LPG in our society

                                                          LPG MEANING FOR YOU

Here we will have our glance on Liberalization, Privatization & Globalization with context to Human behaviour & transition of Human resource over the years because of LPG.

In business arena it’s true there are so many MNCs have their footprint in our country but what about the development of human nature & behaviour. Looking forwards in terms of human nature we can say that still there is need of some serious transition in our thinking process to be called as globalized.  

 To what extent we are free to practise our rights, how often we are liberal to others in our society, or our government is liberal for our rights, so may be the rules & regulations are liberalized for MNCs but still we are living in constrained environment bonded with different types of caste, creed, religion & discrimination on the basis of all these, giving rise to unconventional society. So can we say we are liberalized? Definitely not looking to such kind of atrocities in our behaviour & thinking.

Privatization whether we are able to achieve at our personal level? Here privatization means how freely & independently we are able to relish our lives. But in our country with so many restrictions in our society & and loopholes in govt rules & regulations, that we are left with very little options to have our own life to be cherished.

Globalized the corporate world might be becoming but in our own life we are not globalized, still we are much more localized rather than globalized. Still you will find there are very less people in our country are in relationship with people of different countries. But I do believe to some extent things are changing as you can find people who are Anglo-Indian, Indian-American etc.  That is really good but still we need to broaden our thinking & behaviour to be called as globalized society.

So here the main area of contention is that yes at the corporate level we are becoming globalized & among the largest growing economies but not the same when it comes to insight & behaviour in our society. Still we have conservative thoughts restrained with old ideologies totally irrational & unrealistic. We are not looking forward where people from different countries with different cultures, customs & traditions are embracing each other, adopting & adapting with the changing environment gracefully.

Warm Regards,

Hem Jha

CSR A MARKETING TOOL

                                          CSR A MARKETING TOOL FOR THE COMPANY

Corporate Social Responsibility has emerged as one of the prominent Marketing tool for the Companies. Companies should always be visionary about the CSR, as it acts like catalyst for brand building. Looking to the pre liberalization period in our country mainly Tata & Birla had immense respect among public & I must say they understood the essence of CSR at the initial period of Corporatization. Both the companies still follow their culture of passing their wealth for the betterment of our society. Kumarmanglam Birla & Ratan Tata has followed the long run culture of their organization with their own trust for CSR.

If we will see we could easily correlate CSR as one of the vital marketing tool where on one hand Goodwill will be created & on the other hand there will be promotion for the company that will create the brand equity resultant into enhancement of revenue generation. Can we say that CSR is an investment rather than the Expenditure? As mentioned we are well known of the fact that how Tata & Birla have their brand name all over the country, even in rural India they have very high brand recognition. If we will have our glance with some of the advertisements, companies are mainly focussing their CSR initiative in the print & electronic media with the clear motive for revenue generation. One of the frequently seen advertisement is for P&G where they are emphasising on education with tag line’ Padhega India Tabhi to Badhega India’. We could better understood the importance of CSR with the newly entrant Anil Aggarwal’s London based Vedanta group advertisement ‘Creating Happiness’ that clearly focuses on its CSR initiative specially for tribal areas of our country to show its footprint in India & create the Brand image.

Businesses corporate nationally as well as internationally taking part for the Social cause that resultants into the benefit for the society as well as for the company in terms of strong brand awareness. But I think apart from CSR the billionaire businessmen should look for ISR (Individual Social Responsibility) it means the huge wealth created by them should also be used for the benefits of the society & this is the real philanthropy. Some of the businessmen are doing this like Microsoft founder Bill Gates, HCL founder Shiv Nadar are among the few.

So we can easily interpret that how CSR helps in brand building & became an important marketing tool, companies should focus on CSR very actively, as on one hand it shows the generosity of the company & on the other hand generates long term benefit for the company.

Warm Regards,

Hem Jha

WORD OF MOUTH

                                    Word of Mouth- Most effective Marketing tool

Word of Mouth is one of the most vital Promotion tool & plays very key role for Branding as well. Whether we will talk about the organization or at the individual level WOM has its own pertinent position.

If we will look to the ancient times it was one of the most influential medium for recognition & popularity in the absence of Electronic media. King from one state had their followers & accolades in other states as well & it’s because of WOM.

I believe even now a days corporate should Emphasize more & more for WOM rather than spending too much for electronics media & endorsement by the highly paid celebrities.

But the question arising here is that how WOM advertisement can be done, Primarily it is done from one person to other in terms of appreciation & recommendations, but that will go in flow only when the Company will give Customer  delight to the users. There is steep difference between customer delight & customer satisfied i.e. if the perceived value in terms of product & services is equal to the expected product & services it will give customer satisfaction but not customer delight. For customer delight there is need that the perceived values should be greater than the expected values & for that there is need that company should emphasize more & more on augmented product & looking forward for more R&D, for the future product.

In most of the Indian companies customer delight is missing to some extent & that’s the reason the Indian companies are lagging behind their international counterparts & because of that globally Indian companies are not the best around the world. So in terms of Brand Equity we are lagging much behind the foreign companies.

Brand recognition of Google, Microsoft & Apple is highly appreciated whereas I can’t see any Indian companies falling into the aura of such kind of Brand recognition & the most vital reason for this ‘the perceived values are not higher than the expected values’ that doesn’t lead the kind of WOM required for the most vital Brand Equity.

