Master of Business Administration-MBA Semester IVMB0036 – Strategic Management & Business Policy

Assignment Set- 2

Q.1 List and explain the objectives of a Bankruptcy Law ?

Ans : A Bankruptcy case is the Process that is set into motion by the filing of a petition seeking relief under the Bankruptcy Code. Petitions may be filed voluntarily or involuntarily ( by Creditor). Generally Speaking there are two types of relief available through bankruptcy :

1. Liquidation2. Rehabilitation

A Case Filed under chapter 7 of the Bankruptcy code is a Liquidation case. A bankruptcy trustee is appointed in every chapter 7 case to take or aquire possession of all property in which the debtor has a legal or equitable interst as of the time the petition was filed. The debtor is permitted to exempt certain property under a mix of state and federal law in order to facilitate the debtor post bankruptcy “ Fresh Start” . The trustee may avoid invalid liens that encumber or set aside certain pre filling transfer of the debtor property. On the other hand when property is fully secured by valid liens it will usually be abandoned by the trustee as of no value to the estate.

After collecting all of the assets comprising the bankruptcy estate, the trustee will liquidate the non exempt and unemcumbered property and after paying valid liens exemption and the proceeds of sale to non priority unsecured creditor on a prodata basis.

Corporation and other entities do not receive a discharge in a chapter 7 case and partly for that reason do not typically file for relief under chapter 7. A chapter 11 re organization is a type of rehabilisation proceeding. A business debtor will ordinarily file a voluntary chapter 11 case in an effort to the pressure some portionof the going concern value of the business for its owners which value would otherwise be lost through piece meal liquidation of the firms productive assests.

Creditors are rapid in a chapter 11 case by means of a plan of re organization initially only the debtor can file the re organization plan. The typical plan of re organization provides for the repayment over an extended period of time of the entire value of fully secured claims and a ratable portion of the aggregate claims of unsecured creditors.

Q.2 If you are made the CFO (Chief Financial Officer) of a Company what would you consider to be the KRAs (Key Result Areas) of your job?

Ans : As a CFO I would consider the following KRA s

1. Establish systems controls for and procedure for financial and accounting systems to achieve corporate objectives.

2. Directs installation & maintenance of accounting timekeeping ,payroll , inventory , property & related procedure & controls.

3. Designs , manages & reporting systems to all departments and to aid management decision in achievement of stated objectives regarding revenue , profitability & market share.

4. Prepare reports & Statements of estimated future cost & revenue.5. Direct internal audit involving review of accounting & administrative controls. Co

ordinate preparation for external audit & External financial reporting.6. Oversee bank work regarding document inward / outward remittances etc.7. Direct the preparation and filing of returns for sales tax , income tax , Excise & other

form of taxes & charges.

Q.3 What is a Decision Support System? Name one example of critical Reporting for each of the Production, Marketing and Finance departments of the Company.?

Ans : A decision Support system is a class of information system that support business and organizational decision making activities. A properly designed DSS is an interactive software based system intended to help decision makers compile useful information from a combination of raw data, documents , personal knowledge or business models to identify and solve problems and make decision. DSS are usually computer application along with a human component that can shift through large amounts of data & pick between the many choices.

It is important to note that although computers and artificial intelligence is at work or in play with data it is ultimately up to humans to execute these strategies or comprehand the data into a usable hypothesis.

It is important to note that the field of DSS does not have a universally accepted model , meaning that there are many theories vying for supremacy in this broad field. A co operative decision support system is when data is collected , analyzed & then is provided to a human component which then can help the system revise or refine it.

While the above DSS model takes the relationship of the user in mind & another popular DSS model takes into consideration the mode of assistance as the underlying basis of the DSS model. It includes the following models :

1. Model Driven DSS : It is when decision makers use statistical , simulation or financial models to come up with a solution or strategy. Keep in mind that these decisions are based on models however they do not have to be overwhelming data intensive.

2. Communication Driven DSS : It is when many collaboration work together to come up with a series of decision to set in motion a solution or strategy. This communication driven DSS model can ba in an office environment or on the web.

3. Data Driven DSS : It put its emphasis on collected data that is then manipulated to fit the decision makers need. This data can be internal , external and in a variety of formats.

4. Knowledge Driven DSS : It uses special rules stored in a computer or used by a human to determine whether a decision should be made.

Typical information that a decision support application might gather & present are an inventory of all of your current data sourse , cubes, data wherehouse and data marts.

Benefits of DSS :

1. Improves Personal Efficiency2. Expedites Problem solving3. Facilitates interpersonal communication4. Promotes learning or traning5. Increases organizational control6. Creates a competitive advantage over competition7. Helps automate the managerial processes

Q : 4 Trace the sequence of operations involved in a credit card system. What is the advantage to each participant in the system?

Ans : The following sequence of events is, thus, fairly common:

1. The cardholder presents his card to a merchant (aka: an acceptor of

payment system cards).

2. The merchant may request an authorization for the transaction, either

by electronic means (a Point of Sale / Electronic Fund Transfer

apparatus) or by phone (voice authorization). A merchant is obliged to

do so if the value of the transaction exceeds predefined thresholds.

But there are other cases in which this might be either a required or a

recommended policy.

3. If the transaction is authorized, the merchant notes down the

authorization reference number and gives the goods and services to

the cardholder. In a face-to-face transaction (as opposed to a phone or

internet/electronic transaction), the merchant must request the

cardholder to sign the sale slip. He must then compare the signature

provided by the cardholder to the signature specimen at the back of

the card. A mismatch of the signatures (or their absence either on the

card or on the slip) invalidate the transaction. The merchant will then

provide the cardholder with a receipt, normally with a copy of the

signed voucher.

4. Periodically, the merchant collects all the transaction vouchers and

sends them to his bank (the "acquiring" bank).

5. The acquiring bank pays the merchant on foot of the transaction

vouchers minus the commission payable to the credit card company.

Some banks pre-finance or re-finance credit card sales vouchers in the

form of credit lines (cash flow or receivables financing).

6. The acquiring bank sends the transaction to the payments system

(VISA International or Europay International) through its connection to

the relevant network (VisaNet, in the case of Visa, for instance).

7. The credit card company (Visa, Mastercard, Diners Club) credits the

acquirer bank.

8. The credit card company sends the transaction to the issuing bank and

automatically debits the issuer.

9. The issuing bank debits the cardholder's account. It issues monthly or

transaction related statements to the cardholder.

