizen should be linked to personal development and enablement In Japan, cultural background means that senior management commitment can be taken for granted. Local guidelines therefore concentrate on the shop floor involvement. In the UK, where the cultural background is different, the right management commitment is essential. Senior managers need to understand Kaizen and how it fits into the organizations overall business strategy. They should be aware of implications and potential disruptions that the introduction of Kaizen might bring. Reorganization of people into teams takes time and may be disruptive Training and group meeting take additional time Productivity may decline temporarily while changes are implemented Some employees may be suspicious and un co-operative Above all senior managers must be prepared to let go of some areas of power: Kaizen in practice is based on the belief that the people doing a particular job will often know how better than anyone else (including their supervisors) how that job can be improved, and that they should be given that responsibility for making those improvements. Management needs to be prepared- mentally as well as practically for this shift.

Once Kaizen practices were identified as a key element in the success of large Japanese manufacturers such as Toyota, they began to take interest in the philosophy and practice of these companies. They believed that Kaizen: Leads to reduction of waste Can increase productivity by at lest 30 % where no previous improvement process was in place Is relative cheap to introduce it requires no major capital investment Can lower the break-even point Enables organization to react quickly to market changes TOOLS USED FOR KAIZEN KAIZEN achieves its effects by working through people. All are expected to be involved. Managers, for example, are expected to spend about half their time on improving what they and those for whom they are responsible do. Traditionally, a Japanese Samurai carried seven tools into battle. After World War II the Japanese adopted quality as a philosophy for economic recovery and, in line with this traditional approach, sought seven tools to accomplish the economic rejuvenation. The seven tools chosen were: 1. Histograms A histogram is a specialized type of bar chart. Individual data points are grouped together in classes, so that you can get an idea of how frequently data in each class occur in the data set. High bars indicate more points in a class, and low bars indicate fewer points. In the histogram show above, the peak is in the 40-49 class, where there are four points. 2. Cause and Effect diagrams The cause & effect diagram is the brainchild of Kaoru Ishikawa, who pioneered quality management processes in the Kawasaki shipyards, and in the process became one of the founding fathers of modern management. The cause and effect diagram is used to explore all the potential or real causes (or inputs) that result in a single effect (or output). Causes are arranged according to their level of importance or detail, resulting in a depiction of relationships and hierarchy of events. This can help you search for root causes, identify areas where there may be problems, and compare the relative importance of Pareto Charts. 3. Check Sheet The Check Sheet is a simple but powerful data gathering tool. It is used to gather and classify information (data) that can be easily analyzed to identify patterns in the work being studied. It starts the process of translating opinions to facts. A Check Sheet is useful for:

Making data gathering easy. Learning the extent of a problem Count to know. Arranging data so it can be easily used to construct a Pareto Chart. Identifying causes of problems. 4. PARETO DIAGRAM Vilfredo Pareto, a turn-of-the-century Italian economist, studied the distributions of wealth in different countries, concluding that a fairly consistent minority about 20% of people controlled the large majority about 80% of a societys wealth. This same distribution has been observed in other areas and has been termed the Pareto effect.The Pareto effect even operates in quality improvement: 80% of problems usually stem from 20% of the causes. Pareto charts are used to display the Pareto principle in action, arranging data so that the few vital factors that are causing most of the problems reveal themselves. Concentrating improvement efforts on these few will have a greater impact and be more cost-effective than undirected efforts. 5. GRAPHS Charts and graphs are images that represent data symbolically. They are used to present complex information and numerical data in a simple, compact format. Some types of charts and graphs, known as pictographs, use pictures or symbols in place of the typical bars, lines, or dots of most graphs. Examples: A pie chart is a circle divided into segments with each piece of the pie representing some data. Bar and stacked charts use vertical or horizontal bars to show the relationship between numbers. Line charts use lines along a visible or invisible grid 5.CONTROL CHARTS Every process varies. If you write your name ten times, your signatures will all be similar, but no two signatures will be exactly alike. There is an inherent variation, but it varies between predictable limits. If, as you are signing your name, someone bumps your elbow, you get an unusual variation due to what is called a special cause. If you are cutting diamonds, and someone bumps your elbow, the special cause can be expensive. For many, many processes, it is important to notice special causes of variation as soon as they occur. 6. SCATTER PLOTS Scatter Plots (also called scatter diagrams) are used to investigate the possible relationship between two variables that both relate to the same event. A straight line of best fit (using the least squares method) is often included. Things to look for: If the points cluster in a band running from lower left to upper right, there is a positive correlation (if x increases, y increases). If the points cluster in a band from upper left to lower right, there is a negative correlation (if x increases, y decreases). Imagine drawing a straight line or curve through the data so that it fits as well as possible. The more the points cluster closely around the imaginary line of best fit, the stronger the relationship that exists between the two variables.

Chapter - 3

THE 7 MOST COMMON MARKETING MISTAKES

Rajesh Singh, PGDM 3rd Semester hen marketing your product or service, you need to have a firm understanding of your audience, the message you want to deliver, the offer you're willing to make, and the optimal timing for your marketing campaign. Too often novice marketers, even marketing veterans, make costly mistakes that result in poor performance of their marketing campaign. Common marketing mistakes can be avoided with adequate planning, attention to detail, and ongoing measurement and evaluation. If you're considering a traditional marketing campaign, an Internet marketing campaign, or something that's never been tried before, be sure to avoid these common marketing mistakes. 1. Timing. You may have a great list, a fantastic offer, and even a well designed marketing piece, but if your timing is off, so too will be your results. As an experienced marketer, I have seen some very expensive marketing campaigns that were very compelling but failed to produce results. This is because the campaign reached consumers at a time in which they had no interest in buying the product. For example, trying to sell snow shovels in July would not be considered good timing. 2. Failure to Test Your Headline. As the first thing your prospect usually reads, the headline is essential for luring your prospective buyer into the message, your offer, and the action you want them to take. Regardless of the medium, you should continually test your headlines (or subject lines) by running split tests and evaluating response. This ensures that your marketing message attracts the largest number of prospective buyers. 3. Failure to Test Your Offer. In direct marketing, the offer is directly correlated to 40% of your response. If you have the right offer, people respond. There are other factors to consider as well, but providing a compelling offer is required in most instances. Offers can range from discounts to "hurry while supplies last", but the commonality remains. Test your offers for optimizing response. 4. Having a Good List. Having the best offer and award-winning design is not enough. For many types of marketing campaigns, success is directly tied to having a targeted list. With today's sophisticated list generation tools, you can acquire lists that are highly segmented based on demographics, psychographics, buying behavior, and many other characteristics. The key here is not to be penny wise and pound foolish. If you're wondering where to invest your marketing dollars, spend them on developing a good house list (names you acquire on your own) or by renting/purchasing a well segmented marketing list. 5. Relying on a Single Communication. On average, consumers are hit with over 2,000 marketing messages every day. In fact, recent studies have indicated that consumers need to see your marketing message an average of 12 times before they take notice. If there is any truth to the claim in part or in whole, it means that you must communicate to prospects on a

regular basis. Placing a single ad in the newspaper or sending a single email cannot deliver effective results. Determine the media that prospects use to gather information and develop an ongoing campaign that works within your budget. 6. Not Measuring Campaign Effectiveness. Over time, your business is going to do a lot of marketing. Even if you are a small business wondering how you're going to communicate to a prospective audience, you're going to eventually have some type of communication. Regardless of the marketing campaign size or expense, you need to track your results. This can be done with a simple spreadsheet or a multi-million dollar CRM system. The bottom line is you need to record what works and what doesn't so that you can improve your results in the future. 7. Failure to Continue the Dialogue. After consulting for a number of large companies, I'm still amazed at how many fail to communicate to customers on an ongoing basis. Often times, consumers or businesses only hear from the seller when its time to buy again. If you have an established customer base, chances are you've worked hard to acquire them. You should be spending some of your marketing budget to retain them. Be sure to open a dialogue with customers, solicit their feedback, and communicate with them regularly. This will help to build your business over the long-term. If you're new to marketing, have experience as a marketing professional, or simply want to improve your current marketing results, be sure to learn from the mistakes of others. To be successful, continually work towards improving your marketing effectiveness. Avoid the 7 most common marketing mistakes, and you're on your way to delivering tangible results.

