˚ ı

‰Â*Ì̉

/*˝*5283„
'(9(/23,1*˝7202552:©6˝*/2%$/˝/($'(56

'UVÔ˝ -Ô˝ 6WHZDUW˝ %ODFN˝ DQG˝ $OOHQ˝ -Ô˝ 0RUULVRQ˝ SUHSDUHG˝ WKLV˝ FDVH˝ LQ˝ FROODERUDWLRQ˝ ZLWK˝ 'UÔ˝ <RXQJ˝ &KXO˝ &KDQJ
VROHO\˝ WR˝ SURYLGH˝ PDWHULDO˝ IRU˝ FODVV˝ GLVFXVVLRQÔ˝ ˝ 7KH˝ DXWKRUV˝ GR˝ QRW˝ LQWHQG˝ WR˝ LOOXVWUDWH˝ HLWKHU˝ HIIHFWLYH˝ RU
LQHIIHFWLYH˝ KDQGOLQJ˝ RI˝ D˝ PDQDJHULDO˝ VLWXDWLRQÔ˝ ˝ 7KH˝ DXWKRUV˝ PD\˝ KDYH˝ GLVJXLVHG˝ FHUWDLQ˝ QDPHV˝ DQG˝ RWKHU
LGHQWLI\LQJ˝LQIRUPDWLRQ˝WR˝SURWHFW˝FRQILGHQWLDOLW\Ô

,YH\˝ 0DQDJHPHQW˝ 6HUYLFHV˝ SURKLELWV˝ DQ\˝ IRUP˝ RI˝ UHSURGXFWLRQÒ˝ VWRUDJH˝ RU˝ WUDQVPLWWDO˝ ZLWKRXW˝ LWV˝ ZULWWHQ
SHUPLVVLRQÔ˝ ˝ 7KLV˝ PDWHULDO˝ LV˝ QRW˝ FRYHUHG˝ XQGHU˝ DXWKRUL]DWLRQ˝ IURP˝ &DQ&RS\˝ RU˝ DQ\˝ UHSURGXFWLRQ˝ ULJKWV
RUJDQL]DWLRQÔ˝ ˝ 7R˝ RUGHU˝ FRSLHV˝ RU˝ UHTXHVW˝ SHUPLVVLRQ˝ WR˝ UHSURGXFH˝ PDWHULDOVÒ˝ FRQWDFW˝ ,YH\˝ 3XEOLVKLQJÒ˝ ,YH\
0DQDJHPHQW˝ 6HUYLFHVÒ˝ FÓR˝ 5LFKDUG˝ ,YH\˝ 6FKRRO˝ RI˝ %XVLQHVVÒ˝ 7KH˝ 8QLYHUVLW\˝ RI˝ :HVWHUQ˝ 2QWDULRÒ˝ /RQGRQÒ
2QWDULRÒ˝&DQDGDÒ˝1Á$˝Í.Ê‚˝SKRQH˝ıËÏ‰Ù˝ÁÁÏÍÎÌ‚˝ID[˝ıËÏ‰Ù˝ÁÁÏÍÂÂ΂˝HPDLO˝FDVHV#LYH\ÔXZRÔFDÔ

&RS\ULJKW˝˝ã˝˝Ï‰‰ÂÒ˝,YH\˝0DQDJHPHQW˝6HUYLFHV 9HUVLRQ„˝ı$Ù˝Ï‰‰‰ÌÏÎÎ

2Q˝)HEUXDU\˝ÎÎÒ˝Ï‰‰ËÒ˝%RQ˝0RR˝.RRÒ˝ËÏÒ˝WRRN˝RYHU˝WKH˝KHOP˝RI˝WKH˝/*˝*URXSÒ
RQH˝RI˝WKH˝WKUHH˝ODUJHVW˝.RUHDQ˝FKDHEROVÔ˝˝/LNH˝D˝QHZO\˝UHFRPPLVVLRQHG˝VKLSÒ˝/*
KDG˝UHFHQWO\˝XQGHUJRQH˝VLJQLILFDQW˝UHQRYDWLRQ˝DQG˝DSSHDUHG˝WR˝EH˝LQ˝JUHDW˝VDLOLQJ
VKDSHÔ˝ ˝ 7KH˝ UHQRYDWLRQ˝ DQG˝ UHIXUELVKLQJ˝ KDG˝ EHHQ˝ GLUHFWHG˝ E\˝ WKH˝ IRUPHU
FKDLUPDQÒ˝ 0UÔ˝ &KD.\XQJ˝ .RRÒ˝ 0UÔ˝ %RQ˝ 0RR˝ .RR©V˝ IDWKHUÔ˝ ˝ $IWHU˝ VWHHULQJ
WKURXJK˝ VRPH˝ VWRUP\˝ VHDV˝ IURP˝ ωÂË˝ WR˝ ω‰ÏÒ˝ WKH˝ FORXGV˝ KDG˝ FOHDUHG˝ DQG˝ /*©V
IXWXUH˝ ORRNHG˝ VXQQ\˝ DQG˝ EULJKWÔ˝ ˝ *URXS˝ UHYHQXHV˝ KDG˝ LQFUHDVHG˝ HDFK˝ \HDU˝ IURP
ω‰Ï˝WKURXJK˝Ï‰‰ÈÒ˝ZKHQ˝WKH\˝VWRRG˝DW˝D˝UHFRUG˝86˘Í½ELOOLRQÔ

)LUPO\˝ HVWDEOLVKHG˝ DV˝ WKH˝ QHZ˝ FDSWDLQÒ˝ &KDLUPDQ˝ .RR˝ ZDV˝ GHWHUPLQHG˝ WR˝ EXLOG
XSRQ˝ WKH˝ OHJDF\˝ RI˝ KLV˝ IDWKHU˝ DQG˝ VHW˝ D˝ EUDYH˝ QHZ˝ FRXUVH˝ E\˝ WUDQVIRUPLQJ˝ /*
*URXS˝IURP˝D˝JUHDW˝.RUHDQ˝FRPSDQ\˝LQWR˝D˝ZRUOGFODVV˝HQWHUSULVHÔ˝˝7R˝GR˝WKLVÒ˝KH
ZRXOG˝QHHG˝WR˝OHDG˝WKH˝JURXS˝LQWR˝WKH˝XQFKDUWHG˝ZDWHUV˝RI˝JOREDO˝FRPSHWLWLRQÔ˝˝,Q
ω‰ËÒ˝&KDLUPDQ˝.RR˝DQQRXQFHG˝¶/($3˝ÎÌÌËÒß˝KLV˝YLVLRQ˝RI˝WKH˝IXWXUHÔ˝˝2I˝DOO˝WKH
GLIIHUHQW˝HOHPHQWV˝RI˝WKLV˝YLVLRQÒ˝WKH˝JRDO˝RI˝LQFUHDVLQJ˝UHYHQXH˝WR˝86˘ÍÂÌ˝ELOOLRQ
E\˝ ÎÌÌË˝ ZLWK˝ ILIW\˝ SHU˝ FHQW˝ FRPLQJ˝ IURP˝ LQWHUQDWLRQDO˝ VDOHV˝ ZDV˝ WKH˝ PRVW
FKDOOHQJLQJÔ˝ ˝ 7KH˝ HPRWLRQ˝ EHKLQG˝ /($3˝ ÎÌÌË˝ LV˝ FRQYH\HG˝ LQ˝ WKH˝ IROORZLQJ
VWDWHPHQW˝E\˝&KDLUPDQ˝.RR„

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Î ‰$‰Â*Ì̉

,I˝ ZH˝ GR˝ QRW˝ FRPSHWH˝ RQ˝ WKH˝ ZRUOG˝ VWDJHÒ˝ ZH˝ ZLOO˝ KDYH˝ GLIILFXOW\
VXUYLYLQJÔ˝ ˝ ,˝ DQQRXQFHG˝ WKLV˝ ORIW\˝ WDUJHW˝ WR˝ SUHYHQW˝ XV˝ IURP
EHFRPLQJ˝FRPSODFHQW˝ZLWK˝RXU˝SDVW˝VXFFHVVHVÔ

,Q˝ ODWH˝ ω‰ÊÒ˝ QHDUO\˝ WKUHH˝ \HDUV˝ DIWHU˝ &KDLUPDQ˝ .RR˝ WRRN˝ RIILFH˝ DQG˝ MXVW˝ RYHU
VHYHQ˝ \HDUV˝ DZD\˝ IURP˝ WKH˝ PDJLFDO˝ GDWH˝ RI˝ ÎÌÌËÒ˝ 0UÔ˝ <Ô˝ .Ô˝ .LP˝ IDFHG˝ D
VLJQLILFDQW˝ FKDOOHQJH˝ LQ˝ WUDQVODWLQJ˝ WKH˝ &KDLUPDQ©V˝ YLVLRQ˝ LQWR˝ UHDOLW\Ô˝ ˝ 0UÔ˝ .LP
ZDV˝ WKH˝ KHDG˝ RI˝ WKH˝ /*˝ +XPDQ˝ 5HVRXUFH˝ ı+5Ù˝ WHDP˝ WKDW˝ ZDV˝ FKDUJHG˝ ZLWK˝ WKH
WDVN˝ RI˝ LGHQWLI\LQJ˝ DQG˝ GHYHORSLQJ˝ ¶+,32Vß˝ ıKLJK˝ SRWHQWLDO˝ LQGLYLGXDOVÙ˝ DQG˝ WKH
JOREDO˝OHDGHUV˝WKDW˝/*˝ZRXOG˝QHHG˝LQ˝WKH˝IXWXUHÔ˝˝0UÔ˝.LPÒ˝UHSUHVHQWLQJ˝WKH˝2IILFH
RI˝WKH˝&KDLUPDQÒ˝ZRUNHG˝FORVHO\˝ZLWK˝'UÔ˝0LFKDHO˝/HHÒ˝0DQDJLQJ˝'LUHFWRU˝RI˝/*
$FDGHP\˝ ı/*$ÙÔ˝ ˝ /*$˝ ZDV˝ WKH˝ FHQWUDO˝ WUDLQLQJ˝ FHQWHU˝ IRU˝ WKH˝ HQWLUH˝ /*˝ *URXS
ZLWK˝ DQ˝ DQQXDO˝ EXGJHW˝ RI˝ 86˘Î½ PLOOLRQ˝ DQG˝ D˝ SURIHVVLRQDO˝ VWDII˝ RI˝ QHDUO\˝ ÊÌ
SHRSOHÔ

7RJHWKHU˝0UÔ˝.LP˝DQG˝'UÔ˝/HH˝UHFRJQL]HG˝WKDW˝LI˝/*˝DFKLHYHG˝LWV˝UHYHQXH˝WDUJHWVÒ
LW˝ZRXOG˝OLNHO\˝EH˝WKH˝ODUJHVW˝SULYDWH˝HQWHUSULVH˝RQ˝HDUWKÔ˝˝$V˝VXFKÒ˝WKH˝+5˝WHDP
HVWLPDWHG˝WKDW˝/*˝ZRXOG˝QHHG˝DSSUR[LPDWHO\˝ÏÒÈÌÌ˝QHZ˝JOREDO˝OHDGHUV˝E\˝ÎÌÌËÔ
$ERXW˝ KDOI˝ ZRXOG˝ EH˝ .RUHDQ˝ DQG˝ KDOI˝ ZRXOG˝ EH˝ QRQ.RUHDQÔ˝ ˝ 7KH˝ FHQWUDO
FKDOOHQJH˝IRU˝WKH˝+5˝WHDP˝ZDV˝WR˝LGHQWLI\Ò˝KLUHÒ˝UHWDLQÒ˝DQG˝GHYHORS˝WKHVH˝QHHGHG
JOREDO˝OHDGHUVÔ

%$&.*5281'

7R˝XQGHUVWDQG˝ZKDW˝D˝TXDQWXP˝OHDS˝&KDLUPDQ˝.RR©V˝DVSLUDWLRQV˝UHSUHVHQWHGÒ˝LW˝LV
QHFHVVDU\˝WR˝XQGHUVWDQG˝VRPH˝EDFNJURXQG˝RQ˝WKH˝FRXQWU\˝DQG˝EXVLQHVVHV˝RI˝.RUHDÔ

.RUHD©V˝(FRQRPLF˝'HYHORSPHQW

.RUHD©V˝ HFRQRPLF˝ GHYHORSPHQW˝ RYHU˝ WKH˝ ODVW˝ ËÌ˝ \HDUV˝ ZDV˝ QRWKLQJ˝ VKRUW˝ RI
SKHQRPHQDOÔ˝ ˝ 3ULRU˝ WR˝ :RUOG˝ :DU˝ ,,Ò˝ .RUHD©V˝ HFRQRP\˝ ZDV˝ SULPDULO\˝ WKDW˝ RI˝ D
WKLUG˝ZRUOGÒ˝DJUDULDQ˝FRXQWU\Ô˝˝,Q˝WKH˝PLGωÍÌVÒ˝DERXW˝WZRWKLUGV˝RI˝WKH˝ZRUNLQJ
SRSXODWLRQ˝ZHUH˝HQJDJHG˝LQ˝DJULFXOWXUHÔ˝˝/LNH˝PDQ\˝DJUDULDQ˝VRFLHWLHVÒ˝WKH˝OLWHUDF\
UDWH˝LQ˝Ï‰ÍË˝ZDV˝RQO\˝DERXW˝ÎÌ˝SHU˝FHQWÔ

$OWKRXJK˝WKH˝FRXQWU\˝EHJDQ˝WR˝PDNH˝VRPH˝SURJUHVV˝DIWHU˝WKH˝HQG˝RI˝:RUOG˝:DU˝,,Ò
WKH˝ .RUHDQ˝ FLYLO˝ ZDU˝ UHYHUVHG˝ WKRVH˝ JDLQV˝ DQG˝ WRRN˝ D˝ KHDY\˝ WROO˝ RQ˝ WKH˝ FRXQWU\Ô
(FRQRPLFDOO\Ò˝WKH˝FLYLO˝ZDU˝GHYDVWDWHG˝WKH˝FRXQWU\©V˝LQGXVWULDO˝EDVHÔ˝˝$IWHU˝WKH˝HQG
RI˝WKH˝ZDU˝LQ˝Ï‰ËÍÒ˝YLUWXDOO\˝WKH˝HQWLUH˝LQGXVWULDO˝EDVH˝RI˝ZKDW˝LV˝QRZ˝6RXWK˝.RUHD
KDG˝ WR˝ EH˝ UHEXLOWÔ˝ ˝ 7KLV˝ EDVH˝ ZDV˝ UHEXLOW˝ DQG˝ WKHUHDIWHU˝ GHYHORSHG˝ ZLWK˝ DPD]LQJ
VXFFHVVÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Í ‰$‰Â*Ì̉

$˝IHZ˝NH\˝VWDWLVWLFV˝FRXOG˝SURYLGH˝D˝FOHDU˝SLFWXUH˝RI˝WKH˝GUDPDWLF˝WUDQVIRUPDWLRQ˝RI
WKLV˝FRXQWU\˝DQG˝LWV˝HFRQRP\Ô˝˝,Q˝Ï‰ËÍÒ˝SHU˝FDSLWD˝*13˝ZDV˝MXVW˝86˘ÁÊÔ˝˝%\˝Ï‰ÁÍÒ
LW˝KDG˝ULVHQ˝WR˝86˘‰ÏÔ˝˝%\˝Ï‰ÊÍÒ˝LW˝VWRRG˝DW˝86˘ÍÌÎÔ˝˝,Q˝Ï‰ÂÍÒ˝SHU˝FDSLWD˝*13˝KDG
VN\URFNHWHG˝ WR˝ 86˘ÎÒÌÏÈÔ˝ ˝ %\˝ ω‰ÍÒ˝ LW˝ KDG˝ PRUH˝ WKDQ˝ WULSOHG˝ WR˝ 86˘ÊÒËÏÍÔ
1RPLQDO˝ SHU˝ FDSLWD˝ *13˝ ZDV˝ SURMHFWHG˝ WR˝ H[FHHG˝ 86˘ÍÌÒÌÌÌ˝ E\˝ ÎÌÌËÒ˝ DQG˝ E\
ÎÌÎÌ˝ZDV˝H[SHFWHG˝WR˝WRS˝86˘ÊÊÒÌÌÌÔ

7KH˝ WUDQVIRUPDWLRQ˝ RI˝ WKH˝ SHRSOH˝ ZDV˝ LQ˝ PDQ\˝ UHVSHFWV˝ MXVW˝ DV˝ GUDPDWLFÔ˝ ˝ )URP
ωÈË˝ WR˝ ω‰ËÒ˝ WKH˝ SHUFHQWDJH˝ RI˝ WKH˝ ZRUNLQJ˝ SRSXODWLRQ˝ LQ˝ DJULFXOWXUH˝ GURSSHG
IURP˝ ÁÊ˝SHU˝FHQW˝WR˝MXVW˝XQGHU˝ VHYHQ˝ SHU˝ FHQWÔ˝ ˝ $V˝ SHRSOH˝ PRYHG˝ IURP˝ IDUPV˝ WR
IDFWRULHVÒ˝IURP˝YLOODJHV˝WR˝FLWLHVÒ˝OLWHUDF\˝UDWHV˝LQFUHDVHG˝ WR˝ Êν SHU˝ FHQW˝ E\˝ ωÁÎÒ
DQG˝WR˝‰Â˝SHU˝FHQW˝E\˝Ï‰‰ÁÔ

.RUHD©V˝HFRQRPLF˝WUDQVIRUPDWLRQ˝WRRN˝LW˝IURP˝D˝WKLUG˝ZRUOG˝FRXQWU\˝WR˝D˝SRVLWLRQ
RQ˝ D˝ SDU˝ZLWK˝PDQ\˝GHYHORSHG˝FRXQWULHV˝VXFK˝DV˝,WDO\˝DQG˝ 6SDLQ˝ LQ˝ WHUPV˝ RI˝ SHU
FDSLWD˝*13Ô˝˝0DQ\˝REVHUYHUV˝JDYH˝D˝VLJQLILFDQW˝SRUWLRQ˝RI˝WKH˝FUHGLW˝WR˝WKH˝YDULRXV
JRYHUQPHQW˝RIILFLDOV˝DQG˝EXUHDXFUDWV˝ZKR˝JXLGHG˝.RUHD©V˝LQGXVWULDO˝SROLF\˝DQG˝WR
.RUHDQ˝ EXVLQHVV˝ OHDGHUV˝ ZKRÒ˝ GXULQJ˝ WKLV˝ SHULRGÒ˝ EXLOW˝ XS˝ VRPH˝ RI˝ WKH˝ ODUJHVW
FRPSDQLHV˝LQ˝WKH˝ZRUOGÔ

