August 2006

Volume : 1 Issue : 4
AUGUST 2006
Tasmac management review
n
New Paradigms n New Perceptions n New Perspectives
DISSERTATION SPECIAL
• Empirical Study of the
Indian Stock Options Market
Anushree Kokkalera
• Optimizing Sourcing Costs
in Recruitment
A Prem Christopher
• Customer Relationship
Management in the
Banking Industry
Kanwar Deep Singh Uppal
• Applying Data Warehousing Strategy
to a Manufacturing Firm
Jignesh Kumar Patel
Eligibility : A good bachelor's degree from a recognised university OR Non-graduates over the age of
25 years who can demonstrate relevant and appropriate prior learning experience that
would enable them to contribute to and benefit from the programme.
Complete prospectus/application form available for Rs. 800/- by DD/MO/IPO.
For FREE details contact:
CORPORATE OFFICE
AND PUNE CAMPUS :
TASMAC House, TASMAC Road,
Viman Nagar, Pune - 411 014 (India).
Tel. : +91 (0)20 65003871/65003872/
26632456/26632893/65263534/65001431,
Fax : +91 (0)20 26632362
BANGALORE CAMPUS :
TASMAC House,
7th Milestone,
Kudalu Gate,
Hosur Main Road,
Bangalore - 560 068
Tel.: 080 32509800/01/02/03
KOLKATA CAMPUS :
TASMAC House, 27, GN Block,
Near Godrej Factory, Sector V,
Salt Lake City, Kolkata - 700 091.
Tel. : +91 (0)33 23572551/52/53
Fax : +91 (0)33 23572554
MUMBAI CAMPUS:
TASMAC, C/o LBHFFT Institute
of Computer Application,
Hiray College,
Next To New English School
Govt. Colony, Bandra (East)
Mumbai 400 051
The First Page
The Union Budget of
2006 gave us the reassurance that the country
was indeed being kept on
the right track by the
Powers-that-be, to garner
a greater share of global
economic glory. The
much needed push given
by the liberalisation
policies has spurred
Indian industry to
compete internationally
and make India a brand name to reckon with. What is
further needed is a world-class infrastructure that will
enable us to send the message across the globe that we
will not falter from our objective of making the country a
model hub of international manufacturing activity. Once
the infrastructure act is polished up, there's no stopping
the country from scaling greater heights of achievement.
In the distant future, a scenario is emerging of India as
a global giant, its vast natural resources working fulltime, industrial production booming, the agricultural
sector glowing and supporting a robust economy which
boasts of a well-heeled, educated populace - making
starvation, malnutrition and poverty - a thing of the past.
cutting-edge technologies and the fast pace of
change, making correct choices alone will ensure that
the younger generation is able to meet the challenges
of the next decade and prove greater performers than
their predecessors. At one time this vision of a glorious
India might have sounded like a far- fetched Utopian
Dream, but today, with changing times, it is reality
taking shape and a dream fructifying.
This issue is a dissertation special. The dissertation
forms an integral part of the MBA and MSc programs.
It highlights a student's ability to draft, research
evaluate and review the subject matter that forms part
of his study and to arrive at appropriate and relevant
conclusions. It focuses attention on the students'
analytical prowess and understanding of the subject.
Students of TASMAC have, over the years shown
outstanding abilities in researching and documenting
their work. These excellent dissertations could provide
food for thought… to management and industry. It is
for this purpose that we decided to showcase these
dissertations in this special issue.
As always, we welcome your views and suggestions in
making TASMAC Management Review a valuable
journal. Do write in.
Education will be the key that will open this glorious
chapter of the Indian economy. A lot will depend on the
choices that Gen X makes in choosing the right avenues
of further education and vocational training. With
Dr. Giri Dua
Editor-In-Chief and Publisher
Dr. Giri Dua
Managing Editor
Ajoy Nair
®
www.tasmac.ac.in/wales E-mail : [email protected]
CORPORATE OFFICE AND PUNE CAMPUS :
TASMAC House, TASMAC Road, Viman Nagar, Pune - 411 014 (India).
Tel. : +91 (0)20 65003871/65003872/26632456/26632893/65263534/65001431, Fax : +91 (0)20 26632362
BANGALORE CAMPUS :
TASMAC House, 7th Milestone, Kudalu Gate, Hosur Main Road, Bangalore - 560 068
Tel.: 080 32509800/01/02/03
KOLKATA CAMPUS :
TASMAC House, 27, GN Block, Near Godrej Factory, Sector V, Salt Lake City, Kolkata - 700 091.
Tel. : +91 (0)33 23572551/52/53 Fax : +91 (0)33 23572554
MUMBAI CAMPUS:
TASMAC, C/o. LBHFFT Institute of Computer Application, Hiray College,
Next To New English School, Govt. Colony, Bandra (East), Mumbai 400 051
BRANCH OFFICES :
Ahmedabad : Tel. : +91 (0)79 27911327.
Bangalore : Tel.: +91 (0) 80 41126493/22109647 Fax : +91 (0) 22109646.
Guwahati : Tel. : +91 (0)361 2608061.
Hyderabad : Tel. : +91 (0)40 55662724 / 5.
Kochi : Tel. : +91 (0)484 2356677/2356617/2356652 Fax : +91 (0)484 2356057.
Kolkata : Tel. : +91 (0)33 24850201/24850202, Fax : +91 (0)33 24861507.
Mumbai : Tel. : +91 (0)22 23516430/23513656.
Pune : Tel. : +91 (0)20 26127289/26136589/26130423, Fax : +91 (0)20 26124279.
All material printed in this publication is the sole property of TASMAC. No part of this journal
may be reproduced, stored in any type of medium and transmitted without prior written
permission of the publisher. Views expressed in the articles are those of the contributors and do
not reflect the views of TASMAC.
All efforts are made to ensure that the published information is correct. TASMAC does not take
any responsibility for errors due to oversight or otherwise.
1
We encourage prospective authors and contributors to follow the guidelines prepared by
TASMAC. To obtain the guidelines, please write to the Editor at the above mentioned address
or email us at [email protected]
We would welcome your views on this issue of TASMAC Management
Review. Please write to us at [email protected]
Dissertation
A study on strategies adopted by foreign liquor
brands entering Indian markets
Mahesh R Sabnani (Batch : October 2002)
T
wholly owned subsidiaries.
Following this a very crucial section
on standardization and adaptation
makes it amply clear how almost in
the manner of paradox while a
multinational has to maintain its
standards, it also has to adapt to
the local palate.
he broad context for this study
is the increasingly liberalized
business environment in India
since 1991. While such openness
has created immense opportunities
these are accompanied by serious
challenges which justify a study
such as the present one. The
purpose of the study is to find
appropriate strategies for the
multinational companies making an
entry in the Indian market.
Based on secondary data on a
number of companies the
researcher analyzes issues in
business environment, entry strategy
options, distribution, branding,
promotion and pricing in a
sufficiently detailed manner. The
study focuses on all the major
segments within the liquor industry
ranging from traditional products
like whisky to relatively newer
flavors for the Indian palate such as
wine.
The literature review starts with a
discussion on the major issues in
international marketing combining
theoretical perspectives with hard
data. The researcher is able to
present a clear perspective on these
through a discussion on the
corporate decision making, on entry
related decisions, and finally the
operational strategy based on
appropriate marketing mix. The
discussion then moves on to an
analysis of the business and
politico-cultural environment. Apart
from the issues of prohibition and
double taxation the researcher
dwells on the interesting cultural
distinction between 'wet' and 'dry'
cultures, cultures that encourage
liquor consumption as part of their
social and family life, and ones
which tend to push it to margins.
Another major issue discussed here
T A S M A C
M A N A G E M E N T
is the unusual Indian norm of
putting beer in the same class as
Whisky, Rum and other so-called
hard liquors, in the process turning
it into a luxury drink.
The section on segmentation is split
into two parts, the first one dealing
with macro issues, while the second
one focuses on the micro issues.
While the macro issues focus on the
broader potential of the national
markets and the environment, the
micro issues converge around
segmentation in all its aspects
geographic, demographic,
psychographic and behavioural.
After a brief discussion on the tools
of differentiation, the researcher
moves on to the vital process of
entry.
A substantial section on entry
strategies followed by the
multinationals indicates not simply
the many ways to make an entry but
also the different stages of
ownership and control of foreign
operations, ranging from global
sourcing to joint ventures and
R E V I E W
A separate section on distribution
highlights the major problems faced
by the manufacturer. The industry in
India is still highly regulated in
terms of manufacturing, storage
and also distribution given the near
monopoly status of the retailers.
Including government vends. Add to
this the regional variations and the
problem may seem very difficult or
uneconomical to tackle. The size of
the market however seems to be the
decisively alluring factor.
Branding and promotion are also a
major issue for companies used to
aggressive advertising and
promotion. The Indian Cable TV
Network Regulation Act has
encouraged ingenious forms of
surrogate advertising in India.
Sponsorship, events, and
endorsement seem to be the only
major outlets and opportunities for
advertising which often borders on
the surrogate mode. The
concluding section makes it clear
that despite all the drawbacks India
is indeed a growing market. What
seems to have helped this process is
perhaps that the Indian consumer
takes a proactive interest in
recognized foreign brands and in a
sense is already aware of the
foreign brands. What probably
works greatly in the favor of a
social or lifestyle product like liquor
is the word of mouth publicity within
the target segment, which more
than makes up for all the pitfalls.
Ironically, all the years of 'waiting'
2
Dissertation
have created an aware population,
a factor especially applicable to
Economics of banana marketing and its efficiency in India:
A Study of Banana Marketing from Jalgaon Disrict of Maharashtra
Rahul Raverkar (Batch : June 2004)
T
his is a highly relevant study
not simply with academic but
broader socio-political
significance. The study focuses on
the plight of the banana producer
willing to invest more for increasing
productivity. Often they may
discover that ironically enough,
while the returns from the market
are not commensurate, the burden
of further investment only results in
reduced profits. Although this study
focuses on bananas, some of its
insights are applicable to the
incidents of suicide among onion
and cotton farmers in Maharashtra,
Andhra Pradesh and Karnataka.
With its focus on market efficiency
the researcher hypothesizes at the
outset that the market channel
absorbs most of the gains from
banana marketing, and that the
producer as well as the consumer
remain at the receiving end of this
'inefficiency' to use a value-neutral
term. One may substitute the term
efficiency with 'injustice' to make an
explicit ethical judgment over the
market mechanisms.
The purpose of the study is to first
of all analyze the existing marketing
process for bananas to identify the
systemic constraints. This enables
the researcher to determine how the
3
mechanism can be more efficient. It
also allows the researcher to
estimate the producer's share in the
consumer price. On the whole then
the researcher is able to show that
a number of intermediaries end up
reaping the benefits of every
initiative that the farmer may take.
One gets the sense of a certain
stranglehold that needs to be
systematically removed to give the
banana and other traditional cash
crops a fighting chance.
An elaborate and insightful review
of literature looks at agricultural
marketing and the marketing of
perishables in India and elsewhere.
A number of empirical studies from
Maharashra and other states have
been discussed to highlight the
major issues which seem to be
common. The unregulated market,
lack of coordinated effort, lack of
financial facilities [loans and
advances], and the number of
intermediaries would seem to be
problems afflicting several other
crops apart from bananas.
The review includes a section on the
price spread outlining a variety of
channel linkages with the primary
producers. To quote a particular
study [Khan 2005] the banana
supply chain in India resulted in a
wastage of 30%, high retail to farm
rate ratio [1.8] and one of the
highest price paid by the consumers
[300%] in the world.
The empirical survey carried out by
the researcher is based on two
major sources of data the
producers, and the channel
members. While data from the
producer's end comes from Jalgaon
district in Maharashtra, Azadpur
mandi in Delhi is used as source for
data at the other end. The
researcher's empirical survey brings
out a number of channel
mechanisms some of which are
more commonly in use than the
rest. Also, some of the channel
mechanisms seem more wasteful
than others. But the most frequently
used mechanisms mapped by the
researcher seem striking for the
numerous layers of intermediation.
Dissertation
The researcher of course focuses on
the most prevalent channels. It
without some help from the
financial institutions, NGOs and the
government.
•••
Influence of Tweens on Family Purchase Decisions of
Consumer Durables in Nashik [India]
Sayalee M Kahane (Batch : June 2004)
W
hile it is fairly well-known
that children of various
ages is have increasing
say on purchase decisions that are
not very involving, the present study
takes up the case of consumer
durables. It is thus a study with a
heavy sociological edge in that it is
as much about marketing as the
changing position of the tweens
within a family. The study is
particularly interesting since it takes
up not a metropolis like Mumbai or
Delhi but a smaller city like Nashik.