Chapter - 4 THE RELATIONSHIP BETWEEN

MARKETING & SALES

Ajit Singh Saini, PGDM 3rd Semester

hen comparing marketing with sales and considering how they relate to one another I always think of the medium sized business where I had my first job. The marketing department people were serious and analytical, always busy with statistics and campaigns and meetings. The sales people were breathless, always on the go, always on the phone or going to meet customers, always on the cusp of some enormous deal, some magic sale that would catapult the companys turnover way over the annual target. As a junior it seemed to me that the marketing people and the sales people were from two different planets. I now know that they were simply two parts of the same continuum. Marketing can be described as the set of activities that are undertaken in order to generate leads, while selling is the act of turning a prospect a hot lead into a buyer and later a repeat customer. The marketing and sales functions of any organization are glued together by leads. If there are no leads, the two will fall foul of one another. I saw this in that business I was describing earlier. But leads work both ways. The marketing department has to deliver them and the sales department must act upon them to maximum advantage. But leads must first be generated and that is why marketing tends to overwhelm the sales function when the two are discussed. The various forms that marketing takes are well known because they are so visible. They range from cold canvassing to brand or corporate advertising, through to the more targeted types of marketing such as direct

response advertising and referrals, where the particular benefits of the product is explained to the customer. If this is done properly, then qualified prospects will actually approach the sales people for assistance. Sales people love those leads. It is in fact when the sales people take over the communication function that the lead ceases to be a lead and becomes a prospective customer, then a customer and finally a repeat customer. Actually I have painted a somewhat idealistic picture of the lead relationship between the marketing function and the sales function. It is just not that simple because not all leads are equal. An extremely tiny percentage leads are customers who are ready to buy. Most of them are merely interested in possibly buying at a future date and some are just mildly interested, just browsing. Thats why it is important to have some sort of lead management system so that potential customers can be turned into buyers and buyers can become repeat customers. All follow up communication should be friendly and informative, definitely not hard sell. The company representative should be regarded as a helpful expert rather than a rabid sales person. Fortunately many of the follow up functions can be automated to take the form of email, direct mail, voice broadcast and fax broadcast. Obviously the lead would be encouraged each time to call directly if they have questions or a ready to buy. The follow up effort is usually a function of the marketing and sales departments combined.

Chapter - 5

THE TOP 10 MARKETING TIPS OF ALL TIME

Amit Kumar Sharma, PGDM 3rd Semester ith more than a decade of experience in marketing, ranking from pay-per-click to direct mail, Ive seen a lot of failures and far more successes when it comes to marketing.

Today, the art of marketing is far more complex than it once was. However, many of the same basic principles still apply. Too often, professional marketers and small business owners overlook the basic techniques that have separated successful campaigns from those that never turn a profit. Here is my all time list of effective marketing tips. Know your audience. Successful campaigns get that way because marketers know their audience. They fully understand their needs, how to help meet those needs and how to create demand. Knowing and understanding your audience through proper market segmentation means a well targeted campaign that generates a profitable return. Focus on the offer. A marketing offer is the driving force of marketing promotions that drive results. In fact, market testing has proven that the offer is the most significant criterion for conversion. Focus on your offer if you want to be successful. Split test. Never ever run a campaign without testing something. One of the most common is a split test which allows you to simultaneously test two versions of something. It can be a web page, post card, or email. Split testing is essential for improving performance. Never work alone. The most creative ideas come from working with other creative people. Dont feel like you need to have all the answers or great ideas. You may start with an idea, but an open dialog with creative individuals will make it better. Dont sell on price. Ive seen so many marketers fail because they sell on price alone. This leads to a discounting war, lower profitability, and often bankruptcy. Rather, focus on creating so much value that the perception of price becomes insignificant. Consistent messaging. Consider the entire user experience before you launch a campaign. From email to website to offer, is the prospect having a consistent user experience? If they are, your campaigns stand above 98% of others. Create value after the sale. As marketers, its our job to understand our market segment and build relationships, not dump people off at the front door of our store and walk away. Focus as much of your energy on building relationships with customers as you do prospects. Test. Test. Test. In addition to split testing, you should consider multiple forms of testing in each marketing discipline. For direct mail, test headlines, offers, copy, time of direct mail drop, etc. Consider testing a lifelong mission.

ntegrated Marketing Works Best. You cant rely on one form of marketing to carry you to success. Its okay to generate most of your leads or sales through PPC marketing if you will but what happens when that dries out? Use multiple media sources to meet your goals. Nothing can replace experience. You can run out and hire all of the best consultants in the world, but you still have to do the work. Nothing can replace actual experience. It will make you a stronger marketer and more successful in the long term. Apply these helpful marketing tips if you want to be truly successful. These techniques and tips are applied by successful marketers on a daily basis. The result is an ever growing success rate of marketing success.

Chapter - 6

SALES TECHNIQUES FOR HANDLING & OVERCOMING SALES OBJECTIONS

Sunil Choudhary, PGDM 3rd Semester n the business world, no matter what you do or how good you are, you will always run into sales objections. You of course understand that as rational beings we (even you) have moments where you will question yourself and the sales person that you are talking to in order to assure yourself that you're making the right buying decision. So as a sales person, objections serve as your obstacles in making a successful sale. It's a challenge that's present in every sales call, meeting, or business opportunity - a challenge that requires the appropriate sales techniques, applied correctly, in order to become successful. So how do you possibly get over this challenge? Simple, you rise to every possible occasion. This is not to say that you'd be battling wits with the customer. Objection handling means that you will be finding ways and using specific sales techniques that make the customer see the importance of what you are selling without having to contradict or argue (even in the slightest bit). Without having to inform or tell you, most probably you already have an idea as to what some of your sales objections would be, but for the sake of the discussion here's some of the most common ones; value of the product and its relation to cost; the effectiveness of the product; the time it would take for the product to be delivered; AND if it will be delivered. You are basically dealing with trust and the knowledge of the customer when you are selling. So how do you get past all those possible questions? Ask them yourself. Put yourself in the shoes of the customer. For example let's say you are a customer and you are being sold a product. You may have a few questions: one does the product or service actually works? Two, is it worth the price?; and three, why should I buy it now? If you are at a loss for answers, try asking past, present and possible customers. This will allow you to see far beyond what your product offers in your mind. Asking a warm customer about what they liked about the product, what they hated, the concerns they had/have, and if they have any further questions will bring you closer to results that you want -making a successful sale. This is the essence of objection handling. All this information will help you when overcoming sales objections. When the prospect brings up an obstacle, you'll know exactly what to say to alleviate their worries. This will also prevent price haggling which devalues your product or service and also the integrity of what you're selling. Instead of haggling on the price, concentrate on the "real" value of your product instead. Overcoming sales objections will be different for each customer but as long as you are able to sway to any situation, you will be one step closer to making that sale. Get our full sales techniques series of videos on Objection Handling. Packed with lots of tips and sales skills, this free video set will help you make those sales objections that you fear, your greatest asset for closing business.