10. The cardholder pays the issuing bank on foot of the statement (this is

automatic, involuntary debiting of the cardholders account with the

bank).

Some credit card companies in some territories prefer to work directly with

the cardholders. In such a case, they issue a monthly statement, which the

cardholder has to pay directly to them by money order or by bank transfer.

The cardholder will be required to provide a security to the credit card

company and his spending limits will be tightly related to the level and

quality of the security provided by him. The very issuance of the card is

almost always subject to credit history and to an approval process.

The typical credit card transaction involves these steps:

1. The cardholder presents his card to a merchant, the acceptor.

2. The merchant may request an authorization for the transaction, either by

electronic means (a Point of Sale / Electronic Fund Transfer apparatus)

or by phone (voice authorization). A merchant is obliged to do so if the

value of the transaction exceeds predefined thresholds. But there are

other cases in which this might be a policy either required or

recommended by issuers, card companies, or clearinghouses.

3. If authorized, the merchant notes down the transaction authorization

code and gives, or ships, the goods, or services to the cardholder. If the

cardholder is present, he must sign the sale slip (voucher) and the

merchant validates the signature by comparing it to the specimen at the

back of the card. The transaction goes through only if the signatures

match. The merchant then provides the cardholder with a receipt,

normally with a copy of the signed voucher.

4. The merchant collects all the transaction vouchers periodically and gives

them to his bank (the "acquiring" bank).

5. The acquiring bank credits the merchant's bank account with the

difference between the total amount of the transactions and the

commissions and fees payable to the credit card company. Some banks

pre-finance or re-finance credit card sales vouchers (receivables

financing) - i.e., they lend against future credit card revenues.

6. The acquiring bank forwards the slips or an electronic ledger to the

payments system (VISA International, or Europay International) through

its connection to the relevant network (VisaNet, in the case of Visa, for

instance).

7. The credit card company (Visa, MasterCard, Diners Club) credits the

acquiring bank.

8. The credit card company sends the transactions to the issuing bank and

automatically debits it.

9. The issuing bank automatically debits the cardholder's account. It issues

monthly or transaction related statements to the cardholder.

In some countries - mainly in Central and Eastern Europe, the Middle East,

Africa, and Asia - credit card companies sometimes work directly with their

cardholders who pay the companies via money order or bank transfer. The

cardholder is often required to provide a security to the credit card company

Strategic Management and Business Policy Unit 6

and his spending limits are tightly supervised. Credit history, collateral, and

background checks are rigorous. Even then, the majority of the cards issued

are debit - rather than credit - cards.

Q : 5 Intellectual Property Rights have increased prices. Intellectual Property Rights have the effect of encouraging investment in research, resulting in new products and in reducing costs. Discuss these two apparently contradictory statements.[

Ans : Intellectual property rights can be very valuable commercial rights for

inventors, creators and researchers. Intellectual property rights are legalrights to do certain things in relation to an invention or creation. In general

terms, intellectual property rights are infringed if someone exercises an

intellectual property right without the permission of the owner of the right

One constant factor in the development of new technologies has been the

cost and difficulty of the process of putting new technologies on the market.

The technical merit or scientific brilliance of an invention is only one aspect

of actually bringing a new technology to the public in a useful practical form.

This can be a costly and complex process. Normally, it is not possible

without a range of different partnerships and relationships – as sources of

funding, expertise and other resources.

Intellectual property protection needs to be properly managed so that it

facilitates this process, and doesn’t itself become a burden.

The problems of getting worthwhile benefits from the patent system - even

ago makes clear: Patenting was unnecessarily and unwisely expensive, and

the poor patentee was left almost without any aid or guidance. Intellectual

property rights recognize innovative and creative activities, and are intended

to reward useful and valuable contributions to society. But they are not

direct rewards in themselves. All they do is to create an opportunity for the

inventor or creative person to seek rewards for their invention or returns

from their investment in the research.

In short, obtaining registered intellectual property rights can be expensive,

and do not in themselves make you any returns for your investment. Patents

can be costly liabilities to you, your business or your research institute,

unless you can find a way to apply your invention commercially or can get

other forms of financial support. This calls for a range of skills and

experience quite apart from technological and scientific skills.

Depending on these factors, you can choose between a number of different

ways of managing your IP rights to get the benefits from your research.

These options typically include:

– licensing your rights (an IP right such as a patent can be licensed out to

others – either partially or fully, exclusively or to several parties)

– assigning your rights (an IP right such as a patent can be assigned, or

its ownership transferred, to another – this can be in exchange for a

financial payment or for some other valuable consideration, such as

shares in the company).

– entering into a joint venture arrangement (you can effectively pool your

intellectual property rights and other resources with a partner, to form a

joint venture to develop and exploit a new technology), and – starting up your own company to exploit the technology (often called

‘spinning off’ a new company, or a ‘start-up’ - this one approach taken by

research institutions and university faculties to create a suitable

commercial vehicle for putting new technology to work, while keeping

basic research separate from applied development and

commercialisation).

Q.6 In today’s context, would you consider Corporate Social Responsibility as a cost adding activity and not the duty of Companies, or as an essential role with advantages to the firm?

Ans : CSR is “a concept whereby companies integrate social and environmental

concerns in their business operations and in their interaction with their

stakeholders on a voluntary basis” as they are increasingly aware that

responsible behaviour leads to sustainable business success. CSR is also

about managing change at company level in a socially responsible manner.

In this context, an increasing number of firms have embraced a culture of

CSR. Despite the wide spectrum of approaches to CSR, there is large

consensus on its main features:

CSR is behaviour by businesses over and above legal requirements,

voluntarily adopted because businesses deem it to be in their long-term

interest;

CSR is intrinsically linked to the concept of sustainable development:

businesses need to integrate the economic, social and environmental

impact in their operations;

CSR is not an optional "add-on" to business core activities - but about

the way in which businesses are managed.

The business case for CSR within a company will likely rest on one or more of these arguments

Human Resources : A CSR Programme can be an aid to recruitment and retention , particularly within the competitive graduate student market. Potential recruits often ask about a firms CSR policy during an interview and having a comprehensive policy can give an advantage.

Risk Management : Managing risk is a central part of many corporate strategies. Reputation that take decades to build up can be reuined in hours through incidents such as corruption scandles or environmental accidents.

Licence to operate : Corporations are keen to avoid interference in their business through taxation or regulationsby taking substantive voluntary steps they can persuade government and wider public that they are taking issues such as health & safety.

