Marketing is well defined as a process of creating, communicating, delivering and exchanging value through profitable customer relationship. Marketing is not only selling or promoting goods/services, it is more than that, which includes number of activities which satisfy customer needs. The scope of marketing includes developing right product to satisfy customer needs by enhancing society’s quality of life, creating competitive advantage through operational excellence and overall cost leadership, communicating values and benefits to change societal behavior in positive way, distributing the right product at the right place at the right time.
The objective of any organization, whether for-profit or not-for-profit, is to create benefit for the organization as well as for customers. Marketing contributes directly to achieve the goal of an organization by building brand and customer equity; and by providing critical inputs in major areas like markets, competitors and strategic decision- making. Marketing is also responsible for customer’s and society’s long-run welfare. Today many organizations are practicing ‘societal marketing concept’ which not only consider the consumer short-term wants but also take care of consumer’s long-term interests. A marketing manager is not only responsible for servicing a customer but also to manage an ongoing relationship with the customer. Thus we can say that marketing plays very important role in almost all the organizations. Continue reading
In the fast paced and dynamic world of today, if something has not changed – it is Finance! Money still rules the World! The World is divided between haves and have-nots; i.e., those who have money and those who have not! After the recession of 2008, how we manage our Finances became quite important. The 2008 sub-prime crisis occurred due to the special financial instruments which few could understand! In the year 2015, with the crash in commodity prices, especially oil, countries like Saudi Arabia, Kuwait, Venezuela, etc. stared at declining oil revenues. In order to maintain their living standards, they started planning how to conserve their dwindling foreign exchange reserves and looking out for newer avenues for raising Finances! Again, in 2015, the World saw negative interest rates for the first time in Asia, starting from Japan! This unconventional monetary policy tool was used by Sweden’s Central Bank in July, 2009 for the first time. It means that for keeping money with the bank, don’t expect to receive any interest; in-fact, in reverse, one needs to pay bank for the same. And the borrowers receive interest for taking loans! All this calls for an understanding of Finance as an enabler, creator and conserver of money and fortune! The top class Finance Faculty at Institute of Management, JK Lakshmipat University, the best MBA University in Jaipur make the same understanding – a child’s play!
According to Investopedia, “Finance is the science that describes the management, creation and study of money, banking, credit, investments, assets and liabilities. Finance consists of financial systems, which include the public finance, corporate finance and personal finance, and the study of finance and financial instruments, which can relate to countless assets and liabilities.” In older times, barter system was used which took care of the payments – but, it had limitations. In modern times, currency in form of notes and coins took the place of barter system. Of late, the use of digital cash is on rise. Similarly, the simple notions of money, banking, investments, assets and liabilities have undergone a dramatic change in the last decade or so. Continue reading
As we know that employability of the engineering graduated has recently declined to a historically low that has caused a panic among the educators in India. Technical education – a professional degree program is supposed to provide hands-on learning in several disciplines of engineering and technology. These professionals are supposed to solve the real life challenges and to improve or facilitate the lives of the individuals of various walks of life. The classroom learning involves understanding the technological concepts with appropriate mathematical treatment. However, to effectively learn several technological concepts of any engineering program, it is important to apply those technological concepts to solve some real life application based problems in order to reinforce the real potential of those concepts and to learn the underpinnings and limitations of those concepts.
Often times, the classroom teaching is focused on covering lot of fundamental concepts with appropriate mathematical treatment but little focus is given on the real life industrial case or application based exercise. In absence of the application of the studied concepts, the mathematical analysis of the concepts remains meaningless and as a result of that, students forget those concepts quickly or after passing the exams. This methodology of teaching converts the technical education to a “rote learning” and thus leaves a significant gap between the industry expectations and score of the degree examinations. It is therefore essential that application or case based teaching methodology is developed and adopted to make technical learning effective so as to bridge the gap between examination scoring and an ability to solve the real life engineering problems. Continue reading