46 |M-Power To sum up, this article emphasises the influence of the role of business strategy to create a competitive advantage in an organisation. Business strategy plays a vital role in attaining the organisational objectives. The world of business is dynamic, and to remain inthe market, it becomes mandatory to implement suitable strategies for the business. Strategy is considered the "highest point of managerial activity" (Mintzberg). Accordingly, it becomes indispensable to ignore implementing novel strategies from time to time thoroughly. Companies need to recognize and avoid old school strategies and adopt fresh and better ideas for the business. Bibliography: 1. https://www.forbes.com/sites/larrymyler/2017/02/23/7-ways-to-make-your-business-standout-in-a-crowd-of-competitors/?sh=5b05051c62fa 2. https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitive-advantage/ 3. https://smallbusiness.chron.com/business-strategies-competitive-advantage-4633.html 4. https://medcraveonline.com/OAJS/the-role-of-business-strategy-to-create-a-competitiveadvantage-in-the-organization.html 5. https://www.smartcompany.com.au/business-advice/business-stand-out-crowded-market/ 6. https://www.salesreadinessgroup.com/blog/how-to-create-a-competitive-edge-to-beat-thecompetition 7. https://www.salesreadinessgroup.com/blog/how-to-create-a-competitive-edge-to-beat-thecompetition
47 |M-Power PRODUCT OR PROCESS INNOVATION – WHICH TO CHOOSE? -Esha N Shah (III B.B.A.) and Yamuna Dhevi R (I B.B.A.) Abstract: There are several different ways in which a company can innovate. This article breaks down two of these ways, product innovation, and process innovation. Product and process innovation is a part of business model innovation. In contrast, business model innovation is broader and more complex than product and process innovation. Keywords: Innovation, examples, product innovation, process innovation. Innovation arises when there is a necessity. Examples in daily life are new habits,new personal goals, and different ways to approach them. Product and process innovation is similar to that. In simple words, innovation means new methods, ideas,products, etc. One of the distinguishing features of strategies and programmes enacted over the previous quarter-century, both inside companies and at national and regional levels, has been innovation. Product innovation and process innovation are two different types of innovation. Product and technology renewal, as well as organizational changes, are examples of how innovation manifests itself in the workplace. These adjustments can positively impact the organization's quality, efficiency, competitiveness, and long-term viability. PRODUCT INNOVATION: Product innovation enables a better product to be offered than what is now available in terms of functions or better performance. The company can obtain a competitive edge by distinguishing its production and enhancing the quality and diversity of goods, allowing it to expand demand and generate new growth opportunities through product innovation (Maier, 2013).
48 |M-Power There are three different types of product innovation: 1. Creating a new product, such as the Kindle from Amazon. 2. An upgrade to the established product's performance, such as an increase in the iPhone 11's digital camera resolution. 3. An existing product with a new function, such as power windows in a vehicle. Product innovation is visible to the customer, and therefore, it creates a huge demand for the product. It is of technological advancement, changes in outdated product design, and fulfilment of changing customer requirements in the product. The best example of this innovation is Amazon. Amazon has developed a new product: Amazon kindle in the year 2012 and Amazon kindle paperwhite in the year 2021. It is a new approach in marketing its products. Kindle was Amazon’s first e-book. Amazon kindle paperwhite is an improved version of kindle. The things to be noticed in product innovation is that a new product, a new feature in the existing product that is adjustable like warm front light, parental control and waterproof, changes in outdated design that is a bigger display screen, USB type -c port, and slightly bigger battery. Figure 31: Comparison between Amazon Kindle and Paper White (Source: www.youtube.com) Left image: Amazon kindle Right image: Amazon paper white PROCESS INNOVATION: Process innovation can be of the following three types: 1. New Techniques 2. New Technology 3. Additional Facilities
49 |M-Power Process innovation is based on innovation in the process of developing a product. It uses facilities, skills, and technologies to improve the product. There are numerous processes to improve a product. It includes using technologies to improve tools, techniques, and software solutions. Process innovation is not visible to customers. These innovations are mentioned in the product manuals to make them visible to customers so that the quality and trustworthiness among their customers can be strengthened. They increase revenue and reduce the cost of production. It is considered to be the lowest -risk of innovation methods. A good example of process innovation is the Grupo Bimbo hired Differential to create a mobile sales dashboard. The bakery has 65 manufacturing sites and 2.5 million sales centers spread throughout 22 countries and 3 continents. As a result, members of the executive team frequently travel to meet with their direct reports worldwide. A mobile sales dashboard allows the team to quickly access sales data and other KPIs for each country, channel, and brand, eliminating guessing in sales choices and shortening meeting times. Figure 32: The relationship between Product and Process Innovation (Source: www.researchgate.net) Finally, whether it's a product or a method, all innovations must be unique. Innovation is distinguished from non-innovation by the uniqueness of products or processes. Bibliography: https://www.researchgate.net/
50 |M-Power LET'S THINK OUT OF THE BOX! (Answers on Page 62) -Khushi K Jain (III B.B.A.) Across: 4. To make an offer or a suggestion 6. A firm buying another firm by obtaining major stakes of it. 8. An organization officially attached to a larger body. 10. A business gives services at no cost to consumer to establish foundation of future transactions. 12. A business model in which a company buys a product and then leases it to the customer for a periodic fee. Down: 1. To produce goods efficiently 2. The ultimate goal of any business 3. A synonym of rivals 5. To take an advantage of the situation 7. A plan to achieve something 9. The ability to be maintained at a certain rate or level.
