LOGISTICS & SUPPLY CHAIN

Under matching supply and demand what do you understand in closing the lead time gap Explain.

1. Explain the competitive advantages in brief and the three “Cs” i.e. customer, company and competitors with the help of diagram.

2. Explain in supply chain how these ‘4Rs’ of responsiveness, reliability, resilience and relationships are important in the market.

3. Describe how customer service is important in logistics management.

4. How in supply chain the approach to service segmentation are suggested explainthem in step Process.

5. Define all the given terms:- a. Quadrant 1: Seek cost reductions

6. Quadrant 2: Provide high availability

7. Quadrant 3: Review

8. Quadrant 4: Centralised inventory

6. How can you measure logistics with balance sheet and their performance explain and describe in that two to three main terms in brief.

7. What is the cost of holding inventory in logistics and actually what are the terms of true cost of inventory?

8. Explain Customer profitability matrix with the help of diagram.

9. Under matching supply and demand what do you understand in closing the lead time gap? Explain.

10. What are the pre-requisites for successful S & OP? Explain through the sales and operations planning process.

11. How does in creating the responsive supply chain :- suggests four broad generic supply chains strategies dependent upon the combination of supply/demand conditions for each product.

Under matching supply and demand what do you understand in closing the lead time gap Explain.

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INTERNATIONAL BUSINESS

There seems to be no end to the troubles of the coloured – water giant Coca Cola

1. B.: 1) Attempt any Four cases

2) All cases carries equal marks.

No: 1

BPO – BANE OR BOON?

Several MNCs are increasingly unbundling or vertical disintegrating their activities. Put in simple language, they have begun outsourcing (also called business process outsourcing) activities formerly performed in-house and concentrating their energies on a few functions. Outsourcing involves withdrawing from certain stages/activities and relaying on outside vendors to supply the needed products, support services, or functional activities. Take Infosys, its 250 engineers develop IT applications for BO/FA (Bank of America). Elsewhere, Infosys staffers process home loans for green point mortgage of Novato, California. At Wipro, five radiologists interpret 30 CT scans a day for Massachusetts General Hospital. 2500 college educated men and women are buzzing at midnight at Wipro Spectra mind at Delhi. They are busy processing claims for a major US insurance company and providing help-desk support for a big US Internet service provider-all at a cost upto 60 percent lower than in the US. Seven Wipro Spectra mind staff with Ph.Ds in molecular biology sift through scientific research for westernpharmaceutical companies. Another activist in BOP is Evalue serve, headquarterd in Bermuda and having main operations near Delhi. It also has a US subsigiary based in New York and a marketing office in Australia to cover the European market. As Alok Aggarwal (co-founder and chairman) says, his company supplies a range of value-added services to clients that include a dozen Fortune 500 companies and seven global consulting firms, besides market research and venture capital firms. Much of its work involves dealing with CEOs, CFOs, CTOs, CIOs, and other so called C-level executives. Evaluserve provides services like patent writing, evaluation and assessment of their commercialization potential for law firms and entrepreneurs. Its market research services are aimed at top-rung financial service firms, to which it provides analysis of investment opportunities and business plans. Another major offering is multilingual services. Evalueserve trains and qualifies employees to communicate in Chinese, Spanish, German, Japanese and Italian, among other languages. That skill set has opened market opportunities in Europe and elsewhere, especially with global corporations. ICICI info tech Services in Edison, New Jersey, is another BOP services provider that is offering marketing software products and diversifying into markets outside the US. The firm has been promoted by $2-billion ICICI Bank, a large financial institution in Mumbai that is listed on the New York Stock Exchange. In its first year after setting up shop in March 1999, ICICI info tech spent $33

million acquiring two information technology services firms in New Jersy-Object Experts and ivory Consulting – and command Systems in Connecticut. These acquisitions were to help ICICI Info tech hit the ground in the US with a ready book of contracts. But it soon found US companies increasingly outsourcing their requirements to offshore locations, instead of hiring foreign employees to work onsite at their offices. The company found other native modes for growth. It has started marketing its products in banking, insurance and enterprise resource planning among others. It has ear market $10 million for its next US market offensive, which would go towards R & D and back-end infrastructure support, and creating new versions of its products to comply with US market requirements. It also has a joint venture – Semantik Solutions GmbH in Berlin, Germany with the Fraunhofer Institute for Software and Systems Engineering, which is based in Berlin and Dortmund, Germany – Fraunhofer is a leading institute in applied research and development with 200 experts in software engineering and evolutionary information. A relatively late entrant to the US market , ICICI Infotech started out with plain vanilla IT services, including operating call centeres. As the market for traditional IT services started wakening around mid-2000, ICICI Info tech repositioned itself as a “Solutions” firm offering both products and services. Today , it offers bundied packages of products and services in corporate and retail banking and include data center and disaster recovery management and value chain management services. ICICI Infotech’s expansion into new overseas markets has paid off. Its $50  million revenue for its latest financial year ending March 2003 has the US operations generating some $15 million, while the Middle East and Far East markets brought in another $9 million. It new boasts more than 700 customers in 30 countries, including Dow Jones, Glazo-Smithkline, Panasonic and American Insurance Group. The outsourcing industry is indeed growing form strength. Though technical support and financial services have dominated India’s outsourcing industry, newer fields are emerging which are expected to boost the industry many times over. Outsourcing of human resource services or HR BPO is emerging as big opportunity for Indian BPOs with global market in this segment estimated at $40-60 billion per annum. HR BPO comes to about 33 percent of the outsourcing revenue and India has immense potential as more than 80 percent of Fortune 1000 companies discuss offshore BOP as a way to cut costs and increase productivity. Another potential area is ITES/BOP industry. According to A NASSCOM survey, the global ITES/BOP industry was valued at around $773 billion during 2002 and it is expected to grow at a compounded annual growth rate of nine percent during the period 2002 – 06, NASSCOM lists the major indicators of the high growth potential of ITES/BOP industry in India as the following. During 2003 – 04, The ITES/BPO segment is estimated to have achieved a 54 percent growth in revenues as compared to the previous year. ITES exports accounted for $3.6 billion in revenues, up form $2.5 billion in 2002 – 03. The ITES-BPO segment also proved to be a major opportunity for job seekers, creating employment for around 74,400 additional personnel in India during 2003 – 04. The number of Indians working for this sector jumped to 245,500 by March 2004. By the year 2008, the segment is expected to employ over 1.1 million Indians, according to studies conducted by NASSCOM and McKinsey & Co. Market research shows that in terms of job creation, the ITES-BOP industry is growing at over 50 per cent. Legal outsourcing sector is another area India can look for. Legal transcription involves conversion of interviews with clients or witnesses by lawyers in to documents which can be presented in courts. It is no different from any other transcription work carried out in India. The bottom-line here is again cheap service. There is a strong reason why India can prove to be a big legal outsourcing Industry. India, like the US, is a common-law jurisdiction rooted in the British legal tradition. Indian legal training is conducted solely in English. Appellate and Supreme Court proceedings in India take place exclusively in English. Due to the time zone differences, night time in the US is daytime in India which means that clients get 24 hour attention, and some projects can be completed overnight. Small and mid – sized business offices can solve staff problems as the outsourced lawyers from India take on the time – consuming labour intensive legal research and writing projects. Large law firms also can solve problems of overstaffing by using the on – call lawyers. Research firms such as Forrester Research, predict that by 2015, more than 489,000 US lawyer jobs, nearly eight percent of the field, will shift abroad. Many more new avenues are opening up for BOP services providers. Patent writing and evaluation services are markets set to boom. Some 200.000 patent applications are written in the western world annually, making for a market size of between $5 billion and $7 billion. Outsourcing patent writing service could significantly lower the cost of each patent application, now anywhere between $12,000 and $15,000 apiece-which would help expand the market. Off shoring of equity research is another major growth area. Translation services are also becoming a big Indian plus. India produces some 3,000 graduates in German each year, which is more than that in Switzerland. Though going is good, the Indian BPO services providers cannot afford to be complacent. Phillppines, Maxico and Hungary are emerging as potential offshore locations. Likely competitor is Russia, although the absence of English speaking people there holds the country back. But the dark horse could be South Affrica and even China BOP is based on sound economic reasons. Outsourcing helps gain cost advantage. If an activity can be performed better or more cheaply by an outside supplier, why not outsource it? Many PC makers, for example, have shifted from in – house assembly to utilizing contract assemblers to make their PCs. CISCO outsources all productions and assembly of its routers and witching equipment to contract manufactures that operate 37 factories, all linked via the internet. Secondly, the activity (outsourced) is not crucial to the firm’s ability to gain sustainable competitive advantage and won’t hollow out its core competence, capabilities, or technical know how. Outsourcing of maintenance services, date processing, accounting, and other administrative support activities to companies specializing in these services has become common place. Thirdly, outsourcing reduces the company’s risk exposure to changing technology and / or changing buyer preferences. Fourthly, BPO streamlines company operations in ways that improve organizational flexibility, cut cycle time, speedup decision making and reduce coordination costs. Finally, outsourcing allows a company to concentrate on its core business and do what it does best. Are Indian companies listening? If they listen, BPO is a boon to them and not a bane.

Questions :

1. Which of the theories of international trade can help Indian services providers gain competitive edge over their competitors?

2. Pick up some Indian services providers. With the help of Michael Porter’s diamond, analyse their strengths and weaknesses as active players in BPO.

3. Compare this case with the case given at the beginning of this chapter. What similarities and dissimilarities do you notice? Your analysis should be based on the theories explained.

