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ISSN : 2231- 0231RNI No. : UPENG/2007/19207

CET

ollege of ngineering & echnology, Bareilly

SRMSJournal of Faculty of Management Science

BIZCRAFT

September 16 - February 17, Vol.10 , No. 2

Peer Reviewed

˜ Human Engineering, Labour Standard &

Sustainability In Triple Bottom Line: An Oxymoron.

˜ A Study In Stress Management – A General

Perspective

˜ “Buying Behaviour and Perception Analysis of

Different Brands of tractors”

˜ Real Malls Vs. Virtual Malls

˜ Structure of The Indian Capital Market

˜ A Study On Customer Perception Towards Buying

Behavior For Branded Apparels In Bareilly Region

˜ Challenges of Human Resource (HR) Manager

During Slowdown Of Economy

˜ Demonetization And Real Estate : Quick Impac

˜ Developmental Appraisal: An Impetus To Action

RESEARCH ARTICLES RESEARCH ARTICLES

E-mail : [email protected] Website : www.srmscet-lkr.ac.in

E-mail : [email protected] Website : www.ibs.srms.ac.in

E-mail : [email protected]

E-mail : [email protected] Website : www.srmscet.edu

E-mail : [email protected] Website : www.srmswcet.ac.in

SRMS SCHOOL OF NURSING R.R. CANCER INSTITUTE & RESEARCH CENTRE

E-mail : [email protected] Website : www.srmsims.ac.in

Shri Ram Murti Smarak College of Engineering & Technology

Ph : 0581-2582246, 2582249, 2592331, 32 Fax 0581-2582330 website: www.srms.ac.in/cet

SRMS College of Engineering & Technology, BareillyShri Ram Murti Smarak College of Engineering & Technology Bareilly campus is

offering AICTE approved M.Tech, MBA, MCA and B.Tech (Computer Science &

Engineering, Electronics & Communication Engineering, Information Technology,

Electrical & Electronics and Mechanical Engineering). SRMS College of

Engineering & Technology (Pharmacy) is offering M.Pharm & B. Pharm Courses.

The college is affiliated to Dr. A.P.J.A.K. Technical University, Lucknow.

SRMS College of Engineering, Technology & Research, BareillyShri Ram Murti Smarak College of Engineering, Technology & Research is offering

AICTE approved B.Tech Course in Computer Science & Engineering, Electronics &

Communication Engineering, Electrical Engineering. It is affiliated to Dr. A.P.J.A.K.

Technical University, Lucknow.

SRMS Institute of Medical Sciences, Bareilly

1. HOSPITAL :

950 beds multi super speciality tertiary & trauma care hospital.

2. MEDICAL COLLEGE : Shri Ram Murti Smarak Institute of Medical Sciences,

Bareilly is offering MBBS & MD, MS Course approved by Medical Council of

India, New Delhi since academic session 2005-2006. It is affiliated to MJP

Rohilkhand University, Bareilly.

3. R.R. CANCER INSTITUTE & RESEARCH CENTRE

4. SRMS SCHOOL OF NURSING : Offering diploma in General Nursing &

Midwifery (GNM)

5. SRMS INSTITUTE OF PARAMEDICAL SCIENCES

SRMS College of Engineering & Technology, LucknowShri Ram Murti Smarak College of Engineering & Technology Unnao campus is

offering AICTE approved B.Tech Course in Computer Science & Engineering,

Electronics & Communication Engineering, Mechanical Engineering, Electrical &

Electronics Engineering, Electronics Engineering. It is affiliated to Dr. A.P.J.A.K.

Technical University, Lucknow.

SRMS International Business School, LucknowShri Ram Murti Smarak International Business School is a world class management

school in Lucknow region offering AICTE approved PGDM course. It has distinctive

faculty, global curriculum and world class infrastructure.

SRMS Functional Imaging & Medical Centre, LucknowShri Ram Murti Smarak Functional Imaging & Medical Centre, Lucknow is India’s

one of the most advanced diagnostic centre at Lucknow which is a ONE STOP for all

diagnostic needs under ONE ROOF like PET-CT Scan, Brain SPECT, DTPA Renal

Scan, Bone Scan, Thyroid Scan & Nuclear Cardiology.

Shri Ram Murti Smarak Institute of Medical Sciences, Bareilly is a

EDITORIAL BOARD

Chief Patron

Shri Dev MurtiChairman, SRMS Trust(Bareilly & Lucknow)

Patron

Shri Aditya Murti Secretary, SRMS Trust (Bareilly & Lucknow)

Advisory Committee

Professor Syamal GuptaDirector

Shri Ram Murti Smarak International Business

School, Lucknow

Professor A.M. Agarwal(Former Director, Birla Institute

of Technology International Centre, Muscat, UAE)

Professor A. K. Sarkar(DMS, M.J.P. Rohilkhand

University, Bareilly)

Professor K.C. Prasad(Dean, Faculty of Science, Ranchi University, Ranchi)

Professor H.P. Mathur (FMS, BHU, Varanasi)

Editor-in-Chief

Dr. Anant Kumar SrivastavaProfessor

Faculty of Management Science Shri Ram Murti Smarak

College of Engineering & Technology, Bareilly

About SRMS College of Engineering & Technology Bareilly

Shri Ram Murti Smarak College of Engineering & Technology has an independent residential campus spread over 35 acres of land with all weather roads, lush green lawns, playgrounds, Multi-Purpose Hall, Gymnasium, Squash Court and 53020 sq.m. of built up area on the campus. The campus is aesthetically planned and designed with exquisite facilities.

The college offers courses of undergraduate and postgraduate levels, with a professional or vocational orientation to internationally recognized standards of excellence. All courses lay emphasis on practicals and are multi-disciplinary in approach. The college inculcates Values, Ethics in its students, so that the PRIDE of SRMSCET will become the ASSET of our Nation.

The College has demonstrated the perennial evidence for merit and quality. It is developing by leaps and bounds in terms of infrastructural facilities and human capital not only to fulfill the requirements of the current technological status but also to set itself as teaching and research centre of eminence in future.

21 YEARS OF QUALITY BASED EDUCATIONS :

Ø College has been selected for the Technical Education

Quality Improvement Programme of National Project

Implementation Unit of the Government of India financed

by the World Bank.

Ø All B.Tech courses are accredited by NBA.

Ø The College is a STAR Performer College of UPTU and

winner of Excellence award in B.Tech., B.Pharm, MBA &

MCA in year 2009 and 2010 continuously.

Ø Ranked among best of all private colleges and government

colleges of UP Technical University in term of Gross

Average Intellectual Attainment Per Student

Ø Winner of Academic Excellence Award of UPTU for

MBA, B.Tech and B.Pharm in 2008

Ø Winner of Academic Excellence Award of UPTU for

MBA, B.Tech and B.Pharm in 2009

i

Ø Consistently ranked number 1 for its MBA course among

all institutions of UPTU.

Ø Winner of National Awards for excellence in education -

2011 in Indian Education Congress -2011

Ø Approved institutions for organizing INSPIRE by DST

Govt of India

Ø Winner of National Employability Award -2012 by

AMCAT

Ø MOU with ICICI Bank for foundation course in Banking

for MBA students

Ø MOU with TCS and INFOSYS to run value addition

courses

Ø Edupreneurs Award -2013 to the Chairman of this college

Ø Institutional Memberships of NASSCOM, NHRDN,

AIMA, CSI, RMA, AIMS

Ø Over 7000 Alumni working at leading positions in reputed

companies of India and abroad

Ø Excellent and valid placement record for all eligible

students

Editor

Prof. (Dr.) Mamta Gaur Professor and Faculty Incharge Faculty of Management Science

Shri Ram Murti Smarak College of Engineering &

Technology, Bareilly [email protected]

Associate Editor

Mr. Abhishek Gupta Assitant Professor

Faculty of Management Science Shri Ram Murti Smarak

College of Engineering & Technology, Bareilly

[email protected]

Designer

Editorial Office

Mr. Pramod Sharma

Faculty of Management Science

Ram Murti Puram, 13 Km Bareilly-Nainital Road, Bareilly (U.P.), India

Ph.: 91-581-2582331-32, 2582246, 249, Fax : 91-581-2582330

Website : www.srmscet.edu, Email : [email protected]

Shri Ram Murti Smarak College of Engineering & Technology, Bareilly

ii

Shri Ram Murti Smarak College of Engineering and Technology, Bareilly,

UP has been offering its prestigious management programme since 1996. MBA from this college is known for its quality & perfection and recognized by industries for its practical orientations. The alumni of MBA course from this college are working at leading positions in the companies of repute. The Faculty of Management Science department also conducts various value addition activities such as Campus Outreach Programmes, Management Development Programmes, Faculty Development Programmes & Interdisciplinary Seminars.

MBA from this college is ranked No 1 in the affiliating university since the beginning and awarded with Academic Excellence Awards of the university. A high degree of interaction is maintained with industries for imparting practical training. The department offers comprehensive management educa t ion b lended wi th Entrepreneurship development, Case study, Economic policy analysis etc. Certification courses in Finance,Insurance, International Business, Project management & HR Management provides extra edge to the students of SRMS Bareilly & they are ready by to move from campus to corporate.

The department is having well equipped Class Rooms, Computer Lab, Seminar Halls, Team Rooms etc. to provide best required infrastructure for effective teaching and learning process. In order to promote research, the department publishes management journal Bizcraft (ISSN: 2231-0231,

RNI No: UPEGN/2007/19207) and its newsletter 'Enterpriser'.

Bizcraft, the Journal of Management Sciences (SRMS FMS) is a bi-annual, peer reviewed journal with national circulation.

It publishes original communications of research that advances, illuminates Management science and that educates the journal readers.

Manuscripts dealing management aspects will be considered for publication, provided. They contain results of original investigations. Articles need to be of general interest - e.g., they cross the boundaries of specialties or are of sufficient novelty and importance that the journal's readers, whatever their specialty, should be made aware of the findings.

Research papers reporting original research, review articles, correspondence on published articles will also be considered. Papers of routine nature which are merely records of interesting cases as also those dealing with modifications of routine methodology will not be encouraged.

The SRMS FMS prefers the original research work done by Faculties or Management for their research work.

The SRMS FMS strongly discourages duplication/reduplication of data already published in other journals. If and when duplication is detected after publishing in SRMS FMS, the journal will be forced to 'retract' such articles.

All papers submitted to SRMS FMS are subject to peer review process. All accepted papers will be suitably edited before publication.

Disclaimer Statement

The articles, which are published, in BIZCRAFT reflects the personal opinions and view of the author(s) and it do not reflects the view of BIZCRAFT or the publishing institute itself. The articles are published with the understanding that it is the original unpublished work of the author(s) and it does not contravene with copyright in any form.

All cares are taken to remove any type of errors however the editorial board will not be responsible for any type of printing errors.

About FMS(Faculty of Management Science)

About Journal

iii

Editor’s Profile

Prof (Dr) Mamta Gaur is Professor P r o f e s s o r a n d Faculty Incharge in Shri Ram Murti Smarak College of Engineering and T e c h n o l o g y , Bareilly. She was Dean and PGP Chair in Vel tech Business School, Vel Tech University before taking up current

assignment . Dr. Gaur has rich and a vast experience of 16.9 years in teaching. She is also recipient of Best Teacher Award in Financial Management (Vijayavani National Educational Leadership Award) in 2015 during Asia pacific HRM Congress from 11-12 September 2015. She has received her Master in Business Administration from IMS, Jhansi and Doctorate in Management from Bundelkhand University, Jhansi. Prior to joining Vel Tech Business School, Dr. Gaur was associated with Galgotias University, IILM-GSM as a Associate Professor of OB & HR. She has served Institute of Management Studies and Institute of Economics and Finance, Bundelkhand University as a Assistant professor for 6 years. She carried out both Academic and Administrative roles.

She has Research Gate Score of 3.49 (15 Percentile). She has published 27 papers and 17 articles in the well known national and international journals and conferences. She also has 3 case study publications and 3 books to her credit.

Dr. Gaur has conducted workshop, international Conferences / seminars in emerging trends in Management, communication skills, training and development, joyful organizations, leading India

Dear Readers,

It is a great honor for me and my team to work in the area of publication and we feel glad to accomplish our task of coming up with next issue of BIZCRAFT Journal of Contemporary Management Perspective for our readers .

Welcome to the BIZCRAFT Journal of Contemporary Management Perspective. BIZCRAFT is a bi annual, peer reviewed, broad-scope publication aiming to publish high-quality research and expert knowledge on topics that guarantee the functionality of the building stock throughout domain for the enhancement of research in different areas of management. The aim of the BIZCRAFT is to give a highly readable and valuable addition to the literature which will serve as an indispensable reference tool for years t o come hence s t rong emphas i s on interdisciplinary issues has been given as we're conscious that many complex problems in the management require multi-disciplinary solutions. .

