Page 1

Management Perspective ISSN No. 0975-0495

Volume 3, Issue 1, October – March 2017

Research Papers : Effect of Consumer Loyalty on Retail Brands Dr. Rajul Bhardwaj Ination And Its Effects On The Indian Economy Dr. Anjala Kalsie and Ms. Shikha Mittal Shrivastav Work Place Spirituality and Organization Development Dr. Nidhi Srivastav, Prof. Shashank Chaudhary and Dr. Indrani Bhattacharjee Exploring Drivers of Customer's Contentment on LIC of India Dr. Pankaj Dixit and Dr. Abhishek Tiwari Role of a Financial Planner/Advisor in Management of Financial Portfolio of Investors Ms. Shivani Tyagi and Dr. Hamlata Jankinath Bhat

Book Reviews : Unnished Business: Women Men Work Family, Dr. Sanchita Ghosh The Content Trap: A stratigest Guide to Digital change, Dr. Sandhya Rai

IILM

Garduate School of Management


Management Perspective Volume 3, Issue 1, October – March 2017 ISSN No. 0975-0495

IILM

Garduate School of Management

16, Knowledge Park-II, Greater Noida -201308 Editor.mp@iilmgsm.ac.in / www.iilmgsm.ac.in


MANAGEMENT PERSPECTIVE Volume 3, Issue 1, October – March 2017, ISSN No. 0975-0495 Management Perspective is a Bi-annual peer reviewed journal of the IILM-Graduate School of Management, Greater Noida, India. This journal was started in 2009 with the objective of dissemination of knowledge, exploration and exchange of new ideas concerning all functional areas of Business Management. Management Perspective is published biannually in periods April-September and October –March. Management Perspective aims to provide an opportunity for students, management thinkers from academia and corporate world as a contributor who can provide useful insights on emerging and contemporary issues. This journal serves as wisdom of knowledge and useful study material for readers like student, researchers and corporate practitioners from India and abroad.

EDITORIAL BOARD Editor: Dr. Sunita Shukla Associate Editors: Prof. Rajkishan Nair Dr. Sandhya Rai Prof. Shikha Mittal Shrivastav


EDITORIAL ADVISORY BOARD

Prof. Padam Advisor & Former Dean of Studies, Administrative Staff College of India, Hyderabad.

Prof. Sujata Shahi Professor, IILM Institute for Business and Management, Gurgaon.

Dr. Masroor Ahmad Beg Principal, Zakir Husain Dehli College (Even.), Univesity of Delhi, Delhi.

Dr. Ranjana Mittal Sr. Corporate Trainer & Dy Gen. Manager, Power Management Institute, NTPC, Noida.

Dr. Smitha Girija Professor, IILM Institute for Higher Education, Delhi.

Dr. Vidisha Vyas Associate Professor, IILM Institute for Business and Management, Gurgaon.


Editor's Desk I am enthralled while penning down editorial of this journal because of many success stories of vibrant India. In 1991, India got economic freedom and implemented liberalization programme in the country. Indian economy thrived like anything with a growth rate of 7.1% at constant rate since last so many years. MB Athreya, a renowned management guru called it a Second Freedom after 1947. On 8th November, 1916, the country has demonetised its currency and taken back notes of Rs.500 and Rs.1000 in the circulation to check economic anomalies like black money, terrorist funding, counterfeit currency etc. Ofcially, the currency of Rs. 15.4 lakh crores is back in the chest of RBI. The Economists, academic researches in the future and data of outcomes of demonetisation will tell us about their impact in the economy. It is too early to comment. The current issue of Mangement Perspective includes ve research papers and articles and two book reviews from the various elds of management. Dr. Rajul Bhardwaj in his study, discussed the effect of consumer loyalty on retail brands and revealed the reasons for the consumers preference and perception of the retail brands. Dr. Anjala Kalsie and Shikha Mittal Shrivastav analyzed the signicance & impact of Repo Rate, CRR, Exchange Rate and Petrol Prices on Ination measured by natural logarithm of Consumer Price Index. Dr. Nidhi Srivastava, Shashank Chaudhary and Dr Indrani Bhattacharjee explored various explanations of spirituality for individuals working in education sector and its impact on the productivity of the organisation. They found that spirituality in the organisation environment create equality between work satisfaction and life satisfaction by increasing the performance as the value of employees would become part of organisational values would thus create a better workplace. Dr. Pankaj Kant Dixit and Dr. Abhishek Tewari suggested that, Life Insurance Corporatin should cater all the customer's needs and wants to survive in intense competition and increase the market share because there is a continuous increase in customer expectations and customers' successive demands with special focus on the quality of service. Shivani Tyagi and Dr. Hamlata Bhat analyzed the role of nancial advisors in management of nancial portfolio of the investor and to analysis the perception of investor on the obligation of a nancial advisor's in nancial Planning Dr. Sanchita Ghosh has reviewed a book titled Unnished Business: Women Men Work Family, authored by

Anne-Marie Slaughter. Dr. Sanshya Rai also reviewd a book titled The Content Trap: A stratigest

Guide to Digital change, authored by Bharat Anand. I would like to extend my heartfelt gratitude to the people who have been consistant source of strength and support. I would also like to thank our authors and reviewers for their valuable contribution. I present this issue of Management Perspective to our readers. I solicit your valuable comments, feedback and research work to enrich this journal. With Season's Greetings, Dr. Sunita Shukla Editor, Management Perspective Email: editor.mp@iilmgsm.ac.in


CONTENT Research Papers : Page No. Effect of Consumer Loyalty on Retail Brands

01-31

Dr Rajul Bhardwaj

Ination And Its Effects On The Indian Economy

32-49

Dr. Anjala Kalsie and Ms. Shikha Mittal Shrivastav Work Place Spirituality and Organization Development

50-59

Dr Nidhi Srivastav, Prof Shashank Chaudhary and Dr Indrani Bhattacharjee Exploring Drivers of Customer's Contentment on LIC of India

60-70

Dr. Pankaj Dixit and Dr. Abhishek Tiwari Role of a Financial Planner/Advisor in Management of Financial Portfolio of Investors

71-84

Ms. Shivani Tyagi and Dr. Hamlata Jankinath Bhat

Book Reviews : Unnished Business: Women Men Work Family,

85-87

Dr. Sanchita Ghosh

The Content Trap: A stratigest Guide to Digital change, Dr. Sandhya Rai

88-89


EFFECT OF CONSUMER LOYALTY ON RETAIL BRANDS Dr Rajul Bhardwaj*

Abstract Retail consists of the sale of physical goods or merchandise from a ď€ xed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. Manufacturing marketers see the process of retailing as a necessary part of their overall distribution strategy. The term "retailer" is also applied where a service provider services the needs of a large number of individuals, such as a public utility, like electric power. The study is conducted to know the growing popularity of the retail brands in India. Due to a spurt of multi-brand outlets, consumers have a lot of choice in-terms of brands. And also retailers have started their own private label brands to compete with the manufacturer brands. This study would reveal the reasons for the consumers preferring the retail brands and their perception regarding the same. Keywords: Retail, Retail Brands, consumer store loyalty, multi brand outlets, private label brands, manufacturer brands.

1. INTRODUCTION 1.1 Introduction to the Industry 1.1.1 Retailing Retail consists of the sale of physical goods or merchandise from a ď€ xed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. Manufacturing marketers see the process of retailing as a necessary part of their overall distribution strategy. The term "retailer" is also applied where a service provider services the needs of a large number of individuals, such as a public utility, like electric power. 1.1.2 Indian Retail Industry Retailing is one of the pillars of the economy in India and accounts for 13% of GDP. The retail industry is divided into organized and unorganized sectors. Over 12 million outlets operate in the 1 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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country and only 4% of them being larger than 500 sq. ft. (46 m2) in size. Organized retailing refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include the corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses. Unorganized retailing, on the other hand, refers to the traditional formats of low-cost retailing, for example, the local kirana shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors, etc. Most Indian shopping takes place in open markets and millions of independent grocery shops called kirana. Organized retail such supermarkets accounts for just 4% of the market as of 2008.Regulations prevent most foreign investment in retailing. Moreover, over thirty regulations such as "signboard licenses" and "anti-hoarding measures" may have to be complied before a store can open doors. There are taxes for moving goods to states, from states, and even within states. The total concept and idea of shopping has undergone an attention drawing change in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retailing has entered into the Retail market in India as is observed in the form of bustling shopping centers, multi-storied malls and the huge complexes that offer shopping, entertainment and food all under one roof. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing workingwomen population and emerging opportunities in the services sector are going to be the key factors in the growth of the organized Retail sector in India. The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer businessmen to enter the India Retail Industry. In India the vast middle class and its almost untapped retail industry are the key attractive forces for global retail giants wanting to enter into newer markets, which in turn will help the India Retail Industry to grow faster. Indian retail is expected to grow 25 per cent annually. Modern retail in India could be worth US$ 175-200 billion by 2016. The Food Retail Industry in India dominates the shopping basket. The Mobile phone Retail Industry in India is already a US$ 16.7 billion business, growing at over 20 per cent per year. The future of the India Retail Industry looks promising with the growing of the market, with the government policies becoming more favorable and the emerging technologies facilitating operations. India has been ranked as the fourth most attractive nation for retail investment among 30 emerging markets by the US-based global management consulting ď€ rm, A T Kearney, in its Global Retail Development Index (GRDI) 2011. 1.1.3 Retail in India: Market Dynamics The Rs 18,673 billion (US$ 401 billion) Indian retail market entails only 6 per cent of itself as organized retail segment as of 2010, according to Booz and Co (India) Pvt Ltd. Hence, there is a 2 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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great potential to be explored by domestic and international players. The Business Monitor International (BMI) India Retail Report for the fourth-quarter of 2011 forecasts that the total retail sales will grow from US$ 411.28 billion in 2011 to US$ 804.06 billion by 2015. The report has underlined factors like economic growth, population expansion, increasing wealth of individuals and rapid construction of organized retail infrastructure as major drivers for the optimistic forecast gures. According to a research report named 'Retail Sector in India' by Research and Markets, Indian retail sector accounts for 22 per cent of the country's gross domestic product (GDP) and contributes to 8 per cent of the total employment. The report further highlighted that hypermarkets (currently accounting for 14 per cent of mall space) will witness immense progress in the Indian landscape. 1.1.4 Major Indian Retailers § REI AGRO LTD Retail: 6TEN and 6TEN kirana stores § Future Groups-Formats: Big Bazaar, Food Bazaar, Pantaloons, Central, Fashion Station, Brand Factory, Depot, aLL, E-Zone etc. § Raymond Ltd.: Textiles, The Raymond Shop, Park Avenue, Park Avenue Woman, Parx, Colourplus, Neck Ties & More, Shirts & More etc. § Fabindia: Textiles, Home furnishings, handloom apparel, jewellery § RPG Retail-Formats: Music World, Books & B e y o n d , S p e n c e r ' s H y p e r, S p e n c e r ' s Super, Daily & Fresh § The Tata Group-Formats: Westside, Star India Bazaar, Steel junction, Landmark, Titan Industries with World of Titans showrooms, Tanishq outlets, Croma. § Reliance Retail-Formats: Reliance MART, Reliance SUPER, Reliance FRESH, Reliance Footprint, Reliance Living, Reliance Digital, Reliance Jewellery, Reliance Trends, Reliance AutoZone, iStore § Reliance ADAG Retail-Format: Reliance World § K Raheja Corp Group-Formats: Shoppers Stop, Crossword, Hyper City, Inorbit Mall § Nilgiri's-Formats: Nilgiris' upermarket chain § Marks & Spencer: Clothing, lifestyle products, etc. § Lifestyle International-Lifestyle, Home Centre, Max, Fun City and International Franchise brand stores. §Pyramid Retail-Formats: Pyramid Megastore, Tru Mart § Next retail India Ltd (Consumer Electronics) § Vivek Limited Retail Formats: Viveks, Jainsons, Viveks Service Centre, Viveks Safe Deposit Lockers § PGC Retail -T-Mart India, Switcher , Respect India , Grand India Bazaar ,etc., § Subhiksha-Formats: Subhiksha supermarket pharmacy and telecom discount chain. 3 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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§ § § § § § § §

Trinethra- Formats: Fabmall supermarket chain and Fabcity hypermarket chain Vishal Retail Group-Formats: Vishal Mega Mart BPCL-Formats: In & Out German Metro Cash & Carry Shoprite Holdings-Formats: Shoprite Hyper Paritala stores bazar: honey shine stores Aditya Birla Group - "More" Outlets Kapas- Cotton garment outlets

1.1.5 Retail Brands Retail brands are a line of products sold by a retailer under a single marketing identity. Retail branding has developed to such an extent that, today, retailers are perceived as being brands in themselves rather than as distributors of manufacturer brands. Many retailers have developed such a strong consumer franchise that customers are more loyal to the retailer than they are to the manufacturer's brand. This shift is mainly due to the extensive development of own brands and a more marketingorientated approach to retailing. Retailers have been rewarded for their focus on customer needs and aspirations by increased levels of trust from customers As markets evolve and become more competitive, it will become more important for retailers to focus on branding. Retail branding does not necessarily focus only on the creation of private label. In the case of multi-brand retailers, the task becomes more difcult as the retailer needs to create a store identity which is different from that of brands that he sells within the store, but at the same time, there has to be a level of consistency among the products available. In the competitive retail environment, the three generic strategies of cost, focus and differentiation, have become bare necessities to survive in business. The customer is looking at experiences that a company can provide while delivering the solution to the customer. A brand depicts and portrays the total experience a customer has with the product or service. There is a thin line between losing a customer and retaining him. Customer memory is short for good experiences, but a negative experience will stay with him forever. A single experience can decimate the whole relationship with the customer. It is the interaction point where the personality of the brand is reected and it has to live up to the expectations that the company builds for the brand. It is the branding that pulls in the customer, but the delivery proposition and experiences retain him.

2. RATIONALE OF THE STUDY 2.1 Rationale of Proposed Investigation The study is conducted to know the growing popularity of the retail brands in India. Due to a spurt 4 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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of multi-brand outlets, consumers have a lot of choice in-terms of brands. And also retailers have started their own private label brands to compete with the manufacturer brands. This study would reveal the reasons for the consumers preferring the retail brands and their perception regarding the same. 2.2 Signicance of the Study The study would reveal the consumer's attitude towards the private label brands and their purchasing pattern towards the same. The study is important for the retailers to develop their marketing strategies according to the consumer's attitude and needs.

3. LITERATURE REVIEW In the work 'Exploring the relationships between retail brands and consumer store loyalty', AnneSophie Binninger says that an increase in Retail Brand satisfaction and loyalty inuences store loyalty, and that attitude toward Retail Brand products has a moderating effect on the relationships between Retail Brand satisfaction and loyalty. They also show that this moderating inuence is greater for an identiable retail brand than for an unidentiable retail brand. In the paper “Understanding competition between retailers and manufacturers: an integrated analysis of store brand and national brand deal usage” (Ailawadi. Kusum L., Gedenk Karen and Neslin Scott A., 2003), it was examined how consumers' perceptions drive their usage of store brands and deals for national brands. It was found that both behaviors are inuenced by economic as well as hedonic factors. Among hedonic factors, peer approval plays an important role in determining both behaviors. Among economic factors, the most important driver of store brand usage is perceived quality, and the most important driver of national brand deal usage is perceived savings. It was also observed that a negative intrinsic relationship exists between store brand and national brand deal usage. Overall, the results suggested a competitive advantage for store brands. Store brands can attract many consumers by increasing their perceived quality. Manufacturers would then have a hard time attracting back these consumers even if they increase deal savings. According to Justin Beneke private label brands can be positioned as premium quality products with price levels ranging from marginally below to above prices of category-leading manufacturer brands. Demographic variables were largely ineffective in determining an individual's propensity to buy private label brands. However, income was found to be the most prominent of all variables, revealing a direct relationship between income and afnity towards private label brands, although presumably premium private label options. Corstjens and Lal (2000) also show analytically that the ability to engender store loyalty can make private labels protable for retailers even if they do not have a cost advantage. Jain and Dick (1996) nd that consumers' ratings of private labels are higher when store image is favorable although their ratings of manufacturer brands are not affected by store image. A 5 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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retailer's brand equity is exhibited in consumers responding more favorably to its marketing actions than they do to competing retailers (Keller, 2003). The image of the retailer in the minds of consumers is the basis of this brand equity. Private label Brands (PLB) buying increases as the “consequences of making a purchasing mistake” declines (Batra and Sinha, 2000). Also, consumers buy fewer PLBs if a category's benets require actual trial/experience instead of searching through package label information. The quality of manufacturer brands positively inuences consumers' image of the retailer. In turn, strong retailer image spills over to improve ratings of private label products. Jacoby and Mazursky (1984) nd that carrying strong brands can improve the image of a retailer although strong retailer image cannot improve the image of a weak brand. Chunling, Ping and Mike (2008), in their paper 'Understanding Retailer Branding: From the Perspective of Consumers' Shopping Value says that retailers are obviously in an ideal position to create experiences for their customers. These experiences may involve their own private labels, manufacturer brands, or not be tied to a specic product but the store as a whole. Also, following the trend of brand extending, retailers not only need to consider developing their own brands but then need to extend these brands with sub-brands, creating their own brand architecture. Nair (2011) in her study on private labels brands in food & grocery: the changing perceptions of consumers & retailers in India- a study in the Pune region has concluded that understanding customers in terms of what they expect/associate with a private label brands vis-à-vis national brands is quite important from the view point of making these brands acceptable in the market. The study clearly brings forth the importance of pricing as an attribute in inuencing customers' acceptance of private label brands. A difference in pricing is desired and companies needs to ne tune and concentrate more on their supply chain and logistics to bring down costs associated with various products which they can pass on to customers in the form of reduced prices in turn leading to increase in customer satisfaction and acceptance of private label brands. Thus, in conclusion it can be said that if private label manufacturers can consistently provide value to customers on factors rated high by customers and even if it is low on status symbol, there is a high possibility for them to establish these brands as acceptable in the minds of customers and to improve customers' perception regarding the same. Though this perception may not be as high as a branded product enjoys but it could still become high enough for retailers to increase the sales of these brands and thereby raise their prot margin considerably. The study 'Perception of Private Label Brand image: A comparison between three different nationality consumer groups' (Mbaye-fall Diallo) shows that an array of statements is highly associated with private label brands image including convenience, youth, economy, reason and simplicity. Some of these items (i.e. convenience and reason) were previously associated with national brands. This result shows that consumers are now aware that private label brands are improving their quality. In addressing the question whether consumers from different cultures but 6 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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living in the same context perceive differently private label brands image, the ndings of the study suggest that there are much more similarities than differences of private label brands image perceptions. According to Ambler (1997), branding offers benets and these can be deduced from the way marketplaces work. For instance, if a particular brand is constantly being selected by consumers, it just means that they are supportive of it. Branding and brand-based differentiation are powerful means for creating and sustaining competitive advantage. Prior research has examined differences in how consumers perceive and evaluate brands, for example, through investigating brand equity (Keller 1993; McQueen, Foley, and Deighton 1993), brand personality (Aaker 1997; Plummer 1985) and brand extensions (Aaker and Keller 1990; Nakamoto, MacInnis, and Jung 1993). More recently, researchers have noted that consumers differ not only in how they perceive brands but also in how they relate to brands (Fournier 1998; Muniz and O'Guinn 2001). A recent paper in the strategy journal published by the consulting rm Booz-Allen and Hamilton argues that some consumers, termed “brand zealots,” experience a relationship that goes well beyond the fulllment of a functional need (Rozanski, Baum, and Wolfsen 1999). These brand zealots animate the brand giving it quasi-human qualities and relate to it in a way similar to how they relate to human beings. The role of advertisement changes unto what the organization wants the consumers to do. Still, the economists views that the advertising plays a signicant effect on the consumer behavior. And in a long process, the advertising can lead the organization to competition. In this view, the level of advertising affects the consumer who is the focus of the organization (Park, 1996).

