UNLEASHING THE POWER OF THREE

To start operations in times of slowdown and quickly break into the top ten in the very first year of operations is indeed incredible. These guys can’t stop thanking their strong focus on bancassurance

You don’t just rise to be the numero uno within a year of operation do you? So why did we chose the Canara HSBC Oriental Bank of Commerce Life Insurance over other leading players (see chart) in the industry? Well, this new player’s performance has been exemplary, especially when the big bosses of the industry are facing a tough time. In just a year, this life insurer has climbed to the ninth position amongst India’s twenty one private life insurance players (in terms of market share on weighted premium income). Not only this, in April 2009, the company recorded its best sales performance over the previous month than any other private insurer. Guess that’s just one more reason to be counted as a success.

But, when listening to any success story, what strikes first is, how? For a conceptual product, which is actually sold rather than bought voluntarily by consumers, credit for the unprecedented response received by the company goes to its operations based on a bancassurance model, adequate capital, distribution capacity, strong distribution channel and innovative products. Certainly exclusive access to approximately 50 million potential customers and a pan India network of over 4,100 branches does give the insurer an ‘unfair advantage’ over some of its new peers. Explaining the success story, Harpal Karlcut, CEO, Canara HSBC Oriental Bank of Commerce Life Insurance Company, says, “Our success is based on HSBC’s in-depth know-how of bancassurance, coupled with the distribution of Canara Bank and Oriental Bank of Commerce. Our performance has been delivered entirely by bancassurance.” What is evident is the fact that bancassurance has played a pivotal role in helping the new entrant break the clout of the biggies. The CEO agrees, “Each aspect of our business model has been tailored to bancassurance and the specific needs of each of the three shareholding banks; including products, promotion, training, operational support et al.” But the real success of a marketing strategy for an intangible product primarily depends on its execution and the insurer has taken due consideration of this fact too.

Success has many parameters and it seems this insurer has focused on each of them albeit more on bancassurance. But then, they should not forget this is just the beginning. To reach the top they have a long and winding road to cover. That’s when they’ll need a lot more than mere bancassurance to fulfil any leadership ambitions.

Gyanendra Kumar Kashyap

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Source : IIPM Editorial, 2009

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

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High Tech Computer Corp. ever heard about it?

Innovation lies at the heart of HTC, and as company officials claim, 25% of the total workforce is engaged in R&D. Though the company has managed to capture a sizeable presence in India, yet in terms of brand power, it has to make bigger and better marketing efforts, especially when the market has other well-established brands that had moved in much earlier than HTC. Another hurdle for HTC is that, given the fact that it operates in the price points above Rs.10,000, it is clearly gunning the upper crust of the market. Today, the only other player that operates in just the plus Rs.10,000 segment is Blackberry, but its brand is much more recognised and has thus already created a cult following amongst its target group. As Rajeev Makhani, a mobile handset expert and host of Gadget guru at NDTV states, “Blackberry has been widely accepted in the corporate circle, who have actually started a culture of Blackberries. In comparison to that HTC is still small in India.”

Another problem that occured with HTC in the recent past (read: the year 2008) is that, it had made a huge splash by marketing the fact that it has launched the cheapest touch phone, but then the global economic crisis followed and the company suddenly found itself faced against the wall. So where did it go wrong? “What happened with HTC was that it had not hedged against the dollar and was impacted quite adversely and because of that they were unable to launch any new handsets in the Indian market and hence could not keep up the excitement that they had earlier created,” says Ram Makhijani, a telecom analyst. Certainly, any keen observer would have noted the fact that today, HTC only offers 11 products, unlike during 2007, when it had as many as 17! But Sharma dismisses this as the truth as he proclaims, “We are evolving as a company, and what we were doing at that time was right then and what we are doing now is what the time demands from us now.” Defending its claims, HTC also points out that it grew by a whopping 300% during FY‘09 as compared to FY‘08. What’s more, the company plans to sell 1 million units by 2010!

HTC also claims that in its short span there have been a few learnings for them, which they are now applying to the market and is expecting to get good results out of the same. One such learning is that when a person is looking at buying a touch phone especially at such price bands, he/she prefers to get a feel of the same before paying for it and hence, just a dummy may not work. So, HTC has put in place a demo zone at high-end retail outlets to encourage experiential buying.

So, the question remains – will the HTC brand receive more favour in the eyes of Indian consumers? Well, going by Sharma’s confident approach, there is no need to worry for those 25% in HTC’s R&D labs; for the rest (75%) are doing their ‘smart’ selling & branding bit on the field. By the way, I guess HTC could start by disclosing what HTC stands for, as an acronym.

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Source : IIPM Editorial, 2009

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

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“Outsourcing is an all-weather concept”

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Outsourcing of services is now being taken up as a strategy to optimise costs and enhance efficiency with the vision of building significant competitive advantage

Companies outsource services to gain the advantage of the expertise, accountability, shared resources and procurement leveraged through economies of scale offered by the services partner. Building competence in every aspect of business operations involves significant investment of time, effort and money. Developing excellence in every aspect is a near improbability, therefore, corporations rely on outsourcing to attain superior standard of services in a cost rationalised manner. With outsourced services, corporations can enter service agreements with clearly defined output expectations instead of having to hire personnel to undertake these activities. This relieves corporations of the costs, efforts and risks associated with the outsourced functions.

