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  1.  Presented By – Prashant Rajesh Kotwal  Roll No – 3307  July - 2015 1
  2. 2  Issues and Challenges in Rural Marketing  Benefits of Social Media  Role Of IT in Retail Sector  Record Management  Know Your Customer (KYC) & Anti Money Laundering(AML)
  3. Rural marketing involves the process of developing, pricing, promoting, distributing rural specific product and a service leading to exchange between rural and urban market which satisfies consumer demand and also achieves organizational objectives. 3 It is a two-way marketing process wherein the transactions can be: 1. Urban to Rural: It involves the selling of products and services by urban marketers in rural areas. These include: Pesticides, FMCG Products, Consumer durables, etc. 2. Rural to Urban: Here, a rural producer (involved in agriculture) sells his produce in urban market. This may not be direct. There generally are middlemen, agencies, government co-operatives, etc who sell fruits, vegetables, grains, pulses and others. 3. Rural to rural: These include selling of agricultural tools, cattle, carts and others to another village in its proximity. Issues and Challenges in Rural Marketing
  4.  Large, Diverse and Scattered Market: Rural market in India is large, and scattered into a number of regions. There may be less number of shops available to market products.  Major Income of Rural consumers is from Agriculture: Rural Prosperity is tied with agriculture prosperity. In the event of a crop failure, the income of the rural masses is directly affected.  Standard of Living and rising disposable income of the rural customers: It is known that majority of the rural population lives below poverty line and has low literacy rate, low per capital income, societal backwardness, low savings, etc. But the new tax structure, good monsoon, government regulation on pricing has created disposable incomes. Today the rural customer spends money to get value and is aware of the happening around him.  Rising literacy levels: It is documented that approximately 45% of rural Indians are literate. Hence awareness has increases and the farmers are well-informed about the world around them. They are also educating themselves on the new technology around them and aspiring for a better lifestyle.  Infrastructure Facilities: The infrastructure facilities like cemented roads, warehouses, communication system, and financial facilities are inadequate in rural areas. Hence physical distribution is a challenge to marketers who have found innovative ways to market their products. 4
  5. There are several roadblocks that make it difficult to progress in the rural market. Marketers encounter a number of problems like dealing with physical distribution, logistics, proper and effective deployment of sales force and effective marketing communication when they enter rural markets. The major problems are listed below: Standard of living Low literacy levels Low per capita income Transportation and warehousing Ineffective distribution channels Many languages and diversity in culture Lack of communication system Spurious brands Seasonal demand Dispersed markets 5
  6. Marketing StrategyMarketing Strategy: Marketers need to understand the psychology of the rural consumers and then act consequently. Rural marketing involves more exhaustive personal selling efforts compared to urban marketing. This can be done by utilizing the various rural folk media to reach them in their own language and in large numbers so that the brand can be associated with the myriad rituals, celebrations, festivals, mela’s, and other activities where they assemble. Distribution StrategyDistribution Strategy: According to the Indian Market Research Bureau, around 8000 melas are held in rural India every year. Rural markets have the practice of fixing specific days in a week as Market Days called "Haats' when exchange of goods and services are carried out. Annual "melas" organized are quite popular and provide a very good platform for distribution because people visit them to make several purchases This is another potential low cost distribution channel available to the marketers. Also, every region consisting of several villages is generally served by one satellite town termed as "Mandis" where people prefer to go to buy their durable commodities. If marketing managers use these feeder towns, they will easily be able to cover a large section of the rural population. Promotional Strategy:Promotional Strategy: Marketers must be very careful while choosing the mediums to be used for communication. Only 16% of the rural population has access to a vernacular newspaper. So, the audio visuals must be planned to convey a right message to the rural folk. The rich, traditional media forms like folk dances, puppet shows, etc., with which the rural consumers are familiar and comfortable, can be used for high impact product campaigns. Radio is also very popular source of information and Entertainment, Adds on radio can also be a helpful tool for marketers. 6
