The effect of corona virus starts in December 2019 and in India it starts 2nd March 2020. And if we look into the impact, it changes the internal and external system of 204 countries. In India, I found a significant impact and from the March 2015, we get a real change in Indian market when government closes the public movement step by step i.e. lockdown. It is not a myth but reality. We find a real understanding of consumer buying behavior in situations. Large corporate are not performing well in the market due to shortage of raw martial supply and manpower and distribution system. They are not in position to fulfill the expectation of the consumers’ in a great extent. If we talk the consumer buying sense, it is obvious they prefer brand and also prefer shopping in shopping mall. But in the lockdown situation, the exposure of large brand stop and same way intervention of local brand increases. Now the local player are trying to make a sustainable proposition into the people mind and also try to prove themselves by supply the material to the door of people in this crisis situation. In real market, it is observe that due to COVID 19, governments declare lockdown and then and there huge reflection happens in the large store by the people to purchase bulk material. As a result of that the inventory level getting zero and considering the situation traders take less time to understand people mindset as a result crisis develop. This is not crisis but it reflects the lifestyle of the people to purchase from branded store and branded product. After complete their first choice consumer shifted into the second option and now they go for the third option because of unavailability of 1st and 2nd option. In real life experience, it shows people go to the market to purchase the daily necessity but only ask for the availability rather than choice. Initially, consumer dissonance level increases because they are getting difficulty to accept these challenges. With passes of time it reduces and develops cognitive defense mechanism that is actually perceptual defense. Here people try to ignore their thought what was carrying towards the brand and convert to increase their satisfaction level towards local brand. Now this is an opportunities for the local player to get in touch with the consumer and develop a long term strategy to sustain in their local market in terms of fulfilling supply and demand and get a market penetration level. In this sense COVID 19 is a curse in front of world but at the same time it opens the eyes of the consumer not to rush behind the brand but to develop trust to the domestic firm who can give support at the time of emergency. In this situation ethnocentric concept are much more important and to mobilize the market and save the economic situation of the country. I hope situation will recovery very soon and economy will also revive and in the same way new platform open for domestic marketer.
Day: April 7, 2020
Management Education is the need of the hour
“In the business people with expertise, experience and evidence will make more profitable decisions than people with instinct, intuition and imagination.”
― by Amit Kalantri.
Well, considering the fact of global business situation and socio-economical aspect, it’s believed that a formal Management Education is, not only the need of hour, but also it’s a professional essentiality of current era.
What is the concept of ‘Management’ all about?
Fundamentally it can be defined as, managing effectively within limited resource, within stipulated time period, with all due professionalism; centring which all organizations look for budding professionals with following essential & requisite skill sets.
a) An Expert with functional and domain understanding.
b) A Professional with matching Management skills for the role.
c) An individual with right attitude to un-learn, further re-learn.
d) An individual with right attitude and adaptability.
e) An individual with dynamic behavioural traits of patience, understanding & analysation.
“Management is the dynamic life-giving element in every business. Without it the resources of production remain resources and never become production” – by Peter Duker.
Referring to current era of dynamic, high competitive, knowledgeable as well as demanding consumer fraternity; in age of super-fast & rapidly advancing technology evolving in unabridged scale, there have evolved high needs of skilled management professionals all through irrespective industry.
It is indeed a good & relevant management degree helps to be ready with –
- Research & analytic blend,
- Communicative and interpersonal skill,
- Leadership & Can-do attitude.
It is, irrespective of the field of study, as like Basic Science, Technology, Social Science, Life Science, commerce so on and so forth, management education helps to develop other skills which are effective in towards overall organizational growth.
“The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as long as we live.” by– Mortimer Adler
Recent report says that, each year, about 3,60,000 students passes out from approx 4000 B-Schools in India, in accordance to on-going business & corporate format, every organisation in India, in today’s context, immediately needs a 3-fold management graduate to surge-up the business processes ahead.
In the flip side, it is not just a simple management degree, rather a management degree from a recognised and valued University/ Institution, endowed with eminent academicians & scholars, guides the students with best of practical skills, which makes them positively employable.
Hence choosing the University/ Institution is essentially very crucial & momentous. Before choosing the right B-School, it’s important to see following factors –
• Academic Infrastructure
• Academic team (ideally should be combination of pure academicians & industry leaders)
• Pedagogy
• Latest syllabus
• Industry connect and industrial project
• Seriousness in right internship
• Soft skill & grooming eco-system
According to Graduate Management Admission Council (GMAC), in 2018 – 19, more than 70% of employers are planning to hire MBA graduates all across the world. The opportunities and scopes are on an increasing trend for MBA graduates ahead; but the question in mind remains stagnant that prior to taking up MBA study, which of the specialization shall result on to successful career scope in near future. Following two recent survey report probably going to help on it.
The table below shows the statistics on the growing percentage of all the top sectors to work Post-MBA in India
Source: Nielsen, IBEF & www.gofyi.in
