Tag Archives: # economy # education

Business and Management

Adapting marketing to the new economy

Companies in 21st century have to adapt to ever changing environment. At present, companies represent a curious mix of old as well as the new economy. A great deal of research has already been done with respect to the old economy, but for the new economy, companies are learning it rather hard way. Companies have to choose elements from old and new economy wisely as to build a business model which would bring value to the company.

Technology revolution, globalization and market deregulation factors are among many sculpting the new economy. These 3 factors interact with each other at different levels creating the driving force for the new economy. The old economy was full of analog devices, which were running on a continuous signal wave, for example, gramophone records. In today’s world systems and devices are running on digital technology where information is carried in ones and zeroes. However, this digital information cannot be exchanged between devices without connectivity through wire or wireless networks. This connectivity is achieved through intranet, extranet and internet.

Internet allowed players like Yahoo, Amazon, ebay to offer products like music, books, apparel, etc. directly to customers. This move de-stabilized the traditional distributors and retailers causing some to shut down their business. However, some of the players developed online portals to offer their products and services which in turn de-stabilized new online players. Some of the old players were successful with help of their brand strength and poor business models of pure online players.

In the old economy focus was only on standardization, mass production and singular marketing policy. However, with the amount of information available in the new economy, companies are best at understanding consumers. This better understanding has led to customized products, a shift from standardization. However, this customization has its drawbacks not only for companies but also for customer. Companies find it difficult to maintain the cost level for customized products to register profit. Customization is impossible for products, which require complex industrial engineering. Customer does not know real product appearance until it fully completed and also return policy is not there in customization.

The new functioning of economy has changed the way companies approach their business. Companies are looking forward to expanding across market segments to get maximum market share while keeping focus strictly on customer needs. For these companies are making organizational changes where departments are developed to manage a segment rather than a product. Companies are looking forward to developing consumer based brand equity to foster long term relation. Companies are coming up with products, which perform superior than consumer expectation there by creating a strong brand while the earlier branding task was accomplished through advertising. Companies are treating employees, distribution channel, and suppliers as their business partner and not customer.

Since companies have changed the way they function in the new economy, it is imperative that marketing practices also adapt. As consumers are looking forward going online for major of their purchase, businesses are looking towards electronic commerce (e-commerce) as a way forward. Research has shown online users usually buy music, software, books, apparel, etc. rather than goods like automobiles, house, etc. Business buyers are also coming online as well as suppliers, thereby substantially reducing the establishment cost. E-Commerce has also open doors for customer to customer relation through social networking and community forums, in which experience and discussion are done with respect to products. Through internet consumers are able to provide faster feedback to companies with respect to products and services.

As businesses are moving online, the focus shifts to developing of web sites to provide reliable and correct experience to consumers. Web site design, maintenance and security are of paramount importance for creating a favorable impression on consumer. Online marketing and advertisement have got prominence in this internet age.

The new economy had brought forward challenges and opportunities not only for companies but also for consumer.

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Business and Management, Education, Skill Develpment

8 Online Business Ideas That Generate Sustainable Revenue

With more people trying to make money online, thousands of articles give advice on how you can generate some cash in the digital world. No wonder there are so many online business ideas out there!

1. Self-publish Books  

No one cares whether your book is self-published or published by a traditional publisher. The quality of your book is what matters. One of the most successful books in recent years is Can’t Hurt Me by David Goggins. He received some offers from publishers but decided to publish the book by himself. That way he owns all the rights.

And today, everyone can do that too. You can do the whole process yourself, or you can hire people to do it for you like David Goggins. You can even hire a ghost-writer.

2. Create An App  

Until just a few years ago, it would’ve been unimaginable to sleep in other people’s homes on a regular basis for cheaper accommodation. Yet, as Airbnb has shown in the travel and hospitality market, this concept has now become the norm. All these transactions are done with the app. 

But that doesn’t mean you need to create the next big-time app like Airbnb or Uber. Even without knowing how to code, anyone can build an app. There’s a list of no-code app-makers you can use online to do this.

The most important part of an app is your business model. Too often, we see apps that are great but don’t have a business plan.

3. Sell Other People’s Products  

Don’t want to build your own products? Then sell existing products, also known as affiliate marketing. It sometimes gets a bad rep but it’s a solid business model.

The best platform for this strategy is a website (or multiple sites). 

Once you have a website, you can start creating content that attracts people who are interested in the products you’re offering.

