Category: Business

Stages in the evolution of a business

Indian economy: Business optimism in India at near 8-year high: Report - The Economic Times

Business refers to the Organization or enterprising entity engaged in commercial, industrial or professional activities. Business activities have existed since ancient ages and over the period it has evolved according to the changes in its environment. Earlier it was limited to mere exchange of goods in return for other and then with the change in conditions it has reached to a stage where people could buy a good or avail a service from a seller who is miles apart even without face-to-face interface.

            In the era of globalization, the scope of a business is very large. There are several examples of businesses growing into huge enterprises from a small virtual venture which even lacked a physical existence in its early stages. Similar to the steps of a ladder, there are several stages like local business, regional business, national business, international business and global business.

Local business

Local business is the first stage of a business enterprise and it exists in the limits of a locality. A local area comprises of surrounding neighborhoods, adjacent areas where native community  lives. The local economy is the most primitive form of economy. It existed since ages. It focuses on a particular locality and acts according to the culture and traditions of the society. The customer base of a local business is very limited as its area of operation is only that locality.

Regional business

Regional business concentrates on different regions of a nation. A region is a unit on earth’s surface that has unifying and defining characteristics. It focuses on a regional area and provides a variety of commodities. It is a business between different areas within a country. Credit sales play an important role in this business. It helps in developing better quality infrastructure and transportation facilities

National business

National business is one that operates within the borders of a particular country. It has a business and customer base across a nation and understands the culture of the country. Since a national business has more locations than a local or regional business, it can be more competitive with its pricing. A nation is an organized political union of its member states.

International business

International business is business among different nations. Nations satisfy each other’s needs by supplying their surpluses and in return brings home the scanty resources. International means It means interaction between two or more nations. It is used as an analog to the word foreign.

Global business

It is a business which operates worldwide. It is the pinnacle of any business enterprise. Global means means entire Earth and not just one or two nations. It is synonymous to universal and worldwide. It has a wider scope than international business.

The basic idea to be imbibed from this topic is that no business becomes huge overnight. Just like human beings, a business also takes time to grow. Not all local businesses emerge out as global giants. Only those firms which could identify the changes in the environment and could act accordingly would be able to reach its pinnacle.

FINANCIAL INCLUSION

Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and lower income groups at an affordable cost. Financial inclusion, broadly defined, refers to universal access to a wide range of financial services at reasonable cost. These not only include banking products, but also other financial services such as insurance and equity products.

INDICATORS OF FINANCIAL INCLUSION

As per the general laid down standards following are the key indicators of financial inclusion:

 · Formal banking system

This refers to the existence and usage of banking services which are regulated by formal mechanism.

· Formal credit

The usage of formal or recognized credit providers indicates the presence of an inclusive financial system.

· Insurance

Apart from formal lending and depositing the citizens will also have access to proper insurance providers in a well inclusive financial system.

· Savings options

 An inclusive financial system should provide attractive options to deposit the saved funds irrespective of the customer background.

 · Modern banking

Each and every user should have access to modern banking services like electronic banking, mobile banking, internet banking, etc.

FACTORS AFFECTING FINANCIAL INCLUSION

Access to financial services have been recognized as an important aspect of development and more emphasis is given to extending financial services to low-income households. The lack of financial services limits the range of financial services and 7 credits for households. There are multiple factors which have affected the access to financial services, like

· Place of living

 The area of operation of banks are limited to some specific geographical areas which leaves a significant portion of the rural population unbanked.

 · Absence of legal identity and gender biasness

 Due to lack of financial independence and unemployment there exists a bias on the basis of gender in having access to formal financial services.

· Limited knowledge of financial services

 Illiteracy and lack of proper knowledge about banking system has led to reluctance towards formal banking practices among deprived classes.

· Level of income and bank charges

 The charges and fines levied by banks make them less attractive for some classes of society.

 · Rigid terms and conditions

Since formal banking system is subject to strict rules and regulations, many finds it difficult.

 NEED FOR FINANCIAL INCLUSION

 Financial inclusion broadens the resource base of the financial system by developing a culture of savings among large segment of rural population and plays its own role in the process of economic development. Further by bringing low -income groups within the perimeter of formal banking sector, financial inclusion protects their financial wealth and other resources. Financial inclusion also mitigates the exploitation of vulnerable sections by the usurious money lenders by facilitating easy access to formal credit.

India is a nation with a major chunk of the population living under vulnerable conditions. So, it is the duty each and every privileged section to lift the conditions of the underprivileged. Financial inclusion will pave a path of uplifting the society and empowering the people.

Green consumerism: New way of life

Green Consumerism: Importance, Examples and Strategies - Conserve Energy Future

We all are consumers in some way or the other. Even before we are born, we are consumers and this cycle completes only after our death. In this era of consumerism, it is extremely difficult for one to not be a consumer and being a consumer is something to be ashamed of.

Even though being a consumer is not bad, exploitation by consumer is something to worry about. Unlike a socialist economy in a capitalist world, the producers produce what the consumers demand. So, the responsibility vested with the consumer is rising day by day. When a consumer makes an irresponsible choice, he is encouraging the producer to be exploitative. Realising this power of consumers, a new term has originated, green consumer.

Who is a green consumer?

A green consumer is a person who makes a wise choice. They buy a product or avail a service after considering the environmental impact. They check the components of the product, the environmental effects of the product and such aspects in detail.

Economic, social, and cultural forces have set the framework for green consumerism. This is because it is a social attitude and movement in the modern era, especially aimed at encouraging people to be more aware of the firms’ production processes and only to buy or use products and services that do not harm the environment. For this reason, green consumerism has created a balance between the buyers’ behaviours and the organizations’ profit objectives as it mostly based on the sustainable and pro-environmental behaviour of consumers.