As we are talking business over here, we certainly have to do cost-benefit analysis for WOM as companies have to bear the cost for augmented & future product. What I believe is that at the introduction level companies can go for heavy advertisement in terms of Print & Electronic media & other tools of promotion to some extent as per their own budget, but afterwards when the company has its recognition in the customer’s eyes there is need for branding, & brand equity can mainly be done through WOM. Cost incurred for WOM is in the form of availing better services for the customers & investing more for R&D for the innovative product that may come as your future product. On the other hand in terms of benefit, investment in your brand equity will give the long term benefits in terms of sales volume, recognition, brand loyalty etc.& the company can capitalize its brand equity in terms of brand extension as well. Comparative cost benefit analysis also shows better ROI for WOM with compare to other promotional tools in long term.

In India we have almost 46 million social networking site users & it has become one of the fastest growing medium for WOM advertisement which is almost like viral marketing where the informational flows very fast to the maximum number of people, so your reputation can be build as well as ruptured just by WOM through social media.

So it is imperative that company should focus for WOM which is one of the most important elements of brand building totally impeccable & Flawless that results into not only profit maximization but also wealth maximization.

Warm Regards;

Hem Jha

Myopia

                                          MARKETING MYOPIA & YOU

We all are well aware of the term marketing myopia for any marketing companies but what does it mean when I am talking about you. What I think we are one of the youngest populated country but unfortunately the concept is prudently prevailing in our own young generation.

The only thing is that we don’t want to look beyond our own constraints so one can say we are confined in a particular area & the interesting thing is that we think we are the still the expertise.  We think that world should move according to us but the truth is just paradox of what we think, as we have to move accordingly with the world.

Remember Charles Darwin theory’ Survival of the fittest’ so here there is need to improve & enhance the lacuna of our knowledge in the dynamic business environment we are into..  The greatest irony lies with the fact that even after knowing the truth we use to ignore them & give so many reasons to justify the fact which is irrelevant & obsolete.

Coming to our great youth icon Swami Vivekananda, he envisaged the dynamism of the world so perfectly that still things are quite relevant & prevalent in our society, so even now the youth are greatest admirer of his thoughts, so for all admirers with due regards understand & implement the great views of Swami Vivekananda & for others understand the dynamism & upgrade yourself.

There is need to adopt & adapt with the changing business environment we are into, with our own essence of knowledge otherwise you will lose your own ground. Even we are falling into the category of cash Cow, very soon there are chances that we will be into the Dog category, so remember how harsh the transition is from Star to Dog.

The need is that there should be continuous improvement that is TQM (total quality management) in you as well as for the company. Organizations should also actively look for this, as one of the most relevant & important aspect for their own employees on the continuous basis as human resource is one the most important aspect for any organization to grow & prosper in the competitive market.

Here we mainly emphasising that one shouldn’t fall into prey of fast changing environment & shouldn’t be succumb to the dynamism of the business market, because of the disease called Marketing Myopia. So better to take pre-emptive step & make yourself upgraded with new technology, market demand as well as in our own domain knowledge.

We are into the globalized world where the transition of knowledge, intellectuality, technology & business market is very rampant so dear friends we have to find as many ways as to improve & understand the essence of the scenario very prudently with wide open mind set & enhance  our own ground in every aspects.

Warm Regards

Hem Jha

SELF BRANDING

                                                    BRANDING FOR YOU

Creating & emergence of the brand is really the companies are striving for, to create their own distinguished appearance in the mindset of the customer.

But how often have you think to recognize & identify yourself as a Brand. We are the  most important catalyst for any company to evolve them as a brand. But very few of us have ever been evolved on a personal basis as a brand, there could be so many reasons for this, now this really put us  in the boardroom of thinking & it feels really great as thinking has always done the miracles for this universe.

I think individual branding does not mean only to promote yourself, but it rather means to explore yourself. Every individual has immense potential to be recognized themselves as a brand with distinguished identity; the only thing is that they don’t manage their own instinct in such a way to evolve as a distinct identity with great persona.

 Generally people are so busy with their own day to day work & some others are often been mesmerized by the whims & fancies that quite often fall in & around their own lives so the question is whether your own branding is irrelevant & farcical in real terms or you are raising the question as you have been addicted to the conventional path laid down by the conventional environment in & around you.

For self branding there is need that you need to be differentiated from the masses in terms of your Intellectual abilities, Integrity, Inspiration, Innovativeness as well as Interpersonal skills. These qualities will drive you for your own holistic development that will certainly help you to evolve as a brand.

One should always think to invest in himself, as the investment in you will get manifolds multiple times, so it means one should always look for the wealth maximization rather than just the profit maximization as your investment in you will drive you for wealth maximization.

We all know learning is the endless process so always upgrade & update your intellectual abilities along with the dynamic environment that is inherited for all of us, also there is need to show your integrity in your everyday’s life at your home as well as at your workplace. Motivations is vital for anyone for climbing up the stairs of self development; be self motivated and inspire yourself from the surroundings or the person you admire most. There is need for innovative & distinct ideas that differentiate you from others; & it should always be looked & cherished as this is something that you own. When you are looking for your own branding this is vital that your knowledge & wisdom should be shared among people or in other words should be communicated in a very lucid way to the environment you are surrounded with.

So my dear friends you are waiting for what, explore yourself & capitalize on the strengths that is imbibed in you, utilize that for the achievement that you are striving for & evolve yourself as a BRAND.

Wish u all the best.

Hem Jha