4. Create An Online Course  

I’m a big fan of Peter Drucker’s advice of focusing on your strengths so you can provide more value. This is about leveraging your knowledge, experience, and expertise for the benefit of other people. Maybe you’ve been training for a long time and you’re ready to become a fitness coach. Or you’ve been teaching history, and now can teach people how to adapt well to changes based on historical lessons.

We always want to learn. The popularity of online courses shows that there is great demand. And it’s easier than ever to sell a course. With the right tools, you are able to save time, maximize your efforts, and create courses that students can easily consume.

5. Start A Paid Newsletter  

One of the leading examples of a paid newsletter is Ben Thompson’s “Stratechery.” He popularized this digital product and he’s now generating millions of dollars. 

But you and I don’t need to become the next Ben Thompson. If you can generate a small but loyal following that’s willing to pay, you can make a good living with a newsletter.

In terms of technology, there are many solutions you can use. I’ve seen people using Substack.

6. Build An Online Community  

Most digital entrepreneurs work from home, so they barely interact with new people (often, just clients) on a daily basis. It can be a lonely pursuit.

The Sounding Board—a facilitated community where like-minded people can join, share their goals, insights, and even test their business ideas before implementing them. It’s a safe space for anyone in need of motivation and honest insights. But you can create a community around any topic.

7. Start A Coaching Program  

With the recent global crisis, more people are switching their offline activities (like being coached by a trainer in a gym) into digital programs. Now, you can have your trainer right there with you at home through your smartphone or laptop. 

This isn’t limited to fitness coaches. You can do nearly every type of 1-on-1 coaching over Zoom or Skype. Again, it’s all about what you’re good at. People want to pay for expertise. With enough experience, you can gradually expand to group coaching and booking multiple sessions. 

8. Build A Freelance Practice  

Yes, it’s easy to get on those freelancing sites, but you’re not building anything for yourself. Plus, you’ll be pitching to prospects all the time. You might as well use that time to build your own site, with your own rules.

The problem with freelance sites is that they lock you into a cycle of looking for clients and pitching to them. Many of the jobs offered are also one-time projects that pay lesser. These tactics may get you a handful of small clients at first, but you won’t build a loyal customer-base doing that. 

Building your own site, publishing your own content, and attracting high quality, well-paying clients take much more time. But the pay-off is so much more rewarding and sustainable. 

Education, News

Impact of Covid-19 on global economy

Theme:-

  • COVID-19 (Coronavirus Disease 2019) was first identified in Wuhan city of China in December 2019. On 30th January, the World Health Organization (WHO) declared COVID19 as a Public Health Emergency of International concern (pandemic). As of 16th April 2021, more than 13 crores 90 lakh people were affected by Covid globally and nearly 30 lakh people died due to the virus.
  • Coronaviruses (CoV) are a group of viruses that affects animals and humans. The first coronavirus that can affect humans is discovered in the 1960s. Before COVID-19, this family of viruses caused the SARS outbreak in China in 2002, the MERS outbreak in Saudi Arabia in 2012.
  • COVID-19 is not just affecting the health of the people, but also the economies of many countries. So the topic – ‘Impact of COVID-19 on Global economy‘ is widely discussed.

Impact of COVID-19 on the Global economy:-

  • Many people lost jobs, and the informal sector is badly hit. Unemployment is increasing. This is a huge setback for economies.
  • Due to the consumption slowdown in the world, exports and imports are affected. So, this affects the economies of almost all countries.
  • The International Monetary Fund (IMF) estimated that the global economy shrunk by 4.4% in 2020. This is the worst decline after the 1930’s great depression. Many countries are facing a recession.
  • The health care sector hit hard and the expenditure is a big burden on many countries.
  • The movement of people is restricted due to the fears over the further spread of COVID-19, and hence tourism industry has faced huge losses in the initial months of the pandemic. Tourists spend money in the countries they visit, so the loss of this money is affecting the economies of many countries.
  • Due to the low demand for fuel when several countries imposed lockdowns, crude oil prices have dropped. Low crude oil prices are beneficial to oil-importing countries like India and detrimental to the economies of OPEC (Organization of petroleum exporting countries) countries like Saudi Arabia. Now, crude oil prices are improving.
  • According to the World Trade Organisation (WTO), China is the biggest exporter and second-biggest importer of merchandise as of 2019. Many industries in other countries are depending on China for many raw goods such as pharmaceutical ingredients, automobile components etc. So, coronavirus has hit global supply chains badly. As many factories in China were closed at the start of the pandemic, production has halted for the dependent companies in other countries. Some companies went for alternatives, which is the costlier option. At present, several countries are trying to be self-sufficient. This is resulting in the dominance of nationalism over globalism.
  • Pharmaceutical companies, hygiene products manufacturing companies are benefitting from this situation.
  • Just like past pandemics, Covid too is coming in waves. At the time when countries are recovering from the first wave, several countries are facing a second wave of Covid and thereby weakening their economic recovery.

