Hobbies

“I want to fly a plane. I want to make a paper boat. I want to become a police officer and catch all criminals by myself. I want to become a model. I want to become the Prime Minister of my country. I want to meet Sharukh Khan in person.” These are some of the things one must have said or at least heard a child say. But as we grow up, things change and people find it difficult to continue their dreams. Some of them make use of their hobbies and elevate it into their career, some pursue them in their free time and some just don’t really happen to bother about it.

hobby

According to Wikipedia, A hobby is an activity, interest, or pastime that is undertaken for pleasure or relaxation, done during one’s own time.

Some hobbies include DIY, coin collection, writing poems and articles, stamp collection, gardening, camping, play board games, watch movies/series and documentaries, make a scrapbook of special events, cooking, drawing, dancing, singing, stargazing, flying a kite, calligraphy, learning a new language, volunteering, performing yoga and the list continues.

Some of them have become obsolete such as stamp or coin collection due to VUCA world. Technology has also enhanced various things and have led to molding of interest. Now-a-days, it is possible to learn new things via internet. YouTube and other online platforms have made it possible for amateur to learn new skills online.

Some hobbies can be expensive but some comes with few costs involved. But at the end of the day, one must devote some time for these hobbies as they are a great stress reliever. One way to end the monotony is to focus on a hobby that is both enjoyable and helps you pass the time in a meaningful way.

Benefits of having a hobby:

  • Hobbies offer a new challenge.
  • They are a great source of happiness and stress reliever.
  • Hobbies provide an outlet for stress.
  • They help in enhancing one’s own personality.
  • They promote healthy relationship with oneself as well as others.
  • They also give one a platform to showcase one’s talent with the world.

As we grow up, life becomes monotonous and sometimes dull. Presence of some hobbies help in innovative thinking and reducing everyday stress. It is something that one has outside the normal job and something that is interesting. It is extremely important to adapt to the changes overall keep going and these hobbies add colors to life.

 

Demand Forecasting

Demand in simple words can be defined as the want of something plus the ability to pay, that is, purchasing power of the customer. The law of demand which is extensively used in microeconomics  states that price and demand are inversely proportional to each other.

Forecasting is used in various circumstances to get more insights about data. It is one of the important tool used for predicting future demand based on demand information.

Forecasting is used for:

  • Strategic Planning (long range planning)
  • Finance and Accounting (Budget and Control Costs)
  • Marketing (Future sales, new product launches, campaigns designs)
  • Production
  • Operation (Supply chain Management)

Demand Forecasting is the process in which historical sales data is used to develop an estimate of an expected forecast of customer demand. To businesses, Demand Forecasting provides an estimate of the amount of goods and services that its customers will purchase in the foreseeable future. There are various factors that are involved in demand forecasting such as data required, time period, purpose, nature of commodity, nature of competition etc.

4P’s of Marketing

“Mitochondria is the powerhouse of the cell” is something that we all remember from our school days whether we had biology in our graduation or not.

Whenever someone is studying Marketing concepts, there is a very little chance that they will not learn about the famous and highly spoken “4P’s of Marketing”. The 4 P’s form the pillar of marketing strategies introduced by McCarthy in his book “Basic Marketing: A Managerial Approach”.

4 P’s include: product, price, place and promotion. Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another. According to investopedia, the 4 Ps of marketing are used by companies to identify some key factors for their business, including what consumers want from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, how they stand out from their competitors, and how they interact with their customers.

Marketing Mix - Definition, 4 P, 7 P of Marketing, Example, Elements

Product:

It basically refers to the goods or service that the company has to offer to its customers. It should cater to the demands of the customers. Marketers make a lot of efforts to improve and customize their products according to customers in order to create differentiation and include value proposition. They also need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle. The type of product also partially dictates how much businesses can charge for it, where they should place it, and how they should promote it in the marketplace.

Place:

Place is the distribution channel used to sell the product or service. The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them. At times, some products are sold in the market physically and kept at stores while others are sold online through e-commerce websites. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients.

Price:

Price is the cost end consumers pay for that specific product or service. Ideally, marketers must try to link the price to the product’s real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors’ prices. In some cases, business executives may raise the price to give the product the appearance of being a luxury. Price is a sensitive issue and hence a lot of decision making is needed in order to get and evaluate the right cost of the product.

