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Pratibimb october2012

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Kashif Haider

This document provides information about Pratibimb, the e-magazine of the T.A. Pai Management Institute (TAPMI) in Manipal, Karnataka, India. It discusses the mission and history of Pratibimb, including that its first issue was in December 2010. It highlights that Pratibimb aims to provide management insights and give students an opportunity to exhibit their skills, while also bringing together academia and industry. The document promotes Pratibimb as a platform for students and industry experts to share their views and help create a collaborative learning environment.

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PRATIBIMB The Reflection of Management FINANCE | GENERAL MANAGEMENT | HUMAN RESOURCE | MARKETING | HEALTHCARE | OPERATIONS | SYSTEMS LIBOR’s Labour’s Lost By Anuj Narula and Prakash Nishtala, NMIMS Mumbai Book Review of The Google Story By Madhukara Holla , TAPMI Exclusive Interview of Mr. Sanat Satyan Research Associate, Equity Research - Oil & Gas sector, Nomura Mass vs. Class: Branding for BOP Revisited By Unnikrishnan Nair and Utkarsh Sachdeva, TAPMI A Students’ Initiative Pratibimb | October 2012 | 1 Volume II, Issue XIV October 2012 A Monthly e-Magazine
T. A. Pai Management Institute Manipal, Karnataka About TAPMI T. A. Pai Management Institute (TAPMI) is a premier management institute situated in Manipal and is well known for its academic rigor and faculty-student interaction. The Institute has been recently ranked amongst top 1 per cent of B-schools in India and 4th in the South Zone by The Week Magazine. Founded by the visionary, Late Shri. T. A. Pai, TAPMI‖s mission is to provide much needed impetus to the task of building professional management capability in the country. In the process, it has also played a role in strengthening the existing educational and health infrastructure of Manipal. Our Mission Team Pratibimb is committed to excellence in post graduate management education, research and practice by nurturing and developing global wealth creators and leaders. We shall continually benchmark ourselves against the best-in-class institutions. We shall foster continuous learning and reflection, achievement-orientation, creative interdependence, and respect for diversity with a holistic concern for ethics, environment and society. Pratibimb | October 2012 | 2
PRATIBIMB TAPMI‖s e-Magazine - is the conglomeration of the various specializations in MBA (Marketing, Finance, HR, Systems and Operations). It is primarily intended to provide insights into the plethora of knowledge that relate to the various departments of Management and to give an opportunity to the students of TAPMI and the best brains across country to exhibit their creative cells. The magazine also strives to bring expert inputs from industries, thereby bringing the academia and industry together. Pratibimb the e-Magazine of TAPMI had its first issue in December 2010. The issue comprised of an interview of well known writer Ms. Rashmi Bansal along with a series of articles by students and industry experts like Madhu Sudan Rao (AVP-Delivery, Mahindra Satyam) & Ed Cohen who is a global leader and chief learning officer who led Booz Allen Hamilton & Satyam Computer Services to the first rank globally for learning & development . It also included a hugely successful and engrossing game for finance geeks called “Beat the Market” to bring out the application based knowledge of students by providing them the platform where they were expected to predict the stock prices of two selected stocks on a future date. The magazine is primarily intended for the development of all around management knowledge by providing unbiased critical insights into the modern developments. TAPMI believes that learning is a continuous process and is not limited to the four walls of the classroom. This viewpoint is further enhanced through Pratibimb wherein students manage and contribute to create a refreshing learning environment outside the classrooms which eventually leads to a holistic development process. The magazine provides a competitive platform and opportunity to the students where they can compete with the best brains from various B-Schools in the country. The magazine also provides a platform for prominent industry stalwarts to communicate their views and learning about and from the recent developments from their respective fields of business which in turn helps to create a collaborative learning base for its readers. Team Pratibimb is committed in continuing this initiative by bringing in continuous improvement in the magazine by including quality articles related to various management issues and eventually creating a more engaging relationship with its readers by providing them a platform to showcase their talent. We invite all the best brains across B-Schools to be part of this initiative and help us take this to the next level. Pratibimb | October 2012 | 3
Director’s Message It is always a pleasure to witness that certain efforts of the students are sustained and carried forward; Pratibimb is one such. The oft-beaten track, “We are here to learn,” ends up as a mere platitude when there are no visible actions and documentation. Whereas there is no dearth of actions at TAPMI, documentation is not something that many—other than scholars—choose to engage in; it is normally viewed as uninteresting, drab and a drudgery. TAPMIans have proved that they are equally capable of actions and of documentation without losing the intellectual flavour of it. Scholarship is too important a phenomenon to be left to scholars alone, especially in the field of management. As future practicing managers who will be engaged in rigorous action in different fields of business, TAPMIans have manifested both the penchant to produce research works and also get their counterparts in other leading business schools to contribute their thoughts to this endeavour. In this regard, TAPMIans have truly demonstrated the evidence for creative interdependence, an important aspect of TAPMI‖s mission. I sincerely appreciate the students and the faculty of TAPMI who have made Pratibimb a possibility through their scholarly works, co-ordination efforts and support. I wish the team the very best. Dr. R. C. Natarajan Pratibimb | October 2012 | 4
Editor’s Corner Dear Readers, Editor in Chief Sushmit Sinha UPA’s economic blitzkrieg perfectly coincided with a special event on campus. Described as “a true corporate event which had far too many Marketing & Advertising variables to be managed” – Horizon 2012, the annual finance conclave of Manish Mishra TAPMI conducted on 22nd September was a grand success. Mr Sushil Design Shah (Head – Banking and Finance, First Source) also adds that TAPMIANS have “displayed an excellent temperament in running the Abhishek Dubey program, something which is critical in corporate careers”. Horizon 2012 Creative & Cover Design saw the participation of eminent persons from the area of finance who Namrata Mahapatra engaged in panel discussions and guest lectures. Team Pratibimb would like to thank Nishith Maheshwari of PGP-2 who is an active member of Communications the Finance Forum for sharing his experience in this issue and Divyanshu Jayakrishnan T R of PGP-2 who has sought an exclusive interview from Varun Anant fellow alumnus Mr Sanat Satyan (PGDM 2008, Senior Analyst, Nomura) on the sidelines of the conclave. Sub-Editors Abhishek Raghupungav At the Late Show with Dave Letterman, British Prime Minister David Aditya Bhat Cameron jokingly narrated how his government has ‘shamelessly’ Arun Stephen leveraged the success of the London Olympics to bring in investors. Devi Kailas Sankalp Parihar and Kirti Dua’s article Marketing Lessons from London Kannan Venkat Olympics looks at the event with a different view. Britain’s PR strategy Pallavi Prasad may have worked at last and it is especially a refreshing change from the Rithwik Krishnakumar moribund Royal ceremonies. This issue’s Best Article Contest winners are TAPMIANS Unnikrishnan Nair and Utkarsh Sachdeva who have Publishing thoroughly analysed the BoP segments in India in their article Mass vs. Vandna Soni Class: Branding for BoP Revisited - debunking common myths that marketers harbour. On behalf of our entire team, I wish to congratulate them on their wonderful piece. Faculty Advisors Teeming with variety, the October edition has a rich assortment of items. Prof. Chowdari Prasad Second year student Madhukara Holla offers a spectacular starter kit to Dean (Branding and Promotions) “the Google Phenomenon” in his review of the bestseller – The Google Story. Harsha Vatnani has shared her valuable experiences from the HCL Prof. Vinod Madhavan Asst. Prof. , Marketing Emerging Women Leaders Conference which she attended at NOIDA and Chandrakumar N, the key person who, along with his team, bore the Prof. Srivatsa H S herculean responsibility of hosting DISHA, TAPMIs annual HR conclave Associate Prof. , Marketing also shares his personal learning from the 2-day event. Team Pratibimb would like to thank Utkarsh Sachdeva. Utkarsh, PGP-2, has been Prof. Vrishali N Bhat instrumental in helping our team with deployment of a project Asst. Prof. , Economics & Finance management tool which has streamlined much of our processes. Our lead Prof. Animesh Bahadur times have fallen thanks to his technocratic prowess! Asst. Prof. , Human Resources Stay updated, like our page to hear more from us at Prof. Sanjay Choudhari http://www.facebook.com/pratibimb.reflecting.management Asst. Prof. , Operations We would like to thank all faculty members who have provided their valuable feedback to help maintain the standards we have strived to Prof. Mohan Kumar V Associate Prof. , Systems achieve. Also, send in your valuable suggestions or feedback to pratibimb@tapmi.edu.in Enjoy Reading! ~ Sushmit Sinha Pratibimb | October 2012 | 5
Contents Indian Logistics The Way Forward – Challenges & Opportunities 7 by Md Umair Ansari & Rahul Jain, IIFT LIBOR‖s Labour‖s Lost 10 by Anuj Narula and Prakash Nishtala, NMIMS Mumbai Marketing Lessons from Olympics London 2012 13 by Sankalp Singh Parihar & Kriti Dua, Great Lakes Institute of Management Mass vs. Class: Branding for BOP Revisited 16 by Unnikrishnan Nair and Utkarsh Sachdeva, TAPMI Personalization: 8th P of Service Industry 21 by Arpit Bansal, SIMS, Pune Interview : Mr. Sanat Satyan 24 Research Associate, Equity Research - Oil & Gas sector, Nomura Disha 2012 : The Learning Experience 27 by Chandrakumar N, TAPMI Horizon 2012: Money Matters 30 by Nishith Maheshwari, TAPMI Book Review: The Google Story 33 By Madhukar Holla, TAPMI Experiences at the HCL Conference 35 by Harsha Vatnani , TAPMI Slideshare 37 by Sahil Anand , TAPMI Pratibimb | October 2012 | 6
Indian Logistics The Way Forward – Challenges & Opportunities by Md Umair Ansari and Rahul Jain, IIFT Logistics Sector in India: The logistics sector in India has today become a key performance indicator of the economy. One of the primary reasons for it is that years of high growth in the Indian economy has resulted in a significant rise in the volume of freight traffic moved. This large volume of traffic has opened up new growth opportunities in all facets of logistics including transportation, warehousing, freight forwarding, express cargo delivery, container services, shipping services etc. According to the World Bank‖s Logistic Performance Index (LPI), India is ranked 39th place among 150 countries of the world. Growth in Freight Volumes in India Size of Logistics Industry in India: Various estimates put the total market size “Logistics cost is 13% of of the logistics sector in India to India’s GDP in comparison be between USD 90-125 billion. to 11% in Europe and 9% Sources also estimate that the logistics sector employs over 4 5 million people in India. in the U.S. “ Country Wise Comparative Analysis of Logistics Sector Source: Thomas Weisel International Estimates; Agile Advisory; IIM.ac.in Pratibimb | October 2012 | 7
Why Logistics sector is important to India‖s why the Indian logistics sector prefers road over rail Economic growth: Logistics cost is 13% of India‖s GDP for transportation of goods in comparison to 11% in Europe and 9% in the U.S.  Important rail networks are oversaturated. There is no doubt that in India, an increasing demand There has been no significant capacity addition is being placed on the logistics sector to provide to Indian Rail since Independence (Refer the solutions which are required to support future graph below) growth.  Rail freight tariffs are comparatively higher Indian Logistics Industry Structure: The logistics  Transit times are long and uncertain  Rail terminal quality is poor sector in India operates in the following four broad  Less flexibility in carrying different types of segments, they are depicted in the chart below: Products  Railway carriage not easy for industries which Future Outlook of Logistics sector in India: The cannot provide full train loads industry is expected to grow annually at the rate of 15 - 20 per cent, reaching revenues of approximately $ 385bn by 2015. Market share of organised logistics players is also expected to double to 12 per cent by 2015. Third party logistics (3PL) business in India is anticipated to hit US$ 90mn by 2012. Comparative analysis of the Freight rate increase of Indian Rail over the years. Issues plaguing the Road Transportation in India: The road movement in India has its own shares of Source: Thomas Weisel International Estimates; Agile problems. Those problems are summarized below: Advisory  Coverage of road network is inadequate  Quality of the roads is inadequate Key Challenges of the Indian Logistics Industry  Expressway road network is in its infancy stage Transportation related challenges: The  Delays due to multiple checkpoint predominant mode of transportation of freight cargo in India is roads. In India nearly 61% of the cargo is transported by road, 30% by rail and rest by airways, Challenges faced by Air Transport: Given below are inland waterways and pipelines. This as compared to the strategic challenges of the Logistics Industry a 37% share of road in USA and 22% in China. This is a vis-a-vis air transport well known fact that movement of bulk cargo by road  Rising Air Turbine Fuel (ATF) prices is always less efficient as compared to rail.  Ever growing congestion at Airports  Delay in cargo handling and clearances Issues faced by Port Sector in India: Following are some of the key problems being faced by the port sector in India  High turnaround times  Inadequate depth at ports  Costal shipping is yet to take off in India Challenges relating to the Storage Infrastructure: Comparative share of Highway & Railway as mode of  Poor state of Inland Container Depot (ICD) & transport in Indian Logistics sector Container Freight Stations (CFS)  Poor Warehousing Facilities Why the Logistics Industry Prefers Transportation  State of cold storages is poor Through Road Over Rail : Following are the reasons  Multimodal Logistics parks is yet to take off in Pratibimb | October 2012 | 8
India Indicator India China Brazil South Africa Technology & Skill Related Challenges: The Documents to Ex- 8 7 8 8 port (Number) logistics sector in India has suffered a lot due to the Time to Export 17 21 13 30 low rates of technology adoption and poor skill (Days) Cost to Export 1055 500 17907 1531 levels. ( US $ per contain- er) Documents to Im- 9 5 7 9 There is a substantial opportunity to save on port (Number) transportation and In Transit Losses with the Time to Import 20 24 17 35 adoption of technology (Days) Cost to Import 1025 545 1730 1807 Constituents of India ( US $ per contain- er) Total Logistics Comparative Analysis of the KPI‖s of the Cost Logistics Industry of Emerging Economies Source: Logistics Performance Index Transportation 35% Report 2010 Warehouse & 9% Handling Inventory 25% Packaging 11% Customers & 6% Shopping Transit Losses 14% Technology cost < 1% Source: Logistics Performance Index Report 2010 Indian logistics Industry – The Way Forward: In the years to come, the Indian economy will be driven by sectors like manufacturing and retail. So for References these sectors to contribute effectively to the economy,  Logistical Bottlenecks in India: Government the logistics industry in India will have to improve Interventions &Policy Initiatives – Dr Ram Singh – upon its lacunae and deliver value enabling solutions. Assistant Professor, IIFT Delhi  Logistics Industry: Global and Indian Perspectives – To achieve this, the logistics industry needs to focus Subrata Mitra – Assistant professor – IIM Calcutta on the following fronts:  Expand distribution channels and increase consumer reach  Reduce operational cost & improve delivery time  Overcome infrastructure bottlenecks & implement E-Infrastructure  Efficient port utilisation and decreasing the turnaround time  Increase investments in storage infrastructure i.e. warehouses & cold storages  Organise the trucking operations on a pan India basis  Adopt the latest technology  Address skill gaps issues Pratibimb | October 2012 | 9
LIBOR’s Labour’s Lost by Anuj Narula and Prakash Nishtala, NMIMS Mumbai In 1598, William Shakespeare scripted the rib-tickling comedy “Love‖s Labour‖s Lost”. The world has seen an unprecedented paradigm shift by then. But, now, the history seems to repeat itself. This time around, Barclays comes up with an ad nauseam thriller, “LIBOR‖s Labour‖s Lost”. Prelude During the late 1984 and early 1985, the financial world felt an inalienable need to provide a standardized rate to facilitate the ever increasing usage of new financial instruments such as interest rate swaps, foreign currency options, and forward rate agreements, that‖s when LIBOR, or the London Interbank Offered Rate, was born. Countries that rely on the LIBOR for a reference rate include the likes of United States, Canada, Switzerland and the U.K. LIBOR is the average interest rate estimated by leading banks in London. The Banks charge this rate for lending credit to other banks in the London Interbank Market. For instance, a multi-national corporation (MNC) with a very good credit rating may be able to borrow money for one year at LIBOR plus four to five points. LIBOR is calculated and published by Thomson Reuters on behalf of the British Banker‖s Association (BBA) after 11:00 AM (usually around 11:45 AM) each day (London time) on a daily basis wherein they survey interbank interest rate quotes by 16 large banks. The submitted rates are, then, ranked and the mean is calculated using only the two middle quartiles of the ranking. So, if 16 rates are submitted, the middle 8 rates are used to calculate the mean. The calculated mean becomes the London Inter-bank Offered Rate for that particular currency, maturity, and fixing date. The rate at which each bank submits must be formed from that bank‖s perception of its cost of funds in the interbank market. It is published for various currencies and for maturities ranging from overnight to one “Right from LIBOR’s in- year. ception, it has enjoyed BBA follows a typical, believed by many as immaculate, method for calculating fame and acceptance in the sacrosanct LIBOR for the day. LIBOR plays a much crucial role by not only providing information about the cost of borrowing in different currencies but it a world where change is also actually influences it. LIBOR, the lingua franca of the banks helps them in the only constant.” figuring out what they should charge for not just home loans, but car loans, commercial loans, credit cards. Plot (LIBOR, Lie More?) So far the LIBOR‖s journey was a dream run. Right from its inception, it has enjoyed fame and acceptance in a world where change is the only constant. But, all was not rosy as it appeared. As every flick has its protagonist, this story had the Wall Street Journal (WSJ) as its saviour. In 2008, WSJ released a controversial study suggesting that some banks might have understated borrowing costs they Pratibimb | October 2012 | 10
reported for LIBOR during the 2008 credit crunch that the need for a reference rate in the debt market was may have misled others about the financial position of felt. The National Stock Exchange (NSE) on 15 June these banks. 1998, developed the Mumbai Inter-Bank Offered Rate, referred to as MIBOR, on the lines of LIBOR. To obliterate gloomy economic scenario, banks showed lower than actual interest rates. The lower These rates are calculated by a combination of two interest rates therefore resulted in lower LIBOR and methods—polling and bootstrapping. In the polling thus heaved up the confidence and increased lending. method, like in the case of LIBOR, the data is collected As LIBOR is the average of the interest quotes by from the panel of 30 banks which has a mix of public different banks, so rigging of LIBOR would have sector banks, private sector banks, foreign banks and involved many banks. primary dealers. Why was the rate rigged in the first place? A close How safe is MIBOR? examination into the issue transpired that Barclays As MIBOR shares a similar DNA as that of its elder was itself facing rising interest rates; had it provided brother LIBOR, it might also have a little room to get the same rates to BBA, it would have created an manipulated. unhealthy picture on the bank‖s financial stability and liquidity issues it was facing would have surfaced. So, But, MIBOR has its own merits over LIBOR which in order to protect its own interest Barclays resented makes it a bit safer. Firstly, instead of omitting 2 on reporting (read rigging) lower rates so as to highest and 2 lowest rates as is done in case of LIBOR, present a merrier outlook to the outer world. The NSE uses a statistical technique called bootstrapping rigging happened between 2005 and 2009, as often as to separate the outliers and determine the mean rate. daily. It is expected to help against any attempt by the market participants to come together and influence Creating a bang in the already turbulent banking rates. Secondly, though in a less extent, the very fact world- thanks to Euro crisis, the WSJ report on rigging of Indian banking system being largely dominated by was welcomed with raised eyebrows and harsh public sector banks makes one to believe that MIBOR criticisms. A fast-paced turns of events ranging from could not be affected by private players to satiate staunch investigations into the conversations of their own interests. Barclays‖ CEO Bob Diamond and the Deputy Governor of Bank of England to the Barclays‖ public admittance Learning from LIBOR scandal of the rigging, the world witnessed abdication of three stalwarts of Barclays from the throne. Barclays Bank Prior to the exposure of scandal, proponents of LIBOR was fined a total of £290 million (US$450 million) for were too confident about its piousness. Promoters of attempting to manipulate the daily settings of LIBOR. MIBOR such as Reserve Bank of India (RBI) should act proactively to tighten the possible loose links and to What‖s the big deal? cover the undiscovered loopholes. Upshots on proletarian: If LIBOR is very high that The case in point is the possible switching over of means one needs to dish out more to avail the credit. MIBOR calculation to actual dealt rates on a trading If it‖s maneuvered towards a lower rate, it implies that platform. As India has online, screen-based trading of your interest earnings on savings account would be money market instruments such as call money, unlike subdued. Hence, in either ways, a manipulation would voice-based markets in many countries, it makes lead to common man‖s loss. sense to move to a transparent, actual screen based traded rate system which could capture actual MIBOR As it is used as a benchmark for deciding various rates levels. across numerous banks including central banks or even EURIBOR, so at a macroeconomic scale, it has Epilogue the potential to create many ripples in financial assets worth $500 trillion. As the Shakespeare‖s classic had not only the King of Navarre involved in the promiscuity, he had an Mumbai Inter-Bank Offered Rate (MIBOR) - The unflinching support from his three noble companions Younger Brother as well, on a similar line, even in this story Barclays is not forlorn, they reportedly, have support from many In India, as the financial markets started developing, Pratibimb | October 2012 | 11
