Apparel Merchandising and Marketing/Garment Manufacturing Technology (AMM/GMT)
SALES & MARKETING MANAGER
BUSINESS DEVELOPMENT MANAGER
HUMAN RESOURCES DEVELOPMENT
MARKET RESEARCH EXECUTIVE
OPERATIONS & LOGISTICS MANAGER
We are witnessing a corporate boom which has pushed up the demand for management professionals. This has led to a growth of business schools as well as a variety of management education programs. Though the number of business schools approved by the All India Council for Technical Education (AICTE) has risen to over 400, we are still faced with an increasing demand-supply gap. The applicants to seats ratio is around 8:1 and the existing demand for professionals is much more than those being trained.
Business management encompasses a very wide occupational area. Moreover, the occupations are not confined to one industry but exist in all sectors of the economy.
Management activities relate to planning, organising, staffing, directing, and controlling. Some of the major areas of specialization are highlighted below :
Personnel Management implies management of personnel. The larger the organisation, the greater its necessity. It deals with functions like recruitment, training, placement, promotion, transfer, daily problems like discipline, grievances, their redressal etc. Placing the right person at the right place is the key function.
Finance Management is responsible for financial policies, executing financial programmes and budgets, undertaking transactional analysis and conducting profitability appraisal.
Marketing Management directs the flow of goods and service from the producer to the consumer or user with increased emphasis on the profit objective. A good and relatively inexpensive strategy is developed for the best satisfaction of the customer.
Hospital Management is necessary for efficient functioning of a hospital .With technological advancement and a high degree of specialization, effective management of a hospital requires a very methodical and systematic approach.
Rural Management adopts integrated approach to the agricultural set up . It takes under its purview, rural behaviour, environment, production and procedure , marketing, managerial accounting and finance , human resources etc.
International Management deals with exports and import, foreign collaborations, transfers of technology etc.
Forest Management deals with the scientific and technical aspects of supervising production from planting of the crop through maintenance and protection to marketing. It also develops an approach to the preservation and development of the eco-system to help maintain the ecological balance.
Tourism Management involves the development of managerial talent which would meet the full need and requirement of tourism and allied industries. It deals with the principles,policies and practices of the tourism industry, management of travel agencies and tour operations, tourism marketing and specialised areas of tourism (eg. adventure tourism, cultural tourism, rural tourism), public relations, destination planning etc.
Apparel Merchandising and Marketing/Garment Manufacturing Technology (AMM/GMT) The AMM programme covers the practical aspects of the fashion/apparel industry. The curriculum includes subjects on buying, merchandising, retail operations, fashion coordination, advertising and publicity, styling, fashion/colour forecasting, international marketing etc.
The GMT programme turns out production managers capable of managing all aspects of apparel production, starting from the sample to the finished garment.
Manufacturing Management deals with the scientific and technical aspects of supervising production from planting of the crop through maintenance and protection to marketing. It also develops an approach to the preservation and development of the eco-system to help maintain the ecological balance.
The main function of the marketing and sales personnel is to find what the customers want (or can be made to want) and at what price; to relate the demand to the company's ability to produce it and to deliver it to the point of sale and achieve a profit. As a sales or marketing person, you will bring products and consumers together.
As a Sales Manager your main objective is to motivate your staff to sell your company's products. A motivated staff can get you the best results. One way to do this is to fix realistic sales targets for your staff and decide on the incentives on the completion of the target. Training is another way of ensuring that the sales team is in the know of the latest in the field.
A sales job is physically strenuous. Even at the managerial level you will have to identify and contact distributors and retailers to stock your product. Good communication skills will prove beneficial when you have to convince these people to stock your product and even motivate them to push your product over the competitor's.
Of course, just talking won't do. You also have to reward the shopkeeper with incentives and promotional materials. At all times you have to maintain uninterrupted contact with your stockists, vendors, or distributors.
It will be your job to book the goods and ensure correct deliveries. The job also involves merchandising, which primarily means helping retailers to maximise sales through promotion campaigns, displays or through other new techniques.
In the filed of sales you can specialise in consumer goods sales, technical or industrial sales or export sales. If you choose consumer goods sales you will mainly deal with retailers, distributors and wholesale dealers of the company's products. Industrial sales involve a lot of interaction with technical people. It is much more than just selling ready-made products. Sometimes you even have to design a product according to the specifications of the client.
If you love travelling (who doesn't) you would love your job as an Export Sales Manager. Here you can indulge in your quest to see the world (that too at the office expense).
For this job you need to have a deep understanding of the cultural, social and economic set up of other countries. You also have to know the export and import procedures of different countries as the back of your hand.
If you want your entry in to the field of Sales and Marketing to have some impact you got to an MBA, with specialisation in Marketing and Sales Management. Graduation with Economics or Commerce with an additional short-term or part-time course in marketing could be your next choice.
Sales can be a good entry point for marketing; and from marketing you could move on to a career in general management.
Half your anxieties of a good
career in Sales and Marketing will vanish if you gain an entry to The Indian
Institutes of Management (IIM), an autonomous institution set up by the
government, which is rated as premier business school. There are also
industrial and commercial organisations that conduct one-year diploma
programmes for training individuals for junior managerial positions. Alternatively,
you can pursue correspondence or distance education in management or take up
short-term certificate courses in Sales and Marketing.
On the personal front you need to be have a keen business sense. Good vocabulary comes next. Confidence, intuition to sense prospective clients, outgoing personality and adaptability to different conditions are some other attributes needed to make it big in this profession.
There are numerous openings for you in the marketing and sales departments of any industry, public or private sector unit, multi-national company or an export firm. If you are looking at Sales as a stepping stone towards a career in marketing, then your best bet is to start at a smaller firm. Career mobility is fastest here.
Sales and Marketing professionals can find jobs in almost all industries. A few of them are listed here:
Money & Other Benefits
Sales and Marketing is one of the highest paid jobs in any organisation. The salaries in this field actually depend on the size of the company you work for and your educational qualifications.
As a trainee with just a graduation in any field you can take home Rs 6,000-7,000. Of course there are performance-based incentives to earn.
Add an MBA degree to that and you could be the owner of a cool Rs 10,000-12,000 a month. If you stick around for 4-5 years it could rise to Rs 20,000 or more.
Sales and Marketing holds out a promise for both personal and professional growth for those desirous of taking it as a career option. Armed with a few years of experience in marketing you can always jump to consultancy or social marketing.