.RUHDQ˝&KDHEROV

7KH˝SULPDU\˝HFRQRPLF˝HQJLQHV˝IRU˝.RUHD©V˝HFRQRPLF˝JURZWK˝ZHUH˝WKH˝FKDHEROVÔ
$OWKRXJK˝ .RUHDQ˝ FKDHEROV˝ ZHUH˝ RIWHQ˝ UHIHUUHG˝ WR˝ DV˝ FRQJORPHUDWHVÒ˝ WKH˝ WHUP
FDSWXUHG˝ RQO\˝ SDUW˝ RI˝ WKH˝ QDWXUH˝ RI˝ FKDHEROVÔ˝ ˝ /LNH˝ FRQJORPHUDWHVÒ˝ PRVW˝ .RUHDQ
FKDHEROV˝ KDG˝ D˝ YDULHW\˝ RI˝ FRPSDQLHV˝ RSHUDWLQJ˝ LQ˝ YDULRXV˝ LQGXVWULHVÔ˝ ˝ +RZHYHUÒ
.RUHDQ˝ FKDHEROV˝ ZHUH˝ QRW˝ OHJDO˝ HQWLWLHV˝ EHFDXVH˝ KROGLQJ˝ FRPSDQLHV˝ ZHUH˝ QRW
OHJDOO\˝ DOORZHG˝ LQ˝ .RUHDÔ˝ ˝ &RQVHTXHQWO\Ò˝ WKH˝ FRPSDQLHV˝ DIILOLDWHG˝ ZLWK˝ HDFK
FKDHERO˝ZHUH˝D˝FRQIHGHUDWLRQ˝KHOG˝WRJHWKHU˝E\˝FRQWUROOLQJ˝IDPLOLHVÔ˝˝7\SLFDOO\Ò˝WKH
IRXQGLQJ˝IDPLO\˝FRQWUROOHG˝D˝PDMRULW\˝RI˝WKH˝VWRFN˝LQ˝WKH˝UHODWHG˝FRPSDQLHVÔ˝˝7KH
FHQWHU˝ RI˝ WKLV˝ ZHE˝ RI˝ FRPSDQLHV˝ ZDV˝ XVXDOO\˝ WKH˝ ¶2IILFH˝ RI˝ WKH˝ &KDLUPDQÔß˝ ˝ ,Q
PRVW˝FDVHVÒ˝WKH˝FKDLUPDQ˝ZDV˝D˝VHQLRU˝PHPEHU˝RI˝WKH˝FRQWUROOLQJ˝IDPLO\Ô˝˝1HDUO\
DOO˝ RI˝ WKH˝ ODUJH˝ .RUHDQ˝ FKDHEROV˝ VWDUWHG˝ DV˝ VPDOO˝ FRPSDQLHV˝ HVWDEOLVKHG˝ E\
HQWUHSUHQHXUVÔ

&KDHEROV˝UHFHLYHG˝WKHLU˝UHDO˝ERRVW˝LQ˝WKH˝Ï‰ÁÌVÔ˝˝'HYDVWDWHG˝E\˝WKH˝UDYDJHV˝RI˝ZDUÒ
WKH˝JRYHUQPHQW˝RI˝6RXWK˝.RUHD˝ZDV˝GHWHUPLQHG˝WR˝UHEXLOG˝WKH˝FRXQWU\Ô˝7R˝HQVXUH
WKDW˝ WKH˝ FRXQWU\©V˝ OLPLWHG˝ UHVRXUFHV˝ ZHUH˝ XVHG˝ HIIHFWLYHO\˝ DQG˝ HIILFLHQWO\Ò˝ WKH
JRYHUQPHQW˝ WDUJHWHG˝ VSHFLILF˝ FRPSDQLHV˝ DV˝ HQJLQHV˝ RI˝ HFRQRPLF˝ JURZWKÔ˝ ˝ 7KH
JRYHUQPHQW˝ XVHG˝ ILQDQFLDO˝ LQFHQWLYHV˝ LQ˝ WHUPV˝ RI˝ WD[HV˝ DQG˝ SURWHFWLRQ˝ IURP
IRUHLJQ˝ FRPSHWLWLRQ˝ WR˝ QXUWXUH˝ DQG˝ VXSSRUW˝ WKHVH˝ VHOHFWHG˝ FRPSDQLHVÔ˝ &KDHEROV
ZHUH˝JLYHQ˝SUHIHUHQWLDO˝DFFHVV˝WR˝ORDQV˝DQG˝IRUHLJQ˝H[FKDQJH˝DV˝ZHOO˝DV˝VXEVLGL]HG

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝È ‰$‰Â*Ì̉

LQWHUHVW˝UDWHVÔ˝˝*RYHUQPHQW˝RIILFLDOV˝DOVR˝XVHG˝LQGLUHFW˝LQIOXHQFH˝WR˝JXLGH˝FKDHEROV
LQWR˝QHZ˝LQGXVWULHV˝VXFK˝DV˝VKLSEXLOGLQJÒ˝DXWRPRELOHVÒ˝DQG˝VWHHOÔ

&KDHEROV˝ZHUH˝WKH˝PDLQ˝GULYHUV˝EHKLQG˝.RUHD©V˝HFRQRPLF˝JURZWK˝EHWZHHQ˝Ï‰ÁÌ
DQG˝Ï‰‰ÌÔ˝˝,Q˝Ï‰‰ÁÒ˝WKH˝WRS˝ÍÌ˝FKDHEROV˝DFFRXQWHG˝IRU˝RYHU˝ËÌ˝SHU˝FHQW˝RI˝.RUHD©V
*'3Ô˝˝7KH˝WRS˝IRXU˝FKDHEROV˝HPSOR\HG˝RQO\˝WKUHH˝SHU˝FHQW˝RI˝WKH˝SRSXODWLRQÒ˝\HW
DFFRXQWHG˝IRU˝ÁÌ˝SHU˝FHQW˝RI˝DOO˝H[SRUWV˝DQG˝QHDUO\˝D˝WKLUG˝RI˝DOO˝FRPSDQ\˝UHYHQXHV
ZLWKLQ˝.RUHDÔ

,URQLFDOO\Ò˝ WKH˝ SKHQRPHQDO˝ VXFFHVV˝ RI˝ WKH˝ FRXQWU\˝ DQG˝ WKH˝ FKDHEROV˝ FUHDWHG˝ QHZ
FKDOOHQJHV˝ DQG˝ SUREOHPVÔ˝ ˝ $V˝ WKH˝ FRXQWU\©V˝ ZHDOWK˝ LQFUHDVHG˝ DQG˝ WKH˝ VRFLHW\
EHFDPH˝PRUH˝GHPRFUDWL]HGÒ˝RUJDQL]HG˝ODERU˝PRYHPHQWV˝SUROLIHUDWHGÔ˝˝'XULQJ˝WKH
ODWH˝Ï‰ÂÌVÒ˝ZRUNHUV˝VWDJHG˝D˝QXPEHU˝RI˝VWULNHV˝WR˝GHPRQVWUDWH˝WKH˝VLQFHULW\˝RI˝WKHLU
GHPDQGV˝ IRU˝ KLJKHU˝ ZDJHV˝ DQG˝ EHWWHU˝ ZRUNLQJ˝ FRQGLWLRQVÔ˝ ˝ 6XEVHTXHQWO\Ò˝ ZDJH
UDWHV˝LQFUHDVHG˝GUDPDWLFDOO\Ô˝˝)URP˝Ï‰ÂË˝WR˝Ï‰‰ÌÒ˝ZDJHV˝MXPSHG˝ÏÈÍ˝SHU˝FHQWÒ˝QRW
LQFOXGLQJ˝WKH˝FRVW˝RI˝QHZ˝EHQHILWV˝WKDW˝ZHUH˝DOVR˝SDUW˝RI˝WKHVH˝QHZ˝ZDJH˝SDFNDJHVÔ
%\˝FRQWUDVWÒ˝ZDJHV˝LQ˝-DSDQ˝GXULQJ˝WKLV˝VDPH˝SHULRG˝URVH˝RQO\˝Ï½SHU˝FHQW˝RYHUDOOÔ
3HRSOH˝DOVR˝EHJDQ˝WR˝ZRUU\˝DERXW˝VR˝PXFK˝HFRQRPLF˝SRZHU˝LQ˝WKH˝KDQGV˝RI˝VR˝IHZ
LQGLYLGXDOV˝DQG˝IDPLOLHVÔ˝˝:KLOH˝FKDHEROV˝FRQWULEXWHG˝WR˝WKH˝UDSLG˝LQGXVWULDOL]DWLRQ
DQG˝ HFRQRPLF˝ JURZWK˝ RI˝ WKH˝ FRXQWU\Ò˝ PDQ\˝ .RUHDQV˝ EHFDPH˝ LQFUHDVLQJO\
FRQFHUQHG˝DERXW˝WKHLU˝HFRQRPLF˝SRZHU˝DQG˝UHVRXUFH˝PLVDOORFDWLRQÔ

,Q˝UHVSRQVH˝WR˝PRXQWLQJ˝SXEOLF˝FRQFHUQV˝DQG˝JURZLQJ˝LQWHUQDWLRQDO˝SUHVVXUHÒ˝WKH
JRYHUQPHQW˝EHJDQ˝D˝VHULHV˝RI˝UHIRUPVÔ˝˝7KH˝UHIRUPV˝ZHUH˝GHVLJQHG˝WR˝¶OHYHO˝WKH
SOD\LQJ˝ ILHOGß˝ DQG˝ SURYLGH˝ PHGLXP˝ DQG˝ VPDOOVL]HG˝ FRPSDQLHV˝ ZLWK˝ JUHDWHU
RSSRUWXQLWLHV˝ WR˝ JURZÔ˝ ˝ 7KH˝ FKDHEROV˝ GLG˝ QRW˝ RSHQO\˝ HPEUDFH˝ HYHU\˝ UHIRUPÒ˝ DQG
FRQVHTXHQWO\Ò˝ WKHVH˝ UHIRUPV˝ RIWHQ˝ PRYHG˝ VORZO\Ô˝ ˝ 6WLOO˝ WKH˝ JRYHUQPHQW˝ ZDV
GHWHUPLQHGÒ˝DQG˝LQ˝VRPH˝FDVHV˝XQLODWHUDOO\˝FKDQJHG˝D˝QXPEHU˝RI˝SROLFLHVÒ˝VXFK˝DV
UHPRYLQJ˝WKH˝VXEVLGL]HG˝ORDQV˝DQG˝UHVWULFWHG˝DFFHVV˝WR˝IRUHLJQ˝H[FKDQJH˝WKDW˝WKH
FKDHEROV˝HQMR\HGÔ

/*˝*5283˝+,6725<

/*˝ EHJDQ˝ LQ˝ ωÈÊ˝ DV˝ D˝ VPDOO˝ FKHPLFDO˝ FRPSDQ\Ò˝ FDOOHG˝ WKH˝ 5DNKHH˝ &KHPLFDO
:RUNVÔ˝˝7KH˝FRPSDQ\˝ZDV˝HVWDEOLVKHG˝E\˝0UÔ˝%RQ˝0RR˝.RR©V˝JUDQGIDWKHUÒ˝0UÔ
,Q+ZRL˝ .RRÒ˝ DQG˝ LQLWLDOO\˝ PDQXIDFWXUHG˝ KRXVHKROG˝ LWHPV˝ VXFK˝ DV˝ KDLU˝ FRPEVÒ
WRRWKSDVWHÒ˝DQG˝VRDSVÔ˝˝)URP˝WKLV˝EDVHÒ˝WKH˝FRPSDQ\˝H[SDQGHG˝LQWR˝PRUH˝FRPSOH[
SODVWLF˝ SURGXFWVÔ˝ ˝ $V˝ LW˝ H[SDQGHGÒ˝ /*˝ FUHDWHG˝ D˝ WUDGLWLRQ˝ RI˝ SXVKLQJ˝ LQWR˝ QHZ
WHFKQRORJLFDO˝ IURQWLHUVÔ˝ ˝ )RU˝ H[DPSOHÒ˝ /*˝ SURGXFHG˝ WKH˝ ILUVW˝ UDGLR˝ LQ˝ .RUHD˝ LQ
ωËÂÒ˝DV˝ZHOO˝DV˝WKH˝FRXQWU\©V˝ILUVW˝UHIULJHUDWRUÔ˝˝/*˝DOVR˝OHG˝6RXWK˝.RUHD©V˝SXVK
LQWR˝JUHDWHU˝HQHUJ\˝VHOIVXIILFLHQF\˝ZLWK˝WKH˝EXLOGLQJ˝RI˝WKH˝+RPDQ˝2LO˝5HILQHU\˝LQ
ωÁÊÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Ë ‰$‰Â*Ì̉

/RZ˝&RVW˝6WUDWHJ\˝ıωÈÊωÂÊÙ

)URP˝ LWV˝ IRXQGDWLRQ˝ DQG˝ WKURXJK˝ PRVW˝ RI˝ LWV˝ HDUO\˝ KLVWRU\Ò˝ /*˝ IRFXVHG˝ RQ
FRPSHWLQJ˝ WKURXJK˝ ORZ˝ FRVW˝ PDQXIDFWXULQJÔ˝ /*˝ FRPSHWHG˝ ZLWK˝ RWKHU
PXOWLQDWLRQDO˝FRUSRUDWLRQV˝E\˝OHYHUDJLQJ˝.RUHD©V˝ORZ˝FRVW˝ODERU˝DQG˝JRYHUQPHQW
VXEVLGL]HG˝FRVW˝RI˝FDSLWDOÔ˝˝/*˝DOVR˝VWURQJO\˝HPSKDVL]HG˝KLJK˝SURGXFWLRQ˝YROXPHVÔ
$V˝ /*˝ H[SDQGHG˝ LQWR˝ D˝ YDULHW\˝ RI˝ SODVWLF˝ SURGXFWV˝ DQG˝ FRQVXPHU˝ HOHFWURQLFVÒ˝ LW
FRQWLQXHG˝ LWV˝ VWUDWHJ\˝ RI˝ XQGHUSULFLQJ˝ FRPSHWLWRUV˝ ZLWK˝ SURGXFWV˝ RI˝ DFFHSWDEOHÒ
DOWKRXJK˝ QRW˝ VXSHULRUÒ˝ TXDOLW\Ô˝ ˝ ,Q˝ WKH˝ FRQWH[W˝ RI˝ WKLV˝ VWUDWHJ\Ò˝ LW˝ HVWDEOLVKHG˝ WKH
/XFN\*ROG6WDU˝ EUDQG˝ DV˝ D˝ ORZFRVW˝ DQG˝ DFFHSWDEOH˝ TXDOLW\˝ SURGXFWV
PDQXIDFWXUHUÔ

$V˝ /*˝ PRYHG˝ IRUZDUG˝ RQ˝ LWV˝ ORZ˝ FRVW˝ VWUDWHJ\Ò˝ LW˝ GHYHORSHG˝ VLJQLILFDQW
PDQXIDFWXULQJ˝ FDSDELOLWLHVÔ˝ ˝ 6RPH˝ PDQDJHUV˝ ZHUH˝ FRQFHUQHG˝ WKDW˝ WKLV˝ ZDV
DFKLHYHG˝ DW˝ WKH˝ FRVW˝ RI˝ XQGHUHPSKDVL]LQJ˝ PDUNHWLQJ˝ FRPSHWHQFLHVÔ˝ ˝ 0DQDJHUV
IRFXVHG˝RQ˝SURGXFLQJ˝KLJK˝YROXPHV˝DQG˝JHWWLQJ˝SHU˝XQLW˝FRVWV˝DV˝ORZ˝DV˝SRVVLEOH
UDWKHU˝ WKDQ˝ RQ˝ ILQGLQJ˝ RXW˝ ZKDW˝ FXVWRPHUV˝ ZDQWHGÒ˝ GHYHORSLQJ˝ KLJK˝ TXDOLW\
SURGXFWVÒ˝RU˝H[SDQGLQJ˝PDUNHWLQJ˝FDSDELOLWLHVÔ

7KLV˝ JHQHUDO˝ VWUDWHJLF˝ RULHQWDWLRQ˝ KHOG˝ IRU˝ PRVW˝ RI˝ WKH˝ EXVLQHVVHV˝ DQG˝ LQGXVWULHV
LQWR˝ ZKLFK˝ /*˝ H[SDQGHGÔ˝ %\˝ ωÂÊÒ˝ /*˝ KDG˝ EXVLQHVVHV˝ LQ˝ FKHPLFDOVÒ
FRPPXQLFDWLRQVÒ˝ HQHUJ\Ò˝ HOHFWURQLFVÒ˝ ILQDQFHÒ˝ LQVXUDQFHÒ˝ PDFKLQHU\Ò˝ PHWDOVÒ
VSRUWVÒ˝ DQG˝ WUDGHÔ˝ ˝ :KLOH˝ /*˝ ZDV˝ VWURQJ˝ LQ˝ .RUHDÒ˝ LW˝ ZDV˝ QRW˝ DQ˝ LQWHUQDWLRQDO
WHFKQRORJ\˝RU˝TXDOLW\˝OHDGHU˝LQ˝DQ\˝RI˝LWV˝EXVLQHVV˝VHJPHQWVÒ˝HVSHFLDOO\˝UHODWLYH˝WR
ZRUOG˝FODVV˝IRUHLJQ˝FRPSHWLWRUVÔ