No : 2

PERU

Peru is located on the west coast of South America. It is the third largest nation of the continent (after Brazil and Argentina), and covers almost 500.000 square miles(about 14 per cent of the size of the United States). The land has enormous contrasts, with a desert (drier than the Sahara), the towering snow – capped Andes mountains, sparkling grass – covered plateaus, and thick rain forests. Peru has approximately 27 million people, of which about 20 per cent live in Lima, the capital. More Indians (one half of the population) live in Peru than in any other country in the western hemisphere. The ancestors of Peru’s Indians were the famous incase, who built a great empire. The rest of the population is mixed and a small percentage is white. The economy depends heavily on agriculture, fishing , mining, and services, GDP is approximately $15 billion and per capita income in recent years has been around $4,3000. In recent years the economy has gained some relative strength and multinationals are now beginning to consider investing in the country. One of these potential investors is a large New York based bank that is considering a $25 million loan to the owner of a Peruvian fishing fleet. The owner

wants to refurbish the fleet and add one more ship. During the 1970s, the Peruvian government nationalized a number of industries and factories and began running them for the profit of the state in most cases, these state – run ventures became disasters. In the late 1970s the fishing fleet owner was given back his ships and allowed to operate his business as before. Since then, he has managed to remain profitable, but the biggest problem is that his ships are getting old and he needs an influx of capital of make repairs and add new technology. As he explained it to the new York banker. “Fishing is no longer just an art. There is a great deal of technology involved. And to keep costs low and be competitive on the world market, you have to have the latest equipment for both

locating as well as catching and then loading and unloading the fish” Having reviewed the fleet owner’s operation, the large multinational bank believes that the loan is justified. The financial institution is concerned, however, that the Peruvian government might step in during the next couple of years and again take over the business. If this were to happen, it might take an additional decade for the loan to be repaid. If the government were to allow the fleet owner to operate the fleet the way he has over the last decade, the fleet the way he has over the last decade, the loan could be repaid within seven years. Right now, the bank is deciding on the specific terms of the agreement. Once theses have been worked out, either a loan officer will fly down to Lima and close the deal or the owner will be asked to come to New York for the signing. Whichever approach is used, the bank realizes that final adjustments in the agreement will have to be made on the spot. Therefore, if the bank sends a representative to Lima, the individual will have to have the authority to commit the bank to specific terms. These final matters should be worked out within the next ten days.

Questions :

1. What are some current issues facing Peru? What is the climate for doing business in Peru today?

2. What type of political risks does this fishing company need to evaluate? Identify and describe them.

3. What types of integrative and protective and defensive techniques can the bank use?

4. Would the bank be better off negotiating the loan in New York or in Lima? Why?

No : 3

RED BECOMING THICKER

The Backdrop

There seems to be no end to the troubles of the coloured – water giant Coca Cola. The cola giant had entered India decades back but left the country in the late 1970s. It staged a comeback in the early 1990s through the acquisitions route. The professional management style of Coca Cola did not jell with the local bottlers. Four CEOs were changed in a span of seven years. Coke could not capitalize on the popularity of Thums Up. Its arch rival Pepsi is well ahead and has been able to penetrate deep into the Indian market. Red in the balance sheet of Coke is becoming thicker and industry observers are of the opinion that it would take at least two decades more before Coke could think of making profits in India.

The Story

It was in the early 1990s that India started liberalizing her economy. Seizing the opportunity, Coca Cola wanted to stage a comeback in India. It chose RameshChauhan of Parle for entry into the market. Coke paid $100 million to Chauhan and acquired his well established brands Thums Up, Goldspot and Limca. Coke also bagged 56 bottlers of Chauhan as a part of the deal. Chauhan was made consultant and was also given the first right of refusal to any large size bottling plants and bottling contracts, the former in the Pune – Bangalore belt and the latter in the Delhi and Mumbai areas. Jayadeva Raja, the flamboyant management expert was made the first CEO of Coke India. It did not take much time for him to realize that Coke had inherited several weaknesses from Chauhan along with the brands and bottlers. Many bottling plants were small in capacity (200 bottlers per minute as against the world standard of 1600) and used obsolete technology. The bottlers were in no mood to increase their capacities, nor were they willing to upgrade the trucks used for transporting the bottle. Bottlers were more used to the paternalistic approach of Chauhan and the new professional management styles of Coke did not go down well with them. Chauhan also felt that he was alienated and was even suspected to be supplying concentrate unofficially to the bottlers. Raja was replaced by the hard – nosed Richard Niholas in 1995. The first thing Nicholas did was to give an ultimatum to the bottlers to expand their plants or sell out. Coke also demanded equity stakes in many of the bottling plants. The bottlers had their own difficulties as well. They were running on low profit margins. Nor was Coke willing to finance the bottlers on soft terms. The ultimatum backfired. Many bottlers switched their loyalty and went to Pepsi. Chauhan allegedly supported the bottlers, of course, from the sidelines. Coke thought it had staged a coup over Pepsi when it (Coke) clamed the status of official drink for the 1996 Cricket World Cup tournament. Pepsi took on Coke mightily with the famous jingle “Nothing official about it”. Coke could havecapitalized on the sporty image of Thums Up to counter the campaign, but instead simply caved in. Donald Short replaced Nicholas as CEO in 1997. Armed with heavy financial powers, Short bought out 38 bottlers for about $700 million. This worked out to about Rs 7 per case, but the cost – effective figure was Rs 3 per case. Short also invested heavily in manpower. By 1997 , Coke’s workforce increased to 300. Three years later, the parent company admitted that investment in India was a big mistake. It is not in the culture of Coke to admit failure. It has decided to fight back. Coke could not only sustain the loss, it could even spend more money on Indian operations. It hiked the ad budget and appointed Chaitra Leo Burnett as its ad agency. During 1998 – 99, Coke’s ad spend was almost three times that of Pepsi. Coke is taking a look at its human resources and is taking initiatives to re – orient the culture and inject an element of decentralization along with empowerment. Each bottling plant is expected to meet predetermined profit, market share, and sales volumes. For newly hired management trainees, a clearly defined career path has been drawn to enable them to become profit centre heads shortly after completion of their probation. Such a decentralized approach is something of a novelty in the Coke culture worldwide. But Alezander “Von Behr, who replaced Short as Chef of Indian operations, reiterated Coke’s commitment to decentralization and local responsiveness. Coke has divided India into six regions, each with a business head. Change in the organization structure has disappointed many employees, some of whom even quit the company.  Coke started cutting down its costs. Executives have been asked to shift from farm houses to smaller houses and rentals of Gurgaon headquarters have been renegotiated. Discount rates have been standardized and information systems are being upgraded to enable the Indian headquarters to access online financial status of its outposts down to the depot level. Coke has great hopes in Indian as the country has a huge population and the current per capita consumption of beverages is just four bottles a year. Right now, the parent company (head – quartered in the US) has bottle full of problems. The recently appointed CEO-E Neville Isdell needs to struggle to do the things that once made the Cola company great. The problems include –

Meddling Board

Coke’s star- studded group of directors, many of whom date back to the Goizueta era, has built a reputation for meddling.

Moribund Marketing

Once world class critics say that today the soda giant has become too conservative, with ads that don’t resonate with the teenagers and young adults that made up its most important audience.

Lack of Innovation

In the US market , Coke hasn’t created a best – selling new soda since Diet Coke in 1982. In recent years Coke has been outbid by rival Pepsi Co for faster growing noncarb beverages like SoBe Gatorade.

Friction with Bottlers

Over the past decade, Coke has often made its profit at the expenses of bottlers, pushing aggressive price hikes on the concentrate it sells them. But key bottlers are now fighting back with sharp increases in the price of coke at retail.

International Worries

Coke desperately needs more international growth to offset its flagging US business, but while some markets like Japan remain lucrative, in the large German market Coke has problems so far as bottling contracts go. When its own house is not in order in the large country, will the company be able to focus enough on the Indian market?

Questions:

1. Why is that Coke has not been able to make profit in its Indian operations?

2. Do you think that Coke should continue to stay in India? If yes, why?

3. What cultural adaptations would you suggest to the US expatriate managers regarding their management style?

4. Using the Hofstede and the value orientations cultural model , how can you explain some of the cultural differences noted in this case ?

1. 4

THE ABB PBS JOINT VENTURE IN OPERATION

ABB Prvni Brnenska Stojirna Brno, Ltd. (ABB-PBS), Czechoslovakia was a joint venture in which ABB has a 67 per cent stake and PBS a.s. has a 33 per cent stake. This PBS share was determined nominally by the value of the land, plant and equipment, employees and goodwill, ABB contributed cash and specified technologies and assumed some of the debt of PBS. The new company started operations on April 15, 1993. Business for the joint venture in its first two full years was good in most aspects. Orders received in 1994, the first full year of the joint venture’s operation, were higher than ever in the history of PBS. Orders received in 1995 were 2½ times those in 1994. The company was profitable in 1995 and ahead of 1994s results with a rate of return on assets of 2.3 per cent and a rate of return on sales of 4.5 per cent. The 1995 results showed substantial progress towards meeting the joint venture’s strategic goals adopted in 1994 as part of a five year plan. One of the goals was that exports should account for half of the total orders by 1999. (Exports had accounted for more than a quarter of the PBS business before 1989, but most of this business disappeared when the Soviet Union Collapsed). In 1995 exports increased as a share of total orders to 28 per cent, up from 16 per cent the year before. The external service business, organized and functioning as a separate business for the first time in 1995, did not meet expectations. It accounted for five per cent of all orders and revenues in 1995, below the 10 per cent goal set for it. The retrofitting business, which was expected to be a major part of the service business, was disappointing for ABB-PBS, partly because many other small companies began to provide this service in 1994, including some started by former PBS employees who took their knowledge of PBS-built power plants with them. However, ABB-PBS managers hoped that as the company introduced new technologies, these former employees would gradually lose their ability to perform these services, and the retrofit and repair service business, would return to ABBPBS. ABB-PBS dominated the Czech boiler business with 70 per cent of the Czech market in 1995, but managers expected this share to go down in the future as new domestic and foreign competitors emerged. Furthermore, the west European boiler market was actually declining because environmental laws caused a surge of retrofitting to occur in the mid -1980 s, leaving less business in the 1990 s. Accordingly ABB-PBS boiler orders were flat in 1995. Top managers at ABB-PBS regarded business results to date as respectable, but they were not satisfied with the company’s performance. Cash flow was not as good as expected. Cost reduction had to go further. The more we succeed, the more we see our shortcomings” said one official. Restructuring The first round of restructuring was largely completed in 1995, the last year of the three-year restructuring plan. Plan logistics, information systems, and other

physical capital improvements were in place. The restricting included :

 Renovating and reconstructing workshops and engineering facilities.

 Achieving ISO 9001 for all four ABB-PBS divisions. (awarded in 1995)

 Transfer of technology from ABB (this was an ongoing project)

 Intallation of an information system.

 Management training, especially in total quality assurance and English language.

 Implementing a project management approach.

