Sunit Sachar Discusses The Relevance of Tried and Tested Techniques of Business in Real Estate with Onkar Pandey of 4PS B&M

Lack of significant differentiation is being considered as a serious issue in the realty sector. How do you tackle it as new competition keeps coming in borrows concepts and even takes these concepts to a new level?
We understand the power of the customer. An organisation that does not respond to the customers’ needs & demands tends to see diminishing trends in brand popularity and product acceptability. Keeping the above in view, we bring to the customers value for the money projects at excellent locations and assure them complete transparency in dealings. As far as the marketing aspect is concerned, we have always practiced tried and tested methods which involve knowing the pulse of the market before settling the price of new launches. At the same time, all our projects enjoy also exceptional locations and superior specifications.

Real estate has traditionally been a luxury but has proliferated to multiple segments in the past few years. You are a prominent player in the affordable segment. What is the mantra for success in this market?
There has always been a latent potential existing in the market for the lower and middle income group, which was primarily untapped. This was because if one wants a quality home at a good location, then the price of the product was out of the reach of this group. Right from the start, we are known for these virtues. We at Parsvnath Developers have always designed projects, which are known to be very efficient in terms of location and pricing; apart from having an edge over others in terms of architecture and design. Our climb on the popularity ladder has been because of the vast acceptability of our projects.

The symbolism of luxury seems to be overused in real estate positioning nowadays. Is this creating confusion in the market? How do you separate your offerings for various segments in the mind of the customer?
Indeed, the word luxury has been used extensively and without any discretion. Without any malice to anyone, the word luxury has been rather misused for ordinary specifications and designs by many. Moreover, luxury has different connotations for different people. For a lower middle class household, vitrified tile flooring could be a luxury. For a middle income group, wooden flooring could be a luxury and for a higher income group Italian marble floors could be a luxury. Over a period of time, one has noticed that developers have used different USPs. Initially they use to emphasise only on location, followed by location and specifications. This has got further fine tuned with the use of amenities and facilities in the project. This was followed by offerings like sports academies and outdoor games facilities in the project. Over a period of time we have introduced features in our projects according to the aspirations of the clients and the practical possibilities to deliver the same.

Real estate is typically a high involvement category where numerous brands are currently jostling for space. How do you seek to break through the media clutter?
The personal selling tools and media strategy varies from project to project and it depends on total project value. For example if it is the first project in a particular region and it a unique project for that region or enjoys premium pricing, this will require more media exposure. We invariably use print and outdoor, but depending on the project, one can consider radio or TV as well.

How far has the Indian market moved vis-à-vis the township concept? How do we need to view townships?
Currently the townships, which are being developed in India have progressed from infancy stage to being at an acceptable level, although the investments have actually come more from the investors than the actual users as far as these townships are concerned.

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Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
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IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM Proves Its Mettle Once Again....
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management
Planman Technologies

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A look at the most Successful Corporations of The World – and how they all have Autocratic hitlers at The Very top, who all Believe that Humans can never be Productive until they are Whip-lashed, as humans always cheat and shirk work at the first instance... Surprisingly, i accept that!

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Hold on! Before you burn me at the stake for invoking the unforgivable fanatic, allow me to confess that I have no love lost for this clipper megalomaniac. And I’d hope that none ever follows the narcissistic madness of the man known for many years as Führer und Reichskanzler. Well, political correctness aside, truth in the real world is quite to the contrary. Despite whatever the world might wish for, the fact is that there is at least one quintessential and ubiquitous quality of this Austrian born German deuce that is followed to the tee by leaders of some of the largest and most successful corporations of the world – a quality that had, before WWII, led to Germany becoming the superpower it was; a quality that now is assisting leaders to ensure that their corporations are amongst the most productive and most efficient business units this world has ever seen! Read on and you might catch on to the wave.

William Clay Ford stepped down as Ford’s CEO in 2006, the carmaker was all drenched in a big bowl of hot soup, with the worst market scenario. Detroit had totally given up on Ford. The world had too. William Ford tried hard, but there were no respectable names in the auto space willing to take charge as Ford’s CEO and digest the numbers that threatened Ford’s very existence. Imagine this: During the first half of 2006, while Nissan earned $1800 per vehicle, Toyota and Honda pocketed about $1,400 apiece. Fly westward, and the numbers turn turbid. While GM lost $333 per unit, DaimlerChrysler lost $1,100 during the same period. And Ford? It bled the most – a disquieting $1,400 per vehicle.

