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Patrons

Dr. S. B. Mujumdar, President and Founder Director Symbiosis

Dr. Vidya Yeravdekar, Principal Director, Symbiosis Society

Dr. M.S .Raste, Vice Chancellor, Symbiosis International (Deemed University)

Chief Academic Advisor

Dr. Vivek Sane, Director, SIBM, Pune

Editor-in-Chief

Dr. V.B. Godbole, Prof. SIBM, Pune

Editorial Board

Prof. Amita Shiroor, Dy. Director, SIBM, Pune

Prof. Anjali Abhyankar, IT Faculty, SIBM, Pune

Staff Assistants

Ms. Shilpa Ravalallu

Mr. Rahul Ovhal

Mrs. Madhura Deshmukh

Ms. Amruta Tarate

Editorial Office

Symbiosis Institute of Business Management

Gram: Lavale, Tal. Mulshi,

Dist.: Pune 411042

Tel. No. : 020-39116000

The opinions expressed in Samvad are those of the authors and not of SIBM, Pune or the Editors of

Samvad.

Any IPR violations in Samvad are the responsibility of the authors and not of SIBM, Pune or its Editors.

All articles in this Journal have undergone a blind review process.

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Reviewers

Prof. Amita Shiroor, Prof. Himanshu Kulkarni, Prof. Rajesh Panda and Prof. Kalyanaraman

Cover

Samvad is a formal and serious discussion or conversation. For our cover we have selected a beautiful

painting in a classical Indian style of the conversation between Lord Krishna and Arujuna taking place on

the battlefield before the start of the Kurukshetra war. The conversation is the content of the Gita a deep

religious philosophy and a practical, self-contained guide to life.

Picture downloaded from internet for noncommercial, academic purposes only. This work is in thepublic

domaininIndiabecause its term of copyright has expired.

http://en.wikipedia.org/wiki/Kurukshetra_warhttp://commons.wikimedia.org/wiki/Public_domainhttp://commons.wikimedia.org/wiki/Public_domainhttp://commons.wikimedia.org/wiki/Public_domainhttp://commons.wikimedia.org/wiki/Public_domainhttp://commons.wikimedia.org/wiki/Indiahttp://commons.wikimedia.org/wiki/Indiahttp://commons.wikimedia.org/wiki/Indiahttp://commons.wikimedia.org/wiki/Indiahttp://commons.wikimedia.org/wiki/Public_domainhttp://commons.wikimedia.org/wiki/Public_domainhttp://en.wikipedia.org/wiki/Kurukshetra_war

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SAMVAD

INDEX

SIBM, Pune 2010

Sr. No. Name of Article Page Number

1. Forward 1

2. About Samvad 2

3.

Culture & Ethics 5

5. Co-operative Business Strategies: Some Aspects 7

6. The Triple Principle Of Management Research 11

7. Knowing How To Know 14

8. Mirror Neurons - The Reason Why The Osho 19

Chappal Fad Spiked And The Reason Why We

Need To Get Ethical With Our Advertising

9. Leadership And Society 23

10. What Are Option Contracts? 30

11. Improve Supply Chain Through Supplier 37

Relationship Initiatives

12. Future Of Inorganic Growth 43

13. Communism 45

14. Corporate Governance Challenges 49

In Business Enterprises

15. Management: Craze, Maze & Haze 55

15. Work-life Balance The New Paradigm 58

About SIBM, Pune 3

4.

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SAMVAD

stI am very happy to present our 1 issue of Research Journal called Samvad (dialogue). It is

collection of research articles contributed by faculties and students from SIBM, Pune as well

as from other institutes. It provides an insight into various topics such as:

1. Co-operative business strategies

2. Leadership and society Revisiting Dandi-March

3. Corporate governance

4. Value of knowledge

5. A model for business excellence

6. The future of inorganic growth

7. Culture & Ethics

8. Communism

9. Principles of Management Research

10. Ethical Advertising

11. Option contracts

12. Improving Supply Chain

13. Work-Life balance

I am sure that articles on above topics will enlighten you and it will be a collection issue for

academic and to even corporates.

Dr Vivek Sane

Director

SIBM, Pune

FORWARD

SIBM, Pune 2010 1

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SAMVAD

SAMVAD is a peer reviewed research 12 font size).

journal of SIBM, Pune. SAMVAD means2. The copy should be double spaced,

dialogue and SIBM, Pune invites all theincluding tables, footnotes, endnotes,

management professionals, faculty andreferences and bibliographies with 3

students to participate in this dialoguecm. margins on sides of page.

which will contribute towards shaping

3. Number of text page should appear inmanagement thinking in the country.

upper right hand corner.Invitation to Researchers, Teachers,

4. Proper acknowledgement should beCorporate Professionals and Research

made in case of cited material.Students.

Permission should be obtained for anyThe articles and papers based either

copyrighted material quoted in theon empirical research experience or on a

text or used in preparing tables orhigh level of conceptualization are invited

graphs.from faculty and students. They should

5. Footnotes or endnotes and expandedpreferably relate to different facets of

list of abbreviations used in the textEconomy, Management, Organization of

should be typed on a sheet separateCommerce System, Business Practices,

from the text.Technology Management etc. The abstract

of theses submitted for PH.D. may also be6. Each table or graph should be placed

considered for publication (Along with on a separate page and their suggestedName of Research Supervisor as co.author).

placement within the text should be

highlighted by a text reference.The Corporate Professionals are also

requested to write their account of7. Th e man usc ri pt shou ld be wel l

experiences, reflexes in the form of Casewrapped and be sent by a Express

Studies for favor of publication in theCourier service/ Speed post with a

Journal.backup copy to be retained at your

end.All views and opinions expressed in

the Journal will be treated as the soleThe papers received for publications (other

responsibility of the author(s). Neither thethan PH. D. abstracts) will be sent to Panel of

Publishers nor the Editor in any way are Referees (subject experts) for their remarks.responsible for them.

Their remarks in turn (Involving corrections,

resubmission etc) will be communicated toWriter's Manuscript Check list

the contributor. The Paper will be accepted1. The Manuscript should be prepared

for publication only after it gets duly refereed.on Computer using preferably

The papers rejected by referees will beW i n d o w s / M S W o r d a n d b e

returned to the authors within thesubmitted in CD with one hard copy

reasonable time.on A4 size paper (Times New Roman-

SIBM, Pune 2010 2

ABOUT SAMVAD

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SIBM became part of Symbiosis InternationalSIBM at a Glance University because of its excellent academicrecord. Further in 2006 the UGC vide its

ndEstablished in 1978, SIBM Pune is in its 32 notification withdrew the word Deemed andyear of service to the student community. It renamed the University as Symbiosisremains the flagship brand of Symbiosis and International University (SIU).is recognized as one of the best Business

Schools in India. In the year 1979, SIBMWhy SIBM Pune?Pune proved its pioneering self by becoming

the only institute in Pune to organize a What makes SIBM special?seminar outside the city precincts - in

Mumbai. Soon the trend was set and others SIBM has been consistently ranked amongst

followed suit. The concept of Internships / the top B Schools in India. With a brand new

Summer Training was another offering residential campus and world class

made by SIBM to Pune. It was in 1982 that infrastructure at the hill top in Lavale, Pune

learning cum training scheme was started. SIBM provides a holistic environment for all

around learning and development.

Supplementary training courses were

included in the curriculum to supplement SIBM prides itself on being a student-centric

the Pune University syllabus. Little wonder institute. Students here are entrusted with

that the same year SIBM Pune started being resources and responsibilities early on. Theyranked among the top 5 B-schools in India. are encouraged to take important

The same year saw SIBM Pune organize 3 administrative and policy decisions that

national level seminars all outside the city of sculpt their future and that of the Institute.

functioning. It would be interesting to point This facilitates their all-round development,

out that the first computer that was over and above academic performance. The

installed at SIBM Pune was donated by Students' Council at SIBM is the student body

students in 1987. Switch to the completely responsible and accountable for all activities

Wi-Fi enabled campus of 2005, also on the Campus throughout the year.

incidentally a students' initiative SIBM

Pune has certainly come a long way. In 1990, SIBM has developed unique learning

permanent affiliation was received from initiatives which have come to be thePune University the only B-school to have hallmark of the institute. These initiatives are

ever received it. In 1996 the BASE the outcome of three decades of experience

programme was introduced, in addition to in the field of management education. They

the curriculum of Pune University. The same have been developed with the help of faculty,

year witnessed SIBM Pune shift to its new who are in touch with the industry's current

campus with well-equipped infrastructure. needs and the active participation of the

students themselves.

