IIM Ranchi PI Etiquette Guide

Indian Institute of Management Ranchi
An initiative of:
Media and Public Relations Cell
Designed by:
Placement Resource and Information Sharing
Medium (PRISM)
PI Etiquette
PI aims to test your clarity, knowledge, communication skills, personality
traits and fitment. Below are some tips to ace the interview round:
❑ Dressing etiquette is extremely important. Being well groomed makes

a major difference as it directly impacts your confidence.
❑ Demonstrate a confident body language and good communication skill.
❑ Maintain eye contact and address all the panel members.
❑ Don’t get nervous, it’s not a test, but a conversation. So just relax and
keep the conversation going. The interviewers might want to know
more about you.
❑ Basic etiquette such as seeking permission before entering the room,
greeting the panelists, politeness, eye contact with interviewers, and
a gentle smile can go a long way in creating a lasting impression.
❑ Listen to the questions carefully, and ask for clarifications if required.
❑ Don't rush into your answer. Take a few seconds to gather your
thoughts and articulate.
❑ Maintain brevity in answers, don’t beat around the bush. Be thorough
with your resume / CV.
❑ Prepare well for a couple of subjects from graduation that you claim
to be your interest (term projects in case of engineering students),
academic details, etc.
❑ For people with work experience, questions on roles and
responsibilities, projects worked on, relevant industry trends, etc. can
be expected.
❑ You are expected to have reasonable clarity in your goals. Identify
your strengths and support them with situations demonstrating the
same.
❑ Identify your weaknesses and reflect on how you have worked upon
them
❑ Have enough knowledge and experiences to talk about your hobbies.
❑ Stay calm, relaxed and confident.
Indian Institute of Management, Ranchi

HiRe
HiRe is the pioneer club of Human Resources at the Indian Institute of

Management Ranchi, established for the overall development and
understanding of HR among management professionals. HiRe is also aimed
towards the awareness and promotion of the profession of Human Resource
Management in the business world which is present all around the nation.
Senior Members
Arna Bairagi
Rachana Chakroborty
Sibi Saravanan

WRITTEN ABILITY TEST
• WAT is an important component of the final selection round at all the IIMs and
other MBA colleges. Some basic ideas are given below for generating ideas and
content to write effectively.
• The most important element of writing an essay is clarity of thought, empathy
and effective expression. Keep in mind, efficient use of time spent on writing
the essay is critical.
• Ensure that your essay has a structure with an introduction, a body, and a
conclusion.
• You should understand all aspects of the topic clearly.
• Be careful about the selection of content to ensure that it bears some
significance and relevance to the topic. Do not deviate from the topic.
• Write down all the important points you want to cover before writing the essay.
• The essay should be in simple English and easy to understand.
• Make sure there are no grammatical or spelling mistakes and avoid using
complex words or sentences.
• Avoid controversial opinions on any political or religious topic, and justify your
views, if any, with a logical argument.
• Adding actual facts and figures helps bring authenticity to your essay.
• Start with a quote or an interesting fact to grab the attention of the reader.
• Staying updated with various topics can help enhance your awareness and could
help you bring out more facts and figures for your essay.
• Browse newspapers and magazines, and stay updated with all aspects of news.
• Ensure that your handwriting is readable. There is nothing more distracting than
poor handwriting.
Remember to practice in a time restriction set up to get a better idea on how much
time is needed to complete your essay. Evaluate your performance and improve on
weaker aspects.

SOME TOPICS FOR WAT
1. Demonetization in India: Decision is more appreciated than criticized

https://www.mbauniverse.com/wat-for-iims/topic/demonetization-in-indiaappreciated-
than-criticized.php
2. GST: Aim to take the economy on a faster growth path
https://www.mbauniverse.com/wat-for-iims/topic/gst
3. "Make in India" Ground realities; India leaps to surpass China
https://www.mbauniverse.com/wat-for-iims/topic/make-in-india.php
4. Rising Population of India could be turned into an asset
https://www.mbauniverse.com/wat-for-iims/topic/rising-population-of-Indiacould-
be-turned-into-an-asset.php
5. Corruption is the root cause of current economic and social woes in India
https://www.mbauniverse.com/written-ability-test/topic/wat-topic-mbacorruption-
root-cause-current-economic-and-social-woes
6. FDI in multi-brand retail is a boon or bane
https://www.mbauniverse.com/written-ability-test/topic/wat-topic-mba-fdimulti-
brand-retail-boon-or-bane
7. Ethics and morals cannot be taught in classrooms only
https://www.mbauniverse.com/written-ability-test/topic/past-solved-wattopics/
wat-topic-mba-ethics-and-morals-cannot-be-taught
8. Net Neutrality: Very Essential to Make India Digital
https://www.mbauniverse.com/wat-for-iims/topic/net-neutrality
9. Union Budget: Merging the General & Railway Budget will save exchequer from
unnecessary spending
https://www.mbauniverse.com/wat-for-iims/topic/union-budget
10. E-commerce: Unrealistic Discounts are Dangerous
https://www.mbauniverse.com/wat-for-iims/topic/e-commerce
11. Smart City Project: India’s new urban vision
https://www.mbauniverse.com/wat-for-iims/topic/smart-city-project
12. Bank Recapitalization: Will it restore faith in Banking Industry?
https://www.mbauniverse.com/wat-for-iims/topic/bank-recapitalization
13. Why aren’t women working in cybersecurity?
https://www.shrm.org/resourcesandtools/hrtopics/
talentacquisition/pages/women-working-cybersecurity-gender-gap.aspx
14. Should a start-up hire an HR?
https://www.entrepreneur.com/article/283054
15. Tech is HR’s friend, not an enemy.
https://www.entrepreneur.com/article/274070
16. Budgets, Performance Reviews - Workplaces Ripe for Hostility
https://www.shrm.org/resourcesandtools/hrtopics/
employeerelations/pages/civility-at-work.aspx

17. GDP vs Human Development Index
https://www.ukessays.com/essays/politics/human-developmentindex-grossdomestic-
7568.php
18. The relevance of gender sensitivity and #MeToo movement
https://www.channelnewsasia.com/news/world/metoo-takes-fightfor-genderequality-
to-new-heights-un-women-11012250
19. Challenges faced by educated and working women “Nature has given women too much
power, the law gives them too little.”
https://blogs.siliconindia.com/munmungarg/Problems-faced-byWorking-
Women-bid-6o9R741r50475322.html
20. Time for paternity leave policies?
https://timesofindia.indiatimes.com/lifestyle/relationships/work/Time-forpaternity-
leavepolicies/articleshow/47954505.cms
21. How Companies Bank On CSR
https://themarketmogul.com/how-companies-bank-on-csr/
22. Globalization and Jingoism always coexist
https://www.mbauniverse.com/wat-for-iims/topic/globalization-and-jingoismalways-
coexist
23. General elections will be a watershed for Indian democracy
https://www.mbauniverse.com/written-ability-test/topic/wat-topic-mba-2014-
general-elections-will-be-watershed-indian-democracy
24. India’s 1.2 billion population is an asset for the country
https://www.mbauniverse.com/written-ability-test/topic/wat-topic-mba-indias-
12-billion-population-asset-country
25. India has more skilled Human Resource
wat-topic-mba-india-has-more-skilled-human
26. Is ASEAN a defunct Group
wat-topic-mba-asean-defunct-group
27. Indo-US relations; how much beneficial for India
wat-topic-mba-indo-us-relations-how-much
28. How successful would be the Climate Change Summit Paris?
https://www.mbauniverse.com/wat-for-iims/topic/climate-changes.php
29. Bank merger and its impact on Indian economy
30. Beti Bachao Beti Padhao will change the orthodox mindset?
31. Aadhar -Utility is more than perceived
32. Law should be an instrument of Social Change
33. Browsing at Workplace affects productivity
34. Social Activism is necessary for the survival of democratic society
35. RERA should win the trust of home buyers

36. Moody’s Rating Upgrade to boost the economy of India
37. The motor vehicles amendment act, 2019 and its repercussions
38. Attack on Saudi Aramco facility and its consequences in the geopolitical scenario
39. Citizenship Amendment Bill
40. Is India moving towards an economic depression?
41. India’s foray in space – A must-have or a luxury?
42. Does the Indian education system need to be overhauled and how it can be achieved
43. The 2019 Union Budget: A Pathway to Dreams or False Hope for India
44. Is FDI Good for the Indian Economy?
45. Universal Basic Income: Is it practical in the Indian context?
46. Indian Economy in 2019-20: Performance & Policies of Modi Regime
47. RBI Autonomy: Is the Government out to Impound its Autonomous Status?
48. Minimum Support Price: Helpful or a Political gimmick
49. Agriculture Vs Manufacturing sector in India - priorities for future
50. Cashless Economy: Is Society ready for transformation?
51. Impact of Technology on Jobs: Will Automation & Artificial Intelligence reduce or
increase Jobs?
52. GST: Will the economy grow faster with reduced rates of Goods & Services Tax?
53. Privatization of Indian economy: Should India go ahead with the idea?
54. Make in India: Will the idea make India a manufacturing hub?
55. Media Freedom: Should there be a limit?
56. End of subsidy regime: Step needed to propel the wheel of growth
57. Linking of Aadhaar: Is making Aadhar mandatory a good idea?
58. Death penalties for perpetrators of crime against women. Is it justified?
59. Plastic Ban: Economy V/s Environment 36. Social Activism is necessary for the survival of
democratic society
60. Does India need a uniform civil code?

HR/GENERAL INTERVIEW QUESTIONS
About You:
• Tell us something about yourself.

• Tell us something about yourself which is not written in the form.
• Tell us about your hometown and state you belong to.
• About MBA:
• Why MBA and why now?
• Why HR?
• What is the difference between MBA and PGDM?
• Do you think an MBA is a necessity to progress in career?
• What is your plan B, if not selected for any B-school?
• Why IIM Ranchi?
• About schooling, Under/Post Graduation
• What was your favourite subject in the 12th and why?
• What were your favourite subjects in UG?
• Why is there a dip in your academics?
• Justify gaps between 12th and Engineering or after Engineering and
work-ex (if any)
Activities & Interests:
• What are your hobbies and interests?

• What are your short term and long-term goal?
• How do you spend your leisure time?
• Tell us about famous personalities pursuing your hobby as a profession.
• Who is your role model and why?
• Strengths & Weaknesses:
• How would you describe your strengths?
• Substantiate them with examples?
• Are you creative or innovative by nature? Give an example.
• What do you think are your unique qualities or achievements / How are
you different from other applicants?

• How do you adapt to new things and the environment?
• What personal characteristics do you intend to develop to ensure
success?
• What are some of your weaknesses and how have you worked on them?
About work-ex:
• What was your role in the workplace?
• Are you not happy with your job?
• Who do you think are the major competitors of your organization?
• Who is the main client of your organization?
• What according to you are the major qualities of a good manager?
• Reason for switching jobs, if the case be?
• How have you handled criticism at your workplace?
• Would you mind discussing an unpleasant experience with a Manager or a
Professor?
• What are the additional skills you developed at your workplace, beyond
technical skills?
• Why MBA after working for this long.
• How will your work experience help in your MBA life?
• Achievements & Failures:
• What is your greatest achievement to date?
• What do you plan to achieve after MBA or what are your goals?
• A situation when you failed, how did you handle it?
• What is your learning from that experience?
• A situation in which you have faced an ethical dilemma, how did you
handle it?
• Given a chance to change something about your past, what would that
be and how will you do it differently?
Ethics/Value-Based:
• What according to you is an ideal job?