other players (refer to Exhibit 1) of the game. The immediate action in the current context should be to identify the hidden miscreants and subject them to serious punishments. What we require today from regulators is not merely whipping fines on the perpetrators rather a system should Exhibit 1 evolve wherein there is no scope for manipulation at all. The world is now hopeful that one day, preferably sooner than later, the system should get clear of all the malpractices and the market participants can again reinforce their faith in LIBOR. The time must come sooner when we could say, “LIBOR‖s LABOUR‖s WON!” References  The Economic Times, Monday, July 23, 2012, Mumbai Edition  Exhibit 1: http://chasvoice.blogspot.com/2012/08/ the-libor-cartel.html Pratibimb | October 2012 | 12
Marketing Lessons from Olympics London 2012 by Sankalp Singh Parihar & Kriti Dua, Great Lakes Institute of Management Citius, Altius, Fortius. Think of Olympics and suddenly there is a gleam of happiness over your face, an amiable visage one which radiates and exudes only joy. It is an event that unites us, binds us, combines us to synergize and support our athletes; it is the ultimate test of human sporting capability and mettle. For fifteen days billions of people across hundreds of nations wait and watch with bated breaths as their favorite stars sweat it out with the best of the best. Each jump is an anticipated medal, each lunge another jewel in the crown, each maneuver another name in the annals of history. It is those fifteen days when the human mind is riveted to the television and newspaper scurrying from one medium to another to find out the latest medal tally or the progress of their favorite stars. Each outcry resonates the same emotion: What‖s the progress? Did we win? Have we qualified? What‖s the tally? It is this event when the world comes to a standstill to listen to this extravaganza when you have the best opportunity to market yourself. A brand would not gather more eyeballs at any other event or time than this. It is this small window, this small crevice when you can do wonders with your product and market yourself to new pedestals of success. Olympics 2012 cost London approximately $14.6 billion dollars. Notwithstanding the high cost, 11 MNCs paid $1 billion dollars as sponsor fees. These MNCs are Coca Cola, ATOS, Acer, GE, Panasonic, Samsung, Dow Chemicals, McDonald‖s Corp., Omega, P&G and VISA. Now if a company pays top dollar for such event it is safe to assume that it is betting its bottom dollar that the event would be a success. And success it was. London 2012 Olympics was hailed by many as the best Olympics “London 2012 so far. Over 10,000 athletes from 204 countries took part and captured the world‖s Olympics was attention. USA grabbed the highest number of golds, followed by China and Great Britain. London 2012 was called the first true Social Media Olympics, keeping in mind hailed by many as that Twitter, Facebook and other social media were in full flow and usage, both by advertisers as well as the common public which sent more than 150 million tweets in the best Olympics the span of 15 days. Chat rooms, Facebook walls, tweets, messages etc. were abuzz so far. “ with Olympics. People were either discussing sports strategies, medal tallies, next competitions, prospects or quite surprisingly, advertisement and about brands. So what exactly were the advertisers doing during this marathon 15 day event? Official sponsors, advertisers, etc. all were busy creating a buzz around Olympics. Some were extremely successful, others not so much. So what were the chief marketing lessons from London Olympics 2012? Lesson #1: It is no longer just an advertisement Gone are the days when a simple and traditional advertisement before and during the Pratibimb | October 2012 | 13
Olympics‖ broadcast was enough. Or printing a simple Lesson #3: Strike an emotional chord with the pamphlet or securing a half page advertisement is a public popular magazine was sufficient. Today it‖s it is no Yes, it‖s an ecstatic sport. Yes, Olympics makes nations longer just an advertisement. Give the consumers or proud and athletes celebrities, but nothing creates a the people more than that. Create a mobile app, connection more than emotion. That unrestrained compose a catchy jingle, start an optimistic bundle of joy that touches the sweet spot of your discussion, churn support for your athletes. General heart; one which creates a whiff of joy and evokes that Electric did just that. It created a Facebook application wonderful tear of happiness, yes make your that let users to work out like an Olympian. And not consumers emotional. Proctor and Gamble did exactly only that, it handpicked four sport stars that had the that and reaped rich benefits! Its emotional campaign largest online fan following to create a campaign. ―Thank you mom‖ on social networking sites featured Panasonic which has a relative low presence in online an emotional video showing different scenes: It starts social media also created an online app that allowed with a line stating “They weren‖t born an Olympians.” people to superimpose their national flag on their Then come the emotional scenes: a young kid held by pictures and some of the best pictures were then his mother as he stumbles to his first paddles in a displayed on huge screens in the Olympic parks. cycle, a concerned mom bandaging her hurt child, a Engagement is now necessary. Just an advertisement joyous mother playfully wrestling his son, a mom is passé. bathing her child in the bath tub. Next frame: Olympic Lesson #2: Social Media is here to stay. Ignore it participants taking part in corresponding events; a and perish. cyclist running at full steam, another participant bandaging himself before the start of the event, a Social media is a giant today. If one wants to create a wrestler grappling his opponent, a swimmer racing true buzz, a wild discussion or a enhance one‖s PR past his competitors. And then the emotional punch social media is the first step. Ushered as the first line stating that as P&G Celebrates this year‖s Olympic Social Media Olympics, brands were smart enough to Athletes, they would like to remember the force realize the true value of social media. And rightly so, behind these athletes: Their Moms. This is followed by millions of fans follow their favourite stars and scenes of emotional athletes hugging their crying athletes on Facebook, twitter, etc. and anything said, mothers. Truly an emotive scene which indeed struck portrayed or conveyed by these stars has an instant a chord with the common public and brought P&G reach to millions. Truly an attractive medium for enormous PR positives. This was evident by the fact different brands that leveraged it to its full potential that P&G was the most discussed brand in twitter and as evident by the following examples: over 90% of the mentions of P&G were around its 1. Jamaican sprinter Usain bolt famous for his marketing theme. World record sprints mingled a photograph of Lesson #4: Offset your challenges his with a refrigerator filled with the energy drink Gatorade. Thanks to social media he While branding and PR is an important as it can get advertised it instantly to his 620,000 fans. one should be mindful that negative PR spreads like 2. Or take the case of Michael Phelps, arguably the wild fire. And before one is able to douse the blaze, greatest ever Olympian who is ardently the damage has been done. Take the case of followed by 5.4 million Facebook fans. Phelps, McDonald‖s which had negative press hounding it amidst his training and exercising updates since the beginning of the games as it was the sole sprinkles a mention of famous brands like Head (exclusive) supplier of French Fries in the Olympic and Shoulder Shampoo, Hilton hotels or VISA Venue. Plus the fact that most people resented a fast creating an instant ring in the minds of his food company sponsoring an event touted to be the followers. cauldron of the fittest athletes, McDonald‖s had plenty much to do to tackle the negative press. While a lot of Nothing helps a brand create a positivity around itself people were talking about McDonald‖s it was mostly more than social media and with the number of users negative. McDonald‖s further failed to tackle this issue growing alarmingly in these social media sites, in twitter as it only had a corporate twitter handle and ignoring them would not only be stupid but even not a dedicated Olympics twitter feed. Result: suicidal. McDonald‖s had just 300,000 views in Youtube in a Pratibimb | October 2012 | 14
month compared to 1million views for Adidas. sponsors did just that. Adidas‖ Team GB created a video with a multitude of Olympians lip syncing to While on one hand, McDonald‖s failed to redeem itself Freddie Mercury‖s famous song “Don‖t Stop me Now”. in the social sites, Coca Cola (also termed unhealthy The video was so popular that it was an online rage, a for the athletes and accused of being insalubrious to wildfire and within two days everyone was talking be sponsoring a sporting event) conjured a rabbit about it from Knighted personalities of London to from the hat. Coke was enormously popular in the musicians and others. There were 1 million views social media which contributed to over 85% of the within 48 hours and everyone had just one thing to brands mention during Olympics. Part of Coke‖s say apart from the closing ceremony: ―Have you seen success was due to the musical events it had the Adidas video?‖ organized during the torch relay. One has to keep in mind that there was no way Coke could have Olympics are the pinnacle of sports and the perfect marketed itself differently as healthy or done anything opportunity to create awareness about one‖s brand to change public perception in such a short time. and product. Not leveraging such an important event Instead it chose to offset its shortcoming by would simply be fool hardy. The next stop: Rio de sponsoring events where there was a large audience. Janeiro 2016. Till then, au revoir. Torch relays were not only witnessed by millions on References roads by millions more on media. Sponsoring the torch relays created a positive mindset in the minds of  http://www.ft.com/intl/cms/s/0/b0959724-e6fc-11e1- the consumers. af33-00144feab49a.html#axzz24kLFinZR  http://www.ft.com/cms/s/0/c7b1f694-f5b9-11e0-bcc2 Lesson #5: Don‖t just be imaginative. -00144feab49a.html#axzz24kLFinZR Think outside the box is one of the most oft repeated  http://www.ft.com/intl/cms/s/0/e7e9b3fa-d661-11e1- clichés and it is true for a reason. Regular ba60-00144feabdc0.html#axzz24kLFinZR advertisements though wonderful slip past a  http://www.terminalu.com/europe/taxi-british- consumers mind way too easily. Create an imaginative airways-launches-dont-fly-olympics-ad- campaign/27405/ and compelling ad and people will remember, discuss,  http://ca.finance.yahoo.com/blogs/insight/london- talk about it, disseminate on social networking sites 2012-olympic-games-marketing-lessons-extend- and they spread awareness about the brand. Take the beyond-155229166.html case of British Airways and its ―Don‖t Fly‖ Campaign.  http://www.campaignindia.in/Article/311814,top-10- The campaign is a minute long video disseminated by marketing-lessons-from-the-olympic-games.aspx television, social media and print which shows people  http://www.warrenstrategies.com/blog/bid/206511/4 packing their bags in the aero plane. The Boeing 777 -Marketing-Lessons-Learned-from-the-Olympics then taxies the passengers on board across the streets  Image Courtesy: Wikipedia http://en.wikipedia.org/ of London through different areas as the excited wiki/File:2012_Summer_Olympics_logo.svg passengers paint cardboards, miniature flags to support the home team. The ad ends with the plane coming to a halt at an Olympics stadium and a caption which says ―Don‖t fly. Come and support the Team Great Britain #homeadvantage‖. This churning up of national sentiment combined with the imaginative and counterintuitive theme helped British Airways generate a lot of positive PR. Lesson #6: Finish with a bang. The term ―Icing on the cake‖ or ―Cherry on the cake‖ sums it all. It‖s fabulous to have a great PR during the Olympics but at the fag end or an event when everyone is ready to wrap up and leave or when others are busy packing their bags be ready to deliver the knockout punch. Adidas the official Olympics Pratibimb | October 2012 | 15
Mass vs. Class: Branding for BOP Revisited by Unnikrishnan Nair and Utkarsh Sachdeva, TAPMI Dynamism in the New markets and the potential of the market – close to 4 Billion of the population, has been the main draw for many companies to cater to the newest of the multitude segment – defined as the BOP or the bottom of the pyramid by the legendary paper by C.K Prahlad. “A look at the recent trends in the market and it is no surprise that leading brands have realized that 1: The Economic Pyramid ignoring this segment The major draw for this market has been the lack of geographical boundaries to can be at their own cater to, with the population base spread across continents. Couple this with the peril “ following factors and this brings forth a marketer‖s dream domain – innovative and beyond straight forward understanding, requiring more than traditional text book strategies. Pratibimb | October 2012 | 16
Economic Con- Low Gross domestic Beliefs Ground Reality straints product, low income, high inflation, import They have less pur- The margin factor is price shocks, reduced chasing power and not exactly right private capital in- hence the market is flows volume driven and Political Constraints Political instability, not margin based poor governance, corruption & weak They are not brand They are highly brand legal systems conscious and value conscious Infrastructure chal- Lack of reliable elec- lenges tricity, poor distribu- They are hard to They are willing to tion channels, unreli- reach pay premium for able transport goods & services Product Constraints Price Controls, Availability, Differ- They are unable to They have sophisti- ent set of needs use and are not inter- cated technology in- ested in advanced clination technology 2: List of Constraints The lure of this market has thrashed the conventional ideology of given cost structures, product focus rather than functionality focus and the mentality of having innovations catering to the high end of the market. Therefore, in a market ridden with innumerous challenges, it has become a play ground for some ground breaking products and practises and business models that has redefined marketing as we know it today. The basic characteristics of the BOP segment have 4:Traditional 3A model of BoP Buying been largely described as follows: The 3A model above has been the basis of product purchase behaviour at the BOP level. However, brand 3: Belief V/S Reality recall and awareness seems an oft neglect paradigm here largely due to the non-availability of appropriate The Indian market is a prime example that has mediums to cater to these segments. However, based showcased how BOP segment has been largely mis- on the 11P marketing mix, and the PIRT (personality, understood, especially on the brand front. HUL, Coke, image, reputation & trust) model and suggestions of a GlaxoSmithKline (GSK) and desi-brands like Micromax, close relationship between brand attributes and Brittania have all realized and evolved to cater to this corporate brand image has been suggestive of huge segment. considerable impact on brand loyalty in the BoP segment. The basis for the branding exercise has been an exercise born out of necessity and out of the realization that the market is not exactly as understood in literature. Pratibimb | October 2012 | 17
5: The BoP Brand Strategy brand. Quality Confidence: Quality platform has been an Using this model, the companies have been trying to essential factor and its essential for continuing to build the brand leadership in this segment based on command premium market share – a case in point is several counts:- the Hero Motor Corp which has never tinkered with its quality offerings, helping to cater to segments with Consumer Knowledge: This is captured through quality offerings and thus maintaining its numero uno periodic research, helping to factor in mind shifts and position in the country. tweaking the marketing strategies to cater to the people at the right points – an example was the Multi-brand & Aggressive Branding Strategy: First triangular hanging packs of Frooti in the stores at mover advantage and a complete capture of the affordable rates. senses is an essential factor to cater and keep brand recall and this has been essentially the case as proved by HUL‖s multiple offerings that seem to be catering to Long term vision: Brand extensions has been a major virtually the same market. factor – helping to gather enough traction and then diversifying to cater to multiple needs through the 6: Brand Evolution in BoP same brand- an example is the Tiger brand of biscuits that took the market from Parle-G and successfully The significant shift has been in the context of moving went on to introduce affordable choco-chip biscuits away from low margin-high volume products to actual and cream biscuits at price points not envisaged by new products that command premium. others. 7: The Volume Game Product Innovation: Quality was never an important consideration till the markets actually went on to Disruptive innovation has become the new name of show their preference for it rather than price – this the game and it is not surprising at all if we have a was perfectly exploited or put to use by HUL through good look at how disruptive innovation and BoP their Surf Excel Blue catering to quality detergents market actually functions. Hence branding has segment in BoP against their own Wheel brand, while become more than just a name – it‖s a game play Surf Excel Automatic was positioned as a premium which involves survival through evolution and genesis. Pratibimb | October 2012 | 18
innovation that cater to the duality of functions as well costs and fit in with needs across the segments incorporated with marketing initiatives that can never be found in text books. 8: Disruptive Innovation & BoP A look at the recent trends in the market and it is no surprise that leading brands have realized that ignoring this segment can be at their own peril – a point brought into strict focus thanks to the relentless occurrence of recession impacting the markets that have always been the primary focus for marketers. The need has now shifted to value for money, and 9: The BoP innovation trends Pratibimb | October 2012 | 19
If Tata Nano is a product that redefined car making  Branding at the base of pyramid: A Zimbabwean and business models, it is but a gentle reminder that perspective by Tendai Chikweche and Richard the new world order will be dictated not by the high Fletcher pointers but by the bottoms that support the  Disruptive Innovations at the Bottom of the Pyramid structure in the first place. Can they impact on the sustainability of today‖s companies? by BAIYERE Abayomi & ROOS Jaspar  Reality Check at the Bottom of the Pyramid by Erik Simanis  Raising the Bottom of the Pyramid: Strategies for Sustainable Growth by C. K. Prahalad & Stuart L. Hart  Shampoo, saris and SIM cards: Seeking entrepreneurial futures at the bottom of the pyramid by Catherine Dolan, Mary Johnstone-Louis & Linda Scott  Branding paradigm for the bottom of the pyramid markets by Rajagopal  http://www.brandchannel.com/home/ post/2010/01/12/Coca-Cola-GSK-Invest-In-Indias- Bottom-Of-Pyramid-Consumers.aspx References Pratibimb | October 2012 | 20
Personalization: 8th P of Service Industry by Arpit Bansal, SIMS, Pune Abstract—This article is about the enhancement of personalization in the service industry at an alarming rate. It also signifies why personalization should be 8th P of service Industry. It describes how Personalization actually satisfy the snob value of customer and create imprint in the mind of the consumer. Finally the game of personalization is understand by major players in Europe and middle east but there are some patches where this fact is still under cover. This article is based on my research and training in Le Meridien New Delhi. Every hypothesis has the relevant and proved data . INTRODUCTION The service industry is the industry which is growing worldwide. Day by day this industry mitigates the mistakes and luring the customer with innovation. Gap analysis is done to reduce the gap between what customer expect and what the industry is offering to them. Personal care or personal attention is demanded and very less offered or identified. Growing conventional wisdom in marketing argues that customer loyalty is responsible for large fractions of the profits of many service businesses. Constructs such as satisfaction, trust, customer collaboration, customer interaction, firm image, personalization, learning relationships, and so forth, have all been proposed as intermediate objectives, or as tools to build loyalty. Yet, to date, only some of these constructs have been measured and shown to be related to loyalty. This paper fills a portion of the empirical gap by showing that service personalization, indeed, affects loyalty, above and beyond the other explanatory variables. WHAT IS PERSONALIZATION ? Sometimes Personalization is also defined as the adaption of new policies or changes which can be customize according to guest but Personalization is nothing but adjusting or designing the things in order that the specific person who is landing to your hotel will personally like it. In service Industry people are eagle-eye (from cleanliness of remote of TV to groomed staff ) they actually notice each and every “The service industry thing. So peculiarity in every task is expected. Even a centimeter of smile is also mentioned in manual of some 5 star Hotels when some employee escorting or is the industry which welcome the guest hotels . is growing world- wide.” Pratibimb | October 2012 | 21