The icing on the cake came in 2002 - when

SIBM, Pune 2010 3

ABOUT SIBM, PUNE

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Some of the initiatives that merit a For over three decades, SIBM has been the

mention are: chosen management destination for students

aspiring for excellence in the corporate world.Orientation and Teaching Methodology Excellent course content, highly qualified

faculty and contemporary facilities combinedSIBM's curriculum lays emphasis on with a unique education model, balancingparticipatory learning - combining lectures, unwavering career focus with holistic selfcase studies, projects, games and outdoor development, are reasons why there is asessions for overall development of SIBM business leader in every corner of thestudents. All new students go through a globe.week-long orientation programme which

includes indoor as well as outdoor sessions, SIBM has been ranked 4th best B-School in

to help them settle down, get to know each the country by Business Today and Indiaother and form strong working teams. Today issue dated July 2008 as per the AC

NIELSEN & ORG-MARG study survey.Industry Interaction Recruiters vie for the opportunity to pick from

the perfect mix of business acumen andThroughout the year the students organize academic intellect that our students bring toand participate in various face-to face the table.interactions with leading industry

professionals through seminars and guest

lectures that prove to be regular 'reality

checks' for the students.

Career Impact

S I B M g o e s b e y o n d g i v i n g y o u a

management degree. It prepares you for a

high-flying career as a top corporate leader

equipped with the wherewithal to occupy

the very top echelons of the corporate

world. Scores of SIBM alumni already hold

leadership positions the world over.

An SIBM manager is equipped to lead, no

matter where he goes. At SIBM we create

cognizant, competent and confident

business leaders; individuals who will make

a difference in their chosen field of work and

the society they live in; professionals who

will cherish and uphold the values of

integrity, efficiency, simplicity and hard

work.

SIBM, Pune 2010 4

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The business world across the globe has their authenticity in good times. Our models

started looking at the East, particularly at appeal people at large who are indeed

India, for ethical business models. One of trained to look for an accurate rather than an

the strong reasons why India succeeded in acceptable result. Ethics is not about finding

coming out of the global financial turmoil accuracy or reporting it in the context of an

almost untarnished was its ethical support established framework. Nor is it a justification

system which is ingrained in the culture of of your integrity to an outsider. It is a

this country. The culture of a country is reflection of our morals which we hold for

much more than its beliefs and customs. It is ourselves. If there is one prominent reason

the commonly held philosophy of its people why the East stood this test of time during

towards core values. In this context, the days of financial turbulence that reason lies in

outlook towards money and satisfaction its ability to reflect and introspect. It is this

derived from creation of wealth drives a unique culture of self evaluation that makes

nation in the direction that eventually people in east and India in particular less

decides the fate of its moral standing. Thus prone to actions that expose common pubic

culture and ethics are strongly co-related. A to severe risks.

culture that is conservative in monetary

The moral resilience of a country comes fromterms attaches very high value to create

its deep rooted ideology towards personalwealth. This leads to business practices that

attempt to bring about change in the lives of and social welfare. The culture that embedsvalues for reciprocities is self sustaining.many people as well as ensuring that the

process of wealth creation does not blind Wealth that is aimed at expansion of limited

few indiv iduals whi le cons ider ing number of individuals or groups success

distribution of created wealth. The culture diverts money towards narrow goals. Thesethat prioritizes common good and chastises eventually become counterproductive toindividualistic development helps in growth. You may look into the history ofnurturing business practices that are ethical corporate developments and find thatand sustainable. India has proved this organizations which did not divert theirphenomenon time and again. resources from larger goal of success for

many towards that of few, have actually

Ethics and culture are two sides of the same survived the odds. Ones that were narrowlycoin called morals. Much of our modern shaped to squeeze benefits for select fewfinancial literature is silent about the moral have vanished. Ethics does not always meansaspects of doing business. We believe that a

sustenance because what is moral today mayfinancial model that adheres to the

soon turn out to be an unethical act offeasibility tests is sound and will enrich a

tomorrow. Sum of parts is greater than thesociety irrespective of its mala-fide side-

whole when we sit back to measure long termeffects. We force moral acceptance into

impacts of our actions.such models and in retrospect try to prove

CULTURE & ETHICSBy Prof. Anil KshatriyaAssistant Professor, SIBM Pune.

SIBM, Pune 2010 5

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The world has not only accepted but has and rise from them with splendid

also digested the fact that creating momentum. All this nimbleness comes

elaborate structure to overcome unethical from our culture of accepting our own

behavior is of little help. Behavior may be limits. This culture has given us an

unethical though the thought behind it is extraordinary ability of introspection

prudent and rational. One prime reason for which the developed nations in West have

this dichotomy is that unethical behavior is fa il ed to pr ac ti ce . Fr ee ma rk et s

more a result of impulsive reaction to empowered them to the extent that they

exacerbated situations. Unscrupulous acts never sat back to gauge their limitations.

may not always have roots in intentional There was so much noise in celebration

mala-fide vision. Most unethical acts are that we could not hear our own voice. But

encouraged by favorability of conditions we tend to forget that we need this voicethat stimulate individualistic decisions. The time and again to protect the interest of

only way to control such acts is to inculcate a our people and our nations. Blindfold is

be tte r se ns e of res pons ib il ity and good till the time you are playing the game

accountability. whose first rule is the player needs to be

blinded. But once the game is over we

The culture in India has fortified this should open our eyes to look around and

thought process. It is this culture of see if other players are really the same. It is

thoughtful acceptance that makes us less a question of self judgment and not force.

prone to such vicissitudes in decisions

that lead to dramatic fluctuation in

wealth and public confidence. Also thisshows our agility to absorb strong shocks

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SAMVAD

1: Forms of alliances alliances, joint ventures among businesses

'Make, buy or ally' is the key to and their acquisition of equity stakes in other

busi ne ss grow th . Ma ki ng or do in g businesses. It would appear that benefits of

everything from scratch on its own brings cooperation outweigh those of pursuing

about organic growth of a business while either organic growth or acquisitive growth.

acquisitive growth through purchase of In our present- day interconnected, global

already existing businesses leads to quicker world, cooperation has no reason to be

res ults . However, syn erg y which is confined to national boundaries.

supposed to result from the coming A brief recount of benefits of cooperation

together of two separate organisations goes as below:often proves i llusory. Acquisition also 1. R is k re du c ti on th ro ug h

means buying the whole set up while dispersion of fixed costs, lower capital

actually only a part of it may be of profit to investment, faster entry into new

the acquirer. So growth through alliances markets and diversification of product

seems promising. If alliances fail to deliver portfolio

value, they can be terminated more easily. 2. Econo mies o f sca le and

They denote closer relations as compared to rationalisation

arms- length spot transactions in the market 3. Techno logi cal synergy and

but they do not go forward the whole way. exchange of patents and territories

Alliance partners share risks and rewards 4. C o - o p t i n g o r b l o c k i n g

but in a non- permanent manner. Often competitionthere is a time limit within which the 5. Help for vertical integration

relationship will be concluded. Even with through providing access to resources,

the alliance, partners are free to carry on distribution channels, regulatory

their other business independently. So permits, establishment of links with

alliances prove to be flexible and are major buyers etc.

therefore popular. 6. Fac i l i ta t ing inte rnat i ona l

expansion and

Michael Porter once remarked, 7. O v e r c o m i n g t r a d e a n d

Alliances as a broad- based strategy will investment barriers in a particular

only ensure a company's mediocrity, not its country.

international leadership. Still cooperationamong businesses is continually on the rise. Forms of cooperation among businesses are

Everyday happenings reported by the of different types.

financial press are all about strategic

CO-OPERATIVE BUSINESS STRATEGIES: SOME ASPECTSBy Dr. Vasudha Joshi

SIBM, Pune 2010 7

Cooperation among businesses

Agreements Networks Strategic

Alliances (SA)

Acquisitions

of minority stakes

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Cross-border JVs are more common. be found.

