The Gold standard had inspired absolute faith in currencies. Today, staring at a weak dollar and a tumbling US, we dare ask – was Midas too greedy?
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Once upon a time, the issue was debated not just by policy mandarins & academicians, but even by the ordinary people. Alas, as the world hurtles towards the lowest common denominator when it comes to individual education & social awareness, the Gold Standard is something most students even of economics do not seem familiar with. As for the rest, it raises one big yawn as the debate moves on which star is sleeping with which starlet. There is just one school of thought, the Austrian School, that still strongly believes that a Gold Standard is the best antidote to the kind of reckless speculation that marks contemporary financial markets.
So what exactly is a Gold Standard? Under this system, the currency printed by the Central bank of a country is backed up and guaranteed by the precious metal. In its purest form, a citizen of a nation could go to a back with ten units of the local currency and exchange it for gold. The Gold Standard severely restricts the ability of the Central bank to print currency as and when it feels like. The Gold Standard is also the epitome of laissez faire capitalism, a system that ensures the survival of the fittest.
After the economic convulsions that marked the beginning of the First World War in 1914, Britain which was the most powerful economy of the world at that time, went off the Gold Standard. It went back to the system again in 1926, was unable to sustain it and finally abandoned the Gold Standard in 1931. Even the United States finally went off the Gold Standard in 1933, the last year of the Great Depression, keeping up a pretense till 1972 when the administration of President Richard Nixon finally abandoned the system for good. And thereby ended one of the most enduring characteristics of an economic system.
The end of the Gold Standard also marks the beginning of speculation in financial markets, a massive increase in capital flows across economies and the kind of reckless behaviour that has become the hallmark of post Second War Capitalism. As long as the Gold Standard was in place, there was an automatic check on profligate tendencies of governments & the currency commanded respect and public trust even when nations temporarily suspended the system during wars and other crises. During the American Civil War in the 1860s, the administration of President Abraham Lincoln issued ‘Greenbacks’ to finance the Civil War. Though the Greenbacks were not backed by Gold, all of them were honoured through Gold payments after the end of the Civil War. That kind of gesture ensures that your currency will command global respect.
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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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KING JIGME KHESAR NAMGYAL WANGCHUCK - The royal guard
IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA
KING JIGME KHESAR NAMGYAL WANGCHUCK
The royal guard
Situated
in the lap of Himalayas is the serene and picturesque Kingdom of Bhutan. But don’t be shocked if you hear that just until two years ago this exotic and benign country was under the staunch protectionist rule of King Jigme Singye Wangchuck. But then came the welcome change, of his passing on the baton to his son, Crown Prince Jigme Khesar Namgyal Wangchuck on December 9, 2006. At 27, he became one of the world’s youngest kings. The fresh blood of Khesar brought fresh ideologies to the Kingdom. Clearly, the stepping down was the first step in the long-overdue process of the Bhutanese king’s top-down devolution of power and democratizing the country. At the time of handing over the reins, old king said, “I am confident that a very bright future lies ahead for Bhutan with the leadership of a new King and a democratic system of government that is best suited for our country as enshrined under the Constitution. I have every confidence that there will be unprecedented progress and prosperity for our nation in the reign of our fifth King.”True to his words, the fifth Druk Gyalpo quietened his worst critics by ushering in constitutional democracy in the country on March 25, this year; a move which has been applauded by India – the world’s largest democracy. But the Maoist insurgents in Nepal and in the north-eastern part of India were not too happy with this epochal event in this tiny nation, as Bhutan had joined hands with India to curb their acts in the Bhutanese jungles. Now, any hope that these insurgents had of re-starting their operations has been totally foiled.
So where is his contribution to making these coming decades an Indian one? Well, India also plays a key role in Bhutan’s economic development. Close to 90% of Bhutan’s total imports are from India, while exports to India amount to 95% of its total. Surprisingly India, which does not have much of a cordial relation with its neighbouring countries – Pakistan, Nepal, Sri Lanka, Bangladesh – has found an unlikely ally in this tiny Himalayan nation. And now it is up to the young king to make it count in the name of ‘Symbiotic’ advantage.