Promotion:

Promotion includes all the strategies in order to increase brand visibility and reaching out to the masses such as advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it. Each touch point must be supported by a well positioned brand to truly maximize return on investment.

Employee Engagement

Hey Readers. Let’s talk about employee engagement.

In simple words, how much a person is involved with their organization and its values is “employee engagement”. Employee Engagement is a measurable degree of an employee’s positive or negative emotional attachment to their job, colleagues and organization which profoundly influences their willingness to learn & perform at work. An “engaged employee” is one who is fully involved in, and enthusiastic about, his or her work and thus will act in a way that furthers their organization’s interests.

What Is Employee Engagement? Definition, Measurement, Drivers, and ...

The Four Levels of Employee Engagement:

  • Engaged and Committed: These include those employees who are actively involved in the processes and are emotionally attached to their organization. They consider the organizational goals as their own and keenly work according to that.
  • Engaged but not committed: These include employees who are engaged in their work but are not committed to the organization and vice versa. They are motivated but not that much is visible in their performance. This can be due to internal conflicts, bad reputation etc.
  • Neither engaged, nor committed: They are neither engaged to their work nor committed to the organization. 
  • Actively Disengaged: These are the employees are that not at all good for any organization. These people are not interested in their own job and don’t feel any attachment but the worst part is that they won’t let others do the work. They hamper the productivity of high performing employees.

Benefits of Employee Engagement:

  • Increased productivity
  • Customer Satisfaction
  • Better communication
  • Great Commitment
  • Efficient Team Working
  • Higher Retention

Key Drivers of Employee Engagement:

  • Decentralized power structure: 

    One of the main drivers of employee engagement is a decentralized power structure. When you pass on some executive powers to your high performing employees they feel obliged. It fills them with a sense of responsibility and makes them accountable. This way it also becomes easy for them to apply new innovative ideas.

  • Freedom of opinions:

    Employees who feel free to share their opinions and ideas are more productive. You should encourage your employees to express their views more often. Also, conducting regular one on one meetings with your workers is a great way to hear them out.

  • Acknowledging employees:

    They feel a sense of gratification knowing their work has been beneficial. Therefore, a manager and other heads should make it a point to appreciate the employees and their efforts. It gives them a sense of belonging and they feel worthy about their work. So, no matter the amount of contribution, it is very importay to recognize and appreciate employees.

  • Growth and development:

    An employee aspires to learn and grow at his or her workplace. It is a quintessential element that every job seeker looks forward to while joining an organization. But failing to provide the scope for growth and development leads to dissatisfaction.

    Employee Engagement - Starfish Taylor

Employee Engagement is an important process and managers as well as employees should consistently take part in it. They must work together and appreciate each other work for increasing overall productivity of any organization.

(Source: https://blog.vantagecircle.com/employee-engagement/)

Sentimental Analysis

Sentiment analysis is the interpretation and classification of emotions within text data using text analysis techniques. It bifurcates the data into positive, negative and neutral. Sometimes, there are more emotions that also can be detected using sentimental analysis.
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This analysis tools allow businesses and other decision makers to identify customer  sentiment toward products, brands, campaigns or services in online feedback. It is highly used to check online users attitude using their tweet, texts, reviews and comments. According to Wikipedia, Sentiment analysis refers to the use of natural language processing, text analysis, computational linguistics, and bio-metrics to systematically identify, extract, quantify, and study effective states and subjective information. It is a Natural Language Processing and Information Extraction task that aims to obtain writer’s feelings expressed in positive or negative comments, questions and requests, by analyzing a large numbers of documents. 
Uses:
  • Finance field for stock trading companies as sentiment algorithms can detect particular companies who show a positive sentiment in news articles. This can mean a significant financial opportunity, as this may trigger people to buy more of the company’s stock. Having access to this type of data, may give traders the opportunity to make decisions before the market has time to react. (getthematic)
  • Social media posts to know how are customer reacting to a particular topic, concept, reviews and what are their sentiments for the same.
  • Increase customer retention.
  • New product perception.
  • Businesses gain valuable insights using sentimental analysis and can strategize their objectives according to the output of this technique.
  • Also provides company’s to gain competitive advantage.

Sentiment-Analysis

Approach:

  • Using NLP (Natural Language Processing) that allows computers to analyze and understand human language.
  • Using Machine learning concept that uses classifiers such as Naive Baiyes, SVM etc.