9DOXH˝6WUDWHJ\˝ıωÂÊω‰ËÙ

%\˝ WKH˝ PLGωÂÌVÒ˝LW˝ZDV˝FOHDU˝WKDW˝WKH˝VWUDWHJLF˝WKUXVW˝RI˝/*˝QHHGHG˝WR˝ FKDQJHÔ

6HYHUDO˝IDFWRUV˝FRQWULEXWHG˝WR˝WKLV˝UHFRJQLWLRQÔ

)LUVWÒ˝E\˝WKH˝PLGωÂÌV˝.RUHDQ˝FRQVXPHUV˝ZHUH˝PRUH˝VRSKLVWLFDWHG˝WKDQ˝WKH\˝KDG
EHHQ˝GXULQJ˝WKH˝Ï‰ÁÌV˝DQG˝Ï‰ÊÌVÒ˝DQG˝ZHUH˝LQFUHDVLQJO\˝DZDUH˝RI˝DQG˝GHPDQGLQJ
KLJKHU˝TXDOLW\˝SURGXFWVÔ˝˝$OVRÒ˝WKH˝ULVLQJ˝VWDQGDUG˝RI˝OLYLQJ˝LQFUHDVHG˝WKH˝DELOLW\˝RI
.RUHDQV˝WR˝DIIRUG˝KLJKHU˝TXDOLW\˝SURGXFWV˝DQG˝VHUYLFHVÔ˝˝0RVW˝.RUHDQ˝FRQVXPHUV
ZHUH˝QR˝ORQJHU˝KDSS\˝ZLWK˝ORZ˝TXDOLW\Ò˝HYHQ˝LI˝LW˝GLG˝FRPH˝DW˝D˝ORZ˝SULFHÔ

6HFRQGÒ˝XQGHU˝LQWHUQDWLRQDO˝SUHVVXUHÒ˝WKH˝.RUHDQ˝JRYHUQPHQW˝EHJDQ˝WR˝UHOD[˝WUDGH
EDUULHUV˝WKDW˝PDGH˝LW˝HDVLHU˝IRU˝IRUHLJQ˝FRPSDQLHV˝WR˝FRPSHWH˝ZLWK˝/*˝LQ˝.RUHDÔ
,Q˝ PDQ\˝ FDVHVÒ˝ WKHVH˝ IRUHLJQ˝ FRPSDQLHV˝ KDG˝ VLJQLILFDQWO\˝ KLJKHU˝ SURGXFW˝ TXDOLW\
DQG˝ IHDWXUHV˝ DQGÒ˝ EHFDXVH˝ RI˝ ORZHU˝ WUDGH˝ EDUULHUVÒ˝ ZHUH˝ LQFUHDVLQJO\˝ SULFH
FRPSHWLWLYH˝ ZLWK˝ GRPHVWLF˝ .RUHDQ˝ FRPSDQLHVÔ˝ 7KLV˝ ZDV˝ H[WUHPHO\˝ LPSRUWDQW

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Á ‰$‰Â*Ì̉

JLYHQ˝ WKDW˝ D˝ YDVW˝ PDMRULW\˝ RI˝ /*˝ UHYHQXHV˝ FDPH˝ IURP˝ GRPHVWLF˝ VDOHV
ıDSSUR[LPDWHO\˝ÊÌ˝SHU˝FHQW˝LQ˝Ï‰ÂÌÙÔ

7KLUGÒ˝WKH˝FRVW˝FRPSHWLWLYHQHVV˝RI˝.RUHDQ˝FRPSDQLHV˝EHJDQ˝WR˝VOLSÔ˝˝$V˝ZDJH˝UDWHV
LQFUHDVHG˝ LQ˝ .RUHDÒ˝ ORZ˝ FRVW˝ ODERU˝ EHJDQ˝ WR˝ HURGH˝ DV˝ D˝ VRXUFH˝ RI˝ FRPSDUDWLYH
DGYDQWDJHÔ˝ ˝ ,Q˝ DGGLWLRQÒ˝ RWKHU˝ FRXQWULHVÒ˝ VXFK˝ DV˝ &KLQDÒ˝ KDG˝ VLJQLILFDQWO\˝ ORZHU
ODERU˝ FRVWV˝ DQG˝ ZHUH˝ DOVR˝ FRPLQJ˝ XS˝ WKH˝ WHFKQRORJ\˝ FXUYHÔ˝ ˝ &RQVHTXHQWO\Ò
FRPSHWLWRUV˝ LQ˝ GHYHORSLQJ˝ $VLDQ˝ FRXQWULHV˝ ZHUH˝ TXLFNO\˝ SXVKLQJ˝ /*˝ RXW˝ RI˝ LWV
WUDGLWLRQDO˝ORZ˝FRVW˝SRVLWLRQÔ˝˝)RU˝H[DPSOHÒ˝&KLQHVH˝FRPSDQLHV˝ZHUH˝LQFUHDVLQJO\
DEOH˝ WR˝ SURGXFH˝ FRQVXPHU˝ HOHFWURQLFV˝ ıVXFK˝ DV˝ IDQVÙ˝ WKDWÒ˝ ZKLOH˝ QRW˝ WHFKQLFDOO\
VRSKLVWLFDWHGÒ˝ZHUH˝UHDVRQDEO\˝UHOLDEOH˝DQG˝VLJQLILFDQWO\˝FKHDSHUÒ˝DOORZLQJ˝WKHP˝WR
XQGHUSULFH˝DQG˝RXWSRVLWLRQ˝.RUHDQ˝FRPSHWLWRUVÔ

%\˝ WKH˝ PLGWRODWH˝ ωÂÌVÒ˝ WKHVH˝ H[WHUQDO˝ FKDQJHV˝ VWDUWHG˝ VKRZLQJ˝ XS˝ LQ˝ /*©V
ILQDQFLDO˝ SHUIRUPDQFHÔ˝ ˝ %HWZHHQ˝ ωÂÁ˝ DQG˝ ωÂÊÒ˝ VDOHV˝ GURSSHG˝ E\˝ 86˘Ï˝ ELOOLRQ
ıDERXW˝D˝VHYHQ˝SHU˝FHQW˝GHFOLQHÙ˝DQG˝SURILWV˝IHOO˝E\˝Ï½SHU˝FHQWÔ

5HIXUELVKLQJ˝WKH˝6KLS

$OWKRXJK˝WKH˝VKLS˝ZDV˝QRW˝LQ˝DQ\˝UHDO˝GDQJHU˝RI˝VLQNLQJÒ˝/*˝ZDV˝OLVWLQJ˝EDGO\˝DQG
WDNLQJ˝ RQ˝ ZDWHUÔ˝ ˝ ,W˝ QHHGHG˝ VRPH˝ VHULRXV˝ UHIXUELVKLQJ˝ DQG˝ UHVWUXFWXULQJÔ˝ ˝ ,W˝ ZDV
XQWKLQNDEOH˝IRU˝WKH˝DJLQJ˝&KDLUPDQÒ˝&KD.\XQJ˝.RRÒ˝WR˝KDQG˝RYHU˝WKH˝KHOP˝XQWLO
WKH˝ VKLS˝ ZDV˝ ULJKWHGÔ˝ ˝ 7R˝ DVVLVW˝ LQ˝ WXUQLQJ˝ /*˝ DURXQGÒ˝ &KDLUPDQ˝ .RR˝ UHWDLQHG
0F.LQVH\˝˜˝&RÔ˝DV˝DQ˝DGYLVRU˝DQG˝XQGHUWRRN˝DQ˝H[WHQVLYH˝LQWHUQDO˝DXGLWÔ

*LYHQ˝WKH˝HQYLURQPHQWDO˝VKLIWVÒ˝LW˝ZDV˝FOHDU˝WKDW˝/*˝KDG˝WR˝EHFRPH˝D˝YDOXH˝UDWKHU
WKDQ˝ D˝ ORZ˝ FRVW˝ SOD\HUÔ˝ ˝ 7KLV˝ PHDQW˝ WKDW˝ FXVWRPHUVÒ˝ UDWKHU˝ WKDQ˝ ORZ˝ FRVWÒ˝ KDG˝ WR
EHFRPH˝WKH˝GRPLQDQW˝IRUFH˝LQ˝FRPSDQ\˝GHFLVLRQVÔ˝˝%XWÒ˝ZKDW˝GLG˝FXVWRPHUV˝UHDOO\
ZDQW"˝ ˝ +RZ˝ GLG˝ WKH\˝ XVH˝ /*©V˝ SURGXFWV"˝ ˝ :KDW˝ GLG˝ WKH\˝ H[SHFW˝ LQ˝ WHUPV˝ RI
SURGXFW˝UHOLDELOLW\˝RU˝VHUYLFH"˝˝7KHVH˝W\SHV˝RI˝TXHVWLRQV˝EHJDQ˝WR˝GRPLQDWH˝/*˝DQG
SXW˝FXVWRPHUV˝DW˝WKH˝FHQWHU˝RI˝LWV˝QHZ˝VWUDWHJLF˝SKLORVRSK\Ô

,W˝ ZDV˝ DOVR˝ FOHDU˝ WKDW˝ /*˝ KDG˝ WR˝ FKDQJH˝ LWV˝ GHFLVLRQPDNLQJ˝ VW\OHÔ˝ ˝ /LNH˝ PDQ\
.RUHDQ˝RUJDQL]DWLRQVÒ˝/*˝KDG˝D˝KLVWRU\˝RI˝UHODWLYHO\˝FHQWUDOL]HG˝GHFLVLRQ˝PDNLQJ
DQG˝ D˝ WRSGRZQ˝ PDQDJHPHQW˝ SURFHVVÔ˝ ˝ 7KLV˝ ZRUNHG˝ ILQH˝ DV˝ ORQJ˝ DV˝ WKH
RUJDQL]DWLRQ˝ZDV˝VPDOO˝HQRXJK˝IRU˝WRS˝PDQDJHPHQW˝WR˝NQRZ˝HYHU\WKLQJ˝WKDW˝ZDV
JRLQJ˝RQ˝DQG˝DV˝ORQJ˝DV˝WKH˝PDUNHWSODFH˝ZDV˝IDLUO\˝KRPRJHQHRXVÔ˝˝+RZHYHUÒ˝E\
WKH˝ ODWHωÂÌV˝ /*˝ KDG˝ EHFRPH˝ D˝ KXJH˝ RUJDQL]DWLRQ˝ ZLWK˝ UHYHQXHV˝ DSSURDFKLQJ
86˘ÎÌ˝ ELOOLRQ˝ DQG˝ RYHU˝ ÂÌÒÌÌÌ˝ HPSOR\HHVÔ˝ ˝ )XUWKHUPRUHÒ˝ ZKHUHDV˝ HDUO\˝ LQ˝ LWV
KLVWRU\˝ /*˝ KDG˝ EHHQ˝ SULPDULO\˝ IRFXVHG˝ RQ˝ WKH˝ GRPHVWLF˝ .RUHDQ˝ PDUNHWÒ
LQFUHDVLQJO\˝ LW˝ IRFXVHG˝ PRUH˝ RQ˝ LQWHUQDWLRQDO˝ PDUNHWVÔ˝ ˝ 7KHVH˝ PDUNHWV˝ DQG˝ WKHLU
FXVWRPHUV˝RIWHQ˝GLIIHUHGÒ˝QRW˝RQO\˝IURP˝.RUHDQ˝PDUNHWV˝DQG˝FXVWRPHUVÒ˝EXW˝IURP
HDFK˝ RWKHU˝ DV˝ ZHOOÔ˝ ˝ &RQVHTXHQWO\Ò˝ LW˝ ZDV˝ LPSRVVLEOH˝ IRU˝ WRS˝ PDQDJHUV˝ WR˝ NQRZ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Ê ‰$‰Â*Ì̉

HYHU\WKLQJ˝WKDW˝ZDV˝JRLQJ˝RQ˝LQ˝VXFK˝D˝ODUJH˝RUJDQL]DWLRQ˝DQG˝DFURVV˝VXFK˝GLYHUVH
PDUNHWV˝ DQG˝ FXVWRPHUVÔ˝ ˝ /*©V˝ PDQDJHPHQW˝ DSSURDFK˝ KDG˝ WR˝ EHFRPH˝ PRUH
GHFHQWUDOL]HG˝ DQG˝ PRUH˝ SDUWLFLSDWLYH˝ LQ˝ QDWXUHÔ˝ ˝ 'HFLVLRQV˝ QHHGHG˝ WR˝ EH˝ SXVKHG
GRZQ˝WR˝ZKHUH˝WKH˝DFWLRQ˝ZDVÔ

7KH˝QHZ˝PDQDJHPHQW˝DSSURDFK˝ZDV˝LPSOHPHQWHG˝DQG˝ZDV˝W\SLFDOO\˝UHIHUUHG˝WR˝LQ
/*˝DV˝¶PDQDJHPHQW˝E\˝VHOIFRQWUROÔß˝˝,W˝DOORZHG˝IRU˝PXFK˝JUHDWHU˝DXWRQRP\˝WKDQ
KDG˝ HYHU˝ H[LVWHG˝ LQ˝ WKH˝ *URXSÔ˝ ˝ $OWKRXJK˝ PRVW˝ PDQDJHUV˝ ZHOFRPHG˝ WKH
RSSRUWXQLW\˝IRU˝JUHDWHU˝GHFLVLRQPDNLQJ˝DXWRQRP\Ò˝PDQ\˝ODFNHG˝H[SHULHQFH˝ZLWK
LWÔ˝˝7KHVH˝PDQDJHUV˝KDG˝WR˝FKDQJH˝WKHLU˝PLQG˝VHW˝IURP˝IODZOHVVO\˝H[HFXWLQJ˝RUGHUV
WR˝GHWHUPLQLQJ˝VWUDWHJLF˝GLUHFWLRQÔ

7R˝IDFLOLWDWH˝DQG˝UHLQIRUFH˝WKLV˝QHZ˝DSSURDFKÒ˝/*˝ZDV˝UHVWUXFWXUHGÔ˝˝,Q˝Ï‰ÂÊÒ˝/*©V
YDULRXV˝DIILOLDWHG˝FRPSDQLHV˝ZHUH˝GLYLGHG˝LQWR˝ÎÏ˝¶&XOWXUDO˝8QLWVÔß˝ 7KH˝ FXOWXUDO
XQLWV˝FRQVLVWHG˝RI˝PXOWLSOH˝6WUDWHJLF˝%XVLQHVV˝8QLWV˝ı6%8VÙ˝JURXSHG˝WRJHWKHU˝E\
FRPPRQ˝ ®FXOWXUDO©˝ FKDUDFWHULVWLFVÔ˝ ˝ 6%8˝ KHDGV˝ ZHUH˝ JLYHQ˝ IXOO˝ SURILW˝ DQG˝ ORVV
UHVSRQVLELOLW\˝ IRU˝ WKHLU˝ XQLWVÒ˝ ZHUH˝ H[SHFWHG˝ WR˝ IRUPXODWH˝ VSHFLILF˝ FRPSHWLWLYH
VWUDWHJLHVÒ˝DQG˝ZHUH˝KHOG˝DFFRXQWDEOH˝IRU˝UHVXOWVÔ˝˝&XOWXUDO˝8QLW˝SUHVLGHQWV˝IRFXVHG
RQ˝LQWHJUDWLRQ˝DQG˝FRRUGLQDWLRQ˝DFURVV˝6%8VÔ

:LWKLQ˝ 6%8VÒ˝ PLGGOH˝ PDQDJHUV˝ ZHUH˝ FKDUJHG˝ ZLWK˝ UHYLHZLQJ˝ DQG˝ UHHQJLQHHULQJ
EXVLQHVV˝ SURFHVVHV˝ WR˝ HQVXUH˝ WKDW˝ WKH\˝ ZHUH˝ HIILFLHQW˝ DQG˝ HIIHFWLYHÔ˝ ˝ 7KLV
UHHQJLQHHULQJ˝ZDV˝JXLGHG˝E\˝WKH˝FHQWUDO˝VWUDWHJLF˝WKHPH˝RI˝SURYLGLQJ˝YDOXH˝WR˝WKH
FXVWRPHUÔ˝˝7KLV˝UHTXLUHG˝PDQDJHUV˝WR˝KDYH˝D˝FOHDU˝LGHD˝RI˝FXVWRPHU˝QHHGVÒ˝YDOXHVÒ
DQG˝SUHIHUHQFHVÔ˝˝,Q˝JHQHUDOÒ˝/*©V˝WRS˝PDQDJHPHQW˝ZDQWHG˝EXVLQHVVHV˝VWUXFWXUHG
DQG˝ RSHUDWHG˝ VR˝ WKDW˝ IRU˝ D˝ JLYHQ˝ DPRXQW˝ RI˝ PRQH\˝ VSHQWÒ˝ FXVWRPHUV˝ ZRXOG˝ JHW
PRUH˝RI˝ZKDW˝WKH\˝ZDQWHG˝LQ˝D˝SURGXFW˝RU˝VHUYLFHÒ˝DQG˝PRUH˝WKDQ˝ZKDW˝WKH\˝ZRXOG
JHW˝IURP˝D˝FRPSHWLWRU©V˝SURGXFW˝RU˝VHUYLFHÔ

$OWKRXJK˝PDQDJHUV˝NHSW˝D˝YLJLODQW˝H\H˝RQ˝FRVWVÒ˝JUHDWHU˝DWWHQWLRQ˝ZDV˝DOVR˝SDLG˝WR
TXDOLW\˝WKDQ˝HYHU˝EHIRUHÔ˝˝1HZ˝DQG˝LQWHQVH˝LQLWLDWLYHV˝DURXQG˝®]HURGHIHFWV©˝ZHUH
XQGHUWDNHQ˝DQG˝VXSSRUWHG˝IURP˝WKH˝KLJKHVW˝OHYHOVÔ˝˝&XVWRPHU˝VDWLVIDFWLRQ˝EHFDPH
D˝NH\˝PHDVXUH˝DQG˝LPSRUWDQW˝LQSXW˝LQWR˝TXDOLW\˝LPSURYHPHQW˝SURJUDPVÔ

%\˝ ω‰ÈÒ˝ WKH˝ UHVXOWV˝ RI˝ DOO˝ WKHVH˝ HIIRUWV˝ ZHUH˝ EHJLQQLQJ˝ WR˝ VKRZÔ˝ ˝ 6DOHV˝ KDG
LQFUHDVHG˝ HDFK˝ \HDU˝ IURP˝ ω‰Ï˝ WKURXJK˝ ω‰ÈÔ˝ ˝ 7KH˝ UDWH˝ RI˝ UHWXUQ˝ IRU˝ WKH˝ HQWLUH
*URXS˝URVH˝IURP˝D˝ORZ˝LQ˝Ï‰‰Ï˝RI˝MXVW˝XQGHU˝RQH˝SHU˝FHQW˝WR˝QHDUO\˝IRXU˝SHU˝FHQW˝LQ
ω‰ÈÔ˝ ˝ 1HW˝ LQFRPH˝ ZDV˝ XS˝ QHDUO\˝ ÂÌÌ˝ SHU˝ FHQWÒ˝ ULVLQJ˝ IURP˝ 86˘Ïν PLOOLRQ˝ LQ
ω‰Ï˝WR˝86˘‰ÁË˝PLOOLRQ˝LQ˝Ï‰‰ÈÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Â ‰$‰Â*Ì̉