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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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In January 2007, BBC’s website wrote that “there is no other Indian business conglomerate, which quite dominates the lives of middle-class Indians the way Tata Group does….” The article added that lakhs of urbanites wake up with Tata tea, make early calls on Tata mobile, drive to office in a Tata sedan, and wear Tata watches and Tata shoes. Their younger kids go to school on a Tata bus, elder ones work with the Tata group, which employs 250,000 people, and wives surf channels on Tata Sky.
One may be prompted to say here that this is because the Tata group has been in existence for decades and, for most periods, operated in a protected business environment. But so did many other business groups, and they don’t seem to have this kind of a presence. What works for the Tatas is a single-minded focus on business, spotting opportunities, and offering products and services that click with consumers. They identify the needs, and roll the products out at the cheapest-possible price.
This is definitely true of Tata’s foray in the passenger car segment. B&E finds out how Ratan Tata, Chairman, Tata Group changed the face of Indian roads.
One may be prompted to say here that this is because the Tata group has been in existence for decades and, for most periods, operated in a protected business environment. But so did many other business groups, and they don’t seem to have this kind of a presence. What works for the Tatas is a single-minded focus on business, spotting opportunities, and offering products and services that click with consumers. They identify the needs, and roll the products out at the cheapest-possible price.
This is definitely true of Tata’s foray in the passenger car segment. B&E finds out how Ratan Tata, Chairman, Tata Group changed the face of Indian roads.
Tactic No 1: Pinpoint new opportunities
Prior to the launch of the Indica, Ratan Tata realised that internal factors were compelling him to change Tata Motors’ strategy. Since the market for commercial vehicles wasn’t growing fast, he had to seek volumes elsewhere. The only way he could do it was to venture into the passenger car segment. But then, he could only compete with established players like Maruti Suzuki by offering new propositions to the customer. Tata thought it should be low price and cheap operational costs.
Agrees Ramnath S, Partner, Idfcsski Securities, “Indica became a success because of its pricing and positioning as a diesel car. Since Maruti was only making petrol cars then, Indica was the first of its kind.” For the upwardly-mobile consumer, a ‘sensible’ car is one, which has the lowest operational costs. She understood the dynamics of the volatility in global crude prices. The disparity between petrol and diesel prices in India created an insecurity against petrol cars. For her, Indica was a small car with a difference. It was as cheap as other compact models, and it had a diesel engine, which was cheaper to run.
Says a Tata Motors’ spokesperson, “When Indica was launched, it combined the best of what was offered by competitors. Most importantly, it offered running economy and ‘more car per car’ value. This enabled the Indica to become a breakthrough product in the Indian small car market and, in fact, establish the B segment in India. The positioning strategy was more space, better styling and more economy.” Tata now wants to create the cheapest segment – a $2,500 model. The Rs.1 lakh car may hit the market in 2008. Adds NDTV’s Siddarth Patankar, “There are different audience segments. On Tata’s part, there is a need to build on what the Indica has achieved. Retail outlets will play a key role in the success of the Rs.1 lakh car,” The car’s low buying and maintenance costs created another market – private taxis. “Tourists preferred the Indica as it was cheaper,” adds Ramnath.
Prior to the launch of the Indica, Ratan Tata realised that internal factors were compelling him to change Tata Motors’ strategy. Since the market for commercial vehicles wasn’t growing fast, he had to seek volumes elsewhere. The only way he could do it was to venture into the passenger car segment. But then, he could only compete with established players like Maruti Suzuki by offering new propositions to the customer. Tata thought it should be low price and cheap operational costs.
Agrees Ramnath S, Partner, Idfcsski Securities, “Indica became a success because of its pricing and positioning as a diesel car. Since Maruti was only making petrol cars then, Indica was the first of its kind.” For the upwardly-mobile consumer, a ‘sensible’ car is one, which has the lowest operational costs. She understood the dynamics of the volatility in global crude prices. The disparity between petrol and diesel prices in India created an insecurity against petrol cars. For her, Indica was a small car with a difference. It was as cheap as other compact models, and it had a diesel engine, which was cheaper to run.
Says a Tata Motors’ spokesperson, “When Indica was launched, it combined the best of what was offered by competitors. Most importantly, it offered running economy and ‘more car per car’ value. This enabled the Indica to become a breakthrough product in the Indian small car market and, in fact, establish the B segment in India. The positioning strategy was more space, better styling and more economy.” Tata now wants to create the cheapest segment – a $2,500 model. The Rs.1 lakh car may hit the market in 2008. Adds NDTV’s Siddarth Patankar, “There are different audience segments. On Tata’s part, there is a need to build on what the Indica has achieved. Retail outlets will play a key role in the success of the Rs.1 lakh car,” The car’s low buying and maintenance costs created another market – private taxis. “Tourists preferred the Indica as it was cheaper,” adds Ramnath.
