Carbon Market Crossroads: New Ideas for Harnessing Global Markets to Confront Climate Change
IDEAS ON POLANYI’S MARKETS
Transcript of IDEAS ON POLANYI’S MARKETS
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JOURNAL OF
MANAGEMENT AND SCIENCE
A International Level Quarterly Journal
on Journal of Management and Science
Published by
Non Olympic Times
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June Issue
JOURNAL OF MANAGMENT AND SCEINCE
EDITORIAL BOARD CONTENTS Page No.
Dr.A.Chandran
Managing Editor,Dean, RVS Faculty of Engineering,Tamilnadu, India.
ASSOCIATE EDITORS
Dr.Frank Fuller
Professor, Department of PoliticalScience, Clark Atlanta University,USA.
Dr. Arup BarmanReader, Dept. Of BusinessAdministration, Assam University,Assam, India.
Prof.P.Malyadri
Principal, Government Degree CollegeOsmania University, A.P., India.
Dr.V.Vijay Durga PrasadProfessor and Head, Department ofManagement StudiesPotti Sriramulu College of Engineeringand Technology, A.P., India.
Dr. Arul SureshProfessor , Department of CommerceLoyola College (Autonomous), India.
Prof.M.VenkatachalamDepartment of MathematicsRVS Faculty of Engineering, India.
Prof.K.PrabhakaranDepartment of Management StudiesRVS Faculty of Management, India.
IDEAS ON POLANYIS MARKETS
Frank Ful ler
A EFFECTIVENESS OF TECHNICAL INDICATORS - A STUDYON CNX IT INDICES
K.Prabhakaran and S.Nagarajan
A STUDY ON HR ISSUES IN RETAIL OUTLETS INCOIMBATORE
M.G.Saravanaraj, S.Arul senthi lkumar and N.Punitha
ANALYSING THE VOLATILITY OF NSE INDICES EMPRICALSTUDY
V.Prabakaran and D.Lakshmi Prabha
THE EFFECT OF DEMOGRAPHICS ON INVESTMENT CHOICE:AN EMPIRICAL STUDY OF INVESTORS IN RAJASTHAN
Dhi raj Jain and Khushboo Ranawat
AN EMPIRICAL STUDY ON BARRIERS OF INNOVATION ININDIAN SMES
S.Poornima and K. Ni thya Kala
IMPLICATIONS OF INTERMEDIARIES IN GLOBAL LOGISTICS
OF FOREIGN TRADEC. Muthuvelayutham and R.Karuppasamy
A STUDY ON CONSUMERS BRAND PREFERENCE TOWARDSPURCHASING CARIN TIRUNELVELI DISTRICT
T. Samson Joe Dhinakaran
WORD OF MOUTH: THE KEY TO UNLOCK HINTERLANDP.Pri alatha and K.Malar M athi
EVALUATION OF CONSUMER PROTECTION COUNCIL WITHSPECIAL REFERENCE TO ERODE DIRSTRICT
N.A.Kri shnamurthi and K.M . Suresh
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11-20
21-32
33-41
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81-95
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IDEAS ON POLANYIS MARKETS
Frank Fuller
Department of Political Science, Clark Atlanta University, USA.
ABSTRACT: What makes a market society one that is more beneficial than a society that is state-
regulated? Is the world market truly leading towards these types of changes? Prosperity comes from greater
interaction between states and markets. Firms drive needs for global trade, but society within states
promotes market changes. Some regulation of markets is desirable, while free markets must have some
enforcement mechanism of rules to address inequalities and alleviate some of the side-effects of market
transition.
