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MARKETING
IN EMERGING
ECONOMIES
SPOTLIGHT
BUDGET
2017
THIS ISSUE
18
COVER STORY
COVER STORY
A change of course 38
Financial services KPOs will need to undergo a
Through a different lens 20 major overhaul to sustain in India.
Recalibrate your marketing approach in emerging markets. - DR NIT I N B A LWA NI
- DR JAGDISH SH ETH MARKETING
Democratising the marketing approach 26 Think before you leap 46
Democratisation of marketing is in tune with the concept of How different is startup marketing from the
value co-creation. mainstream one?
- DR RAH UL SINGH - R A JI V JOSHI
EXTRACT
THE ESSENTIAL BOOK OF
CORPORATE GOVERNANCE
BOOKSHELF
MUST READ
F
or consumer-facing businesses, the West considerable divergence in income, culture and
is no longer best; households in the US infrastructure. There are also submarkets, which
and Europe are no longer reckless and increase the challengeand sometimes, the
spendthrift. Years of stagnant incomes, opportunityof localisation.
joblessness, and recessionary conditions have Homegrown Indian firmsas also MNCs who
extracted their toll, and consumers are less have cut their teeth in India for many years
inclined towards making discretionary purchases. enjoy a natural advantage over MNCs whose
As a result, most market and brand growth has presence in the country is of recent vintage. They
shifted to previously neglected and underserved have mastered the art and science of competing
markets across emerging economies, especially on price, overcoming infrastructure constraints,
in Asia and Africa, where incomes and have developed innovative practices across
and aspirations have risen the supply chain.
rapidly, leading to sustained They are also used to adapting to different
The key emerging periods of growth. Often, the consumption habits and communication
markets are expected growth momentum is strong cultures. For example, when Hero Honda was
to contribute nearly half enough to withstand setbacks. first launched in the 1980s, the saree guard
In India, for example, even attached to the pillion seat was brought in as an
the GDP growth of after the debilitating impact of important local innovation, and it found ready
the world. demonetisation, the worst case acceptance, especially in the southern and
growth forecast for 2016-17 is by eastern geographies.
the IMF, at 6.6%. Of course, it is important not to underestimate
A McKinsey study projects that by 2025, the challenges that emerging markets pose.
emerging economies will have more than half the Typically, markets in the early stages of
households in the world with an annual income of development tend to lack organised and reliable
more than $20,000the sweet spot that results market information. In India, in the 1990s, for
in disposable incomes for spending. The key example, there was very little knowledge about
emerging markets are expected to contribute aspirational behaviour and the potential that the
nearly half the GDP growth of the world. In mobile market presentedthis was seen as a
recent years, MNCs have started prioritising their market for the elite.
presence in these challenging but immensely Moreover, the level of competition and the
promising markets. presence of media tend to be hyperlocal and
However, they are also learningsome of extremely fragmented. In many categories,
them painfullythat marketing and selling especially in personal and home staples,
templates cannot be robotically transplanted unbranded products rule the roost because of
from developed to emerging economies. Markets limited entry barriers, and the modest role played
across most emerging nations are extremely by technology. Wherever there are significant
fragmented; this makes it very difficult to create local players, it takes years for organised
national brands with large market share. brandsto win market leadership and, more
Unlike the fairly homogenised developed important, to make profits.
markets, emerging markets have not one but An effective way to enter emerging markets
many ecosystems of selling prevalent, with has been to acquire established local brands
A
Maneck Davar
N Radhakrishnan
s growth slows in the first economic tier of nations, the focus
EDITOR & PUBLISHER I Maneck Davar
shifts to emerging markets, especially those with a stable MANAGING EDITOR I Krishnaveni Subramanian
political regime. As the epithet emerging denotes, they have ASSOCIATE EDITOR I Anitha Moosath
been emerging out of their traditional mooringstackling EDITORIAL TEAM I Titash Roy Choudhury
inadequacies, harnessing innate strengths, and catapulting into the global DESIGN
arena. They now make substantial contribution to the global GDP, thereby ART DIRECTOR I Parvez Shaikh
GRAPHIC DESIGNERS I Nikunj Parikh, Payal Sumaya
reshaping the economic hierarchy.
ILLUSTRATORS I Swapnil Redkar, Darshan Sompura
However, doing business in these markets is an arduous task. It demands
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Maneck Davar
WIDENING
THETAX
BASE, AN
used as a tool. It should levy punitive penalties,
including imprisonment, to create fear of law.
There are multiple tax exemptions that allow
IMPERATIVE
Managing Director, Kotak Mahindra industry in the capital market. Multiple entities
Asset Management Company Limited. like AOP, Trust, HUF, and LLPs allow rampant tax
avoidance. The government must simplify rules
to levy tax rather than create a complex set of
rules for tax exemption. In a sense, we need to
change the orientation of our tax system from let
100 people run away from paying tax but let one
person not pay unfair tax. Our motto should be,
let not only the salaried class be burdened with
the onus of paying tax. Let other people also pay
their fair share of tax like the salaried class.
We
do not call for a balance sheet along with
income tax returns. In the absence of wealth
s per latest data available for AY 2012-13, little tax and estate duty, it is difficult to establish
A
under four lakh people paid income tax above ownership of assets. Due to this loophole, many
R5 lakh, but in the same year more than 39 lakh black assets over a period of time become white.
three-wheelers and four-wheelers were bought. For example, when people contesting elections
The current tax base is less than the number of declare their wealth statement, it is important to
people who travelled abroad in FY 16. A low tax ascertain whether they have paid appropriate tax
base can be attributed to the following factors: on the same or not.
Fear
of law is missing in most tax dodgers. The government has Agriculture
remains a taboo. Almost 70% of the
brought amnesty schemes in one form or the other at regular population is engaged in the agriculture and rural
intervals to create this impression. Most amnesty is at a huge sectors. They are not liable to pay tax. While there
discount compared to the normal tax liability, encouraging non tax cannot be a debate about not taxing marginal
compliance. Unless the government is able to create fear of law, farmers, rich farmers and tax dodgers should not
the tax base is unlikely to widen. It must step up efforts to nab tax be able to avoid paying taxes by converting non-
avoiders through an analysis of transactionsdata analytics can be agricultural income to agricultural income.
The
IT department is far more focussed on existing give certain special favours to taxpayers. For example, a fast
taxpayers. They need to be motivated to expand the tax net track mechanismat airports, cricket stadiums, hospitals,
through suitable incentives and training. The present IT or government departments for various servicesfor those
department process also results in long litigation. An adverse who pay more than R1 crore as income tax. Such positive
order at a lower level is challenged at a higher level for fear of recognition will pull people to be tax compliant.
reprisal. There should be a suitable mechanism to safeguard The
tax base can also be widened by introducing newer
them from taking appropriate decisions so that their energy format taxes like estate duty and wealth tax, on a par with
is not wasted in time-consuming litigation. Instead, they can global standards. We need to draft our tax laws with the
put their energy in expanding the tax net. help of outside experts so that loopholes and shortcuts are
The government must bring in a whistle-blower mechanism plugged. It is also important to educate the judiciary about
with respect to tax non-compliance. The present system of the spirit of the law than just the letter of the law. Many a
rewarding informants is neither well advertised nor attractive. time, economic crime does not receive due attention as it
If it can devise a scheme for whistle-blowersoffering them does not leave dead bodies and blood on the street.
attractive rewards and adequate protectionthen one can India, as a nation, does not have a choice but to expand the
see a massive increase in tax compliance. tax base to create a fair distribution of tax burden between
Tax
compliance can also be improved with a positive the salaried and non-salaried class. Modern technology-
approach. Today, other than being rewarded a certificate, led data analytics, proper drafting of laws, and appropriate
taxpayers are not given special recognition. It is important to administration can help expand the tax base.
THE RIGHT
underlines the continued liberalisation intent of
the government; it is good for both startups and
established companies on the lookout for growth
DIRECTION
capital. The only additional move this sector could
have benefited from are some new tax benefits to
further safeguard the interests of the IT industry,
which is under tremendous pressure from
anti-globalisation sentiments and new visa reforms
ANANT GUPTA being tabled by the US administration.
But as a wise man said, you cannot have it all.
Hence what the Finance Minister has served this
Founder Chairman and CEO, year should be good enough from the countrys
TECHCELX. overall progress perspective.
At the end of the day, that is all that should
matter anyway.
W
into a digital future, India is clearly leaping. The
Union Budget 2017 is a progressive mission
statement that will go a long way in not only
further reducing the digital divide in our country,
but also laying the foundation for new institutions
of the future. With an allocation of R1,87,223
crore for rural programmes, the government seems to be in a mood to
somewhat appease the groups most afflicted by the demonetisation
drive. Well, whatever the motive, it is a step in the right direction and
needs to be appreciated.
