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This happened to be the first time; I got any assignment of this nature from Journal Publishing Division of the particular university.

Initially, I was surprised by this gesture, due to the traditions that prevail in the nation happens to be selection of reviewers based on designation and is not based on knowledge of domain and expertise of Individual in it. As I happen to be reviewer of many International Journals, being at my designation itself, that Assistant Professor [for people not related to the institution I work with, or those who retired prior to Sixth Pay Commission Recommendations; it is being mentioned that this designation is same, which in their time was known as Lecturer] not being named here for reasons of confidentiality; but never expected it from the published by Research Directorate of a University known well to all. University is not being named for Reasons of Confidentiality.

The manner, in which the role of referee is supposed to be performed, was followed and performed with to the level of and with all possible integrity and devotion to the extent possible and expected within my limitations. The comments that were as final recommendation put by me on the space meant for Comment on the Evaluators’ Sheet were as detailed in double quotes:

“The work completed and outcome of the same happen to be very relevant and pertinent for concerned domain of knowledge. The paper too has been drafted, following most of the conventions in vogue, in research. Evaluator feels that, if some extra efforts can be put and same is fine tuned further, the contribution, by this paper, may achieve a distinction of being seminal in Nature. Therefore, recommends that, the scholar may be provided with a chance of value addition.”

Since, due to the limitations of space provided on Page, provided for comments; was forced to attach three additional A4 Sheets. The same got details explaining the comments given as mentioned paragraph just preceding this one.

Perhaps due to paucity of money in the Organizational Funds, it has turned impossible for the organization to provide me a couple of cartridges, for performing few academic endeavors’. I thought better to buy the same from my pocket [Approx. Five plus Three Units, as only a petty sum of Rs. 32,000/- was required].

Any way then too, I preferred to write comments in ink by my own fountain pen. My purpose of joining academics is not alone to earn money, but certainly let me accept that its important but I have given it second priority. My primary objective is still, to learn as far as possible to turn capable of solving at least one unsolved miseries existing in this enigmatic and ever expanding universe, which can turn helpful in overcoming at least one the suffering from total number of miseries being faced by humanity. Thus I take my salary as stipend received by name “Learn while you Earn”. The salary in material terms is also not more than that, which clear by my designation as mentioned above. The comments, thus, in additional sheets were scribbled in my own hand writing and attached along with evaluator’s report.

Now the logic as to why I am sharing this information with my audience:

“When Paper was returned back to Scholar who had authored the same, for the purpose of correction; it got revealed to me that the authors were none other than Learned Dean of one College of the same well known University co- authored by Learned Head Department of the same College, and a scholar who got admitted to the prestigious degree of Doctor of Philosophy the domain dealt by the college, bearing a seal of the prestigious university”.

Now I feel a bit happy for of my decision of not getting enrolled or registered for Ph. D., in the Particular College and the University.

This also clearly introduces me to the reasons, as to why the university despite of best of its efforts has not got the status of Central University. Probably as of now the University should vie to get recognized as National Institution, even which as per me, may not be awarded.

Finally I Hope that there is no need to Sign this Document….As the above content has not been created for legal purposes. It’s just meant to separate and create a visible difference between a Professor and a Tutor performing the role of Professor to earn his Livelihood. ALSO TO EXPLAIN WHAT IT MEANS AND SHOULD BE EXPECTED BY PRESENT GENERATION INDIVIDUALS DECORATED BY DEGREE TITLED DOCTOR OF PHILOSOPHY.

ACADEMICS IS LONG DEAD! ………………………………………………

……………………..…………………………………………………………….LONG LIVE ACADEMICS !!!

Always Yours ………………………………..As Usual…………………………Saurabh Singh

The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps.

For example, motor vehicle manufacturers like Audi:

• Produces products that are of the highest quality and fit for the needs of different groups of consumers,
• Offers a range of cars at value for money prices, depending on the market segmented they are targeted at,
• Sells the cars through appropriate outlets such as dealerships and showrooms in prime locations, i.e. in the right places, and
• Supports the marketing of the products through appropriate promotional and advertising activity.