Master of Business Administration- MBA specializationSemester 4

MB0037 – International Business Management

Assignment Set- 2

Q1. Describe briefly the exchange rate arrangements of developing and transition countries.

Ans : There is considerable diversity in exchange rate regimens of developing & transition countries from very hard currency pegs to relatively free floats & with many variations in between. However as these countries have adapted to expanding opportunities arising from deeper involvement in an increasing integrated global economy & to change in their own

economic situation. The following condition are likely to favour the adoption by a country of some form of pegged exchange rate regime:

Its degree of involvement with international capital markets is low

Its share of trade with the country to whose currency a peg is being considered is high

The economic shocks its faces are similar to those facing the country to whose currency a peg is being considered.

It economy & financial system already extensively rely on its partners currency

Fiscal policy is flexible & sustainable

It has high international reserves

When these criteria are applied one group of countries for which pegged exchange rates would seem to remain sensible are small economic with a dominant trading parteners that pursues a reasonably stable monetary policy including small carribean & pacific Island economic for such countries. There is generally little point in incurringthe cost of attempting to run an independent monetary policy.

Under all exchange rate regimen other than absolutely free floating, ancillary policy to affect the foreign exchange market through official intervention & controls merit attention. The key point is that benign neglect of the exchange rate is unlikely to be desirable. When the foreign exchange market is then dominated by a relatively small number of agents , it is likely that the exchange rate will be volatile if the authorities do not provide some guidance & support.

Q2. Write a note on bill of lading

Ans : A bill of lading is a type of document that is used to acknowledge the receipts of a shipment of goods& is an essential document in transporting goods overland to the exporter international carriers. A bill of Lading involve the use of at least two different modes of transport from road ,rail,air & sea. The term drives from the noun Bill a schedule of cost for services supplied or to be supplied & from the verb to lade which means to load a cargo onto a ship or other form of transport.

A bill of lading indicates the particular vessel on which the goods have been placed , their intended destination & the terms for transporting the shipment to its final destination.Inland,ocean through airway bill are the name given to bill of lading .

Q3. Discuss in brief the five major product strategies in international marketing

a. Ans : Product communications extension-This strategy is very low cost and merely takes the same product and communication strategy into other markets. However, it can be risky if mis-judgements are made. For example, CPC International believed the US consumer would take to dry soups, which dominate the European market. It did not work.

b. Extended product – communications adaptation-If the product basically fits the different needs or segments of a market it may need an adjustment in marketing communications only. Again this is a low cost strategy, but different product functions have to be identified and a suitable communications mix developed.

c. Product adaptation – communications extension: The product is adapted to fit usage conditions but the communication stays the same. The assumption is that the product will serve the same function in foreign markets under different usage conditions.

d. Product adaptation–communications adaptation-: Both product and communication strategies need attention to fit the peculiar need of the market.

e. Product invention-This needs a totally new idea to fit the exclusive conditions of the market. This is very much a strategy which could be ideal in a Third World situation. The development costs may be high, but the advantages are also very high.

The choice of strategy will depend on the most appropriate product/market analysis and is a function of the product itself defined in terms of the function or need it serves, the market defined in terms of the conditions under which the product is used, the preferences of the potential customers and the ability to buy the product in question,

Q4. How was ‘protectionism’ practiced?

Ans : Protectionism is levying of additional tariffs or other protectionist measures by other countries in retaliation, reduced competition (which results in inflation and less choice for consumers), a weakening of the trade balance (due in part to diminished export abilities resulting from foreign retaliations and in part because of the domestic currency loses power as there is less demand for it). This may lead to a vicious cycle of trade wars as each country responds to the other with a "tit for tat."

Although trade generally benefits a country as a whole, powerful interests within countries frequently put obstacles – i.e., they seek to inhibit free trade.

There are several ‘protectionism’ can be done:

a. Tariff barriers: A duty, or tax or fee, is put on products imported. This is usually a percentage of the cost of the good.

b. Quotas: A country can export only a certain number of goods to the importing country. For example, Mexico can export only a certain quantity of tomatoes to the United States, and Asian countries can send only a certain quota of textiles here.

c. "Voluntary" export restraints: These are not official quotas, but involve agreements made by countries to limit the amount of goods they export to an importing country. Such restraints are typically motivated by the desire to avoid more stringent restrictions if the

exporters do not agree to limit themselves. For example, Japanese car manufacturers have agreed to limit the number of automobiles they export to the United States.

d. Subsidies to domestic products: If the government supports domestic producers of a product, these may end up with a cost advantage relative to foreign producers who do not get this subsidy. U.S. honey manufacturers receive such subsidies.

e. Non-tariff barriers, such as differential standards in testing foreign and domestic products for safety, disclosure of less information to foreign manufacturers needed to get products approved, slow processing of imports at ports of entry, or arbitrary laws which favour domestic manufacturers.

Justifications for protectionism:

Several justifications have been made for the practice of protectionism. Some appear to hold more merit than others:

a. Protection of an "infant" industry: Costs are often higher, and quality lower, when an industry first gets started in a country, and it thus be very difficult for that country to compete. However, as the industry in the country matures, it may be better able to compute. Thus, for example, some countries have attempted to protect their domestic computer markets while they gained strength. The U.S. attempted to protect its market for small autos. American manufacturers were caught unprepared for the switch in demand away from the larger cars. This is generally an accepted reason in trade agreements, but the duration of this protection must be limited (e.g., a maximum of five to ten years).

b. Resistance to unfair foreign competition: The U.S. sugar industry contends that most foreign manufacturers subsidize their sugar production, so the U.S. must follow to remain competitive. This argument will hold little merit with the dispute resolution mechanism available through the World Trade Organization.

c. Preservation of a vital domestic industry: The U.S. wants to be able to produce its own defence products, even if foreign imports would be cheaper, since the U.S. does not want to be dependent on foreign manufacturers with whose countries conflicts may arise. Similarly, Japan would prefer to be able to produce its own food supply despite its exorbitant costs. For an industry essential to national security, this may be a compelling argument, but it is often used for less compelling ones (e.g., manufactures of funeral caskets or honey).

d. Intervention into a temporary trade balance: A country may want to try to reverse a temporary decline in trade balances by limiting imports. In practice, this does not work since such moves are typically met by retaliation.

e. Maintenance of domestic living standards and preservation of jobs. Import restrictions can temporarily protect domestic jobs, and can in the long run protect specific jobs (e.g., those of

auto makers, farmers, or steel workers). This is less of an accepted argument – these workers should instead by retrain to work in jobs where their country has a relative advantage.

f. Retaliation: The proper way to address trade disputes is now through the World Trade Organization. In the past, where enforcement was less available, this might have been a reasonable argument.