Chapter - 7

ICICI RESULTS - SORRY, No-MAGIC

Deepak Sharma, PGDM 3rd Semester f you recalled that famous ICICI's byline "adding a little magic to everyone's life", you would be sorely disappointed to know that the financial behemoth's scorecard is bereft of any magical magnificence. The results disappoint at first sight, sample this - Q4 FY01 loss stands at a whopping Rs 257 crore as against the profit of Rs. 395 crore in the corresponding quarter of last fiscal, while the full year profits are more than halved at Rs 537 crore in comparison to a profit of Rs 1,206 crore, recorded in the previous year. That's no reason to believe that the company which aspires to become India's financial super-market has added any magic to the investor's life. However, a clean-balance-sheet act by the company does provide some succour to curious minds. If you like to know why the company's performance lacks any magical splendor this time, read on. ICICI juggernaut hit a speed breaker in FY01 as an act of over-acceleration made it a bit difficult to drive in complete control. Bottomlines became a victim of this acceleration in the final stage (quarter) and hence the full fiscal. This resulted on account of the company's decision to make accelerated provisions against NPLs (Non Performing Loans - Any loan repayment which is delayed beyond 180 days), considered to be a more conservative policy. The idea being that such a conservative provisioning policy would help the company achieve a 50% provision cover against a NPL in an "accelerated" time-frame of three years, well ahead of a time-frame of five-and-a-half-year, prescribed under the current guidelines by RBI. The move, by the company, seems to be an attempt to catch up with the trend prevalent amongst global banks and financial institutions in emerging markets towards increasing their provision cover against NPLs. It would be mentioned here that globally, the valuations of these entities get driven by the level of NPLs on their books, to a considerable extent. Hence, ICICI's move could be seen in the light of this fact as well. Furthermore, in the backdrop of a gloomy economic outlook for the global economy as a whole, the strategy of higher provision could provide additional cushion to the company from the rising impact of volatility in such economies on emerging markets like India. look at the company's annual scorecard suggests that it has made aggregate provisions and write-offs of Rs 1,421 crore for the full fiscal year 2000-2001. This is broken into two components - Rs. 608 crore is provided as per the requirements of the RBI guidelines whereas Rs 813 crore is on account of the accelerated provisions and write-offs. Further, the accelerated provision amount of Rs 813 crore includes, around Rs 300 crore towards provisioning for sub-standard assets (assets which are non-performing for a period not exceeding two years) and the rest towards write-offs against bad loans (loans which have remained non-performing for a period exceeding two years). Another provisioning of Rs 145 crore has been made in accordance to the new valuation norms on investments stipulated by RBI in the last fiscal. Of the total NPAs, textile sector accounted for 17.1 percent, man-made fibres 11.4 percent and iron and steel 9.2 percent, as on March 31, 2001. As a result of the accelerated efforts, the net NPA ratio has declined to 5.2 percent

as on March 31, 2001 from 7.6 percent a year ago. Together with a rise in provisioning, a sharp decline of 63% in dividend income to Rs. 40 crore (109 crore in FY00) caused a loss in the last quarter, while for the full fiscal, a fall of 48.6 percent in dividend income to the tune of Rs 108 crore (Rs 210 crore), resulted in a profit decline of over 55%. However, as a result of the accelerated provisions and write-offs of Rs 813 crore against NPLs, the net NPL ratio has declined to 5.2% in FY01 from 7.6% in the last fiscal, a healthy sign for the financial giant. ICICI's continued efforts to improve the risk profile of its asset portfolio, by focusing on business with better-rated corporates, structured infrastructure finance and retail business, could payoff well in future. The company's disbursements to companies rated 'A' and above increased to 89% of total disbursements in FY2001 from 82% in FY2000 as well as approvals to companies rated 'A' and above increased to 92% from 89%, during the same period. The company's plan to consolidate its various subsidiaries, which are operating in similar areas, is a step in right direction. At present, there are about 30 companies which are either ICICI's subsidiaries or cross-owned by its subsidiaries. For example, the issued and paid-up capital of ICICI Real Estate is two shares of Rs 10 each, one held by ICICI Ltd and another by one of its subsidiary. ICICI Properties has an issued and paid-up capital of 200 shares of Rs 10 each, 100 held by ICICI and 100 by subsidiaries. Those having operational synergies, if merged, could yield better results. Group companies which operate in similar areas like ICICI Capital Ltd, ICICI Personal Finance Services, ICICI Webtrade - financial services - and, ICICI Properties Ltd, ICICI Realty Ltd and ICICI Real Estate Company Ltd real estates - are likely entities for consolidation. The market, despite a disappointing performance, has given a thumbs up to the acceleration drive undertaken by the company, on reducing bad debts on its books. This was reflected on the day of announcements of the results when stock prices kept rolling on unperturbed. However, there is little doubt that to add a little magic to investor's life and most importantly to her wealth portfolio, the financial behemoth needs to keep some more tricks up its sleeve.

Chapter - 8

ANTI TAKEOVER STRATEGIES

Arvind Singh Hada, PGDM 3rd Semester ergers and acquisitions may be either hostile or friendly. Where mergers are hostile and the target company wants to ward off the potential shark there are variety of strategies that the target company may adopt to ward of the takeover threat. Some popular methods are explained below: Joint Holding (or) Joint Voting Agreement Two or more major shareholders may enter into an agreement for block voting or block sale of shares rather than separate voting. This agreement is entered into with the cooperation of Offeree Companys management who likes to have a control. Interlocking shareholdings or Cross Shareholdings Two or more group companies acquire shares of each other in large quantity or one company may distribute shares to the shareholders of its group company to avoid threats of takeover bids. If the interlocking of shareholdings is accompanied by joint voting agreement then the joint system of defense is termed as "Pyramiding", which is the safest device or defense. Defensive merger The directors of a threatened company may acquire another company for shares as a defensive measure to forestall the unwelcome takeover bid. For this purpose, they put large block of shares of their own company in the hands of shareholders of friendly company to make their own company least attractive for takeover bid. Crown Jewels Sec 23 of SEBI Takeover Regulations indicates that the company calls its precious assets as crown jewels to depict the greed of the acquirer under the takeover bid. These precious assets attract the raider to bid for the companys control. The company sells these assets at its own initiative leaving the rest of the company intact. Instead of selling the assets, the company may also lease them or mortgage them so that the attraction of free assets to the predator is suppressed. The company can sell these Jewels and thus disappoint the acquirer. Golden Parachutes (or) First Class Passengers Strategy This envisages a termination package for senior executives and is used as a protection tool against the takeover. This is adopted as a precautionary measure by the companies against the merger and is more prevalent in USA and UK to make the takeover bid very expensive. Green Mail A large block of shares is held by an unfriendly company, which forces the target company to repurchase the stock at a substantial premium to prevent the takeover. This could prove to be an expensive deal to the raider and at times to the offeree as well.