Since I am a technologist and a startup evangelist, the Union
Budgets top highlights from my perspective are the expansion of the
BharatNet Project, launch of a new online education platform, boost
to digital payments, and a few but well-intentioned sops extended
to startups and MSMEs. The abolishment of the Foreign Investment
TECH
and weak economic growth, it would be appropriate
for large and medium-scale companies to join the
queue for government and public sector IT and
U
that combines growth with fiscal prudence. gargantuan task of getting 300 million Indians ready
With its expected slant towards agriculture, skills for employment and entrepreneurship through
development, and the less served segments of compelling content served through technology
the country, it can lay the foundations for a period platforms. Digital solutions created by the industry
of robust GDP growth in a truly inclusive India. for manufacturing, retail, insurance, banking, and
Digital India and digital literacy had already healthcare can also enable easy access to the
received a big boost as an unexpected side effect of the best services.
demonetisation drive, and the focus on digital in the budget bodes well Overall, there is much to be optimistic about. For
for Indian IT firms. The expected continued focus on digital payments the IT sector, which is waiting for the Damocles
and the announcement of setting up of the Payments Regulation Board sword of Trump to descend in the form of visa curbs
and strengthening cybersecurity for digital financial transactions are and other potential protectionist moves, there is
welcome signs for an economy that is slowly becoming cash mukht. a sense of satisfaction that in India, we will have a
The technology sector will also get opportunities from initiatives such robust and continuing supply source of talent and a
as SWAYAM, the announced pension platform for defence, Digi Gaon, potential large market in the making.
BUDGETIS
low-priced consumer durables, not laptops or HD TVs.
The budget levies a 10% surcharge tax on those
NOT TAXING
with income between R50 lakh and R1 crore. This
is a segment neither big enough to use investment
vehicles to route monies offshore unlike HNIs,
and yet cannot reduce their tax liability beyond a
point using exemptions. This is another politically
SOURAJIT AIYER correct move to get mileage from small taxpayers
who form bulk of the voting base. The question
is: will an enterprising tax lawyer come up with a
AVP Investor Relations and Corporate Planning, collective offshore routing plan which this segment
Motilal Oswal Financial Services Limited.
can misuse to evade taxes? Additional scrutiny will
determine how much positive this actually yields.
The budget also reduces corporate taxes from
30% to 25% on MSMEs. They employ about 80-
100 million Indians though they contribute only one-
third of the countrys GDP. The sheer labour force
hired shows why this is another politically correct
move. But since MSMEs account for only a small
proportion of corporate tax earnings, the loss is
small. But the argument that reduction in corporate
ndias budget for 2017-18 places fiscal stability tax rate will help generate more employment seems
I
ahead of growth through spending. Total premature. This is because an accretion to net
expenditure increased a mere 6.5% over the profit after tax positively impacts the promoters who
previous year, showing the governments tight fist. can dividend it out, and it need not be ploughed
This is an antithesis to what many imagine, that back as retained earnings to grow the business
driving growth is foremost in emerging markets. (and hire more workers). Even if incremental profit
But fiscal stability helps keep credit ratings in is ploughed back as retained earnings, it does not
control, which is key to maintain attractiveness to foreign investors. mean promoters will automatically hire more or raise
Increasing government debt to fuel growth is not sustainable now. A wages. Indian listed company data shows financial
stable macro situation also strengthens the case for lowering interest sector companies grew their profit per company
rates, which can partly help in reviving private sector investmentone in the last five years; their CAGR in employee
hurdle in pushing job growth. costs severely lagged while the employee cost to
The budget reduced the personal income tax rate from 10% to 5%, sales ratio declined slightly. Many MSMEs remain
on income in the R2.5-5 lakh slab. This is a politically good move since uncompetitive against larger rivals, and a cut in taxes
a majority of salaried taxpayers in a middle-income nation like India fall in may not be sufficient to improve competitiveness in
this slab. It increases disposable income by R12,500 in the hands of all this age of technology, automation, and innovation.
whose income is R2.5 lakh and above. But those with income only up to In conclusion, Prime Minister Narendra Modis
R5 lakh will see an effective impact of R10,000, not R12,500. They had government is creating an enabling, conducive
earlier got a rebate of R5,000; it has now been reduced to R2,500. climate on which private businesses can capitalise.
The budget also simplifies tax forms and reduces scrutiny for this It seems to have walked the tightrope deftly, in
segment. Nevertheless, the question is: what does an additional terms of keeping Indias financial health in order.
nd
2 India - UAE Conference
Resetting Globalization: Collaborating in a Fast Changing World
Monday, 20th March, 2017 Hotel Taj, Business Bay, Dubai
Navigating
emerging
markets
THROUGH A DIFFERENT LENS
DR JAGDISH SHETH
DEMOCRATISING THE MARKETING APPROACH
DR RAHUL SINGH
THE EMERGING REALITY
PIYUSH SHARMA
COVER
STORY
Through a
different lens
Breakout marketing is the way companies can
use what a given market offers (culture, values,
systems, and needs) and introduce what it lacks
(technologies, methods/processes, products, and
brands), thereby transforming both themselves
as well as the market. Notably, although brands
usually begin their journey in emerging markets
by converting light users into heavy users, the great
market expansion that marketers aspire to really
comes from large-scale conversion of non-users
to users.
In an exclusive interview, Dr Jagdish Sheth
tells Anitha Moosath how a departure from
the traditional marketing paradigm can help
businesses succeed in emerging economiesa
thought he elaborates on in his book Breakout
Strategies for Emerging Markets.
STARBUCKS IN CHINA
Starbucks cafes in large cities like Beijing and Shanghai mirror those in the West, but as Starbucks expands
into second or lower tier Chinese cities, they are blending regional elements into their in-store experience. In
Chengdu Taikoo Li, the cafe features Sichuan-inspired tiles, silk artwork by local craftsmen, and warm colors
in the interior (Starbucks 2014). In Taikoo Li Sanlitun, a modern, upscale shopping area, Starbucks features
works by local graffiti artists (Burkitt 2012). In Fuzhou, a small town with a population of 7 million, Starbucks
drew heavily from the local culture and came up with a local courtyard home design with sliding doors,
soaring ceilings, and a screen with black and white pieces of the chess-like Chinese game Weiqi (also
known as Go). At the cafe entry, a large stone, taken from the mountains nearby, bears the Starbucks logo.
Thus, Starbucks has had to create fusion by retaining its basic cafe design but avoiding its standard white
look, which signals affluence in the West but indicates quite the opposite in Chinaa product no one wants!
Such tactical approaches are important as companies move from large, affluent, Tier 1 cities like Shanghai
and Beijing, which have optimistic, affluent, more Westernized consumers, toward Tier 5 towns with lower
income, thrifty, rural consumers; in these towns, fitting in is more important than standing out, and smaller-
sized establishments are steeped in local cultural cues (Wentz 2012).*
The biggest mistake product, and accessibility of the Western concept of a wine lifestyle into
many MNCs make is products and processes. Indian culture.
A good example of functional fusion is
focusing only on the Functional fusion and cultural Whirlpoolto address the water shortage problem
upper echelons of society, fusion... in India, they made a fully automatic, top-loading
ignoring the potential Each of the 4As has two washing machine that restarts the washing cycle
dimensionsfor example, from the point it cuts off, instead of restarting from
offered by the BoP the beginning.
acceptability can be functional
segment. and psychological. Marketers
often overdo psychological How best can you democratise your offer in
acceptability and underdo functional emerging markets?
acceptability. The biggest mistake many MNCs make is
It is not just about localisation. In emerging focusing only on the upper echelons of society,
markets, one has to take into consideration the ignoring the potential offered by the BoP
physical environment, culture, climatic conditions, segment. Instead, they should develop multi-tier,
genetic differences, etc., and ensure functional multi-segment strategies and target consumers
fusion and cultural fusion. from different socioeconomic backgrounds with
At Hong Kong Disneyland, the park design suitable value propositions. The health industry
and landscaping incorporate many elements of is a case in pointmany pharma companies
Chinese culture. This kind of blending has been are investing heavily in R&D to develop new
happening in literature, arts, fine arts, and so on. It technologies/breakthrough drugs for diseases
is now beginning to come into consumption too. rampant in emerging economies such as malaria,
McDonalds is another vibrant exampleits India tuberculosis, and HIV/AIDS. Companies should
recipe avoids pork or beef, taking into consideration democratise their offer in emerging markets
the religious sentiments of the local populace. by ensuring affordability, both economic
Sula Wines has gone a step further by assimilating and psychological.
Levi Strauss, the maker of Levis jeans, developed its Denizen brand of low-cost jeans for China. After eight
months of experience selling this brand to Chinese and other Asian shoppers, they brought Denizen to
their home market in the US, where they retailed for one-third to one-half the cost of a pair of Levis. Having
learned how to launch a value brand and nurture it in China, Levis has become one among a handful of
multinational firms to leverage the growing influence of emerging economies for reverse product innovation.
Launching in India and China, which are two very different cultures with consumers who have different body
types, style, and customs, gave us a chance to learn about how to make a brand relevant for the market,
said Lance Diaresco, vice president of marketing for Denizen. We learned about fit and how to work with
our franchise and wholesale customers to help them select the fits most relevant for their consumers
(Zmuda 2011).