The marketing mix  [McCarthy’s Marketing Mix Model called 4 Ps of Marketing] thus consists of four main elements:

1. Product

2. Price

3. Place

4. Promotion.

Getting the mix of these elements right enables the organisation to meet its marketing objectives and to satisfy the requirements of customers.

In addition to the traditional four Ps it is now customary to add some more Ps to the mix to give us Seven Ps.

The additional Ps have been added because today marketing is far more customer oriented than ever before, and because the service sector of the economy has come to dominate economic activity in this country.

These 3 extra Ps are particularly relevant to this new extended service mix.

THE THREE EXTRA Ps ARE:

1. Physical layout

These days when manufacturing dominated the UK economy the physical layout of production units such as factories was not very important to the end consumer because they never went inside the factory. However, today consumers typically come into contact with products in retail units – and they expect a high level of presentation in modern shops – e.g. record stores, clothes shops etc. Not only do they need to easily find their way around the store, but they also often expect a good standard or presentation.

The importance of quality physical layout is important in a range of service providers, including:

• Students going to college or university have far higher expectations about the quality of their accommodation and learning environment than in the past. As a result colleges and universities pay far more attention to creating attractive learning environments, student accommodation, shops, bars and other facilities.
• Air passengers expect attractive and stimulating environments, such as interesting departure lounges, with activities for young children etc.
• Hair dressing salons are expected to provide pleasant waiting areas, with attractive reading materials, access to coffee for customers, etc.
• Physical layout is not only relevant to stores, which we visit, but also to the layout and structure of virtual stores, and websites.

2. Provision of customer service

Customer service lies at the heart of modern service industries. Customers are likely to be loyal to organizations that serve them well – from the  way in which a telephone query is handled, to direct face-to-face interactions. Although the ‘have a nice day’ approach is a bit corny, it is certainly better than a couldn’t care less approach to customer relations. Call centre staff and customer interfacing personnel are the front line troops of any organisation and therefore need to be thoroughly familiar with good customer relation’s practice.

3. Processes

Associated with customer service are a number of processes involved in making marketing effective in an  organization e.g. processes for handling customer complaints, processes for identifying customer needs and requirements, processes for handling order etc

The 7 Ps – price, product, place, promotion, physical presence, provision of service, and processes comprise the modern marketing mix that is particularly relevant in service industry, but is also relevant to any form of business where meeting the needs of customers is given priority.

Always Yours—–as Usual——Saurabh Singh

“We expect some companies to move the court” said the CEO of a life company. “It is unfortunate that this dispute has been allowed to reach this stage. It is time for the finance ministry to intervene” he added.

In an order signed by Prashant Sharn, wholetime director, SEBI, said, “I hereby direct the entities mentioned in this order not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new and/or additional subscription for any product (including ULIPSs) having an investment component in the nature of mutual funds, till they obtain the requisite certificate of registration from SEBI.”

The 14 companies mentioned in this order include Aegon Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vyasa Life, Kotak Mahindra Old Mutual Life, Max New York Life, Metlife India, Reliance Life, SBI Life, TATA AIG Life.

A few months back, SEBI had questioned individual life companies why they were selling investment products without its approval. Companies had responded individually that insurance laws permit them to offer an investment component within a life insurance policy. They also said that they were regulated by SEBI who had cleared all these products. The life companies were supported by the market regulator, who reiterated the stand taken by life companies.

In its final order SEBI said, “I find that the entities by their own admission have stated that there are two components of ULIPSs – an insurance component where the risk on the life insurance portion vests with the insurer and the investment component where the risk lies with the investor. This establishes conclusively that ULIPSs are a combination product and the investment component need to be registered with and regulated by SEBI”

SEBI’s order has implications not only for the life insurance companies but also for their promoters who have sunk in over Rs 26,000 crore in the form paid up capital. According to analyst reports, a significant portion of the value of various companies including, ICICI Bank, Aditya Birla Nuvo, SBI Life and Bajaj Fin serve. Most of the business written by these companies is through ULIPSs. If these companies are barred from selling ULIPSs, their valuations are likely to be hit.