In fact, outsourcing is an all-weather concept. While in good times companies outsource to achieve rapid scaling up of support infrastructure, in lean economic times they do it to achieve cost efficiencies. This was also the case in the early 1990s when companies started to outsource facilities, management and administration services in the UK market experiencing recession at that time. In addition to recession, other Political, Economic, Social and Technological (PEST) drivers that have fueled the growth of outsourcing in mature markets are privatisation, globalisation and public private partnerships. These various initiatives, targeted at increasing efficiency, have employed the services of outsourced partners to manage a myriad of non-core services ranging from the outsourcing of supporting services for military bases, prisons, traffic control systems and public sector infrastructure.

The opportunities for outsourcing in India pertain not only to gaining the standard advantages of specialisation, accountability and cost control, they are also fuelled by the immense opportunities emerging in markets traditionally considered hinterland. The rise of Tier II and Tier III Indian cities as hubs of commercial activity has given rise to the demand for high quality workspaces and superior caliber outsourced services to support operations.

A strategically developed outsourced service has been proven to enhance bottom line performance. It impacts a corporation on many fronts – tacit and obvious. From the perspective of outsourced facilities services, as an example, a strategic approach to outsourcing integrated facilities services can minimise core business downtime, improve productivity, prolong and protect assets, reduce capital expenditure, enhance sustainability, minimise risk, and help to enhance reputation and brand among others. Companies that outsource the management of their facilities and other related functions to experts are capable of focusing on their core competence to increase productivity. Outsourcing of services is, therefore, increasingly being recognised as a short/mid term strategy to optimise costs and enhance efficiency with the long term vision of building significant competitive advantage.

In fact, apart from core competence, which is the inherent basic activity of a corporation to achieve its strategic objective, everything else can be outsourced. For instance, marketing and coordinating sales of cars is the core competence of an automobile brand. Potentially, an automobile corporation can work with specialist service partners to outsource every other aspect including operations and maintenance of the various elements of the production process, recruitment of personnel, payroll administration, logistics, et al, but the short answer to the question of whether core competence can or should be outsourced is “No.” It is interesting to note that when many firms embraced Business Process Reengineering (BPR) in the 1990s, majority limited this activity to their core business. Outsourcing to specialists is a method of introducing BPR and enhancing the efficiency of non-core business services. If the outsourcing specialist is an expert in his field, the risk should actually be keeping these services in-house.

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

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AJAI JHALA, CEO, BBDO INDIA

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1. Surf Excel’s ‘Dirt is good’ campaign, which symbolised freedom of expression and freedom to get dirty
2. Tata Tea’s ‘Jaago Re!’ campaign
3. Kurkure’s ‘Tedha hai par mera hai’ ad campaign
4. ‘Darr ke aage jeet hai’ campaign launched by Mountain Dew

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

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Brand: NIIT

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Agency: Contract
It gets you started on computers for as little as Rs.499 helped NIIT draw aspirants to its computer learning shops. Now you know at least a small part of NIIT’s journey from a small outfit in 1981 to a Rs.9.96 billion computer learning factory!

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


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EVE Marketing!

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On similar lines, MARS has recently launched a new chocolate ‘Fling’ with the punch line ‘Naughty, but not that naughty’, completely dedicated to women. The chocolate is launched only for the Californian market for now. To attract health conscious women as they avoid calories, this chocolate bar has only 170 calories per bar. MARS’ reasoning behind Fling is to give a permissive indulgence to women at 170 calories a bar, and at a recession-friendly price.

Sporting brand Reebok is also not far behind in this race. It has launched a new gym workout - JUKARI Fit to Fly along with a new fitness product line, especially for women. Katrin Ley, Head of Women Division, Reebok said, “These insights proved women perceived exercise as a chore, were unmotivated and uninspired to exercise but would workout more often if the gym was fun.” The initiative will be supported by a global integrated marketing campaign on online media, outdoor, in store and in print in key markets worldwide during the year 2009.

And this Venus effect is not just limited to US! Coca Cola is coming up with a new ad campaign in Europe ‘I am no superwoman’. The campaign is aimed at ‘have it all’ women who want to use the brand as part of the break from the pressure of their job. The company has given a new look to its website. It would be interesting to see that, will Coca Cola be successful in increasing females spending on the brand. Coke is a mass product and they are not launching any specific product for women but trying to capture their attention through ads targeted at them. Similarly, to catch eve eyeballs McDonalds’ McCafe Coffee sponsored the New York Fashion week held in February. The idea is to grab the attention of the tabloid-reading young women who closely follow the event.

Seems like the marketers are making a sincere effort to please the venus populace. But for brands to ensure that they constantly appeal to the eves, the most important thing will be to ensure that they are actually talking to women on a regular basis. One-off campaigns or product launches here and there will result in just temporary flings with women consumers, while a long term loyalty based relationship with them should be the aim of these marketers.

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Source : IIPM Editorial, 2009

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

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After waiting for more than six months, the Jet-Kingfisher alliance stands questioned. Will it ever pay off? Ratan Lal Bhagat delves deeper...