  7. Thus, looking at the challenges and the opportunities, which rural markets offer to the marketers and the manufacturers, it can be said that the future is very promising for those who can understand the dynamics of rural markets and make use of them to their best advantage. A radical change in attitudes of marketers towards the cheerful and budding rural markets is called for, so they can successfully impress on the 750 million rural consumers spread over approximately six hundred thousand villages in rural India 7
  8. WHAT IS SOCIAL MEDIA MARKETING? Benefits of Social Media
  9. Essential Elements Identify Business Goals Set Marketing Objectives Identify Ideal Customers Research Competition Choose Channels and Tactics Create a Content Strategy Allocate Budget and Resources Assign Roles
  10. Social media is now increasingly becoming an ingrained aspect of political campaigns, national defense strategies, public policy, public relations, brand management and even intra company communication. Since the major task of marketing as tool used to inform consumers about the company’s products, who they are and what they offer, social marketing plays an important role in marketing. • Social media can be used to provide an identity about the companies and the products or services that they offer. • Social media helps in creating relationships with people who might not otherwise know about the products or service or what the companies represent. • Social media makes companies "real" to consumers. If they want people to follow them they need not just talk about the latest product news, but share their personality with them. • Social media can be used to associate themselves with their peers that may be serving the same target market. • Social media can be used to communicate and provide the interaction that consumers look for. 10
  11. The role of social media in marketing is to use it as a communication tool that makes the companies accessible to those interested in their product and makes them visible to those that don't know their product. It should be used as a tool that creates a personality behind their brand and creates relationships that they otherwise may never gain. This creates not only repeat- buyers, but customer loyalty. Fact is social media is so diversified that it can be used in whatever way best suits the interest and the needs of the business. A majority of marketers 66% are using social media for 6 hours or more each week, and nearly 10 % of respondents stated they were spending 16 to 20 hours on social media marketing per week.. Twitter, Facebook, LinkedIn and blogs were the top four social media tools used by marketers, in order. A significant 81% of marketers plan on increasing their use of blogs. A majority of the marketers are employing social media for marketing purposes and small businesses were slightly more likely to use social media. 76% of marketers are spending at least 4 hours each week on their social media marketing efforts 11
  12. NumbersofUsersinMillio
  13. Amount of time spent by marketers on social media marketing per week from 2012-2015
  14.  Many businesses historically succeeded without a need for social media or heavy advertising. Today, the number of companies that will be able to sustain success without online marketing is declining at the speed with which the online landscape is changing  Social media equals word of mouth. Social media is where they consume news, entertainment, information about products, trends and businesses, and of course, the opinions of their friends and acquaintances.  According to Pew Research, in 2014, half of all adult Facebook users had more than 200 friends on the site. While younger users tend to have the largest friend networks, those users won’t stay young forever and someday will become a prospective customer for you or your competitor.  In short, social media is imperative for businesses that want to grow, scale and sustain themselves in the economy of tomorrow. If the general public is going to be talking about you anyway, wouldn’t it be better to be there, engaging and capitalizing, than ignoring it?
  15. • You are a brand ambassador. • In your social media channels: – Reinforce core values – Stay on topic – Be transparent and honest, but don’t violate organization’s trust – Share your expertise – Defer to colleagues when appropriate • Test things for yourself! There is a lot of information and research out there about the best time of day to post, the perfect type of content, how to get the most engagement, and the list goes on. • We’ve seen success using those data, and we’ve also seen success when we go rogue. Only through trial and error can you determine the most effective way for your business to utilize social media for marketing. You won’t know if you never try!