4. RESEARCH METHODS AND PROCEDURES 4.1 Research Objectives · To nd out the reasons for the purchase of private label brands. · To study the factors affecting the purchase behavior of a consumer towards private label brands. · A comparative study of the consumer's perception towards private label brands and manufacturer brands. 4.2 Research Type This is an applied research because it accesses and uses some part of the research communities' accumulated theories, knowledge, methods, and techniques. 4.3 Research Design For the purpose of this research paper, the following types of research have been conducted: Descriptive research: This is mainly used to describe in detail the elements in the population. 7 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Data acquiring method is based on observation as well. Therefore it is exemplifying observational research. Primary research has also been conducted. The researcher has gone on the eld to various retail stores in order to collect data from the target sample. 4.4 Sampling Frame, Sample Size and Sampling Technique Sampling Frame: Comprise of all those who shop at the multi-brand retail stores which offer both private brands along with the manufacturer brands. Also, the sample has comprised of people belonging to all the age groups so that the researcher studied the effect of age on the purchase behavior. Sample Size: 100 Sampling Design: Simple Random Sampling Without Replacement at Dened Sources. 4.5 Data Acquisition Procedure Primary research has been conducted by the researcher. For descriptive research, a questionnaire has been prepared which consists of questions reecting the consumer purchase behavior and their preferences (private brands vs manufacturer brands). For the purpose of observational research, a simple observation of the shopping cart and the consumer brand choices have been undertaken. The place of study was Delhi and nearby areas means NCR region. The various multi-brand outlets chosen are: · Big Bazaar · Vishal Megamart · Shopper's Stop · Pantaloons The study included the purchasing pattern of both accessories and non-accessories. 4.6 Instruments Used The instrument that was used for this research paper was a structured questionnaire containing majorly of close ended questions. This instrument was chosen because it has covered all the aspects of the paper objectives chosen by the researcher. Since the objective is to study the factors affecting the purchase behavior, a properly designed and structured questionnaire have served the purpose and aid in applying various tests and comparing the results to gather useful information. The questionnaire consist of questions regarding: · The effect of age, income, occupation and education on the purchase behavior of consumers. · The effect of the difference in the price between the manufacturer brand and the private brand. · The quality differences between the manufacturer brand and the private brand. 8 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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The availability of the products on shelf affecting the purchase. · The promotional efforts of the private brands. Scales Employed : · Ordinal scale · Nominal Scale · Likert Scale · Interval scale 4.7 Data Analysis Methods The collected data was put into the SPSS software and MS Excel for further analysis. Various statistical tools have been used to extract meaningful information from the collected data as: Crosstabs applied to nd out the link between the various factors and the consumer purchase behavior. This has given us an idea about the various reasons and factors which instigate consumers to buy private label brands. Chi Square: to test the reliability of the crosstabs results. Factor Analysis: to obtain the factors and reasons based on the research objectives. Graphical Techniques: various charts and graphs have been used to perform the comparative study and fullling the objectives. ·

5. DATA ANALYSIS AND FINDINGS Analysis of data is a process of inspecting, cleaning, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making. 5.1 Review of the Methodology Structured Questionnaire (see appendix) has been used for data collection at the various retail stores. The researcher explained the purpose of the collection and also assisted in lling up the questionnaire. The researcher also observed the buying pattern of the various consumers in these stores. 5.2 Result of the Research Questions 5.2.1 Objective 1: To nd out the reasons for the purchase of private label brands. To fulll this objective and study the data collected, factor analysis is used. Data of the Question 4 of the questionnaire was the input for the same. The SPSS output of the same is given below:

9 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Table 1 Communalities table of the reasons for purchase

Communalities indicate the amount of variance in each variable that is accounted for. Extraction communalities are estimates of the variance in each variable accounted for by the components. The communalities in this table are all average to high, which indicates that the extracted components represent the variables pretty well. Table 2 Total Variance Table of the Reasons for Purchase

The variance explained by the initial solution, extracted components, and rotated components is displayed The Total column gives the eigen value, or amount of variance in the original variables accounted for by each component. The % of Variance column gives the ratio, expressed as a percentage, of the variance accounted for by each component to the total variance in all of the variables. The Cumula ve % column gives the percentage of variance accounted for by the ďŹ rst n components.

10 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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The second section of the table shows the extracted components. They explain nearly 70% of the variability in the original ď€ ve variables, so we can considerably reduce the complexity of the data set by using these components, with only a 30% loss of information.

Figure1: Screen plot of the Eigen Values and the Components The scree plot helps us to determine the optimal number of components. The eigen value of each component in the initial solution is plotted. We extract the components on the steep slope. The two factors extracted in the previous step are represented by this steep line. Table 3 Rotated Component Matrix Table Of The Reasons For Purchase

11 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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The rotated component matrix helps us to determine what the components represent. The rst component is most highly correlated with lower cost, availability and promotional offers whereas the second component is correlated with the convenience. Hence we can name the rst factor collectively as “Reasonable offerings” and the second factor as “Convenience”. Hence we can conclude that the major reasons for the purchase of private label brands are 1) Reasonable Offerings 2) Convenience 5.2.2 Objective 2: To study the factors affecting the purchase behavior of a consumer towards private label brands and the stores. To fulll this objective and study the data collected, factor analysis is used. Data of the Question 8 of the questionnaire was the input for the same. The SPSS output of the same is given below: Table 4 Communalities Table Of The Factors Affecting The Purchase Of Private Label Brands

Communalities indicate the amount of variance in each variable that is accounted for.

12 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Extraction communalities are estimates of the variance in each variable accounted for by the components. The communalities in this table are all high, which indicates that the extracted components represent the variables well. Table 5 Total Variance Table of the Factors Affecting the Purchase of Private Label Brands

The variance explained by the initial solution, extracted components, and rotated components is displayed The Total column gives the eigenvalue, or amount of variance in the original variables accounted for by each component. The % of Variance column gives the ratio, expressed as a percentage, of the variance accounted for by each component to the total variance in all of the variables. The Cumulative % column gives the percentage of variance accounted for by the ď€ rst n components. The second section of the table shows the extracted components. They explain nearly 69% of the variability in the original eleven variables, so we can considerably reduce the complexity of the data set by using these components, with only a 31% loss of information.

13 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Table 6 Rotated Component Matrix Table Of The Factors Affecting The Purchase Of Private Label Brands

Factor 1 shows loadings on Loyalty programs and quality of the product. Therefore we can name this factor as quality. Factor 2 shows loading on store layout and hence can be named so. Factor 3 shows loadings on store ambience and offers available. Therefore this factor can be named as offers. Factor 4 shows a high loading on product availability and hence can be named the same. Factor 5 shows a high loading on convenience and hence can be labeled so and factor 6 shows a loading on prices offered and therefore is named the same. So the factors affecting the purchase behavior of a consumer towards private label brands and the stores are 1) Prices offered 2) Convenience 3) Product availability 4) Quality 5) Store layout 6) Offers available 14 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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5.2.3 Objective 3: A comparative study of the consumer's perception towards private label brands and manufacturer brands. For the purpose of the achievement of this object, the researcher would consider constructing various graphical results. 1). TO FIND OUT THE PERCENTAGE OF PEOPLE IN THE TOTAL SAMPLE WHO PREFER BUYING THE PRIVATE LABEL BRANDS Table 7 Frequency Table for the Purchase of the Private Label Brands

Figure 2: Graph showing the percentage of people who prefer purchasing private label brands From the above table and pie chart, it is evident that 66% of the total sample of 100 prefers buying private label brands. This could be due to the reasons and factors mentioned in the previous two objectives. 15 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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2). TO FIND OUT WHETHER THE QUALITY OF THE MANUFACTURER BRAND IS BETTER THAN THE PRIVATE LABEL BRANDS Table 8 Frequency Table Depicting the Number Of The People Who Think Manufacturer Brand Is Better Than Private Label Brands

Figure 3: Graph showing the percentage of people who think manufacturer brand is better than private label brands Looking at the above frequency table and the pie chart, it is clear than 80% of the total sample does not think that private label brands are better than the manufacturer brands. Manufacturer brands are still perceived to be of higher quality. 16 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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3). TO FIND OUT THE PERCENATGE OF PEOPLE WHO PREFER PRIVATE LABEL OVER MANUFACTURER BRANDS Table 9 Frequency Table Depicting the Number of the People Who Prefer Private Label Brands

Figure 4: Graph showing the percentage of people who prefer private label brands As it is evident from the above graph, half of the total sample prefers private label brands over manufacturer brands. So there is no clear cut evidence from the above result as to which is more preferred.

17 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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4). TO FIND OUT WHETHER THE PURCHASERS OF THE PRIVATE LABEL BRANDS RECOMMEND THE SAME TO OTHERS. Table 10 Frequency Table Depicting the Number of the People Recommending Private Label Brands

Figure 5: Graph showing the percentage of people who recommend private label brands to others 64 Percent of the total sample who purchase private label brands also recommend it to their friends and family.

18 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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5). TO FIND OUT THE SATISFACTION LEVEL OF THE CONSUMERS TOWARDS THE PRIVATE LABEL BRANDS AND THE STORES. Table 11 Frequency Table Depicting the Number of the People Satised with Private Label Brands

Figure 6: Graph showing the satisfaction level of the consumers towards the store 78 people out of 100 are satised with the multi-brand retail store and 8 are highly satised. 13 show a neutral behavior whereas only 1 is highly dissatised. This shows that overall most of the people who visit the stores are satised with the kind of products and the services provided by the same. 19 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Table 12 Frequency Table Depicting the Number Of The People Satised With The Store

Figure 7: Graph showing the satisfaction level of the consumers towards the private label brands From the above table and chart, we observe that 53 out of 100 is satised with the private label brand that they purchase and 14 are highly satised. 32 of them show a neutral attitude whereas only 1 of them is highly dissatised. Overall the people are satised with the private label brands that they purchase.

20 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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5.2.4 Effect of age, Occupation and Annual Income on the Purchase Behaviour of Consumers Table 13 Cross-Tabulation Between Age And Purchase

The cross tabulation table shows the response of each age group. There is some amount of variation in the collected data. Table 14 Chi-Square Test of Cross-Tabulation between Age and Purchase

21 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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The chi-square test measures the discrepancy between the observed cell counts and what you would expect if the rows and columns were unrelated. The two-sided asymptotic signicance of the chi-square statistic is greater than 0.05, so it's safe to say that the differences are due to chance variation, which implies that each age group shows a similar purchase behavior towards the private labels.

Figure 8: Graph showing the cross tabulation of the age and purchase behavior From the above table we can see that people belonging to an age group of 35-45 are the ones who purchase the private label brands maximum. However there is no signicant differences in the overall responses. Table 15 Cross-Tabulation between Occupation and Purchase

22 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Table 16 Chi-Square Test of Cross-Tabulation between Occupation and Purchase

The chi square of his test is also greater than 0.05, so it's safe to say that the differences are due to chance variation, which implies that each occupation group shows a similar purchase behavior towards the private labels.

Figure 9: Graph showing the cross tabulation between the occupation and the purchase behavior Looking at the above table and the bar graph, we can interpret that private label brands are mostly purchased by people who are in the service. 23 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Table 17 Cross-Tabulation between Annual Income and Purchase

Table 18 Chi-Square Test of Cross-Tabulation between Annual Income and Purchase

Looking at the above table, the value of the chi square is 0.008 which is less than 0.05. Hence, we can say that annual salary does affect the consumer preference towards the private label brands. People belonging to the annual income range of 3lac to 5 lac prefer private label brands the most as is evident from the bar graph given below. 24 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Figure 10: Graph showing the cross tabulation between the annual income and the purchase behavior Looking at the above graph, we can conclude that people belonging to the income range of 3lac to 5 lac are the ones who purchase the private label brands the most.

6. CONCLUSIONS AND RECOMMENDATIONS 6.1 Summary of the Findings · The major reasons for the purchase of private label brands are: · Reasonable Offerings · Convenience · The factors affecting the purchase behavior of a consumer towards private label brands and the stores are: · Prices offered · Convenience · Product availability · Quality · Store layout · Offers available · It is evident that 66% of the total sample of 100 prefers buying private label brands. · It is clear than 80% of the total sample does not think that private label brands are better than the manufacturer brands. Manufacturer brands are still perceived to be of higher quality. 25 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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· Half of the total sample prefers private label brands over manufacturer brands. · 64 Percent of the total sample who purchase private label brands also recommend it to their ·

· · · · ·

friends and family 78 people out of 100 are satised with the multi-brand retail store and 8 are highly satised. 13 show a neutral behavior whereas only 1 is highly dissatised. This shows that overall most of the people who visit the stores are satised with the kind of products and the services provided by the same. It can also be seen that people are satised with the private label brands that they purchase. Also people belonging to an age group of 35-45 are the ones who purchase the private label brands maximum. We can also see that private label brands are mostly purchased by people who are in the service. Also, we can conclude that people belonging to the income range of 3lac to 5 lac are the ones who purchase the private label brands the most. The researcher also observed that people prefer private label brands mostly in the non accessories segment such as food products but not much in the accessories segment such as clothing.

6.2 Conclusion As it can be observed from the above ndings, the major reasons for the purchase of private label brands are the offerings and convenience. Majority of the consumers are satised with the private label brands and the multi-brand retail store that they visit frequently. But most of them think that the quality of the private label brands is not better than the manufacturer brands. Private label brands are mostly preferred in the non-accessories segment than in the accessories segment. Also, the income of a consumer affects the purchase of the private label brands. 6.3 Limitations · The research is limited to the Delhi-NCR region. · The research is also conned to only a few multi-Brand retail stores. · Money Constraints in going to out stations for conducting the research.