1HZ˝)DFH˝DQG˝,PDJH

:LWK˝ WKH˝ VKLS˝ ULJKWHG˝ DQG˝ UHDG\˝ WR˝ VDLO˝ RQ˝ D˝ EULJKWHU˝ FRXUVHÒ˝ LW˝ ZDV˝ WLPH˝ IRU˝ D
SXEOLF˝UHFRPPLVVLRQLQJÔ˝˝7KLV˝UHFRPPLVVLRQLQJ˝RFFXUUHG˝RQ˝-DQXDU\˝ÏÒ˝Ï‰‰ËÔ˝2Q
WKDW˝GDWHÒ˝/XFN\*ROG6WDU˝*URXS˝RIILFLDOO\˝FKDQJHG˝LWV˝QDPH˝WR˝WKH˝/*˝*URXSÔ˝˝$
QHZ˝ FRUSRUDWH˝ LGHQWLW\˝ SURJUDP˝ ZDV˝ ODXQFKHGÒ˝ WKH˝ FHQWHU˝ RI˝ ZKLFK˝ ZDV˝ D˝ QHZ
*URXS˝ORJR˝•˝®7KH˝)DFH˝RI˝WKH˝)XWXUHÔ©˝˝7KH˝ORJR˝ZDV˝GHVLJQHG˝WR˝V\PEROL]H˝ILYH
NH\˝FRQFHSWV˝ZKLFK˝ıWUDQVODWHG˝GLUHFWO\˝IURP˝.RUHDQÙ˝ZHUH„
x˝ 7KH˝:RUOG
x˝ 7KH˝)XWXUH
x˝ <RXWK
x˝ +XPDQV
x˝ 7HFKQRORJ\
˝
7̋KHVH˝FRQFHSWV˝ZHUH˝EHOLHYHG˝WR˝EH˝WKH˝NH\V˝WR˝/*©V˝IXWXUH˝JURZWK˝DQG˝SURVSHULW\Ô
˝
˝
/̋($3˝ÎÌÌË
˝
˝ KHQ˝0UÔ˝%RQ˝0RR˝.RR˝WRRN˝RYHU˝DV˝&KDLUPDQ˝LQ˝Ï‰‰Ë˝ıDERXW˝RQH˝PRQWK˝DIWHU
:
WKH˝ SXEOLF˝ UHFRPPLVVLRQLQJÙÒ˝ JURZWK˝ ZDV˝ WKH˝ FHQWHU˝ RI˝ KLV˝ QHZ˝ YLVLRQ˝ IRU˝ WKH
*URXSÔ˝˝+H˝FKDUWHG˝D˝FRXUVH˝LQ˝KLV˝/($3˝ÎÌÌË˝LQLWLDWLYH˝WKDW˝ZRXOG˝WDNH˝/*˝RQ˝D
MRXUQH\˝IURP˝EHLQJ˝D˝OHDGLQJ˝FRPSDQ\˝LQ˝.RUHD˝WR˝EHLQJ˝D˝OHDGLQJ˝FRPSDQ\˝LQ˝WKH
ZRUOGÔ˝ ˝ ,Q˝ WKH˝ SURFHVVÒ˝ /*˝ ZRXOG˝ EHFRPH˝ RQH˝ RI˝ WKH˝ ODUJHVW˝ DQG˝ PRVW˝ DGPLUHG
HQWHUSULVHV˝LQ˝WKH˝ZRUOGÔ
˝
˝
˝%DVLF˝3KLORVRSK\
˝
7̋R˝DFKLHYH˝WKH˝JHQHUDO˝REMHFWLYHV˝RI˝/HDS˝ÎÌÌËÒ˝&KDLUPDQ˝.RR˝DUWLFXODWHG˝D˝EDVLF
SKLORVRSK\Ô˝˝7KLV˝SKLORVRSK\˝ZDV˝VHW˝IRUWK˝ZLWK˝IRXU˝NH\˝SRLQWV„
˝
ÏÔ˝ &RPSHWH˝IURP˝D˝JOREDO˝SHUVSHFWLYH
x˝ &RPSHWH˝ZLWK˝ZRUOGFODVV˝FRPSDQLHV˝LQ˝WKH˝JOREDO˝PDUNHW
x˝ 6HFXUH˝ JOREDO˝ PDQDJHPHQW˝ V\VWHPV˝ WR˝ EH˝ FRPSHWLWLYH˝ RQ˝ D˝ ZRUOG˝ DQG
UHJLRQDO˝EDVLV
x˝ 6HFXUH˝ DQG˝ XWLOL]H˝ SHRSOHÒ˝ ILQDQFHÒ˝ DQG˝ WHFKQRORJ\˝ IURP˝ D˝ JOREDO
SHUVSHFWLYH˝WR˝FUHDWH˝ZRUOG˝FODVV˝EXVLQHVV˝V\VWHPV
ÎÔ˝ &UHDWH˝PD[LPXP˝YDOXH˝IRU˝FXVWRPHUVÒ˝HPSOR\HHVÒ˝DQG˝VKDUHKROGHUV
ÍÔ˝ &RQGXFW˝EXVLQHVV˝ZLWK˝LQWHJULW\
ÈÔ˝ &RQWULEXWH˝WR˝VRFLDO˝GHYHORSPHQW˝DV˝D˝FRUSRUDWH˝FLWL]HQ
˝
7̋KLV˝EDVLF˝SKLORVRSK\˝UHDIILUPHG˝HOHPHQWV˝WKDW˝KDG˝D˝ORQJ˝WUDGLWLRQ˝LQ˝/*˝DV˝ZHOO
DV˝DGGLQJ˝QHZ˝HPSKDVLV˝WR˝RWKHU˝HOHPHQWVÔ˝˝7KH˝IRFXV˝RQ˝YDOXLQJ˝HPSOR\HHV˝KDG

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝‰ ‰$‰Â*Ì̉

EHHQ˝ LQ˝ /*˝ IURP˝ WKH˝ EHJLQQLQJÒ˝ DV˝ KDG˝ WKH˝ SKLORVRSK\˝ RI˝ FRQWULEXWLQJ˝ WR˝ VRFLDO
GHYHORSPHQW˝WKURXJK˝JRRG˝FRUSRUDWH˝FLWL]HQVKLSÔ˝˝7KH˝IRFXV˝RQ˝FUHDWLQJ˝FXVWRPHU
YDOXH˝ ZDV˝ UHODWLYHO\˝ QHZÒ˝ KDYLQJ˝ EHHQ˝ LQWURGXFHG˝ ZLWK˝ WKH˝ UHVWUXFWXULQJ˝ HIIRUWV
WKDW˝VWDUWHG˝LQ˝Ï‰ÂÊÔ˝˝+RZHYHUÒ˝WKH˝HPSKDVHV˝RQ˝WKH˝JOREDO˝PDUNHW˝DQG˝ZRUOG˝FODVV
FRPSHWLWRUV˝ ZHUH˝ WRWDOO\˝ QHZÒ˝ DV˝ ZDV˝ WKH˝ JUHDWHU˝ HPSKDVLV˝ RQ˝ FUHDWLQJ˝ YDOXH˝ IRU
VKDUHKROGHUVÔ˝ ˝ ([HFXWLYHV˝ KRSHG˝ WKDW˝ FRPELQLQJ˝ WUDGLWLRQDO˝ SKLORVRSKLHV˝ ZLWK
FRPSDWLEOH˝QHZ˝RQHV˝ZRXOG˝SURYLGH˝HPSOR\HHV˝ZLWK˝QHHGHG˝DQFKRUV˝VR˝WKDW˝WKH\
GLG˝ QRW˝ IHHO˝ FRPSOHWHO\˝ DGULIW˝ ZKLOH˝ DW˝ WKH˝ VDPH˝ WLPH˝ GLUHFWLQJ˝ WKHLU˝ DWWHQWLRQ
WRZDUG˝QHZ˝KRUL]RQVÔ
˝
˝
7̋UDQVLWLRQLQJ˝IURP˝WKH˝2OG˝/*˝&XOWXUH
˝
7̋KH˝QHZ˝JOREDO˝RULHQWDWLRQ˝RI˝/*˝UHTXLUHG˝D˝QHZ˝FXOWXUH˝WR˝VXSSRUW˝LWÔ˝˝$OWKRXJK
SDUWV˝ RI˝ WKH˝ ROG˝ FXOWXUH˝ GLG˝ QRW˝ ILW˝ WKH˝ QHZ˝ HQYLURQPHQWÒ˝ LW˝ GLG˝ KDYH˝ YDOXDEOH
FRPSRQHQWVÔ˝˝&RQVHTXHQWO\Ò˝WKH˝REMHFWLYH˝ZDV˝WR˝UHDIILUP˝ZKDW˝ZDV˝VWLOO˝YDOLG˝DQG
DGG˝QHZ˝FXOWXUDO˝HOHPHQWV˝WKDW˝ZHUH˝QHFHVVDU\˝IRU˝IXWXUH˝VXFFHVVÔ˝˝7KH˝ROG˝FXOWXUH
ZDV˝PRVW˝RIWHQ˝GHVFULEHG˝E\˝WKUHH˝ZRUGV„˝VWDELOLW\Ò˝KDUPRQ\Ò˝DQG˝UHVSHFWÔ
˝
˝
6̋WDELOLW\
˝
,̋Q˝JHQHUDOÒ˝/*˝KDG˝D˝KLVWRU\˝RI˝EHLQJ˝D˝UHODWLYHO\˝VWDEOH˝FRPSDQ\˝DQG˝FXOWXUHÔ˝˝7KH
FRPSDQ\˝ GLG˝ QRW˝ PDNH˝ UDGLFDO˝ VKLIWV˝ LQ˝ VWUDWHJ\˝ RU˝ SUDFWLFHÔ˝ ˝ ,I˝ /*˝ HQWHUHG˝ D
FRXQWU\Ò˝LW˝WHQGHG˝WR˝VWD\˝WKHUHÔ˝˝,I˝LW˝HQWHUHG˝D˝QHZ˝SURGXFW˝RU˝EXVLQHVV˝VHJPHQWÒ˝LW
WHQGHG˝ WR˝ VWLFN˝ ZLWK˝ LWÔ˝ ˝ 1HLWKHU˝ SRRU˝ SHUIRUPLQJ˝ EXVLQHVVHV˝ QRU˝ PDQDJHUV˝ ZHUH
HDVLO\˝GURSSHG˝IURP˝WKH˝*URXSÔ
˝
˝
˝+DUPRQ\
˝
˝)URP˝LWV˝EHJLQQLQJÒ˝/*˝SODFHG˝FRQVLGHUDEOH˝HPSKDVLV˝RQ˝KDUPRQ\Ô˝˝6RPH˝RI˝WKDW
HPSKDVLV˝ PD\˝ KDYH˝ VWHPPHG˝ IURP˝ LWV˝ KLVWRU\Ô˝ ˝ 0UÔ˝ ,Q+ZRL˝ .RRÒ˝ WKH˝ IRXQGLQJ
&KDLUPDQÒ˝ EHOLHYHG˝ VWURQJO\˝ WKDW˝ KDUPRQ\˝ UDWKHU˝ WKDQ˝ FRQIOLFW˝ VKRXOG˝ GRPLQDWH
WKH˝DWPRVSKHUH˝DW˝ZRUNÔ
˝
˝
˝5HVSHFW
˝
7̋KH˝HPSKDVLV˝RQ˝UHVSHFW˝ZDV˝UHLQIRUFHG˝ERWK˝DW˝WKH˝FRPSDQ\˝DQG˝QDWLRQDO˝OHYHOÔ
5HVSHFW˝ IRU˝ DXWKRULW\˝ DQG˝ KLHUDUFK\˝ KDYH˝ KDG˝ D˝ ORQJ˝ FXOWXUDO˝ WUDGLWLRQ˝ LQ˝ .RUHDÔ
0XFK˝RI˝WKLV˝WUDGLWLRQ˝WLHG˝EDFN˝WR˝&RQIXVLRQ˝SKLORVRSK\˝WKDW˝KHOG„˝¶/HW˝WKH˝NLQJ
EH˝NLQJÔ˝/HW˝WKH˝VXEMHFW˝EH˝VXEMHFWÔ˝˝/HW˝WKH˝)DWKHU˝EH˝IDWKHUÔ˝˝/HW˝WKH˝VRQ˝EH˝VRQÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÌ ‰$‰Â*Ì̉

,Q˝WKLV˝WKHUH˝LV˝RUGHUÔß˝˝$V˝D˝FRQVHTXHQFHÒ˝UHVSHFW˝IRU˝PDQDJHPHQW˝DXWKRULW\˝DQG
WKH˝UROHV˝RI˝LQGLYLGXDO˝ZRUNHUV˝ZHUH˝VWURQJ˝YDOXHV˝LQ˝/*Ô
˝
7̋KH˝&KDLUPDQ˝ZDQWHG˝WKH˝QHZ˝FXOWXUH˝WR˝NHHS˝WKH˝WUDGLWLRQ˝RI˝KDUPRQ\˝DV˝ZHOO˝DV
UHVSHFW˝ IRU˝ WKH˝ LQGLYLGXDOÔ˝ ˝ 6WDELOLW\Ò˝ LQ˝ FRQWUDVWÒ˝ FRXOG˝ QRW˝ EH˝ VXVWDLQHGÔ
7HFKQRORJLFDO˝ LQQRYDWLRQVÒ˝ PHUJHUVÒ˝ DFTXLVLWLRQVÒ˝ GLYHVWLWXUHVÒ˝ DOOLDQFHVÒ˝ DQG˝ VR
RQÒ˝ KDSSHQHG˝ DW˝ VXFK˝ D˝ UDSLG˝ SDFH˝ LQ˝ WKH˝ JOREDO˝ HQYLURQPHQW˝ WKDW˝ WR˝ DFFRPSOLVK
WKH˝ DPELWLRQV˝ RI˝ /HDS˝ ÎÌÌËÒ˝ /*˝ KDG˝ QR˝ FKRLFH˝ EXW˝ WR˝ EHFRPH˝ PRUH˝ DJLOHÔ
)XUWKHUPRUHÒ˝ XQOLNH˝ WKH˝ SDVWÒ˝ .RUHD˝ ZRXOG˝ QR˝ ORQJHU˝ EH˝ D˝ SURWHFWHG˝ PDUNHWÒ˝ EXW
LQVWHDG˝ ZRXOG˝ EHFRPH˝ LQFUHDVLQJO\˝ RSHQ˝ WR˝ IRUHLJQ˝ FRPSHWLWRUVÔ˝ ˝ &RQVHTXHQWO\Ò
HYHQ˝ VWDELOLW\˝ DW˝ KRPH˝ FRXOG˝ QRW˝ EH˝ VXVWDLQHGÔ˝ ˝ )RU˝ /*˝ WR˝ EH˝ D˝ ZRUOG˝ OHDGHUÒ˝ LW
ZRXOG˝QHHG˝WR˝EH˝DV˝TXLFN˝DQG˝QLPEOH˝DV˝WKH˝EHVW˝JOREDO˝FRPSHWLWRUVÔ
˝
7̋KH˝FXOWXUDO˝YDOXH˝RI˝UHVSHFW˝ZRXOG˝DOVR˝QHHG˝WR˝SOD\˝RXW˝GLIIHUHQWO\˝LQ˝WKH˝IXWXUH
WKDQ˝ LW˝ KDG˝ LQ˝ WKH˝ SDVWÔ˝ ˝ ,Q˝ WKH˝ SDVWÒ˝ UHVSHFW˝ KDG˝ WUDQVODWHG˝ LQWR˝ D˝ WRS˝ GRZQ
PDQDJHPHQW˝ VW\OHÔ˝ ˝ +RZHYHUÒ˝ EHJLQQLQJ˝ ZLWK˝ WKH˝ UHRUJDQL]DWLRQ˝ LQ˝ ωÂÊÒ˝ LW˝ KDG
EHFRPH˝ LQFUHDVLQJO\˝ FOHDU˝ WKDW˝ ZKLOH˝ UHVSHFW˝ IRU˝ RWKHUV˝ ZRXOG˝ DOZD\V˝ EH
LPSRUWDQWÒ˝ WRS˝ GRZQ˝ PDQDJHPHQW˝ DQG˝ VWURQJ˝ HPSKDVLV˝ RQ˝ KLHUDUFK\˝ ZRXOG˝ QRW
DOORZ˝/*˝WR˝UHVSRQG˝WR˝WKH˝PDUNHW˝DV˝TXLFNO\˝DV˝QHHGHG˝WR˝VWD\˝FRPSHWLWLYHÔ
˝
˝
˝(VWDEOLVKLQJ˝WKH˝1HZ˝/*˝&XOWXUH
˝
˝:KLOH˝UHWDLQLQJ˝FHUWDLQ˝HOHPHQWV˝RI˝WKH˝SDVW˝FXOWXUHÒ˝/*©V˝WRS˝PDQDJHPHQW˝WULHG˝WR
HVWDEOLVK˝ DQG˝ UHLQIRUFH˝ IRXU˝ QHZ˝ FXOWXUDO˝ HOHPHQWV„˝ FKDOOHQJHÒ˝ VSHHGÒ˝ VLPSOLFLW\Ò
ERXQGDU\OHVVQHVVÔ
˝
˝
˝&KDOOHQJH
˝
,̋Q˝PDQ\˝ZD\V˝WKLV˝QHZ˝HOHPHQW˝ZDV˝LQ˝GLUHFW˝FRQWUDVW˝WR˝WKH˝ROG˝YDOXH˝RI˝VWDELOLW\Ô
*RLQJ˝ IRUZDUGÒ˝ /*˝ QHHGHG˝ WR˝ GHYHORS˝ D˝ FXOWXUH˝ WKDW˝ WKULYHG˝ RQ˝ FKDOOHQJH˝ UDWKHU
WKDQ˝ RQH˝ WKDW˝ UHOLHG˝ RQ˝ VWDELOLW\Ô˝ ˝ $FFRUGLQJ˝ WR˝ &KDLUPDQ˝ .RRÒ˝ D˝ EXVLQHVV
REMHFWLYH˝ ZDV˝ FKDOOHQJLQJ˝ LI˝ WKH˝ ZD\˝ WR˝ DFFRPSOLVK˝ LW˝ ZDV˝ XQNQRZQÔ˝ ˝ ,Q˝ RWKHU
ZRUGVÒ˝ LI˝ \RX˝ NQHZ˝ H[DFWO\˝ KRZ˝ WR˝ DFFRPSOLVK˝ DQ˝ REMHFWLYHÒ˝ WKHQ˝ LW˝ ZDV˝ QRW
FKDOOHQJLQJÔ˝˝2Q˝WKH˝RWKHU˝KDQGÒ˝DQ˝REMHFWLYH˝WKDW˝\RX˝GLG˝QRW˝NQRZ˝KRZ˝WR˝UHDFK
ZRXOG˝ FKDOOHQJH˝ \RX˝ WR˝ WKLQN˝ GLIIHUHQWO\˝ DQG˝ WR˝ FRPH˝ XS˝ ZLWK˝ ¶EUHDNWKURXJKß
LQQRYDWLRQVÔ
˝
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÏ ‰$‰Â*Ì̉