• What qualities do you believe will help an individual succeed in professional
life?
• On a scale of 10, grade yourself for ethical values and justify.
• Do you believe in hard work?

Others:
• Where do you see yourself 5 years down the line?
• What was your preparation strategy?
• Three adjectives that define you as an individual.
• What is your biggest achievement to date and why?
• What influenced you to choose this career?
• Give an instance when you were under high pressure. How did you
deal with it?
• Give an instance when you had to take a quick decision?
• Which subjects did you dislike in your college?
• Who is a Brand Ambassador?
• Which other B-schools did you apply for and converts if any?
• Difference between a Manager and a Leader
• What Is OS?
• How does the Demand-Supply curve work?
• Market share of your organization.
• Basic questions related to Economics and Accountancy.
• Name a few HR Managers who are heading an Organization.
• Name Few Sensors Used in Mobiles.
• Question on IOS.
• How to communicate CSR activities?
• How do you sell black spectacles to a deaf man?
• What is your favourite movie?
• 5 Women Chief Ministers served or currently serving Indian states
• 5 Women CEOs and women HRs

Sankriya
The Operations and General
Management Club
A Brief Overview
Sankriya, as the name suggests, is the Operations and General Management Club of Indian
Institute of Management (IIM) Ranchi. This club envisages cultivating interest in the
student community in the field of operations research and management beyond the
academic discipline. The club seeks to explore the various developments in its fields and
understand its business implications. The club also holds regular presentations on various
industry practices like Six Sigma, lean manufacturing and facilitates discussions on the
same. The club arranges industrial visits for the students to get a feel of the concepts
that are taught in academics. The club conducts Facebook Live Sessions for MBA aspirants
to help in their preparation for the Personal Interview Process. Apart from that, the club
helps the freshers by conduction I2B (Introduction to Business) Sessions. The club also
organizes two of the biggest happenings of IIM Ranchi namely AGON – Management
Festival and RADIX – Business Conclave. Some of the events organized include Crack the
Case, BizSim and The Beer Game etc.
YEAR-LONG MAJOR ACTIVITIES:-
• Six Sigma Certifications, KPMG
• Supply Chain Workshops
• Industrial / Warehouse Visit
• Radix – Business Conclave
• AGON – Management Festival
• Beer Game – Simulation Event
• Crack the Case – Case Study Competition
• BizSim – Online Simulation Event
• I2B Session – Fresher’s Induction Program
• FB Live Session (MBA Aspirants)
Members
Aniket Kumar
Sujeet Kumar
Shikhar Shukla

What Is Operations Management?
Operations management (OM) is the set of activities that create value in the form of goods
and services by transforming inputs into outputs.
• Operations Management deals with the design, operation, control, and improvement of
production systems
• Production/Operations system (function) of an enterprise is concerned with the production
of its products (services)
• Production is an intentional act of creation of (something useful) goods /services through
the transformation of available inputs into required outputs
• Operations involve activities that add/create value through the transformation of inputs
into outputs.
In today’s digital world, an ever-increasing amount of data is gathered, stored, reported

on, and available for further study. You hear the word data everywhere. Data are facts
about the world and are constantly reported as numbers by an ever-increasing number of
sources.
The emerging field of Business Analytics makes extensive use of:
◼Data
◼Statistical and quantitative analysis
◼Explanatory & predictive models to drive decisions and actions.
Some basic terms used data analytical statistical tools.
VARIABLE
A characteristic of an item or individual.
DATA
The set of individual values associated with a variable.
STATISTICS
The methods that help transform data into useful information for decision-
makers.

Statistics
The branch of mathematics
that transforms data into
useful information for
decision makers.
Inferential Statistics
Descriptive Statistics
Using data collected from a
Collecting, summarizing,
small group to draw
presenting and analyzing
conclusions about a larger
data
group
•Statistical methods are used to analyze and explore data to uncover unforeseen
relationships.
•They are used in management science methods to develop models that impact an
organization’s strategy, planning, and operations.
•Information systems use methods to collect and process data sets of all sizes, including
very large data sets that would otherwise be hard to examine efficiently.
•Human resource managers (HR) understand the relationships between HR drivers, key
business outcomes, employee skills, capabilities, and motivation.
•Financial analysts determine why certain trends occur to predict future financial
environments.
•Marketers drive loyalty programs and customer marketing decisions to drive sales.
•Supply chain managers plan and forecast based on product distribution and optimize sales
distribution based on key inventory measures.
Operations Performance:
Operations should focus on specific capabilities that give them a competitive edge which
may be termed competitive priorities. Four operations priorities or measures of these
capabilities are:
1. Cost - Efficiency of operations
If an organization is competing on price then it is essential that it keeps its cost base
lower than the competition. It will either make more profit than rivals if the price is
equal or gain market share if the price is lower. Cost is also important for a strategy of
providing a product to a market niche, which competitors cannot provide.

2. Time - Responsiveness to demand
The time delay or speed of operation can be measured as the time between a
customer request for a product/service and then receiving that product/service.
The advantage of speed is that it can either be used to reduce the amount of
speculative activity and keep the delivery time constant or for the same amount
of speculative activity it can reduce overall delivery lead time. Thus, in
competitive terms, speed can be used to reduce both the costs (making to
inaccurate forecasts) and the delivery time (better customer service).
3. Quality - Adherence to specifications
Quality covers both the quality of the product/service itself and the quality of
the process that delivers the product/service. Quality can be measured by the
“cost of quality‟ model - where costs are categorized as either the cost of
achieving good quality (the cost of quality assurance) or the cost of poor quality
products (the costs of not conforming to specifications).
4. Flexibility - Accommodating customer heterogeneity
Flexibility is needed so the organization can adapt to changing customer needs in
terms of product range and varying demand and cope with capacity shortfalls due
to equipment breakdown or component shortage. Types of flexibility:
• Product flexibility is the ability to quickly act in response to changing
customer needs with new products/services
• Volume flexibility which is the ability to decrease or increase output in
response to changes in demand

Process Selection:
For optimum value addition, the design of the process that is used to produce the
product/service is a critical element. The design of processes is different in all
organizations and should be related to the volume and variety of the demand for the
product in the market. In order to assist in selecting the appropriate process, process
designs can be categorized under five process types:
Project Job Shop Batch Line Continuous

•Processes that •A job shop is a type of • Processes that •Processes that •Processes that
produce products of manufacturing produce products of produce products of operate continually to
high variety and low process in which small medium variety and high volume and low produce a very high
volume are termed batches of a variety medium volume are variety are termed volume of a standard
projects. of custom products termed batch which line or mass product are termed
• Project processes are are made. In the job denotes that the processes. Although continuous. The
used to make a one- shop process flow, products are grouped there may be variants products produced by
off product to a most of the products as they move through within the product a continuous
customer produced require a the design process. design the production operation are usually
specification. unique set-up and • In a batch process process will a continuous flow
Normally transforming sequencing of process the product moves to essentially be the such as oil and gas.
resources such as steps. the location of same for all the • Continuous processes
staff and equipment • Job shops are usually transforming products. use a large amount of
that make the businesses that resources such as •Because of the high equipment specialised
product must move or perform custom parts equipment and so volumes of product, it and dedicated to
be moved to the manufacturing for resources are shared is cost effective to producing a single
location of the other businesses. between the batches. use specialised labour product (such as an
product. •Examples of job •Instead of setting up and equipment. In oil refinery for
•Examples of the use shops: a paint shop, a machinery between order to ensure a example). To make
of a project process commercial printing each product, as in a smooth flow of this large investment
include building shop, and jobbing process, product the process, in dedicated
construction, interior manufacturers of setups occur between times per unit must equipment cost
design and custom- custom products in batches, leading to a be equalised at each effective continuous
built furniture. small lot sizes. higher utilization of stage of production processes are often in
equipment. using a technique constant operation.
•Examples of batch called line balancing. •Examples of
process: book continuous process:
printing, university water treatment
classes and clothing plants, electricity
manufacture. production and steel
making.

Quality:
What is Quality?
Quality is meeting the requirements, expectations, and to ensure needs of the

customer are free from defects lacks and substantial variants.
1. Quality Assurance
It focuses on preventing defect. Quality Assurance ensures that the approaches,

techniques, methods, and processes that are designed for the projects are
implemented correctly. Quality assurance activities monitor and verify that the
processes used to manage and create the deliverables have been followed and are
operative.
Quality Assurance is a proactive process and is preventive in nature. It recognizes

flaws in the process. Quality Assurance has to be completed before Quality Control.
2. Quality Control
Quality Control focuses on identifying defects. QC ensures that the approaches,

techniques, methods and processes that are designed in the project are followed
correctly. QC activities monitor and verify that the project deliverables meet the
defined quality standards.
Quality Control is a reactive process and is detective in nature. It recognizes the

defects.
Total Quality Management:
Total Quality Management (TQM) has evolved over a number of years from ideas
presented by quality Gurus:
1. Deming proposed an implementation plan consisting of 14-step, which

emphasizes continuous improvement of the production process to achieve
conformance to specification and reduce variability. This is achieved by eliminating
common causes of quality problems such as poor design and insufficient training
and special reasons such as a specific machine or operator.

2. Juran put forward a 10-step plan in which he emphasizes the elements of
quality planning - designing the product quality level and ensuring the process
can meet this, quality control - using statistical process control methods to
ensure quality levels are kept during the production process and quality
improvement - tackling quality problems through improvement projects.
3. Crosby suggested a 14-step program for the implementation of TQM. He is

known for changing perceptions of the cost of quality when he pointed out that
the costs of poor quality far outweigh the cost of preventing poor quality, a view
not traditionally accepted at the time.
The main principles of TQM are the following three statements.
1. The customer defines quality, and thus their needs must be met. The
organization should consider quality both from the producer and customer
point of view.
2. Quality is the responsibility of all employees in all parts of the organization.

The responsibility for quality should rest with the people undertaking the
tasks that directly or indirectly affect the quality of customer service.
3. A continuous process of improvement culture must be developed to instill a

culture that recognizes the importance of quality to the performance.
Basic Tools of Quality Control:
Seven basic tools of quality first emphasized by Kaoru Ishikawa, a professor of

engineering at Tokyo University and the father of “quality circles.”
1. Cause-and-effect diagram (also called Ishikawa or fishbone chart): Identifies

many possible causes for an effect or problem and sorts ideas into useful
categories.
2. Check sheet: A structured, prepared form for collecting and analyzing data, a
generic tool that can be adapted for a wide variety of purposes.
3. Control charts: Graphs used to study how a process changes over time.

4. Histogram: The most commonly used graph for showing frequency
distributions, or how often each different value in a set of data occurs.
5. Pareto chart: Shows on a bar graph which factors are more significant.
6. Scatter diagram: Graphs pairs of numerical data, one variable on each axis, to
look for a relationship.
7. Flow Chart: A process flow chart is simply a tool that graphically shows the
inputs, actions, and outputs of a given system.
Cause-and-effect diagram
Cause and Effect diagram organizes and displays all the basic information related
to a particular problem in a sorted and graphical manner. Basic guidelines to
construct a cause and effect diagram are:
1. Develop a flow chart of the area to be improved.
2. Define the problem to be solved.
3. Brainstorm to find all the possible causes of the problem.
4. Organize the brainstorming results in rational categories.