Grey Knight A friendly party of the target company who seeks to take over the predator. Pac-Man Strategy The target company attempts to take over the hostile raider. This happens when the target company is larger than the predator or is willing to leverage itself by raising funds through the issue of junk bonds. Poison Put A covenant allowing the bondholder to demand repayment in the event of a hostile takeover. This is intended to increase the immediate liability of the acquirer and thus make the deal unattractive. Shark Repellent The companies amend their Bye-Laws and regulations to make themselves less attractive to the raider company. Such features are called shark repellents. For example a company may issue a notification that 80-95% of the shareholders should approve for the takeover and 75% of the Board of Directors consent. Swallowing Poison Pills strategy The target company might issue convertible securities which are converted into equity to deter the efforts of offeror and such conversion dilutes the bidders shares and discourages acquisition. Or the target company might raise borrowings distorting normal debt: equity ratio.

White Knights hite knight enters the fray when a hostile suitor raids the target company. The clause 25 of SEBI Takeover regulations gives the provision to the White Knight to offer a higher price than the predator to avert the takeover bid. (With the higher bid offered by the white knight, the predator might not remain interested in acquisition and hence the target company is protected from the raid.) Alcan of Canada had bought the shares in Indal at Rs.200 which was higher than Sterlites offer in 1998. Thus Alcan emerged as the White Knight in this deal.

Chapter - 9

PRODUCTIVITY ENHANCEMENT
THROUGH STRESS MANAGEMENT
Prof RN Krishnia, Director, CIPS Winners dont do different things. They do things differently. - Shiv Khera ll of us are very much familiar with the word Stress as it is an integral part of human existence and is attributable to both external and internal phenomenons. Over the years we have learnt to manage its external sources to a fair degree, but we have still to manage its internal sources, the sources that lie within the human nature. And many a times, a stress situation is our own creation, being a manifestation of our own apprehensions, anxiety or fear. Irrespective of the source of stress, it is a threat to quality of life and brings down the performance drastically. If the stress remains uncontrolled or unchecked for a prolonged duration, it can cause permanent damage to psychological and physiological well being of the person. This can be seen from the stress chain below:FIGURE 1 - SRESS CHAIN

STRESS

STRAIN

CHANGEIN PERFORMANCE

Definition of Stress 1. Stress may be defined as any state during which the body tends to mobilize its resources and utilize more energy than it ordinarily would. In general reactions to stressful situations, for example extremes of over work, anxiety, pain, temperature etc., occur in the following three well defined stages, known as GAS (General Adaptation Syndrome). (a) Alarm Reaction. In this stage, changes occur in heart rate, respiration, skin resistance and endocrine activity. In general, during intense stress, the sympathetic nervous system is activated. (b) Resistance to Stress. In this phase, the bodily processes shift to a higher level of adaptation and the individual endures the stress. Considerable strain gets imposed on the individual, and if the stress continues or if other stresses occur, the person may enter the 3rd stage of the reaction. (c) Exhaustion. In this phase the individual may exhaust the resources mobilized to cope up with the stress. If the stress persists, the individual may weaken to the extent, that death may occur. 2. It should, therefore, become evident that controlling or managing stress is a serious business and is indeed a prime threat to health & happiness of people. However, it also needs to be understood that we cannot escape from stress. Even when we are deeply asleep or very relaxed and happy, we are under stress. This implies that it is pointless to try and flee from stress and the only answer, therefore, is to control stress. In addition controlled stress is a creative force, which allows us to lead a happier, healthier and more successful life. Positive and Negative Aspects of Stress 3. The positive and negative aspects of stress can be understood from a simplified model based on Yorker Dodson law of stress, as shown in Figure 2.

LOWSTRESSZONEOFBOREDOM OSL OPTIMUMSTRESSLEVEL

EFFICIENCY

LOW

OSL

HIGH

LEVEL OF STRESS FIGURE 2 - RELATIONSHIP BETWEEN STRESS AND EFFICIENCY

4. This model explains that certain degree of stress, termed as OSL (Optimum Stress Level) is necessary to make us live an active and productive life. But the stress, which is lower than OSL, forms the zone of boredom. It makes us disinterested in our activities and leads to the decay of our psycho-biological system. Similarly, the stress which is greater than the OSL, brings the psycho-biological system under too much pressure and causes excessive distress. As a result the fatigue accumulates in the system and very soon it manifests in the form of one or multiple of psycho-biological diseases. Stress, thus is like a fire in winter, we can afford neither to be too close nor too far away from it. 5. Positive Effects of OSL. The effects of OSL are as follows:(a) It creates a feeling of alertness and confidence in a person. (b) It augments his thinking ability. (c) It widens his areas of interests, making him socially more acceptable. 6. Negative Effects of Stress. As against the above, if the stress experienced by a man is higher or lower than the optimum, then a person may start suffering from one or more of the following physiological and psychological maladies :

(a) (b) (c) (d) (e) (f) (g) (h) (j) . (k) (l) (m) (n) (o) (p) (q) (r) (s)

Headache. Backache and other body aches. Nausea. Diarrhea. Difficulty in falling asleep and/or disturbed sleep. Skin diseases. Intestinal troubles. Allergies like asthma. Increased blood pressure or hypertension, resulting in heart attacks and strokes. Lack of concentration and poor decision taking abilities. Loss of memory. Mental confusion. State of panic. Lack of co-ordination in bodily limbs. Reaction time either too long or too short. Irritability. Hyper-sensitivity to criticism. Increase in interpersonal conflicts.

Indications of a Stressed Individual 7. The quantitative measure of stress can be obtained through physiological tests. However, there are certain behavioural indices, which can give the observer an idea whether the person, he is interacting with, is under stress or not. The following types of behaviour of an individual are a sure sign of higher/lower level of stress:

(a) Repetitiveness in talk. (b) (c) Incoherent speech. Tendency to often correct himself.

(d) Rapid or high-pitched voice. (e) Eye blinking

(f) Revealing bodily rigidity. (g) The furrowed brow. (h) The forced smile. (j) Excessive smoking, drinking or eating. Human Activities and Stress 8. The human activities which cause stress can basically be divided into four areas. Each of these areas can have many types of stresses. These areas, as shown in the Figure 3, are:(a) (b) (c) (d) Work and study. Family, marriage, sex and intimacy. Social and interpersonal relationship. Leisure and sport.

9. Major Life Style Stressors. Some of the major life style stressors, in the various areas of human activity as mentioned above, are as follows:(a) Performance stressors. These are the sources of stress, which are inherent in carrying out a piece of mental or physical work. (b) Threat Stressors. These arise from situations perceived and assessed as dangerous. (c) Boredom Stressors. These arise from situations perceived and assessed as lacking in physical or mental stimulation. (d) Frustration Stressors. These arise from situations perceived and assessed as being undesirable, but beyond ones power of control. (e) Bereavement Stressors. These arise from situations perceived and assessed as resulting in a loss of any kind. (f) Physical Stressors. These involve actual physical damage to the person.