  16. Information Technology is the key enabler to improving customer satisfaction, operational efficiencies and by extension, profitability. Technology has been the great enabler of business and especially retail enterprise. We are now wireless and seamless and cashless and everything less and can get any information we want and need. Retailers need to transform their IT capabilities for a number of reasons. To aggregate and analyze customer data to enhance differentiation. To increase a company's ability to respond to a rapidly changing marketplace through enhanced flexibility and speed To operate effectively, retailers need to have one system working across stores (sometimes across national borders) to ensure the most effective use of stock and to support optimized business processes. 16
  17. Information technologies can be used by the organization in variety of innovative ways. They have become tools to meet corporate objectives of effectiveness and efficiency. Forecasting: Forecasting is the process of estimation in unknown situations. It's an essential and very important process in any business organization. Modern demand-forecasting systems provide new opportunities to improve retail performance. Although the art of the individual merchant may never be replaced, it can be augmented by an efficient, objective and scientific approach to forecasting demand. Inventory Management: Inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded as an asset on a company's balance sheet. An IT solution is a proven and market leading solution for determining optimal time- varying inventory targets for every item, at every location throughout supply chain. This allows retailers you to significantly reduce inventory without adversely affecting service levels. Store Management: Another example where Information technology can be beneficial is a store management system that alerts out-of-place or stock-out items. A store is commonly a shop or stall for the retail sale of commodities, but also a place where wholesale supplies are kept, exhibited, or sold. A place where something is deposited for safekeeping is called store. An in-store system uses magnetic strips or barcodes or RFID to monitor actual versus intended product location on the floor or in the stockroom 17
  18. Creative adoption of technology is spearheading this change. Innovative examples of this change are: • Store Inventory & Warehouse Management • Time & Attendance Tracker • Real Time Stock Locator • Auto Replenishment & Store Orders •Store Operations Reporting •Retail Shrink and Loss Prevention •Personnel Management solutions •Time and Attendance, Computer- Based Training •Store Inventory Management •Stock locator, Direct Store Delivery, Auto Replenishment •Store Warehouse Management •Store Receiving, Real Time Inventory Adjustment 18
  19. Radio Frequency Identification (RFID) Radio Frequency Identification in the retail industry has solved major problems related to customer services. With the help of RFID it becomes easy for the sales staff to locate a particular item in the store and check its availability in less time. Smart Operating System Smart Ops customers are proactively managing supply chain uncertainty across all stages to improve their total chain inventory planning, so that their customer service levels can be stabilized and even increased while overall costs to the business are minimized. Smart Ops enterprise software solutions support many initiatives and challenges associated with different manufacturing and distribution industries from Lean Manufacturing, Just-In-Time (JIT), and Six Sigma initiatives, to postponement strategies, to Collaborative Planning, Forecasting, and Replenishment (CPFR), and Sales & Operations Planning (S&OP) activities. Point of Sale Capturing data at the time and place of sale is now done with the help of Point of sale systems. Point of sale systems use computers or specialized terminals that are combined with cash registers, bar code readers, optical scanners and magnetic stripe readers for accurately and instantly capturing the transaction. 19
  20. The business performance of the organizations and the success lies in how well the organization manage their information system and how well it contributes to the customer satisfaction. It is so vital for the retail as the customer involvement in the service delivery process is high. IT systems are at the heart of retail operations and hence play a central role in alleviating pressure points in the retail sector. The converse also holds true — retailers who do not manage their IT landscape effectively will find that, in time, the IT systems become part of the problem rather than components of the solution. 20
  21. What Is a Record? RECORD : information captured in reproducible form required for conducting any transaction or activity. What Is a Record Management? RECORDS MANAGEMENT: a logical and practical approach to the creation, maintenance, use and disposition of records. 21
  22.  Records Creations : recording of information on paper, print, tape or any transmitting medium  Records Maintenance: producing the records when needed  Records Disposition: determining the ultimate fate of the records 22
  23. Record Creation Correspondence Management Reports Control Form Analysis and Design Directives Management Records Management Adoption of a files plan Choice of equipment/supplies Mail management Files management Records Disposition Inventorying Appraising Scheduling Retiring 23