Even within Nashik the researcher
focuses on two different schools to
select its population- an English
medium school that may be
culturally more forward in terms of
westernization, and a Marathi
medium school where the process
of social change may be slower.
by the tweens [12-14 age group],
to find out in turn what influences
them the most, and to identify the
product attributes that appeal the
most to them.
In a fairly focused literature review
the researcher discusses relevant
studies on tweens and children in
the western context. One thing that
becomes immediately apparent is
how the family based studies
focused only on the wife and the
husband would seem dated right
away for not considering the
influence of children. Clearly
This highly focused study spells out
its threefold aims as follows: to find
out the extent of influence wielded
T A S M A C
M A N A G E M E N T
R E V I E W
children do not turn into
mature/adult consumers overnight
and before they become
independent consumers they play a
growing role as influencers if not
overt decision makers.
Even when children are incapable
of thinking in terms of monthly or
annual budgets they may at times
be more spontaneous or vociferous
in spelling out their needs and
aspirations. In turn children
themselves are perhaps influenced
by the family, the peer group and
the media in a much more
thoroughgoing ways than a typical
adult. The researcher is able to give
adequate attention to the issues in
growth psychology. If one is to go
by the examples set by the
American society the 8-19 age
group in the US spent more than
113 billion dollars in 2003. In a
separate section on similar studies
around the world the researcher is
4
Dissertation
also able to bring out the problem
of measurement. It is a tough job to
been unilateral decisions of the
parents, at times only the wife or
the husband alone. The conclusions
are significant as much for the
promotional activity in various
media as how a sales person
conducts himself on the floor vis-avis the child.
•••
Empirical study of the Indian Stock Options Market :
Efficiency Tests on NSE Transactions Data
Anushree Kokkalera (Batch : February 2004)
T
he purpose of this study is to
carry out rational boundary
condition tests on call options
in the Indian stock market in order
to identify mispricing signals. These
mispricing signals are basically
arbitrage opportunities indicating
excess profit situations. The
dissertation aims at specifying
trading strategies to exploit the
mispricing signals. The study also
aims to identify patterns of
mispricing such as relation between
maturity days and the frequency of
violations. The significance of this
work can be seen in the broader
context of the role of derivatives
and options in enabling financial
institutions to identify, isolate and
manage different risks. In the words
of Alan Greenspan the financial
derivatives 'enhance the ability to
differentiate risk and allocate it to
investors most able and willing to
take it…' Efficient derivative markets
thus assume considerable
significance in enhancing the
performance of the financial
5
that arbitrageurs eliminate
mispricing in a market if a riskless
profit opportunity exists. The
arbitrageur's activity drives the asset
prices up or down, eventually
eliminating mispricing.
markets.
The National Stock Exchange of
India [NSE] commenced trading in
derivatives with the launch of index
futures in June 2000. During 20034 the futures and options segment
of NSE reported a total turnover of
Rs. 21,306,492 million showing a
five times increase as compared to
the preceding year. The present
study considers the NSE data as the
contribution of the BSE has shown
decline over the past few years.
The tests in this study are based on
the principle of no-arbitrage. This
principle is founded on the premise
The appeal of examining noarbitrage conditions based on
pricing relationships lies in the
simple way in which they test market
efficiency without imposing
restrictions on the investor's
preferences or distributional
assumptions on asset returns. The
study first discusses market
efficiency and lists some tests of
options market efficiency. After
reviewing previous studies the
dissertation presents the theoretical
pricing relationships implied by noarbitrage conditions for call options
on individual stocks. The spread
and convexity tests attempt to
gather evidence for the efficiency of
the stock options market, while the
lower boundary conditions tests
offer information on the joint or
Dissertation
cross market efficiency of the stock
options market and the underlying
stocks.
The methodology section gives a
detailed account of the hypotheses
related to the Ex-post tests of
boundary conditions and Spread
Tests. The discussion dwells on
specific hypotheses related to
Immediate exercise lower bound,
European boundary condition, and
Pseudo-American boundary
condition and then moves on to
Call spreads, Call connectivity
condition [Butterfly Spread] and
Transaction Costs and bid-ask
spreads. This section winds up with
a discussion on four different
scenarios for transaction. The
period of the study is 1st January
2004 to 31st December 2004
which amounts to 225 trading days.
The study focuses on 49 stocks
traded on all 225 days. The assets
in the sample are classified
according to the industry they
belong to. Of the 25 asset classes,
5 are public sector banks, followed
by automobiles and IT each of
which form 12% of the sample. The
researcher includes a separate
section on the limitations of the
study such as the need to carry out
ex-ante tests, and the problems
created by the fact that the tests use
American options and the arbitrage
conditions are for European
options.
The study found evidence of
mispricing in the Indian stock
options market. Lower boundary
condition tests performed on the
NSE call options data showed
significant incidence of mispricing
for zero transaction costs. However
it is observed that with the inclusion
of transaction costs the mispricing
frequency reduced significantly. The
researcher admits that while this
result is indicative of joint/cross
market inefficiency it needs to be
verified by further analysis using expost tests of intra-day transaction
data when available. The results of
the spread tests suggest that
arbitrage profits could have been
made especially in the case of the
call spread, which do not involve
large overhead costs. On the other
hand the much tighter bounds
placed by the convexity spread tests
refute this observation leading to
the conclusion that the Indian stock
options market may be internally
efficient.
•••
A Study on Fertilizer Promotion and
Distribution in Rural Haryana [India]
Chahal Jagdeo Singh (Batch : February 2004)
T
his study takes a close look at
the patterns of fertilizer
consumption in Ambala and
Yamunanagar districts of Haryana.
The purpose is to find out the
satisfaction level among the
consumers and to identify the gaps
in the distribution channel. The
study is thus concerned with the two
Ps of marketing, promotion and
place, since the product and the
price are fairly homogenized over
the two districts. The research is
driven by a specific query given
that Yamunangar and Ambala are
neighbouring districts, why is the
per capita consumption of fertilizers
higher in Yamunangar. There is thus
a demographic edge to the work as
well. The factors behind the
differences may be education,
distribution constraints or even the
cropping pattern prevalent in the
two districts.
T A S M A C
M A N A G E M E N T
The study includes a survey of
literature that covers a number of
issues in rural marketing, status of
the fertilizer industry, and questions
related to awareness among the
populace. India is the third largest
producer and consumer of
chemical fertilizers in the world,
ranking after China and the US.
Within India Haryana happens to
be the second larges consumer of
fertilizers after Punjab. A great deal
of the literature focuses on issues of
awareness, personalized marketing
and channel problems all of which
are traditional problems in rural
marketing. By its very nature
fertilizer as a product involves
transmission of know how through
the distribution channel. Similarly a
reverse process of feedback would
seem as essential to the marketing
of fertilizers. The two way process is
crucial for both appropriate and
adequate use of fertilizers as well as
avoidance of overuse which can
lead to ecological disaster over
time. The rural population would
seem to prefer promotion in forms
that involve communal activity such
as fairs, film shows, exhibitions and
interactive gatherings where twoway communication can take place.
The promotional and the channel
structures involve certain other
R E V I E W
6
Dissertation
unique issues. Fertilizers are
subsidized by the government and
landowners, which may again
combine two different kinds of
disincentives for investment in
fertilizers. Lastly, whereas Ambala
farmers get 2 crops from their land
every year, Yamunangar farmers
extract three crops per year, which
may contribute significantly to
fertilizer consumption. Also,
Yamunangar is a sugarcane
growing area which is likely to add
further to its fertilizer consumption.
faced from the manufacturer and
the distributors.
•••
As for the distribution and
promotional aspects, the researcher
found significant difference in case
of transport and advertising activity
of companies in both the districts. It
is not surprising that the yields in
Yamunangar are higher than in
Ambala. Given that Ambala is
more advanced in the
developmental sense it is a tough
task to make recommendations
specific to the district but the
researcher seems to feel that the
disincentives may be remedied
through a more focused appeal to
the consumer and by undoing the
relative neglect that the district has
Cost of Capital and Performance:
A Relationship Study of Selected Indian Companies
Rohit Chadha (Batch : June 2002)
T
he main aim of this study is to
analyze the cost of capital for
selected Indian companies
and establish a relationship
between various factors internal
and external to the company. The
internal factors include capital
structure, company age and growth
in fixed assets and the external
factors include systematic risks
defined by the Beta and
uncontrollable factors such as
corporate taxes. Cost of capital is
important in appraising capital
investment decisions given that
investments are made at the present
against cash flows accruing over
7
time. This necessitates an
appropriate discounting rate in
estimating the present worth of
future cash flows. An error in the
estimation of this discount rate
could result in either
underestimating or overestimating
the cash flows leading to wrong
decision making.
The study thus addresses the
following tasks in steps:
a. estimating the cost of capital of
selected companies
b. analyzing the implications of
changes in the cost of capital
c. examining relationship between
cost of capital and factors internal
and external to the company.
The literature review segment in the
dissertation has been divided into a
number of sections such as Cost of
equity, cost of debts, Weighted
Average Cost of Capital, impact of
inflation, trends in India, and cost
of capital. Apart from previous
studies, a number of
methodological issues are raised in
these chapters. The researcher finds
that the Capital Asset Pricing Model
[CAPM] has a wider application as
against the dividend growth
approach. The sample selected by
THE POWER
OF MIND...
...IN SERVICE
OF YOUR
BUSINESS
To stay ahead in face of global competition,
the industry today relies on
human resource equipped with the ever
changing & advancing power of knowledge.
Through its range of services,
TASMAC brings you the
best of every parameter of this
all important knowledge resource.
EDUCATION THAT EMPOWERS
TASMAC is the right source of professionally qualified manpower
with a unique global exposure through –
l
MBA, MA in Advertising, MA in Public Relations, MA in
Journalism, MSc (Information Systems) & BBA courses from the
University of Wales offered at the state-of-the-art campuses at
Pune, Kolkata, Bangalore and Mumbai.
l
Certificate & Diploma courses from Association of Business
Executives
l
Acting as a South Asia recruitment office for leading universities
from U.K., USA, Australia, New Zealand & Switzerland in the
fields of Management, Hospitality, Tourism etc.
STAYING TUNED
To keep the human resource abreast of the mind boggling pace of
change ‘TASMAC Management Training Resources (TMTR)’ focuses
on corporate training, offering world-renowned programmes,
customized to suit every training need.
KNOWLEDGE BASED
BUSINESS SOLUTIONS
‘TASMAC Consulting’, a division of TASMAC offers value added
consulting services, providing effective & profitable solutions and
supporting their implementation.
TASMAC Management
Training Resources
CONSULTING
A DIVISION OF TRAINING AND ADVANCED STUDIES
IN MANAGEMENT AND COMMUNICATIONS LTD.
®
TRAINING & ADVANCED STUDIES
IN MANAGEMENT AND COMMUNICATIONS LTD.
www.tasmac.ac.in/wales E-mail : [email protected]
CORPORATE OFFICE AND PUNE CAMPUS : TASMAC House, TASMAC Road, Viman Nagar, Pune - 411 014 (India).
Tel. : +91 (0)20 65003871/65003872/26632456/26632893/65263534/65001431, Fax : +91 (0)20 26632362
BANGALORE CAMPUS : TASMAC House, 7th Milestone, Kudalu Gate, Hosur Main Road, Bangalore - 560 068 Tel.: 080 32509800/01/02/03
KOLKATA CAMPUS : TASMAC House, 27, GN Block, Near Godrej Factory, Sector V, Salt Lake City, Kolkata - 700 091.
Tel. : +91 (0)33 23572551/52/53 Fax : +91 (0)33 23572554
MUMBAI CAMPUS: TASMAC, C/o LBHFFT Institute of Computer Application, Hiray College, Next To New English School,
Govt. Colony, Bandra (East), Mumbai 400 051
BRANCH OFFICES : Ahmedabad : Tel. : +91 (0)79 27911327. Bangalore : Tel.: +91 (0) 80 41126493/22109647 Fax : +91 (0) 22109646.
Guwahati : Tel. : +91 (0)361 2608061. Hyderabad : Tel. : +91 (0)40 55662724 / 5. Kochi : Tel. : +91 (0)484 2356677/2356617/2356652 Fax : +91 (0)484 2356057.
Kolkata : Tel. : +91 (0)33 24850201/24850202, Fax : +91 (0)33 24861507. Mumbai : Tel. : +91 (0)22 23516430/23513656.
Pune : Tel. : +91 (0)20 26127289/26136589/26130423, Fax : +91 (0)20 26124279.
T A S M A C
M A N A G E M E N T
R E V I E W
8
Dissertation
the researcher includes top 30
companies listed on the BSE as on
31st March 2003 ranked on the
basis of their market capitalization.