51 |M-Power PIVOTING YOUR BUSINESS AFTER A CRISIS: A GUIDE -Simran Amit Gandhi (I B.B.A.) Abstract: With the condition that the world is currently in, due to the COVID-19 pandemic, Crisis management has become more relevant and important for different businesses across the globe. Over the years, every business and company has understood the importance of planning and preparing for the future of their enterprise. Organisations have acknowledged the need for change and are coming up with different ways to implement these changes to assist the company in its upcoming endeavours. Innovations are being brought about to help the company cope with the current scenario. This article discusses crisis management, the different types of crises, noting successstories of how crisis management helped companies, and the steps in making a crisis management plan. Keywords: Crisis, Future Events, Planning, Crisis Management, Preparedness, Preventive Measures. UNDERSTANDING CRISIS MANAGEMENT: Crisis management is when a company or an enterprise deals with an unexpected event that threatens to harm the organization or the people who hold some stake in the company. In layman's terms, it is the method of considering future events while making decisions regarding the enterprise's activities. It is the most important public relations process because it gives confidence to the public, especially the shareholders, that the company is prepared for any future discrepancies and complications. A crisis has three core elements which include: (A) Warning to the enterprise (B) The surprise component (C) And a brief decision time While many people might think risk and crisis management are similar terms, that is far from true. Risk management refers to looking into the different threats an organization might face and finding the most optimum way to avoid these problems. On the other hand, crisis management involves handling the problems or threats at all the stages- prior, during, and after. TYPES OF CRISIS: People face multiple crises in their everyday lives in places of work or education, with families and friends. Similarly, businesses also have crises that they deal with in their day-to-day operations. External forces like natural disasters, security breaches, false rumours, political stability, etc.
52 |M-Power A good example of this could be the COVID-19 pandemic and how it changed the operations of various businesses and also introduced them to different innovations in production and customer satisfaction. Another type of crisis can be self-inflicted. These are caused within the organization. Examples of this can be when an employee dumps waste into an already polluted water system, uses the company’s computer for personal reasons, etc. These internal crises can be easily managed if the company or enterprise enforces rules and regulations and ensures that the employees follow proper protocols and conduct. SUCCESS STORIES OF CRISIS MANAGEMENT: (1) In 1993, Pepsi faced a crisis that started when there was a claim of syringes being found in cans of diet Pepsi. This crisis led to a decrease in sales, but Pepsi didn’t give up and creatively managed the crisis. Initially, they asked the storesto remove the product. Then they planned a strategy wherein they first released a video about the investigation and arrest regarding this issue. Their second news release showed that the man responsible had been arrested, and then the last news release showed surveillance footage of a woman putting the syringe in the cans. They then started an apology and also thanked everyone for believing in them. They also partnered up with the FDA during this crisis. This led to a restoration of the people's faith in the company. The company continued performing very well in the market, as is evident from its operations and sales to date. (2) Ola provides a stellar example of a company that was adversely affected by the Covid-19 lockdown. Apart from its daily operations being affected, the backbone of their company- their employees or drivers, faced a setback during the lockdown, which also led to the improper functioning of the company. Ola understood the crisis and came up with a plan to help the drivers that worked for them. They launched an initiative called #DrivetheDriverFund. Their main objective was to help the drivers in need and provide them with the necessary supplies and also give them financial support in case of health issues that they might face. This was a great step in crisis management since it showed that they would go above and beyond for their shareholders and identify their key areas and then focus on them. This step helped them encourage the drivers and provided them incentives to increase company value and trust, which eventually reaped benefits in the future. Ola was able to see financial growth, despite the pandemic. Let's now look into how these companies and several others were able to analyse their crises and solve the problem through proper and innovative crisis management.
53 |M-Power Figure 33: Ola Financials for the years 2019-21 (Source: www.entrackr.com) Figure 34: Stages of Crisis Management (Source: www.slideshare.net)
54 |M-Power Every firm must devise a plan in case of any unpredicted events that might occur in the future. But to compose a plan, there are some aspects or stages that one needs to follow to ensure the success ofsaid plans. Crisis management includes six different stages. Keeping each stage in mind can allow the team to handle expectations and awareness appropriately. 1. IDENTIFYING THE CRISIS: The first stage is identifying the crisis and understanding what can be done to overcome it. A crisis can be of different types, so identifying what kind it is-whether a natural crisis, rumour crisis, or something else, will enable the company to take proper actions. 2. PREPARING FOR THE CRISIS: After identifying the different crisis areas, it is important to start preparing for the said crisis. This preparation is done through the assessment of vulnerabilities and crisis planning. This assessment helps the company determine the areas of weakness and work on them. 3. PREVENTING THE CRISIS: It is always said that “Prevention is better than cure.” In case of a crisis, the company should prevent it from spreading further and causing more damage. Crisis prevention is undertaken through a) Anticipating and having a plan b) Responding immediately c) Always stating the truth d) Taking responsibility for actions 4. RESPONDING TO THE CRISIS: There comes a time to address the crisis and generate a response protocol to ensure that the matter does not get out of their hands. To understand this better, one can look back at Pepsi's success story, it was able to respond to the crisis creatively and took action immediately to ensure that the company wouldn’t suffer any more loss from the problem. Ola, too, responded to the situation but in a different way. Instead of focusing on the sales aspect, they focused on the company's backbone- the employees. They managed the crisis of the lockdown and loss of work by opening up a fund. This helped the employees, which in turn, made the company stronger.