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  25. The ultimate test of a good records management is whether the records are available to those who need them, when and where they are needed (effectiveness), the manner in which they are made available (efficiency), and at what cost (economy). 25
  26. Know: What you should know? True Identity and beneficial ownership of the accounts. Permanent address, registered & administrative address. Your: Who should know? Branch Manager, audit officer, monitoring officials , PO. Customer: Who is customer? One who maintains an account, establishes business relationship, on who’s behalf account is maintained, beneficiary of accounts maintained by intermediaries and one who carries potential risk through one of transaction. 26
  27. It’s a process of making dirty money clean. Money is moved around the financial system again and again in such a manner that its origin is hidden. Money generated from illegitimate source is converted into that derived from legitimate source. 27
  28.  Board and Management oversight of AML risks.  Appointment a senior executive as principal officer with adequate authority and resources at his command.  Systems and controls to identify, assess and manage the money laundering risks.  Make a report to the Board on the operation and effectiveness of systems and control.  Appropriate documentation of risk management policies, their application and risk profiles.  Screening of employees before hiring and those who have access to sensitive information.  Quick and timely reporting of suspicious transactions. 28
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  30.  Mr. Abraham Alapatt Chief Innovation Officer, Head Marketing & Customer Service of Thomas Cook.  Mr. Ramesh Chembath AVP – Sales & Marketing, Godrej Appliances.  Mr.Ninad Karpe Aptech Ltd. Managing Director & CEO. 30
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  32.  At Thomas Cook (India) Limited, Abraham’s mandate as Chief Innovation Officer, is to spearhead Thomas Cook Group’s forays into new businesses, products and services that will help drive business growth in the near term and build opportunities for the future.  As Head of Marketing, he leads the Group’s brand building efforts, PR, Corporate Communication and key trade relationships as well as supports and grows individual lines of business in line with existing and emerging opportunities.  As Head of Customer Service, he works closely with the Service Quality team and business teams to ensure better pre, during and post travel experiences for Thomas Cook's customers. 32
  33.  Abraham Alapatt is a Marketing & Brand professional with 20 years of professional experience at senior strategic levels across the varied domains of Brand building/advertising, corporate communication, PR/media relations, internal communication, customer service & web- technology.  Abraham’s strengths are in the areas of innovation, marketing/brand strategy formulation, implementation and management; integrated brand and corporate communication; advertising; PR/media relations; market research, customer service and customer-centric marketing from ideation to process engineering.  Abraham is also a part-time writer/columnist and his articles, opinions and interviews feature in various Brand & Marketing forums, portals and publications such as Campaign India, agency faqs, exchange4media, mxmindia, Brand Equity, 4Ps etc. He was a speaker at the World Brand Congress, Mumbai in 2010 and the Great Indian Marketing Summit in 2012. He has judged the “Effies” in India for three years in a row as well as been on the jury for Pitch Magazine’s Golden Mikes Radio Awards, Campaign India’s Digital Crest Awards 2013 and EEMA 2013 among others.  Abraham was also one of only eight “Futurist CMO” Hall of Fame inductees from across India for 2011-12 and among the "50 Most Talented CMOs of India" recognized by the CMO Council and World Brand Congress in October 2013. 33
  34. Mr. Ramesh Chembath AVP – Sales & Marketing, Godrej Appliances 34
  35.  Responsible for developing strategic marketing initiatives to drive topline & bottom line for Rs 2300 Cr Godrej Appliance division.  In addition, Mr. Ramesh Chembath also handle P&L responsibility for Microwave Oven category and spearhead company's retail initiatives - both E Com as well as setting up Exclusive Brand Stores.  As head of Marketing he worked towards creating a brand that would stand for high quality products, pioneering and relevant technologies and best in class service .  Under Mr. Chembath leadership Godrej came with an innovative approach in the online media in the form of GoJiyo and has been quite an active brand in the social medium. 35
  36.  Mr. Ramesh Chembath have over 18 years of experience in brand management, communication, product management, sales business P&L and currently heading strategic role in one of the leading Consumer Durable company in India.  Expertise: Marketing ,Brand management, Communication ,PR, Business strategy and sales.  As part of the Godrej fraternity, Mr. Chembath’s launched NXW, Godrej’s‘ premium category of refrigerators.  Chembath was helming a strategic role in one of India's leading consumer durable companies  India's 50 Most Talented CMOs.  Recognized for Excellence in Marketing at ‘The Asian Brand & Leadership Summit 2013’ in Dubai 36
