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1. Slipkart.com has put up billboards across
the main, arterial roads of Mumbai. The billboards advertise the Mega
Independence Day Sale coming up. They hope their billboards can grab the
attention of drivers and pedestrians on these busy roads. List the 8-steps in
the Basic Communication Model and apply the model to Slipkart.com’sbillboard ad.
Answer: Advertising
is indeed an indispensable component of the modern market economy, and it is an
integral part of any commercial transaction. The loud and shrill voice of the
street hawker, the temple priest announcing the next festival, the village
marriage broker visiting houses to present the eligible young boys’ and girls’
profile are all examples of how they are selling their products and services;
these are as effective as the highly captivating television commercials of
today. It is a complex mechanism to understand advertising in its totality, but
probably not difficult to learn how it works.In simple terms, advertising is a
persuasive communication that aims to change or reinforce one’s prior attitudes
that are predictable of future behaviour. We are not born with the attitudes we
hold towards various objects in our environment. Rather, we acquire our
attitudes and notions in our early childhood from our parents and environment.
We then change our feelings of likes or dislikes about the objects through
information about the objects (e.g. advertising), direct experience with them
(e.g. tasting a new brand of beer) or a combination of the
2.
You are the customer service manager for OmYoga.com, an online store selling
Yoga apparel. A customer has written an angry email complaining that the Yoga
leggings she purchased a month ago have shrunk and the colour has faded. She
mentioned that she machine-washed her leggings and dried them in a drier. Your
website clearly mentions that the leggings can only be hand-washed and should
not be put in the drier. She is asking for a replacement or a complete refund
of Rs. 3000. How would you respond to this complaint? Draft an email.
Answer: Writing
e-mail is as easy as sending an SMS. But, it is incorrect to treat it the same
way all the time, especially in a business context. Of course, we still write
informal e-mail. But, it should be more context-sensitive; not because it is
e-mail. The concept of formality in business e-mail is somewhat related to
formal attire at work, although people may interact informally.E-mail is an
extremely popular form of communication in both business and personal
communication landscapes, but it can often lead to major problems if the
underlying tone of the e-mail message is misinterpreted at one end. Ifthe
parties involved are in different emotional states of mind, the
slightestdisagreement via e-mail can quickly spiral out of control leading to a
full blown argument.
As soon as an
e-mail writers start using text phrases to characterize emotion that would
normally be delivered via physical
3.
Digital communication technologies are changing the face of business
communication. Explain:
a.
Engaging content for Social Media
b.
Pros and cons of Instant Messaging
Answer: a) In
recent years, the popularity of social networking sites has shot up in a phenomenal
way, attracting millions of visitors who stay logged in for hours, in many
cases, all day. This has made these sites important for e-marketing, especially
given the fact that a large number of tech savvy customers obtain updates about
products and services from social networking sites such as Facebook, Twitter
and LinkedIn.Rather than seeing your company as "trying to sell"
something, the social network can see a company that is in touch with people on
a more personal level.
Engaging
content for Social Media
·
Comments
and critiques: One of the most powerful aspects of social media
is the opportunity for interested parties to express opinions and provide
feedback, whether by leaving comments on a blog post or reviewing products on
an e-commerce site. Sharing helpful tips and insightful commentary is also a
great way to build your personal brand.
·
Conversations: You
may
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1.
“In the monopolistic competition, a few firms sell differentiated products”
Explain this statement by highlighting important features of this kind of a
market. Substantiate your answer by a live example. Also explain how the
equilibrium in this kind of a market is different from a long run equilibrium
under perfect competition.
Answer: Monopolistic Competition
Prof. Chamberlin is the main architect of the theory of Monopolistic Competition.
This market exhibits the characteristics of both competition and monopoly.
Since modern markets are combined and integrated with monopoly power and
competitive forces they are called as Monopolistic Competition. It is a market structure in which a large
number of small sellers sell differentiated products which are close, but not
perfect substitutes for one another. Under this market, the products
produced and sold are different, but they are close substitutes for one
another.
Features of Monopolistic Competition
·
Existence of a large Number
of firms: Under Monopolistic competition, the number of firms
producing a product will be large. The size of each firm is small. No
individual firm can influence the market price.
·
Market is characterized by
imperfections: Imperfections may arise due to advertisements,
differences in transport cost, irrational preferences of consumers, ignorance
about the availability of different brands of products and prices of products
etc.