6̋SHHG
˝
7̋KH˝VHFRQG˝QHZ˝FXOWXUDO˝HOHPHQW˝•˝VSHHG˝•˝ZDV˝FULWLFDO˝WR˝VXFFHVV˝LQ˝WKH˝IDVW
FKDQJLQJ˝ JOREDO˝ HQYLURQPHQWÔ˝ ˝ 0DQDJHUV˝ KDG˝ WR˝ GHYHORS˝ D˝ QHZ˝ SHUVSHFWLYH˝ RQ
WLPHEDVHG˝ FRPSHWLWLRQÔ˝ ˝ 0RVW˝ PDQDJHUV˝ ZHUH˝ XVHG˝ WR˝ WKLQNLQJ˝ DERXW˝ D˝ \HDU˝ LQ
WHUPV˝RI˝ÍÁË˝GD\VÔ˝˝%XW˝LQ˝IDVWSDFHG˝LQGXVWULHV˝VXFK˝DV˝WKH˝,QWHUQHWÒ˝¶ZHE˝\HDUVß
ODVWHG˝SHUKDSV˝‰Ì˝GD\VÔ˝˝,Q˝RWKHU˝ZRUGVÒ˝DV˝PXFK˝FKDQJHG˝RQ˝¶WKH˝ZHEß˝LQ˝‰Ì˝GD\V
DV˝ FKDQJHG˝ LQ˝ WUDGLWLRQDO˝ LQGXVWULHV˝ LQ˝ D˝ \HDUÔ˝ ˝ &RQVHTXHQWO\Ò˝ DV˝ /*˝ SXVKHG˝ LQWR
QHZ˝PDUNHWV˝DQG˝KLJKHU˝WHFKQRORJ\˝LQGXVWULHVÒ˝VSHHG˝KDG˝WR˝EH˝D˝FHQWUDO˝YDOXH˝WKDW
SHUPHDWHG˝WKH˝*URXS©V˝FXOWXUHÔ
˝
˝
6̋LPSOLFLW\
˝
,̋Q˝ D˝ ZRUOG˝DV˝FRPSOH[˝ DV˝ WKH˝ RQH˝ /*˝ ZDV˝ HQWHULQJÒ˝ NHHSLQJ˝ WKLQJV˝ DV˝ VLPSOH˝ DV
SRVVLEOH˝ZDV˝DEVROXWHO\˝HVVHQWLDOÔ˝˝)RU˝JUHDWHU˝SURGXFW˝UHOLDELOLW\Ò˝IHZHU˝SDUWV˝DQG
VLPSOHU˝GHVLJQV˝ZHUH˝QHFHVVDU\Ô˝˝*UHDWHU˝SURGXFW˝VLPSOLFLW\˝ZRXOG˝DOVR˝KHOS˝NHHS
FRVWV˝ GRZQÔ˝ ˝ 4XLFNHU˝ VHUYLFH˝ WLPH˝ ZRXOG˝ UHTXLUH˝ VLPSOHU˝ SURGXFWV˝ DQG˝ EXVLQHVV
SURFHVVHVÔ˝˝(DFK˝DGGLWLRQDO˝VWHS˝LQ˝D˝EXVLQHVV˝SURFHVV˝UHSUHVHQWHG˝ERWK˝LQFUHDVHG
FRVWV˝DQG˝WLPH˝GHOD\VÒ˝QHLWKHU˝RI˝ZKLFK˝DGGHG˝YDOXH˝IRU˝WKH˝FXVWRPHUÔ˝˝,I˝/*˝GLG
QRW˝LQVWLOO˝D˝FXOWXUDO˝YDOXH˝DURXQG˝VLPSOLFLW\Ò˝WKH˝QDWXUDO˝FRPSOH[LW\˝RI˝WKH˝JOREDO
HQYLURQPHQW˝ FRXOG˝ FDXVH˝ WKH˝ *URXS˝ WR˝ UHVSRQG˝ ZLWK˝ FRPSOH[˝ SURGXFWV˝ DQG
EXVLQHVV˝SURFHVVHV˝WKDW˝FRXOG˝WXUQ˝LQWR˝D˝WDQJOHG˝PHVVÔ
˝
˝
˝%RXQGDU\OHVVQHVV
˝
7̋KH˝UDSLG˝SDFH˝DQG˝VRSKLVWLFDWHG˝QDWXUH˝RI˝WKH˝JOREDO˝HQYLURQPHQW˝PDGH˝WKH˝SDVW
VWUXFWXUH˝ DQG˝ SUDFWLFH˝ RI˝ VHSDUDWHG˝ GHSDUWPHQWV˝ DQG˝ VHTXHQWLDOO\˝ ¶KDQGLQJ˝ RIIß
SURMHFWV˝ •˝ IURP˝ SURGXFW˝ UHVHDUFK˝ WR˝ SURGXFW˝ GHVLJQ˝ WR˝ HQJLQHHULQJ˝ WR
PDQXIDFWXULQJ˝WR˝PDUNHWLQJ˝WR˝VDOHV˝•˝XQZRUNDEOHÔ˝˝)XQFWLRQDOÒ˝JHRJUDSKLFÒ˝DQG
HYHQ˝EXVLQHVV˝ERXQGDULHV˝RI˝WKH˝SDVW˝QHHGHG˝WR˝EHFRPH˝OHVV˝OLNH˝IRUWUHVV˝ZDOOV˝DQG
PRUH˝ OLNH˝ IX]]\˝ OLQHVÔ˝ ˝ 3HRSOH˝ IURP˝ GLIIHUHQW˝ GLVFLSOLQHV˝ DQG˝ JHRJUDSKLHV
LQFUHDVLQJO\˝QHHGHG˝WR˝ZRUN˝WRJHWKHU˝WR˝DQDO\]H˝SUREOHPV˝DQG˝ILJXUH˝RXW˝VROXWLRQVÔ
˝
˝
6̋75$7(*,&˝25,(17$7,21˝2)˝/*
˝
7̋KH˝ JURZWK˝ REMHFWLYHV˝ DUWLFXODWHG˝ E\˝ WKH˝ &KDLUPDQ˝ LQ˝ /HDS˝ ÎÌÌË˝ ZHUH˝ KLJKO\
DPELWLRXVÔ˝˝/*˝ZDV˝WR˝JURZ˝IURP˝DURXQG˝86˘Í½ELOOLRQ˝LQ˝Ï‰‰È˝WR˝86˘ÍÂÌ˝ELOOLRQ
E\˝ÎÌÌËÔ˝˝7KLV˝REMHFWLYH˝UHSUHVHQWHG˝D˝WUXH˝FKDOOHQJH˝EHFDXVH˝QR˝RQH˝NQHZ˝H[DFWO\
KRZ˝WR˝JHW˝WKHUHÒ˝HYHQ˝WKRXJK˝E\˝\HDUHQG˝Ï‰‰Á˝*URXS˝UHYHQXHV˝KDG˝LQFUHDVHG˝WR
86˘ÊÍ˝ ELOOLRQÔ˝˝%XW˝JURZLQJ˝UHYHQXHV˝DW˝DQ\˝FRVWÒ˝VXFK˝DV˝ SURILWDELOLW\Ò˝ ZDV˝ QRW
DFFHSWDEOHÔ˝ ˝ 7KH˝ &KDLUPDQ˝ PDGH˝ LW˝ FOHDU˝ WKDW˝ WR˝ EH˝ FRQVLGHUHG˝ RQH˝ RI˝ WKH˝ EHVW

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÎ ‰$‰Â*Ì̉

FRPSDQLHV˝LQ˝WKH˝ZRUOGÒ˝/*©V˝ILQDQFLDO˝SHUIRUPDQFH˝DOVR˝KDG˝WR˝EH˝DPRQJ˝WKH˝EHVW
LQ˝WKH˝ZRUOGÔ
˝
˝
˝)RFXV
˝
˝1HZ˝ILQDQFLDO˝REMHFWLYHV˝PHDQW˝WKDW˝/*˝FRXOG˝QR˝ORQJHU˝FDUU\˝PDUJLQDO˝EXVLQHVVHV
ZLWK˝SRRU˝SHUIRUPDQFHÔ˝˝(LWKHU˝WKH˝PDQDJHUV˝KHDGLQJ˝WKRVH˝EXVLQHVVHV˝KDG˝WR˝IL[
WKHP˝VR˝WKDW˝WKH\˝ZHUH˝JURZLQJ˝DQG˝PDNLQJ˝PRQH\˝RU˝WKH\˝ZRXOG˝QHHG˝WR˝SUHSDUH
WKHP˝ IRU˝ GLYHVWLWXUHÔ˝ ˝ $OWKRXJK˝ GLYHVWLWXUH˝ ZRXOG˝ QHHG˝ WR˝ KDSSHQ˝ LQ˝ D˝ ZD\˝ WKDW
KRQRUHG˝ /*©V˝ FRPPLWPHQW˝ WR˝ HPSOR\HHV˝ DQG˝ UHWDLQHG˝ UHPDLQLQJ˝ HPSOR\HHV©
OR\DOW\˝WR˝WKH˝*URXSÒ˝LI˝D˝EXVLQHVV˝FRXOG˝QRW˝EH˝IL[HG˝WR˝EH˝D˝OHDGHU˝LQ˝LWV˝LQGXVWU\Ò
LW˝ZRXOG˝EH˝VROG˝RU˝VKXW˝GRZQÔ
˝
˝)RFXV˝ZRXOG˝DOVR˝EH˝HVVHQWLDO˝LQ˝WHUPV˝RI˝/*©V˝JHRJUDSKLF˝VWUDWHJ\Ô˝$OWKRXJK˝/*
ZRXOG˝ FRPSHWH˝DFURVV˝WKH˝JOREHÒ˝ LW˝ ZRXOG˝ IRFXV˝ RQ˝ VWUDWHJLF˝ PDUNHWVÔ˝ ˝ 6WUDWHJLF
PDUNHWV˝ ZHUH˝ VHOHFWHG˝ DFFRUGLQJ˝ WR˝ WZR˝ SULPDU\˝ FULWHULDÔ˝ ˝ 7KH˝ ILUVW˝ ZDV˝ WKH
H[SHFWHG˝HFRQRPLF˝JURZWK˝DQG˝VL]H˝RI˝WKH˝PDUNHWÔ˝˝7KH˝VHFRQG˝ZDV˝WKH˝H[WHQW˝RI
EXVLQHVV˝RSSRUWXQLW\˝LQ˝WKDW˝PDUNHWÔ˝˝%XVLQHVV˝RSSRUWXQLW\˝ZDV˝D˝IXQFWLRQ˝RI˝KRZ
RSHQ˝WKH˝PDUNHW˝ZRXOG˝EH˝WR˝IRUHLJQ˝ILUPVÒ˝KRZ˝LQWHQVH˝WKH˝FRPSHWLWLRQ˝ZRXOG˝EH
LQ˝WKDW˝PDUNHWÒ˝DQG˝ZKDW˝/*©V˝FDSDELOLWLHV˝ZHUH˝IRU˝FRPSHWLQJ˝WKHUHÔ
˝
˝%DVHG˝ RQ˝ H[SHFWHG˝ HFRQRPLF˝ JURZWK˝ DQG˝ EXVLQHVV˝ RSSRUWXQLWLHVÒ˝ &KLQD˝ DQG
6RXWKHDVW˝$VLD˝ZHUH˝LGHQWLILHG˝DV˝VWUDWHJLF˝PDUNHWVÔ˝˝7KHVH˝PDUNHWV˝ZHUH˝H[SHFWHG
WR˝ JURZ˝E\˝HLJKW˝WR˝WHQ˝SHU˝FHQW˝D˝\HDU˝LQ˝UHDO˝WHUPV˝WKURXJK˝ ÎÌÌËÔ˝ ˝ ,Q˝ DGGLWLRQÒ
WKHVH˝PDUNHWV˝ZHUH˝LQFUHDVLQJO\˝RSHQ˝WR˝IRUHLJQ˝WUDGH˝DQG˝LQYHVWPHQWÒ˝DQG˝/*˝KDG
JRRG˝FDSDELOLWLHV˝IRU˝FRPSHWLQJ˝WKHUHÔ
˝
˝(DVWHUQ˝(XURSHÒ˝&HQWUDO˝DQG˝6RXWK˝$PHULFDÒ˝WKH˝0LGGOH˝(DVW˝DQG˝$IULFD˝ZHUH˝DOO
UHJLRQV˝ZLWK˝SRWHQWLDO˝HFRQRPLF˝JURZWKÒ˝EXW˝ZHUH˝H[SHFWHG˝WR˝JURZ˝PRUH˝VORZO\
WKDQ˝ &KLQD˝DQG˝ 6RXWKHDVW˝ $VLDÔ˝ ˝ )XUWKHUPRUHÒ˝ JRYHUQPHQW˝ UHVWULFWLRQV˝ DQG˝ /*©V
UHODWLYHO\˝ZHDN˝FRPSHWLWLYH˝SRVLWLRQV˝PDGH˝WKHP˝OHVV˝DWWUDFWLYHÔ˝˝˝6WLOOÒ˝/*˝GLG˝QRW
LQWHQG˝ WR˝ LJQRUH˝ WKHVH˝ UHJLRQVÔ˝ ˝ ,Q˝ IDFWÒ˝ /*˝ KDG˝ SODQV˝ WR˝ HVWDEOLVK˝ UHJLRQDO
KHDGTXDUWHUV˝ LQ˝ (XURSHÒ˝ 6RXWK˝ $PHULFDÒ˝ $IULFD˝ DQG˝ WKH˝ 0LGGOH˝ (DVW˝ LQ˝ WKH˝ QHDU
IXWXUH˝EHFDXVH˝RI˝WKH˝PDUNHW˝SRWHQWLDO˝LQ˝WKHVH˝UHJLRQVÔ
˝
7̋KH˝ GHYHORSHG˝ PDUNHWV˝ RI˝ WKH˝ 8QLWHG˝ 6WDWHVÒ˝ -DSDQÒ˝ DQG˝ :HVWHUQ˝ (XURSH˝ ZHUH
H[SHFWHG˝ WR˝ JURZ˝ DW˝ PXFK˝ VORZHU˝ UDWHV˝ ıRQH˝ WR˝ WKUHH˝ SHU˝ FHQWÙÔ˝ ˝ $OWKRXJK˝ WKHVH
PDUNHWV˝ ZHUH˝ UHODWLYHO\˝ RSHQÒ˝ FRPSHWLWLRQ˝ ZDV˝ TXLWH˝ LQWHQVHÒ˝ DQG˝ /*˝ JHQHUDOO\
KDG˝ QR˝ SDUWLFXODU˝ FRPSHWLWLYH˝ DGYDQWDJH˝ LQ˝ WKHVH˝ PDUNHWVÔ˝ ˝ 7KXVÒ˝ /*˝ ZRXOG
FRQWLQXH˝WR˝FRPSHWH˝WKHUH˝EHFDXVH˝RI˝WKH˝VL]H˝RI˝WKHVH˝PDUNHWVÒ˝EXW˝ZRXOG˝IRFXV
RQ˝&KLQD˝DQG˝6RXWKHDVW˝$VLD˝DV˝DUHDV˝RI˝VWUDWHJLF˝JURZWKÔ
˝
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÍ ‰$‰Â*Ì̉