 

Working:

  • Collection/ Fetching of data: A large chunk of data is collected for further analysis.
  • Cleaning the data: Since the data collected is unstructured or semi-structured in nature, it has to be cleaned before going for analysis. It is done by removing stop-words, removing punctuation, whitespaces etc.
  • Data Analysis: The inbuilt algorithm process the data and perform sentence splitting.
  • Indexing: Algorithm tags sentences based on their polarity such as positive, negative or neutral.
  • Output: Finally, it provides an output that tells the actual results. It can be in the form of table, graphs, text, word-cloud or figures.

 

Limitations:

  • Latest emerging terms cannot be analysed properly.
  • Sarcasm detection.
  • Term frequency.
  • Sentence completeness.
  • Small sentences or phrases cannot give much insights.

Bluetooth Technology

Hey Readers. Every now and then, people talk about the use of automation in diverse processes of business, technology, developments and day-to-day activities. As our world has grown increasingly connected, we’ve adopted a number of technologies to help us stay in contact with our friends, acquaintances and family.

Bluetooth_FM_Color

As it is a dynamic world, many technologies have come and stayed, but many have disappeared very soon. Today, we will consider the one that has stayed from a ling time: “Bluetooth Technology”. It is a wireless connectivity standard using radio signals and has become one of the most commonly used protocols. This wireless technology connects mice and keyboards to our computers. It also connects our phones to speaker, mics, headphones and various other technical devices to make our life easy and convenient.

How does Bluetooth work?

The Bluetooth RF transceiver (or physical layer) operates in the unlicensed ISM band centered at 2.4 gigahertz (the same range of frequencies used by microwaves and Wi-Fi). The core system employs a frequency-hopping transceiver to combat interference and fading.

Bluetooth devices are managed using an RF topology known as a “star topology.” A group of devices synchronized in this fashion forms a piconet, which may contain one master and up to seven active slaves, with additional slaves that are not actively participating in the network. (A given device may also be part of one or more piconets, either as a master or as a slave.) In a piconet, the physical radio channel is shared by a group of devices that are synchronized to a common clock and frequency-hopping pattern, with the master device providing the synchronization references. (Source: https://www.scientificamerican.com/article/experts-how-does-bluetooth-work/)

An integral part of the industrial IoT expansion, Bluetooth® technology helps manufacturers achieve new levels of productivity and safety. The improved location accuracy and robustness of the technology help drive down implementation and maintenance costs, enhance operational efficiency, and support commercial and industrial solutions that strive to increase workplace safety and security in environments like chemical plants. (Source: https://www.bluetooth.com/blog/bluetooth-emerging-market-forecasts-predict-continued-growth-through-2024/)

Bluetooth is a PAN technology. It offers fast and reliable transmission for both voice and data communication. It also suports both packet-switching and circuit-switching. Mainly one device is a master (phone or lapy for instance) and other devices are connected to it. Two or more piconets are interconnected to form a scatter net.

What you don't know about Bluetooth 5 technology - Samma3a Tech

Advantages:

  • Wireless
  • No setup needed
  • No need of internet connectivity
  • Low power consumption
  • Industry Wide support

Disadvantages:

  • Short range
  • Cant interfere with wireless LAN
  • A bit expensive to put

Bluetooth has a bright future as it is being used with AI and other latest technology as a fusion to create disruption in the industry.

  • Bluetooth asset tracking tags are helping more commercial and industrial environments track and manage critical assets to improve the operational efficiency, leading to 4.2x growth in annual shipment of Bluetooth asset tracking tags by 2024
  • Bluetooth technology plays a key role in workplace safety and security and that 60% of those surveyed are currently testing or deploying workplace management solutions
  • 4x range improvement helps drive reliable connections in harsh environments and can support predictive maintenance across a variety of complex industrial and commercial spaces.

Vikas Dubey Encounter

Someone said it right “What you sow, so you reap”. This is very true when it comes to the latest encounter of criminal Vikas Dubey in Kanpur, Uttar Pradesh. He had a criminal record of killing 8 policemen recently who went to arrest him instead were killed. He also has a record of almost 60 criminal cases against him including murders. The most daring and high profile one was the one in which he killed a BJP MLA inside a police station 20 years ago and was acquitted for lack of evidence.