ELEMENTS OF PERSONALIZATION avail to VVIP guest. Requirements , designs and facilities are change according to situation and people. There are three elements of personalization which are That‖s what called as flavor of Personalization. defined as : EMPHASIS ON KEY FEATURES It is being found out that there are categories where service industry wants to review or concentrate on guests. Now these are few categories where the whole set of 5 star hotels wants to differentiate themselves. These are some parameters on which employees wants to judge the guest experience. So all the level 1 employees work on these Improvement in these areas would help the Hotel to elements so that they can get more business, retain its brand name as well as the customers. Personalization is directly related to user. Suppose if Across the world hospitality is the only industry where some Gujarati family is coming to the Hotel then all guest repeat behavior is very low. The factor like trust the arrangements are done according to them. More and comfort can be easily copied but not the Personal variety of food should be available as Gujarati are care. So marketing executive should always keep this fond of food. Gujarati channel should be made in mind. available to their room. This type of customization is These are the few parameters which are accessed in actually implemented in “CIDADE DE GOA”. This is the detail by the five star hotels to analyze more business. hotel who changed its target audience because there I have done a research and training in le Meriden New was oil leakage from the nearer port and people are Delhi and this data is collected , analyzed by me and getting rashes and skin disease if they are going in the recommended by my teachers from the Institution. sea water. So this hotel is very apt example of These parameters are further divided into small Personalization. subparts that garner the view point of the guest. For example arrival is bifurcated into: Content refers to the interest of the people in service 1. Entry experience and lobby environment industry. Expected features in the hotel are about cleanliness of room, basic facilities and the privacy. 2. Doormen/Bellman service and check in But Hotel like Le Meriden is also caters about the experience guest health and entertainment. They have spa, gym, yoga , swimming pool, Jacuzzi jewelry shop , pastry 3. Directional signage with secure environment shop , coffee lounge , all day dining restaurant , I have individual result for each question as well as specialty restaurant , Bar and discotheque . So these coagulated graphical data also kind of eminent facilities are basically to lure the guest and this actually builds the differential advantage among different 5 star properties. Rules are actually designed not only for guest but also for the employees working in the organization. To satisfy the snob value some of the features are only Pratibimb | October 2012 | 22
Overall welcome Bulletin, 134(1), 61-76.  Journal Article, two authors Sanchez, D. & King-Toler, E. (2007). Addressing Marketing for Hospitality and Tourism . Consulting Hospitality Journal: Practice and Research, 59(4), 286-295.  Journal Article, more than two authors Van Vugt, M., Hogan, R., & Kaiser, R. B. (2008). Personalization and marketing in hospitality .Some lessons from the past. American Author, 63(3), 182–196.  Magazine article This is the data collected from the Le Meridien, New Kluger, J. (2008, January 28).Events at hospitality industry. Time, 171(4), 54-60. Delhi which has all the authentication proofs as well as recommendation. Sample size is kept to 100 for the  Newspaper article, no author calculation purpose. This data shows that how much peculiarity is expected in the decorum of Five Star As prices surge. European service industry. (2008, May 5). The Wall Street Journal, p. A9. property and how minutely each of these parameters are judged by the guest.  Newspaper article, multiple authors, discontinuous pages CONCLUSION Delaney, K. J., Karnitschnig, M., & Guth, R. A. (2008, May 5). After this research we can say that hospitality Microsoft ends pursuit of Yahoo, reassesses its online business are booming in the country due to rich options. The Wall Street Journal, pp. A1, A12. heritage value of India . Probably this is better opportunity to get our bags full of the Forex reserves.  Butterworth-heineman This is the business which have a great impact of word Hospitality principles : Butworth –hineman (11th ed.). of mouth (WoM) . So to enhance the imprints in the (2003). Springfield, MA: Merriam-Webster. mind of consumer Personalization is the best weapon Robert D. Reid, David C. Bojanic to cope with. Referral from the consumer also helps to convert Kidder, T. (1981). Hospitality Marketing Management leads to potential account. All the traits and elements Boston: Little, Brown & Company. are shown in the article with facts and figures. This shows how Personalization is going to become the deciding factor for the consumers while choosing the Hotels and how it will affect the Hospitality business. References  Journal Article, one author Sweeny, K. (2008). Hospitality Marketing: an introduction takes a unique approach to outlining marketing processes in the hospitality industry.. Hospitality Pratibimb | October 2012 | 23
INTERVIEW Mr. Sanat Satyan Research Associate, Equity Research - Oil & Gas sector, Nomura What are the current major trends in the global investment banking Industry? For 2-3 decades before the 2008 crisis, investment banks had not changed the way they had been doing business. They were doing exactly the same things that they were doing three decades earlier in almost the same fashion. Post crisis, the industry has seen some collaboration between regulators, governments and financial institutions. Banks have realized that one needs a better cost structure, efficient trading platform and timely client interface, more than anything else (even, leverage). I believe, from 2012 TAPMI had an opportunity to interact with Mr. onwards, you are going to see a structural shift in how Sanat Satyan, Research Associate, Equity Research - banks are going to service their clients and make Oil & Gas sector, Nomura. In an exclusive interview with Jayakrishnan Reghunathan for Pratibimb, Mr. money. Client interface is changing internationally as Sanat Satyan shares valuable insights on the current banks are shifting to online trading platforms, which trends and challenges faced in global investment is more cost effective and efficient. As a result, one banking industry. Mr Satyan is a TAPMI alumnus from will see more high frequency trading platforms 2008 batch. Excerpts: [The views expressed are his coming up. As the industry recovers, these changes personal and not views of Nomura or any other organization he has worked for] will more likely stay. Equity analyst job @ an Investment bank is very What is your opinion about the industry trend of hectic by nature and very demanding in terms of buy side firms reducing the dependency on sell long working hours etc. What are the average side analysts by employing more sophisticated in- working hours in an Investment bank? house buy side analysts as part of cost reduction? What do you think about this from a buy side and In the Indian investment banking industry for sell side point of view? international banks, 12-14 hours is minimum. It is a 5 day work week but sometimes, if you are working on A sell side analyst is always a specialist on a particular urgent reports and deals, you may have to work on sector and that is the value he adds to the buy side the weekend as well. However, this is lesser compared client. Internationally, roles that buy side firms offer to the domestic IB companies where you will have to as an analyst are mainly that of a generalist across work on Saturdays as well primarily because some multiple sectors and sometimes, even multiple asset Indian companies report their financials on classes. Although buy side firms may intend to weekends. develop in-house expertise for portfolio management roles, we constantly hear from clients about the need for more macro research and industry trend analysis from sell side. This is where the next ―big‖ idea comes from! Now that all the major Investment banks are Pratibimb | October 2012 | 24
looking for more opportunities in emerging communicate, it is of no use! Technical skills like markets, can you please comment on the kind of valuation methodologies and excel based modeling job opportunities created as a result of this? are also important. In recent years, the importance of additional qualifications like CFA and CA has also The kind of opportunities coming to emerging market increased. Finally, a proactive nature along with being will likely be more towards assessing local knowledge a team player is also considered. This industry is and expertise. Salary cost inflation may make offshore about idea generation on a daily basis so a little bit of units less attractive for some time but as banks move financial creativity is always welcome. towards growth regions, it will be crucial to hire people who can provide effective corporate access. This can only come through local presence and Due to increased regulatory requirements such as networks, forcing one to focus on local equities. the Basel III norms on liquidity, leverage etc. which will limit the scope for more risk taking, One important objective for all the major how do you think this can affect the investment investment banks today is cost reduction. What do banking business? you think about this? Talking about the regulatory requirements let me give We often forget that the global IB industry works on you an example. The FSA in UK aims make sure that this model. In a bull market, it will hire and in a down an investment bank does not mis-sell products, does cycle, it will lay off in the absence of deals. The last 3-4 not make securitized products so complicated that a years have been very tough on banks amidst tighter client cannot understand it and that there are regulations and public criticism. Banks had grown to effective penalties for both. Globally this has become such a size that the only way to remain profitable was a trend now as regulators have become more to shrink. This will change again once the market coordinated. This has indeed made certain functions recovers. Also, one must remember that this is very in bank more difficult (e.g. proprietary trading). In sector-specific – banks are shrinking their headcount hind sight, industry experts now say that this is good in sectors where they do expect any growth for the industry. Besides lowering risk appetite and opportunities. complex products, banks will also learn to focus on How do global investment banks deal with quality. Shrinking sizes will help the industry has a competition from the domestic players in the whole to become more efficient and hopefully, less emerging markets? competitive. What I hear from my colleagues, the competition is Regarding the recent developments in the indeed very tough simply due to the large number of industry about few major banks making huge players. A company like Reliance Industries is covered losses on derivative deals, do you think there is a by more than fifty brokers and if you are entering a scope for improvement in risk management market where there are already 50 players, it is going systems which are currently in place? to be tough to make money, unless you provide I agree that risk management systems at banks had differentiated research and calls. This is true for all failed but it was not because they were wrong. Such firms in the market and not just international events occur when certain people learn to manipulate investment banks. One key differentiator for the system and even banks are not ready for it. Today, international investment banks in such a situation is the FSA has even admitted that ―LIBOR‖ is broken but it the access it provides through global research and is helpless, given the large volume of instruments international investor base. quoting it. Every bank has checks and balances in What according to you are the skills which a place to ensure that such events don‖t occur but it company looks in an MBA graduate for the role of seems that this is not enough. It is important to an Equity Analyst or a Sales/Trader profile? maintain trust with customers and banks have now started to invest more internally to ensure that Besides technical skills (which is a given for this ―compliance‖ is maintained. People interacting with industry), the most important skill we look for is clients/customers are more held responsible now for communication skills, which is crucial to this industry their actions – and regulators have started taking – you might have the best idea but if you cannot strict action for any misuse. However, I still believe Pratibimb | October 2012 | 25
there is a long way to go for the industry in this regard. During recession, some of the major Wall Street banks were accused of selling junk investments to investors. Do you think there is a high need for ethical concern in this Industry? In an ideal world, everybody will be ethical but I believe it is more of a human nature and not restricted to a particular firm, industry or region. As a general rule the industry right now works on the principle of “Buyer Beware” and there is a lot of effort being put in to essentially change this thought process. As industry participants realize that their malicious actions are detrimental to both themselves and the industry at large, we can expect people to ―become more ethical‖. One quick and effective solution (agreed by regulators) is strict penalties (both financial and professional) through restitution and prohibition. How was your experience at TAPMI and how is it helping you in your current role? I had worked with ING Vysya Bank for two years before joining TAPMI in 2006 which helped me understand the importance of several subjects that were being taught in the classroom. Some of the subjects which we studied are still very relevant such as Corporate finance, valuation, Security analysis and Portfolio Management etc. However, the industry is changing rapidly and it is also important to keep oneself up to date. Working on real like case studies of contemporary events (like a small summer internship project every month in your syllabus) is something that will be helpful to a finance student of today. Pratibimb | October 2012 | 26
Disha 2012 The Learning Experience by Chandrakumar N, TAPMI They say everyman is a sum total of his experiences. If As the chief guest for inauguration, we had Padma that were the case, I have to be immensely thankful Vibhushan Dr. M. S. Valiathan, Ex-vice chancellor of for Disha which has enriched me with a wide array of Manipal University and National Research professor meaningful experiences. I went through almost every of the Government of India. emotional state - from jubilance to depression, pride What are the personal lessons for me from Disha? to disappointment, and stress to relaxation. I interacted with illustrious men and experienced the 1. The higher the stature of a person, the humbler proud feeling that one gets when all things go exactly he is. as planned. This was something I found out after talking to n So what am I talking about? number of executives who held roles from assistant manager to president. Of all the people I interacted I am talking about Disha, the Annual HR conclave held with during Disha, the most humble was Dr. M. S. in T. A. Pai Management Institute, Manipal. It is the Valiathan. He is a Padma Vibhushan recipient, second biggest HR conclave in India and is held in the National research professor and has been a part of second week of September. For Disha, we call senior planning commission for many 5 year plans. I, along level HR executives from various companies for a with a member from HRFORUM, had gone to invite round of panel discussions and guest lectures in our him for the inauguration ceremony. Before the campus. It is a platform where our students get a meeting we were intimidated and were a little chance to interact with corporate honchos from big nervous as we had never interacted with a person of companies and the executives meet the students from his stature. But we were pleasantly surprised to meet TAPMI and get a feel of our college and its activities. the kind and wise gentleman. Instead of the allotted This year Disha was held on September 8th and 9th. I 10 minutes, we ended up spending an hour discussing am Chandrakumar N., a second year PGDM student in various problems of the country, what needs to be TAPMI. I am a part of the HRFORUM, the committee done to make it a better place and the steps to be which makes it all happen and I was the Event co- taken to improve the Indian Education System. I still ordinator for Disha 2012. cherish the pleasant intellectual conversation we had Who all were the guests of Disha? with Dr. Valiathan. The other guests who came for Disha were equally humble and easy to talk to. These This year we had the following guests coming to Disha guests held roles like President, Vice President, Head 2012. HR etc. But interactions with each of them were like Pratibimb | October 2012 | 27
the ones with our college faculty. They were friendly, Before we actually started the work for Disha, we took cordial and pleasant. all the members for a nice dinner outing. We played some team building games, interacted and got to 2. A team needs to gel well before any results can know each other well. This and many more of such be expected of them. informal meetings led to a good rapport among the members. Once the team members are comfortable Tuckman's stages of group development says that with each other, it is much easier to work with them. every team that is formed will have to go through the following 4 stages for it to grow, to face up to This accustom phase can be used to bypass the Storm challenges, to tackle problems, to find solutions, to stage, which is usually the unpleasant stage where plan work, and to deliver results. team members confront each other and differences are resolved. So you don‖t have to tolerate the team members because now, they are your friends. 3. Democratic way of leadership is not the only way. According to a HBR Article, Leadership that gets Results by Daniel Goleman, there are 6 types of leadership I think one stage, the storm stage can be replaced by a better one, accustom. So it can also be The article goes on to say that, the most effective leader is one who is well versed in all these types of leaderships and uses each of them like an expert mechanic uses different type of tools for different situations. Before Disha I knew only one way and that was democratic. For every decision I used to get a group consensus and carry forward. But during the course of Disha I have picked up a few more styles of leadership; pacesetting, affiliative and authoritative being the prominent ones. Team Disha comprised of 18 people. Each of them highly motivated, intelligent and smart individuals but none same as the other. Each of them had their own reasons to be a part of the team, their own ways of thinking, and their own definitions of success. So how do you deal with each of them? You deal with them individually. For motivated smart members who need a friendly Pratibimb | October 2012 | 28
figure who just needs to tell them what needs to be References done, I used to delegate the entire responsibility. For humble hard working members who needed a little  http://en.wikipedia.org/wiki/ Tuckman's_stages_of_group_development more guidance in their task, I put on the role of a coach. For members who just needed to know their  Daniel Goleman, Leadership That Gets results, share of work, I put on the role of an authoritative Harvard Business Review, April 2000 figure. Though these tools which I have acquired may still be blunt, nevertheless they are priceless and will definitely come in handy in the future. 4. It helps to have a lot of friends During Disha, I had a lot of help from non-members of Disha whether they are my classmates or faculty or the support staff. Having a friendly relation with people definitely pays off. There were many instances where the support staff of TAPMI voluntarily came and gave suggestions for improving Disha. And there were always friends and well-wishers who were there to help whenever I needed it. On the whole, I would say that Disha has taught me many things. Some lessons about operational efficiency, some about human behaviour and some about me as a person. Pratibimb | October 2012 | 29
Horizon 2012 Money Matters by Nishith Maheshwari, TAPMI It is said that the people you encounter while at increase the financial knowledge of the batch. In University are among the most diverse and interesting order to achieve the same the Finance Forum is you will ever meet and that probably you will stay in responsible for conducting numerous events touch with a number of them for many years throughout the year. The flagship event of Finance afterwards. I discovered the same at TAPMI, with its Forum is its annual conclave - ―HORIZON‖. A student unique college system of numerous student run run initiative, the conclave aims to bring together committees responsible for different functions of finance professionals from investment banks, college. Being a member of the Finance Forum from commercial banks, mutual fund houses, credit rating my first year; gave me a strong sense of being part of agencies, business houses as well as academicians, something big and also provided a platform through alumni, and students to discuss recent trends and which you meet and work along with a lot of people, emerging issues in the industry, the challenges and many of which will become your friends for life. opportunities they present and the way ahead. It also acts as a forum for budding entrepreneurs and The main objective of the Finance Forum is to students in the field of finance to interact with Pratibimb | October 2012 | 30