Although China has been home to many global apparel manufacturing companies, consumers in China
have had little influence on global design and marketing. Clothing has lagged behind sectors such as
telecommunications and beverages, where multinationals have boosted their R&D in emerging markets and
local rivals are producing a growing volume of innovations. According to Aaron Boey, president of Denizen,
Levis had learned to produce affordable jeans by working out which features consumers were most
sensitive tothe stitching, the way the fabric feels, or the wash of the denim. Its not about taking costs
out, its about deciding what costs to put in to deliver the value that consumers appreciate, he said. Weve
gotten that validation in emerging markets were currently operating in. So, we now we can nail it as well as
in the US.*
The demographic dividend Need to adopt stakeholder patterns, and so on. The government needs to
factor is true for the orientation as opposed to look at the ageing aspect too.
customer orientation...
next generation. Now, Marketers have generally Does the Make in India initiative make our
we also have an ageing been thinking about only one market more attractive?
population; we are stakeholderthe customer. I think Make in India is a highly viable project.
expanding on both sides. But marketers need to adopt a There are several industries that hold immense
more holistic view. Marketing scopeautomotives, appliances, aircraft,
is not only about customers, infrastructure, defence, etc. The country
but also the customers ecosystem, which means can harness its innate advantages too, such
the community in which the customer lives. as availability of raw materials, agricultural
Customers expect businesses to be socially expertise, and technological expertise. Also,
responsible too, taking into consideration all the India would be a good base to reach out to
entities (including the environment) affected other emerging markets in the regionsay,
by them and their activities. This is what Porter automobile companies could use India as a
advocated through his concept of shared value manufacturing hub and sell their products in
as opposed to shareholder value. The Tata Group Southeast Asia and West Asia.
is a good example of a company that has a social However, I strongly feel that although started
responsibility and a business responsibility. with manufacturing in focus, Make in India will
end up being more to do with serviceslegal
As an emerging market, where does India services, accounting services, risk management,
stand in comparison to China? and R&D, areas in which India is already
The Indian scenario necessitates almost eleven establishing itself as an important hub.
intermediaries between a producer and a * Breakout Strategies for Emerging Markets.
consumer. Too many middle men creates
several frictionsdelays, a lot of waste, lack of
economies of scale at each step, and thinning of
margins. The challenge is how to compress the
cycle from eleven steps to zero steps, or one or
two steps. Ecommerce is becoming the biggest
change agent in this respect because it does
away with middlemen and facilitates a one-step
distribution systemfrom the manufacturer to
the ecommerce firm to the consumer.
Compared to India, China and Russia have
better infrastructure and a better supply function.
India lags far behind, especially in terms of
physical infrastructure like roads and ports. Many
Dr Jagdish Sheth people talk about demographic dividend as Indias
is Charles H strength. But the fact is that the demographic
Kellstadt Professor dividend factor is true for the next generation.
of Marketing at the
Goizueta Business Now, we also have an ageing population; we are
School of Emory expanding on both sides. And aged people are set
University.
in their waysfood preferences, consumption
Evolution of thought
While strategy is changing and becoming a
common discussion than an elite club activity,
marketing is showing signs of moving from
a product approach to a utilisation approach
although the pace of change is delayed. The
marketing approach is already changing and
democratising with the dramatic pace of
digitalisation. A Gartner study on Digital
B
Marketing Spending Survey 2013 shows that
the annual spending on digital marketing is
ecause the purpose increasing, and 80% of the digital or marketing
of business is to technologists report to the marketing
create a customer, chief*. With the change of context from
the business the physical market towards e-market and
enterprise has slowly towards m-market (mobile market),
twoand only marketing approaches need a revised or evolved
twobasic understanding. Companies have a higher
functions: marketing and innovation Peter propensity to die as well as succeed in this era
Drucker made this thoughtful statement long of transformation. For sure, they may remain
ago. We have tested this school of thought stagnant for not more than a particular gestation
many times when we broke the bureaucratic period but it is difficult to estimate the duration.
E
and Shavitt 2014; Jones Christensen et al.
2015; Michaelidou et al. 2015; Morgeson III
merging markets are those et al. 2015). Most of these studies show that
lower income countries that are consumers in developed and emerging markets
using economic liberalisation are significantly different from each other in
to trigger rapid growth in their terms of their characteristics, values, attitudes
economic output; these include and behaviours, such as materialism, value-
developing countries in Asia, consciousness, and price-sensitivity.
Latin America, Africa, and the Comparative marketing strategy: This
Middle East and transition economies in the research stream explores the differences in the
former Soviet Union and China (Hoskisson et impact of marketing strategies in developed
al. 2000). Past management research has used and emerging markets, including advertising
diverse theoretical perspectives (for example, appeals (Zarantonello et al. 2014), product-
A stronger focus on market strategies (Wei et al. (Strizhakova et al. 2012), role of country-
emerging markets will 2014), use of the internet and market characteristics (Bahadir et al. 2015),
social media (Berthon et al. growing importance of new middle-class
thus help us push the 2012), loyalty management consumers (Kravets and Sandikci 2014), and
theoretical boundaries of programmes (Kumar et al. differences in attitudes towards local and
the marketing discipline, 2013), and the role of product international brands (Tanusondjaja et al. 2015).
and also provide innovation (Sok et al. 2015). In this context, there is a clear need to
Most of these studies show not only further extend but also develop a
significant practical
significant differences in the conceptual framework to guide and structure the
benefits. way various marketing actions rapidly growing research on the challenges and
and strategies affect consumers opportunities faced by marketers in emerging
in both the markets, possibly as a result of markets. Moreover, it is important for the future
differences in their marketing infrastructure of the marketing discipline that we reflect the real
and consumer expectations. picture of consumers and markets in emerging
Emerging markets perspective: In economies because they represent a large share
this relatively scant research stream, a few of the worlds population as well as economic
papers examine consumers and marketers growth. A stronger focus on emerging markets
in emerging markets for who they are and will thus help us push the theoretical boundaries
not necessarily compare them with those in of the marketing discipline, and also provide
developed markets. These cover topics such significant practical benefits and managerial
as emergence of a global cultural identity implications (Burgess and Steenkamp 2013).
It is important for the More specifically, most Psychology 2014; 9 (2): 59-66.
Michaelidou Nina, Reynolds Nina, Greenacre Luke, Hassan
future of the marketing concepts and theories in Louise M. Cross-cultural and cross-national consumer
consumer research and research: psychology, behavior and beyond. International
discipline that we reflect marketing strategy have
Marketing Review 2015; 32 (3/4).
Morgeson III Forrest V., Sharma Pratyush Nidhi, Hult G. Tomas M.
the real picture of been developed and tested in Cross-National Differences in Consumer Satisfaction: Mobile
Services in Emerging and Developed Markets. Journal of
consumers and markets developed markets and some International Marketing 2015; 23 (2): 1-24.
Sharma Piyush. Country-of-Origin Effects in Developed vs.
in emerging economies of these have been replicated in Emerging Markets: Exploring the Contrasting Roles of
emerging markets. However, Materialism and Value-Consciousness. Journal of International
because they represent Business Studies 2011; 42 (2): 285-306.
this is a limited perspective Sheth Jagdish N. Impact of emerging markets on marketing:
a large share of the because it colours our Rethinking existing perspectives and practices. Journal of
Marketing 2011; 75 (4): 166-182.
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markets as seen through Advantages for SMEs of Product Innovation and Marketing
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the cultural-institutional lens of the typical Journal of Small Business Management 2015.
Western context in which major marketing Strizhakova Yuliya, Coulter Robin A., Price Linda L. The young
adult cohort in emerging markets: Assessing their glocal
journals and their contributors operate. This is cultural identity in a global marketplace. International Journal
of Research in Marketing 2012; 29 (1): 43-54.
in stark contrast to the professional marketing Tanusondjaja Arry, Greenacre Luke, Banelis Melissa, Truong
community and multinational companies who Oanh, Andrews Taylah. International brands in emerging
markets: the myths of segmentation. International Marketing
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of organic organizational cultures, market responsiveness, and
of consumer and market knowledge from the product strategy on firm performance in an emerging market.
developed to emerging markets and vice versa. Journal of the Academy of Marketing Science 2014; 42 (1):
49-70.
Wright Mike, Filatotchev Igor, Hoskisson Robert E., Peng Mike
Bahadir S Cem, Bharadwaj Sundar G, Srivastava Rajendra K. W. Strategy Research in Emerging Markets: Challenging the
Marketing mix and brand sales in global markets: Examining Conventional Wisdom*. Journal of Management Studies 2005;
the contingent role of country-market characteristics. Journal 42 (1): 1-33.
of International Business Studies 2015. Zarantonello Lia, Schmitt Bernd H., Jedidi Kamel. How to
Berthon Pierre R., Pitt Leyland F., Plangger Kirk, Shapiro Advertise and Build Brand Knowledge Globally: Comparing
Daniel. Marketing meets Web 2.0, social media, and creative Television Advertising Appeals across Developed and
consumers: Implications for international marketing strategy. Emerging Markets. Journal of Advertising Research 2014; 54
Business horizons 2012; 55 (3): 261-271. (4): 420-434.
Boyd Jr Harper W., Frank Ronald E., Massy William F., Zoheir
Mostafa. On the use of marketing research in the emerging
markets. Journal of Marketing Research 1964; 1 (4): 20-23.
Burgess Steven Michael, Steenkamp Jan-Benedict E. M.