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  38.  Ninad Karpe is the Managing Director & CEO of Aptech Ltd. He was earlier Managing Director, CA (formerly known as Computer Associates) for India & SAARC. He had been associated with CA India since the company’s inception in the country.  In his capacity as Managing Director of the Indian operations of the world’s fourth largest software company, Ninad’s responsibilities included driving the adoption of CA’s technology and broadening and strengthening strategic partnerships in India.  He held numerous management responsibilities in that include setting up offices in India, managing marketing, PR, technical services, HR, operations and finance.  As MD & CEO his primary business, other than Assessment & Testing, is in Career Education with six brands addressing the skill requirements in the IT, Animation & Multimedia, Aviation and Hospitality domain. 38
  39.  He was earlier Managing Director, CA (formerly known as Computer Associates) for India & SAARC. He had been associated with CA India since the company’s inception in the country.  Mr. Karpe has been a Non-Independent Executive Director of Aptech Ltd. since October 29, 2006.  He says “Every testing requirement is an opportunity. However, reach, infrastructure, connectivity and computer literacy can be some challenges.”  He has also authored several books on strategy, taxation and foreign investment in India and contributes regularly to newspapers, magazines and journals. 39
  41. At one point in time or another, we have all been in a position where we are sitting at work and moving at the speed of a turtle. It seems as if nothing is getting done and the projects keep falling farther and farther behind. If you don’t do something quick, you are never going to be able to catch up with all of the work you need to do. Instead of worrying about filling out job applications and looking for other work, take control with one of the four productivity boosters below: Take A Break By taking a simple five minute break from it all and walking around, you can clear your head and get the blood flowing. Walk around outside and breathe in the fresh air, smell the outdoors and feel the sun on your face. You will be amazed at how something as simple as five minutes can transform your energy levels. Refreshed and revitalized, you are ready to start work once again. 41
  42. Outline Your Priorities Arrange all of the tasks in the order you hope to accomplish them. If you are looking to save time, compile a to-do list the night before going in to work. Continue to update the list periodically throughout the day as you complete things or new projects come in. Checking items off the list will provide you with a sense of accomplishment and let you know that you are working toward a goal. Consider The Long-Term Take a moment and think about two big things that you want to accomplish over the next year and post them onto your computer. By doing so, you are going to frequently remind yourself about those goals and work hard to achieve them. Make sure the goals are something you can discuss in a performance review and use them as leverage when asking for a raise. Get To Work Early As you are probably aware, an office that is empty and quiet will often mean fewer distractions. Arrive to work early before everyone begins flooding the workroom. Co-workers can be one of the biggest distractions and place a damper on your productivity for the day. Decreasing the number of people around you will help to increase your productivity. 42
  43. Resume writing comes with many questions like what to include, how much to include, and how far back to go when it comes to detailing work experience. It can get particularly complicated when you’ve worked with the same employer and held several positions with them. To help ease the resume writing process in situations where you have held several jobs with one employer, follow these tips: 1.Only list one period of employment with each employer. The ATS ( Application Tracking System ) looks for a certain pattern of information to tell it where one section of your work experience begins and where it ends. It usually looks for dates on the resume to locate job titles and employers, so you should avoid listing more than one period of employment with each employer if you don’t want to confuse the ATS 43
  44. 2. Highlight your promotions. When you’ve been with an employer long, potential employers fear you may have fallen too comfortable with them and your skills and progression for advancement has remained stagnant. To alleviate these negative perceptions, draw attention to any changes you’ve made in positions held. It can be a move you made to work in a different department or highlighting your successes and promotions on the job. 3. Prioritize your information. When you have several jobs under one employer grouped together on the resume, it’s important to prioritize the information you have under it. While describing your roles and responsibilities and highlighting achievements and success, think about the order of importance and relevance. You want to lead with what’s most impressive to the potential employer first. Utilizing these tips, you’ll have a resume that demonstrates to potential employers that you’re a candidate with great potential – you’re not only dedicated, but you can also perform and achieve outstanding results. 44
  45.  Hike Messenger is doubling down on its subscriber base in 2016, from the current 100 million that the messaging and calling app has achieved in three months after crossing 70 million users in October 2015.  “We're off to a great start in 2016”. Crossing 100 million users is a big milestone for us and we have achieved this well ahead of our expectations," founder and Chief Executive Kavin Bharti Mittal said in a statement.  The app, which competes with WhatsApp, Facebook's Messenger, LINE and WeChat, is looking to grow into a platform for content, media and services. 45