55 |M-Power 5. RECOVERING FROM THE CRISIS: The last stage in any crisis management plan is how the company was able to recover from the crisis. This step is crucial since it determines if the plan was implemented properly and also how the company will be able to fair from here on. Pepsi’s crisis management strategy was a success, and they were able to regain the trust of their employees. This led to Pepsi performing well in the market again, which continues. Ola, meanwhile, took the initiative to support its employees during the lockdown. When the lockdown opened up, they started taking up preventive measures, like putting a divider between the driver and customers and sanitizing their rides so that the customers would feel safe to use the service. The lockdown might have slowed down their business, but through proper crisis management and smart thinking, they could build themselves back up, stronger and better. In conclusion, Every business faces difficulties along the way- both predictable and unpredictable.A firm should be prepared for such situations and should be able to stay headstrong in such cases. Crisis management is a very important precautionary step that every company should take. Otherwise, any time they face a problem, they will be blindsided and unable to handle the repercussions or consequences after that. A team should be employed to handle such matters and who can plan and take immediate action as and when required. An effective crisis management team can greatly reduce the amount of damage the organization might face. Therefore, preventative measures in the form of a team of innovative, smart employees should be set up for the company to prosper under varying circumstances. And as Andy Gilman said, “The secret of crisis management is not good vs. bad; it prevents the bad from getting worse.” Bibliography: 1. https://en.m.wikipedia.org/wiki/Crisis_management 2.https://www.investopedia.com/terms/c/crisis-management.asp 3.https://www.slideshare.net/ahmadsanadsalim/crisis-management-32537527
56 |M-Power ALIGNMENT OF LIFE PURPOSE WITH BUSINESS – AN INTERVIEW -Chethana P and Athiya Afreen (III B.B.A.) Abstract: This article showcases an interview of an entrepreneur, pyramid researcher and a meditation coach -- Mr. Ayyappa Pindi. He is a dynamic individual and businessman who wishes to serve the world at large by offering innovative products using spiritual science and meditation. It is in the pursuit of his life’s purpose, that he truly attained success in the business world. Mr. Ayyappa’s first exposure to computers was in 1995; It was one of the most incredible things for a student to learn coding at that time. Since then, he developed a keen interest in coding and became well-versed in many technologies, including Automation Testing. He left his high-paying job in the corporate sector in pursuit of his life’s purpose. In doing so, he was presented with the opportunity to work in top-class organisations across the world. In 2017, he founded Pyraminds Consulting and later, he started his own company called as PureMindz Technologies as he saw the need for delivering quality services in today’s digital world. He is also the founder of 51Pyramids, through which he has exported Pyramids in many countries. 51Pyramids is an online platform that sells many Pyramid products such as Pyramid caps, crystal pyramids, angle pyramids, eye pyramids, etc. It represents the same angle as the great Giza pyramid, which is purely used for meditation and healing. His website also includes spiritual books and other innovative products which enhance spiritual awakening. His products have appeared on the Amazon online shopping portal, providing more people access to these products. Mr. Ayyappa is highly charged to push humanity by empowering them with Meditation and Spiritual Science teachings. He wants to introduce spiritual science to the entire humanity and bring balance between their physical, mental, emotional, and spiritual growth. What inspired you to become an entrepreneur? “After practicing meditation, I realised that I wanted more time and freedom financially. Once we understand our purpose in life, we have to align with it. I understood that working for someone else did not align with my life’s purpose. I wanted freedom to enable me to have more time in life and wanted financial freedom to grow in the path of spirituality. So, time and money both had to be in my favour. This inspired me to become an entrepreneur.” What is your mission and vision behind your business? “We wanted every individual to become a vegetarian, utilise pyramid power, and meditate. Many have shifted their lifestyle to include plant-based diets. Common people are being made aware of the power of meditation by the PMC (Pyramid Meditation Channel) channel on the YouTube platform. But, what about Pyramids? When we meditate, we get energy, and the excess energy goes to the earth. But when we build a pyramid, much of energy goes to the earth and the residual energy comes to humans. This is completely the reverse concept. Earth needs healing; we need to install pyramids for that healing and support.