˝$YHQXHV˝RI˝*URZWK
˝
6̋LPSOLILHGÒ˝ /*˝ FRXOG˝ JURZ˝ WKURXJK˝ H[LVWLQJ˝ DQG˝ QHZ˝ SURGXFWVÒ˝ DQG˝ WKURXJK
H[LVWLQJ˝DQG˝QHZ˝JHRJUDSKLHVÔ˝˝7KH˝VSHFLILF˝DYHQXHV˝RI˝JURZWK˝LQ˝HDFK˝TXDGUDQW˝RI
WKLV˝ PDWUL[˝DUH˝FDSWXUHG˝LQ˝ ([KLELW˝ ÏÔ˝ ˝ 2I˝ WKH˝ IRXU˝ FHOOV˝ LQ˝ WKH˝ PDWUL[Ò˝ PDQDJHUV
DQWLFLSDWHG˝WKDW˝JURZWK˝LQ˝WKH˝¶H[LVWLQJ˝SURGXFWVÒ˝H[LVWLQJ˝PDUNHWVß˝ZRXOG˝EH˝WKH
PRVW˝ GLIILFXOWÔ˝ ˝ 6LJQLILFDQW˝ UHYHQXH˝ JURZWK˝ LQ˝ WKLV˝ FHOO˝ ZRXOG˝ UHTXLUH˝ D˝ SURGXFW
UHYROXWLRQ˝LQ˝WHUPV˝RI˝QHZ˝WHFKQRORJLHV˝RU˝EXVLQHVV˝PRGHOVÔ
˝
7̋HFKQRORJLFDO˝ UHYROXWLRQ˝ W\SLFDOO\˝ FRPHV˝ LQ˝ WZR˝ IRUPVÔ˝ ˝ 7KH˝ ILUVW˝ LV˝ SURGXFW
WHFKQRORJ\˝LQQRYDWLRQÔ˝˝7KLV˝W\SH˝RI˝LQQRYDWLRQ˝SURYLGHV˝SURGXFWV˝WKDW˝GR˝WKLQJV
WKDW˝WKH\˝QHYHU˝GLG˝EHIRUHÔ˝˝$V˝D˝FRQVHTXHQFHÒ˝FXVWRPHUV˝RI˝WKH˝SUHYLRXV˝SURGXFW
JHQHUDWLRQ˝UHSODFH˝WKHLU˝ROG˝SURGXFWV˝ZLWK˝WKH˝QHZ˝RQHVÒ˝DQG˝QHZ˝FXVWRPHUV˝DUH˝VR
HQWLFHG˝ E\˝ WKH˝ IHDWXUHV˝ DQG˝ FDSDELOLWLHV˝ WKDW˝ WKH\˝ HQWHU˝ WKH˝ PDUNHW˝ LQ˝ VLJQLILFDQW
QXPEHUV˝ IRU˝ WKH˝ ILUVW˝ WLPHÔ˝ ˝ 7KH˝ VHFRQG˝ WHFKQRORJ\˝ UHYROXWLRQ˝ KDSSHQV˝ WKURXJK
SURFHVV˝ LQQRYDWLRQÔ˝ ˝ 7KLV˝ W\SH˝ RI˝ LQQRYDWLRQ˝ DOORZV˝ WKH˝ SURGXFW˝ WR˝ EH˝ SURGXFHG
IDVWHU˝RU˝PRUH˝FRVW˝HIILFLHQWO\Ô
˝
˝$˝ EXVLQHVV˝ PRGHO˝ UHYROXWLRQ˝ SURGXFHV˝ VLJQLILFDQW˝ JURZWK˝ ZLWK˝ H[LVWLQJ˝ SURGXFWV
LQ˝ H[LVWLQJ˝ PDUNHWV˝ EHFDXVH˝ EXVLQHVV˝ SURFHVV˝ LQQRYDWLRQV˝ SURYLGH˝ VLJQLILFDQWO\
EHWWHU˝ YDOXH˝ WR˝ FXVWRPHUVÔ˝ ˝ 7KH˝ VLJQLILFDQWO\˝ EHWWHU˝ YDOXH˝ FDXVHV˝ FXVWRPHUV˝ WR
SXUFKDVH˝ IURP˝ WKH˝ QHZ˝ ¶V\VWHPß˝ LQ˝ VLJQLILFDQW˝ QXPEHUVÔ˝ ˝ :DO0DUW˝ GLG˝ WKLV˝ LQ
GLVFRXQW˝ UHWDLOLQJ˝ DQG˝ 0LFURVRIW˝ GLG˝ WKLV˝ ZLWK˝ SUHLQVWDOOHG˝ RSHUDWLQJ˝ V\VWHP
VRIWZDUHÔ
˝
˝*URZWK˝ LQ˝ WKH˝ RWKHU˝ WKUHH˝ TXDGUDQWV˝ FRPHV˝ IURP˝ H[WHQVLRQVÒ˝ VWDUW˝ XSVÒ
DFTXLVLWLRQVÒ˝DQG˝YDULRXV˝IRUPV˝RI˝DOOLDQFHVÔ˝˝:KLOH˝HDFK˝RI˝WKHVH˝DFWLYLWLHV˝VKDUHV
VRPH˝ FRPPRQ˝ PDQDJHULDO˝ FDSDELOLWLHVÒ˝ HDFK˝ UHTXLUHV˝ LWV˝ RZQ˝ XQLTXH˝ VHW˝ RI
PDQDJHULDO˝FDSDELOLWLHV˝IRU˝VXFFHVVÔ˝(DFK˝DYHQXH˝RI˝JURZWK˝LV˝GLIILFXOW˝WR˝PDQDJH
VXFFHVVIXOO\Ô˝˝(YHQ˝LI˝VSHFLILF˝PDQDJHUV˝IRFXVHG˝RQ˝MXVW˝RQH˝RI˝WKHVH˝DYHQXHV˝RI
JURZWKÒ˝LQ˝RUGHU˝WR˝JURZ˝WHQIROG˝LQ˝WHQ˝\HDUVÒ˝/*˝ZRXOG˝QHHG˝KXQGUHGV˝RI˝ZRUOG
FODVV˝PDQDJHUV˝LQ˝HDFK˝RI˝WKHVH˝FHOOV˝DQG˝IRU˝HDFK˝RI˝WKHVH˝JURZWK˝VWUDWHJLHVÔ
˝
˝
,̋QYHVWPHQW˝'HFLVLRQV˝DQG˝&DVK˝)ORZ
˝
7̋R˝UHDFK˝JURZWK˝REMHFWLYHVÒ˝WRS˝/*˝PDQDJHUV˝UHFRJQL]HG˝WKDW˝ILQDQFLDO˝UHVRXUFHV
ZRXOG˝ QHHG˝ WR˝ EH˝ LQYHVWHG˝ ZLVHO\˝ IRU˝ WKH˝ JUHDWHVW˝ SRVVLEOH˝ UHWXUQÔ˝ ˝ 1R˝ ORQJHU
ZRXOG˝ VLPSOH˝ SD\EDFN˝ DVVHVVPHQWV˝ EH˝ DGHTXDWHÔ˝ ˝ ,Q˝ WKH˝ IXWXUHÒ˝ DSSURYHG
LQYHVWPHQWV˝ZRXOG˝QRW˝RQO\˝QHHG˝WR˝SD\˝EDFN˝ WKH˝ RULJLQDO˝ LQYHVWPHQW˝ EXW˝ ZRXOG
QHHG˝WR˝SURYLGH˝DQ˝DWWUDFWLYH˝UHWXUQ˝RQ˝WKDW˝LQYHVWPHQW˝EDVHG˝RQ˝D˝IXWXUH˝FDVK˝IORZ
DQDO\VLVÔ˝˝:LWK˝WKHVH˝KHLJKWHQHG˝LQYHVWPHQW˝UHTXLUHPHQWVÒ˝/*˝ZRXOG˝QHHG˝D˝FDGUH
RI˝PDQDJHUV˝ZLWK˝PRUH˝VRSKLVWLFDWHG˝NQRZOHGJH˝RI˝ILQDQFHÔ
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÈ ‰$‰Â*Ì̉

˝&XVWRPHU˝6DWLVIDFWLRQ
˝
˝&KDLUPDQ˝.RR˝EHOLHYHG˝WKDW˝VXVWDLQHG˝UHYHQXH˝JURZWK˝ZRXOG˝RQO\˝FRPH˝WKURXJK
VDWLVI\LQJ˝ FXVWRPHUV©˝ QHHGVÔ˝ ˝ 7KLV˝ RULHQWDWLRQ˝ KDG˝ DOUHDG\˝ EHJXQ˝ WR˝ EH˝ LQVWLOOHG
WKURXJKRXW˝WKH˝*URXS˝E\˝WKH˝UHVWUXFWXULQJ˝KLV˝IDWKHU˝KDG˝GLUHFWHGÔ˝˝&KDLUPDQ˝.RR
ZDQWHG˝WR˝EXLOG˝RQ˝WKDWÔ˝˝&XVWRPHU˝VDWLVIDFWLRQ˝ZDV˝HVWDEOLVKHG˝DV˝D˝NH\˝PHDVXUH
RI˝ VXFFHVV˝ LQ˝ JRLQJ˝ IRUZDUGÔ˝ ˝ +RZHYHUÒ˝ WKH˝ &KDLUPDQ˝ GLG˝ QRW˝ ZDQW˝ WKH
RUJDQL]DWLRQ˝ WR˝ VLPSO\˝ UHDFW˝ WR˝ FXVWRPHU˝ VDWLVIDFWLRQ˝ DQG˝ ¶IL[˝ WKLQJV˝ ZKHQ
FXVWRPHUV˝ ZHUH˝ GLVVDWLVILHGÒß˝ EXW˝ KH˝ ZDQWHG˝ SURDFWLYH˝ PDQDJHPHQW˝ WKDW˝ ZRXOG
DQWLFLSDWH˝FXVWRPHU˝QHHGV˝DQG˝VDWLVI\˝WKHP˝EHIRUH˝WKH˝FXVWRPHU˝HYHU˝KDG˝D˝FKDQFH
WR˝YRLFH˝GLVVDWLVIDFWLRQÔ
˝
˝
˝4XDOLW\
˝
,̋QFUHDVLQJO\˝ VRSKLVWLFDWHG˝ FXVWRPHUV˝ LQ˝ .RUHD˝ DQG˝ DURXQG˝ WKH˝ ZRUOG˝ ZDQWHG
SURGXFWV˝ WKDW˝ ZHUH˝ UHOLDEOH˝ DQG˝ RI˝ KLJK˝ TXDOLW\Ô˝ ˝ 7R˝ KDYH˝ WKH˝ PRVW˝ VDWLVILHG
FXVWRPHUVÒ˝ /*˝ ZRXOG˝ QHHG˝ ZRUOG˝ FODVV˝ TXDOLW\˝ LQ˝ WKHLU˝ SURGXFWV˝ DQG˝ VHUYLFHVÔ
&RQVHTXHQWO\Ò˝/HDS˝ÎÌÌË˝FRQWLQXHG˝WKH˝HPSKDVLV˝RQ˝KLJK˝TXDOLW\˝DQG˝]HUR˝GHIHFW
LQLWLDWLYHVÔ
˝
˝
3̋URGXFW˝7HFKQRORJ\
˝
˝&XVWRPHUV˝ DOVR˝ ZDQWHG˝ SURGXFWV˝ ZLWK˝ ¶WKH˝ ODWHVW˝ DQG˝ JUHDWHVWß˝ IHDWXUHVÔ
&RQVHTXHQWO\Ò˝ /HDS˝ ÎÌÌË˝ VWUHVVHG˝ WKH˝ UROH˝ RI˝ WHFKQRORJ\˝ DQG˝ LWV˝ DFTXLVLWLRQÔ˝ 7R
KDYH˝ WKH˝ PRVW˝ VDWLVILHG˝ FXVWRPHUVÒ˝ /*˝ ZRXOG˝ QHHG˝ OHDGLQJHGJH˝ SURGXFW
WHFKQRORJ\˝DQG˝LQQRYDWLRQV˝WR˝HQVXUH˝WKDWÒ˝FRPSDUHG˝WR˝FRPSHWLWRUVÒ˝/*˝SURGXFWV
KDG˝ VXSHULRU˝ IHDWXUHV˝ DQG˝ FDSDELOLWLHVÔ˝ ˝ ,Q˝ SDUWLFXODUÒ˝ &KDLUPDQ˝ .RR˝ VWUHVVHG˝ WKH
LPSRUWDQFH˝RI˝DFTXLULQJ˝GLIIHUHQWLDWLQJ˝WHFKQRORJ\Ô
˝
˝
3̋URFHVV˝7HFKQRORJ\
˝
˝&XVWRPHUV˝DOVR˝ZDQWHG˝WKH˝JUHDWHVW˝SRVVLEOH˝YDOXHÒ˝ZKLFK˝PHDQW˝WKDW˝WKH\˝ZDQWHG
WKH˝EHVW˝SRVVLEOH˝IHDWXUHV˝LQ˝SURGXFWV˝DQG˝VHUYLFHV˝IRU˝WKH˝ORZHVW˝SULFHÔ˝˝7KHUHIRUHÒ
DFTXLVLWLRQ˝RI˝SURFHVV˝WHFKQRORJ\˝ZDV˝DOVR˝LPSRUWDQWÔ˝˝.H\˝PDQDJHUV˝EHOLHYHG˝WKDW
LQQRYDWLRQV˝ HQDEOLQJ˝ SURGXFWV˝ WR˝ EH˝ PDGH˝ PRUH˝ FKHDSO\Ò˝ PRUH˝ UHOLDEO\Ò˝ RU˝ PRUH
TXLFNO\˝ ZRXOG˝ HQKDQFH˝ QRW˝ RQO\˝ WKH˝ YDOXH˝ SURSRVLWLRQ˝ PDGH˝ WR˝ FXVWRPHUVÒ˝ EXW
/*©V˝ LQWHUQDO˝ SURILW˝ PDUJLQVÔ˝ 7KHUHIRUHÒ˝ DFTXLVLWLRQ˝ RI˝ SURFHVV˝ WHFKQRORJ\˝ DOVR
EHFDPH˝DQ˝LPSRUWDQW˝SDUW˝RI˝/HDS˝ÎÌÌËÔ
˝
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏË ‰$‰Â*Ì̉

/̋($'(5˝'(9(/230(17˝&+$//(1*(
˝
7̋RS˝PDQDJHPHQW˝DQG˝WKH˝+5˝WHDP˝ZHUH˝FRQYLQFHG˝WKDW˝/*˝FRXOG˝QRW˝DFKLHYH˝WKH
REMHFWLYHV˝RI˝/HDS˝ÎÌÌË˝ZLWKRXW˝VXEVWDQWLDOO\˝PRUH˝JOREDO˝OHDGHUVÔ˝˝%HFDXVH˝/*
KDG˝D˝GRPHVWLF˝RULHQWDWLRQ˝LQ˝WKH˝SDVW˝DQG˝EHFDXVH˝RI˝WKH˝VSHHG˝ZLWK˝ZKLFK˝/HDS
ÎÌÌË˝ UHTXLUHG˝ /*˝ WR˝ FKDQJH˝ FRXUVH˝ WR˝ D˝ JOREDO˝ VHWWLQJÒ˝ OHDGHUVKLS˝ GHYHORSPHQW
HPHUJHG˝DV˝RQH˝RI˝WKH˝ELJJHVW˝FKDOOHQJHV˝ZLWKLQ˝WKH˝*URXSÔ
˝
˝
˝:RUNLQJ˝(QYLURQPHQW
˝
7̋R˝ EH˝ D˝ OHDGLQJ˝ JOREDO˝ FRPSDQ\Ò˝ VHQLRU˝ H[HFXWLYHV˝ IHOW˝ WKDW˝ /*˝ ZRXOG˝ QHHG˝ WR
FUHDWH˝D˝JOREDO˝ZRUNLQJ˝HQYLURQPHQW˝WKDW˝LQFOXGHG˝ERWK˝.RUHDQ˝DQG˝QRQ.RUHDQ
OHDGHUVÔ˝˝7KH˝&KDLUPDQ˝DUWLFXODWHG˝VHYHUDO˝DVSLUDWLRQV˝WKDW˝ZRXOG˝GHPRQVWUDWH˝WKDW
/*˝ZDV˝ZHOO˝RQ˝LWV˝ZD\˝WR˝FUHDWLQJ˝D˝JOREDO˝ZRUNLQJ˝HQYLURQPHQW„
˝
x˝ )LOO˝ WKUHH˝ WR˝ IRXU˝ EXVLQHVV˝ SUHVLGHQW˝ SRVLWLRQV˝ ZLWK˝ QRQ.RUHDQV˝ RXW˝ RI˝ WKH
QHDUO\˝ËÌ˝SRVLWLRQV˝ıVHH˝([KLELWV˝Î˝DQG˝Í˝IRU˝DQ˝RYHUDOO˝UHYLHZ˝RI˝/*©V˝FXUUHQW
VL]H˝DQG˝VWUXFWXUHÙÔ
x˝ )LOO˝ÎÌ˝SHU˝FHQW˝RI˝H[HFXWLYH˝SRVLWLRQV˝DW˝WKH˝RIILFH˝RI˝WKH˝&KDLUPDQ˝LQ˝6HRXO
ZLWK˝QRQ.RUHDQVÔ
x˝ )LOO˝PRVW˝WRS˝H[HFXWLYH˝SRVLWLRQV˝RI˝IRUHLJQ˝DIILOLDWHV˝ıDSSUR[LPDWHO\˝ÏÎ‰Ù˝ZLWK
ORFDO˝QDWLRQDO˝PDQDJHUVÔ
˝
7̋KHVH˝ZHUH˝DPELWLRXV˝JRDOVÒ˝EXW˝VRPH˝H[HFXWLYHV˝ZHUH˝ZRUULHG˝WKDW˝LI˝/*˝GLG˝QRW
DFKLHYH˝ WKHVH˝ DVSLUDWLRQVÒ˝ LW˝ ZRXOG˝ HQFRXQWHU˝ WKH˝ VDPH˝ SUREOHP˝ WKDW˝ -DSDQHVH
PXOWLQDWLRQDO˝FRUSRUDWLRQV˝KDG˝H[SHULHQFHGÔ˝˝6HYHUDO˝VWXGLHV˝IRXQG˝WKDW˝-DSDQHVH
FRPSDQLHV˝ KDG˝ VLJQLILFDQW˝ GLIILFXOW\˝ DWWUDFWLQJ˝ DQG˝ WKHQ˝ KDQJLQJ˝ RQ˝ WR˝ WRS˝ ORFDO
H[HFXWLYH˝ WDOHQW˝ LQ˝ FRXQWULHV˝ VXFK˝ DV˝ WKH˝ 8Ô6Ô˝ ˝ 7KLV˝ ZDV˝ SULPDULO\˝ EHFDXVH˝ ORFDO
PDQDJHUV˝JRW˝IUXVWUDWHG˝E\˝WKH˝¶%DPERR˝&HLOLQJÔß˝˝7KH˝EDPERR˝FHLOLQJ˝ZDV˝ WKH
EDUULHU˝QRQ-DSDQHVH˝H[HFXWLYHV˝UDQ˝LQWR˝DW˝D˝FHUWDLQ˝SRLQW˝LQ˝WKH˝KLHUDUFK\˝RI˝WKH
-DSDQHVH˝VXEVLGLDU\Ô˝˝,Q˝WKH˝8Ô6ÔÒ˝PDQ\˝$PHULFDQ˝H[HFXWLYHV˝IHOW˝WKDW˝WKH\˝FRXOG
ULVH˝ RQO\˝ WR˝ D˝ FHUWDLQ˝ OHYHO˝ ZLWKLQ˝ WKH˝ -DSDQHVH˝ IRUHLJQ˝ DIILOLDWHV˝ DQG˝ QR˝ KLJKHUÔ
$PHULFDQ˝ H[HFXWLYHV˝ RIWHQ˝ IHOW˝ WKDW˝ DERYH˝ WKDW˝ OHYHO˝ RQO\˝ ¶-DSDQHVH˝ H[SDWULDWH
PDQDJHUV˝QHHG˝DSSO\Ôß˝˝&RQVHTXHQWO\Ò˝VPDUW˝DQG˝FDSDEOH˝PDQDJHUV˝ZRXOG˝VLPSO\
XVH˝WKHLU˝H[SHULHQFH˝LQ˝D˝-DSDQHVH˝FRPSDQ\˝DV˝D˝VSULQJERDUG˝WR˝EHWWHU˝SRVLWLRQV˝LQ
RWKHU˝FRPSDQLHVÔ˝˝7KLV˝WXUQRYHU˝RI˝WRS˝ORFDO˝WDOHQW˝KXUW˝WKH˝ILQDQFLDO˝SHUIRUPDQFH
RI˝-DSDQHVH˝FRPSDQLHV˝WKURXJKRXW˝WKH˝ZRUOGÔ
˝
6̋RPH˝ PDQDJHUV˝ WKRXJKW˝ .RUHDQ˝ FRPSDQLHVÒ˝ LI˝ WKH\˝ ZHUH˝ QRW˝ FDUHIXOÒ˝ ZRXOG˝ UXQ
LQWR˝WKH˝VDPH˝SUREOHPÔ˝˝0DQ\˝IHOW˝WKDW˝LI˝/*˝FRXOG˝QRW˝DWWUDFW˝DQG˝UHWDLQ˝WKH˝EHVW
PDQDJHPHQW˝ DQG˝ H[HFXWLYH˝ WDOHQW˝ ZKHUHYHU˝ LQ˝ WKH˝ ZRUOG˝ WKDW˝ WDOHQW˝ H[LVWHGÒ˝ LW
ZRXOG˝QRW˝EH˝FRPSHWLWLYH˝ZLWK˝PRUH˝FXOWXUDOO\˝RSHQPLQGHG˝FRPSDQLHVÔ˝˝%XW˝KRZ
FRXOG˝WKH˝&KDLUPDQ©V˝DVSLUDWLRQV˝EH˝DFKLHYHG"˝˝:KDW˝ZRXOG˝QHHG˝WR˝WDNH˝SODFH˝IRU