  46.  The app is logging a monthly messaging volume of 40 billion messages, having doubled on messaging in a span of five months, the company said. "Hike users aren't only messaging and calling , they're also reading news on Hike in Hindi and English, viewing live cricket scores, and are transferring huge files without Internet on Hike Direct," Mittal said.  According to the company, users are spending more than 120 minutes per week on Hike.  Launched in December 2012, Hike has a localized strategy for the country, and continues to reach this young user base, the company said.  The company said that 90% of Hike users are under the age of 30 and 90% of them are based in India.  Over the past year, Hike has brought on board leadership from brands such as PepsiCo, Amazon, Unilever and Zynga. 46
  47. Unemployment is of different types. The important types of unemployment are: 1. Structural unemployment: This is a type of unemployment caused mainly by the change in the development strategy adopted by an economy. For example, suppose a country basically agricultural in nature, plans to adopt industrialization as a strategy. This will result in displacement of labor in agriculture and not all of them can be accommodated in the industries. This type of unemployment caused is called Structural unemployment. 2. Cyclical unemployment: Every economy goes through the ups and downs in the process of development. This type of economic fluctuations is studied through the behavior of business cycles. Hence, during the period of inflation, the unemployment will be less and during the period of depression unemployment will be more. Such type of unemployment is caused mainly because of the deficiency of effective demand. Keynes has discussed this type of unemployment in his theory. Such unemployment is caused due to the economic fluctuations and every country will experience this type of unemployment. 47
  48. 3. Frictional unemployment: This is another type of unemployment which is caused by shift in the productive effort. This type of unemployment is caused by industrial friction, such as, immobility of labor, ignorance of job opportunities, shortage of raw materials and breakdown of machinery, etc.  Jobs may exist, yet the workers may be unable to fill them either because they do not possess the necessary skill, or because they are not aware of the existence of such jobs. Therefore, the better the economy is doing, the lower this type of unemployment is likely to occur. 4. Seasonal unemployment: This type of unemployment is very closely linked with the seasonality in production in any sector. For example, in the agricultural sector, during the harvest season, there is heavy demand for labor. All unemployed laborers will get work. But once the harvest season is over, these laborers remain unemployed. 5. Educated unemployment: This type of unemployment is found among the educated persons. Though there are different levels of education, at any level, if a qualified person is unemployed, then he adds to the number of educated unemployment 48
  49. 49 6.    Under-employment or disguised unemployment: This is the type of unemployment which is never practically seen, but only experienced.  Suppose a job which can be performed by just 10 worker, has in reality has 20 workers, then the  excess 10 workers who are not actually required are said to be under employed or disguised  unemployed.  In other words, the surplus labor do not make any addition to the output. Technically, their marginal  product is zero. Such a situation is called wider-employment or disguised unemployment. 7.    Rural and urban unemployment: Depending upon where there is unemployment, we may classify unemployment as rural and urban  unemployment.
  50. 1. Submit original documents in court As per the Civil Procedure Code, 1908, when you file a petition in court, it needs to be accompanied with  affidavits and certified copies of the original documents that you want to present as evidence. 2. I can file a case anytime I want Civil cases fall under the Limitation Act, which has laid down a time frame within which one must file the  case. If you don't do so, the case becomes 'timebarred' and the court does not admit the plea.   3. Gift ancestral property as I like  You cannot gift ancestral property that is jointly held by the HUF (Hindu Undivided Family), unless you  are the sole surviving member, according to a recent ruling by the Bombay High Court. 4. Letter of authority enough to delegate powers  It will not be accepted in complex transactions such as the sale of property or any other asset. For such  deals, you need a power of attorney. 5. Out-of-court settlement can't be challenged  You can always approach the court in the case of fraud or coercion. The court will do a review and may  revoke the settlement, if fraud or coercion is proved. 50