Why is it important to be a green consumer?

From second half of the twentieth century, world has started its efforts for environment conservation. Even though commerce and industries are one of the largest contributors to environment degradation, they were the last to act for environment protection. One such arena is green consumerism. In a world which spins on the axis of consumerism it is important for a consumer to make environment friendly choices. Also, there is shift in the mindset of the businesses from seller centric to consumer centric approach. Recognizing this immense power vested with them consumers could influence the market to produce environment friendly goods. Also, the fact that environment degradation could lead even to the extinction of humankind has opened the eyes of general public.

How to be a green consumer?

  • Use paraben free products.
  • Use cloth bags and don’t demand plastic carry bags.
  • Promote organic goods.
  • Avoid using synthetic materials that could harm the world
  • Avoid pollutants while choosing products.
  • Use recycled products.
  • Avoid the practice of use and throw.
  • Give importance to energy efficiency.
  • Practice modern methods of environment protection.
  • Shop according to the need.
  • Minimize paper usage
  • Check energy labels in daily utility products
  • Avoid using bottled water
  • Reduce electricity consumption
  • Reduce your carbon footprint
  • Check for environment friendly certification.

Ultimately change of mindset is the most significant factor in green consumerism. It requires people to avoid certain comforts and embrace the difficult but fruitful path. It is the duty of consumers to influence the producers to shift towards a greener path. The consumer is the king in the present scenario. They should use their power for the good of the world.

Let us all strive to act green for a better future. We should lead a sustainable living and preserve what inherited for the coming generations.

How to spot a pyramid scheme. 

A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of “investors.”  The initial promoters recruit investors, who in turn recruit more investors, and so on. The scheme is called a “pyramid” because at each level, the number of investors increases. The small group of initial promoters at the top require a large base of later investors to support the scheme by providing profits to the earlier investors.

Let’s assume the following: Founder Mike sits alone at the top of the heap, represented by the number “one.” Assume Mike recruits 10 second-tier people to the level directly below him, where each newbie must issue him a cash payment for the privilege of joining. Not only do those buy-in fees funnel directly into Mike’s pocket, but each of the 10 new members must then recruit 10 tier-three members of their own (totaling 100), who must pay fees to the tier-two recruiters, who must send a percentage of their takes back up to Mike. According to the hard-sell pitches made at recruitment events, those bold enough to take the pyramid plunge will theoretically receive substantial cash from the recruits below them. But in practice, the prospective member pools tend to dry up over time. And by the time a pyramid scheme invariably shuts down, the top-level operatives walk away with loads of cash, while the majority of lower-level members leave empty-handed. It should be noted that because pyramid schemes heavily rely on fees from new recruits, the vast majority do not involve the sale of actual products or services with any intrinsic value.

Unfortunately, these types of scams sometimes prey on people who need income quickly. For example, if you lost your job and are having a hard time finding a new job, you might be more willing to look into an opportunity that offers a fast return. But avoid the temptation to overlook the feeling that something is too good to be true. Instead, take a moment to calm yourself so you can make a legitimate plan after losing your job. Go over your budget—or create one for the first time—so you can manage your money in the best way possible while you try to increase your income.

How to Spot a Pyramid Scheme

Pyramid schemes and MLM sound a bit alike, don’t they? Here are some signs of a pyramid scheme, provided by the US Securities and Exchange Commission, to help you understand whether you’re considering a scam or a legitimate MLM opportunity:

  • You’re not selling something real. Legitimate MLMs sell tangible goods—many times there’s a ready-made market for them.
  • Get-rich-quick promises. If you’re being offered overnight success, get-rich-quick guarantees, or passive income promises, it’s probably too good to be true. People who make money with legitimate MLMs put a lot of time and effort into their businesses.
  • The company can’t prove it generates retail income. If the business can’t show you financial statements that demonstrate income from the sale of product, it could be generating all its income from recruiting people into the pyramid.
  • Strange or unnecessarily complex commission processes. Legitimate MLMs have easy-to-understand, product-based commissions.

The Bottom Line

Pyramid schemes are illegal in many countries. The model of profiting by using the network effect often traps individuals into recruiting their acquaintances, which can feel slimy for everyone involved and can ultimately strain relationships. Some people may shoot their shot each time and invest in multiple schemes losing money each time. Victims of pyramid schemes are often embrassed into silence and keep blaming themselves for not being tenacious enough to earn the promised returns, when in truth it’s the system that is faulty. Get rich quick schmes never work and will allways have some strings attached to it that can put people into legal trouble. Vigilance and knowledge about where your money goes are important factors that people must know, preventing them from falling pray for traps like the pyramid scheme.

sources – https://www.investopedia.com/insights/what-is-a-pyramid-scheme/ https://www.credit.com/blog/what-is-a-pyramid-scheme/

All you need to know about an Economic Recession.

The National Bureau of Economic Research (NBER) defines a recession as “a significant decline in activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesale-retail trade.” A recession is also believed to be signalled when businesses cease to expand, the GDP diminishes for two consecutive quarters, and the unemployment rate rises. The nature and causes of recessions are simultaneously evident and uncertain. Recessions are, in essence, a cluster of business failures being realized simultaneously. Firms are forced to reallocate resources, scale back production, limit losses, and, usually, lay off employees. Those are the clear and visible causes of recessions. There are several different ways to explain what causes a general cluster of business failures, why they are suddenly realized simultaneously, and how they can be avoided.

What Causes a Recession?