Conclusion:-

COVID-19 caused severe damage to the global economy. Nations are trying hard to rebuild their economies and to prevent further downfall. Vaccination drive should be at a faster pace to prevent further loss of lives and also the collapse of economies.

Education, News

What is heat wave?

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Science behind US and Canada’s heat wave.

• Canada is reeling under severe heat wave, which has caused an unprecedented 195 percent risk in sudden fatalities within the past few days.

• In Portland city in Oregon, US temperatures as high as 46 degree celsius were recently registered- just three degree short of the internal core temperatures of a cooked shrimps.

• On June 29, temperature in Portland advanced to 46.7 degree celsius.

• Canada too saw it’s highest temperature ever recorded in the country’s west. In Lytton in British Columbia, temperature soared to over 46 degree celsius last week.

Canada’s heat wave:Toll tops 800

Hundred of deaths were being investigated as heat related in the US states of Oregon and Washington and in Canadian province of British Columbia

• 800 sudden and unexpected deaths have been reported. The abnormal heat wave caused the temperature in the country to rise to 49.5 degree celsius, an all time record. The weather experts have blamed the heat dome effect for the sudden rise in temperature.

• The national oceanic and atmospheric Administration (NOAA) says that to understand what causes a heat dome, one should liken the Pacific Ocean to a large swimming pool in which the heater is turned on.

• Once the heater is on, the portions of the pool close to the heating jets will warm up faster & therefore the temperature in that area will be higher. In the same way, the western’s Pacific Ocean’s temperature have increased in the past few decades & are relatively more than the temperature in the eastern Pacific.

• The phenomenon causing the scorching heat is called “heat dome”. Hot air is trapped by high pressure fronts and as it is pushed back to the ground, it heats up even more.

This condition also prevents clouds from forming, allowing for more radiation from the sun to hit the ground.

•This strong change in the ocean temperature from the West to the East is what a team of scientists believe is the reason for the heat dome, which is when the atmosphere traps heat at the surface, which increses the formation of heat wave.

• To compare the reason that the planet Venus is the hottest in the solar system is because its thick cloud cover traps the heat at the surface leading to temperature as high as 471 degree celsius.

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Education

Domestic Violence towards men


Today is not a special day for men but this issue should be raised as the typical increment in the cases of Intimate Partner Violence (IPV ) against men.
Not only the females are facing the violence of their partners but also the men do. This includes stalking, physical violence and sexual assault, not even that only some of them bitterly slapped, punched, killed and grabbed by their partners.

This is a hidden and bitter truth of our society across the world. We need to prevent the victims from this, at least with regards to growing public awareness, educate them about it and increased media interest in IPV against Men.

Business and Management, Culture and History, Education, Law and Order, Public Administration, Science and Technology, Urban and Regional Planning

The Changes After 1991 In India

Today India is one of the most powerful nations in the world. Our progress in education, science-technology, business, economy, the defense system is really noticeable. India is always a unique country but India also passed many tough situations, this achievement comes after so many hardships, struggles, and fights.before 1991 the political situation in India is unstable, after 1991 certain changes in the Indian economy, science-technology held to be very important In the history of India.

Indian Economy: we wanted to establish an Economy based on social justice through planning for a National planning commission was established that would coordinate development through the policy of the Five Year Plan. The government started Economic Reforms are called as Economic Liberalisation. The foreign Invest In India increased, the field of information technology opened several avenues of employment in the country . Liberalization, Privatizati, and Globalization, India under its New Economic Policy approached International Banks for development of the country. These agencies asked Indian Government to open its restrictions on trade done by the private sector and between India and other countries.

Science and Technology: The experiment in the co-operative dairy movement By Dr.Verghese Kurien led to increase in milk production in India. This is called as White Revolution. Dr.Homi J.bhaba laid the foundation of the Indian atomic Power Programme. India insisted on using atomic energy for peaceful purposes like generation of electricity, pharmaceuticals and defense.

Change In Social Field: changes related to the women empowerment movement and other related to the policies regarding the uplift of deprived sections of the society