26 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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References : · Anselmsson, J., & Johansson, U. (2009). Third generation of retailer brands: retailer expectations and consumer response. British Food Journal, 111(7), 717–734. · Ailawadi, K. L., & Keller, K. L. (2004). Understanding retail branding: conceptual insights and research priorities. Journal of retailing, 80(4), 331-342. · Batra, R., & Sinha, I. (2000). Consumer-level factors moderating the success of private label brands. Journal of retailing, 76(2), 175-191. · Beristain, J., & Zorrilla, P. (2011). The relationship between store image and store brand equity: A conceptual framework and evidence from hypermarkets. Journal of Retailing and Consumer Services, 18(6), 562–574. · Beneke, J. (2010). Consumer perceptions of private label brands within the retail grocery sector of South Africa. African Journal of Business Management, 4(2), 203. · Binninger, A. S. (2008). Exploring the relationships between retail brands and consumer store loyalty. International Journal of Retail & Distribution Management, 36(2), 94-110. · Calvo-Porral, C., Martinez-Fernandez, V., Juanatey-Boga, O., & Levy, J. (2013). What matters to store brand equity? An approach to Spanish large retailing in a downturn context. Investigaciones Europeas de Direccio´n y Economı´a de la Empresa, 19(3), 136–146. · Collins-Dodd, C., & Lindley, T. (2003). Store brands and retail differentiation: the inuence of store image and store brand attitude on store own brand perceptions. Journal of Retailing and Consumer Services, 10(6), 345–352. · Dhanabhakyam, M. & Shanthi, A. Indian Retail Industry- its growth, challenges and opportunities from http://www.bre2fashion.com/industry-article/free-retail-industryarticle/indian-retail-industry-its-growth-challenges-and-opportunities/indian-retailindustry-its-growth-challenges-and-opportunities1.asp. · Diallo, M. F. (2012). Effects of store image and store brand price-image on store brand purchase intention: Application to an emerging market. Journal of Retailing and Consumer Services, 19 (3), 360–367. · Erdem, T., & Chang, S. R. (2012). A cross-category and cross-country analysis of umbrella branding for national and store brands. Journal of the Academy of Marketing Science, 40(1), 86–101. · Guenzi, P., Johnson, M. D., & Castaldo, S. (2009). A comprehensive model of customer trust in two retail stores. Journal of Service Management, 20(3), 290–316. · Guerrero, L., Colomer, Y., & Guardia, M. D. (2000). Consumer attitude towards store brands. Food Quality and Preference, 11(5), 387–395. · Mbaye–Fall, D. (2011). Perception of Private Label Brand image: A comparison between three different nationality consumer groups. CERGAM, University Paul Cézanne AixMarseille III (Aix-en-Provence) & University Institute of Technology of Marseille, France. 27 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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· Nair, L. (2011). Private labels brands in food & grocery: the changing perceptions of ·

· · ·

consumers & retailers in India-A study in the Pune region. Researchers World, 2(1), 144. Pirakatheeswari, S. (2009). RETAIL BRANDS | Growth Of Retailer Brands and Concept Of Branding from http://www.saching.com/Article/RETAIL-BRANDS---Growth-OfRetailer-Brands-and-Concept-Of-Branding/3620. Retail industry in India from http://www.cci.in/pdf/surveys_reports/indias_retail_sector.pdf September 2011. Retail from http://www.ibef.org/industry/retail.aspx Yu, C., Zhao, P., & Bastin, M. (2008). Understanding Retailer Branding: From the Perspective of Consumers' Shopping Value. In The new development of services marketing and management in the era of globalization: proceedings of 2008 summit international marketing management conference, pp101-105.

28 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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APPENDIX A: QUESTIONNAIRE ON THE PERCEPTION OF PRIVATE BRANDS 1)

Are you aware of the private label brands available at the retail stores? a) Yes b) No

2)

Do you purchase the private label brands? a) Yes b) No

3)

How often do you buy the private label brands? a) Always b) Sometimes c) Never d) Depends on the non-availability of the other known brands

4)

Why do you purchase the private label brands? a) Lower cost b) Better quality than manufacturer brands c) Availability d) Promotional offers e) Convenience

5)

Do you prefer private label brands over manufacturer brands? a) Yes b) No

6)

Do you think private label brand is better than manufacturer brand? a) Yes b) No

7)

How often do you visit this store? a) Once a week b) Once a month c) Once in a year d) Daily 29

*Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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8) Why do you visit this store? (1-most likely and 5-least likely)

9)

Does the store experience affect you purchase of the private label brands? (1-most likely to affect and 5-least likely to affect) 1

2

3

4

5

10)

How satised are you with the retail store? a) Very satised b) Satised c) Neutral d) Dissatised e) Very dissatised.

11)

How satised are you with the retail store private brand? a) Very satised b) Satised c) Neutral d) Dissatised e) Very dissatised

12)

Do you recommend your friends and relatives to purchase the retail store private brands? a) Yes b) No 30

*Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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Personal details : 1) Name :

2) Age : a)

15-25

b)

25-35

c)

35-45

d)

45-55

e)

Above 55

3) Occupation : a)

Student

b)

Service

c)

Business

d)

Retired

e)

Self-employed

4) Annual Salary : a)

1 lac – 3 lac

b)

3 lac – 5 lac

c)

5 lac -10 lac

d)

Above 10 lac

5) Phone number :

6) Email Id :

31 *Dr Rajul Bhardwaj Assistant Professor, Faculty of Management Studies, Gurukula Kangri Vishwavidyalaya, Haridwar Email: rajul_bhardwaj@rediffmail.com

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INFLATION AND ITS EFFECTS ON THE INDIAN ECONOMY Dr. Anjala Kalsie * & Ms. Shikha Mittal Shrivastav ** ABSTRACT India is going through a phase of declining growth and investor condence, depreciating currency and rising ination. All the government efforts to revive growth have so far failed miserably. From 2010, India has witnessed high and persistent ination which did decline in the end of 2012 but it increased further, thanks to massive depreciation in India rupee. This paper discusses the inationary experience of India from 1950-2013 and evaluated the causes of ination and its effects on Balance of Payment, Consumer, Industries, Investment, Poverty and Currency Depreciation. The paper also empirically analyzed the signicance & impact of Repo Rate, CRR, Exchange Rate and Petrol Prices on Ination measured by natural logarithm of Consumer Price Index. In the end, the paper comes out with certain recommendations such as better management of monetary policy, increase in productivity and scal consolidation in order to save the faltering economy. Keywords: Ination, Balance of Payment, Consumer Price Index (CPI), Repo Rate, Exchange Rate

1. INTRODUCTION “I don't mind going back to daylight saving time. With ination, the hour will be the only thing I've saved all year.” -Victor Borge Ination refers to a signicant rise in the general price level in a country over a long period of time. It is the opposite of price stability. In economics, price stability is not used in a rigid sense to mean price xity. A modest increase of 2 to 3 per cent per annum in the price level is a compatible, sometimes even desirable, in the context of economic development. However, when the general price rise appreciates (say in double-digit gure) and is experienced over a long period of time, it gets the dreaded name of ination. For the common person, there is something threatening about the phenomenon of ination, especially on those occasions when the rise in prices of goods is not matched by an equivalent rise in the prices of labor. Ination is usually measured based on certain indices. An Index number is a single gure that shows how the whole set of related variables has changed over time or from one place to another. In India, we use two major indices for measuring ination or price levels. 1.1 Wholesale Price Index In India, the wholesale price index (WPI) is the main measure of ination. The WPI measures the price of a representative basket of wholesale goods. It is an index that measures and tracks the 32 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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changes in price of goods in the stages before the retail level. In India, wholesale price index is divided into three groups: Primary Articles (20.1 percent of total weight), Fuel and Power (14.9 percent) and Manufactured Products (65 percent). Food Articles from the Primary Articles Group account for 14.3 percent of the total weight. The most important components of the Manufactured Products Group are Chemicals and Chemical products (12 percent of the total weight); Basic Metals, Alloys and Metal Products (10.8 percent); Machinery and Machine Tools (8.9 percent); Textiles (7.3 percent) and Transport, Equipment and Parts (5.2 percent) WPI has several critical limitations. Some of them are: · Non-inclusion of services. · Following a xed weighting scheme when economy is undergoing major structural changes. · Use of gross transactions data rather than data on nal purchases. 1.2 Consumer Price Index The CPI measures price changes from the perspective of the retail buyer. It is the real index for the common man. It reects the actual ination that is borne by the individual. CPI is designed to measure changes over time in the level of retail prices of selected goods and services on which consumers of a dened group spend their incomes. In India, till January 2012, there were only following four CPIs compiled and released on the national level: (1) Industrial Workers (IW) (base 2001), (2) Agricultural Labourer (AL) (base 1986-87) and (3) Rural Labourer (RL) (base 1986-87) (4) Urban Non-Manual Employees (UNME) (base 1984-85) A new series of CPI was started in 2012. In this series, Central Statistics Ofce (CSO) of the Ministry of Statistics and Programme Implementation has started compiling a series of CPI for the (a) Entire urban population viz CPI (Urban); (b) Entire rural population viz CPI (Rural) (c) Urban + Rural population will also be compiled based on above two CPIs. There is no clear cut answer as to what should be the tolerable limit to ination but The Indian Committee to Review the Working of the Monetary System (S. Chakravarty Committee) recommended, as a general guideline, an increase in price of not more than 4 per cent. Rangarajan regarded 6 per cent of ination to be the outer limit. Tarapore Committee recommended 3 per cent level of ination rate. Thus the acceptable range of ination rate in India lies between 3-7 per cent. A constantly high ination can have serious consequences on the functioning of the economy. In the past few years, India has faced a constantly high ination. This high ination has been accompanied by a decline in growth. Now, whether ination has played any part in faltering 33 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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growth or not is an open question. If yes, then how much is the contribution of ination in declined growth? There are also a lot of discussions going on about the ability of the Government and the RBI to tackle ination. And RBI has come under a lot of criticism for constantly increasing interest rates and hampering investment and thus, growth.

2. LITERATURE REVIEW In the past few years, the Indian economy has witnessed a period of high ination and declining growth. On one hand, prices of a number of goods have increased exponentially and, on the other hand, industrial production is at an all-time low. Though this period can still not be classied as 'stagation' but we can denitely say that if the situation worsens, then Indian economy can move to this dreadful phase. There have been a lot of discussions on the kind of ination, demand pull or cost push, that India is facing and also on its effects on Indian economy. There is a burning debate on whether ination is the result of over expansionary scal policy followed by the Government of India or it is a supply side phenomenon basically resulting from structural problems of the country. A lot of studies have also tried to ascertain the validity of the Phillips curve in India's case and validity of the trade-off between ination and growth theory but nothing concrete has come out yet. And this provided us with the very motivation of doing a project on 'Ination and its effect on Indian economy'. Economists often distinguish between two types of ination: Demand-Pull Ination and CostPush Ination. Both the type of Ination causes an increase in the overall price level within an economy. The RBI's most important goal is to moderate and stable ination in order to maintain monetary stability in India. The RBI uses monetary policy to maintain price stability and an adequate ow of credit. Joshi V. K. (2012) in his study based on the impact of monetary policy of India in ination found that the thrust of monetary policy was on reducing the annual ination rate. In the study period from 2009-11, he found that the ination has crossed the historical records reached upto a level of 14%. Based on the study he concluded that CRR is most important measure by which RBI can combat ination. In the last six months the ination has dropped from a level of 7.17 in January 2015 to 4.36 in July 2015. In the last decade Ination range between 4-14% with highest in 2009. The RBI revises CRR and the repo rate in their quarterly and mid-quarter policy reviews to maintain a balance between growth and ination. Bhattacharya K. and Bhattarcharyya I. (2001) in their paper examined the transmission mechanism of an increase in oil prices on prices of other commodities and output in India using monthly data from April 1994 to December 2000. The paper specied a four equation VAR model to study the interaction of ination in oil with non-oil ination and growth in money and output. 34 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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The paper also analysed the nature and extent of feedback in such transmission and found that there exists a board independence-directional causality between oil and non-oil ination in India. The study concluded that this board independence-directional causality is pertinent as policymakers had had typically increased the administered prices of petroleum products when the overall inationary environment had been favourable. The results of VAR model revealed that 20% point shock increase in oil prices lead to 1.3% point increase in ination in other commodities. In earlier studies on Oil shock in India, Rangarajan et. al. (1981) and Sastry (1982) used input-output analysis to estimate the cost-push effect of a hike. However their method is not useful in estimating the shock over a long period of time given static nature. The IMF (2000) report indicated that a sustained US $ 5 per barrel increase in the price of oil leads to 1.3 % point increase in ination after a year and it also reduces the annual GDP growth by 0.1% point. However, the report acknowledges that the magnitude of such an impact crucially depends on the monetary policy followed. Exchange rate stability is crucial for ination management as a stable rate is expected to reduce domestic ination pressures through a 'policy discipline effect'- restricting money supply growth, and a 'credibility effect'- inducing higher money demand and reduced velocity of money (Mohanty and Bhanumurthy, 2014). Using a monetary model of Ination, Mohanty and Bhanumurthy, 2014 investigated the impact of stable exchange rate regime on ination in India during different episodes of exchange rate stability. The results showed that the impact of exchange rate regime on ination is not visible in Indian case may be due to the large scale intervention by RBI to even out exchange rate volatility. The literature on the assessment of the optimal exchange rate regime favours stable exchange rate regime for ination consequences; a stable exchange rate is considered less inationary than a more exible regime as it has a restrictive impact on the determinants of ination such as, money supply and money demand. Barro and Gordon (1983) developed the idea that a xed or stable exchange rate policy could help impart credibility of low ination policies of a central bank. The main argument in favour of stable exchange rate regimes is the ability of such regimes to induce price discipline and commitment to monetary policy efciency. A number of other studies in the recent past followed the idea coined by them.

3. OBJECTIVE The objective of this paper is to do an in depth analysis of factors that have fuelled ination in India in the past few years. 1. To provide a theoretical background of Ination and to discuss the historical experience of India with respect to ination. 2. To ascertain the causes and the effect of ination on Indian economy. 35 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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3. To analyze the signicance & impact of Repo Rate, CRR, Exchange Rate and petrol prices on Ination.

4. INDIA'S INFLATIONARY EXPERIENCES India's inationary experiences can broadly be divided into two periods: Pre-reform Period and Post reform period. 4.1 Pre-Reform Period (1950-51 to 1990-91) Ination during the pre-reform period was generally on an upward trend with few years of negative ination in between. Both domestic and foreign factors played a crucial role in determining ination rates over these years. Some of the major events that affected ination during this period were wars of 1962 and 1965, low agricultural production in 1965-66, and oil price shocks in early and late 1970s. Period: 1953-54 to 1961-62 The average ination during this period was 2.69, but it showed signicant variations annually. During this period, India witnessed negative ination of -6.8 and -5.2 percent in 1954-55 and 1955-56 respectively. This was followed by highest ination recorded during this period of about 14 percent in 1956-57. This was observed mainly due to increase in demand pressures, particularly investment demand in light of the thrust on industrialization in second ve-year plan. Post this, ination lied between 3 to 7 percent in the next four years. Period: 1961-62 to 1970-71 Average ination jumped to 6.9 percent during this period and annual variations were lesser than the previous period. It varied from -1.1 to 13.9 percent. Years 1966-67 and 1967-68 witnessed high ination of 13.9 and 11.6 percent respectively. This was primarily seen as the impact of impact of the Pakistan war in 1965 and the famine experienced during 1965-66. 1968-69 experienced deation of around 1 percent due to great harvest in the previous year. In the following two years, ination was between 3 to 6 percent. Period: 1970-71 to 1981-82 This period was marked by extreme uctuations in ination. The average ination was 10.1, ranging from -1.1 to 25 percent. Early 1970s experienced high rates of ination with years 197374 and 1974-75 witnessing above 20 percent ination in India for the rst time since independence. In fact, 1974-75 recorded 25 percent ination which is the highest ever till date for India. This was seen as a result of supply shock originating from poor agricultural production and increase in oil prices. The following year witnessed slight deation. This was followed by in low ination periods till 1978-79. Ination was again high at 17.1 and 18.2 percent in the next two years. This was again due to low agricultural productivity and rise in oil prices. Referring to the severity in ination, particularly that of agricultural commodities in 1972-73 and 1973-74, the RBI Annual Report 1974-75 observed that “even the seasonal decline in prices, particularly 36 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


agricultural commodity prices, to which the Indian economy is traditionally accustomed, did not take place during the last two years”. Period: 1981-82 to 1990-91 Average ination during this period was 7.2 percent. Variations were less relative to previous periods. Ination varied between 4.4 per cent in 1985-86 and 10.1 per cent in 1990-9112. Table 1: WPI Ination in India: Periodic Averages