Editorial: introduction to the special issue on marketing
in emerging markets. International journal of research in
marketing 2013; 30 (1): 1-3.
Hoskisson Robert E., Eden Lorraine, Lau Chung Ming, Wright
Mike. Strategy in Emerging Markets. Academy of Management
Journal 2000; 43 (3): 249-267.
Jones Christensen Lisa, Siemsen Enno, Balasubramanian
Sridhar. Consumer behavior change at the base of the
pyramid: Bridging the gap between for-profit and social
responsibility strategies. Strategic Management Journal 2015;
36 (2): 307-317.
ABOUT THE AUTHOR Kravets Olga, Sandikci Ozlem. Competently ordinary: New
middle class consumers in the emerging markets. Journal of
Piyush Sharma Marketing 2014; 78 (4): 125-140.
is Professor of Kumar V., Sharma Amalesh, Shah Riddhi, Rajan Bharath.
Marketing, Establishing profitable customer loyalty for multinational
School of companies in the emerging markets: a conceptual framework.
Marketing, Curtin Journal of International Marketing 2013; 21 (1): 57-80.
Maheswaran Durairaj, Shavitt Sharon. Issues and New Directions
University.
in Global Consumer Psychology. Journal of Consumer
Engage first,
sell next
A
ccording to Geofrey Four-E framework
Moore, organisational The Four-E framework ensures that the
theorist, we have evolved customer too gets value from the relationship.
from systems of records This engagement enables a prototype to become
to systems of engagement. a minimum viable product and further evolve
The cycle times are to get to a maximum value point. To maximise
getting shorter because output from every customer interaction, there
companies are adapting faster, and those that are four key types of engagement components
take time to adapt are losing out. Companies or engagement interactions between the
that succeed today are those working towards entrepreneur and the existing/prospective
customer satisfaction and focusing on educating customer: educate, enable, effect, and engage.
customers, enabling them, effecting change, and Educate: Shows entrepreneurs how to
engaging them. better understand customers and their unmet
The lines between product development, needs. It also helps them educate patrons about
marketing, and sales functions are becoming new products planned by the organisation, and
thinner, particularly with evolving minimum gather meaningful feedback from clients.
viable products and different pricing Enable: By enabling prospective customers
methodologies. What do you sellthe vision or to know more about products and their uses,
the manufactured product? Is selling a product entrepreneurs incrementally prepare them
more important than acquiring customer to make a decision. Continued enabling helps
interest? With the changing priorities of them get closer to the needs of the customers.
customers, keeping them engaged has become It allows them to test whether their business
the most important ingredient for success. can provide the public with what they need in
A change
of course
F
inancial market KPOs started
with a lot of fanfare, but lost sheen
over a period of time due to the
impact of various market forces.
More importantly, what they
considered as their competitive
advantage proved to be their
nemesis. The need of the hour is for KPOs to
reinvent themselves and become relevant again.
The availability of a large talent pool
engineers, post-graduates, MBAs, CAs, PhDs,
lawyers, and doctorsat salaries that are
only a fraction of those in the western world
makes India an ideal location for setting up
a back office for the services industry. The
influx started with IT services (primarily body
shopping) as demand exploded, moved on to
Business Process Outsourcing (BPO), and then
moved up the curve to Knowledge Process
Outsourcing (KPO).
With the collapse of financial markets came
the first shock, as big banks and investment banks
The 2004-2008 period finicky about), talent retention control over the operations and ensure their data
were sunshine days for (outsourcing companies were security needs are met. Organisations that took
willing to bear the cost of the captive route included Citibank, BNY Mellon,
the financial KPO industry replacement), and quality of HSBC, UBS, Credit Suisse, etc.This still allowed
in India with growth work (only basic work was several third-party players to flourish and grow,
touching 100-300% YoY. outsourced). including Evalueserve, AMBA Research, Copal
Evalueserve was an early Partners, Irevna, etc., to name a few.
entrant on the scene. It was established in 2000, The business was basic data entry in the
closely followed by Irevna Research in 2001. This initial phases but scaled up on the value curve
was followed by Copal Research in 2002, AMBA to include highly sophisticated modelling and
Research in 2003, and Adventity in 2004. Apart analytical work, over the years. The gamut of
from these, several other small and specialised services offered was huge and expanded in a
companies set up shop to cater to a single client short span of time.
or a handful of them and offered niche services. As the complexities of the work grew, the
There were a few organisations that outsourced expertise requirement grew exponentially. To
and were happy doing so while others saw merit in find a resource that could develop a detailed
setting up their own captive centres to have more financial model and write an equity research
report on a company that is 10,000 miles away
with little access to management and the markets
FINANCIAL SERVICES KPOS VALUE PROPOSITION required considerable skills. Skills that are
not easy to teach or develop in a short span of
Value Drivers Concerns time, unlike updating a financial model, which
Unreliable data security especially with is easy and can be taught in a matter of days.
Large availability of well quali-
1
fied and trained professionals
smaller vendors; unethical practices KPOs got around this by paying fancy salaries to
related to handling of crucial data experienced resources that could then be trained
English language Rising wages and attrition of trained fast to focus on international markets,
2
proficiency personnel and achieve the desired level of efficiency to
Supply shortage of profession- Inadequate intellectual property rights satisfy international clients.
3
als in developed countries protection The 2004-2008 period were sunshine days for
Well-established outsourcing
the financial KPO industry in India with growth
Shortage of high-level skills, limiting touching 100-300% YoY; a significant rise in
4 practices evident from IT
the work scope to basic support
services and BPO sectors salaries and profiles were the order of the day.
Lack of growth and cross Business was flowing faster than the KPOs could
Supporting government
5 employability reducing the supply of recruit and train. Enough talent was not available
policies
skilled people to the KPO sector
with the right focus on analytical skills and an
Adherence to quality eye for detailthese two aspects put off clients
High cost of training and retention
6 standards and data security
requirements
issues in the developed world. People with 3-5 years
Tendency to lose the most
of experience were leading teams of 50-100
7 Reasonable billing rates professionals, most of them fresh out of college,
experienced employees to clients
Time zone advantages; trying to take care of an almost unsatiating
8 organisations can run their demand for support. The business was reference
business 24x7 driven and the clients were chasing the sales
9
Scope of expansion into relat- team, rather than the other way around. Pricing
ed areas like data analytics was top of the line at the time with $60,000 per
Source: Adapted from KPMG / Swamy and Associates, Knowledge Process Outsourcing, February 2008
analyst on an average in 2005, which was still at Global investment banks realised that their
a 50% discount on the price that would be paid captive units were not strategic and were only
onshore for someone equipped with similar skills. supporting their select global operations (some
Significantly, the manpower cost was less than of which were already in the process of winding
30% of the billing rate even for an experienced down). This could have been easily monetised
analyst with 4-6 years of experience. Everything and there were instant cost savings that they
was going great for the business and then the could have had if they outsourced it. Global
financial crisis of 2008 happened. investment banks started selling their captive
units to Indian IT giants, promising them steady
Changing landscape led by financial crisis business and options to bundle both strategic
of 2008 and operating units of IT, BPO, and KPO
In hindsight, growth in financial services was operations. Lured by the incentives, TCS bought
driven by the greed for the global captive unit of Citibank in 2008 for
short-term profits from both $505 mn and Cognizant bought the Swiss Bank
With the credit crunch investment and retail banks. UBS Indian outsourcing arm in 2009 for
and business downturn This had also driven the need $75 mn. The deals not only helped Indian
happening, suddenly a lot for talent to manage the IT giants expand their services into financial
of people were redundant processes. With the credit domains but also opened up new pathways to
crunch and business downturn provide integrated financial, consulting, and
in the system. happening, suddenly a lot of technology solutions to the BFSI segment that
people were redundant in the was a major component of their portfolio. This
system. With losses looming at their face, most also allowed cross-selling of similar services to
of the retail and investment banks started looking their other clients, expanding their business and
at rationalising their operations and paring their cross-domain expertise.
cost base. This led to several effects, primary While the deals between captive units were
amongst them was reduction of workforce, fructifying, several independent outsourcing
both onshore and offshore, and disposal of companies realised that the business would
non-strategic units. remain tough and there was no point in them
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Engineering services
Content development
Financial services
Healthcare
R&D
Legal
Pharma
Source: www.ibef.org
trouble for the small players. This is exacerbated they can dictate terms and have been asking for
by the following factors: their pound of flesh citing business pressures.
Overdependence on a single line Discounts on billing rates, demand for higher
of business efficiency, and/or better qualified manpower is
As most of the financial services KPOs are common among peers.
in a single line of business, expansion into Manpower availability
any other line requires a skills set that is not Every professional looks for career growth and
available with them. Without this, a ready set enhancement.While the billing rates have been
of client testimonials, and a sales team that can constant over the last few years and business is
reference and sell those services, it is difficult in non-expansion mode, it has become difficult
to expand in any area. to attract talent as the salary to billing ratio has
Business growth gone up drastically. Promotion avenues are also
Dependence on a few clients has become a non-existent as movement of senior people,
bane as new clients are hard to come by and either within the industry or to other industries,
existing clients are not in an expansion mode. has been very slow.The choice is two-fold
Replacement mode is quite active and so is either invest significantly in new lines of business
poaching others clients. Smaller vendors are or sell the business.There is no third option,
hit particularly hard as their average client is there?
billing is small and need a lot more effort to
maintain and sustain.