If a Cause and Effect diagram doesn’t have a lot of smaller branches and twigs,
it shows that the understanding of the problem is superficial. Chances are you
need the help of someone outside of your group to aid in the understanding,
perhaps someone more closely associated with the problem.
Check Sheets
Check sheets are devices which consist of lists of items and some indicator of
how often each item on the list occurs. In their simplest form, checklists are
tools that make the data collection process easier by providing prewritten
descriptions of events likely to occur. A well-designed check sheet will answer
the questions posed by the investigator. Some examples of questions are the
following: “Has everything been done?” “Have all inspections been performed?”
“How often does a particular problem occur?” “Are problems more common with
part X than with part Y?”
Control Charts:
The control chart is a graph used to study how a process changes over time. Data are
plotted in time order. A control chart always has a central line for the average, an
upper line for the upper control limit, and a lower line for the lower control limit.
These lines are determined from historical data. Variation can be classified as
common cause variation or special cause variation.
• Common cause variation is due to the natural variation of the process; that is,
variation due to the way the process was designed. An example of common cause
variation is the variation that might be seen by having several people working in the
process. Each person might do things slightly differently.
• Special cause variation is variation that is due to assignable causes. An example of
special cause variation is the variation that might result if someone untrained is
allowed to work in the process. Special cause variation is a variation that can be
assigned a reason. The best tool to determine if the variation is a common cause or
a special cause is the control chart.

Pareto Charts:
Pareto analysis is the process of ranking opportunities to determine which of
many potential opportunities should be pursued first. It is also known as
“separating the vital few from the trivial many.” Pareto analysis should be
used at various stages in a quality improvement program to determine which
step to take next. Pareto analysis is used to answer questions such as “On
what type of defects should our efforts be concentrated?”

Scatter Diagrams:
A scatter diagram is a plot of one variable versus another. One variable is called
the independent variable, and it is usually shown on the horizontal (bottom) axis.
The other variable is called the dependent variable, and it is shown on the vertical
(side) axis.
Scatter diagrams are used to evaluate cause-and-effect relationships. The

assumption is that the independent variable is causing a change in the dependent
variable. Scatter plots are used to answer questions such as “Does vendor A‟s
material machine better than vendor B‟s?” “Does the length of training have
anything to do with the amount of scrap an operator makes?” and so on.

The 5S:
5S is a system to reduce waste and optimize productivity through maintaining an
orderly workplace and using visual cues to achieve more consistent operational
results. Implementation of this method "cleans up" and organizes the workplace
basically in its existing configuration, and it is typically the first lean method
which organizations implement.
The 5S pillars:
1. Sort (Seiri)
2. Set in Order (Seiton)
3. Shine (Seiso)
4. Standardize (Seiketsu)
5. Sustain (Shitsuke)
These pillars provide a methodology for organizing, cleaning,
developing and sustaining a productive work environment. In the daily work of a
company, routines that maintain organization and orderliness are essential to a
smooth and efficient flow of activities. This lean method encourages workers to
improve their working conditions and helps them to learn to reduce waste,
unplanned downtime, and in-process inventory.
JIT and Lean Systems:
Just-In-time (JIT) is a philosophy originating from the Japanese automaker

Toyota where Taiichi Ohno developed the Toyota Production system. The basic
idea behind JIT is to produce only what you need, when you need it. Delivering
it requires a number of elements in place, such as the elimination of wasteful
activities and continuous improvements.
Eliminate Waste
Waste is considered in the broadest sense as any activity which does not add
value to the operation. Seven types of waste identified by Toyota are as follows:
1. Over-Production – This is classified as the most significant source of waste

and is an outcome of producing more than is needed by the next process.
2. 2. Waiting Time – This is the time spent by labor or equipment waiting to add
value to a product. This may be disguised by undertaking unnecessary
operations (e.g., generating work in progress (WIP) on a machine), which are
not immediately needed (i.e., the waste is converted from time to WIP).

3. Transport – Unnecessary transportation of WIP is another source of waste.
Layout changes can substantially reduce transportation time.
4. Process – Some operations do not add value to the product but are simply
there because of poor design or machine maintenance. Improved design or
preventative maintenance should eliminate these processes.
5. Inventory – Inventory of all types (e.g., pipeline, cycle) is considered as waste

and should be eliminated.
6. Motion – Simplification of work movement will reduce waste caused by

unnecessary motion of labor and equipment.
7. Defective Goods – The total costs of poor quality can be very high and will
include scrap material, wasted labor time and time expediting orders, and loss of
goodwill through missed delivery dates.
Value Chain Management:
Manufacturing value chain management (VCM) is the process of monitoring and

managing all the components that comprise manufacturing, including procurement,
production, quality control, and distribution. It has gained prominence over the past
couple of decades as a business, in general, has gone increasingly global, and the
resulting competition has caused many companies to focus on their core
competencies and outsource the rest.

The core-competency strategy was designed to help streamline
operations and make them more profitable by moving less-efficient and
non-core competency tasks and operations outside the enterprise. One
unintended result, however, was the increasing diversity and complexity
of external processes that lengthened the vendor-to-customer chain. In
response, methodologies to help manage, standardize, and optimize the
value chain end-to-end were developed, and value chain management
was born.
Basic VCM includes the following:
• Integrated supply chain planning & scheduling
• Comprehensive resource management
• Cycle time responsiveness
• Supply chain-wide resource optimization
• Vendor/customer information integration
Supply Chain Management:
What is Supply Chain?
A supply chain is a series of activities that deliver a product or service to

a customer. Activities in the supply chain include sourcing materials and
components, manufacturing products, storing products in warehousing
facilities, and distributing products to customers. The management of the
supply chain involves the coordination of the products through this
process, which will include the sharing of information between interested
parties such as suppliers, distributors, and customers.
Fluctuations in the Supply Chain
The behavior of supply chains that are subject to demand fluctuations has
been described as the bullwhip effect. It occurs when there is a lack of
synchronization in supply chain members, when even a slight change in
consumer sales will ripple backward in the form of magnified oscillations
in demand upstream. The bullwhip effect occurs because each tier in the
supply chain increases demand by the current amount, but also assumes
that demand is now at this new level, so increases demand to cover the
next week as well. Thus, each member in the supply chain updates their
demand forecast with every inventory review.

There are other factors that increase variability in the supply chain. These include
a time lag between ordering materials and getting them delivered, leading to
over-ordering in advance to ensure sufficient stock is available to meet customer
demand. Also, the use of order batching (when orders are not placed until they
reach a predetermined batch size) can cause a mismatch between demand and
the order quantity. Price fluctuations such as price cuts and quantity discounts
also lead to more demand variability in the supply chain as companies buy
products before they need them.
Inventory Management:
The type of inventory management system to be employed is determined by the

nature of the demand for the goods and services on the organization. Demand can
be classified into two categories; dependent and independent.
1. Dependent Demand A dependent demand item has a demand which is relatively

predictable because it is dependent on other factors. Thus, a dependent demand
item can be classified as having a demand that can be calculated as the quantity
of the item needed to produce a scheduled quantity of an assembly that uses that
item. item.

2. Independent Demand
Independent demand is when demand is not directly related to the demand for
any other inventory item. Usually, this demand comes from customers outside the
company, and so is not as predictable as dependent demand. Because of the
unknown future requirements of customers, forecasting is used to predict the
level of demand. Safety stock is then calculated to cover the expected forecast
error. Independent demand items can be finished goods or spare parts used for
after-sales service.
Types of Inventory
Generally, inventory is classified as either raw materials, work-in-progress (WIP),

or finished goods. The location of inventory can be used to define the inventory
type and its characteristics. There are various definitions of inventory types,
including the following:
1. Buffer/Safety: This is used to compensate for the uncertainties inherent in the

timing or rate of supply and demand between two operational stages (also
termed as “Decoupling inventory‟).
2. Cycle: If it is required to produce multiple products from one operation in

batches, there is a need to produce enough to keep a supply while the other
batches are being produced.
3. Anticipation: This includes producing stock to anticipate an increase in demand

due to seasonal factors. Also, speculative policies such as buying in bulk to
take advantage of price discounts may also increase inventory levels.
4. Pipeline/Movement: This is the inventory needed to compensate for the lack of

stock while the material is being transported between stages. e.g., the time is
taken in distribution from the warehouse to a retail outlet.
5. Seasonal: This is driven by seasonal variation in demand and constant capacity.

Inventory Decisions
The main concern of inventory management is the trade-off between the

cost of not having an item in stock against the cost of holding and ordering
the inventory. A stock-out can either be to an internal customer, in which
case a loss of production output may occur or to an external customer,
which results in a drop-in customer service level. To achieve a balance
between inventory availability and cost, the following inventory
management aspects must be addressed about volume - how much to order
and timing - when to order.
The Economic Order Quantity (EOQ) Model:
The Economic Order Quantity (EOQ) calculates the inventory order volume,
which minimizes the sum of the annual costs of holding inventory and the
annual costs of ordering inventory. The model makes a number of
assumptions, including:
1. Stable or Constant Demand

2. Fixed and identifiable ordering cost
3. The cost of holding inventory varies in a linear fashion to the number of
items held
4. The item cost does not vary with the order size
5. Delivery lead time does not vary
6. No quantity discounts are available
7. Annual demand exists
The assumption of one delivery per order, and then the use of that stock
over time, increases inventory levels, and goes against a JIT approach. Also,
annual demand will not exist for products with a life-cycle of less than a
year. However, the EOQ approach still has a role in inventory management in
the right circumstances and if its limitations are recognized.
Using the EOQ, each order is assumed to be of Q units and is withdrawn at a

constant rate over time until the quantity in stock is just sufficient to satisfy
the demand during the order lead time (the time between placing an order
and receiving the delivery). At this time, an order for Q units is placed with
the supplier. Assuming that the usage rate and lead time are constant, the
order will arrive when the stock level is at zero.

Inventory Usage Over Time
Objective is to minimize total costs:

TC= Purchase + Order + Holding
TRC = Order + Holding
Minimizing Costs:
•By minimizing the sum of setup (or ordering) and holding costs, total
costs are minimized
•Optimal order size Q* will minimize total cost
•A reduction in either cost reduces the total cost
•Optimal order quantity occurs when holding cost and setup cost are
equal
•Q = Number of units per order
•Q* = Optimal number of units per order (EOQ)
•D = Annual demand in units for the inventory item
•S = Setup or ordering cost for each order
•H = Holding or carrying cost per unit per year

Annual setup cost = (Number of orders placed per year) x (Setup or order cost per order)
Annual Demand
= {Setup or order cost per order}
Number of units in each order
D
= {S}
Q
Annual holding cost = (Average inventory level) x (Holding cost per unit per year)
Order Quantity
= {Holding Cost per unit per year}
2
Q
= {H}
2
And finally Purchase Cost = P x D
Hence
D Q
TC = S + H + PD
Q 2
Differentiating the above equation with respect to Q and equating to Zero, we get;
D Q
{S} = {H}
Q 2
Solving for EOQ that is Q*, we get;

Polynomics
Introduction
Polynomics — Public Policy and Economics SIG.