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‘Two’ many cooks spoil the broth...’ That very first word of the commonly cited proverb reads faulty, but in the context of high-fliers, there couldn’t have been a more apt reference! We’re talking about two birds here – perched right atop the ‘market share’ tree (with the combine enjoying 52.7% market share; as per The Ministry of Civil Aviation), but swimming around desperately for lack of direction, bleeding shameful losses (about Rs.20 crore everyday!)... That sounds a tad paradoxical, considering we are talking about a market beating combination – in terms of fleet size, network and footfalls!

In the wake of the global economic downturn, with billions of dollars evaporating into thin air, joining hands with peers is definitely a way out of the mess the aviation players have got themselves into. So while on one hand, we talk about the new cartel being strong and impeccable, there is no doubt that even this one has suffered from the same prime deficiency of such an arrangement – sheer distrust amongst partners! Alright, enough of theory; let’s get to the numbers straightaway... and in the process, question whether the combination (announced in October 2008)has proved worthy for all the publicly loud promises made.

Logically speaking, much talk about synergies (route rationalisation, joint fuel management, common ground handling, code-sharing, interline and special prorate agreements, GDS integration, frequent flyer reciprocity and human resource sharing) meant that benefits from the deal for the now ‘virtual’ leader, should have ideally surpassed the costs of integration by a few light years! But, experts and industry analysts just don’t agree... One such opinion came from Binit Somaia, Regional Director, Centre for Asia Pacific Aviation (CAPA), “The alliance is officially still in place. However there do not appear to have been any significant outcomes to date, at least in terms of network and schedule coordination.” And as mentioned before, their bottom-lines continue to bleed profusely and reportedly, each of them is losing a heartrending Rs.10 crore on a daily basis. Then there are self-confessed financials that stand alibi to our argument. For the quarter ending December 31, 2008, Kingfisher reported a loss of Rs.6.26 billion, while Jet burnt a mighty Rs.2.14 billion! Compare this to what they individually lost during the same period a year back (Kingfisher: Rs.1.91 billion and Jet: 0.91 billion), and you’d wonder: a powerful cyclop or just... sickly obese? Read more

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Nano will not affect the sales of Maruti 800

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The entire global auto industry is looking forward to the commercial launch of our own indigenously developed Micro Mini car – The Tata Nano

Ever since the wheel got invented, it has never stopped even in the hard days whether there was war or petrol hike or for that matter shortage of crude oil. Only cheaper options were used, from bigger automobiles they came to smaller ones, from four wheels to two, car pools used to tide over the hardship and people moved to public transport. Presently we are facing a sort of crisis although not so serious as happened during the world wars and in mid seventies when oil prices sky rocketed. In the last two quarters there has been a substantial increase in the sales of small cars. Since mid-2008, car sales in Europe have dropped drastically; huge pileups have been noticed outside the car manufacturing facilities, abandoned airstrips & cheaper parking lots taken outside city limits to store new cars by dealerships.

We are now heading for another grand entry into the World of Mini cars; the entire global auto industry is looking forward to the commercial launch of our own indigenously developed Micro Mini car – The Tata Nano! The timing of Nano launch couldn’t have been better. Even Nostrodamus could not have predicted this world wide recession & economic meltdown. Ratan Tata’s promise five years back to deliver to the world a car priced at hundred thousand rupees has indeed come true. The much awaited launch of the Nano has been announced for March 23. Though a lot of water has flown under the bridge in these five years and there has been a price escalation of 15-20%, it is now to be seen what the introductory price of Nano is going to be. Commitments made five years ago were based on pricing of raw material and other input costs at that time. How Tata plans to keep his word is something that one has to wait & see. This of course is compounded by the fact that how long would they hold the launch pricing even if they manage to announce the price at one lakh! Tatas have come a long way since they first introduced their passenger cars, almost two decades have passed and a lot of R&D has been done in critical areas of customer comfort, reliability, pricing and features, styling, etc. Collaborations with other automobile giants like Fiat, using well established technologies have allowed Tata to produce cost aggressive, well performing, decently styled vehicles.


There is often a discussion lurking under the shadow of Tata Nano – how will the Nano launch affect our own tried, tested & trusted Maruti 800? Actually speaking they are two different segments now. In fact the arrival of the Nano has virtually split the Mini A Segment further: Maruti 800 and Nano 600. Let me also add here that the Nano is not, I repeat, ‘not’ going to replace the two wheeler as the popular buzz word goes around. Two wheeler owners may have a Nano for weekend and other occasions use where the family has to move together but one definitely cannot afford to use the Nano to office and back in terms of maintenance and fuel economy. As predicted by the manufacturer, this car is going to give a fuel economy of 20 KMPL a consumption that has already been ‘endorsed’ by the ARAI in case of the Suzuki A-Star. Hence, the novelty and popularity of Nano is going to be the price factor and the small size! It’s going to be a popular second car option in the urban middle income group house-holds.