Given the state then, what followed in the succeeding years was baffling – despite Ford being the first one expected to crumble first, since December 2008, GM and Chrysler were the ones forced to live through the ignominy of a Fed bailout plan of $110 billion. As for Ford, it managed to become the first one to bounce back into the black sans a revival package, having made $2.72 billion in net profits during FY2009 – the very year GM & Chrysler filed for Chapter 11!
 
And how in heavens did this astounding turnaround happen? The answer, the single change agent, as experts and researchers globally have accepted now, was the recruiting of one man – the most authoritarian CEO that Ford had ever seen after Henry Ford – Alan Mulally. This man, a veteran engineer at Boeing (who was in charge of the Boeing 777 development project), took up the task to play Captain America for Ford Motors in September 2006. Forget about never having been exposed to labour issues in his life (Ford had had enough of it with the UAW in place), or even having never seen a car being assembled before, this new boss of Ford, had never had the chance to make a single pitch as a salesman during his entire career. But what made him victorious was not just his desire to win, but in his viewpoint that what he – and not his team – believed was right. His style was autocratic and simply “results oriented”. When Mulally walked in as CEO, Ford was known as a maker of pick-up trucks and the Mustang. Despite popular displeasure, he forced his strategic planning teams to get a line of more efficient & smaller engines in place. It worked for the company. In his first two months at the company, he went ahead pledging $23.6 billion against Ford’s assets including its logo. Ford’s management disagreed. But Mulally was convinced, and that was enough. The idea of doing away with Jaguar, Land Rover, Aston Martin and Volvo, was his brainchild.

For more articles, Click on IIPM Article
Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM Proves Its Mettle Once Again....
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management
Planman Technologies

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Reinier Evers Plumps for the mobile when it comes to zero-in on The most interesting medium that will drive the media trends henceforth

I think ‘fragmentization’ and ‘snacking’ are the two pivotal elements that really need to be considered when one talks about the trends that are shaping media consumption across the globe. In fact, I would say it’s not just about consumption, but there’s way too much to consume as well.

Though the whole world is constantly creating more and more media content for the consumer to consume everyday, it is the consumer with whom the ultimate power rests of what to consume and what not, and it all depends on his interests. Moreover, the consumer prefers everything to be shorter today so that he can actually consume more of it as that way he can cram in ten different experiences versus a long one. Not that he can’t choose a longer experience; but only that there’s too much to choose from and he doesn’t really want to miss any one of them.

Having said that, I think that media is finding you as a consumer; so today, you don’t really have to search for it any more. In fact, it’s interesting to see how somebody passes something interesting to someone and how that person alerts you on it. So there’s evidently a word-of-mouth behind the scene that goes in telling what to consume from various media. This means that the creator of a particular experience has to be really, really good at it if he or she wants to influence others. Apart from that, you have to also find the right people. In fact, if you look at the last 10 years, a few of the major brands, especially American, and those in the rest of the world, they don’t really advertise any more!

For instance, Apple hasn’t really done much of advertising for a while. Starbucks too never advertised as a matter of fact. And yet, they grew really well. That’s because if you do something well, people will find it. Those are the few things that we are observing now. I think the curation of media is going on well, but ‘consumers creating the media’ is a bit of an over-hyped statement. But then, what is media? I think five years ago, we all were saying that we are going to produce our own movies. That’s not really doable, you also have to have talent. If you look at media from the business point of view, then everything becomes information created by consumers. In fact, that is the way the 100 million people on Twitter are creating media. They are writing, sharing insights, interesting links for people to catch up on things; so it becomes quite a challenging but fun environment.
 
But what would be the most interesting medium that will drive the trends henceforth? Like everybody else, I would rest my case with mobile. It might not necessarily mean your phone, but the fact that if you want something at a certain point, you’ll get it, wherever you are. The networks will get better, the technology will improve. So that’s the way things are going. Data traffic from mobile is sky-rocketing. At the same time, we don’t expect that you are going to watch your television on mobile, it’s just the availability that is driven now by mobile. We really don’t know where that ends. But the original vision about 15-17 years ago was that one day, wherever you would be, you’ll have a personalised connection, a device, a stream or anything to utilise that ubiquitous online access, to access media. And the way I see it, that’s just coming through right now.

