Great Lakes Term 3

A very tiring yet the most memorable and eventful is Term is over.

Great Lakes Term 3 (10th Aug to 25th Sept)
Course Name	Facilitator	Positives	Delta (No negatives)	Any Comments
Human Resource Management	Dr. PVR Murthy,a Product of IIMC (FPM) with close to 30 Years experience in HR- currently CEO, Exclusive Search Recruitment Consultants, Chennai Mr. R Shantaram, XLRI Product with close to 20 Yrs rich HR Experience Ms. S Vijayalakshmi, a product of XLRI, currently with Unilever Ms. Vidhyaa M, a product of XIMB, currently with Orchid Pharma Mr. David Nallathambi, a product of XLRI, currently VP HR with Standard Chartered Mr. V Balaji,Head HR with HCL -BFSI	The course has been experimented first time at Great Lakes in which 7 HR managers/heads from top companies of India were invited to give session on Human Resource Management. The sessions were full of practical knowledge about industry HR practices through the vast experiences of the industry experts. Most of the sessions were like open session - "coffee breaks" where any kind of question was welcome.	Due to many facilitators, the course was not well organized. Lectures were not well connected with each other. Less Student connect due to less time available with each facilitator.	The course was a big time experiment. However, the course was successful to let student take-away the experience of HR experts. I liked the lecture of V. Balaji and Orchestra video showed by him in his class
Investment Analysis	B Venkatesh, Founder of Navera Consulting	Among the best course of the Term 4. The facilitator is just awesome. He doesn’t deliver you the bookish knowledge instead gives you the practical insights about what really happens in the market. His personality, voice, tone and expressions all are in complete alignment of his ideas and thoughts that he deliver.	Bigger class size	Awesome facilitotor. Very professional. The kind of person you would like to be.
Information Technology for Managers	Prof . Sunil Rai (NMIMS)/Prof. Sundar Raj	Didn't get much problem due to my IT background. The presentation system was good to make all 262 participate.	The second half of the course was highly research oriented and theoretical, which made course tiring to study. For non-IT, the course was incomprehensible.	Research studies could have been avoided instead the future of IT in simple term and language could have been introduced.
Market Research	Dr Bharadwaj	Great course and the facilitator. Practical and interesting. Smaller class size	Slept sometimes due to information overflow.	Good course. Lot of information in last few quant lectures.
Organizational Behavior	Prof Jayavelu (IIMK)/Prof Irudayaraj (XLRI)	The course was full of common organization/leadership/team issues and operations. It’s exciting to see that intellectuals have done so much about human and social psychology. What all thought process happens has been penned down by people already.	Prof Jayavelu was not able to establish great rapport with students. Conflicts happened into the class. First half of the course just went without much learning.	Prof Irudayaraj is a great facilitator for the course. This XLRI professor could motivate and mesmerize from is simple yet effective small lecture. Great learning from him. His way of teaching just makes subkect like Org Behavior so interesting. Hope to have complete course by him next year. Feedback has been given.
Strategy	Prof Sriram	Fun to read varied strategies of top business honchos and resolve the complex business issues just by simple but out of the box thoughts. Prof Sriram is a great speaker. All cases what we discussed were on tips.	The cases were too old and did not bring the vision of the future changes and strategies which is about to come. Few strategies are obsolete to follow in current scenario.	Actually my expectation from the course was a lot more. How the strategy are created from scratch? how to select strategy out of many option?
Mandarin (Chinese)	Prof. Devakunjari	Great teacher. Should write a book - "Chinese made easy" from his written hand-outs. Lot of material collected to master Chinese anytime.	The course has become boring due to same pattern of pedagogy from last 2 terms.	Teaching style is too motherly and caring. Highly lovable teacher. The pedagogy should have many flairs like videos, Chinese guests to keep the interest level high among students. Anyways I can proudly say that I know Chinese.