eminent business leaders. By the time we were back to the campus in June, a lot of thing had started to move. The central theme was This year Horizon was held on the 22nd September; coined, the brochures were ready, and we were in and I, Nishith Maheshwari as the event coordinator touch with more than 30 companies to confirm their and a member of Finance Forum- the committee participation and were in advance stage of discussions responsible to visualize the event from conception with almost a dozen sponsors. The entire senior team stage to the D-Day, had an experience which is truly comprising of 8 members was now excited to recruit difficult to pen it down in a few words. the junior team. The new batch joins the college in It was an event which the entire team nurtured from July and TAPMI has a structured process by which the its roots. It was like giving birth to a child, a one day different committees select their junior members. event for many but a 6 month nurturing time for few. Finance Forum being amongst the most sought after The planning of Horizon started from March, a month committees in the college had more than 100 before we leave for our summer internships. It was applicants and it was a challenge to select the best 10 this time when you use all your financial skills that members from so many applicants. It was this stage you have learnt during the first year to prepare a which gave me the first hand experience of judging budget for the event and get it approved by the personalities on the basis of their resume and a short college authorities by justifying each and every interview, followed with detailed discussions with the expense. It was when the entire team was busy with team on their observations and opinions. After long their summer internships in different cities across the discussions and a lot of reasoning the junior team was country, the crucial stage of the event took shape - selected. coining the event theme and getting in touch with With the junior team now selected and the team size corporate speakers and sponsors for the event. It was now growing to an 18 member team, it was essential a challenge to keep the entire team informed at the to quickly identify roles and functions for all the same level and at the same time coordinate within the members to ensure proper functioning and team and external agents and ensure smooth accelerating a lot of activities as the crucial day was functioning. This is when we as a team realized the only 60 days away. This is when the application of importance of IT systems in today‖s management. various organizational theories and structures gained Pratibimb | October 2012 | 31
importance as I tried to figure out a mechanism to can spend spare time from their busy schedule to ensure quick ways to ensure that the individual participate in the event. It was also very nice to find a members gel well as a team. We had a dinner outing, lot of friendly alumni who offered to help and get Delegate Company Designation Dr. Manoranjan Sharma (Chief Guest) Canara Bank Chief Economic Advisor Mr. Arijit Mukherjee Anand Rathi Senior Vice President Mr. Hariprasad Centrum Vice President – Treasury Ms. Lavanya Ashok Goldman Sachs PIA Mr. Rohan Mathew ICRA Senior Manager Mr. Sushil Shah First Source DGM, Solution Design, Asia Mr. Shomitro Goswami Astal Capital CEO Mr. Sanat Satyan Nomura Senior Analyst played some team building games which ensured a involved. high level of interaction and everyone got to know With so many committed enthusiastic and each other well. Once the team was comfortable with experienced members of Finance Forum, Horizon each other it was much easier to work. 2012 with a central theme ―New Economic Order The next few days were a rollercoaster ride with tasks Post Crisis: Political Reforms, Regulations and getting done and again undone on account of Inclusive Growth‖ started with full swing in the unforeseen situations. It was the final run up towards morning of 22nd September as corporate guests from the event and the work increased manifold times with the finance sector showered the wealth of financial every passing day but with proper distribution of work knowledge to enthusiastic students of the Institute. it ensured smooth functioning. It was a job where you have to visualize not only your activities for the day but the work of all the individual members of the team and of the team as a whole. You also need to be a quick thinker for unseen circumstances. I particularly faced two challenges- managing my time and managing the timing of the event! It is always difficult to find a date when most corporate speakers Pratibimb | October 2012 | 32
BOOK REVIEW The Google Story by Madhukar Holla, TAPMI Title: The Google story Author: David A Vice with Mark Malseed Publisher: Pan Books, London 2005. Pages: 316 An awe inspiring success story, a hub of innovations, a legion of geeks and a mandatory search engine!! Google paints a colorful vibrant picture as a company, as an essential web tool, as a culture and as a phenomenon. In the age of never quenching thirst for better speed, better quality, Google not only keeps up its pace but also aspires to be a step ahead. So what is this Google phenomenon? What sets aside Google from the rest? Who are the actors in the Google Odyssey? How does Google make money? How is it to work for Google? David A Vice, a Pulitzer Prize winner, an eminent journalist and an MBA from Wharton, finds out and in this intriguing book, narrates the story of Google. Vice, who has authored the fiction thriller novel “The bureau and the mole”(2002) and has worked as a business journalist for Washington post has instilled in his book the elements of both these genres. The book, hence comes across as an easy to read business Biography with emphasis more on narration than on bare statistics and technical analysis, catering to a large number of readers with scant knowledge on the technical aspects of search engines and its algorithms. Pratibimb | October 2012 | 33
The book starts off with the Google founders, Brin and Page, receiving a grand reception at a school, where they speak to the kids about how it feels to be a part of Google and its culture! The book then breaks away into a chronological narrative, along its way, presenting the personal history of various people involved in the journey and captures various highs and lows that the company faced, the role of Eric Schmidt and others, the Google economy and its presence and much more. The book also narrates the challenges that Google faces, including Microsoft and Google‖s expansion in China and trademark infringement troubles. There are some thoroughly enjoyable light hearted chapters like “Burning Man” and “Charlie‖s place” too! So does the book do justice to its claim to give the inside story of the “Hottest Business, Media and Technological Success of Our time”? Not if you are looking for those technical jargons flying around or if you have insatiable appetite for in depth business analysis of Google‖s unparalleled growth! But this book has in it a humane insight into how the Google culture evolved, who were the perpetuators and how various events and people helped in the creation of an empire we now know as Google! Every chapter of the book is a story in itself dealing with a completely different aspect of the Google story, but, the Google culture, which is the underlying theme throughout the book, is well inscribed in each of the chapters and keeps the reader in sync with purpose of the book. The author succeeds in his narrative technique juxtaposing the story with anecdotes and opinions of various people, making the book not only an enlightening read but also a thoroughly enjoyable one. And for the thrills, there are extra features like candid photo gallery, a playboy interview of Brin and Page, Google search tips and GLAT (Google Labs Aptitude test). While the interview and photographs give an exciting insight into the candid face of Google, Google search tips are quite handy and with GLAT you may end up with a job in Googleplex (Google headquarters)! And lastly, the book inspires through its efficient narration and subtly drives the point “Don‖t be evil”: the Google w(c )atchphrase! The book also illustrates the power of innovation and a “healthy disregard for the impossible” and has a lesson or two in it for all of us!! The lack of a concluding summary at the end of the book gives a feeling of an abrupt end. But with the Google story going strong and with many more chapters left, maybe the author is justified leaving the story where it stands and not conclude! All in all the book delivers and the timeless aspect of its subject makes it a mandatory entry into your bookshelf! Pratibimb | October 2012 | 34
HCL Conference Emerging Women Business Leaders by Harsha Vatnani, TAPMI HCL had organized a conference about emerging someone familiar was always there. The security women business leaders on Friday, 7th September guard guided us to the venue. We registered our 2012. They invited top 2 women leaders from 30 MBA names at the reception and were given satin tags with colleges across India. The selected candidates were our names printed on it and the organizer gave us our also to receive a Pre-placement Interview (PPI) from table positions. It was the first time that I had the HCL technologies. pleasure of attending a round table conference. We were given the day‖s schedule and it is worth Having watched the colourful posters of this mentioning that each session was timed to the T. Mr conference on the noticeboard, and it being an Naveen Narayan, global talent acquisition who was exclusive opportunity for girl students, every girl in also the host of the event, gave the welcome address. the college was excited about the same. Moreover the The second session was by MrPrithvi Shergill, Chief most important term of an MBA program is the one in HR office. Since I am doing major in HR, I was looking which placements happen, and to be able to get a PPI forward to this session the most. He told us that he from one of the top most IT companies, this appeared had joined HCL technologies about four months back to be a once in a lifetime opportunity. and accepted the offer because of HCL‖s employee first customer second philosophy. His “would be” When the placement team briefed us about the subordinates were asked to give feedback on him, selection procedure we knew that the competition before he was successfully hired. This was the perfect from all the peers was immense. After the briefing we example of Employee first being in practice. had to put up our application in a very long Google document, specifying our grades from 10th class There was another interesting session on Women and onwards to the last semester of MBA. We also filled in Innovation by Ms. Srimathi Shivashankar, Global details of our leadership capabilities and related Head Diversity, Inclusion and Sustainability . achievements. After 2 days of the anxiousness, when Personally, I don‖t see connect between innovation we saw our names in the Congratulatory headline, it and women in particular and when Ms. Srimathi was a very happy moment. To be able to represent started her speech with this very line, I was even more college for something was like a dream come true. interested to hear her thoughts. She gave some statistics about how women lead management teams Afterwards we set out to complete the formalities of have better ROI than men only teams and encouraged taking permissions for our travel and booking tickets, us to strive for the leadership positions in our and we waited for the D day to arrive. We had bags organizations. packed a night before, ensuring that we had put in our best formal clothes for the good first impression. After During the tea break we had the opportunity to attending the morning classes, we flew from directly interact with the speakers and also the 60 Mangalore to Delhi on 5th September. When we other students who were representing India‖s top 30 B reached HCL technologies in Sector 126, it felt schools. At my table were students of NITIE, K J extremely good to be standing in front of gates of the Somaiya, ISB and Welingkar. The arrangements for tea office I had worked in just 8 months before. Although and lunch were extremely well done. There were my old colleagues had since then moved to other many varieties of breads, colourful salads and fruits. project locations, but the anticipation of seeing We had a good experience of a 5 course meal. Pratibimb | October 2012 | 35
consequent difference in their behaviours. She also One of the interactions we had was with the Head of cited Nielsen study of “Most stressed women in the HCL‖s Campus relations and we came to know that he world” where Indian women were found to be the had met our Director Prof. R.C. Natarajan, just a day most stressed people. She pointed out that women before. Having found a personal connect he made us should follow 3 simple steps for success- feel home by asking questions about our travel and gave us some pointers on how best to spend another  Go from No confidence to Confidence and learn day in Delhi. to say “ I can”  Give yourself permission to be imperfect Post lunch we had a talk with HCL Technologies CEO  Leverage your natural and learned skills Mr. Vineet Nayar. True to his reputation Mr. Vineet She came across as very friendly and down to earth was straight forward in his approach. He pointed out person. She had an aura of success yet humility that innovation is non-existent in India owing to around herself and after her session each one of us reasons like old-school education systems, people not felt proud for being the women leaders. We also having high self-esteem and Indians generally being attended panel discussion on career choices for MBA risk-averse people. He stressed on the fact that graduates. Before the close of the program, we were women need more guts and conviction to work their awarded Certificates of participation and given T way towards senior roles because of many constraints shirts as a souvenir. they face. It was a small session of 20 minutes but left the biggest impression on us. He shook us mentally Attending HCL‖s emerging women‖s conference was and helped us to think that as women we create not just a great achievement but an overall great barriers for ourselves. Once we decide that we want experience for both of us. to achieve certain heights in the career, there would really be no ceiling. In the hindsight I think that such a session was scheduled perfectly just after the lunch, to remove any post lunch fatigue that the participants may have had. In the session on Transitioning to a Global Mindset, Mr. Ed Cohen, CLO HCL Technologies, talked about the differences between the interdependent and independent cultures. The differences are attributed to-  Causal relationships/Circle of trust  Positional authority  Decision making time  Society of abundance versus deficit  Different meanings of punctuality  Complexity of Yes/No  Difference in way of handling problems I enjoyed this session the most because of the way it was delivered. Ed cohen included funny anecdotes about his stay in Hyderabad and the difficulties he and his family faced because of the culture differences. In the session on Gender Intelligence, Ms Rangini Manian, CEO Global Adjustments talked about neuro-biological differences in men and women and Pratibimb | October 2012 | 36
Slideshare by Sahil Anand, TAPMI Sharing slides whilst shifting tides “The idea of taking an idea and making it come alive, there‖s something very powerful and very fun about that. You dream it up and you build it and you put it on the site and millions of people use it. That is a very satisfying business.” -Rashmi Sinha Rashmi Sinha Co-founder & CEO at Slideshare Pratibimb | October 2012 | 37
Do you want to get the word out about your product or service? Do you want your slides to reach people who could not make it to your talk? Are you a teacher looking to share your lesson plans? It only takes a moment - start uploading now, and let your slides do the talking. The world will take notice, as confidently presented by the management team of slideshare. With 60 million monthly visitors and 130 million page views, slideshare is amongst the most visited 200 websites in the world. It was voted amongst by the World's Top 10 tools for education & e-learning in 2010. Launched on October 4, 2006, the website is headquartered in San Francisco, and has an office in New Delhi. It is a Web 2.0 based slide hosting service and users can upload files privately or publicly in the following file formats: PowerPoint, PDF, Keynote or OpenOffice presentations. Originally meant to be used for businesses to share slides among employees more easily, it has since expanded to also become a host of a large number of slides which are uploaded merely to entertain. Although the website is primarily a slide hosting service, it also supports documents, PDFs, videos and webinars. It also provides users the ability to rate, comment on, and share the uploaded content. SlideShare's biggest competitors include Scribd.com, Issuu and Docstoc. SlideShare has attracted a number of people around the globe. Some of the biggest institutions including The White House, NASA, World Economic Forum, State of Utah, O'Reilly Media, Hewlett Packard and IBM are among the regular users of SlideShare. In February 2011, SlideShare added a feature called “Zipcasts”. A Zipcast is a social web conferencing system which allows presenters to broadcast an audio/video feed while driving the presentation through the Internet. Zipcasts also allows users to communicate during the presentation via an inbuilt chat function. Introduction to the management Rashmi Sinha, the CEO and co-founder of SlideShare is responsible for partnerships and product strategy. She was named amongst the world's Top 10 Women Influencers in Web 2.0 by FastCompany. Jonathan Boutelle is the CTO of SlideShare and came up with the initial idea behind SlideShare. He wrote the first version of the site. Amit Ranjan, the COO heads SlideShare's development team in India and focuses on product management, content and community. On May 3, 2012, SlideShare announced that it was to be acquired by LinkedIn. It's reported that the deal was $118.75 Million. Pratibimb | October 2012 | 38
In a press release to announce the move, LinkedIn CEO Jeff Weiner said: "Presentations are one of the main ways in which professionals capture and share their experiences and knowledge, which in turn helps shape their professional identity, these presentations also enable professionals to discover new connections and gain the insights they need to become more productive and successful in their careers, aligning perfectly with LinkedIn's mission and helping us deliver even more value for our members. We're very excited to welcome the SlideShare team to LinkedIn.” Some noteworthy facts  In 2009, the official website for the US President (Whitehouse.gov) signed user agreements with eight of the world's leading social media websites. SlideShare was one of them. SlideShare is regularly used by the Whitehouse and many other US govt departments.  SlideShare finds reference in hundreds of published books on internet, Web 2.0, technology (search "slideshare" on Google books)  CEO Rashmi Sinha was recently named amongst the world Top 10 Women Influencers in Web 2.0 by FastCompany.  In 2009, Playboy Magazine named her one of America's Top 10 "Sexiest" CEOs.  Current employees: 55  Some first servers: Ash, Dia, Celina, Bipasha (named after Indian movie stars)  Exact Google search for "I love SlideShare": 40500 results "SlideShare's mission is to build the world's largest social content network" SlideShare's vibrant community consists of professionals, educationists, businesses, non profits, governments etc. And it has popular applications on LinkedIn, Facebook and Twitter. They continuously look for smart, talented and motivated employees who will grow with SlideShare and make valuable contributions in a fast paced environment. A career with SlideShare offers-  Global Scale: Chance to build one of the world's largest websites  Innovation: Create innovative technology solutions to solve user problems  Progression: Our team is still small, so your career growth will be faster  Culture: Our technology centric, geeky culture will rub off on you  Workplace: Fun, high energy environment References:  http://www.pcworld.com/businesscenter/article/259202/linkedins_slideshare_site_blocked_in_china.html  http://www.slideshare.net/jackmortonWW/presentations  http://www.slideshare.net/features?src=meetings  http://blog.slideshare.net/2010/12/26/a-year-of-innovation-at-slideshare/ Pratibimb | October 2012 | 39
Introduction `Does the stock market overreact?' De Bondt and Thaler in 1985 gave start to a new wave of thinking known as behavioural finance. Weak form inefficiency of the stock market was discovered by them after analysing how people are systematically overreacting to unexpected and dramatic news events which were surprising and profound. The Efficient Market Hypothesis as proposed by Fama (1970) asserts that the stock prices reflect the relevant information. The asset prices follow a random walk path i.e. they are merely random numbers. The study conducted by Caginalp G. and H. Laurent (1998) by the predictive power of price patterns finds patterns and confirms that they are statistically significant even in out-of- sample testing and report. The pattern of the stock index might help in predicting some of the effects of the various events. The calendar anomalies tends to exist which goes against the efficient market hypothesis. The researchers have used Gregorian calendar to investigate the calendar anomalies. There are various countries and societies which follow their own calendar on the basis of their religion. For example, the Hebrew calendar is followed by the Jewish society, which is strictly based on luni-solar, the Christian society follows the Gregorian, which is based on solar, and similarly Hindu and Chinese follow their own. The Hindu calendar is called “Panchanga” and it is based on both movements of the sun and the moon. The festival of “Diwali” is typically occurs at the end of October and beginning of November. The special ritual called “Mahurat Trading” can be observed on major stock exchanges like NSE, BSE, NCDEX to name a few lasts for about an hour. It is performed as a symbolic ritual since many years. It marks a link with the rich past and brokers look at it on a positive note. It marks an auspicious beginning to the Hindu New Year. The investors place token orders and buy stocks for their children, which are sometimes never sold and intraday profits are booked, however small they may be. Thus, it is widely believed that trading on this day will bring wealth and prosperity throughout the year. It is interesting to observe the behaviour of trading activities during the period preceding and succeeding Mahurat Trading. The purpose of this study is to know the effect of the festival prior and post diwali on the the returns. Econometric methodology I have measured stock return as the Join us on: compounded daily percentage change in the share price continuously index (S&P CNX NIFTY) as shown below: pratibimb@tapmi.edu.in Rt = (lnPt – lnPt-1) x 100 …………………… (1) Visit: http://www.tapmi.edu.in/student-life/pratibimb/overview/ Where, Rt = return at time t Pt, Pt-1 = closing value of the stock price index at time t, t-1. Team Pratibimb I have used S&P CNX Nifty as it has got the most liquid stocks in its portfolio. Further, the National TAPMI Stock Exchange is largest 40 terms of Market capitalisation and Volume. I have used the data of the Pratibimb | October 2012 | in P. B. No: 9, Manipal - 576104, Karnataka