There are several variables that
influence the cost of capital and the
present study has taken up a few of
those key variables. The results of
the analysis indicate that beta is a
highly significant indicator of cost of
capital. In addition the research
concludes that in relation to risk,
the size, the tax rate and fixed
assets to total capital influence a
company's WACC. In sum there is
no single variable that is
responsible for determining a
company's cost of capital. Given
the nature of the results the
researcher lays down a number of
suggestions for the management of
a company. These include the need
for understanding the true cost of
equity by breaking down the various
pieces of the value chain. Another
suggestion is to create a capital
structure that allows for flexibility
while minimizing the cost of capital.
It is also important to analyze the
competitive environment in order to
identify areas of investment in which
the company has the greatest
potential to generate returns
exceeding the cost of capital. In
brief good decision making
depends on taking account of all
the key factors
The suggestions made by the
researcher may seem too
generalized but a close look at a
survey carried out by Prasanna
Chandra in 1998 [discussed in a
small but separate chapter] throws
some light on their significance. In
the survey Chandra spoke to
representatives of 20 large sized
business undertakings on the issue
of cost of capital. The words of the
representative from the chemical
industry were most startling 'we
don't calculate the cost of capital as
it is too academic and impractical'.
The researcher systematically tries
to respond to all the objections
from the industry in a section titled
'Some Misconceptions related to the
cost of capital' which is very useful.
In a sense the value of the
dissertation lies as much in its
quantitative results as its advocacy
for an adequate place for cost of
capital and the determining factors
in the minds of the decision makers
in management in India.
•••
Optimizing Sourcing Costs in Recruitment for ABB, India
A Prem Christopher (Batch : October 2003)
A
n expanding job market and
increasing employment
opportunities are indeed
good news for the economy. But
mounting competition among the
companies necessitates that the
recruitment process be made as
efficient as possible in both senses
of the term to get the best possible
employees, and to get them at
reduced cost. The present study
looks at the quantitative and the
qualitative aspects of the issue
through an empirical study of the
sourcing methods followed by a
specific company.
The objective of the study is to
determine the effectiveness of the
recruitment process in the given
company using various metrics. The
study aims to calculate the cost per
hire and presents suggestions for
optimizing the sourcing costs and
reducing the 'cycle time' in
recruitment. The study includes a
substantial survey of literature on
the subject. Starting with the
strategic issues in recruitment, the
researcher moves on to more
specific issues such as the different
modes of sourcing, costs and
metrics, quantitative and qualitative
aspects of efficiency and also
discusses studies done on the
different sourcing methods in the
past.
Since once the job analysis is done,
sourcing involves the next two
stages of the recruitment process
making the candidate aware of the
9
organization and the job, and
eliciting application from him, a lot
depends on what happens during
these stages. The chief contribution
of this study is to underline the
critical role played by the sourcing
stage and its further optimization. In
this sense the study addresses a
major anxiety of organizations
which have to constantly modify
their recruitment strategies in the
face of an often volatile market. A
focus on sourcing can certainly
minimize on the chaos and the cost
[and the time spent] involved even if
other problems are imposed from
above and little can be done about
them.
The methodology section of this
study deals with the actual process
of data gathering and analysis. The
researcher had to glean information
on the recruitment processes
followed by the company and the
Dissertation
costs involved. This section also
dwells on the metrics used in the
recruiting is another method the
researcher seems to favor as it
allows increased independence
from consultants. But this method
can clearly prove effective only in a
long term. This section also
includes major and minor
suggestions for the entire
recruitment process, and the
different ways to save cost and time.
Employee referral is another
method of creating a highly
coherent workforce structure. The
On-demand Recruiting services
model favours use of time sent
rather than the per hire calculation
which is increasingly seen as the
more effective way to deal with the
recruitment problems of today. In a
sense then a company has to
decide which recipes to choose and
in what ratio, depending on its
basic traits, needs and challenges
faced by it.
•••
Customer Relationship Management in
the Banking Industry [Case Analysis of ICICI Bank]
Kanwar Deep Singh Uppal (Batch : October 2002)
A
s indicated in the title this is a
case study on the customer
relationship management
strategies of the ICICI. The study
tries to present an evaluation of the
bank's strategy as evidenced in a
particular branch of the bank. The
dissertation aims to put together the
relationship between corporate
CRM strategies, policies and the
practices followed by the branch.
The aim is to focus on the
deviations and the overall
effectiveness of the corporate CRM
policies.
information is used by the branch,
and to find out the methods
employed for building customer
relationships.
At the core of the study lies an
empirical survey carried out among
retail and industrial clients of the
specific branch to gather
information on customer retention,
to find out how the customer
section on the CRM concept and
some of the ambiguities involved.
While there may be many ways to
define the concept of CRM the fact
remains that such a concept
emerged in the context of the
T A S M A C
M A N A G E M E N T
The academic report opens with a
R E V I E W
increasing importance of the
consumer. Also, given the nature of
technological growth in the recent
decades it has become possible to
amass huge amounts of
information on the customer. The
question is what is to be done with
this data and in what manner. There
is an ethical issue as well since the
customer is at times aware of the
data traces left by him and at times
he is not. The customer at times
welcomes information offered to
him and at times is far from keen to
be approached. In recent times the
customer has showed a tendency to
jealously guard his privacy
regarding it as an inherently
important issue. Interestingly, while
the data gathered by companies
may become large to the point of
being unwieldy, proper data
10
Dissertation
analysis allows a marketer to
customize his offerings to a
surprising extent. The CRM
approach also enables a company
to look at new customers while
retaining full attention on the
existing customers and their
changing needs.
The study devotes adequate space
to the different elements of CRM
such as the organizational strategy
where a company clearly defines its
expectations of CRM and its
implementation. Then there are the
infrastructural aspects, when
systems are put in place on the
basis of preferences and
compatibility. There is also the
important question of investing in
customized systems which may
produce better results, and in terms
of training of personnel to derive
the maximum benefit from the
systems in place. An important
element is the inculcation of CRM
through recruitment, orientation
and training which assimilates the
CRM elements within the culture of
the organization. Often when
organizations implement CRM and
find that it hasn't resulted in better
performance, the reason may be
that that the employees have not
absorbed it to the required extent
and that it has just become another
technology. Finally there is also the
issue of evaluation of the entire
programme of CRM to ensure that
it is performing optimally.
This section winds up with a brief
discussion on the different stages of
the CRM strategy starting with the
reactive stage where an
organization is able to meet the
customer needs and is able to
respond to customer feedback. A
more proactive approach would
include evaluation of customer
perception and ability to retain
customers. A transition from
performance based CRM to
commitment based CRM is made
when such evaluations are
constantly made and remade and
the information flow goes both ways
resulting in constant improvement.
The study is thus able to bring out
the many dimensions of CRM which
may continue to be understood the
way anyone 'wants' to understand it.
And yet if a system does not lead to
continuous improvement it would
seem to have little justification.
After giving an account of the wide
range of the products the
researcher provides a detailed
empirical analysis of the strategies
and practices followed at the
branch offices. Through discussions
on segmentation and differentiation
the study moves on the issues in
marketing strategies and the
avenues used for forging customer
relationships. This provides the
required backdrop to the analysis of
customer feedback from both retail
and industrial sources. The study
lists a number of problems faced by
the retail customers and
recommends appointing a customer
relations manager. Similarly the
industrial segment is faced with
issues of loyalty and trust apart from
the elaborate documentation
required. In the section on
marketing communication the study
concludes that personal contact is
the best way to communicate and
build lasting relationships. It would
thus seem that the technological
benefits can be drawn fully only
when personal contact remains the
prevalent mode of communication.
This may seem discouraging to
those CRM advocates who
overemphasize the technological
aspect at the expense of the human
aspect.
•••
Consumer Preference of Western Foods in
Chandigarh [Urban India]
Gaganjeet S Dhillon (Batch : October 2004)
T
his study focuses on a number
of research questions around
fast food which are as follows:
Who are the consumers of western
fast foods in urban India, how do
they get acquainted with western
fast foods, and what do the
consumers seek in western fast
foods? The purpose behind asking
these questions is to of course find
out exactly what will encourage the
purchase of western fast food
offerings. The researcher focuses
11
specifically on burgers, pizzas and
sandwiches while conducting a
survey in Chandigarh, the capital of
both Punjab and Haryana.
The literature survey begins with a
focus on the two distinct traits of the
Indian consumer first the internal
variety within the country which can
be seen in terms of regions, and
second the reluctance of the Indian
palate to completely adapt to
western or any other [e.g. Chinese]
food in its original form. The study
quotes the example of McDonalds
whose Indian fare differs from its
global offerings by as much as
Dissertation
75%. On the other hand such
conservatism is accompanied by
The conclusions of the study are a
good combination of the obvious
and the less apparent. Association
with western culture is indeed a big
draw among the youth and they are
proactive in trying out new things.
With increased earnings consumers
are willing to pay more for the
cleanliness and ambience. Eating
out after all is a major 'experience'
punctuating family and friend'scolleague's lives as the major 'event'
in the weekly routine. Eating out is
increasingly converging with other
shared entertainment experiences.
That Indian fast food industry is
growing by 40% every year is a
measure of the opportunities
waiting at the doorstep. The
interesting thing about eating
together is that while it is an
experience on its own, many other
preoccupations end up over the
dining table ranging from an
official meeting to a highly personal
anniversary celebration.
even a roadside cart with a unique
recipe may be as much inviting. It is
almost as if the market is leveled
equally for all opportunity seekers.
Isn't the argument 'the food is
alright but the live band is great'
quite acceptable for a group of
young friends? There are however
certain worries and concerns apart
from the direct cost. The study gives
due attention to the health factor
which has come into focus in recent
years. Fast foods have been
associated with obesity, diabetes
and cardiac problems, especially
given the Indian epidemiological
profile. As the study indicates
'alimentary entertainment' needs to
become healthier in the future as
more and more people become
health conscious.
•••
The interesting thing about fast food
is its versatility it ranges from a
bite, to a light snack to a fulsome
meal. You can sit in the restaurant
or pick up food from a take away
and carry it home in the shape of a
full meal or a supplement. In terms
of branding, while the global
brands are interesting in
themselves, a little restaurant or
Evaluating the Performance of Sectoral Mutual Funds in India
Preeti Jhunjhunwala (Batch : October 2002)
T
his study aims to determine
the performance of sectoral
mutual funds as compared to
the index. The purpose is to also
find out if certain Sectoral mutual
funds perform persistently better
than the benchmark [the BSE
index].
Interest in mutual funds
T A S M A C
M A N A G E M E N T
performance has a long history and
several studies have investigated
whether mutual funds on average
outperform the market and whether
the performance of the best
managers is statistically significant.
Those studies however do not
directly address the question of
persistence of performance. Studies
on performance fall into two
R E V I E W
categories, ones which do not find
persistence, and ones which do.
The literature review section in the
study looks at a broad range of
studies carried out in the past and
presents the conclusions in a
focused manner. In a perfectly
efficient market we would expect
performance to be random over
12
"Today, my company
will select the
marketing team
for our
new joint venture
in Indonesia…
If only I had done my MBA! "
Indian industry has started reaping the benefits of globalization.
And it's only the beginning. The coming years will see an explosion of global opportunities.
Empower yourself to make the most of them…
UNIVERSITY OF WALES, U.K.
Validated degree programmes right here in Pune
MBA
( Part Time )
Validated by
TASMAC, the first and only institute
outside U.K. and Europe to be accredited
and recognized by British Accreditation
Council for Independent Further and
Higher Education (BAC), U.K. is also
India's first ISO 9001: 2000 certified
management institute.
BA
UNIVERSITY OF WALES, U.K.
Right here in Pune!
Eligibility : A good bachelor's degree from a recognised university OR Non-graduates over the age of
25 years who can demonstrate relevant and appropriate prior learning experience that would enable
them to contribute to and benefit from the programme.
Programme Highlights/ Advantages at a glance n Opportunity to get an Internationally recognised British Management Degree right here in India n The students are registered with, and
the degree is awarded by University of Wales, the second largest & one of 4 Federal Universities in U.K. n British Degrees are valued and
respected worldwide n Programmes include core training in transferable skills n Transfer possible between Pune & Bangalore campuses
n Fees much lower compared to similar programmes in U.K. In addition, students save on travel, accommodation & other expenses.
n Programme designed for working executives n Programme conducted on weekends n Opportunity to continue working and maintaining
your income while gaining an internationally relevant and recognized qualification n 2 year programme including dissertation n Expert
faculty who consult to business and have varied academic and corporate experience n A practical curriculum which has an immediate
impact on operational effectiveness n Team based learning will ensure that you develop excellent people management skills during the
programme and also form friendships and networks that will stay with you long after the degree is complete. n A dedicated management
education facility with excellent learning resources and facilities.