Many start up ventures employ marketing consultants to plan marketing strategies. Consultants actually test the waters in terms of researching the demand, fixing a price to scouting for prospective distributors and vendors much before the launch of the product. All you need is loads of contacts and considerable experience in marketing and sales.
Brand marketing is all about bringing ideas alive. It is like running your own small business, but with the resources of a large firm. You will have a budget from which you will decide how much to spend on packaging, advertising, market research, promotions, etc.
You are not responsible for sales, but for enticing the consumer with the product. You will assess the strengths and weaknesses of your brand. You will then see how your brand compares and differs to that of your competitors.
You will devise plans to further the recognition and growth of your brand. You will then make sure that the words are converted into actions. Short-term actions might include altering incentive programmes and changing advertising themes.
Over the longer term, you might recommend changes in areas such as product design and quality to enhance a vehicle's brand value. At all times, you have to keep in mind company profits and customer satisfaction.
You will also ensure that the various products of the company do not cut into each others' market share. As a Brand Manager, you will control every aspect of how consumers perceive their brands.
Corporate brand management is an extension of this field. This is not restricted to just the logo or stationery. It focuses on defining and communicating what the company as a whole stands for, which includes the promise of a fruitful long-term relationship with the company.
This also includes articulating the company's values to promising standards for service, warranty and quality. Corporate brand management is a major part of a company's overall strategy.
You should have leadership skills and be able to work effectively with others. You should take initiative and the ability to motivate your team. Basically, you will be hired to solve problems creatively. You need to have problem solving and analytical thinking abilities.
To be good, you need a combination of creativity and analytical skills. Also, understanding how to evaluate sales trends and determine basic financial measures like profit margins is important. The ability to work on projects with numerous different people is important.
You need to be insightful, creative and enthusiastic with a keen understanding of emerging business models and pricing. Strong written and verbal communication ability will see you through.
An MBA with specialisation in marketing is a good starting point. You could also blossom into Brand Management through the Public Relations or Human Resources Development arms.
Previously companies were moving senior managers into Brand Management slots. The emphasis was on experience. But nowadays companies are developing more comprehensive approaches and Brand Management is fast becoming as niche a department as Finance or Operations.
Big corporations have had Brand Managers for quite some time now. It is the medium sized industries that are now waking up this requirement and it is here that the maximum opportunity lies.
Money & Other Benefits
You usually start off in the usual management bracket of around 2,40,000 p.a. A senior level Brand Manager usually gets around Rs 4,00,000-8,00,000 p.a. Not bad at all! But the biggest satisfaction remains that your work is out there for all to see. Your name will be well known and your reputation will travel far and wide.
Increasingly, the brand is becoming the key source of differentiation that guides customer purchase choice. The brand embodies the 'heart and soul' of an organisation. Few companies have CEOs with the broad cross-functional and general management skills that total brand management requires.
The gap in brand management skills is these days being considered the biggest obstacle to growth. But it can also be a high-pressure situation as you might be juggling with million dollar brands.
Business Development Manager
This is an action-oriented role for
go-getters who know how to track business leads, articulate the benefits of
products and services and develop a process for driving sales. As a Business
Development Manager (BDM) you will build partnerships and business
relationships with other companies, vendors, etc. to add value to your product
When anything goes wrong with development, the buck will stop at you. When all goes well, you get the kudos. You will also assist in seeking new clients and then executing their projects.
The main job of a BDM is to generate and follow up business leads, develop clientele and develop intelligent business proposals. Developing a good marketing plan for the company's products and businesses is also a part of the job. You will also have to look out for new business for your company.
You will work closely with Product Managers, Marketing Executives and external partners and allies in the development and i mplementation of strategies, plans and business models.
In some organisations a BDM is also expected to create financial projections for growth and profitability. You will be required to provide support to upper management in deal negotiations, contract development and other business development or alliance development projects.
As a BDM you will be working with the marketing department to plan marketing and promotion, including advertising, review media, specials sales and subsidiary rights.
As a Business Development Manager
you will be presenting the vision of the company to key business leaders at
meetings and conferences. Superior communication skills will be vital when
representing your company. You must be a creative thinker who can respond
rapidly to changing scenarios and recognise effective counter measures to
competitor programmes. Strong experience in marketing and sales will be
beneficial. Remember, the BDM is also responsible for generating new business.
According to Alok Bansal, Business Development Manager, Design Expo, you have to be well informed about the market as well as new developments in the industry. Knowledge of finance also helps. Before entering into BD it helps if you have worked in project management or operations for few years, adds Alok.
As a BDM you will meet with different kinds of people from different cu ltures and backgrounds. It's important that you mix up with all kinds of people. Also you need to be able to gauge people - their strengths and attitudes. And if you can't listen patiently to a client, you can't be a good BDM.
This field calls for an outgoing
personality. If meeting people and getting to know them is not your forte you
are in a wrong place. You also need a good insight into human behaviour and an
To become a BDM you need to have done your engineering or MBA. A Bachelor degree in Business can get you an entry-level job, but to get a high profile job, you got to be an MBA.
As long there are companies there
will be opportunities for a BDM. You could find yourself a rewarding career in:
* Software companies
* Consulting companies
* Engineering companies
* Management consulting companies
Money & Other Benefits
Salaries for BDM depends on the
sector you choose to work in. For a starter in a software earnings may range
from Rs 15000-40000. With 2-3 years of experience your salary can jump to Rs
Your pay packet will also depend on your qualification. For instance, an engineering degree coupled with an MBA from a good institute will increase your earning power in the field.
Business Development Managers have never been in
higher demand than they are now. As long as corporates feel the need to have
someone to represent their company and bring in more revenue, options will
continue to flourish for those who make the grade.
Business Development Managers with higher levels of education will have the edge over less educated competitors. Computer skills are beginning to play important roles. Basic computer knowledge and experience is going to come handy when making those Power Point presentations and planning client meetings. Laptops are now as common as briefcases because they allow BDMs to interface with their client's mainframes.
When you say Business Management only one thing comes to mind. Money and lots of it. The entry of multinationals has forced corporates to become more streamlined and professional.
Management no longer means supervising a factory or a showroom. It has risen way above and created for itself not just a new definition, but varied dimensions too. It can now be defined as the process of getting things done through and with people in formally organised groups.