For more articles, Click on IIPM Article

Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM Proves Its Mettle Once Again....
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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The boom in media, in terms of content as well as different channels, is a double edged sword for marketers. To make it cut the right way, it is important to understand the broad direction in consumption patterns, with customers as well as advertisers clamouring for their attention. 4Ps B&M gives you the top 10 trends marketers should focus on to ensure that they do not miss the bus

The human mind. Quaint, curious, complex, confident, confounded and most of all observant. Certainly, the gamut of the human mind is such that one can’t possibly be assertive enough to be able to pinpoint its various intricacies at any given point of time. Marketers know very well that every strategy they adopt will fail with a good chunk of their target audience due to this fact. But by understanding the course of trends and capitalising on them in time, they can definitely hope to maximise their success rate. While media and society play a great role in shaping each other, for marketers, media is a double edged sword. If they are unable to tap the right media vehicle and/or develop the right communication strategy at any given point in time, they can end up far behind in the marketplace. But to do so, it is extremely important to know how media and media consumption patterns are evolving in their target markets. In cognisance of this fact, 4Ps B&M presents to you the 10 indispensable trends that are shaping media consumption in India, a list prepared through extensive research of consumers as well as interactions with top marketing brains of the country.

TV and Newspapers will live on. Decide what you want.
An average Indian, like anybody else on this planet, has just 24 hours a day at his disposal. In that span of time, myriad modes of communication try to reach him through ultra-myriad channels. Of these, the traditional ones are television and newspapers. According to KPMG analysis of the Indian media & entertainment industry, TV & print have experienced a sizable growth in the last few years. Where the newspaper industry has had a 6% CAGR (compounded annual growth rate) in the last four years, television has grown by double that figure (12% CAGR). If one is to believe in projections made by the same source, TV would be occupying half of the overall M&E industry by 2015 and newspapers would be just second in power. Agrees Vijay Nair, MD, Only Much Louder (OML), when he says, “Whatever progress technology may witness, you are still going to read or flip through the pages of a newspaper everyday and you will always have one daily soap or prime time show that you would watch with or without your family”. As per the PwC Entertainment & Media Report 2010, print advertising remained the largest segment in the advertising industry at 46% followed by TV with 41% share.
 
Cricket is the religion
Beyond the winning mirth, there’s a lot more that one can take away from India’s victory at ICC WC, 2011. And that would be the lesson on skillfully marketing your brand during the cricket season. According to numbers provided by Experian Hitwise, the traction to sports and cricket websites was 6 times high. And the same research showed that brands like LG, ESPN, Star Sports, Castrol and Yahoo made the most of this traction and succeeded in getting a marketing fillip for their brands. And if you own a brand and are reading this, there should be no reason why you should not think about taking up an opportunity of leveraging on India’s most worshipped religion. Even though we now have the IPL going on, another survey showed that viewers’ inclination was more skewed towards the World Cup and less towards the yearly IPL (whose viewership ratings, incidentally, have fallen – see Bizz Buzz section earlier in this issue – but are expected to rise again near the finals). But that hasn’t stopped a bevy of brands from marketing during the IPLs, and nor should it stop you, more so as the World Cup comes but only once in four years while the IPL is there a dime a dozen!

 
 
Both Individual & Situational Factors play a Role in Influencing Creativity and as a result, both must be Considered in Efforts to Increase it

Alarge number of studies have demonstrated that creativity is enhanced when individuals are given flexibility in their work. Among the many approaches to giving people ‘task flexibility’, the most direct approach is through the provision of choice. Harvard’s Teresa Amabile has found that children who are given choice in terms of which materials to use in creating a collage produce collages that are assessed to be more creative than those produced by children who were given no choice. In another study, researchers found that subjects who had a choice in selecting which problems to work on in a task situation produced more creative outputs. The main psychological mechanism underlying these findings is that choice confers self-determination and intrinsic motivation – both of which are key ingredients for creative performance.

Past research has also illustrated that selection, evaluation and integration of information are affected by the number of options available. As the complexity of information processing increases, people tend to simplify their decision-making processes by relying on simple heuristics. For instance, in a study that examined the decision strategies of people encountering different number of alternatives, researchers found that as the number of alternatives increased, people were not only more likely to use an elimination strategy, they also made use of less information. Recent studies have found evidence that a person’s ability to contemplate multiple combinations of solutions may be limited as the number of options increases. These findings suggest that giving people a large number of options in a problem-solving task can lead to information overload.

The bulk of research to date has focused on either giving people choice or giving people no choice during problem selection, and as a result, it is unclear whether giving people more choice of resources during problem solving will necessarily lead to more creativity.