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Pratibimb october2012

  • 1. PRATIBIMB The Reflection of Management FINANCE | GENERAL MANAGEMENT | HUMAN RESOURCE | MARKETING | HEALTHCARE | OPERATIONS | SYSTEMS LIBOR’s Labour’s Lost By Anuj Narula and Prakash Nishtala, NMIMS Mumbai Book Review of The Google Story By Madhukara Holla , TAPMI Exclusive Interview of Mr. Sanat Satyan Research Associate, Equity Research - Oil & Gas sector, Nomura Mass vs. Class: Branding for BOP Revisited By Unnikrishnan Nair and Utkarsh Sachdeva, TAPMI A Students’ Initiative Pratibimb | October 2012 | 1 Volume II, Issue XIV October 2012 A Monthly e-Magazine
  • 2. T. A. Pai Management Institute Manipal, Karnataka About TAPMI T. A. Pai Management Institute (TAPMI) is a premier management institute situated in Manipal and is well known for its academic rigor and faculty-student interaction. The Institute has been recently ranked amongst top 1 per cent of B-schools in India and 4th in the South Zone by The Week Magazine. Founded by the visionary, Late Shri. T. A. Pai, TAPMI‖s mission is to provide much needed impetus to the task of building professional management capability in the country. In the process, it has also played a role in strengthening the existing educational and health infrastructure of Manipal. Our Mission Team Pratibimb is committed to excellence in post graduate management education, research and practice by nurturing and developing global wealth creators and leaders. We shall continually benchmark ourselves against the best-in-class institutions. We shall foster continuous learning and reflection, achievement-orientation, creative interdependence, and respect for diversity with a holistic concern for ethics, environment and society. Pratibimb | October 2012 | 2
  • 3. PRATIBIMB TAPMI‖s e-Magazine - is the conglomeration of the various specializations in MBA (Marketing, Finance, HR, Systems and Operations). It is primarily intended to provide insights into the plethora of knowledge that relate to the various departments of Management and to give an opportunity to the students of TAPMI and the best brains across country to exhibit their creative cells. The magazine also strives to bring expert inputs from industries, thereby bringing the academia and industry together. Pratibimb the e-Magazine of TAPMI had its first issue in December 2010. The issue comprised of an interview of well known writer Ms. Rashmi Bansal along with a series of articles by students and industry experts like Madhu Sudan Rao (AVP-Delivery, Mahindra Satyam) & Ed Cohen who is a global leader and chief learning officer who led Booz Allen Hamilton & Satyam Computer Services to the first rank globally for learning & development . It also included a hugely successful and engrossing game for finance geeks called “Beat the Market” to bring out the application based knowledge of students by providing them the platform where they were expected to predict the stock prices of two selected stocks on a future date. The magazine is primarily intended for the development of all around management knowledge by providing unbiased critical insights into the modern developments. TAPMI believes that learning is a continuous process and is not limited to the four walls of the classroom. This viewpoint is further enhanced through Pratibimb wherein students manage and contribute to create a refreshing learning environment outside the classrooms which eventually leads to a holistic development process. The magazine provides a competitive platform and opportunity to the students where they can compete with the best brains from various B-Schools in the country. The magazine also provides a platform for prominent industry stalwarts to communicate their views and learning about and from the recent developments from their respective fields of business which in turn helps to create a collaborative learning base for its readers. Team Pratibimb is committed in continuing this initiative by bringing in continuous improvement in the magazine by including quality articles related to various management issues and eventually creating a more engaging relationship with its readers by providing them a platform to showcase their talent. We invite all the best brains across B-Schools to be part of this initiative and help us take this to the next level. Pratibimb | October 2012 | 3
  • 4. Director’s Message It is always a pleasure to witness that certain efforts of the students are sustained and carried forward; Pratibimb is one such. The oft-beaten track, “We are here to learn,” ends up as a mere platitude when there are no visible actions and documentation. Whereas there is no dearth of actions at TAPMI, documentation is not something that many—other than scholars—choose to engage in; it is normally viewed as uninteresting, drab and a drudgery. TAPMIans have proved that they are equally capable of actions and of documentation without losing the intellectual flavour of it. Scholarship is too important a phenomenon to be left to scholars alone, especially in the field of management. As future practicing managers who will be engaged in rigorous action in different fields of business, TAPMIans have manifested both the penchant to produce research works and also get their counterparts in other leading business schools to contribute their thoughts to this endeavour. In this regard, TAPMIans have truly demonstrated the evidence for creative interdependence, an important aspect of TAPMI‖s mission. I sincerely appreciate the students and the faculty of TAPMI who have made Pratibimb a possibility through their scholarly works, co-ordination efforts and support. I wish the team the very best. Dr. R. C. Natarajan Pratibimb | October 2012 | 4
  • 5. Editor’s Corner Dear Readers, Editor in Chief Sushmit Sinha UPA’s economic blitzkrieg perfectly coincided with a special event on campus. Described as “a true corporate event which had far too many Marketing & Advertising variables to be managed” – Horizon 2012, the annual finance conclave of Manish Mishra TAPMI conducted on 22nd September was a grand success. Mr Sushil Design Shah (Head – Banking and Finance, First Source) also adds that TAPMIANS have “displayed an excellent temperament in running the Abhishek Dubey program, something which is critical in corporate careers”. Horizon 2012 Creative & Cover Design saw the participation of eminent persons from the area of finance who Namrata Mahapatra engaged in panel discussions and guest lectures. Team Pratibimb would like to thank Nishith Maheshwari of PGP-2 who is an active member of Communications the Finance Forum for sharing his experience in this issue and Divyanshu Jayakrishnan T R of PGP-2 who has sought an exclusive interview from Varun Anant fellow alumnus Mr Sanat Satyan (PGDM 2008, Senior Analyst, Nomura) on the sidelines of the conclave. Sub-Editors Abhishek Raghupungav At the Late Show with Dave Letterman, British Prime Minister David Aditya Bhat Cameron jokingly narrated how his government has ‘shamelessly’ Arun Stephen leveraged the success of the London Olympics to bring in investors. Devi Kailas Sankalp Parihar and Kirti Dua’s article Marketing Lessons from London Kannan Venkat Olympics looks at the event with a different view. Britain’s PR strategy Pallavi Prasad may have worked at last and it is especially a refreshing change from the Rithwik Krishnakumar moribund Royal ceremonies. This issue’s Best Article Contest winners are TAPMIANS Unnikrishnan Nair and Utkarsh Sachdeva who have Publishing thoroughly analysed the BoP segments in India in their article Mass vs. Vandna Soni Class: Branding for BoP Revisited - debunking common myths that marketers harbour. On behalf of our entire team, I wish to congratulate them on their wonderful piece. Faculty Advisors Teeming with variety, the October edition has a rich assortment of items. Prof. Chowdari Prasad Second year student Madhukara Holla offers a spectacular starter kit to Dean (Branding and Promotions) “the Google Phenomenon” in his review of the bestseller – The Google Story. Harsha Vatnani has shared her valuable experiences from the HCL Prof. Vinod Madhavan Asst. Prof. , Marketing Emerging Women Leaders Conference which she attended at NOIDA and Chandrakumar N, the key person who, along with his team, bore the Prof. Srivatsa H S herculean responsibility of hosting DISHA, TAPMIs annual HR conclave Associate Prof. , Marketing also shares his personal learning from the 2-day event. Team Pratibimb would like to thank Utkarsh Sachdeva. Utkarsh, PGP-2, has been Prof. Vrishali N Bhat instrumental in helping our team with deployment of a project Asst. Prof. , Economics & Finance management tool which has streamlined much of our processes. Our lead Prof. Animesh Bahadur times have fallen thanks to his technocratic prowess! Asst. Prof. , Human Resources Stay updated, like our page to hear more from us at Prof. Sanjay Choudhari http://www.facebook.com/pratibimb.reflecting.management Asst. Prof. , Operations We would like to thank all faculty members who have provided their valuable feedback to help maintain the standards we have strived to Prof. Mohan Kumar V Associate Prof. , Systems achieve. Also, send in your valuable suggestions or feedback to pratibimb@tapmi.edu.in Enjoy Reading! ~ Sushmit Sinha Pratibimb | October 2012 | 5
  • 6. Contents Indian Logistics The Way Forward – Challenges & Opportunities 7 by Md Umair Ansari & Rahul Jain, IIFT LIBOR‖s Labour‖s Lost 10 by Anuj Narula and Prakash Nishtala, NMIMS Mumbai Marketing Lessons from Olympics London 2012 13 by Sankalp Singh Parihar & Kriti Dua, Great Lakes Institute of Management Mass vs. Class: Branding for BOP Revisited 16 by Unnikrishnan Nair and Utkarsh Sachdeva, TAPMI Personalization: 8th P of Service Industry 21 by Arpit Bansal, SIMS, Pune Interview : Mr. Sanat Satyan 24 Research Associate, Equity Research - Oil & Gas sector, Nomura Disha 2012 : The Learning Experience 27 by Chandrakumar N, TAPMI Horizon 2012: Money Matters 30 by Nishith Maheshwari, TAPMI Book Review: The Google Story 33 By Madhukar Holla, TAPMI Experiences at the HCL Conference 35 by Harsha Vatnani , TAPMI Slideshare 37 by Sahil Anand , TAPMI Pratibimb | October 2012 | 6
  • 7. Indian Logistics The Way Forward – Challenges & Opportunities by Md Umair Ansari and Rahul Jain, IIFT Logistics Sector in India: The logistics sector in India has today become a key performance indicator of the economy. One of the primary reasons for it is that years of high growth in the Indian economy has resulted in a significant rise in the volume of freight traffic moved. This large volume of traffic has opened up new growth opportunities in all facets of logistics including transportation, warehousing, freight forwarding, express cargo delivery, container services, shipping services etc. According to the World Bank‖s Logistic Performance Index (LPI), India is ranked 39th place among 150 countries of the world. Growth in Freight Volumes in India Size of Logistics Industry in India: Various estimates put the total market size “Logistics cost is 13% of of the logistics sector in India to India’s GDP in comparison be between USD 90-125 billion. to 11% in Europe and 9% Sources also estimate that the logistics sector employs over 4 5 million people in India. in the U.S. “ Country Wise Comparative Analysis of Logistics Sector Source: Thomas Weisel International Estimates; Agile Advisory; IIM.ac.in Pratibimb | October 2012 | 7
  • 8. Why Logistics sector is important to India‖s why the Indian logistics sector prefers road over rail Economic growth: Logistics cost is 13% of India‖s GDP for transportation of goods in comparison to 11% in Europe and 9% in the U.S.  Important rail networks are oversaturated. There is no doubt that in India, an increasing demand There has been no significant capacity addition is being placed on the logistics sector to provide to Indian Rail since Independence (Refer the solutions which are required to support future graph below) growth.  Rail freight tariffs are comparatively higher Indian Logistics Industry Structure: The logistics  Transit times are long and uncertain  Rail terminal quality is poor sector in India operates in the following four broad  Less flexibility in carrying different types of segments, they are depicted in the chart below: Products  Railway carriage not easy for industries which Future Outlook of Logistics sector in India: The cannot provide full train loads industry is expected to grow annually at the rate of 15 - 20 per cent, reaching revenues of approximately $ 385bn by 2015. Market share of organised logistics players is also expected to double to 12 per cent by 2015. Third party logistics (3PL) business in India is anticipated to hit US$ 90mn by 2012. Comparative analysis of the Freight rate increase of Indian Rail over the years. Issues plaguing the Road Transportation in India: The road movement in India has its own shares of Source: Thomas Weisel International Estimates; Agile problems. Those problems are summarized below: Advisory  Coverage of road network is inadequate  Quality of the roads is inadequate Key Challenges of the Indian Logistics Industry  Expressway road network is in its infancy stage Transportation related challenges: The  Delays due to multiple checkpoint predominant mode of transportation of freight cargo in India is roads. In India nearly 61% of the cargo is transported by road, 30% by rail and rest by airways, Challenges faced by Air Transport: Given below are inland waterways and pipelines. This as compared to the strategic challenges of the Logistics Industry a 37% share of road in USA and 22% in China. This is a vis-a-vis air transport well known fact that movement of bulk cargo by road  Rising Air Turbine Fuel (ATF) prices is always less efficient as compared to rail.  Ever growing congestion at Airports  Delay in cargo handling and clearances Issues faced by Port Sector in India: Following are some of the key problems being faced by the port sector in India  High turnaround times  Inadequate depth at ports  Costal shipping is yet to take off in India Challenges relating to the Storage Infrastructure: Comparative share of Highway & Railway as mode of  Poor state of Inland Container Depot (ICD) & transport in Indian Logistics sector Container Freight Stations (CFS)  Poor Warehousing Facilities Why the Logistics Industry Prefers Transportation  State of cold storages is poor Through Road Over Rail : Following are the reasons  Multimodal Logistics parks is yet to take off in Pratibimb | October 2012 | 8
  • 9. India Indicator India China Brazil South Africa Technology & Skill Related Challenges: The Documents to Ex- 8 7 8 8 port (Number) logistics sector in India has suffered a lot due to the Time to Export 17 21 13 30 low rates of technology adoption and poor skill (Days) Cost to Export 1055 500 17907 1531 levels. ( US $ per contain- er) Documents to Im- 9 5 7 9 There is a substantial opportunity to save on port (Number) transportation and In Transit Losses with the Time to Import 20 24 17 35 adoption of technology (Days) Cost to Import 1025 545 1730 1807 Constituents of India ( US $ per contain- er) Total Logistics Comparative Analysis of the KPI‖s of the Cost Logistics Industry of Emerging Economies Source: Logistics Performance Index Transportation 35% Report 2010 Warehouse & 9% Handling Inventory 25% Packaging 11% Customers & 6% Shopping Transit Losses 14% Technology cost < 1% Source: Logistics Performance Index Report 2010 Indian logistics Industry – The Way Forward: In the years to come, the Indian economy will be driven by sectors like manufacturing and retail. So for References these sectors to contribute effectively to the economy,  Logistical Bottlenecks in India: Government the logistics industry in India will have to improve Interventions &Policy Initiatives – Dr Ram Singh – upon its lacunae and deliver value enabling solutions. Assistant Professor, IIFT Delhi  Logistics Industry: Global and Indian Perspectives – To achieve this, the logistics industry needs to focus Subrata Mitra – Assistant professor – IIM Calcutta on the following fronts:  Expand distribution channels and increase consumer reach  Reduce operational cost & improve delivery time  Overcome infrastructure bottlenecks & implement E-Infrastructure  Efficient port utilisation and decreasing the turnaround time  Increase investments in storage infrastructure i.e. warehouses & cold storages  Organise the trucking operations on a pan India basis  Adopt the latest technology  Address skill gaps issues Pratibimb | October 2012 | 9
  • 10. LIBOR’s Labour’s Lost by Anuj Narula and Prakash Nishtala, NMIMS Mumbai In 1598, William Shakespeare scripted the rib-tickling comedy “Love‖s Labour‖s Lost”. The world has seen an unprecedented paradigm shift by then. But, now, the history seems to repeat itself. This time around, Barclays comes up with an ad nauseam thriller, “LIBOR‖s Labour‖s Lost”. Prelude During the late 1984 and early 1985, the financial world felt an inalienable need to provide a standardized rate to facilitate the ever increasing usage of new financial instruments such as interest rate swaps, foreign currency options, and forward rate agreements, that‖s when LIBOR, or the London Interbank Offered Rate, was born. Countries that rely on the LIBOR for a reference rate include the likes of United States, Canada, Switzerland and the U.K. LIBOR is the average interest rate estimated by leading banks in London. The Banks charge this rate for lending credit to other banks in the London Interbank Market. For instance, a multi-national corporation (MNC) with a very good credit rating may be able to borrow money for one year at LIBOR plus four to five points. LIBOR is calculated and published by Thomson Reuters on behalf of the British Banker‖s Association (BBA) after 11:00 AM (usually around 11:45 AM) each day (London time) on a daily basis wherein they survey interbank interest rate quotes by 16 large banks. The submitted rates are, then, ranked and the mean is calculated using only the two middle quartiles of the ranking. So, if 16 rates are submitted, the middle 8 rates are used to calculate the mean. The calculated mean becomes the London Inter-bank Offered Rate for that particular currency, maturity, and fixing date. The rate at which each bank submits must be formed from that bank‖s perception of its cost of funds in the interbank market. It is published for various currencies and for maturities ranging from overnight to one “Right from LIBOR’s in- year. ception, it has enjoyed BBA follows a typical, believed by many as immaculate, method for calculating fame and acceptance in the sacrosanct LIBOR for the day. LIBOR plays a much crucial role by not only providing information about the cost of borrowing in different currencies but it a world where change is also actually influences it. LIBOR, the lingua franca of the banks helps them in the only constant.” figuring out what they should charge for not just home loans, but car loans, commercial loans, credit cards. Plot (LIBOR, Lie More?) So far the LIBOR‖s journey was a dream run. Right from its inception, it has enjoyed fame and acceptance in a world where change is the only constant. But, all was not rosy as it appeared. As every flick has its protagonist, this story had the Wall Street Journal (WSJ) as its saviour. In 2008, WSJ released a controversial study suggesting that some banks might have understated borrowing costs they Pratibimb | October 2012 | 10
  • 11. reported for LIBOR during the 2008 credit crunch that the need for a reference rate in the debt market was may have misled others about the financial position of felt. The National Stock Exchange (NSE) on 15 June these banks. 1998, developed the Mumbai Inter-Bank Offered Rate, referred to as MIBOR, on the lines of LIBOR. To obliterate gloomy economic scenario, banks showed lower than actual interest rates. The lower These rates are calculated by a combination of two interest rates therefore resulted in lower LIBOR and methods—polling and bootstrapping. In the polling thus heaved up the confidence and increased lending. method, like in the case of LIBOR, the data is collected As LIBOR is the average of the interest quotes by from the panel of 30 banks which has a mix of public different banks, so rigging of LIBOR would have sector banks, private sector banks, foreign banks and involved many banks. primary dealers. Why was the rate rigged in the first place? A close How safe is MIBOR? examination into the issue transpired that Barclays As MIBOR shares a similar DNA as that of its elder was itself facing rising interest rates; had it provided brother LIBOR, it might also have a little room to get the same rates to BBA, it would have created an manipulated. unhealthy picture on the bank‖s financial stability and liquidity issues it was facing would have surfaced. So, But, MIBOR has its own merits over LIBOR which in order to protect its own interest Barclays resented makes it a bit safer. Firstly, instead of omitting 2 on reporting (read rigging) lower rates so as to highest and 2 lowest rates as is done in case of LIBOR, present a merrier outlook to the outer world. The NSE uses a statistical technique called bootstrapping rigging happened between 2005 and 2009, as often as to separate the outliers and determine the mean rate. daily. It is expected to help against any attempt by the market participants to come together and influence Creating a bang in the already turbulent banking rates. Secondly, though in a less extent, the very fact world- thanks to Euro crisis, the WSJ report on rigging of Indian banking system being largely dominated by was welcomed with raised eyebrows and harsh public sector banks makes one to believe that MIBOR criticisms. A fast-paced turns of events ranging from could not be affected by private players to satiate staunch investigations into the conversations of their own interests. Barclays‖ CEO Bob Diamond and the Deputy Governor of Bank of England to the Barclays‖ public admittance Learning from LIBOR scandal of the rigging, the world witnessed abdication of three stalwarts of Barclays from the throne. Barclays Bank Prior to the exposure of scandal, proponents of LIBOR was fined a total of £290 million (US$450 million) for were too confident about its piousness. Promoters of attempting to manipulate the daily settings of LIBOR. MIBOR such as Reserve Bank of India (RBI) should act proactively to tighten the possible loose links and to What‖s the big deal? cover the undiscovered loopholes. Upshots on proletarian: If LIBOR is very high that The case in point is the possible switching over of means one needs to dish out more to avail the credit. MIBOR calculation to actual dealt rates on a trading If it‖s maneuvered towards a lower rate, it implies that platform. As India has online, screen-based trading of your interest earnings on savings account would be money market instruments such as call money, unlike subdued. Hence, in either ways, a manipulation would voice-based markets in many countries, it makes lead to common man‖s loss. sense to move to a transparent, actual screen based traded rate system which could capture actual MIBOR As it is used as a benchmark for deciding various rates levels. across numerous banks including central banks or even EURIBOR, so at a macroeconomic scale, it has Epilogue the potential to create many ripples in financial assets worth $500 trillion. As the Shakespeare‖s classic had not only the King of Navarre involved in the promiscuity, he had an Mumbai Inter-Bank Offered Rate (MIBOR) - The unflinching support from his three noble companions Younger Brother as well, on a similar line, even in this story Barclays is not forlorn, they reportedly, have support from many In India, as the financial markets started developing, Pratibimb | October 2012 | 11