Billing rates NASSCOM Annual Strategic Review, 2015
KPO Growth Industry Impacted by Great Recession,
The average billing rates have been either Evalueserve, August 2010
frozen or are showing a downward trend. Captives in India - Is the Honeymoon over, Evalueserve,
November 2009
ABOUT THE AUTHOR
Poaching by providing attractive billing rates Knowledge Process Outsourcing, KPMG / Swamy and
is a common practice and does not let anyone Associates, February 2008
Dr Nitin Balwani is Indias Knowledge Process Outsourcing (KPO) Sector: Origin,
Dean, Planning and hike the rates easily. Current State, and Future Directions Evalueserve, July 2007
Knowledge Process Offshoring: A Win-Win Situation,
Development, IFIM Client pressure Evalueserve, May 2005
Business School.
Like the IT industry, clients have realised that Growth of the Indian KPO Sector, Evalueserve, July 2004
Think before
you leap
T
he co-founder of a startup
walked into my office and
discussed his plan to raise funds.
I asked him a simple question,
Why do you need investors
money? For marketing,
advertising, and brand building,
he replied. I knew the background of startups
they have more demand for their services than
their ability to serve customers. To the best of my
knowledge, this one-year-old startup had amassed
a good customer base. Its founders had built a
compelling value proposition and a sound business
model. What was then the compulsion to spend
on advertising?
This scenario is common in many ventures,
particularly those started by MBA graduates.
Business education equips them with the necessary
tools and techniques. Typically, they tend to
treat new ventures as miniature versions of large
corporations, which is not the case. Similarly,
corporate employees who turn entrepreneurs also
do not get it right. Steve Blanks idea that a startup
is not a smaller version of a large company is often
ignored while starting a new venture. Early-stage
startups differ significantly from large corporations
as well as heavily funded unicorns in terms of their
strategic approach, marketing, sales, and overall
management. Strategic priorities of these unicorns
Customer acquisition is startup marketing. Have you A product launch event is a great marketing
the key challenge in the achieved the product-market opportunity. How do you wish to build viralilty
fit? Can the right features be around this event? The idea is to create a buzz
early stages of venture the marketing point? In the for the applicable segment, and this buzz
creation. Advertising may early stage of venture creation, builds momentum gradually. How about using
not be the only solution startups are looking for a testimonials, case studies, and white papers
to this challenge. repeatable business model, and as marketing messages? Would you like to
mass advertising may adversely capitalise on the thought leadership of your
affect their process of pivoting startup team? This is suitable for those targeting
from who they are to what they should be. B2B enterprise customers. Technology startups
What is your conscious choiceprofitable could leverage the expertise of founders,
growth or fast growth? Startups need to decide testimonials from lead customers, and thought
on the direction.Would they go for sustainable leadership marketed through white papers. Is
profitable growth or prefer leveraged fast growth, there any possibility to create a marketing idea
which might not sustain and lead to cumulative around your first customer or the set of first
losses. In the recent past, the risk capital was customers? Can your startup story be a point
tightened and investors are now moving to unit of marketing your startup? Have you crafted
economics-based metrics. Can your product the startup story? Marketers often use a well-
speak for you? Have you earned word-of-mouth crafted story around the origin of the product,
publicity? Have you created any communication entrepreneur, or the business idea as marketing
to generate virality? At times, below-the-line tool. It is a well-established fact that story sells
(BTL) activities are suitable for assessing consumer when it comes to marketing a product. Some of
response on certain startup ideas. Is there any the great brands which are reckoned with now
certification which could be your marketing have capitalised on this.
tool? Direct and digital marketing work relatively Advertising is crucial. The question iswhen
better for running experiments at the startup is the right time for that? Do you really need
stage. Startups that need to create market and to spend on advertising? Startup marketing is
educate potential customers need more than just different. It is all about innovative marketing
traditional mass advertising.This is more applicable ideas. Startups do not have any legacy issue
for the consumer internet startups are looking at which confine their ideas to the market and
altering the habits and building the stickiness of. restrict them to few proven tactics. They can
With respect to funding, a majority of the experiment with innovative marketing ideas
startups are bootstrapped. At times, advertising which are beyond advertising and expensive
splurge straining the limited resources not only campaigns. Relatively, the cost of venturing
affects the burn rate but also defeats the purpose. out is coming down but that of acquiring
And if the advertising works, do they have the customers is going up. Customer acquisition is
capacity to serve the leads generated through the key challenge in the early stages of venture
ABOUT THE AUTHOR mass media advertising? Do you need those creation. Advertising may not be the only
Rajiv Joshi is few hundred customers to test your idea and solution to this challenge. Startup marketing
Associate Professor, iterate further or a few thousand? The question is different than the mainstream marketing. It
Entrepreneurship and might sound similar in terms of the concept
General Management,
remainsshould you advertise before building
Institute of the critical mass? Even if you are a well-funded but it is different while practising. It is not
Management startup, you may like to spend money on building just a functional approach. It is a well-thought
Technology, Nagpur.
product and team. business strategy.
EXTRACT
THE ESSENTIAL BOOK OF
CORPORATE GOVERNANCE
BOOKSHELF
MUST READ
Governance,
a companys
backbone
T
he innumerable scandals
stemming out of the failure
of Corporate Governance,
which include downright
fraud and mismanagement
in many geographies, have
shattered the confidence of
the investors of resources in the basic fabric
of an enterprise as a JSC. An impression has
been gaining ground that those in the active
management by the virtue of the authority
vested in them, treat the interest of other
THE ESSENTIAL stakeholders with utter disregard, mismanage
BOOK OF the enterprise, siphon off the resources and
CORPORATE
GOVERNANCE even organize and undertake daylight robberies
Author: on the wealth of the stakeholders. The disgust
G N Bajpai emanates from the fact that such irresponsible
Publisher: behaviour is being reflected by those who are
SAGE India expected to be the trustees of the interest of all
ISBN: stakeholders.
9789385985218
Governance failures created an uproar in the
Pages:
364 financial markets, which made the governments
Price: and regulators sit up and take notice. There
R595 was a rethink on the role of the state, which
and so on, while the private economic agents Corporate Governance (2000)
carry on the economic activities. Even the Naresh Chandra Committee on Corporate
discipline were inadequate and even the existing (CII Taskforce on Corporate Governance
code of conduct was not effectively enforced. formed post Satyam episode)
This led to the formation of a number of The corporate misdemeanours consequenced
committees and commissions and enunciation by greed, hubris and delinquencies have incited
of codes around the world (noted amongst a global approach to bringing an order in
those have been mentioned below), beginning the management of enterprises, particularly
with the Cadbury Committee chaired by Sir those which are publicly owned, where the
The Organization for Economic Cooperation Taking a world view of the definitions, I
and Development (OECD) defines Corporate would like to sum up Corporate Governance
Governance as: as the philosophy that a company practises in
involving a set of relationship between a companys its relationships with its shareholders, lenders,
management, its board, its shareholders and other employees and other stakeholders, including
stakeholders. Corporate Governance also provides the society at large. It mirrors the companys
structure through which the objectives of the company integrity, efficiency and long-term growth.
are set, and the means of attaining those objectives Corporate Governance must assure the
and monitoring performance are determined. investors and lenders alike that the companys
Good corporate governance should provide proper dealings with its stakeholders will be fair and
incentives for the board and management to pursue transparent, the CEO and the BoD will be held
objectives that are in the interests of the company accountable, the company will be responsible in
and shareholders and should facilitate effective its business transactions and will create wealth
monitoring, thereby encouraging firms to use resources optimally, maximize wealth substantially and
more efficiently. share wealth efficaciously.
According to the World Bank, Corporate Excerpted with the permission of Sage Response from
The Essential Book of Corporate Governance. Copyright 2016.
Governance is: GN Bajpai. All rights reserved.
Programme Director
Solomon N Darwin
Executive Director, Center for Corporate Innovation
Haas School of Business, University of California,
Berkeley
Programme Framework
i Class Room Lectures and Interactions
ii Keynotes by Silicon Valley Startups and CEOs
iii Visits to companies like Google Tesla Motors Standard Chartered Bank Intel Cisco Systems Inc
IBM Research PayPal VISA GE Co-Innovation Lab Stanford Medical Centre Wells Fargo Bank
Kaiser Permanente UC Berkeley Campus amongst others
Programme Certificate
Upon the successful completion of the programme, participants will be conferred a Global Advanced Management Programme.
Certificate awarded by All India Management Association
Participation Fee
Delegate Fee per participant: INR equivalent to USD 8500 per Participant
Inaugural Discount: USD 750 per participant for registrations received along with participation fee by 31st March, 2017.
Early Bird Discount: after 31st March, 2017 a discount of USD 500 per participant available for registrations received along with
participation fee by 05th May, 2017.