  51.   6. I'm not supposed to repay the loan if I am a guarantor  The Supreme Court has held that if the borrower fails to pay the dues, the bank has the right to recover it  from the guarantor.   7. My heir will inherit my shares  When it comes to shares in a demat account, it is the nominee in the account who inherits them, not the  person named in the Will, as per a Bombay High Court ruling.   8. I don't need to inform the insurer when I buy a used vehicle  When buying a used vehicle, get the insurance transferred in your name. If you don't do so, the insurance  company is not liable to reimburse your claim.   9. I can't move a consumer court without a lawyer The Supreme Court has ruled that one doesn't need an advocate to move a consumer court. Non-lawyers  could be accredited to appear before the consumer forums as representatives on a regular basis.   10. An online will is sufficient to pass on property to heirs You need to take out a print of the online will and sign it in the presence of two witnesses. The will must be  attested by these two witnesses. 51
  52. Marketing planning is a plan involves designing activities relating to marketing objectives and attach  with the capability of changing marketing environment. It contains with the issues of product lines,  distribution channels, marketing communications and pricing. Marketing planning process is a fundamental part of Marketing Audit. It is conducted not only at the  beginning of the process but also during and after the process completion. Marketing audit not only  consider its own plan but also considers internal and external factor that affects marketing planning.  Some important tools used by marketing audit are SWOT for internal and external environment  where as PEST and Five Forces Analysis which focus only on the external environment. The following questions lie at the heart of any marketing (or indeed strategic) planning process:  1.    Where are we now? 2.    How did we get there? 3.    Where are we heading? 4.    Where would we like to be? 5.    How do we get there? 6.    Are we on course? 52
  53. Steps of the strategic marketing planning process  Mission Corporate Objectives Marketing Audit SWOT Analysis Marketing Assumptions Marketing Objectives and Strategies Forecasts of Expected Results Create Alternative Plans Marketing Budget Detailed Action Plan Why is marketing planning essential? A marketing plan is useful to many people in a business. It can help to:   Identify sources of competitive advantage   Gain commitment to a strategy  Get resources needed to invest in and build the business   Inform stakeholders in the business   Set objectives and strategies   Measure performance 53
  54.  All-important social accomplishment requires complex group effort and, therefore, leadership  and followership. Leader-follower relationship is two way, leader as well as followers have great  capacity to influence the relationship.  Just as a leader is accountable for the actions and performance of followers, so followers are  accountable for their leaders. Followers support leaders when necessary and help them correct  their actions, just as leaders must support followers and help them to correct their actions.  Organizations are successful or not partly on the basis of how well their leaders lead, but also in  great part on the basis of how well their followers follow.  The leader has traditionally had the power to reward and promote, this has led to a relationship  in which the follower avoids jeopardizing their chances of obtaining these rewards. Hence, the  follower tends to do what the leader wants and, just as important, not offend or create a negative  impression of them.   Leadership is one of the most widely talked about subject and is most elusive and puzzling.  Leadership is a complex phenomenon involving the leader, the followers, and the situation.  People who are effective in the leader role have the vision to set goals and strategies, the  interpersonal skills to achieve consensus, the verbal capacity to communicate enthusiasm to  large and diverse groups of individuals, the organization talent to coordinate disparate efforts.  Some people posses inbuilt personality traits like self-determinant, honest, strong desire to  achieve goal, devotion and sacrifice 54
  55. There are personalities, which are of ‘leader type’ (effective leaders), and there is not ‘leader  type’ (poor leaders).  Effective leaders are good communicators, especially in providing vision and purposes that  are consistent with follower goals, values, dreams and myths. Effective leaders are socio- centric, physically strong, humanistic, approachable, visible, patient, decisive, and open- minded. They maintain high standards of dignity and integrity. Effective leaders establish a  strong participative management culture. They are technically competent but possess  important interpersonal skills such as assertion, empathy and negotiation ability. Good leaders  show “value focused leadership. Non-effective leaders fail to give clear direction, mission and purpose to the followers or  organization. They fail to create cohesion and commitment by neglecting to give support and  encouragement to followers. They neglect to energize followers and obtain their dedication  and loyalty by providing consistent reward and recognition.  They fail to listen to followers  and empower them to take a full, participative role in all-important decisions. When followers  do offer suggestions these suggestions are ignored.  Poor leaders tend to tolerate  incompetence, a fact that de-motivates followers who are trying hard to get work done.  Poor  leaders fail to develop and support a “culture of quality.”   55