Already a lot of variants for the Nano are being thought of, hybrid, battery operated, diesel operated and any other researched power option. Because of its size & weight, Nano can be imagined with various innovative propulsion systems. This car’s arrival is going to turn around the future of Tata’s passenger car offerings in the domestic & global market. It may well get to be the hottest seller of the past and the next 25 years and is sure going to turnaround the fortunes of Tata! But then didn’t we hear Suzuki, GM and others planning a Nano beater for India? These car manufacturing boys love their toys and all of them, for a change, are going strategic saying ‘Mine is smaller than yours’ – one industry where Size Does Matter!

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Source : IIPM Editorial, 2009

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

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Must we dread the ‘N’ word?

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The prime concern at this moment for Bernanke, as well as for the US, is to recover from the current recession. For that the financial sector needs to stabilise and the banking sector to normalise its lending. But in the prevailing environment banks are busy saving up for the rainy day (as if it hasn’t already come!). To counter the situation, apart from letting the economy die, the Fed is left with two more alternatives. First, as Paul Donovan, Managing Director, Global Economics, UBS Investment Research told 4Ps B&M, “The Japanese way of stabilising the growth at a sub normal level with a distressed banking system.” And the second option is the Swedish approach of short term nationalisation, which means taking over banks, cleaning them up, and then selling off as soon as possible. While the first one is not at all advisable for obvious reasons, the second option is impractical for the US. As Donovan explains, “The Swedish method is not directly applicable to the US banking system because the US has a large banking system comprising many small banks. It is unlikely that the US will guarantee all creditors of the US banking system as Sweden, which had a few large banks, did. Certainly there are lessons (positive and negative) that can be learned from the Swedish solution. However, each banking crisis has unique causes and requires unique and customised solutions.” Definitely, the US solution has to be unique and customised. It has to be far more punitive.

It’s true that the US cannot takeover all banks, so it must become harsh. Let a few of them close down, and at the same time pick up a few large ones, revamp and make them torchbearers in its fight against recession. This process is not at all alien to the US as Mark Vitner, senior economist, Wachovia Corporation, says, “We have a process that allows the federal government to take over and temporarily run financial institutions. This was done most recently with IndyMac Bank in California.” Bernanke must immediately take a cue from this and make sure that things are back on track as soon as possible; does not matter how.

With ever increasing examples of nationalised banks beating their private counterparts, we must stop throwing good money after bad money, and be bold enough to bolt those responsible for the bad money (losses). So there! If Bernanke fails to do it right this time, obviously to prove his ‘strong supervisory oversight’, who knows which way the cookie will crumble next!

The prime concern at this moment for Bernanke, as well as for the US, is to recover from the current recession. For that the financial sector needs to stabilise and the banking sector to normalise its lending. But in the prevailing environment banks are busy saving up for the rainy day (as if it hasn’t already come!). To counter the situation, apart from letting the economy die, the Fed is left with two more alternatives. First, as Paul Donovan, Managing Director, Global Economics, UBS Investment Research told 4Ps B&M, “The Japanese way of stabilising the growth at a sub normal level with a distressed banking system.” And the second option is the Swedish approach of short term nationalisation, which means taking over banks, cleaning them up, and then selling off as soon as possible. While the first one is not at all advisable for obvious reasons, the second option is impractical for the US. As Donovan explains, “The Swedish method is not directly applicable to the US banking system because the US has a large banking system comprising many small banks. It is unlikely that the US will guarantee all creditors of the US banking system as Sweden, which had a few large banks, did. Certainly there are lessons (positive and negative) that can be learned from the Swedish solution. However, each banking crisis has unique causes and requires unique and customised solutions.” Definitely, the US solution has to be unique and customised. It has to be far more punitive.

It’s true that the US cannot takeover all banks, so it must become harsh. Let a few of them close down, and at the same time pick up a few large ones, revamp and make them torchbearers in its fight against recession. This process is not at all alien to the US as Mark Vitner, senior economist, Wachovia Corporation, says, “We have a process that allows the federal government to take over and temporarily run financial institutions. This was done most recently with IndyMac Bank in California.” Bernanke must immediately take a cue from this and make sure that things are back on track as soon as possible; does not matter how.

With ever increasing examples of nationalised banks beating their private counterparts, we must stop throwing good money after bad money, and be bold enough to bolt those responsible for the bad money (losses). So there! If Bernanke fails to do it right this time, obviously to prove his ‘strong supervisory oversight’, who knows which way the cookie will crumble next!

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Source : IIPM Editorial, 2009

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

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“Real estate sector set for a realistic growth”

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After an explosive one-off boom period one can now expect Indian realty sector to stabilise and emerge as a better organised sector growing in line with GDP

The last five years in Indian real estate constituted a one-off boom period triggered by the emergence of India as a global investment destination. This is a general phenomenon that every sector goes through before maturity – we can compare it to the Dotcom boom of 2000-2001 or the stock market boom of 2007-2008. The end always comes as a surprise, and can never be accurately predicted.

This is not to say that the good times have come to an end - real estate is one of the basic industries of any economy and will always be an important component. In times ahead, we will see the industry revive and accelerate, though through smaller and shorter cycles. We already know that every industry has a life cycle of explosive growth, stabilisation and maturity, followed by moderate growth. Real estate used to be a niche industry in terms of stock market exposure and private equity funding, but now, it will emerge as a larger, more-organised industry with realistic growth in line with the GDP, and it will represent a better and more sustainable value proposition.