10. Considering the high awareness level of personnel in the areas of family, sex, leisure, social interaction and sport, they have not been further discussed in this paper. However, it must be clearly understood that these areas are also equally important and merit serious considerations from all individuals. The stress caused at the place of work would primarily depend upon factors, which can be categorized into the following four broad areas:(a) (b) (c) (d) Intrinsic to the job. Role of an individual in the organization. Relationship within the organization. Career Development.

11. The various factors responsible for stress generation under each area are as shown in Figure 3, which are self-explanatory. It must be noted that the stress generated in the individual would depend upon his type of personality, tolerance to ambiguity, ability to cope with change and his motivation level. The personality factor would decide the dynamics of an individuals perceptions and attitudes, which make him relatively more/less prone to the experience of stress. The important among these are the self-concept and the type of personality. A person with a poor self-concept is likely to magnify a situation of stress, while one with rich/high self-concept would weigh it realistically and face it boldly. Similarly a person with type A personality also suffers from a high stress level.

Intrinsic to Job Toomuch/toolittlework Poorphysical/workingconditions Timepressures

Career Development Promotion JobSecurity Fearofredundancy

Individual Personality Toleranceforambiguity Abilitytocopewith

Role in the Organisation - Role conflict/ambiguity - Responsibility - No participation in decision making etc.

Relations within Organisation Poorrelationwiththeboss Interpersonalskills Difficultiesindelegating

FIGURE 3 SOURCES OF STRESS AT THE PLACE OF WORK Management of Stress 13. The management of stress at the individual and the organization level would involve various mechanisms/activities, which would either assist in the prevention of stress or its reduction or elimination. Some of the methods, which are quite effective, have been discussed briefly in the succeeding paragraphs. 14. Emotional Climate Control. This can be achieved by creating and providing a climate of esteem, respect and regard for the employees by allowing them to participate in discussions or seeking their opinions on all aspects which would involve change in their work and also in the structure of the organization. This basically amounts to taking your subordinates into confidence. This approach creates a feeling of importance, responsibility and a sense of belonging in the employees and is a perfect stimulant to manage stress within the productive limits.

15. Provision of Social Support. This can help in reducing ones vulnerability to stress. Social support can be enhanced by encouraging the cohesiveness of various groups working at a given place or ship. This can be achieved by training of managers and supervisors to be more empathetic and supportive to subordinates and also other members of the groups. The cohesiveness amongst various groups is especially of vital importance to the organization. 16. Clarity of Roles and Goals. All Managers must clearly state and explain to their subordinates regarding their areas of responsibilities, expectations, availability of resources and as far as possible a measurable method of evaluation of their performance. This would provide clarity of thoughts and goals to the subordinates and would remove all ambiguities, apprehensions and fears from their minds. This approach helps to control the stress at the optimum level and enhances productivity of the employees. Management 17. Matching Employee Capability with Type/Quantum of Work. must ensure that the abilities of the employees and the job requirement are always matched by ensuring proper selection and imparting the required training to make the employees competent to do the assigned task with ease and confidence. This ensures optimum output. In addition fair distributions of work also helps to control the stresses. 18. Fair Reward and Promotion Rules. Unfair promotion rules are one of the major sources of stress generation. Management must put appropriate rules in place, which distinguishes between the performer and the non-performer or mediocre performance. A just and fair reward/punishment system, if in place, brings down the stress levels and also motivates the employees to enhance their productivity. Where the promotion rules are not linked with performance and productivity, it becomes one of the major sources of stress especially for the people, who are hard working and efficient. This aspect needs to be looked in to seriously by the organisation as the existing promotion systems are primarily based on seniority and not on performance. 19. Assistance to stressed employees. Management must provide in-house counseling and conduct training programmes to enhance awareness about stress amongst employees. A large number of employees continue to suffer from stress related diseases due to lack of knowledge. An exposure to all the employees by way of a training capsule would immensely benefit the organization in controlling the stress levels. Employees must be encouraged to : (a) (b) (c) (d) Use relaxation techniques Monitor their internal body processes such as blood pressure, sugar levels etc. Change their behaviour to stressful situations. Undergo stress inoculation training

20. Good Leadership. A good boss takes care of his subordinates and keeps them in a inspired/motivated state. He does not pass his own stress to his subordinates. Some of the bad leadership qualities, which produce high levels of stress in subordinates and need to be consciously avoided, by all superiors to reduce stress levels amongst subordinates are as follows:(a) (b) (c) (d) (e) (f) (g) (h) Unclearly defined goals. Lack of delegation. Wasting time with excessive number of meetings. Favoritism. Denial of personal life to his subordinates. Lack of appreciation for the good work. Blowing up when subordinates make mistakes. Use threats of spoiling the P.A Rating.

How a persons performance is judged is rightly a 21. Fair Assessment System. cause of great concern to all personnel especially those who strive hard. The very thought of an employee that he is not likely to be assessed correctly as per his actual performance on the job causes tremendous amount of stress. And also for the right reasons as many a brilliant careers are marred because the people responsible for evaluating the performance have been unfair while recording entries in the P.A, on account of bias, unawareness or inability to judge a persons work. The assessment system should not only appear to be fair but should also ensure objectivity and fair play. The reporting manager must adopt fair, objective, dispassionate and constructive comments in assessing the character, ability, integrity and responsibility displayed by the concerned manager/employee during the relevant period. For, the above objectives, if not strictly adhered to, in making an honest assessment, the prospect and career of the subordinate officer will be put into great jeopardy. The reporting officer might lose credibility in the eyes of subordinates, but more often than not the damage is irretrievable. Improvement in this system can only be possible if the reporting officers are made accountable for their lapses in this very important area of their functioning. However, the same can be further improved by imparting adequate training to the reporting officers and also making them accountable. This would help in removing the hidden fear from the subordinates mind and would further motivate and encourage them to continuously enhance their abilities and performance. All personnel are continuously faced with 22. Conflict Resolutions and Team Building. conflicting demands and interests of groups/personnel which are required to work together to

achieve a particular goal. These are stress generating situations and consume a considerable time and efforts of managers to resolve to keep the various groups motivated and synergised. These types of stress can be considerably reduced, if the managers imbibe and follow the techniques of conflict resolution and team building. This would not only bring down the stress levels but also result in tremendous saving of time and improvement in productivity.

23. Reduction of Overload. The effect of work overload can be managed to reduce stress levels by adopting the following techniques:(a) Defining the parameters of job to avoid role conflict. (b) Learning to divide the task into stages and phases. (c) Developing the technique of saying a polite but firm No, where necessary. (d) Learning to delegate. (e) Saving yourself from self-imposed pressure like working for promotion and MBA examinations simultaneously. (f) Setting your professional and non professional goals realistically. 24. Avoiding Frustration. The stress caused due to frustration can be easily avoided by using the following techniques:(a) Determining your OSL and then setting your objectives accordingly. The OSL can be determined by taking tests of anxiety, tolerance for ambiguity, self concept, etc. which are available with the behavioral scientists. (b) Accepting vulnerability to deprivations. No one can get everything he desires. (c) Accepting fallibility. No one is perfect. Each one of us would have one fault or the other. Knowing and accepting it as a part of life lessens the intensity of pain caused by the imperfect aspect of the personality. 25. Improving Adaptation. following remedial measures: Adaptation to stress can be improved by taking the

(a) Planning your activities, using foresight, to meet the future critical events. (b) Setting apart time for different types of activities like meeting visitors, attending meetings, handling important files, taking critical decisions etc. (c) make staff. (d) (e) Making minimum changes in your work situation and where necessary, these changes after deliberations and discussions with the concerned Balancing your life with work, social, sport and recreational activities. Learning to relax through the pursuit of a non-ego involving activities.