Note that while protectionism generally hurts a country overall, it may be beneficial to specific industries or other interest groups. Thus, while sugar price supports are bad for consumers in general, producers are an organized group that can exert a great deal of influence. In contrast, the individual consumer does not have much of an incentive to take action to save

Q5. Describe some strategies adopted by McDonald to spread their chain worldwide.

Ans :McDonald may pursue business strategies that are home country – oriented or host country – oriented or world – oriented.

Perlmutter uses such terms as ethnocentric, polycentric and geocentric. However, "ethnocentric" is misleading because it focuses on race or ethnicity, especially when the home country itself is populated by many different races, whereas "polycentric" loses its meaning when the MNCs operate only in one or two foreign countries.

According to Franklin Root (1994), an MNC is a parent company that

a. engages in foreign production through its affiliates located in several countries, b. exercises direct control over the policies of its affiliates, c. implements business strategies in production, marketing, finance and staffing that

transcend national boundaries. Business strategy of a MNC can be analyzed with the help of Three Stages of Evolution

1. Export stage

• initial inquiries - firms rely on export agents • expansion of export sales • further expansion - foreign sales branch or assembly operations (to save transport cost)

1. Foreign Production Stage

There is a limit to foreign sales (tariffs, NTBs).Once the firm chooses foreign production as a method of delivering goods to foreign markets, it must decide whether to establish a foreign production subsidiary or license the technology to a foreign firm.

Licensing is usually first experience (because it is easy) • it does not require any capital expenditure • it is not risky

• payment = a fixed % of sales e.g.: Kentucky Fried Chicken in the U.K.

Problem that may arise while following a particular business strategy: The mother firm may find it difficult in exercise of any managerial control over the licensee (as it is independent).

Secondly, the licensee may transfer industrial secrets to another independent firm, thereby creating a rival.

The next stage for supplementing any particular business strategy is Investments involved.

It requires the decision of top management because it is a critical step.

➢ it is risky (lack of information) (for example-US firms tend to establish subsidiaries in Canada first. Singer Manufacturing Company established its foreign plants in Scotland and Australia in the 1850s)

➢ plants are established in several countries ➢ licensing is switched from independent producers to its subsidiaries. ➢ export continues

1. Multinational Stage: The company becomes a multinational enterprise when it begins to plan, organize and coordinate production, marketing, R&D, financing, and staffing. For each of these operations, the firm must find the best location.

McDonald has offered its customer what they want at the best available prices. Since the need of customer change with time Mcdonald has introduced new products by terminating the old one.

Q6. In the wake of globalization what is role of supply chain management?

Ans : A supply chain is a network of supplier,manufacturing,assembly,distribution & logistic facilities that perform the function of procurement of material, transformation of these material into intermediate & finished goods , the distribution of these products to customer. Supply chain arise in both manufacturing & service organization. Supply chain management is a system approach to manage the entire flow of information , material & service from raw material supplier through factories & warehouse to hand customers.

SCM has emerged as the new key to productivity & competitiveness of manufacturing & service enterprises the importance of this area is shown by a significant spurt in research the last 5 years & also proliferation of supply chain solutions & supply chain companies.It is a major application area for Internet Technologies & Electronic Commerce ( ITEC). In facts advances in ITEC hace contributed to growing importance of SCM .

It is having 2 major Phases

1. Phase -1 It can be called loosely as the back end comprises the physical building blocks such as the supply facilitates,production facilitates, warehouse, distributors , retailers & logistic facility. Major decision here includesProcurement : Supplier selection, Optimal procurementManufacturing : Plant location, product line selection, capacity planning, productionLogistics : Selection of Port, direct delievery , etcGlobal Decision

2. Phase -2 : is where IT & ITEC play a key role. This phase involves processing & use of information to facilitate & optimize the back end operation. Key technologies here include EDI Exchange for important information across different players in supply chain, Electronic payment protocols, Internet auctions etc.

Master of Business Administration-MBA Semester 4MK0006 – Services Marketing and Customer Relationship Management

Assignment Set- 2

Q.1 a. Discuss strategy formulation and implementation in services. b. Explain the scope of CRM.

Ans : a The first step of this phase is setting the marketing objective & strategies. It is necessary to set realistic and achievable objective for the company major services in each of its market. This is followed by development of marketing strategies , estimating expected results & identifying alternative marketing mixes.

Strategy Implementation : Once the most effective package has been developed for each segment the company wishes to pursue , it should then become part of an integrated marketing mix. For service sensitive sectors such as airlines the service can be used as part of the Promotional campaign.

A service company should focus on especially on customer service & keep customer satisfaction level under constant review. Usually there is a need for a complaint system which allows

unhappy customer to be identified and corrective action taken. Above all else a service company needs to stay in touch with the changing needs of the customers in terms of customer service

Ans b : CRM often used in combination with data warehousing , E – commerce application & call centers allow companies to gather information about customers buying histories , preferences , complaints & other data so they can better anticipate what customers are looking for. The others things are

1. Increased efficiency through automation2. The ability to provide faster response to customer inquiries3. Having a deeper knowledge of customer needs4. Generating more marketing or cross selling oppurtunities5. Better information for better management6. Reduced cost of sales & increased productivity7. Conducting more one-to-one marketing

Q.2 a. What do you mean by CRM? What are the emerging trends in CRM?

b. Write a note on service quality with an illustration.

Ans : a CRM Customer Relationship MANAGEMENT which means

The relationship management of a customer by an organization

The goal of keeping the customers for the long term benefit of an organization

Acquiring , developing & retaining satisfied royal customer achieving profitable

growth & creating economic value in company brands

CRM means the establishing the developing the strengthing & the trusting of good values among the customer for company brands.

Emerging Concepts in CRM :

1. Increase in customer partnering2. Expansion of customer base3. Reduction in advertisement & other sales promotion expenses4. Generation of more & more loyal customers5. Easy introduction of new products

6. Reduction in customer recruitment cost7. Increase in customer partnering 8. Increase in the number of profitable customer

Customer Problem Solving & timely attention of their grievances & the politeness for the acceptance of the mistakes are caused by the company. Many managers believe that customers are the key to profitability considering the traditional organization.