 

The world around us is surrounded by various criminals and sometimes people at top positions are involved in the domain directly or indirectly. The manipulate and monopolize the truth and hence elevate the culture of the wrong being. Since so many people are involved, the network of such criminals gets more power and they try to spread their wings by doing more criminal activities. The large network also allows them to be convicted and arrested. Many of the murderers and criminals in the past have been released due to a lack of evidence when the truth was known.

What can you do with a law degree? | Times Higher Education (THE)

In the case of Vikas Dubey, the person was doing wrongful activities for a long time but the killing of 8 policemen recently led to his encounter as the case became high profile and came to media. Some rumors and reports indicated that once he will be arrested, there are chances that he will be killed sooner. The law doesn’t take account of the killing of criminals at the point unless he/she has created harm and is trying to escape. 

Now, this encounter seems like a typical Bollywood movie scene where the vehicle in which criminal was taken was rammed and in the process, the criminal tried to escape and police had to kill him on the spot has led to debate whether what happened is correct or not. If police can kill a person in such encounters, won’t all rapists who have clear records of what they did was incorrect be killed at that time? Won’t terrorists be hanged at the moment? Won’t other criminals who have the record against them be killed similarly in nearby future taking the shortcut? 

There is no doubt in the fact that criminal and legal cases in India take time and the best advice anyone gives is to settle the case outside the court as it is more convenient and saves a lot of time of all the parties involved. To kill a criminal on the spot saves a lot of time and effort in keeping him alive. When Kasab, one of the terrorists was taken into custody, there was a lot of money spent each day to keep him alive. But sometimes, it is also needed to keep them alive to get more information about how they have managed to do all these activities in the past and to know more about who else was involved with them.

A lone wolf is dangerous but a pack of the wolf can certainly create more problems in the jungle. Similarly, it is important to follow the legal steps and guidelines so that along with one criminal, the network-attached is also exposed and punished by the law. 

Latest Government Schemes

Hey Readers, let’s go through some of the schemes launched by the Government of India in the year 2020. The main purpose of these schemes is to address the social and economic welfare of the society.

  1. Atmanirbhar Bharat Abhiyan 

The Atmanirbhar Bharat Abhiyan was announced in four tranches by the Union Finance Minister Nirmala Sitharaman in May 2020. It aims to take India in the position of becoming self-reliant. The economic stimulus relief package announced by the government is touted to be worth Rs.20 Lakh crores. This amount is almost 10% of India’s GDP. This includes the already announced Rs 1.70 lakh crore relief package, as the PMGKY, for the poor to overcome difficulties caused by the coronavirus pandemic and the lockdown imposed to check its spread.

This scheme was based on 5 pillars that included economy, infrastructure, demographics, technology and demand. The relief package emphasized on land, labour, laws and liquidity.

For more details about the relief package, you can go to: https://byjus.com/free-ias-prep/atmanirbhar-bharat-abhiyan/.

2. Pradhan Mantri Kisan Maan Dhan Yojana

This a Central Sector Scheme which is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare and Government of India in partnership with Life Insurance Corporation of India (LIC).

LIC is the Pension Fund Manager for PM Kisan Maan-Dhan Yojana that provides an assured monthly pension of Rs. 3000/- to all the farmers after the age of 60 years. This scheme was introduced with an aim to secure the lives of around 3 crores small and marginal farmers in India.

3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.

The premium of Rs.12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 31st March, 2019, cumulative gross enrolment reported by Banks subject to verification of eligibility, etc. is over 15.47 crore under PMSBY. A total of 40,749 Claims were registered under PMSBY of which 32,176 have been disbursed.

For more information, refer to: https://financialservices.gov.in/new-initiatives/schemes

4. Atal Pension Yojana (APY)

APY was launched on 9th May, 2015 by the Prime Minister. APY is open to all saving bank/post office saving bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.  Subscribers would receive the guaranteed minimum monthly pension of Rs. 1,000 or Rs. 2,000 or Rs. 3,000 or Rs. 4,000 or Rs. 5,000 at the age of 60 years. Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

Blue Ocean Strategy

Someone said it rightly “To find the pearls in life’s ocean, you have to venture out past the shore”.

Blue ocean strategy denotes all the industries “not” in existence today, that is, the unknown market space. This is the space that is free from the scope of competition as this is not yet discovered. It creates uncontested marketplace and make the competition irrelevant. Blue ocean also captures new demand for the market.