  • 12. other players (refer to Exhibit 1) of the game. The immediate action in the current context should be to identify the hidden miscreants and subject them to serious punishments. What we require today from regulators is not merely whipping fines on the perpetrators rather a system should Exhibit 1 evolve wherein there is no scope for manipulation at all. The world is now hopeful that one day, preferably sooner than later, the system should get clear of all the malpractices and the market participants can again reinforce their faith in LIBOR. The time must come sooner when we could say, “LIBOR‖s LABOUR‖s WON!” References  The Economic Times, Monday, July 23, 2012, Mumbai Edition  Exhibit 1: http://chasvoice.blogspot.com/2012/08/ the-libor-cartel.html Pratibimb | October 2012 | 12
  • 13. Marketing Lessons from Olympics London 2012 by Sankalp Singh Parihar & Kriti Dua, Great Lakes Institute of Management Citius, Altius, Fortius. Think of Olympics and suddenly there is a gleam of happiness over your face, an amiable visage one which radiates and exudes only joy. It is an event that unites us, binds us, combines us to synergize and support our athletes; it is the ultimate test of human sporting capability and mettle. For fifteen days billions of people across hundreds of nations wait and watch with bated breaths as their favorite stars sweat it out with the best of the best. Each jump is an anticipated medal, each lunge another jewel in the crown, each maneuver another name in the annals of history. It is those fifteen days when the human mind is riveted to the television and newspaper scurrying from one medium to another to find out the latest medal tally or the progress of their favorite stars. Each outcry resonates the same emotion: What‖s the progress? Did we win? Have we qualified? What‖s the tally? It is this event when the world comes to a standstill to listen to this extravaganza when you have the best opportunity to market yourself. A brand would not gather more eyeballs at any other event or time than this. It is this small window, this small crevice when you can do wonders with your product and market yourself to new pedestals of success. Olympics 2012 cost London approximately $14.6 billion dollars. Notwithstanding the high cost, 11 MNCs paid $1 billion dollars as sponsor fees. These MNCs are Coca Cola, ATOS, Acer, GE, Panasonic, Samsung, Dow Chemicals, McDonald‖s Corp., Omega, P&G and VISA. Now if a company pays top dollar for such event it is safe to assume that it is betting its bottom dollar that the event would be a success. And success it was. London 2012 Olympics was hailed by many as the best Olympics “London 2012 so far. Over 10,000 athletes from 204 countries took part and captured the world‖s Olympics was attention. USA grabbed the highest number of golds, followed by China and Great Britain. London 2012 was called the first true Social Media Olympics, keeping in mind hailed by many as that Twitter, Facebook and other social media were in full flow and usage, both by advertisers as well as the common public which sent more than 150 million tweets in the best Olympics the span of 15 days. Chat rooms, Facebook walls, tweets, messages etc. were abuzz so far. “ with Olympics. People were either discussing sports strategies, medal tallies, next competitions, prospects or quite surprisingly, advertisement and about brands. So what exactly were the advertisers doing during this marathon 15 day event? Official sponsors, advertisers, etc. all were busy creating a buzz around Olympics. Some were extremely successful, others not so much. So what were the chief marketing lessons from London Olympics 2012? Lesson #1: It is no longer just an advertisement Gone are the days when a simple and traditional advertisement before and during the Pratibimb | October 2012 | 13
  • 14. Olympics‖ broadcast was enough. Or printing a simple Lesson #3: Strike an emotional chord with the pamphlet or securing a half page advertisement is a public popular magazine was sufficient. Today it‖s it is no Yes, it‖s an ecstatic sport. Yes, Olympics makes nations longer just an advertisement. Give the consumers or proud and athletes celebrities, but nothing creates a the people more than that. Create a mobile app, connection more than emotion. That unrestrained compose a catchy jingle, start an optimistic bundle of joy that touches the sweet spot of your discussion, churn support for your athletes. General heart; one which creates a whiff of joy and evokes that Electric did just that. It created a Facebook application wonderful tear of happiness, yes make your that let users to work out like an Olympian. And not consumers emotional. Proctor and Gamble did exactly only that, it handpicked four sport stars that had the that and reaped rich benefits! Its emotional campaign largest online fan following to create a campaign. ―Thank you mom‖ on social networking sites featured Panasonic which has a relative low presence in online an emotional video showing different scenes: It starts social media also created an online app that allowed with a line stating “They weren‖t born an Olympians.” people to superimpose their national flag on their Then come the emotional scenes: a young kid held by pictures and some of the best pictures were then his mother as he stumbles to his first paddles in a displayed on huge screens in the Olympic parks. cycle, a concerned mom bandaging her hurt child, a Engagement is now necessary. Just an advertisement joyous mother playfully wrestling his son, a mom is passé. bathing her child in the bath tub. Next frame: Olympic Lesson #2: Social Media is here to stay. Ignore it participants taking part in corresponding events; a and perish. cyclist running at full steam, another participant bandaging himself before the start of the event, a Social media is a giant today. If one wants to create a wrestler grappling his opponent, a swimmer racing true buzz, a wild discussion or a enhance one‖s PR past his competitors. And then the emotional punch social media is the first step. Ushered as the first line stating that as P&G Celebrates this year‖s Olympic Social Media Olympics, brands were smart enough to Athletes, they would like to remember the force realize the true value of social media. And rightly so, behind these athletes: Their Moms. This is followed by millions of fans follow their favourite stars and scenes of emotional athletes hugging their crying athletes on Facebook, twitter, etc. and anything said, mothers. Truly an emotive scene which indeed struck portrayed or conveyed by these stars has an instant a chord with the common public and brought P&G reach to millions. Truly an attractive medium for enormous PR positives. This was evident by the fact different brands that leveraged it to its full potential that P&G was the most discussed brand in twitter and as evident by the following examples: over 90% of the mentions of P&G were around its 1. Jamaican sprinter Usain bolt famous for his marketing theme. World record sprints mingled a photograph of Lesson #4: Offset your challenges his with a refrigerator filled with the energy drink Gatorade. Thanks to social media he While branding and PR is an important as it can get advertised it instantly to his 620,000 fans. one should be mindful that negative PR spreads like 2. Or take the case of Michael Phelps, arguably the wild fire. And before one is able to douse the blaze, greatest ever Olympian who is ardently the damage has been done. Take the case of followed by 5.4 million Facebook fans. Phelps, McDonald‖s which had negative press hounding it amidst his training and exercising updates since the beginning of the games as it was the sole sprinkles a mention of famous brands like Head (exclusive) supplier of French Fries in the Olympic and Shoulder Shampoo, Hilton hotels or VISA Venue. Plus the fact that most people resented a fast creating an instant ring in the minds of his food company sponsoring an event touted to be the followers. cauldron of the fittest athletes, McDonald‖s had plenty much to do to tackle the negative press. While a lot of Nothing helps a brand create a positivity around itself people were talking about McDonald‖s it was mostly more than social media and with the number of users negative. McDonald‖s further failed to tackle this issue growing alarmingly in these social media sites, in twitter as it only had a corporate twitter handle and ignoring them would not only be stupid but even not a dedicated Olympics twitter feed. Result: suicidal. McDonald‖s had just 300,000 views in Youtube in a Pratibimb | October 2012 | 14
  • 15. month compared to 1million views for Adidas. sponsors did just that. Adidas‖ Team GB created a video with a multitude of Olympians lip syncing to While on one hand, McDonald‖s failed to redeem itself Freddie Mercury‖s famous song “Don‖t Stop me Now”. in the social sites, Coca Cola (also termed unhealthy The video was so popular that it was an online rage, a for the athletes and accused of being insalubrious to wildfire and within two days everyone was talking be sponsoring a sporting event) conjured a rabbit about it from Knighted personalities of London to from the hat. Coke was enormously popular in the musicians and others. There were 1 million views social media which contributed to over 85% of the within 48 hours and everyone had just one thing to brands mention during Olympics. Part of Coke‖s say apart from the closing ceremony: ―Have you seen success was due to the musical events it had the Adidas video?‖ organized during the torch relay. One has to keep in mind that there was no way Coke could have Olympics are the pinnacle of sports and the perfect marketed itself differently as healthy or done anything opportunity to create awareness about one‖s brand to change public perception in such a short time. and product. Not leveraging such an important event Instead it chose to offset its shortcoming by would simply be fool hardy. The next stop: Rio de sponsoring events where there was a large audience. Janeiro 2016. Till then, au revoir. Torch relays were not only witnessed by millions on References roads by millions more on media. Sponsoring the torch relays created a positive mindset in the minds of  http://www.ft.com/intl/cms/s/0/b0959724-e6fc-11e1- the consumers. af33-00144feab49a.html#axzz24kLFinZR  http://www.ft.com/cms/s/0/c7b1f694-f5b9-11e0-bcc2 Lesson #5: Don‖t just be imaginative. -00144feab49a.html#axzz24kLFinZR Think outside the box is one of the most oft repeated  http://www.ft.com/intl/cms/s/0/e7e9b3fa-d661-11e1- clichés and it is true for a reason. Regular ba60-00144feabdc0.html#axzz24kLFinZR advertisements though wonderful slip past a  http://www.terminalu.com/europe/taxi-british- consumers mind way too easily. Create an imaginative airways-launches-dont-fly-olympics-ad- campaign/27405/ and compelling ad and people will remember, discuss,  http://ca.finance.yahoo.com/blogs/insight/london- talk about it, disseminate on social networking sites 2012-olympic-games-marketing-lessons-extend- and they spread awareness about the brand. Take the beyond-155229166.html case of British Airways and its ―Don‖t Fly‖ Campaign.  http://www.campaignindia.in/Article/311814,top-10- The campaign is a minute long video disseminated by marketing-lessons-from-the-olympic-games.aspx television, social media and print which shows people  http://www.warrenstrategies.com/blog/bid/206511/4 packing their bags in the aero plane. The Boeing 777 -Marketing-Lessons-Learned-from-the-Olympics then taxies the passengers on board across the streets  Image Courtesy: Wikipedia http://en.wikipedia.org/ of London through different areas as the excited wiki/File:2012_Summer_Olympics_logo.svg passengers paint cardboards, miniature flags to support the home team. The ad ends with the plane coming to a halt at an Olympics stadium and a caption which says ―Don‖t fly. Come and support the Team Great Britain #homeadvantage‖. This churning up of national sentiment combined with the imaginative and counterintuitive theme helped British Airways generate a lot of positive PR. Lesson #6: Finish with a bang. The term ―Icing on the cake‖ or ―Cherry on the cake‖ sums it all. It‖s fabulous to have a great PR during the Olympics but at the fag end or an event when everyone is ready to wrap up and leave or when others are busy packing their bags be ready to deliver the knockout punch. Adidas the official Olympics Pratibimb | October 2012 | 15
  • 16. Mass vs. Class: Branding for BOP Revisited by Unnikrishnan Nair and Utkarsh Sachdeva, TAPMI Dynamism in the New markets and the potential of the market – close to 4 Billion of the population, has been the main draw for many companies to cater to the newest of the multitude segment – defined as the BOP or the bottom of the pyramid by the legendary paper by C.K Prahlad. “A look at the recent trends in the market and it is no surprise that leading brands have realized that 1: The Economic Pyramid ignoring this segment The major draw for this market has been the lack of geographical boundaries to can be at their own cater to, with the population base spread across continents. Couple this with the peril “ following factors and this brings forth a marketer‖s dream domain – innovative and beyond straight forward understanding, requiring more than traditional text book strategies. Pratibimb | October 2012 | 16
  • 17. Economic Con- Low Gross domestic Beliefs Ground Reality straints product, low income, high inflation, import They have less pur- The margin factor is price shocks, reduced chasing power and not exactly right private capital in- hence the market is flows volume driven and Political Constraints Political instability, not margin based poor governance, corruption & weak They are not brand They are highly brand legal systems conscious and value conscious Infrastructure chal- Lack of reliable elec- lenges tricity, poor distribu- They are hard to They are willing to tion channels, unreli- reach pay premium for able transport goods & services Product Constraints Price Controls, Availability, Differ- They are unable to They have sophisti- ent set of needs use and are not inter- cated technology in- ested in advanced clination technology 2: List of Constraints The lure of this market has thrashed the conventional ideology of given cost structures, product focus rather than functionality focus and the mentality of having innovations catering to the high end of the market. Therefore, in a market ridden with innumerous challenges, it has become a play ground for some ground breaking products and practises and business models that has redefined marketing as we know it today. The basic characteristics of the BOP segment have 4:Traditional 3A model of BoP Buying been largely described as follows: The 3A model above has been the basis of product purchase behaviour at the BOP level. However, brand 3: Belief V/S Reality recall and awareness seems an oft neglect paradigm here largely due to the non-availability of appropriate The Indian market is a prime example that has mediums to cater to these segments. However, based showcased how BOP segment has been largely mis- on the 11P marketing mix, and the PIRT (personality, understood, especially on the brand front. HUL, Coke, image, reputation & trust) model and suggestions of a GlaxoSmithKline (GSK) and desi-brands like Micromax, close relationship between brand attributes and Brittania have all realized and evolved to cater to this corporate brand image has been suggestive of huge segment. considerable impact on brand loyalty in the BoP segment. The basis for the branding exercise has been an exercise born out of necessity and out of the realization that the market is not exactly as understood in literature. Pratibimb | October 2012 | 17
  • 18. 5: The BoP Brand Strategy brand. Quality Confidence: Quality platform has been an Using this model, the companies have been trying to essential factor and its essential for continuing to build the brand leadership in this segment based on command premium market share – a case in point is several counts:- the Hero Motor Corp which has never tinkered with its quality offerings, helping to cater to segments with Consumer Knowledge: This is captured through quality offerings and thus maintaining its numero uno periodic research, helping to factor in mind shifts and position in the country. tweaking the marketing strategies to cater to the people at the right points – an example was the Multi-brand & Aggressive Branding Strategy: First triangular hanging packs of Frooti in the stores at mover advantage and a complete capture of the affordable rates. senses is an essential factor to cater and keep brand recall and this has been essentially the case as proved by HUL‖s multiple offerings that seem to be catering to Long term vision: Brand extensions has been a major virtually the same market. factor – helping to gather enough traction and then diversifying to cater to multiple needs through the 6: Brand Evolution in BoP same brand- an example is the Tiger brand of biscuits that took the market from Parle-G and successfully The significant shift has been in the context of moving went on to introduce affordable choco-chip biscuits away from low margin-high volume products to actual and cream biscuits at price points not envisaged by new products that command premium. others. 7: The Volume Game Product Innovation: Quality was never an important consideration till the markets actually went on to Disruptive innovation has become the new name of show their preference for it rather than price – this the game and it is not surprising at all if we have a was perfectly exploited or put to use by HUL through good look at how disruptive innovation and BoP their Surf Excel Blue catering to quality detergents market actually functions. Hence branding has segment in BoP against their own Wheel brand, while become more than just a name – it‖s a game play Surf Excel Automatic was positioned as a premium which involves survival through evolution and genesis. Pratibimb | October 2012 | 18
  • 19. innovation that cater to the duality of functions as well costs and fit in with needs across the segments incorporated with marketing initiatives that can never be found in text books. 8: Disruptive Innovation & BoP A look at the recent trends in the market and it is no surprise that leading brands have realized that ignoring this segment can be at their own peril – a point brought into strict focus thanks to the relentless occurrence of recession impacting the markets that have always been the primary focus for marketers. The need has now shifted to value for money, and 9: The BoP innovation trends Pratibimb | October 2012 | 19
  • 20. If Tata Nano is a product that redefined car making  Branding at the base of pyramid: A Zimbabwean and business models, it is but a gentle reminder that perspective by Tendai Chikweche and Richard the new world order will be dictated not by the high Fletcher pointers but by the bottoms that support the  Disruptive Innovations at the Bottom of the Pyramid structure in the first place. Can they impact on the sustainability of today‖s companies? by BAIYERE Abayomi & ROOS Jaspar  Reality Check at the Bottom of the Pyramid by Erik Simanis  Raising the Bottom of the Pyramid: Strategies for Sustainable Growth by C. K. Prahalad & Stuart L. Hart  Shampoo, saris and SIM cards: Seeking entrepreneurial futures at the bottom of the pyramid by Catherine Dolan, Mary Johnstone-Louis & Linda Scott  Branding paradigm for the bottom of the pyramid markets by Rajagopal  http://www.brandchannel.com/home/ post/2010/01/12/Coca-Cola-GSK-Invest-In-Indias- Bottom-Of-Pyramid-Consumers.aspx References Pratibimb | October 2012 | 20
  • 21. Personalization: 8th P of Service Industry by Arpit Bansal, SIMS, Pune Abstract—This article is about the enhancement of personalization in the service industry at an alarming rate. It also signifies why personalization should be 8th P of service Industry. It describes how Personalization actually satisfy the snob value of customer and create imprint in the mind of the consumer. Finally the game of personalization is understand by major players in Europe and middle east but there are some patches where this fact is still under cover. This article is based on my research and training in Le Meridien New Delhi. Every hypothesis has the relevant and proved data . INTRODUCTION The service industry is the industry which is growing worldwide. Day by day this industry mitigates the mistakes and luring the customer with innovation. Gap analysis is done to reduce the gap between what customer expect and what the industry is offering to them. Personal care or personal attention is demanded and very less offered or identified. Growing conventional wisdom in marketing argues that customer loyalty is responsible for large fractions of the profits of many service businesses. Constructs such as satisfaction, trust, customer collaboration, customer interaction, firm image, personalization, learning relationships, and so forth, have all been proposed as intermediate objectives, or as tools to build loyalty. Yet, to date, only some of these constructs have been measured and shown to be related to loyalty. This paper fills a portion of the empirical gap by showing that service personalization, indeed, affects loyalty, above and beyond the other explanatory variables. WHAT IS PERSONALIZATION ? Sometimes Personalization is also defined as the adaption of new policies or changes which can be customize according to guest but Personalization is nothing but adjusting or designing the things in order that the specific person who is landing to your hotel will personally like it. In service Industry people are eagle-eye (from cleanliness of remote of TV to groomed staff ) they actually notice each and every “The service industry thing. So peculiarity in every task is expected. Even a centimeter of smile is also mentioned in manual of some 5 star Hotels when some employee escorting or is the industry which welcome the guest hotels . is growing world- wide.” Pratibimb | October 2012 | 21