The aim of a manager is to maximise profitability and optimise the utility of available resources. That's the basic job of managers. They are team leaders who need to constantly feed their subordinates with enthusiasm. Besides ensuring smooth operations in the organisation a manager's major job is also communication.
There are five core tasks that a manager has to perform. These include planning, organising, staffing, implementing and controlling. Directing and co-ordinating with people is at the center of a manager's activity.
The areas of operations can be broadly classified as:
Personnel/Human Resources Management: You will deal with recruitment, training, placement, promotion, etc. Problems like labour, discipline, dismissals, etc. would also be your headache.
Finance Management: You will budget the plans, execute them, make financial analysis and come up with profitability figures. You will be responsible for the financial health of the organisation.
Production/Operations Management: You will plan the nitty-gritty of the operation of the firm and control and co-ordinate the entire show. You will look after product research, development and design; and procurement. You'll also handle inspection, quality control, cost analysis and control and preparation of work standards. It is your responsibility to organise, co-ordinate and supervise optimum utilisation of men, money and materials.
Marketing Management: You will take the goods and services to the end user, with increased emphasis on the profit factor. You will come up with new strategies to sell your goods and services efficiently and inexpensively to the end user. Keeping up with the needs of the customer, subsequent development of products and services according to the needs, distribution and collection and analysis of customer feedback will form a part of your job profile.
Sales: It's a part
of Marketing Management. This is the end of the line. It's your job to get
money from the customer. The job of the sales team is to achieve the sales
target set by the marketing team.
Sales also deals with effective distribution of the product/service that has been developed by the marketing team. The marketing team decides as to how much volume of a product can be sold in the market.
IT: This is imperative in today's organisations as they are depending on Information Technology to run as a backbone of all the operations. So here, your job will be managing information systems, i.e., the hardware, software, and various applications of IT.
The areas may vary slightly, depending on the organisational setup, overlapping in some and being further subdivided in others. The increasing complexity, diversity and expansion of management activity has opened newer areas such as:
International Management: this deals with all areas of international trade and business including aspects like foreign collaboration, technology transfer and international management strategy.
Technology Management: Managing the policy, financing and marketing of technology is a specialised task for the Technology Manager.
Hotel/Hospital Management: This covers all aspects of running hospitals and hotels efficiently.
Resource and Environmental Management: this involves resource planning and studying the effects of business and industry on the natural environment.
Rural Management: this deals with areas like rural marketing, rural behaviour, etc.
A very high Intelligence Quotient is a basic requirement for an aspirant in the management stream. Apart from that you also need:
You also need good insight into human behaviour and entrepreneurial flair. You need at least an MBA or equivalent degree or diploma to get a good job. A Bachelor degree in Business can get you an entry-level job, but to get a high profile job, you have to have an MBA or equivalent degree or diploma. If you have Fellowship in Management (equivalent to Ph.D), you can get a teaching/consultancy job.
For postgraduate management studies, the minimum requirement is an undergraduate degree. The lower cut-off is usually around 50 per cent, though it may vary slightly from institution to institution. Some part-time and correspondence courses insist on work experience of at least two years.
Generally, most business schools follow a standard selection pattern. There is a written examination called the Common Admission Test (CAT), which is held for premier institutions. Other institutions hold their own entrance examination.
The test, an objective type format is aimed at assessing the verbal abilities, capabilities for problem solving, comprehension and data interpretation. This is followed by a group discussion and interview. Other factors such as past academic records and extra curricular activities are also taken into consideration while shortlisting the candidates.
It's a known and well publicised fact that the scope for management graduates is a virtual goldmine. You can join any industrial houses, manufacturing companies, corporations, marketing organisations, financial concerns, trading companies, banks, public sector enterprises, multinational corporations or any non-governmental organisations.
You could also work for international bodies like the World Bank and the United Nations. You will required by any organisation. You can also get lucrative opportunities in consultancy organisations.
Money & Other Benefits
Starting salaries depend on the size and status of the organisation you work with, your qualifications and the institute you passed from.
An MBA from a top business school gets about Rs 2,40,000-40,00,000 or more p.a in the beginning. The higher ones are actually paid in dollars!
A middle manager may earn Rs 2,40,000-5,00,000 or more p.a. In dollars, you can earn about US$ 6,000-8,000 per month.
As a top manager, you can earn Rs 6,00,000-14,00,000 or more p.a. But this is possible only if you are exceptionally good. Otherwise, reaching top management positions may take around 12-15 years. In some cases it may even take 25 years!
Teaching faculty positions in management institutions offers less salaries in the range of about Rs 10,000-13,000 per month in the beginning. A senior professor can take home Rs 25,000-30,000 a month.
Among the various branches in Management, Finance and Marketing offers the best career opportunities. HRD is also becoming a lucrative option. Information/Technology Management is also catching on.
Besides these areas such as Corporate Finance, Financial Services, Capital Market Operations, Merchant Banking Operations, Equity Research and Analysis offer top dollars.
Fresh MBA graduates are usually recruited on-campus. You will join in as Junior or Assistant Managers or Executives. You will be responsible for ensuring the smooth workflow and sorting out minor difficulties. At the middle managerial level you will co-ordinate and implement company policies.
With enough experience you could grow to senior managerial levels, like Vice President or Director. Here you are expected to motivate and lead. You will have to give vision and direction to the organisation.
Some management professionals set up consultancy services covering a wide scale of activities including analysis of management practices; feasibility studies for new ventures; providing technological expertise; recruitment services; drawing up plans for operations; planning marketing strategy and so on.
Human Resources Development
Now how about giving you some
useful information about Human Resource Development (HRD) that would make it
worthwhile for you to wait as long as this page takes to load? Is your
perception of a HR executive restricted to grilling prospective employees and
handing out salary cheques? Then read on.
Of course, the most important and immediate task of HRD is that of a matchmaker. No, not the matrimonial kind, but to match the right job with the best candidate. He/she nurtures the work force to make sure that the best staff never leaves the organisation.
Human Resource is increasingly making an appearance in the balance sheets of companies. In fact HR is now termed as human capital so much so that in finding the true value of a company, the value of human capital is crucial.
In the past a personnel manager handled everything from recruiting, selecting, inducting, training, compensating, maintaining and helping people retire in a company.
However, it didn't take too long to realise that to survive and stay ahead, the most important asset for a company is the staff. And so it was considered imperative to convince them about the company's strategies and so on. Enter the modern Human Resources Manager.