Selection of partners, drafting the JV 2. If there is no legal pressure for

agreement, monitoring performance and setting up a JV and a business needs a

exercising control are crucial aspects which partner because it lacks capabilities,

determine the outcome of any JV. In spite of th en an ac qu is it io n shou ld be

the initial high hopes, most JVs last for no considered by it.

more than 7 years and many for just about 3 3. When a foreign company wantsth

years. In the second half of 20 century, all to reinvest profits and not fritter them

developing country governments insisted away in dividend payout, it should opt

on JVs as the entry mode for MNCs. They for a wholly owned subsidiary.

expected considerable benefits from these

JVs in the form of technology transfer, 3: Practical problems in running a JV

e m p l o y m e n t g e n e r a t i o n , v e n d o r Consider the following case which

de ve lopme nt and e xports . The s e brings out the importance of serious, genuine

expectations have been belied and today problems that arise in a JV. It is no wonder

wholly owned subsidiaries are insisted upon that more than half of the JVs fail and that

by MNCs for entering new markets. even the successful ones are short-lived. The

French car manufacturing business Renault

Acquisitions: for making their and Mahindra & Mahindra (M & M) of India

cooperation permanent, two partners fuse set up a JV in 2005 to manufacture a

their existence together. Either a minority or particular brand of a car viz. Logan of Renault

a majority stake is bought in the partner which had been very successful in Brazil and

business and earlier ties are concretised. Europe. Under the JV agreement, a separate

company Mahindra Renault Pvt. Ltd.

Subsidiary companies: an MNC finds (MRPL) was set up with 51% equity from M

it most convenient to open a fully owned & M and 49% from Renault.

subsidiary company in a new market. It can

then enjoy full control of operations and MRPL started selling Logan since 2007.

also integrate it flexibly in its global design of The initial response of the market was very

activities, tax planning etc. In a JV it faces positive and then sales started declining. In

constraints on these scores because the 2007 MRPL sold 44000 units and next year,

local partner's ideas are usually different. the figure was just 5332. This happened

Some rules of thumb are given below for against the backdrop of a rapidly growing

choosing an appropriate form of alliance. Indian car market. Naturally there was

frustration and tension between the two1. A foreign company should opt partners. The JV lost about Rs. 490 crore in

for a JV when its calculations of the year 2008- '09.

possible future volume and profit

point unambiguously to setting up a Matters reached a flash point when

subsidiary company but laws of the Renault decided in February 2010 to set up an

host country make it difficult to set up independent production and sales facility for

one or an appropriate partner cannot its new models. M & M was bypassed. It felt

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humiliated and decided to end the JV by Bibliography:

buying Renault out. 1. Beeth, Gunnar: International

management practice, an insider's

According to M & M, the problem lay view, amacon (a division of American

with the car exterior and size. Customers did Management Association), N.Y., 1973.

not like its edgy styling. Logan was treated as 2. Child, John, David Faulkner:

a sedan model, not a small car and the latter Strategies of co-operation, managing

enjoy huge demand in India. Medium cars alliances, networks and joint ventures,

attract an excise duty of 22% as against only OUP, Oxford, 1998.

10% duty levied on small cars. Thus Logan 3. Ramu, Shiva: International

was treated as a medium category brand busines s, gover nance str ucture,

with medium price. So M & M requested Wheeler Publishing, Allahabad, 1994.

Renault to reduce the length of the car and 4. Rao, M.B., Manjula Guru: Joint

its engine capacity so that it could fit in the ventures in international business,

small car segment. Renault was reluctant to Vikas Publishing House Pvt. Ltd.,

make this change in only one market. Noida, 2009.

After the dissolution of the JV, M &M 5. The Times of India, news reportsth rd

on 17 and 23 April 2010.is going to introduce these changes in the

car. Till the end of 2010, the car will sport the

******************************Renault logo which will then be replaced by

M & M logo. Within a week of the

dissolution, M & M reduced the price of

Logan by up to Rs. 80,000 per unit in both its

petrol and diesel varieties. In the

automobile industry of India, M & M is an

established, respected company. It enjoys

the largest market share in utility vehicles

segment. In passenger car segment, it has

no model save Logan at present and it must

make it successful. It will be interesting to

observe Logan's future progress.

******************************

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Re se ar ch i n th e ar ea o f bu si ne ss data, statistical reasoning, and logically

management necessitates a pragmatic and consistent procedures. Research is not an

realistic approach based on scientific investigation that is carried out hurriedly on

methodology, analysis, consistence and the basis of some survey or facts and figures

logical rationality. The role of ethical obtained haphazardly in an irrelevant,

procedures in Business Research are of disorganized or erroneous manner so as to

paramount importance. arrive at some conclusion which may be

totally false and meaningless.

Three fundamental aspects in the domain

of research consists of: If a researcher has found a satisfactory(a) The Candidate / Researcher answer to anyone of the questions (i) to (v)

(b) The Topic and Research work stated earlier, it is imperative for him to

(c) The Guide search for his own preparedness for

embarking on a lively research venture of

I. Candidate : much significance. It should be supported by

A candidate may develop to desire to do a thorough and appropriate study pertaining

some research in an area of management. to the subject / area of his research of a good

But he has to find out for himself as to what lot of literature comprising of a number of

exactly prompts or motivates him to do the books on the subject by renowned authors,

research. research journals, relevant records, reliable

sources through the internet. Discussions(i) Is it due to an unquenchable thirst to with subject / research experts would be

know and search for the unknown quite helpful. He can as well consult

features of the problem of his interest researchers world wide who have carried out

(ii) Is it due to curiosity or inquisitiveness research on similar problems.

than an idea originated necessitating

research In short his quest for literature should be

(iii) Is it due to his observations / studies exh au sti ve, up to da te as wel l as

relating to particular problem in comprehensive. Genuine research qualifies a

management candidate's competence.

(iv) Is it due to some suggestions of

expe rt s or fr ie nd s or earl ie r In regard to research towards a doctoralresearchers degree a candidate should always prepare his

(v) Is it for obtaining a Ph.D degree of a research plan on the basis of a time frame for

university for furthering his prospects the completion of a valuable research

Research is a search for truth in any area II. Research work :

of knowledge. Accurate theoretical

principles can be formulated on the basis of In Research, it is necessary to take certain

scientific methodology, usage of reliable precautions. The following are some of them:

THE TRIPLE PRINCIPLE OF MANAGEMENT RESEARCHBy DR A.B.RAO(Recognized Senior Research Guide)

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(i) The topic should be carefully worded realistically and consistently so as to be

so as to convey precisely, clearly and provable and verifiable. Hypotheses

appropriately the meaning and the should be adequate in accordance with

exact nature of research. It should be the subject matter of research, much

based on adequate conceptua l care should be taken in framing the

knowledge. hypotheses

(ii) The subject matter of research with (iii) The research methodology should

which the topic is concerned should invo lve the neces sar y tools for

be of significant relevance and validating or proving the hypotheses.

usefulness in furthering the frontiers Adequate precautions should be taken

of knowledge in the re levan t in collecting authentic primary data.

discipline of management. Secondary data should be very much

(iii) The topic should be timely , lively, reliable.

purposeful and necessity oriented. (iv) Necessary steps should be taken to

(iv) It should have relevance with the avoid all types of errors that may creep

objectives and hypothesis of the into research. The sample size should

research. be adequate and appropriate.

(v) It is on the basis of an appropriate Sampling errors should be eliminated

knowledge, factual information from or minimized

maximum possible sources and after (v) Appropriate statistical testing of the

d i sc u ss i on s wi t h k no wl ed ge data should be undertaken using t-test,

perso nalities and exp ert s and chi square tests, analysis of variance

researchers that a researcher should and other suitable tests

frame his topic. (vi) Stat i st ical A nalys i s s hould b e

consistent and relevant in interpreting

Research Work: Seven Procedural various findings. Conclusions should

guidelines: be logical, realistic and entirely based

on the research

(i) The objectives of the research should (vii) Suggestions should not be flimsy,

be well defined and should cover the artificial and impracticable. They

totality of investigative aims and should be genuine and practical so as

connected with the substance of t o b e i m p l e m e n t a b l e .

research. The objectives should not Recommendations should provide an

generally exceed five. However the authoritative edge to a researcher.

number of objectives depends on theextensive and exhaustive features III. Candidate's Guide

and as well as on the depth of the

research If a candidate is carrying out his research

(ii) Hypothesis/ Hypotheses should be towards a Ph.D degree, under the guidance of

consistent with the objectives of a recognized guide, it is necessary on his part

research. Hypotheses should be to inform or personally meet his guide and

worded meaningfully, precisely, appraise him in regard to the extent of his

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research work. However the frequency of book tit les, some of which the

his meetings would depend on the researcher, perhaps may not have read

convenience of his guide. A guide supervises or seen

and directs the resourcefulness of his (xiii) An in excusab le error th at may

candidate. Research should be progressive knowingly or unknowingly committed

and consistent. Successes in research by a research is the misuse and abuse

depends on the candidate along with the of statistical data.

appropriate support, encouragement and (xiv) Unpardonable copying of printed

benevolence of his guide. material of certain authors and

unscrupulous and fraudulent usage of

Fifteen Errors to be avoided in research research work of others

(xv) Copying is a punishable offence and

(i) Defining a research problem without should be avoided at any cost.

clar ity and focus. Framing the Plagiarism is a crime in research and

re se ar ch to pi c in co rr ec t ly, deserves punishment

inconsistently or ambiguously.