Ans : b SERVICE QUALITY :

Level – 1 : Setting broad marketing objectives : the broad marketing objective would be concerned with long term profitability & be related to the organizational objectives.Level – 2 : Setting objectives for key result area. Here the objective are defined more precisely & specifically relating to different functions.Level – 3 : Setting subjection to support the broad objectives these objectives would be based on sales volume goals , geographical expansion & service offering extension.

Marketing objectives help determine where the organization want to go & also provide yardsticks by which it can measure its performance . Marketing objectives should meet several criteria & should be :Relavant : the marketing objectives should be relevant in relation to the corporate mission & objectivesSpecific : it should focus on clear & identifiable goalsMeasurable : the objective should be quantifiedTime bound : it should have an achievement day attached to it .

Marketing Objective & strategies to achieve the target includeIncreased productivitySales force effectivenessMore efficient distributionPricing strategies Improved customer services

Q.3 Determine a service marketing mix for an established airline. Assume that the airline operates in more than 30 different countries and its customers are mostly regular ones. How can it distinguish its services from other competing airlines, so as to attract newer passengers?

Ans : 3 The marketing mix concept is a well established tool used as a structure by markets. It consists of the various elements of a marketing programme which need to be considered in order to successfully implement the marketing strategy and positioning in

the company’s markets. Essentially the marketing mix represents the factors which need to be considered when determining a service firm’s marketing strategy

Tourism marketing is a process of creating a product or providing a service. It comprises fact finding, data gathering, analyzing, communication to inform and promote, ensuring and facilitating sales, selection of marketing planning, coordination, control and evaluation, developing professionally sound personnel.

Tourism marketing is an integral effort to satisfy tourist and more so, it is a device to transform the potential tourists into the actual tourists. Tourism marketing is the safest way to generate demand, expand market and increase the market share. The concept of tourism marketing comprises of:

a. Identifying and anticipating consumer demand and desire for tourism products and services.

b. Developing a means of providing product and services to fulfill these needs.

c. Communicating this to the consumer, thereby motivating sales, consequently satisfying both the consumer, and the organizations objectives.

Through market planning, segmentation and marketing research, a tourism marketing mix can be developed to achieve the tourism origination goals through strategic marketing.

The tourism Marketing Mix

The marketing mix refers to the blend of ideas, concepts and features which marketing management put together to best appeal to their target market. Segments, each target segment will have a separate marketing mix, tailored to meet to specific needs of consumers in the individual segment.

1. Product Mix :

The tourism product is a non material intangible thing. The following services are included in the product mix for the tourism industry.

a. Attraction b. Accommodation: one star to five star, cottages. c. Transportation: Airways, Railways, Road, Sea Ways. d. Recreation: Theatre, Club, Park, Musice. Restaurant : western, Chinese, Indian others. f. Shopping : Artistic, handicrafts, handloom, books, Garments, jewelry.

Branding plays a very important role in tourism marketing. Car rental firms, hotel chains and airlines, in particular employ tremendous efforts to ensure that their name is widely recognized and synonymous with quality, value or some other characteristic. Travel agents and tour

operators depend on reputation to a large extent, and so it is imperative that they have a strong, recognizable identity. The main reason to build brand loyalty is to encourage repeat business.

1. Price Mix

In the tourism industry, the pricing decisions are found critical and challenging since it is a multi segment industry. When a tourist proposes to visit a particular place, the total cost on his / her traveling includes the expenses incurred on transportation, accommodation, communication or so.

In the pricing decisions, the product or the service mix of the tourist organizations is found important. This makes it essential that the tourist organizations set prices in line with the quality of services to be made available to the customers.

The tourist professionals while making the pricing decisions are required to think in favor of discounting price. The different forms of discount, such as discounting for cash payment, price reduction for quality, trade discounts, trade allowances, seasonal discount, distressed stock and similar discount tactics are the options.

2. Place Mix

Distribution management is concerned with two things availability accessibility. If tourism marketing management is to be certain that their products and services are both available and accessible to the target market, they must design a channel strategy that will be effective.

Some tourist organizations deal directly with the consumers; some other organizations utilize more than one method distribution. The middlemen are the tour operators and the transport operators who buy services like hotel rooms, seats in the aircrafts, railways, arrange chartered flights and sell the same either to the travel agents or even directly to the tourists. Airlines, for example, sell tickets through travel agents, and sell seats on flights to tour operators, whilst also operating direct marketing by offering travelers the opportunity to make reservations through their own booking officers.

4. Promotion Mix

The tourist organization takes up the responsibility of informing, sensing and persuading the potential tourists. The marketers need to use the various components of promotion to increase the number of users.

The advertisement helps in providing important information to the actual and potential tourists. Its coverage is so wide. It essentially follows the AIDA principle of attracting the attention, arouse internet, create desire, and stimulate action. Advertising is aimed to create the awareness of the travel offers available on a resort and its attraction to influence their business decisions.

Sales promotion through brochures, point of sale displays and even video cassettes plays a very important role as advertising. In a tourism industry a travel company offers to their

client’s compliments such as flight bags, wallets for tickets and foreign exchange and covers of passport. The hotels offer a number of facilities like shoe shine clothes, first aid sewing kits and shampoo, further, the clients also get fruits and flowers in their rooms. There is no double that almost all the promotional measures generates goodwill and add value to the product.

5. Personal selling:

The travel and hotel business depend considerably on the personal selling. The developing of travel and tourism has been possible due to well educated and trained sales personnel.

6. People:

The tourism industry depends substantially on the management of human resources. The travel agents and travel guides plays an important role and therefore the management of people helps in developing their credentials to deliver goods to the tourist organizations.

Master of Business Administration-MBA Semester 4MK0007 – Advertising Management & Sales Promotion

Assignment Set- 2

Q.1 Distinguish between the media planning and media buying functions of advertising. How are the tasks of the media planner different from those of the media buyer?

Ans : Media Planning is the process of determining how to use time & space to achieve advertising objectives . One of those objectives is always to place the advertising message before a target audience. A medium is a single form of communication . Combining media is a Media Mix. A media vehicle is a single programme, magazine or radio station. Although these terms have specific meanings , people in advertising industry typically use the term media in most situation.