Your Main Areas Of Work
* Not just recruiting anybody but actually head-hunting for the best talent to work for the company
* Motivating and guiding the right people to join the company
* Cultivating a positive attitude among the selected employees
* Carving a career growth path for the employees
* Training and developing them to take on more and more responsibilities
* Deciding the right compensation/remuneration package so as to motivate the employees to perform better
* Building a sound working environment and work culture
* Building an attractive performance appraisal system with incentives
* Developing appropriate strategies and policies for separating non-performing and aged people (who are due to retire) from the company
* A keen interest in meeting various types of people, communicating with them - basically understanding human psychology
* Caring and understanding
* Good communication skills and listening abilities
* Good reasoning skills
* High leadership abilities
* Willingness to take initiatives and an enterprising nature
* Good organising ability
* Extrovert nature
* Good foresight (ability to peek into the future)
* Hard working
That's as far as the personal qualities are concerned. Now let's see the academic route to a career in HRD.
* Your best entry route into the career is through a MBA or an equivalent PGDM/PGDBM with a specialisation in HRD
* M.A in Personnel Management/MBA with specialisation in Personnel Management or Personnel Management & Industrial Relations
* Post graduate diploma in HRD
* M.A in HRD
* Post graduate diploma in Personnel Management & Industrial Relations
* Master of Human Resources Development or any other related course
Upgrading your HR skills and following the happenings and trends in the industry on a continuous basis is required to sustain in this filed. This is a must as the interest and aspirations of people change with the socio-economic situations.
* Industries in both the public and private sector-in the companies run by the government and private management
* Hotels, travel and tourism firms, financial services organisations and other service sector organisations.
* HRD consulting organisations and recruiting consultants
* Management consultant organisations
* Non-governmental organisations (NGO)
* University departments and management institutions as faculty members
Money & Other Benefits
A degree from one of the top 10 business schools of India could be your ticket to greater things in life. And we are talking of foreign posting with a salary of US$ 5,000-7,000 a month. Now just multiply that with 45 to get the Indian figure!
Jobs in Information Technology, Telecommunication, Retail Banking, etc., are the highest paid. Entry level jobs pay Rs 8,000-30,000 a month or even more. With 4-5 years of experience it could rise to Rs 12,000-50,000 or more a month. At the top level, a HR professional earns the same as a Marketing professional: Rs 9,00,000-20,00,000 p.a or more. You can be employed as the CEO of a company at Rs 50,00,000 p.a.
Prospects for today's HRD professionals are a swell. With the growth in Information Technology, Healthcare, Financial Service, Telecommunication, etc., the demand for HRD professionals is increasing by the hour.
Actually the trend was a trifle late to reach the Indian shores. In the US, in 1992, as many as 45 per cent MBA students opted for a specialisation in HRD, beating Finance.
However, if the number of Indian management institutions offering specialisation in the field of HR is any indication, the trend is fast catching on here.
Export is one of the most profitable business activities in the world today. In India export trade has gained a significant place in the economy. The government gives various incentives to exporters who earn valuable foreign exchange for the country by importing modern technology, fuel and other essential inputs.
Export managers deal in all kinds
of goods and commodities like garments, leather accessories and garments,
textile, handicrafts, pharmaceuticals, handicrafts, bulk drugs and chemicals,
rice, wheat, edible oil, engineering goods, etc.
Their task includes:
* Research and tracking of needs for products which could be exported from the home country to foreign countries
* Identification of markets (country/region) for export of goods and commodities
* Merchandising and marketing of goods in foreign markets
* Identification of buyers in foreign markets
* Dealing and negotiating with foreign buyers
* Executing trade contracts with foreign buyers
* Procurement/production of goods and commodities
* Planning of the logistics of delivery of goods and commodities to foreign markets
* Dealing and negotiating with various parties involved in foreign trade like C & F agents, freight forwarding and customs clearing agents, shipping agents, multi-model transport agents, excise and customs authorities and port authorities
* Fulfilling the documentation necessary for export of goods and commodities
* Monitoring trade contracts and expediting payments for goods and commodities that are exported to foreign countries
Other functions in the organisation like finance, production, human resources development, and systems are generally taken care of professionals trained and experienced in these areas.
Export managers are needed mainly for two broad specific functions: Marketing and Export documentation and procedures.
International marketing is different from domestic marketing as the factors are vastly diverse. The markets are largely governed by factors unknown in domestic markets. The culture, socio-economic situation and consumer lifestyles are different. That is why an international marketing manager has to have a different training than that of a domestic marketing manager.
Export documentation and procedures are again very complicated and has to be followed under Indian Law and International Law. As the name suggests this area of export deals with vast documentation and a strict procedure has to be followed before goods are allowed to be exported out of the country and allowed into foreign countries. So, these activities call for specially trained people.
The export trade also has
scope for the following professionals:
Custom Agents - They act as mediators between exporters and custom services. They filing appropriate documents and act as intermediaries with government departments.
Exim Consultants/Agents - They are
consultants working for clients. Their task includes coordinating between
import-export firms and foreign and domestic buyers and sellers, planning the
delivery of goods, evaluation of taxes in relation to import and export,
completing custom formalities and acting as trade representatives of
importer/exporter while the freight handling is done.
They also identify market for export of goods, identify buyers in foreign country, act as agents of foreign companies and identify importer of goods in India. They help to make a deal between buyers and sellers.
Freight forwarding and customs clearing agents - They plan and implement logistics of international trade, handle procedural and documentation requirements, and coordinate between the clients (who wants to import or export goods, in other words, involved in international trade) and the various parties and agencies involved in the process.
They also consult clients on the intricacies of international trade like risk management, payment obligations, valuation of goods for custom and excise duties, and so on.
The best way to enter this line of international business is to go for a postgraduate degree/diploma in Export Management/International Business/International Business Administration from a recognised university or institute or Indian institute of Foreign Trade (IIFT).
There are many diploma courses offered by privately run institutes. These diplomas are helpful no doubt, but these are not enough to jumpstart your career. On the other hand if you opt for these diploma courses after gaining 2-3 years of experience after graduation you can expect to get a good break in the industry.
Many export firms take fresh commerce graduates in the Documentation Department. This may not fetch a handsome salary but the experience can be very enriching. Many export firms prefer MBAs or equivalent diploma holders in the marketing department. Such persons can do well if they also obtain a diploma in export management/documentation.
For entry into PG Diploma courses in International Business in reputed universities, institutes and IIFT, a student should obtain at test 45-50 per cent in graduation examination under 10+2+3 system (IIFT needs at least 50 per cent marks).