Atul Surana , Certified Financial Planner and MD of Catalyst Financial Planning, says, “Anybody will understand one clear partial stand of SEBI which has not included LIC’s name in the list of life insurance companies selling ULIPSs. Secondly, this sounds much like a war between IRDA and SEBI who are bent on proving their authorities. These two regulators could have sorted out the issue on regulatory process first and then issued the order!”

So far as the order’s negative implications are concerned, experts say that while they broadly agree with the concerns of the regulator, it is also important to look at some possible negative implications of this move.

For instance, this process of another regulatory approval might take away the sheen from these products. Insurance companies may not be inclined.  The Securities and Exchange Board of India’s latest order on ULIPSs is expected to have far-reaching implications for the concerned life insurance companies as well as investors. SEBI has issued a directive to all private life insurance companies not to issue any offer document or advertisement soliciting money from investors for a ULIPS or any product having an investment part in the nature of mutual funds, till they approve of the same.

This directive is the latest in a series of initiatives taken by the market regulator to put an end to all unfair market practices and make the process of investments simple, fair and cost efficient for an investor. While the immediate fallout will be negative for all the 14 private life insurance companies as ULIPSs form a major part of the new business written by these companies in the recent past, yet some financial experts feel that this is a welcome step as it puts an end to the unfair practice of pushing life insurance policies as investment products to gullible investors.

“In the current market practice investors end up paying very high charges for the investment part of these policies and are usually not aware of the expenses they are paying. This is because unlike a normal share or mutual fund investment there are usually a myriad of charges in a ULIPS product hidden behind numerous provisions and clauses which are sometimes not easy to comprehend even by insurance professionals,” says Ashish Kapur, CEO, Invest Shoppe India Ltd, adding, “hence common investors have very little chance of ever getting an accurate picture of the costs they are incurring on these insurance and investment combination products.”

Still all is not well with the SEBI order as it is believed to have some partiality besides having some negative implications to offer these products if the regulations are very tough and costly to comply with.

FRIENDLY FIRE: EXPECTED NUMBER OF CASUALTIES

SEBI’s order asking 14 insurance companies to stop selling unit-linked insurance plans has turned into full-fledged regulatory battle with the Insurance Regulatory and Development Authority issuing its own order directing the 14 companies to continue selling ULIPSs.

“After due consultation with the members of the consultative committee all the 14 insurance companies which are mentioned in the order of SEBI are directed to note that notwithstanding the said order of the SEBI, they shall continue to carry out insurance business as usual including offering, marketing and servicing ULIPSs in accordance with the Insurance Act 1938” IRDA said in a late evening order on Saturday signed by chairman J Harinarayan.

In the order IRDA observed that SEBI’s order would upset financial stability, jeorpardise policy holders interest and was prejudicial to the interest of insurers. The 14 companies mentioned in this order include; Aegon Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vyasa Life, Kotak Mahindra Old Mutual Life, Max New York Life, Metlife India, Reliance Life, SBI Life, TATA AIG Life.

“The IRDA Act `99 is specifically enacted to provide for an authority to protect the interests of holders of insurance policies, to regulate, promote and ensure the orderly growth of the insurance industry” IRDA said. The insurance industry was greatly relieved by IRDA’s order. “It is now between the regulators who have to settle this among themselves” said a senior industry official.

SEBI’s order has more far reaching implications than a press release or a circular. Since the order has been issued under Section 34(i) (a) and (b) of the insurance Act. IRDA has said that in the year `08-09 ULIPS policies involving a total premium of Rs 90,645 cr were in force. In fiscal `09-10 upto February 16.7 lakh policies have been sold with a premium of Rs 44,611crores. “It is also observed that the 14 insurance companies have an equity capital of Rs 16,281cr as on March 2009” IRDA said.