57 |M-Power When I wanted to become an entrepreneur, I was looking for what I should do in pursuit of my purpose. When I got the opportunity to sell pyramids and offer them throughout the world, which also aligned with my purpose in life, I got great satisfaction and significant involvement of my entire team and me. So, my vision and mission are simple. There should be pyramids in every home, every car, every office table, every kitchen all over the world. I believe this will be achieved in another ten or eleven years.” What are the different strategies you use to run the business? “If you are an entrepreneur, the first thing is to know about the full 360 degrees of your business. You simply cannot be weak in any area. Be it in sales, marketing, accounting, packaging, money management, people management, or technology in risk management. Every little detail is of significance. So, before applying any strategies, you must know every field, every area of your business; there should not be any weakness. People want more than a product: good service and good quality products. Recently, a coffee shop called "Third wave" was started. There are already established businesses in the market such as Café Coffee Day, Starbucks. Yet, they started Third Wave, and emerged successful. It does not matter if your main competitors have already flourished in the industry and in the market. When you offer good service and quality productsto the customers, you can start any business even in the most competitive environment. So, my strategy is straightforward. Even an ordinary man who has only a hundred rupees in his pocket should be able to buy a pyramid. Somebody sitting in Maldives or Africa should be able to get a pyramid there. Firstly, Accessibility is my strategy. Every ordinary person can buy it online, it is a great platform. The pandemic has made people active online now more than ever, which has made businesses flourish online. Secondly, it must start at the least cost to make it possible for even an ordinary person to buy. One small pyramid has to reach everywhere; I am okay, even if it's ninety-nine rupees. I am not from an MBA background, all that I do is study people. Yet many people who have done an MBA have appreciated me for what I am doing because I provide what is not there in the books. Business is all about fulfilling and satisfying the needs of people.” What is the Business innovation model you have implemented in your business which boosted your business growth? “Recently, I started reselling. But one strength I had is intuition and a third eye. So, when I encountered the Orgone crystal pyramid, I had a pool of masters to whom I gave my product to see their experience and energy. Everybody felt great energy emanating from the Orgon crystal pyramid. When I shared my experience, thousands of products got sold out quickly. The second thing, I saw one copper pyramid available in the market. I, then made some changes and released that product, which became recognized worldwide. I started reselling more crystal and aluminum products. I am innovating one product which should be in every kitchen of the house. One important realisation I came to was that people use several spices in their food. Long ago, when I was researching the pyramids, women kept the salt under the pyramid in Russia and presented it to a bundle of people. When people tasted the regular salt and the salt from the pyramid, they sensed many changes in the salt. Then an idea struck me: why can't all the spices be inside a pyramid? Now I am trying to innovate a product for the spices to be kept in pyramids.”
58 |M-Power An example of the time when you handled a major crisis? “When I was in Infosys, I was getting paid in lakhs. Later, I decided to quit and join a start-up company for a salary of just fifty thousand rupees. After two years, I even had to quit that job without a single penny in my hands. I was quite literally on the road with no job and barely enough savings, but I never lost hope. So, people can call this a crisis moment. But I always believe that; when one door closes, another door opens. I was open to doing anything to start afresh that aligns with my purpose. When I was introduced to pyramids, I thought, why can't I resell this and start a business. I had this idea in mind for many years. I didn't have any family support nor was I able to avail a loan from the bank. But one friend believed in me and invested in my idea. An entrepreneur must have the ability to withstand difficult phases in business and find solutions. Since my purpose in doing this is not for personal living but universal work, I believed that there must be a way to make a place for myself in the market. Some people don't want to face challenging situations because of fear. But when you face it, you will overcome that fear. Some people might call the crisis of bankruptcy in companies, but when I quit the job, I thought I would never return to this as it is not my purpose. After becoming an entrepreneur, never lose hope, even if you face failures in your first step. An entrepreneur needs to adapt to a situation quickly, according to the customer's needs. Being adamant without willing to change and adapt will never work.” What kind of resources have you employed to create innovation? Example (in terms of increasing sales or profit) “I believed more in people and technology. I had my office at a low rent of twenty thousand rupees. In business, we must align to start at a low cost so that the rental cost or firing someonewould not become a burden. Secondly, I had many volunteers and friends helping me in my business where they knew that my company's vision and mission is purely universalservice. Probably any business model would not have that. You can survive even the most challenging times when handling a simple operating model. Thirdly, I don't make individual decisions. I believe that conscious group decisions always work. I was able tocreate a kind of a work culture where everybody feels at home. They think it's their mission and vision, and they devote their lives to it. There were only a few volunteers, but they gave their entire life for that mission and vision.” What is the value you create through your brand? “The tagline of our 51Pyramids is – “Through your spiritual support.” Wherever we go, our aim is to help people. We are educating people even just through our brand logo. Our brand named 51Pyramids is known for the 51-degree angle of pyramids which represents the Great Giza pyramid angle. Just by seeing it, people register that in their mind. Some people think of it as a business, but at its very core this is a service company. We have also offered many free products and books to customers. Recently, we gifted a pyramid worth ten thousand rupees to a poor girl in Tamil Nadu as she frequently visited her neighbour's house to meditate. So, through this company, we offer support to the people in terms of commercial discounts and free products. I feel that the 51-degree pyramid is a platform that’s lawful and ethical. The brand should follow ethical practices so that there is no room for complaints from any stakeholders. If there is pressure on the business, there is no alignment in it. Our company has no huge targets, but our loyal customers promote our brand through wordof-mouth. We have never spent money on marketing as we believe that people will come to us if they understand the true purpose of the product and they themselves will promote it.”
