Security Analysis & Portfolio Management (EDL 306)-Semester III

Security Analysis & Portfolio Management (EDL 306)-Semester III

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1st Module Assessment

CASE STUDY

The need for corporate governance has arisen because of the increasing concern about the non-compliance of standards of financial reporting and accountability by boards of directors and management of corporate inflicting heavy losses on investors.

The collapse of international giants likes Enron, World Com of the US and Xerox of Japan are said to be due to the absence of good corporate governance and corrupt practices adopted by management of these companies and their financial consulting firms.The failures of these multinational giants bring out the importance of good corporate governance structure making clear the distinction of power between the Board of Directors and the management which can lead to appropriate governance processes and procedures under which management is free to manage and board of directors is free to monitor and give policy directions.

In India, SEBI realised the need for good corporate governance and for this purpose appointed several committees such as Kumar Manglam Birla Committee, Naresh Chandra Committee and Narayana Murthy Committee.Investors and shareholders of a corporate company need protection for their investment due to lack of adequate standards of financial reporting and accountability. It has been noticed in India that companies raised capital from the market at high valuation of their shares by projecting wrong picture of the company’s performance and profitability.The investors suffered a lot due to unscrupulous management of corporate that performed much less than reported at the time of rais¬ing capital. “Bad governance was also exemplified by allotment of promoters’ share at preferential prices disproportionate to market value affecting minority holders interest”.

There is increasing awareness and consensus among Indian investors to invest in companies which have a record of observing practices of good corporate governance. Therefore, for encouraging Indian investors to make adequate investment in the stock of corporate companies and thereby boosting up rate of growth of the economy, the protection of their interests from fraudulent practices of corporate of boards of directors and management are urgently needed.Corporate governance is considered as an important means for paying heed to investors’ grievances. Kumar Manglam Birla Committee on corporate governance found that companies were not paying adequate attention to the timely dissemination of required information to investors in by India.Investors will be willing to invest in the companies with a good record of corporate governance.

Question 1: Investors and shareholders of a corporate company need protection for their………… due to lack of adequate standards of financial reporting and accountability.

 a. decision-making

 b. efficiency

 c. investment

 d. none of the above

Question 2. It has been noticed in India that …………. raised capital from the market at high valuation of their shares by projecting wrong picture of the company’s performance and profitability.

 a. companies

 b. informal

 c. both of the above

 d. none of the above

Question 3. SEBI realised the need for …………….. and for this purpose appointed several committees such as Kumar Manglam Birla Committee, Naresh Chandra Committee and Narayana Murthy Committee.

 a. good corporate governance

 b. trustee

 c. AMC

 d. none of the above

Question 4. The need for ……… has arisen because of the increasing concern about the non-compliance of standards of financial reporting and accountability by boards of directors and management of corporate inflicting heavy losses on investors.

 a. corporate governance

 b. PR

 c. QR

 d. none of the above

Question 5. There is increasing awareness and consensus among Indian investors to invest in ………….which have a record of observing practices of good corporate governance.

a. companies

 b. trustee

 c. AMC

 d. none of the above

Question 6. Therefore, for encouraging Indian ………….. to make adequate investment in the stock of corporate companies and thereby boosting up rate of growth of the economy, the protection of their interests from fraudulent practices of corporate of boards of directors and management are urgently needed.

 a. sponsor

 b. investors

 c. AMC

 d. none of the above

Question 7. ……… realised the need for good corporate governance

 a. power

 b. politics

 c. SEBI

 d. all of the above

Question 8. …………. on corporate governance found that companies were not paying adequate attention to the timely dissemination of required information to investors in by India.

 a. sponsor

 b. trustee

 c. Kumar Manglam Birla Committee

 d. all of the above

Question 9. ………….. will be willing to invest in the companies with a good record of corporate governance.

 a. Investors

 b. PR

 c. QR

 d. none of the above

Question 10. …………..governance was also exemplified by allotment of promoters’ share at preferential prices disproportionate to market value affecting minority holders interest

 a. industrial engineering

 b. operations management

 c. Bad

 d. none of the above

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2nd Module Assessment

CASE STUDY

In financial markets, stock valuation is the method of calculating theoretical values of companies and their stocks. The main use of these methods is to predict future market prices, or more generally, potential market prices, and thus to profit from price movement – stocks that are judged undervalued (with respect to their theoretical value) are bought, while stocks that are judged overvalued are sold, in the expectation that undervalued stocks will overall rise in value, while overvalued stocks will generally decrease in value.

In the view of fundamental analysis, stock valuation based on fundamentals aims to give an estimate of the intrinsic value of a stock, based on predictions of the future cash flows and profitability of the business. Fundamental analysis may be replaced or augmented by market criteria – what the market will pay for the stock, disregarding intrinsic value. These can be combined as “predictions of future cash flows/profits (fundamental)”, together with “what will the market pay for these profits?” These can be seen as “supply and demand” sides – what underlies the supply (of stock), and what drives the (market) demand for stock?

In the view of John Maynard Keynes, stock valuation is not a prediction but a convention, which serves to facilitate investment and ensure that stocks are liquid, despite being underpinned by an illiquid business and its illiquid investments, such as factories.The most theoretically sound stock valuation method, called income valuation or the discounted cash flow (DCF) method, involves discounting of the profits (dividends, earnings, or cash flows) the stock will bring to the stockholder in the foreseeable future, and a final value on disposal.[1] The discounted rate normally includes a risk premium which is commonly based on the capital asset pricing model.

In July 2010, a Delaware court ruled on appropriate inputs to use in discounted cash flow analysis in a dispute between shareholders and a company over the proper fair value of the stock. In this case the shareholders’ model provided value of $139 per share and the company’s model provided $89 per share. Contested inputs included the terminal growth rate, the equity risk premium, and beta.[2]

The fundamental valuation is the valuation that people use to justify stock prices. The most common example of this type of valuation methodology is P/E ratio, which stands for Price to Earnings Ratio. This form of valuation is based on historic ratios and statistics and aims to assign value to a stock based on measurable attributes. This form of valuation is typically what drives long-term stock prices.

The other way stocks are valued is based on supply and demand. The more people that want to buy the stock, the higher its price will be. And conversely, the more people that want to sell the stock, the lower the price will be. This form of valuation is very hard to understand or predict, and it often drives the short-term stock market trends.

There are many different ways to value stocks. The key is to take each approach into account while formulating an overall opinion of the stock. If the valuation of a company is lower or higher than other similar stocks, then the next step would be to determine the reasons.

Question 1: In the view of fundamental analysis, stock valuation based on fundamentals aims to give an estimate of the …………. of a stock

 a. planning

 b. organising

 c. staffing

 d. intrinsic value

Question 2. The discounted rate normally includes a ………. which is commonly based on the capital asset pricing model.

 a. planning

 b. production

 c. transportation

 d. risk premium

Question 3. The fundamental valuation is the valuation that people use to justify …………. prices.

 a. stock

 b. minimize

 c. keep same

 d. all

Question 4. The main use of these methods is to predict……….. market prices

 a. public

 b. management

 c. employees

 d. future

Question 5. The most theoretically sound stock valuation method, called …………., involves discounting of the profits (dividends, earnings, or cash flows) the stock will bring to the stockholder in the foreseeable future, and a final value on disposal.

 a. network flow problems

 b. multi-commodity flow problems

 c. income valuation or the discounted cash flow (DCF) method

 d. none

Question 6. The other way stocks are valued is based on ………. and demand.

 a. all

 b. new

 c. old

 d. supply

Question 7. If the…………. of a company is lower or higher than other similar stocks, then the next step would be to determine the reasons.

 a. information

 b. valuation

 c. both

 d. none

Question 8. ………. analysis may be replaced or augmented by market criteria – what the market will pay for the stock, disregarding intrinsic value.

 a. economics

 b. engineering

 c. management

 d. Fundamental

Question 9. ……….. valuation is not a prediction but a convention, which serves to facilitate investment and ensure that stocks are liquid, despite being underpinned by an illiquid business and its illiquid investments, such as factories.

 a. public

 b. management

 c. employees

 d. stock

Question 10. …………is the method of calculating theoretical values of companies and their stocks.

 a. stock valuation

 b. maslow

 c. fayol

 d. all

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3rd Module Assessment

CASE STUDY

Fundamental analysts examine earnings, dividends, assets, quality, ratio, new products, research and the like. Technicians employ many methods, tools and techniques as well, one of which is the use of charts. Using charts, technical analysts seek to identify price patterns and market trends in financial markets and attempt to exploit those patterns.

Technicians using charts search for archetypal price chart patterns, such as the well-known head and shoulders  or double top/bottom reversal patterns, study technical indicators, moving averages, and look for forms such as lines of support, resistance, channels, and more obscure formations such as flags, pennants, balance days and cup and handle patterns.

Technical analysts also widely use market indicators of many sorts, some of which are mathematical transformations of price, often including up and down volume, advance/decline data and other inputs. These indicators are used to help assess whether an asset is trending, and if it is, the probability of its direction and of continuation. Technicians also look for relationships between price/volume indices and market indicators. Examples include the moving average, relative strength index, and MACD. Other avenues of study include correlations between changes in Options (implied volatility) and put/call ratios with price. Also important are sentiment indicators such as Put/Call ratios, bull/bear ratios, short interest, Implied Volatility, etc.

There are many techniques in technical analysis. Adherents of different techniques (for example, Candlestick analysis -the oldest form of technical analysis developed by a Japanese grain trader-, Harmonics, Dow theory, and Elliott wave theory) may ignore the other approaches, yet many traders combine elements from more than one technique. Some technical analysts use subjective judgment to decide which pattern(s) a particular instrument reflects at a given time and what the interpretation of that pattern should be. Others employ a strictly mechanical or systematic approach to pattern identification and interpretation.

Contrasting with technical analysis is fundamental analysis, the study of economic factors that influence the way investors price financial markets. Technical analysis holds that prices already reflect all the underlying fundamental factors. Uncovering the trends is what technical indicators are designed to do, although neither technical nor fundamental indicators are perfect. Some traders use technical or fundamental analysis exclusively, while others use both types to make trading decisions.

Question 1. Contrasting with technical analysis is fundamental analysis, the study of ……….. factors that influence the way investors price financial markets.

 a. after

 b. equal to

 c. economic

 d. together

Question 2. Fundamental analysts examine ………

 a. earnings

 b. dividend

 c. assets

 d. all of the above

Question 3. Some technical analysts use subjective judgment to decide which pattern(s) a particular instrument reflects at a given time and what the interpretation of that ………… should be.

 a. pattern

 b. tri

 c. fri

 d. hex

Question 4. Some traders use technical or fundamental analysis exclusively, while others use both types to make ……………decisions.

 a. 20

 b. economic

 c. trading

 d. correct

Question 5. Technical analysis holds that prices already reflect all the underlying ……….factors.

 a. 25

 b. 20

 c. fundamental

 d. 40

Question 6. Technical analysts also widely use …………of many sorts, some of which are mathematical transformations of price, often including up and down volume, advance/decline data and other inputs.

 a. primal simplex algorithm

 b. auction algorithm.

 c. market indicators

 d. none of the above

Question 7. Technicians also look for relationships between price/volume indices and ……….indicators.

 a. sociology research

 b. management training

 c. secondary and higher psychology instruction

 d. market

Question 8. Technicians using charts search for archetypal price chart …………., such as the well-known head and shoulders

 a. physiologic

 b. safety

 c. belonging

 d. patterns

Question 9. These indicators are used to help assess whether an ……… is trending

 a. asset

 b. physiological

 c. safety

 d. belonging

Question 10. Using ……….., technical analysts seek to identify price patterns and market trends in financial markets and attempt to exploit those patterns

 a. efficiency

 b. stick

 c. charts

 d. all of the above

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4th Module Assessment

CASE STUDY

In finance, arbitrage pricing theory (APT) is a general theory of asset pricing that holds that the expected return of a financial asset can be modelled as a linear function of various macro-economic factors or theoretical market indices, where sensitivity to changes in each factor is represented by a factor-specific beta coefficient. The model-derived rate of return will then be used to price the asset correctly—the asset price should equal the expected end of period price discounted at the rate implied by the model. If the price diverges, arbitrage should bring it back into line.

The theory was proposed by the economist Stephen Ross in 1976.In the APT context, arbitrage consists of trading in two assets – with at least one being mis-priced. The arbitrageur sells the asset which is relatively too expensive and uses the proceeds to buy one which is relatively too cheap.

Under the APT, an asset is mispriced if its current price diverges from the price predicted by the model. The asset price today should equal the sum of all future cash flows discounted at the APT rate, where the expected return of the asset is a linear function of various factors, and sensitivity to changes in each factor is represented by a factor-specific beta coefficient.

A correctly priced asset here may be in fact a synthetic asset – a portfolio consisting of other correctly priced assets. This portfolio has the same exposure to each of the macroeconomic factors as the mis-priced asset. The arbitrageur creates the portfolio by identifying x correctly priced assets (one per factor plus one) and then weighting the assets such that portfolio beta per factor is the same as for the mispriced asset.

When the investor is long the asset and short the portfolio (or vice versa) he has created a position which has a positive expected return (the difference between asset return and portfolio return) and which has a net-zero exposure to any macroeconomic factor and is, therefore, risk free (other than for firm-specific risk). The APT along with the capital asset pricing model (CAPM) is one of two influential theories on asset pricing. The APT differs from the CAPM in that it is less restrictive in its assumptions. It allows for an explanatory (as opposed to statistical) model of asset returns. It assumes that each investor will hold a unique portfolio with its own particular array of betas, as opposed to the identical “market portfolio”. In some ways, the CAPM can be considered a “special case” of the APT in that the securities market line represents a single-factor model of the asset price, where beta is exposed to changes in value of the market.

Additionally, the APT can be seen as a “supply-side” model, since its beta coefficients reflect the sensitivity of the underlying asset to economic factors. Thus, factor shocks would cause structural changes in assets’ expected returns, or in the case of stocks, in firms’ profitability.

On the other side, the capital asset pricing model is considered a “demand side” model. Its results, although similar to those of the APT, arise from a maximization problem of each investor’s utility function, and from the resulting market equilibrium (investors are considered to be the “consumers” of the assets).

Question 1. A correctly priced ……….. here may be in fact a synthetic asset – a portfolio consisting of other correctly priced assets.

 a. physical

 b. cooperative

 c. asset

 d. all of the above

Question 2. Arbitrage consists of trading in two ………… – with at least one being mis-priced.

 a. military bearing

 b. physical fitness

 c. confidence

 d. assets

Question 3. is a general theory of asset pricing that holds that the expected return of a financial asset can be modeled as a linear function of various macro-economic factors or theoretical market indices, where sensitivity to changes in each factor is represented by a factor-specific beta coefficient.

 a. economics

 b. political science

 c. psychology

 d. APT

Question 4. The …………. today should equal the sum of all future cash flows discounted at the APT rate, where the expected return of the asset is a linear function of various factors, and sensitivity to changes in each factor is represented by a factor-specific beta coefficient.

 a. physical

 b. asset price

 c. non-cooperative

 d. emotional

Question 5. The arbitrageur sells the asset which is relatively too expensive and uses the proceeds to ………..one which is relatively too cheap.

a. buy

 b. motivation

 c. style

 d. none of the above

Question 6. The theory was proposed by the economist Stephen Ross in 1976.

 a. APT

 b. motivation

 c. style

 d. none of the above

Question 7. The ……….. creates the portfolio by identifying x correctly priced assets (one per factor plus one) and then weighting the assets such that portfolio beta per factor is the same as for the mispriced asset.

 a. physical

 b. cooperative

 c. arbitrageur

 d. shares

Question 8. This ……… has the same exposure to each of the macroeconomic factors as the mispriced asset.

 a. physical

 b. portfolio

 c. non-cooperative

 d. emotional

Question 9. Under the APT, an asset is mispriced if its………diverges from the price predicted by the model.

 a. same

 b. current price

 c. equal

 d. relevant

Question 10. …………..is a general theory of asset pricing that holds that the expected return of a financial asset can be modeled as a linear function of various macro-economic factors or theoretical market indices, where sensitivity to changes in each factor is represented by a factor-specific beta coefficient.

 a. APT

 b. motivation

 c. style

 d. none of the above

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5th Module Assessment

CASE STUDY

The Treynor ratio (sometimes called the reward-to-volatility ratio or Treynor measure), named after Jack L. Treynor, is a measurement of the returns earned in excess of that which could have been earned on an investment that has no diversifiable risk (e.g., Treasury bills or a completely diversified portfolio), per each unit of market risk assumed.

The Treynor ratio relates excess return over the risk-free rate to the additional risk taken; however, systematic risk is used instead of total risk. The higher the Treynor ratio, the better the performance of the portfolio under analysis.Like the Sharpe ratio, the Treynor ratio (T) does not quantify the value added, if any, of active portfolio management. It is a ranking criterion only. A ranking of portfolios based on the Treynor Ratio is only useful if the portfolios under consideration are sub-portfolios of a broader, fully diversified portfolio. If this is not the case, portfolios with identical systematic risk, but different total risk, will be rated the same. But the portfolio with a higher total risk is less diversified and therefore has a higher unsystematic risk which is not priced in the market.

An alternative method of ranking portfolio management is Jensen’s alpha, which quantifies the added return as the excess return above the security market line in the capital asset pricing model. As these two methods both determine rankings based on systematic risk alone, they will rank portfolios identically.In finance, Jensen’s alpha (or Jensen’s Performance Index, ex-post alpha) is used to determine the abnormal return of a security or portfolio of securities over the theoretical expected return. It is a version of the standard alpha based on a theoretical performance index instead of a market index.

The security could be any asset, such as stocks, bonds, or derivatives. The theoretical return is predicted by a market model, most commonly the capital asset pricing model (CAPM). The market model uses statistical methods to predict the appropriate risk-adjusted return of an asset. The CAPM for instance uses beta as a multiplier.Jensen’s alpha was first used as a measure in the evaluation of mutual fund managers by Michael Jensen in 1968. The CAPM return is supposed to be ‘risk adjusted’, which means it takes account of the relative riskiness of the asset.

This is based on the concept that riskier assets should have higher expected returns than less risky assets. If an asset’s return is even higher than the risk adjusted return, that asset is said to have “positive alpha” or “abnormal returns”. Investors are constantly seeking investments that have higher alpha.

Since Eugene Fama, many academics believe financial markets are too efficient to allow for repeatedly earning positive Alpha, unless by chance. Nevertheless, Alpha is still widely used to evaluate mutual fund and portfolio manager performance, often in conjunction with the Sharpe ratio and the Treynor ratio.

Question 1: A ranking of portfolios based on the Treynor Ratio is only useful if the portfolios under consideration are sub-portfolios of a broader, …………… portfolio.

 a. collective values,

 b. beliefs

 c. principles of organizational members

 d. fully diversified

Question 2. It is a version of the standard alpha based on a theoretical performance index instead of a market index.

 a. Jensen alpha

 b. leadership

 c. motivation

 d. all

Question 3. Like the ……….. ratio, the Treynor ratio (T) does not quantify the value added, if any, of active portfolio management.

 a. performance optimization

 b. safety engineering

 c. testing

 d. Sharpe

Question 4. The CAPM for instance uses …………. as a multiplier.

 a. beta

 b. leadership

 c. motivation

 d. all

Question 5. The higher the Treynor ratio, the better the performance of the ………… under analysis.

 a. club

 b. seminar

 c. hotel

 d. portfolio

Question 6. The security could be any asset, such as ,…………..

 a. stock

 b. assets

 c. derivatives

 d. all

Question 7. The theoretical return is predicted by a market model, most commonly the …………

 a. capital asset pricing model (CAPM).

 b. different

 c. unequal

 d. relevant

Question 8. The Treynor ratio relates excess return over the ……….

 a. history

 b. product

 c. market

 d. risk-free rate

Question 9. ……………is a measurement of the returns earned in excess of that which could have been earned on an investment that has no diversifiable risk

 a. Treynor ratio

 b. leadership

 c. motivation

 d. all

Question 10. ……………….is used to determine the abnormal return of a security or portfolio of securities over the theoretical expected return.

 a. club

 b. seminar

 c. hotel

 d. Jensen alpha

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Assignment 2

CASE STUDY

Mutual fund executives owe their livelihoods to shareholders, but most treat investors like ordinary customers rather than partners or bosses.

That’s why we get to this time of year and I feel a need to ask fund honchos to give shareholders some meaningful gifts for the holidays. The changes fund firms could make to help shareholders are endless — but I’m not greedy. Every year or two I create a wish list and would gladly settle for just a few upgrades at a time.

Fund companies should fulfill shareholder wishes not because ‘tis the season for it, but because it’s the right thing to do. Regulators know it; in the past, the things I have requested have become reality mostly when some wrongdoing came to light that required a slap on the wrist to the industry. These “reforms” have mostly been about injecting some common sense into the fund-ownership process.Funds provide investment objectives, but that’s a vague statement, more about methods than expectations. Rules prohibit funds from making projections.

But managers and fund directors know the background and they create targets that aren’t shared with the outside world; they understand that they created a fund because they felt they could achieve, say, “above-average results over time horizons of five years and longer.” Fund boards use those kinds of expectations to decide if a manager is doing the job well enough to be rehired, but they also give those managers a lot of slack. Shareholders, however, should be able to see whether the fund is achieving its internal goals. It would let them create clear expectations and measure whether a fund is meeting them.Many times, a fund’s biggest asset to the sponsor is that marketers can sell it, rather than that it can deliver superior performance. In those cases, it’s not in the shareholder’s best interests to keep things going.

Unfortunately, because mediocre funds create something of an annuity for the management company — regularly delivering fees from investors who are inert or simply oblivious to inferior, uninspired results — the fund world is not a meritocracy. Sponsors often keep lousy funds operating for decades.

If a fund doesn’t deserve to survive — if performance is undistinguished and second-rate — kill it off. Merge or liquidate it, but encourage shareholders to find worthwhile investments rather than subjecting them to second-rate, uninspired issues.The Internal Revenue Service does a better job of highlighting changes to tax codes and filing instructions than funds do of notifying shareholders whenever there are changes in the prospectus or operating rules. A simple, highlighted summary of what is new and different this year immediately alerts investors to changes; even if all they do is skim the documents, it enhances their understanding of the fund, and reduces the potential for surprises.

Question 1. A fund’s biggest asset to the ………. is that marketers can sell it

 a. leadership

b. sponsor

 c. style

 d. none of the above

Question 2. Funds provide ………… objectives, but that’s a vague statement, more about methods than expectations.

 a. investment

 b. culture

 c. leadership

 d. motivation

Question 3. it’s not in the ……….. best interests to keep things going.

 a. shareholder’s

 b. Henri Fayol

 c. Chester Barnard

 d. Mary Parker Follet

Question 4. mediocre funds create something of an …………. for the management company

 a. Henri Fayol

 b. annuity

 c. Chester Barnard

 d. Mary Parker Follet

Question 5. Mutual fund executives owe their livelihoods to shareholders, but most treat ………… like ordinary customers rather than partners or bosses.

 a. Henri Fayol

 b. Chester Barnard

 c. Mary Parker Follet

 d. investors

Question 6. Rules prohibit funds from making ………….

 a. social relationships (may be wrong)

 b. job content

 c. projections

 d. all (wrong)

Question 7. Shareholders, however, should be able to see whether the …………is achieving its internal goals.

 a. Lillian Gilbreth

 b. Frank Gilbreth

 c. fund

 d. none of the above

Question 8. Merge or liquidate it, but encourage …….to find worthwhile investments rather than subjecting them to second-rate, uninspired issues.

 a. shareholders

 b. culture

 c. leadership

 d. motivation

Question 9. ……… companies should fulfill shareholder wishes

 a. Fund

 b. Henri Fayol

 c. Chester Barnard

 d. Mary Parker Follet

Question 10. …………… often keep lousy funds operating for decades.

 a. leadership

 b. Sponsors

 c. style

 d. none of the above

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Cost & Management Accounting (EDL 305)-Semester III

Cost & Management Accounting (EDL 305)-Semester III

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1st Module Assessment

Case Study

The general meaning of material is all commodities physical objects used to make the final product. It may be direct or indirect.

(i) Direct Materials: Materials, cost of which can be directly attributable to the end product for which it is being used, in an economically feasible way.

(ii) Indirect Materials: The materials which are not directly attributable to a particular final product.

Material Control is the systematic control over the procurement, storage and usage of materials to maintain even flow of materials and avoiding at the same time excessive investment in inventories.

Illustration:- From the details given below, calculate:

(i) Re-ordering level

(ii) Maximum level

(iii) Minimum level

(iv) Danger level.

Re-ordering quantity is to be calculated on the basis of following information:

•         Cost of placing a purchase order is INR. 20

•         Number of units to be purchased during the year is 5,000

•         Purchase price per unit inclusive of transportation cost is INR.  50

•         Annual cost of storage per units is INR. 5.

Details of lead time:       Average- 10 days, Maximum- 15 days, Minimum-5 days.

                                            For emergency purchases- 4 days.

Rate of consumption:   Average: 15 units per day,

                                         Maximum: 20 units per day.

Question 1. As per given information, Re-ordering level is …………

 a. 300 units

 b. 400 units

 c. 200 units

 d. 250 units

Question 2. Continuous stock taking is a part of

 a. Annual stock taking

 b. Perpetual inventory

 c. ABC analysis

 d. Bin Cards

Question 3. Danger level is ……………

 a. 60 units

 b. 90 units

 c. 100 units

 d. 10 units

Question 4. Direct material can be classified as

 a. Variable cost

 b. Fixed cost

 c. Semi-variable cost

 d. Prime Cost

Question 5. In most of the industries, the most important element of cost is

 a. Material

 b. Labour

 c. Overheads

 d. Administration Cost

Question 6. Maximum level is …………..

 a. 400 units

 b. 300 units

 c. 250 units

 d. 450 units

Question 7. Minimum level is ……………….

 a. 250 units

 b. 150 units

 c. 350 units

 d. 50 units

Question 8. What is the Minimum rate of consumption per day ?

 a. 20 units per day

 b. 10 units per day

 c. 30 units per day

 d. 25 units per day

Question 9. What is the Re-order Quantity (ROQ)?

 a. 200 units

 b. 250 units

 c. 100 units

 d. 300 units

Question 10. Which of the following is considered to be the normal loss of materials?

 a. Loss due to accidents

 b. Pilferage

 c. Loss due to breaking the bulk

 d. Loss due to careless handling of materials

 

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2nd Module Assessment

Case Study

Labour cost is a very important constituent of total cost of any product/services. It is very necessary to account for labour cost properly so that we may able to analyze it and control the avoidable part of labour cost.

The management objective of keeping labour cost as low as possible is achieved by balancing productivity with wages. Low wages do not necessarily mean low labour cost. Low labour cost is possible by giving substantial increase in wages against corresponding increase in productivity.

Overheads are the expenditure which cannot be conveniently traced to or identified with any particular cost unit. Such expenses are incurred for output generally and not for a particular work order e.g., wages paid to watch and ward staff, heating and lighting expenses of factory etc.

Question-1: “Fixed overhead costs are not affected in monetary terms during a given period by a change in output”. But this statement holds good provided

 a. Increase in output is not substantial

 b. Increase in output is substantial

 c. Both (a) and (b)

 d. None of the above

Question 2. Abnormal cost is the cost:

 a. Cost normally incurred at a given level of output

 b. Cost not normally incurred at a given level of output

 c. Cost which is charged to customer

 d. Cost which is included in the cost of the product

Question 3. Identify among the following a scientific and accurate method of factory overhead absorption

 a. Percentage of direct material cost method

 b. Percentage of direct labour cost method

 c. Percentage of prime cost method

 d. Machine hour rate method

Question 4. Identify among the following a scientific and accurate method of factory overhead absorption

 a. Percentage of direct material cost method

 b. Percentage of direct labour cost method

 c. Percentage of prime cost method

 d. Machine hour rate method

Question 5. Labour turnover means:

 a. Turnover generated by labour

 b. Rate of change in composition of labour force during a specified period

 c. Either of the above

 d. Both of the above

Question 6. Overhead refers to:

 a. Direct or Prime Cost

 b. All Indirect costs

 c. only Factory indirect costs

 d. Only expenses

Question 7. The allotment of whole items of cost to cost centres or cost units is called

 a. Overhead absorption

 b. Cost apportionment

 c. Cost allocation

 d. None of the above

Question 8. The concept of ‘idle capacity of plant’ as used in cost accounting is its

 a. Best capacity for normal production

 b. Capacity used for standard setting

 c. Theoretical maximum capacity

 d. Capacity below which production should not fall

Question 9. The difference between actual factory overhead and absorbed factory overhead will be usually at the minimum level, provided pre- determined overhead rate is based on

 a. Maximum capacity

 b. Direct labour hours(wrong)

 c. Machine hours

 d. Normal capacity

Question 10. Which of the following is not an avoidable cause of labour turnover:

 a. Dissatisfaction with Job

 b. Lack of training facilities

 c. Low wages and allowances

 d. Disability, making a worker unfit for work

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3rd Module Assessment

Case Study

Marginal costing is not a distinct method of ascertainment of cost but it is a technique which applies existing methods in a particular manner so that the relationship between profit & the volume of output can be clearly brought out. It is an accounting system where only variable cost or direct cost will be charged to the cost units. It concentrates on the controllable aspects of business by separating fixed and variable costs.