Candidates with managerial skills and aptitudes such as excellent communication skills, leadership abilities, very strong analytical and logical skills, above average interpersonal skills, creativity and innovativeness; an outspoken, extrovert personality, a dynamic go getters with lots of initiatives should do well.
The ability to analyse quickly, make purchase decisions and evaluate products before shipment needs alertness at all times. Ability to work with a team and good command over spoken and written language is a must. Working knowledge of a foreign language will be an asset. They must be updated on international law, finance, production information etc. General awareness of the international marketing scenario and awareness of socio-cultural trends will be an added advantage.
You can get a job in:
* Companies involved in international trade/export
* Export oriented Companies (EOU)
* International business/trade/export department of companies across various sectors of the industry.
* Shipping agencies, marine insurance companies
* Freight forwarding and customs clearing agencies
* Ministry of commerce, Govt. of India
* Firms involved in international marketing and research
* International trade development organisations (independent organisations as well as those under govt. of various countries
* Export promotion councils of govt. of India
* Multi-model transport agencies
*Faculty in institutions teaching international business/trade/export management
* International trade consultants
* International cargo carriers (Shipping companies, airlines, cargo and courier companies
* Export processing zones
Money & Other Benefits
As a management trainee you will get between Rs 8,000-25,000 or more a month. Plain graduates start at Rs 4,000-5,000 a month. Junior managers make between Rs 12,000-30,000 or more a month, while senior managers take home Rs 50,000 or month a month.
There are opportunities to set up own export firm also. After some initial hiccups, an entrepreneur may earn crores, all tax tree! After 10-12 years experience in export business, many turn consultants. Consultants also earn very handsomely, anything between Rs 50,000-10 lakhs a month. Overall, this career is highly prospective and opportunities will increase in the first part of next century.
Companies are now increasingly looking for greener pastures outside India to expand and survive. This is the trend all over the world. With communication becoming instantaneous via computers business is going global today.
This scenario has propelled the demand for professional managers trained in export and international business. And right now availability of trained managers in international business is not enough to meet the demand for them.
The field offers tremendous opportunities. Moreover the government is seriously concerned with promotion of exports of goods and services from India. The aim is to achieve an export growth rate of 30 per cent a year. Constant effort is also being made by the financial agencies to provide finance and identify new markets in the world. Export infrastructure is also very good in India.
The change in the economic scenario in our country has rendered foreign trade as a lucrative profession. India has developed for herself an extensive export promotion system and several promotion bodies and export related services have been set up. The country's exports have been rising substantially during the last few years. This has been the thrust of our economic policies. With scene pointing towards improvement and development every day, foreign trade as a recognised profession has come of age.
Market Research Executive
Business is not run on the basis of gut instincts (at least not genuine ones!).You need to base your decision on hard facts. This is the basis of market research. Your job thus includes sourcing information, analysing it and presenting it as per the client's requirements. The best part of the job, however, is that everyday you start off afresh, facing new problems, new challenges, new products, new brands, new markets.
For instance, a leading
manufacturer of automobiles wants to forecast demand for passenger cars in a
specific price range over a particular period of time. You will generate data,
which will help decide the policies of the company. Maybe a crockery
manufacturer is planning to set up a factory. You will find out the price that
is most comfortable for the consumer. Thus your findings will decide the
feasibility of the project.
Then there might be seemingly inconsequential things like determining reader profiles of publications and even finding out if a particular brand of chocolate tastes well or not. But mind you, these small bits of information pack a mighty punch in the overall decision regarding a product.
You will start off in this industry as a Research Executive, wherein you will be doing a lot of legwork. You will be co-ordinating with clients, the data collection department and the data processing department. You will design questionnaires, analyse plans, interpret data tables and submit your findings.
As you grow, in around a couple of years time, you will head a mini group of two or three researchers and your responsibilities will be more. You will also be required to bring in business.
In around five to six years, your team would have grown to around six to eight researchers and you may have 2-3 Project Directors reporting to you. Your responsibilities at this stage would include business generation, ensuring high levels of client satisfaction, training and guiding young researchers working under you.
As a Senior Vice President and Executive Director, one heads a team of 20-25 researchers. The job involves office administration, revenue generation, maintaining high levels of client satisfaction, identifying new avenues of business growth, as well as training and motivating people.
This job is not a cakewalk. All projects are deadline based. So say good bye to weekends and sometimes even Sundays and other holidays. Now quite a few of you may feel that it is a boring job and there is not much potential for growth. Nothing can be farther from the truth. The sheer variety of the job provides enough motivation to keep one going. It is also a tremendous place for understanding the key fundamentals on which a sound business is run.
"The kind of people who succeed in this business are those who are the curious kind, wanting to know why something is happening the way it is and not taking the obvious as the answer." says Nikhil Rawal, Executive Director - IMRB, one of the top market research companies in India.
An MMS/MBA/PGDBM or Masters in Statistics, Economics, Sociology from a reputed university/institute is a good starting point.
Other attributes include:
The biggest employer remains Market Research agencies. Here you will have the chance to work on research projects on a variety of industries.
Large FMCG (Fast Moving Consumer Goods) companies like Hindustan Lever and other companies in the consumer and industrial sectors also employ executives for market research in their marketing departments.
Many opportunities also exist in industries like the automotive companies and even service sector like banks, etc. You can even get a job with advertising agencies. Here your research will help determine target audiences and their likes and dislikes. This comes in handy when creating advertisements.
Money & Other Benefits
A fresh recruit earns Rs 2,40,000 per annum. Perks like a house and car come in after about 5-7 years depending on the performance of the individual.
Mind you, if you are taking up MR as a career just for the money then forget about it! Financial growth remains higher in other fields and chances are that you might get frustrated.
Due to its very basic nature, the industry is here to stay. Specifically industries like the food-processing industry have been a boon for the Market Research industry. Commodity items like rice, flour and pulses have changed to being 'branded' as all the major world players have aggressively targeted India. Profiling the urban consumer therefore has becoming very important.
India is a tough market research proposition with its immense population and so experience in India is well appreciated internationally. You could even be a team leader on foreign projects.
Operations & Logistics Manager
The operations team creates the infrastructure of a company. You will help determine where an organisation should be based, its employment policies, accounting practices, distribution channels and much more. While individual departments determine how corporate procedures are implemented, Operations Managers make sure that they are designed optimally.