17th Aug, 09 : The Birthday "Bakra" & "Baratis"

Main programs by/for the birthday "baraat": 

Waiting("baraat" waiting) -> Planning("baraat" planning) -> Spamming("baraat" spams) -> Scaring(("bhai log" scaring me) -> Pulling -> Pinching -> Washing(at Lakes)  -> Patting (beating) -> Rolling (in sand) -> Smashing (the cake) -> Dancing(Choli ke peeche) ->Singing(dhak dhak) -> Drinking(RC) -> Fighting (not known) -> Thanking(to u all:)

Count: 100+ Baraatis
Food: 1 Bakra

7th August, 2009 - Today is my birthday. Never thought that the day will be such a memorable day. Great Lakers already planned for almost “Ending” me on my Birth.

Reason: I have not spared even a single person from the merciless birthday bumps and didn't leave even a single opportunity of smashing the cake/ice-cream. I just love to do all that even after trying to stop myself. But “butt”, could not help ;). So everybody was waiting from a long time to kick my ass. People already started spamming and planning how to butcher me. I was pretty perplexed with the whole situation. :D

Few Preparation by me: While I didn't tell anyone but here are the few preparations done by me. From 9:00 PM, I started mailing personally to few people to support me. Also visited few “bhai log” to meet personally and to keep them less aggressive at least. After taking few consolations from “bhai log”, I started padding work at 11:00 PM. The padding included 1+1+1 under wear, then a cushy towel, then my swimming costume, then my rugged short-pant, then hankies in the back pockets. All this to save my sweet ASS…;)

All guys started collecting near to my room by 11:30 PM itself. Few were waiting to start slaughter game and others wanted not to lose the fun. Whatever it is most importantly I am the GOAT here. It was as if before Dusshera Ravan’s effigy fire, children become too excited about the fire-game.

Correct at 12, people pull me out of the room and started beating, pulling and what and what not. 

(Pinching: Left to right: Sushil "Burnol", Varun "Bday Bakra", Mitesh, Manjit "Daarji", Gaurav, Angad "Chota Muthu")

Soon there was a full “baraat” to have fun of the slaughter.  I think there were around 100 Great Lakers. I tightened my Ass as anybody out of 100 would have screwed them up anytime.

The “baraat” then dragged me towards the pavements. Now few of the “bhai log” wanted to kick me, so they tried to take me towards the basket ball court. But there was another “bhai-log” gang who wanted to take me for a bath in the dirty lakes of Great Lakes.  Yukkkk…whatever was the final decision I was the BAKRA. Finally the latter gang won and I have been dragged towards the “great” lakes. Hitesh, Aravind, and Mohit were busy in taking picture of the BAKRA and the “baraatis” while Charu was taking full fledged LIVE video of the grand BAKRA event.

Santosh, Sushil and Akhil were highly excited to throw me into lakes as soon as possible. Finally, CHAPPAAK,  I was immersed in water. I made a history here. The first person to take a bath in lakes of Great Lakes...;) Then CHAPPAAAAK, Sushil was also in the water. People pushed him. Bechara!!!     

(Creating History: The first person to take bath in the lake of Great Lakes)

As soon as I came out of the lake. Everybody started hitting wherever possible. Well the padding was also of no use after getting soaked in water. Moreover I didn't do any padding for my back :P.

Then “baraatis” took me to our sand volley-ball court. I have been asked to lay down on sand. As a slave I followed “bhai log” instructions as it was their day. I could not utter any word against any one as I made and will make ball for rest of the 364 days. As soon as I lay down, people started rolling me on sand. Damn…it was sand everywhere and it pricks too.  

(Sand rolling)

Vignesh was already ready with the cake just after the sand rolling. He was holding the cake in hands. I understood his wild intentions. The cake is not for consumption but it’s only for a Smash on my face. So as soon as I put the knife into the cake, the whole cake was “licking” my face.