We are pleased to publish the Volume 10 Issue 2, which includes different issues of international and domestic trends that are relevant for contemporary debate. These issues encompass microfinance, rural markets, e banking, marketing and Make in India Programme, HR concepts like employee retention and employee engagement, hospitality management and many more. One of the most important aspects of microfinance is savings mobilization. Besides this, microfinance methodology, solidarity, human development and liquidity are also discussed in the theoretical framework. According to Microfinance State of the Sector 2011 report, MFIs have reached 31.4 million clients all over India today. The report mentions that in terms of “client outreach - borrowers with outstanding accounts” , there was growth of 17.6% MFI clients and 4.9% of SHG-Bank clients in the year 2010-11, highlighting that both

Prof. Dr. Mamta Gaur

Editors Message

iv

in Management Education, and knowledge management and MDPs for various organizations such as Madhya Pradesh Electricity Board, UP Jal Nigam, SBI- Jhansi and City Hospital-Farrukhabad. She has been associated with Sanjeevani (NGO)¸ Qutub institutional Area¸ New Delhi for imparting Training in Counseling Skills . Has done programmes for managers in private and public sectors on issues in people management strategies¸ diversity management and employee relations. She commands in teaching Business taxation, Financial Management ,Strategic Human Resource Management and Organizational Behavior through innovative teaching methods. The other interest areas of teaching are International Business Management , Global HRM¸ Diversity Management , Performance management system¸ Compensation management , Strategic Change through People Management Strategy, leadership development, New Industrial Relations¸ and Social Security Issues for Organized as well as Unorganized Sector Workforce and Employment Law. Her major areas of research and consulting are Financial Management and Performance M a n a g e m e n t S y s t e m , C o m p e n s a t i o n Management, HR as Service concept, Creating role directory¸ Strategic Change through People Management Strategy¸ Joyful Organization¸ Strategies for Flexibility and Change.

SHG and MFI models co-existed and flourished over the years.

As the Editor of the BIZCRAFT, I take this opportunity to express my sincere gratitude to authors who have chosen the BIZCRAFT to disseminate their research. Further, I would like to thank Editor-in-Chief and other supporting staff at Shri Ram Murti Smarak College of Engineering and Technology, Bareilly for the success of this Journal.

We are more than happy to receive contributions for our next issue from academicians, scholars and practitioners to ensure the consistency and the success of the Journal. We welcome comments and suggestions that would advance the objectives of the Journal

.

We are very much grateful to our friends and all involved and contributed a lot in accomplishing this piece of work to be a successful one. All this can be achieved through constant feedback from our readers. So, please, do not hesitate to contact me with your comments, complaints and suggestions. They will surely help me in making this Transaction more and more useful and desirable.

With best wishes,

Too often we forget that a journal, even a scientific journal, can survive only if it meets the expectations of its readers and is fruitful to them. However, authors, before being authors, were readers; and every new work is – and shall be – inspired by a thorough literature search. New results shall always be validated by comparing them with the already existing ones. Moreover, today's readers will probably be tomorrow's authors. If we offer them a qualified, broad insight on the most innovative works in the management field, we not only serve them, but we also contribute to educate new generations of authors, thus ensuring a bright future for this journal.

and help in progressing and improving to meet target of quality I hope that these Issues will help us to better serve our readers.

We look forward to welcoming your submissions.

v

Managing Resistances to Change

Dr. Anant Kumar SrivastavaEditor-in-Chief

The toughest challenge of organizational leaders is still to manage at the

speed of change in the era of technological innovations. Since the

technological advancement will continue to advance further in future

also leaders face tremendous pressure as they have to win the support for

the change. Regardless of how good or necessary a change may be,

resistance should be expected as inertia is the basic rule of the nature.

The most important aspects which are to be considered during change

are behaviors and communicating the values of the proposed change.

Analysis of behaviors tells us that people are resisting change; however,

they don't tell us why. The reason for this is that behaviors are external

manifestations of internal issues within a person's mindset. In other

words, behaviors are symptoms while mindset issues are causes. It helps

us to understand the definition of resistance. Resistance is a state of mind

reflecting unwillingness or un-receptiveness to change in the ways we

think and behave. In contrast to resistance the readiness is a state of mind

reflecting willingness or receptiveness to change. Resistance manifests

itself behaviorally by either active opposition to change or by attempting

to escape or avoid it while readiness is manifested behaviorally by either

active initiation of change or by cooperation with it.

It is always a daunting task for organizational leaders to successfully

understand the relationships of external manifestations of the resistances

with internal issues. Implementing change in an organization forces

people to alter how they relate to one another. Not only do their goals,

processes, equipment, and reality change but the very way they deal with

others in the organization changes. According to Marsh (2001) “this

causes anxiety and anxiety causes resistance and only people who

instigate change enjoy it; other have to suffer it.”

People trust the familiar and stick with the existing strategies and

behaviours, which have been successful for them in the past. In the

changed situations, they normally keep applying such inappropriate

behaviours again and wonder why they no longer work. Due to this the

employees adopt the denial nature. During denial, employees want to

believe that the change is still optional, probably a mistake, that it will go

away and life will get back to normal. At this stage effective

communication and getting employees involved in the change will move

them quickly out of denial. It is important to reinforce that the change is

required for business survival, explain what factors are causing the

vi

change, focus on a clear goal, and institute robust two-way communication to deal with issues and

move people out of the denial phase. The suggested execution of plan for increasing the acceptance of

the proposed change consists of followings:

1. Encourage the employees to openly express their thoughts and feelings about the change

program

2. Listen carefully to their concerns, explore their fears, and take their comments seriously

3. Engage them in the planning and implementation processes.

4. Identify those who have something to lose, and anticipate how they might respond.

5. Help them find new roles either in your group or somewhere else in the organization. Such

roles must represent genuine contributions and mitigate their losses.

Dr. Anant Kumar Srivastava

vii

SHRI RAM MURTI SMARAK COLLEGE OF ENGINEERING & TECHNOLOGY

(Faculty of Management Science)

RNI No. : UPENG/2007/19207ISSN : 2231 - 0231

BIZCRAFT

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viii

Contents

SI. PARTICULARS Page No.

ORIGINAL RESEARCH ARTICLES 1. Human Engineering, Labour Standard & Sustainability in Triple Bottom

Line: An Oxymoron

1-5

2. A Study in Stress Management – A general PERSPECTIVE 6-11

3. “Buying Behaviour And Perception Analysis Of Different Brands of Tractors”

12-14

4. Real Malls vs. Virtual Malls 15-18

4. Structure of The Indian Capital Market19-24

4. A Study On Customer Perception Towards Buying Behavior For Branded Apparels In Bareilly Region

25-31

5. Challenges of Human Resource (HR) Manager during Slowdown of Economy 32-33

6. Demonetization And Real Estate: Quick Impact 34-35

7. Developmental Appraisal: An Impetus to Action36 - 37

Mr. Amit Kumar Srivastava, Dr. Anviti Gupta, Dr. Reeta Singh and Mrs. Akansha Abhi Srivastava

Dr. G.P. Trivedi and Anand Kumar

By Garima Agrawal, Dr. A.K. Gauraha, S. K. Joshi and Dr. Hulas Pathak

Dr. Sanjay Mishra and Abhishek Gupta

Diptirekha Nayak

Dr. Naveen Kumar, Upasana Kanchan, Abhishek Gupta

Mr. S.K. Suman and Anubhav Saxena

Mr. Sushil Kumar Gupta

Ms. Priyanka Khandelwal

September 2016 - February 2017 , Vol. 10 , No. 2

Journal of Faculty of Management Science

BIZCRAFT

ix

Research paper

Human Engineering, Labour Standard & Sustainability in Triple Bottom Line: An Oxymoron (With Special Reference to

New Company Act – 2013 Regarding C.S.R)

Amit Kumar Srivastava

DR. Anviti Gupta

DR. Reeta Singh

Mrs. Akansha Abhi Srivastava

Research Scholar

Amity University, Lucknow

Associate Professor

Amity University, Lucknow

Assistant Professor

MNIT Jaipur Rajasthan

Assistant Professor

Bansal Institute of Engg. & Tech.

Lucknow U.P

Abstract

Human Engineering is witnessing the labour standard & proper designing

of machines, equipments in the production units. Previously when the

craftsmanship was shifted to factory system man & machine were combined under

one roof. Emergence of machine was suppose to increase the productivity in the

factories but unfortunately it was not happen because of human dissatisfaction on

the machineries due to its' improper shape & designing . The management thinker

F.W. Taylor has proposed the scientific management under which he has defined

the concept of human engineering to standardize the improper design of machines.

Standardized machines have increases the human efficiency by creating the

satisfaction among the people & has increased the productivity of industrial units.

The human factor is very important aspect in factories which initiate the chapter of

sustainability by maintaining the triple bottom line of people, planet & profit. The

New Company Act – 2013 is giving the narrow outlook to the people part of the

triple bottom line. This act is having the provision for the people outside the

organization but there is no provision for the people inside the organization i.e.

workers, regarding the corporate social responsibility. It is not considering the

labour standard under the CSR activities. If there will be dissatisfaction among the

people inside the organization then it will hamper its' productivity then what will

happen in with the other factors of triple bottom line like profit & planet? So, this

paper will emphasize the importance of human factor & labour standard inside the

organizations & its' coverage under CSR activities for sustainability of triple

bottom line.

Key Words: Human Engineering, Scientific Management, Sustainability, Triple

Bottom Line, Corporate Social Responsibility & New Company Act – 2013.

INTRODUCTION

Gandhi Ji has initiated the Trusteeship & in which he told all assets of firm must be held by a trust and must be used for the welfare of society. The firm must keep only a small part of its profit for the honorable livelihood of its owner. The remaining part of the profit must be distributed equally to all sections of society. It means all business firms must work like a trust. Mahatma Gandhi was influenced by ancient Indian philosophy and teaching of holy Bhagvad Gita. He has given importance to Aparigraha i.e. non- possession & Sambhawa i.e. equitable distribution. Inherent in this philosophy are entrenched solutions to many of the challenges of the 21st century:

Sustainable consumption: Consume what is enough without doing harm to others.

Utilization of natural resources in a sustainable way: A

trustee needs to take care of what has been freely provided by nature.

Dignity of labour and equitable distribution of wealth: Wealth alone is not the answer, to feel happy a trustee needs to ensure that the people who work for them and society at large is taken care of.

Sustainable livelihoods: Charity is not a key to ensure human dignity, growth and satisfactions are also important.

The recently developed concept of Corporate Social Responsibility is very close to the Gandhian Trusteeship or we can say trusteeship is the very initial phase in the development of CSR [The Gandhian Model of Trusteeship by Namrata Rana].

Objective: Objectives of this paper is:

To explore the Indian CSR Law & its limitations.

FMS, SRMS College of Engg. & Tech. ( Bizcraft September 16 - February 17 Vol. 10, No.2 ) 1

To analyze the gap between Indian CSR Law &

U.S.CSR Law regarding labour & labour standards.

Literature Review:

Corporate Social Responsibility: CSR became

popular in the 1960 & it is defined as a company's sense of responsibility towards the community and environment in which it operates. Companies express this citizenship through their waste and pollution reduction processes, by contributing educational and social programs and by earning adequate returns on the employed resources [Ethical Performance, March 2002].

There are the different approaches of CSR some thinkers have identified a difference between the Canadian (Montreal school of CSR), the Continental European and the Anglo-Saxon approaches to CSR. It is said that for Chinese consumers, a socially responsible company makes safe, high-quality products, for Germans it provides secure employment, in South Africa it makes a positive contribution to social needs such as health care and education and even within Europe the discussion about CSR is very heterogeneous.

A more common approach to CSR is corporate philanthropy. This includes monetary donations and aid given to nonprofit organizations and communities. Donations are made in areas such as the arts, education, housing, health, social welfare and the environment, among others, but excluding political contributions and commercial event sponsorship.

In India it's been a little over a year since the Corporate Social Responsibility (CSR) law came into effect on April 1, 2014. Within such a short period, the entire landscape of CSR in India has taken a radical flight. Companies eligible under section 135 of the Companies Act 2013 have embraced the law and initiated a number of CSR projects across the entire spectrum as defined within schedule VII of the Act.

Companies that traditionally undertook CSR anyway with or without the law needed to only streamline whatever spends they made. For these firms, the concern or need was not so much about increasing spends multi-fold, but rather a chance to review and re-strategies what they had already been doing in order to fit into the requirements of the law. This retrofitting also included the setting up of a formal committee of a voluntary working group. For other companies, the need was to look at massively multiplying their CSR spend as compared to what they were spending previously.

New Company Act – 2013: India`s new Companies Act 2013 has introduced several new provisions which change

the face of Indian corporate business. One of such new provisions is Corporate Social Responsibility (CSR). The concept of CSR rests on the ideology of give and take. Companies take resources in the form of raw materials, human resources etc from the society. By performing the task of CSR activities, the companies are giving something back to the society.

Ministry of Corporate Affairs has recently notified Section 135 and Schedule VII of the Companies Act as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 which has come into effect from 1 April 2014.

Applicability: Section 135 of the Companies Act provides the threshold limit for applicability of the CSR to a Company i.e.

(a) Net worth of the company to be Rs 500 crore or more.

(b) Turnover of the company to be Rs 1000 crore or more.

(c) Net profit of the company to be Rs 5 crore or more.

As per the CSR Rules, the provisions of CSR are not only applicable to Indian companies, but also applicable to branch and project offices of a foreign company in India.