INTAKES IN OCTOBER , FEBRUARY & JUNE EVERY YEAR
For complete prospectus/application form, please send DD/MO/IPO of Rs. 800/-. For free details contact :
®
TRAINING & ADVANCED STUDIES
IN MANAGEMENT AND COMMUNICATIONS LTD.
www.tasmac.ac.in/wales E-mail : [email protected]
CORPORATE OFFICE AND PUNE CAMPUS : TASMAC House, TASMAC Road, Viman Nagar, Pune - 411 014 (India).
Tel. : +91 (0)20 65003871/65003872/26632456/26632893/65263534/65001431, Fax : +91 (0)20 26632362
BANGALORE CAMPUS : TASMAC House, 7th Milestone, Kudalu Gate, Hosur Main Road, Bangalore - 560 068 Tel.: 080 32509800/01/02/03
KOLKATA CAMPUS : TASMAC House, 27, GN Block, Near Godrej Factory, Sector V, Salt Lake City, Kolkata - 700 091.
Tel. : +91 (0)33 23572551/52/53 Fax : +91 (0)33 23572554
MUMBAI CAMPUS: TASMAC, C/o LBHFFT Institute of Computer Application, Hiray College, Next To New English School,
Govt. Colony, Bandra (East), Mumbai 400 051
BRANCH OFFICES : Ahmedabad : Tel. : +91 (0)79 27911327. Bangalore : Tel.: +91 (0) 80 41126493/22109647 Fax : +91 (0) 22109646.
Guwahati : Tel. : +91 (0)361 2608061. Hyderabad : Tel. : +91 (0)40 55662724 / 5. Kochi : Tel. : +91 (0)484 2356677/2356617/2356652 Fax : +91 (0)484 2356057.
Kolkata : Tel. : +91 (0)33 24850201/24850202, Fax : +91 (0)33 24861507. Mumbai : Tel. : +91 (0)22 23516430/23513656.
Pune : Tel. : +91 (0)20 26127289/26136589/26130423, Fax : +91 (0)20 26124279.
13
Dissertation
time. While some funds may
outperform and others may under
perform, the difference would be
strictly random over time. On the
other hand if the performance
shows persistence it would suggest
that at least some managers have
superior information and that the
portfolio theory can be used to
benefit the investor. This can be
achieved either by selecting
securities that outperform others or
by switching from one risk class to
another at an appropriate time. The
latter strategy is called market
timing or asset allocation. Past
studies have shown that some
mutual funds do worse than others
and one of the main reasons is
superfluous diversification of
securities. Given that 'market timing
is a difficult if not impossible task to
accomplish', it would seem that 'the
decision to pursue a passive or an
active strategy in an efficient market
is a key decision for individual
investors'.
Admittedly, a Sectoral fund
targeting a specific industry would
magnify some of the fund features
mentioned above and seem more
susceptible to wider price swings
than its conservative equity
diversified counterparts. If an
investor is not happy with his
diversified fund he may want to opt
for a Sectoral fund. But Sectoral
funds tend to have a high risk-
reward ratio and are generally seen
as short term solution.
The study analyzes data from eight
different mutual funds from the IT,
FMCG, MNC, and Pharma sectors
for the years January 2000December 2002. For comparison
of performance the BSE sensex has
been used. The performance
measures used in the study are the
Sharpe Ratio, the Treynor Measure,
and the Jensen Measure.
Comparison of average returns and
standard deviations of the
individual Sectoral funds with the
benchmark showed that the
average returns of all the funds
were greater than that of the
benchmark, while the standard
deviation of the benchmark was
higher than the Sectoral funds. It
was seen that on an average the
fund managers proved good
market timers but the average
returns earned by the managers
were negative for the selected
period. As for the issue of
persistence, only 3 out of eight
funds showed persistently superior
performance than the index. While
the MNCs performed the best the IT
sector fell at the bottom. While the
analysis of the FMCG sector
showed bad timing ability, the
Pharma sector showed bad
selection ability. To succeed a
Sectoral fund must meet certain
criteria. The sector must be big
enough, with adequate stock and
must have long term potential. An
investment in a Sectoral fund can
be effective only when it is held on
long term basis as changing market
sentiments make them volatile in
the short term. A Sectoral fund is a
bet and is something to be
managed actively requiring
constant review of the portfolio.
Evaluating historical portfolio
performance is important to the
investor for several reasons. It
enables him to see how well his
manager is achieving his target and
controlling the risks, and how he
compares with other managers. The
bottom line is historical fund
performance or past data cannot
be the sole factor to go into
decision making. This is especially
so in the case of sectoral funds
which are affected by global cycles
that may leave them battered for
what may seem long stretches of
time to an individual investor.
•••
The Impact of Liquidity on Market Efficiency:
The Case of the Saudi Stock Market [TADWUL]
Yousuf Azim Siddiqi (Batch : October 2003)
S
audi equity markets are
comparatively new having
started officially in 1980s
while online trade started in 2001.
Earlier empirical studies found that
the Saudi markets were inefficient
showing lack of adequate liquidity.
However major reforms and
changes such as online trading,
T A S M A C
M A N A G E M E N T
permitting investments from the
Gulf, initiatives to join the WTO
have had a positive impact on the
stock market, and some of the
impact is still being absorbed. It
would thus be useful for the small
investor and brokerage houses
[currently only banks] to be certain
whether markets are at least weakly
R E V I E W
efficient or not.
The study focuses on the liquidity
aspect with the well-founded
assumption that when information
arrives in the market the investor
reacts to it and the degree of his
reaction can be measured through
the number of trading or the
14
Dissertation
volume of trading. Level of liquidity
would thus show if the levels of
demand and supply changed since
new information [news] arrived,
which would seem desirable for a
market that hopes to become
increasingly efficient. Lower levels of
liquidity on the other hand would
seem to indicate that information
has not reached the common
investor and that only selected
investors are privileged to make use
of the information. It is in this sense
that liquidity can lay a claim to be
regarded as a measure of market
efficiency.
The study includes a survey of
various empirical studies on
different parts of the world and
dwells on the market anomalies.
There is a separate section on
financial reforms which is relevant
for the emerging markets. Tests of
strong efficiency show nonfavourable results even in
developed markets. While some
earlier studies showed that
emerging markets like Egypt, India,
Saudi Arabia, Kuwait, and UAE
failed to show weak efficiency, the
more recent works indicate that the
situation may be fast improving,
largely of course due to the
financial reforms. Studies that try to
correlate market efficiency with
liquidity have all shown that liquidity
significantly and positively affected
the randomness of price changes of
individual stocks or market indices.
The developing and emerging
markets show several anomalies
which may disappear only when
these are made entirely public. A
separate chapter on financial
reforms includes themes such as
introduction of derivatives,
integration of stock markets,
establishment of derivative
exchanges, and continuous trading.
The study examines data from 9
banks listed on TADWUL for the
period 1s January 2002 to 31st
December 2004. for testing
efficiency the study focuses on two
methods - autocorrelation of price
change, and run test. In case of
significant correlation between price
changes or non-randomness of
price movements the levels of
liquidity of the stock markets are
examined. Trade volume ratio is
used as a measure for liquidity of
the stock market.
The study found that the level of
market efficiency of TADWUL has
improved for the big stocks and
ones which are traded more
frequently than in the past.
Infrequent and non-synchronous
trading [due to week long holidays]
affected the price changes
adversely and hence market
inefficiency is clearly visible in the
first and the fourth quarter of the
years, indicating arbitrage
opportunities. When the Saudi
exchange remains closed for 7-10
days the arbitrage opportunities are
clearly visible in the banking index
and the market index of TASI.
To tackle the low level of liquidity
and non-synchronous trading the
study suggest introduction of
derivatives, continuous trading
hours, more advanced and specific
indices, and control over insider
trading. Some research on
derivatives from the Islamic
perspective has been referred to in
the study and the researcher
expresses the hope that derivatives
aligned with Islamic perspectives
would open up a new possibilities
in the region. The study also
includes a comment on the need to
integrate the regional markets in
the Gulf, an issue which is already
being discussed by the authorities.
Bahrain and Kuwait are the more
developed markets in the region
and their experience is likely to
accelerate the process of
integration and reform.
•••
Study on Factors Influencing the Investment decisions of
Investors in Kerala with Special Focus on Mutual Fund Investments
Boney C Kurichy (Batch : June 2003)
E
arlier studies on the Indian
capital market reveal that
investments in capital market
and mutual funds in particular from
the southern parts of India
especially Kerala are very low. The
present study aims to determine the
15
various reasons behind this. The
objectives of the research are to
identify the saving preferences of
investors from Kerala and
determine the factors that influence
the investment decisions. The study
also aims to assess the awareness
of mutual funds among the
investors, and their specific
preferences. Additionally the study
attempts to seek the demographic
profile of the likely investors and to
identify their preferred mode of
communication. Marketing of
Dissertation
financial products is thus the focus
of the present work.
The literature review section in the
study gives a comprehensive
account of the wealth management
industry and the recent trends in
India. Although the interest rates
offered by the banks have not been
commensurate with the inflation for
a number of years, the investors
tend to be wary of other
alternatives. A survey by the Society
for Capital market Research [2004]
among other such
research indicates that
Kerala indeed has a
lower level of
investment. The
reasons may be
twofold relative lack
of awareness and riskaverse trait of the
investors. Given the
educational profile of
the state it is somewhat
surprising that
awareness may be the
major issue. On the
other hand the
educational levels also
indicate that more and
better quality of
convincing may be
required in Kerala.
There is some
indication here that
general literacy and
'financial' literacy may
not necessarily go
hand in hand. The
moral would be the
benefits of mutual
funds cannot be taken for granted
and that these benefits need to be
conveyed to the investor in Kerala
in a proactive fashion. One needs
to remember however that despite
developmental leaps in health and
education Kerala has faced
economic stagnation for a long
period and investment habits may
be just a small part of the broader
picture.
In order to meet the above
T A S M A C
M A N A G E M E N T
objectives a survey was conducted
among investors as well as financial
advisors in Kerala. The investors
and financial advisors were from
the districts of Cochin, Kottayam
and Thrissur. The responses were
compared and analyzed to draw
conclusions about the investors.
The main findings of the survey are
as follows:
The investors in Kerala prefer bank
deposits as their main investment
method. The major factors
influencing investment decisions are
good returns, safety, tax savings,
and liquidity. The survey revealed
that there is a low level of
awareness of mutual funds among
the investors, which may be largely
responsible for low levels
investment in mutual funds in
Kerala. The investors perceive
mutual funds as another mode of
direct investment in stocks, which
seriously affects their risk
perception. Those who do invest in
mutual funds seem to prefer the
R E V I E W
intrinsic qualities of growth funds
such as good returns, capital
appreciation and tax savings. The
age group 30-50 was found to be
the most amenable to investing in
mutual funds. Financial papers and
magazines were found to be the
best medium of communication
with the potential investors.
The recommendations listed by the
researcher fall into three categories
related to product, place and
publicity. New product offerings
combining the benefits
of insurance and
mutual funds are
suggested. A major
issue is the relation
between the
intermediaries and the
investor where
relationships need to
be built over time.
Newspapers have
carried any number of
stories of scandals and
frauds, which dissuade
the investor from
approaching financial
advisors. On the other
hand proactive
methods of
communication such
as opening of kiosks in
trade fairs and the
premises of the
distributor is
suggested. Clearly in a
situation of lack of
awareness or even
lack of trust,
communication must
follow a rational and substantial
style with emphasis on concrete
content. The simple message may
be - if you are asking someone to
put his money on stake, hype can
only bring further suspicion.
•••
16
The global leaders in IT
industry are not just
techies…
They are Techno
Managers.
Technology can take you only upto a point in an IT career. No further.
For higher positions, it is necessary that you are able to combine
technical excellence with smart business strategy. This blend of
technology with management skills is what we offer in -
MSc INFORMATION SYSTEMS
(One Year)
A globally recognized British Degree validated by
University of Wales, U.K.
· The programme focuses on the needs of the IT industry
including Software Design, Enterprise Application
Development, Infrastructure Mgmt and Information Systems
Strategies.
· The curriculum emphasizes management concepts like SWOT
analysis, BCG Matrix, Outsourcing Strategies, Business
Process Re-engineering, Value Chain Analysis, Six Sigma
Principles etc. and their applications to technology based
organizations.
· The programme highlights on a Systems Approach to functional
domains of Marketing, Finance and Human Resource.
· Students gain hands-on experience on ERP software and Data
warehousing tools.