Some recessions can be traced to a clearly-defined cause. For instance, the recession of 1973-1975 began as a result of the 1973 oil crisis. However, most recessions are caused by a complex combination of factors, including high interest rates, low consumer confidence, and stagnant wages or reduced real income in the labour market. Other examples of recession causes include bank runs and asset bubbles.

Psychological Factors of a Recession

Psychological factors are frequently cited by economists for their contribution to recessions also. The excessive exuberance of investors during the boom years brings the economy to its peak. The reciprocal doom-and-gloom pessimism that sets in after a market crash at a minimum amplifies the effects of real economic and financial factors as the market swings. Moreover, because all economic actions and decisions are always to some degree forward-looking, the subjective expectations of investors, businesses, and consumers are often involved in the inception and spread of an economic downturn.

Economic Factors of a Recession

Real changes in economic fundamentals, beyond financial accounts and investor psychology, also make critical contributions to a recession. Some economists explain recessions solely due to fundamental economic shocks, such as disruptions in supply chains, and the damage they can cause to a wide range of businesses. Shocks that impact vital industries such as energy or transportation can have such widespread effects that they cause many companies across the economy to retrench and cancel investment and hiring plans simultaneously, with ripple effects on workers, consumers, and the stock market. There are economic factors that can also be tied back into financial markets. Market interest rates represent the cost of financial liquidity for businesses and the time preferences of consumers, savers, and investors for present versus future consumption. In addition, a central bank’s artificial suppression of interest rates during the boom years before a recession distorts financial markets and business and consumption decisions.

What Are the Indicators of a Recession?

Economists determine whether an economy is in recession by looking at a variety of statistics and trends. Factors that indicate a recession include:

  • Rising in unemployment
  • Rises in bankruptcies, defaults, or foreclosures
  • Falling interest rates
  • Lower consumer spending and consumer confidence
  • Falling asset prices, including the cost of homes and dips in the stock market

All of these factors can lead to an overall reduction in the Gross Domestic Product (GDP). The European Union and the United Kingdom define a recession as two or more consecutive quarters of negative real GDP growth.

Impact of Covid-19 Pandemic on the Economy

In February 2020, the National Bureau of Economic Research (NBER) announced that according to their data, the U.S. was in a recession due to the economic shock of the widespread disruption of global and domestic supply chains and direct damage to businesses across all industries. These events were caused by the COVID-19 epidemic and the public health response. Some of the underlying causes of the two-month recession (and economic hardship) in 2020 were the overextension of supply chains, razor-thin inventories, and fragile business models. The pandemic-related recession, according to NBER, ended in April 2020, but the financial hardship caused by the pandemic is still impacting Americans.

For simpler understanding-

https://www.youtube.com/watch?v=SwaCg7Gwtzw: All you need to know about an Economic Recession.

Defining tourism in modern world

Career in Travel and Tourism- Top 6 Jobs Around the World - Leverage Edu

Tourism is one among those economic activities that existed since the ancient times. During ancient and medieval era people travelled to experience the cultural differences. Over the time tourism has also evolved and has become a significant contributor to the national income of many countries. There are many nooks and corners of the world which solely depends on tourism and its allied activities for their living.

Earlier the main motive behind visiting places were to see and experience their culture along with enjoying the natural beauty of the area. But, in this era of globalization the scope of tourism has widened and many nations are trying to gain a competitive edge in this industry. Let us take a look at various types of tourism now prevailing around us:

Cultural tourism

Cultural tourism is a type of tourism that allows the tourist to participate in local cultural activities, like festivals and rituals. As a result, the tourist can enjoy a genuine cultural exchange with the locals.

Religious tourism

Religious tourism, spiritual tourism, sacred tourism, or faith tourism, is a type of tourism with two main subtypes: pilgrimage, meaning travel for religious or spiritual purposes, and the viewing of religious monuments and artefacts, a branch of sightseeing.

Environmental tourism

Environmental tourism typically defined as travel to destinations where the flora, fauna, and cultural heritage are the primary attractions. Responsible ecotourism includes programs that minimize the adverse effects of traditional tourism on the natural environment, and enhance the cultural integrity of local people.

Health tourism

Health tourism is a form of tourism that consists of patients traveling to other countries to get medical treatment or assistance. It comprises all the services associated with tourism like transport, accommodation, and hospitality.

Culinary tourism

Culinary tourism is the focus on food as an attraction for exploration and a destination for tourism. Although food has always been a part of hospitality services for tourists, it was not emphasized by the tourism industry until the late 1990s.

Adventure tourism

Adventure tourism is defined as the movement of the people from one to another place outside their comfort zone for exploration or travel to remote areas, exotic and possibly hostile areas.

Enotourism

Enotourism, oenotourism, wine tourism, or vinitourism refers to tourism whose purpose is or includes the tasting, consumption or purchase of wine, often at or near the source.

Rural tourism

Rural tourism focuses on actively participating in a rural lifestyle. It can be a variant of ecotourism. Many villages can facilitate tourism because many villagers are hospitable and eager to welcome (and sometime even host) visitors. Agriculture is becoming highly mechanized and therefore, requires less manual labor.

Sports tourism

Sports tourism refers to travel which involves either observing or participating in a sporting event while staying apart from the tourists’ usual environment. Sport tourism is a fast-growing sector of the global travel industry and equates to $7.68 billion.

Eco tourism

Ecotourism is defined as “responsible travel to natural areas that conserves the environment, sustains the wellbeing of local people and involves interpretation and education”

Agritourism

Agro-tourism refers to people visiting working farms or other agricultural operations for the purpose of enjoyment, education, or other active involvement. Agri-tourism encompasses a wide variety of activities and provides a means for farmers to diversify and supplement their income.