Tactic No 2: Be on the learning curve
The lack of competition in the small diesel car segment helped Tata Motors in another way. It got the space to learn from its mistakes. The evolution of the Indica was based on market feedback, and turned out to be cost effective as developmental costs were spread across a period of time. For instance, the V2 version (launched almost three years after the original) had more than 100 new and improved components. And Tata could do it as competitors failed to launch diesel versions in the compact segment.
However, the real learning curve dated back to 1988, when Tata Motors had decided that it will chase volumes in passenger cars. In that year, the company launched the 207 pick-up. The product led to the entry of other SUVs such as the Sierra, Estate, Safari, and MUVs like Tata Sumo. Many of these models were criticised by auto experts, but the slew of launches helped Tata Motors to research and experiment that enabled it to finally launch the small Indica.
The lack of competition in the small diesel car segment helped Tata Motors in another way. It got the space to learn from its mistakes. The evolution of the Indica was based on market feedback, and turned out to be cost effective as developmental costs were spread across a period of time. For instance, the V2 version (launched almost three years after the original) had more than 100 new and improved components. And Tata could do it as competitors failed to launch diesel versions in the compact segment.
However, the real learning curve dated back to 1988, when Tata Motors had decided that it will chase volumes in passenger cars. In that year, the company launched the 207 pick-up. The product led to the entry of other SUVs such as the Sierra, Estate, Safari, and MUVs like Tata Sumo. Many of these models were criticised by auto experts, but the slew of launches helped Tata Motors to research and experiment that enabled it to finally launch the small Indica.
Tactics No 3: Enhance corporate image
Initially, Tata Motors launched the Indica with a 1495 cc petrol engine as well. Knowing that volumes would be generated by the diesel variant, the petrol model was meant to help the brand to stay within the ‘psychological confines’ of a small car. The consumer had to know that Tata Motors had also built a sophisticated petrol version. It’s a different matter that the Xeta, a small car launched later as a new petrol model, paid the price of being in the shadow of its diesel sibling. Today, Indica is perceived as the ‘only’ diesel car and Xeta just misses the petrol car buyers’ option. The same has happened with the more expensive models like Tata Indigo that Tata Motors has launched; most of them have not done too well in the marketplace. So, Tata doesn’t want to miss another chance to re-establish the high-end and luxurious image of his company. This may be one of the reasons why he has aggressively bid for the Jaguar-Land Rover acquisition. If he manages to grab this deal, it will catapult Tata Motors as a global player, with models across the price and technology spectrum. In one stroke, it will transform Tata Motors from being a maker of indigenous cars to one which makes world-class models that sell in developed markets.
In the next few years, Tata will be a global name to reckon with. It will possess the cheapest-ever model in its arsenal. It may sell Jaguars and Land Rovers. It may become the first-ever Indian firm to disrupt global manufacturing, just like what Infosys and Wipro have done in software services.
Initially, Tata Motors launched the Indica with a 1495 cc petrol engine as well. Knowing that volumes would be generated by the diesel variant, the petrol model was meant to help the brand to stay within the ‘psychological confines’ of a small car. The consumer had to know that Tata Motors had also built a sophisticated petrol version. It’s a different matter that the Xeta, a small car launched later as a new petrol model, paid the price of being in the shadow of its diesel sibling. Today, Indica is perceived as the ‘only’ diesel car and Xeta just misses the petrol car buyers’ option. The same has happened with the more expensive models like Tata Indigo that Tata Motors has launched; most of them have not done too well in the marketplace. So, Tata doesn’t want to miss another chance to re-establish the high-end and luxurious image of his company. This may be one of the reasons why he has aggressively bid for the Jaguar-Land Rover acquisition. If he manages to grab this deal, it will catapult Tata Motors as a global player, with models across the price and technology spectrum. In one stroke, it will transform Tata Motors from being a maker of indigenous cars to one which makes world-class models that sell in developed markets.