Students are registered with University of Wales,
the second largest and among the four Federal
Universities in the U.K. n Students receive the same
degree as that received by students studying within
the University of Wales, U.K. n Programmes are
intensive in nature, and hence of shorter duration.
n Students undergo a unique Managerial Skills
Development Programme called 'Pathways to
Success'. n An overwhelming response from the
industry for placements. n Fees much lower
compared to similar programmes in U.K. In addition,
students save on travel, accommodation and other
expenses.
n
Eligibility : A good bachelor's degree from a recognised university OR Non-graduates over 25 years
who can demonstrate relevant and appropriate prior learning experience (minimum of 2 years) that
would enable them to contribute to and benefit from the programme.
Student Loans
available through
corporate tie-up with
State Bank of India
Complete prospectus/application form available for Rs. 800/- by DD/MO/IPO.
For FREE details contact:
®
www.tasmac.ac.in/wales E-mail : [email protected]
CORPORATE OFFICE AND PUNE CAMPUS :
TASMAC House, TASMAC Road, Viman Nagar, Pune - 14 (India).
Tel. : 020 65003871, 65003872, 26632456, 26632893, 65263534, 65001431 Fax : 020 26632362
BANGALORE CAMPUS : TASMAC House, 7th Milestone, Kudalu Gate, Hosur Main Road, Bangalore - 560 068
Tel.: 080 32509800/01/02/03
17
Dissertation
India's Position In The International Textile Market
Vineet Gupta (Batch : June 2002)
I
nternational trade in garments
and textiles has been governed
by Multi-Fiber Arrangement
(MFA) for close to thirty years now.
This arrangement was negotiated in
1974 under the framework of GATT
to safeguard the interests of
garments and textiles industry in
developed countries from the
competition from developing
countries. The labor-intensive
nature of this industry made the
developing nations highly
competitive due to abundance of
cheap labor and resources. Under
this arrangement, the industrialized
countries could restrict imports from
developing countries and they
could target individual countries to
impose both qualitative and
quantitative restrictions.
However, from 1st January, 1995,
the MFA has ceased to exist and
has been replaced by Agreement
on Textiles and Clothing (ATC),
which is a part of the Final Act of
convenient payment options, latest
fashion trends, modern production
facilities and the use of vegetable
dyes are some of the pre-requisites
for building a strong brand name.
Uruguay Round of Multilateral
Trade Negotiations of the GATT.
The ATC envisages complete
integration of garments and textiles
trade into the multilateral
framework at the end of a ten-year
transition period ending on 31st
Dec. 2004.
This transition will have a major
impact on the textile and garments
business of the developing nations.
The monopolistic trends will be
replaced by free and fair garment
trade in open markets.
While it will create
opportunities for countries
like India to increase its
garment exports, there will
also be competitive threat
from fast developing
nations of the Southeast
Asia such as Singapore,
Hongkong, Thailand and
even Pakistan & China.
To counter this threat, India
will need to emerge as a
strong brand in the
international textile and
garments markets as is the
case with the software
industry. International
quality, competitive pricing,
flexibility, timely deliveries,
T A S M A C
M A N A G E M E N T
R E V I E W
In this research, an attempt has
been made to study as to what
needs to be done to promote 'India'
as a strong brand. To this effect, a
study of the implications of MFA
phase out, the role of government
and the present status of the Indian
garments industry in the
international markets has been
carried out. Having understood
that, statistics have been analyzed
to establish India's present market
share and its trends in the past to
understand where we stand and
how much further do we need to
go. Comparative statistical analysis
has been done to understand the
export pattern of those countries
that have higher market shares both
in terms of units and revenue
realization. It has been observed
that we need to move up the value
chain to improve our revenue
realization as has been done by
many countries. Apart from this,
data analysis reveals India's over
dependence on the quota markets
and we need to move into nonrestrained untapped markets before
the competition sets in. We need to
carve out a market niche for
ourselves in these markets.
Based on the literature review and
the statistical analysis,
recommendations have been made.
Action is required both from the
government and the manufacturer
exporters. Hence separate
recommendations have been made
to the government and the
manufacturers.
•••
18
Dissertation
Portfolio Construction In Mutual Funds
Samir Shah (Batch : October 2003)
I
n India, the mutual fund industry
started operating in 1963 for the
first time since after
independence. Since, then, the
mutual fund industry is facing a
growing concern over managing
sustainable and growing returns in
the highly volatile market
conditions. So, the industry started
diverting its attention towards valuebased investments across any
investment vehicle to use in their
process of distributing funds into
different investment categories to
construct prolific portfolio for longterm gains.
Therefore, this study focuses only on
portfolio construction with value
investments into equities. The
problem of identifying value
investments into equities for
portfolio construction in today's
highly volatile market scenario
has actually attracted the
attention of the researcher.
However, there are mutual
funds, Foreign Institutional
Investors (FII's), Institutional
Investors and others have
realized the importance of
value investments for better
performance. But, in reality
many failed to meet up with the
expectations. So, the concept of
value investment in portfolio
construction has become a big
factor. Value investments into
equities focuses on the investments
across the sectors, which are
experiencing some improvement in
its business fundamentals. The
effects of these changes are not
seen easily but need to be
identified. It provides an opportunity
to invest one's cashflow at a lower
risk but with big factors in mind for
generating higher returns. This
gives a clearer mindset of the
19
potential opportunity of investments
for future rewards. Then, the aspect
of portfolio construction leads to
the final destination of higher and
continuous performance. Portfolio
construction lays stress on
diversification and minimizing of
risks and maximizing of returns with
the proper asset allocation and
market timing. This is, possible by
correct allocation into those
undervalued securities, where
returns expected are higher than
other identified undervalued
securities. Thus, the above two
major aspects of portfolio
construction with value investments
into equities is very significant for
period of time. As in the process of
understanding volatility, the use of
SENSEX 30 and company prices
were taken to find required return
with CAPM model for finding Beta.
As an essential to the study, Franklin
Templeton Prima and DSP Merrill
Lynch Equities Mutual funds
schemes were chosen for analysis. It
was found in the data analysis that
out of 18 companies under study by
FCF two companies were seen as
overvalued, with DDM and P/E one
company was found as over weight
for the investment purpose. It was
also found that single beta over a
period of 4 years and different
betas for that period remained
in a particular range. When the
optimal portfolio was analyzed,
it was found that Franklin
Templeton Prima Fund was
expected to generate better
returns with both the models as
compared to DSP equities
fund. When both Funds were
compared, Franklin was
expected to be the better
performer with the expected
returns as well as the optimal
portfolio returns.
the future better performance.
So, this study has focused on
identifying the undervalued
investments into equities with FCF
and in the construction of portfolio
with DDM and P/E model to
understand their significant
differences in generating potential
returns. In the process, the study
also investigates the sensitivity of
beta of individual securities as
against the market risk with longterm single beta and various betas
during that period to understand
the volatility of each security over a
Finally, it was found that volatility of
beta did not have any impact on
the forecasted share prices and
each approach had some minor
differences in their visibility for the
period under study. Portfolio
construction with two different
models found that the portfolio
constructed with DDM generate
better returns in the long term
scenario as against the portfolio
constructed with P/E, generated
better returns in a short term for a
period of a year.
•••
Dissertation
Do Technological Devices Cause Stress ?
Anuradha Khurana (Batch : June, 2002)
T
echnology has been of utmost
importance ever since early
man came in to being. It was
there to help him survive and
protect himself. Today almost
everything we do, see, hear is with
the help of technology. It may be
said that technology has spread like
ivy and penetrated in many facets
of our existence. Technological
gadgets are being used by a large
number of people. Some examples
of these gadgets are- computers,
mobiles, calculators, personal
digital assistants (PDA’s)
microwaves, washing machines and
so on.
Constant use of technology makes
one wonder if an increased
dependence on these devices could
cause stress to its users. Stress
implies a negative impact on the
behavioural aspects (feelings,
thoughts, and attitudes) of the
users. And it is sometimes displayed
in the actions and facial expressions
of the persons. An exploration into
the relationship between technology
and stress, and its effect on our
lives is the focus of the research.
The aim of the study is to find out:
­ Whether technological devices
cause stress.
­ The impact of this stress on the
behavioural aspect of the users.
­ Whether stress can be
quantified.
Three instruments of research
methodology have been used for
the study:
­ Group discussion.
­ Interviews.
­ Questionnaires.
The group discussion and Interviews
gave a general overview to
T A S M A C
M A N A G E M E N T
technology and stress. The
questionnaire method however
narrowed the research to 3 devices
namely:
­ Computer.
­ Mobile.
­ ATM cards.
The study was carried out among
those operating from the adult.
­ The coping mechanisms of
­
­
the age group of 20-35 years.
These 3 methods adopted for the
study helped in finding out:
­ Whether people actually
experience “Technostress”?
­ Does stress have a negative
impact on the behaviour of the
users?
­ Can this stress be measured?
­ If it cannot be measured, then
what are the reasons for it?
The research on technostress led
to the following observations:
­ In terms of Transactional
Analysis, a theory developed by
Dr. Eric Berne. The analysis can
be explained through the parent
adult and child responses. The
responses indicated that persons
operating from the parent and
the child ego states; tend to
experience more stress than
R E V I E W
stressed respondents were studied.
And an attempt was made to
understand if these affected stress
levels. Out of three persons who
smoked in order to cope with
stress, one person experienced
high stress. The observation made
was not substantial and cannot be
generalized.
Certain responses to questions
in the interviews and
questionnaires helped to arrive
at a profile of a technostressed
person. The profile helped to
get a general perspective of the
feelings and emotions
associated with stress. It was
observed that stress had a
negative effect on the
behavioral aspect of users.
An attempt was made to
understand the findings in terms
of Maslow’s Theory of Human
Needs. It was observed during
the study that stress level tends
to rise as technology enters the
higher levels.
The study concludes on the
following points:
­ The importance of technology
has made people more
dependent on it.
­ This in turn has increased the
probability of getting stressed
due to the use of technological
gadgets.
­ The expectations that people
have from technology also seem
to contribute to the increased
levels of stress.
­ Users may not be able to control
advancement in technology.
However they should control the
advancement of stress due to
the same.
•••
20
Dissertation
The Success of Branding as Marketing Strategy
Pavanssi V (Batch : June 2004)
B
randing as a marketing
strategy has seen a significant
increase in interest in recent
years due to a variety of factors. As
today's world is moving towards
lesser and lesser differentiation in
the products due to the rapid
technological developments,
companies are now fully realizing
the importance of creating strong
brands that provide real customer
benefits which helps them to avoid
the fierce practice of continuous
price slashing and cost reduction
due to the downward pressure. In
this scenario, branding of a
commodity product posts new and
exciting challenges with the modern
business managers as they have
minimum advantages in terms of
differentiation and costs. The
present study is aimed at exploring
the factors, which influence the
usage characteristics and the
customer perception towards a
branded commodity product. The
researcher zeroed in on the
branded petrol in the Indian
scenario for the proposed study.
Until 2002, all the petroleum
marketing companies in India sold
their petrol alike. But after the
dismantling of the Administered
Price Mechanism (APM) in 2002 by
the Govt. of India, all the
companies have launched their
premium petrol brand fuels and
other customer loyalty programs.
The main objective of this research
study is to identify the factors
influencing the usage characteristics
and the customer perception
towards the branded petrol.
Towards this end, the researcher
has formulated three research
hypotheses based on the insights
generated. By collecting the
21
empirical data through structured
questionnaires from the users, the
researcher then explored the
influence of the factors in detail
using statistical analysis. The
researcher also examines the brand
awareness and preference, celebrity
recall in the advertisements of the
branded petrol and the product
knowledge of the consumers. For
the study, branded petrol users
(used at least once) in the
Bangalore city across different
categories were marked as the
sample universe.
The proposed three research
hypotheses were,
H1: The purchase decision
influencer of the users and
their usage frequency of the
branded petrol are significantly
associated.
H2: The vehicle category of the
users and their usage
frequency of the branded
petrol are significantly
associated.
H3: The purchase decision
influencer of the users and
their brand switching towards
the branded petrol are
significantly associated.
The study brought out various
important insights, which could be
useful to the decision makers of the
petroleum marketing companies.
The study revealed that the branded
petrol is working well with customers.
Consumers showed a trend of going
back to the branded version of the
commodity after trying it for the first
time. The testing of the research
hypothesis H1 showed that the
purchase decision influencer of the
users have a significant association
with their usage frequency of the
branded petrol. Statistical analysis
showed that the research hypothesis
H2 holds true i.e., the vehicle
category of the users have a
significant association with their
usage frequency of the branded
petrol. But the testing of the research
hypothesis H3 showed that the
purchase decision influencer of the
users does not have any significant
association with their brand
switching.
The results showed that the petrol
bunk sales people are effective in
converting non-users into users.