Diet, which is deficient in protein, iron, calcium, salt, etc., 26. Diet Control. can aggravate the stress proneness of an individual. Few observations of medical experts, especially for those Managers, who have crossed the age of forty are worth noting, since the decay of the cells starts at about this age and keeps doubling every year thereafter. Some of these observation are as follows:(a) Restrict the intake of refined carbohydrates such as sugar, sweets, white starches, etc. (b) Take meals, which are cooked in unsaturated fats like sunflower oil, corn oil etc. Avoid excessive intake of caffeineated beverages like coffee, tea, colas, chocolates, etc. (d) Reduce the intake of additives and preservatives, which are used to soften, colour or flavour foods and drinks. (e) Eat raw vegetables and fruits. (f) Increase the quantity of protein in your diet. (g) Supplement your diet with vitamins B, C and E. (h) Have large breakfast, medium lunch and light supper. Conclusion 27. Life is another name of a long sequence of stress, said Mirza Galib, the great Urdu poet. For a living man there is no escape from difficulties, problems and stresses, added the great poet. Further, presence of stress in human life is a must, as it is only the stress, which helps the human being to develop and progress. However, the stress must remain within controllable limits to make life enjoyable, meaningful, positive and productive. As Lloyd Shearer has said that, if you resolve to be tender with the young, compassionate with the aged, sympathetic with the striving and tolerant of the weak and wrong, your stress levels would definitely come down and you would lead a healthy and productive life.

Chapter - 10

ADVERTISEMENT INFORMATION
Rakesh Pareek, PGDM 2ND SEM. 2009-11 dvertisement, in a simple term, convey a massage, information and brief about product toward consumers. It is a form of communication between companies and consumers, intended to persuade an audience (viewers, readers or listeners) to take some action upon products, their idea or services. It includes the name of a product and services could use or beneficial for consumers. Meaning of Advertisement:Advertisement is the non personal communication of information usually paid for and usually persuasive in nature about product, services or ideas by identified sponsors through the various media. As it know today, advertisement a part of our daily life since in every magazine and newspaper we read we came across with plenty of them. The main idea what is the main object in ads, and how they combined with the content of that product advertisement. What is advertisement? 1. Advertisement is a paid announcement, as of goods for sale as information about product, in newspapers or magazine, on radio or television. 2. It is a public notice, especially in print. 3. Advertisement is the action of making generally known, a calling to the attention of the public. The news of this event will receive wide advertisement. Role in our life:Now the age we are totally depend on advertisement. At the time we purchase the item which ads we have seen. It is must because a common people cant know about the any new product, which is useful, which is easy to use, which is cheaper than others. All information of any new product we find brief by ads, without ads a common person cant take any action of purchase about the product that will good or nor, it price more than other same type of product or nor. All this type of brief and very important information we know by ads. How it misleads:However advertisement is part of our life but also some it is mislead, confuse, misguide and divert consumers mind about product. Some time shows many brand of a particular item of a product and all do commitment that their product is better than others that time consumers mind got divert and get confuse that which product should be purchase and which is good. They give their ads very lucrative manner and with good presentation and show fake thing in front of us by T.V., radio, newspaper and magazine about the product. These types of advertisement misguide to us and create confusion about products.

Type of ads:Consumer Advertising These are basically nothing but product or service advertisements directed towards the consumer or the customer as such. Such advertisements can be in the form of national or local advertisements also. Such kind of advertisements uses emotional or rational appeal in their advertisement. Advertisements such as that of DeBeers, pizza hut etc use the emotional appeal to attract the consumers. On the other hand advertisements such as the Kawasaki bajaj caliber, Vim Bar etc. use the rational appeal to address its target audience. Print Advertising Newspapers, Magazines, Brochures, Fliers The print media have always been a popular advertising medium. Advertising products via newspapers or magazines is a common practice. In addition to this, the print media also offers options like promotional brochures and fliers for advertising purposes. Often the newspapers and the magazines sell the advertising space according to the area occupied by the advertisement, the position of the advertisement (front page/middle page), as well as the readership of the publications. Outdoor Advertising Billboards, Kiosks, Tradeshows and Events Outdoor advertising is also a very popular form of advertising, which makes use of several tools and techniques to attract the customers outdoors. The most common examples of outdoor advertising are billboards, kiosks, and also several events and tradeshows organized by the company. Broadcast advertising Television, Radio and the Internet Broadcast advertising is a very popular advertising medium that constitutes of several branches like television, radio or the Internet. Television advertisements have been very popular ever since they have been introduced. The cost of television advertising often depends on the duration of the advertisement, the time of broadcast (prime time/peak time), and of course the popularity of the television channel on which the advertisement is going to be broadcasted. Celebrity Advertising Although the audience is getting smarter and smarter and the modern day consumer getting immune to the exaggerated claims made in a majority of advertisements, there exist a section of advertisers that still bank upon celebrities and their popularity for advertising their products. Using celebrities for advertising involves signing up celebrities for advertising campaigns, which consist of all sorts of advertising including, television ads or even print advertisements. Summary:Businesses small or big a like rely on marketing in order make their product or services known to the public especially their target market.

Chapter - 11

HOW TO DECIDE & ACHIEVE THE GOAL

Amit Saxena, - CIPS , 2nd Semester ife is a phase in which a person has to take a lot of decisions and by that decisions people decide the way of their life but every person should have a proper goal and the decisions should be in this manner that they can achieve the goal or goals. But what is goal actually and how can it be defined. If it will be defined then we can say that Goal is an observable and measurable end result having one or more objective to be achieved within a more or less fixed timeframe. Deciding a goal or objective is a very tough and difficult task for any person and it is also very difficult to get success in life without defining a firm goal or goals of life because a person can decide a path or way , if he or she knows the goal or goals and can fulfill his or her dreams whichever has seen by them. Determination of goal depends upon the thinking of a person . If a person has limited thinking then his goal or goals will be limited but the person who has right perception and attitude towards the things then his goal or goals will be with right approach. HOW A PERSON SHOULD DECIDE GOAL:here are some necessities which should be used before deciding or making the goal. First of all to decide the goal it is necessary that people must know about their interest because nobody can get anything without the interest and if person will decide the goal according to the interest then he or she will do very hard work with very effective and efficient manner to achieve their goal. The goal also should be like that when the person does any work or take any step to achieve the goal then he or she should feel enjoyment and happiness. The Goal also must be practical; it means it should be valid and reliable that it can be achieved. For example:- If a person is thinking that he can buy Taj Mahal or he will make his house in place of White House In America , that will not be practical. Goal should be approachable but it doesnt mean that it should be very easier or it should not be very hard. But if somebody wants to achieve the big or hard goal then he or she must decide small goals to achieve the main goal. Goal can be predetermined but there will be any changes in situation then a person should try to make balance with the situational factors to achieve or fulfill the goal. HOW CAN A PERSON ACHIEVE THE GOAL :After determining the goal person should try to achieve the goal or goals with full energy and enthusiasm. The presteps to achieve the goal should be completed at right time because it will make process easier and convenient which is being used to achieve the goal. If a person is having any problem or hurdle in the path of achieving the goal then person should think about his or her predecided dreams and the benefits and happiness which person will get after completing the goal. People must try their level best and after this if they are having any problem then they can take help of their parents, siblings and their senior person. So it is very necessary to have a firm goal because it gives a right way to people to know the reason of their life.