·
Free entry and exit of firms:
Each firm produces a very close substitute for the
existing brands of a product. Thus, differentiation provides ample opportunity
for a firm to enter with the group or
2.
Complete the hypothetical table below and explain in brief, the behaviour of
each type of cost.
Quantity
|
Total
fixed cost
|
Total
variable cost
|
Total
cost
|
Average
fixed cost
|
Average
variable cost
|
Average
total cost
|
Marginal
cost
|
0
|
0
|
||||||
1
|
25
|
||||||
2
|
40
|
||||||
3
|
50
|
||||||
4
|
60
|
||||||
5
|
100
|
80
|
|||||
6
|
110
|
||||||
7
|
150
|
||||||
8
|
300
|
||||||
9
|
500
|
||||||
10
|
900
|
Answer: Fixed Cost refers to total money
expenses incurred on fixed inputs like plant, machinery, tools & equipments
in the short run. Total fixed cost corresponds to the fixed inputs in the short
run production function. TFC remains the same at all levels of output in the short
run. It is the same when output is nil. It indicates that whatever may be the
quantity of output, whether 1 to 6 units, TFC remains constant. The TFC curve
is horizontal and parallel to OX-axis, showing that it is constant regardless
of out put per unit of time. TFC starts from a point on Y-axis indicating that
the total fixed cost will be incurred even if the output is zero.
TFC = TC - TVC
Variable
Cost
refers to total money expenses incurred on the variable factor inputs like raw
materials, power, fuel, water, transport and communication etc, in the short
run. Total variable cost corresponds to variable inputs in the short run
production function. It is obtained by summing up the production of quantities
of variable inputs multiplied by their prices.
Variable cost =
Total cost – fixed cost
The total cost refers to the aggregate
money expenditure incurred by a firm to produce a given quantity of output. The
total cost is measured in relation to the production function by multiplying
the factor prices with their quantities. TC =
3.
a) What are the practical uses of the concept of price elasticity of demand for
different stakeholders in the production process?
b)
Distinguish between the shift and movement in the demand curve. Explain any
five factors which would bring about a shift in the demand curve for Maggie
noodles.
Answer: a) Price Elasticity of Demand
In the words of Prof. Stonier and Hague, price elasticity of demand is a
technical term used by economists to explain the degree of responsiveness of
the demand for a product to a change in its price.
Practical application of price elasticity of demand
1.
Production planning: It helps a producer to decide about the volume of production. If the
demand for his products is inelastic, specific quantities can be produced while
he has to produce different quantities, if the demand is elastic.
2.
Helps in fixing the prices
of different goods: It helps a producer to fix the price of his product.
If the demand for his product is inelastic, he can fix a higher price and if
the demand is elastic, he has to charge a lower price. Thus, price-increase
policy is to be followed if the demand is inelastic in the market and
price-decrease policy is to be followed if the demand is elastic
3.
Helps in fixing the rewards
for factor inputs: Factor rewards refers to the
price paid for their services in the production process. It helps the producer to determine the rewards for factors of
production. If the demand for any factor unit is inelastic, the producer has to
pay higher reward for it and vice-versa.
4.
Helps in determining the
foreign exchange rates: Exchange
rate refers to the rate at which currency of one country is converted in to the
currency of another country. It helps in the
determination of the rate of exchange between the currencies of two different
nations. For e.g. if the demand for US dollar to an Indian rupee is inelastic,
in that case, an Indian has to pay more Indian currency to get one unit of US
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1.
Choose any ONE listed company from NSE top 500 and go through its CSR Report
(found in annual report under Board Report) for TWO years, 2016-17 and 2017-18,
and answer the following;
Select
all projects/initiatives reported by the company that fall under SwachhBharat
Campaign and National Skill Development Mission for the 2 financial years.
Collate and analyse the investment made by the company, the outcome and impact
on the beneficiaries over these two years providing quantitative data to
support the positive impacts reported. You can also include data/ information
about these projects/initiatives from the company’s website and sustainability
report if available.
Answer: CSR
practices have significant impacts on social, environmental responsibilities
and business ethics. It is considered as the most strategic advantageous
practice followed in any organisation like banks. It repeats the benefits considerably
so that it can provide a cumulative effect on the organisation. It helps in
finding the visible areas by proper research and understanding activities. CSR
also enables proper connectivity to the community and builds relationship.CSR
policy operates as a self-regulating mechanism by which an organisation
monitors and focuses on the ethical standards and international norms being
followed.