Over the past six months, the real estate industry in India has undergone various changes. Now that the popular myth of India being a de-coupled economy is finally broken, we are faced with new challenges that will see the progression of the industry into the next phase of a general industry cycle.

Consolidation
It is historically established that as an industry matures, it gives way to fewer and stronger players who help to bring some sense in the industry. The coming months will see consolidation in an industry that is on a journey towards equilibrium price discovery, resulting in a win-win for both the developer and the end-user. Developers may not get the high margins, which they were used to, but they can still make money through higher volumes and a faster cash cycle. Consolidation will happen at different levels. Such consolidation will mark the extinction of the fly-by-the-night operators who had entered the industry and had made it deviate from its fundamentals.

Economic Recovery
Both GDP growth and exports growth are slowing down; there is also a pain of rising unemployment. Post Satyam, questions are being raised about corporate governance in India. However, I do believe that India will be able to recover faster than other economies, since its people are inherently savings-oriented, subject to moderate leverage and typified by caution. In comparison to the rest of the world, our growth is still fairly fast, we have the maximum number of people in our collective skilled work force and our financial sector has maintained a cautious approach. We will see the results of this before too long.

Residential Revival
The projection of India needing approximately 22 million units still holds true. Therefore, demand still exists, and increasing affordability in housing will help tap this demand. Also, affordability has to transcend the current far-flung locations and kick in at the suburban levels, closer to CBD areas. Currently, developers must not only complete projects under execution but also re-strategise to sell them quickly. Once they get out of the existing inventory and execution pipeline, they can look at new land parcels and new business ideas.

2009, especially the second half, will bring excellent bargains for investors, as well as for those who have a medium-to-long term view on the industry and the necessary risk appetite. Much will depend on being bang on target in terms of location, product and entry valuation.

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Source : IIPM Editorial, 2009

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

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“Move over Mr. Big, this is my playing field!”

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From leaner, smaller and more flattened organisations to everything value-for-money and no-frills, the slowdown sentiment has marketers salivating over the rediscovered power of ‘small’ over Indian consumers. Small portions, small housing, small cars, small handsets, chhota recharge, budget travel, et al, are the new big boosters...

What goes around, comes around. Capitalism trounced the saving habit and steered consumers toward conspicuous consumption. But the fall from grace of capitalism’s most iconic symbols (read: Lehman, Merrill Lynch and others of their ilk) is making many cringe at their recent splurging - especially those in the US. Albeit lesser affected, but consumers in India have balked at the fate of their US counterparts. After all, India Shining, outsourcing, 9% growth rate and YouTube had most of India’s 300 million strong middle class happily married to the American dream, replete with plastic money and cheap mortgages. The crash is seeing many of them run for cover. Forced to acknowledge economic fear after almost a decade – Indian consumers are once again tightening their purse strings. And the effect is visible across myriad sectors and consumer segmentations. Read on...

Despite the economic gloom that seems to have cast a feverish shadow over conspicuous consumption globally, Ronald’s India journey is turning out to be a scrumptious ride by comparison. McDonald’s colorful clown character cum mascot simply can’t quit grinning in his various poses at the QSR chain’s 150 golden arches across the country. The optimism is part reflected in the growing number of burger-happy faces that continue to mill around McD outlets in India. Tough times notwithstanding, footfalls are on a rapid incline. Reason? Economic uncertainty is making consumers frugal, shifting their eating out options from fine dining to casual dining (like Pizza Hut) and from casual dining to QSR chains like McDonald’s. Small servings, meagre price tags (burgers at Rs. 20 anyone?) no-frills eating is clearly the way forward (at least for the near – if uncertain – future!). Ask the management at this burger and fries company about the slowdown effect and they feign total ignorance. “Slowdown? What slowdown?” Profitability, they say, has jumped 100% in 2008, with a 25-28% y-o-y. sales growth. System-wide footfalls have also increased simultaneously by 14-18%, and if the gloom persists, the management is expecting both sales and footfalls to increase even more dramatically in the first quarter of 2009.

So when most companies are in downsizing mode, this one’s on a hiring spree, with a plan to hire more than 2,000 new associates over the next two years. But McDonald’s hiring plans are simply an aberration in India Inc., with almost every business house – across financial services to infrastructure and realty – singing ‘small is beautiful’ (read: lay-offs and recruitment freezes). The fight for survival has companies retaliating via cost cutting measures and nimbler, meaner operations, believing that it will give them the ability to cut their losses in these tough times and come back stronger when the economy bounces back.