Marginal costing is not a separate costing. It is only a technique used by accountants to aid management decision. It is also called as “Direct Costing” in U.S.A. This technique of costing is also known as “Variable Costing”, “Differential Costing” or “Out-of-pocket” costing.

Management Information and Reporting System

Today’s computer age, management information system (i.e. MIS) is becoming popular in the corporate circle for giving quick information to the management. The purpose of MIS is reporting and is to provide the necessary information to managers and supervisors at various levels to help them to discharge their functions of organising, planning, control and decision making.

MIS is a scientific way of collecting; processing, storing and communicating information relating to the various activities of an organisation to the various levels of management so that management may be facilitated in discharging its functions efficiently and run the organisation in an efficient way for the betterment of all.

Question-1: Following information is available of XYZ Limited for quarter ended June, 2013 Fixed cost Rs. 5,00,000; Variable cost Rs. 10 per unit; Selling price Rs. 15 per unit; Output level 1,50,000 units.  What will be amount of profit earned during the quarter using the marginal costing technique?

 a. Rs. 2,50,000

 b. Rs. 10,00,000

 c. Rs. 5,00,000

 d. Rs. 17,50,000

Question 2. Management accounting is applicable to

 a. Service entities

 b. Manufacturing entities

 c. Non profit entities

 d. All of these

Question 3. Managerial accounting information is generally prepared for …………………

 a. Shareholders

 b. Creditors

 c. Managers

 d. Regulatory agencies

Question 4. Period costs are

 a. Variable costs

 b. Fixed costs

 c. Prime costs

 d. Overheads costs

Question 5. The main difference between marginal costing and absorption costing is regarding the treatment of

 a. Prime cost

 b. Fixed overheads

 c. Direct materials

 d. Variable overheads

Question 6. Under marginal costing the cost of product includes

 a. Prime costs only

 b. Price costs and variable overheads

 c. Prime costs and fixed overheads

 d. Prime costs and factory overheads

Question 7. under marginal costing:

 a. All costs are classified into two groups – variable and fixed

 b. Variable costs form part of the product cost and inventory valuation

 c. Fixed costs are treated as period costs

 d. All of the above

Question 8. When sales and production (in units) are same then profit under

 a. Marginal costing is higher than that of absorption costing

 b. Marginal costing is lower than that of absorption costing

 c. Marginal costing is equal to that of absorption costing

 d. None of the above

Question 9. When sales exceed production (in units) then profit under

 a. Marginal costing is higher than that of absorption costing

 b. Marginal costing is lower than that of absorption costing

 c. Marginal costing is equal than that of absorption costing

 d. None of above

Question 10. Which of the following is not an internal user of management information?

 a. Creditor

 b. Department manager

 c. Controller

 d. Treasurer

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4th Module Assessment

CASE STUDY-

Organisations, who do not wish to know how much it costs to make a product with precise accuracy, may be happy with traditional costing system. Others however fix their price on cost and need to be able to determine it with reasonable accuracy. The latter organisations have been greatly benefitted from the development of activity based costing (ABC), which is more a modern absorption costing method, and was evolved to give more accurate product costs.

Activity Based Costing is an accounting methodology that assigns costs to activities rather than products or services. This enables resources & overhead costs to be more accurately assigned to products & services that consume them. ABC is a technique which involves identification of cost with each cost driving activity and making it as the basis for apportionment of costs over different cost objects/ jobs/ products/ customersor services.

Question-1: A cost driver is:

 a. An item of production overheads

 b. A common cost which is shared over cost centres

 c. Any cost relating to transport

 d. An activity which generates costs

Question 2. A cost driver:

 a. Is a force behind the overhead cost

 b. Is an allocation base

 c. Is a transaction that is a significant determinant of cost

 d. All of the above

Question 3. In activity based costing, costs are accumulated by activity using:

 a. Cost drivers

 b. Cost objects

 c. Cost pools

 d. Cost benefit analysis

Question 4. In an activity based cost system; an activity/unit of work or task with differentiated purposes will be classified as

 a. different task

 b. purpose cost

 c. an activity

 d. an allocation cost

Question 5. Steps in ABC include:

 a. Identification of activities and their respective costs

 b. “Identification of cost driver of each activity and computation of an allocation rate per activity”

 c. Allocation of overhead cost to products/ services based on the activities involved

 d. All of the above

Question 6. The key elements of activity based budgeting are:

 a. Type of activity to be performed

 b. Quantity of activity to be performed

 c. Cost of activity to be performed

 d. All of the above

Question 7. The steps involved for installation of ABC in a manufacturing company include the following except:

 a. Borrowing fund

 b. Feasibility study

 c. Building up necessary IT infrastructure and training of line employees

 d. Strategy and value chain analysis

Question 8. Transactions undertaken by support department personnel are the appropriate cost drivers. They are:

 a. The number of purchase, supplies and customers’ orders drives the cost associated with new material inventory, work-in-progress and finished goods inventory

 b. The number of production runs undertaken drives production scheduling, inspection and material handling

 c. The quality of raw material issued drives the cost of receiving department costs

 d. The number of packing orders drives the packing costs

Question 9. Which of the following is not a benefit of ABC?

 a. Accurate cost allocation

 b. Improved decision making

 c. Better control on activity and costs

 d. Reduction of prime cost

Question 10. Which of the following statements are true: (1) Activity based Management involves activity analysis and performance measurement. (2) Activity based costing serves as a major source of information in ABM.

 a. (1) True; (2) False

 b. (1) True; (2) True

 c. (1) False; (2) True

 d. (1) False; (2) False

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5th Module Assessment

CASE STUDY-

Budgetary control and standard costing systems are two essential tools frequently used by business executives for the purpose of planning and control. In the case of budgetary control, the entire exercise starts with the setting up of budgets or targets and ends with the taking of an action, in case the actual figures differ with the budgetary ones.

A factory which expects to operate 7,000 hours, i.e., at 70% level of activity, furnishes details of expenses as under:

Variable expenses – INR. 1,260

Semi-variable expenses – INR. 1,200

Fixed expenses – INR.  1,800

The semi-variable expenses go up by 10% between 85% and 95% activity and by 20% above 95% activity. Construct a flexible budget for 80, 90 and 100 per cent activities.

Question-1: “A favourable budget variance is always an indication of efficient performance”. Do you agree, give reason?

 a. A favourable variance indicates, saving on the part of the organization hence it indicates efficient performance of the organization.

 b. “Under all situations, a favourable variance of an organization speaks about its efficient performance.”

 c. “A favourable variance does not necessarily indicate efficient performance, because such a variance might have been arrived at by not carrying out the expenses mentioned in the budget.”

 d. None of the above

Question 2. If a company wishes to establish a factory overhead budget system in which estimated costs can be derived directly from estimates of activity levels, it should prepare a

 a. Master budget

 b. Cash budget

 c. Flexible budget

 d. Fixed budget

Question 3.The budget control organization is usually headed by a top executive who is known as

 a. General manager

 b. Budget director/budget controller

 c. Accountant of the organization

 d. None of the above

Question 4. The classification of fixed and variable cost is useful for the preparation of

 a. Master budget

 b. Flexible budget

 c. Cash budget

 d. Capital budget

Question 5. What are the Fixed Expenses at 90% level of activity?

 a. INR. 1900

 b. INR. 1800

 c. INR. 2000

 d. INR. 1500

Question 6. What are the Semi-Veriable Expenses at 90% level of activity?

 a. INR. 1320

 b. INR. 1200

 c. INR. 1440

 d. INR. 1300

Question 7. What are the Total Expenses at 70% level of activity?

 a. 4,260

 b. 5,000

 c. 5430

 d. 4,000

Question 8. What are the Total Expenses at 80% level of activity?

 a. 4,100

 b. 4,440

 c. 4,200

 d. 4,900

Question 9. What are the Total Expenses at 90% level of activity?

 a. 4,500

 b. 4,320

 c. 4,740

 d. 4,533

Question 10. What are the Veriable Expenses for 80% level of activity?

 a. INR. 1260

 b. INR. 1440

 c. INR. 1800

 d. INR. 1900

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Assignment 2

CASE STUDY-

Management of an organisation uses standard costing as a controlling tool for cost control and performance evaluation. Controlling is a principal function of management alongwith planning, directing and staffing. Every organisation sets a goal and to achieve it management of the organisation make plans, get these plans executed and monitor the work for any deviation from the plan. Please note the word deviation.

Deviation means the amount by which a single measurement differs from a fixed value such as the mean or standard (here it is used in the context of cost accounting).Deviation is measured by comparing actual figure with the standard figure.

Standard Costing is a method of costing which measures the performance or an activity by comparing actual cost with standard cost, analyse the variances (deviations) and reporting of variances for investigation and appropriate action.

ILLUSTRATION- NXE Manufacturing Concern furnishes the following information:

Standard:   Material for 70 kg finished products 100 kg.

Standard:   Price of material INR.  1 per kg.

Actual:        Output    2,10,000 kg.

Actual:        Material used 2,80,000 kg.

Actual:        Cost of Materials INR.  2,52,000

Calculate: (a) Material usage variance, (b) Material price variance, (c) Material cost variance.

Question 1. As per given illustration, what is the Standard Quantity of input for actual output?

 a. 3,30,000 kg.

 b. 3,00,000 kg.

 c. 4,00,000 kg.

 d. 2,00,000 kg.

Question 2. The deviations between actual and standard cost is known as

 a. Multiple analysis

 b. Variable cost analysis

 c. Variance analysis

 d. Linear trend analysis

Question 3. The standard most suitable from cost control point of view is

 a. Normal standard

 b. Theoretical standard

 c. Expected standard

 d. Basic standard

Question 4. The standard which is attainable under favourable conditions is

 a. Theoretical standard

 b. Expected standard

 c. Normal standard

 d. Basic standard

Question 5. Under standard cost system the cost of the product determined at the beginning of production is its:

 a. Direct cost

 b. Pre-determined cost

 c. Historical cost

 d. Actual cost

Question 6. What is the actual price of material?

 a. INR. 0.90 per kg.

 b. INR. 0.50 per kg.

 c. INR. 0.30 per kg.

 d. INR. 1.20 per kg.

Question 7. What is the value of Material Cost Variance?

 a. INR. 50,000 (F)

 b. INR. 48, 000 (F)

 c. INR. 45,000 (F)

 d. INR. 40,000 (F)

Question 8. What is the value of Material Price Variance?

 a. INR. 25,000 (F)

 b. INR. 20,000 (F)

 c. INR. 30,000 (F)

 d. INR. 28, 000 (F)

Question 9. What is the value of Material Usage Variance?

 a. INR. 30,000 (F)

 b. INR. 10,000 (F)

 c. INR. 20,000 (F)

 d. INR. 25,000 (F)

Question 10. Which of the following variance arises when more than one material is used in the manufacture of a product

 a. Material price variance

 b. Material usage variance

 c. Material yield variance

 d. Material mix variance

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Customer Relationship Management (EDL 422)-Semester IV

Customer Relationship Management (EDL 422)-Semester IV

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1st Module Assessment

Case Study


“CRM or Customer Relationship Management is a system which aims at improving the relationship with existing customers, finding new prospective customers, and winning back former customers. This system can be brought into effect with software which helps in collecting, organizing, and managing the customer information.

Implementing a CRM strategy is advantageous to both small-scale and large-scale business ventures. If you want to find out what are the benefits of using CRM for your business, then read further to know the key points.

One of the prime benefits of using a CRM is obtaining better customer satisfaction. By using this strategy, all dealings involving servicing, marketing, and selling your products to your customers can be carried out in an organized and systematic way. You can also praovide better services to customers through improved understanding of their issues and this in turn helps in increasing customer loyalty and decreasing customer agitation.In this way, you can also receive continuous feedback from your customers regarding your products and services. It is also possible that your customers recommend you to their acquaintances, when you provide efficient and satisfactory services.

By using a CRM strategy for your business you will be able to increase the revenue of your company to a great extent. Using the data collected, you will be able to popularize marketing campaigns in a more effective way. With the help of CRM software, you can ensure that the product promotions reach a different and brand new set of customers, and not the ones who had already purchased your product, and thus effectively increase your customer revenue.

A CRM system allows up-selling which is the practice of giving customers premium products that fall in the same category of their purchase. The strategy also facilitates cross selling whic his the practice of offering complementary products to customers, on the basis of their previous purchases. This is done by interacting with the customers and getting an idea about their wants, needs, and patterns of purchase. The details thus obtained will be stored in a central database, which is accessible to all company executives. So, when an opportunity is spotted, the executives can promote their products to the customers, thus maximizing up-selling and cross selling.Better internal communication

Following a CRM strategy helps in building up better communication within the company. The sharing of customer data between different departments will enable you to work as a team. This is better than functioning as an isolated entity, as it will help in increasing the company’s profitability and enabling better service to customers.

With the help of CRM, you will be able to understand your customer needs and behavior, thereby allowing you to identify the correct time to market your product to the customers. CRM will also give you an idea about the most profitable customer groups, and by using this information you will be able to target similar prospective groups, at the right time. In this way, you will be able to optimize your marketing resources efficiently. You can also be ensured that you don’t waste your time on less profitable customer groups.”

Question 1. A CRM system allows up-selling which is the practice of giving customers …………products that fall in the same category of their purchase.

 a. premium

 b. HRM

 c. Financial Management

 d. none

Question 2. By using a CRM strategy for your business you will be able to increase the………….. of your company to a great extent.

 a. cost

 b. revenue

 c. price

 d. profit

Question 3. By using this strategy, all dealings involving …………., ……………, and …………. your products to your customers can be carried out in an organized and systematic way.

 a. servicing

 b. marketing

 c. selling

 d. all

Question 4. CRM will also give you an idea about the most profitable ……………., and by using this information you will be able to target similar prospective groups, at the right time.

 a. customer groups

 b. product

 c. price

 d. cost

Question 5. Following a CRM strategy helps in building up better …………… within the company.

 a. communication

 b. HRM

 c. Financial Management

 d. none

Question 6. Implementing a ……………. strategy is advantageous to both small-scale and large-scale business ventures.

 a. HRM

 b. CRM

 c. both

 d. none

Question 7. One of the prime benefits of using a CRM is obtaining better ……….. satisfaction.

 a. customer

 b. product

 c. price

 d. cost

Question 8. when an opportunity is spotted, the executives can promote their ……….. to the customers, thus maximizing up-selling and cross selling.

 a. customer

 b. product

 c. price

 d. cost

Question 9. With the help of CRM …….., you can ensure that the product promotions reach a different and brand new set of customers, and not the ones who had already purchased your product, and thus effectively increase your customer revenue.

 a. software

 b. HRM

 c. Financial Management

 d. none

Question 10. ………… is a system which aims at improving the relationship with existing customers, finding new prospective customers, and winning back former customers.

 a. CRM or Customer Relationship Management

 b. HRM

 c. Financial Management

 d. none

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2nd Module Assessment

Case Study

“There are many ways sales team can build relationship with the customers to generate more repeat sales and here are the top 5 ways to do it:

Customer Satisfaction. This is the first order of business for any organization involved in sales. Keep the customers satisfied. Deliver service beyond your scope to give the customers an unforgettable customer experience. If customers are satisfied with your performance, they will value your service and will be happy to keep giving you repeat sales.

Show and Express Appreciation. Always thank the customer. Most customers are particular in gestures offered by sales personnel. From a company’s standpoint, finding a way to show your company’s appreciation for the customer’s business may be made through a letter or a short note or a little token, which will definitely go a long way. Most successful businesses are not afraid to spend on something for a valued customer.

Build Trust and Keep it. Building trust should start from the initial transaction all the way to the after-sales stage. It’s a constant process of reinforcing the relationship with the customer. If you are able to be honest with the customers about some of the disadvantages of your products, you are likely to gain more credibility in the eyes of the customers. Customers will trust you if they know you are not just after making a sale or closing a deal.

Keep Constant Communication. Customers appreciate sales personnel who go out of their way to inform them if there are price increases forthcoming for the products or services that they are availing from you. Even a simple asking if the customers are satisfied with the products will give the customers the feeling that you are genuinely concerned with how they find your product or service. Keeping them apprised of the latest changes going on at the company like production delays, new models or changes to product specifications, and promotions will be valuable to them.

Be accommodating all the time. Customers love feeling special. Making every customer feel special by instantaneously attending to their needs will trigger their emotions and make them feel important which creates so much appreciation. Working hand-in-hand with your customer will definitely create a happy and lasting relationship.

A successful business or sales organization makes sure that repeat sales are achieved as these boost profits and generate more leads. By constantly building good relationship with the customers, your business is inclined to benefit more from it because the opportunities of making sales out of referrals made by the satisfied customers can just make your sales volume increase and your business grow.

Creating repeat sales is easy if you are willing to go the extra mile in creating good relationship with your clients. Superb service plus quality products are two secret recipes of a successful business. Do remember that satisfied customers will bring in more customers to your business and every individual is a potential client so give quality treatment to people walking in your business.”

Question 1. A successful business or sales ………makes sure that repeat sales are achieved as these boost profits and generate more leads.

 a. organization

 b. HRM

 c. Financial Management

 d. none

Question 2. Creating repeat sales is easy if you are willing to go the extra mile in creating good relationship with your …………….

 a. customer

 b. clients

 c. price

 d. cost

Question 3. Do remember that satisfied ……………. will bring in more customers to your business

 a. customers

 b. HRM

 c. Financial Management

 d. none

Question 4. every individual is a potential ………….so give quality treatment to people walking in your business.

 a. client

 b. product

 c. price

 d. cost

Question 5. If customers are satisfied with your performance, they will value your service and will be happy to keep giving you repeat …………….

 a. HRM

 b. sales

 c. both

 d. none

Question 6. Most customers are particular in gestures offered by …………… personnel.

 a. sales

 b. product

 c. price

 d. cost

Question 7. This is the first order of business for any organization involved in sales.

 a. Customer satisfaction

 b. HRM

 c. Financial Management

 d. none

Question 8. Working hand-in-hand with your customer will definitely create a happy and lasting ………..

 a. cost

 b. relationship

 c. price

 d. profit

Question 9. your business is inclined to benefit more from it because the opportunities of making ………..out of referrals made by the satisfied customers can just make your sales volume increase and your business grow.

 a. sales

 b. HRM

 c. Financial Management

 d. none

Question 10. ………. appreciate sales personnel who go out of their way to inform them if there are price increases forthcoming for the products or services that they are availing from you.

 a. servicing

 b. marketing

 c. selling

 d. Customers

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3rd Module Assessment

Case Study

Virtually every business loses some customers, but few ever measure or recognise how many of their customers become inactive. Most businesses, ironically, invest an enormous amount of time, effort and expense building that initial customer relationship. Then they let that relationship go unattended, in some cases even losing interest as soon as the sale been made, or even worse, they abandon the customer as soon as an easily remedied problem occurs, only to have to spend another small fortune to replace that customer. The easiest way to grow your business is not to lose your customers. Once you stop the leakage, it’s often possible to double or triple your growth rate because you’re no longer forced to make up lost ground just to stand still.So many people do an excellent job of making the initial sale, then drop the ball and get complacent, ignoring the customer, while they chase more business. Your selling has actually only just begun when someone makes that initial purchase decision because virtually everyone is susceptible to buyer’s remorse. To lock in that sale, and all of the referrals and repeat business that will flow from it, you need to strike while the iron is hot to allay your customers’ fears and demonstrate by your actions that you really care. You should thank them and remind them again why they’ve made the right decision to deal with you … and put a system in place to sell to them again, and again, constantly proving that they made the right decision.There’s little point in dedicating massive resources to generating new customers when 25-60% of your dormant customers will be receptive to your attempts to regenerate their business if you approach them the right way, with the right offer. Reactivating customers who already know you and your product is one of the easiest, quickest ways to increase your revenues. Re-contacting and reminding them of your existence, finding out why they’re no longer buying, overcoming their objections and demonstrating that you still value and respect them will usually result in a tremendous bounty of sales and drastically increased revenues in a matter of days … and will lead to some of your best and most loyal customers.Avoid losing your customers by building relationships and keeping in touch using a rolling calendar of communications. This is a programmed sequence of letters, events, phone calls, “thank you’s”, special offers, follow-ups, magic moments, and cards or notes with a personal touch etc. that occur constantly and automatically at defined points in the pre-sales, sales and post-sales process. People not only respond to this positively, they really appreciate it because they feel valued and important. It acknowledges them, keeps them informed, offsets post-purchase doubts, reinforces the reason they’re doing business with you and makes them feel part of your business so that they want to come back again and again.               

Question 1. Avoid losing your …………….. by building relationships and keeping in touch using a rolling calendar of communications.

 a. customer

 b. clients

 c. price

 d. cost

Question 2. Most businesses, ironically, invest an enormous amount of time, effort and expense building that initial ………..

 a. HRM

 b. customer relationship

 c. both

 d. none

Question 3. Re-contacting and reminding them of your existence, finding out why they’re no longer buying, overcoming their objections and demonstrating that you still value and respect them will usually result in a tremendous bounty of ……………… and drastically increased revenues in a matter of days

 a. sales

 b. HRM

 c. Financial Management

 d. none

Question 4. The easiest way to grow your ……………… is not to lose your customers.

 a. business

 b. product

 c. price

 d. cost

Question 5. This is a programmed sequence of letters, events, phone calls, “thank you’s”, special offers, follow-ups, magic moments, and cards or notes with a personal touch etc. that occur constantly and automatically at defined points in the …………., sales and post-sales process.

 a. pre-sales

 b. HRM

 c. Financial Management

 d. none

Question 6. To lock in that ……………., and all of the referrals and repeat business that will flow from it, you need to strike while the iron is hot to allay your customers’ fears and demonstrate by your actions that you really care.

 a. cost

 b. sale

 c. price

 d. profit

Question 7. Virtually every business loses some customers, but few ever measure or recognise how many of their …………. become inactive.

 a. customers

 b. HRM

 c. Financial Management

 d. none

Question 8. Your selling has actually only just begun when someone makes that initial ………………. decision because virtually everyone is susceptible to buyer’s remorse.

 a. servicing

 b. marketing

 c. selling

 d. purchase

Question 9. ………… customers who already know you and your product is one of the easiest, quickest ways to increase your revenues.

 a. Reactivating

 b. HRM

 c. Financial Management

 d. none

Question 10. …………. not only respond to this positively, they really appreciate it because they feel valued and important.

 a. People

 b. product

 c. price

 d. cost

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4th Module Assessment

Case Study


“Supply chain management (SCM) is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible. Supply chain activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.

The concept of Supply Chain Management (SCM) is based on two core ideas:

The first is that practically every product that reaches an end user represents the cumulative effort of multiple organizations. These organizations are referred to collectively as the supply chain.

The second idea is that while supply chains have existed for a long time, most organizations have only paid attention to what was happening within their “four walls.” Few businesses understood, much less managed, the entire chain of activities that ultimately delivered products to the final customer. The result was disjointed and often ineffective supply chains.

The organizations that make up the supply chain are “linked” together through physical flows and information flows.

Physical Flows

Physical flows involve the transformation, movement, and storage of goods and materials. They are the most visible piece of the supply chain. But just as important are information flows.

Information Flows

Information flows allow the various supply chain partners to coordinate their long-term plans, and to control the day-to-day flow of goods and materials up and down the supply chain.”   

Question 1. Few businesses understood, much less managed, the entire ………..of activities that ultimately delivered products to the final customer.

 a. chain

 b. HRM

 c. Financial Management

 d. none

Question 2. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible.

 a. HRM

 b. customer relationship

 c. both

 d. none

Question 3. The first is that practically every product that reaches an end user represents the cumulative effort of multiple …………………

 a. servicing

 b. marketing

 c. selling

 d. organizations

Question 4. The organizations that make up the supply chain are “linked” together through ………. and information flows.

 a. physical flows

 b. HRM

 c. Financial Management

 d. none

Question 5. The second idea is that while supply chains have existed for a long time, most ………… have only paid attention to what was happening within their “four walls.”

 a. cost

 b. organizations

 c. price

 d. profit

Question 6. They are the most visible piece of the supply chain.

 a. Physical flows

 b. HRM

 c. Financial Management

 d. none

Question 7. ……… activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.

 a. Supply chain

 b. product

 c. price

 d. cost

Question 8. ………is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage.

 a. SCM

 b. HRM

 c. Financial Management

 d. none

Question 9. ……….. flows allow the various supply chain partners to coordinate their long-term plans, and to control the day-to-day flow of goods and materials up and down the supply chain.

 a. Information

 b. product

 c. price

 d. cost

Question 10. ………… flows involve the transformation, movement, and storage of goods and materials.

 a. Physical

 b. clients

 c. price

 d. cost

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5th Module Assessment

Case Study


“Companies would never construct their offices without a blueprint. According to Gartner, however, more than 60 percent of companies that have implemented CRM did not have mutually agreed upon goals for their projects prior to the installation. Like a building without a bearing wall, a CRM initiative without goals will collapse.

The project leader must start by crafting a valid business case for CRM before selecting a vendor, upgrading software, or launching a new project. Assemble a cross-functional team to determine specific, measurable goals for the initiative. Areas to consider include automating processes that will improve user productivity and boost customer satisfaction, streamlining marketing and sales processes, giving customer-facing employees access to a 360-degree view of customer information, and supporting contact center agents with the tools to cross-sell and upsell.

After deciding on a project, create a phased implementation plan. Conduct smaller, more manageable implementations that can be completed within 30, 60, or 90 days. “”It’s about getting a quick return on investment,”” says Benjamin Holtz, president and CEO of Green Beacon, a mid-market CRM consultant, in Watertown, MA. Smaller projects also enable customers to change things as they go. Holtz compares it to home remodeling: “”When you remodel a house, once you do the kitchen you might decide you want to do something different with the living room.””

Jim Rubin, CFO of Tripos, which provides computational solutions for drug discovery research, had never been a believer in creating a static business case. His experiences in software systems implementations taught him that a static business plan can pigeonhole an organization into an undesirable situation, he says. Yet, when his CRM consultant convinced him of the benefits of writing a business case at the outset of a CRM project, he gave it a shot. The results changed his view on the matter: “”Doing [the CRM implementation] in stages and demonstrating the benefits to each stage is critical to the success,”” Rubin says.”

Question 1. After deciding on a …………., create a phased implementation plan.

 a. project

 b. HRM

 c. Financial Management

 d. none

Question 2. Areas to consider include automating processes that will improve user productivity and boost …………., streamlining marketing and sales processes, giving customer-facing employees access to a 360-degree view of customer information, and supporting contact center agents with the tools to cross-sell and upsell.

 a. customer satisfaction

 b. price

 c. profit

 d. cost

Question 3. Assemble a cross-functional team to determine specific, measurable ………… for the initiative.

 a. marketing

 b. goals

 c. servicing

 d. selling

Question 4. Companies would never construct their offices without a ………..

 a. HRM

 b. blueprint

 c. none

 d. Financial Management

Question 5. Conduct smaller, more manageable …………. that can be completed within 30, 60, or 90 days.

 a. none

 b. Financial Management

 c. implementations

 d. HRM

Question 6. Doing [the CRM implementation] in stages and demonstrating the benefits to each stage is critical to the ……….

 a. cost

 b. success

 c. product

 d. price

Question 7. more than 60 percent of companies that have implemented ………….. did not have mutually agreed upon goals for their projects prior to the installation.

 a. customer relationship

 b. none

 c. HRM

 d. both

Question 8. Smaller ……….. also enable customers to change things as they go.

 a. price

 b. clients

 c. cost

 d. projects

Question 9. The ,…………..must start by crafting a valid business case for CRM before selecting a vendor, upgrading software, or launching a new project.

 a. project leader

 b. product

 c. cost

 d. price

Question 10. When you remodel a house, once you do the kitchen you might ……….. you want to do something different with the living room.

 a. decide

 b. none

 c. HRM

 d. Financial Management

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Assignment 2

Case Study


“Brand Equity is defined as value and strength of the Brand that decides its worth whereas Customer Equity is defined in terms of lifetime values of all customers.