"Polynomics" works towards conducting the public policy
seminars, economic sessions, and work upon invigorating
the interest amongst the students regarding economics and
public policy.
Team members
Aaryav Anand
Kesarinandan Kumar
Sabbir Ahmed
Shankha Shuvra Mukherjee
Ritik Agarwal

Microeconomics
Economics is the science of making decisions in the presence of scarce resources.

Resources are simply anything used to produce a good or service to achieve a
goal. Economic decisions involve the allocation of scarce resources so as to best
meet the managerial goal. The nature of managerial decision varies depending on
the goals of the manager.
There are different types of economies; household economy, local economy, the
national economy, and the international economy, but all economies face the
same problem.
The major economic problems are (i) what to produce? (ii) How to produce? (iii)
When to produce and (iv) For whom to produce?
The world’s resources are limited and scarce. The resources which are not scarce
are called free goods. Resources that are scarce are called economic goods.

The above said four agents take economic decisions to produce goods and
services and to exchange them and to consume them for satisfying the wants of
the economy as a whole.
A firm is an association of individuals who have organized themselves for the

purpose of turning inputs into output. The firm organizes the factors of
production to produce goods and services to fulfil the needs of the households.
A market is a place where we buy and sell goods and services. A buyer demands
goods and services from the market, and the sellers supply the goods in the
market. In economics, demand is “the number of goods and services that will be
bought for a given price over a period of time.”
Demand: Demand means the ability and willingness to buy a specific quantity of a
commodity at the prevailing price in a given period of time. Therefore, demand
for a commodity implies the desire to acquire it, willingness, and the ability to
pay for it.
Law of demand: The quantity of a commodity demanded in a given time period

increases as its price falls.

The elasticity of demand is a technical term used by economists to describe the
degree of responsiveness of the demand for a commodity due to a fall in its price.
The response of the consumers to a change in the price of a commodity is

measured by the price elasticity of the commodity demand.
Price Elasticity = Proportionate change in the Quantity Demanded / Proportionate

change in price
Income elasticity of demand measures the responsiveness of quantity demanded

to a change in income.
Cross elasticity measures the responsiveness of the quantity demanded of a

commodity due to changes in the price of another commodity.
Law of Supply is the relationship between the price of the commodity and
quantity of that commodity supplied, i.e., an increase in price will lead to an
increase in quantity supplied and vice versa.
Supply Curve is a graphical representation of how much of a commodity a firm

sells at different prices. The supply curve is upward sloping from left to right.
Therefore the price elasticity of supply will be positive.

Types of market structure
1. Perfect competition – Many firms, freedom of entry, homogeneous product,
normal profit.
2. Monopoly – One firm dominates the market, barriers to entry, possibly
supernormal profit.
3. Oligopoly – An industry dominated by a few firms, e.g., 5 firm concentration
ratio of > 50%. Interdependence of firms
4. Monopolistic competition – Freedom of entry and exit, but firms have
differentiated products. Likelihood of normal profits in the long term.
5. Duopoly – where two firms dominate the market. For example, Pepsi and
Coca Cola. Android vs. Apple. A duopoly falls between a monopoly and
oligopoly.
Macroeconomics
Macroeconomics is a part of the economic study which analyses the economy as a
whole. It is the average of the entire economy and does not study any individual
unit or a firm. It studies national income, total employment, aggregate demand,
and supply, etc.
Nature of Macroeconomics
Macroeconomics is also known as the theory of income. It is concerned with the

problems of economic fluctuations, unemployment, inflation or deflation, and
economic growth. It deals with the aggregates of all quantities, not with
individual price levels or outputs but with national output.
Macroeconomics concerns itself with such variables −

• The aggregate volume of the output of an economy
• The extent to which resources are employed
• Size of the national income
• General price level
Scope
Macroeconomics is of theoretical and practical importance. Following are the

points covered under the scope of macroeconomics −

Working of the Economy
The study of macroeconomics is crucial to understand the working of

an economy. Economic problems are mainly related to employment,
the behavior of total income, and general price in the economy.
Macroeconomics help in making the elimination process more
understandable.
In Economy Policies
Macroeconomics is very useful in economic policy. Underdeveloped

economies face innumerable problems related to overpopulation,
inflation, the balance of payments, etc. The main responsibilities of
the government are controlling the overpopulation, prices, the volume
of trade, etc.
Following are the economic problems where macroeconomics study are

useful
• In national income
• In unemployment
• In economic growth
• In monetary problems

Understanding the Behaviour of Individual Units
The demand for individual products depends upon aggregate demand in the
economy; therefore, understanding the behavior of individual units is very
important in macroeconomics. Firstly, to solve the problem of deficiency in
demand for individual products, understanding the causes of a fall in aggregate
demand is required. Similarly, to know the reasons for the increase in costs of a
particular firm or industry, it is first required to understand the average cost
conditions of the whole economy. Thus, the study of individual units is not
possible without macroeconomics.
The circular flow model is the basic economic model, and it describes the flow
of money and products throughout the economy in a very simplified manner.
This model divides the market into two categories:
• The market for goods and services

• The market for factor of production
The circular flow diagram displays the relationship between resources and
money between firms and households. Every adult individual understands its
basic structure from personal experience. Firms employ workers who spend
their income on goods produced by the firms. This money is then used to
compensate the workers and buy raw materials to make the goods. This is the
basic structure behind the circular flow diagram.

In the above model, we see that the firms and the households interact with each
other in both the product market as well as the factor of the production market.
The product market is the market where all the products by the firms are
exchanged, and factors of production market are where inputs such as land,
labor, capital, and resources are exchanged. Households sell their resources to
the businesses in the factor market to earn money. The prices of the resources,
the businesses purchase are “costs.” Business produces goods utilizing the
resources provided by the households, which are then sold in the product
market. Households use their incomes to purchase these goods in the product
market. In return for the goods, businesses bring in revenue
Inflation
In economics, inflation means a rise in the general level of prices of goods and
services over a period of time in an economy. Inflation may affect the economy
either in a positive way or a negative way.
Causes of Inflation
The causes of inflation are as follows −
• Inflation may sometimes occur due to excessive bank credit or currency

depreciation.
• It may be caused due to increase in demand in relation to the supply of all

types of goods and services due to a rapid increase in population.
• Inflation may also be caused by a change in the value of production costs of

goods.
• Export boom inflation also comes into existence when a considerable

increase in exports may cause a shortage in the home country.
Inflation is also caused by a decrease in supplies, consumer confidence, and

corporate decisions to charge more.

Measures to Control Inflation
There are many ways of controlling inflation in an economy −
Monetary Policy
The most important method of controlling inflation is the monetary policy of the
Central Bank. Most central banks use high-interest rates as a way to fight
inflation. Following are the monetary measures used to control inflation −
• Bank Rate Policy − Bank rate policy is the most common tool against
inflation. The increase in bank rate increases the cost of borrowings which
reduces commercial banks borrowing from the central bank.
• Cash Reserve Ratio − To control inflation, the central bank needs to raise
CRR, which helps in reducing the lending capacity of the commercial banks.
• Open Market Operations − Open market operations mean the sale and
purchase of government securities and bonds by the central bank.
Fiscal Policy
Fiscal measures are another important set of measures to control inflation,
which include taxation, public borrowings, and government expenses. Some of
the fiscal measures to control inflation are as follows −
• Increase in savings
• Increase in taxes
• Surplus budgets
Wage and Price Controls
Wage and price controls help in controlling wages as the price increases. Price
control and wage control is a short term measure but is successful; since, in the
long run, it controls inflation along with rationing.

Current Affairs
‘Janasevaka Scheme’ by the Karnataka government
The Karnataka government has recently launched a door-step service delivery
scheme ‘Jansevaka Scheme’ on February 07, 2020. According to the
announcement of state government, a web portal janasevaka.karnataka.gov.in
has also been launched. This scheme will enable the citizens to get home
delivery of 53 relevant state government schemes.
RBI Monetary Policy 2019-20

The Reserve Bank of India (RBI) recently released the 6th bi-monthly monetary
policy. The Monetary Policy Committee (MPC) of RBI announced to keep the
policy Repo Rate unchanged at 5.15 percent. RBI decided not to change the
Repo Rate (4.9 percent). It was also announced that inflation increased in the
country due to unexpected price rise of onions.
PM Narendra Modi announces Rs 1500 crore package for Bodo areas

Prime Minister Narendra Modi announced Rs 1500 crore package for the Bodo
areas of Assam. He announced this package during his first visit to the Assam
after Bodo Peace Accord 2020. The package will help to carry out development
works in the Assam.
International Gandhi Awards for Leprosy

International Gandhi Awards for Leprosy conferred on February 06, 2020, by
President of India Ram Nath Kovind. Dr. NS Dharmashaktu won the award in the
individual category while Leprosy Mission Trust got the award under an
institutional category. These awards are conferred to those people who work
for leprosy patients. The objective behind this award is to recognize those
people who work to fight against leprosy.
'Gram Nyayalayas' should be established: SC

The Supreme Court’s bench headed by Justice N V Ramana directed the states
on February 03, 2020, that 'Gram Nyayalayas' should be established at the rural
level. The objective behind establishing Gram Nyayalayas is to provide a
speedy and easy approach to the judicial system at the village level. The
Supreme Court directed the High Courts of states to speed up the work of the
establishment of Gram Nyayalayas.

Union Budget 2020 Key Points
- Govt to raise funds via the listing of LIC
- Deposit insurance raised to Rs 5 lakh
- FY21 fiscal deficit target pegged at 3.5% of GDP
- FY20 fiscal deficit at 3.8% of GDP vs. earlier target of 3.3%
- Companies Act to be amended to decriminalize civil offenses
- FY21 nominal GDP growth pegged at 10%
- To bring new education policy; allocates Rs 99,300 crore for the sector in FY21
- 100 more airports to be developed by 2025 to support UDAN scheme
- To introduce a new simplified personal tax regime
- No income tax for income up to Rs 5 lakh
- 10% income tax for those earning between Rs 5 lakh to Rs 7.5 lakh versus 20%
earlier
- 15% income tax for those earning between Rs 7.5-10 lakh versus 20% earlier
- 20% income tax for those earning between Rs 10-12.5 lakh versus 30% earlier
- 25 income tax for those earning between Rs 12.5-15 lakh versus 30% earlier
- Income above Rs 15 lakh to continue to pay tax at 30%
- New income tax scheme is optional, without exemptions
- Dividend Distribution Tax (DDT) abolished, shifted to individuals instead of
companies
- 100% tax exemption on Sovereign Wealth Funds' India investments
- Tax holiday for affordable housing extended by one-year
- To amend the I-T Act to allow faceless appeals
- FY21 divestment target: Rs 2.1 lakh crore versus FY20 target of Rs 1.05 lakh
crore
- To launch new direct tax dispute settlement scheme; interest, penalty waived
till March 31, 2020
- Excise duty hiked on tobacco; cigarettes raised
- DICGC limit is increased from 1 lakh to 5 lakhs for deposits
- Large solar power capacity to be set up alongside rail tracks, on land owned
by Railways.
- Five archaeological sites to be developed and opened as tourist attractions.
Includes Rakhigarhi

Conundrum
About Conundrum:
We, as a consulting club of IIM Ranchi have the vision to be the most
recognized consulting brand among MBA colleges and to achieve that, we
provide a platform for students of IIM Ranchi to engage in challenges in the
domain of strategy and consulting.
We try to develop consulting skills in students by organizing events
throughout the year like a guesstimate, case competition, live project, and
various workshops.
Team Members:
• Mayank Patwa
• Konari Chandra Mouli
• Aritra Chatterjee
Contact Details:
• https://www.facebook.com/ConsultingClub.IIMRanchi/
• https://www.linkedin.com/in/consultingclub-iimranchi/
• consultingclub@iimranchi.ac.in

Strategy and Consulting
Strategy is the direction and scope of an organization over the long term,
ideally, which matches its resources to its changing environment, and in
particular, its markets, customers or clients to meet stakeholder
expectations.
Consulting is the profession of providing expert advice to a specific group

of people. A consultant is someone who has some level of expertise that a
particular group of people finds valuable, and people within that group are
willing to pay the consultant to access their knowledge.
Why is Consulting an attractive career option?
• Exposure to different Industries and Functions
• Work with clients to solve tough problems
• Develop valuable transferable skills like Problem Solving,

Communication, Project Management
• Work in a Team-Oriented Environment
• Get to travel
• Great opportunity to build a network
Fundamental Tools used in Strategic Analysis
To understand the environment and industry, we can use various tools for
analysis-
Macro-Level Analysis:
PESTEL Analysis: We use this tool for the analysis of the Macro
environmental factors that may affect the firm.