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÁ ‰$‰Â*Ì̉

WKLV˝ WR˝ EH˝ DFFRPSOLVKHG"˝ ˝ +RZ˝ FRXOG˝ QXPHURXV˝ QRQ.RUHDQV˝ EH˝ HIIHFWLYHO\
LQWHJUDWHG˝ LQWR˝ WKH˝ KHDG˝ RIILFHV˝ LQ˝ 6HRXO"˝ ˝ :KHUH˝ ZRXOG˝ WKH\˝ ILQG˝ WKUHH˝ RU˝ IRXU
QRQ.RUHDQV˝FDSDEOH˝RI˝EHLQJ˝FRPSDQ\˝SUHVLGHQWV˝DQG˝HIIHFWLYHO\˝LQWHUDFWLQJ˝ZLWK
RWKHU˝ .RUHDQ˝FRPSDQ\˝SUHVLGHQWV˝ZLWKLQ˝WKH˝*URXS"˝ ˝ 7KHVH˝ DQG˝ RWKHU˝ TXHVWLRQV
SODJXHG˝WKH˝+5˝WHDPÔ
˝
˝
˝1HHGHG˝&RPSHWHQFLHV
˝
˝%H\RQG˝WKHVH˝VSHFLILF˝DVSLUDWLRQVÒ˝/*˝KDG˝D˝PXFK˝EURDGHU˝VHW˝RI˝OHDGHUVKLS˝QHHGVÔ
0UÔ˝ .LP˝HVWLPDWHG˝WKDW˝/*˝QHHGHG˝ÏÒÈÌÌ˝QHZ˝FDSDEOH˝JOREDO˝OHDGHUV˝WR˝ DFKLHYH
WKH˝JURZWK˝REMHFWLYHV˝RI˝/HDS˝ÎÌÌËÔ˝˝:KDW˝FRPSHWHQFLHV˝ZRXOG˝WKHVH˝LQGLYLGXDOV
QHHG"˝˝0UÔ˝.LP˝FRXOG˝JHQHUDWH˝D˝OLVW˝RI˝ÎÌ˝RU˝ÍÌ˝QHHGHG˝FRPSHWHQFLHV˝RII˝WKH˝WRS
RI˝KLV˝KHDGÒ˝EXW˝ZKLFK˝RQHV˝ZHUH˝WKH˝WUXO\˝LPSRUWDQW˝RQHV"˝˝:LWK˝OLPLWHG˝WLPH˝DQG
UHVRXUFHVÒ˝ /*˝ FRXOG˝ QRW˝ DIIRUG˝ WR˝ WDNH˝ D˝ ¶VKRW˝ JXQß˝ DSSURDFK˝ WR˝ JOREDO˝ OHDGHU
GHYHORSPHQWÔ˝˝7KH˝+5˝WHDP˝QHHGHG˝WR˝LGHQWLI\˝D˝OLPLWHG˝VHW˝RI˝FRPSHWHQFLHV˝RQ
ZKLFK˝WKH\˝FRXOG˝IRFXV˝DVVHVVPHQW˝DQG˝GHYHORSPHQW˝DFWLYLWLHVÔ
˝
˝
˝'HYHORSPHQW˝RI˝QRQ.RUHDQ˝*OREDO˝/HDGHUV
˝
6̋LQFH˝ LW˝ ZDV˝ H[SHFWHG˝ WKDW˝ ËÌ˝ SHU˝ FHQW˝ RI˝ UHYHQXHV˝ LQ˝ ÎÌÌË˝ ZRXOG˝ FRPH˝ IURP
LQWHUQDWLRQDO˝ VDOHVÒ˝ 0UÔ˝ .LP˝ H[SHFWHG˝ WKDW˝ ËÌ˝ SHU˝ FHQW˝ RI˝ WKH˝ ÏÒÈÌÌ˝ QHZ˝ JOREDO
OHDGHUV˝ZRXOG˝QHHG˝WR˝EH˝QRQ.RUHDQÔ˝˝7KLV˝PHDQW˝WKDW˝ÊÌÌ˝QRQ.RUHDQ˝PDQDJHUV
ZRXOG˝QHHG˝WR˝EH˝LGHQWLILHG˝DQG˝EURXJKW˝XS˝WR˝ZRUOGFODVV˝VWDQGDUGV˝LQ˝VKRUW˝RUGHU
ıVHH˝ ([KLELW˝ÈÙÔ˝˝ 0RVW˝ VHQLRU˝ /*˝ H[HFXWLYHV˝ EHOLHYHG˝ WKDW˝ DOO˝ FRPSDQ\˝ &(2V˝ LQ
/*˝ZRXOG˝QHHG˝WR˝KDYH˝D˝JOREDO˝RULHQWDWLRQ˝DQG˝JOREDO˝OHDGHUVKLS˝FDSDELOLWLHVÔ˝˝,Q
JHQHUDOÒ˝ WKH˝ IHHOLQJ˝ ZDV˝ WKDW˝ DV˝ RQH˝ ZHQW˝ GRZQ˝ WKH˝ UDQNV˝ RI˝ PDQDJHUVÒ˝ WKH
SHUFHQWDJH˝ RI˝ PDQDJHUV˝ QHHGLQJ˝ WR˝ EH˝ JOREDO˝ OHDGHUV˝ GHFOLQHGÔ˝ ˝ 7KLV˝ YLHZ˝ ZDV
PRUH˝RU˝OHVV˝WUXH˝IRU˝ERWK˝.RUHD˝DQG˝QRQ.RUHDQ˝IXWXUH˝OHDGHUVÔ
˝
˝%XW˝ WKH˝ ÊÌÌ˝ QRQ.RUHDQ˝ JOREDO˝ OHDGHUV˝ RQO\˝ VFUDWFKHG˝ WKH˝ VXUIDFH˝ RI˝ WKH˝ QRQ
.RUHDQ˝ OHDGHUVKLS˝ GHYHORSPHQW˝ FKDOOHQJHÔ˝ ˝ *LYHQ˝ WKDW˝ KDOI˝ RI˝ WKH˝ WDUJHWHG
86˘ÍÂÌ˝ ELOOLRQ˝ LQ˝ UHYHQXHV˝ E\˝ ÎÌÌË˝ ZDV˝ H[SHFWHG˝ WR˝ FRPH˝ IURP˝ LQWHUQDWLRQDO
VDOHVÒ˝ LW˝ ZDV˝ HVWLPDWHG˝ WKDW˝ /*˝ ZRXOG˝ QHHG˝ DSSUR[LPDWHO\˝ ÍÈÌÒÌÌÌ˝ IRUHLJQ
HPSOR\HHVÔ˝ ˝ ı,Q˝ ω‰ÁÒ˝ /*˝ KDG˝ ÏÏÌÒÌÌÌ˝ .RUHDQ˝ HPSOR\HHVÒ˝ ÎÌÒÌÌÌ˝ QRQ.RUHDQ
HPSOR\HHVÙÔ˝ ˝ :LWK˝ D˝ W\SLFDO˝ PDQDJHUWRHPSOR\HH˝ UDWLR˝ RI˝ ÏWRÏÌÌÒ˝ /*˝ ZRXOG
QHHG˝ DSSUR[LPDWHO\˝ ÍÒÈÌÌ˝ QRQ.RUHDQ˝ PDQDJHUVÒ˝ FRPSDUHG˝ WR˝ WKH˝ ÎÌÌ˝ LW˝ KDG˝ LQ
ω‰ÁÔ
˝
/̋*©V˝QRQ.RUHDQ˝OHDGHUVKLS˝GHYHORSPHQW˝QHHGV˝ZHUH˝IXUWKHU˝FRPSOLFDWHG˝E\˝WKH
IDFW˝ WKDW˝ /*©V˝ UHJLRQDO˝ IRFXV˝ IRU˝ JURZWK˝ ZDV˝ &KLQD˝ DQG˝ 6RXWKHDVW˝ $VLDÔ˝ ˝ 7KHVH
ZHUH˝DUHDV˝LQ˝ZKLFK˝ZRUOGFODVV˝PDQDJHULDO˝WDOHQW˝ZDV˝LQ˝UHODWLYHO\˝VKRUW˝VXSSO\Ô
)XUWKHUPRUHÒ˝ /*˝ ZDV˝ QRW˝ WKH˝ RQO\˝ FRPSDQ\˝ WKDW˝ KDG˝ WDUJHWHG˝ WKLV˝ UHJLRQÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝ÏÊ ‰$‰Â*Ì̉

&RPSDQLHV˝OLNH˝*HQHUDO˝0RWRUVÒ˝&RFD&RODÒ˝([[RQÒ˝3KLOLSVÒ˝(ULFVVRQÒ˝6RQ\˝DQG
RWKHU˝ PXOWLQDWLRQDOV˝ ZHUH˝ HTXDOO\˝ FRPPLWWHG˝ WR˝ WKH˝ UHJLRQ˝ DQG˝ KDG˝ EHHQ
DJJUHVVLYHO\˝DFTXLULQJ˝DQG˝UHWDLQLQJ˝WKH˝EHVW˝ORFDO˝PDQDJHULDO˝WDOHQWÔ
˝
˝+RZ˝ VKRXOG˝ /*˝ LGHQWLI\˝ KLJK˝ SRWHQWLDO˝ PDQDJHULDO˝ WDOHQW˝ LQ˝ WKH˝ UHJLRQ"˝ ˝ :KDW
FRPSDUDWLYH˝ DGYDQWDJH˝ GLG˝ /*˝ KDYH˝ LQ˝ DFTXLULQJ˝ DQG˝ UHWDLQLQJ˝ WKLV˝ WDOHQW
FRPSDUHG˝WR˝JOREDO˝FRPSHWLWRUV˝VXFK˝DV˝*HQHUDO˝0RWRUV˝RU˝3KLOLSV"˝˝)XUWKHUPRUHÒ
KRZ˝ VKRXOG˝ /*˝ GHYHORS˝ WKHVH˝ KLJK˝ SRWHQWLDO˝ LQGLYLGXDOV˝ RQFH˝ WKH\˝ ZHUH˝ KLUHG"
$OVRÒ˝ ZDV˝ LW˝ HYHQ˝ SRVVLEOH˝ IRU˝ D˝ .RUHDEDVHG˝ WHDP˝ WR˝ HIIHFWLYHO\˝ FUHDWH˝ DQG
HIIHFWLYHO\˝ LPSOHPHQW˝ D˝ GHYHORSPHQW˝ SODQ˝ IRU˝ QRQ.RUHDQ˝ PDQDJHUV"˝ ˝ ,Q˝ RWKHU
ZRUGVÒ˝JLYHQ˝WKDW˝ÊÌÌ˝IXWXUH˝WRS˝/*˝OHDGHUV˝ZRXOG˝EH˝QRQ.RUHDQÒ˝FRXOG˝D˝JURXS
FRPSRVHG˝RI˝.RUHDQV˝HIIHFWLYHO\˝KLUHÒ˝WUDLQÒ˝DQG˝UHWDLQ˝WKLV˝JURXS"˝˝:RXOG˝FXOWXUH
RU˝ RWKHU˝ ILOWHUV˝ FDXVH˝ WKH˝ +5˝ WHDP˝ WR˝ ORRN˝ DW˝ LQIRUPDWLRQÒ˝ LQWHUSUHW˝ EHKDYLRUÒ
VWUXFWXUH˝ SUREOHPV˝ DQG˝ VROXWLRQV˝ LQ˝ ZD\V˝ WKDW˝ ZRXOG˝ EH˝ FXOWXUDOO\˝ ERXQG˝ DQG
SHUKDSV˝QRW˝EH˝HIIHFWLYH˝LQ˝PHHWLQJ˝PDQDJHPHQW˝GHYHORSPHQW˝REMHFWLYHV"
˝
˝
3̋URJUDPV
˝
˝$OWKRXJK˝ 0UÔ˝ .LP˝ DQG˝ 'UÔ˝ /HH˝ GLG˝ QRW˝ KDYH˝ WKH˝ DQVZHUV˝ WR˝ DOO˝ WKHVH˝ TXHVWLRQVÒ
VHYHUDO˝ SURJUDPV˝ ZHUH˝ LQ˝ SODFH˝ DW˝ WKH˝ /*˝ $FDGHP\˝ WR˝ WU\˝ WR˝ DGGUHVV˝ WKHVH
OHDGHUVKLS˝GHYHORSPHQW˝FKDOOHQJHVÔ˝ı6HH˝([KLELW˝Ë˝IRU˝D˝EULHI˝GHVFULSWLRQ˝RI˝HDFK
SURJUDPÔÙ˝ ˝ 7KHVH˝ SURJUDPV˝ VSDQQHG˝ WKH˝ HQWLUH˝ UDQJH˝ RI˝ HPSOR\HHVÒ˝ IURP˝ QRQ
PDQDJHULDO˝HPSOR\HHV˝WKURXJK˝FRPSDQ\˝SUHVLGHQWVÔ
˝
7̋KH˝ +5˝ WHDP˝ UHFRJQL]HG˝ WKDW˝ \RXQJHU˝ HPSOR\HHV˝ DQG˝ PDQDJHUV˝ QHHGHG˝ WR˝ EH
FXOWLYDWHG˝DQG˝GHYHORSHG˝HDUO\˝LI˝/*˝ZHUH˝WR˝KDYH˝VWURQJ˝JOREDO˝OHDGHUV˝ÎÌ˝\HDUV
LQ˝WKH˝IXWXUHÒ˝EXW˝WKHVH˝\RXQJ˝PDQDJHUV˝ZRXOG˝QRW˝EH˝UHDG\˝WR˝DVVXPH˝VLJQLILFDQW
JOREDO˝UHVSRQVLELOLWLHV˝E\˝ÎÌÌËÔ˝˝(YHQ˝LI˝WKH\˝FRXOG˝EH˝UHDG\Ò˝ZRXOG˝/*©V˝FXOWXUH
DOORZ˝ D˝ ÍË\HDUROG˝ WR˝ UXQ˝ D˝ VLJQLILFDQW˝ EXVLQHVV˝ ZLWK˝ LQWHUQDWLRQDO˝ RSHUDWLRQV"
0UÔ˝ .LP˝ DQG˝ 'UÔ˝ /HH˝ ZRQGHUHG˝ LI˝ WKH\˝ VKRXOG˝ FRQFHQWUDWH˝ WKHLU˝ HQHUJ\˝ RQ
GHYHORSLQJ˝PDQDJHUV˝ZKR˝ZHUH˝FXUUHQWO\˝LQ˝WKHLU˝ÈÌVÔ
˝
˝
3̋ULRULWL]DWLRQ˝DQG˝'HFLVLRQ˝7LPH
˝
,̋Q˝6HSWHPEHU˝Ï‰‰ÊÒ˝WKH˝+5˝WHDP˝PHW˝WR˝GHFLGH˝KRZ˝WR˝SURFHHGÔ˝˝6RPH˝PHPEHUV
WKRXJKW˝WKH˝LVVXHV˝QHHGHG˝PRUH˝VWXG\Ô˝˝)RU˝H[DPSOHÒ˝FOHDUO\˝LGHQWLI\LQJ˝WKH˝FULWLFDO
FDSDELOLWLHV˝RI˝IXWXUH˝JOREDO˝OHDGHUV˝ZDV˝D˝PDMRU˝FKDOOHQJHÔ˝˝6RPH˝DUJXHG˝WKDW˝WR
PDNH˝VXUH˝WKDW˝WKH˝ULJKW˝FDSDELOLWLHV˝ZHUH˝LGHQWLILHGÒ˝PRUH˝WKRXJKW˝DQG˝GDWD˝ZHUH
QHHGHGÔ˝ ˝ 2WKHU˝ PHPEHUV˝ RI˝ WKH˝ WHDP˝ IHOW˝ WKH\˝ NQHZ˝ HQRXJK˝ WR˝ SURFHHG˝ ZLWKRXW
PRUH˝UHVHDUFKÔ
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3DJH˝Ï ‰$‰Â*Ì̉

