MTC- Knowledge in Practice- Vol- I, Issue- I

8/8/2019 MTC- Knowledge in Practice- Vol- I, Issue- I

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MTC

KNOWLEDGE IN PRACTICE

Volum e 1, Issue 1

I ssue- 1 (Aug- Oct 2010)E- bullet in: Volume- I

Message from the Chief Editor

I am indeed very pleased to release the first issue of ManagementTeachers Consortiums quarterly e-bulletin MTC- Knowledge inPractice. I sincerely acknowledge the support, encouragement andmotivation extended by all the esteem members of the team whocontributed towards the growth of the consortium.

I am really grateful for the contribution made by all our team members. The restriction of page numberslimited inclusion of all the articles. The articles submitted would definitely be placed in our subsequent issues.

Once again thanks a lot to all the team members of MTC for their continued support and encouragement.

Happy Knowledge Sharing.

Prof. Bholanath Dutta

Chief Editor: MTC- Knowledge in PracticeFounder & Convener: Management Teachers ConsortiumAn Initiative to share & enhance Kowledge for Management Fraternity

Cell: +91 96323 18178Homepage: http://groups.google.com/group/join_mtcGroup email: [email protected]

Prof. Bholanath Dutta conducted aCorporate Training for Raheja Group on02.10.2010 on Soft- Skills in Customer

Service to enhance sales productivity.


2/11

" I like a teacher who gives you something to take home to think about besides homework." -- Edith

Ann, [Lily Tomlin]

Self-Managed Teams: An Experiential Learning

on the changing Nature of Management

Institutes

ByDr. B Rose Kavitha

Professor, Department of MBA, CMRIT, Bangalore&

Mr. Bharath ChandrasekharHR Manager, Aricent Technologies, Bangalore

In todays competitive world one of the mostempowering interventions is Self-managing Teams.Self-managing Teams are a new concept in

educational field though it has its roots in corporatebusiness. So, what is self-managing teams? It is asmall group where members plan and execute theirday-to day activities and duties under reduced orno supervision. A self-managing team is that whichdecisions are made faster. Literature review on thisconcept by Goodman, Devadas and Hughson(1998) and Pearce and Ravlin (1987) suggests thatself-managing teams lead to enhancedorganizational effectiveness. Pasmore (1978)elaborates in a study that self-managing teamsintroduced in one unit, and the tasks were enrichedin the other unit at a food company therebyincreasing the job satisfaction in both units. If thisconcept is introduced in Management Institutes thepotential advantages include stronger commitment

of faculty, improved quality, enhanced efficiency,

improvised standards in materials preparation and

service development.

The general disadvantages may be three.

1. The hurdles in implementing this concept in

Management Institutes.

2. The problems may arise in composition and

selection of the team members.

3. Finally the uncertainty of the continuous

existence of the team.

Conclusion:

Self-managed teams in Management Institutes maybe called as Natural work teams. A Natural workteam must be encouraged in Management Institutesfor developing the creativity in delivering lectures,presentations, project guidance and researchactivities of a Management faculty.

To conclude when a faculty is working in a Naturalwork team, they are empowered to set their owngoals and monitor their own progress. An interestingfactor is that the self-managed team members

reward themselves for achieving their goals andpunish themselves for poor performance.


3/11

Innovat ive Stra tegies to Finance SMEs

ByDR.S.N.Ghosal

Director: NICCO FINANCIAL Services Ltd., Kolkata

Small and medium enterprises (SMEs) are oneof the largest employment opportunity providernext to basic industry i.e. agriculture. In Indiait generates more than 40% of value addition tothe manufacturing industries and one third ofour exports. In developed countries it would beinteresting to note that its role is much higherand rewarding. For example in USA andJapan it provides 67% and 80% employmentopportunities and contributes 61% and 72% tothe manufacturing output in those countriesrespectively. It would therefore be interestingto make an in-depth analysis of funding theseinstitutions as these institutions are generallypromoted by individual and or familyentrepreneurs with limited financial resourcesbut endowed with rewarding innovative ideasand initiatives and therefore need externalfunding for survival and growth andunfortunately in developing countries theyhave very limited access to external funds andtherefore most of these enterprises suffer and

even close down due to high cost, inadequacyand abnormal delay they usually suffer insourcing external funds.