(ii) P re pa ri ng a r es ea rc h de si gn Conclusion :

unrealistically and haphazardly

(iii) Stating too many objectives without a Research should be guided by purity, dignity,

purposeful focus devotion and dedication. Researchers should

(iv) S t a t i n g t h e h y p o t h e s e s strive to carry out genuine and original

ina ppropria tel y, inc ons istent ly, research through curiosity, enthusiasm,

unrealistically or ambiguously. inquisitiveness and pains taking efforts and

(v) Und ert aki ng li tera tu re sur vey thereby promote the highest standards of

inadequately or improperly research. Research is ten percent inspiration

(vi) Using the wrong sampling design and but ninety percent perspirat ion The

unrepresentative sample size Candidate, his Research and his Guide form a

(vii) Using the scaling techniques wrongly holy trinity The Triple Principle sanctity in

(viii) Us ing inapp rop riate stat ist ical Management Research should prevail.

techniques in the analyt ical

processes *******************************

(ix) Stating the findings incorrectly and

making the interpretations absurdly

(x) Drawing inappropriate conclusions

and giving suggestions unrealistically(xi) U s in g to o ma ny r ef er en c es ,

quotations from various sources of

secondary data, thereby producing a

'compilation of facts' and not any

piece of research of originality.

(xii) Usage of too many interned sources

and a 'Bibliography' stating too many

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If you have an apple and I have an apple and indulgence should seriously consider the

we exchange these apples then you and I will price to be paid for ignorance.

still each have one apple. But if you have an

idea and I have an idea and we exchange It is difficult for organizations to know what

these ideas, then each of us will have two they know or how to know what they know.

ideas."-George Bernard Shaw, Renowned Even though it is now so vital, knowledge still

Irish Author remains an incident, occasional to business

activity rather than an integral resource to be

Perhaps, it is because there is so much talk acquired and managed. Considerably less is

about knowledge, that there is so much known about how an organization may knowclutter and confusion and as a result, 'the more by manipulating and creating an

power of knowledge for organizations in the appropriate socio-cultural learning context.

2000s' often gets trivialized as jargon. After The essential mental settings and attitudes

all, ours is the age of substitutes: instead of required for learning are hard to acquire for

language, we have jargon: instead of individuals, teams and companies. Few may

principles, slogans: and, instead of genuine be able to articulate how an organization

ideas, bright ideas and incomprehensible could become a more learning, teaching, or1

jargon 'betamaxes ' simple language as the coaching organization and what the value of

hallmark of knowledge!!! this is. Often, organizational knowledge exists

with multiple perspectives rather than as

This paper deliberates the nature of collective best thinking. Knowledge is oftenknowledge and the role of leaders in diffused rather than converged and

bringing in the appropriate culture and organized. Thus both contribution as well as

attitudes required to best leverage access to organizational knowledge becomes

knowledge as a resource through setting difficult.

expectation and example in an enabled

environment. Organizations can consciously make an

attempt to best capitalize on knowledge

Knowledge is of course all that is of resources by understanding the nature of this

consequence to the business. Knowledge is resource and creating the necessary

what gives organizations competitive edge. organizational culture - leaders have a huge

It includes documented explicit knowledge role to play.and captured tacit experiences which thrive

in a collective congenial environment that The Nature of the Knowledge Resource

nurtures learning. Creativity and innovation Knowledge as a resource has many

are key to contending in a new order of interesting characteristics.

competition, in which, the critical success vKnowledge is dualistic in nature

factors for business are essentially different being both explicit and documentable

from the conventional. Those who think and tacit or experiential and difficult to

that knowledge and learning is expensive document.

KNOWING HOW TO KNOWBy Prof. Amita Shiroor

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vKnowledge is intangible. vBecause of the 'essentially in flux'

vKnowledge is multidimensional. nature o f k nowledge, a list o f

vKn ow le dg e is tra ns ie nt , eve r knowledge characteristics like this one

changing. can go on increasing!

vK n o w l e d g e i s i n f i n i t e a n d

exponentiates itself. Enabling Sharing Through Information

vKnowledge is non rival and people Technology

can use it synchronously without Knowledge multiplies by sharing and raises

depletion. the ambient awareness level in an

vKnowledge is contestable. organization. Knowledge may be likened to a

vKnowledge is socially constructed bottle of perfume. If it remains in the bottle, it

and culturally embedded. can fester and loose power in isolation but

vThe barriers to knowledge transfer spread around (judiciously!) is enjoyed by all.

are most ly intang ib le - human By nature human beings enjoy and secure in

qualities like custom, culture, ego, power; and knowledge is indeed a base for

mindset, desire for power, ambition, power, but it is by far the most democratic of

fear of ridicule or competition and all sources of power. The wisdom that,

distrust. sharing knowledge brings rewards far beyond

vKnowledge is a power source and what hoarding knowledge can, is difficult to

hence a potential source of conflict. realize and is against baser human nature and

vT h e b e n e f i t s o f k n o w l e d g e therefore needs to be consciously promoted.

acquisition (by any means) are rather Knowledge sharing must be championed and

difficult to appreciate, difficult to kn ow le dg e mon op ol y a nd stoc kp il e

measure and not easily amenable to discouraged by value, process and culture

valuation. within organizations.

vNo two people acquire knowledge or

learn in exactly the same way due to This difficult challenge has become made less

p r i o r i n d i v i d u a l a t t i t u d e s , insurmountable by information technology.

experiences, learning or intellectual First by automating and routinizing basic

makeup. tasks that can be handled with minimum

vKnowledge can be sticky and may not effort by technology, greater availability of

move from one person or set of time and energy is facilitated to concentrate

persons fast ,fast enough or at all. on higher order decision making, larger issues

vKnowledge is leaky and moves and innovation.

between people or betweencompanies. Technology prompts documentation of

vKn ow le dg e a pp et i te s c an be recent and current actions. Therefore it

influenced; Learning attitudes are generates a definite pressure that prevents

infectious. people from continuing to do what they did

vKnowledge attainment brings inner before, just because they resist change or do

joy, fulfillment and motivation to not want to deal with the change. There has

employees. to be a strong motive for people to go out of

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their way and disregard what the computer The leader had a huge role to play in changing

is asking them to enter. Thus the culture, or recasting his organization's mental moulds

process and technology ease 'stickiness' in because people are incessant leader

knowledge transfer and alleviate attitudinal watchers. An effective leader does not know

speed breakers in the transfer process. the most; he knows how his company can

Technology would help people express what know the most. Watching leaders and

they know and access what they need retelling the stories of their actions helps

without fear or diffidence. people understand how to get ahead around

herehow to act. If there is a tendency for

A most recent example of a technology leaders to keep their cards close to their

which promotes easier sharing by creating a chests, people in the organization will believe

soci al conte xt is Vivek Pau l' s fi rst this is the way to act. The converse is also

entrepreneurial venture KineticGlue. Vivek true.