Sustainable tourism

Sustainable tourism is defined by the UN Environment Program and UN World Tourism Organization as “tourism that takes full account of its current and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment and host communities.”

Space tourism

Space tourism is a type of space travel that allows individuals to visit outer space for the purpose of recreation or leisure. Suborbital flights, orbital trips, and missions to distant planets are all examples of space tourism

Business tourism

  Business tourism is the provision of facilities and services to the millions of delegates who annually attend meetings, congresses, exhibitions, business events, incentive travel and corporate hospitality.

India is a country with wide scope for tourism. It should try to incentivize the emerging trends in tourism industry and strive to be a global leader.

Need for switch from physical to human capital

Human capital refers to stock of ‘skill and expertise’ embodied in humans. Human capital is as important as physical capital for economic development. Human capital formation is the process of adding to stock of human capital over time. Human capital can be developed through creation of skilled, trained and efficient labour force by providing better education, health care facilities, etc. Highly skilled people can create new ideas and methods of production. Thus, expenditure on education, on health and on on-job-training are key instruments of human capital formation. Expenditure on education is one of the most important way of enhancing and enlarging a productive workforce in the country. Expenditure on health can create more efficient and more productive human capital. Further, on-the-job-training helps workers to update skills. Training enhances the productivity and is expected to accelerate the process of human capital formation.

Human Capital and Economic Growth

When we talk about economic growth, human capital is the main reason for the accelerated growth and expansion for many countries that provide investment in human capital. This gives the best advantages to these countries for providing the best situations for work and lifestyles.A significant advantage in generating a stable environment for growth is that the nation has the expanded high-quality human capital in fields like health, science, management, education, and other fields. Here, the main components of human capital are definitely human beings, but presently, the principal component is a creative, educated, and enterprising person with a high level of professionalism.

Human capital in the economy manages the central portion of the national wealth. Hence, all researchers consider that human capital is the most important resource of the community, which is more powerful than nature or wealth. In most countries, human capital determines the rate of development, economic, technological, and scientific progress.

(i) Inventions, innovations, and technological improvement

 (ii) Higher productivity of physical capital

 (iii) Raises production

 (iv) High rate of participation and equality

 (v) Improves the quality of life

The difference between human capital and physical capital

Both forms of capital formation are outcomes of conscious investment decisions. Decision regarding investment in physical capital is taken on the basis of one’s knowledge in this regard. The entrepreneur possesses knowledge to calculate the expected rate of return to a range of investments and internationally decide which one of the investments should be made. Physical capital is the outcome of the conscious decision of the owner the physical capital formation is mainly and economic and technical process. A substantial part of human capital formation takes place in one life when she or he is unable to decide whether it will maximize her or his earnings. Children are given different types of school education health care facilities by parents and society. The peers, educators and society influence the decisions regarding human capital investment even at the tertiary level, at the college level. Human capital formation at this stage is dependent upon the already from human capital at the school level. Human capital formation is partly a social process and partly a conscious decision of the possessor of the human capital. The owner of a physical capital, does need not be present in the place where it is used; a bus driver who possesses the knowledge and ability to drive the bus should be present when the bus is used for transportation of people and other materials physical capital is tangible and can be easily sold in the market like any other commodity. Human Capital is intangible it is endogenously built in the body and mind of its owner. Human Capital is not sold in the market; service of human capital is sold and hence there arises the necessity of owner of the human capital to be present in the place of production. Physical capital is variable from its owner where does the human capital is in separable from its owner. The two forms of capital differ in terms of mobility across space. Capital is completely mobile between countries except for some artificial trade restrictions. Human capital is not a perfectly movable between countries as movement is restricted by nationality and culture. Physical Capital formation can be built it even do import, human capital formation is to be done through conscious policy formulations in consensus with nature of society and economy expenditure by the state and the individual.

Both forms of capital depreciate with the time but the nature of depreciation differs between the two continuous use of machine lead to depreciation and change of Technology makes a machine of solute. Human capital, eating but can reduce, for large through continuous investment in education and health on the job training. This investment also facilitates the human capital to cope with change in technology which is not the case with physical capital. Natures of benefits flowing from human capital are different from that of physical capital. Human Capital benefits not only the owner but also the society in general. This is called external benefit. Educated person can effectively take part in a democratic process and contribute to the socio economic progress of a nation. Healthy person, by maintaining personal hygiene and sanitation, stops the spread of contagious diseases and epidemics. Human Capital creates both private and social benefits where as physical capital creates only private benefits. That is, benefits from a capital good flow to those who pay the price for the product and services provided by it.

Importance of Human Capital Formation:

Although the accumulation of physical capital is quite important in the process of economic growth of a country but with the passage of time, it is being increasingly realised that the growth of tangible capital stock depends extensively on the human capital formation must get its due importance.In the absence of adequate investment in human capital, utilisation of physical capital will be at low pace, leading to retardation of development.Prof. Galbraith observed, “We now get the larger part of our industrial growth not from more capital investment but from investment in men and improvements brought about by improved men.” Unless these developed economies spread education, knowledge, know-how and raise the level of skills and physical efficiency of their people, the productivity of physical capital would have been reduced at this moment.

Most of the underdeveloped countries are suffering from low rate of economic growth which is again partially resulted from lack of investment in human capital. These underdeveloped countries are facing mainly two basic problems. They lack critical skills very much needed for the industrial sector and again have a surplus labour force.Thus human capital formation wants to solve these problems by creating necessary skills in man as a productive resource and also providing him gainful employment.In order to remove economic backwardness of the underdeveloped countries as well as to instill the capacities and motivations to progress, it is quite necessary to increase the level of knowledge and skills of the people.Thus in the absence of proper development of the quality of the human factor, the underdeveloped countries will not be able to attain the desired rate of progress.