Nitin Saxena
All India Management Association, Management House, 14 Institutional Area, Lodhi Road, New Delhi - 110003
Tel: +91 (11) 43128100, 24645100, Extn.-528. Mob: +91 9811675559 | Fax: +91 (11) 24608503 | Email id: nsaxena@aima.in
Website: www.aima.in
Understanding customer jobs and not customers drives innovation.
G LAKSHMANAN, INFOSYS
BOOK
SUMMARY
Predictable
innovation
D
ata shows that for every Harvard Business Reviews best article, and the
seven innovation projects cofounder of four companies. He has twice been
(product/service), four named the worlds most influential business
enter the development thinker by Thinkers50.
stage, two are launched,
and only one succeeds. The theory of jobs
Why is innovation so The legendary economist Theodore Levitt
difficult to master? saidPeople dont want to buy a quarter-inch
For many companies, innovation is still hit drill. They want a quarter-inch hole!
or miss. Most managers follow one or more The authors primary premise is customers
of these in their quest to innovate: product do not buy products or services, they pull them
attributes (the features, the technology, and the into their lives to make progress. Clayton calls
ABOUT THE AUTHOR
bells and whistles), customer characteristics this progress as job to be done. Understanding
G Lakshmanan is (the demographicsdo we have an offer for customers does not drive innovation success, he
Senior Principal,
Infosys Limited. digital natives?), trending data (do we need a argues. Understanding customer jobs does. Let
gluten-free product?), or competitive response us look at a few of the ideas with examples.
COMPETING AGAINST (those guys have one, we need one too).Yet, the
LUCK: THE STORY failure rate is high. Progress, not products
OF INNOVATION AND How to avoid the frustration of hit-and-miss Successful innovations enable a customers
CUSTOMER CHOICE
innovationleaving the fate to luck? desired progress, resolve struggles, and fulfil
Author:
Clayton M Christensen, In Competing Against Luck:The Story of Innovation unmet expectations. In many innovations, the
Taddy Hall, Karen Dillon, and Customer Choice, Clayton Christensen and focus is often entirely on the functional or
and David S Duncan his co-authors offer a unique technique on how practical need. But in reality, consumers social
Publisher: companies can develop and market products and and emotional needs can far outweigh any
Harper Business
services that customers actually want and need. functional needs.
Pages:
288 (Hardback) Clayton Christensen is a professor at Harvard For example, BMW had long described itself
Price: Business School, author of eleven books, as being in the business of high performance
R599 five-time recipient of the McKinsey Award for cars. But with the auto industry in a
All India Management Association has helped Indian enterprises to adapt to changes through the past six decades and it continues to
be thought leader in bringing about change in leadership vision and strategies. It has set up the National Leadership Conclave as a
platform for Indias leaders from the government, business and intelligentsia to deliberate on the most urgent issues facing the country.
This edition of the Conclave aims to assess the countrys preparedness as part of an economic modeling exercise to forecast global
economic trends over the next 10 years.
The conclave is being chaired by Sanjiv Goenka, Past President, AIMA and Chairman, RP-Sanjiv Goenka Group
For more details please contact: Surajit Bit, Deputy Director CMD
All India Management Association, Management House, 14, Institutional Area, Lodhi Road, New Delhi 110003.
Tel: +91-11-2460 8511, Fax: 011- 24608503, Email: sbit@aima.in, www.aima.in
A thorough guide to understand, design, and implement competency models.
MUST
READ
Subscribe through Magzter, the Digital Web Store, on iTunes and Android Market
www.spentamultimedia.com | on ipad at magzter.com
62 INDIAN MANAGEMENT FEBRUARY 2017
Companies should nurture a culture of two-way communication, where both
employees and leaders can engage in open discussions.
WORK
ABHIJIT NIMGAONKAR, ZS ASSOCIATES CULTURE
Listen to
everyone
F
eedback, in any system or Regular feedback is what appeals to
organisation, forms the most millennials the most. Given that this generation
essential element of growth is proactive, eager to learn continuously, and
and establishes the base for loves to offer ideas, they need seniors and
continuous improvement. A leaders who take the time to converse on equal
work culture that welcomes terms. It is important to reverse the dialogue
feedback as a way of life creates from go ahead with this to do you think this
more opportunities for collaboration, builds is the right thing to do? Communication is a
trust, and most of all generates fresh ideas. One two-way street.
of the best forms of feedback is guidance since it It is crucial for firms to make individuals
is based on mutual respect, confidentiality, and aware of their potential as future leaders. Quite
trust. Organisations are increasingly recognising a few organisations have a reverse mentoring
the importance of how people achieve their model in place, whereby the mentoring roles
goals, not just what they achieve. are flippedpositioning a young professional
Every firm aims for a culture that engages as the mentor and the seasoned professional
people and reflects the firms values. At as the mentee. This helps employees engage in
ZS, a consulting firm born from academic conversations by taking the lead and thinking
roots, continuous feedback is part of the ahead, which in turn boosts confidence and
DNA, boosting employee satisfaction, enables them to see themselves as future leaders
productivity, and creativity. It is natural for in the firm. At ZS, for every new employee,
people then to feel involved and identify with a mentor is assigned for the first six months,
their organisation. someone who has preferably been in the
Get hold
of yourself
We are what we repeatedly do. Excellence then is not an c) The bottom of the pyramid represents those
act, but a habit. basic qualities which form the foundation
-Aristotle of success. These have to be imbibed and
While working towards success, people err cultivated over a period of time.
when they look for quick fix solutions. Many While most training programmes focus on
believe in the dont work hard but work smart the top two levels, some just address the top
ideology.You may work efficiently and optimise of the pyramid and covers techniquestime
your efforts, but you cannot take shortcuts and management, teamwork, communication skills,
become successful. conflict management, and handling stressthat
Human excellence is a complex entity and I are essential to become more productive. These
would like to explain it through my concept, the are popularly known as soft skills. The next level
pyramid of human excellence. It has three clearly is addressed through education; the process is
demarcated sections: rigorous and the focus is on building domain
a) The top of the pyramid represents the knowledge.
capability to organise oneself, learn, and While the top two levels of the pyramid are
apply skills to achieve goals and become more important, it is the bottom of the pyramid
efficient. which is essential. It signifies qualities that form
b) The middle segment represents knowledge the basic foundation and need to be gradually
and education, which one needs to acquire or imbibed.
learn in order to be successful. These are the While heading a premier bschool, I got an
abilities which one learns and acquires through opportunity to be a part of the corporate world
rigorous education and other knowledge tools. and deal with aspiring managers. There, I realised
Organising
and Managing Techniques
Abilities
Education / Knowledge
Imbibe and Cultivate
Qualities
The bottom of the that the focus has shifted from 1. Will Power/mental toughness/resilience
pyramid, the basic human the bottom of the pyramid 2. Integrity/dependability
to the soft skills on the top. 3. Empathy and human touch
character, has been totally Not only has the bottom 4. Delayed gratification
ignored in the value chain. eroded, but the middle of 5. Pride and self-esteem
the pyramidthe rock solid 6. Initiative and value addition
foundation of knowledge 7. Making friends/being humble
gained through educationhas also taken a 8. Positive attitude
beating. Looking at the quality of manpower 9. Self-discipline
being churned out by undergraduate colleges, 10. Adaptability and flexibility
one gets alarmed. Barring the top institutes, the 11. Believing in yourself
graduate exit level domain knowledge is far 12. Moral courage
below the desirable level. Companies struggle I analysed eleven successful peoplean Army
for months together to train and retrain General, a national leader, a top cricketer, an
them and the cost of this repair is colossal. industrialist, a specially abled person, a top
Unfortunately, India pays for it. The bottom actor, an inventor, a global CEO, and a scientist.
of the pyramid, the basic human character, Instead of displaying an exact figurewhich may
has been totally ignored in the value chain. become too judgmentalI have assigned grades
To sum up, the pyramid has been inverted, of A, B, or C. Not surprisingly, most of them
ABOUT THE AUTHOR upside down. This is the single most important scored A and the rest scored B, none received C.
Virender Kapoor reason for leadership failure and poor industry The analysis brings out two important
is an educationist, performance across the world. inferences. First, these qualities are all important
and author of 12
Essential Abilities Hence, it is time to lay more emphasis on and essential for success in all fields. Second, all
of Extraordinary building the essential qualities that would help great people need not have a top-end score in all
People.
create a strong base. These are: the qualities required for success.
The skills that are These qualities are instance, a number or a value to a persons
acquired at educational embedded in humans and degree of integrity. It is also equally difficult to
are often called nature or quantify somebodys will power, or adaptability.
institutes may enable an character, meaning these It would be futile to gauge these as laws of
individual to find a job. are the basic characteristics physics or chemistry. For example, every
But the actual journey of individuals. Our sun signs action has an equal and opposite reaction as
begins thereafter. are indicative of some of our per Newtons laws of motion. But in case of
very basic characteristics. One human reaction, every action may or may not
would appreciate that people have a reaction, leave aside equal. Traits such as
born under a particular sun sign do share a pride, caring nature, mental toughness, and self
common thread vis-a-vis their characteristics. belief are closely associated with our sun
This would appear to be truer if you look at it signs. In fact, none of us can accurately
from a device, I call macro scope rather than define ourselves. People take a life time to
with a microscope. understand what they are and what they want
It is better to look at these from this from themselves.
perspective because the things we are looking Progress is difficult if an individual is not
at are intangibles. It is difficult to assign, for ready to accept his or her weaknesses. For
instance, one needs to accept that one does not
have many friends but look at it as a gap in life
rather than viewing it as a weakness. The next
step is to fill the gap. If one changes 20-30%
in each of these twelve essentials, there will
be a transformation.