It is not for nothing such neglect and hesitantbehavior has been developed by the fundinginstitutions for these enterprises. In fact thesehave happened due to:

Poor managerial and marketing skillsusually associated with theseenterprises;

Unusual vulnerability to market riskand consequent sudden mortality;

Lack of data base with regard to theiroperation, performance, strength andweaknesses and market volatility onregular basis;

Heavy transaction costs due to

inability to access modern technology; Very low margin as supply chain is not

only inadequate but also exploit thehigh degree of dependence of theseenterprises on middlemen operatingthe supply chain;

Most of them lack education and fundto upgrade technology and volatility ofmarket.

Some Recent Innovations

It has therefore become imperative to addressthe above issues to make funding of SMEsattractive and user friendly. In recent years itis interesting to note that both governments aswell as financial institutions of both developedand developing countries have initiated somepositive and progressive measures to holdhands of small and medium entrepreneurs toaccess funds at a reasonable and affordablecosts and without any usual hurdles. In fact

these initiatives aimed at both reduction of costof funds and risks associated with suchfunding. These initiatives could be summed upas follows:

Venture capital funding intuitions havebeen floated, often called as P.E, fundshave been floated to induct fund at lowcost, share the risk and to providemanagement and technology upgradation support to these enterprises;

No matter what your product is, you are ultimately in the education business. Your customers need to

be constantly educated about the many advantages of doing business with you, trained to use your

products more effectively, and taught how to make never-ending improvement in their lives. --

Robert G


4/11

Credit guarantee and credit ratingagencies have been floated to supportand empower lending institutions to

shoulder the inherent risksunhesitatingly in funding theseenterprises adequately and timely;

Innovative products and instrumentshave been introduced by the financialinstitutions to enable these enterprisesto source fund at low cost andcollaterals; and

Improved training modules and lending

options have been constantlyresearched and introduced to makethese enterprises more viable andattractive to make these enterprisesmore and more attractive and viableenterprises to lending institutions.

However despite such recent efforts an indepth analysis would reveal that SMEs stillneed some more holding hands to be groomedas enterprises that would lead the financing

institutions to compete with each other to fundthese enterprises as funding these institutionswould enable them to earn revenue safely andsteadily. In this regard it would be interestingto comprehend some of the existing gaps thathave deterred the funding agencies to becomeaggressive and competitive funding institutionsof SMEs. These gaps are as follows:

Funding modules are not developedwherein delivery and amount of funds

are not linked with time of needs andgrowth of these enterprises;

Funding institutions are not prepared toassume the role of partners of theseenterprises to share their risks and

provide much needed managementsupport at least in their fundmanagement if not for other areas ofmanagement ;

Non availability of database to studythe inherent risk patterns of theseenterprises and inadequate marketintelligence that deters theseinstitutions to take timely steps andstrategies to offset the impact of marketvolatility;

Non availability of appropriate marketfor these enterprises to source equityand debt funds at competitive price.

It is therefore obvious that there is need tobring out some radical changes both inpolicies, practices and procedures as well as instrategies, structures and stimulus to beimbedded in the financial institutions andfinancial markets to enable these enterprises tohave access to fund, management and market

support to achieve robust growth. In this regardfollowing innovative changes need to beadopted by the funding agencies of SMEs.

SMEs need to develop a partnershipwith funding agencies like microfinancing institutions, and or banks toshare risk and participate inmanagement and marketing.