Sources (i) Economic Survey 2001-2002 (ii) Indian Experience of Ination: A Review of the Evolving Process, EPW, January 2006 4.2 Post-Reform period (1991-92 to 2012-13) Price levels have been persistently rising in the post-reform period with no year experiencing deation. Period: 1991-92 to 2000-01 By March, 1991 rupee depreciated by nearly 37 percent with respect to dollar and this added to the inationary pressures in the economy. Sustained rise in fuel prices combined with the phased opening of Indian economy during this period also added to the ination. As a result a sharp increase in ination was witnessed during 1992-96. From 1995-96 onwards, there has been a continuous deceleration and the average ination for the period 1996-97 to 2000-01 was the lowest since the mid 1950s in terms of the 52 week average. Period 2000-01 to 2009-10 During this period ination varied from as low as 3.3 percent in 1999-2000 to as high as 7.2 percent in 2000-01. However, after this ination witnessed a decelerating trend and remained at about 3.4 percent in 2002-03. In 2004-05, spurt in domestic food prices due to decient monsoon coupled a spurt in the international oil prices again drove up domestic prices. Ination began to ease in the second half of 2004-05 under the impact of a combination of scal and monetary measures. In 2005-06, WPI ination eased to 4.3 per cent as compared to 6.5 per cent a year earlier. In this decade 2000-01, 2003-04, 2004-05, 2006- 07, and 2008-09 had higher ination relative to the decadal average of 5.4 percent. The years 2003-04, 2004-05, 2006-07, and 2008-09 also 37 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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witnessed high ination in manufactured products mainly on account of high prices of raw materials. Major drivers of ination in 2008-09 were high international fuel and commodity prices. Year 2009-10 was marked by global slowdown and unfavorable monsoon, average ination during this period was 3.6 percent. Period 2010-13 This period is very peculiar in India's experiences of ination. This is period is marked by high ination resulting from elevated inationary expectations, hike in vegetable prices due to unseasonal rains post monsoon and rising global commodity prices. Food products have been the major drivers of ination during this period. The nancial year started with a headline ination of 9.7 per cent which briey touched double digit in September 2011 before coming down to 6.6 per cent in January 2012. It was expected that decline in growth during the period 2011-12 will ease the pressure on core ination but the extent of moderation was constrained by depreciating rupee and high global commodity prices. Primary food articles ination declined sharply during November 2011–January 2012, largely reecting a seasonal decline in the prices of vegetables. However, prices rebounded signicantly subsequently, resulting in food ination reverting to double-digit levels by April 2012. As per mid-year analysis 2012-13, ination as measured by WPI averaged 8.9 per cent for 2011-12. In the rst half of 2012-13, it decelerated to 7.7 percent. It fall to 7.32 per cent in October 2012, 7.24 per cent in November, 7.18 per cent December 2012 and stood at 6.62 (provisional) for the month of January 2013. 4.3 Recent Trends The Economic Survey 2016-2017 highlighted that the retail ination is likely to be below 5% in the current scal year as demonetisation would discourage ant price headwind. According to the survey the new ination targeting approach by the Monetary Policy Committee (MPC) and gains from macro-economic stability will help India consolidate gains on price control, meaning prices will be less susceptible of individual whims and caprice of governments. In the year 2016, retail ination stabilised around 5 per cent, while wholesale price-based ination averaged around 2.9 per cent during April-December, 2016. Ination in the scal year 2016-17 has been characterized by two distinctive features. The Consumer Price Index during April-December, 2016, averaged 4.9 per cent and displayed a downward trend since July when it became apparent that kharif agricultural production in general, and pulses in particular would be bountiful. The decline in pulses prices has contributed substantially to the decline in CPI ination which reached 3.4 percent at end-December. On the On wholesale-price front, a reversal trend was observed from a trough of (-) 5.1 per cent in August 2015 to 3.4 per cent at the end of December 2016 due to rising international crude prices. The average ination based on the wholesale price index (WPI) also declined to (-) 2.5 per cent in 2015-16 from 2.0 per cent in 2014- 15. The downward trend however reversed during the current 38 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


nancial year partly due to impact of rise in global commodity prices and partly owing to adverse base effect. The global commodity and energy prices have increased by 18 per cent and 23 per cent respectively in the rst eleven months of 2016 as per IMF price indices. The wedge between CPI and WPI ination, which had serious implications for the measurement of GDP has narrowed considerably. Core ination has, however, been more stable, hovering around 4.5 percent to 5 percent for the year so far. India has managed to maintain export competitiveness despite capital inows and ination that has been greater than in trading partners. Reecting this, India's global market share in manufacturing exports has risen between 2010 and 2015. Ination hardened during the rst few months of 2016-17, mainly due to upward pressure on the prices of pulses and vegetables. It dipped to two-year low of 3.4 per cent in December 2016 as a result of lower prices especially of food items. Table 2: Annual Average Ination Rate based on WPI

5. CAUSES & EFFECTS OF FLATION IN INDIA 5.1 CAUSES OF INFLATION There are a number of factors that might impact ination in India. One of them is supply factors. India is an agrarian society with close to 52% of the workforce employed in agriculture. Droughts, oods, inadequate methods for the storage of grains lead to a lower amount of output being produced. This decreases the supply at each price level, but the demand remains the same. Thus excess demand leads to increase in price level. Since 2006-07 there have been a series of adverse supply shocks. The shocks arose from a shortfall in food-grain and non-food grain commodities (vegetables, fruits, protein-based foods - pulses, milk, eggs, meat). 39 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Another factor might be demand factors as rising incomes have drastically increased the purchasing power of the population, further increasing consumption demand. This surge in demand has triggered inationary pressures, particularly in sectors where supply has lagged behind. As public policy continued to spur growth in consumption demand and wages, ination became a common phenomenon. Supply shocks can trigger sudden and sharp inationary pressures, but the pressures diminish when supplies revive. In India, the constant ination stems, instead, from government policies that spurred consumption demand by increasing wages and salaries but did not do enough to remove supply-side bottlenecks. Within the framework of such scal policies that boosted consumption, supply shocks had a larger effect on inationary pressures. In India, an expansionary scal policy has boosted consumption demand in recent years. A sharp increase in the international prices of fuels has also acted as a trigger for ination. (Figure 1) Figure 1: Petrol & Diesel Prices

Source: www.capitalmind.in There are domestic factors that have a role to play. India is a developing country where the markets and the inter linkages between markets are not perfectly established and are underdeveloped. This means that when there is an increase in money supply, there is no corresponding change in production of goods. The supply of goods takes a longer time to adjust and hence it leads to ination. Other important domestic factors include the practice of hoarding.

40 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Hoarding is stockpiling of items when a shortage is expected or it may be strategic in order to decrease supply and hence increase the market price Figure 2: Annual CPI Ination VS Annual Wage Increases

Source: CARPE DIEM, Professor Mark J. Perry's Blof for Economics & Finance There have been wage increases by the government, which more than compensated for ination, but had no established link to productivity improvement. Such a growth in wages without an improvement in productivity is a source of ination. The wages of a large section of workers in the economy rise in line with ination as they may be linked to ination like the linking of wages to ination under NREGA. This linkage between wages and ination through MGNREGA has the potential to spread a wage-price spiral across various sections of the economy. It is important to link wage increases to productivity, to increase supply in line with rising demand. Despite monetary tightening, inationary pressures have continued. The RBI has attempted to reign in demand, which the higher scal decit red by consumption-oriented spending, through interest rate hikes. The nature and quantum of scal spending has thus muted the effectiveness of the monetary policy. Political instability in the country makes investors wary of investing in India. This reduced investment decreases growth opportunities and causes supply bottlenecks thus further fuelling supply shortage and price increase. Figure 3: Ination Components

Source: www.livemint.com

41

*Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


By virtue of being an open economy, the Indian macroeconomic variables including ination will be inuenced by external factors. Suppose there is an increase in the prices of goods produced in USA due to increasing costs resulting from new labour laws or taxation policies. This would increase the price of imports from USA and thus an increase in the domestic price level of the commodity. Also, if these goods happen to be used as inputs in some manufacturing process, the cost of production increases. Another factor for ination is the depreciation of the Rupee which has the same impact as an increase in prices of foreign goods as the Rupee becomes relatively cheaper and now 1 Rupee is able to buy a lesser amount of foreign goods. The impact is modest but signicant. Controlling for lagged ination, global commodity prices, and the output gap, which are all statistically signicant, a 10% depreciation of the currency raises quarterly headline and core ination by 1% and 0.8% respectively. For comparison, 10% higher global commodity prices raises India's headline and core ination by 1% and 0.5% respectively in the same quarter. Figure 4: Imported Ination and WPI Ination

Source: Ofce of the Economic Advisor and FICCI research 5.2. EFFECTS OF INFLATION High and persistent ination is bound to have certain adverse effects on the economy and the major casualty of ination is growth. Some part the recent decline in growth rate and a massive decline in industrial production can be attributed to high ination India has faced in the last 3-4 years. Balance of Payments India for long has been facing an import-export mismatch. As the prices of goods in India have increased, their relative cost for international customers have increased as a result of which there has been a decline in exports. On the other hand, since imports have become relatively cheaper, demand of imports have increased, further worsening the current account of the country. As we can see from the gure that this ratio has continually been increasing and it is expected to increase further this nancial year. As of June, 2013 India's current account decit already stands at staggering $ -18.1 B. 42 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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Figure 5: CAD TO GDP RATIO

Source: RBI Industries Industries and economic activity all over India has also been adversely affected. Ination has led to the increase in the costs of inputs such as raw materials and labor to some extent. This increase in costs has led to the decline in margins. There is some extent up to which industries can bear these added expenses resulting from ination, once these increased prices are passed on to the customers, it further adds to ination. According to a CRISIL research, EBITDA margins, which touched 5-year lows in 2012-13, are expected to remain under pressure, as input costs escalate and demand remains weak (gure-6). Figure 6: Effect of Ination on Economic Growth

Source: CRISIL Research Consumer The section of the society that is most affected by ination is the consumer. As the salaries and income of the individual's increases with a lag, there is always a time when prices of good are increasing and they are becoming less and less affordable because income is stagnant. Fixed wage earners are most affected by it as it takes more time for their wages to adjust to rising ination. If the ination is high and persistent, the lag between price rise and wage rise increases. Population at the lower end on the spectrum is most affected by ination. 43 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Investment Ination has distorted the nancial system of the country. In its initial stages, the system was able to withstand its adverse effect because the nancial institutions by their very nature tend to ignore the purchasing power of money and operate with reference to interest rates and maturity of nancial instruments. However, as ination has gathered strength, the nancial system is not able to withstand it. As the ination has crossed its earlier phases, strain on the nancial system, speculation, and expectations of further price rise and similar other forces have lead to an increase in unemployment and a fall in output. Eventually, in the nal phase of ination, the output and employment levels may fall to abysmally low levels. Fluctuating prices generate opposite effects on debtors and creditors. Rising prices have proved benecial for debtors at the expense of creditors. Thus, ination has discouraged people to invest in nancial assets. All this has been coupled by the decline in foreign investment in the country because of decline in investor condence. Overseas investors have pulled out a massive Rs 44,162 crores from the Indian capital market in the month of June, 2013 itself. Equality and Poverty Although ination erodes the wealth of each and every individual equally, its effects are more pronounced on poor people rather than rich. The people that are already living at subsistence level are most affected by it. In terms of capability deprivation, ination has not only led to an increase in inequality but also to increase in poverty. Currency depreciation Figure 7: Rupee/USD Exchange Rate

Source: RBI Weakening of Indian rupee is both the cause and effect of ination. As the domestic ination has increased, imports have become cheaper leading to the increased demand of dollars, thus depreciation the currency. A depreciated currency, on the other hand, has now increased the cost of imported goods too further fuelling ination. A weak Indian rupee has increased the cost of oil and petroleum which is a major input in many industries and seriously affected the protability of many industries. 44 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


From the above discussion, we can easily make out the effect of ination on the overall growth of the economy. As shown in the gure India's GDP growth has declined from 9.4% to 4.7% in 2013 and much of the can be attributed to the adverse effects of ination on economic growth. Figure 8: India GDP Growth

Source: www.tradungeconomist.com

6. MEASURING THE IMPACT OF REPO RATE, CRR, EXCHANGE RATE AND PETROL PRICES ON INFLATION Regression Analysis: Using historical data for the various variables that affect ination, we use regression analysis to check the signicance and impact of each of them. The dependent variables considered are Repo Rate, CRR, Exchange Rate and petrol prices (See Annexure 1). Consumer Price Index (CPI) is used to measure the Ination and is the independent variable. We have used the Lin-Log method so that we can directly calculate the absolute impact of a percentage change in the independent variables on the dependent variable. Expected Results: A negative relationship between Repo Rate and Ination A negative relationship between CRR and Ination A positive relationship between Exchange rate and Ination A positive relationship between Petrol Prices and Ination.

45 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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Equation: The regression equation thus developed would be: Y= -3.057895 – 1.094898 X1+ 0.9160321 X2 + 1.7735266 X3 + 0.7396423 X4 Interpretation of the results: The intercept term represents the rate of ination when all the variables are equal to 0. It is equal to -3.057895 and has no economic interpretation. The coefcient of X1 has the expected negative sign. It is equal to -1.094898. It implies that for every 1% increase in repo rate, there is a 1.094898% decrease in ination. The coefcient of X2 was expected to have a negative sign. But the analysis shows that there is a positive sign. This might be due to sample errors like multicollinearity. The coefcient of X3 has the expected positive sign. It is equal to 1.7735266. This implies that for every 1% increase in depreciation of the Rupee, the ination increases by 1.7735266 %. The coefcient of X4 has the expected positive sign. It is equal to 0.7396423. This implies that for every 1% increase in petrol prices, ination increases by 0.7396423%. The R square value signies that 52.71373% of variation in ination can be explained by the above mentioned factors. Signicance of Variables: Take a level of signicance of 5% (=0.05) Null hypothesis: Coefcient is 0 Alternate Hypothesis: Coefcient is not 0 If the p value is less than the level of signicance, we reject the null hypothesis. Thus the all variables i.e. intercept, X1, X2, X3 and X4 are statistically signicant. They have an individual impact on ination in India. Reasons for variable X2 having a sign opposite to what is expected include the possibility of multicollinearity.

There is an 82.52% negative linear relationship between X2 and X3. This might be the reason for the coefcient of variable X2 turning out to be positive rather than negative. F-Test: Degrees of freedom of numerator= 3 Degrees of freedom of denominator= 26 At 5% level of signicance, FTabulated= 2.9752 FCalculated = 7.246063 46

*Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Since Fcalculated>FTabulated, the null is rejected and this means that the variables are jointly signicant. As per the data collected for Indian ination and its various factors, it can be seen that repo rate, CRR, exchange rate and petrol prices are factors that denitely have an impact on ination in the country. They have an impact individually and are also jointly signicant as shown by the F-test. These factors are able to explain about 53% of the factors affecting ination. Other nonquantiable factors as discussed include political instability, supply bottlenecks and excessive demand.

7. CONCLUSION AND RECOMMENDATIONS There might be positive relation between growth and ination in the short run because as the demand of goods and services increases with economic growth, ination is bound to increase. But in the longer run, relation between ination and growth turns negative. As shown and discussed, long and persistent ination reduces the economic growth. Thus, there is an urgent need to address these issues of Ination. RBI and government are very much aware of all these effects have taken certain measure to tackle ination. But what effect these measures will have on growth is a contentious issue. For example, increase in interest rates may reduce ination but will also reduce investment and thus, growth. There are various measures that can help in removing or reducing ination without having a much adverse impact on economic growth such as: Cut on expenditures An effective way of reducing ination is to shift the demand curve towards the left and this can be done by cutting on expenditures by the government. However, this is likely to have some serious consequences on growth. There will denitely be some tradeoff between growth and ination. However, scal consolidation can, on a whole, help in the long run. Change in Tax Structure Supply side bottlenecks have played a major role in fuelling ination. A change in tax structure will certainly help in expanding the output of industries and tackle ination. Tax holidays should be provided to encourage the private sector and expand production. There is a need to make entire business environment more liberal. Save the currency One major factor that has fuelled in ination in recent times is depreciation of Indian currency. There is an urgent need to arrest the free fall of Indian rupee. RBI has to actively monitor the forex market and government also has to take certain steps to increase the capital inows and restore the foreign investor condence. Improve productivity There is a need to improve productivity. This can be done by implement policies to improve farm 47 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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productivity and reducing infrastructural bottlenecks. Government should step up efforts at skill development in sectors that face acute skill shortages and devise mechanisms to link wages to productivity in the public sector and in government safety-net programs such as the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). Effective monetary policy RBI monetary policy has come under lot of criticism for reducing the liquidity in the system and increasing interest rate, to tackle ination. While in the short run, it may help in avoiding in building up of inationary expectations but in the long run it is seriously going to hamper the growth of Indian economy. RBI should refrain from permanently using it as a tool to tackle ination. References · Aleem, A. (2010). Transmission mechanism of monetary policy in India. Journal of Asian Economics, 21(2), 186-197. · Barro, R. J., & Gordon, D. B. (1983). Rules, discretion and reputation in a model of monetary policy. Journal of monetary economics, 12(1), 101-121. · Basu, K. (2011). Understanding ination and controlling it. Paper. Available at: http://nmin.nic.in/WorkingPaper/understanding_ination_controlling. pdf,(accessed 14 November 2011). · Bhattacharya, K., & Bhattacharyya, I. (2001). Impact of increase in oil prices on ination and output in India. Economic and Political weekly, 4735-4741. · Gupta, P., & Goyal, A. (2015). Impact of oil price uctuations on Indian economy. OPEC Energy · Jha, R. (2008). Ination targeting in India: issues and prospects. International Review of Applied Economics, 22(2), 259-270. · Joshi, V. K. (2013). Impact of monetary policy of India with special reference to CRR, repo & reverse repo rate in curbing ination: an econometric study. Management Insight,8(2). · Mohanty, B., & Bhanumurthy, N. R. (2014). Exchange rate regimes and ination: Evidence from India. International Economic Journal, 28(2), 311-332. · Mohanty, M. S., & Klau, M. (2001). What determines ination in emerging market economies?. BIS Papers, 8, 1-38. · Mussa, M. (2000). The impact of higher oil prices on the global economy.International Monetary Fund, 8. · Patnaik, A. (2010). Study of Ination in India: A Cointegrated Vector Autoregression Approach. Journal of Quantitative Economics, 8(1), 118-129. · Patnaik, I., Shah, A., & Veronese, G. (2011). How to measure ination in India?(No. 11/83). · Pattnaik, R. K., & Samantaraya, A. (2006). Indian experience of ination: A review of the evolving process. Economic and Political weekly, 349-357.Review, 39(2), 141-161. · Rangarajan, C., Sah, R. K., & Reddy, K. S. (1981). Impact of hike in prices of coal and petrolium products on the othe sectors of the economy: An application of input-output technique. · RVSS, N. R., Reddy, P. C., Basha, A. M., Srinivasulu, P., & Pranav, K. S. (2013). A Study on Ination in India. International Research Journal of Social Sciences Vol, 2, 51-55. 48 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

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·

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Salian, P., & Gopakumar, K. (2008). Ination and Economic Growth in India–An Empirical Analysis. Indian Economic Service, New Delhi and Gopakumar. K, Faculty, BIET-MBA Programme, Davangere, Karnataka. Sastry, D V S (1982). Impact of the Rise in the Prices of Petroleum Products on the General Price Level - 1970-71 to 1980-81, Reserve Bank of India Occasional Paper, 3, pp 68-93.