Takeaway

Economic and social benefits of human capital formation and Human Development are well-known. The spread of education and Health Services across different sectors of the society should be ensured so as to simultaneously attain economic growth and equity. The need of the hour is to better it qualitatively and provide such conditions so that they are utilised in our own country.

New era of socially responsible toys

Buy Wooden Shape & Number House: Educational Puzzle Set Toy – Shumee

A child’s play is not simply a reproduction of what he has experienced, but a creative reworking of the impressions he has acquired.

~Lev Vygotsky

As rightly quoted by Soviet psychologist Lev Vygotsky a child not only reproduces what he has experienced but also shows the impressions they have formed through their actions. That time has passed when people believed that a child cannot understand the things happening around them. Due to this misconception, very less effort was taken to make shape their concept formation in a socially responsible manner.

As a result of the research conducted around the world people have reached to a conclusion that childhood is the period when a major portion of the concept formation takes place. This realization has developed a demand for toys which could contribute towards a positive outlook development. Realizing this rising demand several brands have shifted towards developing socially responsible toys.

Let us look into some examples:

Barbie dolls

Mattel Inc., the company producing Barbie dolls, has released a wide range of inclusive dolls which are different from conventional dolls. The company has introduced dolls of three sizes slim, broad and original. It has also released dolls in wheel chair as well as with artificial limb. The company has also tried to make it more inclusive by providing dolls in different skin tones, hair types and eye color. Apart from this, they have also introduced Moschino Barbie which caters towards boys, thereby breaking the stereotype that dolls are not meant for boys.

Lego

The company which sells building blocks have decided to make their products gender neutral after realizing the need for gender equality. It has also promised to shift from plastic packaging to other alternatives. The company’s initiative to produce sustainable bricks will also contribute towards reduction of carbon footprint of one of the biggest toy manufacturers.

Mega bloks Green Town Line

It is a set of carbon neutral construction toys for preschoolers. Mega Bloks bought carbon offsets from the Darkwood Forests conservation project in Canada to get this label. The manufacturers have specified that the toys are made from a minimum of 56% plant-based materials rather than plastic.

Hasbro

Hasbro is a company dealing with wide variety of toys and they adopt a whole lot of activities towards sustainability. Its major initiative is to replace plastic packaging with environmentally friendly materials. It also provides provisions for recycling the toys by collecting the toys and creating new toys from them. It also checks for the environment assessment of their suppliers.

Colors of the world- skin tone crayons

This is a pack of crayons which provides twenty-four shades. What makes it different from other crayons is that it has 24 skin colours from extra light to deepest. It helps to develop a sense of inclusion and generate a non-discriminatory mindset among the children. It helps children to realize that it is normal to have all shades of skin and not strive for achieving the so called “ideal” skin shade.

Similarly, several companies have initiated different measures to make their toys inclusive and climate conscious. The indigenous toys of our country could also be an alternative in this new era.

Being grownups, it is our duty to promote ethical products and thereby assist in positive concept formation of our upcoming generation.

Let us make use of the available resources and pave way for a compassionate, inclusive and climate conscious generation.

Make in India

All You Need To Know About 'Make In India' - iPleaders
source: Google

As India is completing her 75th year of independence, the government has put all its focus on making India self-reliant. In 1950, since the very first plan formulated by planning commission, self-reliance was given due importance. From a broken agrarian economy India has built up an economy which is seventh largest in the world. However, the fact is that it is not sufficient to meet the growing needs of 140 crore population of the country.

India is forced to depend on other nations to meet many of its needs even at present. This solidifies the need for an initiative to boost India’s production. Recognising this urge, the government of India has initiated the scheme termed “Make in India”.

Make in India aims to promote the manufacturer to develop, manufacture and assemble products domestically. It not only emphasizes on production but also focuses on innovation and research. Under this scheme government provides market for goods made in India and also markets them in international markets. “Make in India” had three stated objectives:

  • to increase the manufacturing sector’s growth rate to 12-14% per annum;
  • to create 100 million additional manufacturing jobs in the economy by 2022;
  • to ensure that the manufacturing sector’s contribution to GDP is increased to 25% by 2022 (later revised to 2025).

In order to achieve this objectives government of India has initiated several programs like:

Sagarmala

Sagarmala Programme aims to provide enhanced connectivity between the ports and the domestic production& consumption centres. The programme envisages unlocking the potential of waterways and the coastline to minimize infrastructural investments required to meet these targets.

Bharatmala

The Bharatmala Pariyojana is a centrally-sponsored and funded Road and Highways project of the Government of India.[1] The total investment for 83,677 km committed new highways is estimated at ₹10.63 lakh crore, making it the single largest outlay for a government road construction scheme.

Digital India

Digital India is a campaign launched by the Government of India in order to ensure the Government’s services are made available to citizens electronically by improved online infrastructure and by increasing Internet connectivity or making the country digitally empowered in the field of technology.[1][2] The initiative includes plans to connect rural areas with high-speed internet networks. It consists of three core components: the development of secure and stable digital infrastructure, delivering government services digitally, and universal digital literacy.

Freight corridors and Industrial corridors

These are infrastructure projects to facilitate easy movement of goods as well as infrastructural setup for business investments

UDAN RCS

Ude Desh ka Aam Naagrik (Hindustani for “Let the common citizens of the country fly”), known by its acronym UDAN (Hindi for “flight”) is a regional airport development program of the Government of India and part of the Regional Connectivity Scheme (RCS) of upgrading under-serviced air routes. Its goal is to make air travel affordable and widespread, to boost inclusive national economic development, job growth and air transport infrastructure development of all regions and states of India.