Brand Equity and Customer Equity have two things in common-

 Both stress on significance of customer loyalty to the brand

 Both stress upon the face that value is created by having as many customers as possible paying as high price as possible.

But conceptually both brand equity and customer equity differ.

 While customer equity puts too much emphasis on lower line financial value got from the customers, brand equity attempts to put more emphasis on strategic issues in managing brands.

 Customer Equity is less narrow alternative. It can overlook a brands optional value and their capacity effect revenues and cost beyond the present marketing environment.

 Just as customer equity can persist without brand equity, brand equity may also exist without customer equity. For instance I may have positive attitude towards brands – McDonald and Burger King, but I may only purchase from McDonald’s brand consistently.

To conclude, we can say brands do not exist without consumer and consumer do not exist without brands. Brands serve as a temptation that utilizes other intermediaries to lure the customers from whom value is extracted. Customers serve as a profit-medium for brands to encash their brand value. Both the concepts are highly co-related.”

Question 1. Brands serve as a temptation that utilizes other intermediaries to lure the ………… from whom value is extracted.

 a. customers

 b. HRM

 c. Financial Management

 d. none

Question 2. It can overlook a brands optional value and their capacity effect revenues and cost beyond the present marketing environment.

 a. cost

 b. customer equity

 c. price

 d. profit

Question 3. ……. equity may also exist without customer equity.

 a. brand

 b. product

 c. price

 d. cost

Question 4. …….. equity can persist without brand equity

 a. customer

 b. HRM

 c. Financial Management

 d. none

Question 5. ………. Equity is less narrow alternative.

 a. Customer

 b. HRM

 c. Financial Management

 d. none

Question 6. ………. is defined in terms of lifetime values of all customers.

 a. HRM

 b. Customer Equity

 c. both

 d. none

Question 7. ……….. is defined as value and strength of the Brand that decides its worth

 a. Brand Equity

 b. HRM

 c. Financial Management

 d. none

Question 8. ………… puts too much emphasis on lower line financial value got from the customers

 a. customer equity

 b. product

 c. price

 d. cost

Question 9. ………….. attempts to put more emphasis on strategic issues in managing brands.

 a. servicing

 b. marketing

 c. selling

 d. brand equity

Question 10. ………….. do not exist without consumer and consumer do not exist without brands.

 a. brands

 b. clients

 c. price

 d. cost

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Advertising & Sales Management (EDL 420)-Semester IV

Advertising & Sales Management (EDL 420)-Semester IV

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1st Module Assessment

Case Study

Use of Children in Advertising

I think children should have more time with their parents and friends. They need to learn to get along with others and also broaden their social circle. Moreover, I think the children’s childhood should be carefree, but not just shoot for a long time. If they shoot for a long time, it will affect their physical development. Furthermore, children want to become modal in the future, so the will not focus on learning. So, they do not want to go to school. If they go to school, they will not have any friends at school. This is because most of their time use for shooting, there are no time for they make friends with other. In addition, because of the television advertisements, children may drop their confidence in the future. For example, Celine Yeung is a children’s model. In 2005, Celine Yeung took the opportunity to launch a photo album. Which actually there are open legs and exposed underwear photo in the bed, accused of poor consciousness. Although she is small, does not know what happen. But when she grow up, she will knows about it. Because of the social discussion, she may drops her confidence. In conclusion, I think the children should not be allowed to get involved in advertisements. This is because it will affect both physical and mental development.

Question 1. Adversiting has all the impact except

 a. Mental

 b. Economic

 c. Social

 d. Physical

Question 2. Impact of use of children and women in advertising

 a. Negative

 b. Positive

 c. No Impact

 d. Informative

Question 3. In which ways is ad agency remunerated

 a. Commission

 b. All of these

 c. Fees

 d. Sales based

Question 4. The most critical change in advertising

 a. Expanding of online platforms

 b. None of these

 c. Transformation of consumers

 d. Print media platforms increasing

Question 5. The most important aspect while selecting the ad agency

 a. None of these

 b. Compatibility in vision and objective

 c. People

 d. Remuneration

Question 6.What can be termed as the main objective of advertising

 a. Develop awareness

 b. To generate interest

 c. All of these

 d. Kindle desire to buy

Question 7. What is the main role of Ad agency

 a. Informing about the pricing

 b. Sell the product

 c. Build competitors

 d. Develop the ad campaign and buy media

Question 8. Which advertisement is most comonly used

 a. Rational

 b. Data based

 c. Informative

 d. Emotional

Question 9. Which are the most commonly used media for advertising

 a. All of these

 b. Print

 c. Broadcast

 d. Online

Question 10. Which is the closest definiton of advertising

 a. Media Pitch

 b. Promotion method

 c. Communication media

 d. Paid form of non personal communication

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2nd Module Assessment

Case Study

This classic brand has been reminding us to “Drink Coca-Cola” since 1886 and now encourages millions around the world to “Open Happiness” every day. One thing that has remained constant throughout the history of Coke is the innovative marketing campaigns that have launched and re-launched the brand and its product to the world. Coca-Cola advertising history is filled with famous marketing campaigns that rank among some of the most effective in the world. Last June, Coke launched its “Share A Coke” campaign in the U.S., using 250 of the most common U.S. millennial names to market its product to individual consumers. The campaign seems to have been a huge success with U.S. audiences, gaining significant traction in the short amount of time the ad has been running here. According to the Wall Street Journal, more than 125,000 social media posts referenced the “Share A Coke” campaign between June and July of 2014, and 12% of online conversations about Coca-Cola in that time can be attributed to the campaign. What’s more, over 353,000 virtual bottles of coke have been shared via Coke’s campaign-specific website. We can also see the success of this campaign when we look at data for the Coca-Cola brand in Google Trends. After being launched in the U.S., the campaign earned an increasing amount of attention. The search term “share a coke” saw a significant increase in U.S.-based Google searches in the short, three-month time lapse from June to August.

Question 1. The best method used for ad agency remuneration is

 a. Fees

 b. Fees plus commission

 c. Only Commission

 d. None of these

Question 2. The main factor impacting the budgeting method is

 a. Objectives to be achieved

 b. Resources of the company

 c. Past expenditure on advertising

 d. None of these

Question 3. The selection of the ad agency depends upon

 a. Past Work and Success

 b. Reputation in the market

 c. Relationship with main company

 d. Fees and payment

Question 4. What are the main themes of advertising campaigns

 a. Reputation building

 b. Brand Launch

 c. Developing Sales and initial awareness

 d. All of these

Question 5. What are the roles of the advertising agency for the parent organization

 a. Developing the creative brief

 b. Launching the brand in the market

 c. Undertaking consumer research

 d. All of these

Question 6. What is not the main function of the advertising agency

 a. Developing the vision for the ad campaign

 b. Creating the advertising brief

 c. Identifying and buying media space

 d. Developing the visual and print copy

Question 7. What is the most important factor in developing relation between company and ad agency

 a. Compatibility

 b. Results for the brand

 c. Remuneration

 d. None of these

Question 8. Which is the most important funtion of the advertising department

 a. Develop advertising campaign

 b. Coordinate with advertising agency

 c. Sales promotion

 d. None of these

Question 9. Which is the most universally used advertising appeal

 a. Rational

 b. Emotional

 c. Informative

 d. None of these

Question 10. Whis is the most widely used budgeting method for advertising

 a. Objective Task Method

 b. Top Bottom method

 c. Bottom Top approach

 d. None of these

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3rd Module Assessment

Case Study

This case is about the various advertising campaigns undertaken by Cadbury Dairy Milk at different points of time to achieve certain objectives. Cadbury was the market leader in chocolates in India and it also was a very popular brand which enjoyed the trust of its consumers. It already had a market share of around 70% in 2011 in chocolates with its flagship brand Cadbury Dairy Milk alone having around 30 % of the share of the Indian chocolate market. The company had come a long way since the 1990s when Indian consumers associated Diary Milk as a product meant for children. To change this, Cadbury came up with a series of campaigns to target the adult group, starting with the ‘Real taste of life’ campaign, to encourage people to bring out the child in them.

Then they moved on to social acceptance theme with the line- ‘Those who want to eat, will find a reason for it’. Through this, Dairy Milk was able to gain an acceptance for chocolates among the adult audiences for consumption. It even won a lot of awards for its campaigns which went on to become a huge success; like the ‘Real Taste of Life’ campaign. After this, Dairy Milk sought to achieve the difficult objective of replacing the traditional Indian sweets and desserts with their chocolates. For this, Cadbury ran various campaigns under ‘Kuch meetha ho jaye’ (Let’s have something sweet), including two campaigns parallelly – ‘Shubh Aarambh’ (Auspicious beginning) and ‘Meethe mein kuch meetha ho jaye’ (Let’s have something sweet for dessert). The common thing for all the advertising campaigns was that they focused on the Indian customs and traditions and yet they gave it a modern and contemporary look to connect with all the people. Besides this, they also used a 360 degree campaign to support the television advertising campaigns, even as their rivals Nestle gave them tough competition with aggressive marketing and even directly taking on Cadbury’s advertising campaign message. But many industry observers doubted the effectiveness of Cadbury’s efforts and their ability to replace the traditional sweets and the traditional dessert items which had been a long part of the Indian traditions. This case is meant for MBA students as a part of the Consumer Behavior/ Marketing Communication/ International Marketing curriculum.

Then they moved on to social acceptance theme with the line- ‘Those who want to eat, will find a reason for it’. Through this, Dairy Milk was able to gain an acceptance for chocolates among the adult audiences for consumption. It even won a lot of awards for its campaigns which went on to become a huge success; like the ‘Real Taste of Life’ campaign. After this, Dairy Milk sought to achieve the difficult objective of replacing the traditional Indian sweets and desserts with their chocolates. For this, Cadbury ran various campaigns under ‘Kuch meetha ho jaye’ (Let’s have something sweet), including two campaigns parallelly – ‘Shubh Aarambh’ (Auspicious beginning) and ‘Meethe mein kuch meetha ho jaye’ (Let’s have something sweet for dessert). The common thing for all the advertising campaigns was that they focused on the Indian customs and traditions and yet they gave it a modern and contemporary look to connect with all the people. Besides this, they also used a 360 degree campaign to support the television advertising campaigns, even as their rivals Nestle gave them tough competition with aggressive marketing and even directly taking on Cadbury’s advertising campaign message. But many industry observers doubted the effectiveness of Cadbury’s efforts and their ability to replace the traditional sweets and the traditional dessert items which had been a long part of the Indian traditions. This case is meant for MBA students as a part of the Consumer Behavior/ Marketing Communication/ International Marketing curriculum.

Then they moved on to social acceptance theme with the line- ‘Those who want to eat, will find a reason for it’. Through this, Dairy Milk was able to gain an acceptance for chocolates among the adult audiences for consumption. It even won a lot of awards for its campaigns which went on to become a huge success; like the ‘Real Taste of Life’ campaign. After this, Dairy Milk sought to achieve the difficult objective of replacing the traditional Indian sweets and desserts with their chocolates. For this, Cadbury ran various campaigns under ‘Kuch meetha ho jaye’ (Let’s have something sweet), including two campaigns parallelly – ‘Shubh Aarambh’ (Auspicious beginning) and ‘Meethe mein kuch meetha ho jaye’ (Let’s have something sweet for dessert). The common thing for all the advertising campaigns was that they focused on the Indian customs and traditions and yet they gave it a modern and contemporary look to connect with all the people. Besides this, they also used a 360 degree campaign to support the television advertising campaigns, even as their rivals Nestle gave them tough competition with aggressive marketing and even directly taking on Cadbury’s advertising campaign message. But many industry observers doubted the effectiveness of Cadbury’s efforts and their ability to replace the traditional sweets and the traditional dessert items which had been a long part of the Indian traditions.

Question 1: Copy is the

 a. Visual in the ad

 b. Written part in the ad

 c. Logo and symbols

 d. None of these

Question 2. Copy writing needs to be good on

 a. Creativity

 b. Relevant

 c. Meaningful

 d. All of these

Question 3. Creativity in advertising consists of

 a. Having different appraoch

 b. Having creative and out of the box visual and appeal

 c. Having different roles of media

 d. None of these

Question 4. Interactive online media consists of

 a. Website

 b. Affiliate marketing

 c. Social Media tools

 d. None of these

Question 5. Media planning and creativity have to used

 a. In Compatibility

 b. Differently

 c. One after the other

 d. None of these

Question 6. Media planning undertaken by the media department comprises of

 a. Placing the brand’s ad campaign in various media

 b. Making the ad

 c. Formulating the consumer profile

 d. Doing the consumer research

Question 7. Media Scheduling comprises of the following

 a. Buying media space

 b. Placing the ads in various media

 c. Buying air space and time

 d. All of these

Question 8. The main difference between print and broadcast media is

 a. Audience

 b. Platform

 c. Campaign

 d. None of these

Question 9. Which is not part of broadcast media

 a. Television

 b. Radio

 c. Transit media

 d. DTH Media

Question 10. Why is measuring advertising effectiveness important

 a. To get the desired results

 b. To get the ROI on advertising expenditure

 c. To know the ad agency’s work

 d. None of these

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4th Module Assessment

For an FMCG product what would be the most appropriate method

Case Study

The Head of Sales at Tata Steel, responsible for the product promotion activities of Galvanised Corrugated (GC) sheets of Tata Shaktee, was mulling over how he would allocate the Product promotion budget across the various product promotion activities. Targeting primarily a rural segment, the Tata Shaktee brand was engaged in a number of below the line promotional activities. He wanted to find out the effectiveness of each product promotion activity so that he could allocate the budget according to this. Ujjwal Desai (Desai), Head – Sales Retail at Tata Steel Limited (Tata Steel), was responsible for product promotion activities for the Galvanised Corrugated (GC) sheets of Tata Shaktee. The Tata Shaktee brand of Tata Steel was known for the high degree of trust and loyalty it commanded and its price dependability. Desai had a budget of Rs. 3.72 million which had to be allocated to various promotional activities for the brand in the Jharkhand region in proportion to their effectiveness. In other words, Desai wanted to design a strategy which would help the company increase the sales of its GC sheets by allocating the appropriate budget to promotional activities which were preferred by dealers and customers.

Toward this end, he enlisted the services of a management intern. The intern’s assignment was to conduct market research on the effectiveness of the product promotion activities for Tata Shaktee GC sheets in Jharkhand. He had to survey the dealers and report back to Desai with his findings and recommendations.

The Tata Group, which was founded by Jamsetji Tata in 1868, had grown to comprise over 100 companies in seven business sectors – communications and information technology, engineering, materials, services, energy, consumer products, and chemicals. Initially inspired by the spirit of nationalism, the group had pioneered several industries of national importance in India – steel, power, hospitality, and airlines. As of early 2012, the major Tata companies were Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications, and Indian Hotels.

The group had operations in 80 countries across the globe, and its companies exported products and services to 85 countries. It had revenues of US$100.09 billion in 2011-12. The Tata companies employed over 425,000 people worldwide. The Tata Group’s contribution to the Indian exchequer for the year 2011-12 was US$7.72 billion out of the total US$265.09 billion. Each enterprise in the Tata Group operated independently, with its own board of directors and shareholders.

Tata Steel, one of the important group companies, accounted for nearly 28% of the revenues of the Tata Group. It was among the top ten global steel companies with a crude steel production capacity of 27 million tonnes per annum (MTPA). Tata Steel was the world’s second most geographically diversified steel producer, employing around 80,000 people across five continents in nearly 50 countries. Established in 1907, Tata Steel had grown to become the world’s second most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. Tata Steel‘s Jamshedpur (Jharkhand, India) plant had a crude steel production capacity of 6.8 MTPA, which was slated to increase further in the subsequent years. The company also had proposed three Greenfield steel projects in the states of Jharkhand, Odisha, and Chhattisgarh in India with an additional capacity of 23 MTPA and a Greenfield project in Vietnam…

Over the years, Tata Steel had altered the landscape of the roofing industry in India. The company was considered a pioneer in the field of manufacturing superior quality Galvanized Corrugated (GC) sheets. Manufactured with world class technology, the company contended that its Tata Shaktee GC sheets were not only stronger but they were also longer-lasting than other GC sheets in their class. Tata Shaktee GC sheets were made from virgin steel processed at Tata Steel’s state-of-the-art cold rolling mill…

Life has three imperatives to sustain itself: food, clothing, and shelter. While a debate may rage regarding which of these is the more critical, there can be no debate on the importance of shelter. Roofing provides protection to the other two. The choice of roofing – thatched, tiled, aluminum, concrete, or galvanized corrugated (GC) – is determined on the basis of weather conditions in the region and economic factors. GC sheets are the usual roofing of choice for cattle sheds, warehouses, grain storage, and often for residential applications. Some part of the total production of GC sheets also goes into industrial roofing, government projects, etc…

Krish’s report was in front of Desai. It also included a set of recommendations. Desai acknowledged that while Tata Steel had the upper hand compared to its closest rivals, the study also revealed that the company was lagging behind rival brands in a few aspects primarily due to some lacunae in its promotional activities. Based on the results, Krish also proposed how the Rs. 3.72 million budget available to be spent on promotion activities could be allocated to the promotion activities in proportion to their effectiveness …

Question 1: For an FMCG product what would be the most appropriate method

 a. Introductory offers and discounts

 b. Samples

 c. BOGOF

 d. None of these

Question 2. Problems being faced by sales promotion campaign

 a. Planning and execution issues

 b. Low ROI

 c. Low response

 d. All of these

Question 3. The main focus of sales promotion is

 a. Cash to customer

 b. Motivation to buy

 c. Free samples and freebies

 d. More than competitor

Question 4. The modern day promotional methods needs to be based on

 a. Resources of the company

 b. Vision of the company

 c. Marketing manager view

 d. Overall Advertising strategy

Question 5. What is the main focus of cross promotion

 a. To promote different products of the same cmpany

 b. To develop cross products

 c. Cross to other competitor territory

 d. None of these

Question 6. What is the most critical objective of sales promotion

 a. Brand building

 b. Launching a new product

 c. Earning immediate sales

 d. None of these

Question 7. Which factor can gurantee success of sales promotion campaign

 a. Planning and implementing it well

 b. Compatibility with overall advertising strategy

 c. Making it similar to advertising

 d. None of these

Question 8. Which is not a kind of Sales promotion method

 a. Consumer Oriented

 b. Trade oriented

 c. Channel oriented

 d. Marketing oriented

Question 9. Which tools are used in consumer directed sales promotion method

 a. Samples

 b. Discounts

 c. Cash prize

 d. All of these

Question 10. Why sales promotion campaigns succeed or fail

 a. Wrong planning

 b. Mismatch between customer expectation and promotion method

 c. Spending more money

 d. Using too many tools

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5th Module Assessment

Case Study

Red Bull currently has very successful marketing and advertising efforts. However, it currently does not have a great female presence. Additionally, Red Bull’s competitors are gaining more Market Share in their category. We have been given the task to create a Campaign and IMC plan that will help Red Bull increase sales by 5% in the 2016 fiscal year.

PRIMARY OBJECTIVES >Increase positive brand perception among 18-24 year olds. >Increase product purchase consideration among 18-24 year old. >Establish Red Bull as the #1 energy drink for college-ages students. SECONDARY OBJECTIVES >Increase brand awareness for females by 15% >Increase product purchase for females 20%

Red Bull’s competitors, primarily Monster, have been flooding the market and gaining a high percentage of loyal consumers within the college-aged demographic. We hope to regain market share with this key demographic, which is valuable to Red Bull as an energy drink company. If we do nothing, then our competitors will continue to capitalize on this market and Red Bull will be out of sight and out of mind of college-aged consumers. Furthermore, Red Bull has a shockingly low female index rating. We hope to craft a gender-neutral message that appeals to women without isolating our current brand loyalists.

Our target market are college students and everyone aged 18- 24. We will target our demographic on college campuses and in major cities. Our target is hard working, and enjoys sporting events and extreme sports. Our target enjoys drinking alcohol at bars or sporting events, and it is popular for them to mix Red Bull with their alcoholic drinks. Furthermore, our target is athletes that need an extra physical or mental boost. Geographically speaking, Red Bull is very evenly distributed across the country.

ELEMENTS > Advertising > Public Relations > Event Sponsorship OVERALL TARGET AUDIENCE > Males and females 18-24 OVERALL BUDGET $66,530,000

Advertising is the most effective way to reach our target. Our media slots have the highest index rating with our target audience, and we will target a large amount of our audience in a very effective way. Essentially all of our promotions and campaign rely on advertising to succeed. Therefore, it is not only the most important element of IMC that we will use, but hopefully the most successful.

We are sponsoring Bonnaroo. Hailed as one of the top music festivals in the world, Bonnaroo is a prime festival for those within our age target. The Bonnaroo brand, and the image of music festivals in itself, is a fine complement to Red Bull’s image. Additionally, we will sponsor women’s sports and the X-games to help achieve our secondary objectives of reaching women. We will also help with the I Heart Radio Festival and sponsor select college football games.

Through the duration of our campaign, we will pay a PR firm monthly to manage Red Bull’s publicity – both from sponsored events and advertisements. They will be responsible for contacting buzz blogs and websites and keeping them informed with our events and marketing efforts. Because of the recent lawsuits against Red Bull’s previous slogans, they will also be handling any possible damage control.

Red Bull currently has an app that connects users with “stories that fuel your inspiration.” Consumers can browse through images of action sports, follow Red Bull sponsored athletes, and watch videos of events like Red Bull Flugtag. We propose that Red Bull introduce a points system that combines its product with its app and awards consumers for their purchases. Consumers can either scan their can or enter a code into the app and receive points based on the size and quantity purchased. For newer products that Red Bull is introducing to the market, such as Orange, Cherry and college edition cans, users can receive more points. In addition, some codes (approximately 1/25) will be deemed “Lucky Bull” codes and consumers will be able to redeem a free 12 ounce can.

Question 1: Event marketing success is based on

 a. Match between target audience and the objective of the event

 b. Resources spent on the event

 c. Employee training and improvement

 d. None of these

Question 2. For new product launches the best platform for sports drink would be

 a. Online platform

 b. Road shows

 c. Concerts and events

 d. None of these

Question 3. Surrogate advertising is most useful in the case of

 a. Undesirable products

 b. Youth related products

 c. Products that have lost their consumer

 d. None of these

Question 4. The biggest challenge for direct marketing tools for Red Bull is

 a. Low response rate

 b. Youth distraction

 c. Inefficient positioning

 d. None of these

Question 5. The most important component of Social media for Red Bull is

 a. Face Book

 b. Twitter

 c. Instagram

 d. None of these (wrong)

Question 6. The social media plan of Red Bull

 a. Is complete from all dimensions

 b. To develop positive attitude among female consumers

 c. To increase make engagement with the brand

 d. Improve customer loyalty

Question 7. What is the main purpose of IMC Plan

 a. Develop an integrated marketing plan for better customer acquisition

 b. To attract more consumers

 c. To increae sales

 d. None of these

Question 8. What was the main objective of Public Relations for Red Bull

 a. To change public attitude

 b. To develop positive image among females

 c. To beat the competitors

 d. All of these

Question 9. What was the main problem being faced by Red Bull

 a. Female audience

 b. Male audience

 c. Children

 d. None of these

Question 10. Which events can be successfully targetted by Red Bull

 a. Music and sports linked

 b. Arts and Culture

 c. Social Service

 d. Old age related

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Assignment 2

Case Study

This case is about Unilever’s “Campaign for Real Beauty” (CFRB) marketing campaign for its leading personal care brand ‘Dove’. CFRB was a multi-faceted campaign that sought to challenge the stereotypes set by the beauty industry.This campaign featured regular women (non-models) who were beautiful in their own way and did not fit in with the idealized images of models, super-models, and celebrities.

Unilever developed the CFRB campaign based on a global study on the perceptions and attitudes of women with regard to their personal beauty and well-being. This campaign was a huge success as it was appreciated by many consumers and resulted in increased sales of Dove products. It also generated plenty of buzz and wide media coverage for the Dove brand.

In June 2005, consumer products major Unilever launched an ad campaign in the US for its Dove Intensive Firming range of products. This campaign, which featured regular women (non-models), was part of Dove’s “Campaign for Real Beauty” (CFRB). According to the company, the main purpose of CFRB was to challenge the stereotypes set by the beauty industry over the years.

The CFRB was launched as a global campaign by Unilever in 2004 to promote its Dove range of personal care products. The stated aim of the campaign was to act as a catalyst to broaden the definition of beauty and encourage discussion about its aspects.

Unilever’s consumer research studies had indicated that beauty advertising was out of sync with its consumers. Beauty advertisers bombarded consumers with idealized images of models, super-models and celebrities, which left the consumers feeling bad about their own body image and hurt their self-esteem. These insights prompted Unilever to launch a campaign in the early part of 2004 in Europe featuring non-models……….

As of 2005, Dove was the world’s largest cleansing brand with annual sales of €2.5 billion in more than 80 countries. Dove’s product portfolio included soap bars, body washes, face care products, antiperspirant/deodorants, hair care products, and styling aids.

Dove was a very important part of Unilever’s brand portfolio and the only big brand in personal care that was showing a double digit growth. In 2005, the personal care segment accounted for 26% of the group’s turnover and 34% of operating profits

Unilever developed the formula for the Dove Soap Bar in 1940. During World War II, it was used for cleaning wounds before treatment. It did not irritate the skin and became recognized as a mild soap. In the 1950s, the formula was further refined and the original Dove Beauty Bar was developed. It was launched in the market in the 1960s. In the 1970s, Dove’s popularity increased as an independent clinical dermatological study proved that Dove Beauty Bar was milder than 17 other leading soap brands at that time.

In early 2004, Dove conducted a global study on the perceptions and attitudes of women with regard to their personal beauty and well-being. The study was done in partnership with StrategyOne and in collaboration with Nancy Etcoff (Etcoff) and the Massachusetts General Hospital/Harvard University Program in Aesthetics and Well Being, and Susie Orbach (Orbach) of the London School of Economics.

The study surveyed around 3,200 women from 10 countries (Argentina, Brazil, Canada, France, Italy, Japan, Netherlands, Portugal, the UK, and the US), in the age group of 18 to 64. According to the findings, published in a report titled, “The Real Truth about Beauty: A Global Report,” only 2% of the women surveyed considered themselves as “beautiful,” while only 9% felt comfortable describing themselves as “attractive

Question 1. Advertising budget is generally based on

 a. Past data

 b. Competitors budget

 c. Resources of the company

 d. All of these

Question 2. Media plan is related to

 a. Medis of the company

 b. Combination of medias where the ad would be released

 c. Developing a new media

 d. None of these

Question 3. Sales promotion can be categorized into

 a. Consumer related only

 b. Business Related only

 c. Consumer and trade related

 d. None of these

Question 4. The method used measuring the advertising effectiveness is

 a. DAGMAR

 b. DAGAR

 c. DAMGAR

 d. None of these

Question 5. The most important aspect of developing the ad is

 a. Consumer profile and research

 b. Ad agency

 c. Money

 d. Industry trends

Question 6. Types of advertisement are

 a. Emotional

 b. Rational

 c. Informative

 d. All of these

Question 7. What is not a important component of IMC

 a. Digital Media

 b. Public Relations

 c. Direct marketing

 d. None of these

Question 8. What is the main purpose of advertising

 a. To build awareness and interest in the brand

 b. To enhace sales

 c. To correc any problem

 d. None of these

Question 9. What is the role of creativity in advertising and sales promotion

 a. To identify the brand

 b. To position the brand as a unique and different product

 c. To build customer loyalty

 d. None of these

Question 10. What research did the advertising agency did for Dove new campaign

 a. About the brand

 b. About female consumers psychology

 c. Competitors products

 d. All of these

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Total Quality Management (EDL 401)-Semester IV

Total Quality Management (EDL 401)-Semester IV

TQM Block 1 questions

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We  can  evaluate  the  quality  of  product  or  service  on  the  basis  of :

 performance, 

durability, 

reliability, 

All of These

Total Quality Management (TQM) is a participative management style that stresses:

True

False

Can’t Say

Absurd

_______________can be considered as the founder of Total Quality Management. 

W. Edwards Deming (1900-1993)

The  concept  of  the  PDCA  Cycle  was  taken  from  the  PDSA  cycle,  originally 

developed  by  Walter  Shewhart

Quality Circle is a team  of  volunteer  group  composed  of  employees  or  workers  or  trainees  (or 

even  students)  who  meet  to  talk  about  workplace  improvement  and  quality 

management in the organisation.