A notable achievement of importance of top management in 1995 was a 50 per cent increase in labour productivity, measured as value added per payroll crown. However, in the future ABB-PBS expected its wage rates to go up faster than west European wage rates (Czech wages were increasing about 15 per cent per year) so it would be difficult to maintain the ABB-PBS unit cost advantage over west European unit cost. The Technology Role for ABB-PBS The joint venture was expected from the beginning to play an important role in technology development for part of ABB’s power generation business worldwide. PBS a.s. had engineering capability in coal – fired steam boilers, and that capability was expected to be especially useful to ABB as more countries became concerned about air quality. (When asked if PBS really did have leading technology here, a boiler engineering manager remarked, “ Of course we do. We burn so much dirty coal in this country, we have to have better technology”) However, the envisioned technology leadership role for ABB-PBS had not been realized by mid – 1996. Richard Kuba, the ABB-PBS managing director, realized the slowness with which the technology role was being fulfilled, and he offered his interpretation of events. “ABB did not promise to make the joint venture its steam technology leader. The main point we wanted to achieve in the joint venture agreement was for ABBPBS to be recognized as a full-fledged company, not just a factory. We were slowed down on our technology plans because we had a problem keeping our good, young engineers. The annual employee turnover rate for companies in the Czech Republic is 15 or 20 per cent, and the unemployment rate is zero. Our engineers have many other good entrepreneurial opportunities. Now we’ve begun to stablise our engineering workforce. The restructing helped. We have better equipment and a cleaner and safer work environment. We also had another problem which is a good problem to have. The domestic power plant business turned out to be better than we expected, so just meeting the needs of our regular customers forced some postponement of new technology initiatives.” ABB-PBS had benefited technologically from its relationship with ABB. One example was the development of a new steam turbine line. This project was a cooperative effort among ABB-PBS and two other ABB companies, one in Sweden and one in Germany. Nevertheless, technology transfer was not the most important early benefit of ABB relationship. Rather, one of the most important gains was the opportunity to benchmark the joint venture’s performance against other established western ABB companies on variables such as productivity, inventory and receivables.

Questions :

1. Where does the joint venture meet the needs of both the partners ? Where does it fall short?

2. Why had ABB-PBS failed to realize its technology leadership ?

3. What lessons one can draw from this incident for better management of technology transfers?

5. 5.

CHINESE EVOLVING ACCOUNTING SYSTEM

Attracted by its rapid transformation from a socialist planned economy into a market economy, economic annual growth rate of around 12 per cent, and a population in excess of 1.2 billion, Western firms over the past 10 years have favoured China as a site for foreign direct investment. Most see China as an emerging economic superpower, with an economy that will be as large as that of Japan by 2000 and that of the US before 2010, if current growth projections hold true. The Chinese government sees foreign direct investment as a primary engine of China’s economic growth. To encourage such investment, the government has offered generous tax incentives to foreign firms that invest in China, either on their own or in a joint venture with a local enterprise. These tax incentives include a two – year exemption from corporate income tax following an investment, plus a further three years during which taxes are paid at only 50 per cent of the standard tax rate. Such incentives when coupled with the promise of China’s vast internal market have made the country a prime site for investment by Western firms. However, once established in China, many Western firms find themselves struggling to

comply with the complex and often obtuse nature of China’s rapidly evolving accounting system. Accounting in China has traditionally been rooted in information gathering and compliance reporting designed to measure the government’s production and tax goals. The Chinese system was based on the old Soviet system, which had little to do with profit or accounting systems created to report financial positions or the results of foreign operations. Although the system is changing rapidly, many problems associated with the old system still remain. One problem for investors is a severe shortage of accountants, financial managers, and auditors in China, especially those experienced with market economy transactions and international accounting practices. As of 1995, there were only 25,000 accountants in china, far short of the hundreds of thousands that will be needed if China continues on its path towards becoming a market economy.

Chinese enterprises, including equity and cooperative joint ventures with foreign firms, must be audited by Chinese accounting firms, which are regulated by the state. Traditionally, many experienced auditors have audited only state-owned enterprises, working through the local province or city authorities and the state audit bureau to report to the government entity overseeing the audited firm. In response to the shortage of accountants schooled in the principles of private sector accounting, several large international auditing firms have established joint ventures with emerging Chinese accounting and auditing firms to bridge the growing need for international accounting, tax and securities expertise. A further problem concerns the somewhat halting evolution of China’s emerging accounting standards. Current thinking is that China won’t simply adopt the international accounting standards specified by the IASC, nor will it use the generally accepted accounting principles of any particular country as its mode. Rather, accounting standards in China are expected to evolve in a rather piecemeal fashion, with the Chinese adopting a few standards as they are studied and deemed appropriate for Chinese circumstances. In the meantime, current Chinese accounting principles present difficult problems for Western firms. For example, the former Chinese accounting system didn’t need to accrue unrealized losses. In an economy where shortages were the

norm, if a state-owned company didn’t sell its inventory right away, it could store it and use it for some other purpose later. Similarly, accounting principles assumed the state always paid its debts – eventually. Thus, Chinese enterprises don’t generally provide for lower-of-cost or market inventory adjustments or the creation of allowance for bad debts, both of which are standard practices in the West.

Questions :

1. What factors have shaped the accounting system currently in use in China ?

2. What problem does the accounting system, currently in sue in China, present to foreign investors in joint ventures with Chinese companies ?

3. If the evolving Chinese system does not adhere to IASC standards, but instead to standards that the Chinese governments deem appropriate to China’s “Special situation”, how might this affect foreign firms with operations in China ?

There seems to be no end to the troubles

UNFAIR PROTECTION OR VALID DEFENSE ?

“Mexico Widens Anti – dumping Measure …………. Steel at the Core of US-Japan Trade Tensions …. Competitors in Other Countries Are Destroying an American Success Story … It Must Be Stopped”, scream headlines around the world. International trade theories argue that nations should open their doors to trade. Conventional free trade wisdom says that by trading with others, a country can offer its citizens a greater volume and selection of goods at cheaper prices than it could in the absence of it. Nevertheless, truly free trade still does not exist because national governments intervene. Despite the efforts of the World Trade Organisation (WTO) and smaller groups of nations, governments seem to be crying foul in the trade game now more than ever before. We see efforts at protectionism in the rising trend in governments charging foreign producers for “dumping” their goods on world markets. Worldwide, the number of antidumping cases that were initiated stood at about 150 in 1995, 225 in 1996, 230 in 1997 , and 300 in 1998. There is no shortage of similar examples. The Untied States charges Brazil, Japan, and Russia with dumping their products in the US market as a way out of tough economic times. The US steel industry wants the government to slap a 200 per cent tariff on certain types of steel. But car markers in the United States are not

complaining, and General Motors even spoke out against the antidumping charge – as it is enjoying the benefits of law – cost steel for use in its auto product ion. Canadian steel makers followed the lead of the United States and are pushing for antidumping actions against four nations. Emerging markets, too , are jumping into the fray. Mexico recently expanded coverage of its Automatic Import Advice System. The system requires importers (from a select list of countries) to notify Mexican officials of the amount and price of a shipment ten days prior to its expected arrival in Mexico. The ten-day notice gives domestic producers advance warning of incoming low – priced products so they can complain of dumping before the products clear customs and enter the marketplace. India is also getting onboard by setting up a new government agency to handle antidumping cases. Even Argentina, China , Indonesia, South Africa, South Korea, and Thailand are using this recently – popularized tool of protectionism. Why is dumping on the rise in the first place ? The WTO has made major inroads on the use of tariffs, slashing tem across almost every product category in recent years. But the WTO does not have the authority to punish companies, but only governments. Thus , the WTO cannot pass judgements against individual companies that are dumping products in other markets. It can only pass rulings against the government of the country that imposes an antidumping duty. But the WTO allows countries to retaliate against nations whose producers are suspected of dumping when it can be shown that : (1) the alleged offenders are significantly hurting domestic producers, and (2) the export price is lower than the cost of production or lower than the home – market price. Supporters of antidumping tariffs claim that they prevent dumpers from undercutting the prices charged by producers in a target market and driving them out of business. Another claim in support of antidumping is that it is an excellent way of retaining some protection against potential dangers of totally free trade. Detractors of antidumping tariffs charge that once such tariffs are imposed they are rarely removed. They also claim that it costs companies and governments a great deal of time and money to file and argue their cases. It is also argued that the fear of being charged with dumping causes international competitors to keep their prices higher in a target market than would other wise be the case. This would allow domestic companies to charge higher prices and not lose marketshare – forcing consumers to pay more for their goods.

Questions

1. “You can’t tell consumers that the low price they are paying for a particular fax machine or automobile is somehow unfair. They’re not concerned with the profits of companies. To them, it’s just a great bargain and they want it to continue.” Do you agree with this statement ? Do you think that people from different cultures would respond differently to this statement? Explain your answers.

2. As we’ve seen, the WTO cannot currently get involved in punishing individual companies for dumping – its actions can only be directed toward governments of countries. Do you think this is a wise policy? Why or why not? Why do you think the WTO was not given the authority to charge individual companies with dumping? Explain.

3. Identify a recent antidumping case that was brought before the WTO. Locate as many articles in the press as you can that discuss the case. Identify the nations, products (s) , and potential punitive measures involved. Supposing you were part of the WTO’s Dispute Settlement Body, would you vote in favor of the measures taken by the retailing nation? Why or why not?

There seems to be no end to the troubles of the coloured – water giant Coca Cola

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INTERNATIONAL BUSINESS

There is a growing concern about the widening trade deficit and the composition

1. How does the home country government restrict international business?

2. In the recent past, Indian government has liberalized the norms related to Foreign Direct Investment in its efforts to attract FDI. Briefly explain why companies undertake Foreign Direct Investment?

3. What are the basic reasons for origin of trade? Distinguish between internal trade and international trade?

4. Critically examine the Ricardian comparative cost advantage theory of international trade? To what extent is this theory supported by empirical evidence?

5. Discuss Ohlin’s theory of International Trade.

6. On what assumptions is the Heckscher-Ohlin theory of international trade based? Explain the relative factor abundance and relative factor intensity?

7. Examine critically the Heckscher-Ohlin theory of international trade. Is the theory supported by empirical evidence?

8. What is the importance of Balance of Payments? What are its limitations?

9. Write short note on Concepts of Balance of Payments?

10. Give an account of India’s Foreign Trade policy in the last Decade?

11. What do you mean by Purchasing Power Parity Theory? Discuss the limitation of Purchasing Power Parity Theory?

12. Distinguish between Spot and Forward Exchange Rates?

13. There is a growing concern about the widening trade deficit and the composition of capital inflows. What is the significance of various deficits in the balance of payments statement?

14. What are the purposes of the International Monetary Fund? Explain the mechanism and organization of IMF?

15. How far has the IMF helped the establishment of a multilateral system of payment in respect of current transaction and the elimination of foreign exchange restrictions?