In the next few years, Tata will be a global name to reckon with. It will possess the cheapest-ever model in its arsenal. It may sell Jaguars and Land Rovers. It may become the first-ever Indian firm to disrupt global manufacturing, just like what Infosys and Wipro have done in software services.
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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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Now dollar to dictate supremacy
World history has seen the use of swords in wars, then embargoes during the Cold War to claim supremacy. Recently, the world has witnessed use of financial institutions (FIs), infact dollar, as a tool to attain or retain supremacy. Inspite of enormous hue and cry about the US’s downfall, dollar kept the US alive. Inspite of national debt of over $9.815 trillion, the US treasury market remains the hottest ever investment destinations. The US’s simple formula ‘flood the world with dollars’ through unlimited import and in return flood the world with dollars and gold’s turmoil, to retain global exchange status has led dollar to replace gold. Share of the dollar increased to 90.4% from 87.3% in 1998 in foreign exchange market and became dominant reserve currency, being over 68% of global reserves in the world. This gave the US immense confidence to rule the world, inspite of its high medicare liability ($30 trillion), high social security liability ($12 trillion). Those who have intellectually positioned their currency over others, have finally superseded others in the race of economic gain. Finance intruments are to be most crucial tool to influence the world and dictate supremacy...
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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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An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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The General Entertainment segment is not growing at all
IIPM is A World of Career
You plan to launch E24 in December 2007. What makes it different?
(smiles) E24
is a snacky, information based entertainment channel. It’s gonna be about people, Bollywood and celebrities. No! Don’t confuse it for another Zoom. In fact, I’d like to call this one a celebrity channel. It will be a keyhole to the lives of Bollywood celebrities. With E24, we will be touching a virgin market. Would you define it as ‘Stardust on television’?
Absolutely! The Stardust/Filmfare reader is our target audience. It’s a GEC targeted at 18+ women, but with no fictionalised drama and soap operas. Our market survey shows that there is immense demand for such a channel. I mean, look at the ad world today. There are more Bollywood celebrities promoting brands, than models. Does that not say something? Not just Indians, people globally are loving Bollywood.
So why not a traditional GEC model - soaps, serials & comedy?
GECs need huge investments. Then there are already well-entrenched players in the segment. I’m not sure that being the 5th or 6th entrant will be a good strategy.
But even in the Hindi news segment, you will possibly come in as the 8th or 9th entrant?
That’s because according to TAM data, in the total TV viewership pie, the only genre that is growing is that of Hindi news channels. On the other hand, the GEC segment per se is not growing at all. In the news segment, the No. 1 player has only about 20% of the market and our strategy is to further clutter and fragment this segment, to our benefit.
Even E-24 will require a heavy dose of investment.
Beyond the existing infrastructure that we already have as a production house, we plan to invest a total of Rs.400 crores for all the channels. We are hopeful of huge synergies in distribution, marketing and ad sales for the four channels, plus we’ll share over 10-15% of our content across channels. Since we have our own platforms, we plan to market all our products innovatively, with a 360 degree approach.
A word for your competition… We have no competition!
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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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“Apple... successful in creating a strong brand that reflects innovation and creativity,” Anmol Dhar, Superbrands
APPLE... They revolutionised the world with their path breaking innovations. What they began with iPod & iPhone, they continue with Safari...
always do it in style (innovation personified). Be it the musically smart iPod or the technologically advanced iPhone, they have always dazed the world with their path breaking innovations. “Apple has always been successful in creating a strong brand image that reflects its innovation and creativity. And they have always proved it through their offerings,” Anmol Dhar, MD, Superbrands India told 4Ps B&M. Well, if this wasn’t enough, the latest from the innovators stable happens to be Safari 3 – the fastest web browser in the world. The stylish interface gets out of your way and loads the page two times faster than Internet explorer and up to 1.6 times faster than Firefox 2. Moreover, Safari bonds with iTunes in distributing Apple’s distinguished user experience to Windows and Mac users, as well as full support for open Internet standards. Now that’s tough bonding! And all at your doorstep – Safari has a bookmark management scheme that integrates Apple’s QuickTime multimedia technology, and features a tabbed-browsing interface. Sure to catch up fast with users like always. And for the cons attached with it, as they say some popular features not set on by default, comes the experts comment from Apple CEO Steve Jobs - “We think Windows’ users are going to be really overwhelmed when they see how fast and spontaneous web browsing can be with Safari”. Hear that, ladies and gentlemen!