59 |M-Power What is your message for young and upcoming entrepreneurs to achieve success in business? “Every person's personality is different. I have seen people who are very happy doing their job. I have also seen people who want to do business but are stuck in the job. Some friends of mine have quit their jobs as well. They try to do business, but they crumble and lose their health and wealth because of unclear vision and mission and no support from external factors. Dreams cannot be just dreams; you have to work hard to bring make them a reality. If you are under extreme pressure, you won't survive. There should be a certain degree of pressure but pleasure must go hand-in-hand with it. You must know the 360 degrees of your business. I have seen many successful people in business; they know the ins and outs of their business. I do not have an accounting background, butI manage accounts for my company. I'm not an MBA guy, but I know sales and marketing -- both field marketing and digital marketing. I don't know much about the E-commerce packaging, but I picked it up along the way. It is very important to be clear about what you want. Get clarity on the same and take it step by step. Don't aim to go from zero to a million in a year. It may be possible in certain rare situations; one or two persons might have done it, but you must know your personality and be realistic. When you have constant financial income every month, you can create a business in some one else's name, if not in your own. This will give you a calm mind to think about running a business without the pressure. Allocate nine hours to your office work, and in the remaining eight hours, you can sleep. You will have seven hours to think about everything. Until you get a clarity what you want and how you want to go about doing it, do this. There is a business where people learn trading. So, I met a guy making a lot of money through trading, but he is still doing his job. He said in the next ten years; I will do the job because he doesn't want to lose another source of income. This is how a businessman thinks. You must create multiple sources of income, and you should never put all your eggs in one basket. If you are into a business, you must make sure that money comes from many sources. For example, you must invest money in some mutual funds, invest in gold. If you have a flair for teaching English, dedicate a few hours to teach English and earn money. Having multiple sources of income, will reduce some of the pressure. One may fail, or succeed immediately or after several years. It is simple, like agriculture, where a farmer is a businessman. He will never depend on one crop. Based on the seasons and market need, he will change the. One must find multiple sources of income. If you're working on something for six months and have progressed a little, start planning for second, third, fourth, fifth, and so on. This is how all the multimillionaires work.” Answers to Business model innovation crossword puzzle on Page 40 Answer: 1. 2. 3. 4. 5. 6. Business model Innovation Adventurer Regular Subscription Lean 7. Freemium 8. Revolutionary 9. Reinventor 10. Value chain Answer:
60 |M-Power THE POWER OF COMPETITIVE EDGE -Rajvi J Shah (I B.B.A.) Abstract: The article throws light on the strategies used for creating competitive business advantages with reference to Central Depository Services Limited, a certified digital strategy leader. Keywords: Competitive business, Strategies, Nehal Vora, Stable Revenue Base INTRODUCTION CDSL is a popular enterprise that many would have heard about. It stands for Central Depository Services Limited. It is the first listed Indian Central Securities Depository and is part of the division of the Securities and Exchange Board of India (SEBI) based in Mumbai. It was founded in February 1999. ORGANISATIONAL STRUCTURE Mr. Nehal Vora is the MD and the CEO of CDSL. He has more than two decades of experience in the security and regulation market. He started his career in 1996 with SEBI, and later, he headed the Broking and Investment Banking Compliance at DSP Merril Lynch Ltd. He joined CDSL as CEO and MD in the year 2019; he was the Chief Regulatory Officer at the Bombay Stock Exchange. He is well-reputed and has been instrumental in the growth of CDSL since his inclusion in 2019. Currently, CDSL has a total market capitalization of Rupees 10000 crores. STRATEGIES FOR CREATING COMPETITIVE BUSINESS CDSL is certainly a certified digital strategy leader. During the pandemic, CDSL has opened more than 2.11 crore Demat accounts, when compared to NSDL. This particular business does not require any factory or a shop; and can be accessed from anywhere. A working internet connection and a gadget is sufficient. This is very useful and helpful to all the classes of people like homemakers, office-goers, people in business, and college students but needs to be used with caution. Figure 35: Central Depository Services Limited (Source: www.digitalstrategyinstitute.org)
61 |M-Power CDSL was set up to provide convenient, dependable, and secure depository services to all the market participants. 1) CDSL has a stable revenue base due to repeated business in multiple offerings in the Indian Security and Financial Service Market. 2) CDSL has an experienced management with most members having more than two decades of experience. 3) Due to its strong leadership, CDSL has achieved an economies of scale with a presence all over the country. 4) Gone are the days of investing in insurance, gold and other traditional methods, investing in stocks and mutual funds are the current way to go. This is also due to the growing awareness among youngsters and their resultant profits. 5) IPO allotments are hugely popular in India, which results in a high amount of demat opening. This would eventually result in more profits for the CDSL. Figure 36: Activity Chart of a Depository (Source: www.capitalmind.com) Figure 37: Hike in CDSL shares in the year 2017 (Source: www.mint.com
62 |M-Power Bibliography: 1. https://www.cdslindia.com/ 2. https://en.wikipedia.org/wiki/Central_Depository_Services Answers for “think out of the box” crossword puzzle on Page 50 Answers: 1. Productivity 2. Profit 3. Competitors 4. Proposition 5. Opportunity 6. Acquisition 7. Strategy 8. Affiliate 9. Sustainable 10. Freemium 11. Crowd sourcing 12. Leasing