Blue Ocean Strategy: Learn To Create Unique Marketing Opportunitie

Majorly, blue ocean strategy can be created:

  • When companies can give rise to completely new industries. For instance: Ebay in online Auction Industry
  • It is also created from red ocean where a company alters a boundary of an existing company or an industry.

Blue ocean are not only about technology innovation, but is is very important to link tech to what buyer’s value. Incumbents often create blue ocean and usually within their core business. For example, General Motors (GM) was an established player when they created blue ocean in Auto Industry.

“Strategic move is main”. One must keep in mind that in case of designing blue ocean strategy, never use competition as benchmark as it is all about discovering a new industry.

One of the best thing about blue ocean strategy is that it has considerable economic and cognitive barriers to imitation. A blue ocean is an analogy to describe the wider, deeper potential to be found in unexplored market space. A blue ocean is vast, deep, and powerful in terms of profitable growth. Some of the tools of blue ocean strategy include value innovation, strategy canvas, four actions framework and buyer utility map.

Apple has clearly used this strategy to make huge profit. It ventured into digital music in 2003 with its product iTunes. Apple users can download legal and high quality music at a reasonable price from iTunes which was something new as people have been listening to free music and downloading the same. They somehow made traditional sources of distribution of music irrelevant. Earlier compact disks or CDs were used as a traditional medium to distribute and listen to music. Apple was successful in capturing the growing demand of music for users on the go. All the available Apple products have iTunes for users to download music.

Formulating Blue Ocean Strategy:

  • Reconstruct Market Boundaries
  • Try to focus on the big picture and not just on numbers to get insights,
  • Reach beyond existing demand
  • Get the sequence of strategies planned and rightly executed.
  • Overcome key organization hurdles
  • Finally, build execution into strategies .

 

Marketing Keywords

Hey Readers! Hope you are doing well. Here are some terms related to the field of “Marketing” that are not much popular but everyone should be aware of them. Let’s try to know about them in a simplified manner.

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  • Bottom of the funnel

The funnel approach determines the customer journey with the company. It begins from awareness when customers start knowing about the product or service and then move to other stages and finally making a purchase. At the bottom stage, the leads are finally ready to try the product/service.

How the Marketing Funnel Works From Top to Bottom

  • Business-to-Business (B2B)

B2B is a transaction between businesses where both parties are involved in some agreement for benefiting each other and fuel the business growth of their company with the deal.

  • Business-to-Customer (B2C)

B2C, as the name suggest, involves transaction and communications that take place between a company and an individual (customer).

  • Churn Rate

Sometimes, individuals leave the usage of product or service in the middle and churn rate measures the number of such individuals who stop subscribing to a service or a product in a specific time duration.

  • Cold Calling

This term is quite common and used a lot when it comes to sales department. The main objective if any business is that their product or service should reach out to the masses and for that the concept of cold calling comes into picture. It means reaching out to potential customers who have never been contacted before and telling them about the product or service.

Cold Calling Techniques: Are you doing these 10 things to improve ...

  • Comparative Advertising

Some days before, I wrote a blog on “reverse comparative marketing”. Comparative Advertising is one of the advertising method where companies make direct comparison with their competitors.

  • Corporate Identity

Just like your identity is defined by various parameters, a company has its own logo, vision, mission, symbols etc. that form the “corporate identity”.

  • Dark

Well, now that “Dark” has taken the internet by storm and people are loving the series, “dark” in case of marketing refers to the person who is not more responding to notifications and has left probably due to his/her own reasons.

  • Demographics

This term is also used in various circumstances to get the basic information about the person such as their age, gender, occupation, income, family class etc. In the field of marketing, demographics help in segmenting people into various groups that can be used for strategizing and implementing innovative campaigns.

  • Discovery Call

This refers to the first call that the person makes to any prospect in order to get information about the person, “to discover about them”.

  • Engagement

After people have joined the service, it is very important to design campaigns to maintain their interest and keep them “engaged”. Social media is a boon and helps in customer engagement with various activities such as comments, asking questions, creating a poll, live streaming about something, resharing the content, viral marketing and real time advertisements etc.

What is digital engagement? | The Digital Engagement Guide

  • Forecasting

It refers to the process of predicting the future with past data and other analyses and help in getting more insights of marketing and sales trends.

 

I am now making a prediction that you will have gone through these keywords and must have learnt something new. Don’t go in the “dark” as there will be more articles coming with more such interesting keywords.

 

Till then, keep reading, liking and sharing.