Let's look at an e-commerce company, for example. When a consumer logs to place an order, he/she expects certain things to happen. First, the order process should be short and simple. The consumer's credit card must be billed properly and the product shipped. A few days later the product will arrive as expected. But how does the product get from the warehouse to the consumer's door? Who decides how an order will be routed through a company? Such decisions are made by the Operations Department.
The Chief Operations Officer is a senior member in most organisations. The COO works with the CEO and company president to determine the company's vision. Their ideas filter down to the rest of the company.
Senior Operations Managers determine the location of the, its facilities, which vendors to use, and how the hiring policy will be implemented. Once the key decisions are made, lower-level operations personnel carry them out.
Accountants and controllers watch the books. Administrators and managers supervise line employees. Sales representataives and customer service agents ensure that the clients get what they've paid for. In case of a problem operations personnel will be the first to hear about it. They work to find a solution and then set about fixing the problem.
While operations is a key component
of any successful company, it is a back-end work. Most support functions fall
under operations' control. Such functions include customer service, logistics,
production, maintenance and administration. Sometimes, depending on the size
and scope of an organisation, operations will also include sales, accounting,
programming and marketing. The goal of the operations department is to find
solutions to problems before they affect the bottom line.
Anyone considering a career in operations should be able to see the big picture. Since problems often show up in the most unexpected places, you need to see beyond your current task. Most operations departments are team environments. There are many employees engaged in the same tasks. Daily meetings may be required to set up group goals and assignments.
Operations personnel should also be highly analytical, detail oriented and able to work with different people throughout the organisation. Remember, this is support work. You should be prepared to serve the needs of the rest of the organisation.
There are various areas, in which one can specialise within purview of Operations Management. These are:
Estate & Support Manager - design the physical environment of the organisation. He is interested in how a building's design, layout, furniture and other equipment affect the efficiency and profitability of the business.
He will buy office furniture and supplies, determine when more space is needed, select appropriate vendors and be responsible for the facilities budget. Besides having a business management background, the facilities coordinator needs to have a keen understanding of how working environments affect employee productivity.
Logistics Management - An organisation needs to plan how work orders will be distributed. The Logistics Engineer is the person responsible for such planning. He or she is interested in improving the efficiency and accuracy of order fulfillment and will map out the process from beginning to end, always on the lookout for possible improvements. This is a detail-oriented position that requires strong problem-solving skills and an in-depth analysis of business processes.
Project Manager - Most projects will have a single leader who watches over them from beginning to end. The essential role of the Project Manager is to establish group goals. He or she will also supervise the work of lower-level staff, ensure deadlines are met, put in requests for additional supplies and staff and keep a particular project on time and under budget. In most cases the project manager will report to the Operations Manager.
Operations Manager - The Operations Manager or Director watches over his/her department, the size and scope of which depends on the organisation involved. A large company may have several Operations Managers. Their job is to determine how the processes in their departments should be implemented and what duties need to be performed.
An Operations Manager also hires and manages lower-level staff, selects the vendors, completes departmental financial analyses and determines the budget. The Operations Manager reports to the VP of operations or Chief Operating Officer (COO).
Integrated Supply Chain Management - You will be in charge of managing the supply chain. You will make various strategic and operational decisions in supply chain management, including supply chain modelling.
Quality Management - Quality
leadership is recognised as the key to business success in the year 2000.
Strong customer focus on all products and services, teamwork throughout all
areas of the organisation is essential for company competitiveness. You will be
in charge of issues of total quality management. ISO 9000 standards, cost
aspects, quality improvement tools, quality function deployment, business
process reengineering, benchmarking, etc.
Manufacturing Resource Planning - You will work out the manufacturing module of any standard ERP package.
* Above average analytical and logical reasoning skills
* Excellent communication skill - both verbal and non-verbal, both in English and regional language
* Above average leadership abilities
* Very good organising abilities
* Very good ability to develop inter personal relations
* Ability to take initiatives and work very hard
* Meticulousness and objectivity in day to day activities
* Enterprise and ability to be an entrepreneur
* Ability to innovate and thoughtfulness
* Ability to think creatively and think fast
* Preference for group activities rather than individualistic activities
* Ability to manage crisis situations
You will need to have an MBA, B.E/B.Tech/M.E/M.Tech as your educational qualifications.
You will get jobs in the production, manufacturing, operations, logistics and quality management function of large companies in various sectors. For example, you will get jobs in:
Courier and Cargo companies
Large Retails outlets
Money & Other Benefits
Starting salaries depend on the size and status of the organisation you work with, your qualifications and the institute you passed from.
An MBA from a top business school/M.Tech from IITs and other top grade engineering institutions get about Rs 2,40,000-4,00,000 or more p.a. in the beginning.
A Middle Manager earns Rs 2,40,000-5,00,000 or more p.a.
A top Manager earns Rs 6,00,000-14,00,000 or more p.a.
With the advent of the service sector the number of jobs being offered to Operations professionals are increasing. The boom in service sectors like retail, courier and cargo are creating a demand for such professional. So overall, the future is good for the operations guys.
Most stores rely on a pleasant environment to capture the customer's attention. If you enjoy a varied, lively environment with heavy focus on people contact and real 'hands on' management then this is a career worth considering.
As a Retail Manager, you will plan and co-ordinate the operations of retail outlets be it small franchisees like speciality shops, fast food chains, or sections of supermarkets or department stores.
Your tasks would include:
* Supervising the conduct and work of staff
* Ensuring that the staff is taught correct sales procedures and have good knowledge of the products they sell
* Maintaining a high level of customer service by ensuring that service standards are high and that complaints from customers are quickly resolved
* Determining the layout of merchandise so that it is presented as attractively as possible
* Monitoring the stock levels, placing orders and managing the supply chains
* Keeping and analysing records of sales figures and financial transactions
* Implementing and overseeing security procedures
* Ensuring that the outlet achieves its sales target
Retail Managers often work long hours under pressure and even on weekends. As an executive/trainee, you will work in different areas of a store, obtaining practical experience of each department and gaining selling, marketing and managerial skills.
Stores open early and finish late. You will be working even on Sundays and bank holidays. Mind you this is no desk job. You are likely to be on your feet for most of the day.
Sales or Department Managers aim at generating and maximising sales. The bottom line is strong customer service within efficient store performance and an eye on the trends and implications for the overall business.