  56. Demand for Capital The demand schedule for capital refers to the arrangement of the various proposed projects in a  descending order according to their estimated rates of return together with required amounts of  capital needed by the respective projects. Before analyzing the investments, the management must understand the nature of  opportunities. Some investments are complimentary i.e. making one investment implies that  another investment will be necessary.  An important element in the analysis of demand for capital is the productivity of proposed  capital outlay. The yield must be calculated in terms of individual projects. It is the expected  productivity of marginal unit of capital i.e. the key factor in the appraisal of allocating capital  funds and not the profitability of the old and sunk investment based on the estimates of the  historical costs.  The past is useful only as a guide to the future i.e. the future profit which is more relevant and  influences demand for capital; besides the capital yield should be calculated over the whole  lifetime of the asset. Undoubtedly all the future ventures of capital investment involve risks.  According to W.W. Haynes “any investment decision is profitable if it adds more to revenue  than to cost or if it reduces cost more than the revenue.” 56
  57. Supply of Capital   There are fundamentally two sources of supply of capital:   The internal sources of supply of capital are depreciation charges, and retained earnings. The  capital expenditure of many firms is confined purely to the amount that can be secured  internally. Therefore amount that can be expected from accumulated depreciation and from  retained earnings comprises the most significant part of capital budgeting. The retained  earnings as a source of supply of capital makes the plough back policy an integral part of  capital budgeting. The external sources of capital are issue of shares and debentures and inter- firm borrowings.  The external sources which depend on issue of shares, debentures and inter firm borrowings are  very volatile and depend upon the overall atmosphere in the capital market, the company’s  reputation, its financial backing and the integrity of its management. Whenever the firm decides  to acquire external source of finance its project, it has to think many a times about the cost of  capital. 57
  58.  Income Tax Department has processed 3.27 crore returns and has issued refunds  in 1.81 crore cases during April-December period of this fiscal.  Centralized Processing Centre (CPC), Bengaluru has processed 3.27 crore returns  as of December 31, registering a growth of 18 per cent over 2.65 crore returns  processed during the corresponding period of the previous fiscal.  "During the current financial year, the CPC has issued refunds in 1.81 crore cases  out of which in 1.32 crore cases, that is 73 per cent, the refunds were issued  within 30 days of filing by the taxpayers," an official statement said.  The number of Tax payers in the income bracket of Rs 1 crore and below was  2.39 crore as of October 31 last year. For 2014-15 it was 3.66 crore; 3.73 crore in  2013-14 and 3.26 crore in 2012-13.  The Department is committed to continuously improving the quality of tax payer  services and enhance taxpayer satisfaction, it added. 58
  59.  Meanwhile, on January 11, CPC was awarded "ISO 9001:2008 Standard for  Quality Management System" Certificate by British Standards Institution (BSI).  The Certificate encompasses all business services and business enabler services of  CPC, it said.  ISO 9001 is an international standard that specifies requirements for quality  management system (QMS) addressing the principles and processes that surround  the design, development and delivery of services, it said.   Organizations use this standard to demonstrate their ability to consistently provide  services that meet customer and regulatory requirements, it added. 59
  60.  A budget is a detailed plan of operations for some specific future period. It is an  estimate of costs and benefits of programs to be undertaken and policies thereto  prepared in advance of the period to which it is applied. Budget acts as a  business barometer as it is a complete program of activities of the business for  the period covered.  The Institute of Cost and Management Accountants, England, defines a budget  as ‘a financial and/or quantitative statement, prepared prior to a defined period  of time, of the policy to be pursued during that period for the purpose of  attaining a given objective’.  According to Gordon and Shilling law, ‘budget is a predetermined detailed plan  of action developed and distributed as a guide to current operations and as a  partial basis for the subsequent evaluation of performance’. 60
  61.   Thus, the following are the essentials of a budget:  It is prepared in advance and it is a plan of actions for the feature.  It is related to a future period and is based on objectives to be attained.  It is a statement expressed in monetary and/or physical units prepared for  the implementation of policy formulated by the management. Different types of budgets are prepared by concerns for different purposes.  A sales budget is prepared for the purpose of forecasting sales for a future  period and on its basis other budgets are prepared. An operating cost budget  is prepared for forecasting the operating costs.  The Master Budget embodies plans – for the revenues and gains and other  incomes, for operating, marketing and other expenses, for cash and capital  requirements besides forecasting the profit or loss. 61
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Notes de l'éditeur

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