There is a growing concern about the widening trade deficit and the composition

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BUSINESS LAW

State the Liabilities of Various Parties

1. What is Law? Why should one know Law? What is Mercantile Law(or Commercial Law)?

2. What is the Position of Agreement with a Minor?

3. Explain to Void Agreement if consideration or objects unlawful in part?

4. What is Wagering Agreement? Explain the essentials of a Wagering Agreement with examples?

5. Explain the various rules of Time and Place of performance?

6. Explain the Compensation for Loss or Damage Caused by Breach of Contract ?

7. Explain Contracts of Guarantee? Explain the Essential Features of a Contract of Guarantee?

8. What is the Meaning and Essential Elements of Contract of Sale?

9. Explain Implied Conditions?

10. What are the rules relating to passing of property (or Transfer of Ownership) from Seller to Buyer?

11. What are the Rights of Unpaid Seller in case of Transfer of Documents by way of pledge ?

12. Explain Implied Authority and Third Parties?

13. What is the Meaning and Characteristics of Negotiable instrument?

14. State the Liabilities of Various Parties?

15. Explain the meaning of Discharge of an Instrument and a pary?

State the Liabilities of Various Parties

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CONSUMER BEHAVIOR

Recommend wavy in which another organisation of your choice might improve its employees 

Case 1: Motivating through Total Reward

Introduction

The Royal Bank of’ Scotland Group (RBS) is one of the largest financial services companies in the world. It provides a range of services including banking and insurance. The RBS` Group operates in Europe, the US and Asia, serving more than 36 million customer’s world-wide. It employs more than 140,000 people. Roles As a major company, RBS needs to recruit the best employees it can. RBS is a leading employer and therefore offers a range of great job opportunities. People can start their working life by joining from school or from university. There are many types of job available, for example. working in a branch of the bank, or at head office in roles like marketing or sales. Motivation What is it that makes people want to work harder than others? Some key theories are: * Taylor and ‘scientific management’. This theory said that every job could be measured by the amount of work done or the number of pieces made (this is known as the ‘piece rate’). Workers would work harder because they would earn more. * Herzberg and the ‘two factors’. Herzberg’s theory showed that certain motivation flews needed to be in place first. These were called Wed ‘hygiene’ Wtors, for example, a clean work place and good bade pay. Only once these were in place could other factors be brought in to motivate workers. RBS uses a number of factors to motivate its people. These include recognition for a job well done, promotion and other rewards. * Maslow and the hierarchy of needs’. This theory showed that workers had to have their basic needs, such as feeling safe and secure, met first. Only then could they move on to be motivated by other things. However, RBS believes that meeting these higher needs, for example, by recognizing achievement, will motivate employees and help the company to grow. It has put in place a number of benefits to meet these needs. Total Reward RBS has a special benefits scheme called Total Reward. At the one of the scheme is good basic pay. RBS also provides many flexible benefits in areas like health cover, pensions and childcare. It uses this as part of its strategy to motivate employees. In addition to these benefits, every employee is set targets. These are measured to see how well he or she is doing. Employees can earn a bonus if their targets are reached. There is also a profit-sharing scheme. All employees are paid a bonus of 10% if the company as a whole does well. RBS also supports community projects and charities that are people care about, for example, the NSPCC and youth charities. It does this by trebling any money the employees raise. Work-Life Balance RBS knows that it is important to have a good work-life balance. This is the tradeoff between time spent at work and spent outside of work. RBS employees have the opportunity to work more flexibly. The RBS “Your Time” programme also helps by recognising that employees may need time off work for reasons other than sickness. They may want to spend more time with their family or perhaps take a career break to go travelling.

Conclusion

RBS knows its employees are its future and rewards and encourages them. It provides a world-class employment package of benefits for every employee, at every level. In RBS, motivation theory comes to life.

Questions:-

1. Name two motivating factors at RBS.

2. Describe the differences between the theories of Taylor and Maslow.

3. How does RBS’ Total Reward package fulfil Maslow’s higher levels o0f motivation?

4. How does Total Reward contribute to RBS’ overall strategy?

Case 2: Using aims and objectives to create a business strategy

Introduction

Kellogg is the world’s leading supplier of breakfast cereal. It has 39 brands and a 42% share of the UK market. Kellogg makes a range of products for the various segments of the UK’s market. The market is worth 1.1 billion a year. Kellogg’s success is achieved through careful planning. It sets clear aims and objectives. It then uses the strength of its brands to help it reach them. Kellogg ensures that each brand has a unique place in the minds of its customers. This is called product positioning. Developing aims Kellogg’s managers set aims. These must match what consumers want. In recent years, consumers have shown that they want to lead more healthy lives. Kellogg wanted to be part of this debate. It promotes the message ‘Get the Balance Right’. It also wanted to show that it corporate responsibility. This means showing that it is a company that cares for both its consumers and the environment. An aim is a broad statement of where a business wants to be. Kellogg’s aim was therefore to reinforce the idea of a healthy lifestyle.

Objectives

Once a broad aim is put in place, objectives can then be set. These should be SMART. This stands for:

• Specific:

• Measurable:

• Achievable:

• Realistic and

• Time related.

They were set in three main areas

* promoting physical activity for health

* using packaging to promote a balanced lifestyle

* using food labeling to help consumers make healthy choices. Strategy A strategy is a set of’ plans designed to reach the aims set. Kellogg’s strategy included helping people become active. It has worked with the Amateur Swimming Association (ASA) since 1997. The ASA’s want everyone to ‘enjoy swimming as part of’ a healthy, lit style’. These closely match those of Kellogg. Swimming, is also a family activity and a skill for life’. Kellogg became the main sponsor of swimming in the UK, providing over 1.8 million per The link with the ASA also helped Kellogg to support active lit styles in other ways. It linked with Sustrans, which promotes sustainable transport. This led Kellogg to develop a cycling based promotion. It also encourages walking. A free pedometer given away with All Bran inspired people to walk further. Kellogg has also sponsored other walking events. Kellogg uses symbols on its packs to show healthy Guideline Daily Amounts of ingredients such as salt, sugar and fat. This helps consumers to make choices. Communication Kellogg’s success in reaching its aims is due to the clear ways by which it conveys them to customers. It uses cartoon characters to advise children and parents about exercise. It has also produced leaflets. These can be obtained from its website. Internally, Kellogg uses its in-house magazine to promote the message.

Conclusion

Kellogg knows from research that a balanced diet and regular exercise help people stay Healthy. It is communicating this message through its brands and promotions.

Questions:-

* Explain what is meant by a premium brand.

* Describe the difference between an aim and an objective.

* Outline the purpose of Kellogg’s work with the ASA.

* Using examples to support your dialogue evaluate how Kellogg communicates and discuss how this enables it to position its brand.

Case 3: Continuous improvement within an organization

Introduction

Leyland Trucks is part of a US company called Paccar Inc. It makes trucks under the DAF brand at Leyland, near Preston, as well as in Holland and Belgium. Leyland aims to gain a 20% market share. It has a strategy to help it reach this target. This is a set of plans linked to its aims. Sometimes a business can improve by taking a giant leap forward. Leyland Trucks improves through many small steps. This system of continuous improvement is called ‘Kaizen’. Kaizen A Kaizen action is one designed to bring about improvement. Often this involves teams meeting to see where problems might lie. Lots of these small steps can lead to big improvements. A good example is Leyland’s introduction of robots in its paint process. Before going ahead. It made sure that it had the views of everyone who had been involved in a previous change and learned from this. Continuous improvement is vital for Leyland to meet its targets, keep customers happy and stay competitive. Added efficiency also keeps costs down and helps to protect jobs. Setting goals Leyland sets itself targets. It uses measures to see if it is reaching its goals. These are called Key Performance Indicators (KPIs). Leyland clusters its KPIs under themes. These are:

• On-time performance

• Productively

• Quality, using a Quality Index target

• Financial pleasures

• Stock control

• Health and safety

• Kaizen

Information from these KPIs is charted. Managers can see from charts how close they are to targets and set new targets. Kaizen is measured through a statistical tool called Six Sigma. Culture `Culture’ describes the way in which a business works. The culture at Leyland Trucks is one of continuous improvement. It is based on all being involved. Everyone is trusted to take part in the process and to contribute where they can. Its values are based on team building and training. It involves everyone in decision making and gives them responsibility and power. It encourages everyone to try out new ideas. People ‘live the values’ every day by sharing working in teams and celebrating success. Kaizen in action The success of Kaizen can be seen through a recent example. In May 2006, a Kaizen, event was held in the vehicle finishing part of the plant. A team of project leaders worked with other staff. All tried to spot problems and suggest solutions.

This led to more than suggest solutions. This led to more than greater efficiency in a number of areas. 200 ideas for improvement and greater efficiency in a number of areas.

Conclusion

For Leyland Trucks, Kaizen is a key part of its success. Kaizen has helped it to achieve results across all of its KPIs. In 2006 alone, there were:

• Multi-million pound savings from Six Sigma

• A rise in on-time delivery to 95%

• A fall in both defects on units and injuries.

Questions:-

1. What is Kaizen? I low is this different from a one-step leap forward?

2. How is Kaizen expected to help Leyland Trucks to increase its market share?

3. How does Leland Trucks measure its continuous improvement? Can you suggest KPls for another type of business organization e.g. a retailer or a leisure centre’?

4. Why is continuous improvement most likely to be achieved in a company with a culture of trust’? Start your answer by explaining what is meant by a culture of trust.