At the senior level you will
have many more challenges like:
* Store systems, stock management, deliveries, and overall supply chain management
* Staff management, training and team motivation
* Looking at ways to cut costs, increase sales, maintain quality, trading analysis and planning
* Sales promotion and the effective use of floor space and layout
* Enhancing customer service and care
* Health and safety issues
This is not a career for the contemplative - it requires doers and quick thinkers. You are expected to take the initiative and deliver. Customer service is paramount in this field and you should be able to put your business skills to practical and visible application. It is the self-motivated individuals who can infuse enthusiasm into others who end up being team leaders.
Other qualities include:
Product knowledge or interests in market areas like fashion, computer games, etc helps.
What about education you might ask. Well this is the good thing folks. If you have the right aptitude and a personality to match, your academic background really doesn't matter. Graduates are taken in at entry level while MBAs join in at the supervisory level. Check out opportunities for summer jobs. The experience gained in any store will come in handy.
Opportunities are aplenty in this field. Departmental stores, designer boutiques, fast food chains, super markets, company stores, music stores, electronics showrooms, automobile dealers all employ Retail Managers.
In franchisee driven corporations such as Hallmark - the world famous manufacturer of cards, you will be responsible for looking after numerous small franchisees in an area.
Promotions can come rapidly. You could move on be in charge of a particular section. You could even move laterally into roles such as merchandising, sales & marketing or even into customer service.
Money & Other Benefits
Starting salaries are in the range of Rs 72,000-1 lakh p.a. In a couple of years, you will be earning around Rs 2-2.5 lakh p.a. Senior Managers make between Rs 3-4 lakhs p.a.
You must realise that these figures are inclusive of the basic salary and other performance based incentives. So the more you sell the more you earn. One of the best parts of this job is that your work is out there for everyone to see. Your skills and experience therefore matter more than your qualifications while deciding promotions.
MBAs from premier business schools start at Rs 6 lakh p.a Other MBAs are paid in the range of Rs 3-4lakh p.a.
The industry is set for a boost with the entry of big industrial corporations into the retailing sector. The entry of multinationals will also bring standards of customer service never before experienced in India. Most departmental stores have in-house training and even sponsor courses. You will also have the opportunity to travel and work in different stores of the parent company
The companies which are in the field for about 5 years are also going for massive expansion drives. Like the Domino's Pizza chain is going to set up 100 new stores in the next two years. Shopper's Stop is expanding in cities like Calcutta, Delhi, and others. RPG group's Music World and Food World is also expanding fast in various cities. Summing up, it's boom time for the retailers and so for the Retail Managers.
You are the kind who likes to tell others how to run their life. You believe that you know better than others do. You like the thrill of setting up a new business. You, my friend, are a Management Consultant.
Business is a complex matter these days and more often than not you need someone to figure out what is best for your business. It could be an international company looking at India or an Indian company looking internationally. Their requirement could be as basic as identifying an office in a new area. Or it could be as complex as identifying a business partner, or looking up industrial or trade investments.
This is where you step in. Management consulting is a dynamic profession. As a consultant you could provide your expertise in any one or all of the following areas:
Strategy consulting involves advising on corporate-level or business-unit strategies. What business should we be in? How do we compete? Should we diversify or focus on core activities? How do we fight (and win) against our competitors? The work is very conceptual and considered glamorous.
Operations Management consulting is figuring out how to improve the efficiency or productivity. Some even call it reengineering. Whatever the name, there is always a need for practical, results-oriented and detailed consulting.
Human Resource consulting includes attracting, motivating and retaining high quality employees for a company along with advice on compensation and benefits.
Information Technology consulting is a new entrant. Today it is indeed hard to think of a business problem which doesn't involve technology. A good part of systems consulting includes helping clients install or operate massive software solutions
You will research data and make sense of it all. You will identify the markets and competitors, prepare risk studies as well as feasibility reports. You will identify financiers, arrange and negotiate loans and working capital, as well as workout joint ventures.
Thus, you will handle projects right from conceptualisation to implementation. For large-scale organisations you will assist them in getting the ISO certifications and corporate take-overs.
You must however remember that there is no such thing as a typical day in this field. It involves a lot of travelling. It is possible to work for a different client each day of the week, but it is equally possible to work for the same client for two years or more. Even when you are working on a project, you never know when and how the plans may change.
The basic qualification is usually an MBA. In areas like IT consultancy, technical qualifications such as an MCA or a B.E in computers is preferred. Some sort of management background, however, is still necessary. A Ph.D or a Fellowship in Management is also a good qualification for getting a job.
One of the important qualities that you need to have is the ability to innovate. You should be capable of supplying a continuous stream of new ideas to your clients. Management consulting is an ideas-driven profession. You must therefore have the ability to bring fresh ideas to the table
Consultants need to excel in relationships with their clients, which must be face-to-face. Communication skills therefore become vital. You also must have the ability to merge inconspicuously with the client team and be able to quickly cultivate working relationships with them. Time management skills would help you meet tight deadlines.
If you are really good, you could straightaway land yourself a job with big guns like Andersen Consultancy and be a part of their army of consultants.
Alternatively, you could work in
small and medium firms where you get more opportunities to handle entire
If you like to be your own boss, you could even start off on your own. Your portfolio and contacts however remain central to your career growth.
Money & Other Benefits
Your clients will be charged on the basis of the type of service required, size of the assignment and the volume of the efforts put in the assignment.
As a junior consultant, your pay packet would be in the range of Rs 2-4 lakh p.a. If you are from a premier management institute, you may start at Rs 18-24 lakh or even more.
As a senior consultant, your salary will also include the commissions on the projects you work on. Top consultants charge as much as 35 - 40 per cent of the entire cost of the project as fees.
Companies of all sorts and sizes are looking for ways to improve quality while reducing expenditure. Value for money is the watchword, for companies and customers alike. Thus there is a great demand for management consultants in financial and organisational restructuring of firms. This could be in the form of downsizing, restructuring, acquisitions, joint ventures, strategic alliances, etc.
Increasingly, consulting firms are being asked to carry out activities that companies no longer have the in-house staff to perform. These include market research, human resource planning, sales and strategic planning. Also government and government agencies will also be looking at consultants to help them with e-governance.
Many companies are talking about convergence of technologies. And you are aware that new technologies in virtually every field are hitting the dock everyday. At the center of all this is Information Technology. Virtually, every three months, we have new technologies.