True

False

Can’t Say

Absurd

Important concepts in small group communication are leadership and leader. leadership relates to a____________, while a leader is a_____________.

Concept, Theory

Process; Person

Cutural trait, Behaviour

None

Strategies such as vertical and horizontal integration are classified as________

integrative growth

disintegrative growth

extensive growth

intensive growth

When good opportunities exist outside present business, this is called________

extensive growth

integrative growth

diversification growth

downsizing the business

Under the TQM approach, the targets of achieving a desired level of customer satisfaction can only be achieved when there is an integration of

Customer with process

Market with process

Both of these

None of these

Customer who going to purchase or consume the product or service given by the company are called…

External Customer

Internal Customer

Both of these

None of these

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1st Module Assessment

Case Study :

The methods to ensure the quality of products and services have evolved continuously in accordance with the rapid technological and socio-cultural changes, that have marked the evolution of society, especially in this century. Also, in the European Union, the consumer protection policy should be regarded as a horizontal policy aimed to promoting consumer interests. In addition, this policy has significant effects on other EU policies such as: Common Agricultural Policy, environment, transport and energy policy which include rules regarding consumer rights. These requirements taken into account, integrated quality assurance concepts have been implemented since the 80s. The starting point of these strategies was the “new philosophy” defined by Feigenbaum: Total Quality Control. Of these, particular interest is the concept of total quality managemt used in parallel, or in relation to the “total quality.” In the definition of total quality management (TQM) more guidelines can be highlighted.

The vast majority of authors agree that TQM is, above all, a new philosophy, a new model of enterprise culture, with the aim to orient towards customers all its activities and processes and optimize them so that they could bring long-term benefits. According to Drummond, for example, TQM is a business philosophy based on customer satisfaction through quality orientation of the entire organization. Koller defines TQM as representing a systematic way of managing an organization’s results. TQM involves new management strategies, changes in culture and infrastructure, tools and techniques to determine all members of the organization to collaborate and enable continuous improvement of quality defined by the client.

A number of authors point out, defining TQM, besides its philosophical dimension, the technical and social aspects that are involved in this philosophy. In Oess’s opinion, for example, TQM must be approached as a two-component system, including a technical and a social subsystem of inter-relationships being established between them.

According to another orientation TQM is a threedimensional concept, a management philosophy based on a certain logic that involves the use of specific methods and techniques, resulting its third dimension, the technical one. In essence, TQM is a philosophy of business management dealing with getting continuous improvement of customer satisfaction through quality management products and services, led in the entire company. TQM is a new approach to corporate management by applying total quality ideas across the organization.

The advantages of implementing TQM are: –

Improving the company’s reputation – faults and problems are identified quickly (the “zero defects”); – Significant improvement in quality of products or services; – Customer satisfaction increase, which leads to additional sales; – A significant decrease of resources waste; – Increased productivity because the staff use the time more efficiently; – Increasing the market share on the long term; -The workforce is motivated by additional responsibilities, teamwork and involvement in decision-making on TQM; – Lower costs; – Focus on continuous improvement.

British Airways overview

British Airways is the national airline of the United Kingdom, the operational headquarter being based in Waterside. The airline is a founding member of the Oneworld alliance with American Airlines, Cathay Pacific and Qantas. British Airways is one of seven airlines that fly to all six inhabited continents. British Airways carry passengers, cargo and letters from Heathrow, Gatwick and London City airports. It has expanded its network in more than 500 destinations through joint business agreements with American Airlines and Oneworld alliance members. The carrier manages a fleet of over 240 aircrafts, consisting primarily of Airbus and Boeing. In 2013, British Airways has taken delivery of its first of 42 Boeing 787s, with the first of its 12 Airbus A380s due to touch down in the UK July 4. British Airways is the largest Boeing 747-400 operator in the world.

In 2010 British Airways and Iberia have merged and created International Airlines GroupTo survive both short-term and long-term on global market, where there is fierce competition between airlines, British Airways had to focus on a variety of goals and objectives. In this respect, the general objectives of the company are divided into three categories:Global- for all passengers – whether they are traveling just for pleasure or on business. Premium – ensure that passengers receive the highest quality services. Air – focuses on aviation; owning the best equipment, products and services.British Airways is considering four strategic objectives: First airline customers top choices – to remain the first choice when it comes to premium international flights, cargo, economy or short flights. Quality service – to provide the best service to passengers on all routes and in all classes of aircrafts during flight and to improve online services. Global expansion – to continue to expand its list of destinations, through partnerships with other airlines. Satisfying customer needs – to explore the latest features and products to enhance customer loyalty. The main competitors of British Airways are: Deutsche Lufthansa AG – Air Ambassador of Germany, Lufthansa offers flights to 209 destinations in 81 countries worldwideIt manages a fleet of over 300 aircraftsfor passengers. It is also a market leader in international air transport through Lufthansa Cargo. Other major segments of the group are the maintenance, repair and overhaul by Lufthansa Technik services, air catering services by LSG Sky Chefs, and IT services through Lufthansa Systems.Lufthansa is a founding member and leader of the Star Alliance, the largest alliance of airlines.

Continental Airlines, Inc.-Continental Airlines is the world’s fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,600 daily departures throughout the Americas, Europe and Asia, serving 132 domestic and 137 international destinations. Continental is a member of Star Alliance.

United Air Lines, Inc. – A leading passenger and cargo airline, United serves more than 230 destinations in some 30 countries. The airline, which also offers regional services via subsidiary United Express, operates a fleet of some 700 mainland aircraft. In addition, it leads the Star Alliance, a marketing and codesharing group that includes Continental and Lufthansa.

Implementation of total quality management at British Airways In order to practice TQM, the main focus was on the British Airways transformation from an engineering based company in one dictated by the market.

There are four key factors that contributed to the success of the company, namely: 1. Continuous reduction of costs; 2. Focus on providing excellent customer service at a premium price; 3. Cover growing market through alliances and partnerships; 4. Maximize return on individual flights by investing in computerized reservations. In 1987, the year when the company was privatized, the company management believed that to be the best and to be a world-class organization, they have to use the strategies and processes that should create vision and inspire the employees to gain their trust. This could only be possible by implementing TQM program. It was implemented in British Airways’ Technical Workshops. The Technical Workshops (hangars) of British Airways are responsible for the overhaul and the repair of aircraft components.

In order to be the best in this industry, the management team of British Airways Technical Workshops decided that they must win through teamwork, customer satisfaction, profitability and reputation. Along the “path” to implement TQM, there were identified the following key steps: 1. Conducting a study to diagnose the current position within the technical workshop and reporting results; 2. Obtaining support and a full commitment to TQM concept from all levels of management; 3. Educating staff according to the principles of TQM and facilitate necessary changes in management style;4. Changes in policies, procedures and work practices that would fit and would facilitate new organizational culture required; 5. Starting the quality improvement process; 6. Reviewing progress made and fostering a sustained commitment from all levels of the organization. In order to examine the controversial issues and problems facing the staff, a survey was distributed among employees from technical workshops, among customers and in supplying areas. To do this, an analysis of the cost of quality was made. The approach taken by the company in collecting quality costs was the breakdown of employees activities related to quality in three main activities, namely: 1. Anticipation – activities that provide performance “right first time”; 2. Assessment -activities that check if the concept of “right first time” is done; 3. Failure – activities resulting from the failure of the concept “right first time”. Each manager or team leader was asked to make an assessment of how their subordinate staff spent time during activities related to quality. Knowing how to bear the cost of quality has had a significant contribution in educating staff on the concept and principles of TQM. It also helped of strengthening and justification of need for training personnel in accordance with TQM, to overcome any skepticism about TQM, to promote considerable debate on this issue and to ensure that the improvement of individual projects activity can be measured. Data collected from the survey was introduced in a diagnostic report and seven improvement activities have been identified: 1. The way the employees view the company’s management; 2. Managerial style; 3. Implementation of changes; 4. Communication; 5. Systems and procedures; 6. Facilities and conditions; 7. Attitude of employees. They held some courses for managers for three days. These courses have conceptually explained TQM philosophy and revealed findings of the report. Managers were encouraged to submit ideas and action plans for staff involvement in improvement process. This required some changes in managing style. Similar courses were held for all employees. Delegates of each course were taken from different areas of workshops to facilitate the exchange of ideas between departments. Quality improving groups, each involving up to 12 people, actively conducted projects for improvement.

Examples of projects: improved methods for sorting aircraft test equipment to ensure ease localization and certification control, an improved library for storing approved technical publications and a design of new measures regarding the workshop performance, so that the figures which provide performance to be meaningful and easy to understand. British Airways Technical Workshops are recognized as the best in the aviation industry, by customers, competitors and even by British Airways itself. Benefits began to appear Two years after the launch of TQM. There have been positive changes in measures of higher level, which were used to report progress to the directorate. These measures included the proportion of components which are in good condition, the number of units that are not in good condition in the workshop and the number of units produced per month. British Airways launched their TQM program in September 1988 and by the end of 1999 the benefits of the program were visible. British Airways, founded in 1935, which is the subject of the case study, is the national airline of the United Kingdom of Great Britain, founding member of the Oneworld Alliance and one of the seven airlines that fly to all six inhabited continents. The carrier manages a fleet of over 240 aircraft, consisting primarily of Airbus and Boeing. Total Quality Management was implemented by British Airways in September 1988 from the technical workshops in the desire to improve and contribute to the success of the organization. TQM program was characterized by customer focus, full participation, process improvement and process management and planning. TQM implementation process was a very long-term procedure. Thus, in only two years of program implementation, benefits began to appear (e.g. positive changes took place in the top-level measures). The company also had to experience many changes made on TQM program requirements and extensive market research that identified customer expectations for the standards to be served by an international airline known as British Airways

Q1. In this Case study , the main competitor of British Airways is : ( A) Deutsche Lufthansa AG (B)Continental Airlines, Inc (C ) United Air Lines, Inc.

All A, B & C

Only A

Only B

Only C

Q2. Total Quality Management was implemented by British Airways in

Group of answer choices

  1988- sepember

 1858 July

 1991 september

 1980 July

Q3. As per this case study, the British Airways has considered strategic objectives. These are?

First airline customers top choices

Satisfying customer needs

Quality service & Global Expansion

All of above

Q4. Some key factors that contributed to the success of british airways are?

Continuous reduction of costs

Focus on providing excellent customer service at a premium price

Both

None

Q5. The approach in a Survey taken by the company in collecting quality costs was the breakdown of employees activities related to quality in some main activities. These Activities were : (A)Anticipation (B)Assessment (C)Failure

All ABC

Only A & B

Only B & C

Only A & C

Q6. Data collected from the survey was introduced in a diagnostic report . So which of the following improvement activity have been identified ?

Managerial style

Communication

Systems and procedures

All of above

Q7. TQM involves which of the following : (A) new management strategies,

(B) changes in culture and infrastructure,(C ) tools and techniques to determine all members of the organization to collaborate (D) enable continuous improvement of quality defined by the client.

Only A & B

Only B & C

Only B C & D

All ABCD

Q8. TQM program was implemented in

British airways Head office

British Airways’ Technical Workshops

British airways Support Offices

None of these

Q9. Which of the following is an advantage of implementing TQM

Focus on continuous improvement

Increasing the market share on the long term

Significant improvement in quality of products or services

All of above

Q10. In order to be the best in this industry, the management team of British Airways Technical Workshops decided that they must win through : (A)teamwork, (B) customer satisfaction,(C ) profitability and reputation.

Only A

All ABC

Only A & B

Only B & C

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TQM Block 2 questions

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2.1 Management of Product Process

 Q1. Value adding process is something for which customer pays us:

True

False

Can’t say

Absurd

Q2.  Value adding process doesn’t require any support processes

True

False

Can’t say

Absurd

2.2 Service Process and Support Process

Q1. Which era saw the significant shift from industry driven market to customer focused market?

20th century

21st century

19 th century

None of these

Q2. According to TQM, close study of the market can be done by____________

Surveys

Focus groups

Feedbacks

All of these

2.3 Supplier and Partnering Process

Q1. Outsourcing process____

Increase Costs

Decrease production

Reduces cost

None of these

Q2. The partnering with suppliers provides_______ as a benefit.

Consistency in quality

Lowering of cost of operation

Continuous improvement of both the company and supplier

All of these

2.4 Human Resource Development and Management

Q1. With passing of time there is change in job requirements due to________

Mordenisation

System improvements

Change in technology

All of these

Q2. According to TQM approach, if there is a decline in the KSA level of employee, then the organization should______

Make the employee sit idle

Decrease the pay of the employee

Fire the employee

Arrange for some training

2.5 Managing Change

Q1. At the organization level, the employees and the organization as a whole, resist change because of__________

Change in habits

Security

Economic factors

All of the above

Q2. When the changes shift the requirement in the expertise of a group or department, some employees may resist the changes as they believe that their importance will go down in the company.

True

Fales

Can’t say

Absurd

2.6 Performance Management

Q1. Compensation is aimed at merit vs capability vs performance based plan

True

Fales

Can’t say

Absurd

Q2. TQM driven organization has started giving_______ weightage to behavioral objectives.

30%-40%

20%-30%

15%-20%

None of these

2nd Module Assessment

Case Study :

Continuous improvement is based on a Japanese Concept called Kaizen, is the philosophy of continually seeking ways to improve operations. It invloves identifying benchmarks of excellent practices and instilling a sense of employee ownership of the process. The focus can be on:

• Reducing the length of time required to process requests for loans in bank

• The amount of scrap generated at a milling machine or the number of employee injuries.

• Continuous improvement can also focus on problems with customers or suppliers, such as customers who request frequent changes in shipping quantities and suppliers that to maintain high quality.

The bases of the continuous improvement philosophy are the beliefs that virtually any aspect of an operation can be improved and that the people most closely associated with an operation are in the best position to identify the changes that should be made. Consequently, employee involvement plays a big role in continuous improvement programs.

Getting Started with Continuous Improvement

Instilling a philosophy of continuous improvement in an organization may be a lengthy process, and several steps are essential to its eventual success.

1. Train employees in the methods of statistical process control (SPC) and other tools for improvement quality.

2. Make SPC methods a normal aspect of daily operations.

3. Build work teams and employee involvement.

4. Utilize problem-solving techniques within work teams.

5. Develop a sense of operator ownership of the process.

Here employee involvement is central to the philosophy of continuous improvement. However, the last two steps are crucial if the philosophy is to be the part of everyday operations.A sense of operator ownership emerges when employees feel as if they own the processes and methods they use and take pride in the quality of product or service they produce. It comes from participation on work teams and in problem-solving activities, which instill in employees a feeling that they have some control over their workplace.

The Total Customer Satisfaction (TCS) worldwide competition showcases the quality achievements of Motorola teams. All employees are given an equal opportunity to participate. Like many companies, Motorola uses teams to solve problems. In fact, almost half of Motorola’s employees are on teams. But Motorola takes it one step further. It gives teams the opportunity to compete with one another and share firsthand what they have accomplished, allowing them to see how their achievements impact the organization through their TCS competition. Winning team members from all over the world are treated like royalty for a few days and are given the opportunity to make a presentation to top executives of the company.

The Need for TCS

Why develop such a competition? The Chairman of the Board says the first few years of Motorola’s quality journey “were carved by the idea of the Malcolm Baldrige National Quality Award.” But after winning the award in 1988, “the company needed something to carry the momentum.” This led the company to develop the TCS team competition. Teams already existed within Motorola and the idea of a competition was met with enthusiasm. Since its inception eight years ago, Motorola estimates this quality program has resulted in savings of $2.4 billion a year– a savings that is essential for the company to remain competitive when its products have a price learning curve of 15% to 35% a year. In addition to the dollar savings, TCS has helped develop a company of empowered workers. “I’m not sure if maybe the whole empowerment aspects of what we did with the team process is not more important than the individual savings that we’ve generated,” comments the Director of Corporate Quality for Business Systems. “Nothing has empowered the work force faster than the team process– it makes the difference between a good company and a bad company.” This opinion is echoed by the Chairman of the Board who says, “The numbers are impressive, but the numbers are not what counts.”

The TCS competition is based on the following objectives: • Renew emphasis on the participative process at all levels of the organization, worldwide • Recognize and reward outstanding performance at the team level • Reaffirm the environment for continuous improvement • Demonstrate the power of focused team effort • Communicate the best team achievements throughout Motorola

How it works?

The competition starts with preliminary contests held for each of Motorola’s business units. As many as 5,000 teams take part initially, incorporating roughly 65,000 of Motorola’s 142,000 plus employees. The number of teams has grown from approximately 1,500 seven years ago and has increased every year. Depending on the size of each regional competition, one to five teams are selected to move forward to the worldwide finals.

This year’s one-day competition featured 24 teams from countries that included the United States, Ireland, the Philippines, Israel, Taiwan, China, Malaysia and Japan. Teams took command of a large stage with four video screens and microphones at both ends. Each team had 12 minutes to present its accomplishments to a panel of judges that included the company’s top executives. Teams that went over time lost points. The presentations were well rehearsed and proceeded like clockwork, with many teams having committed their entire presentations to memory. It was very impressive considering all the presentations were given in English, a language some of the team members did not even speak. The TCS teams generally consist of 10 to 12 members, all of whom participate in the presentation. Teams are awarded points in the following seven categories: 1. Project selection– The project should be tied to Motorola’s key initiatives and should use specific customer input. Also, the projects should last from three to 12 months. 2. Teamwork– The team should handle the project from selection through implementation. Participation of customers and/or suppliers is encouraged and all team members are expected to contribute to all phases of the project. 3. Analysis– Analysis techniques used should support appropriate analytical processes for the project, lead to a root cause, identify alternative solutions and reflect innovative use of analytical tools. 4. Remedies– The team should defend its choice of remedies from the alternatives, and remedies should be consistent with the analysis. Creative and innovative solutions are especially noted.5. Results– Results should be compared with the original goals and requirements. The degree of achievement of these goals is considered by the judges. 6. Institutionalization– Teams should demonstrate that improvement is maintainable over time. They are encouraged to adapt solutions from other teams and spread their success throughout the company. Teams should emerge as leaders in their own right. 7. Presentation– Presentations should be clear and concise, with overhead graphs and charts that are clear and easy to read. Listeners should be able to easily follow the team’s thinking through the entire process.

Impressive Results

The accomplishments of these teams are truly impressive. A team from Motorola’s Automotive Energy and Controls group in Sequin, Texas, achieved a savings of $1.8 million in 1996 by reducing polyamide delaminating for electronic circuits– an 85 % improvement in six months.Another cross-functional team from the company’s General Systems Sector in Hong Kong set out to make the best cellular phone in the market in China and increase production capacity by 50% in just eight weeks. It also corrected a design problem that prevented users from ending their phone calls when closing the lower flap on the cellular phone. Motorola’s Land Mobile Product Sector in Schaumberg, Illinois, created a cartoon character named Eugene and a site on the World Wide Web to help improve its responsiveness to the Motorola service station community. The team’s work resulted in 86% growth in new-account setups, 99% improvement in cycle-time reduction and 90% improvement in customer satisfaction.

The Real Reward

Even though team members are there to compete, the worldwide final is more than a competition– it is actually a celebration. It is a way for Motorola to thank its employees and vice versa. It is no coincidence that the 1996 worldwide competition was held at the Phoenician in Scottsdale, Arizona, a five star resort. To the presenters, the real prize was just being there and being a part of something so grand.

At Motorola, all the teams are considered winners. “We do say, and mean it, that everybody wins because you’re here,” stated the CEO. Following the competition, an awards banquet was held to honor all the participants. Company executives were visible throughout, mingling in conversation with team members and other guests. After dinner, each team was called up on stage to be recognized and photographed with the President and CEO. These photos were just a few of some 2,000 pictures taken throughout the event that will be compiled in a TCS yearbook for all participants. The excitement and enthusiasm of these Motorola employees was evident. “This is probably the grandest display of our efforts to be global and the way we manage and think about our business,” said the CEO. He continued by saying that “This event reflects all of the important aspects of the corporation.”

The winner of this year’s customer satisfaction competition was a team from a manufacturing plant in Boynton Beach, Florida, with a history of noteworthy quality improvements. The team had members representing Motorola’s messaging, information and media sector. Its goal was to develop and implement a low-cost, reliable packaging system that demonstrates environmental leadership and corrects problems identified by the team. Team members found $1.2 million in hidden packaging costs and identified three root causes– lack of packaging standards, stock outages and inefficient reuse of materials. After tackling each problem individually, the team developed a standardized packaging tray that could be used to hold both finished pagers and incoming housing. It also created a central database to track packaging requirements. The result of their efforts was a per unit total cost reduction, expected to save $6.1 million in 1997.

An Open Invitation

How do Motorola employees become a part of the contest? The TCS competition is open to all Motorola functional or cross-functional teams, 98% of which are self-forming. Since all team members are required to participate in all phases of the project, teams with representatives located around the world rely heavily on e-mail, telephone and other communications technology. Motorola also realizes the challenges of working with employees from different countries and offers cultural diversity classes to help employees prepare for these differences. For every team that enters the competition, there are numerous others that have also made significant accomplishments, perhaps on a smaller scale. Roughly 40% of Motorola’s teams are present in the competition. Many of the teams choose not to compete, but participate in what Motorola calls “showcase days” at their facilities, where teams set up booths and display their accomplishments to facility managers and co-workers. To help them learn how to solve quality problems as a team, Motorola employees are trained in quality techniques and teamwork. Additionally, many teams, particularly those in Asia, have big sisters or brothers who act as sponsors for newly formed teams. These sisters and brothers are more experienced workers who help direct the teams and offer expertise. The company also has TCS process manuals that describe quality tools. One of Motorola’s business units even developed a CDROM training tool that creates graphs and visual aids which can be used in the presentations. Finally, Motorola University offers quality training in areas such as quality processes and teamwork.

Never Good Enough

In keeping with Motorola’s philosophy of continuous improvement, the competition has changed over the years. For instance, in past years, all teams that made it to the worldwide finals were presented either a gold or silver award. But the silver award winners went away feeling like losers, even though they were really winners. So in 1996, after recognizing each team for its work, the company gave away one diamond award to the overall winner. To pinpoint areas for improvement, team members are usually surveyed at the worldwide competition for suggestions. Some of the regional competitions have been shifted to different countries to allow more employees to experience other cultures. While the events have been refined so that they are good for the employees, they have been designed to retain the travel and the excitement.

Sharing the Wealth

Motorola encourages other companies to learn from its success. This year, Motorola extended the TCS competition to its suppliers and for the first time held a formal supplier contest in conjunction with the Motorola competition. Fifty-one supplier teams competed in three regional competitions. The three winners participated in the worldwide supplier competition, which was held the day prior to the TCS Motorola. Many of them had heard about quality processes, but did not know how to implement them until Motorola stepped forward. Representatives from other countries, educators, foreign government representatives and customers were also invited to attend the competition. Sun Microsystems started a similar competition few years ago based on TCS. Additionally, to help others learn about the process, Motorola offers quality briefings to the public through Motorola University that address total customer satisfaction. Motorola University Consulting and Training Services offers quality briefings to the public that explain the six-sigma story, total cycle time reduction and total customer satisfaction teams. Equally impressive as the competition is the company’s ability to motivate its employees. It has much to do with Motorola’s culture. The company stresses on the importance of trust before implementing something similar to TCS. Teams and empowerment will not work without trust. The employees have to trust management as well as each other. Without trust, it just would not work. A team from Dublin, Ireland, was motivated by the opportunity to show others in Motorola what they had accomplished. And the chance to win a trip did not hurt. For TCS team members, it is an opportunity not only to get away, meet new people and learn, but also to have fun. The day following the contest is usually set aside for recreation, which, in the latest edition, included hiking, rafting, mountain biking and golf. Whether employees are executives or factory workers, Motorola works to show them that they are valued. The TCS competition only reinforces these feelings. The experience emphasizes even more the value of each individual in the company. Finalists say they treasure each one of their TCS memories. It is worth remembering time and again, even forever. competition. The winning team from Varitronix was presented at the Motorola competition as a showcase team.

Q1. One of Motorola’s business units developed ____ that creates graphs and visual aids which can be used in the presentations.

Several Softwares

CDROM training tool

Applications

None of these

Q2. As per this case study , TCS teams participated in the presentation. Teams are awarded points on various categories. These categories were : (A) Teamwork ( B) Project Selection ( C ) Analysis

All ABC

Only A & B

Only B & C

Only A & C

Q3. Kaizen refers to ?

the philosophy of continually seeking ways to stop operations

the philosophy of continually seeking ways to improve operations

Both A & B

None of these

Q4. Motorola Won the Malcolm Baldrige National Quality

Award in ?

1978

1968

1988

1972

Q5. In this case study , Teams are awarded points in various categories. Some of the categories are:

Institutionalization

Project selection

Teamwork

All of above

Q6. Motorola University offers quality training in______

quality processes

teamwork

Both A & B

None of these

Q7.  Kaizen invloves: (A) identifying benchmarks of excellent practices (B)instilling a sense of employee ownership of the process.

Only A

Only B

Both  A & B

None of these

Q8. As per this case study, the Winning team members from all over the world_____

are treated like royalty for a few days

are given the opportunity to make a presentation to top executives of the company

Both A & B

None of these

Q9. “A sense of operator ownership emerges when employees feel as if they own the processes and methods they use and take pride in the quality of product or service they produce”. This statement is?

True

False

Partially False

None of these

Q10. The TCS competition was based on the following objective?

Renew emphasis on the participative process at all levels of the organization, worldwide

Demonstrate the power of focused team effort

Recognize and reward outstanding performance at the team level

All of above

One wrong

TQM Block 3 questions

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3.1 Measurement of Quality and Performance Measures

Q1. Technique followed by a company to take a decision whether to accept a lot which is coming out from a process or not is called:

SALP

LAPS

LASP

None of these

Q2. Sampling is a full proof system to judge the quality of a lot in comparison to the inspection of the total lot.

True

False

Can’t say

Absurd

Case Study :

The global financial crisis hit higher education harder than many might have expected, and nowhere have the odds stacked higher than in India. The nation plays home to one of the world’s fastest-growing markets for business education. Yet over recent years, the relevance of business education in India has come into question. A report by one recruiter recently asserted just one in four Indian MBAs were adequately prepared for the business world.

At the Ramaiah Institute of Management Studies (RIMS) in Bangalore, recruiters and accreditation bodies specifically called into question the quality of students’ educations. Although the relatively small school has always struggled to compete with India’s renowned Xavier Labour Research Institute, the faculty finally began to notice clear hindrances in the success of graduates. The RIMS board decided it was time for a serious reassessment of quality management.

The school nominated Chief Academic Advisor Dr Krishnamurthy to head a volunteer team that would audit, analyse and implement process changes that would improve quality throughout (all in a particularly academic fashion). The team was tasked with looking at three key dimensions: assurance of learning, research and productivity, and quality of placements. Each member underwent extensive training to learn about action plans, quality auditing skills and continuous improvement tools – such as the ‘plan-do-study-act’ cycle.

Once faculty members were trained, the team’s first task was to identify the school’s key stakeholders, processes and their importance at the institute. Unsurprisingly, the most vital processes were identified as student intake, research, knowledge dissemination, outcomes evaluation and recruiter acceptance. From there, Krishnamurthy’s team used a fishbone diagram to help identify potential root causes of the issues plaguing these vital processes. To illustrate just how bad things were at the school, the team selected control groups and administered domain-based knowledge tests.