To find the answer to the question we set out with the following hypothesis: that only individuals with a high degree of prior experience in a given task domain that are given explicit instructions to be creative will produce more creative outcomes when given high choice (vs. low choice) in tasks involving combinatorial search. When individuals have low prior experience or are not given explicit instructions to be creative, they will not likely produce creative outcomes when given high (vs. low) choice. We conducted two experiments of our hypothesis. In the first, we used a gift-wrapping task – a task that most people can relate to and do not have to be specially trained before they can do. A total of 100 students from a large east coast university participated in this study. Students were recruited through flyers posted in the campus and compensated $8 for their time and effort. At the beginning of the task, participants were presented with a set of gift-wrapping materials consisting of various types of wrapping papers and ribbons. A set of five other materials typically unrelated to gift-wrapping – a newspaper, kitchen aluminum foil, metal wires, sponge and cotton twine – were also provided. The task was to wrap a square gift box, with tape and scissors provided. We manipulated choice by varying the number of types of wrapping papers and ribbons given to the participants. In the ‘high-choice condition’, we gave participants four types of wrapping paper (different colours) and six types of ribbon. In the ‘low- choice condition’, we provided two types of wrapping paper and two types of ribbon.

For more articles, Click on IIPM Article

Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM Proves Its Mettle Once Again....
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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From its Early days to Creating a Strong “On-time Delivery” Recall, Domino’s Journey in India was a Case Study Screaming to be Documented. And we Did!

It seems a little like love when you see a half-starved teenager dive into the warm square-foot cartoon package, delivered-and-promised within half-an-hour. For Domino’s, the joy is mutual. 70% of all pizzas that are home-delivered in the country end up contributing to the coffers of this quick service restaurant (QSR). In fact, one out of every two (non-home made) pizzas that are consumed in any part of India, is a Domino’s-baked product. Numbers are enough to prove how dominant a force this brand has become in India. But here’s the real surprise: For Domino’s, the flight apparently is yet to begin.

Domino’s (in reality, Jubilant Foodworks; the company managing the show) considers the domestic market to be the most important in Asia. It’s rare that a US-based $1.57 billion-a-year sales generating multinational giant chooses to bet bigger on a country other than China. But this is true. Blame the company for being over-optimistic if you may, but what it is betting heavy on is the rising clan of middle-class and the youth segment which forms a large percentage of the Indian population. And considering the rising levels of conspicuous consumption and economic conditions, Domino’s is hoping its calculations are right. The Indian market is already amongst the top 10 contributors to Domino’s global topline. J. Patrick Doyle, Global President & CEO of Domino’s Pizza told 4PsB&M during his last visit to India, “By 2014, we expect India to be amongst the top five earners – and our plans to achieve this goal are in action with new launches.” With the QSR market in India growing at 25% and with 26,000 pizzas being sold per day in India (as per CII; FY2010), Doyle may be hitting the right spots in his forecasts.

To their credit, the present times represent a solid growth phase for Domino’s. A CAGR of 40% (which Domino’s has in India) in any market is considered obscenely high. And the fact that it is the market leader in India is even better news for the company. But victory for it has come at a price – more than a decade of toil. In fact, some talk about how Domino’s learnt the secrets to success in the Indian market the hard way, right from its very early days in India (when McDonald’s initially stole the show with its easy-on-the-pocket menu). Its first outlet was opened in January 1996, in New Delhi. Then, the concept of home delivery was still in its nascent stages in India. It wasn’t easy work for Domino’s to inculcate the home delivery concept in a market where eating out was only restricted to branded restaurants. But the company managed to put in place an integrated home delivery system never before seen in India.
 
Within the first year, the company also realised that it had to quickly change its Western offerings to suit Indian tastes if it was to succeed locally in the long run. Where KFC failed in its first go in Bangalore (and closed down at that time), Domino’s succeeded. It did so with the introduction of localised toppings like ‘Peppy Paneer’ and ‘Chicken Chettinad’. In fact, many even mocked at the company’s localised strategy, but Domino’s India knew that if it had to spread its wings beyond just the metros, into the mini-metros and tier II & III locations especially, it had to give in to local palates. It did so in good time. “Of course, during the initial years, like any other MNC, we too had teething problems. It took us time to understand the Indian market. But that situation lasted for just two years post-entry into the Indian market,” confessed Doyle to 4Ps B&M.

For more articles, Click on IIPM Article

Source : IIPM Editorial, 2011.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM Proves Its Mettle Once Again....
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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