Media Planning demands the biggest portion of the advertiser budget. Media planning is systematic & complex. But in fact a media plan may be quite simple & somewhat haphazard. Regardless of whether a company is spending a few hundred dollars on one medium of dollars on thousand of media alternatives,the goal is still the same to reach the right people,at the right time with right message.

Media Buying Function : Media Buyers have specific skills to implemement these duties. In this section, we example the most important buyer function is

1. providing information to media planners2. selecting the media3. negotiating costs4. monitoring the media choice5. evaluating the media choice after campaign6. handling the billing & payment

Media Buyers are close enough to day to day changes in media popularity & pricing to be a constant source of inside information to media planners.

The media planner lay out the direction but the buyer is responsible for choosing the specific vehicles.

Armed with media plan directive, the buyer seeks answers to a number of difficult questions.

Media planning is systematic & complex whereas buying is a complicated & tedious process.

Once the campaign is completed the planner duty is to compare the plans expectation & forecast with what actually happened.

Keeping track of the bills & payment it is the duty of media planner in conjuction with the accounting department.

Q.2 What is the difference between institutional and product advertising? Why do companies go in for institutional advertising? Describe an institutional ad which you have seen recently and the objectives of the ad.

Ans : Institutional Advertising : takes a much broader approach, concentrating on the benefits , concept ,idea,or philosophy of a particular industry. Companies often use it to promote image building activities such as environmentally friendly business practice or new community based programme that it sponsors. Institutional advertising is closely related to public relation since both are interested in promoting a positive image of the company to the public. As an example a large company may develop an advertising theme around its practice of planting trees in areas where they have just been harvested. A theme of this nature keeps the company name in a positive light with the general public because the replanting of trees is viewed positively by most people.

Product Advertising : Product advertising pertains to non-personal selling of a specified product. An example is a regular television commercial promoting a soft drinks. The primary purpose of the advertisement is to promote the specific soft drinks not the entire soft drinks line of a company.

Q.3 What is the difference between advertising and sales promotion? What are the relative advantages and disadvantages of advertising and sales promotion?

Ans : Sales Promotion: A total business communications strategy includes advertising, sales promotion and personal selling. The cohesiveness and effectiveness of these efforts is what achieves sales and profit objectives. Promotional strategy is the function of informing,

persuading, and influencing a consumer decision. Following are the functions of sales promotion:

1. To provide information – In the early days of promotional campaigns, when many items were often in short supply, most advertisements were designed to tell the public where they could find a product. Today, a major portion of U.S. advertising is still informational. Promotional campaigns designed to inform often target specific market segments.

2. To differentiate – Marketers often develop a promotional strategy to differentiate their goods or services from those of competitors. This strategy is called positioning. The idea is to communicate to customers meaningful distinctions about the attributes, price, quality, or usage of a good or service. Market research is a valuable tool for positioning since it helps to identify what consumers want and what attributes are important to them.

3. To increase sales – Increasing sales volume is the most common objective of a promotional strategy.

4. To stabilize sales – Advertising is another tool that can stabilize sales. A stable sales pattern has several advantages: it evens out the production cycle, reduces some management and production costs, and makes it easier to do financial, purchasing and market planning.

5. To accentuate the product’s value – Some promotional strategies are based on factors that add value, such as warranty programs and repair services.

Advertising: Advertising is a paid, non-personal sales communication usually directed at a large number of potential buyers. Types of advertising include:

1. Informative advertising – Advertising approach intended to build initial demand for a good or service in the introductory phase of the product life cycle.

2. Persuasive advertising – Used in the growth and maturity stages of the product life cycle to improve the competitive status of a product, institution or concept.

3. Comparative advertising – Persuasive advertising approach in which direct comparisons are made with competing goods or services.

4. Reminder-oriented advertising – Method used in the late maturity or decline states of the product life cycle that seeks to reinforce previous promotional activity by keeping the name of the good or service in front of the public.

The following are some of the most popular forms of advertising media:

1. Newspapers – Can be costly so you want to reach the exact audience that will buy your product or service. Avoid using small print if possible. You may be able to place an ad in the more affordable weekly papers where you can run your ad by zip code.

2. Television and radio – Are typically expensive. The most popular stations are typically expensive. Be sure to know your target audience and study the media kits to determine if the station reaches that audience.

3. Direct mail – Can be either generated by you individually or can be a part of a co-op program such as Val-Pak.

4. Magazines and trade journals – Many have space available regionally.

5. Outdoor advertising including billboards and transit ads (buses, cabs)

6. Yellow pages – This is possibly the first type of advertising you should purchase. A large ad is not necessary; a listing is sufficient to let your potential customer know you are a valid company, not a fly-by-night. The downfall with Yellow page advertising is that it takes the customer directly to your competition! Have a listing but be careful while promoting it.

7. Internet – Website or banner advertising.

Some lower-cost advertising opportunities include co-op advertising programs where there is a cost sharing arrangement between the manufacturer and the retailer, cable TV advertising, and targeted direct mail postcards.

Master of Business Administration-MBA Semester 4MK0008 – E-Marketing

Assignment Set- 1

Q.1 a. What constitutes an e-marketing plan? Briefly explain.

b. Write a note on web analytics.

Ans : E – marketing plan in a broad sense e-marketers generally start by analyzing the current micro & macro economic situation of the organization . E- marketers must observe both internal & external factors when developing an e-marketing plan agies to as trends in both micro & macro environment affect the organization ability to perform business. Examples of micro environment elements are pricing,suppliers,customers. Example of macro environment are socioeconomic,political, demographic & legal factors.In order to produce a viable e-marketing solution, e-marketers must first understand the current situation of the company & its environment , profile ,segment the target the right market & then stragically position the products as to achieve optimal response with the target market. This is generally achieved through SWOT analysis. By assessing organization strength & weaknesses & looking at current opportunities & threats one can devise an e-marketing strategy that can improve the organization bottom line.

It is the results of the planning activity , a document that includes a review of the organization place in the market, an analysis of the STEP social,technologic,economic,& political factors as well as a SWOT analysis. A complete play would also formulate some presumptions on why we think the past marketing strategy was successful or not. The next phase shall present the objectives we set , together with the strategies to achieve these objectives. In a logical sequence we will further need to evaluate the results & formulate alternative plans of action. A plan would consist in details of responsibilities,costs,sales prognosis and budgeting issues.