The deficits were disappointing. A RIMS students’ knowledge base was rated at just 36 percent, while students at Harvard rated 95 percent. Likewise, students’ critical thinking abilities rated nine percent, versus 93 percent at MIT. Worse yet, the mean salaries of graduating students averaged $36,000, versus $150,000 for students from Kellogg. Krishnamurthy’s team had their work cut out.

To tackle these issues, Krishnamurthy created an employability team, developed strategic architecture and designed pilot studies to improve the school’s curriculum and make it more competitive. In order to do so, he needed absolutely every employee and student on board – and there was some resistance at the onset. Yet the educator asserted it didn’t actually take long to convince the school’s stakeholders the changes were extremely beneficial.

“Once students started seeing the results, buy-in became complete and unconditional,” he says. Acceptance was also achieved by maintaining clearer levels of communication with stakeholders. The school actually started to provide shareholders with detailed plans and projections. Then, it proceeded with a variety of new methods, such as incorporating case studies into the curriculum, which increased general test scores by almost 10 percent. Administrators also introduced a mandate saying students must be certified in English by the British Council – increasing scores from 42 percent to 51 percent.

By improving those test scores, the perceived quality of RIMS skyrocketed. The number of top 100 businesses recruiting from the school shot up by 22 percent, while the average salary offers graduates were receiving increased by $20,000. Placement revenue rose by an impressive $50,000, and RIMS has since skyrocketed up domestic and international education tables.

No matter the business, total quality management can and will work. Yet this philosophical take on quality control will only impact firms that are in it for the long haul. Every employee must be in tune with the company’s ideologies and desires to improve, and customer satisfaction must reign supreme.

TQM in an organization is defined by and supports the constant attainment of customer satisfaction through an integrated system of tools, techniques and training. TQM focuses on continuous improvement of organizational processes resulting in high quality products and services. The ideal goal of TQM is do things right the first time and every time. The customer is the ultimate judge of quality.

Quality cannot be improved without significant losses in productivity. It is imperative that the top management provide leadership and support for quality initiatives. Quality goals are moving targets and improving quality requires establishment of effective metrics. The three aspects of TQM are counting, customers and culture. Customer’s impression of quality begins from the initial contact with the company and continues throughout the life of the product. All departments of the organization must strive to improve the quality of their operations. Value based approach relies on service dimensions like reliability, responsiveness, assurance, empathy and tangibles.

TQM’s objective is continuous improvement of principles like customer focus, process improvement and total involvement. Elements of TQM speak about leadership, education and training, support structure, communications, rewards and recognition, and measurement or metrics. The critical success factors hinges on areas of managerial action and planning that must be practiced to achieve quality management in a business unit. The critical success factors are very essential for TQM and if it fails, the process gets terminated. Performance evaluation is based on quality, top management’s responsibility for quality performance, acceptance of responsibility for quality by major department heads, consideration of quality as first priority, discussing quality related issues in meetings and degree of comprehensiveness of quality plan. The ability of an organization to adapt to change in the business environment to capture best practices and achieve and maintain competitive performance is also critical for TQM to be successful. Input is company’s total quality effort and output is the level of performance of the plant.

Q1. In this Case Study , the Krishnamurthy’s team used _____ to help identify potential root causes of the issues plaguing the vital processes.

-Plan-DO -study – Act Cycle

fishbone diagram

Kaizen

All of above

Q2. “TQM focuses on continuous improvement of organizational processes resulting in high quality products and services”. This statement is___?

TRUE

FALSE

Partially True

None of these

Q3. The school nominated Chief Academic Advisor Dr Krishnamurthy to head a volunteer team that would_______ process changes that would improve quality throughout.: (A) audit (B) analyse ( C) implement

Only A&B

Only B & C

Only A & C

All A , B & C

Q4. Customer’s impression of quality begins from the initial contact with the company and continues____

till the product is purchased

throughout the life of the product

till the support services are provided by company

Both A & C

Q5. In this case study , Each member underwent extensive training to learn about : (A) action plans, (B) quality auditing skills ( C) continuous improvement tools.

Only A

Only B & C

Only A & C

All A , B & C

Q6. which of the following is critical for TQM to be successful. The ability of an organization___

to adapt to change in the business environment

to capture best practices

to achieve and maintain competitive performance

All of above

Q7. As per this case study , the faculty began to notice clear hindrances in the success of graduates. So, the RIMS board decided it was time for a_____?

reassessment of quality management

appointing new faculties

Both A & B

None

Q8. TQM’s objective is continuous improvement of principles like : (A) customer focus, (B) process improvement ( C) total involvement

Only A & B

Only B & C

Only A & C

All A, B, C

Q9. Input is company’s total quality effort and output is the______

Level of Quality

level of performance of the plant

Both A & B

None of these

Q10. with reference to this case study , the aspects of TQM are: (A) counting, (B) customers ( C) culture

All A B & C

Only A & B

Only B & C

Only A & C

TQM Block 4 questions

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4.1 Basic Tools of Continual Improvement and SA

Q1. ____means waste or activities which don’t add any value to the process.

Mado

Mode

Muda

None of these

Q2. Is the founder of Kaizen System

Fedrick Taylor

Immai

Peter Drucker

None of these

4.2 Six-sigma_Part_1

Q1. A Pareto chart shows___________

The vital few from the trivial many

Process capability

A line drawn as production proceeds

Fraction defective

Q2. The American model for TQM is________

ISO 9000

The Baldrige Award criteria

ISO 14000

Use of control charts

4.3 Six-sigma_Part_2

Q1. ISO 9000 determines___

If vendors are performing well

If the company practices its written procedures

Process capability

Random causes of variation

Q2. A sampling plan helps in_______-

Keeping the process in control

Rejecting lots that are of unacceptable quality

Keeping workers motivated

Tuning the machines

Case Study :

There are few boardrooms in the world whose inhabitants don’t salivate at the thought of engaging in a little aggressive expansion. After all, there’s little room in a contemporary, fast-paced business environment for any firm whose leaders don’t subscribe to ambitions of bigger factories, healthier accounts and stronger turnarounds. Yet too often such tales of excess go hand-in-hand with complaints of a severe drop in quality.

Food and entertainment markets are riddled with cautionary tales, but service sectors such as health and education aren’t immune to the disappointing by-products of unsustainable growth either. As always, the first steps in avoiding a catastrophic forsaking of quality begins with good management.

There are plenty of methods and models geared at managing the quality of a particular company’s goods or services. Yet very few of those models take into consideration the widely held belief that any company is only as strong as its weakest link. With that in mind, management consultant William Deming developed an entirely new set of methods with which to address quality.

Deming, whose managerial work revolutionised the titanic Japanese manufacturing industry, perceived quality management to be more of a philosophy than anything else. Top-to-bottom improvement, he reckoned, required uninterrupted participation of all key employees and stakeholders. Thus, the total quality management (TQM) approach was born.

Similar to the Six Sigma improvement process, TQM ensures long-term success by enforcing all-encompassing internal guidelines and process standards to reduce errors. By way of serious, in-depth auditing – as well as some well-orchestrated soul-searching – TQM ensures firms meet stakeholder needs and expectations efficiently and effectively, without forsaking ethical values.

By opting to reframe the way employees think about the company’s goals and processes, TQM allows CEOs to make sure certain things are done right from day one. According to Teresa Whitacre, of international consulting firm ASQ, proper quality management also boosts a company’s profitability.

“Total quality management allows the company to look at their management system as a whole entity — not just an output of the quality department,” she says. “Total quality means the organisation looks at all inputs, human resources, engineering, production, service, distribution, sales, finance, all functions, and their impact on the quality of all products or services of the organisation. TQM can improve a company’s processes and bottom line.”

Embracing the entire processes companies strive to improve in several core areas, including: customer focus, total employee involvement, process-centred thinking, systematic approaches, good communication and leadership and integrated systems. Yet Whitacre is quick to point out that companies stand to gain very little from TQM unless they’re willing to go all-in.

“Companies need to consider the inputs of each department and determine which inputs relate to its governance system. Then, the company needs to look at the same inputs and determine if those inputs are yielding the desired results,” she says. “For example, ISO 9001 requires management reviews occur at least annually. Aside from minimum standard requirements, the company is free to review what they feel is best for them. While implementing TQM, they can add to their management review the most critical metrics for their business, such as customer complaints, returns, cost of products, and more.”

The customer knows best: AtlantiCare

TQM isn’t an easy management strategy to introduce into a business; in fact, many attempts tend to fall flat. More often than not, it’s because firms maintain natural barriers to full involvement. Middle managers, for example, tend to complain their authority is being challenged when boots on the ground are encouraged to speak up in the early stages of TQM. Yet in a culture of constant quality enhancement, the views of any given workforce are invaluable.

One firm that’s proven the merit of TQM is New Jersey-based healthcare provider AtlantiCare. Managing 5,000 employees at 25 locations, AtlantiCare is a serious business that’s boasted a respectable turnaround for nearly two decades. Yet in order to increase that margin further still, managers wanted to implement improvements across the board. Because patient satisfaction is the single-most important aspect of the healthcare industry, engaging in a renewed campaign of TQM proved a natural fit. The firm chose to adopt a ‘plan-do-check-act’ cycle, revealing gaps in staff communication – which subsequently meant longer patient waiting times and more complaints. To tackle this, managers explored a sideways method of internal communications. Instead of information trickling down from top-to-bottom, all of the company’s employees were given freedom to provide vital feedback at each and every level.

AtlantiCare decided to ensure all new employees understood this quality culture from the onset. At orientation, staff now receive a crash course in the company’s performance excellence framework – a management system that organises the firm’s processes into five key areas: quality, customer service, people and workplace, growth and financial performance. As employees rise through the ranks, this emphasis on improvement follows, so managers can operate within the company’s tight-loose-tight process management style.

After creating benchmark goals for employees to achieve at all levels – including better engagement at the point of delivery, increasing clinical communication and identifying and prioritising service opportunities – AtlantiCare was able to thrive. The number of repeat customers at the firm tripled, and its market share hit a six-year high. Profits unsurprisingly followed. The firm’s revenues shot up from $280m to $650m after implementing the quality improvement strategies, and the number of patients being serviced dwarfed state numbers.

Six Sigma is a quality management methodology used to help businesses improve current processes, products or services by discovering and eliminating defects. The goal is to streamline quality control in manufacturing or business processes so there is little to no variance throughout.

Six Sigma was trademarked by Motorola in 1993, but it references the Greek letter sigma, which is a statistical symbol that represents a standard deviation. Motorola used the term because a Six Sigma process is expected to be defect-free 99.99966 percent of the time — allowing for 3.4 defective features for every million opportunities. Motorola initially set this goal for its own manufacturing operations, but it quickly became a buzzword and widely adopted standard.The Six Sigma DMAIC project methodology includes five phases, each represented as a letter in the DMAIC acronym. These include:Define the problem, the customer, the project requirements and the ultimate goals and expectations of the customer.Measure performance of the current process by establishing a data collection plan to determine defects and gather metrics.Analyze the process to establish root cause of variations and defects to identify issues with the current strategy that stand in the way of the end goal.Improve the process by eliminating the root causes of defects through innovative solutions.Control the new process to avoid falling into old habits and to ensure it stays on track.

Six Sigma is specifically designed to help large organizations with quality management. In 1998, Jack Welch, CEO of GE, helped thrust Six Sigma into the limelight by donating upwards of $1 million as a thank you to the company, recognizing how Six Sigma positively impacted GE’s operations and promoting the process for large organizations. After that, Fortune 500 companies followed suit and Six Sigma has been popular with large organizations ever since.

Q1. Six Sigma is a_____methodology.

quantity management

quality management

Workers participation

Support process improvement

Q2. in this case study , The firm Atlanticare, chose to adopt ________, revealing gaps in staff communication – which subsequently meant longer patient waiting times and more complaints

plan-do-check-act

Six sigma Cycle

Kaizen Approach

All of above

Q3. In this case study , At orientation, atlanticare staff started to receive a crash course in the company’s performance excellence framework – a management system that organises the firm’s processes into key areas. What are these kry areas?

quality, customer service

people and workplace

growth and financial performance

All of above

Q4. with reference to this case study , DMAIC stands for

Define,Measure, Analyze, Improve ,Coordinate

Define,Manageable, Analyze,Improve ,Control

Define,Measure, Analyze, Improve ,Control

Define,Measure, Approve, Implement,Control

Q5. Six Sigma was trademarked by____

Toyota

Motorola

Tata

Samsung

Q6. As per this case study , Total quality management allows the company to look at their_____ as a whole entity ,not just an output of the quality department.

Employees

Workstations

management system

all of above

Q7. Six Sigma is specifically designed to help large organizations with______

quality management

team management

time management

none of these

Q8. “TQM ensures firms meet stakeholder needs and expectations efficiently and effectively, without forsaking ethical values”. This statement is____?

True

FALSE

Partially True

None of these

Q9. Six sigma is used to help businesses improve current processes, products or services by______

discovering problematic issues

discovering and eliminating defects.

Both a & B

None of these

Q10. With reference to this case study , “Embracing the entire TQM processes companies strive to improve in several core areas”. which of the following is related to these core areas?

customer focus, total employee involvement

process-centred thinking, systematic approaches

good communication and leadership and integrated systems

all of above

TQM Block 5 questions

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Q1. The universality and versatility of the ISO 9001:2008 standards is based on the process management model and the_______ elements structure.

5

4

3

2

Q2. Customer focus leads to

Achievements of the company objectives

Optimum utilization of the organization’s resources

Improved customer loyalty-leading

All of these

Case Study :

The case examines the benchmarking initiatives taken by Xerox, one of the world’s leading copier companies, as a part of its ‘Leadership Through Quality’ program during the early 1980s. The case discusses in detail the benchmarking concept and its implementation in various processes at Xerox. It also explores the positive impact of benchmarking practices on Xerox.

The history of Xerox goes back to 1938, when Chester Carlson, a patent attorney and part-time inventor, made the first xerographic image in the US. Carlson struggled for over five years to sell the invention, as many companies did not believe there was a market for it.

Finally, in 1944, the Battelle Memorial Institute in Columbus, Ohio, contracted with Carlson to refine his new process, which Carlson called ‘electrophotography.’ Three years later, The Haloid Company, maker of photographic paper, approached Battelle and obtained a license to develop and market a copying machine based on Carlson’s technology.

Haloid later obtained all rights to Carlson’s invention and registered the ‘Xerox’ trademark in 1948. Buoyed by the success of Xerox copiers, Haloid changed its name to Haloid Xerox Inc in 1958, and to The Xerox Corporation in 1961.

Xerox was listed on the New York Stock Exchange in 1961 and on the Chicago Stock Exchange in 1990. It is also traded on the Boston, Cincinnati, Pacific Coast, Philadelphia, London and Switzerland exchanges. The strong demand for Xerox’s products led the company from strength to strength and revenues soared from $37 million in 1960 to $268 million in 1965.

Throughout the 1960s, Xerox grew by acquiring many companies, including University Microfilms, Micro-Systems, Electro-Optical Systems, Basic Systems and Ginn and Company. In 1962, Fuji Xerox Co. Ltd. was launched as a joint venture of Xerox and Fuji Photo Film. Xerox acquired a majority stake (51.2%) in Rank Xerox in 1969. During the late 1960s and the early 1970s, Xerox diversified into the information technology business by acquiring Scientific Data Systems (makers of time-sharing and scientific computers), Daconics (which made shared logic and word processing systems using minicomputers), and Vesetec (producers of electrostatic printers and plotters).

In 1969, it set up a corporate R&D facility, the Palo Alto Research Center (PARC), to develop technology in-house. In the 1970s, Xerox focused on introducing new and more efficient models to retain its share of the reprographic market and cope with competition from the US and Japanese companies.

While the company’s revenues increased from $ 698 million in 1966 to $ 4.4 billion in 1976, profits increased five-fold from $ 83 million in 1966 to $ 407 million in 1977. As Xerox grew rapidly, a variety of controls and procedures were instituted and the number of management layers was increased during the 1970s.

This, however, slowed down decision-making and resulted in major delays in product development. In the early 1980s, Xerox found itself increasingly vulnerable to intense competition from both the US and Japanese competitors. According to analysts, Xerox’s management failed to give the company strategic direction.

It ignored new entrants (Ricoh, Canon, and Sevin) who were consolidating their positions in the lower-end market and in niche segments. The company’s operating cost (and therefore, the prices of its products) was high and its products were of relatively inferior quality in comparison to its competitors. Xerox also suffered from its highly centralized decision-making processes.

As a result of this, return on assets fell to less than 8% and marketshare in copiers came down sharply from 86% in 1974 to just 17% in 1984. Between 1980 and 1984, Xerox’s profits decreased from $ 1.15 billion to $ 290 million (Refer Exhibit I). In 1982, David T. Kearns (Kearns) took over as the CEO.

He discovered that the average manufacturing cost of copiers in Japanese companies was 40-50% of that of Xerox. As a result, Japanese companies were able to undercut Xerox’s prices effortlessly. Kearns quickly began emphasizing reduction of manufacturing costs and gave new thrust to quality control by launching a program that was popularly referred to as ‘Leadership Through Quality

As part of this quality program, Xerox implemented the benchmarking program. These initiatives played a major role in pulling Xerox out of trouble in the years to come. The company even went on to become one of the best examples of the successful implementation of benchmarking.

Benchmarking can be defined as a process for improving performance by constantly identifying, understanding and adapting best practices and processes followed inside and outside the company and implementing the results. The main emphasis of benchmarking is on improving a given business operation or a process by exploiting ‘best practices,’ not on ‘best performance.’

Simply put, benchmarking means comparing one’s organization or a part of it with that of the other companies.

The ‘Leadership through Quality’ program introduced by Kearns revitalized the company. The program encouraged Xerox to find ways to reduce their manufacturing costs. Benchmarking against Japanese competitors, Xerox found out that it took twice as long as its Japanese competitors to bring a product to market, five times the number of engineers, four times the number of design changes, and three times the design costs

Xerox found that all the Japanese copier companies put together had only 1,000 suppliers, while Xerox alone had 5,000. To keep the number of suppliers low, Japanese companies standardized many parts. Often, half the components of similar machines were identical. To ensure part standardization, Japanese companies worked closely with their suppliers. They frequently trained vendor’s employees in quality control, manufacturing automation and other key areas. Cooperation between the company and the vendor extended to just-in-time production scheduling, i.e. delivery in small quantities, as per the customer’s production schedule…

The first major payoff of Xerox’s focus on benchmarking and customer satisfaction was the increase in the number of satisfied customers. Highly satisfied customers for its copier/duplicator and printing systems increased by 38% and 39% respectively. Customer complaints to the president’s office declined by more than 60%. Customer satisfaction with Xerox’s sales processes improved by 40%, service processes by 18% and administrative processes by 21%.

Q1. In this case study, According to analysts, Xerox’s management failed to give the company___

Success

strategic direction

Competitive Position

None of these

Q2. Benchmarking means comparing one’s organization or a part of it with that of the______

Smaller Companies

Big MNC’s only

other companies

None of these

Q3. The first major payoff of Xerox’s focus on benchmarking and customer satisfaction was the____

Competitive advantage

increase in the number of satisfied customers

Both A & B

None of these

Q4. As per this case study, Haloid obtained all rights to Carlson’s invention and registered the ‘Xerox’ trademark in____

1948

1946

1958

1961

Q5. According to this case study, “The main emphasis of benchmarking is on improving a given business operation or a process by exploiting ‘best practices,’ not on ‘best performance’. ” This statement is____

TRUE

FALSE

PARTIALLY TRUE

None of these

Q6. The company Xerox went on to become one of the best examples of the successful implementation of______

benchmarking

Strategies

employee Development strategies

all of above

Q7. The ‘Leadership through Quality’ program introduced by Kearns encouraged Xerox to find ways to reduce their______

Input Costs

Variable Costs

manufacturing costs

All of Above

Q8. This case examines the benchmarking initiatives taken by Xerox, one of the world’s leading copier companies, as a part of its______during the early 1980s

Training Program

‘Leadership Through Quality’ program

Competitive Advantage

None

Q9. Throughout the 1960s, Xerox grew by____ many companies, like University Microfilms, Micro-Systems

Selling

Merging

acquiring

None of these

Q10. Benchmarking can be defined as a process for improving performance by constantly _________ followed inside and outside the company and implementing the results. : (A)identifying, (B) understanding ( C) adapting best practices and processes

Only A & B

Only B & C

Only A & C

All A,B, C

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Case Study :

Total Quality Management is a management approach that originated in the 1950s and has steadily become more popular since the early 1980s. Total Quality is a description of the culture, attitude and organization of a company that strives to provide customers with products and services that satisfy their needs. The culture requires quality in all aspects of the company’s operations, with processes being done right the first time and defects and waste eradicated from operations.

Total Quality Management, TQM, is a method by which management and employees can become involved in the continuous improvement of the production of goods and services. It is a combination of quality and management tools aimed at increasing business and reducing losses due to wasteful practices

TQM is mainly concerned with continuous improvement in all work, from high level strategic planning and decision-making, to detailed execution of work elements on the shop floor. It stems from the belief that mistakes can be avoided and defects can be prevented. It leads to continuously improving results, in all aspects of work, as a result of continuously improving capabilities, people, processes, technology and machine capabilities.

Continuous improvement must deal not only with improving results, but more importantly with improving capabilities to produce better results in the future. The five major areas of focus for capability improvement are demand generation, supply generation, technology, operations and people capability.

A central principle of TQM is that mistakes may be made by people, but most of them are caused, or at least permitted, by faulty systems and processes. This means that the root cause of such mistakes can be identified and eliminated, and repetition can be prevented by changing the process.1

There are three major mechanisms of prevention:

1. Preventing mistakes (defects) from occurring (mistake-proofing or poka-yoke).

2. Where mistakes can’t be absolutely prevented, detecting them early to prevent them being passed down the value-added chain (inspection at source or by the next operation).

3. Where mistakes recur, stopping production until the process can be corrected, to prevent the production of more defects. (stop in time).

A preliminary step in TQM implementation is to assess the organization’s current reality. Relevant preconditions have to do with the organization’s history, its current needs, precipitating events leading to TQM, and the existing employee quality of working life. If the current reality does not include important preconditions, TQM implementation should be delayed until the organization is in a state in which TQM is likely to succeed.

If an organization has a track record of effective responsiveness to the environment, and if it has been able to successfully change the way it operates when needed, TQM will be easier to implement. If an organization has been historically reactive and has no skill at improving its operating systems, there will be both employee skepticism and a lack of skilled change agents. If this condition prevails, a comprehensive program of management and leadership development may be instituted. A management audit is a good assessment tool to identify current levels of organizational functioning and areas in need of change. An organization should be basically healthy before beginning TQM. If it has significant problems such as a very unstable funding base, weak administrative systems, lack of managerial skill, or poor employee morale, TQM would not be appropriate.5

However, a certain level of stress is probably desirable to initiate TQM. People need to feel a need for a change. Kanter (1983) addresses this phenomenon be describing building blocks which are present in effective organizational change. These forces include departures from tradition, a crisis or galvanizing event, strategic decisions, individual “prime movers,” and action vehicles. Departures from tradition are activities, usually at lower levels of the organization, which occur when entrepreneurs move outside the normal ways of operating to solve a problem. A crisis, if it is not too disabling, can also help create a sense of urgency which can mobilize people to act. In the case of TQM, this may be a funding cut or threat, or demands from consumers or other stakeholders for improved quality of service. After a crisis, a leader may intervene strategically by articulating a new vision of the future to help the organization deal with it. A plan to implement TQM may be such a strategic decision. Such a leader may then become a prime mover, who takes charge in championing the new idea and showing others how it will help them get where they want to go. Finally, action vehicles are needed and mechanisms or structures to enable the change to occur and become institutionalized.

Beckhard and Pritchard (1992) have outlined the basic steps in managing a transition to a new system such as TQM: identifying tasks to be done, creating necessary management structures, developing strategies for building commitment, designing mechanisms to communicate the change, and assigning resources.

Task identification would include a study of present conditions (assessing current reality, as described above); assessing readiness, such as through a force field analysis; creating a model of the desired state, in this case, implementation of TQM; announcing the change goals to the organization; and assigning responsibilities and resources. This final step would include securing outside consultation and training and assigning someone within the organization to oversee the effort. This should be a responsibility of top management. In fact, the next step, designing transition management structures, is also a responsibility of top management. In fact, Cohen and Brand (1993) and Hyde (1992) assert that management must be heavily involved as leaders rather than relying on a separate staff person or function to shepherd the effort. An organization wide steering committee to oversee the effort may be appropriate. Developing commitment strategies was discussed above in the sections on resistance and on visionary leadership.6

To communicate the change, mechanisms beyond existing processes will need to be developed. Special all-staff meetings attended by executives, sometimes designed as input or dialog sessions, may be used to kick off the process, and TQM newsletters may be an effective ongoing communication tool to keep employees aware of activities and accomplishments.

Management of resources for the change effort is important with TQM because outside consultants will almost always be required. Choose consultants based on their prior relevant experience and their commitment to adapting the process to fit unique organizational needs. While consultants will be invaluable with initial training of staff and TQM system design, employees (management and others) should be actively involved in TQM implementation, perhaps after receiving training in change management which they can then pass on to other employees. A collaborative relationship with consultants and clear role definitions and specification of activities must be established.

In summary, first assess preconditions and the current state of the organization to make sure the need for change is clear and that TQM is an appropriate strategy. Leadership styles and organizational culture must be congruent with TQM. If they are not, this should be worked on or TQM implementation should be avoided or delayed until favorable conditions exist.

Remember that this will be a difficult, comprehensive, and long-term process. Leaders will need to maintain their commitment, keep the process visible, provide necessary support, and hold people accountable for results. Use input from stakeholder (clients, referring agencies, funding sources, etc.) as possible; and, of course, maximize employee involvement in design of the system.7

Always keep in mind that TQM should be purpose driven. Be clear on the organization’s vision for the future and stay focused on it. TQM can be a

powerful technique for unleashing employee creativity and potential, reducing bureaucracy and costs, and improving service to clients and the community

Q1. As discussed in this case study, which of the following is a major mechanism of prevention

Preventing mistakes from occurring

detecting mistakes early

Both A & B

None of these

Q2. Task identification would include___

a study of future perspective conditions

a study of present conditions

Both A & B

None of these

Q3. As per this case study, which of the following is true in context of Departures from tradition activities?

occur at lower levels of the organization

occur when entrepreneurs move outside normal ways of operating to solve a problem

Both A & B

None of these

Q4. According to this case study, the root cause of mistakes can be ______, and repetition can be prevented by changing the process.

 identified and improved

increased

identified and eliminated

Reduced

Q5. TQM can be a powerful technique for ______

unleashing employee creativity and potential,

reducing bureaucracy and costs,

improving service to clients and the community

All of above

Q6. A preliminary step in TQM implementation is to assess the organization’s______

current reality

Past reality

Future Expectations

None of these

Q7. TQM, is a method by which management and employees can become involved in the_______ of the production of goods and services.

static improvement

continuous improvement

Decline

None of these

Q8. Total Quality Management is a management approach that originated in____

1920s

1940s

1950s

1990s

Q9. As per this case , the major areas of focus for capability improvement are

demand generation, supply generation

technology

operations and people capability

all of above

Q10. As discussed in this case study about Relevant preconditions. These include :

organization’s history, its current needs

precipitating events leading to TQM

the existing employee quality of working life

all of above

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Management of Financial Service (EDL 307)-Semester III

Management of Financial Service (EDL 307)-Semester III

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1st Module Assessment

Case Study

Financial system refers to a set of complex and closely connected or interlinked financial institutions or organised and unorganised financial markets, financial instruments and services which facilitate the transfer of funds.

Financial institutions are the intermediaries which facilitate smooth functioning of the financial system by making investors and borrowers meet. They mobilize savings of the surplus units and allocate them in productive activities promising a better rate of return. Financial institutions also provide services to entities seeking advice on various issues ranging from restructuring to diversification plans.

Financial reforms of the 1990s were initiated with an objective to eliminate the financial despotism and create an efficient, productive and profitable financial sector. The Economic reforms best describe the post – 1991 consequences of various economic practices, as it ushered in substantial transformation and liberalization of the Indian financial system.