Middle age group users filled in the
branded petrol more frequently
than other age groups. Among two
wheeler users, a considerable
portion of Bike users are frequent
users of branded petrol. But in the
case of cars, higher-level car users
used the product more frequently
than the lower category car users.
'Professionals' and 'Self-employed'
people used the branded petrol
more frequently. The frequent users
were in the category of those who
spend above Rs. 3000 monthly on
petrol for filling in their vehicle.
Majority of the users who were
influenced by the 'Petrol bunk sales
people' in their purchase, stuck to
one particular brand while filling.
The majority of users who were in
Dissertation
the age group of 25-35 and 35-50
showed more brand loyalty than the
A Study on the Effect of Entry-Level
Training on Employee Turnover
Tejesh Kumar Saini (Batch : February 2003)
R
etention of talent has now
become a global problem
with employers doing
everything in their power to
encourage employees not to jump
jobs. In this context the present
study looks at the entry level
training as one of the factors that
may put a check on rampant
attrition. The researcher focuses
specifically on formal training as
part of the larger process of
socialization, which enables an
employee to settle in the
organizational environment. The
objective of the study is to thus
investigate the effect of employee
training at entry level on employee
turnover.
The literature review section of the
dissertation opens with a focus on
the socialization process in its
various stages. A new employee
takes some time before he can
build bridges between the earlier
and the new experiences, a process
T A S M A C
M A N A G E M E N T
that cannot be hurried or forced.
According to a survey quoted in the
study 59% of the turnover took
place within nine months of joining.
This underlines the sensitive nature
of the initial period when an
employee is in the process of
formulating his expectations and
also critically examining them. To
put it simply a new employee walks
into a job with a number of
questions including will it work for
me? While from the organization's
viewpoint employee turnover is an
evil to be combated, the employee
is likely to feel divided about it - he
R E V I E W
may like the idea of commitment,
but he may equally well enjoy his
freedom to go where he can when
the labour market is tight and
employment opportunities are
aplenty. The literature review goes
on to examine findings and
opinions on employee turnover and
the different factors behind it. The
last section looks at training and
entry level training in particular as a
likely antidote to turnover.
Interestingly, dissatisfaction from the
job is not only the main reason
behind turnover, it also happens to
be the most manageable aspect of
it, in the sense this is something an
organization can try and do
something about. The literature
reviewed in the dissertation seems
to suggest that an organization can
start doing 'something' about it at
the very outset.
The empirical survey in the study is
based on responses to a
questionnaire circulated among the
22
Dissertation
HR managers of a large marketing
firm with several branch offices in
Valuing the employee's prior
experience and learning help
integrate an employee in the
organization. There are several
measures that can make an
employee feel 'valued' within the
organization providing strong
disincentives from leaving.
An interesting aspect of the survey is
that while the manager's responses
showed a great deal of unanimity,
the employee's perception revealed
a large gap between the professed
goals and the actual conditions.
Also, while the senior managers felt
most positively about the entry level
training, they were unable to share
or communicate this perception
with the employees. This study thus
goes beyond sectoral
generalizations and tries to find out
organization specific reasons for
turnover.
•••
Product Placement in Hindi Movies - An Indian Perspective
Roma Rane (Batch : June 2004)
T
his study focuses on the
advertisements 'embedded' so to
say within the fabric of a film or
on what is termed as product
placement. Since the present study on
the subject is likely to be one of the
first of its kind in the country, its
objectives are intertwined with the very
raison d'etre for this mode of
advertising. The study aims to find out
if there is sufficient brand recall for the
products placed in films, and whether
the viewer finds this advertising
practice acceptable. The study also
aims to explore the consumer's beliefs
about product placement and finally
their effect on the purchase behaviour.
Product placement in films is a
somewhat sensitive issue unlike the TV
ads in that movie watching is largely a
23
private experience and it is not very
easy to predict the consequence of
intrusions into the private space of the
audience. It is important to find out if
such experiments may backfire, and
the attitudes may vary from culture to
culture. For example just because a
sample audience in the US finds
product placements acceptable, it
cannot be assumed that the audience
in India will react equally favourably.
There is also the question of how well
a product placement fits into the flow
of the film narrative. There is a small
paradox here. If the product stands
out too much it may cause unease
among the audience, but if the
product merges completely with the
story, there may be a lesser chance of
recall. Thus product placement would
seem to be a fine balancing act.
The study includes a review of
relevant literature covering themes
such as product placement as
medium, role of cinema in
advertising, types of product
placements, the advantages and
the disadvantages of product
placement and the vital issue of
Dissertation
brand recall. There is an extensive
discussion on the acceptability and
purchase decision is not
significantly affected by the
placements, if at all. This may seem
disappointing to the advertiser but it
needs to be mentioned that the
present research does not rule out
changes in the coming years. One
needs to remember that a 'new'
medium takes getting used to. What
does come out categorically that
the sample population was against
the banning of placements in films
and this provides a secure footing
to the aspiring advertiser as well as
the filmmaker. Ensuring that the
audience is not averse to product
placement is really the first and the
most essential step for a new
advertising initiative. Towards the
end the researcher makes the
interesting suggestion that the
notion of 'idea placement' [such as
family planning, child health] may
very well work with the rural
audience and the concerned
agencies may want to think over
this. Given the folk performance
traditions the rural audience is likely
to be even less averse to intrusions
by product placements.
•••
An Empirical Study on Climate and Commitment:
A Case Study in an IT Firm
Anindita Das (Batch : February 2003)
T
his study aims to map the
psychological climate
perceptions of the managerial
level employees in an IT firm and to
measure the level of commitment
among them. The purpose is to
examine the relationship between
psychological climate perception
{PCP] and organizational
commitment. The question
underlying the study is : Can the
prevailing climate in an
organization affect the levels and
types of commitment among the
employees? If it does it should lead
to appropriate HR initiatives to raise
the levels of organizational
commitment among the employees.
In the literature review section, the
researcher discusses the definition
T A S M A C
M A N A G E M E N T
of climate and the different types of
climate, in the process laying down
clear differences between the
concepts of culture and climate.
Organizational culture refers to the
that is more easily modified to face
changing realities whereas culture is
likely to be fraught with greater
inertia. The literature survey then
goes on to focus on psychological
climate, the various dimensions of
commitment and the measurement
issues which have a direct bearing
on the methodology followed. The
questionnaire was built around the
specific components of climate and
commitment and the participants
were assured of confidentiality,
which would seem crucial to such
as study.
deep and underlying structures of
an organization whereas climate
refers to consciously perceived
behaviour. Clearly then,
organizational climate is something
The study was conducted among
the employees of an IT firm with
636 across the seven different
departments. For the empirical
survey the researcher focused on
R E V I E W
24
Dissertation
eight dimensions of climate and
three types of commitment. The
organization was that people with
less tenure felt most positively about
the climate.
The present study is confirmatory in
nature and is designed to add to the
body of extant knowledge about
association between employee
commitment and psychological
climate. The results indicated a strong
correlation between commitment and
climate. This is of great significance to
an organization that seeks to instill an
internalized set of values and
behaviour among its employees that
are congruent with its own goals.
climate and commitment to enable
the HR to review and align its
practices with the organizational
and employee goals.
•••
The study concludes with a number
of suggestions for the organization,
such as job design, career
management, open & transparent
communication channels, and
perception of fair and equitable
compensation system. The study
also recommends periodic audit of
Applying Data Warehousing Strategy to
A Manufacturing Firm: A Case Study
Jignesh Kumar Patel (Batch : October 2002)
M
anufacturing companies are
now increasingly rated on
the basis of their ability to
react meaningfully to sudden and
unpredictable changes in the
customer's demand. Given that
customers have several options it
becomes vital to respond to their
specific needs and to develop a
system of business intelligence that
would enable a company to
constantly streamline its business
processes. Often the requirement is not
so much to collect new information as
to 'extract' more information from what
is already there.
The purpose of this study is to
formulate a management
information delivery system based
on data warehousing technology.
As part of this broader purpose the
25
study aims at determining the
various management problems
faced by the manufacturing
industries using data warehousing
as a strategy to overcome these
problems. The study focuses on the
information requirement analysis for
the marketing and sales
departments of a chemical industry.
The dissertation looks at the various
data warehousing options for the
organization concerned and
suggests a data warehousing
implementation roadmap.
The literature review section in the
study is divided into two segments.
The first segment discusses issues
related to marketing and sales and
the corresponding evolution of
information technology. The second
segment focuses on the data
warehousing technology as an
information delivery system in all its
aspects. The discussion takes off with
a comparison between the old and
the new economy and the shift of
business models from product
strategy to customer strategy. After a
broader comment on the increasing
importance of information for
business the researcher focuses on
management information systems
and the support it may provide to the
Dissertation
different business operations and
activities. A more detailed discussion
the researcher to carry out the
requirement analysis for the company.
Analysis of data obtained from the
managers enables the researcher to
list requirements for data
warehousing which relate to sales,
marketing, inventory, profitability, and
distribution, which are further broken
into detailed heads. This is followed
by a brief section in which the
researcher discusses the tool
requirements. The study concludes
with the likely benefits of data
warehousing to the company which
include rise in sales, cutting of
operational expenditure, reduced
paper work, saving of organization's
time, supply chain efficiency, quality
of decision making, and effective
management of brand. It is thus
clear that with data warehousing the
company can incorporate business
intelligence and provide operational
information in an integrated manner
to management and staff. With the
help of appropriate tools data
warehousing can maximize a user's
ability to leverage operational data
for strategic benefits.
•••
Designing a Sales & Marketing Information System
for Small or Medium Sized Enterprise involved in Construction and
Sales of Residential and Commercial Property
Pradeep Narayen Gupta (Batch : October 2002)
T
he role of Information Systems
(IS) in solving business problems
has come a long way in the last
two decades. Originally, information
systems were used for automating the
manual or mechanical business
processes. This was quickly succeeded
by the integration of available
information systems within and across
organizations. In both of these forms,
information system was used primarily
as a tool to support daily operations
of the organization, and secondarily
as a service to organization’s top and
middle management. In 1980s, an
additional potential of information
system was discovered. It was realized
that, in some cases, information
systems had been critical to the
successful implementation of the
T A S M A C
M A N A G E M E N T
organizational strategy. In such cases,
a new breed of information systems
was evolved, termed as Strategic
Information Systems. By definition, a
strategic information system is an
information system which supports an
organization in implementing its
organizational strategy. The Indian
R E V I E W
construction industry, especially the
residential and commercial property
construction, is undergoing a sort of
boom. Due to high growth prospects,
more and more local as well as global
players are entering into the Indian
construction industry; resulting in
increased number of industry players,
and stiffer competition. Industry
players are trying to come-up with
competitive strategies, which can help
them in winning the competition. The
present study focuses on a company
involved in construction and sales of
residential and commercial properties,
is keen to implement its competitive
strategy gradually over a period of
time to gain an edge over its
competitors. As the first step of this
strategic move, the company in
26
Dissertation
question is willing to automate its
sales and marketing related activities
consists of application development,
followed by installation and evaluation
of the proposed system. During
application development, overall
system should be broken down into
logical chunks or modules; and
should be assigned to sub-teams for
implementation. A typical module
contains one or more related usecases. A typical sub team is made-up
of a senior developer, and three to
four developers. The developers
perform code walkthrough, peer
reviews, and unit testing tasks during
application development. The systems
analyst prepares the test plans, which
include test steps and test data for
integration testing and system testing.
Integration testing is necessary to
ensure that all programming units of
the system are interacting properly to
one another. The final step is system
testing for the completed system.
System testing involves end-users in
the testing process.
analysts also prepare user
documentation. User documentation
consists of instructions and
information for users interacting with
the system. The user documentation
ensures the successful adoption of
system by its users.
•••
In addition to design documents,
Humour
Management Consultants
I
f the employees of your company are
incompetent you might want to get
some consultants. A consultant is a
person who takes your money and
annoys your employees while tirelessly
searching for the best way to extend the
consulting contract.
Consultants will hold a seemingly endless
series of meetings to test various
hypotheses and assumptions. These
exercises are a vital step toward tricking
managers into revealing the
recommendation that is most likely to
generate repeat consulting business.
After the “correct” recommendation is
discovered, it must be justified by a lengthy
analysis. The consultants begin working
like crazed beavers in a coffee lake. Reams
of paper will disappear. You'll actually be
able to hear the screams of old-growth
forests dying as the consultants churn out
page after page of backup charts and
assumptions. The analysis will be cleverly
designed to be as confusing as possible,
27
thus discouraging any second-guessing by
sniping staff members who are afraid of
appearing dense.