  • 22. ELEMENTS OF PERSONALIZATION avail to VVIP guest. Requirements , designs and facilities are change according to situation and people. There are three elements of personalization which are That‖s what called as flavor of Personalization. defined as : EMPHASIS ON KEY FEATURES It is being found out that there are categories where service industry wants to review or concentrate on guests. Now these are few categories where the whole set of 5 star hotels wants to differentiate themselves. These are some parameters on which employees wants to judge the guest experience. So all the level 1 employees work on these Improvement in these areas would help the Hotel to elements so that they can get more business, retain its brand name as well as the customers. Personalization is directly related to user. Suppose if Across the world hospitality is the only industry where some Gujarati family is coming to the Hotel then all guest repeat behavior is very low. The factor like trust the arrangements are done according to them. More and comfort can be easily copied but not the Personal variety of food should be available as Gujarati are care. So marketing executive should always keep this fond of food. Gujarati channel should be made in mind. available to their room. This type of customization is These are the few parameters which are accessed in actually implemented in “CIDADE DE GOA”. This is the detail by the five star hotels to analyze more business. hotel who changed its target audience because there I have done a research and training in le Meriden New was oil leakage from the nearer port and people are Delhi and this data is collected , analyzed by me and getting rashes and skin disease if they are going in the recommended by my teachers from the Institution. sea water. So this hotel is very apt example of These parameters are further divided into small Personalization. subparts that garner the view point of the guest. For example arrival is bifurcated into: Content refers to the interest of the people in service 1. Entry experience and lobby environment industry. Expected features in the hotel are about cleanliness of room, basic facilities and the privacy. 2. Doormen/Bellman service and check in But Hotel like Le Meriden is also caters about the experience guest health and entertainment. They have spa, gym, yoga , swimming pool, Jacuzzi jewelry shop , pastry 3. Directional signage with secure environment shop , coffee lounge , all day dining restaurant , I have individual result for each question as well as specialty restaurant , Bar and discotheque . So these coagulated graphical data also kind of eminent facilities are basically to lure the guest and this actually builds the differential advantage among different 5 star properties. Rules are actually designed not only for guest but also for the employees working in the organization. To satisfy the snob value some of the features are only Pratibimb | October 2012 | 22
  • 23. Overall welcome Bulletin, 134(1), 61-76.  Journal Article, two authors Sanchez, D. & King-Toler, E. (2007). Addressing Marketing for Hospitality and Tourism . Consulting Hospitality Journal: Practice and Research, 59(4), 286-295.  Journal Article, more than two authors Van Vugt, M., Hogan, R., & Kaiser, R. B. (2008). Personalization and marketing in hospitality .Some lessons from the past. American Author, 63(3), 182–196.  Magazine article This is the data collected from the Le Meridien, New Kluger, J. (2008, January 28).Events at hospitality industry. Time, 171(4), 54-60. Delhi which has all the authentication proofs as well as recommendation. Sample size is kept to 100 for the  Newspaper article, no author calculation purpose. This data shows that how much peculiarity is expected in the decorum of Five Star As prices surge. European service industry. (2008, May 5). The Wall Street Journal, p. A9. property and how minutely each of these parameters are judged by the guest.  Newspaper article, multiple authors, discontinuous pages CONCLUSION Delaney, K. J., Karnitschnig, M., & Guth, R. A. (2008, May 5). After this research we can say that hospitality Microsoft ends pursuit of Yahoo, reassesses its online business are booming in the country due to rich options. The Wall Street Journal, pp. A1, A12. heritage value of India . Probably this is better opportunity to get our bags full of the Forex reserves.  Butterworth-heineman This is the business which have a great impact of word Hospitality principles : Butworth –hineman (11th ed.). of mouth (WoM) . So to enhance the imprints in the (2003). Springfield, MA: Merriam-Webster. mind of consumer Personalization is the best weapon Robert D. Reid, David C. Bojanic to cope with. Referral from the consumer also helps to convert Kidder, T. (1981). Hospitality Marketing Management leads to potential account. All the traits and elements Boston: Little, Brown & Company. are shown in the article with facts and figures. This shows how Personalization is going to become the deciding factor for the consumers while choosing the Hotels and how it will affect the Hospitality business. References  Journal Article, one author Sweeny, K. (2008). Hospitality Marketing: an introduction takes a unique approach to outlining marketing processes in the hospitality industry.. Hospitality Pratibimb | October 2012 | 23
  • 24. INTERVIEW Mr. Sanat Satyan Research Associate, Equity Research - Oil & Gas sector, Nomura What are the current major trends in the global investment banking Industry? For 2-3 decades before the 2008 crisis, investment banks had not changed the way they had been doing business. They were doing exactly the same things that they were doing three decades earlier in almost the same fashion. Post crisis, the industry has seen some collaboration between regulators, governments and financial institutions. Banks have realized that one needs a better cost structure, efficient trading platform and timely client interface, more than anything else (even, leverage). I believe, from 2012 TAPMI had an opportunity to interact with Mr. onwards, you are going to see a structural shift in how Sanat Satyan, Research Associate, Equity Research - banks are going to service their clients and make Oil & Gas sector, Nomura. In an exclusive interview with Jayakrishnan Reghunathan for Pratibimb, Mr. money. Client interface is changing internationally as Sanat Satyan shares valuable insights on the current banks are shifting to online trading platforms, which trends and challenges faced in global investment is more cost effective and efficient. As a result, one banking industry. Mr Satyan is a TAPMI alumnus from will see more high frequency trading platforms 2008 batch. Excerpts: [The views expressed are his coming up. As the industry recovers, these changes personal and not views of Nomura or any other organization he has worked for] will more likely stay. Equity analyst job @ an Investment bank is very What is your opinion about the industry trend of hectic by nature and very demanding in terms of buy side firms reducing the dependency on sell long working hours etc. What are the average side analysts by employing more sophisticated in- working hours in an Investment bank? house buy side analysts as part of cost reduction? What do you think about this from a buy side and In the Indian investment banking industry for sell side point of view? international banks, 12-14 hours is minimum. It is a 5 day work week but sometimes, if you are working on A sell side analyst is always a specialist on a particular urgent reports and deals, you may have to work on sector and that is the value he adds to the buy side the weekend as well. However, this is lesser compared client. Internationally, roles that buy side firms offer to the domestic IB companies where you will have to as an analyst are mainly that of a generalist across work on Saturdays as well primarily because some multiple sectors and sometimes, even multiple asset Indian companies report their financials on classes. Although buy side firms may intend to weekends. develop in-house expertise for portfolio management roles, we constantly hear from clients about the need for more macro research and industry trend analysis from sell side. This is where the next ―big‖ idea comes from! Now that all the major Investment banks are Pratibimb | October 2012 | 24
  • 25. looking for more opportunities in emerging communicate, it is of no use! Technical skills like markets, can you please comment on the kind of valuation methodologies and excel based modeling job opportunities created as a result of this? are also important. In recent years, the importance of additional qualifications like CFA and CA has also The kind of opportunities coming to emerging market increased. Finally, a proactive nature along with being will likely be more towards assessing local knowledge a team player is also considered. This industry is and expertise. Salary cost inflation may make offshore about idea generation on a daily basis so a little bit of units less attractive for some time but as banks move financial creativity is always welcome. towards growth regions, it will be crucial to hire people who can provide effective corporate access. This can only come through local presence and Due to increased regulatory requirements such as networks, forcing one to focus on local equities. the Basel III norms on liquidity, leverage etc. which will limit the scope for more risk taking, One important objective for all the major how do you think this can affect the investment investment banks today is cost reduction. What do banking business? you think about this? Talking about the regulatory requirements let me give We often forget that the global IB industry works on you an example. The FSA in UK aims make sure that this model. In a bull market, it will hire and in a down an investment bank does not mis-sell products, does cycle, it will lay off in the absence of deals. The last 3-4 not make securitized products so complicated that a years have been very tough on banks amidst tighter client cannot understand it and that there are regulations and public criticism. Banks had grown to effective penalties for both. Globally this has become such a size that the only way to remain profitable was a trend now as regulators have become more to shrink. This will change again once the market coordinated. This has indeed made certain functions recovers. Also, one must remember that this is very in bank more difficult (e.g. proprietary trading). In sector-specific – banks are shrinking their headcount hind sight, industry experts now say that this is good in sectors where they do expect any growth for the industry. Besides lowering risk appetite and opportunities. complex products, banks will also learn to focus on How do global investment banks deal with quality. Shrinking sizes will help the industry has a competition from the domestic players in the whole to become more efficient and hopefully, less emerging markets? competitive. What I hear from my colleagues, the competition is Regarding the recent developments in the indeed very tough simply due to the large number of industry about few major banks making huge players. A company like Reliance Industries is covered losses on derivative deals, do you think there is a by more than fifty brokers and if you are entering a scope for improvement in risk management market where there are already 50 players, it is going systems which are currently in place? to be tough to make money, unless you provide I agree that risk management systems at banks had differentiated research and calls. This is true for all failed but it was not because they were wrong. Such firms in the market and not just international events occur when certain people learn to manipulate investment banks. One key differentiator for the system and even banks are not ready for it. Today, international investment banks in such a situation is the FSA has even admitted that ―LIBOR‖ is broken but it the access it provides through global research and is helpless, given the large volume of instruments international investor base. quoting it. Every bank has checks and balances in What according to you are the skills which a place to ensure that such events don‖t occur but it company looks in an MBA graduate for the role of seems that this is not enough. It is important to an Equity Analyst or a Sales/Trader profile? maintain trust with customers and banks have now started to invest more internally to ensure that Besides technical skills (which is a given for this ―compliance‖ is maintained. People interacting with industry), the most important skill we look for is clients/customers are more held responsible now for communication skills, which is crucial to this industry their actions – and regulators have started taking – you might have the best idea but if you cannot strict action for any misuse. However, I still believe Pratibimb | October 2012 | 25
  • 26. there is a long way to go for the industry in this regard. During recession, some of the major Wall Street banks were accused of selling junk investments to investors. Do you think there is a high need for ethical concern in this Industry? In an ideal world, everybody will be ethical but I believe it is more of a human nature and not restricted to a particular firm, industry or region. As a general rule the industry right now works on the principle of “Buyer Beware” and there is a lot of effort being put in to essentially change this thought process. As industry participants realize that their malicious actions are detrimental to both themselves and the industry at large, we can expect people to ―become more ethical‖. One quick and effective solution (agreed by regulators) is strict penalties (both financial and professional) through restitution and prohibition. How was your experience at TAPMI and how is it helping you in your current role? I had worked with ING Vysya Bank for two years before joining TAPMI in 2006 which helped me understand the importance of several subjects that were being taught in the classroom. Some of the subjects which we studied are still very relevant such as Corporate finance, valuation, Security analysis and Portfolio Management etc. However, the industry is changing rapidly and it is also important to keep oneself up to date. Working on real like case studies of contemporary events (like a small summer internship project every month in your syllabus) is something that will be helpful to a finance student of today. Pratibimb | October 2012 | 26
  • 27. Disha 2012 The Learning Experience by Chandrakumar N, TAPMI They say everyman is a sum total of his experiences. If As the chief guest for inauguration, we had Padma that were the case, I have to be immensely thankful Vibhushan Dr. M. S. Valiathan, Ex-vice chancellor of for Disha which has enriched me with a wide array of Manipal University and National Research professor meaningful experiences. I went through almost every of the Government of India. emotional state - from jubilance to depression, pride What are the personal lessons for me from Disha? to disappointment, and stress to relaxation. I interacted with illustrious men and experienced the 1. The higher the stature of a person, the humbler proud feeling that one gets when all things go exactly he is. as planned. This was something I found out after talking to n So what am I talking about? number of executives who held roles from assistant manager to president. Of all the people I interacted I am talking about Disha, the Annual HR conclave held with during Disha, the most humble was Dr. M. S. in T. A. Pai Management Institute, Manipal. It is the Valiathan. He is a Padma Vibhushan recipient, second biggest HR conclave in India and is held in the National research professor and has been a part of second week of September. For Disha, we call senior planning commission for many 5 year plans. I, along level HR executives from various companies for a with a member from HRFORUM, had gone to invite round of panel discussions and guest lectures in our him for the inauguration ceremony. Before the campus. It is a platform where our students get a meeting we were intimidated and were a little chance to interact with corporate honchos from big nervous as we had never interacted with a person of companies and the executives meet the students from his stature. But we were pleasantly surprised to meet TAPMI and get a feel of our college and its activities. the kind and wise gentleman. Instead of the allotted This year Disha was held on September 8th and 9th. I 10 minutes, we ended up spending an hour discussing am Chandrakumar N., a second year PGDM student in various problems of the country, what needs to be TAPMI. I am a part of the HRFORUM, the committee done to make it a better place and the steps to be which makes it all happen and I was the Event co- taken to improve the Indian Education System. I still ordinator for Disha 2012. cherish the pleasant intellectual conversation we had Who all were the guests of Disha? with Dr. Valiathan. The other guests who came for Disha were equally humble and easy to talk to. These This year we had the following guests coming to Disha guests held roles like President, Vice President, Head 2012. HR etc. But interactions with each of them were like Pratibimb | October 2012 | 27
  • 28. the ones with our college faculty. They were friendly, Before we actually started the work for Disha, we took cordial and pleasant. all the members for a nice dinner outing. We played some team building games, interacted and got to 2. A team needs to gel well before any results can know each other well. This and many more of such be expected of them. informal meetings led to a good rapport among the members. Once the team members are comfortable Tuckman's stages of group development says that with each other, it is much easier to work with them. every team that is formed will have to go through the following 4 stages for it to grow, to face up to This accustom phase can be used to bypass the Storm challenges, to tackle problems, to find solutions, to stage, which is usually the unpleasant stage where plan work, and to deliver results. team members confront each other and differences are resolved. So you don‖t have to tolerate the team members because now, they are your friends. 3. Democratic way of leadership is not the only way. According to a HBR Article, Leadership that gets Results by Daniel Goleman, there are 6 types of leadership I think one stage, the storm stage can be replaced by a better one, accustom. So it can also be The article goes on to say that, the most effective leader is one who is well versed in all these types of leaderships and uses each of them like an expert mechanic uses different type of tools for different situations. Before Disha I knew only one way and that was democratic. For every decision I used to get a group consensus and carry forward. But during the course of Disha I have picked up a few more styles of leadership; pacesetting, affiliative and authoritative being the prominent ones. Team Disha comprised of 18 people. Each of them highly motivated, intelligent and smart individuals but none same as the other. Each of them had their own reasons to be a part of the team, their own ways of thinking, and their own definitions of success. So how do you deal with each of them? You deal with them individually. For motivated smart members who need a friendly Pratibimb | October 2012 | 28
  • 29. figure who just needs to tell them what needs to be References done, I used to delegate the entire responsibility. For humble hard working members who needed a little  http://en.wikipedia.org/wiki/ Tuckman's_stages_of_group_development more guidance in their task, I put on the role of a coach. For members who just needed to know their  Daniel Goleman, Leadership That Gets results, share of work, I put on the role of an authoritative Harvard Business Review, April 2000 figure. Though these tools which I have acquired may still be blunt, nevertheless they are priceless and will definitely come in handy in the future. 4. It helps to have a lot of friends During Disha, I had a lot of help from non-members of Disha whether they are my classmates or faculty or the support staff. Having a friendly relation with people definitely pays off. There were many instances where the support staff of TAPMI voluntarily came and gave suggestions for improving Disha. And there were always friends and well-wishers who were there to help whenever I needed it. On the whole, I would say that Disha has taught me many things. Some lessons about operational efficiency, some about human behaviour and some about me as a person. Pratibimb | October 2012 | 29
  • 30. Horizon 2012 Money Matters by Nishith Maheshwari, TAPMI It is said that the people you encounter while at increase the financial knowledge of the batch. In University are among the most diverse and interesting order to achieve the same the Finance Forum is you will ever meet and that probably you will stay in responsible for conducting numerous events touch with a number of them for many years throughout the year. The flagship event of Finance afterwards. I discovered the same at TAPMI, with its Forum is its annual conclave - ―HORIZON‖. A student unique college system of numerous student run run initiative, the conclave aims to bring together committees responsible for different functions of finance professionals from investment banks, college. Being a member of the Finance Forum from commercial banks, mutual fund houses, credit rating my first year; gave me a strong sense of being part of agencies, business houses as well as academicians, something big and also provided a platform through alumni, and students to discuss recent trends and which you meet and work along with a lot of people, emerging issues in the industry, the challenges and many of which will become your friends for life. opportunities they present and the way ahead. It also acts as a forum for budding entrepreneurs and The main objective of the Finance Forum is to students in the field of finance to interact with Pratibimb | October 2012 | 30