Last two years was the period when we realised the importance of self-reliance the most. During lockdown when international borders were closed there was shortage of many goods. On successful implementation of this initiative India could be able to meet its own needs along with the needs of the world. So let us hope that on the eve of 100th year of independence India would be a global leader with an economy sufficient to meet the demand of the world.

Let us conclude on the note that self-reliance is the most important thing a country as well as an individual should strive for.

CAN COMMERCE GO GREEN?

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.itweb.co.za%2Fcontent%2Fj5alr7QaXJO7pYQk&psig=AOvVaw2iREPnrEK5Dq-jaHMsCtiy&ust=1650781846280000&source=images&cd=vfe&ved=0CAwQjRxqFwoTCLDxoeXHqfcCFQAAAAAdAAAAABAI
Source: Google

The color green is often associated with sustainability and environment protection. Similarly, when we refer to commerce, we often associate it with exploitation of environment. But with change in time commerce has also realized the need for going green.

Recognizing the urge of the hour commerce has also developed a whole lot of initiatives. Recently, several branches of commerce have evolved with the idea of going green. These require the co operation of entire community as it involves an overall shift in the practices.

Let us look into some of these areas:

Green consumerism

Green consumerism deals with the process in which consumers demand products and services that have undergone an eco-friendly production process or one that involves recycling and safeguarding the planets’ resources. The green consumer is an opinion leader and a careful shopper who seeks information on products. Including information from advertising about the green aspects of products. If you want to be a green consumer start with small initiatives like avoid demanding plastic carry bags, start using paraben free products, etc. There Is a direct environmental impact of green behaviors. The growing environmental hazards, associated with the ever-growing consumption of such poisonous produces, have been creating several health-related problems, giving way to greater concerns over the consumption of these products among the people.

Green governance

The inculcation of green initiatives with corporate governance is termed as green governance. In India the provisions of Information technology act have led to the growth of green governance. The act promotes usage of digital documents and provides legal validity for digital signature. It has also laid down provisions for regulating hard copy of documents. Similarly, several initiatives are adopted around the world in the field of corporate governance to promote green initiatives.

Green marketing

Green marketing is the marketing of products that are presumed to be environmentally safe. It incorporates a broad range of activities, including product modification, changes to the production process, sustainable packaging, as well as modifying advertising. It not only refocuses, adjust or enhance existing marketing thinking and practices but also provides a substantially different perspective. In a broader sense, eco marketing belong to the group of approaches which seek to address the lack of fit between marketing as it is currently practiced and the ecological and social realities of the wider marketing environment. 

Green finance

Green financing is emerging as on equivalent to socially responsible investing Eco-investing or green investing, is a form of socially responsible investing where investments are made in companies that support or provide environmentally friendly products and practices. These companies encourage new technologies that support the transition from carbon dependence to more sustainable alternatives. Green finance is “any structured financial activity that has been created to ensure a better environmental outcome.” Green financing could be promoted through changes In  countries regulatory frameworks, harmonizing public financial incentives, increases in green financing from different sectors, alignment of public sector financing decision-making with the environmental dimension of the Sustainable Development Goals, increases in investment In clean and green technologies, financing for sustainable natural resource-based green economies and climate smart blue economy, increase use of green bonds, and soon.

Along with the shift in global thoughts, commerce and its allied activities have also moved towards green alternatives. Recognizing the need for climate resilient initiatives we all should assist the businesses in adopting the above initiatives.

Rather than putting the blame on a particular industry or sector, let us all join our hands in making our earth greener. Ultimately it’s the implementation of these initiatives that matter the most.

Features of buisness watsapp

watsapp which well known to people of all generations including kids,now a days it is main source of communication or intraction between people’s.

Now a days buisness are going online so meta company also introduced a best application for buisiness it is watsapp buisines, although everyone who are reading this blog are familiar with this application but please spend some of your valuable time in reading this in which we know best updated buisines watsapp Together with WhatsApp chatbot, WhatsApp Business is a very powerful tool for commerce. Thanks to many new features that the platform keeps on releasing, WhatsApp is becoming a great retail place, especially during remote times. Even if you are not going to build a WhatsApp chatbot, there

Let’s look closer at WhatsApp Business app features that you might enjoy as much as we do:

1. Business Profile
2. Quick Replies
3. Automatic Greeting Message
4. Automatic Away Message
5. Contacts Labels
6. Message Statistics
7. Catalogs

1.Business Profile

Create a business profile with helpful information for your customers, like your address, business description, email address, and website. Business accounts help brands to gain a user’s loyalty. A business profile gives the company a familiar “face” and identity. To have a “Verified” badge next to your company name, WhatsApp has to confirm that this is a verified business account.

Steps to add details about your business: Go to WhatsApp Business app – Open Settings > Business settings > Profile.

3.Quick Reply

These are frequent messages to answer common questions. Quick replies let you save and reuse messages you frequently send so you can easily answer common questions in no time. Simply press the “/” on your keyboard to select a quick reply and send.

3.Automatic Greeting Message

WhatsApp for business enables you to create a greeting message that users will receive when they start a dialog with your company or after 14 days of inactivity. By sending an instant message, you welcome and introduce a company to a new potential customer with no delays and waiting time.

Steps to set up a greeting message: Settings > Business settings > Greeting message. From here, you can create a new greeting message or edit an existing one.

4.Setting Away Message

Away messages are like greeting messages. They send a custom message to people who are trying to connect with the company after your working hours. You can write a custom message or send your working hours. You can set up for them to activate at the chosen time.