ANNEXURE Annexure 1: The Data for regression analysis X 1 =Log(Repo Rate) 0.812913357 0.84509804 0.875061263 0.889301703 0.889301703 0.889301703 0.929418926 0.954242509 0.954242509 0.903089987 0.875061263 0.812913357 0.740362689 0.698970004 0.67669361 0.67669361 0.698970004 0.759667845 0.77815125 0.829303773 0.860338007 0.903089987 0.916453949 0.929418926 0.929418926 0.903089987 0.903089987 0.860338007 0.875061263 0.860338007 0.860338007

X 2 =Log(CRR) 0.698970004 0.698970004 0.698970004 0.812913357 0.84509804 0.875061263 0.916453949 0.942008053 0.954242509 0.77815125 0.740362689 0.740362689 0.698970004 0.698970004 0.698970004 0.759667845 0.759667845 0.77815125 0.77815125 0.77815125 0.77815125 0.77815125 0.77815125 0.740362689 0.67669361 0.67669361 0.653212514 0.62838893 0.602059991 0.602059991 0.602059991

X 3 =Log(Exchange Rate) 1.644340099 1.668479103 1.649140064 1.610127613 1.614686342 1.599883072 1.63124078 1.624900602 1.641077313 1.692670699 1.688419822 1.685204134 1.690373307 1.703463342 1.695569227 1.666330744 1.654272827 1.667733053 1.654176542 1.651084089 1.656098202 1.645422269 1.690018781 1.693023068 1.705692697 1.719579858 1.728353782 1.731749884 1.734639839 1.746712023 1.785329835

X 4 =Log(Petrol Price) 1.638389408 1.67678503 1.651762447 1.631950826 1.638688887 1.638688887 1.703807065 1.704322141 1.704322141 1.704322141 1.704322141 1.659155281 1.608739919 1.608739919 1.608739919 1.676053125 1.676053125 1.711385379 1.714581209 1.766189693 1.801883707 1.804139432 1.825036441 1.817168572 1.817168572 1.817168572 1.835436895 1.827756863 1.834674974 1.799960527 1.847819347

Y=Log(CPI) 0.6766936 0.7993405 0.8273693 0.8241258 0.8609366 0.7411516 0.8859263 0.920645 0.9552065 1.0191163 1.0191163 0.9867717 1.0191163 0.9047155 0.9395193 1.1720188 1.1720188 1.0511525 0.9921115 0.9454686 0.9405165 0.9258276 1.002598 0.7259116 0.9370161 1.0094509 0.9609462 1.0652061 1.058426 1.0285713 0.984077

49 *Dr. Anjala Kalsie, Asst. Professor, Faculty of Management Studies, University of Delhi Email : kalsieanjala@gmail.com

**Ms. Shikha Mittal Shrivastav, (Corresponding Author) Asst. Professor, IILM, Gr. Noida Email : shikhamit20@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


WORK PLACE SPIRITUALITY AND ORGANISATION DEVELOPMENT Dr. Nidhi Srivastava* Prof. Shashank Chaudhary** Dr. Indrani Bhattacharjee***

Abstract Spirituality as understood in its true sense is exploring the meaning of life beyond self. Workplace spirituality is the dimension which inculcates a feeling of trust between those who represent certain work regimen. It is represented by accountability, caring attitude, honesty, integrity, respect, service and trustworthiness. The purpose of this paper is to explore various explanations of spirituality for individuals working in education sector and its impact on the productivity of the organisation. Using convenience sampling, a ve-point Likert scale questionnaire developed by Gale Rognan (2000) is used to get data on the sample of 100 respondents across NCR. The ndings indicate that there is a positive and signicant relationship between the importance given by an individual to spirituality in his or her life and their belief in contribution of spirituality towards better productivity and quality at workplace. The ndings also supported that spirituality in the organisation environment create equality between work satisfaction and life satisfaction by increasing the performance as the value of employees would become part of organisational values would thus create a better workplace. Key Words: Work Place Spirituality, Organisation Development, Intelligence, Emotional and Spiritual Quotient 1. INTRODUCTION The most dangerous challenge before the world today is to tackle the human greed and absence of compassion and love from mankind which is increasing the magnitude of social, environmental and economic problems. This has given fuel to the quest for harmony and peace of each one of us (Cacioppe, 2000). In this 21st century when the world economy has been globalized, associations are confronting more complexities, rivalry and structural changes which inspire the presentation of deep sense of being inside the work environment to empower human hearts, spirits and souls to develop so that representatives and managers end up being more creative, inventive, imaginative, sympathetic and gainful. This spiritual approach recognizes that people work not only with their hands but also with their hearts or spirit (Ashmos & Duchon, 2000). Organisations today are undergoing a signicant transformation – they are exploring what knowledge is and how it can be created, transferred, and used more effectively. According to Harrington (2002), the latest change ("The Knowledge Worker Revolution") is simply a further progression that is the inevitable result of economic development. He stated that low-level needs no longer motivate knowledge workers actions. Therefore, the organizations require an environment that cultivates the growth of human spirit for their employees in order to prosper. Spirituality at work has to do with how you feel about your work—whether it is just a job or a calling (Thompson, 2001). Workplace spirituality refers to the ways we express our spirituality at work, both for personal support and in making 50 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in **Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


ethical and just decisions (Smith, 2002). As pointed out by Biberman, 2003, that interest in spirituality at work is motivated by one's own spiritual practices, beliefs or experiences. Spirituality at work addresses human activities relating to personal development, compassion, meaningfulness, joy at work, honesty, trust, job commitment, and wellbeing of employees (Petchsawange & Duchan, 2012). Successful organizations such as Hewlett-Packard, Tom's of Maine, Ford Motor Company (Burack, 1999), the World Bank (Laabs, 1995), AT&T, Chase Manhattan Bank, DuPont, and Apple Computer (Cavanagh, 1999), have created programmes to bring spirituality to the workplace. In Nigeria, there is dearth of research studies as to the application and impact of spirituality on employees at the workplace. The existing ones, Mojoyinola (2010) is on the study of the role of spirituality in health, illness and treatment while Ajala and Mojoyinola (2013) discussed the need for the integration of spirituality in social work education, are not on spirituality and employees' wellbeing at the industrial sector. Knowledge workers who might be engaged in jobs that have a cycle time of years (Ledford, 1995) and who are in service oriented jobs e.g. doctors and teachers have a greater need to understand themselves and be at peace with self. Since, it is when they themselves will feel good about their work and themselves that they are likely to be more effective. This is more because their nature of job requires them to be inner driven unlike other jobs, where performance can be measured immediately. Increasingly, the better-educated, new generation of workers is insisting that their spirituality be welcomed in the workplace just as their intelligence is (Smith, 2002). In the management studies, commitment is a central variable. The more-committed people tend to devote higher efforts to work, thus contributing to organizational performance. When organizations perform better, managers become more able to improve the working conditions of their employees and the quality of life of society as a whole. However, It is not easy, to grant “spiritual richness” joy and meaningful work to employees. The paper would also try to explore the impact of Intelligence Quotient (IQ), Emotional Quotient (EQ) and Spiritual Quotient (SQ) in holistic development of the organisation. Spirituality Spirituality does not mean any particular practice. It denotes the mental aspect of life, as opposed to the material and sensual aspects of life It is a certain way of being. To get there, there are many things to do. This is like a garden in your house. If the soil, sunlight or stem of a plant is in a certain way, it won't yield owers, you have to do something. You have to take care of those things. So if you cultivate your body, mind, emotions and energies to a certain level of maturity, something else blossoms within you – that is what is spirituality. When your rationale is immature, it doubts everything. When your rationale matures, it sees everything in a completely different light. (http://isha.sadhguru.org/blog/yoga-meditation/demystifying-yoga/what-is-spirituality/) Furman, Benson, Canda and Grimwood (2005) dene spirituality in terms of an attitude or approach to encompassing a search for meaning, purpose and morally fullling relations with 51 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in **Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


self, other people, the encompassing universe, and ultimate reality. Similarity, Staude (2005), saw spirituality as a transformational process through which the different aspects of life are integrated (physical, emotional, occupational, intellectual and rational). That is, spirituality involves a connectedness to oneself, others, nature and to a larg+er meaning or presence. It is strongly associated with creativity, play, love, forgiveness, compassion, trust, reverences, wisdom, faith and sense of oneness. Spirituality and Religion Whenever any human being experiences something bigger than himself, the traditional way of looking at that is, “this is God…” The whole idea of God is just that – anything bigger than you. It could be a human being or an experience or some aspect of nature. But is this spiritual? No, this is just life. When I say “just life“, I am not trying to dismiss it as a small thing. It is the greatest thing. Only when life becomes an overwhelming, powerful, blissful experience for you, you want to know what could have created this. (http://isha.sadhguru.org/blog/yoga-meditation/demystifying-yoga/what-is-spirituality/) Spirituality goes beyond religion and religious practices. Mitroff and Denton (1999) found support to the view that religion and spirituality differ. In a study conducted by them the participants differentiated a great deal between spirituality and considered religion as highly inappropriate form of expression and spirituality as appropriate subject for discussion at workplace. They dened "spirituality" as "the basic feeling of being connected with one's complete self, others, and the entire universe" Mitroff and Denton (1999). Psychological research on spirituality and religiousness was strongly inuenced by some of Allport's early work. He distinguished between internal and external religiousness (IR vs. ER), “the extrinsically motivated individual uses his religion, whereas the intrinsically motivated lives his” (Allport & Ross, 1967). When the IR-ER concept was related to mental health, it was found that internal religiousness was positively associated with mental health, external religiousness negatively (James & Wells, 2003). It is also said that “Every person has the 'will' to seek meaning in life or to achieve purpose in life” (Ishida, 2011). This has induced the idea that spirituality, which is associated with internal or self-development also affect positively the mental health of all human beings and contribute to the growth of the organisation. Examining more complex models of religiousness shows that various aspects of spirituality are generally positively associated with mental health and well-being, i.e. any form of belief seems to help patients (Mohr & Huguelet, 2004; Modi, Devellis, et al., 2006; Modi, DeVellis, et al., 2007). Religion and workplace spirituality are poles apart (Afsar & Rehman, 2015; Milliman et al., 2003). Workplace spirituality is more focused on the theme of tolerance, patience, the feel of interconnectivity, purpose and acceptability of the mind to the norms of the organization, integrated together to shape personal values, whereas religion is marked by a specic belief system, a particular system of faith and set of beliefs (Afsar & Rehman, 2015). 52 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in **Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


Workplace Spirituality and Impact of IQ, EQ and SQ Spirituality is undeniably a human need for many people (Hart and Brady, 2005), and workplace spirituality is a “reality” that must not be ignored by society and organizations (Judge, 1999; Sanders III et al., 2003). In many of today's organizations, people only bring their arms and brains to work, not their souls (Mitroff, 2003). The consequence is that organizations do not trigger the full creativity and potential of their employees. Employees, in turn, do not succeed in developing themselves as holistic human beings. Workplace spirituality can be dened as the “recognition that employees have an inner life which nourishes and is nourished by meaningful work taking place in the context of a community” (Ashmos and Duchon, 2000, p. 137). It is about employees who view themselves as spiritual beings whose souls need nourishment at work, who experience a sense of purpose and meaning in their work, and a sense of connectedness to one another and to their workplace community (Mitroff and Denton, 1999; Ashmos and Duchon, 2000; Harrington et al., 2002; Milliman et al., 2003). Workplace spirituality (i.e. workplace opportunities to perform meaningful work in the context of a community with a sense of joy and personal fullment) can mitigate and/or remove what several authors have pointed out as allegedly present in many modern organizations: injuries to employee mental health, vassalage, people humiliation and destruction, dehumanized practices and serious threats to the “human soul” (Hancock, 1997; Brown, 2003; Mitroff, 2003). Most of us are familiar with the concept of the Intelligence Quotient (IQ). In the mid '90s, Daniel Goleman started talking about EQ or Emotional Quotient. (http://vishwaas.blogspot.in/2007/03/spiritual-quotient-nice-article.html). While Intelligence Quotient or IQ refers to an ability of thinking in solving problems and is supposed to predict whether a person will be able to do a certain work or not, EQ refers to intelligence by which people recognize feelings, motivate and manage emotions in life. EQ is very important to human being as a solution for them to nurture success with other people. It is because emotional quotient or EQ comprises of high quality of soft skills. Further, Goleman (1998) noted that, emotionally intelligent persons are categorized to succeed at communicating whether interesting and afrm ways, that could others feel better in the job circumstances. Then, Bar-On (1997) pointed out that, EI is also useful for group development since that large group of smooth and effective workers, knowing each other's strength and weaknesses and always strong inuence whenever possible. It is contributes to creating a working environment that is driven by greater cooperation and greater sensitiveness among the human resource. The present research work is a study of these ndings as they are tested and veried by researchers from time to time in different settings and link them in the present work environment for the sample work places. Neck and Milliman (1994) observed that now-a-days people are more spiritually oriented not only in their regular life but also in their work. Workplace spirituality prevails in the culture and increases knowledge of each other and it facilitates their feelings toward each other (Giacalone & Jurkiewicz, 2003). 53 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


So far, we have travelled From IQ to EQ. The new Buzzword in most of the organisation now is SQ- Spiritual Quotient. It is the ability to understand and comprehend the spiritual aspects of life, which may are not necessarily be connected to religion. The spiritually intelligent person derives performance through understanding, support, and targeting the innate strengths of the employees/co-workers whereas an emotionally intelligent person is able to derive high performance through empathy and awareness of the co-workers'/employees' needs. SQ has several dimensions: Compassion, wholeness, self-esteem, gratitude, spirit of surrender and service and the ego. In order to achieve Spiritual Competency, all these dimensions ought to be handled very carefully. And this is dependent on the IQ and EQ of a person. "While computers have IQ and animals can have EQ, it is essentially an SQ that sets human beings apart". Therefore, for the 'Wheel of Life' to roll smoothly, all the spokes of the wheel - IQ, EQ and SQ - have to be equally developed. The journey from IQ to SQ represents moving from gross to subtle, nite to innite and from tangible to intangible. (http://vishwaas.blogspot.in/2007/03/spiritual-quotient-nice-article.html). Empirical work performed by researchers in various countries has shown a positive correlation between positive attitude towards work cultivated by top level management spiritual inclination in organisations and performance of employees at middle and lower level (Friedman, Kane and Corneld, 1998) and (Salzmann, 1997) (Adams et al, 2002) and development of their own spiritual inclination. 2. METHODOLOGY

The literature survey helped us to identify various factors working to improve the spiritual competency at various workplace settings. A survey was also conducted on the basis of the standard questionnaire developed by Gale Rognan (2000) which was modied according to the present culture of organisation. The questionnaire consisted of statements to which the employee has responded on Likert's ve-point rating scales varying from strongly disagree (1), disagree (2), neutral (3), agree (4), and strongly agree (5). The questionnaire was administered on professionals mostly with academic profession. For initial analysis correlation (shown in bracket in discussion) of various parameters with each other was evaluated and to assess the impact of spirituality quotient on productivity regression analysis was used. 3. DISCUSSION

There is a positive and signicant Correlation between the importance given by an individual to spirituality in his or her life and their belief in contribution of spirituality towards better productivity and quality at workplace (+0.881). This nding is consistent with previous studies done by Dalton & Mesch, 1991; Hinshaw & Atwood, 1983. The results are further supported by 54 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


Regression analysis showing that 56 percent change in productivity is explained by variables representing spirituality whereas the workplace spirituality can be enhanced by 59.6 percent if top management positions are with people who have spiritual inclination. The work done by Leigh, 1997; Milliman, J., Czaplewski, A. J., & Ferguson, J. 2003; Giacalone & Jurkiewicz 2003; Jurkiewicz & Giacalone, 2004 also supports these ndings that workplace connectedness enhances commitment with the organisation and job satisfaction. The people who have higher score of spirituality show values such as Honesty, Hard Work, Positive attitude and Belief in God in general. On the contrary those who identify themselves more with their work are the people who meditate and pray less at work (-0. 319). In fact the observations show that these respondents believe more in self when faced with the difcult situation at work. The sample also showed a positive and signicant relationship between spiritual inclination of top management and its potential for improvement in productivity or quality of workplace (+0.767). Those who place more importance to spirituality in their life consider it important at work place too (+0.906). This nding is generally consistent with previous studies done by Neck and Milliman (1994). It can also be observed with the result of the questionnaire that the most important aspect for a person in his or her job is to realise full potential and after that feeling associated and being more creative becomes the focus of one's life. The people who place more importance to spirituality focus more on quality of work and less on money and security. Another observation which highlight that spiritually inclined professionals meditate or pray more at workplace (+0.654) and on these occasions their focus is more on to prepare themselves for difcult situations which ultimately result in better productivity at workplace. Their prayers are seldom for personal gains and are more towards creating a better place for work. This matches with the already published literature by Hancock, 1997; Brown, 2003; Mitroff, 2003 that Workplace spirituality (i.e. workplace opportunities to perform meaningful work in the context of a community with a sense of joy and personal fullment) makes people more positive and ultimately result into holistic development of the organisation. The survey also observes that people with high spiritual inclination recommends more welfare programmes taking care of emotional well being and morale of the employees whereas those with higher IQ level are more concerned with the welfare programmes taking care of health and individual stamina. Stress Management and Prayer Groups are in the priority list of people with high SQ. As stated by Chand & Koul, 2012 that spirituality in the organisation environment create equality between work satisfaction and life satisfaction by increasing the performance as the value of employees would become part of organisational values would thus create a better workplace. 4. CONCLUSION