The skills that are acquired at educational
institutespertaining to the top two layers of
pyramidmay enable an individual to find a
job. But the actual journey begins thereafter.
There is a quantum shift in the job profile in
most cases, after a while. The role becomes
wider, more serious in nature; the stakes are
higher and responsibility increases manifold.
At the same time, expectations from peers,
bosses, and subordinates soar pretty high.
There is a shift from managerial expertise to
high-order leadership. That is the time when
the gems at the bottom of the pyramid play a
critical role. In fact, those who have not cared
to develop these qualities find themselves
losing ground among their peers. It is therefore
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Fit companies
T
oday corporate wellness Moreover, excessive pressure leads to higher
programmes have become an instances of disengagement and absenteeism. To
integral part of businesses overcome these problems and help employees
more and more companies manage stress, organisations are now thinking
are taking employee beyond the obvious to develop the right solution
wellness seriously. But the that targets the root causes of stresslack of
truth is that while there employee engagement, mounting work pressure,
are thousands of wellness solutions, many and team friction along with the predominant
companies do not have either a proper strategy underlying issue which is physical inactivity.
or a constructive plan to implement it. They Organisations with effective wellness
are truly trying to figure out the right solution programmes have 34% higher revenue per
to combat rising health issues and healthcare employee and have seen 28% reduction in
costs. It is here that wellness startups such as number of sick leaves. Moreover, it has been
Gympik are trying to make a difference. They noticed that with most effective wellness
are designing constructive and strategic plans to programmes, organisations have experienced
help organisations make employee fitness and 26% reduction in health costs. To build a
health a priority. healthier and happier workforce, Gympik
has initiated programmes that ensure higher
The need productivity, lower absenteeism, higher
According to studies, employees under high engagement, and lower job dissatisfaction.
stress cost 40% more than the average employee, A variety of fitness services are designed and
while almost 33% feel that work stress is incorporated into one, to suit employees
affecting their productivity.1 Job stress affects diverse fitness interests and needs. In addition
creativity and the problem-solving abilities of to that, the change of activity in every session
employees, costing businesses millions of dollars. helps break the monotony of following
Stress may also contribute to unethical behaviour the same exercise everyday and makes it
such as lying to customers or taking shortcuts. more engaging.
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Rewards and badges work as motivating
factors
Corporate wellness programmes should be
designed in a way that encourages people
Path towards mental and spiritual wellness to prioritise health.To make this possible,
This year had a huge impact on the way the companies have to take initiatives and consider
fitness market works and there have been lot of aligning programmes that are reward-based. For
improvements with companies heavily investing example, an employee referral programme where
in initiatives related to improving the employees employees are asked to refer other employees and
physical and mental health and working towards the person referring the maximum employees
nurturing the spiritual, emotional, and social gets awarded, or hosting wellness competitions.
facets of well-being. The year 2017 will be Making people aware of their fitness progress
revolutionary as far as the fitness industry is compared to others works as a motivating factor; it
concerned. However, with the improvement also works as a benchmark and encourages people
in technology, fitness cannot stay away for long to push their limits. People are also inspired by
without technology being seamlessly integrated the special rewards, titles, or badges that signify
with it. To make fitness even more effective and achievements and gain a sense of achievement.
measurable, Gympik has come up with the idea A successful corporate wellness programme
to incorporate wearable devices and apps that is designed by integrating employee relations,
can track the training programme, its duration, leadership, support, qualitative framework,
impact, and much more. This encourages people strategic plan, and employee and employers
to push themselves more towards fitness and active participation.
achieve the best out of the training. With more employers inducting corporate
wellness programmes, it is important to
Social networking plays the key role employ the right set of methods and strategies
Social networks help spread awareness about to effectively employ them. A successful plan
the benefits of healthy behaviour. It has been can ensure long-term employee engagement,
found that when people connect their wellness sustainable behaviour change, higher
programmes to social networking platforms, the participation rates, and significant health
outcome becomes more interesting as it involves results for employees. A thoughtfully planned
ABOUT THE AUTHOR the participation of peers, team members, programme has a higher rate of success in
Amaresh Ojha is friends, and family. This also encourages people building a healthier and creative workforce.
the Founder and to continue their fitness programme since
CEO, Gympik. 1 http://blog.accessperks.com/employee-engagement-loyalty-
it is more engaging, fun, empowering, and statistics-the-ultimate-collection
Maximising
potential
T
he success and best out of the workforce. The process starts
competitiveness of an with managers recruiting qualified people as
organisation depends employees who will be an asset in the future.
not only on the overall As quoted by Mary Kay Ash, Personnel are
productivity of the workforce definitely a companys greatest asset. It doesnt
but also on the productivity make any difference whether the companys
of each employee. A well- product is cars or cosmetics. A company is only
motivated employee can create a positive as good as the people it keeps.
workplace environment and even motivate Entrepreneurs can ace employee productivity
others. On the other hand, an unmotivated by undertaking the following steps that could
person can create a demoralising atmosphere result in an immense change in the level of
which could result in others too losing faith in employee productivity:
the company.
This makes it crucial for employers to Identify skills set, limitations, and objectives
constantly find new and efficient ways to keep of employees
their employees at their finest. This would also Employees are recruited on the basis of their
ensure that their performance is at peak levels all skills and relevant knowledge of the job they
year around. are applying for. However, these two factors
Ingenious observation and prospective planning alone are not enough to understand them.
by entrepreneurs are essential to bring the Managers must conduct a background check
Feedback
Managers should encourage employees
to give feedback in order to have a better
understanding of workplace dynamics. It will
help them gain perspective of how employees
view the company they represent.
As a final note, productivity of the workforce
can be improved by making employees feel
Discrimination must be eliminated responsible and getting them to work happily
Any kind of bias can result in huge negative rather than dispiritedly. Teamwork is the ability
consequences for the organisation. Apart from to work together towards a common vision.
being unethical, it could result in an incompetent Alone we can do so little, together we can do
person holding a prominent position. Nepotism so much. If your actions inspire others to dream
can lead to more skillful employees being left more, learn more, do more, and become more,
out. Almost every professional organisation you are a productive leader.
around the world today avoids discrimination of As rightly said by Paul J. Meyer, Productivity
all kinds and also talks about it being an equal is never an accident. It is always the result of a
opportunity employer. commitment to excellence, intelligent planning
ABOUT THE AUTHOR and focused effort.
Gaurav Dureja Employees are not just employees Remember that an increase in productivity
is CEO, Ambrane As a human, every employee has a set of will yield a corresponding increase in output
India.
emotions and feelings which should not be hurt. and profits.
A healthy
option
F
ifty-five year-old Lata was Whether it is scheduling lab tests online or
diagnosed with rheumatoid installing a biometric system for tracking
arthritis, one of the common patient information, the Digital India vision
auto immune dieases. Owing for healthcare is empowering citizens to make
to chronic swelling and stiffness smart and meaningful use of technology.
in her joints, her physician
instructed her to stay at home Growth of e-pharmacy startups in India
and take complete rest. The quandary was According to industry experts, the e-pharmacy
apparent: how could she buy medication sector has great business potential and is
regularly if she was supposed to be in bed? expected to grow from an $18 billion market
Her daughter, Tara, who stayed in another to $55 billion by the year 20201. Several
city decided to order medicines for her ailing startups specialising in the pharmaceutical
mother from an online pharmacy. All Lata had sector have witnessed keen interest from early-
to do was provide a valid prescription and the stage investors to capitalise on Indias growing
medicines were delivered at her doorstep. healthcare e-market. The annual production of
Technology has grown in leaps and bounds and pharmaceutical products in India is valued at
the healthcare sector has benefitted the most. over R2 lakh crore, which makes the country one
Today, with digital technology permeating of the largest manufacturers of pharmaceutical
every aspect of our lives, consumers can avail products in the world. Online pharmacies
themselves of better facilities in the comfort have contributed significantly to transforming
of their homes. For India to be a veritable the global pharmaceutical distribution chain.
digitally advanced nation, e-health will provide With the introduction of technology in the
the much-required foundation for excellent sector, a more systematic platform is in place
quality of and better access to medical wherein it is possible to trace all medicines to
services. This will also eventually lead to a the manufacturers, access logs, track any illegal
transparent and efficient healthcare system. drug consignment, and crackdown on counterfeit
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A customer no longer to monitor public health deals unlike at offline stores that sell medicines
needs to worry about the and revolutionised the way on maximum retail price.With the convenience
consumers access healthcare, to shop anytime, anywhere, get free delivery, and
high cost of medicines the lack of proper regulatory other assisted services, an increasing number of
as e-pharmacies provide and implementation-boosting consumers is inclined to shop for medicines online.
attractive deals and mechanisms is proving to be Online pharmacies not only have the potential
discounts on medicines. a bane. to save people from several health implications
In the US, online pharmacies but also bring into effect a more transparent
are governed by the same system. Neither can medicines be hoarded
laws that are in place for offline ones. Both are illegally nor can poor-quality medicines be
required to have licenced pharmacists and a maintained in stores. With tracking facilities
valid prescription. made feasible by e-players, a consumer can
file a complaint or report health issues after
Are more customers switching to online consumption of the medicine.
purchases? Online pharmacists are not just a more
While the future seems bright for new entrants in convenient and cost-effective alternative to their
the e-pharmacy space in India, there is an urgent offline counterparts, but are a more trustworthy
requirement for well-defined laws for the smooth and safer platform to rely on for all medicinal
functioning of their business. Unlike offline stores, needs. Indias healthcare landscape has great
where at times people are forced to wait in long potential to improve substantially with the
queues to buy medicines and haggle for change, birth of more online players that will empower
online stores eliminate all such inconveniences. consumers to access high-quality and affordable
ABOUT THE AUTHOR A customer no longer needs to worry about the healthcare services.