But that’s just the tip of the iceberg. The real power of ‘small’ is reflected in the recent going-ons in corporate India. When Tata announced his Rs.1,00,000 dream car Nano early last year, competitors merely sniggered. Indian consumers have moved up the value chain, they said, adding that the market has matured beyond small cars. By the beginning of 2009, however, a slew of carmakers had either launched or announced small car plans for the same (mature?) market! Similarly, aviation analysts who could not stop predicting the death of low cost airlines in India (no thanks to the bleeding losses that the carriers continue to make), are now busy heralding a new dawn for the no-frills sector. Agreed that the steep fall in ATF prices have also contributed their bit to this resurgence; yet, the optimism is more pronounced thanks to its value-for-money appeal for India’s slowdown-hit air travellers. Even the big man Anil Ambani is dreaming small these day. The initial tariff plans for his GSM launch specifically target subscribers with sub-Rs.300 mobile expenses. If you don’t listen to consumers you perish and today the Indian consumer has fallen in love with “small”..

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Source : IIPM Editorial, 2009

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

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DRAGON BREATHES FIRE AT THE OLYMPIAD!

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LEADING HIS TEAM OF 104 MEMBERS, LIU QI WORKED DILIGENTLY FOR SEVEN YEARS TO CREATE A ONE-OF-ITS-KIND SHOW TO BE CHERISHED FOR LONG

The summer of 2008 witnessed the 16 glorious days of the ‘Beijing Olympic Games 2008’ that kept spectators mesmerised at the glitzy venue in China and sports lovers around the globe glued to their TV screens. The unprecedented success of the 29th summer games highlighted the hard work put in by the people who toiled to make the event a memorable one. The real showman manning the magnum opus of the XXIX Olympiad was the President of the Beijing Organising Committee of the Olympic Games (BOCOG), Liu Qi. With him at the helm, the Olympiad reached its pinnacle in the Beijing Games, with record 11,000 athletes from 204 countries taking part. “BOCOG under the able leadership of Liu Qi has offered to the world 16 days of exciting Olympic sports competitions, supported by smooth operations,” avers Jacques Rogge, President, International Olympic Committee (IOC) to 4Ps B&M. Liu Qi had penned down the blue print of the entire preparation of the games into three phases. The first phase saw BOCOG roping in renowned marketing partners and sponsors like Volkswagen, Bank of China, McDonald’s, et al. The second phase (2004-2006) was assigned the completion of the construction of the Olympic projects (including 11 stadiums and gymnasiums) along with signing of contracts with the National Stadium, National Swimming Stadium, et al. Working out detailed plan of security, traffic and logistics were also its part. The third phase was devoted to testing the various events (37 pre-Olympic competitions were held to test the facilities) and fine-tuning of the last minute preparations.

A splendid Olympic Village (a 66-hectare compound), state-of-the-art venues, strict enforcement of anti-terrorist measures, et al, testify to the fact that BOCOG achieved the target it had set for itself. The success of the event can be attributed to the minute detailing, proper planning and apt implementation by BOCOG,” declares Rogge. While Liu Qi was honoured with Gold Olympic Order for his work, others in his team bagged Silver & Olympic rings.

At the face of the grand event lay several challenges facing China (from violent protests in Tibet aimed at disrupting proceedings of the Beijing Games, to related protests overseas against the torch relay). But this did not deter Liu Qi. In fact, a study conducted by Nielsen shows that the Beijing Olympic Games attracted a whopping 4.7 billion spectators. Furthermore, according to an assessment by IOC, Beijing Olympics brought change to China in areas as diverse as media freedom, environment and public health. So, do we already see London (the next Olympic venue) sweating and panting to outdo its predecessor’s success?

Ratan Lal Bhagat

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Source : IIPM Editorial, 2009

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

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IIPM set to beat economic slowdown
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IACOCCA BE DAMNED!

IIPM set to beat economic slowdown

In his autobiography, the legendary Lee Iacocca postulated downturns do not touch the entertainment & restaurant industries. Pallavi Srivastava refuses to blink...

If you are an ardent reader of Page three pullouts – in fact, we guess even if you aren’t – you would have easily noticed in the past few months the sudden absence of super-big announcements of new projects being rolled out and actors being signed on, factors that have kept Bollywood buzzing for the last few years. Is this an indication of the fact that even tinsel towns get affected by economic downturns, Iacocca be damned? Yes, there are reports about numerous films being shelved, put on hold or failing to get buyers, but the question is, are these indications purely of economic downturn? Weren’t there always cases of films being shelved or put on hold?

For current records, Nagesh Kukunoor (the director of films like Iqbaal, Dor et al) seemingly has no takers for his film Aashayein starring John Abraham. Two movies of Salman Khan (one of T-series and one from Tips) have reportedly been put on hold. Himesh Reshammiya’s Gujju Bhai has been shelved by Studio 18 for now. Vipul Shah’s London Dreams’ deal with the Indian Film Company (IFC) for an exorbitant Rs.120 crore is rumoured to be facing a time glitch. T-Series CEO Bhushan Kumar has asked Director Pooja Bhatt to reduce the budget of new film Kajra Re. Even the much hyped multi-billion dollar Hollywood deals of Indian companies have not been left untouched. Ripest grapevine gripe portends that this years’ most talked about deal between ADAG and Hollywood legend Steven Spielberg is on hold too. And ADAG camp’s package deals with Indian producers like Vidhu Vinod Chopra, Farhan Akhtar, et al are also under the scanner.

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Source : IIPM Editorial, 2008

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

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MFs sink further into the red!