A specialized capital market need to bedeveloped to help SMEs to float equity

and debt instruments; Evolve a digital smart card to enable

SMEs to access fund as and when theyneed;

This is the nature of genius, to be able to grasp the knowable even when no one else recognizesthat it is present. -Deepak Chopra


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Build market intelligence kiosks atconvenient places to assist SMEs toupdate their market intelligence andaccordingly regulate production, priceand product supply chain including up

gradation of technology to match thechanges perceived in design andfashions etc.;

Creating institutions and products toenable securitization of SMEs debtsand enhancing their capabilities tohave access to liquidity as and whenneeded;

Developing derivative markets to hedgetheir price and currency risks.

In recent years some initiatives have alreadybeen taken by government of India andcommercial banks to facilitate funding SMEsby creating credit rating facilities to classifythese enterprises on the basis of risk andthereby enabling banks to assess risk in suchfunding in advance and accordingly fix moreflexible terms and conditions for lending theseenterprises. Similarly VENTURE CAPITALfunding institutions have also been floated toassist SMEs to assume risk with their support.

Further commercial banks have beenencouraged to lend to SMEs on the basis of thefeasibility and viability of projects rather thanappraising them on the basis of collateralsoffered for such loans. These are obviouslyhealthy move but much more needed to bedone particularly in re-engineering lendingstrategy. It would be necessary to

Introduce transaction lendingtechnology;

Develop relationship lending

methodology; and Adopt sharing and partnering policy

with borrowers.

It is true that these innovative strategies couldbe introduced gradually as it would need tobuild appropriate financial, production andmarketing environment for enabling SMEs todevelop more sustainable model to grow and

develop management and marketing expertiseand introduce upgraded technology to becomemore productive with improved quality andenhanced competitive strength. In this regard itwould be needless to say that Indiangovernment and financial institutions have totraverse miles to reach the desired goal as hasbeen enumerated above.In fact in this regard it would be helpful toundertake a study of a very illustrative andeducative model developed by JAPAN. In fact

much could be learnt from JAPAN as it hasbeen able to respond to the needs of SMEsvery successfully and therefore SMEs havegrown over there over the years with visionand profit. The policy that has been adoptedby JAPAN to give boost to SMEs could besummed up as follows:

It has helped financial institutions toadopt a lending policy on partnershipmodel with additional support ofproviding the facility of securitization

to maintain their liquidity intact and totransfer a part of their risk to otherinstitution;

It has also developed database to assistSMEs to assess both financial andmarket risks and do away with thepresent practice of depending onasymmetrical data available fromdiverse sources; and

This is the nature of genius, to be able to grasp the knowable even when no one else recognizesthat it is present -Deepak Chopra


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7/11

Retail: Retain and Sustain

By

Prof. Rupali Kumar

Asst. Pr ofessor, Bharati Vidyapeeth instituteof Management and Research&

Mr. Manish Bestia and Ms. Ashima Kapoor(Student- BVIMR)

The paper on the Indian Retail Industry wascarried out with the objective to find out therelevance of the terms Retain and Sustainfor retailing and to formulate a model for theretailers to help them Retain their customers

and Sustain in the market. 20 retailers wererandomly selected for the survey and they wereput questions through direct interview andquestionnaire. Percentage analysis method wasused to analyse the data. The research papersuggested that in future: Focus on consumer by providing him

with value products at a convenient and

well designed retail store.

Mass customization is the way of the

future.

Focus on differentiating with other

competitors by providing a complete

shopping experience.

Use innovative techniques and store

formats like pop-up retail, to target

consumers who lead hectic lives and

need an outlet for high-speed retail.

Indian retail on the fast-track

The Indian retail market is the fifth-

largest retail destination globally. It is

estimated to grow US$ 637 billion by

2015.

Retail contributes to 10 per cent of

Indias Gross Domestic Product and

provides employment to 8 per cent of

Indias working population.

Higher disposable incomes, easy

availability of credit and high exposure

to media and brands has considerably

increased the average propensity to

consume over the years.

Importance of Retaining Customers in

Retail Industry

Customers loyalty leads to greater

sales and revenue, better prediction of

sales, requires minimal marketing

efforts, and creates customers who are

less sensitive to the marketing efforts of

competitors.