CSR Committee and Policy: Every qualifying company requires spending of at least 2% of its average net profit for the immediately preceding 3 financial years on CSR activities. Further, the qualifying company will be required to constitute a committee (CSR Committee) of the Board of Directors (Board) consisting of 3 or more directors. The CSR Committee shall formulate and recommend to the Board, a policy which shall indicate the activities to be undertaken (CSR Policy); recommend the amount of expenditure to be incurred on the activities referred and monitor the CSR Policy of the company. The Board shall take into account the recommendations made by the CSR Committee and approve the CSR Policy of the company.

This definition of CSR assumes significance as it allows companies to engage in projects or programs relating to activities enlisted under the Schedule. Flexibility is also permitted to the companies by allowing them to choose their preferred CSR engagements that are in conformity with the CSR policy.

Triple Bottom line (TBL or 3BL): is an accounting

framework with three parts: social, environmental and

financial. Many organizations have adopted the TBL

framework to evaluate their performance in a broader

perspective to create greater business value [John Elkington

in 1994, full articulation came from his book Cannibals with

Forks: Triple Bottom Line of 21st Century Business in

1997]. The concept of TBL demands that a company's

responsibility lies with stakeholders rather than

shareholders. In this case, "stakeholders" refers to anyone

FMS, SRMS College of Engg. & Tech. ( Bizcraft September 16 - February 17 Vol. 10, No.2 )2

who is influenced, either directly or indirectly, by the

actions of the firm. According to the stakeholder theory, the

business entity should be used as a vehicle for coordinating

stakeholder interests, instead of maximizing shareholder

(owner) profit. A growing number of financial institutions

incorporate a triple bottom line approach in their work. It is

at the core of the business of banks in the Global Alliance for

Banking on Values, The Detroit-based Avalon International

Breads interprets the triple bottom line as consisting of

Earth, Community, and Employees is the best example .

Sustainable Development: Triple bottom line (TBL)

accounting expands the traditional reporting framework to

take into account social and environmental performance in

addition to financial performance [Brundtland Commission

of the United Nations in 1987]. Enterprises should measure

and report on social, environmental and financial

performance [Social Audit -A Management Tool for Co-

operative working in 1981 by Freer Spreckley].

The triple bottom line consists of social equity, economic,

and environmental factors. People, Planet and Profit are the

three terms describing the triple bottom lines and the goal of

sustainability. The phrase, “people, planet, profit”, was

coined by John Elkington in 1994 while at Sustainability,

and was later adopted as the title of the Anglo-Dutch oil

company Shell's first sustainability report in 1997. As a

result, one country in which the 3P concept took deep root

was The Netherlands.

People: Pertain to fair and beneficial business practices

toward labour and the community and region in which a

corporation conducts its business. A TBL company

conceives a reciprocal social structure in which the well-

being of corporate, labour and other stakeholder interests

are interdependent.

Planet: Refers to the natural capital which requires

sustainable environmental practices. As per the TBL a

company endeavors to benefit the natural order as much as

possible or at the least do no harm and minimize

environmental impact. A TBL endeavor reduces its

ecological footprint by, among other things, carefully

managing its consumption of energy and non-renewable


CSR Activities under Indian Law

Eradicating extreme hunger and poverty.

Promotion of education.

Promoting gender equality and empowering women.

Reducing child mortality and improving maternal health.

C o m b a t i n g h u m a n immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases.

E n s u r i n g e n v i r o n m e n t a l sustainability.

Employment enhancing vocational skills, social business projects.

Contribution to the Prime Minister's National Relief Fund

CSR Activities under U.S. Law

Contribution to the Growth and Development of the Local Economy

Innovation

Employment and Indust r ia l Relations

Human Rights

Environmental Protection

Natural Resources Governance, including the Kimberley Process

Transparency

Anti-Corruption

T r a d e a n d S u p p l y C h a i n Management

Intellectual Property

Women's Economic Empowerment

Good Corporate Citizenship

and reducing manufacturing waste as well as rendering

waste less toxic before disposing of it in a safe and legal

manner. "Cradle to grave" is uppermost in the thoughts of

TBL manufacturing businesses, which typically conduct a

life cycle assessment of products to determine what the true

environmental cost is from the growth and harvesting of raw

materials to manufacture to distribution to eventual disposal

by the end user.

Currently, the cost of disposing of non-degradable or toxic

products is borne financially by governments and

environmentally by the residents near the disposal site and

elsewhere. In TBL framework, an enterprise which

produces and markets a product which will create a waste

problem should not be given a free ride by society. It would

be more equitable for the business which manufactures and

sells a problematic product to bear part of the cost of its

ultimate disposal.

Profit: It is the economic value created by the organization

after deducting the cost of all inputs, including the cost of

the capital tied up. It therefore differs from traditional

accounting definitions of profit. In the original concept,

within a sustainability framework, the profit aspect needs to

be seen as the real economic benefit enjoyed by the host

society. It is the real economic impact the organization has

on its economic environment. This is often confused to be

limited to the internal profit made by a company or

organization (which nevertheless remains an essential

starting point for the computation). Therefore, an original

TBL approach cannot be interpreted as simply traditional

corporate accounting profit plus social and environmental

impacts unless the profits of other entities are included as a

social benefit.

The comparison of U.S. law regarding CSR - explaining the

problems of Indian law:

Table: Comparison C.S.R. Activities under Indian & U.S.

Law

Research Methodology:

This paper is based on the secondary data collected from

different sources & its' analysis.

Hypotheses:

1. Ho: Human Engineering is significant in maintaining

Labour Standard & Industrial Relations.

Analysis: Human Engineering is all about the

standardization focusing the standardization in the

designing of machines, tools & equipments for increasing

human satisfaction at the time of work on these

machineries, if machines are proper in the manufacturing

units it is indicating the good labour standard in technical

sense. Whatever the sense we are taking satisfaction among

the people is witnessing the sound industrial relations in the

industries.

2. Ho: Industrial Relation & Labour Standard is having

significant in the place in the CSR activities.

Analysis: The comparison of Indian & U.S. law regarding

CSR is saying industrial relations & labour standard are

having important place in the list of activities because

standard environment and machines designed on human

engineering is boosting the morale of employees and there is

a direct relationship between the morale & productivity.

3. Ho: Industrial Relations & Labour Standard is

significant in the profit earning capacity of

organization.

Analysis: As per the analysis of first statement by creating

satisfaction among manpower organizations can achieve

the higher productivity & which can increase its' profit

earning capacity & resulting higher profitability on which

the maintenance of other two other factors of triple bottom

line are depending.

Conclusion:

The New Company Act – 2013 is considering the

development of all the components of triple bottom line but

how it perceives the development of people it seems to be

incomplete because the law is favoring the external people

of corporate society by excluding the internal i.e. the

workers. The act is not having any provision of labour

standard, employment & industrial relations. Then how we

can assume the success & prosperity of industrial sectors if

the people are not happy on the job. In the absence of proper

labour standard and policies dissatisfaction level will be

increases and it will hamper the profitability of organization

i.e. there will be a lot of imbalances in the maintenance of

other factors of triple bottom line. The insufficient profit of

companies will cause the failure of corporate social

responsibility & will create a lot of disturbances in the triple

bottom line.



REFERENCES :

1. Hanan, C. 2008, Environment and buildings, Paper presented at the Australian Centre for Corporate Social

Responsibility Conference on Raising the Bar: Leading Sustainable Business in 2008.

2. Harpur, P. 2006, regulating multi-national corporations through state-based laws: Problems with

enforcing human rights under the alien tort statute, Australian International Law Journal, vol. 13, pp.233-

246.

3. John Elkington (1998), Cannibals with forks: The triple bottom line of 21st century business, New Society

Publisher.

4. Michael Hopkins (1999), The planetary bargain: Corporate social responsibility comes of age

Basingstoke, Macmillan.

5. Sustainability/UNEP: Buried treasure: Uncovering the business case for corporate.

6. The ILO, standard setting and globalization, International Labour Conference, Report of Director-

General, 85th Session, 1997, p. 24

Web references

1. http://www.ethicalinvestor.com.au/ default.asp

2. http://www.mca.gov.in/SearchableActs/Section135.htm

3. http://www.ethicalinvestor.com.au/ default.asp

4. http://www.globalreporting.org

5. Tax guru. in/company-law/csr-companies-act-2013-2.html


Research paper

A STUDY IN STRESS MANAGEMENT –

A GENERAL PERSPECTIVE

Dr. G. P. TRIVEDI Head Department of Commerce Marwari College

ANAND KUMAR Assistant Professor

Management Department B.I.T. Mesraranchi

Abstract

Stress is taken to be synonymous with tension or strain, or generally

having a negative feeling associated with it. Stress is always present in every day

life even in the simplest work. A high stress level affects considerably the health

and efficiency of individual, which in turn affects the productivity of the

individual.

In the present part of the paper, stress and its causes and, methodology to

measure, stress levels have been dealt with, along with the analysis.

INTRODUCTION

During the last decade and a half, health consciousness has suddenly increased in all sections of our society. More and more persons are becoming health conscious now. People are trying to become fit both physically and mentally. The living and working conditions in most of our towns, as well as the working environment contains high amount of pollutants. Unhygienic living conditions, commuting long distances on public transport six days a week, pressures of reaching the workplace in time, operating and working with in organizational discipline, being the part of rat race for doing better than other, have contributed for increased stress in life for all.

Of course the stress is an essential part for survival but excessive stress leads to the reduction in efficiency as well as the poor health of individuals, this affects the motivation to improve, which in turn leads to reduction in commitment, leading to an overall downslide for the individual, organization, society and the ration as a whole.

Thus, stress management is an extremely important factor, which is required and very much essential in our day – to –day life.

So far the authors have come across a number of research papers, which deal mostly with the clinical aspects of stress management [1]. The present paper is an attempt to relate the stress management in general perspective, specially in the age groups of (20-30 years, 30-40 years, 50-60 years, 60-70 years) by conducting a survey on 230 individuals exposed to ordinary working conditions.

Stress And Stress Management

According to R.S. Schuler [2] “stress is a dynamic condition in which an individual is confronted with an opportunity,

constraint and demand related to what he or she desired and for which the outcome is perceived to be both uncertain and important”.

According to Beehr and Newman [3] “Job stress is defined as a condition arising from the interaction of people and their jobs and characterized by changes with in people that force them to deviate from their normal functioning”.

Another definition is given by lvancevich and Matteson [4] which defines, “Stress as the interaction of the individual with the environment and it is an adaptive response, mediated by individual differences and psychological processes that is a consequence of only external environmental action, situation or event that place excessive psychological and physical demands on a person”.

Stress is also defined according to Hitchcock Medical Centre (USA) official website [5] as “A state of tension that is created, when a person responds to the demands and pressures that come from educational institutions, work, family and other external sources, as well as those that are internally generated from self imposed demands, obligations and self criticisms”.

Stress causes anxiety, which in small doses is healthy, because it motivates the person to get things done. Stress is both additive and cumulative and it adds up over time, until a state of crisis is reached and symptoms (susceptibility to colds, respiratory disorders, tooth decay, high blood pressure, diabetes, asthma, ulcers, colitis and even cancer). Symptoms appear, which is untreated may lead to physical illness and sometimes death.

The Figure no (1) show the relationship between job stress and its causative factors.

Job stress is also caused by outside forcers and events.


Fig. 1 Job Stress And Its Causative Pactors

Extra-organisational stressors include things such as societal and technological changes, globalizations, the family, lack of relaxation economic and financial conditions, residential and community conditions.

Job stress is also caused by organizational stressors, group stressors, and also by individual stressors. [See Fig. 2]

Early in the 20th Century Walter Cannon's research [6] in biological psychology, describes the “fight or flight” response of the 'SYMPATHETIC NERVOUS SYSTEM (SNS)” threats. Cannon found that SNS arousal in response to a perceived threat includes several elements which prepare the body physiologically, either to take on and face the attacker or flee from danger.

These results into

1. Heart rate and blood pressure increase.

2. Perspiration increases

3. Hearing and vision being affected.

4. Hands and feet get cold. Because blood is directed away from large muscles in order to prepare for fighting or fleeing.

SIGNS OF STRESS

Stress causes anxiety, which, in small doses, is healthy, because it motivates the person to get the things done. It adds up overtime until a state of crisis is reached and symptoms appear. Stress is both additive and cumulative.

Stress can make a person susceptible to colds, respiratory disorders and even tooth decay. It can also increase the risk for developing heart disease, high blood pressure, diabetes, asthma, ulcers, colitis and various other mental disorders as well.

Following signs are exhibited at time: - [6]

1. Normal emotions that are displayed to an extreme degree or for a prolonged period of time (for example tearfulness, nervousness).