,̋Q˝ DGGLWLRQ˝ WR˝ LGHQWLI\LQJ˝ OHDGHUVKLS˝ FRPSHWHQFLHVÒ˝ WKH˝ +5˝ WHDP˝ QHHGHG˝ WR
GHWHUPLQH˝ KRZ˝ DQ˝ DJUHHGXSRQ˝ VHW˝ RI˝ OHDGHUVKLS˝ FRPSHWHQFLHV˝ VKRXOG˝ EH
GHYHORSHGÔ˝ ˝ 7KH˝ WHDP˝ KDG˝ LGHQWLILHG˝ D˝ YDULHW\˝ RI˝ DSSURDFKHV˝ WR˝ DVVHVV˝ WKH
FRPSHWHQFLHV˝ RI˝ FXUUHQW˝ /*˝ PDQDJHUV˝ •˝ SHQFLO˝ DQG˝ SDSHU˝ WHVWVÒ˝ VXSHUYLVRU
HYDOXDWLRQVÒ˝DVVHVVPHQW˝FHQWHUVÒ˝MRE˝SHUIRUPDQFHÒ˝H[SHUW˝DVVHVVPHQWVÒ˝DQG˝VR˝RQÔ
:RXOG˝ HDFK˝ RI˝ WKHVH˝ EH˝ UHOHYDQW˝ IRU˝ HYHU\˝ FDUHHU˝ VWDJH"˝ ˝ :KLOH˝ QHZ˝ PDQDJHUV
ZRXOG˝EDVLFDOO\˝GR˝ZKDWHYHU˝WKH\˝ZHUH˝DVNHGÒ˝0UÔ˝.LP˝DQG˝'UÔ˝/HHÒ˝LQ˝SDUWLFXODUÒ
ZRQGHUHG˝LI˝VHQLRU˝PDQDJHUV˝ZRXOG˝HYHU˝DJUHH˝WR˝SDUWLFLSDWH˝LQ˝D˝SHQFLO˝DQG˝SDSHU
WHVWÔ˝˝7KH\˝DOVR˝ZRQGHUHG˝LI˝FXUUHQW˝MRE˝SHUIRUPDQFH˝ZRXOG˝EH˝D˝JRRG˝LQGLFDWRU˝RI
SRWHQWLDO˝ LQ˝ \RXQJ˝ PDQDJHUVÔ˝ ˝ $OVRÒ˝ ZRXOG˝ VXSHUYLVRU˝ HYDOXDWLRQV˝ EH˝ YDOLG˝ IRU
\RXQJ˝ PDQDJHUV˝ ZKR˝ PLJKW˝ YHU\˝ ZHOO˝ KDYH˝ ERVVHV˝ WKDW˝ ZHUH˝ QRW˝ YHU\˝ KLJK
SRWHQWLDO˝JOREDO˝OHDGHUV˝WKHPVHOYHV"
˝
˝2QFH˝ KLJK˝ SRWHQWLDO˝ PDQDJHUV˝ ZHUH˝ LGHQWLILHG˝ DQG˝ WKH˝ JDSV˝ EHWZHHQ˝ H[LVWLQJ
YHUVXV˝GHVLUHG˝OHDGHUVKLS˝FRPSHWHQFLHV˝ZHUH˝GHWHUPLQHGÒ˝WKH˝DSSURDFK˝WR˝GHYHORS
WKHVH˝FRPSHWHQFLHV˝KDG˝\HW˝WR˝EH˝ZRUNHG˝RXWÔ˝˝:KDW˝UROH˝VKRXOG˝MRE˝URWDWLRQ˝DQG
H[SHULHQFH˝ SOD\˝ LQ˝ GHYHORSLQJ˝ IXWXUH˝ OHDGHUV"˝ ˝ :KDW˝ DERXW˝ LQWHUQDWLRQDO
DVVLJQPHQWV"˝ ˝ 6KRXOG˝ WKH˝ QDWXUH˝ RI˝ WKH˝ DVVLJQPHQW˝ GLIIHU˝ IRU˝ \RXQJ˝ PDQDJHUV
YHUVXV˝ ROGHU˝ PDQDJHUV"˝ ˝ :KDW˝ DERXW˝ IRUPDO˝ WUDLQLQJ˝ DQG˝ HGXFDWLRQ˝ SURJUDPV"
:KDW˝VRUWV˝RI˝SURJUDPV˝ZRXOG˝UHDOO\˝EH˝HIIHFWLYH"
˝
˝$V˝ PHPEHUV˝ RI˝ WKH˝ +5˝ WHDP˝ JUDSSOHG˝ ZLWK˝ WKHVH˝ LVVXHVÒ˝ WKH˝ WDVN˝ DKHDG˝ VHHPHG
GDXQWLQJÔ˝ ˝ ,Q˝ DQ˝ HIIRUW˝ WR˝ EHWWHU˝ VWUXFWXUH˝ WKH˝ GLVFXVVLRQÒ˝ 0UÔ˝ .LP˝ DQG˝ 'UÔ˝ /HH
DJUHHG˝WR˝IRFXV˝WKH˝WHDP˝RQ˝WKUHH˝NH\˝TXHVWLRQV„˝˝ıÏÙ˝:KDW˝ZHUH˝WKH˝NH\˝QHHGHG
FDSDELOLWLHV˝ RI˝ IXWXUH˝ JOREDO˝ OHDGHUV"˝ ˝ ıÎÙ˝ +RZ˝ VKRXOG˝ WKHVH˝ FDSDELOLWLHV˝ EH
GHYHORSHG"˝˝ıÍÙ˝&RXOG˝WKH˝WHDP˝WDNH˝WKH˝VDPH˝DSSURDFK˝WR˝ERWK˝WKHVH˝LVVXHV˝ZLWK
.RUHDQ˝DQG˝QRQ.RUHDQ˝PDQDJHUV"˝˝:LWK˝MXVW˝RYHU˝VHYHQ˝\HDUV˝UHPDLQLQJ˝XQGHU
/HDS˝ÎÌÌËÒ˝WKH˝+5˝WHDP˝ZDV˝XQGHU˝LQFUHDVLQJ˝SUHVVXUH˝WR˝QRW˝RQO\˝ILQG˝DQVZHUV˝WR
WKHVH˝TXHVWLRQVÒ˝EXW˝WR˝SXW˝LQ˝SODFH˝WKH˝LQIUDVWUXFWXUH˝UHTXLUHG˝WR˝TXLFNO\˝GHYHORS
WKH˝QH[W˝JHQHUDWLRQ˝RI˝OHDGHUV˝DW˝/*Ô
˝
˝
7̋KH˝5LFKDUG˝,YH\˝6FKRRO˝RI˝%XVLQHVV˝JUDWHIXOO\˝DFNQRZOHGJHV˝WKH˝JHQHURXV˝VXSSRUW˝RI
7KH˝5LFKDUG˝DQG˝-HDQ˝,YH\˝)XQG˝LQ˝WKH˝GHYHORSPHQW˝RI˝WKLV˝FDVH˝DV˝SDUW˝RI˝WKH
5,&+$5'˝$1'˝-($1˝,9(<˝)81'˝$6,$1˝&$6(˝6(5,(6Ô
˝
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3̋DJH˝Ï‰ ‰$‰Â*Ì̉
˝
˝
˝([KLELW˝Ï
˝
˝$9(18(6˝2)˝*52:7+˝)25˝/*
˝

˝ ([LVWLQJ˝3URGXFWV˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝1HZ˝3URGXFWV
˝
˝ 3URGXFW˝5HYROXWLRQ 3URGXFW˝([WHQVLRQV
˝ ˝§˝˝1HZ˝7HFKQRORJ\
˝([LVWLQJ ˝§˝˝1HZ˝%XVLQHVV˝0RGHO 3URGXFW˝6WDUW˝8SV
˝0DUNHWV
˝ 3URGXFW˝$FTXLVLWLRQV
˝
˝ $OOLDQFHV˝ZLWK˝1HZ˝/LQH
˝ ˝˝˝RI˝%XVLQHVV˝ı1/2%Ù˝3DUWQHUV
˝
˝
˝ 0DUNHW˝([WHQVLRQV 3URGXFWÓ0DUNHW˝([WHQVLRQV
˝
˝1HZ /RFDO˝&RPSHWLWRU 3URGXFWÓ0DUNHW˝6WDUW˝8SV
˝0DUNHWV ˝˝˝$FTXLVLWLRQV
˝ 1/2%˝$FTXLVLWLRQV
˝
˝ $OOLDQFHV˝ZLWK $OOLDQFHV˝ZLWK˝1/2%
˝ ˝˝/RFDO˝(QWHUSULVHV ˝˝˝(QWHUSULVHV
˝

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3̋DJH˝ÎÌ ‰$‰Â*Ì̉
˝
˝
˝([KLELW˝Î
˝
/̋*˝*5283˝29(5$//˝67$786Ò˝Ï‰‰Á
˝
˝
˝
˝
˝
˝ ˝5HYHQXHV
˝ ˝86˘ÊÍ˝ELOOLRQ ˝(PSOR\HHV
˝ ˝ ˝
˝ ,̋QYHVWHG˝&DSLWDO ˝.RUHD˝ÏÏÌÒÌÌÌ
˝ ˝86˘ÂÔ‰˝ELOOLRQ ˝)RUHLJQ˝ÎÌÒÌÌÌ
˝
˝
˝
˝
LG in the Korean Economy

x˝ Ï̯˝RI˝*13
x˝ Ï˯˝RI˝WRWDO˝H[SRUW˝VDOHV
x˝ ˯˝RI˝FDSLWDO˝H[SHQGLWXUHV
x˝ ȯ˝RI˝FRUSRUDWH˝WD[˝SD\PHQW *OREDO˝1HWZRUN
5˜'˝/DEV x˝ ϯ˝RI˝WRWDO˝ZRUNIRUFH
)RUHLJQ˝6XEVLGLDULHV˝
.RUHD˝˝ÁÊ ÏÍÎ
)RUHLJQ˝˝ÏË ˜˝%UDQFKHV˝ÎÌÈ

0DQXIDFWXULQJ
3ODQWV

.RUHD˝˝ÈÂ
)RUHLJQ˝˝ÊÁ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3̋DJH˝ÎÏ ‰$‰Â*Ì̉
˝
˝
([KLELW˝Í

/*˝%86,1(66(6Ò˝Ï‰‰Á

7UDGH˝DQG˝6HUYLFHV˝˜˝2WKHUV ˝ OHFWULF˝˜˝(OHFWURQLFV
(
ıÍÏÔͯ˝RI˝7RWDO˝5HYHQXHÙ ı̋ÎÍÔʯ˝RI˝7RWDO˝5HYHQXHÙ
˝
É# /*˝,QWHUQDWLRQDO˝&RUS É# /*˝(OHFWURQLFV˝,QFÔ
É# /*˝&RQVWUXFWLRQ˝&RÔ˝/WGÔ É# /*˝(OHFWUR&RPSRQHQWV˝/WGÔ
É# /*˝(QJLQHHULQJ˝&RÔ˝/WGÔ É# /*˝6HPLFRQ˝&RÔ˝/WGÔ
É# /*˝(QHUJ\˝&RÔ˝/WGÔ É# /*˝+RQH\ZHOO˝&RÔ˝/WGÔ
É# /*˝0DUW˝&RÔ˝/WGÔ É# /*˝,QGXVWULDO˝6\VWHP˝&RÔ˝/WGÔ
É# /*˝'HSDUWPHQW˝6WRUH˝&RÔ˝/WGÔ É# /*˝6RIW˝/WGÔ
É# /*˝$G˝,QFÔ É# /*˝,QIRUPDWLRQ˝˜˝&RPPXQLFDWLRQ˝/WGÔ
É# /*˝('6˝6\VWHP É# /*˝7HOHFRP˝/WGÔ
É# /*˝,QYHVWPHQW˝,QFÔ ˝
É# +DQ˝0RR˝'HYHORSPHQW˝&RÔ˝/WGÔ ˝
É# /*˝+RPHVKRSSLQJ˝,QFÔ ˝)LQDQFH
É# /*˝6SRUWV˝/WGÔ ı̋Ï˯˝RI˝7RWDO˝5HYHQXHÙ
É# /*˝/HLVXUH˝&RÔ˝/WGÔ ˝
É# /*˝(FRQRPLF˝5HVHDUFK˝,QVWLWXWH É# /*˝6HFXULWLHV˝&RÔ˝/WGÔ
˝ É# /*˝,QYHVWPHQW˝7UXVW˝0DQDJHPHQW˝&RÔ
É# /*˝,QVXUDQFH˝&RÔ˝/WGÔ
˝ KHPLFDOV˝DQG˝(QHUJ\
& É# /*˝&UHGLW˝&DUG˝&RÔ˝/WGÔ
ı̋Î˯˝RI˝7RWDO˝5HYHQXHÙ É# /*˝)LQDQFH˝&RÔ˝/WGÔ
˝ É# /*˝)XWXUHV˝&RÔ˝/WGÔ
É# /*˝&KHPLFDO˝&RÔ˝/WGÔ É# /*˝0HUFKDQW˝%DQNLQJ˝&RUSÔ
É# /*˝3HWURFKHPLFDO˝&RÔ˝/WGÔ
É# /*˝00$˝&RUSÔ
É# /*˝2ZHQV˝&RUQLQJ˝&RUSÔ 0DFKLQHU\˝˜˝0HWDOV
É# /*˝6LOWURQÒ˝,QFÔ ı˯˝RI˝7RWDO˝5HYHQXHÙ
É# /*˝$OOLHG6LJQDO˝&RUS
É# /*˝&DOWH[˝2LO˝&RUSÔ É# /*˝&DEOH˝˜˝0DFKLQHU\˝/WGÔ
É# /*˝&DOWH[˝*DV˝&RUS É# /*˝0HWDO˝&RUSÔ
É# /*˝2LO˝3URGXFWV˝6DOHV˝&RÔ˝/WGÔ
É# +R\X˝7DQNHU˝&RÔ˝/WGÔ
É# :RQMHRQ˝(QHUJ\˝&RÔ˝/WGÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3̋DJH˝ÎÎ ‰$‰Â*Ì̉
˝
˝
([KLELW˝È

7+(˝&20326,7,21˝$1'˝25,(17$7,21˝2)
)8785(˝*/2%$/˝/($'(56˝$7˝/*

˝˝˝ ˝˝˝˝˝˝˝˝˝.RUHDQ˝1DWLRQDOV ˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝˝1RQ.RUHDQ˝1DWLRQDOV

0DQDJHPHQW˝&ODVV

&(2
*OREDO *OREDO
2ULHQWDWLRQ 2ULHQWDWLRQ

6HQLRU˝([HFXWLYH

-XQLRU˝([HFXWLYH

1HZ˝([HFXWLYH

'RPHVWLF 'RPHVWLF
2ULHQWDWLRQ 2ULHQWDWLRQ
0LGGOH˝0DQDJHU

1HZ˝0DQDJHU

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.
 3̋DJH˝ÎÍ ‰$‰Â*Ì̉
˝
˝
([KLELW˝Ë

*/2%$/˝/($'(56+,3˝352*5$06

1RQPDQDJHU 0DQDJHU *HQÔ˝0DQDJHU 'LUHFWRU 93 3UHVLGHQW

*OREDO˝%XVLQHVV˝&RPPXQLFDWLRQ

+RVW˝0DQDJHU

*OREDO˝0LQGVHW

*OREDO˝0%$

*OREDO˝%XVLQHVV˝/HDGHU

*OREDO˝%XVLQHVV˝&RQVRUWLXP

*OREDO˝&(2˝&RQIHUHQFH

*OREDO˝%XVLQHVV˝&RPPXQLFDWLRQ„ 6KRUW˝ VHPLQDU˝ GHVLJQHG˝ WR˝ WHDFK˝ IXQGDPHQWDO˝ SULQFLSOHV˝ RI

FURVVFXOWXUDO˝FRPPXQLFDWLRQÔ

+RVW˝0DQDJHU„ 3URJUDP˝ GHVLJQHG˝ WR˝ KHOS˝ KRVW˝ FRXQWU\˝ PDQDJHUV˝ XQGHUVWDQG

WKH˝VWUDWHJ\˝DQG˝VWUXFWXUH˝RI˝/*Ô

*OREDO˝0LQGVHW„ 3URJUDP˝ LQWHQGHG˝ WR˝ UDLVH˝ XQGHUVWDQGLQJ˝ RI˝ EXVLQHVV

JOREDOL]DWLRQ˝DQG˝WKH˝IRUFHV˝EHKLQG˝LWÔ

*OREDO˝0%$„ 7ZR\HDU˝ 0%$˝ SURJUDPÔ˝ )LUVW˝ KDOI˝ FRPSOHWHG˝ LQ˝ .RUHD˝ DQG
WKH˝VHFRQG˝KDOI˝FRPSOHWHG˝LQ˝WKH˝8Ô6Ô

*OREDO˝%XVLQHVV˝/HDGHU„ 6L[ZHHN˝ SURJUDP˝ ZLWK˝ PRGXOHV˝ LQ˝ .RUHDÒ˝ WKH˝ 8Ô6ÔÒ˝ DQG
FRXQWULHV˝LQ˝6RXWKHDVW˝$VLDÔ

*OREDO˝%XVLQHVV˝&RQVRUWLXP„ )RFXVHV˝ RQ˝ VWUDWHJLF˝ EHQFKPDUNLQJ˝ DPRQJ˝ VL[˝ PHPEHU

FRXQWULHV˝ı$%%Ò˝%7Ò˝/XIWDQVDÒ˝6.)Ò˝6&%Ò˝DQG˝/*ÙÔ

*OREDO˝&(2˝&RQIHUHQFH„ 'HVLJQHG˝ WR˝ KHOS˝ VHQLRU˝ H[HFXWLYHV˝ DGGUHVV˝ FULWLFDO˝ LVVXHV

UHODWLYH˝WR˝/*˝FRPSHWLWLYH˝SRVLWLRQÔ

This document is authorized for use only in Prof. Subhashish Sinha's Learning & Development at Narsee Monjee Institute of Management Studies (NMIMS) from Jun 2021 to Dec 2021.