Political: It includes taxation policy, foreign trade regulations, government
stability, social welfare policies, etc.
Economic: It includes factors that affect the financial condition of the country like
business cycles, GNP trends, interest rates, money supply, inflation, unemployment,
disposable income.
Socio-Cultural: Factors including the social and cultural aspects of the region, for
example, population demographics, income distribution, social mobility, lifestyle
changes, attitudes to work and leisure, consumerism, levels of education, etc.
Technological: Government spending on research, government, and industry focus of

technology effort, discoveries/ development, speed of technology transfer, rates of
obsolescence, etc come under Technological factors.
Environmental: Environmental factors include environmental protection laws, waste

disposal, energy consumption, etc.
Legal: Factors that are responsible for legal protection like competition law,
employment law, health and safety, product safety.

Industry Level Analysis:
Porter’s Five Forces: To learn about the Industry the firm is planning to work in it
can perform Porter’s Five Forces -
The threat of new entrants:

This can help the firm to find out how easy or difficult it is to enter into the
market and how you can create barriers of entry.
To create barriers of entry firm can use any of the following methods:
a) Supply-side economies of scale
b) Demand-side benefits of scale
c) Capital Requirements
d) Access to distribution channels
e) Customer Switching costs.
f) Incumbency advantages, independent of size
g) Restrictive Government policy

The power of buyers:
Buyers are influential under the following circumstances:
a) when the suppliers are many and the buyers are a few and large
b) when the buyers purchase in large quantities
c) when the buyers can switch orders between suppliers at a low cost
d) when it is economically feasible for the buyers to buy the input from several
companies at a time
The bargaining power of suppliers:

Suppliers are robust under the following circumstances
a) When the product they sell has few substitutes
b) When no single industry is a significant customer for the suppliers
c) To raise prices, the supplier can use the threat of vertical integration
d) When products in the industry are differentiated to such an extent that they are not
easily substitutable and it is costly for a buyer to switch from one supplier to
another
e) The buying companies cannot use the threat of vertically integrating backward and
supplying their own needs
The threat of substitutes:

a) A close substitute is a potential threat to the company’s product
b) The existence of a substitute limits the price which can be charged for a product
and therefore the profitability of the company
The intensity of rivalry among existing competitors:

a) Competition in an industry occurs when one or more firms try to increase their
market share.
b) This can lead to price wars, advertising battles, launches of new products and
increased customer service and warranties.
c) The rivalry is more intense when there are more competitors of similar size. The
industry may or may not be fragmented.

Competitor Analysis
Strategic Group Mapping: We use this tool for the analysis of competitor’s position
and segment with respect to our firm.
Strategic Groups are organizations within an industry or sector with similar

strategic characteristics, following similar strategies or competing on a similar
basis. They are different from those in other vital groups in the same industry or
sector.
Strategic groups help understand the different strategies multiple firms, within the
same industry, are adopting for pricing practices, leadership, product quality and
scope, scale capabilities, go-to-market and level of technology. It is a tool for
competitive analysis. Strategic groups help to define the scope of a firm`s
competitors.
Example: the competitive position of the different automobile company

STEP 1 – Identify Industry Competitors
The competitors you choose should be closely linked by the products/services
they offer. This list of competitors you create will be strategic groups
STEP 2 – Identify Your Two Key Variables

Map the firm on a two-variable grid using different strategic dimensions. The
competitive factors should be expressed in a low to high range with
measurable variables, for example, variables can be technology, quality,
safety features, better services, price, etc.
Integrating External and Internal Analyses:
SWOT ANALYSIS AND THE TOWS MATRIX

S W O T represents the first letter in
S strengths
W weaknesses
O 0pportunities
T threats
For a company’s strategy to be well-conceived, it must be matched to its

resource strengths and weaknesses aimed at capturing its best market
opportunities and erecting defences against external threats to its well-being.

Questions you may expect:
1. Why consulting as a career?

2. Describe an instance in your work experience that triggered you to pursue
this domain.
3. What is strategy? How is it different from Planning?
4. Do you know the SWOT analysis?
5. What is Big 4 in the consulting domain?
6. Which among Big 4 is your dream company, and why?
7. Identify your three strengths and weakness and describe how they would
help you in the consulting domain.
8. Describe any instance from your life where you took some strategic
decisions.
9. According to you, what are the skill and qualities that a consultant must
possess?
10. How do you think an MBA will help you to become a consultant?
11. What is your expectation from a Consulting job?
12. What is your contingency plan if consulting is not an option in the future?
13. What is the difference between consulting and strategy?
14. What is MBB?
15. What are the different types of consulting?
16. Why do companies hire consultants?
Guesstimate Questions:
1. What is the valuation of the food industry in India?

2. How many water bottles are used in your city every day?
3. How many people are traveling by Uber each day in Delhi?
Case-based Questions:
1. A big online retail firm is not making profits despite the massive volume of
sales. What could be going on?
2. An electronic product manufacturing company is increasingly making
profits despite a reduction in sales over the years. What could be going on?
3. Describe the marketing strategy of the company you like the most. Tell any
two major strategic decisions it has taken recently.

E-Cell
About Us
To create an ecosystem that keeps the flame of entrepreneurship burning within

everyone and aid the society to grow as a whole.
To provide a launching pad for budding entrepreneurs and help them to think,
create and innovate by various activities, to create a network of VCs and Angel
investors and to inculcate the seed of entrepreneurship in these minds of the
students
Senior members
Aaryav Anand
Subham Sekhar Agrawal
Sreejita Gupta

START-UP
Definition according to the Indian Government
An entity can be termed a ‘start-up’: -

1. Till up to 10 years (from initial 7 years) from its incorporation date.
2. If the turnover in any financial year since its incorporation is less than INR 100 Cr.
Important Government Initiatives
1. Start-up India: Three Pillars-

2. Simplification and Handholding.
3. Funding Support and Incentives.
4. Industry-Academia Partnership and Incubation.
Check https://www.startupindia.gov.in/)
1. ATAL INNOVATION MISSION (AIM)

2. MAKE IN INDIA
3. DIGITAL INDIA
4. SUPPORT TO TRAINING AND EMPLOYMENT PROGRAMME FOR WOMEN (STEP)
5. BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL (BIRAC)
6. TRADE-RELATED ENTREPRENEURSHIP ASSISTANCE AND DEVELOPMENT (TREAD)
7. PRADHAN MANTRI KAUSHAL VIKAS YOJANA (PMKVY)
An entrepreneur is an individual who is creative, innovative, opportunist, risk-taker,

self-starter and open-minded; who sets up business or businesses, identifies and solves
problems with the hope of making a profit from the enterprise.
An enterprise is to carry out new combinations and the individuals whose function is to
carry them out are the entrepreneurs.
New Combinations that they can be doing
1. Offering a new product or service quality that consumers are not yet familiar with.
2. Introducing a new method of production.
3. Exploring a new market or entering a market not previously entered.
4. Creating a new source of supply of raw materials.
5. New way of doing business or carrying out of the new organization.

CHARACTERISTICS OF ENTREPRENEURS
1. Commitment and determination

2. Leadership
3. Opportunity obsession
4. Tolerance of risk, ambiguity, and uncertainty
5. Creativity, self-reliance, and ability to adapt
6. Motivation to excel
Some people exclude those who own side businesses as “real entrepreneurs”.
Others talk broadly about entrepreneurs as anyone who starts a new business
in any capacity. And let’s not forget the “entrepreneurial tendencies” people
can have without owning a business, that many companies today look for in the
people they hire.
But is an independent freelancer an entrepreneur? What about a full-time Uber

driver? Someone who runs a stall at a fish market? Where do we draw the line,
if there is one to draw?
This wide range of interpretations, coupled with all the new ways for people to
make money on their terms, begs the question: What exactly is an
“entrepreneur” today?
The definition of entrepreneurship seems to have evolved, and it’s likely the
result of two things:
1. Thanks to technology, the barriers to entry have never been lower to start
as an entrepreneur.
2. There are more paths now to starting a business than ever before.

THE NATURE OF ENTREPRENEURSHIP REVOLVES AROUND
1. Entrepreneurial opportunities:
• Situations in which new goods, services, raw materials, and organizing
methods.
• Can be introduced
• Sold at greater than their cost of production
1. Entrepreneurial action:
• Involves the creation of new products or processes
• Involves entry into new markets
• May occur through a newly created organization or within an established
organization
1. Entrepreneurial thinking:
• An individuals’ mental processes of overcoming ignorance to:
• Decide whether a signal represents an opportunity for someone
• Decide whether that opportunity is applicable to the individual
specifically
• Process feedback from action steps taken
INNOVATION: INVENTION + COMMERCIALIZATION
Invention
- To solve a problem
- A culture that promotes “enlightened trial and error”
- Technology & Science is not sufficient
Commercialization
- To make the solution widely available

- Bringing forward your idea to a broader audience
Innovation is the process of creating wealth by combining resources in new or unusual

ways, which is central to the concept of entrepreneurship

REWARDS
• Independence or the freedom to make one’s own decisions

• A feeling that an ordinary job might not utilize their capabilities fully
• Variety of challenges offered in setting up and running your own ventures
• The thrill of winning and to face the consequences of your own actions
• Many entrepreneurs are motivated by the opportunity to start a business that
could be handed over to the next generation – to establish family-run business
• Potential for better financial rewards
CHALLENGES
• To become knowledgeable in different areas and acquire an assortment of skills

so as to face many responsibilities.
• Unlike in salaried jobs, an entrepreneur has to work long hours and often for
long stretches without holidays. This means significant sacrifices in personal
and social activities
• The capability of dealing with uncertainty with a positive mind-set.
• An entrepreneur generally faces many barriers from established institutions
that are not oriented towards change. Thus, they require perseverance,
patience and sound strategy in dealing with existing institutions.
SOME KEY TERMS IN THE START-UP WORLD
Bootstrapping
Bootstrapping is building a company from the ground up with nothing but personal
savings and, with luck, the cash coming in from the first sales. Bootstrap is a
business launched by an entrepreneur with little or no outside cash or other support.
Angel Investor
An angel investor is an affluent individual who provides capital for a business start-
up, usually in exchange for convertible debt or ownership equity. Angel investors
usually give support to start-ups at the initial moments and when most investors are
not prepared to back them.