Chapter - 12

INDIAN ECONOMY 2010 OVERVIEW:

DEVELOPMENT IN THE GLOBAL ECONOMY POST RECESSION Gaurav, 3rd Semester Its almost a decade since we entered into the 2000s. Economic growth in these years wasnt so impressive for the western economies. It proves to be one of the worst economic period for those economies. Indeed, the so-called fastest growing economies (such as India, Brazil, China, Mexico, Russia, and Indonesia) have seen an unprecedented economic expansion because, the eastern economies were the producers and the western economies were the consumer and the same trend would likely to continue as the companies, nowadays, are more conscious about the cost. Rising input cost (or raw material) are forcing the corporations in the industrialized economies to shift their focus on the cost-effective region to keep up the pricing competitiveness in the specific industry, they are in. Change in consumer trend is also major concern for the companies to invest more in the process of innovation, research and development (R&D). As the economic pace is picking up, global commodity prices have staged a comeback from lows and global trade has also seen a decent growth over the last two years. Unprecedented Government intervention and exceptionally large interest rate cuts by the central bank in advanced and emerging economies have contributed a lot to pull the global economy up from the deepest recession since the World War II. Several Governments around the world launched the stimulus packages to prop up the economic growth, generate employment opportunities and the overall economic growth with the aim to reduce uncertainty in the economy and increased confidence. In this VMW research, well discuss about the overall economic prospect for the year 2010 and the how the Indian Economy emerge from the ongoing economic repairment. Economic Prospect for Year 2010 Global economy is seems to be expanding after a recent shock. Indian Economy, however just felt the blow of the global economic recession and the real economic growth have seen a sharp fall followed by the lower exports, capital outflow and corporate restructuring. It is expected that the global economies continue to stay strong in the short-term as the effect of stimulus is still strong and the tax cuts are working. Due to strong position of liquidity in the market, large corporations now have access to capital in corporate credit markets.

Indias Economic Outlook Projection 2007 GDP Growth 9.40% 2008 7.30% 2009 7.60% 2010 8.30%

CPI 6.40% 9.30% 5.50% 4.90% Year 2009 has started on the gloomy note, however the trend reversed from the first quarter of the year, financial markets posted strong gains fuelled by huge amount of capital inflows which was set-aside during the economic downturn in search of a higher yield. Number of companies jumped into the equity markets to raise funds to de-leverage them, corporate risk have declined. Before the beginning of the economic recession, several companies betted on the better economic future and blindly raised funds thru various options (largely in a way of debt). Real Estate was the hardest hit industry during the recession. Many companies even offloaded their huge amount of stake, in order to meet the deadline to pay-off the shortterm debt. Not only the realty companies which have faced that situation, actually many Small & Medium Enterprises (SMEs) have opted that option to expand themselves aggressively and routed out of the business. As the New Year begins, the new wave of optimism has surrounded the economies to expand further from the recent shock, with the expectations of fresh stimulus package, shrink in unemployment rate, expectations of the high inflation, and higher interest rates in the emerging economies. Over the next few months, inflation would be a worrisome for the economies. According to the estimates, inflation would likely to reach up to 10%, resulted, the expectations of the monetary policy tightening from the Reserve Bank of India in the second quarter review of monetary policy. Asian economies Chinese economy in particular, along with India are in the strongest place for a sustained recovery. There are increasing signs of a recovery in a private domestic demand. Inflation Direction Since the global economies are emerging from the lows, in a short run, inflation is expected to rise due to bounce back in demand for commodities. Although, the underlying inflation are still on the downside. Higher unemployment rate in the west will lead to low wage growth and pricing power would be limited for a long time as demand will be very vulnerable to price rises. But, India would buck the trend in inflation due to ample amount of liquidity in the system and rising demand. India Economy 2010 Overview In order to keep the economic growth during the time of worst recession, Federal authorities in India has announced the stimulus packages to prop-up the economic growth. To finance the stimulus packages, Indian Government has raised over $100 billion over the last four quarters in a way to finance the stimulus package. Countrys Public debt, according to the latest data has zoomed to over 50% of the total GDP and Indias Central bank, Reserve Bank of India has started printing new currency notes.

Central Government Debt in Rs. Crores (10 Million) Public Debt (Sum of 1 and 2) 1. External Debt 2. Internal Debt Q3 2008 2,099,286.23 237,351.77 1,861,934.46 Q3 2009 2,505,450.74 294,941.67 2,210,509.07 % of GDP 50.71%

Going forward, India will see sharp rise in supply side inflation, after the effect of large government borrowings, printing of new currency notes, rise in food prices due to huge gap in demand-supply. Interest rates will also expected to rise awkward, as the central bank will take precautionary measure to contain inflation rate and expanding money supply. For the equity markets, investors are still in a quest for a higher return and turned down their investments in Government Bonds/Securities. There are a lot of money which are still available to readily invest into the equity markets. Indian financial markets expected to be range-bound as the fear of higher valuation would be the concern for a short while. Moreover, volatility is expected to come down as the market timings have been extended by an hour in parallel to the other Asian equity markets. This will help the Indian markets to hit newer highs which, we have waited for more than two years. There is no extra concern on the front of equity markets, as the Equity, nowadays, considered as the best asset class to invest in, the main reason would be the overstated potential of precious metals like Gold and Silver, which has seen a sharp rally last year, in a time of gloomy economic picture. Stability in the Global Economy Means Expansion of the Indian Economy All of us have seen an unprecedented government intervention during the economic recession by way of announcing huge amount of stimulus package for the economy to propup domestic demand. With many recovery tools were used during the crisis, government deficits are in deep red and central bank rates are almost zero in certain countries and the prospect of zero rates over a longer period and deflationary concerns will probably gain the upper hand and send bond yields lower. Hence, there is a low scope of further announcement. As far as the Indian economy is concerned, is suffering from huge debt to GDP ratio, moreover India is the largest net importer of commodities like Oil, Food, metal in relation to the GDP. Sharp decline in oil prices, could cut the subsidy burden and those savings would be use for the fiscal stimulus. Increased and better expenditure with greater focus on improved outcomes in social and physical infrastructure, and safety nets will speed up the recovery consistent with the long-term growth.