Organisations today are undergoing a signicant transformation – they are exploring what 55 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


knowledge is and how it can be created, transferred, and used more effectively so as to bring about holistic development within the organisation. With the changing work demands to face competition and to motivate knowledge workers actions it has become essential for the spiritual oriented work environment and high spiritualism in individual to perform their best. For this, an employee needs to maintain his/her inner and outer equilibrium. Therefore it has become important to focus on the spiritual needs and competence of the employees. The study shows that great importance is given by an individual to spirituality in his or her life and their belief in contribution of spirituality towards better productivity and quality at workplace. Better productivity is explained by variables representing spirituality such as Will Power, Honesty, Hard Work, Positive attitude and Belief in God in general. Their focus is more on to prepare themselves for difcult situations which ultimately result in better productivity at workplace. According to the study, such spiritually inclined professionals believe more in self when faced with the difcult situation at work. The study also tried to establish a relationship between Intelligence quotient (IQ), Emotional Quotient (EQ) and Spiritual Quotient (SQ) of an individual. In order to achieve Spiritual Competency, various dimensions of SQ, be it compassion, gratitude, self-esteem, belief in self or ego, ought to be handled very carefully. And this is dependent on the IQ and EQ of a person. The survey observes that people with high spiritual quotient take care of emotional wellbeing and morale of the employees whereas those with higher IQ level are more concerned with the welfare programmes taking care of health and individual stamina. 5. SUGGESTION FOR FURTHER RESEARCH

Based on the limitations of the present study, it is proposed that further research should consider following areas or aspects: The survey was conducted in Management Institutes in NCR of India. Moreover response was collected from 30 odd respondents. The ndings may not reect the overall situations in the education sector. As such, further research should be conducted in other organizational culture and environment in order to examine the generalizability of the ndings of this study. The study employed in the present study was the survey method that used a set of questionnaire as measurement scale. Future studies should consider the use of other tools such as through observation to collect the required data for having an in depth understanding of Spiritual Competency of an individual and how it can lead to holistic development of an organization. References ·

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*Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

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*Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

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*Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

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Mohr, S., & Huguelet, P. (2004). The relationship between schizophrenia and religion and its implications for care. Swiss Medical Weekly, 134(25-26), 369-376. Mojoyinola J. K. (2010). Helping patient to overcome suffering: The roles of spirituality in health, illness and treatment. International Journal of Literacy Education. 7, 1. Neck, C. P., & Milliman, J. F. (1994). Thought self-leadership: Finding spiritual fullment in organizational life. Journal of managerial psychology, 9(6), 9-16. Petchsawang, P., & Duchon, D. (2012). Workplace spirituality, meditation, and work performance. Journal of management, spirituality & religion, 9(2), 189-208. Rognan, 2000. Spirituality in Work Place Questionnaire, [online] Available at: http://www.Spiritatwork.org/library/GailRognansurvey. pdf>[Accessed 21.12.2016] Salzmann, J.C.(1997). “Thriving During Organisational Change: The Role of Metaphors for Change, Optimism and Pessimism and Attributional Style.” Dissertation Abstracts International: Section B, 58(5-B):2734. Sanders, J. E., Hopkins, W. E., & Geroy, G. D. (2003). From transactional to transcendental: Toward an integrated theory of leadership. Journal of Leadership & Organizational Studies, 9(4), 21-31. Staude, J. R. (2005). Autobiography as a spiritual practice. Journal of Gerontological Social Work, 45(3), 249-269. Thompson, W. (2001). Spirituality at Work, Executive Excellence, 18(9), 10, http://www.pateo.com/article6.html#anc2, accessed on 07/12/2016

59 *Dr Nidhi Srivastava, Faculty, Department of Management, IPEM, Ghaziabad E mail : nidhi.srivastava@ipemgzb.ac.in

**Prof Shashank Chaudhary, Faculty, Department of Management, IPEM, Ghaziabad ***Dr Indrani Bhattacharjee, Faculty (Management), IMS, Ghaziabad

Management Perspective Volume 3, Issue 1, October – March 2017


EXPLORING DRIVERS OF CUSTOMER'S CONTENTMENT ON LIC OF INDIA (With special references to customers in Kanpur) Dr. PANKAJ KANT DIXIT* Dr. ABHISHEK TIWARI**

Abstract Life Insurance Corporation of India (LIC) a term that is almost synonymous with Life Insurance today. In India, LIC has been one of the pioneering organizations, most trusted brand and enjoyed almost a monopoly status in Life insurance till the last decade. This study is an exploratory where the target population is the customers of LIC operating in Kanpur. The sampling method used for selection of the respondents is convenience type non-probability sampling method. The sample size considered for the research is 250 customers. Personal survey method was used for data collection. The data collection instrument used for the research is structured questionnaire. As a result, there is a continuous increase in customer expectations and customers' successive demands within the improvement of the quality of service, LIC should cater all the customer's needs and wants to survive in intense competition and increase the market share. Keywords: Competition, Customer expectation, Customer Satisfaction, Customer Service and Life Insurance

1. INTRODUCTION “Insurance affects everything and everything affects insurance” is a famous quote. Insurance Sector rst came into existence in India with the establishment of the Oriental Life Insurance Company in 1818. The nationalization of insurance business in the country resulted in the establishment of Life Insurance Corporation of India (LIC) in 1956 as a wholly-owned corporation of the government of India. Insurance sector was opened for private players with the enactment of the IRDA Act, 1999. Today, 24 life insurers have come into existence in the country (i.e., 23 private and 1 public). Statistics of the Indian life insurance industry indicate that the industry has been showing a tremendous growth and looking forward a prospective future. Given aggressive expansion plans of the private players and the need to beat the competition, the period to break-even in lifeinsurance business has risen from what was estimated at 9-10 years to about 13-15 years now. Increasing GDP, coupled with the growth in demand, has opened a plethora of opportunities for India's insurance industry. Since the entry of the private sector post liberalization, the Indian life insurance sector has changed signicantly to offer a range of life insurance solutions through a distribution network spread across the country. The total insurance penetration, which is the ratio

60 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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of the insurance premium as a percentage of GDP, has increased from 2.32 in 2000-01 to 5.10 in 2010-11, according to IRDA. Life insurance penetration in 2010-11 was 4.40, whereas the nonlife insura. 5 billion in 2011, at a compounded annual growth rate (CAGR) of 14.1 per cent, according to a report from BRIC data,. The report estimates that India would be the third-largest market for life insurance in the world by 2015. At present, India stands 12th among the top global markets for life insurance. Also, the number of policies sold is expected to increase to 85.21 million in 2015 from 53.23 million in 2010. Life Insurance Corporation of India was established in 1956 and till present day is the largest Life Insurance Company in Indian market. During the nancial year 2010-11, Life Insurance Corporation of India has reported net prot of `1,172 crore i.e., an increase of 10.47 per cent over `1,061 crore in 2009-10. At the end of March 2011, Life Insurance Corporation of India reported a solvency ratio of 1.54. 2. LITERATURE REVIEW

Timira Shukla (2011), a research study attempts to uncover service quality dimensions that are essential to the customer in the life insurance sector. Analysis reveals that service satisfaction is not a necessary condition for the purchase of two or more products from the same organization. The GAP model depicts the overall perception score of LIC using RATER dimensions. It shows that LIC is focusing on a dimension which is not important to customers as suggested by the high difference in scores on certain dimensions. R. Rajendran and B. Natarajan (2010), a research paper attempts to carry with objectives to compare the overall performance of the Indian Life Insurance Corporation of India between preand post- LPG era and to examine the current status, volume of competitions and challenges faced by the Life Insurance Corporation of India. Darshana Dave and Kunjal Sinha (2009), this study is a descriptive research on preference and satisfaction of Agents with regard to Life Insurance. The study identies various factors inuencing the selection of Life Insurance Company of the agents; to know the type of insurance plan agents sell the most; to study the gap between preference and satisfaction of agents for various variables under study. The study reveals that unit linked plans are the highest sold by the agents. Fatima Alinvi & Maira Babri (2007), this study attempt to understand the preferences of young customers, in this case students. This research paper inferred that price is a decisive factor for young customers of insurance services. It reveals that there exists unawareness among young people about the services provided by insurance companies, as well as skepticism regarding their contracts and intentions.

61 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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3. STATEMENT OF THE PROBLEM

India is on the threshold of rapid economic and social changes. The Indian Insurance Industry has moved into a more competitive arena with the arrival of private players in the market also the degree of competition among the private players has increased in the present years. It is observed that public player Life Insurance Corporation is losing its market share in favor of new entrants or private companies. The emerging economic scenario has thrown up many challenges which pressurized LIC's marketing strategies. So, LIC needs to make substantial investments to improve their score on tangibility dimension as it is an important criterion for customer service. This paper makes an attempt to investigate customer priorities in identifying LIC and their satisfaction level on various features of LIC. Therefore, this study is signicant for LIC to retain its leadership status in the insurance sector. 4. OBJECTIVES OF THE STUDY · · ·

To examine the level of customer satisfaction towards various features of LIC. To explore the future prospects of customers in insurance purchases at LIC. To provide insight into the possible reasons of non-consumption of LIC products by customers.

5. RESEARCH METHODOLOGY

The present study is concerned with the customer satisfaction on various features of Life Insurance Corporation of India in Kanpur. This study is empirical in nature, and it is based on the primary data collected from the customers of LIC with help of structured questionnaire. Convenience sampling method was used to select sample respondents. The responses have been captured in 5 point Likert scale. 250 questionnaires were distributed who are willing to ll up the questionnaire. Finally 238 lled questionnaires were received from the customers, considered as sample respondents. 6. DATA ANALYSIS 1) Correlations of Satisfaction with Various Features of LIC with Opinion on LIC's

Performance

**: Signicant at 0.01 level.

62

*Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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Inference: As presented in the above table and chart, satisfaction with all the listed features of LIC had positive and signicant (at 1% level) correlations with respondents' opinion on LIC's performance. The strongest correlation was found to be in case of product features (at 58%), followed by post purchase service (at 54%) and xed premium and purchase experience (at 49%).

3) Correlations of Satisfaction with Various Features of LIC with Opinion on LIC's Customer Service

**: Signicant at 0.01 level; *: Signicant at 0.05 level.

63 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Inference: As presented in the above table and chart, satisfaction with the repeat purchase experience and xed premium have a negative and signicant (at 0.01 level) correlation with respondents' opinion with LIC's customer service. Satisfaction with purchase experience not signicant (at 0.05 levels) shows 0.146 with respondent's opinion on LIC's customer service. With rest of the features of LIC, the correlations of respondents' opinion about customer service were positive (but not signicant). 4) Correlations of Satisfaction with Various Features of LIC with Prospects of Future

Insurance Purchase

**: Signicant at 0.01 level

Inference: As presented in the above table and chart, the satisfaction with various LIC's features had no signicant correlation with the respondents' prospect of a future insurance purchase.

64 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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5) ANOVA of Satisfaction with Various Features of LIC by Respondents'|Gender

Null Hypothesis: The satisfaction with various features of LIC is same across the gender of the respondents. Alternate Hypothesis: The satisfaction with various features of LIC differs across the gender of the respondents.

*: Signicant at 0.05 level Inferences: From the above table, the satisfaction with various features of LIC by respondents' gender. Using ANOVA, Outcome shows the F-value and the signicance value for Product Features is 0.491 and 0.484; for Fixed Premium is 1.192 and 0.276; for Purchase Experience 3.74 and 0.054; for Usage Experience is 6.572 and 0.011; for Post Purchase Service is 0.001 and 0.977; for Repeat Purchase Experience is 1.222 and 0.27. Since the signicance values of Product Features, Fixed Premium, Purchase Experience, Post Purchase Service and Repeat Purchase Experience is greater than 0.05. The mean difference across the genders of respondents for the satisfaction with Product, Fixed Premium, Purchase Experience, Post Purchase Service and Repeat Purchase Experience feature is not signicant at 0.05 level. Hence, null hypothesis is accepted. But the signicance value of Usage Experience is less than 0.05. The mean difference across the genders of respondents for the satisfaction with Usage Experience features of LIC is signicant at 0.05 level. Hence, Null Hypothesis is rejected, Alternate Hypothesis is accepted. Therefore, the satisfaction with various features of LIC differs across the gender of the respondents. 65 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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6) ANOVA of Satisfaction with Various Features of LIC by Respondents' Age

Null Hypothesis: The satisfaction with various features of LIC is same across the age levels of the respondents. Alternate Hypothesis: The satisfaction with various features of LIC differs across the age levels of the respondents.

*: Signicant at 0.0 5 level Inferences: From the above table, the satisfaction with various features of LIC by respondents' age. Using ANOVA, Outcome shows the F-value and the signicance value for Product Features is 4.795 and 0.001; for Fixed Premium is 4.597 and 0.001; for Purchase Experience 2.95 and 0.021; for Usage Experience is 0.66 and 0.62; for Post Purchase Service is 2.28 and 0.061; for Repeat Purchase Experience is 5.8 and 0.000. Since the signicance values of Usage Experience, Post Purchase Service is greater than 0.05. The mean difference across the age levels of respondents for the satisfaction with Usage Experience, Post Purchase Service features is not signicant at 0.05 level. Hence, null hypothesis is accepted. But signicance values of Product 66 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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Features, Fixed Premium, Purchase Experience and Repeat Purchase Experience is less than 0.05. The mean difference across the age levels of respondents for the satisfaction with Product Features, Fixed Premium, Purchase Experience and Repeat Purchase Experience is signicant at 0.05 level. Hence, null hypothesis is rejected, alternate hypothesis is accepted. Therefore, the satisfaction with various features of LIC differs across the age levels of the respondents. 7) ANOVA of Satisfaction with Various Features of LIC by Respondents' Education

Null Hypothesis: The satisfaction with various features of LIC is same across the education levels of the respondents. Alternate Hypothesis: The satisfaction with various features of LIC differs across the education

*: Signicant at 0.05 level

67 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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Inferences: From the above table, the satisfaction with various features of LIC by respondents' education. Using ANOVA, Outcome shows the F-value and the signicance value for Product Features is 2.24 and 0.08; for Fixed Premium is 2.86 and 0.04; for Purchase Experience 1.59 and 0.19; for Usage Experience is 1.06 and 0.37; for Post Purchase Service is 1.47 and 0.22; for Repeat Purchase Experience is 1.83 and 0.14. Since the signicance values of Product Features, Purchase Experience, Usage Experience, Post Purchase Service and Repeat Purchase Experience is greater than 0.05. The mean difference across the education levels of respondents for the satisfaction with Product, Purchase Experience, Usage Experience, Post Purchase Service and Repeat Purchase Experience feature is not signicant at 0.05 level. Hence, null hypothesis is accepted. Since the signicance values of Fixed Premium is less than 0.05. The mean difference across the education levels of respondents for the satisfaction with Fixed Premium is signicant at 0.05 level. Hence, alternate hypothesis is accepted and null hypothesis is rejected. Therefore, the satisfaction with various features of LIC differs across the education levels of the respondents. 8) ANOVA of Satisfaction with Various Features of LIC by Respondents' Income

Null Hypothesis: The satisfaction with various features of LIC is same across the income levels of the respondents. Alternate Hypothesis: The satisfaction with various features of LIC differs across the income levels of the respondents.

Product Features

Fixed Premium

Purchase Experience

Usage Experience

Post Purchase Service

Repeat Purchase Experience

N

Mean

Std. Dev.