2. Marked changes in personality or mood.

3. Listlessness, Lack of energy.

4. Inability to make decision or to concentrate on other activities.

5. High levels of irritability, including aggressive, violent behavior.

6. Use of alcohol or other drugs that leads to recklessness, impairment of loss of control etc.

7. Thought or desire to take drastic action or make impulsive decisions.

8. Suicidal thoughts.

9. Muscle tension, headaches, low back pain, insomnia and high blood pressure.

10. General body complaints such as weakness, dizziness, headache, stomachache, etc.

11. Loss of or increased appetite, cold or sweaty hands, anxiety, indigestion, etc.

Research Methodology

A total of 230 individuals were surveyed by authors using questionnaire method and interview method in Ranchi. Twenty questions regarding stress were asked. A five point rating scale was used to tabulate the results. The stress levels were classified in four categories as follows-

1. If the sum total is in between 20-29, then the stress level is known as Normal stress. (Then the person is having a high degree of self control, self esteem and identity).

2. If the sum is in between 30-49, then the stress level is known as Anxiety level. (The person is having a healthy sense of control over the life, but occasionally negative self- talk causes a lot of anxiety).

3. If the sum is between in 50-69, then the stress level is known as confused state of mind. (The individual's options are often clouded and due to negative thinking. Individuals feel trapped by situations).

4. If the sum is between in 70-80, then the stress level is known as Crisis state (For individuals in this state the life have become a crisis and struggle).

*These individuals were students, self-employed individuals and various other professionals in Ranchi


Categories Of Stressors Affecting

Occupational Stress [Fig. 2]

Age Group Number of Individuals*

*20-30 101

31-40 38

41-50 39

51-60 24

Greater than 60

28

City. QUESTIONNAIRE

Name (Optional) ________________________________

Age ________________ Gender ________________ Qualification:________________________________

4 = All the time 3 = Often

2 = Sometimes 1 = Never

1. I am tired by the routine jobs. [ ]

2. My fate is controlled by outside force, beyond my control. [ ]

3. I am always troubled by changes which are introduced in any field. [ ]

4. I am unable to meet the demands of my schedule. [ ]

5. I am worried about financial matters. [ ]

6. I have a risk averse personality. [ ]

7. I am always worried about my social status. [ ]

8. I feel responsible for the happiness of people around me. [ ]

9. I never ask for held from others. [ ]

10. I am not sure of my career goals. [ ]

11. I am satisfied with what I have achieved so far. [ ]

12. No matter how much success I have, I feel empty [ ]

13. I feel happy only when I interact with competent people. [ ]

14. People let me down always. [ ]

15. I do not believe in expressing the anger. [ ]

16. If I am angry, I am willing to express it. [ ]

17. If anyone is criticizing me, I am always hurt. [ ]

18. I am always afraid of outcomes, whenever I am taking up a new

activity. [ ]

19. I never express my feelings of sadness OR happiness. [ ]

20. I do not have faith in others. [ ]

Results And Discussion –After Tabulating the results following trends were obtained

Figure (8) shows that 60.71% of individuals are experiencing anxiety levels in the age group above 60 years confused state of mind was shown by 57.14% individuals and 7.14% of them experienced crisis and normal stress above 60.

Figure (7) shows that 84.62% of individuals in age group of 41-50 years are experiencing anxiety levels and 12.82% of individuals were found to be in confused state of mind.

25.6% of individuals in age group of 41-50 years were found to be in crisis stage.

Figure (6) shows that 76.32% of individuals in the age group of 31-40 years

are experiencing anxiety levels and 47.37% were found to be in confused


Figure-8

Figure- 7

state of mind.

Figure (5) shows that 89.11% of individuals in age group of 20-30 years are experiencing anxiety levels which is neither good for individuals nor for the society nor for the nation as a whole Also 20.79% individuals were found to be in confused state of mind.

ANALYSIS AND INTERPRETATION

Figure- 6

Figure- 5

Figure- 4

Figure- 3


1. Figure (1) shows a relationship between age groups and means stress levels experienced by individuals. The curve shows an gradual increase in stress levels from age group 20-30 years and maximum stress levels are experienced from 51-60 years onwards.

1. Figure (2) also shows the same relationship in the from of a bar chart.

2. Figure (3) shows a distribution of different age groups in relation to average stress levels of the whole population.

3. Figure (4) shows the percentage of a particular stress of the total stress of general people in relation to the whole of population.

It was fond that “Item no (14) “ people let me down always” was found to be contributing least to the stress.

It was found that item no (8) and (15) were found to be contributing maximum to the stress levels. People were feeling more responsible for happiness of other people around them.

Also people did not believe in expressing their anger, which actually caused a lot of stress.

4. Figure (5) shows that 89.11% of individuals in age group of 20-30 years are experiencing anxiety levels which is neither good for individuals nor for the society nor for the nation as a whole

Also 20.79% individuals were found to be in confused state of mind.

5. Figure (6) shows that 76.32% of individuals in the age group of 31-40 years are experiencing anxiety levels and 47.37% were found to be in confused state of mind.

6. Figure (7) shows that 84.62% of individuals in age group of 41-50 years are experiencing anxiety levels and 12.82% of individuals were found to be in confused state of mind.

25.6% of individuals in age group of 41-50 years were found to be in crisis stage.

7. It was found that 79.17% of individuals in the age group of 51-60 years are experiencing anxiety levels and 20.83% of individuals were found to be in confused state of mind.

8. Figure (8) shows that 60.71% of individuals are experiencing anxiety levels in the age group above 60 years confused state of mind was shown by 57.14% individuals and 7.14% of them experienced crisis and normal stress above 60.

Conclusion

The current article tries to find out the different stress distribution among

different age groups in a quantitative manner.

Figure- 2

Figure- 1

REFERENCES :

1. David B, Posen, The Canadian Journal of continuing Medical Education. April 1995.

2. R.S. Schuler, Definition and conceptualization of stress in organizations, Organizational Behavior and Human Performance. pp 189.

3. T.A. Beehr, “The current debate about the meaning of job stress”, Journal of Organizational Behaviour Management, Fall/ Winter 1986, pp. 5-18.

4. John M. Ivancevich and Michael T. Matteson, Organizational Behaviour and Management, 3rd ed., Irwin, Burridge, III, 1993, p. 244.

5. Official website of Dart Mouth – Hitchcock Medical Centre, USA.

6. Cannon W.B., Bodily changes in pain, hunger, fear and race: an account of recent research into the functions of emotional excitement (2nd ed.) New Yourk: Appleton – Century- Crofts.


Research paper

“BUYING BEHAVIOUR AND PERCEPTION ANALYSIS OF

DIFFERENT BRANDS OF TRACTORS”

Garima AgrawalMBA (AB&RM) Final Year

Indira Gandhi Krishi Vishwavidyalaya, Raipur

Dr. A. K. GaurahaProfessor and Head

Department of Agri Business & Rural

Management


S. K. JoshiAssistant Professor

Department of Agri Business & Rural

Management


Dr. Hulas PathakAssistant Professor

Economics College of Agriculture,


Abstract

The term consumer behaviour refers to the behaviour that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they will satisfy their needs and the study of consumer behaviour is the study of how individuals make decisions to spend their available resources – like time, money, effort on consumption related items.

The research objectives for the project are to determine the perception of the farmers' based on of different attributes of different brands of tractors. To examine the customer perception about the tractors to judge the satisfaction level of tractor owners of different brands.

In order to identify perceptual positioning of different attributes, perceptual mapping using Discriminant analysis was used with the help of SPSS version 16. Output values of Standardized canonical discriminant function coefficients and Functions at Group Centroids were plotted on the same plot using MS-excel.

By using standardized canonical discriminant function coefficients and functions at group centroids were used to make perceptual map by which we could find that the Tafe is the brand which is perceived for colour, after sales and price for these attributes which means it performed better than Mahindra and Eicher. Mahindra and Eicher were not near to any features on their dimensions.

INTRODUCTION

“Consumer behavior refers to the mental and emotional processes and the observable behavior of consumers during searching, purchasing, and post consumption of a product or service” .

“The dynamic interaction of affect and cognition, behaviour, and the environment by which human beings conduct the exchange aspects of their lives.”

“Consumer behaviour refers to the actions and decision processes of people who purchase goods and services for personal consumption.” .

The term consumer behavior refers to the behavior that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they will satisfy their needs and the study of consumer behavior is the study of how individuals make decisions to spend their available resources – like time, money, effort on consumption related items. All business operations revolve around understanding consumer needs, desires, likes, dislikes and

preferences and offering products and services that will give the desired satisfaction to the consumers.

Research Methodology

The research objectives for the project are to determine the perception of the farmers' based on of different attributes of different brands of tractors. To examine the customer perception about the tractors to judge the satisfaction level of tractor owners of different brands.

Findings And Analysis

By using standardized canonical discriminant function coefficients and functions at group centroids were used to make perceptual map by which we could find that the Tafe is the brand which is perceived for colour, after sales and price for these attributes which means it performed better than Mahindra and Eicher. Mahindra and Eicher were not near to any features on their dimensions.

reported that the brands being an important source of competitive advantage,


knowledge of branding is needed to inform their management. After reviewing the literature, the article aims to report the findings of a case study that investigated the role of branding in the industrial purchase of agricultural tractors in the UK.

In order to identify perceptual positioning of different attributes, perceptual mapping using Discriminant analysis was used with the help of SPSS version 16. Output values of Standardized canonical discriminant function coefficients (table 1) and Functions at Group Centroids (table 2) were plotted on the same plot using MS-excel.

As seen from the perceptual map figure 2 Tafe, Mahindra and Eicher, the three tractor brands have their unique positioning on the map. In addition on the same map canonical discriminant function coefficient values of the attributes were plotted on the two dimensions (each discriminant function representing a dimension) from the table 1 (Standardized canonical discriminant function coefficients) and 2 (Functions at Group Centroids). As can be seen Dimension 2 seems to comprise of after sales, price and color as their values are closer to the Y axis. This is also evident from the Standardized discriminant coefficients for after sales (.232), price (.368) and colour (.012) on Dimension 2 from Table 1.

According to the important factors influencing the purchasing of the goods among the rural consumers. They are quality, price, easy availability, advertising.

Dimension 1 seems to comprise of vector, purpose which is closest to the horizontal axis. This was also evident from the Standardized coefficients of (.527). Looks and distribution are not useful in defining any of the two dimensions, as their arrows are not closer to either of the two dimensions. The figure 1 (Canonical discriminnat functions) shows different brand positioning by different variables.

According to , the factors that affect consumers purchasing behaviour towards agriculture inputs like fertilizer, seeds, agrochemicals, oils and lubricants etc. Buying behaviour refers to the act of consumers obtaining and using goods and services and the decision process that determines these acts. Buying decision is a set of many decisions which may involve a product, brand, style, quality, dealer, time, price and mode of payment. Price is the most important consideration at the time of purchasing agriculture

inputs followed by packaging and branding, fair billing and home delivery are considered relatively less important. It can be concluded from the result that the respondents were mainly purchasing the agri-inputs from the cooperative societies of their area. Major reasons for purchasing from cooperative societies included fairness in billing and credit facilities given to the farmers. From the above results, it can be stated that agri-inputs remain a price-sensitive market as factors like quality, brand and packaging.

Dimension 2 seems to comprise of after sales, price and color as the vector of three attributes are closest to vertical axis. This is also evident from its standardized coefficient on dimension 2 from the same table. Dimension 1 seems to comprise purpose, looks and distribution on horizontal axis. While Tafe seems to be stronger on dimension 2 (after sales, price and color), none of the brands Eicher, Mahindra seem to be positioning on dimension as none of the vectors of dimension 1 are closest to their positions. Hence it is evident that in perceptual map thus created Eicher is being perceived attributes purpose, whereas none of the brands seen to be perceived for promotion & maintenance attributes.

consumer behaviour consist of all human being that goes in marking beforeand post purchase decision. One can succeed in the competitive market only after understanding the complex behaviour. An understanding of the consumer enables a marketer to take marketing deision which are compatible with its consumer needs.

Table 1 Standardized canonical discriminant function coefficients


Unstandardized Canonical Discriminant Functions Evaluated At Group Means

Figure 1 Canonical discriminnat functions

Figure 2: perceptual map using SPSS output

CONCLUSION

It is concluded that the Tafe is performing on three attributes viz. after sales, colour and price and Mahindra and Eicher both were not performing well in any aspects. Finance option and maintenance were the attributes in which brand should have work to improve it.


Table 2 Functions at Group Centroids

REFERENCES :

1. Hingley, k. v. (2007). The importance of branding the industrial purchase decision : a case study of the

UK tractor market. Journal of business & industrial marketing , 2 (6), 383-393.

2. Nagaraja, B. (2004). Consumer behaviour in rural areas : A micro level study on buyer behaviour of rural

consumers. indian journal of marketing , 34 (11), 30-36.

3. Satish K. Batra, S. H. (2004). Consumer Behaviour. Excel Books.

4. Shende, v. (2014). analysis of research in consumer behaviour of automobile passenger car customer.

international journal of scientific and research publication , 1-8.

5. solanki, D. (2013). consumer buying behaviour towards agricultural inputs: an impirical study in rural

areas of Bardoli. Global research analysis , 2 (6), 117-118.