Case 4: Managing risk through effective. Team-based decision making

Introduction

RWE npower is an integrated energy company. It is the third largest supplier of electricity, through its npower brand and one of the largest electricity generators. It is part of the RWE Group, which is one of the largest European energy Utilities. Energy Companies have a responsibility to maintain supplies of energy 24/7. This means that they have to be aware of and manage risk. There is a risk involved in all business activity. Managing risk successfully means striking a balance between risk, cost and returns.  Importance RWE n power is an important contributor to the economy. It provides jobs, helps people maintain and increase their standard of living by supplying energy and invests in large capital projects. The most visible face of the business is its huge power stations but it is also involved in developing alternative forms of energy such as biomass plants and wind farms. It seeks green or sustainable solutions to problems wherever possible. Types of problems There are different types of business problems and therefore different solutions to  them. • Deviation problems are where targets are not heing met. Problem solving in this case is centred on closing the gaps. • Improvement problems. Here Solutions need to address how the business can become for example more efficient or more green. • Open-ended problems where conventional solutions will not work. Solutions are generally linked to the idea of ‘thinking outside the box’ i.e. coming up with new and untried ideas. Engineers at RWE n power have to handle these problems all the time. In the first two cases, there are often proven techniques and solutions which can be worked out in teams. Team work brings together engineers with different skills and experience. Teamwork encourages team members to bounce ideas off each other so can be fun as well as leading to solutions have saved RWE n power millions. Creative problem-solving. This is linked to open-ended problems. New solutions mean new risks, however, and engineers need to understand these. They have to take into account possible costs and health and safety issues along with the technical aspects of the solution. Solutions must take into account the needs of the customer. For example, small defects in turbine blades in power stations are inevitable during their working life. When these are reported, managers need weigh up the various options repair, up the various options (shutdown, repair, replace etc.), the first priority is health and safety, but then they consider commercial criteria, including cost and customer needs. Graduates RWE n power employs graduate engineers straight from university. They are trained and have a good career path in the company. They are encouraged to think for themselves and develop creative solutions to problems. Some solutions can save the company millions so as its investment in graduates is worthwhile.

Conclusion

RWE n power needs good engineers to be able to fulfill its commitment to supply energy 24/7. These engineers need to be not Just skilled at their specialism, but able to solve. Problems in a creative way.

Questions:-

1. What do you understand by the term, ‘thinking outside the box’? Give an example of how this can be applied to engineers working for RWE n power.

2. How does encouraging thinking outside the box help RWE n power to make improvements in the way in which it operates?

3. Explain how encouraging engineers at RWE n power to think outside the box has led to increased motivation for these employees.

4. Recommend wavy in which another organisation of your choice might improve its employees to think in creative ways about work. Results through encouraging its employees to think in creative ways about work-related problems.

Recommend wavy in which another organisation

Case 5: Creating a high performance culture

Introduction

The culture of an organisation is a way of describing the typical way in which that organisation operates. It is something that is created over time by the organization and the people that work for it. Siemens is built on a high performance culture. This means that everyone share one share the same vision and, values and busts each other’s contribution. Siemens is a global electronics business with a turnover of around £60 billion a year. Its global headquarters are based in Germany but has sites around the world including around 100 in the UK with its UK HQ in Berkshire. Siemens products touch all our ranging from kitchen equipment to power generation and from traffic lights to hospital scanners. HR development Siemens is committed to helping its employees to develop and fulfill themselves at work. They may want more training, more interesting jobs or just a better work-life balance. Siemens knows that to maintain and develop the excellent workforce that, it has good people management. It believes that its human resources should be actively involved (called ‘engagement’) in its activities. This is a key plank of Siemens’ business strategy. People Excellence This is the name given to the part of the strategy that relates to people management. It consists of four main elements:

* achieving a high performance culture

* increasing the global talent pool

* strengthening expert careers

* Siemens Leadership Excellence Programme (SLE).

At its heart is the building of a high performance culture. Employees know that they are valued and busted and this helps to motivate them. Siemens uses a number of ways to make sure that it shows its appreciation of employees. This all helps them to feel part of a successful team and helps Siemens compete more effectively. Creating the culture The high performance culture is based on teamwork. Targets are set for the business and these are related to individual and team targets. In this way, everyone is working towards better results. As team performance improves over time, so does the business. Talent management Siemens makes sure that all of its employees, not just the high fliers, are supported to reach their potential. It matches individuals’ talents with tasks. Talent management allows for:

* Job enrichment. Where extra tasks or responsibility can make a job more rewarding and

* Job enlargement, where the scope of a job is widened and extra skills developed. Talent management is applied to the business globally as a key par! The business strategy. It is closely linked to performance management. Performance management is used to monitor progress and set objectives for employees. It allows an honest dialogue to take place so everyone knows how well they are performing and how they might improve. This feeds directly into the high performance culture.

Conclusion

The success of an organization can be traced back to its people. Siemens demonstrates thins well. Its high performance culture supports people and helps them to reach their potential. This helps Siemens to be competitive.

Questions:-

1. How does Siemens seek to provide good career opportunities for employees?

2. Describe one of the systems that Siemens has created which provides development opportunities for employees at work

3. How important is the appraisal system in helping to create shared understandings the objectives of the organization and personal objectives of individual employees?

4. How effective do you think the Siemens approach to people management will be 2 in creating great results?

Recommend wavy in which another organisation of your choice might improve its employees

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CONSUMER BEHAVIOR

 Outline the purpose of Kellogg’s work with the ASA

Case 1: Motivating through Total Reward

Introduction

The Royal Bank of’ Scotland Group (RBS) is one of the largest financial services companies in the world. It provides a range of services including banking and insurance. The RBS` Group operates in Europe, the US and Asia, serving more than 36 million customer’s world-wide. It employs more than 140,000 people. Roles As a major company, RBS needs to recruit the best employees it can. RBS is a leading employer and therefore offers a range of great job opportunities. People can start their working life by joining from school or from university. There are many types of job available, for example. working in a branch of the bank, or at head office in roles like marketing or sales. Motivation What is it that makes people want to work harder than others? Some key theories are: * Taylor and ‘scientific management’. This theory said that every job could be measured by the amount of work done or the number of pieces made (this is known as the ‘piece rate’). Workers would work harder because they would earn more. * Herzberg and the ‘two factors’. Herzberg’s theory showed that certain motivation flews needed to be in place first. These were called Wed ‘hygiene’ Wtors, for example, a clean work place and good bade pay. Only once these were in place could other factors be brought in to motivate workers. RBS uses a number of factors to motivate its people. These include recognition for a job well done, promotion and other rewards. * Maslow and the hierarchy of needs’. This theory showed that workers had to have their basic needs, such as feeling safe and secure, met first. Only then could they move on to be motivated by other things. However, RBS believes that meeting these higher needs, for example, by recognizing achievement, will motivate employees and help the company to grow. It has put in place a number of benefits to meet these needs. Total Reward RBS has a special benefits scheme called Total Reward. At the one of the scheme is good basic pay. RBS also provides many flexible benefits in areas like health cover, pensions and childcare. It uses this as part of its strategy to motivate employees. In addition to these benefits, every employee is set targets. These are measured to see how well he or she is doing. Employees can earn a bonus if their targets are reached. There is also a profit-sharing scheme. All employees are paid a bonus of 10% if the company as a whole does well. RBS also supports community projects and charities that are people care about, for example, the NSPCC and youth charities. It does this by trebling any money the employees raise. Work-Life Balance RBS knows that it is important to have a good work-life balance. This is the tradeoff between time spent at work and spent outside of work. RBS employees have the opportunity to work more flexibly. The RBS “Your Time” programme also helps by recognising that employees may need time off work for reasons other than sickness. They may want to spend more time with their family or perhaps take a career break to go travelling.

Conclusion

RBS knows its employees are its future and rewards and encourages them. It provides a world-class employment package of benefits for every employee, at every level. In RBS, motivation theory comes to life.

Questions:-

1. Name two motivating factors at RBS.

2. Describe the differences between the theories of Taylor and Maslow.

3. How does RBS’ Total Reward package fulfil Maslow’s higher levels o0f motivation?

4. How does Total Reward contribute to RBS’ overall strategy?

Case 2: Using aims and objectives to create a business strategy

Introduction

Kellogg is the world’s leading supplier of breakfast cereal. It has 39 brands and a 42% share of the UK market. Kellogg makes a range of products for the various segments of the UK’s market. The market is worth 1.1 billion a year. Kellogg’s success is achieved through careful planning. It sets clear aims and objectives. It then uses the strength of its brands to help it reach them. Kellogg ensures that each brand has a unique place in the minds of its customers. This is called product positioning. Developing aims Kellogg’s managers set aims. These must match what consumers want. In recent years, consumers have shown that they want to lead more healthy lives. Kellogg wanted to be part of this debate. It promotes the message ‘Get the Balance Right’. It also wanted to show that it corporate responsibility. This means showing that it is a company that cares for both its consumers and the environment. An aim is a broad statement of where a business wants to be. Kellogg’s aim was therefore to reinforce the idea of a healthy lifestyle.

Objectives

Once a broad aim is put in place, objectives can then be set. These should be SMART. This stands for:

• Specific:

• Measurable:

• Achievable:

• Realistic and

• Time related.

They were set in three main areas

* promoting physical activity for health

* using packaging to promote a balanced lifestyle

* using food labeling to help consumers make healthy choices. Strategy A strategy is a set of’ plans designed to reach the aims set. Kellogg’s strategy included helping people become active. It has worked with the Amateur Swimming Association (ASA) since 1997. The ASA’s want everyone to ‘enjoy swimming as part of’ a healthy, lit style’. These closely match those of Kellogg. Swimming, is also a family activity and a skill for life’. Kellogg became the main sponsor of swimming in the UK, providing over 1.8 million per The link with the ASA also helped Kellogg to support active lit styles in other ways. It linked with Sustrans, which promotes sustainable transport. This led Kellogg to develop a cycling based promotion. It also encourages walking. A free pedometer given away with All Bran inspired people to walk further. Kellogg has also sponsored other walking events. Kellogg uses symbols on its packs to show healthy Guideline Daily Amounts of ingredients such as salt, sugar and fat. This helps consumers to make choices. Communication Kellogg’s success in reaching its aims is due to the clear ways by which it conveys them to customers. It uses cartoon characters to advise children and parents about exercise. It has also produced leaflets. These can be obtained from its website. Internally, Kellogg uses its in-house magazine to promote the message.

Conclusion

Kellogg knows from research that a balanced diet and regular exercise help people stay Healthy. It is communicating this message through its brands and promotions.

Questions:-

* Explain what is meant by a premium brand.

* Describe the difference between an aim and an objective.

* Outline the purpose of Kellogg’s work with the ASA.

* Using examples to support your dialogue evaluate how Kellogg communicates and discuss how this enables it to position its brand.