Under 50000

13

2.08

0.28

50001-200000

71

2.41

1.56

200001-500000

99

2.62

1.44

500001 Or More

55

2.18

1.33

Total

238

2.42

1.42

Under 50000

13

2.77

1.01

50001-200000

71

2.58

1.65

200001-500000

99

2.66

1.62

500001 Or More

55

2.18

1.48

Total

238

2.53

1.58

Under 50000

13

1.69

0.63

50001-200000

71

2.56

1.48

200001-500000

99

3.14

1.52

500001 Or More

55

2.56

1.46

Total

238

2.76

1.5

Under 50000

13

1.62

0.51

50001-200000

71

2.70

1.46

200001-500000

99

2.92

1.35

500001 Or More

55

2.65

1.5

Total

238

2.72

1.41

Under 50000

13

2.38

0.51

50001-200000

71

11.21

19.37

200001-500000

99

11.5

19.5

500001 Or More

55

7.07

15.18

Total

238

9.9

18.08

Under 50000

13

2.92

1.04

50001-200000

71

2.86

0.94

200001-500000

99

2.91

0.82

500001 Or More

55

2.51

0.94

Total

238

2.80

0.91

F Value

Sig

1.4

0.24

1.23

0.3

5.32

0.001

3.5

0.017

1.6

0.192

2.58

0.054

*: Signicant at 0.05 level 68 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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Inferences: From the above table, the satisfaction with various features of LIC by income levels of respondents'. Using ANOVA, Outcome shows the F-value and the signicance value for Product Features is 1.4 and 0.24; for Fixed Premium is 1.23 and 0.3; for Purchase Experience 5.32 and 0.001; for Usage Experience is 3.5 and 0.017; for Post Purchase Service is 1.6 and 0.192; for Repeat Purchase Experience is 2.58 and 0.054. Since the signicance values of Product Features, Fixed Premium, Post Purchase Service and Repeat Purchase Experience is greater than 0.05. The mean difference across the income levels of respondents for the satisfaction with Product, Fixed Premium, Post Purchase Service and Repeat Purchase Experience feature is not signicant at 0.05 level. Hence, null hypothesis is accepted. Since the signicance values of Purchase Experience and Usage Experience is less than 0.05. The mean difference across the income levels of respondents for the satisfaction with Purchase Experience and Usage Experience feature is signicant at 0.05 level. Hence, alternate hypothesis is accepted null hypothesis is rejected. Therefore, the satisfaction with various features of LIC is same across the income levels of the respondents. 7. RECOMMENDATIONS · · ·

· · · · ·

· ·

LIC, being a service organization should always be able to meet the needs and demands of those sophisticated customers effectively and efciently in order to retain them. LIC should introduce proactive strategies that are primarily aimed at educating customers and encouraging greater usage of products/services. LIC should encourage consumer awareness campaigns to improve insurance literacy levels by conducting workshops, distributing literature etc. in both urban and rural areas. LIC of India must understand the policy holder's behaviors specically. LIC of India has scope to improve the quality of the service rendered to its customers to ensure their loyalty. LIC should create awareness, inform of the benets inherent in life insurance and reinforce the purchasing decision of policy holders. LIC should enhance their ability of meeting the constant changes in customers' preferences in an increasingly competitive environment. LIC should conduct more extensive market research before introducing insurance products targeted at specic segments of the population so that insurance can become more meaningful and affordable. Policyholders' should be made aware of their rights and obligations. Policy holders should know the essential aspects of sales talk, insurance policy, claim form, claims processes etc. LIC should draw more representatives from the industry, insurance agents, women's organizations and other interest groups. 69

*Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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8. CONCLUSION The increased competition from the local as well as the foreign insurance players has resulted in the increase in the demand and expectation of the customers, where changes in customer expectations are linked to increasing literacy level. Moreover, customers form their preferences based on their income and life situation. Thus, various features like product, xed premium, purchase experience, usage experience, post purchase service and repeat purchase experience are vital for the customer satisfaction. LIC of India has scope to improve the quality of the service rendered to its customers to ensure their loyalty, Increase trust, knowledge and condence about the company and their insurance products. The company should be cautious on negative word-ofmouth through non-policy holders. Therefore, with better understanding of customers' perception, LIC can determine the actions required to meet their customers' needs. They can identify their own strengths and weaknesses, where they stand in comparison to their competitors and they can chart out path for future progress and improvement. New vistas for further researchers · ·

Future researchers can determine consumer awareness and purchase decision on health insurance plans of LIC with references to physically challenged and handicapped persons. Further researchers can determine consumer satisfaction on new innovative marketing insurance plans of LIC.

References · · · ·

·

Zeithaml, V, A., Parasuraman, A. & Berry, L, L. (1990). Delivering Quality Service, The Free Press, New York, N.Y. Alinvi, F. & Babri, M. (2007). Customers' Preferences of Insurance Services” International Business Program. Shukla, T. (2011). Customer Perception of Brand LIC: An Empirical Investigation, The IUP Journal of Brand Management, Vol. VIII, No. 1. Rajendran, R & Natarajan, B. (2010). The Impact Of Liberalization, Privatization, And Globalization On Life Insurance Corporations Of India, African Journal of Business Management. Vol. 4(8), pp. 1457-1463. http://www.academicjournals.org/AJBM Dave, D. and Sinha, K. (2009). Drivers of Agent Preference and Satisfaction - A Study on Life Insurance, Journal of Marketing Trends, Institute of Public Enterprise Vol.1, No.2.

70 *Dr. Pankaj Kant Dixit, Director, Naraina Vidya Peeth Management Institute Kanpur. E mail : pankajkant_dixit@rediffmail.com **Dr. Abhishek Tiwari, Assistant Professor, Naraina Vidya Peeth Management Institute Kanpur. E mail : abhishek.tiwari346@gmail.com

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ROLE OF A FINANCIAL PLANNER/ADVISOR IN MANAGEMENT OF FINANCIAL PORTFOLIO OF INVESTORS Ms. Shivani Tyagi* Dr. Hamlata Jankinath Bhat** Abstract: The nancial planning is an important for everyone's in today's uncertain life. It is a process to manage income more effectively and helps understand how much money will need for tax payments, other monthly expenditures and savings etc. Today's environment family's nancial security is an important part of the nancial planning process. It includes the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones. Here, the nancial advisor/planner plays an important role and assumes many responsibilities related to individuals overall investment strategy and can assist in a variety of ways. Therefore, the objective of this study is to analysis the role of nancial advisors in management of nancial portfolio of the investor and to analysis the perception of investor on the obligation of a nancial advisor's in nancial Planning. In this study, researchers collected the opinion from people through the questionnaire. With the help of statistical software and tools authors have analyzed the data for achieving the given objectives. Key words: Financial planner, Financial Portfolio, Investor, Financial Affairs, Investment, Obligations

1. INTRODUCTION The nancial planning as a, “process of developing strategies to help people manage their nancial affairs to meet life goals”. Financial planning provides ways and meaning to the person to take nancial decisions. It allows understanding how each nancial decision can make affects on the other areas of nances. By viewing each nancial decision as part of the whole, the person can consider its short and long-term effects on his/her life goals. An advisor is the one who guides/advise and works on behalf of the investor. The main job of an advisor or nancial planner is to advise the investor on how and where to invest to meet future nancial goals and how to best tackle capital market impulses. There are independent Financial Advisers (IFAs) are professionals who offer independent advice on nancial matters to their clients and recommend suitable nancial products from the whole of the market. In general, the roles of a nancial advisor or nancial planner are in the management of nancial portfolio in different ways: 1. A nancial expert can help you in the management of nancial savings and investments Pick appropriate investment, nancial products 2. Understand the risks and rewards associated with various products 3. Fund a school/college education 4. Choose a suitable life insurance policy and medical claim 71 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@iilmcet.ac.in

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5. Manage your retirement plan 6. Keep up with changing IRS regulations 7. Respond to nancial obligations associated with the death of a spouse 8. Process investment transactions 9. Monitor portfolio holdings 10.Advise and guide in mutual fund investment & other To understand the importance of nancial planning in everyone's life, the objective of this study is to nd out the role and importance of nancial planning. Through this paper, we try to nd out, is investor really required the help of nancial advisor or not?

2.LITERATURE REVIEW Mane (2016) introduced the customer perception with regard to mutual funds that is the schemes they prefer, the plans they are opting, the reasons behind such selections and also this research dealt with different investment options, which people prefer along with and apart from mutual funds. For example postal saving schemes, recurring deposits, bonds, and shares. The nding of the research was that most of the people are hesitant in going for new age investments like mutual funds and prefer to avert risks by investing in less riskier investment options like recurring deposits and so. Mishra (2015) explored the important aspects of Mutual Funds affecting the perception of investors and also examine the difference of perception of large and small investors on the basis of explored factors. As a result the three factors, namely investment; return and future were explored and was proved that there is a difference of perception between the small and large investors with respect to 'return' and 'future' aspects of mutual fund. Parimalakanthi and Kumar (2015) explained that the variety of investment avenues is available such as Savings a/c, FD a/c, Government Securities, Corporate Bonds, Insurance policies, Real estates, Commodities, Shares and MFs, Chit Funds and Gold and Silver. All the investors invest their surplus money in the above mentioned avenues depending on their risk taking attitude. The objectives of this paper were to nd the behavior of individual investors of Coimbatore city vis-avis available investment avenues in the Indian nancial markets. The major factors behind an investment are the safety of principal amount, liquidity, income stability, and appreciation. Karve and Deogharkar (2015) focused on the importance of nancial planning analysis. A nancial plan sometimes refers to an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in an existing business, or real estate. In this research paper, we highlighted the pattern in which individual allocates his savings, whether investor are having awareness about the nancial planning & it's importance. 72 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@iilmcet.ac.in

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Rao (2011) examined the role of various social-economic factors effectively the investment decision of the investors. The results that obtained shows that socio- economic factors signicantly inuence the investment behavior of the investors. Lai and Tan (2009) examined the attitudes of the Malaysians toward personal nancial planning, which encompass money management, insurance planning, investment planning, retirement planning, and estate planning. The results show that the job status of a respondent is the primary factor in inuencing attitudes towards personal nancial planning and the frequency in managing for various aspects of personal nancial planning. This paper has implications for nancial planners in formulation strategies on how to successfully deploy a personal nancial planning program for their customers.

3. OBJECTIVES OF THE STUDY · ·

To analysis the role of nancial advisors in investing in nancial portfolio. To analysis the perception of investor on the obligation of a nancial advisor's in nancial planning.

4. RESEARCH METHODOLOGY The methodology of the study is as follows: The Universe of the Study: The universe of the present study is restricted to Lucknow (U.P).



Sampling: Sampling is random convenient sampling method and the sample size is 50 Data Collection Techniques: The data collection is based on primary data, as well as secondary data. The primary data are used for this research and the data collection work is done through Survey Questionnaire. The secondary data sources are also utilized for the study. The secondary sources of information include brochures, printed reports, newspapers, various sites, books, magazine's research study etc. Data Analysis Method: After completion of data collection task, the data was organized tabulated & analyzed. The tables were prepared and interpretation was carried out for the purpose of analysis of data, computer software MS. Excel is used and statistical tool also applied. Data are analyzed with: Percentage analysis and Mean and Standard Deviations

5. DATA ANALYSIS AND INTERPRETATION Part-I: Analysis of demographic prole of respondents

73 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@iilmcet.ac.in

Management Perspective Volume 3, Issue 1, October – March 2017


Table 1: Analysis the personal prole of the respondents Category Gender

Sub-category Male Female 20-25 Age 26-30 31-34 35-40 41-50 51-60 Government Sector Occupation Private Sector Business Married Marital Status Single Educational Qualification Under Graduate Graduate Post Graduate 0-500000 Annual Income 500000-1000000 Above 1000000 1-5 years Working Experience 6-10 years 11-15 years 15-20 years 21-25 years 26-30 years 31-45 years

f 39 11 4 11 13 11 4 7 17 24 9 39 11 3 30 17 33 16 1 18 15 4 8 1 2 2

% 78 22 8 22 26 22 8 14 34 48 18 78 22 6 60 34 66 32 2 36 30 8 16 2 4 4

Source: Authors' own compilation of the primary data

As per above table-1, we found that out of 50 respondents, 78% were male and 22% were female. Further, out of 50 respondents, 8% were in the age group of 20-25, 22% were in the age group of 26-30, 26% were in the age group of 31-34, 22% were in the age group of 35-40, 8% were in the age group of 41-50 and 14% were in the age group of 51-60. In case of occupation out of total respondent, 34% were in the Government sector, 48% were in the private sector and 18% were doing business. As per further analysis, we found that, 78% were married and 11% were single. As far as educational qualication wise concerned, we found that, 6% were Under Graduate, 60% were Graduate, and 34% were Post Graduate. Income wise analysis, we found that 66% were having annual income of 0-5,00,000 , 32% were having annual income 5,00,000-10,00,000 and 2% were having annual income of more than 10,00,000. As per above table, we found that out of 50 respondents, 36% were having working experience of 1-5 years, 30% were having working 74 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


experience 6-10 years, 8% were having working experience 11-15 years, 16% were having working experience of 15-20 years, 2% were having working experience of 21-25 years.

Part-II: Analysis of respondents' perception towards the need of nancial advisors Table 2: Kind of Stock market investment instrument Invested

SMII Shares Bonds Mutual Funds Grand Total

FREQUENCY 39 4 7 50

Percentage 78 8 14 100

Source: Authors' own compilation of the primary data

As per above table, we found that out of 50 respondents, 78% were invested in Shares, 8% were invested in Bonds, 7% were invested in Mutual Funds. Table 3: Number of years investing in the stock market

YISM 0-2 years 3-5 years More than 5 years Grand Total

Frequency 21 19 10 50

Percentage 42 38 20 100

Source: Authors' own compilation of the primary data

As per above table, we found that out of 50 respondents, 42% people were investing in the stock market from last 0-2 years, 38% people were investing in the stock market from last 3-5 years, 20% people were investing in the stock market for more than 5 years. Table 4: Awareness of the benets of investment in stock market

BISM Not at all Aware Not fully Aware Neutral Somewhat Aware Fully Aware Grand Total

Frequency 3 5 14 13 15 50

Percentage 6 10 28 26 30 100

Source: Authors' own compilation of the primary data

As per above table, we found that out of 50 respondents, 6% were not at all aware about the benet of investment in the stock market, 10% were not fully aware about the benet of investment in the stock market,28 % were having neutral awareness about the benet of investment in the stock market,26 % were somewhat aware about the benet of investment in the stock market, 15% were 75 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


fully aware about the benet of investment in stock market. Table 5: The Important factors to know before investing in any nancial instrument in the stock market FISM High Return Less Risk Reputation of the company Grand Total

Frequency 28 11 11 50

Percentage 56 22 22 100

Source: Authors' own compilation of the primary data

As per above table, we found that out of 50 respondents, 56% respondents think High Return is the important factor to invest in Stock Market, 22% respondent think Less Risk is an important factor to invest in Stock Market, 11% respondent think Reputation of the company is an important factor to invest in the Stock Market, Table 6: Awareness of Demat Account

ADA/C Yes No Grand Total

Frequency 48 2 50

Percentage 96 4 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 96% respondents were aware about Demat a/c, 4% respondents were not aware about Demat a/c. Table 7: Awareness about the companies dealing with Demat and trading a/c CDTA/C ICICI Securities Kotak Securities HDFC Securities Angel Broking Any Other Grand Total

Frequency 8 4 11 14 13 50

Percentage 16 8 22 28 26 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 16% respondents were having Demat and Trading a/c in ICICI Securities, 8% respondent were having Demat and Trading a/c in Kotak Securities, 22% respondent were having Demat and Trading a/c in HDFC Securities, 28% respondent were having Demat and Trading a/c in Angel Broking and 26% respondent were having Demat and Trading a/c in any other Broking House. 76 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Table 8: Frequency of investment decision FID Once in a month Once in 3 months Once in 6 months Once in a year Others Grand Total

Frequency 17 12 8 11 2 50

Percentage 34 24 16 22 4 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 34% respondents take investment decision once in a month, 24% respondents take investment decision once in 3 months, 16% respondents take investment decision once in 6 months, 22% respondents take investment decision once in a year. Table 9: Factor of investing in the stock market is most alluring FISM Regular Income Reduction in risk Better Return &Safety Diversified Grand Total

Frequency 11 5 21 13 50

Percentage 22 10 42 26 100

Source: Authors' own compilation of the primary data

As per above table, we found that out of 50 respondents, 22% respondents were invested in the stock market because of Regular Income, 10% respondent is investing in the stock market because of Reduction in risk, 42% respondents were invested in the stock market because of Better Return & Safety and 26% respondent is investing in the stock market because of its Diversiď€ ed nature. Table 10: Feeling of happiness of investor regarding decision to invest in the stock market DISM Not at all happy Not very happy Neutral Somewhat happy Very happy Grand Total

Frequency 3 8 16 15 8 50

Percentage 6 16 32 30 16 100

Source: Authors' own compilation of the primary data

As per above table, we found that out of 50 respondents, 16% respondents were very happy after investing in Stock Market, 30% respondents were somewhat happy after investing in Stock 77 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Market, 32% respondents were neutral after investing in Stock Market, 16% respondent were not very happy after investing in Stock Market and 6% respondent were not at all happy after investing in Stock Market. Table 11: Investors' suggestions to others to invest in the stock market

SOISM Yes No If No, why? Grand Total

Frequency 41 5 4 50

Percentage 82 10 8 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 82% respondents are suggesting others to invest in the stock market and 10% respondents are not suggesting others to invest in the stock market. Table 12: Current investment portfolio other than stock market

CIP Saving Recurring Deposit Fixed Deposit Insurance Real Estate Grand Total

Frequency 32 5 7 3 3 50

Percentage 64 10 14 6 6 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 64% respondents are making savings other than investing in Stock Market, 10% respondents are investing in Recurring Deposit other than investing in Stock Market, 14% respondent are investing in Fixed Deposit other than investing in the Stock Market and 6% respondent are investing in Insurance and Real Estate other than investing in the Stock Market. Table 13: Knowledge of investor to manage his nances KEMF Yes No I, Require Professional advice Grand Total

Frequency 28 11 11 50

Percentage 56 22 22 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 56% respondents have enough knowledge to manage their nances, 22% respondents doesn't have the knowledge to manage their nances and 22% respondent needs professional advice. 78 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@iilmcet.ac.in

Management Perspective Volume 3, Issue 1, October – March 2017


Table 14: Investors' interest in availing the service of personal nancial advisor's during invest in the stock market or other nancial portfolio

SPFA Yes No Grand Total

Frequency 27 23 50

Percentage 54 46 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 54% respondents have availed the service of personal nancial advisor, 46% respondent haven't availed the service of personal nancial advisor. Table 15: Need of nancial advisor YNFA For better investment options Lack of Time Lack of self-awareness For expert service Grand Total

Frequency 11 8 4 5 28

Percentage 39 29 14 18 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 39% respondents need nancial advisor because of Better Investment Option, 29% respondents need nancial advisor because of Lack of Time, 14% respondents need nancial advisor because of Lack of self-awareness and 18% respondent need nancial advisor because of Expertise Service. Table 16: Investors' interest in seeking help from an advisor in the future

NIAF Not at all Interested Not very Interested Undecided Somewhat Interested Very Interested Grand Total

Frequency 2 2 11 6 2 23

Percentage 9 9 48 26 9 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 9% respondents are very much interested in taking help for nancial advisor in the future, 26% respondent are somewhat interested in taking help of nancial advisor in the future, 47% respondent haven't decided, and 9% respondent are not very interested and 9% respondent are not at all interested in taking help for nancial advisor in the future.