Paul earlier led the medical equipment

business for GE in India; he helped Azim People often tend to believe that great things

Premji grow Wipro from a small firm with and genius happen elsewhere. This type of

$150 million in revenues to a $1.4-billion subliminal erroneous thinking is similar to

global outfit; he made smart bets at PE firm thinking that accidents happen only to other

TPG, a few of which turned multi-baggers in people. It is important to believe, to

double quick time... and after 20 years of remember, and reinforce that valuable

building businesses for others turned learning, good ideas or innovations can come

entrepreneur with KineticGlue which is from a ny source. N o so urce i s too

helping hundreds of people at companies unconnected or too humble, so the canteen

such as Dell India, Yes Bank and L&T Infotech contractor may well give a great idea to better

collaborate better by using an online social the organizational supply chain.

medium, an official Facebook to share and

increase productivity and retention for An expectation of valuable and democratic

companies. This is reportedly a $2.5 billion contribution to the learning and innovation

market space (11,750 crore ). process has to be communicated to the

employee (Pygmalion effect) and a self

Setting Expectations expectation level (Galatea effect) of greater

achievement and contribution created in

An organization's Social capital is integral to employees. The Pygmalion effect was

the management of its knowledge. Social described by J. Sterling Livingston in the

capital September/October, 1988 Harvard Businessincludes: Review. "The way managers treat their

vpersonal relationships that bind subordinates is subtly influenced by what

together members of the organization they expect of them," Livingston said in his

vrelationships that bind organizational article, Pygmalion in Management .Once an

members to other external resources and expectation is set, even if it isn't accurate, we

vreputational capital tend to act in ways that are consistent with

that expectation. Surprisingly often, the

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result is that the expectation, as if by magic, An expectati on of gre atn ess creates

comes true. powerfully transformational mutual respect

among teams. The leader can set the

There is a wonderful story. The abbot of a expectation.

once famous Buddhist monastery that had

fallen into decline was deeply troubled. Setting Examples

Monks were lax in their practice; novices

were leaving and lay supporters deserting to First hand learning is possibly the best way to

other centers. The abbot traveled far to know. All the barriers that exist between the

meet a sage and recounted his tale of woe, learner and the source of knowledge need to

of how much he desired to transform his be broken, these may be custom, culture,

monastery to the flourishing haven it had ego, mindset, fear of ridicule or competition

been in days of yore. and distrust. Boundaries between companies

and their cohorts and agencies, between

The sage looked him in the eye and said, companies and consumers and between the

"The reason your monastery has languished hierarchies within the company are being

is that the Buddha is living among you proactively peeled off in the quest for first

in disguise, and you have not honored hand information over versions through

Him." The abbot hurried back, his mind in intermediates.

turmoil.

As an example, through the years

The Selfless One was at his monastery! Who organizations have acquired knowledge of

could He be? Brother Hua?...No, he was full consumers and consumer preferences

of sloth. Brother Po?...No, he was too dull. through research agencies, which are valid

But then the Tathagata was in disguise. sources of information. However if people

What better disguise than sloth or dull- got out of the ivory towers of their offices to

wittedness? He called his monks to him and meet with consumers there would be first

revealed the sage's words. They, too, were hand learning which cannot be substituted .

taken aback and looked at each other with Recently leaders of several companies - Nitin

suspicion and awe. Paranjpe of Hindustan Unilever, Kishore

Biyani of Future Group, Vinita Bali of Britania,

Which one of them was the Chosen One? Zubair Ahmed of GlaxoSmithkline, Harsh

The disguise was perfect. Not knowing who Mariwala of Marico, Adi Godrej of Godrej

He was they took to treating everyone with Industries, Kiyoshi Oike of Yakult and Sanjeev

the respect due to a Buddha. Their faces Chadha, like the kings of ancient lore whostarted shining with an inner radiance that roamed their kingdom to know their subjects,

attracted novices and then lay supporters. made visits incognito to consumer homes to

understand firsthand consumers' likes,

In no time at all, the monastery far dislikes and aspirations. New product ideas

surpassed its previous glory (Source that reportedly emerged from conversations

www.spiritual-short-stories.com). with conscientious mothers include Foodles

(a functional food product) and one serving

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packaged flavored milk convenient for better technology or product is beaten

school lunches from the Horlicks brand. in the marketplace because of a better

Other winning ideas included biscuits in marketed competitor.

smaller packs, a hair dye advertisement

based on scientific evidence. 2. Times of India, Economic Times

July 2010.

In conclusion, leaders need to appreciate

the resource value of knowledge and 3. Hi s l op , D on al d (2 00 5) .

leverage it as an asset. They need to K n o w l e d g e M a n a g e m e n t i n

understand that the organizational culture Organizations: A Critical Introduction,

has to be orchestrated in different ways Oxford University Press.

than in earlier times. Leader involvement

and the spirit of learning must be 4. w w w . s p i r i t u a l - s h o r t -

orchestrated. Learning thrives when the stories.com.

leader demonstrates that barriers can be

broken, that genius is expected from 5. Livingston, Sterling, Pygmalion

individuals and teams. in Management, September/October,

1988 Harvard Business Review.

References:

1. Betamaxed : Business Today,

July 25, 2010, Wordsmith (New

Words in Business) page 10. When a

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It is difficult to miss a fad. Whether it's the prime discoveries in recent neuroscience:

Rubik's Cube craze, or the fad of sporting mirror neurons. These are neurons in key

yellow Livestrong wristbands. One may parts of our brain the premotor cortex

think that fads are the stuff of youngsters'. which is the center for language, empathy

But adults are also susceptible to the fad and pain. This gets stimulated not only as we

mechanism, remember grownups sporting perform certain actions but also when we

the Pune born Osho chappals or for that watch someone else perform that action.

matter going on the Atkins diet? Fads tendMirror Neurons - The Imitation Element of

to launch off like missiles and then fizzle outThe Brainjust as quickly if they don't manage stay on

and become a trend. Fads could spell In 1996 neuroscientist Giacomo Rizzolatti andopportunity for marketers if companies are his co-workers at the University of Parma inable to quickly home into the fads and add Italy published some extraordinary findings.value to it by turning it into a sustainable They had run an experiment to recordbusiness. But what exactly fires up fads? It is electrical activity from neurons specializedthe existence of one of the most powerful for hand movement in two pigtail macaques.drivers of human progress and one of the As anticipated, these neurons got stimulated

MIRROR NEURONS - THE REASON WHY THE OSHO CHAPPAL FAD SPIKED ANDTHE REASON WHY WE NEED TO GET ETHICAL WITH OUR ADVERTISINGBy Prof. Supriya Chouthoy

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when the animals reached for peanuts that your action. This is pertinent because it

were placed in front of them. What was reveals why we're programmed to imitate

entirely unexpected, however, was that from cradle to tomb. It explains why we

these same neurons fired when a scientist in humans pick up fashions and trends and how

the lab reached for the nuts instead. The these go on to become part of our culture. It

monkey remained stationary. However, explains why showing fashionable hip-bands

watching the scientist move had activated of one's underpants can quickly become a fad

motor areas in the macaque's brain, just as if or why a rapper's gesticulation can quickly

the animal had carried out the action itself. turn into a fad. Imitation is not just a fun

human trait. It's a behavior that's embeddedUsing functional magnetic resonance

in our brains. That's why fashion exists, whyimaging (fMRI), Rizzolatti and his colleagues

sport is so popular, why we experience thesoon documented the same phenomenon playing of it as vividly as we watch a game.in humans and named the responsible

nerve cells "mirror neurons" These cells Wharton marketing professor Jonah Berger

perform a dual function: they become points out that fads aren't restricted to toys

active during any type of active behavior like and gadgets. As per him fads also surface in

chewing food, throwing a ball, performing a areas such as education and management.

dance, whether we do it ourselves or just For exampl e, Six Sigma, the qual ity

watch someone else do it. Therefore, our management strategy introduced in 1981 by

consci ous brai n generates an inn er Motorola, became a rage after it was adopted

simulation when we follow the actions of by companies such as General Electric, but

another person. Mirror neurons are currently this trend is now pass. Berger also

presumed to be abundant in brain regions suggests that fads typically develop aroundresponsible for planning and initiating products that communicate something about

actions, including the primary motor cortex, social identity. "Fads tend to arise in

the premotor cortex and supplementary situations where people imitate the behavior

motor areas. The dis cove ry of this of others. They are particularly likely in

mechanism, suggests that everything we situations where one group might have high

watch someone else do, we do as well, on a status or exclusivity that others want."

mental scale. At its most basic, we mentally Clothes and music are fruitful ground for fads

rehearse or imitate every action we bec aus e they a re a via me dium to

observe, be it a somersault or a smile. It communicate something about a person's

explains much about how we learn to smile, identity and style, while more practical items

walk, talk, or swim. At a deeper scale, it like a washing machine would do so to asuggests a common neurobiological energy smaller extent therefore are thus less prone

which helps us in understanding others and to setting off trends.

learning. It also helps us to figure out whyMirror Neurons Crucial For Learning

yawns are contagious.