Ans b : Web Analytics : is the study of the behavior of website visitors. In a commercial context ,web analytics especially refers to the use of data collected from a web site to determine which aspects of the website work towards the business objectives. Data collected almost always includes web traffic reports. It may also include e-mail response rates,direct mail campaign data , sales & lead information, use performance data such as click heat mapping or other custom metrics as needed. This data is typically compared against key performance indicators for performance & used to improve aweb site or marketing campaign audience response.

Technologies : 1. Logfile analysis : reads the logfiles in which the web server records all its transactions.

2. Page Tagging : uses javascript on each page to notify a third party server when a page is rendered by a web browser.

Q.2 a. Trace the aspects in moving towards electronic strategy. b. What challenges or opportunities exist in e-marketing at present and in future?

Ans : a 1. Speed of information Distribution : The internet is unlike any other sales channel allow companies to distribute information at the speed of light & at almost zero cost,to reach customers with both reach & range to introduce new & innovative business models. The internet creates more bargaining power for the customer,creates a more perfect information market to customer benefit.

2. The internet is global

3. 24/7 Business4. Customerization : The web allows greater opportunities for personalization of content, one to one marketing & customer self service

5. Decision at Internet speed : E – commerce is conducted at internet speed. This means web site deployment must be planned in months or even weeks not years.

6. Customer focused : Business has always been about getting close to customer but that was in a world without the potential of personalization one to one marketing , data mining , concurrent reach & range & customer relationship management. The internet the customer oriented application that the internet makes possible, means that the every e-business must be totally focused on the customer.

Ans b : E-marketing Present & Future : At present these first websites seem archaic. However they served their purpose as people began to turn to the internet for information about companies& what they had to offer . If someone wanted to buy something they would call the company on a phone number provided by the website. All these have changed the development of new encryption method & secure site tech. Online purchasing has exploded in the past 3 years & is expected to grow exponentially over the coming decades. Many of the internet marketing pioneers who began selling online 5 years ago have become millionaires. Book & courses that reveal their internet marketing secrets are readily available for purchase.Consumers could now orders product right from their home. Companies could reach customers all over the world.

Online auction sites became very popular as people could sell their items to each other for a small fee.

The internet is changing the way we do business,the way we market,sell,service,distribute,communicate & work.Businesses are already beginning to communicate with customers , distributors, suppliers,shareholders & employees in a way that is truly one to one & real time. Personalized web sites are delievering tailored messages to an infinite number of targets.

Companies can ship bits weightless electrons around the world at the speed of freight.In just a few years the internet will be as essential of a business tool as what the phone & fax are today. Intranets , real time transaction processing & customer self service are just the beginning. We are transitioning from static sites to dynamic & personalized sites , from broadcasting to narrow casting from information dissemination to actual commerce. But we can also look forward to an information glut of unimaginable portions.

Mobile Phones with Wi Fi are already available for less than 18000 /- These prices will fall further. Get a wireless access point at home & combine with a broadband connection . This will create the opportunity for an increasing array of data services. Of one stops thinking of the mobile as a poor man computer & instead thinks of its as a new interactive devices than the potentials of what is possible starts to become apparent. The future will see emergence of such innovative data service in India.

Q.3 Suggest some ways to avoid or minimize the various threats to internet privacy. Do you think internet is a safe place to undertake all business transactions? State your reasons.

Ans : This can be achieved by use of internet anonymity to ensure privacy use of internet without giving any third party the ability to link the internet activities to personally identifiable information of internet user. Privacy measures are provided on several social networking sites. The setting available on ORKUT include the ability to block certain individuals from seeing your profile, the ability to choose yous friends

Cookies : cookies have become the most widely recognized privacy risk, receiving a great deal of attention. A http cookies consist of a piece of information stored on a user computer to add statefulness to web browsing. Some users choose to disable cookies in their web browsers. This eliminate the potential privacy risk but may severely limit or prevent the functionality of many websites. As an alternative,users may frequently delete any stored cookies. Some browers such as Mozilla,firefox & opera have an option to have the system clear cookies automatically.A third option involves allowing cookies in general but prevent their abuse.

Browsing Profiles : The process of profiling also known as tracking assembles & analyzes several events. It become a more contentious privacy issue on th other hand, when data matching associates the profile of an individual with personally identifiable information of individual. Govt & organization may step up honeypot websites – featuring controversial topics .

Internet Service Providers (ISP) : All internet data to & from the consumer must pass through the consumer ISP. From a privacy standpoint, the ideal ISP would collect only as much information as it requires in order to provide IP address. What information an ISP collects what it does with that information & whether it informs its consumers can pose significantly privacy issues. Beyond collected information typical of third parties, ISP sometimes states that they will make their information available to govt authorities upon request.

Data Logging : Many Programs & operating system are set up to perform data logging of usage.

Spyware : It is a computer software that is installed surreptitiously on a personal computer to intercept or take partial control over the user interaction with the computer without user informed consent.Running anti spyware software has become a widely recognized element of computer security best practice for Microsoft Windows desktop computer. A number of jurisdiction has passed anti spyware laws which usually target any software that is surreptitiously installed t control a user computer.

Malware : is a software designed to infilterate or damage a computer system without the owner informed consent

Web Bug : A web bug is an object that is embedded in a web page or email and is usually invisible to the user but allows checking that a user has viewed the page or email. They can also be used to see if an e – mail was forwarded to some one else.

Web bugs are typically used by third parties to monitor the activity or customers at a site..Turning off the browser cookies can prevent some web bugs from tracking a customer specific activity.

Phishing : is a technique of fraudulently obtaining private information. Typically the phisher send an email that appears to come from a legitimate business, a bank or credit card company requesting verification of information .

Phone Phising : This technique uses a rogue interactive voice response IVR system to recreate a legitimate sounding copy of a bank or other institution IVR system. A typical system will continually reject logins ensuring the victim enter PINs or password multiple times

Trojan Horse : The Trojan horse can arrive as an email attachment promising anything from a cool or sexy screen saver.

Master of Business Administration-MBA Semester 4

MK0009 – International Marketing

Assignment Set- 1

Q.1 The marketer’s task is the same, whether applied in Bangalore, India, or Beijing, China. Do you agree or disagree with this statement?

Ans : Disagree

The task of Marketers is different whether applied in Bangalore India or Beijing China. Such uncertainty is created due to uncontrollable factors & each foreign country in which the company operates adds its own unique set of uncontrollable factors.

Domestic uncontrollable factors : These include home country elements which can directly affect the success of a foreign venture & these factors are out of immediate control of the marketer.