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="“We believe in innovating every day... in products, in our processes just the way we do things,” Rajan Anandan
IIPM - Admission Procedure DELL... Here’s a company that has driven the course of future industry innovations, and it has been ‘PowerVault’ing all the way...
Known 
for its relentless focus on customer satisfaction, Dell undoubtedly with its innovative techniques has climbed the ladders easily enough to reach the top. Its culture itself speaks of innovation and improvement. In fact, Dell began its innovation technique by asking its customers what they want the product to do? Continuously working on consumer’s feedback Dell has time and again floored the IT world with its innovative approaches. “We believe in innovating every day, inculcating a mindset of innovation in our products, in our processes just the way we do things,” Rajan Anandan, Vice President and General Manager, Dell India shares with 4Ps B&M. Well, the 300 information disclosures by its R&D department in just the past two years says the rest!
And now, the latest from Dell’s factories is the fourth generation PowerVault LTO -4- 120 technology storage device that provides 800 GB native capacity with a whopping transfer rate of 432GB/hour. That means your backup window gets shrunk by a third and records a complete 100% growth in capacity. It’s the first drive, which offers ‘device level encryption’ that enables organisations to secure their data efficiently without the additional cost of installing software base encryptions. And lest we forget, it is indeed Dell’s concept of building direct relationship with customers that has helped it in its drive to chart out future industry innovations. The threestep process of ‘Listen-Solve-Impact’ has almost always led to some real path breaking innovations.
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Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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People Movements
IIPM, ADMISSIONS FOR NEW DELHI & GURGAON BRANCHES • Sanjay
Menon recently joined Mudra Ahmedabad as Executive Director after completing 12 years at Grey Bangalore. He had quit Grey in February, where he was Branch Head and Regional Creative Director, South. • Anand Narsimha who was Chief Executive Officer at MASH-Madison Shopper Marketing recently has joined Bates David Enterprise, Bangalore, as Vice President (Strategy & Knowledge). Bates India CEO, Subhash Kamath remarked on Anand’s strategic competence, as his two decade long experience is likely to play a crucial role as a change agent for the company.
• Hakuhodo Percept’s CEO Bose called it quits at the agency and partnered Sangeeta Sen, Former VP, Creative, Hakuhodo Percept, and Reet Singh Ahluwalia, Chairman of Arms Group, to set up Arms Crestra,• Mohit Rampal has been appointed as the new country manager for 3Com India. Rampal will be responsible for all sales, customer and partner programmes. He has over 17 years of experience in IT networking, IT security and telecommunications.
• Rediffusion DY&R recently roped in two very well known creative heads, Sagar Mahabaleshwarkar and Ramanuj Shasrty and appointed them as Chief Creative Officers. Mahabaleshwarkar was earlier working with Ogilvy as Creative Director, while Shastry was the National Creative Director of Publicis Ambience.• Rajat Sethi, Chief Executive Officer, Wonderman India, an integrated marketing solutions company, put in his papers recently. Sethi will be replaced by Sathyanarayana who was serving as VP at Wonderman, Mumbai.
Compiled by: Priyanka RajpalFor more articles, Click on IIPM Article
Source : IIPM Editorial, 2008An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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With
the ad rankings behind us now, it is time to focus on those print and electronic ads and billboards, which could not make it to our coveted rankings, nevertheless, they’ve created quite a stir among the ad-frat and consumers alike. Most debated, most discussed, appreciated or blasted, whatever they may be , we bring them all to you. Check out the hottest spots for this fortnight and decide for yourself... CATEGORY : Billboard BRAND : Barclays
HEADLINE : Slow repayment on personal loans4Ps TAKE : Barclays entered India recently and it has already done some quick and smart thinking. It has come armed with a strategy to counter stiff competition from other foreign (and nationalised) banks, which are showing exponential growth within the country. When consumerism has pushed the average Indian on the brink of another ‘Amdani atthanni, kharcha rupaiya’ realm (at least in the metros), Barclays has come out with a scheme which promises to give them money to blow-up and slower instalments to pay up. The visual is cute with the slow and steady tortoise aptly conveying the essence of the message and the white background stands out. Will the slow and steady win this race?
For Complete IIPM Article, Click on IIPM ArticleSource : IIPM Editorial, 2008
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