Mirror neurons' role in understanding is bestFrom the moment we're born, we are

described by Dr V.S. Ramachandran, Directorpropelled by mirror neurons. Stick your

of the Center for Brain and Cognition andtongue out at an infant and it will imitate

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Professor with the Psychology Department consumers. Advertisers often use illogical

and Neu rosciences Pro gra m at the methods of persuasion and communicates to

University of California, San Diego. He their consumers more of illusion than truth.

believes that the mirror neuron is crucial in Th is is of te n co up le d wi th ar ti st ic

the development of elaborate social skills, photography, exceptional special effects,

so c i a l n et wo r ks , a n d k n o w l e d g e clever slogans, acting and music. It is truly a

infrastructure we call culture. As per him it form of art choreographed to attract and

plays a crucial role in our learning, right from keep the attention of its target and make

understanding Shakespeare or for that them more amenable to persuasion. Because

matter even learning the hip-hop. Mirror we now have an understanding of the role of

neurons, are supposed to have allowed mirror neurons in the brain we can

early humans to first understand basic, comprehend how advertising plays up on our

possibly puppet like actions, which led to brains. This is the reason why advertising has

more sophisticated motions and finally b e e n c a l l e d t h e m o st s i g n i f i c a n t

ballooned to become language. As more establishment of modern society and has the

complex and abstract communication ability to change a set of values held by

evolved, information began to expand and people. It can influence a populace to replace

gained momentum to build the intellectual their thoughts regarding things which they

and community fabric which we call culture. may have otherwise thought of as morally

wrong , to an attitude that it's morally right orMirror Nuerons Also the Culprit of Sinister

acceptable.Action

Let us look at advertising which targets theMirror neurons however don't always

youth of today. The use of violent imagery isreplicate positive actions. Its study hasnow on the rise and increasingly being used

revealed a new, more disturbingto advertise and market a diverse range of

perspective on the dynamics of and lessonsgoods from sports apparel to shoes,

taught by violent video games, for instance.perfumes, computer games, cars, watches,

UCLA's (University of California, Los jeans and even credit cards to the youth.

Angeles) Iacoboni is studying the subjectFashion companies like Dolce & Gabbana,

and suggests that such games reinforce anLouis Vuitton and Jimmy Choo use a lot of

association between pleasure andtitillating images to promote their products in

accomplishment by causing harm. Thistheir markets. This eroticism is also backed up

explains growing teenage and studentby suggestive violence. As a result we have

violence and killings. Iacoboni speculatesthese ads being seen by our youth and havingthat the strength of imitative violence in thea deeper effect than intended, thanks to the

mirror neuron systems can be so powerfulmirror neurons getting powered up in our

that it can become difficult to refrain from.brains. Though these companies do not

endorse violence publicly through theirMirror Neurons And Advertisingcompany literature, or in the press, their ads

While on the subject of understanding which directly communicate to consumersmirror neurons let us also look at advertising speak a different language. When a consumerand its role in communication to the looks at a Dolce & Gabbana ad, violence

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against men and women begins to be people mistake familiarity for truth. The idea

perceived as a luxury. The effect of this is that we tend to think that things we know

violent and erotic imagery is to make violent are the truth and not lies. So, if something

and sexual behaviour appear normal and seems familiar then it must be true. Second,

even acceptable rather than strange and people misattribute repeated claims to

disgusting. It also manages to attract a different sources, and then tend to believe

viewer's attention through emotional, something more if multiple sources endorse

psychological and startling appeal. Through the claim.

their communication, will not theseFinally, isn't advertising supposed to be all

companies influence the young to bring in aabout communicating benefits to your

twisted order of sadists feeding on violencetarget? Don't we need to understand this as

and humiliation? Do you think these ads canan advertising community and begin toactually persuade the consumers to buymonitor ourselves to remain ethically

their products? Isnt this kind of advertisingresponsible?

just adding to a visually polluted advertising

order?References:

When we consider that realize that one of1. http://www.edge.org/3rd_culture/ram

the basic traits of an effective marketer is toachandran/ramachandran_p3.html

have empathy, we are looking at creating2. http://www.marketingprofs.com/8/halong relationships with our customers.rdwired-to-love-brands-lindstrom.aspWhen a company is truly empathetic, the

recognition of value to consumers is just a 3. http://knowledge.wharton.upenn.edu/

starting point. A more critical factor is the article.cfm?articleid=1391continued high level of engagement with

4. A Revealing Reflectionthem. Today we have many consumers

article from Scientific American Mind 17, 22 -walking away from advertising in disgust,

27 (2006)complaining that all ads are untrustworthy.

5. Therapeutic Reflection; June/July 2007;Consumers would like to have confidenceScientific American Mind; by Ferdinandthat ads tell the truth. Besides this we alsoBinkofski and Giovanni Buccino;have as per Wharton's Marketing professor

Lisa Bolton the "Truth Effect" kicking into 6. Extracts from John Alan Cohan's paperthe effect of advertising on the consumer. Towards a New Paradigm in the Ethics ofShe states that all marketers should be W o m e n ' s A d v e r t i s i n g .

truthful, not only because it is the right thing ADVERTISING;Violence by Dr C Kay Weaverto do, but because being deceptive can alter (associate professor in the Department ofconsumers' long-term psychological Management Communication at theperceptions about what is and is not true. University of Waikato) published inThe "truth effect" is a tendency for people to Marketing Magazine dated , July 1, 2003.believe in the truth of claims if those claims

are repeated. There are two explanations as

to why the effect occurs. First, repeating a

claim makes it seem more familiar and

by David Dobbs

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Dandi march of Mahatma Gandhi Agitation against land revenue, and iv. protest

before liquor shops. Gandhi listened to all

The event described in this article is these suggestions but wanted an agenda that

Mahatma Gandhi's historic Dandi march would have a profound impact since nation

from Sabarmati ashram to Dandi, a remote, was eager for a decisive action from congress

neglected village in Gujarat. In terms of and his leadership. After a few days of

application of the principles of, planning churning, a process of incubation in the

organizing and execution, it not only subconscious, an image of salt appeared on

surpasses the standards of excellence in the map of consciousness. He saw it clearlyleadership but also demonstrates the role of that he would pick up a handful of salt. He

values in management practice. knew that this simple act had potential to

send multiple messages and interpretations

Incubation: generating the right idea in the context of traditional Indian society

where salt had a great symbolic meaning. It is

In 1929, the Viceroy of India had rejected important to recognize the rationale of salt as

the propos al of a domin ion stat us an agenda for agitation since there were

(autonomy within the foreign rule). India many burning issues before the nation then.

needed a strong movement for protest and Why did he select salt as an agenda of

resistance. In 1930, poet Rabindranath satyagraha?

Tagore went to Sabarmati ashram and askedGandhi. What are your plans? What is your Gandhi himself had given the explanation

next move? Gandhi was clear about the

governing values that would guide his The most basic needs of man are water, wind

action, but the concrete action plan was and salt, the only ingredient that adds taste to

nowhere in sight. It was clear to him that poor man's food is salt. Even cows and

only those followers who had deep faith in bullocks cannot survive without it. We use it

non-violence would lead the movement in many ways, even as a fertilizer.

and others would follow them. If the

movement turns violent , he wou ld There were other reasons as well; If the

terminate it. (Mishra , A. 2009) movement was based on land revenue or

taxes, BritishThe idea and the symbol government would have taken away the land

and live stock of farmers. Salt is freely

As far as proposal for action was concerned, available in nature and is difficult to

various ideas were offered by senior confiscate. There would not be any legal or

Congressmen like Vallabhai Patel, Rajaji and practical difficulty that would submit the

others. Some of the suggestion included, i. satyagrahis (volunteers) to police action

formation of a shadow government, ii. .Producing salt, which is manual work, did

marching towards Viceroy's palace, iii. not need additional resources. Above all, salt

LEADERSHIP AND SOCIETYA little lump of salt: Revisiting Dandi- marchBy Prof. Susheel P. KandalgaonkarDirector, IMDR, Pune

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is a product of nature, it surpasses all rupees a day. The percapita income of an

distinctions based on religion, language, Indian is less than two annas, it means that

region and gender. your salary is five thousand times more than

the average Indian. I humbly request you to

The Dandi march turned into a movement consider the situation in totality. I have

because it got a broader reference of referred to a private matter of your salary to

ecology and equality. Most importantly, make you aware of the painful truth, though I

human civilization had regarded salt as an have absolutely no intention to hurt you. I

auspicious symbol from times immemorial. hold you in high esteem, but we have to

The folk culture had created sayings, stories, abandon the present system of governing.