When consultants are added to a
department they change the balance and
chemistry of the group. You need a new
process to take advantage of the
consultants' skills. The most efficient
process is to use the dullard employees as
data gathers to feed the massive brains of
the consultants. This keeps the employees
busy and makes them feel involved while
the consultants hold meetings with senior
managers of the company to complain
about the support they're getting and to
pitch new projects.
Consultants use a standard set of
decision tools that involve creating
“alternative scenarios” based on different
“assumptions”. Any pesky assumptions
that don't support the predetermined
recommendation are quickly discounted
as being uneconomical for the
consultants.
The remaining assumptions are
objectively validated by sending
employees off to obtain information that
is not available. Later, the assumptions
are transformed into near-facts through
the process of sitting around arguing
about what is “most likely”.
Consultants will ultimately recommend
that you do whatever you're not doing
now. Centralize whatever is decentralized.
Flatten whatever is vertical. Diversify
whatever is concentrated and divest
everything that is not “core” to the
business. You'll hardly ever find a
consultant who recommends that you
keep everything the same and stop
wasting money on consultants. And
consultants will rarely deal with the root
cause of your company's problems, since
that's probably the person who hired
them. Instead, they'll look for ways to
improve the “strategy” and the “process”.
•••
DO's and DON'Ts
Sameer Dua, Joint Managing Director, TASMAC
Resolving Conflict
R It is important to keep an open mind.
R The eight general principles of
conflict resolution are:
• Separate the people from the
problem.
• Be reflective.
• Give positive, non-verbal feedback.
• Take notes.
• Respond to hostility and anger with
understanding.
• When the person is hostile or emotionally hurt,
express sorrow and sympathy without accepting
responsibility
• Beware of the ultimatum.
• People are predictably different.
R Ask questions to find out what the other person
wants.
R A good question to use would be: Is there
anything else I should know. Other good
questions are hypothetical questions.
Q Dont' try to avoid a conflict - situation thinking it
will go away.
Q Don't be harsh on the people involved in the
conflict-ridden situation.
Q Never try to arrive at hasty conclusions so as to
be rid of the problem.
Q Avoid making any one-sided decision.
Q Do not avoid people who are involved in conflict
or confront them with hostility.
Q Do not take for granted that all people respond
to the same treatment.
Q Do not avoid listening to the other person's
demands and or requests.
Q Do not try to minimize communication or be cold
and unresponsive.
Q Do not aggravate a conflict by adopting a
negative attitude.
R In response to a question, you could answer
directly, ask another question, have it repeated or
ignore it.
R One way to break an impasse is to build
momentum. You can recap or summarize,
introduce another issue, get agreement on
principle, appeal to an ally or provide a
conditional concession.
R To break an impasse you could change the
people involved, express feelings, reduce it to
writing, provide a guarantee, use a mediator or
add an option.
T A S M A C
M A N A G E M E N T
R E V I E W
28
Adding to your Assets
with Integrated Organisational
Soft Skills Training Solutions
A value-driven and result-oriented approach to motivation and
growth that translates every performance into success.
TASMAC Management Training Resources
Our Clients
Our solutions include
l
TTIs Behavioral Assessments
l
Customised Behavioral Training Interventions
l
Dives Consulting's Call Centre Training
l
Executive Search (T.E.A.M.S. Division)
l
Coaching & Mentoring
Apollo Hospitals, Akzo Noble India, Bajaj Tempo,
Bind View, BPL, C-DAC, Cummins, Crisil, Clariant,
Deepak Fertilizers, Deepak Nitrite, Finolex
Cables, Fluent, IBM, ICICI, IDEA, J&J, Kale
Consultants, Kanbay, KPIT, Mahindra BT, Mastek,
Nyati, P&O Nedloyd, Sekurit Saint Gobain, Tata
House, Tata Johnson Controls, Tata Motors, TCS,
Thermax, Veritas, Winsoft, Zensar, to name a few.
Over 50 BT 500 companies are our clients
We look forward to delivering value to your organisational developmental efforts.
Contact Jacob at
TASMAC Management Training Resources Pvt. Ltd.
407, A Wing, Clover Centre, 7 Moledina, Pune - 411 001
Tel.:+91 020 26134991 / 26050706 E-mail : [email protected], [email protected]
29
Etymology
Management Jargon
D
is-economies of Scale:
The disadvantages resulting
from a large as opposed to
a small-scale of operations in an
organization. They include
difficulties of co-ordination,
communication and adaptability to
changing circumstances as
compared with economies of scale.
Deflationary Gap: The amount by
which the theoretical volume of
spending necessary to maintain full
employment or to absorb all
available goods and service at
prevailing price exceeds actual
private spending and government
expenses.
Cold Call: A visit or
telephone call by a salesman
to a previously unapproached (cold) potential
customer.
communicating it to the internal
and external users of accounting
reports. Precisely, HRA is the
systematic recording of the
transactions relating to the value of
the human resources. It records the
cost of acquisition of the knowledge
of the human resources,
development of their skill and
utilisation of their energy for the
organisation. HRA can also be
defined as: "A term used to describe
a variety of proposals that seek to
report and emphasise the
importance of human resourcesknowledgeable, trained, and loyal
employees-in a company's earning
process and total assets".
Kaizen: The Japanese
concept of continuous
improvement. The basis for a
policy of total quality, it is
applied both to human
resources and the use of
machinery.
Frozen Assets: Assets tied up
so that transactions in them are
restricted. Where a company has a
floating debenture and they
become repayable, the assets of the
company are frozen from the point
of view of the debenture-holders.
Product Differentiation: A
promotional approach in which the
marketer calls buyers' attention to
those aspects of a product or brand
that set it apart from its competitors.
Factor Rating: Performance
appraisal and job evaluation
technique in which managers are
ranked in order for each of certain
factors selected as indicating the
extent to which they have qualities
considered desirable. Other
management appraisal techniques
include controlled report, free
report, forced choice approach,
ranking system, and task- based
appraisal.
Human Resource Accounting:
Human Resource Accounting (in
short, HRA) refers to the processes,
and procedures concerned with the
measurement of the value of
human resources and
Manpower Analysis: An analysis
of the employees in an organization
that attempts to identify patterns
and trends in their employment. It
will examine, for instance, the
distribution of employees by age,
T A S M A C
M A N A G E M E N T
R E V I E W
sex, skill, job title and length of
service. It is the first stage of
systematic manpower planning.
Work Sampling: A technique used
in work measurement and work
study for obtaining information
about a particular job or task by the
process of sampling (usually
random sampling) from the work
activities at various times rather
than any continuous observation.
Fixed Exchange rate: When the
exchange rate between the
currencies of the two states
continues to remain constant in
spite of change in their purchase
parity such a rate is called the fixed
exchange rate. One of such
factors is balance of payment
position. As distinct from
floating exchange rate.
Stipendiary management:
Stipendiary management
occurs when the Board of
Directors are deeply involved
in strategic decision making
but the top management is
basically concerned with
operations. This style evolves
when the Board comprises
key shareholders who decline to
delegate strategic decision making
to the CEO.
Price and income policy: It refers
to fiscal and monetary intervention
by the government as a tool of
macro-economic management.
This fiscal measure is designed to
control price as well as income,
through taxation (say) for
controlling inflation, income
distribution and social security. Also
through curbs and duties applied to
discourage demand or to allow
subsidy to encourage the use of a
product.
•••
30
Book Review
Useful Tips for the Budding Manager
THE WHOLE MANAGER
By Peter Bolt
T
he Whole Manager is a
thought-provoking book which
offers insights into prioritizing,
focusing on key tasks, and making
the best use of one’s time, manage
upwards, downwards and sideways,
simultaneously in the organization
delegate effectively and lead by
example.
The author, Peter Bolt tells us that in
his thirty years of Management
experience and consulting he has
frequently come across very
talented people, people who excel
in their work, who are then
promoted to management positions
and don’t have a clue what to do
next. Because, he goes on, though
they have technical skills, they have
no idea how to manage other
people, how to be prioritized and
manage their time well, how to
manage their boss – indeed how to
manage themselves.
This book also brings out one basic
truth: there are few managers who
are actually taught to manage.
They may have taken courses in
various management skills, but in
31
general they are left to get on with
it, to sink or to swim. In particular,
they are never taught the practical
things that can make the difference
between success and failure in the
organization.
job. He says this is nothing but their
ego talking. Good management he
reminds us is about getting things
done and getting good work out of
your staff – and delegation is the
key to both. It also has benefits:
The book is also about managing
yourself: in various situations. And
above all, it talks of achieving
success without sacrificing your
integrity, your home life or self
respect.
• You are able to attend to other
business knowing that the particular
task (delegated by you) is being
handled;
The author starts with emphasing
upon the precious quality of time.
He makes critical appraisal of time
management and explains why an
appreciation of time is fundamental
for achieving success.
Another good managerial ability is
getting things done. This is easier
said than done.
You need to draw up teams. A well
balanced team where a weak
member is supported by a strong
one. Next step will be deciding who
does what and monitoring their
progress. At periodical intervals you
review the quality of work done.
Leading his team or managing
downwards is also a key factor that
brings out the abilities of a good
manager. This includes advice to
team members on how to be
inspirational instead of just
motivated, how to stimulate
individuals to grow, how to make
meetings work, and how to get the
right balance between criticism and
praise. The author also brings out
the finer points of training and
development, making people feel
they matter and building on their
strengths.
Another highlight of the book is the
chapter on the Art of Delegation.
The author points out that ever so
often he has heard his clients say
that only they can do a particular
• You are helping a staff member
to develop and grow;
• The person entrusted with the
job feels you trust him;
• Finally you will know the
strengths of your staff.
Next comes managing upwards,
this is not about impressing your
boss, rather it is another
management skill based on acute
observation, an understanding of
company strategy and common
sense. Developing a strong
sustained relationship with your
boss is your responsibility.
One important pre-requisite for
managing upwards is clear
communication. In particular, you
will need to have a clear
understanding of what your boss
expects from you. Then comes
managing, sideways – which means
that you build bridges with your
colleagues and peers, as well as
certain contacts outside your
organization.
All this brings us to an important
point of focus: managing with
integrity. Managers face ethical
challenges every day of their
working lives. And because they
hold important posts, they need to
be particularly sensitive to the
impact their decisions have on
others.
The next topic covered by the
author is on leadership. Though he
Book Review
says “a leader is a person followed
by others”, a business leader is
get there, and be able to
communicate to others in a way
that makes it happen. They should
have the capacity to take the
initiative, to make decisions and be
fully accountable for the results.
Leaders welcome – even relish –
responsibility and tend to have
considerable faith in their own
abilities and judgement.
The Whole Manager
by Peter Bolt
Eastern Economy Edition,
Price Rs. 125
NEW RELEASES
1) Strategic Marketing
Cravens & Piercy
Mc Graw Hill
2) Planning For Power Advertising
Anand B. Halve
Response
3) 51 Great Careers For The 21st Century
Indra Gidwani
Education World Books
4) Leadership Challenge
Kouzes & Posner
Wiley India
5) The Essential Guide To Doing Research
Zina O'leary
Vistaar
T A S M A C
M A N A G E M E N T
R E V I E W
32
Tasword
Tasword, an academic crossword, is entirely a compilation by the students of TASMAC and the editorial team.
It is subject oriented, thematic and in this issue, is based on Finance.
1
13
3
12
2
14
2
3
4
5
4
5
6
6
11
7
7
10
9
9
Down
Across
8
10
11
12
1
The dealer is prepared to sell securities at this
price (5,5)
1
Banks give this facility of exceeding your withdrawal
limits (9)
2
Make use of an asset by contracting a series of
payments (5)
2
A series of equal payments or receipts over a
specified period (7)
3
The units of one currency that could be
purchased with another (8,4)
3
In capital markets, its an ordinary share (6)
4
The new currency of the European Union (4)
4
Instrument that derives its value from an
underlying security (10)
5
In Insurance, the principle of replacing what is lost (9)
5
The profits you book on your shares (initials
only) (3)
6
It comes attached with this price --- (3)
7
6
Funds borrowed from the market and payable
over a period of time (4)
Your investment in the mutual fund stands at this
value (initials) (3)
8
7
The proportion of funds to be deposited by an
investor when trading options contract (6)
Your investments in bank fixed deposits are generally
--- (7)
9
A mutually-agreed upon-understanding (initials) (3)
8
An agreement between parties to exchange
cash flows (4)
9
Legal document giving right to one person to
act for another (5)
10 Fixed period for investment lock-up (4)
11 Unofficial market in securities (4,6)
12 A unit of share-holding (5)
10 Investments in UTI are in multiples of this (4)
11 A relatively long-term option to purchase common
stock over a specified period of time (8)
12 A number of producers get together representing their
concerns (6)
13 Finance Ministry has made it mandatory to use this
while making big purchases (3)
14 General Agreement in trade (initials) (3)
Please email your solutions at [email protected]
33
TASMAC - An Update
TASMAC Bangalore Enters Its Swanky New Campus
T
he city of Bangalore has acquired
a unique status in the country
today. Once known for its
salubrious climate and beautiful
gardens, Bangalore is now emerging
as a hub of commercial, industrial and
IT activity. Globally known MNCs from
IT to Biotechnology, from Engineering
to Finance, from Automotive to
Pharma have set up their offices in
Bangalore. Giants like Infosys, Wipro,
TCS and Biocon to name a few, have
taken cognizance of the fact that
Bangalore will play a critical role in the
developing economy of the country.