In November 2009, India purchased 200 tonnes of gold valued at Rs $6.7 billion (Rs 31, 380 crore) from the International Monetary Fund (IMF) . RBI bought nearly half of the gold sold by IMF under the latter’s limited gold sales programme. By purchasing the gold, RBI now has more gold than the European Central Bank, thus becoming the 11th largest gold holder among various Central Banks, marking a remarkable turnaround from the crisis of 1991, when India had to airlift its gold to pledge for a loan. In 1991, when India faced its worst ever balance of payment (BoP) crisis, it had no alternative but to pledge 67 tonnes of gold to the Union Bank of Switzerland and Bank of England to raise a loan of $605 million. It intended to shore up its dwindling foreign exchange reserves, which were at a low of $1.2 billion in January 1991.

The stabilization component in the 90’s was aimed at reducing the balance of payment deficit. The steps were towards reducing the rate of fiscal growth, monetary tightening and curbing the excess demand on Indian foreign exchange reserves, which was supported by devaluation of India currency.

Reforms in the Banking Sector During the early 1970s and 1980s, monetary policy had become almost non-existent. India followed a system of credit allocation, administered and differential interest rates for different purposes and automatic monetization of fiscal deficit. Also, financial repression was through pre-emption of banks’ resources – both in terms of the statutory holding of Government Securities (Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR)). These mechanisms distorted the interest rate mechanism and adversely affected the profitability of the banks by the end of 1980 and also their viability.

Question-1: A merchant bank is a financial institution conducting money market activities and:

 a. Lending

 b. Underwriting and financial advice

 c. Investment service

 d. All of the above

Question 2. Consider the below statements: 1. The foreign investment, which includes foreign direct investment (FDI) and foreign institutional investment (FII), has increased from about US $ 100 million in 1990-91 to US $ 467 billion in 2012-13. 2. There has been an increase in the foreign exchange reserves from about US $ 6 billion in 1990-91 to about US $ 304 billion in 2013-14. 3. India is one of the largest foreign exchange reserve holders in the world.

 a. 1 and 2 only

 b. 2 and 3 only

 c. 1 and 3 only

 d. All are correct

Question 3. Developmental activities of merchant banking:

 a. Sources of funds forever

 b. Expanding industry and trade

 c. Leaving a widening gap unbridged between supply and demand of investible funds.

 d. All of the above

Question 4. Financial institutions are the intermediaries which facilitate smooth functioning of the financial system by ………..

 a. Making investors

 b. Borrowers meet

 c. Both a and b

 d. Perform a duty

Question 5. Formal merchant banking activity in India was originated in______.

 a. 1978

 b. 1969

 c. 1769

 d. 1987

Question 6. India pledge ………….  of gold to the Union Bank of Switzerland and Bank of England to raise a loan of $605 million.

 a. 167 tonnes

 b. 7 tonnes

 c. 67 tonnes

 d. 17 tonnes

Question 7. What is the science that describes the management, creation and study of money, banking, credit, investments, assets and liabilities?

 a. Finance

 b. System

 c. Market

 d. All the above

Question 8. when India faced its worst ever balance of payment (BoP) crisis.

 a. 1991

 b. 1978

 c. 1987

 d. 1998

Question 9. Which of the following are correct regarding growth during the reform period? 1. The growth of agriculture declined. 2. The service sector reported fluctuation.  3. The growth of industrial sectors has gone up. 4. The growth during this phase was mainly driven by the growth in the service sector.

 a. 1, 2 and 3 only

 b. 2 and 4 only

 c. 1 and 4 only

 d. 1 and 3 only

Question 10. Which of the following are correct with reference to economic reforms (LPG reforms) and public policies? 1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors. 2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties. 3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.

 a. 1 and 2 only

 b. 2 and 3 only

 c. 1 and 3 only

 d. All are correct

10 on 10

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2nd Module Assessment

Case Study

Issue management refers to managing issues of corporate securities like equity shares, preference shares and debentures or bonds. It involves marketing of capital issues, of existing companies including rights issues and dilution of shares by letter of offer. Management of issue also involves other issues. The decisions concerning size and timing of the public issue in the light of the market conditions are advised by the merchant bankers.

The public issues are managed by the involvement of various agencies i.e., under writers, brokers, bankers, advertising agencies, printers, auditors, legal advisers, registrar to the issue and merchant bankers providing specialized services to make the issue a success. However, merchant bank is the agency at the apex level, who plans, coordinates and controls the entire issue activity and directs different agencies to contribute to the successful marketing of securities.

Issue managers play vital role in fund raising through public issue of securities. Whether through book building (discussed later) or otherwise, their role is catalytic for the making of the issue a success. They are involved from cradle to grave in the issue. Hence companies coming with new issue of capital decide about Issue managers after due diligence and carefully analysing the competence and capabilities of the merchant banker to handle the issue.

Question-1: Categories of securities issue:

 a. Public issue

 b. Rights issue

 c. Private placement

 d. All of the above

Question 2. Companies raise funds for the purposes of: 1. Financing new projects 2. Expansion of existing units 3. Modernization & diversification of existing units 4. Organizing long term resources for working capital purposes

 a. 1, 2, 3

 b. 2, 3, 4

 c. 1, 2, 3, 4

 d. 1, 3, 4

Question 3. Equity funding is preferable especially when the project is________.

 a. Fund intensive

 b. Finance intensive

 c. Capital intensive

 d. Application intensive

Question 4. In simple terms, the management of issues for raising funds through various types of instruments by companies is known as:

 a. Lead management

 b. Merchant banking

 c. Issue management

 d. Public management

Question 5. Issue management is an important function of ______ and ______.

 a. Merchant banker, lead manager

 b. Public banker, Merchant banker

 c. Lead banker, Private banking

 d. None of the above

Question 6. It is a process by which a demand for the securities proposed to be issued by a body corporate is elicited.

 a. Book building

 b. Share certificate

 c. Promoter issue

 d. Circular

Question 7. Post issue management activities include:

 a. Analysis of collection

 b. Processing of data

 c. Issue of refund orders

 d. All of these.

Question 8. Pre‐issue management activities include;

 a. Lead manager

 b. Underwriting

 c. Overall supervision

 d. None of these.

Question 9. Private placement covers

 a. Shares

 b. Preference shares

 c. Debentures

 d. All of the above

Question 10. The _______ has to manage the post-issue activities.

 a. Merchant banker

 b. Lead manager

 c. Bank promoter

 d. All of the above

10 on 10

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3rd Module Assessment

Case Study

Fee income is the revenue taken in by financial institutions from account-related charges to customers. Charges that generate fee income include non-sufficient funds fees, overdraft charges, late fees, over-the-limit fees, wire transfer fees, monthly service charges, account research fees and more.

Financial intermediaries provide services on the basis of non-fund activities also. This can also be called “fee based” activity. They expect more from financial service companies. Hence, a wide variety of service, are being provided under this head they including the following:

(i) Making arrangements for the placements of capital and debt instruments with investments institutions.

(ii) Arrangements of fund from financial institutions for the clients‟ project cost or his working capital requirements.

 (iii) Assisting in the process of getting all government and other clearances.

Modern activities

“Besides the above traditional services, the financial intermediaries render innumerable service in recent times. Most of them are in the nature of non-fund based activity. In view of the importance, these activities have been discussed in brief under the head „New financial products and services‟. However, some of the modern services provided by them are given in brief hereunder:”

(i) Rendering project advisory services right from the preparation of the project report till the raising of funds for starting the project with necessary government approval.

(ii) Planning for mergers and acquisitions and assisting for their smooth carry out.

(iii) Guiding corporate customers in capital restructuring.

(iv) Acting as trustees to the debenture-holders.

(v) Recommending suitable changes in the management structure and management style with a view to achieving better result.

Question-1: An acquisition is the same thing as:

 a. a spin-off

 b. a takeover

 c. an amalgamation

 d. a merger

Question 2. Fee income is the revenue taken in by financial institutions from account related charges to………

 a. Banker

 b. Customers

 c. Government

 d. All the above

Question 3. Functions of financial services exclude ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐.

 a. Mobilization of savings

 b. Allocation of fund

 c. Specialized services

 d. Collection of tax.

Question 4. In India Merchant banking along with management of public issues and loan syndication covering activities like- 1. Project counseling, 2. Portfolio management, 3. Investment counseling, 4. Mergers and amalgamation of the corporate firms, 5. Securities and exchange

 a. 1, 2, 4, 5

 b. 1,2, 3, 5

 c. 1, 2, 3, 4

 d. 2, 3, 4, 5

Question 5. Most favourable portfolio is proficient portfolio with the………..

 a. lowest risk

 b. highest risk

 c. highest utility

 d. least investment

Question 6. The ways in which mergers and acquisitions (M&As) occur do not include:

 a. vertical integration

 b. diversification

 c. horizontal integration

 d. conglomerate takeover

Question 7. Which of the following is not a fee‐based financial service?

 a. Corporate counseling

 b. Lease financing

 c. Profit management

 d. Issue management.

Question 8. which of the following service are fee based

 a. Underwriting

 b. Issue of Demand Draft

 c. Credit Card

 d. Education loan

Question 9. which of the following service are fund based

 a. Locker facility

 b. Project preparation

 c. Consultancy

 d. None of the above

Question 10. ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ covers the entire range of services provided by a merchant banker.

 a. Project counseling

 b. Corporate counseling

 c. Credit syndication

 d. Market makers

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4th Module Assessment

Case Study

Leasing is a process by which a firm can obtain the use of certain fixed assets for which it must pay a series of contractual, periodic, tax-deductible payments. Leasing is an alternative to purchase that’s used for apartments and houses, automobiles and light trucks, and many types of equipment and machinery.

Hire purchase (HP) or known as installment plan in the United States is an

arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial instalment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.

Operating Lease is where the asset is not wholly amortized during the noncancellable period, if any, of the lease and where the lessor does not rely for is profit on the rentals in the non- cancellable period. In this type of lease, the lessor who bears the cost of insurance, machinery, maintenance, repair costs, etc. is unable to realize the full cost of equipment and other incidental charges during the initial period of lease.

Question-1: Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of ……

 a. Contractual payment

 b. Periodic payment

 c. Tax deductible payment

 d. All the above

Question 2. One difference between a financial lease and operating lease is that:

 a. there is a often a call option in a financial lease.

 b. there is often an option to buy in an operating lease.

 c. an operating lease is often cancellable by the lessee.

 d. a financial lease is often cancellable by the lessee.

Question 3. Securitization is the financial practice of pooling various types of contractual debt such as………..

 a. Residential mortgages

 b. Commercial mortgages

 c. Auto loans or credit card debt obligations

 d. All the above

Question 4. The essential elements of a valid contract are …………….

 a. Legal obligation

 b. Lawful consideration

 c. Free consent

 d. All the above

Question 5. The television is priced at $10,000. A deposit of 16% on simple interest of 11% per year over 2 year and repayments paid monthly then the additional amount to pay in 24 monthly installments after deposit is

 a. $10,248

 b. $11,248

 c. $13,248

 d. $14,248

Question 6. What is an agreement enforceable by law?

 a. Hire Purchasing

 b. Contract

 c. Leasing

 d. All the above

Question 7. What is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment?

 a. Hire Purchasing

 b. Contract

 c. Leasing

 d. All the above

Question 8. A refrigerator is priced at $10,000. A deposit of 16% on simple interest of 11% per year over 2 year and repayments paid monthly then the amount of deposit made is

 a. $2,000

 b. $2,150

 c. $1,950

 d. $1,600

Question 9. A way to analyze whether debt or lease financing would be preferable is to:

 a. compare the net present values under each alternative, using the cost of capital as the discount rate.

 b. compare the net present values under each alternative, using the after-tax cost of borrowing as the discount rate.

 c. compare the payback periods for each alternative.

 d. compare the effective interest costs involved for each alternative.

Question 10. The principal reason for the existence of leasing is that:

 a. intermediate-term loans are difficult to obtain.

 b. this is a type of financing unaffected by changes in tax law.

 c. companies, financial institutions, and individuals derive different benefits from owning assets.

 d. leasing is a renewable source of intermediate-term funds.

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5th Module Assessment

Case Study

Consumer finance refers to the division of retail banking that deals with lending money to consumers. This includes a wide variety of loans, including credit cards, mortgage loans, and auto loans, and can also be used to refer to loans taken out at either the prime rate or the subprime rate.

A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.

Factoring is a financial transaction whereby a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. Factoring is a method used by some firms to obtain cash.

Forfaiting is a means of financing used by exporters that enables them to receive cash immediately by selling their medium-term receivables (the amount an importer owes the exporter) at a discount.

Question-1: A factor affecting the growth of Venture Capital (VC) finance

 a. Culture and environment

 b. Interest rates

 c. Easing stock market barriers (wrong answer)

 d. Increased business banking finance

Question 2. A trade agreement in which a domestic firm accepts whiskey for full payment on a sale of computer equipment is an example of __________.

 a. export factoring

 b. forfeiting

 c. a scene from the classic movie “Animal House”

 d. counter trade

Question 3. Amer is an exporter who has sold outright their accounts receivable to another institution. This is an example of __________.

 a. export factoring

 b. forfeiting

 c. striding

 d. counter trade

Question 4. Cash is the life blood of any business. Cash flow is defined as

 a. The ability to pay off the bills on time

 b. The system in which the cash is handled in an organization

 c. A system in which cash is distributed among the departments

 d. The ability to generate cash by utilizing the assets

Question 5. Credit management is an important tool used by finance managers. Credit management means

 a. Managing the cash of the organization for the operational activities

 b. To lend money to the borrower for more than a year

 c. Granting money on credit basis while considering all the terms on which it is being granted on

 d. Managing the credit system

Question 6. The person who is having goods in his/her possession known as

 a. brokers

 b. middlemen (wrong)

 c. factors

 d. agents

Question 7. What is a plastic card issued by a financial institution that allows its user to borrow pre-approved funds at the point of sale in order to complete a purchase?

 a. Consumer finance

 b. Credit card

 c. Hard money

 d. All the above

Question 8. What is the trading or selling a bill of exchange prior to the maturity date at a value less than the par value of the bill?

 a. Vehicle financing

 b. Hard money

 c. Credit card

 d. Bills Discounting

Question 9. What refers to the division of retail banking that deals with lending money to consumers?

 a. Consumer finance

 b. Credit card

 c. Hard money

 d. All the above

Question 10. Which of the following is not a reason for international investment?

 a. To provide an expected risk-adjusted return in excess of that required.

 b. To gain access to important raw materials.

 c. To produce products and/or services more efficiently than possible domestically.

 d. International investments have less political risk than domestic investments.

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Assignment 2

Case Study

Before beginning the services of merchant bankers in India, the capital issues were managed and controlled by the managing agency houses as “Issue Houses”. The services included were managing issue of securities, advising on the capital restructuring, providing underwriting activities, arranging finance from various institutions, preparing prospectus and listing of issues in the stock exchanges* 2. Though merchant banking activity was initiated in about three decades ago, it was only in 1992 when SEBI was formed and the rules and regulations regarding merchant banking activities were redesigned for a more disciplined performance of these entities. The concept merchant banking assumed a serious concern only after SEBI thought it positively as a very important intermediary in the functioning of the capital markets and also performing other financial services.

The merchant banks in India basically have concentrated their activities on the following services:

1- Corporate counselling

2- Project counselling and pre-investment studies.

3- Credit syndication and project finance.

4 -Capital issue management.

5 -Underwriting of capital issues.

6- Portfolio management.

7 -Venture capital financing.

8 -Lease finance.

Question-1: A merchant bank is a financial institution conducting money market activities and?

 a. Lending

 b. Underwriting and financial advice

 c. Investment service

 d. All of the above

Question 2. Banks implement the RBI’s _______ policies.

 a. Monetary

 b. Credit

 c. Commercial

 d. Both a and b

Question 3. Financial services through the network of elements such as ________, serve the needs of individuals, institutions and Corporate.

 a. Financial institutions

 b. Financial markets

 c. Financial instruments

 d. All of the above

Question 4. Formal merchant banking activity in India was originated in______?

 a. 1978

 b. 1969

 c. 1769

 d. 1987

Question 5. In India Merchant banking along with management of public issues and loan syndication covering activities like?

 a. Project counseling

 b. Portfolio management

 c. Investment counseling

 d. All of the above

Question 6. The criteria for authorization of merchant bankers includes: 1. Professional qualification in finance, law or business management 2. Infrastructure like adequate office space, equipment and manpower 3. Employment of two persons who have the experience to conduct business of merchant bankers 4. Capital adequacy 5. Past track record, experience, general expectation and fairness in all transaction

 a. 1, 2, 4, 5

 b. 2, 3, 4, 5

 c. 1, 2, 3, 4, 5

 d. None of the above

Question 7. The early growth of merchant banking in the country is assigned to the_______?

 a. FEMA

 b. Foreign Exchange Regulation Act, 1973

 c. Securities Contracts Act

 d. Income-tax Act

Question 8. The four categories of merchant bankers issued by SEBI: Minimum net worth for first category is ______, second category is ______ and third category is ______.

 a. Rs.1 crore, Rs. 50 lakhs, Rs.20 lakhs

 b. Rs.20 lakhs, Rs.1 crore, Rs.50lakhs

 c. Rs.2 crore, Rs.50lakhs, Rs.25lakhs

 d. None of the above

Question 9. The term ‘Merchant Bank’ is used in?

 a. United Kingdom

 b. United States

 c. India

 d. Non of the above

Question 10. In India, merchant-banking activity was originated with the merchant banking division set up by the __________?

 a. Barclays bank

 b. Grind lays bank

 c. Yes bank

 d. None of the above

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Business Policy & Strategic Management (EDL 301)-Semester 3

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1st Block Assessment

CASE STUDY

In November 2017, China’s largest online travel agent (OTA), Shanghai-based Ctrip.com International Limited (Ctrip), announced the acquisition of the US-based travel recommendation service, Trip.com (Trip), for an undisclosed sum. This was the latest among several moves by Ctrip that signaled its ambitions to expand beyond Asia. Earlier in 2016, Ctrip bought Skyscanner, a Scotland-based flight Search Company, for about US$1.74 billion, making the travel industry sit up and take notice. The Trip deal was expected to help Skyscanner leverage Trip.com’s capabilities on its own platform. Travis Katz, CEO and founder of Trip, said, “The idea of this deal is for Skyscanner to marry in-destination reviews content in Trip’s arsenal to Skyscanner’s platform. The aspiration is not to only add static details, such as about the opening times of restaurants or museums, but to also enable Skyscanner users to see and eventually add social reviews within Skyscanner’s website and apps,”

Founded in June 1999 by James Liang, Neil Shen, Min Fan, and Qi Ji, Ctrip started out as a trip advisor service provider. The company aggregated information on hotels and flights and enabled customers to make informed and cost-effective hotel and flight bookings. Its inception and growth coincided with the travel boom in China and its revenues increased from Renminbi (RMB)6.9 million in 2000 to RMB105.3 million (US$12.7 million) in 2002.

Even the outbreak of the Severe Acute Respiratory Syndrome (SARS) in 2003 did not have a significant impact on Ctrip’s business. By October 2003, Ctrip had established room supply relationships with over 1,700 hotels in China and over 450 hotels internationally. It went public in December 2003, with its IPO soaring on the debut day. On Nasdaq, the shares opened at US$24.01, and at one point went up to US$37.35, thereby making Ctrip’s first IPO double its US$18 offer price on day one of trade.

COMPETING WITH TECHNOLOGY

Ctrip had constantly been acquiring new technologies to serve its customers. Artificial Intelligence, big data, and intelligent hardware employed by Ctrip were crucial in providing a superior travel experience. Jane Sun (Jane), Ctrip’s Chief Executive Officer, said, “For the user interface, we want to make sure that we know every customer who has purchased or searched on the Ctrip website. So when we list our products for them, it’s not millions of items that they have to search through — the user experience wouldn’t be maximized. Hopefully we can personalize the display. All of that is in our design. When the customer purchases with us, they (may not) know what they want, but we know what would fit them. That’s a way technology will help us” .

CTRIP’S STRATEGIC INVESTMENTS AND ACQUISITIONS

Ctrip maintained its leading position through a series of strategic investments and acquisitions. From 2013, the company began expanding aggressively expanding internationally. Feifei Xu, Director of Brand Strategy, Labbrand, said, “Their international expansion aims to offer Chinese out-bound travelers or foreign companies in China an extension of their value-chain platform of tourism. By international expansion, they are mostly targeting outbound Chinese travelers.” In 2013, Ctrip invested in travel search engine Kuxun, hotel app Economy Hotel Manager, social trip sharing platform Chanyouji, and car rental services Yongche and eHi Car Services

CHALLENGES AND OPPORTUNITIES

The acquisition of Skyscanner, while contributing substantially to Ctrip’s growth, intensified both domestic and international competition. To compete effectively with Ctrip, other OTAs in China made attempts to attract large investments. Meituan Dianping raised US$4 billion in a funding round led by Tencent Holdings . Interestingly, Priceline, which was Ctrip’s largest shareholder, also participated in the funding round. Agoda.com, owned by the Priceline Group, established a strategic partnership with Meituan Dianping. This strategy of Priceline investing in Ctrip’s domestic competition indicated that it perhaps saw Ctrip as a potential threat and thus made an investment in Meituan Dianping that could lead to hedging its bets against Ctrip. However, analysts felt that Ctrip was strong enough to take a further share of the Chinese OTA market and its long-term growth prospects in China remained strong.

Adding Skyscanner’s revenue to Ctrip’s total boosted Ctrip’s Q3 2017 transportation-ticketing revenue by 41 percent to US$515 million. Cindy Wang, Chief Financial Officer, Ctrip, said, “The total number of transactions made by direct booking increased almost three-fold since May (2017), the month we launched the engine on Skyscanner, through September.”

Question 1. Co. adopted a strategy of using technological tools and make customer purchases easier by?

a. Knowing what would fit customers, as customers (may not) know what they want

 b. Giving promotional offers

 c. Giving discounts, customers always know what they want

 d. None of the options

Question 2. Ctrip had continously been acquiring new _____ to serve its customers?

 a. Customers

 b. Technology

 c. Offers

 d. None of the options

Question 3. Ctrip maintained its leading position through?

 a. series of strategic investments only

 b. a series of strategic investments and acquisitions

 c. Focussing on Industry Competition

 d. Focussing on Attracting maximum customers

Question 4. For expansion of C Trip International Ltd. , what strategy was adopted ?

 a. Acquisition of US based Trip .com

 b. Selling of Trip .com

 c. Becoming a Parter of Trip.com

 d. None of the options

Question 5. Investment strategy adopted by Ctrip was into field of?

 a. Car rentals , Hotel Apps & travel search engines

 b. Car rentals only

 c. hotel app Economy Hotel Manager only

 d. Both B & C

Question 6. Main investment strategies adopted by the Companies in this case study were related to ?

 a. Selling of a Product Line

 b. Competitor analysis

 c. Scanning Environment

 d. Acquisitions

Question 7. The strategy adopted for acquisition of Skyscanner, by Ctrip helped in?

 a. growth of international market

 b. Growth in Foreign Lands

 c. growth of both domestic and international markets

 d. growth of domestic market

Question 8. To enable customers to make informed and cost-effective hotel and flight bookings, The company aggregated information on?

 a. On hotels and flights

 b. on budget hotels

 c. on international flights

 d. both a & b

Question 9. What technological tools were employed by Ctrip in providing a superior travel experience?

 a. Artificial Intelligence, big data, and intelligent hardware

 b. Excellent Software

 c. Market Research

 d. Both B&C

Question 10. ______ has played a major role in this case study, and for capturing a wide market share by the company ?

 a. Technology

 b. Competitors

 c. International Markets

 d. Both B& C

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2nd Block Assessment

CASE STUDY

Navroze Godrej (Navroze), the young executive director for Strategy and Innovation at Godrej and Boyce, the holding company of the India-based Godrej Group, is a fourth generation scion of the Godrej family. Keen on bringing about a major change in his company’s design thinking, he set himself the goal of changing the Godrej Group’s old-world, engineering driven mindset into a forward looking design driven mindset. He aimed to shape the Godrej Group into a company that inculcated a culture of open collaboration between different work groups and businesses. As part of his efforts to fulfill this aim, he created a suitable ambience and office infrastructure to break down the organizational hierarchies. He also started the Godrej Design Lab to encourage young designers to showcase their work. The selected designers were mentored and their designs displayed at national level exhibitions. The case discusses whether the initiatives taken by Navroze to bring about organizational transformation to make the Godrej Group design, innovation, and consumer focused can succeed. The case gives enough scope to analyze whether the influx of young talent is capable of bringing in novel ideas to shape the company’s future.

In 2005, Navroze Godrej (Navroze) was inducted as a management trainee into Godrej & Boyce (G&B), the holding company of the Godrej Group. Navroze, a fourth generation-scion of the Godrej family which owned the Godrej Group, was all of 23 years old when he joined Godrej. He was quite different from the previous generations of the family in terms of being more agile and wanting to bring in change within the company. When Navroze was in his early twenties, he met Professor Hemmant Jha, (Jha) of the Institute of Design, Chicago, US. It turned out to be a momentous meeting and was a turning point for Navroze as it kindled in him a love for design, which soon turned into a lasting passion. Navroze was so impressed after chatting with Jha that he persuaded the professor to join G&B. Analysts said this was a smart move by Navroze – one that drove G&B toward innovation. After hiring Jha, Navroze and his team at G&B brought out novel designs and innovations which were patented under Godrej.
Godrej, one of the largest Indian privately-held diversified industrial companies, was founded by Ardeshir Godrej (Ardeshir) in 1897. Ardeshir, a lawyer by profession, gave up his career in law to pursue his passion for making high quality locks and safes. The business was expanded further by Ardeshir’s youngest brother, Pirojsha Godrej (Pirojsha), who joined the company in 1906. In 1909, Godrej secured its first patent for spring-less locks which Ardeshir sold under the Anchor brand. During the 1920s, Ardeshir manufactured the first of Godrej’s sturdy steel cupboards branded as ‘Storwel,’ that became a trend in Indian homes. Ardeshir launched a washing soap as well and the world’s first vegetable oil based toilet soap. The toilet soap was considered to be the best in its time, as it revolutionized the manufacturing process. Up till then, soaps were made from animal fat. Godrej earned a name for itself with the superior quality of locks and soaps it sold. In 1952, Godrej bagged a contract to manufacture ballot boxes for India’s first general elections. Every day, 15,000 ballot boxes were made at its Vikhroli factory in Mumbai, to supply the target of 1.2 million boxes.
In 2013, after Navroze graduated with a Master’s in design, he returned to join G&B and spearheaded a pilot project on a disruptive business model. One of the things he changed was the layout of the (office) shop-floor. Unlike the previous directors who worked from their closed office space, he preferred to sit with his project teams around a big table and discuss matters with them. The new furniture layout was intended to support both individual and group work. Navroze felt traditional desk arrangements created a barrier and prevented openness and collaboration.
GODREJ INNOVATION CENTER
In 2013, Navroze took the bold move of setting up a 25,000 square foot ‘Innovation Center’ in Vikhroli, Mumbai. This was a research and development center to conduct explorative study in areas involving security, lifestyle, well-being, energy, productivity, and connectivity. The innovation center had a fixed 20-member full-time team, while at any given time there were at least a 100 other employees who belonged to other departments deputed to accomplish time-bound projects. As Navroze believed in diversity, the members in the teams came from different backgrounds such as, design, marketing, research, business, engineering, and others. The center had enough space for meetings and lectures, and the furniture was such that it could be reorganized for display of prototype product designs, a collection of material types, and for any other informal interaction as well.
SPRINT PROGRAM
Navroze led the Sprint program that caused a cultural transformation in the company. He facilitated a bottom-up approach, where he invited all the employees of Godrej to submit ideas at the innovation center. Based on their ideas, Navroze set up work groups. For the first time, people with 20 years of experience and those who had joined just six months earlier began working together. The groups came up with ideas that ranged from cooking appliances to recycling of waste, to looking at resources and services for transit population.
GODREJ DESIGNLAB
In 2013, Navroze set up the Godrej DesignLab, (GDL), which was established in collaboration with a Mumbai-based design studio, Elle Décor. GDL was a platform for designers to co-create, experiment, innovate, and challenge the boundaries of product design. GDL aimed at providing a holistic support system to designers who could give a whole new level of futuristic designs. GDL was a forum where designers could submit their work in four categories of furniture, furnishings, lighting and home décor, & accessories.
THE HUBBLE
In April 2014, Navroze spearheaded the development of a second innovation center, the Hubble. It was conceived to serve as a hub where people could interact informally to encourage the culture of creative thinking. The Hubble was built on a spacious 25,000 square foot space in the Vikhroli office itself, to function as an eat, work, and play space with a coffee-shop-kind-of-atmosphere. It encouraged both private and collaborative work among the employees.
REINFORCING THE DESIGN TRADITION
The Chief Design Officer, of GPL, Anubhav Gupta (Gupta), said that though there was no vertical on design in the Godrej group of companies, design was considered a business horizontal as it had become omnipresent in all aspects of the Godrej Group. He said innovation at GPL was not about playing it safe but it required an ability to tolerate failure before earning superlative success. Innovation, according to Gupta, was finding the best possible or the most optimal design.