1. Political decision involving domestic foreign policy : Example are that of US restriction of trade with countries like Libya,Iraq & south Africa due to so called support to terrorist in Libya & Iraq

2. Domestic Econimic Climate : This has far reaching effects on competitive position in foreign markets. The capacity to invest in plants & facilities are directly affected with this variable which could in turn create a positive or negative effect on foreign trade.

3. Currency value : This gives the price advantage or disadvantage to marketers depending on the exchange value & this is another influence the home environment economy has on the marketers task.

4. Competition with in home country : This can also have a profound effect upon the international marketers task. Competition within their home country affects the company domestic as well as international plans .

Foreign Uncontrollable factor :

1. Political or Legal forces : One example is that of china which has moved from a communist legal system to commercial legal system. Another example is that of the Indian Govt. which in 1977 gave coca cola the choice either revealing its secret formula or leaving the country.

2. Economic forces : The local economic forces in the foreign country may have strong influence on the currency value & repatriation.

3. Competitive forces : The nature of competition may vary from country to country & will have different responses depending on the deep rooted cultural factors to competition in terms of price ,distribution & advertising.

4. Level of Technology : There are vast differences that may exist b/w developed & underdeveloped countries.

5. Structure of Distribution : The channels of distribution vary from country to country & there could be even be state controls on distribution in some countries.

6. Geography & Infrastructure : The transportation & physical distribution depends on these factors

7. Cultural Forces : Each country culture is different & this could affect all the marketing variable like product design , brand name ,logo etc.

Q.2 What are the main features of the WTO? How is it an improvement over the GATT?

Ans : WTO : The world trade organization is an international organization designed to supervise & liberalize international trade. The WTO came into being on Jan 1,1995 & is the successor to the GATT which was created in 1948. The WTO with the rules of trade b/w nations at a near global level

Features :

1. It is responsible for negotiating & implementing new trade agreement & is in charge of policy member countries adherence to all the WTO agreements

2. It meets every 2 years a general council which implements the conference policy decision & is responsible for day to day administration

3. It facilitate the implementation,administration & operation of the objective of the agreement & of the multilateral trade agreements

4. It provides the framework for the implementation, administration & operation of the Plurilateral Trade relating to trade in civil aircrafts

5. It provides the forum for negotiation among its members concerning their multinational trade relation

6. It cooperates with the IMF & world bank & itsaffiliated agencies with a view to achieving greater coherence in global economic policy making.

The history of the GATT can be divided into three phases , the first from 1947 untill the Torquay Round largely concerned with which commodities would be covered by the agreement & freezing existing tariff levels. A second phase encompassing three rounds from 1959 to 1979 focused on reducing tariff. The third phase consisting only of the Uruguay Round from 1986 to 1994.

In 1993 the GATT was updated GATT to include new obligation upon its signatories. One of the most significant changes was the creation of WTO. The 75 existing GATT members & the Europeon communities became the founding members of the WTO on jan,1 1995. The other 52 GATT members rejoined the WTO in the following 2 years. Since the founding of WTO, 21 new non GATT members have joined & 29 are currently negotiating membership.

Of the original GATT members only the SFR Yugoslavia has not rejoined the WTO.The contracting parties who founded the WTO ended official agreement of the GATT 1947 terms on Dec 31,1995 whereas GATT was a set of rules agreed upon by nations , the WTO is an institutional body. Although it was designed to serve multilateral agreement during several rounds of GATT negotiations plurilateral agreement created selective trading & caused fragmentation among members.WTO duty is to renew the policy.

Q.3 Which aspects of the cultural environment would have to be considered by an international marketer entering the Indian market for the first time?

Ans : Culture can be defined as The integrated sum total of learned behavioral traits that manifest & is shared by members of society. Culture is also innate but learned.Often different culture exist side by side within countries like africa

The Element of culture which has to study by International Marketers while entering into the Indian Market are as follows :

1. Material Culture : It is divided into 2 parts technology & economics. Technology include the tech used in creation of material goods. Economics is the manner in which people employ their capabilities & the resulting benefits.

2. Language : reflects the nature & value of society. In India there are more than 50 langauge are there. It may be the one of the most difficult cultural clement to master.

3. Aesthetics : are of particular interst to the marketers because of their role in expression,color & standards of beauty in culture.The uniqueness of a culture can be spotted quickly in symbols having distinct meanings.

4. Education : It refers to the transmission of skills,ideas & attitudes as well as training in particular discipline. Education can transmit culture ideas to be used for change .

5. One study comparing perceptions of punctuality in the United States and Brazil found that Brazilian timepieces were less reliable and public clocks less available than in the United States. Researchers also found that Brazilians more often described themselves as late arrivers, allowed greater flexibility in defining early and late, were less concerned about being late, and were more likely to blame external factors for their lateness than were Americans. The American desire to get straight to the point, to get down to business, and other indications of directness are all manifestations of M-time cultures.

6. The P-time system gives rise to looser time schedules, deeper involvement with individuals, and a wait-and see-what-develops attitude. For example, two Latins conversing would likely opt to be late for their next appointments, rather than abruptly terminate the conversation before it came to a natural conclusion. P-time is characterized by a much looser notion of on time or late. Interruptions are routine; delays to be expected. It is not so much putting things off until manana, but the concept that human activity is not expected to proceed like clockwork.

7. Most cultures offer a mix of P-time and M-time behavior, but have a tendency to be either more P-time or M-time in regard to the role time plays. Some are similar to Japan, where appointments are adhered to with the greatest M-time precision, but P-time is followed once a meeting begins. The Japanese see U.S. businesspeople as too time bound and driven by schedules and deadlines, which thwart the easy development of friendships. The differences between M-time and P-time are reflected in a variety of ways throughout a culture.

8. When businesspeople from M-time and P-time meet, adjustments need to be made for a harmonious relationship. Often clarity can be gained by specifying tactfully, for example, whether a meeting is to be on Mexican time or American time. An American who has been working successfully with the Saudis for many years says he has learned to take plenty of things to do when he travels. Others schedule appointments in their offices so they can work until their P-time friend arrives. The important thing for the U.S. manager to learn is adjustment to P-time, in order to avoid the anxiety and frustration that comes from being out of synchronization with local time. As global markets expand, however, more businesspeople from P-time cultures are adapting to M-time.

Most cultures offer a mix of P-time and M-time behavior, but have a tendency to be either more P-time or M-time in regard to the role time plays. Some are simil