(Pic: Super Smash Cake presented by Vignesh)

My eyes holes were all full of cake and unable to open eyes as if somebody put the fevi-kwik between eye-lids, people were singing happy birthday. Then asked few people to remove the cake from eyes. Meanwhile few people took advantage and kicked a few. Right timing…the guys are still safe even now due to temporary sight loss. Wished I should have kept few “khabris” in the “baraat”. 

 (Smashhhhhh!!! will not leave u Vignesh...wait for ur next bday)


After "licking", I mean removing cake, danced had a couple dance with Mukul after making him equally dirty by hugging. 

(Pic: Dance with Mukul, Left to right: Anuj, Varun "Bday Bakra", Mukul, Santosh, Himanshu "HeManShoo"

Then “barattis” took me at Great Lakes Piazza for next ”bakra” round. Manjit was asking all kind of questions which he generally asks from everyone. I tried to avoid it as it meant inviting bigger troubles. He he…

“Baraatis” as well as “Badmassh launde” wanted to be delighted by some show. I have been asked me to dance on “Choli ke peeche kya hai”, so they sang and I did a SEXY dance on “Choli ke peeche kya hai”. After that “baratis” asked me to sing something hot. Not to disappoint them I stated singing Madhuri’s “Dhak-dhak karne laga” and kept giving Madhuri’s dancing steps just to keep all guys laughing and happy.

 (Guys after Cake Smashing event, Left to right: Kumaravel, Ankur, Gaurav, Santosh, Vignesh(back), Akhil, Sushil "Burnol", Manjit "sardarji", chauhan and jay)

People were very happy with the overall event happened after 12. Vignesh specially congratulated me for such an eventful night. No other birthday has been so successfully “launched” till now. 

(Ending the Ceremony, Left to right: Kumaravel, Gaurav, Anuj, Aravind(front), Varun "Bday Bakra", Mukul, Himanshu "HeManShoo", Ayush "Body waale baba", Mitesh and Manjit) 


No party without drinks. The arrangement was all done already in advance with the help of M, V, H etc. Few dignitaries from “Baraat” were invited to enjoy the Daroo party. We drank like pigs, danced like peacock, sang like nightingale, played like Sachin and later fought like Bulls. Yes, few “launde” including me lost balance after daroo and had a big fight on some issue which I didn't know but just fought. LOL

So that’s how my 2Xth birthday has been celebrated. Hope to see more birthday celebrations coming and adding unforgettable and cherishable moments to our life at Great Lakes. Thanks to “Baraaati”, “Bhai Log” and “Badmas Launde” and all Great Lakers to make it such a memorable and grand moment.

PS: Thanks a lot to Hitesh, Mohit, Aravind for pics and Charu for taking the videos.

Microeconomics in Real Life – Household TV

By: Varun Khandelwal

Indian Television Household industry is a great real life example of application of Microeconomics. Till late 80s, Indian Manufacturer like Crown, Salora, Texla, Oscar and Beltek were the market leader of Black & White TVs in India. However, advent of Color TV technology which was great substitutes of obsolete Black and White TV led new market leaders like Videocon, BPL and Onida emerge in TV market. This is a great example of Threat of Substitutes (Color TV overruling B&W TV market) and significant impact of Technology on firms.

Below is the industry analysis of the TV market incorporating Porter’s Five Forces model:

Till late 90s Videocon, BPL and Onida enjoyed leadership and apparent oligopoly in the TV market. However, advent of MNCs such as AIWA, Akai, LG, Philips and Samsung changed the landscape of TV industry. Especially Akai and AIWA which used to work upon procurement/assembly based model brought upon the cut-throat price war in TV market. For an instance, earlier prices of Color TVs used to be around Rs 20,000 for a 21’ TV. However, Akai and AIWA through its smart operations and marketing strategies brought down the same TV cost to almost half. Moreover, it brought concept of TV exchange for the upgraders and rebuyers leading to same TV cost mere Rs 5000. At the same time, world leaders like LG and Samsung started Sales on Volume strategy to push their quality product in Indian market.