Case 3: Continuous improvement within an organization

Introduction

Leyland Trucks is part of a US company called Paccar Inc. It makes trucks under the DAF brand at Leyland, near Preston, as well as in Holland and Belgium. Leyland aims to gain a 20% market share. It has a strategy to help it reach this target. This is a set of plans linked to its aims. Sometimes a business can improve by taking a giant leap forward. Leyland Trucks improves through many small steps. This system of continuous improvement is called ‘Kaizen’. Kaizen A Kaizen action is one designed to bring about improvement. Often this involves teams meeting to see where problems might lie. Lots of these small steps can lead to big improvements. A good example is Leyland’s introduction of robots in its paint process. Before going ahead. It made sure that it had the views of everyone who had been involved in a previous change and learned from this. Continuous improvement is vital for Leyland to meet its targets, keep customers happy and stay competitive. Added efficiency also keeps costs down and helps to protect jobs. Setting goals Leyland sets itself targets. It uses measures to see if it is reaching its goals. These are called Key Performance Indicators (KPIs). Leyland clusters its KPIs under themes. These are:

• On-time performance

• Productively

• Quality, using a Quality Index target

• Financial pleasures

• Stock control

• Health and safety

• Kaizen

Information from these KPIs is charted. Managers can see from charts how close they are to targets and set new targets. Kaizen is measured through a statistical tool called Six Sigma. Culture `Culture’ describes the way in which a business works. The culture at Leyland Trucks is one of continuous improvement. It is based on all being involved. Everyone is trusted to take part in the process and to contribute where they can. Its values are based on team building and training. It involves everyone in decision making and gives them responsibility and power. It encourages everyone to try out new ideas. People ‘live the values’ every day by sharing working in teams and celebrating success. Kaizen in action The success of Kaizen can be seen through a recent example. In May 2006, a Kaizen, event was held in the vehicle finishing part of the plant. A team of project leaders worked with other staff. All tried to spot problems and suggest solutions.

This led to more than suggest solutions. This led to more than greater efficiency in a number of areas. 200 ideas for improvement and greater efficiency in a number of areas.

Conclusion

For Leyland Trucks, Kaizen is a key part of its success. Kaizen has helped it to achieve results across all of its KPIs. In 2006 alone, there were:

• Multi-million pound savings from Six Sigma

• A rise in on-time delivery to 95%

• A fall in both defects on units and injuries.

Questions:-

1. What is Kaizen? I low is this different from a one-step leap forward?

2. How is Kaizen expected to help Leyland Trucks to increase its market share?

3. How does Leland Trucks measure its continuous improvement? Can you suggest KPls for another type of business organization e.g. a retailer or a leisure centre’?

4. Why is continuous improvement most likely to be achieved in a company with a culture of trust’? Start your answer by explaining what is meant by a culture of trust.

Case 4: Managing risk through effective. Team-based decision making

Introduction

RWE npower is an integrated energy company. It is the third largest supplier of electricity, through its npower brand and one of the largest electricity generators. It is part of the RWE Group, which is one of the largest European energy Utilities. Energy Companies have a responsibility to maintain supplies of energy 24/7. This means that they have to be aware of and manage risk. There is a risk involved in all business activity. Managing risk successfully means striking a balance between risk, cost and returns.  Importance RWE n power is an important contributor to the economy. It provides jobs, helps people maintain and increase their standard of living by supplying energy and invests in large capital projects. The most visible face of the business is its huge power stations but it is also involved in developing alternative forms of energy such as biomass plants and wind farms. It seeks green or sustainable solutions to problems wherever possible. Types of problems There are different types of business problems and therefore different solutions to  them. • Deviation problems are where targets are not heing met. Problem solving in this case is centred on closing the gaps. • Improvement problems. Here Solutions need to address how the business can become for example more efficient or more green. • Open-ended problems where conventional solutions will not work. Solutions are generally linked to the idea of ‘thinking outside the box’ i.e. coming up with new and untried ideas. Engineers at RWE n power have to handle these problems all the time. In the first two cases, there are often proven techniques and solutions which can be worked out in teams. Team work brings together engineers with different skills and experience. Teamwork encourages team members to bounce ideas off each other so can be fun as well as leading to solutions have saved RWE n power millions. Creative problem-solving. This is linked to open-ended problems. New solutions mean new risks, however, and engineers need to understand these. They have to take into account possible costs and health and safety issues along with the technical aspects of the solution. Solutions must take into account the needs of the customer. For example, small defects in turbine blades in power stations are inevitable during their working life. When these are reported, managers need weigh up the various options repair, up the various options (shutdown, repair, replace etc.), the first priority is health and safety, but then they consider commercial criteria, including cost and customer needs. Graduates RWE n power employs graduate engineers straight from university. They are trained and have a good career path in the company. They are encouraged to think for themselves and develop creative solutions to problems. Some solutions can save the company millions so as its investment in graduates is worthwhile.

Conclusion

RWE n power needs good engineers to be able to fulfill its commitment to supply energy 24/7. These engineers need to be not Just skilled at their specialism, but able to solve. Problems in a creative way.

Questions:-

1. What do you understand by the term, ‘thinking outside the box’? Give an example of how this can be applied to engineers working for RWE n power.

2. How does encouraging thinking outside the box help RWE n power to make improvements in the way in which it operates?

3. Explain how encouraging engineers at RWE n power to think outside the box has led to increased motivation for these employees.

4. Recommend wavy in which another organisation of your choice might improve its employees to think in creative ways about work. Results through encouraging its employees to think in creative ways about work-related problems.

Outline the purpose of Kellogg’s work

Case 5: Creating a high performance culture

Introduction

The culture of an organisation is a way of describing the typical way in which that organisation operates. It is something that is created over time by the organization and the people that work for it. Siemens is built on a high performance culture. This means that everyone share one share the same vision and, values and busts each other’s contribution. Siemens is a global electronics business with a turnover of around £60 billion a year. Its global headquarters are based in Germany but has sites around the world including around 100 in the UK with its UK HQ in Berkshire. Siemens products touch all our ranging from kitchen equipment to power generation and from traffic lights to hospital scanners. HR development Siemens is committed to helping its employees to develop and fulfill themselves at work. They may want more training, more interesting jobs or just a better work-life balance. Siemens knows that to maintain and develop the excellent workforce that, it has good people management. It believes that its human resources should be actively involved (called ‘engagement’) in its activities. This is a key plank of Siemens’ business strategy. People Excellence This is the name given to the part of the strategy that relates to people management. It consists of four main elements:

* achieving a high performance culture

* increasing the global talent pool

* strengthening expert careers

* Siemens Leadership Excellence Programme (SLE).

At its heart is the building of a high performance culture. Employees know that they are valued and busted and this helps to motivate them. Siemens uses a number of ways to make sure that it shows its appreciation of employees. This all helps them to feel part of a successful team and helps Siemens compete more effectively. Creating the culture The high performance culture is based on teamwork. Targets are set for the business and these are related to individual and team targets. In this way, everyone is working towards better results. As team performance improves over time, so does the business. Talent management Siemens makes sure that all of its employees, not just the high fliers, are supported to reach their potential. It matches individuals’ talents with tasks. Talent management allows for:

* Job enrichment. Where extra tasks or responsibility can make a job more rewarding and

* Job enlargement, where the scope of a job is widened and extra skills developed. Talent management is applied to the business globally as a key par! The business strategy. It is closely linked to performance management. Performance management is used to monitor progress and set objectives for employees. It allows an honest dialogue to take place so everyone knows how well they are performing and how they might improve. This feeds directly into the high performance culture.

Conclusion

The success of an organization can be traced back to its people. Siemens demonstrates thins well. Its high performance culture supports people and helps them to reach their potential. This helps Siemens to be competitive.

Questions:-

1. How does Siemens seek to provide good career opportunities for employees?

2. Describe one of the systems that Siemens has created which provides development opportunities for employees at work

3. How important is the appraisal system in helping to create shared understandings the objectives of the organization and personal objectives of individual employees?

4. How effective do you think the Siemens approach to people management will be 2 in creating great results?

 Outline the purpose of Kellogg’s work with the ASA

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INTERNATIONAL BUSINESS

On what assumptions is the Heckscher-Ohlin theory of international trade based

1. How does the home country government restrict international business?

2. In the recent past, Indian government has liberalized the norms related to Foreign Direct Investment in its efforts to attract FDI. Briefly explain why companies undertake Foreign Direct Investment?

3. What are the basic reasons for origin of trade? Distinguish between internal trade and international trade?

4. Critically examine the Ricardian comparative cost advantage theory of international trade? To what extent is this theory supported by empirical evidence?

5. Discuss Ohlin’s theory of International Trade.

6. On what assumptions is the Heckscher-Ohlin theory of international trade based? Explain the relative factor abundance and relative factor intensity?

7. Examine critically the Heckscher-Ohlin theory of international trade. Is the theory supported by empirical evidence?

8. What is the importance of Balance of Payments? What are its limitations?

9. Write short note on Concepts of Balance of Payments?

10. Give an account of India’s Foreign Trade policy in the last Decade?

11. What do you mean by Purchasing Power Parity Theory? Discuss the limitation of Purchasing Power Parity Theory?

12. Distinguish between Spot and Forward Exchange Rates?

13. There is a growing concern about the widening trade deficit and the composition of capital inflows. What is the significance of various deficits in the balance of payments statement?

14. What are the purposes of the International Monetary Fund? Explain the mechanism and organization of IMF?

15. How far has the IMF helped the establishment of a multilateral system of payment in respect of current transaction and the elimination of foreign exchange restrictions?

On what assumptions is the Heckscher-Ohlin theory of international trade based

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CONSUMER BEHAVIOR

 Name two motivating factors at RBS.

Case 1: Motivating through Total Reward

Introduction

The Royal Bank of’ Scotland Group (RBS) is one of the largest financial services companies in the world. It provides a range of services including banking and insurance. The RBS` Group operates in Europe, the US and Asia, serving more than 36 million customer’s world-wide. It employs more than 140,000 people. Roles As a major company, RBS needs to recruit the best employees it can. RBS is a leading employer and therefore offers a range of great job opportunities. People can start their working life by joining from school or from university. There are many types of job available, for example. working in a branch of the bank, or at head office in roles like marketing or sales. Motivation What is it that makes people want to work harder than others? Some key theories are: * Taylor and ‘scientific management’. This theory said that every job could be measured by the amount of work done or the number of pieces made (this is known as the ‘piece rate’). Workers would work harder because they would earn more. * Herzberg and the ‘two factors’. Herzberg’s theory showed that certain motivation flews needed to be in place first. These were called Wed ‘hygiene’ Wtors, for example, a clean work place and good bade pay. Only once these were in place could other factors be brought in to motivate workers. RBS uses a number of factors to motivate its people. These include recognition for a job well done, promotion and other rewards. * Maslow and the hierarchy of needs’. This theory showed that workers had to have their basic needs, such as feeling safe and secure, met first. Only then could they move on to be motivated by other things. However, RBS believes that meeting these higher needs, for example, by recognizing achievement, will motivate employees and help the company to grow. It has put in place a number of benefits to meet these needs. Total Reward RBS has a special benefits scheme called Total Reward. At the one of the scheme is good basic pay. RBS also provides many flexible benefits in areas like health cover, pensions and childcare. It uses this as part of its strategy to motivate employees. In addition to these benefits, every employee is set targets. These are measured to see how well he or she is doing. Employees can earn a bonus if their targets are reached. There is also a profit-sharing scheme. All employees are paid a bonus of 10% if the company as a whole does well. RBS also supports community projects and charities that are people care about, for example, the NSPCC and youth charities. It does this by trebling any money the employees raise. Work-Life Balance RBS knows that it is important to have a good work-life balance. This is the tradeoff between time spent at work and spent outside of work. RBS employees have the opportunity to work more flexibly. The RBS “Your Time” programme also helps by recognising that employees may need time off work for reasons other than sickness. They may want to spend more time with their family or perhaps take a career break to go travelling.