Here I am
mentioning about the CSR policy of Tata Motors. As an integral part of the Company’s
commitment to good corporate citizenship, the Company believe in actively
assisting in improvement of the quality of life of people in communities,
giving preference to local areas around the Company’s business operations.
Towards achieving long-term stakeholder value creation, the Company shall
always continue to respect the interests of and be responsive towards its key
stakeholders - the communities, especially those from socially and economically
backward groups, the underprivileged and marginalized; focused on inter alia the
2.
Choose any ONE listed company from NSE top 500 (different company from a
different sector than that selected for Q1 above). Go through its Business
Responsibility Report 2017-18, Section E that has reporting/disclosures on
“Principle 6: Business should respect, protect, and make efforts to restore the
environment”. Identify and list the focus areas chosen by the company and the
initiatives under these focus areas. Collate and present both the qualitative
and quantitative information on all the identified initiatives under principle
6 to showcase their outcomes and their impacts. You will need to visit the
company website, Annexure E (Energy Conservation) under Board Report as well as
its sustainability report, if available. Conclude the answer by providing your
analysis of the disclosed data.
Answer: Sustainability
is very much important for business. Businesses responding to demands for
clearly visible sustainability practices are also more attractive to the new
class of ethical investors, and regain the costs of managing sustainability
through government grants and increased sales to green activists and other
members of the community. Ethical business practices may also improve
competitiveness between businesses, encouraging growth and bigger profits.
As all the businesses are
working in a society so they all have some responsibilities towards the society
and the environment. It’s the main responsibility of the organizations to keep
the environment safe for other people. Social responsibility of business
organization is to keep check on issuespertaining to environment. To discharge
the responsibility organizationsneed to accomplish “
3.
With the introduction of the Companies Act 2012, spending 2% of net profit on
CSR has become conditionally applicable to listed and non listed companies as
per the provision laid out under section 135. The company can deploy the CSR
projects themselves or through an implementing agency that fulfills all
mandatory requirements laid down.
a.
As the new Lead, CSR Management Committee, explain what according to you are
the five critical challenges/ key factors that will influence and/or enhance
working with an implementing agency/ngo that you will have to address for
achieving your project objectives.
b.
Suggest viable and practical solutions to any two of these challenges that you
will present to your CSR Team.
Answer: NGOs
play a very important role in CSR activities as they are experienced, they have
skilled staff and it’s their daily routine to do something good for the
society. In our country around 30 lakhs NGOs are there and numbers are
increasing rapidly. This shows the importance and need of NGOs in our society.As per
companies act 2013, companies may spend CSR amount on pre specified activities
or projects. Companies choose CSR projects as per their choices and later
implement them. Companies may face below challenges while working with an implementing
agency/NGO:
Error
in selection: It is true that NGOs will help you very well in
CSR projects or initiatives but it is equally important to choose them wisely.
We should choose them on the basis of prior experience, projects handled,
geographical area, reputation, certification etc. If proper due diligence is
not there then
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1.
Today companies are using various touch-points to interact with their customers
constantly. These customers are responsible for spreading electronic word-of
mouth thereby influencing others. You’re the owner of Snackathon, a
subscription service that delivers snacks to homes and offices. Snackathon
partners with grocers and other businesses and also sells directly to
consumers. As an organization that has traditionally been dealing with
customer’s offline, you realize the need to move online and dive deeper into
analytics that help you understand why your customers left, if they’re thinking
about leaving, and how you can work to keep them on board. What are the pros
and cons of using analytics to engage with customers effectively? Justify your
standpoint.
Answer: Modern
organisations are rich with data. Owing to large-scale computerisationefforts,
almost all processes, activities, and interactions within the organisationare
available in accessible databases. This rich data environment hasspawned a
variety of software applications that rely on the principles of decisionsupport
systems (DSS) and enable organisations to change their competitivestrategy.
These applications rely on fast computing architectures, alarge collection of
historical data, access to data being produced currently inthe organisation,
and computing software that enables complex models to beused for analysis. This
approach to using data analysis is widely known asanalytics.
Using analytics
is quite advantageous for the companies these days. Firms that have large-scale
on-going transactions, such as e-commerce firms,want to monitor and analyse
trends. Software applications monitor the stream oftransaction data in real
time, that is, soon after the transaction data is created,and measure the data
for trends. Such monitoring allows firms to make pricing,load balancing and
resource allocation decisions
2.