Chapter - 13

WILL POWER & SELF-DISCIPLINE: MANAGING SELF

By Mrs. P.S.Shivani, Faculty CIPS-Jaipur Sometimes, you wish to go for a walk, knowing how good it is for your health and how wonderful you feel afterwards, yet, you feel too lazy, and prefer to watch TV instead. You might be aware of the fact that you need to change your eating habits or stop smoking yet, you don't have the inner power and persistence to change these habits. Does this sound familiar? How many times have you said, "I wish I had will power and self discipline"? How many times have you started to do something, only to quit after a short while? We all have had experiences like these. Everyone possesses some addictions or habits they wish they could overcome, such as smoking, excessive eating, laziness, procrastination or lack of assertiveness. To overcome these habits or addictions, one needs to have will power and self discipline. They make a great difference in everyone's life, and bring inner strength, self mastery and decisiveness. Definitions of Will Power and Self Discipline Will power is the ability to overcome laziness and procrastination. It is the ability to control or reject unnecessary or harmful impulses. It is the ability to arrive to a decision and follow it with perseverance until its successful accomplishment. It is the inner power that overcomes the desire to indulge in unnecessary and useless habits, and the inner strength that overcomes inner emotional and mental resistance for taking action. It is one of the corner stones of success, both spiritual and material. Self-discipline is the companion of will power. It endows with the stamina to persevere in whatever one does. It bestows the ability to withstand hardships and difficulties, whether physical, emotional or mental. It grants the ability to reject immediate satisfaction, in order to gain something better, but which requires effort and time. Everyone has inner, unconscious, or partly conscious impulses; making them say or do things they later regret saying or doing. On many occasions people do not think before they talk or act. By developing these two powers, one becomes conscious of the inner, subconscious impulses, and gains the ability to reject them when they are not for his/her own good. These two powers help us to choose our behavior and reactions, instead of being ruled by them. Their possession won't make life dull or boring. On the contrary, you will feel more powerful, in charge of yourself and your surroundings, happy and satisfied. How many times have you felt too weak, lazy or shy to do something you wanted to do? You can gain inner strength, initiative and the ability to make decisions and follow them. Believe

me, it is not difficult to develop these two powers. If you are earnest and are willing to become stronger, you will certainly succeed.

n this article you will find some exercises and techniques for developing these abilities. These simple, but effective exercises can be performed everywhere and at any time. Go slowly and gradually, and you will see how you get stronger and your life start improving. There is a misconception in the public mind regarding will power. It is erroneously thought to be something strenuous and difficult, and that one has to exert and tense the body and mind when expressing it. It is a completely wrong concept. This is one of the reasons why people avoid using it, though they are conscious of its benefits. They acknowledge the fact that the employment of will power in their life and affairs will greatly help them and that they need to strengthen it, yet they do nothing about it. Will power gets stronger by holding back and not allowing the expression of unimportant, unnecessary and unhealthy thoughts, feelings, actions and reactions. If this saved energy is not allowed expression, it is stored inside you like a battery, and it becomes available at the time of need. By practicing appropriate exercises, you develop your powers the same way, as a person who trains his/her muscles in order to strengthen them.

Developing Will Power and Self Discipline

An effective method for developing and improving these abilities is to perform certain actions or activities, which you would rather avoid doing due to laziness, procrastination, weakness, shyness, etc. By doing something that you do not like doing or are too lazy to do, you overcome your subconscious resistance, train your mind to obey you, strengthen your inner powers and gain inner strength. Muscles get stronger by resisting the power of the barbells. Inner strength is attained by overcoming inner resistance. Remember, strengthening one of these abilities, automatically strengthens the other one. Here are a few exercises: 1) You are sitting in a bus or train and an old man or woman, or a pregnant lady walks in. Stand up and give up your seat even if you prefer to stay seated. Do this not just because it is polite, but because you are doing something that you are reluctant to do. In this way you are overcoming the resistance of your body, mind and feelings. 2) There are dishes in the sink that need washing, and you postpone washing them for later. Get up and wash them now. Do not let your laziness overcome you. When you know that in this way you are developing your will power, and if you are convinced of the importance of will power in your life, it will be easier for you to do whatever you have to do. 3) You come home tired from work and sit in front of the T.V. because you feel too lazy and tired to go and wash. Do not obey the desire to just sit, but go and have a shower

4) You may know your body needs some physical exercise, but instead you keep on sitting doing nothing or watching a movie. Get up and walk, run or do some other physical exercise. 5) Do you like your coffee with sugar? Then for a whole week decide to drink it without sugar. You like to drink three cups of coffee each day? For a week drink only two. 6) Sometimes, when you want to say something that is not important, decide not to say it. 7) Don't read some unimportant gossip in the newspaper, even if you want to. 8) You have a desire to eat something not too healthy. For the sake of the exercise refuse the desire. 9) If you find yourself thinking unimportant, unnecessary, negative thoughts, try to develop lack of interest in them, by thinking about their futility. 10) Overcome your laziness. Convince yourself of the importance of what is to be done. Convince your mind that you gain inner strength when you act and do things, in spite of laziness, reluctance or senseless inner resistance. Never say that you cannot follow the above exercises, because you certainly can. Be persistent no matter what. Motivate yourself by thinking about of the importance of performing the exercises, and the inner power and strength you will gain. Trying to attempt too many exercises when you are still a beginner, might end in disappointment. It is better to start training yourself through easier exercises at first, and gradually increase the number and difficulty of the exercises. Practice will improve and increase your power, giving you a lot of satisfaction. Most of these exercises can be practiced anywhere and at anytime and you don't have to devote special times for them. They will train and develop your inner strength, enabling you to use it whenever you need it. If you practice weight lifting, running or doing aerobics, you strengthen your muscles, so that when you need to move or carry something heavy for example, you have the strength for it. By studying French each day, you will be able to talk French when you travel to France. This is the same with will power and self-discipline; by strengthening them, they become available for your use whenever you need them. It is important to remember not to choose exercises that might affect adversely your body or health. Deny and give up what is not necessary, futile or is harmful, but not what is vital for your well being. Always use your reason and common sense, so that you do no damage to yourself.

If for the sake of an exercise, you stop doing something that you usually do, and overcome the inner resistance concerning it, you may resume doing it, if it is not harmful. For example, if you love drinking orange juice, and for the sake of an exercise you switch to drinking apple juice, after doing so for some time and after it makes no great difference to you, you may go back to drinking orange juice, if you still like it. The point here is to develop inner strength, not making life difficult for you or continue doing things you don't like to do.

Advantages of Possessing Strong Will Power and Self Discipline ou need both of them in order to rule your thoughts and to be the boss of your mind. The stronger they are, the more control you have over your thoughts, and consequently your powers of concentration get stronger.

When you are the master of your mind you enjoy inner peace and happiness. Outer events do not sway you, and circumstances have no power over your peace of mind. This might sound too unreal for you, but experience will prove to you that all the above is true. These abilities are essential for self growth, spiritual growth and meditation. They give you control over your daily life, help you improve your habits and behavior, and they are the keys to every success. Practice the exercises presented here earnestly and persistently and you will go really far.

FROM THE HORSE'S MOUTH

Gaurav, I am feeling extremely happy to bring this second volume of the magazine on the eve of Youkoso -2010. This shows our commitment to the zeal of writing skills and our trend at CIPS.

Ajit Singh Saini, Sapphire is one thing that I will never forget about CIPS, Jaipur. It is not only a internal magazine but also a spirit of all cips-ians.

Amit kumar Sharma, I always wanted to do something distinct in my life. Yeah.Sapphire is one of the dreams that have come true.

Arvind Singh Hada, This magazine is a humble effort to leave our mark at CIPS,Jaipur.