The insurance regulator said that observance of SEBI’s order would cause the stoppage of all renewals of insurance policies already invested by the insuring public may result in forced premature surrender of insurance policies causing substantial loss to the policyholders and to the insurers. “The effective stoppage of the sale of the products would cause a complete drying up of revenue flows to the insurance companies which could disrupt the payment of benefits on maturity, on death and on other admissible claims, putting the policyholder and the general public to irreparable financial loss. The financial position of the insurers will be seriously jeopardized thus destabilizing the market and upsetting financial stability” IRDA said.

IRDA IS FIRST TO BLOW CONCH – DIN’T YOU HEAR THE WAR CRY

SEBI’s order asking 14 insurance companies to stop selling unit-linked insurance plans has turned into full-fledged regulatory battle with the Insurance Regulatory and Development Authority issuing its own order directing the 14 companies to continue selling ULIPSs.

“After due consultation with the members of the consultative committee all the 14 insurance companies which are mentioned in the order of SEBI are directed to note that notwithstanding the said order of the SEBI, they shall continue to carry out insurance business as usual including offering, marketing and servicing ULIPSs in accordance with the Insurance Act 1938” IRDA said in a late evening order on Saturday signed by chairman J Harinarayan.

In the order IRDA observed that SEBI’s order would upset financial stability, jeorpardise policy holders interest and was prejudicial to the interest of insurers. The 14 companies mentioned in this order include; Aegon Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vyasa Life, Kotak Mahindra Old Mutual Life, Max New York Life, Metlife India, Reliance Life, SBI Life, TATA AIG Life.

“The IRDA Act `99 is specifically enacted to provide for an authority to protect the interests of holders of insurance policies, to regulate, promote and ensure the orderly growth of the insurance industry” IRDA said. The insurance industry was greatly relieved by IRDA’s order. “It is now between the regulators who have to settle this among themselves” said a senior industry official.

SEBI’s order has more far reaching implications than a press release or a circular. Since the order has been issued under Section 34(i) (a) and (b) of the insurance Act. IRDA has said that in the year `08-09 ULIPS policies involving a total premium of Rs 90,645 cr were in force. In fiscal `09-10 up to February 16.7 lakh policies have been sold with a premium of Rs 44,611crores. “It is also observed that the 14 insurance companies have an equity capital of Rs 16,281cr as on March 2009” IRDA said.

The insurance regulator said that observance of SEBI’s order would cause the stoppage of all renewals of insurance policies already invested by the insuring public may result in forced premature surrender of insurance policies causing substantial loss to the policyholders and to the insurers. “The effective stoppage of the sale of the products would cause a complete drying up of revenue flows to the insurance companies which could disrupt the payment of benefits on maturity, on death and on other admissible claims, putting the policyholder and the general public to irreparable financial loss. The financial position of the insurers will be seriously jeopardized thus destabilizing the market and upsetting financial stability” IRDA said.

POLICE DECIDES TO TURN SPECTOR

The finance ministry today kept a safe distance from the ongoing row between market regulator SEBI and insurance watchdog IRDA over ULIPs, saying the two regulators have to resolve the issue.

“It’s a matter between regulators; so they have to decide,” finance secretary Ashok Chawla told when sought his comments on yesterday’s SEBI decision to ban 14 life insurers from raising any more money from the unit-linked insurance plans (ULIPs) in which a portion of the premium amount is invested in stock markets, a move opposed by the insurance regulator.

The SEBI decision was taken after the market regulator had sent notices to these companies asking them as to explain why they did not take its permission to launch these schemes.

Insurance regulator IRDA is understood to have stated in its reply that regulation of ULIPs by IRDA is well-laid down and that it does not agree with SEBI contention that insurers need a certificate of registration from the market regulator for dealing in ULIPs.

The issue was also taken up at the meeting of the inter-regulatory body, the High Level Coordination Committee (HLCC). It was decided at the meeting that the two regulators should settle the issue between themselves.

Chawla said the SEBI and IRDA have not so far been able to come to any resolution. “So, SEBI has taken a legal process. He was going to be silent spectator to see the fire power of both Regulators.

Always Yours   — As Usual — Saurabh Singh, India

[Thanks are expressed for too many peple]