It is now mandatory for a company to keep up with newer technologies in order to be in business. But all this new age techtalk is complicated for a General Manager of a company. Someone needs to make sense of it all. Enter the Technology Manager.
Your main role will be managing technologies including Information Technology. Your job begins with system study and identifying the need for technologies for your company. You will go on to identify sources of the required technologies, carry out budgeting, resource allocation, cost accounting and procure the required technologies. Your role will include software engineering, in case of information technology and Project Management.
You will work within the organisation's overall business plan to support core business activities. The company will use your technical judgement to make high-level decisions and to provide overall guidance and direction on technology matters.
Technology Managers are also responsible for hiring and managing people, who use, adapt, train and support the use of technologies in the company. If you handle IT, then you will be managing System Architects and Software Engineers.
You will work with other functional heads in the company to work out technology financing, manpower plans, product development and upgrading operations using the technology, technical support and other general issues. Usually, the work profile of a Technology Manager goes like this:
You will develop a thorough knowledge of the business you are in. Identify the areas that could get a shot in the arm with inducting new technology. Determine the profits/advantages that you could derive from it. Then decide how you want to go about acquiring that particular technology
You will find out the various technology options available to you and select the one that is tailor-made to your needs.
You will have to decide how much the technology is worth and negotiate it with firms offering this service to get the best bargain
You will oversee the integration of new technology with your business and ensure that quality specifications are met within the stipulated deadline. This will also include testing and checking the system for bugs. You will be the final authority to certify that the project has been completed as per the specifications.
Usage and support
You will get the best out of the technology. You will create systems and training packages to maintain efficiency. You will also carry out technical support functions.
Periodically, you will check whether the technology is good as per current standards and whether it needs to be changed.
Depending on the size and complexity of an organisation there may be opportunity for some specialisation like:
You will oversee planning and implementation of new or modified Information Technology within the organisation's overall framework.
You will be responsible for scheduling, controlling and directing resources, people, funding and facilities for particular projects. These projects may involve major modifications to existing systems and technology or the implementation of new modules or technology.
You will be responsible for the preparation of quality guidelines and evaluation of systems in conformity with established domestic or international standards and performance criteria.
This is an area where you are required to be the master of two trades -Technology and Management. You can either do an MBA with specialisation in Technology Management or an M.Tech in Engineering or Technology with good experience in Operations and Process Management.
In case of IT Management, usually B.E, B.Tech, M.E, M.Tech in Computer sciences/MCA with additional qualification of MBA are preferred. You can also have an MBA with specialisation in Systems or Information Technology Management. But in any case, you will need good experience to get a high profile job.
Experienced personnel in either Manufacturing Management or computers can also rise to become Technology Managers.
Qualities to become a Technology Manager include:
Previously managers specialising in areas such as planing and business development would be put through technology related courses. But the quantum leaps in technology means that specialists are required for this field. You will be working for industrial houses, devising plans to streamline their operations using the latest technology.
You could also be part of Management Consulting agencies, which offer technology consulting as part of their vast array of services. Freelancing is not that much of an option here, as firms prefer in-house staff that offers stability and continuity to outsourcing it from individuals.
To summerise, you will be working for:
Money & Other Benefits
Starting salaries in this field are high, beginning at around Rs 25,000-30,000 a month. You could easily work your way up to around Rs 50,000-60,000 a month in 3-5 years. Top corporations even offer additional benefits like a company flat, car, stock option plans, etc.
However, consulting companies offer the best deal. Your starting salary will sound like a dream in the range of Rs 1 lakh or even more a month! Lexus or BMW, take your pick!
No industry wants to be left behind technologically and the cost saving opportunities that come with embracing new technologies in the long run are too huge to be ignored. There has therefore been a rush to employ Technology Managers. Even abroad there is a great demand for Technology Managers of Indian origin.
Another factor that will add on to the demand for new breed of Technology Manager is the convergence of various technologies. For example, convergence of life science or Biotechnology with Information Technology, Information Technology with wireless telecommunication technology, etc.
Managing large organizations require efficient use of materials, equipment, and people. Operations Research (OR) analysts determine the optimal means of coordinating these elements by applying mathematical principles to organizational problems. They solve problems in different ways and propose alternative solutions to management, which then chooses the course of action that best meets their goals. In general, OR analysts are concerned with issues such as strategy, forecasting, resource allocation, facilities layout, inventory control, personnel schedules and distribution systems.
Operations research in its classical role of carrying out analysis to support management's quest for performance improvement entails a similar set of procedures. Managers begin the process by describing the symptoms of a problem to the analyst, who then formally defines the problem. For example, an operations research analyst for an auto manufacturer may be asked to determine the best inventory level for each of the parts needed on a production line and to determine the number of windshields to be kept in inventory. Too many windshields would be wasteful and expensive, while too few could result in an unintended halt in production.
Operations research analysts study such problems, then break them into their component parts. Analysts then gather information about each of these parts from a variety of sources. To determine the most efficient amount of inventory to be kept on hand, for example, OR analysts might talk with engineers about production levels, discuss purchasing arrangements with buyers, and examine data on storage costs provided by the accounting department.
You should enjoy doing mathematics
You should love crunching numbers and theories with a strong ability to solve complex analytical problems
You should enjoy solving mathematical and analytical problems and have an aptitude for these
You should be very strong in all areas of Mathematics like Algebra, Geometry, Calculus, and others
Your logical and analytical reasoning skills should be well above average.
You need a basic degree in
Mathematics or a B.Sc in Pure Science or B.E / B.Tech with a strong aptitude
for Mathematics to pursue a career in this line. After your graduation, you
must seek to enroll for a Master's degree in Mathematics with specialisation in
Operations Research or a M.Sc. in Operations Research. You can also do Ph.D
to flock to you.
You will find opportunities in:
· Operation research departments of large manufacturing companies
· Defence research organisations
· University departments
· Mathematical research organisations
Money & Other Benefits
In industries, Operations Research Analysts generally earn Rs 10,000 a month in the beginning. A senior professional may earn anything between Rs 30,000 - 40,000 a month. In research organisations and universities, you can earn about Rs 12,000 - 25,000 a month.
Employment growth expected for OR analysts will be driven by the continuing use of operations research and management science techniques to improve productivity, ensure quality, and reduce costs in private industry and government. This should result in a steady demand for workers knowledgeable in operations research techniques in the years ahead. However one must realise that the number of analysts employed by a compnay are very little.