songs around salt that would appeal directly Organized non -violence is the only answer to

to heart of ordinary men and women. the organized

violence of the British rule; if you do not wish

This was the symbolic potential of a handful to take any action , I would violate the law

of salt. about salt on eleventh day of this month with

some selected colleagues of mine. In case you

Preparing the ground and networking wish to discuss the issue with me, I am willing

to postpone my plan of self regulated

Once the issue was selected, the next disobedience of the law .

immediate step that Gandhi took was to

write a letter to the Viceroy announcing his The letter concludes with a phrase, 'Your

plan to protest. The letter used strong words sincere friend' instead of the conventional

and logical arguments. It also reveals 'your most obedient servant.'

determination and courage to act with

conviction. The letter begins with statement Congress leaders were skeptical about the

that British rule is a bane to India and agenda of this movement and the press

explains it further in following words: ridiculed the idea as 'childish and dramatic

attempt to challenge the British law that

Endless exploitation of our resources have controlled production of salt by Indians'.

destroyed the lives of millions of people, the Pandit Motilal Nehru sent a telegram to the

country cannot afford the excessive Sabarmati ashram and asked What would

ex pe nd it ur e on ci vi l an d mi li ta ry we achieve by picking up a handful of salt?

administration. British rule has made us Gandhi sent a telegram in reply: Just pick it

slaves in a political sense. It has weakened and see what happens.

the foundation of our culture, governmenthas taken away our weapons, and it has It was a sharp and decisive reply.

made us spiritually weak.

Planning and executing:

Gandhi mentions the exorbitant salary of

the Viceroy in this letter. Your monthly After the announcing of the march, Gandhi

salary is 21,000 rupees, plus other worked on details of the event. Two of his

allowances, and you are paid seven hundred close colleagues were sent to survey places in

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south Gujarat to find a right location for *Do not trouble villagers for meals or expect

protest march. concessions from them.

Both of them selected Dandi village near

Surat and informed Gandhi accordingly. Clarifying values and purpose: leading

Now the schedule of the historic march was

prepared. It would take twenty four days to Gandhi was worried and anxious about

walk the distance between Dandi and eruptions of violence during the march since

Sabarmati ashram. Daily walk of twelve he had to abandon the non- cooperation

miles from morning six to evening six. 'Such protests in the past due to violence. For

a walk is a child's play', Gandhi commented Dandi march, he personally selected seventy

with a smile! The division of work among eight followers with extreme care .He

the volunteers was done. To explain the law explained to them in the best possible way,

that denied Indians to produce salt and its the principle of non- violence. The principle

implications, Gandhi wrote an article in had moral and pragmatic implications as well.

Young India. He announced the following

guidelines to the followers in this article . He asked If I ask people to use weapons in

this movement of freedom, would the

Guidelines for Volunteers government let me remain free? If people

challenge the government with violent killing

*Protest would be peaceful; it's an act in and destruction, would the government

civil disobedience. remain passive? Has it happened anywhere in

* If Police indulge in physical violence and the world?

firing, we would face it with exceptional

courage without violent resistance. You would not come here if you are afraid of

*No indulgence in indecent behavior or being fired at ; you have come because you

abusing. have understood and accepted the concept

*If there is communal violence, volunteers of voluntary surrender to imprisonment.

would make active efforts to stop it. India has seven lakh villages; even if ten

*If arrested, do not ask for special persons in each village decide to violate the

concessions; follow rules of the prison law of salt production what would the

meticulously. government do? Even the cruel dictator

*If the prison food is of bad quality or the would not kill those who protest with

mode of serving the food is insulting, refuse peaceful disobedience. You have come here

to eat it. is a courageous act; you have understood that

*Do not ask for family expenses to Congress, British government is confused and in ain case of arrest. dilemma.

*Engage in a dialogue with villagers while on

march from Sabarmati to Dandi. Gandhi was right; the British government did

*Speak to villagers on the topics of not know how to deal with such a move. It

pro hibi ti on, cleanl iness , edu cat ion, did not know the details of the march.

eradication of untouchability and village Extreme secrecy was maintained about

development. critical details of the march. Only a list of

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seventy-eight volunteers was published in kind of a survey and rich data was collected

Young India. Arresting them or Gandhi was in twenty four days of march.

would have been be problematic to the

government before the march because of Operations: day to day maintenance

lack of evidence against them.

The day- to- day administration of the

On 12 March 1930, Gandhi moved out of campaign was done by a group of eighteen

Ashram and the Dandi march began, with students of Gujarat University. When the

enthusiasm People across the country were volunteers had settled in a village for the

waiting to watch what would happen next. evening, this group would move to the next

All biographers of Gandhi had written village and select the location for rest, eating,

fascinating description of this march. The and prayer. They would clean the place,

two hundred miles march had numerous arrange for water, and fuel, dig pits for

villages on the way. Villagers welcomed him temporary toilets, and move to the next

with rangoli and garlands. People queued village. It made life much easier for the other

along the path to see him, watered the volunteers in the march.

roads to settle the dust and showered

flowers on the path towards Dandi On 6th April, Gandhi went to the seashore in

the early morning with his followers. They

dipped into the sea water. After prayer,

Communication and capability building Gandhi lifted a handful of salt gathered on the

shore, others followed him. And the rest that

Gandhi would speak to villagers in simple followed is history. People in coastal villages,

language on various themes: cleanliness, cities and towns participated in great

law that prohibited them from sal t numbers in act of nonviolent disobedience of

producti on, un-touc habilit y. In the the law.

evenings, he would go back to his daily

routine that was unique: writing letters and It happened in many states and cities, Bihar,

articles for Navajivan and Young India, Bengal, Peshawar and Chittagaon. After

spinning of charkha ,and writing dairy. Even Gandhi's arrest, the movement spread like

on the last day of the march, after the much wildfire and brute force was used by the

publicized act of picking handful of salt, he British government. Negative news about

returned to his daily routine as if nothing po li ce re pr es si on wa s re po rt ed in

had happened. In a way it was a refusal to be international press. The Viceroy made a

carried away by publicity or the fame. proposal for discussion with the Congress andDuring the march, he insisted that the it closed an important chapter in the history

volunteers write a diary and note all the of freedom movement. It concluded in a pact

detail s of each village, in terms of between Gandhi and the Viceroy.

population , gender and communities,

livestock, revenue, the requirement of salt, The representative of weaponless masses

schools, number of boys and girls in schools, and the Viceroy of British Empire came on a

availability of free land in the village. It was common platform for negotiation. Today, one

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can understand the bitterness and anger of used cultural, religious and social symbols

Lord Churchill when he described Gandhi as with combination of modern technology and

'naked fakir climbing the steps of Viceroy's managerial skills. More recent examples are

Palace!' political campaigns on Ram Mandir and

Mandal Commission issues. Invariably, they

Review and reflections on the event: failed to hold moral center of the campaign by

integrating values of means and end. The

Let us synthesize the points that emerge important connection between the end and

about the connection between Leadership means values was ignored and principle of

and Society from the historic case of Dandi personal integrity was violated. The Mandir

ma rc h a n d i t s re l ev a nc e to t h e campaign disregarded the sanctity of means

contemporary Indian context. and focused on the results and indulged in

realpolitik. Similarly , Mandal campaign

1 Communication : overemphasized means and lost sight of the

end and purpose. Leaders of these campaigns

At the level of mass communication, it used had failed to anchor the value based politics

the emotive and cultural significance of a that Gandhi could do so well.

traditional symbol. The object of salt was

elevated to the level a metaphor and an The case is equally relevant for the students

ideal. The Indian masses who revered their of management. The mainstream knowledge

ancient folk traditions, were illiterate and in management has not come to grips with

half-starved, reiterated their faith in this the basic difference between results oriented

symbol . Gandhi paved the way of leadership and it also silent on impact of

integrating the masses with this cultural leadership on collectivity. Value based

symbol that was connected with our day leadership distinguishes itself form the

today living It mobilized them for a conventional model of corporate leadership

spontaneous action at a national scale. on this dimension . In case of Dandi march,

Importantly, the Dandi march distinguished t h e w a y i t w a s c o n c e p t u a l i z e d ,

itself by absence of violence. communicated, organized and delivered

reveal a close connection between means

2. Moral center of the movement and and ends; process and outcomes, individual

leadership : and collectivity, leader ship and society. Let us

understand these finer distinctions in more

The principle of non violence was vindicated detail.

as a viable instrument with moral andpragmatic potential . In fact, it reinforced 3. Personal integrity and value based

the moral center in the leadership of Indian leadership

freedom struggle.