  • 31. eminent business leaders. By the time we were back to the campus in June, a lot of thing had started to move. The central theme was This year Horizon was held on the 22nd September; coined, the brochures were ready, and we were in and I, Nishith Maheshwari as the event coordinator touch with more than 30 companies to confirm their and a member of Finance Forum- the committee participation and were in advance stage of discussions responsible to visualize the event from conception with almost a dozen sponsors. The entire senior team stage to the D-Day, had an experience which is truly comprising of 8 members was now excited to recruit difficult to pen it down in a few words. the junior team. The new batch joins the college in It was an event which the entire team nurtured from July and TAPMI has a structured process by which the its roots. It was like giving birth to a child, a one day different committees select their junior members. event for many but a 6 month nurturing time for few. Finance Forum being amongst the most sought after The planning of Horizon started from March, a month committees in the college had more than 100 before we leave for our summer internships. It was applicants and it was a challenge to select the best 10 this time when you use all your financial skills that members from so many applicants. It was this stage you have learnt during the first year to prepare a which gave me the first hand experience of judging budget for the event and get it approved by the personalities on the basis of their resume and a short college authorities by justifying each and every interview, followed with detailed discussions with the expense. It was when the entire team was busy with team on their observations and opinions. After long their summer internships in different cities across the discussions and a lot of reasoning the junior team was country, the crucial stage of the event took shape - selected. coining the event theme and getting in touch with With the junior team now selected and the team size corporate speakers and sponsors for the event. It was now growing to an 18 member team, it was essential a challenge to keep the entire team informed at the to quickly identify roles and functions for all the same level and at the same time coordinate within the members to ensure proper functioning and team and external agents and ensure smooth accelerating a lot of activities as the crucial day was functioning. This is when we as a team realized the only 60 days away. This is when the application of importance of IT systems in today‖s management. various organizational theories and structures gained Pratibimb | October 2012 | 31
  • 32. importance as I tried to figure out a mechanism to can spend spare time from their busy schedule to ensure quick ways to ensure that the individual participate in the event. It was also very nice to find a members gel well as a team. We had a dinner outing, lot of friendly alumni who offered to help and get Delegate Company Designation Dr. Manoranjan Sharma (Chief Guest) Canara Bank Chief Economic Advisor Mr. Arijit Mukherjee Anand Rathi Senior Vice President Mr. Hariprasad Centrum Vice President – Treasury Ms. Lavanya Ashok Goldman Sachs PIA Mr. Rohan Mathew ICRA Senior Manager Mr. Sushil Shah First Source DGM, Solution Design, Asia Mr. Shomitro Goswami Astal Capital CEO Mr. Sanat Satyan Nomura Senior Analyst played some team building games which ensured a involved. high level of interaction and everyone got to know With so many committed enthusiastic and each other well. Once the team was comfortable with experienced members of Finance Forum, Horizon each other it was much easier to work. 2012 with a central theme ―New Economic Order The next few days were a rollercoaster ride with tasks Post Crisis: Political Reforms, Regulations and getting done and again undone on account of Inclusive Growth‖ started with full swing in the unforeseen situations. It was the final run up towards morning of 22nd September as corporate guests from the event and the work increased manifold times with the finance sector showered the wealth of financial every passing day but with proper distribution of work knowledge to enthusiastic students of the Institute. it ensured smooth functioning. It was a job where you have to visualize not only your activities for the day but the work of all the individual members of the team and of the team as a whole. You also need to be a quick thinker for unseen circumstances. I particularly faced two challenges- managing my time and managing the timing of the event! It is always difficult to find a date when most corporate speakers Pratibimb | October 2012 | 32
  • 33. BOOK REVIEW The Google Story by Madhukar Holla, TAPMI Title: The Google story Author: David A Vice with Mark Malseed Publisher: Pan Books, London 2005. Pages: 316 An awe inspiring success story, a hub of innovations, a legion of geeks and a mandatory search engine!! Google paints a colorful vibrant picture as a company, as an essential web tool, as a culture and as a phenomenon. In the age of never quenching thirst for better speed, better quality, Google not only keeps up its pace but also aspires to be a step ahead. So what is this Google phenomenon? What sets aside Google from the rest? Who are the actors in the Google Odyssey? How does Google make money? How is it to work for Google? David A Vice, a Pulitzer Prize winner, an eminent journalist and an MBA from Wharton, finds out and in this intriguing book, narrates the story of Google. Vice, who has authored the fiction thriller novel “The bureau and the mole”(2002) and has worked as a business journalist for Washington post has instilled in his book the elements of both these genres. The book, hence comes across as an easy to read business Biography with emphasis more on narration than on bare statistics and technical analysis, catering to a large number of readers with scant knowledge on the technical aspects of search engines and its algorithms. Pratibimb | October 2012 | 33
  • 34. The book starts off with the Google founders, Brin and Page, receiving a grand reception at a school, where they speak to the kids about how it feels to be a part of Google and its culture! The book then breaks away into a chronological narrative, along its way, presenting the personal history of various people involved in the journey and captures various highs and lows that the company faced, the role of Eric Schmidt and others, the Google economy and its presence and much more. The book also narrates the challenges that Google faces, including Microsoft and Google‖s expansion in China and trademark infringement troubles. There are some thoroughly enjoyable light hearted chapters like “Burning Man” and “Charlie‖s place” too! So does the book do justice to its claim to give the inside story of the “Hottest Business, Media and Technological Success of Our time”? Not if you are looking for those technical jargons flying around or if you have insatiable appetite for in depth business analysis of Google‖s unparalleled growth! But this book has in it a humane insight into how the Google culture evolved, who were the perpetuators and how various events and people helped in the creation of an empire we now know as Google! Every chapter of the book is a story in itself dealing with a completely different aspect of the Google story, but, the Google culture, which is the underlying theme throughout the book, is well inscribed in each of the chapters and keeps the reader in sync with purpose of the book. The author succeeds in his narrative technique juxtaposing the story with anecdotes and opinions of various people, making the book not only an enlightening read but also a thoroughly enjoyable one. And for the thrills, there are extra features like candid photo gallery, a playboy interview of Brin and Page, Google search tips and GLAT (Google Labs Aptitude test). While the interview and photographs give an exciting insight into the candid face of Google, Google search tips are quite handy and with GLAT you may end up with a job in Googleplex (Google headquarters)! And lastly, the book inspires through its efficient narration and subtly drives the point “Don‖t be evil”: the Google w(c )atchphrase! The book also illustrates the power of innovation and a “healthy disregard for the impossible” and has a lesson or two in it for all of us!! The lack of a concluding summary at the end of the book gives a feeling of an abrupt end. But with the Google story going strong and with many more chapters left, maybe the author is justified leaving the story where it stands and not conclude! All in all the book delivers and the timeless aspect of its subject makes it a mandatory entry into your bookshelf! Pratibimb | October 2012 | 34
  • 35. HCL Conference Emerging Women Business Leaders by Harsha Vatnani, TAPMI HCL had organized a conference about emerging someone familiar was always there. The security women business leaders on Friday, 7th September guard guided us to the venue. We registered our 2012. They invited top 2 women leaders from 30 MBA names at the reception and were given satin tags with colleges across India. The selected candidates were our names printed on it and the organizer gave us our also to receive a Pre-placement Interview (PPI) from table positions. It was the first time that I had the HCL technologies. pleasure of attending a round table conference. We were given the day‖s schedule and it is worth Having watched the colourful posters of this mentioning that each session was timed to the T. Mr conference on the noticeboard, and it being an Naveen Narayan, global talent acquisition who was exclusive opportunity for girl students, every girl in also the host of the event, gave the welcome address. the college was excited about the same. Moreover the The second session was by MrPrithvi Shergill, Chief most important term of an MBA program is the one in HR office. Since I am doing major in HR, I was looking which placements happen, and to be able to get a PPI forward to this session the most. He told us that he from one of the top most IT companies, this appeared had joined HCL technologies about four months back to be a once in a lifetime opportunity. and accepted the offer because of HCL‖s employee first customer second philosophy. His “would be” When the placement team briefed us about the subordinates were asked to give feedback on him, selection procedure we knew that the competition before he was successfully hired. This was the perfect from all the peers was immense. After the briefing we example of Employee first being in practice. had to put up our application in a very long Google document, specifying our grades from 10th class There was another interesting session on Women and onwards to the last semester of MBA. We also filled in Innovation by Ms. Srimathi Shivashankar, Global details of our leadership capabilities and related Head Diversity, Inclusion and Sustainability . achievements. After 2 days of the anxiousness, when Personally, I don‖t see connect between innovation we saw our names in the Congratulatory headline, it and women in particular and when Ms. Srimathi was a very happy moment. To be able to represent started her speech with this very line, I was even more college for something was like a dream come true. interested to hear her thoughts. She gave some statistics about how women lead management teams Afterwards we set out to complete the formalities of have better ROI than men only teams and encouraged taking permissions for our travel and booking tickets, us to strive for the leadership positions in our and we waited for the D day to arrive. We had bags organizations. packed a night before, ensuring that we had put in our best formal clothes for the good first impression. After During the tea break we had the opportunity to attending the morning classes, we flew from directly interact with the speakers and also the 60 Mangalore to Delhi on 5th September. When we other students who were representing India‖s top 30 B reached HCL technologies in Sector 126, it felt schools. At my table were students of NITIE, K J extremely good to be standing in front of gates of the Somaiya, ISB and Welingkar. The arrangements for tea office I had worked in just 8 months before. Although and lunch were extremely well done. There were my old colleagues had since then moved to other many varieties of breads, colourful salads and fruits. project locations, but the anticipation of seeing We had a good experience of a 5 course meal. Pratibimb | October 2012 | 35
  • 36. consequent difference in their behaviours. She also One of the interactions we had was with the Head of cited Nielsen study of “Most stressed women in the HCL‖s Campus relations and we came to know that he world” where Indian women were found to be the had met our Director Prof. R.C. Natarajan, just a day most stressed people. She pointed out that women before. Having found a personal connect he made us should follow 3 simple steps for success- feel home by asking questions about our travel and gave us some pointers on how best to spend another  Go from No confidence to Confidence and learn day in Delhi. to say “ I can”  Give yourself permission to be imperfect Post lunch we had a talk with HCL Technologies CEO  Leverage your natural and learned skills Mr. Vineet Nayar. True to his reputation Mr. Vineet She came across as very friendly and down to earth was straight forward in his approach. He pointed out person. She had an aura of success yet humility that innovation is non-existent in India owing to around herself and after her session each one of us reasons like old-school education systems, people not felt proud for being the women leaders. We also having high self-esteem and Indians generally being attended panel discussion on career choices for MBA risk-averse people. He stressed on the fact that graduates. Before the close of the program, we were women need more guts and conviction to work their awarded Certificates of participation and given T way towards senior roles because of many constraints shirts as a souvenir. they face. It was a small session of 20 minutes but left the biggest impression on us. He shook us mentally Attending HCL‖s emerging women‖s conference was and helped us to think that as women we create not just a great achievement but an overall great barriers for ourselves. Once we decide that we want experience for both of us. to achieve certain heights in the career, there would really be no ceiling. In the hindsight I think that such a session was scheduled perfectly just after the lunch, to remove any post lunch fatigue that the participants may have had. In the session on Transitioning to a Global Mindset, Mr. Ed Cohen, CLO HCL Technologies, talked about the differences between the interdependent and independent cultures. The differences are attributed to-  Causal relationships/Circle of trust  Positional authority  Decision making time  Society of abundance versus deficit  Different meanings of punctuality  Complexity of Yes/No  Difference in way of handling problems I enjoyed this session the most because of the way it was delivered. Ed cohen included funny anecdotes about his stay in Hyderabad and the difficulties he and his family faced because of the culture differences. In the session on Gender Intelligence, Ms Rangini Manian, CEO Global Adjustments talked about neuro-biological differences in men and women and Pratibimb | October 2012 | 36
  • 37. Slideshare by Sahil Anand, TAPMI Sharing slides whilst shifting tides “The idea of taking an idea and making it come alive, there‖s something very powerful and very fun about that. You dream it up and you build it and you put it on the site and millions of people use it. That is a very satisfying business.” -Rashmi Sinha Rashmi Sinha Co-founder & CEO at Slideshare Pratibimb | October 2012 | 37
  • 38. Do you want to get the word out about your product or service? Do you want your slides to reach people who could not make it to your talk? Are you a teacher looking to share your lesson plans? It only takes a moment - start uploading now, and let your slides do the talking. The world will take notice, as confidently presented by the management team of slideshare. With 60 million monthly visitors and 130 million page views, slideshare is amongst the most visited 200 websites in the world. It was voted amongst by the World's Top 10 tools for education & e-learning in 2010. Launched on October 4, 2006, the website is headquartered in San Francisco, and has an office in New Delhi. It is a Web 2.0 based slide hosting service and users can upload files privately or publicly in the following file formats: PowerPoint, PDF, Keynote or OpenOffice presentations. Originally meant to be used for businesses to share slides among employees more easily, it has since expanded to also become a host of a large number of slides which are uploaded merely to entertain. Although the website is primarily a slide hosting service, it also supports documents, PDFs, videos and webinars. It also provides users the ability to rate, comment on, and share the uploaded content. SlideShare's biggest competitors include Scribd.com, Issuu and Docstoc. SlideShare has attracted a number of people around the globe. Some of the biggest institutions including The White House, NASA, World Economic Forum, State of Utah, O'Reilly Media, Hewlett Packard and IBM are among the regular users of SlideShare. In February 2011, SlideShare added a feature called “Zipcasts”. A Zipcast is a social web conferencing system which allows presenters to broadcast an audio/video feed while driving the presentation through the Internet. Zipcasts also allows users to communicate during the presentation via an inbuilt chat function. Introduction to the management Rashmi Sinha, the CEO and co-founder of SlideShare is responsible for partnerships and product strategy. She was named amongst the world's Top 10 Women Influencers in Web 2.0 by FastCompany. Jonathan Boutelle is the CTO of SlideShare and came up with the initial idea behind SlideShare. He wrote the first version of the site. Amit Ranjan, the COO heads SlideShare's development team in India and focuses on product management, content and community. On May 3, 2012, SlideShare announced that it was to be acquired by LinkedIn. It's reported that the deal was $118.75 Million. Pratibimb | October 2012 | 38
  • 39. In a press release to announce the move, LinkedIn CEO Jeff Weiner said: "Presentations are one of the main ways in which professionals capture and share their experiences and knowledge, which in turn helps shape their professional identity, these presentations also enable professionals to discover new connections and gain the insights they need to become more productive and successful in their careers, aligning perfectly with LinkedIn's mission and helping us deliver even more value for our members. We're very excited to welcome the SlideShare team to LinkedIn.” Some noteworthy facts  In 2009, the official website for the US President (Whitehouse.gov) signed user agreements with eight of the world's leading social media websites. SlideShare was one of them. SlideShare is regularly used by the Whitehouse and many other US govt departments.  SlideShare finds reference in hundreds of published books on internet, Web 2.0, technology (search "slideshare" on Google books)  CEO Rashmi Sinha was recently named amongst the world Top 10 Women Influencers in Web 2.0 by FastCompany.  In 2009, Playboy Magazine named her one of America's Top 10 "Sexiest" CEOs.  Current employees: 55  Some first servers: Ash, Dia, Celina, Bipasha (named after Indian movie stars)  Exact Google search for "I love SlideShare": 40500 results "SlideShare's mission is to build the world's largest social content network" SlideShare's vibrant community consists of professionals, educationists, businesses, non profits, governments etc. And it has popular applications on LinkedIn, Facebook and Twitter. They continuously look for smart, talented and motivated employees who will grow with SlideShare and make valuable contributions in a fast paced environment. A career with SlideShare offers-  Global Scale: Chance to build one of the world's largest websites  Innovation: Create innovative technology solutions to solve user problems  Progression: Our team is still small, so your career growth will be faster  Culture: Our technology centric, geeky culture will rub off on you  Workplace: Fun, high energy environment References:  http://www.pcworld.com/businesscenter/article/259202/linkedins_slideshare_site_blocked_in_china.html  http://www.slideshare.net/jackmortonWW/presentations  http://www.slideshare.net/features?src=meetings  http://blog.slideshare.net/2010/12/26/a-year-of-innovation-at-slideshare/ Pratibimb | October 2012 | 39
  • 40. Introduction `Does the stock market overreact?' De Bondt and Thaler in 1985 gave start to a new wave of thinking known as behavioural finance. Weak form inefficiency of the stock market was discovered by them after analysing how people are systematically overreacting to unexpected and dramatic news events which were surprising and profound. The Efficient Market Hypothesis as proposed by Fama (1970) asserts that the stock prices reflect the relevant information. The asset prices follow a random walk path i.e. they are merely random numbers. The study conducted by Caginalp G. and H. Laurent (1998) by the predictive power of price patterns finds patterns and confirms that they are statistically significant even in out-of- sample testing and report. The pattern of the stock index might help in predicting some of the effects of the various events. The calendar anomalies tends to exist which goes against the efficient market hypothesis. The researchers have used Gregorian calendar to investigate the calendar anomalies. There are various countries and societies which follow their own calendar on the basis of their religion. For example, the Hebrew calendar is followed by the Jewish society, which is strictly based on luni-solar, the Christian society follows the Gregorian, which is based on solar, and similarly Hindu and Chinese follow their own. The Hindu calendar is called “Panchanga” and it is based on both movements of the sun and the moon. The festival of “Diwali” is typically occurs at the end of October and beginning of November. The special ritual called “Mahurat Trading” can be observed on major stock exchanges like NSE, BSE, NCDEX to name a few lasts for about an hour. It is performed as a symbolic ritual since many years. It marks a link with the rich past and brokers look at it on a positive note. It marks an auspicious beginning to the Hindu New Year. The investors place token orders and buy stocks for their children, which are sometimes never sold and intraday profits are booked, however small they may be. Thus, it is widely believed that trading on this day will bring wealth and prosperity throughout the year. It is interesting to observe the behaviour of trading activities during the period preceding and succeeding Mahurat Trading. The purpose of this study is to know the effect of the festival prior and post diwali on the the returns. Econometric methodology I have measured stock return as the Join us on: compounded daily percentage change in the share price continuously index (S&P CNX NIFTY) as shown below: pratibimb@tapmi.edu.in Rt = (lnPt – lnPt-1) x 100 …………………… (1) Visit: http://www.tapmi.edu.in/student-life/pratibimb/overview/ Where, Rt = return at time t Pt, Pt-1 = closing value of the stock price index at time t, t-1. Team Pratibimb I have used S&P CNX Nifty as it has got the most liquid stocks in its portfolio. Further, the National TAPMI Stock Exchange is largest 40 terms of Market capitalisation and Volume. I have used the data of the Pratibimb | October 2012 | in P. B. No: 9, Manipal - 576104, Karnataka