6. Bennett, P. D. (1995). Dictionary of marketing terms (2 ed.). NTC business books.

7. J. paul peter, J. C. (2005). Consumer Behaviour and Marketing Strategy (Vol. 7). McGraw-Hill.

8. R. Nargundkar, (2010)Marketing research Text and Cases. Ed 3rd. McGraw Hill.

Research paper

REAL MALLS VS. VIRTUAL MALLS

Dr. Sanjay MishraAssociate Professor

M.J.P. Rohilkhand University,

Bareilly

Abhishek GuptaResearch Scholar

M.J.P. Rohilkhand University,

Bareilly

Abstract

Most of us are witness to the recent mall culture where all the products are available under a single roof and at competitive price points. Not only in big cities but also Tier II and Tier III towns are powering the retail revolution which is sweeping the urban and rural areas. Mall, the temple of consumerism is cropping up everywhere. These malls have changed the Way people are shopping. They are teaching them how to appreciate the good things of life. 'Comfort', 'style', 'convenience' and 'cool', are only some of the words used by the shoppers introduced to the mall culture.

Next in line is the concept of virtual mall or online shopping which is already

existent at its preliminary stage in India and is gradually growing exponentially.

The market opened up with innovative online shopping initiative from eBay,

Rediff shopping, amazone, snapdeal and futurebazaar.com just to name a few.

Mobile phone especially Smartphone are playing a very crucial role in making

this type of market a landmark. According to Alex Kozloff, Mobile Manager at

'Internet Advertising Bureau', this is a trend set to continue. “People are using

mobile phones to access the internet already, so retailers should be there too,” he

says. “More than 50 % of people in the UK use their phones for research or to

purchase items and this will increase as more people buy Smartphone.”

Thus, there is a cold war between these two types of malls. Through this article

our approach is to highlight few pros and cons of these two types of malls.

INTRODUCTION

The overall retail market in India has grown at a CAGR of

12 percent in the last four years to reach approximately Rs.

25 trillion in FY12. This opportunity has lured several

organized players to enter in Indian retail market, resulting

in overall organized retail penetration rising from 3% in

2005 to 8% in 2012. This is further expected to increase to

13% by 2017.

The store format selected by retailers plays a crucial role in attracting and satisfying target customers. The diversity and changing nature of society has compelled retailers to change their store formats to provide a complete shopping experience to customers. Now before we move further and explain the various features of 'real malls' and 'virtual malls', let us first clear the concept and meaning of these two terms.

Retailers can be classified according to their selling processes as store based retailers or non store based retailers. Here store based retailers are termed as real malls as they operate at fixed point-of-sale location, where as non-store-based retailers as termed as virtual malls.

Real Malls:-

Store based retailers operate at fixed point-of-sale locations. Their stores are located and designed to attract a high volume of walk-in customers. In general, store based retailers offer a wide variety of merchandise and use mass-media advertising to attract customers. They typically sell merchandise for personal or household consumption, but sometimes they also serve business and institutional clients.

Few benefits to customers by real malls are-

1) Wide assortment

2) Personal touch

3) Low price offered to customers because of bulk purchase

4) Bargaining power of customers

5) Influence unplanned buying

There are few disadvantages also-

1) Time consuming activity

2) Misguided by overlapping of brands

3) Extra financial burden born by the customer


4) Bargaining power get reduced (because of less comparison)

5) Befooling unaware customers

6) Customers gets easily enticed by the lucrative displace

7) Limited accessibility.

Virtual Malls:-

By the term virtual malls, we mean to say on-line shopping. Why we are saying it malls because there is a common feature between these two is the availability of number of products under one roof/site. Customers can see, compare and purchase various products through these sites. The use of World Wide Web allows people to access information about products (using the web address of the retailer's home pages). Retailer's website allows customers to order with a click of mouse. To attract potential customers, retailers also send details of new products through e-mail to customers.

Retailers can use the internet as a medium for promoting their goods & services all over the globe at minimum cost. They can even conduct research on customers with the help of the internet; moreover the internet reduces the cost of retails as it allows them to use low cost electronic mail to communicate with customers.

The reason of giving so much importance to this type of mall is use of Smartphone. With the help of new generation Smartphone customers can take the benefits of on-line shopping, and the use of such phone is increasing day by day.

Few benefits to customers by virtual malls are-

1) Time saving

2) No overlapping of brands

3) No financial burden on customers like infrastructural, operating and maintenance cost ect.

4) Extensive reach

5) Easy accessibility.

There are few disadvantages also-

1) Narrow assortment

2) No personal touch, no demonstration

3) Customers can not bargain on-line

4) Tough to influence unplanned buying

5) Customer has to wait till the arrival of the product

6) Delivery risk

7) Shipping charges

8) Risk of online fraud

9) You cannot buy low priced or perishable items on the web

A Comparison between Real and Virtual Malls:-

Overall, the trend for online shopping is very positive. The reason for this optimism, according to dot-com players, are an increased availability in online payment options, a wider range of merchandise, online tracking of shipments, 24-hour, seven-day-a-week customer care, and a larger internet reach at cheaper costs. Today, the customer has a choice of payment modes: credits cards, cash on delivery, internet banking accounts, demand draft and cash on order etc, the following table provides the comparative analysis of traditional retailing and e-retiling.


The above comparison no doubt proves that real malls are having an edge over virtual malls. But this will continue or not I doubt; now to validate this here I want to show some statistics related to e-retailing………

The size of e-commerce market in India is worth around Rs 9,500 crore, out of which the pure play online shopping market is worth Rs 1,300 crore. While online shopping globally is growing at around 8-10%, in India the growth rate is upwards of 30%.

-Economic Times

E-tailing has grown very rapidly during the last four years from Rs. 1000 crore to Rs. 1500 crore in 2008 to touch approximately Rs. 5000 crore to Rs. 6000 crore by 2020.

84% of Smartphone owners use them to enhance their shopping experience.

There are more iPhones sold per day (402k) than people born in the World per day (300k)

Users accessing the web through mobile devices has almost doubled every year since 2009

Global internet usage through mobile devices rose to 8.5% at the end of 2016 (from 4.3%)

Mobile advertising is exploding – during Q4 2014, mobile advertising was up 39%

One of the most important things to understand about statistics associated with the internet, internet use and internet marketing is the speed with which things change. Some simple facts will explain this progression.

o The number of internet devices in 1984 was 1,000 - one thousand

o The number of internet devices in 1992 was 1,000,000 - one million

o The number of internet devices in 2008 was 1,000,000,000 - one billion

Conclusion:-

The scope for e-commerce is limitless and could encompass

anything. This will include portals and smart-phone

applications which will help customers through the whole

shopping experience. From showing stock availability and

product information in their nearest shop, these applications

will also give online payment options and provide delivery

tracking systems so they can keep an eye on their products.

As the technology continues to advance, customers will

have a range of ways to shop, and website offerings will

need to stay constantly updated to keep pace with their new

shopping habits. All this is good news for the retail sector, as

the number of web jobs in retail is set to grow and grow.

With the Indian retail landscape undergoing a sea change

via the entry of organized store as well as the posh

supermarket is bound to change. India's retail boom is being

driven by resurgence in the economy. Modern retail still has

around 6% share of the total retail spend in the country,

which is estimated at around US $400 billion. Thus, the

potential for modern retail growth in India is huge.


REFERENCES

1) International Journal of Multidisciplinary Research Vol.1 Issue 3, July 2011, ISSN 2231 5780

2) Proceedings of the 5th National Conference; INDIACom-2011

Bharati Vidyapeeth Institute of Computer Applications and Management, New Delhi

3) www.zenithresearch.org.in 101 date:- 07/06/12

4) retail/httpwww.witiger.comecommerceecommercestatistics.htm date:- 07/06/12

5) retail/moresocialmediastatisticsfor_TheSocialSkinny.htm date:- 07/06/12

6)

7) retail/httpbrooklyn.about.comodThanksgiving-Week-in-Brooklynqt10-Pros-And-Cons-Of-Shopping-

On-Black-Friday-And-Cyber-Monday-Where-Are-The-Deals.htm date:- 06/26/12

8) retail/httpwww.saching.comArticleDisadvantages-of-Online-Shopping3488.htm date:- 06/26/12

9) retail/httptrak.intagsbusiness20100619online-shopping-india.htm date:- 06/26/12

retail/IndiaInternet&[email protected] date:-

06/26/12


Research paper

STRUCTURE OF THE INDIAN CAPITAL MARKET

Diptirekha Nayak

Asst. Prof. (Economics)

NM Institute of Engineering &

Technology

Bhubaneswar, Odisha

E-mail: [email protected]

Abstract

The Indian equity market has witnessed a series of reforms since the early 1990's.The reforms have been implemented in a gradual and sequential manner. Capital market in India has developed over time with the market practices and condition. It focuses on financing and fixed investment. Prior to 1991, the capital market structure in India was subject to several controls and opaque procedures. In 1992, the capital issues (control) Act, 1947 was canceled and the office of the controller of capital issues (CCIs) was abolished. The Securities and Exchange Board of India was constituted on April 12, 1988 as a non-statutory body through an Administrative Resolution of the Govt. But SEBI was given statutory status and powers through an Ordinance promulgated on January 30; 1992.SEBI was established as a statutory body on February 21, 1992. The Ordinance was replaced by securities and Exchange Board of India Act 1992 on April 4, 1992.In this paper the researcher has tried to look upon the trend & modernization of Indian capital market and used the data from the website of NSE, BSE & RBI bulletin.

Key words: Securities, Share, Stock, Market capitalization, Finance market, BSE, NSE, SEBI

INTRODUCTION

A favorable economic environment attracts investments, which in turn influences the development of the economy. Economic environment of a country depends upon the efficient mobilization & usage of financial resources. Assets in an economy broadly divided according to their characteristics into physical, financial & intangible assets. Financial assets help the physical asset to generate activity. Financial asset differs from physical assets in terms of monetary value, divisibility, convertibility, reversibility, liquidity &cash flow. These are also properties of financial assets. Actually these properties led to the emergence of financial markets.

Financial market is a place where financial instruments are traded. On the basis of the nature of financial instruments the financial market is classified as money market, capital market, derivative market, insurance market & forex market. In order to make financial market more efficient, the financial system of the country plays a vital role. Financial system of a country acts as channel in efficient distribution of funds from surplus units to deficit units. The process of capital formation in the country depends upon investment policies & efficient operations of financial intermediaries. The financial intermediaries facilitate the flow of savings

into investments by overcoming the geographical & technical barriers. So investment is an activity that is undertaken by those who have savings. But all savers are not necessarily investors. Because it is believed that return is an essential feature of investment.

OBJECTIVES:

i) To know the trend of Indian stock market.

ii) To know the modernization of stock market.

CAPITAL MARKET IN INDIA

Capital market in India has developed over time with the market practices and condition. Till the onset of reforms in the early1990's rising of resources in the primary segment of the market was subject to several controls disallowing price to be determined by market conditions. But trading in the secondary market was not transparent in practice. The trading and settlement system was outdated and out of tune with internationally followed practices. The volumes however increased and securities continued to exist in physical form. Physical securities also created uncertainties for investors and increased the transaction costs. Besides, long and uncertain settlement cycles created serious problems for clearing houses. Informational flows to market participants were also deficient. It was considered necessary


to orient the SEBI to undertake the tasks of regulation and supervision. Thus, SEBI was given statutory powers through a separate legislation in 1992.

Although the capital market in India has a long history, during the most part, it remained to the periphery of the financial system. Various reforms undertaken since the early 1990s'by the Securities and Exchange Board of India (SEBI) and the Government have brought about a significant structural transformation in the Indian capital market. As a result, the Indian equity market has become modern and transparent.

The improvement in clearing and settlement system has brought a substantial reduction in transaction costs. Several measures were also undertaken to enhance the safety and integrity of the market. These include capital requirements, trading and exposure limits, daily margins. Trade/ settlement guarantee fund has also been set up to ensure smooth settlement of transaction in case of default by any member. Another important development of the reform process was the opening up of mutual funds industry to the private sector in1992, which earlier was the monopoly of the Unit Trust of India (UTI) and mutual funds set up by the public sector financial institutions.

It is a market for long term funds. Capital market focuses on financing and fixed investment e.g. Machinery and equipment. Transfer of resources from those with idle resources to others having a productive need for them, which is most effectively achieved through the capital market .Thus it provides channels for reallocation of savings to investments. As a result both savers & investors are not constrained by their individual abilities but by economy's abilities to invest & save respectively. An efficient capital market is an important constituent of a sound financial system. Efforts have been made in recent years to set up an effective regulatory framework in India covering major participants in the capital market. Similarly, the technology of trading and settlements in the stock exchange has been upgraded. Internet based trading in securities has been permitted. Pension funds & foreign institutional investors (FIIS) were allowed to enter the Indian stock market from 1993 onwards. The capital market fosters economic growth in following ways:

1. It augments the quantum of savings and capital formation in the economy.

2. It allocates capital efficiently thereby raising the productivity of investment.

3. It enhances the efficiency of a financial system.

4. It adds to the financial depending of the economy by enlarging the financial sector and promoting the use of innovative, sophisticated and cost-effective financial instruments, which ultimately reduce the

cost of capital.

5. Well-functioning capital markets also impose discipline on firms to perform.

Capital Market Prior to 1991

Different kinds of financial intermediaries have existed in the Indian financial system. At the time of Independence in 1947, working capital requirements of corporate were financed mainly by commercial banks. As the capital market was underdeveloped, a number of development finance institutions (DFIs) were set up at the all India and the State levels to meet the long term fund requirements of companies.

