The first wave of economic reforms was the result of the economic crisis in 1991 and led by Mr. Manmohan Singh. India gained a lot through these reforms but the task was unfinished. Later on Fiscal mismanagement, political profligacy, increasing corruption, absence of reforms in key inputs like land, power and labor, policy paralysis, lack of initiatives to promote innovation, and problems in running of business has set the stage for the Modi era and a new set of reforms.
Prime Minister, Mr. Modi has identified the need of the hour and Introduced Make in India, Digital India, Skill India, Start up and Stand up India, Transform India, Swachh Bharat Abhiyaan, Clean Energy Mission, Invite FDI, Smart City Mission, etc. The other initiatives are financial and communications inclusivity like the Jan Dhan Yojana, Aadhar Mobile Number Trinity, Revitalizing public sector banks , Ease of Doing Business (EoDB), cleaning the system from black money and corruption and finalization of the GST. Continue reading
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