Communication with the help of symbols has

As mentioned earlier in this article, we a power to touch the imagination, feelings

have seen political events of protests in and actions of the people. The interpretation

post independent India our leaders have of the symbol is based of the meanings

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created and held in the mind of the biographers have pointed out how such a

followers . The leader can intuit ively leader would be an embarrassment to those

anticipate it but has no direct control over it. who lead for results and success. This is the

Hence a culturally powerful symbol is a strength and risk in value based leadership

double edged weapon. It can go beyond the

agenda set by the leader. Hence, there is a 4. Revisiting theory of Value based

need for cultural/emotional meanings to leadership

be moderated by rationality or viveka.

Gandhi focused on non violent means to Let us return to our reference to the

moderate the energy triggered by the theoretical framework of values to appreciate

symbol. Moreover he practiced it to the case of Gandhi's leadership in the context

perfection and allowed only those of his of post independent India and the world.

followers who believed and practiced (Argyris C 1993)

nonviolence. The guidelines for the

followers in terms of conduct and action When we say that values are ideas or ideals,

reveal his concern for the sanctity of the they refer to abstract concepts like peace,

process and not merely the concern for equality, freedom, prosperity (though it is

impact and outcome. possible to measure them by reducing it to

operational , behavioral descriptions that is

This value based or proce ss based called the process of reductionism.)

leadership is a rare phenomenon in politics Moreover, these values or abstract ideas are

and business as well. The reason for the not static qualities or property of objects and

absence of such leaders is obvious: a lack of persons but are manifested in transactions

personal integrity. Such a leader who shows between the person and the situation.

equal concern for processes and outcomes Therefore, it is the individual who deploys

is tested in times of failures. The later events certain personal qualities and properties like

, during partition and post independence self reliance, honesty, self control as means

period in life of Gandhi show that he did not to achieve the ideal end value. Hence it is set

give up the value-base even when his of values that includes both end and means

trusted followers and the masses disowned held together in a coherent way. This

him and his agenda. He listened to his coherence emerge from personal integrity of

conscience and carried out processes the individual. Without personal integrity

anchored in non violence though it was human values would be inversion and

politically disadvantageous to the Congress. distortion of values.

(Kripalani K 2000 )This distinguishes himfrom other leaders in all political parties 5 Co ntempo rary le ad ersh ip an d

then and now. In spite of possessing the best Gandhi

ta le nt for organ iz ing , managing,

communicating and executing, Gandhi To appreciate the point that values are ideals

remained free from the trappings of success sustained only by individuals with integrity

and the larger than life image and remained the Society that sustains them, let us

true to himself and his inner voice. The compare the values of Dandi march with

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those prevalent in the later political where leaders in political and corporate

campaigns in the country. In the campaigns spheres have deployed inverted or distorted

of Ram Mandir at Ayodhya and Mandal means- values to achieve the so-called end

Commissions, the inversion of values was values (espoused ends). They have rarely

covertly accepted and held by the leaders shown the use personal integrity and

and the followers jointly. Therefore, it is coherence of means and end to influence

important to recognize the role of personal people.. In the absence of moral center that

integr ity and choice making in the include integrity and coherence in values,

discussion of these campaigns which were leaders in corporate sector are regulated by

used for mass mobilization in post legal means and the in the field of politics

independence era. both moral and legal centers are missing.

These cases in leadership also highlight the Perhaps we can begin by generating and

importance of volition or choice making. In spreading knowledge that deals with the

case of Mandir campaign, the Hindu identity success and failure of value based leadership

and self esteem was the end value but the in our educational institutions. Education

means value were the inversion and and specifically professional education (it

distortion of honesty, truthfulness and self- in cl ud es ma na ge me nt ) is fo r th e

control. Manipulation of information, development of individual and society and

deceit , violence were used, In Mandal that is its primary goal. The growth of

campaign, the end value projected was economy and Industries are secondary goals.

equality and opportunity for all but the Studies in leadership, in social, political or

means of reservation for education and corporate fields require a focus on much

employment were elevated to the position needed ethical and societal dimension to

as end in itself. It confused the masses for correct the imbalance caused by the inverted

short term political gains In short , the values that pervade our institutions. The case

Mandir campaign damaged Hindu identity of Gandhi's Dandi march vindicates the value

based on long tradition of tolerance, of such leadership. References

wisdom and synthesis. Similarly, Mandal by 1. Kripalani, Krishna. Gandhi: a life;

over-focusing on means of reservation 2000, National Book Trust, India

could not strengthen the underprivileged 2. Mishra, Ambarish. Chimutbhar

castes since they lost sight of the ultimate meeth; Mauj, Diwali issue of Marathi

purpose or end value of equal opportunity magazine,

for all through development of all. The November ,2009

personal integrity of the leaders in this 3. Argyris, Chris. (1993) Knowledge forcampaigns was not questioned because we Action, California, Jossey-Bass.

do not have a coherent framework for 4. Rokeach, M.(1970) Beliefs, Attitudes,

analyzing leadership in wider context of Values, New York, Jo

society .

Conclusion

After seventy years we live in a context

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An option contract is a derivative which obligation to buy it. The holder has to pay

gives the right to the holder of the a price (premium) to buy this right.

contract to do 'Something' but without

the obligation to do that 'Something'. In the same manner an investor can buy

The 'Something' can be either buying the right to sell an underlying asset, say a

the underlying asset or selling the company share, at a certain price by a

underlying asset. In the world of options particular date in the future by paying

the underlying asset, generally, is a some premium. Such an option is called a

company share (stock option) or a Put option.

foreign currency (currency option).

Thus, the holder of a stock option A Put option gives the holder the right to

reserves the right to either buy or sell a sell the underlying asset at a certain price

particular share, the underlying asset. at a certain future date without an

Likewise the holder of a currency option obligation to sell it. The holder has to pay

reserves the right to buy or sell a foreign a price (premium) to buy this right.

currency, the underlying asset.

Having made it clear that the holder of an

The right also specifies the price at option has the right to either buy or sell

which the asset can be bought or sold. the underlying asset but no obligation toThis is called the Strike price of the do so, it is then necessary to lay down the

option. It also specifies the date till circumstances under which he would

when the right can be exercised and it is exercise the right and when he would not.

called the Maturity date or Expiry date. The assumption is that the investor would

The price paid to buy the right is called exercise his right if it is profitable to him

the Premium or simply, the Price of the and that he would let go his right if by

option. exercising it he would incur a loss.

An investor can buy the right to buy a When would a Call option be exercised?

particular share at a particular price by apa rt icul ar date by payi ng some The holder of a call option has the right to

premium. Such an option is called a Call buy an underlying asset but no obligation.

option. Let us take the case of an investor who has

bought a call option where the underlying

A Call option gives the holder the right to asset is a company share. The situation

buy the underlying asset at a certain can be explained best with a diagram.

price at a certain future date without an

WHAT ARE OPTION CONTRACTS?By Prof. Ashok Kanetkar

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Referring to the Fig 1 we can make following buy the option.

statements;

The holder of the call option has paid a Situation 2: Stock price Rs. 40

price 'p' to buy the option i.e. to buy the The holder will not exercise his right

right to buy the underlying asset (share) because by exercising his right he will be

at some future date (expiry date). paying Rs. 50 for the share which then

The price at which the share will be could be sold in the stock market for Rs. 40

bought is 'K'; the strike price. thereby incurring a total loss of Rs. 15 (Rs.The x-axis gives the stock price in the 10 on the exercising of option and Rs. 5 on

stock market. the premium.)

The y-axis gives the profit made by the By not exercising the right the holder will

holder. incur a loss of Rs. 5 only which is on

account of the premium paid.

Now let us take a numerical example.

Imagine that the investor (the holder of the Situation 3: Stock price Rs. 53

option) has paid Rs. 5 for the call option The holder can exercise his right and buy

where the strike price is Rs. 50. the share at Rs. 50

Sell the share in the stock market for Rs. 53

Now let us imagine following situations: and m