Prior to the onset of financial sector reforms in1991, the capital market structure in India was subject to several controls and opaque procedures. The objective of control over capital issues was to channel the limited capital resources available for investment in the country into desired areas. Apart from this main objective, capital issues control was put to several other uses, Like:

1. Regulation of bonus issues.

2. Regulation of terms and conditions of foreign capital participation in Indian companies and the regulation of the terms and conditions of dilution or repatriation of foreign equity.

3. Regulation of capital re- organization plans of companies including mergers and amalgamations.

4. Regulation of the capital structure of companies, as well as the terms and conditions of additional issues.

5. Regulation of the volume and timing of the private issues of capital.

Moreover, the trading and settlement system was outdated and not in tune with international practices. Rising of capital from the market was regulated by the Capital Issues (control) Act, 1947 which was administrated by the controller of capital issues (CCIS) in the ministry of finance, Government of India. The scheme of controls under the act required all the companies to obtain prior consent for issues of capital to the public. Pricing as well as the features of the capital structure (such as debt-equity ratios), were controlled by the Govt. Similarly the securities Contracts (regulation) Act, 1956 were administered by the Directorate of Stock Exchanges also in the ministry of Finance. It empowered the Govt. to recognize stock exchanges, stipulate rules and bye-laws for their functioning, compel listing of securities by public companies etc. Such a system of regulation and control was fragmented and inadequate in the context of liberalization wave sweeping across the world. Urgent measures were needed to relax controls and modernize the functioning of capital market.


Securities and exchange Board of India(SEBI)

In 1992, the capital issues (control) Act, 1947 was canceled and the office of the controller of capital issues (CCIs) was abolished. The Securities and Exchange Board of India was constituted on April 12, 1988 as a non-statutory body through an Administrative Resolution of the Govt. For dealing with all matters relating to development and regulation of the securities market and investor protection and to advice the Govt. On all these matters, SEBI was given statutory status and powers through an Ordinance promulgated on January 30, 1992.SEBI was established as a statutory body on February 21, 1992.The Ordinance was replaced by securities and Exchange Board of India Act 1992 on April 4, 1992.

With this ended all controls related to raising of funds from the market. The move was aimed at enhancing the efficiency, safety, integrity and transparency of the market. Presently, Issuers of capital are required to meet the guidelines of SEBI on disclosures and protection of investors.

SEBI has emerged as an autonomous and independent statutory body. It's legal objectives are the following:

1. Protection of the interest of investors in Securities.

2. Development of the securities market.

3. Regulation of the securities market.

4. Matters connected there with and incidental there to.

The SEBI prohibits fraudulent and unfair trade practices; including insider trading. It also regulates the substantial acquisition of shares and investors. In order to ensure protection of investors and to safeguard the integrity of the markets, there is comprehensive surveillance system. Stock exchanges are the primary targets for detection of market manipulation, price rigging and the other regulatory breaches regarding capital market functioning.

The SEBI regulates and supervises the securities market through its various regulations, guidelines and schemes issued from time to time.

The powers and functions of SEBI- as securities market regulator- have been laid down in the SEBI Act,1992.SEBI a l so exerc i ses powers under the Secur i t i es Contracts(regulation) Act,1956, the Depositories Act,1996 and certain provisions of the companies Act,1956.It regulates the securities market, securities market institutions, and market intermediaries, such as the stock exchanges, depositories, mutual funds and other asset management companies, securities dealers and brokers, merchant bankers, credit rating agencies and venture capital funds.

The statutory powers and functions of SEBI were strengthened through the promulgation of the securities

laws (Amendment) Ordinance on January 25,1995 which was subsequently replaced by an Act of Parliament.

The SEBI is equipped with the following powers:

1. Powers to register and regulate, inspect, enquire and investigate and undertake audits, and to cancel registration (though in this last case this applies to the mutual fund rather than the AMC); also to prohibit issue of an offer document including prospectus and advertisement.

2. Powers to summon and enforce attendance and examine on oath, inspect registers and documents, discover and enforce disclosure of books of account and other document,

3. Powers to restrain from business, suspend, search impound and retain proceeds, access bank data and attach bank accounts, prevent alienation of assets.

4. Powers to require compensation to be paid to investors.

Those who appeal against SEBI judgments are heard by the Securities Appellate Tribunal (SAT) and can also go to the Supreme Court if they don't accept the tribunal judgment. The SAT has three members, one of whom is required to be the presiding officer who is a sitting or retired judge of the Supreme Court or High Court. The two other members must be of ability, integrity and standing with experience of corporate law, securities law, finance, economics or accountancy.

SEBI has around 650+ staff and regional offices in five cities—Mumbai, New Delhi, Chennai, Kolkatta and Ahmedabad. The growing importance of the securities market in the economy has placed new demand upon SEBI. On October 28,2002 an ordinance was promulgated which sought to strengthen SEBI. This ordinance involved organizational strengthening of SEBI, giving SEBI more powers for investigation and penalties and making clearer concepts like insider trading market manipulations.

The regulatory control has been widened in tune with the emerging needs and developments in the equity markets. Apart from stock exchanges, various intermediaries such as mutual funds, stock brokers and sub brokers, merchant bankers, portfolio managers, registrars to an issue, share transfer agents, underwriters, debentures trustees, bankers to an issue, custodian of securities, venture capital funds and issuers have been brought under the SEBI's regulatory purview.

Capital Market Reforms since 1991

The Indian equity market has witnessed a series of reforms since the early 1990's.The reforms have been implemented in a gradual and sequential manner, based on international best practices and modified to suit the needs of the country.


The reforms measures were aimed at the following:

1. Creating growth enabling institutions.

2. Boosting competitive conditions in the equity market through improved price discovery mechanism.

3. Putting in place an appropriate regulatory framework.

4. Reducing the transaction cost.

5. Reducing information asymmetry, thereby boosting the investor confidence.

These measures were expected to increase the role of the equity market in resource mobilization by enhancing the access of corporate sector to large resources through a variety of marketable securities. Institutional development was at the core of the reform process.

Reforms in the capital market had a multidimensional impact. The significance of the capital market has improved in providing mechanism for allocation of resources as is reflected in increase in its share in the source of finance for the corporate. Various indicators such as reduced volatility are pointers in the direction of increase in the safety of the market. The safety of the market has also been considerably enhanced by adoption of risk management practices and the shaping up of settlement guarantee funds and investors

protection funds.

The integrity and transparency of the market has also gone up with the wider availability of information regarding the performance of corporate. The trading and settlement framework in the Indian stock exchange now compares favorably with the best international practices. Liquidity in the market has improved considerably.

Modernisation of Stock Exchanges:

Trading Infrastructure in Stock exchanges: There are 20 recognized stock exchanges in India, including the Over the Counter Exchange of India (OTCEI) for small and new companies, the old established Bombay Stock Exchange(BSE) and the newer National Stock Exchange (NSE) that was set up as a model exchange to provide national-wide services to investors. The BSE was set up in 1857 as 'The native share and stock brokers association'. Equity trading is most active in the two major competing stock exchanges,viz. NSE and the BSE. As on 31st May 2013, 5230 companies were listed on the BSE, which is the largest exchange in the country. It is 5788 in October 2015. The number of listed companies in NSE as on June 30, 2013 was 1633 which has increased to 2210 in 2015.

From the above table we can see that no. of companies listed in NSE has increased, but companies available for trading has increased from 2011 to 2014 & declined in the year 2015.In this year permission has given only to 4 companies. The Indian capital market is significant in terms of its degree of development, its volume of trading and the quality of its automated trading and settlement. The capital markets-though they have suffered from periodic scandals and problems in the past – look much closure in quality to those of developed markets than those in the majority of emerging

markets. The range and quality of available securities is evidenced by the substantial flows of foreign institutional investors.

The competition between NSE and BSE is a unique one by international standards, where both exchanges are in the same city and have the same trading hours. All major stocks trade on both exchanges, so the exchanges compete for order flow, and not just listing. The rise of NSE has proved to be a powerful spur to reforms at the BSE. Months after NSE started operation, the BSE also launched electronic

Companies Listed, Permitted To Trade & Available For

Trading on The Capital Market Segment Of NSE.

Source: www.nseindia.com


trading, and improved rules governing admission of corporate and foreign brokerage firms. Presently, the BSE also uses an open electronic limit order book market, using satellite communications to reach locations outside Mumbai.

BSE- one of the oldest exchanges in the world- accounts for the largest number of listed companies and has also started a screen based trading system with the introduction of the Bombay online trading system.NSE – which in the recent past has accounted for the largest trading volumes- has a fully automated screen –based system that operates in the wholesale debt market segment as well as the capital market segment. BSE and NSE account for the large majority of trading volumes owing to establishment of screen based trading and terminals in all major and many minor cities. Presently, small regional exchanges are virtually not working effectively.

Associated with the NSE are the National Securities Depositary Ltd.(NSDL) and the National Securities Clearing Corporation Ltd.(NSCCL).The NSDL acts as the registrar for what are now predominantly dematerialized securities and the NSCCL as a clearing house.

The setting up of the NSE as a trading platform set

a benchmark of operating efficiency for order stock

exchanges in the country. The establishment of (NSDL) in

1996 the central depositary services India Ltd.(CSDL)

in1999 has enabled paperless trading in the exchanges. This

has also facilitated instantaneous electronic transfer of

securities and eliminated the risks to the investors arising

from bad deliveries in the market, delays in share transfer,

fake and forged shares and loss of scrips. The electronic

fund t ransfer (EFT) fac i l i ty combined wi th

dematerialization of shares has created a conducive

environment for reducing the settlement cycles in stock

market.

CONCLUSION

India's capital market has come a long way since

economic reforms began in early 1990s. Transaction costs

have come down considerably and now are less than the

average in developed markets. There are several areas

where the market still falls short of international

benchmarks. Less than one-fifth of equity is owned by retail

investors. In a country of over 1 billion people, less than 25

million individuals participate directly or indirectly in the

market.. The performance of the Indian Capital Market can

properly be assessed after comparing the growth and

development of some of the emerging economies.

Rank of Different Exchanges In The World

Source: www.nseindia.com


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No.6, June.

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Ahamadabad.


Research paper

A STUDY ON CUSTOMER PERCEPTION TOWARDS BUYING BEHAVIOR FOR

BRANDED APPARELS IN BAREILLY REGION

Dr. Naveen KumarAssistant Professor, School of ManagementGautam Buddha University, Greater Noida-201310, Uttar Pradesh (INDIA).E-mail: [email protected]: +91-9560366668

Upasana KanchanResearch Scholar, School of Management,Gautam Buddha University, Greater Noida-201310Uttar Pradesh(INDIA).E-mail: [email protected]: +91-9411469220

Abhishek GuptaResearch Scholar, M.J.P. Rohilkhand University, BareillyBareilly, Uttar Pradesh (India)E-mail: [email protected]: +91-9897110732

Abstract

In the globalised era, the apparel and accessory segment in India, like many other traditional product segments, is undergoing an astounding change of perception. While it continues to enjoy the position of being an enhancer of beauty, the new-age consumer perceives fashion as a must, manifesting the wearer's attitude, personality and lifestyle. The purpose of this research was to understand the perception and purchase pattern of customers towards branded apparels. The study uses primary data collected from 75 respondents of Bareilly region. The findings of the study can be used by those apparel companies which are planning to enter into tier III cities like Bareilly on how they perceive and address the needs of customers belonging to the tier III cities. Since consumers are not brand loyal as they purchase products mainly on the basis of price, manufacturers of apparels need to fulfill the expectations of consumers by passing on concession to the customers by way of discounts, price reductions, extra quality and other sale promotional schemes in order to increase their sales.

Keywords: Consumer behaviour, Branded apparels, brand preference

INTRODUCTION

Today, fashion has become an important sales driver in India, and domestic and international brands are scrambling to adjust their designs to cater to the Indian market. A wide variety of variables such as – income growth, the buying occasion, the wearing occasion, the economic strata of the target segment and the effect of regional and religious influences on all of them are now being juggled to find the optimum mix to win market share.

With increasing western influence, and a focus on revival of traditional Indian fashion elements, diversity in India sees new faces. The Indian fashion stage is a reflection of deep cultural influences, the consumer shift in the new economic scenario, and changing social perceptions. It indicates the birth of new and distinct target groups that ride on various influences to set new trends. Understanding these influencers and the various target group characteristics are keys to setting foot in the Indian fashion industry. The present study will help in determining the choice of

consumer preference towards branded apparels according to their age, income level and educational background inside as well as outside Bareilly Region and thus selling the brands accordingly which would also help to reduce the risk of the marketer.

Changing Paradigm in Branded apparels market

A huge shift is underway from spending on necessities such

as basic food and clothing to choice-based spending on

categories such as branded clothes, lifestyle and restaurants.

Households that can afford discretionary consumption will

grow from 8 million today to 94 million by 2025. Apparel is

a highly symbolic product category due to its high visibility.