Venture Capitalists
Venture capital is a type of financing that is provided by firms or funds to small,
early-stage, emerging firms that are deemed to have high growth potential, or
which have demonstrated high growth.
Seed Funding
Seed money, sometimes known as seed funding or seed capital, is a form of
securities offering in which an investor invests capital in a start-up company in
exchange for an equity stake or convertible note stake in the company.
Exit Strategy
An exit strategy is a contingency plan that is executed by an investor, trader,
venture capitalist, or business owner to liquidate a position in a financial asset
or dispose of tangible business assets once predetermined criteria for either has
been met or exceeded.
Valuation
A business valuation is a general process of determining the economic value of
a whole business or company unit. Business valuation can be used to determine
the fair value of a business for a variety of reasons, including sale value,
establishing partner ownership, taxation, and even divorce proceedings.
UNICORN
Definition
The term unicorn, as referred to in the venture capital industry, can be assigned to
any tech start-up company that reaches a $1 billion market value as determined by
private or public investment.
The Leader board pertaining to the UNICORN companies as seen by May 2019 lists
452 companies, which have collectively raised $345 billion and have a cumulative
valuation of $1.6 trillion. This number is much higher than February 2018
when there were just 279 companies, with $206 billion raised and valued at $1
trillion.

Numbers of Unicorns in major countries
1. China (125),
2. United States (121),
3. India (27),
4. South Korea (11),
5. UK (10), Israel (7),
6. Sweden (5),
7. Indonesia (5),
8. Germany (2)
20 Indian Unicorn Companies
1. Paytm (Valuation: $18 US bn in March 2019)

2. OYO (Valuation: $10 US bn in June 2019)
3. Ola Cab (Valuation: $10 US bn in October 2019)
4. Byju’s
5. Swiggy
6. Zomato
7. ReNew Power
8. Billdesk
9. Delhivery
10. MuSigma
11. Dream11
12. Hike
13. BigBasket
14. Rivigo
15. Policy Bazaar
16. SnapDeal
17. Quikr
18. Icertis
19. Ola Electric
20. FreshWorks
The latest Indian start-up to enter into the unicorn category is

“Pinelabs”. It is an Indian merchant platform company that provides
financing and last-mile retail transaction technology, founded in 1998. It
provides a merchant platform and makes software for point of sale
machines.

UNION BUDGET 2020
The focus of the Budget 2020 was on three themes: -
1. Aspirational India(focus on agriculture, irrigation, rural development; wellness,

water and sanitation; education and skill development), Economic
Development (allocated budget to industry, commerce, and investments;
infrastructure and the new economy led by start-ups and the tech ecosystem)
and Caring Society (budget focussed on women and child welfare; culture and
tourism; and environment and climate change)
2. For start-ups, the significant alteration via the tax exemption extension as well
as a boost for logistics and infrastructure in rural India
3. Specific reforms are expected to reduce the compliance burden on small
retailers, traders and MSME sector
Highlights
Seed Fund for Start-ups:

The Government
1. has proposed to provide early-life funding for start-ups
2. instituting a seed fund to support ideation and development of early-stage
start-ups.
Start-ups get Tax Relief, ESOP Reforms:

ESOPs taxation policy has been recognized by various investors and entrepreneurs
as a key incentive for start-ups in attracting top talent. Hence it has been one of
the most demanded changes by the stakeholders of the ecosystem.
In the current scenario, ESOPs are taxable both at the time of exercise and at the
time of sale, which leads to a problem in cash flow who prefer not to sell shares
immediately and hold on to them for a considerable amount of time.
Thus, to provide a boost to the start-up ecosystem, Finance minister Smt. Nirmala
Sitharaman proposed to ease the burden of taxation on employees by deferring the
tax payment according to whichever occurs first a. by five years; b. till they leave
the company; c.at the time of selling their shares.

[ Fact to ponder: Few experts are of the opinion that it is unclear whether
the deferring of tax as mentioned on the sale of ESOPs refers to the end of
double taxation.]
Additionally, the Government has announced a reduction in the burden in

the tax paid for start-ups. An entity eligible as a start-up according to the
mentioned terms, with an annual turnover up to INR 25 Cr is allowed a
deduction of 100% of its profits for 3 consecutive assessment years out of 7
years. With the start-up limit set at INR 100Cr, this reform can be utilized
by larger start-ups as well.
Investment Clearance Cell and Boost for Entrepreneurship:

The government in the budget has announced an allocation of INR 27,300
Cr for the development and promotion of industry and commerce for the
year 2020-21. The Government also plans to set up an Investment
Clearance Cell portal to offer “end to end” solution, facilitation and
support, including pre-investment advisory, and facilitate clearances to
boost the overall support ecosystem and funding prospects for start-ups.
Aadhaar-Based Tax Verification:

Finance minister Smt. Nirmala Sitharaman announced the simplification of
tax assessment and verification of registered entities. The Aadhaar-based
audit would help in the screening of any dummy or non-existent unit. She
also announced a system of cash reward would be initiated to incentivize
customers to seek invoices.
MSME Compliance Made Easier:

Finance minister Smt. Nirmala Sitharaman announced the launch of an
app-based invoice financing platform for MSMEs. This is to aid the small
and medium businesses so that they can avail of the benefits from
financial service providers based on these invoices.
Further, Government has also proposed to increase the threshold for MSME
auditing from INR 1 Cr in turnover to INR 5 Cr with the aim of reducing the
compliance burden on small retailers, traders and the MSME sector as well
as the lessen the assessment challenges for the income tax department.
Big Boost for Skill Development, Specialized Education:

In the recent budget, Finance minister Smt. Nirmala Finance minister Smt.
Nirmala Sitharaman talked about allocating INR 99,300 Cr for the
education sector in 2020-21 and INR 3,000 Cr for skill development. She
also announced about undertaking steps that would enable sourcing capital
through external commercial borrowings and FDI in the education sector.

The finance minister also proposed an initiative to enable various urban local
bodies in providing internship opportunities to young engineering graduates for
up to one year. To provide high-quality higher education to students, the
Government proposed to start a degree-level full-fledged online education
program. This shall be offered only by institutions that are ranked within the
top 100 in the official rankings.

About Us
Finopsis, the finance club of IIM Ranchi organizes various year-round events to
help the students get familiarised with the technicalities as well as help them
improve their skills through various Industry Leader talk series, workshops and
sessions on certifications courses.
Senior Members
Stuti Gupta
Vansh Gupta
Vedanshu Dash

PARABLE OF AN MBA FINANCE
An individual who has pursued an MBA in Finance has the primary motive to make
sure that the business he is employed in is making money. He is responsible for
building all the requisite financial models to ensure the following two things: -
• Raising funds at the lowest available cost of capital

• Investing funds at the highest possible rate of return
• Minimize the financial risk that is the obligation of the business to pay the
principal and interest payments due in the short term
• Ensure the long-term solvency of the business
• Maximize the shareholders’ value in terms of the market price of the stock
of the company
• Prepare the requisite financial statements, the nature of business activities
• Ensure that the legal requirements are met
• Seek ways to reduce cost
• Help the management in making financial decisions
In this respect, an MBA in Finance is to increase the value of the organization, the
individual is employed in.
GENERAL FINANCIAL JARGON
1. Financial Statements
There are three primary financial statements prepared for any company in each
financial period namely; Cash flow statement, Income Statement and Balance
Sheet. It is advisable for finance enthusiasts to learn the primary objectives.
• Balance Sheet: To understand the financial position of the business in terms

of assessing the value of assets and liabilities
• Income Statement: To understand the financial performance of the business
in terms of the revenue generated from operations and the expenses
incurred in the past financial year
• Cash flow statement: It records the cash transactions that take place in the
business in terms of cash flow from operations, cash flow from financing
activities and cash flow from investing activities.

1. Basic Accounting Equation
The basic accounting equation is ASSETS = CAPITAL +
LIABILITIES
1. Principles of Accounting
The following accounting principles are asked several
times in the CAP interviews: -
• Business entity concept

• Money measurement concept
• Going concern concept
• Accounting period concept
• Accounting cost concept
• Duality aspect concept
• Realization concept
• Accrual concept
• Matching concept
1. Methods of Depreciation
Depreciation is defined as the write-down of the value of
the asset during the accounting year because of normal
wear and tear or obsolescence. The prevalent methods of
depreciation are as follows: -
• Written down value method (or Acceleration Method)

• Sum of Years
• Units of Production
• Straight Line Method
• Amortisation (for Goodwill)

The candidates are also advised to go through the following questions:
Questions
• Difference between accounting and bookkeeping?

• What are the 3 golden rules of accounting?
• What is a real account, personal account and nominal account?
• Difference between expense and expenditure?
• What are fictitious assets? Give examples.
• What are the different types of accounting ratios?
• What is the time value of money?
• Difference between collateral and mortgage?
• Difference between primary and secondary markets?
• Difference between FDI and FII?
• What are Sensex and Nifty?
• Different types of market tradeable securities?
• Difference between public and private companies?
• Difference between IPO and FPO?
• Difference between futures, options, and swaps?
• What are hedging, speculation, and arbitrage?
• Different types of policy rates (bank rate, repo, reverse repo)?
• Difference between LAF and MSF?
• What is an Efficient Market Hypothesis?
• What is NPV, IRR? Which one is preferable in situations of conflict?
• Different types of financial statements- income statement, balance sheet,
cash flow statement?
• Different items in the balance sheet (assets and liabilities)? (which item
comes under which head)
• Different types of exchange rates?
• Difference between GDP, GNP, NNP, NDP?
• What is working capital, components of working capital?
• Difference between capital and revenue expenditure?
• Difference between cash basis and accrual basis of accounting?
• Different types of tax and non-tax revenue?
• Difference types of deficits- fiscal, revenue, primary?

• What are NPAs?
• What are the different types of taxes?
• What is long term capital gains taxes?
• What is quantitative easing?
• What is the call money market?
• What are cryptocurrencies? (in the Indian context also)
• What is blockchain?
• Difference between mergers and acquisitions?
• What are payment banks?
• Different types of inflation rates?
• What are the nominal and real concepts in interest rates?
• What is the relationship between inflation and employment?
• What is the relationship between inflation and interest rates?
• What is stagflation?
• What are the different types of elasticities?
• What is management by exception?
• What is liquidity trap?
• What is crowding out effect?
• What is the capital flight?
• What is public debt?
• What is sterilization?
• What are the different types of mutual funds?
• What is a bilateral investment treaty?
• What are anchor investors?
• What is viability gap funding?
• What is refinancing?
• What is debt restructuring?
• What are bilateral investment treaties?
• What are advance pricing agreements?
• What are the different types of Alternative investment funds?
• What are securities?
• Explain CAPM Model
• What is equity and how is it different from debt and preference shares?
• What is operating revenue?
• What is the reasoning behind paying taxes?