79 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Table 17: Reasons for not hiring the nancial advisor RPFA It’s expensive Not enough assets Not sure how an advisor can help them They prefer a “do-it-myself”approach to their finance Do not trust financial advisor’s in general Not sure how to find a financial advisor Do not need because their finances are simple Grand Total

Frequency 2 15 1 20 8 2 2 50

Percentage 4 30 2 40 16 4 4 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 4% respondents doesn't hire nance advisor because it's expensive, 30% respondents doesn't hire nance advisor because they doesn't have enough assets, 2% respondents are not sure how an advisor can help them , 40% respondents prefer a “do-it-myself ” approach to their nance, 16% respondents do not trust nancial advisor in general, 4% are not sure how to nd a nancial advisor, 4% respondents do not need because their nance are simple. Table 18: Preferences for advice delivery PAD Online advisory service Financial Advisor Integrated solution combining both channels Grand Total

Frequency 7 35 8 50

Percentage 14 70 16 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 14% respondents prefer online advice delivery, 70% respondent prefer Financial advisor and 16% respondent prefer Integrated solution combining both channels. Table 19: Interested in online automated advisory services with an without nancial advisors

IOAAS Not at all Interested Not very Interested Undecided Somewhat Interested Very Interested Grand Total

Frequency 1 11 14 21 3 50

Percentage 2 22 28 42 6 100

Source: Authors' own compilation of the primary data

80 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@iilmcet.ac.in

Management Perspective Volume 3, Issue 1, October – March 2017


As per the above table, we found that out of 50 respondents, 2% respondents are not at all interested in online automated advisory service, 22% respondents are not very much interested in online automated advisory service, 28 % respondent haven't decided, 42% respondent somewhat interested in online automated advisory service and 6% respondents is very much interested in online automated advisory service. Table 20: Satisfaction level of investor regarding current nancial advisor service

SLFAS Unsatisfied Reasonably Satisfied Satisfied Highly Satisfied Grand Total

Frequency 1 11 34 4 50

Percentage 2 22 68 8 100

Source: Authors' own compilation of the primary data

As per the above table, we found that out of 50 respondents, 8% respondents are highly satised with their current nancial advisor services, 68% respondents are Satised, 22% respondents are reasonably satised and 2% respondent are Unsatised by their current nancial advisor services. Part-III: Analysis of the most important attribute required for the nancial advisors on the basis of Mean and SD Table 21 : Mean and SD of attribute required for the nancial advisors S No. 1 2 3 4

Attributes Legally Required to act in their best interest Experience Hold recognized financial licenses and designation Part of a well known financial company

Mean 4.56 4.64 4.74 4.54

Standard Deviation 0.70 0.63 0.59 0.67

Source: Authors' own compilation of the primary data

As per the analysis of the above table, we found that the mean score of the “legally required to act in their best interest is 4.56. The average rate of “experience” is 4.64, “hold recognized nancial licenses and designation 4.74 and the advisor should be the part of a well known nancial company the mean score is 4.54. The average rating score of all the parameters lies between more than 4.50. It implies that all the parameters are very important for the good nancial advisor. The standard deviation values show how the data is dispersed from one to the other. In further analysis, we found the SD values lies between 0.70-0.59, which means there is little variation in the opinion of the respondents. It has been concluded that the opinion regarding the above statement is identical for all respondents.

81 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Part-IV: Analysis the requirement of nancial advisor on the different issues of nancial planning Table 22: Mean and SD of requirement of nancial advisor S.No Attributes

Mean Standard Deviation

1.

4.3

0.7354

4.26

0.7230

4.18 4.2

0.8002 0.8571

4.12 4.14

0.8485 0.8573

4.16

0.8889

4.08 3.98 4.08 4.12

0.9864 0.9145 0.9222 0.8485

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Determining how much you need to save in order to reach your retirement goal Developing a plan for how to convert your savings into income once you retire Evaluating your overall financial wellness Assessing your investment risk tolerance and generating an overall investment strategy Optimizing Social Security claiming to maximize your benefits Managing all of your investment and retirement accounts from work and outside of work Managing the investments in your current workplace retirement plan Determining the best time to retire, stop working Planning for health care expenses in retirement Managing debt and budgeting Savings or making investments for a child’s college education

Source: Authors' own compilation of the primary data

As per the analysis of the above table to understating the requirement of nancial advisor on the different issues of nancial planning, the data reveals that on the statement “Determining how much you need to save in order to reach your retirement goal” the mean score is 4.3 and SD value is 0.73. Further, “Developing a plan for how to convert your savings into income once you retire” the mean score is 4.26, SD 0.72. In case of statements “Evaluating your overall nancial wellness” mean score is 4.18 and SD is 0.80. As for the statement” Assessing your investment risk tolerance and generating an overall investment strategy” is concerned the mean value is 4.2 and SD is 0.85. “Optimizing Social Security claiming to maximize your benets” means score is 4.12 and SD is 0.84. In the statement “Managing all of your investment and retirement accounts from work and outside of work” mean scores 4.14 and SD is 0.85. On the other hand the “Managing the investments in your current workplace retirement plan” mean is 4.16 and SD is 0.88. In case of statement “Determining the best time to retire, stop working” mean 4.08 and SD is 0.98, the statement “Planning for health care expenses in retirement” mean is 3.98 and SD is 0.91,“Managing debt and budgeting” mean is 4.08 and SD is 0.92 and the statement “Savings or making investments for a child's college education” mean is 4.12 and SD 0.84. It has been concluded that maximum score is recorded on the statement “Developing a plan for how to convert your savings into income once you retire”. It means people are not much aware that after retirement how they shall convert their saving into the regular income. On the other hand people are less bothered on “Planning for health care expenses in retirement” On an average the mean score is more then 5 and less than 4, it means people says that nancial advisor is very helpful for provide information on nancial planning matters. 82 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Findings: 1. In case of personal prole of the respondent, the majority of the people in the study is male. In the age group maximum numbers of the respondents are from Age 31-34. In case of an occupation majority of the respondents are from the private sector. Married people are more the study. When we see the data of educational qualication, the majority of respondents are graduates. On the other hand, when we talk about the income majority of people are from Rs. 0-5,00,000 income and 1-5 years working experience. 2. Maximum number of people invests in shares. 3. The majority of the investor is very new in the stock market, i.e. 0-2 years. 4. In case of awareness of the benets of investment in stock market the majority of response was neutral. 5. People are more interested on “High Return” before they invest in the stock market. 6. The majority of respondents knows about the Demat a/c. 7. The factor “Better Returns and Safety” in the stock market is inuencing more. 8. The majority of people prefer a “do-it-myself” approach. So they don't hire the nancial advisor. 9. The maximum numbers of respondents like to personally interact to nancial advisors, rather than to take online advisory services of integrated Solution Combing both Channels. 10.The majority of respondents say that the nancial advisor should be hold recognized nancial licenses and designation apart from other attributes. 11.In case of requirements of nancial advisors on the different issues of nancial planning, almost every respondent say very helpful. It means those nancial advisors are very helpful to manage the nancial portfolio.

6.CONCLUSION It has been concluded that after examine the responses received from the investors in Lucknow city, a majority of investors are found to be conscious and enlightened regarding their investment, returns and growth. We have very good market in Lucknow which comprises potential investors, but due to lack of basic promotion and publicity these investors are not fully aware of our company and whosoever is aware of the company their investment decisions are done on the basis of security, analysis of risk yield and return few parameters like demographic, physiological, income. Therefore, nancial institutions and nancial advisors should make little more efforts to trap the potential investors, like media advertisements, paper advertisement, seminar and business meets and building a good relationship with potential business, moreover friendly guidance.

83 *Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


References ·

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Karve, S. & Deogharkar H. (2015). A Study of Financial Planning Need Analysis, International Journal of Arts, Humanities and Management Studies, Volume 01, No.12, ISSN No 2395.692. Lai, M. and Tan, W. (2011). An Empirical Analysis of Personal Financial Planning in an Emerging Economy, European Journal of Economics, Finance and Administrative Sciences. ISSN 1450-2275 Issue 16 © EuroJournals, Inc. 2009 <http://www.eurojournals.com> Mane, P. (2016). A Study of Investors Perception towards Mutual Funds in the City of Aurangabad. The SIJ Transactions on Industrial, Financial & Business Management (IFBM), Vol. 4, No. 2, ISSN: 2321-242X. Mishra, R. (2015). Perception of Investors towards Mutual Funds: An Analytical Study in Odisha, International Journal on Recent and Innovation Trends in Computing and Communication. Volume: 3 Issue: 7, ISSN: 2321-8169-4889-4892. Parimalakanthi, K. and Kumar, M. (2015). A Study on Investment Preference and behaviour of Individual Investors in Coimbatore City, Bonfring International Journal of Industrial Engineering and Management Science, Vol. 5, No. 4, ISSN 2277-5056. Rao, K. (2011). Analysis of Investors' Perceptions towards Mutual Fund Schemes (With Reference to Awareness and Adoption of Personal and Family Considerations), International Journal of Multidisciplinary Research, Vol.1 Issue 8, ISSN 2231 5780., <http://www.zenithresearch.org.in/images/stories/pdf/2011/Dec/zijmr/13_VOL%201_I SSUE8_ZEN.pdf> Articles from websites About Financial Planning- Helping People Take Control of their Financial Lives, Retrieved from <https://www.fpsb.org/about-nancial-planning/> Financial planning is beyond investments, retirement plans, Retrieved from <https://www.cnbc.com/2015/09/26/nancial-planning-is-beyond-investmentsretirement-plans.html> I n d i v i d u a l s & F a m i l i e s - S e l e c t a F i n a n c i a l A d v i s o r, R e t r i e v e d f r o m <http://www.janney.com/individuals--families/select-a-nancial-advisor/the-role-of-anancial-consultant> Role of Financial Advisor and Financial Analysts, Retrieved from <https://nance.mapsofworld.com/nance/advisor/role-analysts.html> The Importance of a Financial Advisor, Retrieved from <https://www.abglobal.com/investments/us/importance-nancial-advisor.htm> T h e R o l e o f t h e P r o f e s s i o n a l F i n a n c i a l A d v i s o r, R e t r i e v e d f r o m <http://www.duncangrp.com/the-role-of-the-professional-nancial-advisor/> Types of Advisors, Retrieved from <https://www.paladinregistry.com/retirement/role-ofnancial-advisors> 84

*Ms. Shivani Tyagi, Process Trainee, AWM Department Ameriprise Finance, Gurgaon. Email: tyagishivani094@gmail.com

**Dr. Hamlata Jankinath Bhat, Professor, IILM, Greater Noida. Email: hamlata.bhat@gmail.com

Management Perspective Volume 3, Issue 1, October – March 2017


Book Review: Unnished Business: Women Men Work Family

Anne-Marie Slaughter, in her book Unnished Business refers to Sheryl Sandberg's Lean In as the reigning work-life balance manual. Anna Slaughter, chief executive ofcer of the think tank New America and a former dean at Princeton, speaks about the realistic assessment of the persistent gender inequality that challenges the late capitalist economy. After years of being told they can do anything they want while men still behave as if it's the 1950s, women are ready to hear the truth: Nothing is going to change for professional women in the realm of work, life, and family demands until men get on board. To achieve this, Slaughter writes, the question of how to manage a career and a family, long cast as a “women's issue,” should be reframed as a “caring issue.” Everyone, male or female, parent or not, may at some point have caretaking obligations for another person. Anne Marie says to build the Care taking Attitude on the males the concept of a “Wife” not being at home needs to be built in. If this situation becomes true, then the society, would have fewer promising women (and men) dropping out of the workforce after having children. Sheryl Sandberg, chief operating ofcer of Facebook says the closest thing the contemporary women's movement has to a patron saint, has been a force for good. Sheryl Sandberg in her book Lean In, has pushed an important issue onto the front pages. Sandberg mainly talks about women's own behavior. Her emphasis is on the importance of self-condence and of choosing a partner who can balance the load. In her book she suggests that women can improve things slowly by being more ambitious and making innumerous small changes. Sandberg mentions that till the time men are responsible for making most of the policy and management decisions, then universal maternity leave and affordable child care will remain remote fantasies. In Unnished Business, Slaughter addresses these shortcomings. “Sheryl Sandberg and I agree on many things,” she writes in the rst chapter. “Sandberg focuses on how young women can climb into the C-suite in a traditional male world of corporate hierarchies. I see that system itself as antiquated.” She goes on, “When law rms and corporations hemorrhage talented women who reject lockstep career paths and question promotion systems that elevate quantity of hours worked 85 *Dr. Sanchita Ghosh Assistant Professor IILM- Graduate School of Management, Greater Noida-201308

Management Perspective Volume 3, Issue 1, October – March 2017


over the quality of the work itself, the problem is not with the women.”This book grew out of a sensational story she wrote for the Atlantic, “Why Women Still Can't Have It All.” Those who were “having it all,” she argued, were either “superhuman, rich or self-employed.” Unnished Business is an attempt to dispel the myths she sees driving the “super woman” trope.

Anne Marie foresees the ordeal that women have to face for accomplishing these revolutionary shifts. It will take a wholesale rethinking of American culture, policy, and the workplace. In Unnished Business, Slaughter addresses these shortcomings. “Sheryl Sandberg and I agree on many things,” she writes in the rst chapter. “Sandberg focuses on how young women can climb into the C-suite in a traditional male world of corporate hierarchies. I see that system itself as antiquated.” She goes on, “When law rms and corporations hemorrhage talented women who reject lockstep career paths and question promotion systems that elevate quantity of hours worked over the quality of the work itself, the problem is not with the women.”This book grew out of a sensational story she wrote for the Atlantic, “Why Women Still Can't Have It All.” Those who were “having it all,” she argued, were either “superhuman, rich or self-employed.” Unnished Business is an attempt to dispel the myths she sees driving the “super woman” trope.

86 *Dr. Sanchita Ghosh Assistant Professor IILM- Graduate School of Management, Greater Noida-201308

Management Perspective Volume 3, Issue 1, October – March 2017


At times throughout the book, Slaughter's academia-inected optimism can feel misplaced. But she does offer one piece of concrete advice: “Vote more women into ofce.” Originally published: 2015 Author: Anne-Marie Slaughter Publisher: Randon House Publishing Group ISBN: 9780812984972 Dr. Sanchita Ghosh* Assistant Professor IILM- Graduate School of Management, Greater Noida-201308 Email:Sanchita.Ghosh@iilmgsm.ac.in

87 *Dr. Sanchita Ghosh Assistant Professor IILM- Graduate School of Management, Greater Noida-201308

Management Perspective Volume 3, Issue 1, October – March 2017


Book Review: The Content Trap: A stratigest Guide to Digital change

Bharat Anand is the Henry R. Byers Professor of Business Administration in the strategy unit at Harvard Business School. He is associated with Harvard Business School for more than 19 years and had written many articles, cases and book chapters that had helped to frame students understanding about the entertainment and media industry. In the era of the internet and digitalization, when many media houses have perished, Mr Anand via this book is trying to provide a framework for formulating strategies to face digital disruption. He had taken the insight from his previous research and his experience of creating HBX: Harvard Business School's digital learning initiative. The book is divided into four parts: Part I Classiď&#x20AC; eds-User Connections, Part II Concerts-Product Connections, Part III Context-Functional Connections and Part IV Everyone's a Media Company. Over these parts he examine range of businesses like newspaper, television and entertainment, periodicals, internet service providers, online music, online advertising etc. from around the world, be it New York Times to Chinese internet Giant- Tencent or reference of apple and its complementary products to The Economist or be it education to talent management, the author had tried to establish their disconnection between their content, product and quality in the new era. He tries to convey how their biased thinking has made them do unwise content investment and prevented them from exploring the opportunities provided by the internet. According to Mr Anand, companies around the world faces only two prominent challenges: Getting noticed and Getting paid. These challenges are not new, media and entertainment industry had faced them for a longer time than any other industry, hence it is important to learn from their experience. The major learning for the companies are: 88 *Dr. Sandhya Rai Associate Professor IILM- Graduate School of Management Greater Noida-201308 Email: sandhya.rai@iilmgsm.ac.in

Management Perspective Volume 3, Issue 1, October â&#x20AC;&#x201C; March 2017


Modern business can boom by taking the advantage of the internet to foster the interaction among various stakeholders. · Connections are more important than the content they create. · It is the ability of establishing customer's connectivity and not the quality of content that leads to the success. “Success comes not from making the best content but from establishing best connections”. · Success comes not from the protecting the value of content at all cost but from unearthing related opportunities closed by. · It comes not from mirroring competitors best's practices, but from seeing choices as a part of a connected whole. This book offers a fresh look on how and why organizations are winning and losing in the digital world and provide a guidance for survival in the digital world. It breaks the myth “Content is King”. It is a must read book for leaders and people in the area of strategy to build a sustainable organization. ·

Author: Dr Bharat Anand Publisher: Penguin Random House Year: Oct 2016 Pages: 464 ISBN 9780812995381 Dr. Sandhya Rai* Associate Professor IILM- Graduate School of Management Greater Noida-201308 Email: sandhya.rai@iilmgsm.ac.in

89 *Dr. Sandhya Rai Associate Professor IILM- Graduate School of Management Greater Noida-201308 Email: sandhya.rai@iilmgsm.ac.in

Management Perspective Volume 3, Issue 1, October – March 2017


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Management Perspective October - March 2017  

Management Perspective | Volume 3 | Issue 1 | October - March 2017

Management Perspective October - March 2017  

Management Perspective | Volume 3 | Issue 1 | October - March 2017

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