63 |M-Power THE FUTURE IS HERE: mHEALTH -Shakthi Vasanth, Dikshita Mutha N and Harshita Bothra S (III B.B.A.) Abstract: In the digital world, innovation's happening at a breakneck pace. Nonetheless, according to World Health Organisation (WHO), its digital potential for improving public health remains untapped, and there is plenty of opportunity for digital health to be used. The digital health business is predicted to increase at 17.4 percent through 2027, surpassing 141.9 billion USD in annual sales in 2020. The worldwide healthcare mobile application market is estimated to increase at a CAGR of 40 percent between 2020 and 2027, reaching 17.92 billion USD. As a result, thisstudy shows a lot of promise for gaining a better knowledge of the consumer market and researching customer perceptions, experiences, advantages, and views about health applications and fitness watches. Figure 38: Digital Health and Medical Technologies (Source: Thehealthcareinsights.com) The study is titled, “The User Perception and Experience of Mobile Health Applications and Fitness Watches amongst different age groups residing in Chennai.” DIGITAL HEALTH: Everyday lives are increasingly reliant on digital technology. "Digital health" is a wide, interdisciplinary term that encompasses concepts at the intersection of technology and medicine. Digital health refers to digital transformation in the realm of medicine. mHealth applications, electronic health records, medical records, wearable devices, telehealth and telemedicine, and personalized medicine are all examples of digital health. Particularly in the digital sphere, innovation is happening at an unprecedented velocity. Even still, its digital potential for enhancing public health remains unexplored, according to WHO. In 2020, the digital health industry was estimated to be worth 141.9 billion USD, with growth expected to continue rapidly. (SumantUgalmugle, 2020)
64 |M-Power mHEALTH: "Use of mobile and wireless technology to promote the attainment of health objectives," according to the WHO. Consumers may gather and review their health data without the assistance of a professional via mobile self-care. It's more user-centered, supporting individuals in gathering data about themselves. "Mobile health" refers to the practice of medicine and public health that is facilitated by mobile devices. The most common instances of the term include mobile communication devices like phones, tablet computers, and personal digital assistants (PDAs), as well as wearable technologies such as smart watches. The mHealth technology category's digital health market size reached 56.4 billion USD in 2020, estimated to rise. (Care Innovations RPM Academy, n.d.) MOBILE HEALTH APPLICATIONS: Apple and Google continue to offer a variety of mobile health apps on their app stores, with over 318,000 mHealth apps accessible for download globally. Users can monitor their health data in realtime and alert healthcare providers to any irregularities with a button. Between 2020 and 2027, the worldwide healthcare mobile application market is expected to grow at a CAGR of 45.0 percent. (Hall, n.d.) FITNESS WATCHES: A wrist-worn device that tracks the user’s steps, distance run, heart rate, sleep habits, and swimming laps. Fitness bands communicate with an app on a mobile device via Bluetooth, configuring the device and uploading the wearer's activity data. Most smart watches have a health app that lets the user track various physical activities. According to estimations, the global Smart Wearable Band market was worth 71 million USD in 2020 and would be worth 109.5 USD million by 2027, growingat a CAGR of 7.5 percent from 2022 to 2027. (More, 2021) OBJECTIVES OF THE RESEARCH: 1. To analyse if there is a significant association between the age of the respondents and their awareness about mobile health applications and fitness watches. 2. To examine if there is a significant difference between the age of the respondents and their user interface of mobile health applications and fitness watches. 3. To understand the various apps chosen by health-conscious consumers and their reasons and factors for choosing a particular application/fitness watch. 4. To understand the perceived benefits and challenges from the use of health apps/fitness watches.
65 |M-Power RESEARCH METHODOLOGY: This quantitative study was carried out through a structured questionnaire was to collect data among different age groups of people who are the residents of Chennai. The duration of the study was from July 2021- to November 2021. Primary and secondary sources of data were collected. Research instruments such as Chi-square, One-way Anova, Weighted Average, etc., were used to undertake the study. FINDINGS • 65.4% of the respondents were female, 33.4% were male, and 1.1% were others. • 73.4% of the respondents belong to the age group falling between 17- 30 years. • 95.1% of respondents are aware of mobile health applications and fitness watches. • Out of the 95.1% of respondents who are aware of mobile health applications and fitness watches, 56.9% of respondents use them. • Out of the 56.9% respondents who use the mobile health application and fitness watches, 40% use it every day, 26% once a week, 31% once a month, and 3% never. • 48% of respondents find the user interface of mobile health applications and fitness watches easy, 46% find it moderate, and 6% find it difficult. • Out of the different varieties of health apps available, 64.5% of the respondents use fitness apps, 43.5% use lifestyle and wellness apps, 27.5% diet and nutrition apps, 23.5% women’s health apps, 9% use clinical and diagnostic apps and 25.5% use reminder apps. • Through the Weighted Average Mean method, it was found that the maximum of the respondents preferred user-friendly applications with a weighted average of 4.275 as an important factor while choosing a particular health app. In contrast, most respondents did not prefer subscription fees/offers, with a weighted average of 3.79 as an important factor while choosing a particular health app. These results were further proven through a cross- tabulation between various genders and their choice of factors for choosing a particular health app, and it was found that a maximum of the male and female respondents chose user friendly as the most preferred factor and subscription fees as the less preferred factor. • Through the Weighted Average Mean method, it was found that the maximum of the respondents preferred quality with a weighted average of 4.47 as an important feature while choosing a particular fitness watch. In contrast, most respondents did not prefer an innovative design with a weighted average of 4.06 as an important feature while choosing a particular fitness watch. These results were further proven through cross-tabulation between various genders and their choice of features for choosing a particular fitness app. The maximum of the male and female respondents chose quality as the most preferred factor and innovative design as a neutral/less preferred factor.