Gaining customer loyalty is also a keycorporate challenge today especially in

this increasingly competitive and

crowded marketplace because of the

eventual profitability it will provide.

Based upon the findings of research thefollowing model was formulated:

I am always ready to learn although I do not always like being taught -Winston Churchill


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(I) Determining the Customers:The first step of the model is to identify the CustomersBase. It includes:

New Customers: - These are the customers from the

untapped market. They are the customers from the

potential market whom the retailer are not catering

but can plan to cater and offer its goods and services.

Existing Customers: - These are the customers that

the retailer is already catering to.

Competitors Customers: - These are the customers

of the competitors of the retailers. The retailers need

to identify their competitors customers and should

target to convert them into its own customers.

(II) Organizing the Potential Customers:

The next step is to divide the entire customer base

identified in the first step into different segments. It canbe segmented on the basis of the following customerscharacteristics:

Geographic

Demographic

Psychographic

Behavioralistic

(II) Buying their Interest:In this step the retailers need toattract their potential customersand eventually buying theirinterest to make the purchase. Thecustomers interest can begenerated by implementingfollowing strategies:

Price Strategy

Promotional Strategy

Program RetentionPrograms (sampling,

discount coupons, rebates,

price-off, bonus packs,

sample packs, special

packs, premiums, free

trial, warranty, prizes,

patronage card/reward)

(III) Utilizing the prospects:The last step of the cycle is toefficiently utilize the existingloyal customers in generatingmore sales for the retailer andbringing new leads (customers) tothe retailer. This can be attainedby good Customer RelationshipManagement by the retailer.

It was concluded that :In the retail industry, the

success mantra is to retain itscustomer for its survival in the

market.

It is not the strongest of the species that survive, nor the most intelligent, but the one mostresponsive to change -Charles Darwin


9/11

FORMATION OF MANAGEMENT TEACHERS CONSORTIUM (MTC)

BACKGROUND & MOTIVATIONManagement Teachers Consortium (MTC) is a voluntary non- profit group of individual as well as

organisation have been created as a Google Group. The stake holders are Management Teachers and B-Schools. The group was formed on 29 Jun 2010. As of now 270 management educators/corporateexecutives from across the world have voluntarily joined this group and share their thoughts and views onvarious issues related to management education.

OBJECTIVESThe group is created with a view to provide a common platform to all management teachers across theworld to share/exchange/express their opinion and develop knowledge and social capital which ultimatelygo down to classrooms. The ultimate benefits propel to management students, management institutions,policy makers, corporate and other interested parties. This leads to an effective, efficient and productivemanagement education system. This is a consortium based on ethics and value system.

The objectives of this consortium are:

(a)To share views and opinion about challenges in management education.

(b)To discuss various teaching pedagogies with respect to management education.

(c)To develop an effective teaching-learning process.

(d)To build an efficient input-throughput-output- outcome model.

(e)To express opinion on various policy decisions and its impact on management education.

(f) Free transfer of knowledge across geographical boundaries.

(g)To bring-out various shortfalls in present practices.

(h)

To encourage research and publication activities.(i) Open up opportunities for educational consultancy.

(j) To develop knowledge and social capital.

(k)To work as a TEAM and create synergy.

(l) To make suggestions to various policy makers.

(m)To encourage faculty/student exchange programme.

(n)Uncover the potential for collaboration.

(o)To meet any future challenges emerging out of corporate expectations, changing socio-

economic conditions, policy decisions and various other environmental forces.

OPENING THE FORUM FOR CORPORATE WORLD

Management Education cannot be isolated/detached from corporate as corporate plays a major role andthe main stake-holder. Based on corporate requirements management education has been undergoingcontinuous changes over the years. Globalisation has given a new twist and course like MBA(International Business), MBA (IHRM) etc are in good demand.