10 Street Café is a chain you have started from scratch a few years ago. After
breaking even, recently your cafés are gaining popularity and you are expanding
your business. The growth is rapid and your staff seems unprepared for the
increase in volume of customers and managing the interactions smoothly. On
hiring a consultant to help you improve your customer experience, he recommends
to invest in a Customer Relationship Management (CRM) system. As a consultant,
how would you point out the benefits of CRM system to the client and highlight
points to ponder before and during the implementation of such a system?
Answer: CRM
is implemented by the company to provide more velocity to their effort in
maintaining lifetime customer and customer loyalty. CRM can benefit both the
company and the customers. The information stored in CRM helps the company to
get more information about the customers. The customers get the benefit of the
desired quality of services.To build in a great relationship with the customer
and to make a successful customer development process, you need to know upright
marketing.Customer care and handling processes are systematized and marketing
budgets can be
3.
Technology at the dining table (apps like Uber Eats, Swiggy, Zomato) is gaining
firmer ground in India. Placing orders for food online is popular, especially
among millennials, leading food delivery platforms to embrace analytics in a
big way to better read fast changing consumer behavior, minimize errors and
enhance customer experiences. The primary reasons for this growing popularity
can be attributed to the rise in the number of digital natives, improved
internet connectivity, competitive pricing, quick delivery, variety of
restaurants on-board, simple user interface and availability across different
platforms.
a.
How do you think these companies use analytics to give customers a great
experience, unlock business growth and drive operational efficiency?
b.
Define Social Media and explain how these companies use Social Media to
increase their business? Is it a wise choice to use social media to connect
with customers?
Answer: a) In
all businesses, Customer is the king as you cannot survive in the market
without good customer base. It is the duty of all service providing companies
to take special care of their customers as sales is not the only motive but
there should be excellent after sales service as well.Simply finding customers
should never be the only objective of marketers forbuilding an effective
marketing strategy. Instead, they should seek to ‘identify,create and maintain’
valuable relationships with customers.Companies should treat customers as their
first priority as they are the reason of your existence; it is your duty to
make them fully satisfied. Hence, it is necessary for service organizations to
persuade customers to convey their feedback so that amends can be made.
Analytics play a
key role in providing a great experience to the customers whenever they deal
with the company. These days we find so many online food ordering app like
Swiggy, Zomato etc. We find it good option to have variety of food on daily
basis and that too home delivered at competitive prices after
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Case:
M/s
Chai kipyaali is a new startup serving hot tea to customers. The company has 30
different varieties of tea and it also sells food items that adds more revenue
to the overall profit. The company has a unique cup design and the store layout
and design is vintage. The company has opened 50 stores across India and has a
plan to open 100 more stores in another two years. Theexpansion plan is in place
and the execution needs to be monitored. The Chai kipyaali head office is in
Mumbai. Mr. Shravan is the person who started the tapri (small road side sales
booth) business and is now the owner of Chai kipyaali chain. All the employees
are very happy with Shravan and his managing skills. Before taking any decision
he consults all his managers. He shares his ideas with them and also loves to
hear their ideas too. He is always keen on learning new modern management
principles and practices. Mr. Shravan hires you as a Business Manager so that
the modern day management practices can be implemented properly.
1.
How will you implement 5S in Chai kiPyaali stores across India which will
improve the overall efficiency of the organisation?
Answer: “5S”
is a list of five Japanese words, which, transliterated and translated to English,
start with the letter “S”and are synonymous names of the methodology for
organizing, cleaning, developing, and sustaining a productive work environment
and to bring in efficient flow of activities. These five words are part of a
very basic management system that focuses employee’s attention on 5S movement
of the organization.
The
Japanese words, referred to as 5S process are:
1. SEIRI
(Sorting),
2. SEITON
(Straighten),
3. SEISO (Sweep
or Spic and span),
4. SEIKETSU
(Standardize) and
5. SHITSUKE
(Self-discipline).
5S
in Chai
2.
Explain various social responsibilities that this business will have towards
interest groups?
Answer: To
operate and grow in society, business organizations have to undertake certain
social responsibilities which are termed as corporate social responsibility.
Althoughthe subject
“corporate
social responsibility‟ has gained popularity in recent years, its origin can be
traced back to the evolution of the concept of welfare state. Employees were
more concerned with the loss of productivity due to avoidable sickness and
stoppage of work due to bad personal relationships. This gave rise to the idea of welfare state. Growth of democracy and respect
for human dignity strengthened this. The changes in business in the recent years
have supported the idea of corporate social responsibility.
The
social responsibility of the business becomes necessary in many situations.