Individuals often make assumptions about a person's self-

concept simply on the basis of his/her clothing (Soloman &

Rabolt, 1999). Self-concept is a dynamic structure that

changes according to the nature of the social surroundings

or situation (Banister & Hogg, 2006). Consumers will

change their consumption behavior based on a current

change in their self-concepts (Banister & Hogg, 2006). The

symbolic nature of clothing as a visual expression of self-

concept can incorporate various clothing styles, brands,

retailer outlets and memberships in particular subcultures

(Soloman & Rabolt, 1999). Branded clothes are becoming

de rigueur for Indians. Today fashion is no more a monopoly

of the celebrities or just confined to rich people. Even


common college going boys and girls or men and women

working in a corporate environment, follow the latest trends

and wear designer attire as daily office wear or casual wear,

unlike a decade ago.

In the present era of globalization various established

international brands are turning to developing countries. for

the search of new markets, the markets laden with

disposable income. With the emergence of a new class of

very affluent young Indians, who are ready to spend money

to be considered classy and elite, India is no more a testing

ground for premium and luxury brands, but a lucrative

market with explosive growth potential.

In apparel sector many brands such as- Christian Dior, Louis

Vuitton and Tommy Hiliger, Gucci, Armani and Versace

have already marked their presence in India. Today, people

in India are much aware of what they wear as compared to

the time of pre globalization. As the country marched

towards its way to be economic giant, the prosperity of

people is also reflected in their life style. Therefore

international brands recognize India as a potential market.

Factors affecting brand preference of customers

Media and promotions have been the important factors for

the brand awareness and consciousness among the young

generation. This is the new trend that more and more young

people are buying clothes which are of a particular reputed

brand. When they are out shopping in a chic shopping mall

they are sure to visit one of the big brands to buy a pair of

jeans or a shirt from the shop. Today the youth are eager to

shell out a fortune to buy branded cloths.

Another factor affecting customer choice of branded

apparels is the quality of these apparels. The common notion

is that the branded clothes provide high quality and great

comfort. And hence more and more people are becoming

brand loyalist even though they have to give out quite a huge

sum of money when they make purchases. Most people tend

to go and buy which are highly reputed and have a brand

value. By brand value people mean by the quality, the price

and the style. Being brand conscious is the new fashion

mantra which has caught on like forest fire. The increased

income levels help the young people to buy from big

clothing brands with much ease and comfort. The urge to

look good and stylish has also induced the Gen X to buy

clothing brands which are supposed to be cool and 'in'.

Statement of the problem :

In present context, branded apparels have come up as a new

status symbol in the daily lives of people. In our country the

branded apparels industry is still in its growth stage, as

compared to the industrially advanced countries. It is for the

fact that the economy of our country has been in the

developing stage. Now a days, the customers are more

dynamic. Their taste, needs and preference are changing

with the advancement in technology and communication

with the outside world.

With the increase in brands in the market, lots of apparel

dealers are dealing with established brands and new brands

are also entering the market. With the increase in

competition locally as well as from global dealers, Indian

dealers are coming up with new and promotional campaigns

and schemes to attract the customers. This research aims

towards determining the preferences of various brands by

customers in the Bareilly region. The major problem

identified regarding the brands is to identify the attributes

which are significant in preference of a specific brand. This

research also aims at determining how the promotion

campaigns of brands have made consumers aware about the

different brands of apparels.

Understanding the choice of the apparels a buyer prefers is a

major concern for marketers. This research will help in

determining the choice of consumer preference according to

their age, income level and educational background inside

as well as outside Bareilly Region and thus selling the

brands accordingly which would also help to reduce the risk

of the marketer.

Objectives of the study: Objectives behind this research are:

Ÿ To study the preference of branded apparels

among the population of Bareilly.

Ÿ To understand the factors affecting the purchase of

branded clothes.

Ÿ To understand the perception of respondents

towards the branded clothes

Research Methodology :

The present research work is descriptive and analytical

based on empirical observation and comprehensive survey.

For analyzing consumer's preference towards branded

apparels, the researcher developed a set of questions

relating to the objective of study. These questions were

reviewed by the subject experts. A pilot study was also

conducted on a sample of 15 respondents. Some

modifications, additions and deletion of questions are made

according to the results of pilot study & suggestions of

subject experts. Then the final study was conducted on a

sample of 75 respondents.

Area of the study :

The study was conducted in Bareilly District (Rohilkhand

region) of the state Uttar Pradesh during year 2016. The

familiarity of the researcher with the conditions of Bareilly

was one of the reasons for the purpose of this selection of

study area.

Sampling:


In the first stage of sampling, the area for the study was

finalized. Bareilly district of Uttar Pradesh was selected for

the study based on the population and the size of the area.

The area was also selected because of its good connectivity

to the major cities like New Delhi and Lucknow. Most of the

leading brands in apparel industry have their showroom in

the city. From the chosen area, the researcher selected 75

respondents. The sample was chosen on the basis of

convenience sampling method. Personal interviews were

also conducted with dealers and retailers of companies

offering branded apparels.

Collection of data :

In this study, both primary as well as secondary data were

collected in the Bareilly region. For data collection, the

researcher first created a good rapport with the respondents

to get the adequate and reliable informations. The questions

were explained to the respondents in vernacular language

very smoothly. Researcher clearly explained the purpose

and meaning of the question wherever required.

Analysis of data: The collected data was classified,

tabulated, codified, analyzed and interpreted. The collected

data was then analyzed with reference to each of the specific

objectives of the study. The statistical tools used for the

study are percentage analysis and Chi-square test.

Findings :

1. Demographic classification of respondents : The

following graphs explain the demographic profile of

respondents.

RESPONDENTS BY GENDER

RESPONDENTS BY AGE

RESPONDENTS BY INCOME

RESPONDENTS BY OCCUPATION


The sample included 55% female members and 45% male

members. 29% of the people were of age below 20 years,

31% of the people were between the age group of 21-30

years, 11% were between the age group of 31-40 years and

remaining 29% were of the age 41 years and above. The

income of 47% of the people was below Rs. 15,000, 15% of

the people had their income between Rs. 15,001-25,000, 9%

people were having income between Rs. 25,001-35,000

and 29% of people reported their income above Rs.35,000.

While categorizing the sample according to the occupation,

it was found that 51% of people in sample were students and

housewives, 43% were running their bussinesses, 5% were

doing services and 1% were Professionals

2. Frequency of purchase

As shown in the graph it was identified that most of the

people buy apparels on the monthly basis (29%) followed

by Season shopping (27%), Quarterly (21%), Festivals

(11%), Yearly (9%) and at the end Weekly (3%).

3. Preference for branded products

After analyzing data, it was found that40% of the people

prefer branded apparels as compared to non branded

apparels and 28% people doesn't have any particular

preference in their buying behavior of apparels.

4. Preferable location of Shopping

Results indicate that 46% of the population relies on the

malls for the purchasing of the branded apparels then 21%

of the population shows interest of purchasing it from retail

shops followed by the Company Outlet and Online

Shopping simultaneously and then the Factory Outlet.

5. Reason for buying branded apparels

After the analysis the result came like 54% of the population

buy branded clothes because of the latest fashion that they

carry with them and 20% have prefer quality as their

preference for buying branded apparels.

6. Influence of people while purchasing branded

apparels

Most of the people were found to be self obsessed i.e. 55%,

they don't need anyone for giving them suggestions about

buying brands they themselves purchase it while 17%

people gets influenced by their family, 16% by their friends/

coworkers and 12% with the brand promotion


7. Factors preferred while choosing branded apparels

Based on several parameters it has been identified that

majority people give preference to Quality of the apparels

and they are least considerate about the price of those

branded apparels. The data has been shown below:

8. Most important factor while purchasing branded

apparels

Most of the population preferred high quality over latest

fashion while purchasing the branded apparels.

9. Source of information for purchase of branded

apparels

The findings indicate that 27% of the population gets their

information of branded apparels from internet retailers and

in store displays while 22% gets the information from TV/

Newspapers, 16% people don't need such information they

are self awred about the brands and 8% gets the information

from hoardings.

10. Factors for purchasing Non-Branded Products

According to the survey, Most of the people were found to

be price sensitive as they don't want to waste their precious

money on branded clothes if they get the same apparel in the

non branded so they go for non branded clothes, At the

second place people see variety which they get from non

branded apparels easily. The next preference comes of the

color and design which they get to see more in non branded

apparels and then comes the convenience of shopping and

size of the apparels simultaneously and the least preference

goes to the promotional activities while purchasing non

branded clothes.

11. Customer Loyalty towards brand

To measure the loyalty of a customer towards a specific

brand, the respondents were asked about what they do if

their preferred brand goes out of stock. And the results

showed that at the time of brand becoming out of stock most

of the people switch over to the different brand whereas

25% of them remain brand loyal and will delay their

purchase and wait for their availability while 20% of them


purchase another model from the same brand.

12. Testing of Hypothesis 1

Null Hypothesis: There is no association between the frequency of buying and the gender of the respondents.

Alternate Hypothesis: There is association between the frequency of buying and the gender of the respondents. Frequency Monthly QuarterlyYearly Seaso

After applying the Ch-square test, it was found that the

calculated value of Chi- Square (10.723) was more than the critical value at 3 degrees of freedom and 5% confidence interval i.e. 7.82. Therefore, we reject the null hypothesis and accept the alternate hypothesis i.e. there is an association between the frequency of buying and the gender of the respondents.

13. Testing of Hypothesis 2

Null Hypothesis: There is no association between the

clothes preference and the income level of the respondents.

Alternate Hypothesis: There is association between the

clothes preference and the income level of the respondents.

To test this hypothesis, A cross tabulation between clothes

preference and the income level was prepared as shown

b e l o w : n s h o p p i n g T o t a l M a l e s 7 1 1 1 0 6 3 4

Females17551441Total 2416152075 To test this

hypothesis, A cross tabulation between gender & frequency

of purchase was prepared as shown below:

After applying the Ch-square test, it was found that the

calculated value of Chi- Square (4.152) was less than the

critical value at 4 degrees of freedom and 5% confidence

interval i.e. 9.49. Therefore, we accept the null hypothesis

i.e. there is no association between the clothes preference

and the income level of the respondents.

Conclusion:

As the economy is growing many brands are entering the

Indian market, which are

more likely increasing the

choice for the people on the

industry. Brands act as a

status symbol and people

feel self assured while

wearing and purchasing

branded clothes. People

prefer to buy that brand

which is having good

quality, better color and

design and appropriate size.

The companies spend a large amount in promoting their

brands which again influence the behavior and try to create

an impact on the mind of the people, thus motivating them to

buy a brand and feel comfortable. During the research,

people prefer to make their purchases monthly or at the time

of festivals.

The apparel industry is a fast growing industry and people in

the city are more likely to adopt the taste as shown by the

companies, in spite of the affect on the demographics. This

study will be helpful to the producers of apparels to know

how their products are being preferred by the consumers of

tier III cities like Bareilly and on what basis they buy the

products. The study reveals that Indian consumer is quality

and price conscious rather than brand conscious which

means there are very few brand loyal customers.


REFERENCES

1. Berman Barry, Evans Joel R., Retail Management: A Strategic Approach, 10/E

2. The Mckinsey Quaterly – How half the world shops: Apparel in Brazil, China, and India. 2007

(www.mckinsey.com)

3. KPMG report -Consumer Markets in India –the next big thing? (www.kpmg.com)

4. Barwise, T. P. and Ehrenberg, A, S. (1985)"Consumer beliefs and brand usage", Journal of the Market

Research Society, Vol. 27 pp.81-93

5. Piyush Kumar Sinha and Dwarika Prasad Uniyal (2007): Managing Retailing, 2007: Lost Forever in a

Shopping Mall, Oxford University Press, New Delhi

6. Punit Purohit (2007): Real Garmenting, Storai, Retailers Association of India, Mumbai, Volume 3 No. 1,

March – April 2007, p- 25

7. .www.apparelsindustry.in/india.htm

http://en.wiki.wikipedia.com/indian_industry


Research article

Challenges of Human Resource (HR) Manager during Slowdown of Economy

S.K.SumanAsst. Professor

FMS, SRMSCET, Bareilly

Anubhav SaxenaAsst. Professor

FMS, SRMSCET, Bareilly

Introduction

Economic slowdown is a part of Business Cycle. The economy of any country goes through business cycle, and due to globalization one market can affect the other economy also. In the boom phase of economy employment increases, sales increases and so as market demand. But during slowdown many challenges are faced by government and organizat ions. Although government and management take various decisions to reduce the effect recession, it does not work on the welfare of the employees in actual situation.

Many suggestions can be taken for overcoming the challenges on economic slowdown. If employees accept the proposed actions and suggest their own ideas, then any country would beat the recession.Economic slowdown is visible in Industrial Production and employment, with a declining status report of construction, manufacturing and service sector.

The slowdown of the economyto a great extent weakens the entire organizational system. There major focus of a company is cost cutting and there are many ways for cost cutting, in which the the salaries of the employees is a big cost factor. This is the reason why many companies downsize the number of employees when there are losses.Organizations use several techniques in downsizing like providing early retirement and transfer to subsidiary companies or termination from the job. It proves to be a major

setback for the employees as it affects their personal and professional life. Alsothe economic crisis has a negative impact on employee income. For instance, some companies cut their cost in cancelling the provision for free lunch to employees, cut down employee's travel expenses and bonus. In such conditions, employees fail to enjoy the earlier facilities and they feel demotivated which impacts the performance of the employee.