From the above table it could easily be observed that with increase in demand the nominal price of TV has decreased significantly and hence obeying the Demand-Supply rule. New Technology advent and price war also led to significant shift in Demand and Supply curve many times. Another point to note is that demand of TV is highly seasonal in India. During festivals and marriage season, there is always a high demand for TV. TV market has become highly competitive market and the life cycle of any new TV has become too small. Currently, TV industry in India is undergoing tremendous changes in terms of Technology and customer segments. New augmented features in TV, becomes in expected and generic within months. New technology based television like HDTV, LCD are replacing traditional color TV very fast. The few important things TV manufacturing/marketing firms should keep in mind are:

1.       Research and Development and Innovation are the key to become successful in TV market.

2.       Quality and trustworthiness is important. TV is still bought by majority consumer for a long term basis so they want good quality.

3.       Smart Pricing strategy is required to have an edge among so many competitors and no product difference.

4.       Consumer Segmentation is important for every TV

5.       Increase in disposable income in India will lead to further increase in Demand of TV.

Hence, we can observe practical application of microeconomics in Household Television industry of India.

EDF website is UP!!

I am excited to tell you that a great mile-stone has been achieved.

The long awaited EDF website (beta phase J) has marked its entry on Web. (Please open the attached link)

The website is Great piece of Innovation as it uses only free Internet applications/technology.

Few features of the website are:

1.       Maintenance is just free of cost.

2.       The website is based on Web 2.0 technology.

3.       Any number of people can contribute to the website at the same time.

Next steps:

1.       Inauguration of the website: Mark the right date and call esteemed guest, once all below things are done.

2.       Content for the Website: I have kept few old content in website. Please contribute. I will give admin rights to the people who wants to contribute.

3.       Linking with www.greatlakes.edu.in :   Already in contact with Web com. It will be done after all things are proper.

4.       Products: T-shirts procurement for EDF eShop. Ayush is working upon it.

5.       EDF logo and Brand name for EDF: I have kept an old logo for EDF for the time-being.

Few brand name which I thought for “brand EDF” are:

a.       “Enspire”: the name is made of “En” from Entrepreneurship and “spire” from Inspire. Basically it conveys the inspiration for Entrepreneurship which is probably the goal of EDF.

b.      “Seed”: A seed gradually becomes a big tree.

Changing Consumer Landscape

Introduction

World is changing too fast as never before. The revolution in technological connectivity has opened the new market gateways and markets are emerging from different parts of the world. New emerging markets have increased spending in the world overall. According to a survey, by 2015, the consumer's spending power in emerging economies will increase from current $4 trillion to more than $9 trillion. Today, information is readily available to everyone leading to commoditization of even high values goods. Markets have become global and consumers have transformed themselves to Global Consumers.

Global trends survey results: Two Views of the Future: % of Respondents Indicating a Significant Impact of Global Trends in 5 years – By Nationality of Organization

On the hindsight, the markets have also become dynamic and highly sensitive to changes. Recession causing rising anxiety has lead consumers to view the marketplace in new ways - demanding ever greater value. Companies are facing unprecedented challenges on all fronts like retail, consumer, competition and growth. Rules of the business are changing everyday and conventional management is failing to produce results.  Markets and companies need to align themselves efficiently and strategically to combat these trends and stay in the business else they will soon be losing their sheen in the dynamic market with changing consumer landscape.

 Changing Values of Consumer

The recent slowdown has brought down a significant change in the mind-set of the majority of consumer all over world. The consumers have become highly realistic and could not just accept anything.

Brand loyalty is diminishing as consumers have become more value driven and diverse in their purchasing decisions. Retailers and manufacturers are resorting to price cuts to help stimulate demand, resulting in downward pressure on margins. However, reducing price is not the only option as consumers are willing to pay given that he gets the desired value in the transaction. Consumers also are becoming more segmented (e.g., economic disparity, ethnic diversity, age stratification that is fragmenting demand and increasing product complexity). In such scenario, products will need to give better value. For sustenance, it’s imperative for markets and companies to understand changing attitudes & values of the target consumers and overall consumer landscape.