They are as follows:
a)
Societal approach is very important to
business organizations, which demand that they should be responsive to the
3.
Based on the case given:
a.
Identify any five Henry Fayol principles that can be implemented in the Chai
kiPyaali business.
b.
Explain any three types of leadership styles and identify the leadership style
adopted by Mr. Shravan.
Answer: a) Henry
Fayol is the father of modern management and introduced various management
concepts which were very much useful. He focussed on developing administrative
principles that could be applicable to both general and higher managerial
levels.
Below
are the Fayol’s principles which can be implied in the organization:
•
Unity
of command:
It is mentioned in the question that company is planning to open 100 stores in
India. This process will take time as many people will be involved in a
decision to operate in all locations. To save time, unity of command principle
should be implied in the organization. There should be one senior in each
department who can take relevant decisions without going to the management or
any upper level.
•
Centralization:
Fayol defines centralization as the means of reducing the importance of
subordinate’s role in the organization, and the extent to which the authority
is centralized or decentralized depends on the organization type in which the
manager is working. This principle should be implemented in the organization as
the company operates 50 stores and also opening 100 more stores in next 2 years.
Centralization places authority over the organization as a whole in a small
group of top-level managers. Centralization will
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1.
The manager must praise an employee in public and censure in private. Discuss
this statement with the help of Albert Bandura’s Social Learning Theory.
Answer: Munn
N.L defines learning as "Learning is the process of having one's behavior
modified, more or less permanently, by what he does and the consequences of his
action, or by what he observes." Robbins (2003) defines as “any relatively
permanent change in behavior that occurs as a result of experience.” What it
implies is that learning involves the following:
·
A change occurs in the behaviour
·
Such change is relatively permanent
·
Some form of experience is necessary for
this change in behaviour
Learning is
dependent on ability i.e., existing capacity to perform the various tasks in a
job and aptitude which represents capability of learning something. Ability is
therefore knowledge and skills
2.
The Trait theory of leadership asserts that leaders are born not made.
According to these theories leaders have common personal or behavioural
characteristics accounting for leadership effectiveness. Do you agree with the
same? Support your answer with proper justification for the same. Conclude by
expressing which theory explains leadership the best.
Answer: According
to Koontz and O’Donnell “Leadership is the process of influencing others
towards the accomplishment of the goal. It is the ability of a manager to
induce subordinates to work with zeal and confidence”.
There
are certain characteristics of leadership which help us in understanding
leadership.
·
Leadership is a process of influence.
·
Leadership is related to a situation. The
ability of a leader is determined by his skills or capacity to handle a
situation to allow his subordinates to work with freedom and independence.
·
Leadership is a function of stimulation. A
leader should set attainable goals and inspire people in such a manner that
individuals and organizational goals do not contradict each other.
·
Leadership gives an experience of helping
others in attaining their common objective. It gives a sense of identification
and recognition to the people.
·
There should be the existence of followers,
because it is a two way relationship which may involve psychological or
3.
Karan is an HR Manager and his team comprises of 6 members excluding him.
Everyone in his team has extremely congenial relations to the extent that
during brainstorming session they blatantly support each other. Though it is a
sign of a close knit team but Karan feels that this kind of extreme harmony is
killing the creativity of the team. Karan wants some kind of spur in the team’s
creativity. Karan is in a dilemma.
a.
Suggest any two methods of stimulating functional conflict in Karan’s team.
b.
In case the conflict becomes dysfunctional, also suggest two methods through
which Karan can manage the same (dysfunctional conflict).
Answer: a) Conflict
is a natural disagreement resulting from individuals or groups that differ in
attitudes, beliefs, values or needs. It can also originate from past rivalries
and personality differences. Other causes of conflict include trying to
negotiate before the timing is right or before needed information is available.
Conflict is not always negative. In fact, it can be healthy when effectively managed.
Healthy conflict can lead to.
·
Growth and innovation
·
New ways of thinking
·
Additional management options
·
High productivity.
In an
organization, conflict can have many forms and there can be various sources of
conflict. If it is not managed properly and on time it can destroy the whole
organization.
Functional and
constructive forms of conflict support the goals of the group and improve its
performance. Task conflict relates to the content and goals of the work.
Low-to-moderate levels of task conflict are functional and consistently
demonstrate a positive effect on group performance because it stimulates
discussion, improving group performance.The functional conflict is helpful in
the achievement of the goals of a group as it aids in –
·
Analytical
thinking:
During
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