Challenges of Human Resource (HR) Manager during Slowdown of Economy

The changing business scenario indicates that there are many human resource challenges which have arose in recent years. These human resource challenges must be defined in order to succeed. There are many issues arising that can affect human resource. Some of these areas could be as mentioned below:-

1. Hiring Process

The slowdown of the economy leads to the reduction of business opportunities for a company due to which the upcoming projects are at standstill and thus leads to freezing of hiring process. The slowdown of economy also leads to slowdown of recruitment of employeesfor existing projects. This leads to careful e x a m i n a t i o n f o r h i r i n g o n l y t h o s e professional/employees who have required skills whish are missing in the company. Highly competent employees are hired with comparatively less pay, which is a challenge for HR manager.

2. Training and Development

The slowdown in the economy leads to the cost cutting attitude in management. The impact of cost cutting is definitely on training and development, which causes failure for employees to improve their existing skills and also miss the opportunity to learn new skills. This leads to the non-effectiveness of the employee performance. Here the challenge for the HR manager is to keep the employee morale high for better performance despite of the fact that employee is being


provided with insufficient training and development facilities.

3. Pay Structure and Benefits

The economic slowdown of the country leads to the reduction of the profit margin of the company. This in-turn has direct impact on the salaries and benefits of the employees. The employees may not be given early increment, bonuses etc. The incentive schemes may not be implemented as per the agreement. The promotions and perks may not be given to the employees as per the agreement at the time of interview. The fringe benefits like facility of cab may be removed. All these factors affect the performance of employee and which is a challenge for HR manager to get the required performance from the employee.

4. Employee Engagement

Employee engagement is a workplace approach designed to ensure that employees are committed to their organization's goals and values, at the same time to enhance their own sense of well being. In economic slowdown as the projects get reduced the HR manager has the challenge to engage the employees in work

with commitment. There are many cases, where an employee is given undesired work which leads to the employee underperformance.

5. Motivational Aspects

The economic slowdown leads to the companies to pay less compensation to the existing employees. This can leads to the financial burden on the employees as they have other financial commitments. This may cause to the low performance of the employees which is again a challenge for HR manager to get the required work done from the employees. The recession may also leads to loss of job of spouse which again increase the financial burden on the employee.

6. New Talent Acquisition

The economic slowdown forces the company to slowdown the campus recruitments or walk-ins for hiring new talent. This may leads to the loss of new talent which may provide new ideas that can improve the work processes in better way and many other benefits. This is again a challenge for HR manager as the task has to be completed with the existing talent only.

Conclusion

The HR manager faces lots of challenges during the phase of economic slowdown. The challenges can

be in the form of hiring process, training and development, pay structures and benefits, employee

engagement, motivational aspects and new talent acquisition. It is not easy to handle these challenges

but the HR manager has to balance these challenges so that the performance of the employee is not

effected and the organization may get minimum profitable returns during the economic slowdown.

References:1. Devi Archana Mohanty, Namrata Singh,A LOOK AT HUMAN FACE IN THE ERA OF RECESSION:

CHALLENGES AND MEASURES, TRANS Asian Journal of Marketing & Management Research,

ISSN 2279-0667, Vol.2 Issue 5, May 2013,

2. Kajal D.Bhojwani, CREATIVE HR STRATEGIES IN ECONOMIC DOWNTURN,Episteme:

anonlineinterdisciplinary, multidisciplinary & multi-cultural journal,ISSN-2278-8794, Vol 2, Issue 2,

Sep 2013.

3. Archana Verma, Future of HR challenges in the era of economic crisis, International Journal of Research

and Development - A Management Review (IJRDMR), ISSN (Print): 2319–5479, Volume-1, Issue – 1,

2012


Opinion article

DEMONETIZATION AND REAL ESTATE : Quick Impact

Sushil Kumar GuptaAssistant Professor


Shri Ram Murti Smarak College of

Engineering & Technology, Bareilly

Abstract

As we have seen from the last 8 years, the prices of real estate increases leaps and bounce because of the artificial demand shown by the dealers of real estate. The difference between circle area prices and the market value of particular land and building was unnecessary broadening which stretches the eyebrows of rational investors and common middle class people who is the major buyer of real estate. The bubble which creates by the dealers of real estate from the last couple of years by adjusting the black money in this sector through showing the less price of the land and building in the books of accounts and charging more money for a particular article i.e mix of black and white money. Demonetization completely astonished and forced these brokers, dealers and developers of real estate to select the right path of doing business, which not only increase the circulation of white money in the system but also pave the way for doing self exploration through which they can understand themselves from inner side that what is right and what is wrong for the society.

I have synchronized my thoughts under below mentioned headings, which shows the picture of demonetization and their impact on real estate:

INTRODUCTION

Undisputable impact on real estate

The real estate sector will definitely be affected by the demonetization exercise, as it has traditionally seen a very high involvement of black money and cash transactions. However, almost all such incidences have been in the secondary sales market, where cash components have traditionally been a veritable 'must'. In other words, the resale properties segment will take a big hit. However, short-term pain is inevitable when we look for any eventual long-term cure for the disease. There has for long been a strident demand to bring transparency in the sector so that it becomes more organized, and cash dealings must necessarily be the first symptom of the disease to be dealt with.

The luxury and high-end segments of residential real estate will also see a major impact from this exercise, since it is another area which has seen a lot of payments done in cash. The legal banking/financing channels have accounted for only a small part of all transactions in this space. The demonetization move is likely to result in luxury property prices dipping by as

much as 25-30% as sellers struggle to offload properties to generate liquidity. This means that luxury home buyers will suddenly have a much wider bandwidth of options to choose from.

With black money suddenly being wiped out of the market, a lot of investors who have been investing in projects with unaccounted-for money – and raising prices to book profits – will be eliminated from the system, thereby aiding a much-needed correction.

Unaffected market of real estate

The primary market – or, more specifically, the market formed by projects undertaken by reputed and credible developers in the top 8 Indian cities – will remain more or less unaffected. This is because buyers into such projects take the home loans/finance route to buy their homes, and transactions are done through legal channels. Therefore, there will not be any major impact on sales in this segment. However, there might be an impact on quite a few projects in tier 2 or 3 cities where cash has played a role even in primary residential sales. However, the turmoil in this segment will settle down in a short period of time.


Overall Impact on the sector

In the past one year, there have been a few positive and potentially long-lasting changes in the Indian real estate. The passing of RERA (Real Estate Regulation and Development Act 2016), the Benami Transactions Act and now the demonetization move will ensure that going forward, the sector will lose much of its historic taint and become more transparent. Only players who conduct their business with integrity will survive. This bodes well for end-users, who will be aware of their rights, have the assurance of not being cheated and will no longer need to contend with constantly rising prices. They will be able to buy properties of their choice at affordable prices, in projects which will assuredly be delivered on time.

Conclusion

The demonetization exercise was a very necessary step which was bound to bring with it a tremendous shake-up wherever black money has played a major role. Over the long term, the Indian real estate sector will emerge stronger, healthier and capable of long periods of sustained growth. As of now, there is no reason for developers and investors who have conducted their dealings transparently and legally to panic. It will essentially be business as usual for them.

Is there any way of measuring such real demand and the price it will result in? As it happens, the rent that housing in an area fetches is a great indicator of the actual demand and a fair value of any property should be roughly 20 to 30 times the annual rent. Not long after demonetization, there was a chorus of protest

from those who were surprised and shocked at what low prices this implied. Of course, I never expect that prices would decline immediately.

However, as it turns out, the freeze and collapse of real estate prices across many parts of the country has been immediate. From across the country, the number of registrations as well as the stamp duty collections are showing a decline of anywhere between 15 to 40 per cent. To take just a smattering of samples, Gujarat saw a decline of 43 per cent, Maharashtra 31 per cent, and Delhi 30 per cent. In most cases, the data is for the entire month of November so the decline would actually be sharper.

Taking everything into account, it seems to be pretty clear that we are entering a long period over which the reality will return to real estate and prices will come down to levels that real users will be able to pay out of their legitimate income. If you are one of the countless millions who haven't been able to buy a house of your own, you should be patient, the right time is not here yet. But if you are one of those who thought that real estate would always be a great investment, you should rethink that idea.

Let's wait for the picture of demonetization and their impact on real estate after interval, that might be good for the middle class society for their thrust of buying and fulfilling their one of the basic need i.e. shelter at cheaper cost.


Opinion article

DEVELOPMENTAL APPRAISAL:

AN IMPETUS TO ACTION

Priyanka KhandelwalResearch Scholar

Rajasthan Technical University, Rajasthan

INTRODUCTION

The still untouched source of humanoidvivacity, the

unmined layer of talent, is in those people already

appointed and subsequentlyignored," says John

Gardner in his essay "The Life and Death of

Institutions.''. Thereforeto moderate the effect of such

issue, appropriate performance appraisal of existing

employees is inevitable.Although, maximumbosses in

organizations do not look ahead to conduct

performance appraisals. In fact, apart fromdismissing

an employee, assessing employee performance is

undoubtedly a superior's least preferred and

utmostgrimassignment. Thougheffectivesupervisors

learn timely in their professionsthat performance

appraisal is not merely the destructivephase of the job

but they recognize that performance evaluations are a

lot like organic stimulant: appropriatelyplanned and

controlled, they will unquestionablyrallyefficiency. If

done for developmental grounds,it consequently

encourages citizenship behavior among personnel of

their organization.It actually adds the impetus to

action.

Performance appraisal can be the most powerful tool

an organization has to ensure the achievement of

strategic goals, to focus the energy of organization

members on the achievement of its mission, and to

reinforce the importance of everyone's living up to the

company's vision and values. They make it easier for

organizations to make sure that the most important

positions are filled by the most capable individuals.

This can be done with a new proactive tactics to

appraising an employee's performance i.e.

developmental appraisals.

Developmental appraisal are assessments in their

finest practice, that must be used to not only point out

an employee's strengths and achievements but also to

detect parts that need to be upgraded in order for the

employee to reach his or her potential in the enterprise.

In terms of using performance appraisal for

progressive purposes (a zone that numerous

establishments fails to do) they are beneficial in

providing performance feedback, ascertaining

individual strengths, identifying distinct training

requirements, strengthening authority structure,

refining communication, and providing a medium for

leaders to prepare workers. The performance

assessmentmust be used to recognize the employee's

fortes and flaws.From there, impendingprospects in

the organization can be acknowledged to yieldbenefit

of the employee's strong points. At the same time, a

growth plan should be fabricated to attempt to handle

the employee's flaws through training, on the job

experience, or coaching.

This method has been concerned with the use of

performanceevaluation as a contributor to employee

enthusiasm, improvement,engagement but surely not

the fear of job loss. The development approach enclose

all of the customary overall organizational

performance appraisal purposes and the following

additional purposes:

1. Provided employees the chance to correctly

indicate the path and level of the employee's

ambition


2. Indicate organizational concern in employee

development, which was mentioned to

support the enterprise maintaindetermined,

proficient employees instead of losing the

employees to opponents

3. Provided anarrangement for communications

between employees and management to help

clear up expectations of the employee by

management and the employee.

4. Provide contentment and reinforcement to the

employee who has been endeavoring to do

well.

The goal of an HR is to make sure appraisals are as

unbiased and constructive as possible, with attention

given to positive aspects of an employee's

performance as well as areas that require some

attention. As by what means can somebody improve if

they don't realize how they're performing presently? A

good developmental performance assessment fetches

the zones where individuals need to mend their

performance and citizenship behavior amongst

employees. Based on the idea alone, it is evident that

most organizations should strive to utilize

performance appraisal systems for developmental

purposes through which organizations can control

marginal performance, reduce losses from ineffective

performance, impetus to citizenship behaviors and

actions.

In the past, organizations have heavily focused on

using performance appraisal for administrative

purposes; however, the changing competitive

environment has called for organizations to use

performance appraisals for developmental purposes

tied with strategic developmental goals thus boosting

the action.


Submission of Manuscript

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Bizcraft is a halfyearly journal on contemporary management perspectives published by the Faculty of management Science,

SRMS College of Engg & Tech, Bareilly (UP), India . It invites original research articles, case study, executive deliberation,

book reviews and perspective based papers from academicians and practitioners on any issue of management and technology

perspectives. The author should send two print copies of manuscript on A4 size paper with double line space on Times New

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certified that the manuscript titled “Title” which is submitted for publication in Bizcraft. A half yearly journal of Faculty

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It is suggested that all type of data and conclusions must be properly acknowledged in term of its source in proper format. The

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Editor reserves the right to accept or refuse an article for publication, and there is no obligation to assign reasons for the

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The Editor

Bizcraft


SRMS College of Engg. & Tech.

Ram Murti Puram, 13 KM. Bareilly-Nainital Road, Bareilly-243202, Uttar Pradesh, India

Ph : 0581-2582246, 2582249, 2592331, 32 Fax 0581-2582330

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