Marquess
About Us
Marquess club of IIM Ranchi is a hub that stands for creativity and
expressiveness for all those enthusiasts who are passionate about marketing.
The club offers a platform for the students to showcase their skills in
creativity through a plethora of year-round events like Marcase- the flagship
case study competition, Sab Bikta hai- the ad-making competition, Agora-
the live-selling competition, Brand Wars and many more. We also connect
with industry experts to conduct various workshops and find answers to
trending issues in the field of marketing. Through its work, the club strives to
foster an imaginative attitude and out-of-the-box thinking among the future
marketers of the Institute.
Team Members
Avneet Singh Saini
Bibek Guha Sarkar
Riya Handique

SAMPLE QUESTIONS – MARKETING DOMAIN:
1. What is a market?
A market is a collection of buyers and sellers who transact over a particular

product or class of products. When marketers talk about the term ‘market’,
they usually mean the customer groups are likely to purchase the product.
2. What is marketing?
Marketing comprises all the activities involved in creating, communicating and

delivering offerings to customers. It is all about identifying and meeting
consumer wants and needs.
3. Define and distinguish between a product and a service.
A product is anything that can be offered to a market to satisfy a want or a

need. This can include physical goods, services, experiences, events, places,
people, and so on. A service, on the other hand, is an act or performance that
one party can offer to another that is intangible and does not result in the
ownership of anything. The differences can be listed as:
Product Service
Tangible Intangible
Homogeneous Heterogeneous
Can be stored Cannot be stored
Does not result in the transfer of ownership Results in the transfer of ownership
Differentiate between marketing and sales.

Marketing Sales
It is about satisfying wants and needs. It is about selling goods and services.
It has an outward orientation. It has an inward orientation.
It is targeted towards specific groups. It is directed at everybody.
The objective is to maximize customer The objective is to maximize sales revenues.
satisfaction.

. What is the difference between a consumer and a customer?
A customer is a person who purchases the product or service. He/she may or may
not use the product/service.
Example: A person buying milk for her family is a customer.
A consumer is a person who uses/consumes the product/service. It is not necessary

for a consumer to purchase the product/service. If some other person buys the
product/service which is consumed by another person then the other person is the
consumer and the buyer is the customer.
Example: A child drinking milk purchased by her mother is a consumer. Here the
mother is the customer and the child is the consumer.
6. What is market share?
Out of all the purchases made by customers of a product or service, the

percentage that goes to a company defines the company's market share. In other
words, if customers as a whole buy 100 soaps, 40 of which are from one company,
then that company holds a 40% market share.
7. Why Marketing?
The interviewer is well aware of the fact that marketing is one of the most
preferred specializations but very few have prior work experience in that field. So,
basically the interviewer will judge you on the following essentials: -
• Prior Knowledge
If you claim to be marketing enthusiast, then you are expected to be aware
of basic frameworks like BCG matrix, Porter’s 5 forces, Ansoff Matrix and
many more that you will find attached in this material. You are also
expected to be prepared with a list of your favourite campaigns and what
made them so attractive. If you want some more examples please refer:
https://www.facebook.com/Marquess.IIMRanchi/
• The Art of Storytelling
You can also narrate your personal experiences that motivated you to pursue
marketing. At the end of this, you might be asked to sell some simple items
like a water bottle or a pen to the panel sitting in front of you. As a
marketer, you would be required to pick up insights from consumers
connects and craft an engaging sales pitch; all these activities place
storytelling at the core.
• The 5 standards of leadership
As a prospective marketer, you are expected to exhibit the following five SOLs.
The interviewer tries to judge these through how and what you answer to a
particular question, case or situation. Here are the SOLs:
1. Growth Mindset – competitive leadership.
2. Consumer and Customer focus – purpose-driven leadership.
3. Bias for Action – action-driven leadership.
4. Accountability and Responsibility – performance-driven leadership.
5. Building talent and teams – people-driven leadership.
Based on these essentials, build a customized answer. The interviewer may ask you
further questions based on your answer. So, be prepared with all the frameworks that
you mentioned, more brands associated with the brand-ambassador mentioned or some
popular campaigns of big companies.
8. Sell me a water bottle.
It may not necessarily be a notebook; it could be anything. If caught off-guard,

ask for a minute to create a sales pitch. The trick to answering such a question is
to talk less about the product feature and more about the benefits it will give to
the customer. Also try to associate this with your favourite star, upcoming event
or the latest trend. One of the possible answers could be: -
Start with greeting: Good morning sir.
Create engagement: What are your opinion about the rising level of pollution and
its effect on health?
Based on the interviewer’s answer, try to find certain characteristics and create a
personalized pitch
Pitch: Exactly sir, even we at company X believe that and that’s why we created
a revolutionary product for you. This is a bottled mineral spring water that
purifies your blood, brings a glow to your face and improves your immune
system.
Associate with a trend: Do you know that all the major sports stars drink these
special kinds of water? Even Virat Kohli spends a huge fortune on Evian spring
water and guesses what, we also source our water from the same spring and
we’re bringing it to you at a fraction of the price that big companies charge.

9. Which is your favourite advertisement and why?
Such open-ended questions are meant to put you in a make or break

situation. Most preferred answers to this are the ones with a social message
as they are easy to explain. But if you really love any particular ad, then
just go for it. Show your passion, your understanding regarding how
engagement was created, how creatively the message was delivered and
what you learned from it. Our answer to this would have been:
“I like Red bull ads. They are so creative. As a company, they understand
their target audience well. They create funny yet relevant ads for the youth
and try to attract adventure sportsmen. They have even gone to the
extreme end of Space Dive!”
10. What is the relationship between your current job and Marketing?
And how an MBA will help you?
Try to identify the Marketing and Sales opportunities in your industry and
align your answer to that. For example:
“During my IT experience, our company emphasized on automation and we

even made plenty of modules that can be customized as per the client’s
requirements. I always wondered what it takes to sell this software or how
B2B marketing works. My knowledge of this is very limited and I would like
to expand my horizon of knowledge because as a good leader, you are
expected to know each and every aspect of the business.”
11. Have you held any Marketing Role in your current workplace?
The purpose of asking this question is to make sure that you have a clue
about marketing initiatives at your workplace and to analyze your approach.
Many of you would have not directly worked in such a role and that is
totally fine. You can inform the panel about the same, but share something
similar along this line. It can be something as simple as pitching an
innovative idea to your senior, promoting your college fest or any other
personal experience that you think was related to marketing.

12. What interests you in marketing?
This will be a point where the interviewer will give you the freedom to sell yourself
as a professional who is sure about his decision of moving further ahead in
Marketing. If you really are an enthusiast, share your views and experiences. This is
also a wonderful opportunity for you to inform the panel about any certifications
that you have done.
This question can take many forms. During a stress interview, you may be asked:
“Don’t you think other subjects are important as well?” Here you have to
diplomatically handle the situation. For example:
“Actually I think Marketing is a domain which requires you to have knowledge of all
the subjects. You cannot sell a product if you do not know the technicalities of it.
Furthermore, one needs to know analytics to find insights from surveys, finance to
build a projected sales report, operations to work with sales and distribution
channels, and so on. The reason I feel inclined towards marketing is that I love the
creativity involved, I love interacting with people and bringing smiles to their faces
and I want to be able to bring business to the firm I work for. I am passionate about
it!”
13. What is branding?
Branding is all about standing out by breaking through the clutter and
grabbing your customer's attention. In simple words, it is about actively
shaping your brand. There's so much that goes into branding your company-
mission statement, logo, brand values, website, and so on. Always remember,
products have a limited life cycle, but brands, if managed well, last forever.
14. What do you understand by CRM?
Customer relationship management (CRM) is an approach to manage how a

company interacts with its current and potential customers. It
analyses customer data of a company to improve business relationships and
specifically focuses on customer retention and driving sales growth.

15. What is digital/online marketing and why is it so important today?
Digital marketing is the marketing of products or services using digital

technologies on the Internet, through mobile phone Apps, display advertising, and
any other digital mediums. Digital marketing is important for every business
because of the better growth options it provides in terms of-
1. Greater reach both organically and inorganically (paid promotions)
2. The targeted reach of customers who are searching for topics on the web
relevant to your business.
3.Higher conversion rate of leads into customers who can be serviced on a real-
time basis.
4. Measurement and analysis of consumer behaviour and engagement.
5.Cost-effectiveness and better ROI using multiple platforms in the digital

medium.
CORE MARKETING FRAMEWORKS/MODELS:

4 Ps of Marketing:
The main objective of any marketing initiative is to maximize ROI on production,

sales, distribution and after-sales service of any product. It can be only ensured by
having the right product at the right place at the right time and at the right price.
There are basically 4 Ps that make up the marketing mix model- Product, Price,
Promotion and Place. It is illustrated as under:

Over time, as businesses extended their focus to services along with products, 3 more
Ps got added. These are People, Process and Physical Evidence. Today, it is advisable
to use all the 7 Ps of the marketing mix for reviewing competitive strategies.
4 Cs of Marketing:
The 4C’s are a modern representation of the 4P’s and helps a marketer to see from the
perspective of the customer.
Product Life Cycle:
It is an important concept in marketing that describes the stages a product goes

through from the time it was first launched in the market to the time it is
removed from the market. The main stages of the product life cycle are-
a) Introduction- You conduct market research, develop the product, launch
and engage in advertisements.
B) Growth- Sales are increasing at an increasing rate and the product starts
capturing market share.
c) Maturity: Sales are increasing but the growth rate slows down because
competitors start stepping in.

d) Decline: Sales start declining and the costs are more than the revenue.
Extension strategies can be adopted before the product goes into decline. Once it
goes into decline, the organisation should divest from such products.
Boston Consulting Group (BCG) Matrix
It is an analytical framework which is used to define and analyse the product

portfolio of a business. By looking at where the product falls in this matrix, the
company can quickly visualise which offerings are struggling or thriving. The matrix
is classified on the basis of two variables, namely market share and growth rate.
The four categories include- question marks, stars, cash cows and dogs.
The strategy is
-To analyse the question marks thoroughly to see if they are worth the investment.
-To monitor the growth of stars and see if they can eventually become cash cows.
-To “milk the cows without killing them” with as little investment as possible.
-To remove dogs from your portfolio because they do not yield any return.

Segmentation, Targeting, and Positioning
It is a three-stage process that involves-
Segmentation: Dividing the total market into different segments on the basis of
demographic, geographic, psychographic and behavioural variables. Since the
marketer cannot go after the total market with a general strategy, it is only
feasible to break down the market into segments and devising a different strategy
for each segment.
Targeting: Evaluating the segments and selecting one or more segments

according to the resources and capabilities of the organization.
Positioning: Identifying the proposition for each segment by developing the core
brand proposition.

SWOT Analysis: It is a study undertaken by an organization to identify its internal
strengths and weaknesses, as well as its external opportunities and threats.
Growth Strategy Model (Ansoff’s Model)
This model can be used to identify alternative growth strategies. It takes into
consideration present and potential products and markets. The four growth
strategies under this model are
Market penetration- you focus on expanding the sales of existing products.
Product development- Introducing a new product in the existing market.
Market development- entering new markets with existing products by

identifying new use of the products.
Diversification- Introducing a new product in a new unfamiliar market as an

expansion strategy.