Steps to set up an away message: Settings > Business settings > Away message > “Activate away message                                     

You can also edit your away message from here and schedule when you want to send this message. You can choose from Always send, Custom schedule, or after your work hours

5.Label Contacts

Businesses can organize their contacts and categorize them with labels for easy access. This way, you can easily search through your contacts and keep them grouped and organized.

Steps to add a label to a new contact: Click the menu button on the client’s chat page > choose a label and then save.

Steps to add a new label: Click the menu button on the client’s chat page > click “ New label” > click save

6.Access Message Statistics

WhatsApp for Business lets you access vital metrics like how many of your messages were sent, delivered, and read.

Steps to access statistics: Tap the Menu button > Settings > Business Settings > Statistics

7.Catalogs and Collections

The other feature that will be beneficial for your business is Catalogs. They look like this:

Catalogue for bakery

For each item in your catalog, you can add information, including price, description, and product code. This is so much easier for your customers than having to ask you about each item separately or go from WhatsApp to the website.

In October 2021, WhatsApp added Collections to make shopping even easier. They will act as folders to group items inside a business account. Users can navigate to the category they’re looking for right away without scrolling through the whole product list.Once added, you’re free to modify the Collection just like items to keep the information up to date.

Pro Tip: think of collections as categories on ecommerce websites. “Last chance” or “Sale” could be as converting in WhatsApp as they are on the website. Using these on WhatsApp Business account means providing similar well-paved shopping experience.

@channa2021

Thank you for reading this blog i believe this is helpful to you

Forms of Content Marketing

As regular consumers of the media and the internet, all of us must have come across some form of content marketing at some point. Content marketing refers to the creation and distribution of valuable, relevant content for a clearly defined audience to cause a profitable customer action. The goal of content marketing is to provide valuable information to the audience through content such that they willingly consume it rather than avoiding it. We build brand loyalty and trust by providing solutions to problems faced by them.

There are mainly 5 forms of content marketing we can see today. They are:

Blogging

Many brands use blogs, often including it as part of their website. It is one of the most popular forms of content marketing techniques, being very cost-effective for small businesses. Blog posts usually contain written material about useful information on topics related to your product or service. When the written material provides relevant knowledge and effective solutions to customers’ problems, they earn an audience and build good customer relationships. The length of the post depends on the topic of the blog, audience demographics and the writer’s unique writing style. Whether it is long or short in length, make use of catchy headlines and simple language. Search Engine Optimization (SEO) also comes into play in driving web traffic to the blog.

Photo by Judit Peter on Pexels.com

Podcasts

The immersive field of podcasting has seen a rise in its number of listeners every passing year. Podcasts are audio content posted on topics ranging from interviews, discussions to reviews on the internet. Even though it is a smaller market compared to blogging, it still garners a loyal group of listeners because of how easy it is to indulge in podcasts. Unlike blogs and videos, the audience can listen to podcasts while doing anything else like travelling or cleaning. Listening to the podcaster’s voice, the information they give and their opinions on stuff builds a stronger relationship with the audience, They choose topics closely related to their product or service and post content consistently to various podcast hosting platforms like Spotify, Google Podcast, Apple Podcast, etc. Quality audio recording equipment and software are also important for good podcasts.

Photo by George Milton on Pexels.com

Videos

Nobody can deny how popular videos are among the general public. All of us watch YouTube at least once a day and short-form videos on platforms like TikTok and Instagram are all the rage. Videos could be vlogs, reviews for products, step-by-step guides or even animated/sketched whiteboard videos. While it is expensive and time-consuming, it is also very efficient as it can communicate quicker than any other form of content marketing, provided it is produced in the right setting with good characters and equipment. Whether they are product reviews or instructional videos, they are the closest you get to having real contact with someone. The video content you created can also be used in other forms, like in social media and blogs.

Photo by George Milton on Pexels.com

Infographics

Infographics refer to long representations of graphs, statistics, and other relevant information. You may have across interesting graphical representations of information and statistics related to various interesting topics. These simple, valuable graphics are useful in summarizing and breaking down the important points of a complicated, large area of study or a survey. A well-made infographic can grab a lot of attention. It usually gets shared a lot on the internet and on social media. They can be supporting content for blogs or standalone content.

Social Media

Everybody has social media these days and it goes without saying that it is one of the easiest and most effective forms of content marketing. Posting consistently and making relevant and shareable content is essential for social media marketing. When you have such a large amount of people online exposed to your content, you need to make sure your content is relatable and engaging with the audience. Make use of social media analytics to figure out which social media platform and what kind of content (written, videos, etc) works best with your audience.

Photo by Pixabay on Pexels.com

PR in the Age of Social Media

Long gone are the days when companies and PR professionals stuck to making announcements via press releases to be aired on TV channels and printed on newspapers. Social media is a valuable asset for everyone and Public relations professionals have also realized these platforms are useful for managing communication and information between a client or company, and the public. Here are 5 ways social media is utilized by PR professionals these days:

To Spread Information:

As previously mentioned, press releases and other traditional forums are not the only channels for spreading news. PR professionals make use of social media platforms like Twitter and Facebook to make announcements about product launches, brand updates, etc. In this increasingly connected world, with platforms like Twitter where news travels at the speed of light, these announcements reach a much wider audience than with traditional media channels.

Crisis Management:

With social media, PR professionals can effectively understand what the public opinion is regarding their client or company. Since users can engage directly with brands online, professionals can identify and respond to customer conversations and online threats, in an effort to avoid negative reputation for the company. In situations of crisis or when negative claims are made against a company, the PR professionals also make use of social media to swiftly provide an apt response and relevant information to the public. This reaches a much wider audience.