Question 1: A smart strategy adopted by Navroz in the starting phase, after getting impressed with professor Jha was?

 a. Strategy related to innovation

 b. strategy related to acquisitions

 c. Strategy related to controlling systems

 d. strategy related to diversifications

Question 2. for India’s first general elections , what kind of contract was bagged by Godrej ?

 a. to manufacture Lockers

 b. to manufacture Soaps

 c. to manufacture both ballot boxes & soaps

 d. to manufacture ballot boxes

Question 3. Godrej earned a name for itself in the starting phase for which of the following products ?

 a. Refrigerators

 b. superior quality of locks and soaps

 c. Soaps Only

 d. Electronic Appliances

Question 4. Godrej revolutionised the manufacturing process, and created world’s first _______?

 a. Animal fat based toilet soap

 b. vegetable oil based toilet soap

 c. Herbal Soaps

 d. All

Question 5. In order to breakdown the organisational hierarchies , what basic strategy was adopted ?

 a. Creation of a suitable ambience and office infrastructure

 b. Creation of a friendly environment

 c. Creating a competitive Environment

 d. Both b & C

Question 6. It was felt that old structure of traditional desk arrangements  created _______?

 a. efficient working environment

 b. Prevented positive work culture

 c. Barrier, prevented openness and collaboration

 d. All

Question 7. On what kind of activities godrej majorly focussed in the innovation centre?

 a. Research & Development

 b. cost cutting strategies

 c. strategies to attrat customers

 d. None of the options

Question 8. The first patent secured by godrej , was related to which product?

 a. spring-less locks

 b. Almirah’s

 c. Safe’s

 d. Refregirator’s

Question 9. The strategy adopted by godrej in respect of innovation, was done in respect of?

 a. achieving greater market share

 b. to attract more & more customers

 c. Both A& B

 d. None of the options

Question 10. People/ employees in Godrej were allowed to interact informally which lead to encouragement of  ___?

 a. the culture of creative thinking

 b. collaborative work among the employees

 c. Both A & B

 d. None of the options

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3rd Block Assessment

CASE STUDY

This case discusses about the acquisition of Florida-based Elizabeth Arden Inc, (Arden), a cosmetics, skin care, and fragrance major by Revlon Inc. (Revlon) another cosmetic giant. Post-merger, Revlon reported a 21.9% increase in its net sales in 2016. The case highlights the journey of both the businesses and also the tough time they faced prior to the merger. While Revlon had been weighed down by its debt, the sales of celebrity fragrances, a key part of Arden’s portfolio, had declined. Arden’s losses and increasing debt load left the company with few options to survive as a stand-alone business. Revlon pursued the deal largely in order to achieve scale.

Revlon bought Arden in a $870 mn deal in June 2016. The merger brought together the two cosmetics majors amidst hopes that a combined distribution network and marketing strategy could broaden their appeal. The industry showed a mixed response to the union. While some experts felt the synergy was not very realistic few other opined that it would revive the fortunes of Arden.

The case also discusses Revlon’s plans of restructuring the business. It headed towards shifting to a brand-centric structure aimed at identifying investment areas quicker and reacting faster to consumer needs in the domestic and international markets.

In March 2017, New York-based cosmetics, skin care, fragrance, and personal care company Revlon Inc, (Revlon) reported its net sales rose to $2.3 billion in 2016, a 21.9 percent increase compared to 2015. Revlon witnessed growth across all segments. This growth in sales came amidst Revlon’s plans to shift to a brand-centric structure after initiating a restructuring plan in 2016. The restructuring followed Revlon’s acquisition of Elizabeth Arden Inc, (Arden), a Florida-based, cosmetics, skin care, and fragrance major, for $ 870 million. The merged company was expected to leverage the strength of its brands and adapt to the changing behaviors and preferences of consumers to serve them better. In addition to expanding categories, channels, and geographies, Revlon expected to hit $5 billion in sales in the next five years. As part of the integration, it announced the elimination of 350 positions worldwide and streamlining of certain operations. In addition, project integration-related restructuring activities were estimated to cost between $65 million and $75 million by 2020.
THE JOURNEY OF ELIZABETH ARDEN
Born as Florence Nightingale Graham (Graham) in 1878 in Ontario, (Canada), Graham was the youngest of five children in a poverty stricken family. She dropped out of school due to a lack of finances and began training as a nurse. During nursing training she met a chemist experimenting with a facial cream that could help acne sufferers. The idea fascinated her, leading to her believing that most women would give anything for beauty. Graham took up a number of odd jobs that gave her an opportunity to display her salesmanship. While working briefly as a bookkeeper for the E R Squibb Pharmaceuticals Company in 1908, she spent hours in their lab learning about skincare. This further inspired her to fashion a small lab for beauty products of her own. To pursue her dream, she quit her job at Squibb and joined as an assistant in a newly established beauty parlor. Graham later worked for beautician Eleanor Adair as a “treatment girl” and gained valuable industry experience. In 1910, Graham borrowed money from her brother William and started ‘Red Door Salon’ with a partner, Elizabeth Hubbard . The first shop was opened on Fifth Avenue. The partnership soon dissolved and Graham became the sole proprietress. She decided to name her salon ‘Elizabeth Arden’. The name was derived from her former partner’s name and from Alfred, Lord Tennyson’s poem ‘Enoch Arden’. The new name raised the prestige and glamor of not only the business but Graham as well. Thus, Graham changed her name to Elizabeth Arden (Arden) in 1915.
THE JOURNEY OF REVLON
The history of Revlon Inc, one of the world’s leading cosmetics companies based in New York, can be traced back to 1932. Two brothers, Joseph Revson and Charles Revson, conceived of the idea of creating a nail enamel using pigments instead of the normal dyes. They collaborated with a local chemist named Charles Lachman (who contributed the ‘L’ to the Revlon name), to come up with their first product. Revlon developed a variety of new shades of nail polish. Seeing the booming beauty salons and the growing popularity of manicures they targeted beauty salons as a market to sell their nail polishes.
Arden was known for its fragrances including those licensed from celebrities like Marilyn Monroe, Catherine Zeta-Jones, Britney Spears, Justin Bieber, Taylor Swift, and many more. However, in 2014, the company posted the biggest ever quarterly loss in its history, a 28 per cent drop in revenue. The company was hit hard mainly because of a fall in the sales of its celebrity perfumes. The company statement said, “While the company had expected weaker sales comparisons due to the lower level of fragrance launch activity in fiscal 2014 versus fiscal 2013, the decline in sales of celebrity fragrances, particularly the Justin Bieber and Taylor Swift fragrances.
In June 2016, mired in financial woes, Revlon decided to pick up Arden. The company agreed to buy Arden in an $870 million deal. The wager was expected to create a beauty business with annual sales of $3 billion along with creating a platform in categories like mass, prestige, professional, color cosmetics, skin care, and fragrances. In addition to greater purchasing power, the merged entity was expected to benefit from cost savings of nearly $140 million by eliminating overlaps, integrated manufacturing, and distribution networks of both companies. Garcia said, “We see great opportunities for growth where they are strong and we are not.”
Some analysts expected a negative outcome from the union. They felt that Revlon was buying a troubled competitor with an elevated debt load. Although Revlon pointed to the expected synergies, experts found this unrealistic and opined that it could possibly result in higher leverage ratios. Wendy Liebmann, CEO of WSL Strategic Retail, stated, “There’s so little other business synergy. Arden is a fragrance and skin care house. Revlon is a color cosmetics and hair-color business. Different price points and distribution.
The deal not only marked a turnabout for investors, it also put an end to speculations that Revlon would be an acquisition target – rather than a buyer. Before the acquisition was announced, Arden’s market capitalization was $280 million. Shares had fallen 40 percent off their 52-week high. But as soon as the news of the acquisition came in, Arden’s shares soared by as much as 50 per cent and closed at $14; Revlon rose about 6.6 percent to close at $33.25.
In January 2017, Revlon decided to divide and organize the business into four categories: the Revlon brand, Elizabeth Arden, fragrances and portfolio brands, (which included Almay, Mitchum, Gatineau, Sinful Colors and Pure Ice cosmetics. Each Revlon team was required to prepare a three-year growth plan and set priorities and strategies for their labels. The core corporate functions including finance, human resources, supply chain, research and development, legal, communications, and corporate social responsibility departments were to be reorganized to provide better support to the new brand-centric and regional structures.

Question 1. As per this case study, Initially Arden was known for?

 a. Nail enamel

 b. Face Creams

 c. fragrances

 d. Both A & B

Question 2. In order to serve the customers better, what strategy was adopted by Revlon?

 a. adapt to the changing behaviors & preferences of consumers

 b. adapt to the changing Market conditions

 c. adapt to the changing Political environment

 d. adapt to the latest Technology

Question 3. In this case study, each Revlon team was required to prepare a _____ growth plan and set priorities and strategies for their labels?

 a. three-year

 b. Five Year

 c. Ten years

 d. seven Years

Question 4. In this case study, What strategy was adopted by Revlon for the purpose  of Growth in the Market ?

 a. Acquisition as growth strategy

 b. Industry Analysis as growth Strategy

 c. Leadership strategy

 d. Competitor analysis strategy

Question 5. Main Motive behind the acquisition & merger strategy adopted in this case study was related to?

 a. Increasing the sales

 b. attracting More & More customers

 c. Capturing Major Market Share

 d. All of the Options

Question 6. Revlon decided to adopt restructural strategies – to divide and organize the business into categories, what were these categories ?

 a. the Revlon brand

 b. Elizabeth Arden brand

 c. fragrances and portfolio brands

 d. All of the options

Question 7. Revlon headed towards shifting to a brand-centric structure aimed at identifying investment areas quicker and reacting faster to _____?

 a. consumer needs in the domestic and international markets

 b. consumer needs in the domestic market only

 c. consumer needs in the international markets

 d. None of the options

Question 8. The case study  discusses Revlon’s plans of____?

 a. Restructuring the business

 b. Closing the business

 c. Both A& B

 d. None of the options

Question 9. This case study , highlights __?

 a. the better condition of Elizabeth Arden Inc prior its acquisition

 b. the journey of both the businesses and also the tough time they faced prior to the merger

 c. the downfall of Revlon Inc . before the acquisition

 d. None of the options

Question 10. This case study is about which two major companies ?

 a. Revlon International & Mac

 b. Maybelline & MAC

 c. Elizabeth Arden Inc & Revlon Inc

 d. Mayabelline & Revlon

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4th Block Assessment

CASE STUDY

When a new technology comes along that is capable of improving dramatically the products of a whole industry, every firm in that industry has vital strategic decisions to make. It must ask itself:
• How far and how quickly should we amend or abandon our present products?
• How far and how quickly should we embrace the new technology?
• Are we big enough and capable enough to accomplish all the 
essential changes on our own?
• How can we come out of this time of change stronger than we went in?
Once taken, these key decisions have to be implemented.
Technological change > Strategic decisions > Strategic Implementation
All this makes for exciting times within the industry, for producers and also for consumers, who also have some adjusting to do.
Imaging is one of the world’s growth markets and new technology is making its mark; imaging has ‘gone digital’. It is not a complete transformation. Analogue imaging has not been abandoned and still has millions of satisfied consumers. However, the industry will move on. This is because the new technology:
• is genuinely innovative
• has undeniable advantages in some key aspects
• has been shown to work
• is proving reliable
• is capable of further development
• will become cheaper in the long run.
The pace of change is accelerating. Abandoning former practices and establishing new ways of working is generating not only excitement, but also stresses and tensions. The new technology requires new skills, new attitudes and new approaches from both producers and consumers.
This case study looks at how AGFA, a leading player, is taking full advantage of the digital revolution. The company is using the new technology as:
• an engine for growing its business
• a means of providing its customers with better product possibilities and with greater flexibility and choice.
Agfa
Agfa is a leading name in the imaging industry. The Agfa-Gevaert Group de-velops, produces and distributes an extensive range of analogue and digital imaging systems. Agfa has divided its operations into three segments.
Segment: Consumer imaging.     
Activity/Products: Wide range of products using both digital and analogue technologies for taking, processing and manipulating photographs.
Segment: Graphic systems.     
Activity/Products: A wide range of electronic and photographic systems for the graphics industry, including workflow management systems, scanners and laser image setters.
Segment: Technical imaging. 
Activity/Products: Medical uses eg X-ray equipment; non-destructive fault-testing eg in aircraft and pipelines; industrial imaging for motion pictures; document management systems and micrographics.
Agfa’s operations involve a high level of innovation. The company’s willingness and ability to work at the leading edge of technology help to make it a leader in its field.

For Agfa to remain a market leader, its managers must concern themselves with the future and ask themselves:
• Where is the industry heading?
• What are our competitors likely to do next?
• Where do we go from here?
With imaging, the answers currently are:
• The industry is heading towards greater use of digital imaging.
• Our competitors will invest in research and development aimed at enhancing quality at affordable prices.
• We look to get there first, with better products to sell to customers who are prepared for using them.
This approach requires a willingness to invest heavily in new projects that maximise the benefits of new technology.
– Every proposed project undergoes investment appraisal. This procedure establishes whether a particular project is worth taking forward. Managers will ask key questions about a proposal, including:
• How expensive are the initial outlay and the final total outlay likely to be?
• For how long are we likely to be spending money without any financial return?
• How long is it likely to be before we recover, from sales, all the money we have invested?
• What return can we reasonably expect from our investment in the long term?
• How big are the risks? What events over which we have little or no control could cause this project to falter or fail? How likely are they?
Risks for the imaging industry include:
• a significant rise in the cost of borrowing to finance investment
• a downturn in business activity worldwide that persuades industrial customers to postpone their own purchase of new plant and equipment
• poorer job prospects for the general public that deter private consumers from spending on the latest products.
Agfa must consider these factors as it contemplates large scale investment in new digitally based technologies.
During 2000 Agfa invested around 224 million Euros (equivalent to 4% of its sales revenue) in research and development. Part of this involved working with external partners eg universities and leading research centres. Much of the work reflected the need to move forward in:
• developing the transition from analogue to digital solutions
• meeting a wider variety of customer needs
• helping Agfa to create new market sectors and to enter them profitably.
Digital technologies are changing the way in which people take, process and use images. New processes allow customers to work with images quickly and efficiently, without requiring extensive expertise and knowledge. Take, for example, the newspaper world. With newspapers, speed is vital and editors want the best pictures to go with the latest stories.
• Digital technology is transforming newspaper production. For example, sports photographers no longer have to dash back to the office to develop prints, wondering anxiously what they have captured. They know immediately the quality of the image they have and they can despatch it immediately too. As a result, the publisher soon has on sale a comprehensive local Saturday night ‘sports special’ carrying action photos of spectacular moments that occurred hundreds of miles away just a short time earlier.
• The new technology is also transforming photography for the general public. For example, crystal clear photos of a baby can now be available to proud, anxious grandparents thousands of miles away within a few minutes of an infant’s birth.
• Technological advance does have a downside, in that demand for new products affects sales of older ones. As a market, analogue photography has almost reached maturity. It is still 
significant in size with almost 70% of the market. However, with plenty of scope for further product developments and for repeat business. The growth of digital technology has not deterred Agfa and its competitors from bringing out new, improved products for use with ‘old’ technology.
• The real difference between analogue and digital lies in how images are recorded and processed. Analogue photography uses traditional cameras to expose silver-halide film. This still remains the most widely used way to capture images. Customers are well served with a variety of excellent products, from traditional slide and print films to Advanced Photo Systems (APS) films and single-use cameras with enhanced capability.
• Compared with digital systems, recent analogue advances are ‘low tech’, but so too is their cost. Image quality is excellent, and represents optimum value. The technology can also be applied widely; even single-use cameras take good pictures. However, analogue images cannot be viewed instantly, take time to enlarge or reduce and are on prints or negatives that cannot be re-used. Negatives need optimum storage conditions to remain in good condition long term. The chemicals used in processing also raise some environmental issues. Digital technology represents a genuine advance because it removes many of these difficulties.
• Digital images
• Digital images are based upon a grid or matrix. They vary in the quality of their resolution, which is expressed in pixels or dots per inch (dpi) or millimetre. The higher the resolution, the better the picture, and the more expensive the equipment producing it.
• There is a wide range of affordable digital cameras on the market now, offering varying levels of quality, capabilities and prices. There are also thousands of commercially available CD-ROMs offering images, graphics and more, all at different quality, sophistication and price levels. Consumers can also turn to the Internet, where millions of images are available for downloading to a PC.
• Digital offers some real advantages. Images are held in a digital file and are available for use immediately. They can be transferred immediately from camera to PC, where they can be compressed, amended, altered and despatched using e-mail, fast ISDN lines and the internet. They can be downloaded and printed or transferred to CDs using recently developed copying equipment that retains image quality at a high level.
• Consumers can take CDs to an Agfa Image Center where the quality, format and resolution can be chosen. Digital images have transformed access, ease of use and transmission of images to provide a flexible series of solutions for customer needs. With instantaneous image capture, digital images require only minimal storage facilities. Images can also be manipulated and altered and only the chosen images need to be put into print format.
• However, at the present stage of development, really high quality digitally produced images do not come cheap; the equipment required is expensive. Professional users face high set-up costs, but in industries where speed, quality, and flexibility in use really matter, the price is worth paying. Imaging is an industry where copyright is jealously guarded, and ease of transfer brings with it problems of security and copyright protection. Digital files can also be lost or become corrupted, so some form of back-up is vital. Agfa is aware of these additional consumer and business needs and continues to work on ways of meeting them.
• The imaging industry now has two main product markets: analogue and digital. Each product has strengths and weaknesses, the importance of which varies according to customer needs and requirements.
• There remains a need for both analogue and digital imaging, depending upon the requirements of client groups. For example, during construction, gas and oil pipelines need their joints X-rayed with periodical follow-up checks so that cracks and defects can be detected. This is a job for tried and tested analogue systems.
 
On the other hand, digital technologies have helped to transform the work of hospital radiologists. For example, a software package developed by Agfa called MUSICA (Multiscale Image Contrast Amplification) enables radiologists to manipulate X-ray images in various ways. Edges can be sharpened up to reveal key details, and images can be rotated to offer alternative perspectives. Users can zoom in on details, and select and sort images in a search for recurring patterns. Images can be shared across a number of hospital workstations and can also be transmitted for immediate expert analysis elsewhere.
The best investment programmes are supported by painstaking research: market research into what consumers require and product research to establish what the new technology can and cannot do for them. Agfa is at the heart of changes in imaging brought about by new technology. It is leading. It is also listening and learning. In a highly competitive industry, Agfa’s thorough approach is enabling it to retain important competitive advantages over its closest and fiercest rivals. Question 1: As per this case study, the Organisational Structure Adopted by Afga is?  a. Divisional Structure  b. Bureaurocratic structure  c. Line structure  d. Line & Staff Structure Question 2. In a competitive industry, Agfa’s main approach is to gain ____________ over its competitors?  a. technological Advantage  b. Competitive advantage  c. Economic Advantage  d. None of the Options Question 3. In the context of this case study, Adoption of New technology requires investment. is the statement true ?  a. Yes, Investment is required  b. Investment is not at all required  c. Both A & B  d. None of the options   Question 4. Market Research for the Investment Purposes in context of the consumers is related to ?  a. Identification of their needs or wants  b. identification of Competitors  c. Both A& B  d. None of the Options Question 5. Some of the Vital strategic decisions in respect of new technology can be?  a. How far and how quickly should we embrace the new technology  b. “Are we big enough and capable enough to accomplish all the essential changes on our own ”  c. How far and how quickly should we amend or abandon our present products  d. All Question 6. Techonological Factors are related to which type of Environment?  a. External Environment  b. Internal Environment  c. Competitive Environment  d. Structural environment Question 7. The downside of Technological advancement can be ___?  a. New technology becomes immediately popular  b. sale of older technology is not at all affected  c. sale of older technology is affected  d. All of the above Question 8. The product market related to Imaging industry is/ are ?  a. analogue only  b. Analogue and digital  c. digital only  d. none of the options   Question 9. What is /are the reason/s, that the company adopts to new technology ?  a. Is innovative  b. Is reliable  c. good scope in long run  d. All Question 10. Advantages of using Digital Images according to this case study are ?  a. available for use immediately  b. can be transferred immediately from camera to other devices  c. can be downloaded and printed or transferred to CDs  d. ALL

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5th Block Assessment

CASE STUDY

This case discusses how Beijing-based multinational technology giant, Lenovo Group Limited (Lenovo), emerged as a global brand from China. After becoming a market leader in the Chinese PC market, several international acquisitions helped the company establish a presence in global markets. The company’s 2005 acquisition of the PC division of US-based multinational technology giant International Business Machine (IBM) gave the Lenovo brand global recognition. Lenovo’s 2011 acquisition of German electronics manufacturer, Medion, in 2011 and a joint PC venture with Japanese multinational technology company NEC Corporation helped the company transform from a small Chinese electronics company into the world’s largest PC maker by shipping over 53 million units in 2013.

After some initial success with its ‘Protect and Attack’ strategy, Lenovo started to face reverses. In 2017, it lost its PC crown i.e. market leadership in the global personal computers (PCs) market, to its arch rival Hewlett-Packard (HP). Lenovo also found the going tough in the smartphone business that it entered in 2010 as part of its ‘PC Plus strategy’. Lenovo’s gamble of acquiring Motorola Mobility from Google failed to pay off, according to some analysts. By the end of 2015, Lenovo’s fortunes in the mobile market had dipped dramatically. It slipped to eighth position in China’s smartphone market as new and nimbler Chinese competitors such as Huawei, Xiaomi, Oppo, and Vivo continued to grow rapidly. Critics stated that Lenovo lacked innovation at a time when its rivals were upping their game in both the PC and smartphone markets. The challenge before Yang Yuanqing (Yang), CEO of Lenovo, was how to orchestrate a turnaround in the fortunes of the company and restore it to its past glory.

In August 2017, Beijing-based multinational technology giant, Lenovo Group Limited (Lenovo), reported a quarterly loss of US$ 72 million for the quarter ended June 30, 2017. It had made a profit of US$ 173 million for the same quarter of 2016. Lenovo also lost its market leadership in the global personal computers (PCs) market to its arch rival Hewlett-Packard (HP). HP led the global PC market with a 22.8% market share for the second quarter of 2017 while Lenovo stood second with a market share of 21.6%, according to International Data Corporation (IDC). Analysts attributed Lenovo’s troubles to the maturing PC market where demand was falling with consumers shifting to smart phones and tablets for daily activities including surfing the Internet. Critics opined that Lenovo’s products, be it PCs or smart phones, lacked innovation while HP had taken over the PC crown by launching a series of cool products targeted at gamers. In the smart phone market too, analysts felt that Lenovo had failed to read the market signals, while its competitors such as Huawei Technologies Co. Ltd. (Huawei), Xiaomi Inc. (Xiaomi), Oppo Electronics Corp. (Oppo), and Vivo Electronic Corp. (Vivo) were rolling out stylish and inexpensive smart phones and gaining market share in China.
The history of Lenovo dates back to 1984 when it was started as New Technology Developer Inc., the predecessor of the Legend Group Ltd. (Legend), by Founder and Chairman, Liu Chuanzhi (Liu), along with ten colleagues at the government-owned Computing Institute of the Chinese Academy of Sciences (CAS) with US$ 25,000. The company was started with the aim of commercializing the research and development (R&D) activities conducted at CAS. In 1985, as its first business deal, the company took over the responsibility of receiving, checking, and maintaining IBM computers imported by CAS and of training CAS staff.

The company invested the profits of US$ 146,583 it had received from servicing IBM computers in the design, production, and marketing of its first product – the Chinese character card – HanCard. The Chinese character card, which translated English operating software into Chinese characteristics, was based on the original concept developed by the Institute of Computer Technology (ICT) of CAS. At that time, foreign vendors were not able to come out with such an operating system for PCs in China. The successful launch of the Chinese card boosted Lenovo’s growth in the early 1990s.
In the 1990s, Lenovo was the first company to introduce the home computer concept in China and it grew into a national company cornering a market share of 27% in the domestic market. Lenovo’s competency was its deep understanding of the domestic market and its quick response to the demands of local consumers. The success of Lenovo and other domestic computer makers in China confounded the predictions made by several market analysts. According to Business Week , “It wasn’t supposed to happen this way. A few years ago, most analysts were convinced that the global players would gobble up the Chinese market, with locals like Lenovo stuck in second tier status – at best.”

Lenovo believed that to become a global brand, it was not enough just to be identified as a global firm. Establishing a presence in more developed and highly globalized markets such as the US and Europe was essential for its overall strategy. By 2001, though Lenovo’s market share had reached 30% in China, it realized that it would not be able to grow much more given the stiff competition in the country. In addition to this, the domestic market for home PCs was shifting toward laptops rather than desktop PCs. This posed a challenge to Lenovo despite its recording profits of US$ 130 million for the FY 2002-2003, as laptops were not just costly to manufacture but also involved tough competition from rivals such as Dell and HP. In a bid to combat these challenges the company decided to step into international markets.

The global economic slowdown in mid-2008 led to Lenovo posting a loss of US$ 226 million. During this time, the company’s CEO William Amelio stepped down in favor of Yang, while Liu returned to assume the role of Chairman.
Lenovo’s Protect and Attack strategy helped the company taste success in China as well as in other global markets. For the FY ended 2013, the company also emerged as the number one PC company in global emerging markets, as well as three of the seven largest PC markets in the world – China, Japan, and Germany. For the quarter ended June 30, 2013, Lenovo’s smartphone business.
With the acquisition of Motorola, Lenovo had ambitious plans to capture a portion of the pie in the global smartphone market. However, the company’s fortunes declined when its smartphone shipments decreased by 53% in China with Lenovo maintaining a meager 3% market share for the Q4 of 2015, according to Canalys. In the global market for smartphones, the company stood at fifth position with a market share of 5.7%.
In a bid to arrest the decline in sales in its smart phone market, Lenovo planned to focus on its Moto brand. According to Yang, “Singular branding will benefit the business.” Stating that the new strategy might not bring in much success to Lenovo, Steven Tseng, an analyst at Daiwa Capital Markets, said, “Customers are also really confused by the company’s strategy.”
Despite the challenging outlook in the global smartphone market, Yang remained optimistic about turning around Lenovo’s struggling mobile business. He stated that there was a US$ 110 million sequential improvement in operational pretax income, attributable to improvements in the mobile and data center businesses in the quarter ended June 30, 2017. Yang added, “Not only did this gave me more confidence we will turn around our mobile business in the second half of FY2018, I think the entire Lenovo is entering a new phase of growth.” .

Question 1. As per this Case Study, Strategy adopted by Lenovo ,after some initial success was ?

Protect Strategy

Protect and Attack strategy

Merger Strategy

None of the Options

Question 2. According to this case Study , Lenovo lost its market Leadership in 2017, to which of its Rivals ?

Apple

Samsung

Hewlett-Packard (HP)

Sony

Question 3. Lenovo lacked ____ , when its rivals were upping their game in both the PC and smart phone markets.?

Innovation

strategic Decisions

Acquisition Strategy

Both B& C

Question 4. What strategy was adopted by Lenovo , that contributed to its success in the global PC market ?

Retrenchment Strategy

Internal Restructuring Strategy

Internationalization Strategy

Functional Level Strategy

Question 5. What strategical change/s in respect of the products, was/were adopted by the Lenonovo’s competitors to attract the customers ?