Porter’s Five Forces: Porter’s Five Forces is a model that is used to interpret the
nature and strength of different factors and forces that impact an industry. It is
essentially used to conduct an industry analysis.

AIDA model:
It is a proven framework for converting strangers into customers. The model

describes four stages that customer has to go through before making a
purchase.
To create awareness, the marketer needs to research the target audience’s

passions and problems and create content for the product/service
accordingly.
To generate interest, the marketer should describe the USP and the benefits
of the offering. It’s basically about making the customers visualize the
pleasant future with the solution proposed.
To stimulate desire, the marketer can generate excitement about the

product compelling the customer to act. And finally, spurring action through
“free trial”, “try a demo”, etc. can convert the lead into a customer.
To take action, which will ultimately lead to purchase.

The Marketing Funnel:
A marketing funnel is a set of stages that map the customer
journey and marketers a measure of how effectively they are filling
the funnel with new leads, and how well those leads convert
through each stage.

LIT
About LIT:
The Literary Club is committed to improving and fine-tuning students'

literary skills. The club encourages students to develop a taste for
literature, and also works towards broadening their range of spoken and
written language. Its agenda includes a variety of activities aimed at
building confidence and fostering the talents of students in the face of
various interpersonal challenges.
Our vision is to enhance the students’ linguistic, writing, communication
skills, and creativity through writing competitions, quizzes, and other
activities. It is also a place where students are given an opportunity to
share their insights on politics, life, social issues, etc. through debates and
discussions.
Team Members:
Darpan Janwe
Illiya Manna
Writ Majumdar
Contact Details:
• https://www.facebook.com/LiteraryCommittee/
• https://www.instagram.com/litclub_iimr/
• http://iimranchilitclub.blogspot.in/

Writing Ability test
Written Ability Test (WAT) plays a crucial role in the selection process of IIMs. It
tests your ability to understand and critically analyze the topic and to
communicate your thoughts in a stipulated word or time limit.
The topic for WAT can be anything from current affairs or general awareness to
any abstract title. Below are a few tips to ace the WAT –
• The practice is the key to success. Ensure that you practice writing a few
essays.
• While introducing the topic, it is advised to mention the importance and need
for the discussion at this point in time.
• Avoid grammar and spelling mistakes. Flaunt your vocabulary skills, but make
sure not to be verbose.
• Don’t beat around the bush as there will be word or space limit along with a
time limit.
• Mentally sketch out some of the important points that you would definitely
want to mention in submission. It is important to make use of the first 20% of the
time limit (4 minutes for 20 minutes timeline) to frame the article in your mind.
• Correlate the points to the topic and frame the outline of your article with
proper coherence and a seamless connection between every point.
• Structure is extremely important. A well-structured essay demonstrates your
clarity and understanding of the topic. Keep the format simple –
Introduction, Body & Conclusion.
• In case of an "A v/s B" topic, maintain a neutral stand and drive towards your
pick through substantial analysis.
• The conclusion is the section where you consolidate all your thoughts and
take a side on the topic only if asked for.
INTRODUCTION:
This is much like the first 30 seconds of your PI. This is where the evaluator will
form his first (and often irreversible) impression of you with regards to your
clarity of thought, relevance to the topic, grammar, and sentence construction.

So it is critical to provide something unique in your introduction to capture the
full attention of the evaluator. It needs to be something that is different from
most of the other hundred copies the person would be evaluating. While using
a relevant quote is often a way to establish this, it can be risky because:
There is a chance of drawing negatives if the accuracy of reproducing the
quote is compromised, which is not unlikely, given the time and performance
pressure.
It is essentially starting off with someone else's thoughts on the topic, whereas
an original and distinct thought would be more appreciated. Therefore, it is
advisable to give your own thoughts in a concise and grammatically correct
form that would act as a preamble to the points that you are going to
elaborate on in the body.
BODY:
This is where the various points come in a sequential and rational manner. A
very useful format is the ILE method - idea, logic and example. Put your point
across and then provide a succinct explanation and then substantiate the same
with an example. Often the example can be used as a connection to the next
point if thought through thoroughly.
CONCLUSION:
Whatever the topic, an article should ideally end on a positive note.
Therefore, based on the points provided round up the article on an optimistic
note, e.g. laying the stones for a bright future in the given scope or sphere. A
good conclusion often leaves the evaluator happy and enhances the chances of
getting a good score.
In terms of paragraphs, the Introduction and the Conclusion should be one
paragraph each, and the Body can have multiple paragraphs, depending on
word and space limits.
SOME HYGIENE FACTORS: -
• Always adhere to word/space limits. The easiest way to lose marks is to
cross the word limit. If no word limit is given, then make sure that the font is
not too dissimilar in the first and last sentences, i.e., there should be no
visible indications of time and space constraints you might have faced.
• Utilize the first 20% of the time very wisely. This is where you will
strategize. The next 80% will be the implementation.

TOPICS FOR 2020
1. Using the latest technology to shape industry 4.0 (AI, Big Data,
Blockchain).
2. Forest fire in Amazon – reasons.
3. What if Chandrayaan 2 had made a smooth landing?
4. Your opinion on ‘Zero.’
5. Black or White.
6. Article 370: Good or Bad?
7. Visibility of India in track and field events?
8. Why is India not visible in international sports events?
9. Should India have a one-child policy?
10. Do we really need smart cities?
11. America’s hegemony in world affairs.
12. Can Bangalore be the next Silicon Valley?
13. Impact of economic slowdown on the life of a common man.
14. One job, one exam.
15. Can we dream of hosting the Olympics?
16. Fine is a tax for doing something wrong and Tax is a fine for doing
something right.
17. No man is an island.
18. Modernization is not westernization.
19. Future of entrepreneurs in India.
20. It’s the time for underdogs.
21. Knowledge without character is dangerous.
22. It’s smart to be a little dumb.
23. Are electric vehicles really green?

24. Orange is the new black.
25. Social media- Boon or bane?
26. Should the duration of paternity leave be the same as that for maternity leave?
27. Should prostitution be legalized in India?
28. Should reservation be introduced in corporates?
29. Corruption is a necessary evil.
30. Being in a relationship is a social stigma.
31. Mob lynching in India.
32. Movies encourage social evils.
33. Should investment in education be a priority for current India?
34. Nepotism and its impact.
35. Should classroom learning be substituted with e-learning?
36. Is social media actually connecting people?
37. Should paper bags (replacement of plastic bags) be chargeable?
38. Is MBA necessary for going up the corporate ladder?
39. Money can buy happiness.
40. Ethics and values are utopian words.
41. If aliens land on earth which country should they settle in?
42. Is texting hampering our vocabulary?
43. Outsourcing and offshoring - Do MNCs have a duty to maintain a strong presence
in their home country?
44. Should weed be legalized?
45. Bureaucracy or Democracy - Which is better?
46. Why Indian movies haven’t won an Oscar yet?
47. Should there be a minimum educational qualification for politicians?

48. Should the death penalty be scrapped?
49. Advertising is legalized lying.
50. Horse trading in politics: Is it healthy?
51. Can Russia again be a superpower?
52. Is it time for World War III?
53. Is WhatsApp the new addiction?
54. Everything is fair in love and far? How relevant is t in the 21st century?
55. Winning is what matters, whatever may be the cost.
56. The world needs more implementers than Planners.
57. Is depression becoming a new epidemic?
58. Freedom of press.
59. Is management an art or a science?
60. Implications of CAA and NRC?
General Questions
• Where do you see yourself 5 years down the line? What was your preparation
strategy?
• Three adjectives that define you as an individual. What is your biggest
achievement to date and why? What influenced you to choose this career? Give an
instance when you were under high pressure and how did you deal with it?
• Give an instance when you had to take a quick decision?
• Which subjects did you dislike in your college? Difference between conductors
and semiconductors and how temperature will affect them.
• Who is a Brand Ambassador?
• Which other B-schools did you apply for, and converts, if any?
• Difference between a Manager and a Leader.

• What Is OS?
• How does the Demand-Supply curve work?
• Market share of your organization.
Basic questions related to Economics and Accountancy

• Name a few HR Managers who are heading an Organization
• Name few sensors Used in Mobiles
• Question on IOS
• How to communicate CSR activities?
• How do you sell black spectacles to a deaf man? What is your favourite
movie?
• 5 Women Chief Ministers served or currently serving Indian states
• 5 Women CEOs and women HRs
• Difference between accounting and bookkeeping? What are the 3 golden rules
of accounting?
• What is a real account, personal account and nominal account?
• Difference between expense and expenditure?
• What are fictitious assets? Give examples.
• What are the different types of accounting ratios? What is the time value of
money?
• Difference between collateral and mortgage? Difference between primary and
secondary markets? Difference between FDI and FII?
• What are Sensex and Nifty?

Thank You
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IIM Ranchi PI Etiquette Guide

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Indian Institute of Management Ranchi

❑ Dressing etiquette is extremely important. Being well groomed makes

Indian Institute of Management, Ranchi

HiRe is the pioneer club of Human Resources at the Indian Institute of

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

1. Demonetization in India: Decision is more appreciated than criticized

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

• Tell us something about yourself.

Activities & Interests:

• What are your hobbies and interests?

Indian Institute of Management, Ranchi

• What according to you is an ideal job?

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

In today’s digital world, an ever-increasing amount of data is gathered, stored, reported

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Project Job Shop Batch Line Continuous

Indian Institute of Management, Ranchi

Quality is meeting the requirements, expectations, and to ensure needs of the

It focuses on preventing defect. Quality Assurance ensures that the approaches,

Quality Assurance is a proactive process and is preventive in nature. It recognizes

Quality Control focuses on identifying defects. QC ensures that the approaches,

Quality Control is a reactive process and is detective in nature. It recognizes the

Total Quality Management:

1. Deming proposed an implementation plan consisting of 14-step, which

Indian Institute of Management, Ranchi

3. Crosby suggested a 14-step program for the implementation of TQM. He is

The main principles of TQM are the following three statements.

2. Quality is the responsibility of all employees in all parts of the organization.

3. A continuous process of improvement culture must be developed to instill a

Basic Tools of Quality Control:

Seven basic tools of quality first emphasized by Kaoru Ishikawa, a professor of

1. Cause-and-effect diagram (also called Ishikawa or fishbone chart): Identifies

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Indian Institute of Management, Ranchi

Scatter diagrams are used to evaluate cause-and-effect relationships. The

Indian Institute of Management, Ranchi

JIT and Lean Systems:

Just-In-time (JIT) is a philosophy originating from the Japanese automaker

1. Over-Production – This is classified as the most significant source of waste

Indian Institute of Management, Ranchi

5. Inventory – Inventory of all types (e.g., pipeline, cycle) is considered as waste

6. Motion – Simplification of work movement will reduce waste caused by

Value Chain Management:

Manufacturing value chain management (VCM) is the process of monitoring and

Indian Institute of Management, Ranchi

Supply Chain Management:

What is Supply Chain?

A supply chain is a series of activities that deliver a product or service to

Fluctuations in the Supply Chain

Indian Institute of Management, Ranchi

The type of inventory management system to be employed is determined by the

1. Dependent Demand A dependent demand item has a demand which is relatively

Indian Institute of Management, Ranchi

Generally, inventory is classified as either raw materials, work-in-progress (WIP),