Pradeep Dadha is high cost of medicines as e-pharmacies provide
CEO and Founder, attractive deals and discounts. So, customers have 1. http://www.livemint.com/Companies/
Netmeds.com. EGTOILRRNF0T3J4OfUg9SN/Will-online-pharmacies-work-
the option to avail themselves of the best possible in-India-and-are-they-even-lega.html
Busting
ghosts
O
rganisations lose more
when office ghosts
are busted. While this
statement seems counter-
intuitive, I believe that
organisations would do
more good by making sure
ghosts are not created rather than busting them
each time.
Well, we are not talking about real spooky
ghosts or haunted buildings; we are talking of
office problems and employee issuesghosts
that exist in every office. Every office has them
some ghosts are evident to managers, while most
are hidden. As in the case of any illness, only
the symptoms keep surfacing. Managers need to
identify the cause and find a solution rather than
just bust ghosts, which may lead to creating more
of them in the future.
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Every employee has a Ensuring employee Creating social connect: Every employee
social world and the alignment: Alignment is not has a social world and the greater the positive
just about setting KRAs and impact organisations have on this world, the
greater the positive measuring them on time. It lesser ghosts they would create. HR managers
impact organisations goes beyond this and extends should not become event managers who end
have on this world, from how employees are up managing birthdays to corporate picnics to
the lesser ghosts they selected in the first place off sites, for the sake of maintaining the social
to how their careers are connect. True social connect is established when
would create.
managed in the organisation. employees are understood as humans first. Set-
Alignment will remain an ups that do not understand how humans think
elusive territory unless every and act will create ghosts in quick succession.
employee is convinced about his or her role in HR managers should involve front-line
the organisations growth, and this is followed managers in getting rid of office ghosts.
up with appropriate role measures, authorities, Together, they need to clean up the negative
and rewards. energies that create these ghosts.
Firm ground
T
he governments recent Pre-demonetisation: reforms
demonetisation move is one As per recent reports, the parallel black money
of the boldest decisions the economy holds R30 lakh crore of the countrys
country has witnessed since economy, which amounts to nearly 20% of
Independence. The ban on the total GDP.1 The real estate sector accounts
R500 and R1000 currency for almost 11% of the GDP, but unfortunately
notes led to chaos at the anywhere between 30% -40% of the transactions
ground level, but most citizens were optimistic involve black money.2 If these unaccounted cash
and supported the crackdown on black money. transactions are included, the sectors overall
This step, along with reforms in various sectors is GDP contribution would be much higher. The
sure to project India as a promising economy on potential of the sector has remained more or
the world map. Although the primary motive was less untapped for a considerable period of time,
to curb black money, it will have a far-reaching as only half of the deals are registered through
impact on the economy as a whole. formal channels.
The impact of demonetisation on various Before announcing the demonetisation drive,
sectors will be felt in varying degrees, depending the government had initiated a few reforms
on the amount of illegal transactions involved in in the real estate sectorin the last couple of
each. The most affected will be the real estate yearsto protect the interests and rights of the
sector as it has always had significant appetite common man. It had also launched a self-income
for black money consumptiontypically, one- declaration scheme, offering the black money
third of the transactions involve money from hoarders a chance to come clean. However, the
unaccounted sources. governments scheme went mostly unheeded
is going to be affected more, as maximum of excitement in sector will push down rate
transactions use illegal money sources of of inflation. Consequently, public sector banks
unauthorised accounts. Sale of luxury apartments may reduce interest rates on home loan and
and villas are the most affected in the retail financing. Experts fear that for the next few
housing sector. months there will be little or no transactions
Retail dealers will be badly hit. This segment in the land, commercial spaces, and residential
comprises organised and unorganised; high-rises units in the resale market (secondary). Buyers
and slums. All of them either generate or handle with fair income will adopt cautious approach
black money. Transactions in the slum segment hoping that prices will decrease further.
are dominated by cash and remain outside The fear psychosis of investment recovery
the revenue system. Those in the white-collar among sellers would restrict them dealing in
buildings have a white-to-black ratio of 70:30, properties at this moment. Non-availability
60:40, or even 50:50 depending on the area in of prime properties would further spread
which the property is situated. On the contrary, disappointment in the sector.
those which use minimum cash components Medium-term effect-innovative ideas:
commercial office property, rental property, In the medium term, gradual improvement
leasing, and legal financing will not get in liquidity and reduced interest rates could
much affected. make homes affordable to the middle-income
This sector inherently carries the legacy of class. Due to financial stress, some properties
black moneyright from the purchasing of land might be available on sale with discount in the
from farmers to converting it to commercial secondary market. Some market gimmicks may
property to getting approvals from various be applied to attract customers. Construction
government departments, large amounts of cost may be pushed further down to recover
INDIA GDP FROM CONSTRUCTION entities (developers and funds) will ensure
more liquidity and transparency. According to
2400
2377.8 the data released by Department of Industrial
2285.27 2290.92
Policy and Promotion (DIPP), the construction
2213.23
2200
development sector of India received Foreign
2079.94
Direct Investment (FDI) equity inflows of US$
2051.93 24.19 billion between April 2000-March 2016
2004.73
1975.08 2000 much to the relief of cash-strapped and debt-
IND Billion
1916.56 1914.92 1927
ridden real estate sector.
1797.56
1800
Broader economic spectrum
Demonetisation process will leave its footprint
1600 strongly on the real estate sector, specifically, and
Jul 2013 Jan 2014 Jul 2014 Jan 2015 Jul 2015 Jan 2016 Jul 2016 also on the various spectrums of the economy.
Source: www.tradingeconomics.com, Central Statistical Organisation, India For example, under-construction projects will
receive a jolt and will be forced to review the
overall situation. Without sufficient demand for
The real estate sector the investment on expensive housing for a prolonged period, manufacturing
is a high employment deals. To some extent innovative units of construction materials would face the
ideas of cheaper and efficient heat. Transportation, banking, and financing
generator. construction techniques may sector will also suffer due to this slow down.
come up during this period to The real estate sector is a high employment
further adjust reduced prices. Implementation generator. Any slow down would result in lesser
of real estate reforms will inject confidence employment opportunities in the under skilled,
among the buyers to surge revival mode. The semi-skilled, and unskilled categories. According
negative impact will be reflected on the sales of to a 2015 report by ASSOCHAM over 75% of
premium higher-end properties. the 3,540 real-estate projects, with investments
Long-term effect-standardisation: worth over R14 lakh crore, across the country
Over a period of time, fair deals will restore are yet to begin. Once these projects start
transparency. Through formal intervention and functioning, huge employment opportunities will
involvement of the banking sector, banks will be a possibility.
play an active role in price negotiations. They Demonetisation has boosted confidence
may further enforce regulations to declare among citizens. The governments next move
official rates of land and property, which has should be to ensure implementation of reforms
ABOUT THE AUTHOR
been the norm in the Western real estate such as single-window clearance, digitisation,
Dr Aruna Dhade, is market for quite some time. Prices could be corporatisation, professionalism, prompt
Assistant Professor
of Finance. She controlled by setting upper and lower limits on services, and more transparency in the
has been teaching a price band range. housing sector.
graduate and
undergraduate
In the long term, institutions will come
courses in forward to align and comply with global 1 http://indianexpress.com/article/business/economy/ambit-
finance at Indian standards. The sector, with corporate governance capital-black-economy-shrinking-pegged-at-20-per-cent-of-
universities and gdp-2835783/
Qatar University practices, will push ease of doing business and 2 http://reports.ambitcapital.com/reports/Ambit_Economy_
(AACSB) for the last foreign investors will be more open to explore Update_Indiasbattlewithblackmoney_26May2016.pdf
19 years. 3 Emerging Trends in Real Estate Asia Pacific 2016 report by
opportunities in India. The entry of more foreign PricewaterhouseCoopers (PwC) India.
i n d i a n
m a n a g e m e n t
VO L U M E 5 6 I S S U E 1 PAG E S 9 2 r60
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JANUARY 2017
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NOVEMBER 2016 VO L U M E 5 5 I S S U E 11 PAG E S 9 2 r60
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