A number of international companies
have set up shop or stationed their
representatives in this city. Bangalore
is certainly in the limelight today and
has become an attractive destination
for the new generation. With good
climate, easy availability of
accommodation and excellent
educational and recreational
facilities, Bangalore offers the youth
of India a much coveted home-base.
Perceiving the crucial position of
Bangalore, TASMAC decided to expand
its activities in this city of the 21st century
by selecting a very prominent locality of
Hosur Road, the road that leads to the
Electronic City, the IT hub of Bangalore.
Hosur Road, as most people know, is a
swiftly developing suburb of the city and
home to some of the top-notch IT
companies and leading corporates. Very
T A S M A C
M A N A G E M E N T
recently, the government has announced
an elevated highway on Hosur Road
leading to the Electronic City, further
emphasizing the importance of this
road.
TASMAC, therefore zeroed-in to
acquire a mammoth 4-storied structure
on Hosur Raod that would house its
new generation, ultra modern
education centre. This new campus
building is 3 ½ times larger than the
previous structure and offers an array
of the finest features a campus can
offer. To begin with, the building itself
stands out in all its majesty with its
impressive glass facade. It is centrally
air-conditioned with 24- hour power
back-up. Once inside, you experience
the sheer vastness of space; a host of
centrally air-conditioned classrooms
with accommodation ranging from 15
to 60 students well designed to give
the students a feel of comfort; a stateof-the art seminar room that can
accommodate approximately 250
people. Moving on to the library, there
is an impressive range of books on
management, IT and media, in
addition to an excellent collection of
video cassettes and CDs on these
subjects. Connected to the library, is a
reading room that houses a number of
journals, magazines and newspapers,
and a Video Room where students can
view a variety of CDs and cassettes on
their subjects of choice and study.
The entire campus is WiFi enabled
with 24x7 availability of Internet.
There is a huge computer lab that
houses the latest in hardware and
software so students have access to
online information and support. There
are student breakout rooms: a
modern concept that enables students
to have fruitful discussions and work
on assignments individually or in
groups.
An exciting feature of this campus is
the massive Food court with trendy
music, a casual and comfortable
seating arrangement for students and
staff and an ambience that can really
put you at ease! Connected to the
Food court is the chill-out zone where
students can play pool or table tennis
and take a break from their study.
The entire campus administration is
streamlined to help understand the
needs of students and help them
settle down comfortably and pursue
their study. All the regular programs
of MBA, BA, MSc as well as the newly
launched Media programs in
Advertising, Journalism and Public
Relations will be conducted at this
campus.
TASMAC Bangalore thus, redefines
management, IT and Media
education.
•••
R E V I E W
34
TASMAC - An Update
TASMAC Launches Media Programs
O
ne sector that is coming
into sharp focus and
making waves is Media.
With the fast growth of TV
Networks, FM Radio Stations,
Broadband, Newspapers and
Magazines, a host of lucrative jobs
in Advertising, Journalism and
Public Relations will become
available. And the scene is getting
even better if industry figures are
any indication.
for news journalists, anchors, TV
hosts, Radio announcers, TV
production editors, graphic
designers, programming experts,
sound recordists, copy editors, news
editors, feature writers, columnists
and PR professionals.
Industry sources reveal that indeed
the Media sector is slated for
phenomenal growth in the years to
come. The projected revenue
earnings will touch Rs.56,600
crores by 2010. Sixty percent of this
will emanate from the Broadcast
media and the rest from Journalism
and Public Relations. In other
words, there are going to be a lot
more job opportunities in this
sector, than ever before.
Media Schools are few and most of
them are not 'in sync' with the
ground realities of the latest trends
in the Industry.
As things stand today, there is a
severe shortage of media
professionals, so TV and Radio
Networks have to source and tempt
professionals from the Newspaper
industry with high pay packets.
With such phenomenal growth in
the offing, it is indeed going to
create a great anomaly in demand
and supply. Requirements will grow
35
All this brings us to the focal point:
where are these professionals-inthe-making going to be sourced
from?
Unless the right technical and
theoretical guidance is available
through good media training,
industry requirements will not be
met.
TASMAC, pioneers in management
and IT education for more than 15
years have structured some of the
finest media programs based on the
latest technology trends the world
over. These programs are designed
in association with and validated by
the prestigious University of Wales,
the second largest University in UK.
A Panel of five members, as a part
of the validation Committee of the
University of Wales, UK comprising
of Dr. Sion Hughes, Prof. Michael
Richards, Prof. Rod Pilling,
Ms. Mala Jagmohan & Ms.
Samantha Evans visited the
TASMAC Pune Campus on the 5th
and 6th of April 2006 in order to
validated the Media programmes
of TASMAC.
A rigorous question-answer session
which looked into every aspect of
these programmes, followed
between the panelists and the tutors
of each of the three campuses of
TASMAC. In addition, the panelists
interacted with the management,
programme administration and the
existing students of TASMAC as a
part of the process of validation.
The panelists were convinced that
these courses would impart
comprehensive skills to the students
and prepare them to meet the
needs of the media industry in
India.
These 1 year programmes leading
to MA in Journalism, MA in
Advertising and MA in Public
Relations will enable graduates to
acquire the latest and relevant skill
sets on the basis of theory and
practical training in the campus
helping them to find a firm foothold
in the Industry.
•••
INTERFACE
Dear friend,
We welcome you to interact with us in any way convenient to you, and would appreciate your time to go through this
page, fill it and return it to us. We will make sure that one of us gets back to you as soon as possible. Thank you for
your cooperation.
Head : Academics
£ Please send me the detailed prospectus of your programmes for my information.
£ We would like to participate in your placement programme. Please have your Manager : Placements
contact us as early as possible.
£ We would like to visit your £ Pune / £ Bangalore / £ Kolkata Campus for a Pre-Placement talk.
£ We would like to know more about your students. Please send me your Placement Brochure.
£ I would like to deliver 'The CEO of the Month' Lecture in your £ Pune / £ Bangalore / £ Kolkata Campus.
£ I would like to deliver a guest lecture at your £ Pune / £ Bangalore / £ Kolkata Campus on the topic :
_____________________________________________________________________________________________.
£ I would like to contribute an article for the forthcoming issue of TASMAC MANAGEMENT REVIEW on the
topic :
______________________________________________________________________________________________
£ My comments on the current issue of TASMAC MANAGEMENT REVIEW.
______________________________________________________________________________________________
______________________________________________________________________________________________
£ I recommend the following to be included/changed in TASMAC MANAGEMENT REVIEW.
______________________________________________________________________________________________
______________________________________________________________________________________________
Name : ______________________________________________________________________________________
Designation : _________________________________________________________________________________
Company
: _________________________________________________________________________________
Address
: _________________________________________________________________________________
_____________________________________________________
Pin: ______________________
Telephone
: _________________________________________________________________________________
Mobile
: _____________
Email : _______________________________________________________
Signature
: _____________
Date : __________________
Please send this form to TASMAC House, Tasmac Road, Vimannagar, Pune - 411 014.
T A S M A C
M A N A G E M E N T
R E V I E W
36
KNOWLEDGE BASED BUSINESS
SOLUTIONS
TASMAC builds on its solid
knowledge platform to
partner with industry &
business in pursuing
solutions to the complex
issues & problems of the
modern business.
Management Development
Programmes
Today's rapidly changing business scenario
necessitates on the part of business
managers, continuous up-gradation of
knowledge, skills, thought processes and
perspectives. To enable industry to keep
abreast of the latest global developments in
Management science and their application
for the betterment of the business, TASMAC
Consulting designs, develops and conducts
Management Development Programmes
customized through pre-programme
meetings with senior managers and key
personnel in the client organizations.
Management Consulting Services :
Management consulting services to help alleviate constraints
and/or enhance effectiveness in the following areas of
operations.
Corporate :
Corporate Governance
Corporate Strategy
Change Management
Business Process Re-engineering (BPR)
Functional Level : Marketing and Sales Management
Logistics and Supply Chain Management
Human Resource Management
Finance Management
Change Management Process
As India Inc prepares itself to enter an exciting phase of enrichment and growth,
one name makes sure it will never be found wanting in the right formula for success…
CONSULTING
A DIVISION OF TRAINING AND ADVANCED STUDIES
IN MANAGEMENT AND COMMUNICATIONS LTD.
CORPORATE OFFICE AND PUNE CAMPUS :
TASMAC House, TASMAC Road, Viman Nagar, Pune - 411 014 (India).
Tel. : +91 (0)20 65003871/65003872/26632456/26632893/65263534/65001431, Fax : +91 (0)20 26632362
E-mail : [email protected] Website : www.tasmac.ac.in/wales
MEDIA POWER
Let it work for your career
Media is the all pervasive, all powerful force in today's world.
Give yourself a headstart in exciting media careers with 3 cutting edge benefits At TASMAC - Pune, Bangalore & Kolkata,
get globally recognized British Media Degrees validated by
UNIVERSITY OF WALES, U.K.
MA in Advertising
MA in Public Relations
MA in Journalism
Rs. 12000 crore ad industry is growing at a
healthy rate of 12%. With the reach of
cable TV and regional TV channels
increasing day by day and newspapers
multiplying every year, there is a great
demand for advertising professionals in
the TV, Radio and Print media. Advertising
professionals are assured some of the
most creative, exciting, lucrative and
fulfilling careers today.
Public Relations has emerged as one of the
fastest growing industries in the world. An
astonishing growth rate of 40-50% has led to
a spurt in the demand for trained PR
professionals. Corporates, Hotel Industry,
Airlines, Event Management Companies, TV
Channels and Advertising Agencies the
scope for PR professionals today knows
virtually no bounds.
Phenomenal growth in satellite TV & Radio
coupled with sustained growth of the print
medium means these are happening times
in journalism, with some of the most special
career opportunities. Anchors,
newsreaders, scriptwriters, professional
journalists, as also post-production experts
are much sought after, as well as highly
paid in this ever expanding media scenario.
Duration : 1 year + Project
Eligibility : A good bachelor's degree from a recognised university OR Non-graduates over the age of 25 years who can demonstrate relevant and
appropriate prior learning experience that would enable them to contribute to and benefit from the programme.
SETTING QUALITY BENCHMARKS
THE 3 CUTTING EDGE BENEFITS
1) Degrees awarded by University of Wales, the second largest and one
of the four Federal Universities in U.K.
2) Fees much lower compared to similar programmes in U.K. plus you
save on travel & accommodation costs.
3) Faculty of top-notch experts with high class academic & industrial
experience.
TASMAC is Ranked A+ by Business India in its annual survey on Indian
B-schools for two consecutive years (2004 & 2005) placing it in the top
bracket.
l TASMAC is the first institution outside Europe and the only institute in
India to be accredited and recognised by the British Accreditation
Council, U.K.
l TASMAC is India's first ISO 9001:2000 certified management institute.
l
Complete prospectus / application form available for Rs. 500/- by DD / MO / IPO. For FREE details contact:
®
www.tasmac.ac.in/wales E-mail : [email protected]
Pratisaad/05/06
CORPORATE OFFICE AND PUNE CAMPUS : TASMAC House, TASMAC Road, Viman Nagar, Pune - 411014 (India).
Tel. : +91 (0)20 65003871/65003872/26632456/26632893/65263534/65001431 Fax : +91 (0)20 26632362.
TASMAC MANAGEMENT REVIEW
Subscription Form
Name :
Designation :
Organisation :
Office Address :
Pin:
Phone :
Email :
Qualifications :
Areas of Special interest in Management Science :
Yes I would like to regularly receive copies of TASMAC
Management Review. I would like to read more articles on :
Please also send copies of TASMAC Management Review to my
friends /colleagues.
Reference 1
Name :
Designation :
Organisation :
Office Address :
Pin:
Phone :
Email :
Qualifications :
Reference 2
Name :
Designation :
Organisation :
Office Address :
Pin:
Phone :
Email :
Qualifications :
Reference 3
Name :
Designation :
Organisation :
Office Address :
Pin:
Email :
Qualifications :
Phone :