66 |M-Power • Through the Weighted Average Mean method, it was found that the maximum respondents preferred better self-health monitoring with a weighted average of 4.305 as the most beneficial factor from using health apps/watches. In contrast, most respondents did not prefer medical expertise and knowledge, with a weighted average of 3.895 as a benefit. These results were further proven through a frequency test amongst the various benefits experienced from using health apps/watches, and it was found that a maximum of the male and female respondents strongly agreed with better self-health monitoring as a benefit experienced from using health apps/watches and are neutral towards medical expertise and knowledge as a benefit. • Through the Weighted Average Mean method, it was found that the maximum respondents preferred reliability with a weighted average of 3.895 as the biggest challenge from using health apps/watches. In contrast, a maximum of respondents did not prefer technology usage, with a weighted average of 3.63 as a challenge. These results were further proven through a frequency test between various challenges faced from using health apps/watches, and it was found that a maximum of the male and female respondents strongly agreed with reliability as the biggest challenge and disagreed with the usage of technology as a challenge faced from using health apps/watches. • A significant relationship between respondents’ age and their awareness about mobile health apps/fitness watches has been discovered using Chi-Square. • Through One Way Anova, there is found to be no significant difference between the age of respondents and the user interface of mobile health applications and fitness watches. • Maximum respondents have given a 4-star rating as their experience and impact of using health apps/watches. • The majority of the respondents, that is, 94%, wish to continue using mobile health applications and fitness watches. • The majority of the respondents that is 93%, wish to suggest the use of mobile health apps/watches to friends and family. SUGGESTIONS 1. This study found that age creates an impact on the awareness about health apps and fitness watches, so they should apply different techniques to attract various age groups. 2. To make mobile health applications and fitness watches more user-friendly. 3. Widening the sample size to obtain more accurate data on the target population’s experience and impact on mobile health applications and fitness watches. 4. To analyse if other demographic factors impact the user perception of mobile health applications and fitness watches. 5. To educate the users about various features and benefits of mobile health applications and fitness watches. 6. To focus on the usage and benefits of various types of a mobile health application in detail.
67 |M-Power In conclusion, according to reports, the digital health market size from the mHealth technology category hit 56.4 billion USD in 2020, and is predicted to continue their growth and expansion. The advent of digital healthcare, particularly mobile health, has the potential to alter healthcare delivery in the developing world by making it available, affordable, and effective. As a result, the goal of this study was to gain a better understanding of the consumer market and to investigate customer perceptions, experiences, benefits, and opinions about health apps and fitness watches. An extraordinarily positive outcome was obtained through this study among different age groups of respondents residing in Chennai city, with 94 percent of them considering mobile health applications and fitness watches beneficial and desiring to continue using them in the future.
68 |M-Power INNOVATE YOUR WAY TO SUCCESS -Meenakshi R and Shakti R (III B.B.A.) Abstract: In today's world, change is the only constant. Anything that refuses to keep up with this trend loses the chance to keep its place for itself. This is because there is the constant fear of being replaced by something better, which applies to business. Any stagnant business cannot survive for long in the competitive environment that is prevalent today. Enterprises need to constantly update themselves, upgrade the product or service they offer, and keep innovating. This article talks about how business model innovation is closely related to this. Keywords: Product Value, Value Creation, Subscription Model, Freemium, Competitive Advantage, Brand Recognition. Business model innovation is the development of a new, unique concept supporting an organisation's financial viability, including its mission, and the process of bringing those concepts to action. The primary goal of business model innovation is to realise new revenue sources by improving product value and how they are being delivered to the customers. It allows a business to take advantage of changing customer demands and expectations. Some examples of successful business model innovation ideas are subscription models and freemiums. Subscription model is when customers can paya recurring amount over a period oftime. This ensures that the customer keeps getting value and can better offer high-end services due to the purchase occurring over time. Freemium is the term that denotes free + premium. It is where the company provides a free version of their product with certain limitations to attract users and eventually upgrade them to premium customers who pay for their product. Figure 39: Business Model Components (Source: www.viima.com) Some popular examples of companies who have successfully implemented and benefited from business model innovation are Airbnb and Zara. Figure 40: Airbnb Logo (Source: www.mashable.com) Airbnb is an online marketplace that enables people to list, find and rent accommodations for a specific processing fee. The business model innovation here is that the biggest accommodation provider in the world does not own a single room. Airbnb only bridges supply and demand and does not rent accommodation from the host.