To Connect Online with Journalists and Media:

Interacting with journalists on social media is a sure way of increasing the chances of media coverage for a company. Journalists these days make use of social media platforms to see what the public thinks about current news and trending events. PR professionals try to develop a professional relationship with journalists of relevant media outlets, sharing useful information and extending conversations with them, without being annoying or spamming them with data.

To Collaborate with Influencers:

Influencers are celebrities and personalities who have a large following on social media platforms and possess a great influence over their audience. Many companies now maintain connections with major influencers, global and regional, to promote the company and protect their reputation. A lot of brands invite influencers to their events and programs. Influencers are also invited to red carpet events, interviews and other promotional events of major films by their studios. The sway of these personalities is huge, particularly on Instagram, where influencers are the most active.

Campaign Hashtags:

Brands now use specific hashtags to promote their PR campaigns on social media platforms. These hashtags are a very strategic tool that allows companies to observe the conversations surrounding their campaign online. The campaign and brand content becomes easy to find and the company can effectively engage customers online. These catchy, easily recognizable hashtags also help the brand survey how well the campaign is working among the intended audience.

Emotional Intelligence in the Workplace

Some people in our life are appreciated for being very understanding as a friend or colleague, lending an ear, and empathizing with our life events and struggles. Chances are this friend must be having a very high degree of Emotional Intelligence. Emotional Intelligence is the ability to perceive, understand and manage our emotions as well as influence others’ emotions in a positive way. This is different from general intelligence and its Intelligence Quotient (IQ) which represents abilities such as general knowledge, visual and spatial processing, working and short-term memory, and reasoning. While IQ is considered by many to be a decisive factor in achieving success in life, EQ (Emotional Quotient) is also an essential quality in areas including education, management and leadership. In fact, many companies include it in their required criteria, testing the EQ of applicants during their hiring process. A high EQ is considered an important quality for managers and business leaders.

According to psychologist and author, Daniel Goleman, emotional intelligence includes five components. These five components are:

Self-Awareness

A person is said to be self-aware when they are highly aware of their own behaviour, habits and feelings. You can understand your strengths and weaknesses. You are aware of why you feel the way you do and how your actions can impact people around you. Being self-aware helps you in your work as it also keeps you humble and grounded.

Self-Regulation

Self-regulation refers to having good control over one’s actions and decisions. You think and react rationally, giving a lot of thought before making important decisions. As a manager or leader at your workplace, this quality helps manage critical situations and adapt to changes at work. It helps you make correct decisions, considering all possible consequences. You can stay calm, ease tensions and hold yourself accountable, particularly when you receive constructive criticism at work.

Motivation

A motivated individual is goal-oriented, giving it their all to achieve their end-goal. You maintain high standards of quality for your work and remain passionate and driven towards your aim. Self-motivation also means you are working for your personal development rather than material accomplishments like money, fame or status.  

Empathy

Empathy is the ability to understand and share the feelings of someone else. You listen to what others have to say and you can put yourself in their situation to understand what they must have gone through. An empathic person is not too judgmental, a trait that helps them work well with their colleagues by helping them progress and providing constructive criticism.

Social Skills

Social skills are essential for good communication and teamwork. Social skills help you become good listeners, engage verbally and maintain a good rapport with your team-mates. You can take up the leadership role if needed, supporting the whole team and managing conflicts diplomatically.

When a person is able to manage their emotions well and exhibit a high degree of EQ, it also influences people around him/her to act the same. This helps in maintaining positive relationships in the work environment. A well-developed EQ is crucial for achieving your work goals, particularly in group projects. Anybody can develop a good Emotional Quotient with practice and care. Small habits like listening, understanding and reflecting on your actions can help in improving your emotional skills.

Why Companies use UGC

User-Generated Content (UGC) is one of the most influential methods of social media marketing or social commerce. Any content that is created by customers or individuals who are not working for brands, and published on social media is classified as User-Generated Content. UGC can be images, videos, and other social media content. It could also be reviews and testimonials regarding a product. The content created by the customer is then made use of by the brand, making it a part of their marketing strategy.

Brands like GoPro and Apple have used UGC effectively in their social media pages like YouTube and Instagram. The video equipment company shared videos created by its customers using their equipment on YouTube, successfully gaining lots of attention and views. Apple introduced the “Shot on iPhone” campaign some years back, encouraging users to share great photos they captured with the latest model of the iPhone. The best photos were shared by Apple not just on social media, but even on billboards and posters of their Ads outside.

Sites like Amazon and Tripadvisor have also used UGC for a long time, getting customers to post public reviews of a product or service online. These companies try to engage with customers, communicating politely and addressing their reviews and grievances. Such testimonials help build customer trust and give the brand a positive image.

How does UGC help a Brand?

Contributes Authenticity:

There is a greater chance of people believing everyday people who are relatable than a brand about a product. So, when they see a common man recommending a product, they consider it more authentic than brand-created content.

Provides Brand Loyalty:

Involving consumers in the brand’s growth is a great way of deepening the connection between brand and consumer. The customer now feels like they are part of the brand’s community. An engaged community helps build brand loyalty.

Holds People’s Attention:

UGC has turned out to be very efficient in grabbing people’s attention. In most cases, it is even considered more catchy than traditional advertising.

Influences Purchasing Decisions:

When people get to see actual social proof that a particular product is useful and worth buying, it greatly influences their final purchasing decisions. It is seen to be even more impactful than products advertised by celebrities or influencers. UGC also helps increase conversion rates of the audience into potential new customers of the company.

Cost-effective:

UGC is very cost-effective as the brand can rely on the customers for useful content. They do not have to worry about spending money on professionals, studios and equipment. The brand only needs to maintain a healthy relationship with its customers to get positive content for free and without being asked.