Most of the B-Schools have Industry- Institute- Partnership-Cell, to work closely with Corporate and it


10/11

Ethical Practices In Work PlacesProf. Chithralekha B.S,

Faculty, Dept of Commerce& Management,Amrita Viswa Vidya peetham,

Amritapur Campus,Kollam,Kerala

Workplace Ethics is a subject that we have allheard of. What most people dont realize,however, is that there is no such thing asworkplace ethics; ethics are the same, whetherin the workplace or in personal life. Ethics areabout making choices that may not always feelgood or seem like they benefit you but are theright choices to make. They are the choicesthat are examples of model citizens andexamples of the golden rules. Workplace ethicswill differ from one employment location toanother. However, there are some groundsimilarities that can be observed. There aresome 'safe' rules that would work of almostevery work ambiance. Ethics are of specialimportance to practicing professionals, as theyhave a greater responsibility to the society, Oneimportant finding is that spiritual institutionsdisplay better work place ethical practices andspirituality contributes more on ethical valuesin individuals.Good Work Ethics

Honesty

Dependability

Efficiency

Positive Work Habits

Initiative

Humility

Positive Attitude

Teamwork

Guidelines for managing ethical practices in

work place

The bottom line of an ethics

program is accomplishing preferred

behaviors in the workplace.

The best way to handle ethical

dilemmas is to avoid their

occurrence in the first place.

Make ethics decisions in groups.

Integrate ethics management with

other management practices.

Value forgiveness.

Making a few mistakes is better

than not trying at all.

It is concluded that, every person will befaced with an ethical dilemma sometimesduring his career. Organizations which

follow a strong code of ethics and workculture can create better ethical practices.

has really helped colleges to fine tune their courses, start different certification programme, personalitydevelopment programme and various other co-curricular activities, which finally helped colleges to placetheir students in good companies.

Keeping this wide perspective in mind, MTC has opened up the forum, in the month of July2010, forcorporate executive to share their views on management education, throughput and their expectations

from students/B-schools. Surely, this will further give momentum to this Consortium and will createsynergy leading to Win-Win situation.


11/11

Ethics in Technical WritingBy

Paramita Chaudhuri

Email: [email protected]: +91 980077414

Freelance Trainer: Soft-Skills

Every profession has a code of ethics for itsmembers. In the same way the technical writersought to follow certain guidelines to do full justiceto their noble profession. The technical writer hasan ethical responsibility to convey only the truthand it is against the law to include any falsestatement in the technical document. Theorgansiation becomes legally liable for thestatements, it makes in its technical document.

For instance if a caution notice is not included in amanual of a gas cylinder, the gas company will facethe legal action in case any accidents occur becauseof the defect in the product. Technical documentsshould properly reveal informations about dangers ,cautions, warnings etc. of the products in questionand should not contains statements that lead to falseimpressions.

One should observe the laws and regulationsgoverning the profession and need the terms of

contract under taken which should be consistentlocally and globally, as applicable with STC (TheSociety for Technical Communication) principles.

One should seek to promote public good in theiractivities and dedicate themselves to conciseness,clarity, coherence and creativity, striving to meetthe needs of those who use the products andservices. The clients and employers should be madeaware when it is believed that the materials are

ambiguous. Moreover permission is obtained froma person for using their work and authorship formaterials and ideas to those who make original andsubstantive contributions.

The confidentiality of the clients, employers andprofessional organizations should be given duerespect and business sensitive informations shouldnot be disclosed without their consent or whenlegally required to do so.

Cultural variety and other aspects of diversity in

client, employers, development teams andaudiences are observed and conflict of interest infulfilling ones professional responsibilities andactivities are avoided.

Therefore, the communication products andservices are evaluated constructively and tactfullyto seek definitive assessment of ones professionalperformance and excellence in performing eachtask that is undertaken.

+91 9632

Stay ConnectedProf. Bholanath Dutta

Founder & Convener: Management Teachers Consortium (MTC)

Cell: +91 96323 18178: Google Group: http://groups.google.co.in/group/join_mtc

3 1817

Teachers Da Celebration on 05.09.2010

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MTC- Knowledge in Practice- Vol- I, Issue- I