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All thanks to the global meltdown, MF industry in India has witnessed value erosion of Rs.759.96 billion in equity related schemes in the first seven months of FY 2008-09. According to the AMFI data, Rs.406.08 billion of this was lost in October alone. Notably, BSE Sensex and BSE-500 also recorded their single biggest monthly fall in October. BSE Sensex plunged by 23.9%, while BSE-500 fell by 27.1% in October. AUM in equity related schemes too declined from Rs.1,890.25 billion as on March 31,2008 to Rs.1,579.13 billion as on October 31, 2008. This fall in AUM is partly due to value erosion in equities & partly due to redemptions that followed them.

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Source : IIPM Editorial, 2008

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

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AMD is fighting a similar battle with Intel in India

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The US too is trying to daunt its biggies from indulging in such monopolistic malpractices. In an ongoing case filed in the US District Court of Delaware, microchip player AMD has charged market leader Intel with pay-offs to Acer, Dell and other major Japanese manufacturers to not entertain similar offers from AMD. In fact, the Korea Fair Trade Commission, after two years of investigation, has already fined Intel $25.4 million in June this year for offering rebates to South Korean computer companies, in a bid to undercut AMD.

AMD is fighting a similar battle with Intel in India, alleging that most state and central government procurement tenders demand only Intel chips in PCs. However, unlike the west, India’s regulatory mechanisms are almost non-existent. The decades old MRTP Act has no claws and despite the New Competition Act of 2002, the Competition Commission of India is still an elusive chimera, for now functioning merely as an advocacy body with limited staff on its rolls.

Those in favour of the Jet-Kingfisher alliance, of course, relate back to the days when the European Commission cleared a similar cooperation pact between Lufthansa of Germany and Scandinavian Airlines System. But they forget that the region had adequate deterrence mechanisms in place. The Lufthansa-SAS alliance was approved on the pre-condition that the airlines take steps to ensure the link does not turn into a monopoly (the carriers had to give up certain slots, flights and agreements with other airlines).

Dealing with cartels has become an omnipresent threat to the global economic well being, especially in these inflationary times. Studies suggest that recent cartels raised prices in Japan by 16.5%; in United States, estimates suggest that hard core cartels can cause prices to up by over 60-70%. Clearly, a lot is at stake for the Indian economy, also tethering on the brink of sky-rocketing prices. Of course, a lot of it is simply attributable to the global economic recession, but then it has always been tough to establish cartels and collusions. If politics makes for strange bedfellows, businesses take the cake for sleeping with the enemy… uhm, figuratively speaking, of course!

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Source : IIPM Editorial, 2008

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

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A tale of two cities

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A similar story unfolds for India; albeit with a few differences. Given that Wall Street has sneezed and expectedly even the Indian economy has caught the proverbial cold, sales momentums have turned sluggish post January 2008. Predictably sectors like auto, consumer durables, real estate and financial services have been the most affected by the economic slowdown and many have consequently also reduced their ad spends, some by as much as 40%.

TVS has cut down on its ad expenses by 35%, while Mahindra & Mahindra has reduced by 6%; Videocon and Omaxe have brought down their ad expenses by 9.3% and 21.65% respectively. Others that have not reduced their advertising onslaught, instead upped it in the time of crisis are not faring much better either. Maruti Suzuki accelerated its ad expenses in FY08 by 10% over FY07, but its ad expenditure to sales ratio over the same period has come down by 9.66%. The same ratio for Mahindra, TVS, Videocon and Omaxe has come down by 18.24%, 22.12%, 20.79% and a whopping 58.80% respectively.

Given the tragic chain of events, even the ongoing festive season gives little reason to cheer. Reason? Most companies are already lagging behind in achieving their annual sales and revenue targets. The festival season is the only chance now before year closing that they can hope to achieve a semblance of respectability for their balance sheets.

But, it’s also a catch-22 situation. If despite high input costs, lower margins and the recent increase in ad rates, they continue with their advertising blitz as planned at the beginning of the year, they would literally be playing a gamble with their monies, given that consumers may still not buy due to inflation, high interest rates and exchange rates differentials. On the other hand, if they don’t advertise as planned, they will lose out on even the little chance of dragging up their targets. Marketers would therefore possibly be spending many additional hours closeted in their board rooms, scratching their heads over ways to balance their ad spends vis-à-vis sales (revenue) potential.

For the consumer durable sector specifically, the going is becoming increasingly tough. After all, every year more than a third of their sales happen during the festive season (October-December) and this festive season, the outlook is anything but rosy. Admits V. Ramachandran, Director (Marketing & Sales), LG Electronics India, “Profitability is hit for most of the sector. As far as LG is concerned, we’ve already crossed our budget of Rs.100 crore and will continue to increase our advertising expenses to tide over these tough times.” To make up for the fast-sinking revenues, LG (just as Samsung, Philips, et al) has decided to do away with the traditional marketing gimmicks, like discount and gifts, during this festival season. Clearly, while reallocation of assets is being done, companies will necessarily have to continue advertising to remain in the popular mindset during and after slowdown.

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Source : IIPM Editorial, 2008

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

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“We believe in discounting the whole store”

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R. SUBRAMANIAN, FOUNDER & MD, SUBHIKSHA

In a free-wheeling conversation with 4Ps B&M’s pawan chabra, R. Subramanian, Founder & MD, Subhiksha shares his views on the changing retail scene in India...