Making product more stylish

attractive pricing strategies

Both A& B

Only B

Question 6. As per this Case study, The main Objective of the company Lenovo as New Technology Developer Inc. in the start was?

Commercialization Of Research & Development activities

To beat the competitors

Both A& B

None of the Options

Question 7. In the starting Phase of the company, What was Lenovo’s Competency ?

deep understanding of the domestic market

quick response to the demands of local consumers

Both A& B

Only B

Question 8. According to Lenovo to become a global brand – Apart from being identified as a global firm, what other strategy was also required ?

Establishing a presence in more developed and highly globalized markets

Improvement in Client servicing

adherence to International Standards

Both B & C

Question 9. What challenge Lenovo had to face , despite of its recording profits ?

Shifting of Domestic Market from Home PC’s to Laptop’s

Shifting of Domestic Market from Laptops to Home PC’s

Shifting of Market Demand to Other Electronic Items

None of the Options

Question 10. In a bid to arrest the decline in sales in its smart phone market, Lenovo planned to focus on which brand?

Samsung Brand

VIVO Brand

Sony brand

Moto brand

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Full Syllabus Assessment

CASE STUDY

Aggregate minerals are an important resource and their use is essential to national prosperity. They are vital for building new or improved housing, hospitals, schools, factories, roads and leisure facilities. Everything from a garden path to the Channel Tunnel. The processing of aggregates also provides materials for a whole range of non-construction uses: in agriculture, water purification, medicines, paint, toiletries, paper, plastics and steel making. Mineral working can have a significant effect on the landscape and on the living conditions of the people. It is essential that the industry operates to high environmental standards and manages its operations in a manner which minimises their impact on the environment. Business managers have to take these matters seriously as public awareness and concern has significantly increased over the last decade.
Companies are judged on the achievement of their “traditional” business objectives, such as return on investment, growth, market share etc. and now on their environmental performance and this is often looked for in specific statements, objectives and strategies set by a company. It is not only environmental campaigning groups or concerned consumers who realise the importance of the environment. Research has shown that three-quarters of managers feel that more emphasis should be placed on these issues. Where does this attitude spring from? There are a number of important influences and these include UK and EU environmental legislation, public opinion, pressure groups, influence of employees’ families and friends, the company’s own sense of social responsibility and, last but not least, market pressure from customers and end-users. These pressures are expected to grow, so a well managed company should prepare itself to respond to the concerns and take appropriate action.
The RMC Group has become the world’s largest producer of ready mixed concrete, also diversifying into a number of other construction material sectors. It employs the principle of vertical integration to secure raw materials – sand, gravel and crushed rock – required to sustain the production of ready mixed concrete and other added value finished products, such as concrete blocks, paving and asphalt and macadams for road construction.
RMC operates in Europe, Israel and the United States. In recent years the reunification of Germany and the restructuring of Eastern Europe has brought about considerable expansion for the Group in the core business of concrete and aggregates and in cement, the material that when combined with aggregates forms concrete. In the UK, RMC is organised into a number of divisions, the two largest represent the core or main line business activities of aggregate extraction and processing i.e. quarrying and the production of ready mixed concrete and other, added value products.
RMC Roadstone
The Roadstone activities of the RMC Group are concerned with the production and processing of crushed rock, much of which will be used for road construction and maintenance. A significant proportion of this output will be used in the manufacture of macadams and asphalt – the materials used for the upper layers and surfacing of all types of roads and pavements.
At present, RMC operates 30 hard rock quarries and 58 bituminous coating plants. Geologically speaking, hard rock such as limestone, granite and gritstone occur to the north and west of a line running from the Wash to Dorset. All of the company’s hard rock quarrying takes place in these areas of England, Wales and Scotland. The coating plants are large mixing units where the rock or stone is combined with bitumen and other components to produce road surfacing materials. These plants are either situated on a materials source i.e. a quarry, or close to the country’s principal market areas, the major towns and cities.
In 1994 there were 1300 quarries and pits ranging from small sand pits producing a few thousand tonnes per annum to super quarries producing many millions of tonnes a year. In the same year there were 1150 ready mixed concrete plants and 350 coating plants.
In 1995, 240 million tonnes of aggregate were produced of which 149 million tonnes were crushed rock and 91 million tonnes of sand and gravel. 10% of total demand is met from recycled and secondary sources; a figure which is set to double over the next decade. (60% of all demolition materials and construction wastes are recycled). The area of land with planning permission for mineral extraction amounts to about 0.35% of the total land area of Great Britain; however, at any one time less than half of this figure would actually be worked. By way of comparison 12% of the land area is taken by urban areas.
• Review – The planning system is rooted in government policy and is controlled centrally for England and Wales by the Secretary of State for the Environment. Consequently, government policy is paramount in the making of planning decisions. The system is primarily operated and administered by local planning authorities (e.g. District and County Councils) which decide whether a proposed development, such as mineral working, may proceed. All applications for planning permission are submitted to the local planning authority.
• Business development – In order to maintain its business, the company needs to keep its “reserves” of minerals with planning permission under constant review. Allied to this, ongoing investigations are undertaken to determine areas from which additional reserves may be gained. Often, where the geological conditions permit, extensions to existing quarry operations are considered in the first instance. In other instances new “green field” sites are studied either as replacements or as a means to expand business activities.
• Environmental assessment – This is a formal technique for ensuring that the likely effects of new developments on the environment are fully understood and taken into account. It has been incorporated into the planning procedures for certain major projects in the UK to implement an EU Directive, which came into force in 1988 and was given legal effect in England and Wales through the Town and County Planning (Assessment of Environmental Effect) Regulations in 1988.Larger mineral development projects and those within environmentally sensitive areas (e.g. National Parks) are required to be the subject of environmental assessment. This approach provides a better basis for decision making. For RMC, the process serves to highlight the environmental effects of a project or, if necessary, where remedial or mitigating measures need to be adopted within the proposals for development. Where formal environmental assessment procedures are not required, environmental effects are still addressed in full since they are taken into account by the planning authority.
• Sustainability – A guiding principle of current government planning policy is to provide for development and growth to be sustainable. Quarrying operations are designed to minimise impacts on the environment while they are active and must work to a restoration objective. When quarrying ceases at a particular location, the site is landscaped and restored, then returned typically to countryside use. To understand the issues involved in quarrying, three case studies highlight specific aspects that RMC has had to consider in its applications to extract minerals.
In 1993, RMC Roadstone Ltd – Eastern sought permission to extend the existing quarry operation in a westerly direction. The quarry, which is situated in the Peak District National Park, already enjoyed an existing permission which if it were to be developed to its maximum permitted extent would yield an additional 4.5 million tonnes of limestone; this would sustain the quarry at the prevailing production level for a further 18 years. However, the company recognized that to develop the quarry within this existing permission would have significant adverse effects. The new application for the westerly extension was therefore designed to provide a similar output over the same timescale and thus sustain the quarry’s existence without the adverse effects shown below:-
• The quarrying operation would be concentrated in areas which were the subject of few planning conditions and which did not provide for meaningful landscaping or restoration.
• The quarry would become more prominent as wooded hillside slopes and an existing landscaped screen mound would have to be removed.
• Blasting would take place near to the village of Stoney Middleton.
• Increased activity at the quarry would be audible in the nearest residential area. Dust emissions would also increase.

• The removal of the existing processing plant and its replacement with a new arrangement, along with the deepening of the quarry would all add to costs of production.
In essence, the application for the westerly extension represented a straight swap i.e. the old permission (with its adverse effects) for a new permission. In addition, the scheme for the proposed extension incorporated a series of measures that would minimise the local environmental impact of the operations and would phase the development in order to effect restoration and landscaping works at the earliest opportunity. The extension would not increase the reserves and there would be no increase in the life of the quarry.
The aim, as expressed to the Planning Control Committee of the Peak Park Joint Planning Board, was to produce a restored area which complimented and mimicked the local landscape. Nearly 30,000 new trees and shrubs of 19 different species would be planted, providing an area of benefit to the local population and to create natural habitats.
The Planning Committee concluded that the environmental benefits constituted a sufficiently strong case to warrant an “exceptional case.” The removal of the possibility of working the slopes near the village and the restoration of the site provided grounds on which to allow the proposal to proceed.
To meet an established need for high quality roadstone, in 1989, the company undertook an extensive investigation of areas with suitable geology in Cumbria. The aim was to define a site with a large mineral resource which was remote from populated areas and would cause minimum disturbance to the environment. The site at Roan Edge met the criteria. The application was for the extraction of 6.9 million tonnes of Silurian Gritstone from an area of 13.4 hectares, with the total size of the site being 28.6 hectares. The period of quarrying would be 28 years.
The products from the quarry would be used to supply the demands of the road construction market, reinforced by the government White Paper on “Roads for Prosperity” of May 1989 which announced greater expenditure on roads over the next decade. The quarry itself would be well concealed within the landscape and on completion of quarrying all plant and machinery would be removed and the site restored by a combination of respreading of overburden and soils, seeding and tree planting. Permission for the development was granted in 1991, subject to the company undertaking to meet certain conditions which, amongst others, included progressive landscaping, safeguarding of water courses and drainage and control of noise, dust and blasting
Churchwood Quarry was an active limestone quarry covering an area of 37 hectares. A new processing plant was under construction and the old plant, which occupied a prominent point at the south western end of the quarry, would be removed thus releasing a worked out area suitable for landfill.
The old quarry would be progressively filled with industrial, commercial and domestic waste over a period of 20 years, at an average annual rate of input of 300,000 tonnes. Around 90-95 vehicles per day would visit the site using a new access to the north of the existing one. To maximise the potential void, a total of 1.5 million tonnes of limestone would be extracted. There was a need for such a facility in Avon to take commercial and industrial waste because, at the time of the application, there were only 8 sites available, none of which had a life of more than 2 years.
The environmental effects of the development can be reviewed as follows:
• Hydrogeology – Development of the landfill site as designed would have no adverse impact on the local hydrogeological regime. However, detailed measures to eliminate and control potential discharges from the site were recognised as being a component of the project.
• Landfill gas – Breakdown of organic matter in a landfill site produces gas. To solve this problem a gas extraction system would be installed, which, when the gas reached a certain volume, consideration would be given to using it for energy generation.
• Leachate – Degradable waste and the permeation of water through it gives rise to leachate. This would be collected, pumped out, treated and if necessary, disposed of.
• Restoration – Completion of landfill operation would enable the re-creation of the original ridge line, with the restoration of the former quarry fitting in with the surrounding contours. A network of fields separated by hedgerows would enhance the visual effect.
• Other issues, such as windblown litter, possible infestation by rats and flies, odour etc, would all be managed and dealt with in an appropriate way.
• The three case studies show how the company is engaged in quarrying within the planning framework set by government. Quarrying in all its many manifestations is a complex business and has many considerations to take into account from the visual aspects, noise, drainage and extra traffic through to the restoration of the site and the uses made of it thereafter. The response of the company to the demands of the government road building plans of the late 80s, was to identify sources of new materials within an approach that reduced the environmental impact. Calls for the more efficient use of aggregate resources, including the recycling of construction materials, together with other changes affecting the demand for aggregates, will continue to mould the development of the company’s operations.
• As indicated in the introduction, a well managed company needs to respond to increasing concerns for the environment; indeed such concerns have already influenced the reduction in the road programme. Environmental considerations naturally affect the demand for RMC’s products through their impact on the company’s principal customers – local and national government through the road building programme – and those affected by quarrying operations. Nevertheless, there will be a continuing demand by society to see improved living standards and a well maintained built environment. The supply of aggregates under these circumstances will require a properly balanced approach, taking into account all relevant factors.
• The quarrying operations, as well as dealing with the changes in demand as environmental considerations become more prominent, are key influences on RMC’s business. The ability of managers to deal with these are the guarantee of a successful business future for the company.

Question 1. As per this case study , these days emphasis is also paid on __________ and is also included in the objectives and strategies of businesses?

Environmental performance

Technical performance

Political performance

Strategic performance

Question 2. As per this case study, the processing of aggregates also provided materials for a whole range of non-construction uses, what were these?

Agriculture, water purification

medicines

plastics and steel making

All of the above options

Question 3. For successful business future for the company, what factor/s are important ?

ability of managers to deal with the changes in demand

environmental considerations

Both A & B

Only A

Question 4. For the purpose of Business development , in this case study ,the company needs to keep its “reserves” of minerals with planning permission under___________?

Constant review

no reviews as required

the maintenance

Both B & C

Question 5. For the purpose of environmental development , what option/s was/were adopted?

progressive landscaping

safeguarding of water courses

drainage and control of noise

All of the options

Question 6. In this case study, Which Principle is adopted by government so as to provide for development and growth to be sustainable?

Industrial Development

Sustainable Development

Strategical Development

Competitor Development

Question 7. The environmental effects of the development can be reviewed as which of the following?

Hydrogeology

Landfill Gas

Restoration

All of the options

Question 8. Which of the following formal technique in this case study, is used for ensuring, that the likely effects of new developments on the environment are fully understood and taken into account?

Technological analysis

Competitor analysis

Environmental assessment

Cultural analysis

Question 9. Which of the following is/are adverse effects that the company recognised , to develop the quarry within this existing permission ?

Increased activity at the quarry would be audible in the nearest residential area

Dust emissions would also increase

Blasting would take place near to the village of Stoney Middleton

All of the options

Question 10. With the idea of expansion strategy in Cumbria, Company’s aim was to define a site with a large mineral resource which was remote from populated areas and would cause _____ to the environment.?

minimum disturbance

maximum disturbance

medium disturbance

Both B & C

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Amity BBA 3 SEM Solve Assignment For Human Resource Management

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Amity BBA 3 SEM Solve Assignment For Human Resource Management
Part A
1 . “A good human resource manager is no longer just a hirer and firer of men”. In the light of the statement, explain the role and function of an effective Human Resource Manager?
2 . What is the difference between Recruitment and Selection? Give methods of recruitment in Tourism Industry.
3 . “Human Resource Planning is the process of determining the number and kind of human required in an organization for a specific time period in future. ”Comment
4 . What do you mean by recruitment? What are the traditional methods and new methods and techniques of recruitment?
5 . What are the general training methods which can be used with the different categories of personnel?
6 . Describe the recent trends of recruitment with respect to campus recruitment and its process.
7 . What do you understand by HRD? What is its importance in service sector and tourism sector?
8 . What is the need of HRM in the Tourism Industry?
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PART B
Case Detail:
Apollo Hospital has been growing in size as it offers quality, prompt-caring services to the patients; Dr. Chandrashekar the administrator is a person with good medical knowledge but lacks knowledge and skills involved in human resource management. The hospital has large quantities of medicine, equipment, spare-parts of important machines installed in the hospital. As usual, the hospital has employed a “store keeper” with no previous experience of Hospital stores. Mr Ramakant the store keeper was working earlier in an engineering firm and had sufficient knowledge of such stores. Ramakant reports to the purchase executive whose job is to order requisite materials for the requirements of the entire Hospital, Dr. Chandrashekar has been receiving various complaints from the staff and doctors of non-availability of medicines, drugs, spares of equipment and other consumables required in the Hospital having 500 beds. Since the hospital so far did not employ a qualified Personnel Manager, the administrators are not aware of the job analysis procedures, nor do they have job description and job specification of any of the jobs being performed.
1. Write down theob description and Job specification of a storekeeper’s job.
2. Which are the staff members from whom you would collect useful information and requirements of the job?
3. What should be the behaviour of the administrator of a Hospital? Describe his Job Analysis.

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PART C
Question No. 1
The basic managerial skill(s) is (are)
To supervise
To motivate
To stimulate
All of these

Question No. 2
The human resource Manangement helps toi improve the
Production
Productivity
power
Produce

Question No. 3
Recruitment and selection must be effective to ensure it:
Offsets high labour turnover
Delivers the highest calibre of individuals at optimum most
To have a surplus in case of sickness and absence
Encourages new blood into the organization

Question No. 4
The actual achievements compared with the objectives of the job is
Job Performance
Job evaluation
Job description
None of these

Question No. 5
The solution too many so-called ´people problems´ is often associated with improving the effectiveness of the recruitment process by:
Having a robust HR department to carry out the process
Outsourcing the HR department
Careful selection of the right people for the job
Devolving to line managers

Question No. 6
The following is (are) concerned with developing a pool of candidates in line with the human resources plan
Development
Training
Recruitment
All of these

Question No. 7
Performance development plan is set for the employee by his immediate boss.
Employer
Department Head
Immediate boss
None of these

Question No. 8
Performance appraisals are designed to motivate workers by providing them with feedback, recognition, and what?
Better work facilities
Equal opportunities
Greater work autonomy
Praise

Question No. 9
HR Planning involves four distinct phases ONE of these stages is
business scanning
Forecasting human resource records
Organisation development
planning

Question No. 10
Human Resource Information system
Integrates core process into streamline systems
Collaborates core process into streamline systems
Plans core process into streamline systems
All of these

Question No. 11
Competencies are the
Knowledge
Skills
Behaviour
All of these

Question No. 12
What do you understand “S” in the defining SMART Goals
Solution
specific
standard
soft

Question No. 13
Strategic Human Resource management is
proactive
reactive
both
None of these

Question No. 14
e-HRM stands for
Electronic
Economic
Equal
None of these

Question No. 15
Training increases the employees
market value
earning power
job security
All of these

Question No. 16
Job evaluation is based on the:
Complexity of the job to perform
Conceptual skill required by the job
Relative job worth for an organization
Physical skills required by the job

Question No. 17
One of the most popular methods of increasing employee responsibility and control is _______.
Outsourcing
“Military model” of management
Work teams
Manpower planning

Question No. 18
Full form of HRD is
Human Resource Development
Human Resource Department
Human Resource Division
None of these

Question No. 19
The voluntary and involuntary permanent withdrawal from an organisation is called ___________.
Turnover
Behaviour
Misbehaviour
None of these
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Question No. 20
_____________ is a performance measure of both efficiency and effectiveness.
Organisational behaviour
Organisational citizenship
Employee productivity
None of these

Question No. 21
What are the main aims of Employee Assistance Programmes?
To alter the organizational culture.
To address team and individual performance and well-being in the workplace.
To focus the attention of employees to the power structures of an organization.
To establish effective methods of care and support for everyone in an organization.

Question No. 22
Which of the following is a need that motivates human behaviour as per the achievement motivation theory?
Power
Affiliation
Achievement
All of these

Question No. 23
Which performance appraisal methods consumes a lot of time?
Essay method
Rating Scales
Critical incident
Tests And Observation

Question No. 24
The focuses of psychological appraisals are on _____.
Future potential
Actual performance
Past performance
None of these

Question No. 25
__________ refers to the learning opportunities designed to help employees grow.
Training
Development
Education
All of these

Question No. 26
How does training and development offer competitive advantage to an organisation?
Removing performance decencies
Individuals have the aptitude and motivation to learn
Deficiency is caused by a lack of ability
None of these

Question No. 27
Which of the following is a benefit of employee training?
Improves morale
Helps people identify with organisational goals
Provides a good climate for learning, growth and co – ordination
None of these

Question No. 28
Which of the following is a method used in group or organisational training needs assessment?
Consideration of current and projected changes
Rating scales
Interviews
Questionnaires

Question No. 29
_________ seeks to examine the goals of the organisation and the trends that are likely to affect these goals.
Organisational Support
Organisational analysis
Person analysis
Key skill abilities analysis

Question No. 30
Which of these is an off – the – job training method?
Television
Job rotation
Orientation training
Coaching

Question No. 31
Which of these is the benefit of needs assessment?
Assessment makes training department more accountable
Higher training costs
Loss of business
Increased overtime working

Question No. 32
Which of these is a hindrance to effective training?
Career planning workshop
Aggregate spending on training is inadequate
Mentoring
Career counselling

Question No. 33
The ____________ refers incentives to variable pay.
National Tribunal
International Labour office
Labour Court
None of the above

Question No. 34
Which of the below given options is a pre – requisite for an effective incentive system?
Increased need for planning
Co-operation of workers
Management´s commitment to the cost and time necessary to administer incentive scheme
All of the these

Question No. 35
Which of the forecasting technique is the fastest?
Work study technique
Flow models
Ratio trend analysis
HR demand Forecast

Question No. 36
What techniques are used while analysing the internal supply?
Inflows and outflows
Turnover rate
Conditions of work and absenteeism
All of the these

Question No. 37
Which of the following is a barrier while doing human resource planning?
HR information often is incompatible with the information used in strategy formulation
Implementing human resource information system
Managing inventories
Supply forecast

Question No. 38
What are the pre- requisites for successful human resource planning?
Backing of top management
Personal records must be complete
Techniques of planning should be the best
All of these

Question No. 39
When appraisals are made by superiors, peers, subordinates and clients then it is called ____.
360 degree feedback
180 degree feedback
Self – appraisal
All of these

Question No. 40
Which of these is one of the seven criteria for assessing performance?
Community service
Interpersonal contact
Need for supervision
All of these
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Service Operations Management

Service Operations Management
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1. There are a few major areas in which technology now is able to help provide key advantages to businesses in engendering customer loyalty by improving customer service:
(A): wensite
(B): email
(C): advertisement
(D): all 2. The service sector, also called tertiary sector, is the …….. of the three economic sectors.
(A): first
(B): second
(C): third
(D): fourth 3. The service sector provides a service, not an actual …….. that could be held in your hand.
(A): cost
(B): cash
(C): profit
(D): product 4. A customer’s expectation of a particular service is determined by factors such as
(A): recommendadtions
(B): past experiences
(C): personal needs
(D): all 5. Customers generally have a tendency to compare the service they ‘experience’ with the ………….. they ‘expect’ .
(A): service
(B): cost
(C): cash
(D): profit 6. Increasingly service sector businesses focus on what is now being called the “ economy”
(A): knowledge
(B): politics
(C): banks
(D): companies 7. …………….. management deals with cases where the customer arrival is random
(A): process
(B): Queue
(C): both
(D): none 8. A cost is associated with customer ………. in line and there is cost associated with adding new counters to reduce service time.
(A): waiting
(B): stopping
(C): sleeping
(D): all 9. These are the types of workflow layouts that managers can choose from
(A): product
(B): process
(C): fixed position
(D): all 10. Facility layout decisions are based on criteria aimed at creating an effective and efficient ………. and high standard production.
(A): freeflow
(B): workflow
(C): both
(D): none 11. Facilities should be designed so that they can be …. expanded or adjusted to meet changing production needs.
(A): easily
(B): stupidly
(C): sternly
(D): closely 12. ………. manufacturing systems most often are highly automated facilities having intermediate-volume production of a variety of products
(A): fixed
(B): Flexible
(C): both
(D): none 13. The facility design should reflect a recognition of the importance of smooth ………….. flow.
(A): cash
(B): funds
(C): process
(D): all 14. ………tracking is to be avoided in whatever pattern is chosen.
(A): front
(B): side
(C): back
(D): along 15. When parts and materials move against or across the …… flow, personnel and paperwork become confused, parts become lost, and the attainment of coordination becomes complicated.
(A): overall
(B): front
(C): side
(D): back 16. Small business owners should make certain that the facility layout makes it possible to handle…..
(A): process
(B): man
(C): machinery
(D): materials 17. The facility should be laid out in a way that is conducive to helping the business meet its ……. needs.
(A): HR
(B): finance
(C): production
(D): markating 18. ……………. factors that can influence the degree of attractiveness of a facility include not only the design of the production area itself
(A): Design
(B): control
(C): development
(D): finance 19. Facility layout must be considered very carefully because we do not want to constantly redesign the ………..
(A): cost
(B): profit
(C): facility
(D): all 20. Office layout criteria, although hard to quantify, are ……. of communication cost and maximization of employee productivity
(A): maximisation
(B): minimization
(C): increase
(D): hike
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Project Management

Project Management
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QUESTION 1
The three phases involved in the management of large projects are

“Scheduling, operating, evaluating”

“Planning, scheduling, evaluating”

“Scheduling, designing, operating”

“Planning, scheduling, controlling”

QUESTION 2
A dummy activity is required when

The network contains two or more activities that have identical starting and ending events

Two or more activities have different ending events

Two or more activities have the same ending events

Two or more activities have the same starting events

QUESTION 3
“With respect to PERT and CPM, slack”

Is a task or subproject that must be completed

Marks the start or completion of a task

Is the amount of time a task may be delayed without changing the overall project completion time

Is the latest time an activity can be started without delaying the entire project

QUESTION 4
Which of the following is a basic assumption of PERT?

There is only one complete route from the start of a project to the end of a project

No activity in the network must be repeated.

Activity completion times are known with certainty

Only critical path activities in the network must be performed

QUESTION 5
Which of the following is a direct responsibility of the project manager?

Calculating completion probabilities for all tasks in the project

Drawing the network diagram

“Making sure that the people assigned to the project receive the motivation, direction, and information needed to do their jobs”

Performing all of the activities in the project

QUESTION 6
“When checking the calendar of a team member to schedule a meeting, you see she has scheduled a meeting with a key stakeholder that you were not informed of. The best approach would be to”

Avoid mentioning it to the team member but continue to watch her activities

Notify your boss about the problem

Address the concern with the team member’s boss

Address the concern with the team member

QUESTION 7
Project A has an internal rate of return (IRR) of 21 percent. Project B has an IRR of 7 percent. Project C has an IRR of 31 percent. Project D has an IRR of ig percent. Which of these would be the BEST project?

Project A

Project B

Project C

Project D

QUESTION 8
PERT analysis computes the variance of the total project completion time as

The sum of the variances of all activities on the critical path

The sum of the variances of all activities in the project

The variance of the final activity of the project

The sum of the variances of all activities not on the critical path

QUESTION 9
Which of the following is not a potential for a ranking problem between two mutually exclusive projects?

The projects have unequal lives that differ by several years

The costs of the two projects differ by nearly 30%.

The two projects have cash flow patterns that differ dramatically

One of the mutually exclusive projects involves replacement while the other involves expansion

QUESTION 10
A project whose acceptance does not prevent or require the acceptance of one or more alternative projects is referred to as __________

a mutually exclusive project

an independent project

a dependent project

a contingent project

QUESTION 11
“If all planned work has been completed or earned,What is the schedule variance?”

0.01

0

0.1

0.5

QUESTION 12
Which of the following statements is correct regarding the internal rate of return (IRR) method?

Each project has a unique internal rate of return

“As long as you are not dealing with mutually exclusive projects, capital rationing, or unusual projects having multiple sign changes in the cash-flow stream, the internal rate of return method can be used with reasonable confidence”

The internal rate of return does not consider the time value of money

The internal rate of return is rarely used by firms today because of the ease at which net present value is calculated

QUESTION 13
“In, ____________we see whether return or benefits on this investment are more than its cost from point of view of society in which we are living”

Social cost benefit analysis

Cost benefit analysis

Profit analysis

Risk analysis

QUESTION 14
“When operating under a single-period capital-rationing constraint, you may first want to try selecting projects by descending order of their __________ in order to give yourself the best chance to select the mix of projects that adds most to firm value.”

profitability index (PI

net present value (NPV)

Internal rate of return (IRR)

payback period (PBP)

QUESTION 15
Resource leveling will generally

Reduce the time needed to do the project

Increase the total time necessary to do all the tasks

Reduce the overutilization of resources

Reduce resources to the lowest skill that is possible

QUESTION 16
A project manager is using a cause and effect diagram with the team to determine how various factors might be linked to potential problems. In what part of the quality management process is the project manager involved?

Quality analysis

Perform quality assurance

Perform quality control

Quality planning

QUESTION 17
The act of doing anything that will help to bring future project performance into line with the project plan is called

Budget update

Revised cost estimate

Corrective action

Contingency planning

QUESTION 18
A project manager would like to manage his project in such a way that he will be able to identify specific tasks that should be watched and managed more closely than others. The project manager should use which method?

The PERT method

The critical path method

The GERT method

The PCDM method

QUESTION 19
Which of the following managers develop operational plans for the project?

Top Managers

Middle Manager

Line Managers

Supervisors

QUESTION 20
The program evaluation and review technique (PERT) method of scheduling differs from the critical path method (CPM) because the PERT method:

Uses weighted averages of activity durations to calculate project duration

Uses ..dummy.. activities to represent logic ties

Uses ..free float.. instead of ..total float.. in the schedule calculations

Uses bar charts instead of logic diagrams to portray the schedule

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