World is Flat: Information and Technology Revolution

The information and latest digital connectivity revolution have made the ground for competition, communication and interaction flat for everyone. The businesses are shifting online making the unique form of market place at a global level. Online markets have created price transparency and increased commoditization of products. According to recent reports, in 2008, there are 1.46 billion people online and traffic has grown at the rate of 57% in 2007 and 62% in 2008. It has been predicted that the numbers of user will double every 2 years at least until 2012. As the percentage of consumers with Internet access increases, e-commerce will become more and more viable. As the differences are shrinking due to transparency, trends in market are becoming largely macro.

In this abundance era things can be cloned, faked or reproduced very easily, however, reputation, values, attitude, love, and care are still priceless. Companies need to position themselves effectively and strategically different to combat these trends and stay in the business else they will be caught in the cycle of commoditization, declining prices, excess inventory and slower growth. Innovation in products, designs, customer-offering is the only way to perform well in such a changing consumer landscape. Gaining Technological advantage to cope with the dynamic consumer landscape may give an extra edge to the firm over companies.

Changing Demographics and Aging population

Changing Demographics is another significant factor in changing consumer landscape, which companies should take care. Increase in global population with exponential increase in Hispanic population will create a bigger diversity in every part of the world which in turn depletes the concept of brand loyalty and long-term satisfied customers. Large populations and population growth rates in emerging markets is leading to new avenues for consumer goods product growth. These markets desires for efficient but low-cost product. Aging population has increased demand for health and beauty aids. The buying shift of this demographic group is blurring the distinction between consumer goods and pharmaceutical companies.

Web 2.0 economics

Web 2.0 which is the second generation of the web development and web design has become the latest buzzword of development in the current world. It includes social-networking sites, video-sharing sites, wikis, blogs and mashups.

Everyday thousands of people are getting into the net of Web 2.0 and contributing in this new space of communication. It’s becoming an important tool for communication in real time with whole of the world.

 The concept is already creating the huge waves in media industry with a new name as Social Media. It provides the tools for information, participation, interaction, collaboration and contributions. Soon companies need to focus upon this complete new avenue to promote themselves and their products.

Modern ways of Advertising

Advertising needs to become value-oriented. Modern day consumer can't stand traditional advertising anymore. The advertising should be oriented with providing information, guidance, education, utility and help etc. The advertisements should not be thrown upon the customers rather it should be customized for the customer same as the products.

The customized, text based advertising by Google while searching on www.google.com or reading mails on Gmail is a great example of the new age advertising. Similarly, JustDial service in metro cities of India which provides free general consultation/query services on phone does the focused advertising for the consumer. It sends message and calls users with the relevant advertisements for which user have queried them on call.

Conclusion

So, getting more “real”, “authentic”, “ethical” and “environmental” is the need of the hour. The financial crisis may just be the catalyst that created a true vanguard of change in many of the developed economies. Changes in consumer values, changes in Consumer Demographics, advanced developments in Information and Technology, especially Web 2.0 are few key drivers in Changing Consumer Landscape. Brands and products need to reflect these changes in their proposition, making any transitions as smooth as possible in order to maintain relevance and ensure success in the ‘new consumer landscape’.

The market has gone global and has become like an arena with scenes changing very fast. It will take no time to fail if companies stop innovation, make smart and visionary strategic decisions and remains pro-active in anticipating and adapting in a market with Changing Consumer Landscape.

References:

“Meet the Brand Killers,” Fortune.11, 2003.

1.       “The Changing Landscape of Self-Care”, AESGP 45th Annual Meeting, 2009

2.       2003 GMA Logistics Study, Key Industry Trends in the Food, Grocery and Consumer Product Supply Chain, by Roland Berger, April 2003

3.       “Meet the Brand Killers,” Fortune. August 11, 2003.