Conclusion

RBS knows its employees are its future and rewards and encourages them. It provides a world-class employment package of benefits for every employee, at every level. In RBS, motivation theory comes to life.

Questions:-

1. Name two motivating factors at RBS.

2. Describe the differences between the theories of Taylor and Maslow.

3. How does RBS’ Total Reward package fulfil Maslow’s higher levels o0f motivation?

4. How does Total Reward contribute to RBS’ overall strategy?

Case 2: Using aims and objectives to create a business strategy

Introduction

Kellogg is the world’s leading supplier of breakfast cereal. It has 39 brands and a 42% share of the UK market. Kellogg makes a range of products for the various segments of the UK’s market. The market is worth 1.1 billion a year. Kellogg’s success is achieved through careful planning. It sets clear aims and objectives. It then uses the strength of its brands to help it reach them. Kellogg ensures that each brand has a unique place in the minds of its customers. This is called product positioning. Developing aims Kellogg’s managers set aims. These must match what consumers want. In recent years, consumers have shown that they want to lead more healthy lives. Kellogg wanted to be part of this debate. It promotes the message ‘Get the Balance Right’. It also wanted to show that it corporate responsibility. This means showing that it is a company that cares for both its consumers and the environment. An aim is a broad statement of where a business wants to be. Kellogg’s aim was therefore to reinforce the idea of a healthy lifestyle.

Objectives

Once a broad aim is put in place, objectives can then be set. These should be SMART. This stands for:

• Specific:

• Measurable:

• Achievable:

• Realistic and

• Time related.

They were set in three main areas

* promoting physical activity for health

* using packaging to promote a balanced lifestyle

* using food labeling to help consumers make healthy choices. Strategy A strategy is a set of’ plans designed to reach the aims set. Kellogg’s strategy included helping people become active. It has worked with the Amateur Swimming Association (ASA) since 1997. The ASA’s want everyone to ‘enjoy swimming as part of’ a healthy, lit style’. These closely match those of Kellogg. Swimming, is also a family activity and a skill for life’. Kellogg became the main sponsor of swimming in the UK, providing over 1.8 million per The link with the ASA also helped Kellogg to support active lit styles in other ways. It linked with Sustrans, which promotes sustainable transport. This led Kellogg to develop a cycling based promotion. It also encourages walking. A free pedometer given away with All Bran inspired people to walk further. Kellogg has also sponsored other walking events. Kellogg uses symbols on its packs to show healthy Guideline Daily Amounts of ingredients such as salt, sugar and fat. This helps consumers to make choices. Communication Kellogg’s success in reaching its aims is due to the clear ways by which it conveys them to customers. It uses cartoon characters to advise children and parents about exercise. It has also produced leaflets. These can be obtained from its website. Internally, Kellogg uses its in-house magazine to promote the message.

Conclusion

Kellogg knows from research that a balanced diet and regular exercise help people stay Healthy. It is communicating this message through its brands and promotions.

Questions:-

* Explain what is meant by a premium brand.

* Describe the difference between an aim and an objective.

* Outline the purpose of Kellogg’s work with the ASA.

* Using examples to support your dialogue evaluate how Kellogg communicates and discuss how this enables it to position its brand.

Case 3: Continuous improvement within an organization

Introduction

Leyland Trucks is part of a US company called Paccar Inc. It makes trucks under the DAF brand at Leyland, near Preston, as well as in Holland and Belgium. Leyland aims to gain a 20% market share. It has a strategy to help it reach this target. This is a set of plans linked to its aims. Sometimes a business can improve by taking a giant leap forward. Leyland Trucks improves through many small steps. This system of continuous improvement is called ‘Kaizen’. Kaizen A Kaizen action is one designed to bring about improvement. Often this involves teams meeting to see where problems might lie. Lots of these small steps can lead to big improvements. A good example is Leyland’s introduction of robots in its paint process. Before going ahead. It made sure that it had the views of everyone who had been involved in a previous change and learned from this. Continuous improvement is vital for Leyland to meet its targets, keep customers happy and stay competitive. Added efficiency also keeps costs down and helps to protect jobs. Setting goals Leyland sets itself targets. It uses measures to see if it is reaching its goals. These are called Key Performance Indicators (KPIs). Leyland clusters its KPIs under themes. These are:

• On-time performance

• Productively

• Quality, using a Quality Index target

• Financial pleasures

• Stock control

• Health and safety

• Kaizen

Information from these KPIs is charted. Managers can see from charts how close they are to targets and set new targets. Kaizen is measured through a statistical tool called Six Sigma. Culture `Culture’ describes the way in which a business works. The culture at Leyland Trucks is one of continuous improvement. It is based on all being involved. Everyone is trusted to take part in the process and to contribute where they can. Its values are based on team building and training. It involves everyone in decision making and gives them responsibility and power. It encourages everyone to try out new ideas. People ‘live the values’ every day by sharing working in teams and celebrating success. Kaizen in action The success of Kaizen can be seen through a recent example. In May 2006, a Kaizen, event was held in the vehicle finishing part of the plant. A team of project leaders worked with other staff. All tried to spot problems and suggest solutions.

This led to more than suggest solutions. This led to more than greater efficiency in a number of areas. 200 ideas for improvement and greater efficiency in a number of areas.

Conclusion

For Leyland Trucks, Kaizen is a key part of its success. Kaizen has helped it to achieve results across all of its KPIs. In 2006 alone, there were:

• Multi-million pound savings from Six Sigma

• A rise in on-time delivery to 95%

• A fall in both defects on units and injuries.

Questions:-

1. What is Kaizen? I low is this different from a one-step leap forward?

2. How is Kaizen expected to help Leyland Trucks to increase its market share?

3. How does Leland Trucks measure its continuous improvement? Can you suggest KPls for another type of business organization e.g. a retailer or a leisure centre’?

4. Why is continuous improvement most likely to be achieved in a company with a culture of trust’? Start your answer by explaining what is meant by a culture of trust.

Case 4: Managing risk through effective. Team-based decision making

Introduction

RWE npower is an integrated energy company. It is the third largest supplier of electricity, through its npower brand and one of the largest electricity generators. It is part of the RWE Group, which is one of the largest European energy Utilities. Energy Companies have a responsibility to maintain supplies of energy 24/7. This means that they have to be aware of and manage risk. There is a risk involved in all business activity. Managing risk successfully means striking a balance between risk, cost and returns.  Importance RWE n power is an important contributor to the economy. It provides jobs, helps people maintain and increase their standard of living by supplying energy and invests in large capital projects. The most visible face of the business is its huge power stations but it is also involved in developing alternative forms of energy such as biomass plants and wind farms. It seeks green or sustainable solutions to problems wherever possible. Types of problems There are different types of business problems and therefore different solutions to  them. • Deviation problems are where targets are not heing met. Problem solving in this case is centred on closing the gaps. • Improvement problems. Here Solutions need to address how the business can become for example more efficient or more green. • Open-ended problems where conventional solutions will not work. Solutions are generally linked to the idea of ‘thinking outside the box’ i.e. coming up with new and untried ideas. Engineers at RWE n power have to handle these problems all the time. In the first two cases, there are often proven techniques and solutions which can be worked out in teams. Team work brings together engineers with different skills and experience. Teamwork encourages team members to bounce ideas off each other so can be fun as well as leading to solutions have saved RWE n power millions. Creative problem-solving. This is linked to open-ended problems. New solutions mean new risks, however, and engineers need to understand these. They have to take into account possible costs and health and safety issues along with the technical aspects of the solution. Solutions must take into account the needs of the customer. For example, small defects in turbine blades in power stations are inevitable during their working life. When these are reported, managers need weigh up the various options repair, up the various options (shutdown, repair, replace etc.), the first priority is health and safety, but then they consider commercial criteria, including cost and customer needs. Graduates RWE n power employs graduate engineers straight from university. They are trained and have a good career path in the company. They are encouraged to think for themselves and develop creative solutions to problems. Some solutions can save the company millions so as its investment in graduates is worthwhile.

Conclusion

RWE n power needs good engineers to be able to fulfill its commitment to supply energy 24/7. These engineers need to be not Just skilled at their specialism, but able to solve. Problems in a creative way.

Questions:-

1. What do you understand by the term, ‘thinking outside the box’? Give an example of how this can be applied to engineers working for RWE n power.

2. How does encouraging thinking outside the box help RWE n power to make improvements in the way in which it operates?

3. Explain how encouraging engineers at RWE n power to think outside the box has led to increased motivation for these employees.

4. Recommend wavy in which another organisation of your choice might improve its employees to think in creative ways about work. Results through encouraging its employees to think in creative ways about work-related problems.

Name two motivating factors at RBS

Case 5: Creating a high performance culture

Introduction

The culture of an organisation is a way of describing the typical way in which that organisation operates. It is something that is created over time by the organization and the people that work for it. Siemens is built on a high performance culture. This means that everyone share one share the same vision and, values and busts each other’s contribution. Siemens is a global electronics business with a turnover of around £60 billion a year. Its global headquarters are based in Germany but has sites around the world including around 100 in the UK with its UK HQ in Berkshire. Siemens products touch all our ranging from kitchen equipment to power generation and from traffic lights to hospital scanners. HR development Siemens is committed to helping its employees to develop and fulfill themselves at work. They may want more training, more interesting jobs or just a better work-life balance. Siemens knows that to maintain and develop the excellent workforce that, it has good people management. It believes that its human resources should be actively involved (called ‘engagement’) in its activities. This is a key plank of Siemens’ business strategy. People Excellence This is the name given to the part of the strategy that relates to people management. It consists of four main elements:

* achieving a high performance culture

* increasing the global talent pool

* strengthening expert careers

* Siemens Leadership Excellence Programme (SLE).