69 |M-Power Zara is a Spanish clothing and accessories retailer. The business model innovation here is that Zara produces where it sells. It utilises a very tight supply chain from initial design to finishing final production. This allows the company to adopt new fashion trends and ideas quickly. Apart from the obvious benefit of increased growth to firms that adopt business model innovation, some added benefits are that, • It is difficult for established competitors to copy. • An extended period of competitive advantage. • Positive brand recognition. Figure 41: Zara Logo (Source: www.dezeen.com) The business model innovation adopted by the firm is closely associated with the firm's performance and improved competitive advantage, like Uber leading in the transport sector and Walmart leading in the retail industry. These firms have introduced or reorganised the critical components of the existing business models in their respective industries. At the same time, if not handled properly and executed well, even a well-formulated business model may not have the desired effect. Therefore, knowing when and how to innovate the business model is a serious challenge for firm managers and owners. Having spoken about business model innovation, why it is essential and how it benefits the firms, one can learn that business model innovation is the need of the hour for any firm to grow. Value creation is the basis for growth and profitability. In conclusion, business model innovation does not automatically trigger an impressive performance. Still, a plausible approach may be to analyse mediating and moderating factorsthat allow firms to translate business model innovation into higher performance. Bibliography: 1. https://www.sciencedirect.com/science/article/pii/S0166497221000559 2. https://www.viima.com/blog/business-model-innovation 3. https://www.whataventure.com/blog/10-inspiring-business-models/
70 |M-Power BUSINESS MANAGEMENT CROSSWORD (Answers on Page 73) - Divyashree D (III B.B.A.) Across: 2. The market where securities are created and floated (2 words) 7. A part of company’s profit paid to its shareholders (plural, 1 word) 8. The exclusive owner of a business. He is entitled to keep all the profits for himself after tax has been paid, but has unlimited liability (2 words) 10.The free float- adjusted market – capitalization Hong Kong stock market index (2 words) 11. A market with decreasing/ drop in share prices that 12. A stock in a corporation with great reputation for reliability and one that operates well (plural, 3 words) Down: 1. Companies like McDonald's, KFCs are termed as (1 word) 3. The efficiency with which a company can convert its assets into cash (1 word) 4. A person who sets up a business(es), taking on the fiscal pitfalls in hope of profit (1 word) 5. Publicly owned and unrestricted shares (2 words) 6. The 4 Ps of marketing: price, place,product and (1 word). 9. The Australian share market(abbreviated) encourages selling (2 words)
71 |M-Power INTERVIEW REPORT: A FASHION ENTREPRENEUR WHO TURNED 1500 INTO 155000 AND MORE -Sruthi R and Nandhini Kumar (III B.B.A.) Abstract: This report talks about how Fathima Afrin, a business person, who took advantage of changing customer demands and expectations to successfully establish and grow her brand. It explores the entrepreneur’s knowledge about brand innovation and provides better insight into the aspirations of every fashion enthusiast. Fathima Afrin turned her love for fashion and innovation and set ablaze a rising brand. She found her entrepreneurial drive from a young age and sold accessories, phone cases for which she set her business using Instagram as it's platform even before she turned 18. In 2018, the fashion entrepreneur launched her first clothing brand - Label Afeera. CAREER BACKGROUND During their Bachelor’s in IT Engineering at SRM Ramapuram, Fathima explored her various interests. She then found delight in fashion and received favourable responses for the same. She had always looked up to her father for being a pillar and role model throughout her entrepreneurial journey, from whom she received her first funding for Label Afeera. With Rs.1500 in her pocket, no degree in fashion background, Fathima entered this industry with utmost sanguine grit and tenacity. CHALLENGES AND INNOVATIONS The fashion entrepreneur began her journey in a shanty town, unaccommodating to show up to her clients, with a space big enough for a master and two sewing machines. She has had her share of problems, the biggest ones being inconsistency, lack of domain know-how, and support in the initial stages of her business. Since then, she has overcome shortcomings through research, networking, and model innovations. Gradually strengthening what she considered her foundation, with consistency, better location, men, material, and machines, she set up a store in T.Nagar, Chennai, now offering authentic quality goods to her audience, holding pride in her style like any other artist.
72 |M-Power The entrepreneur deeply emphasizes having a strong foundation with a brand based on which more branch-outs can take place. She believes this to be the core of diversified opportunities for anybody targeting to accompany other product lines. She elucidates innovation as “a continuous learning process that every entrepreneur should implement to make spontaneous decisions and solutions to clinch the bag of success.” COVID-19 Throughout the pandemic, the entrepreneur actively came up with a variety of designs and patterns and watched plenty approach her. During covid-19 though sales of many businesses had ground to a halt, Label Afeera adapted to the highs and lows of the time. Throughout the interview, Fathima spoke about the opportunities entrepreneurs can tap through social media. “We are where we are today because of social media, which played a vital role in our growth,” proclaims the entrepreneur explaining the significance of digital presence with over 155k followings on Instagram, which helped her merchandise with ease despite having to shut down the store during this period. The young entrepreneur adds, “We do have heavy competition but what makes Label Afeera stand out is that all our attires are comfortable yet fashionable and our dresses portray elegance.” These helped her gain back potential customers when she opened her boutique again. FUTURE GOALS “Since competition in the fashion industry is stiff, intimate domain knowledge is necessary for a successful venture.” The fashion entrepreneur looks forward to expanding her clothing brand further while she plans on commencing other product lines of accessories, jewellery, and footwear shortly. Her mantra, “Your future will always be bright when you stay happy and vibrant,” remains unfazed throughout the phases and different seasons of her entrepreneurial journey. MESSAGE TO AN ENTHUSIAST The fashion industry requires one to be self-motivated to overcome the numerous challenges on the road to success. She was graceful and generous in sharing tips for aspiring entrepreneurs. “Creativity, consistency, focus, and hard work are the keys,” she said. “You need not have a lot of money to start anything but these four attributes can make you achieve your aspirations and your business climb the success ladder.”
73 |M-Power Answers to Business model innovation crossword puzzle on Page 70 She believes that any business runs on the fuel of the entrepreneur’s heart and soul. It's the key to growth and the only one to unlock any other problem. Answers: 1. Franchises 7. Dividends 2. Primary market 8. Sole Trader 3. Liquidity. 9. ASX 4. Entrepreneur 10. Hangseng 5. Public float 11. Bear market 6. Promotion 12. Blue chip stocks
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