4.       “Stimulating Consumer Demand Through Meaningful Innovation,” Accenture Institute for Strategic Change. November 2002.

5.       Breene, Tim, “Redefining High Performance,” Outlook Journal, Accenture. October 2003.

6. www.bordbia.ie
7. www.luli.com.br  
8. What Sets High-Performance Companies Apart in the Changing Consumer Goods Landscape, www.accenture.com
9. “Perspectives of Manager”, IMD International – 152, Nov, 2007

Regards,
Varun

EDF - eShop

Started with eShop initiative at Great Lakes through Entrepreneurship Development Forum (EDF, I am the member of the committee). Just read on. :)

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“The best reason to start an organization is to make meaning - to create a product or service to make the world a better place” - Guy Kawasaki

Do you wish for a “fundoo” Great Lakes T-shirt which showcase your EGO-ideal OR do you wish to gift your loved ones a nice Great Lakes gift?

Your wait ends here. EDF has started an exciting new initiative eShop. eShop will assist you in every way to shop anything a Great Laker vie for. All you need to do is inform EDF about your requirements and we will help to get things done for you at any cost.

So what are you waiting for, start buying things you always wanted to.

CLICK HERE TO ORDER or AUCTION from EDF website (beta phase).

Please mail to edf2010@greatlakes.edu.in for any special product or bulk order you want and we will get back to you asap.

FAQs:

1.       What are the objectives of EDF eShop?

Answer: To encourage entrepreneurship among Great Lakers as well as outside Great Lakes and encourage all Great Lakers to participate in the EDF initiatives. It will be a great learning for Great Lakers involved in eShop.

2.       Are you taking any extra charges for so much of a help?

Answer: EDF is doing this all on NO PROFIT basis for every Great Laker. However, the idea is to commercialize the same outside Great Lakes.  Any profit made there will be used on EDF operations and Karma yoga’s Social Entrepreneurship activities.

3.       How will I be benefitted from buying goodies from eShop?

Answer: We are trying to use sales on volume model for standard items. Also, we will form strong continued relationship with various vendors which will help us in getting value for money. However, if you think the price is more than the cost, kindly inform us about it.

4.       So, what are main things you are planning to keep in eShop?

Answer: Few of the things are:

a)      For Great Lakes: T-shirts (for sports, committee, competitions), Mugs, Bags, Wallets, Bottles, Diary, Caps

b)      Social Entrepreneurship/Karma yoga – Helping villagers to make goodies: Paper/Jute bags,  Toys, Handicrafts, Agarbattis etc

c)       Great Lakers auction: Used items like calculators, bi-cycles etc

d)      EDF Advisory Services

e)      Sports goods: Cricket bat, Shuttle-cock, Rackets, football etc

5.       Who are your potential customers?

Answer: Our main customers are:

-          Great Lakers (including Alumni)

-          Committee members

-          Admin/Academic department to gift the guests/visiting faculty

-          Other B-school students coming to Great Lakes for participation

-          B-school aspirants(especially Great Lakes aspirants)

-          On success à Scale-up eShop to OUTSIDE WORLD

6.       Sounds Great!! What are the future plans of EDF eShop?

Answer: We are planning to make it BIG. Few of the future plans are:

-          Take the eShop outside Great Lakes

-          Vertical Integration - Increase the varieties of goodies

-          Online shopping cart

-          Customizing goodies on orders quantity and timely basis

-          Partnership with firms

-          Encourage to buy more through emails and newsletter

7.       All this looks interesting to me. Can I become part of it in anyway?

Answer: Sure, eShop is looking for new members who are passionate about the eShop idea and would like to make future plans a reality. Mail at edf2101@greatlakes.edu.in in case you are

interested to join us.

Happy Shopping,

EDF Team