At its heart is the building of a high performance culture. Employees know that they are valued and busted and this helps to motivate them. Siemens uses a number of ways to make sure that it shows its appreciation of employees. This all helps them to feel part of a successful team and helps Siemens compete more effectively. Creating the culture The high performance culture is based on teamwork. Targets are set for the business and these are related to individual and team targets. In this way, everyone is working towards better results. As team performance improves over time, so does the business. Talent management Siemens makes sure that all of its employees, not just the high fliers, are supported to reach their potential. It matches individuals’ talents with tasks. Talent management allows for:

* Job enrichment. Where extra tasks or responsibility can make a job more rewarding and

* Job enlargement, where the scope of a job is widened and extra skills developed. Talent management is applied to the business globally as a key par! The business strategy. It is closely linked to performance management. Performance management is used to monitor progress and set objectives for employees. It allows an honest dialogue to take place so everyone knows how well they are performing and how they might improve. This feeds directly into the high performance culture.

Conclusion

The success of an organization can be traced back to its people. Siemens demonstrates thins well. Its high performance culture supports people and helps them to reach their potential. This helps Siemens to be competitive.

Questions:-

1. How does Siemens seek to provide good career opportunities for employees?

2. Describe one of the systems that Siemens has created which provides development opportunities for employees at work

3. How important is the appraisal system in helping to create shared understandings the objectives of the organization and personal objectives of individual employees?

4. How effective do you think the Siemens approach to people management will be 2 in creating great results?

 Name two motivating factors at RBS.

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MARKETING MANAGEMENT

Middlemen are parasites. This charge has been made by many over the centuries. 

Section A :-

Case Study – 1

An electronic gadgets manufacturing firm wanted to market in India a small, handheld electronic instrument for measuring blood pressure at home. The price of the instrument was fixed at around Rs. 3000 a piece. Being a specialty product, it was perceived to have only a limited clientele. As the firm had no established channel of distribution, it decided to take the direct-marketing route. The product was unique in the sense that it offered the convenience of constant monitoring of blood pressure at home, in office or anywhere, without having to visit the doctor. It could save a lot of time and inconvenience, especially for busy professionals, executives, businessmen and all those who had a hectic work schedule. Since it was a relatively expensive product, senior executives, professionals and businessmen above 45 years of age, having an income of more than Rs. 15,000 per month were expected to be the prospective buyers. The firm adopted the following procedure for identifying and enlisting prospects. In order to prepare a cold list, an advertisement of the product, along with a coupon, was released in two leading business newspapers in Bombay. Interested individuals were asked to fill up the printed coupon and send it to the firm within 10 days to get a free booklet on management of blood pressure. Personal particulars relevant to identifying the ‘qualifying prospects’ Such as income, age, profession, residential address and details of any health-related problem were to be filled in the coupon. A majority of the people who responded were found to be suffering from blood pressure, obesity or heart-related problems. A cold list of about 5,000 individuals was generated on the basis of filled-in coupons. This list was further scrutinized and names of individuals below 40 years of age and those who did not fulfil the income criteria were dropped, as were the names of apparently non-serious respondents who might have sent the coupon more out of curiosity. The residual list of about3,500 respondents was treated as the hot list. Another alternative to this newspaper ad approach, as suggested by the research agency was to obtain a list of credit card holders from reputed banks such as ANZ Grindlays Bank, Citibank, Canara Bank, State Bank of India and Bank of Baroda. The firm could then have sorted out the names of card holders who were above the age of 40 and occupied senior executive positions in private or public organizations. This would have formed the cold list. Next, the firm could have sent a brochure and a personal letter to them offering to arrange a free demonstration of the product at their residences. All those who responded would have formed the hot list. However, this approach was not taken due to some logistic problems. The respondents were then clustered into different segments on the basis of their health status : those who had only mild blood pressure but no other problem; those suffering from obesity and blood pressure both; those suffering from blood pressure and some cardiac problem; those who had blood pressure and diabetes with or without some cardiac problem; and so on. This database of all the listed people with their detailed health profiles helped the firm in identifying specific needs of the respondents.

Questions:-

(a) What elements of promotion mix would be more appropriate for the company to market blood pressure instruments, and why?

(b) What should be the long run promotional strategy for the company?

Case Study – 2

For many years McDonald’s enjoyed worldwide success built on a few well-known, highly standard conditions. The company with the Golden Arches served a simple menu – hamburgers, french fries, and milkshakes orsoft drinks. The food was pricedlow, its quality was consistent, and it was served speedily from establishments that all looked alike and were extremely clean. In recent years, however, McDonald’s has seen its growth rate slow down and its dominant market position slip. Why? The changes been occuring in the company’s external environment. We will start with the population picture. Foir many years McDonals’s main customer group was young couples with several kids. Today, people are marrying ata much later age and families have fewer children, so Mc Donald’s traditional customer base is eroding. Then there are the cultural changes. Also consumers have become more health conscious. let’s face it – burgers, fries, and shakes are not exactly at the top of dietitians menu recommendations today. Consumers want convenience. in the past they hopped in the car and drove to McDonald’s. Today they can pop something into the microwave oven or phone domino’s to have a pizza delivered. Another challenge came as consumers became more concerned about physical environment. McDonald’s polystyrene hamburger packaging was attacked by people who demand the sue of recycled and or/ biodegradable products. Paralleling all these challenges were the growing number and effectiveness of competitors.

Questions:-

a ) i) Identify and discuss the major environmental changes being faced byMcDonald’s.

1. ii) What course of action should the company CEO pursue to regain its dominant market position?

1. b) What king of distribution channel would you recommend for the following products and why? i)Personal computers ii) Industrial lubricant

Case Study – 3

The furnishing limited is a small chain of distributors of good quality office furniture, carpets, safes and cabinets. Within each category, the company offers a wide variety of products, with a great many variations of each product being offered. For example, the company currently offers some 4 different designs of chairs and 23 varieties of office desks. The company keeps in touch with advances made in the office furniture field worldwide and introduces those products which are in keeping with the needs of the market in terms of design, workmanship, value for money and technical specifications. Fine furnishing trades only in good quality furniture. Differences between its products and cheaper, lower quality ones are well known to those who have several years of experience in the business. An important feature the company feels is the availability of a complete list of components of the furniture system. This enables customers to add bits and pieces of matching designs and colour in the furniture. Such components are available for sale separately. Systems are maintained in stock by the company for a number of years, and spare parts for chairs and other furniture are always available. The trade is currently witnessing a downturn due to recession. Fine furnishing hasl also experienced the same over the past two years. In addition, it had to trim its profit margins. Last year, it barely broke even and this year it is heading for a loss for the first time in the company’s twenty year history.

Questions:-

1. i) Explain the term product-item, product-line and product mix in the context of the above situation.

1. ii) Advice the companies in relation to its product mix. How will your recommendations affect the company’s image?

Case Study – 4

Hotel holiday Inn spends a large amount of money on a bonus programme for frequent hotel guests, while the hilton corporation, a direct competitor spends hardly a fifth of the amount spent by Holiday inn on it. Hilton puts most of its marketing resources into nationwide print and television advertisements, while holiday inn does little of either. Traditionally, demand for hotel rooms has outpaced supply. But now cities have too many hotels; occupancy rates have come down and the room rates have also come down. Holiday inn believes that with its bonus programme, they can gather detailed information about the frequent customers and they can be approached through direct main, and also offer incentives like free meals, free stay in hotels particularly where occupancy is low. Yet competitors such as Jilton are of opinion that Holiday Inn is merely rewarding guests who would otherwise also stay at Holiday Inn.

Questions:-

1. i) How is marketing a service different from marketing a good?

1. ii) What techniques Holiday inn should use to fill more rooms?

Middlemen are parasites

Section B :-

1 a). Discuss the scope and relevance of the concept of market segmentation. Will the scope change with the opening of Indian economy? Illustrate how firms would be benefited in marketing their products and services by segmentation.

1. b) Briefly discuss the concept of positioning. What is the positioning of i) Santro car ii) Indian airlines iii) Pepsi iv) Dalda ghee

2. a) Discuss in brief the various pricing strategies used by marketers. Suggest suitable pricing strategy for i) Software ii) 100 cc motorcycle iii) Luxury car iv) Laptop

1. b) How is a product management organization different from the market centred organization?

3. a) Enumerate and discuss the major packaging decisions appropriate for the following

4. i) FMCG company

1. ii) Consumer durable company

1. b) Discuss the marketing strategies that may be used at the introductory and maturity stages of the product life cycle. promotion methods directed at consumers, which can be used by a detergent manufacturer.

1. b) Discuss the role of personal selling and advertising in promotional industrial products. How does it compare to consumer product promotion?

5. a) Middlemen are parasites. This charge has been made by many over the centuries. Is this likely to be the case in a competitive economic system? Why or why not?

1. b) You are marketing manager of a medium sized manufacturing company. The president has just made the following statement “The distribution activity is not a concern of the marketing department. The function of the marketing department is to sell the product … let be rest of the company handle production and distribution.” How would you reply to this statement. Discuss whether you agree or disagree with the statement and justify your answer.

6. (a) Define the term marketing. Discuss the scope and appropriateness of marketing function in satisfying human needs and wants. Given suitable examples.

(b) As a marketing manager, propose and formulate STP strategy for home fitness kit targeted at women. Discuss the base for your strategy.

7. Write short notes on any three of the following:

1. STP strategies b) Functions of Packaging c) Elements of promotion mix d) Methods of sales forecasting

Middlemen are parasites. This charge has been made by many over the centuries. 

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PROJECT MANAGEMENT

List and explain the characteristics features of a project

1. Describe project planning and its function.

2. What are the goals and objectives of project planning?

3. Explain the methods used to assess the project profitability.

4. Give the applications of PERT/CPM techniques.

5. Explain the importance of computers in Project Management.

6. What is phased planning? List the steps involved in project planning.

7. List and explain the characteristics features of a project.

8. Write short note on:-Work Breakdown Structure.

9. Discuss the importance of communication in a project management.

10. Classify the scheduling methods.

11. Explain project direction. What are the different directions of project direction?

List and explain the characteristics features of a project

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