How is Subhiksha different from other retailers in the country?
Subhiksha has an Indian model of retailing. That means Subhiksha does not have a business model which has been copied from abroad. In fact, we don’t believe in a model in which we sell 20 items and give only two items at a discount and the rest 18 at a normal MRP like many other retailers in the country are doing. Rather, we at Subhiksha believe in discounting the whole store so it does not matter to you if you come to us today, tomorrow, or for that matter even a month later. You will always find our prices much lower than other retail chains in the neighbourhood. And this Indianised model of retailing is working very well in the country. We believe that hypermarkets are still not suitable for the Indian market and vouching the fact you can see many more retailers are now moving towards the Subhiksha way of retailing in the country. The product offering at a lower cost is the competitive edge that Subhiksha has over its competitors. We certainly offer value for money to the Indian consumers.

What is the current turnover of the company and what are your expansion plans for Subhiksha?
We currently have 1,580 stores in the country and we are planning to reach a figure of 2,200 by the end of the current financial year. This number includes both departmental and mobile stores. Well, as far as our turnover is concerned, we had clocked a figure of Rs.23 billion last year and this year we are hopeful of reaching somewhere between Rs.40-45 billion.

What about your expansion plans in the consumer durables arena?
We are planning to open 150 consumer durables stores by the end of the current financial year and we will be investing Rs.6 billion in this venture. But our competitive edge will remain the same as we will be aiming at providing goods to the consumer at the lowest price available in the market.

It’s often said that Subhiksha’s store ambience is not up to the mark when compared with others. What do you have to say on that?
I will not say that the statement is completely false but it’s our deliberate strategy. Certainly our stores are not air-conditioned but then you should understand that we are catering to the consumers at the bottom of the pyramid. Here the consumer is looking at lowest prices and not whether the store is air-conditioned. However, our stores are still clean and tidy and better than the kirana stores.

What’s your take on the power of in-house brands? Do you think in-house brands can pose a threat to external brands?
There is no denying that in-house brands are more profitable but you cannot sustain without external brands. As far as Subhiksha is concerned, in-house brands comprise 20-25% of its total turnover. We focus on doing in-store advertising for our in-house brands as it definitely influences the buying behaviour of the consumer.

What are your plans for the IPO? Can we expect it by the end of this financial year?
We are not coming out with an IPO; rather we would be merging with a company called Blue Green Constructions, which is a listed entity on the Madras Stock Exchange. Following that the company will be renamed as Subhiksha India. We have already bought a majority stake in the company earlier this year. For the financing part, FIIs are more than willing to invest in our company. So as such there is no problem of cash crunch.

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Source : IIPM Editorial, 2008

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

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At the cost of running out of adjectives to collectively define them, we’ll sum them up in three words - dynamic, intelligent and masterful

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More often than not, they are jet setting round the world. When in town, they are hopping from The Renaissance to The Taj to JW Mariott for close door meetings. They are closing deals worth billions of dollars every week. Cameras and news-hungry journos swarm whenever they make public appearances. They are Anil Dhirubhai Ambani’s key guys, giving shape to his dream of straddling virtually every media and entertainment outlet conceivable, and then some more. At a time, when businesses are betting on outsourcing their supply chains, in a clear departure from established paradigms, Anil Ambani (and his deep pockets) wants to own and run the entire value chain of India’s entertainment agglomerate. And helping him do excatly that are his band of BIG men!

Rajesh Sawhney: Ask Rajesh Sawhney, CEO, Reliance Big Entertainment, who believes that the last three years with Ambani junior have been the best years of his life, and he quickly rattles off the underlying ADA vision behind all the caffeine induced late nights, cross globe flights and starry-eyed investments in India and abroad. “We are trying to build the biggest entertainment brand not only in India but across the globe,” he says. And Sawhney knows a thing or two about building big brands. After all, with his 14 year stint with The Times of India Group – where he created successful businesses across publishing, radio & TV, retailing, e-commerce and more – Sawhney has a proven track record behind him. An alumnus of Harvard Business School, over the last two years, Sawhney has successfully transformed the nascent BIG Entertainment into a brand that spans content and distribution channels across cinema (Bollywood & Hollywood), television (channels, animation, DTH services), music and home videos, to radio (FM stations), Internet (social networking) and value-added services on mobile.

“Many of the pieces that we have been working on for the last two years, like Zapak, BIGAdda, BIGflicks and BIG 92.7FM are now connecting together. The next three years will be very significant for Reliance BIG Entertainment’s revolution in the media industry,” shares Sawhney. India’s entertainment industry is worth Rs.225.9 billion and expected to grow at 22% to touch Rs.600 billion by 2012. And BIG “would like to capture 15-20% of the new value that the industry creates,” says Sawhney. To achieve this ambition, Ambani perhaps could not have found a better man than Sawhney, a perfect team leader, who over time has roped in an army of ambitious men from the corporate world to head Big Entertainment’s various forays into media, entertainment and online verticals.

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Source : IIPM Editorial, 2008

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

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