Key words:Polanyi, Political Economy, Subsistence Farming, Globalization
1. Introduction. One can ask the question, does democracy reduce income inequality, or does it in fact
have the opposite effect, especially with respect to Latin America and Eastern Europe? Is a democratic-
oriented society more beneficial than a society that is state-regulated? Polanyi asserts that societies that
endorse much of the laissez-faire ideology today, especially endorsed by democracies, are sorely lacking in
providing needs for the poor and in assessing the problems of the underprivileged. Who are the ones that
actually benefit, such as when more industrialized countries go in and invest in a Third World nation (such
as Mexico) to build a manufacturing plant, with most of the profits being funnelled back into the host
country? Lenin, for one, emphasized this point about capitalism:
Lenin asserted that finance capital was responsible for imperialism, notably for the struggle for
spheres of influence, concessions, extraterritorial rights, and the innumerable forms in which the
Western Powers got a stranglehold on backward regions, in order to invest in railways, public
utilities, ports, and other permanent establishments on which their heavy industries made profits,
as cited by Polanyi (2001, 16).
2. Problems with Income Inequality. Such are certain gaping disparities that exist even in today's global
economy. The call for state regulation of markets is not unwarranted, as Polanyi would advise even the
most stable of markets to have some sort of regulation. However, the Washington consensus favours the
opposite view and perceives the inequalities as mere side effects that are necessary in any society that ismoving towards a freer, more interconnected world system, for they believe that "the key to transformation
is 'getting prices right' and getting the government out of the economy through privatization and
liberalization," cited by Polanyi (2001, XIV). The challenge is to find which system is the most effective
and perhaps view some alternative means of resolving the debate. The most difficult part of a society
moving from one of, for example, subsistence farming into one of diversified industries is the fact that there
are many people who will not benefit from these drastic changes. The poorest of the poor and those whose
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products will become obsolete with emerging technology will be most affected. What is to be done about
these people, economically speaking? Democracy is supposed to bring excitement, opportunity. However,
we see that this is not always the case, as the reality sometimes paints a different picture in Budapest,
Hungary:
Intense, undisguised begging is certainly a new phenomenon in Budapest. Poverty is not new, but
the wide-spread perception of misery is, and inequalities are more striking than earlier. Begging,
usually considered an offense by the police, was not possible during the state socialist period: the
fiction of full employment and security held so strong in the days of high socialism that the
motivators for givingbad conscience or genuine empathy for displayed povertydid not exist.
While taking note of the striking and colourful crowd of beggars during his visit to Moscow in
1926-27, Walter Benjamin observed that one very seldom sees anyone to give. Begging has lots
its strongest foundation, the bad social conscience, which opens purses so much wider than does
pity. But social conscience is back and it does open purses, but due to the homogenization of
neighbourhoods and to increasing motorization, not the purses of those whose conscience is
supposed to be the worst: the wealthiest hardly ever encounter beggars. (Field evidence suggests
that this is one reason that this is one reason for choosing to drive instead of using public transport
on the part of those who have a choice.), according to Bodnar (1998, 499-500).
The only possible alternative to such a situation, Polanyi would say, is to regulate markets so that the
disparity of income is minimized somewhat. Public housing can be provided for the poor, as well as public
assistance of various kinds. The system of governance cannot always be accounted for in contributing to
many of the problems. Even in a stable system with sound political solutions, there is always going to be
one group left out, for in self-regulating markets, "such an institution could not exist for any length of time
without annihilating the human and natural substance of society; it would have physically destroyed man
and transformed his surroundings into a wilderness," as Polanyi (2001, 3) states. Those in abject poverty,
with the help of the state, can be taught to be aware of these types of changes that formulate. The
involvement of the state is critical to helping these underprivileged groups to survive, for if no one claims
them, they can wither and die. In times of crisis, such as a famine, a Third World nation, such as Mexico,
on the brink of industrialization suffers most if it does rely heavily on subsistence farming, as stated earlier.
There is little room for compromise when considering the effects of how the total markets will be affected,
since profits will virtually be eliminated for the small farmer and the means to survive will decline even
further. The state's efforts can offset the losses, provide for a workshop or two on better farming
techniques, and even aid the workers in investing in more sophisticated farming equipment. Unregulated
markets, particularly those that operate under capitalism, can lead to unintended consequences, not the least
of which is providing for the few and taking away from the many. Tony Waters, in an article on Tanzania,
for example, explains that activities such as subsistence farming are outside of the typical market activities
and can often lead to exploitation if some effort is not made by the state to address this sector of the
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economy, according to Waters (2000, 617). Industrialization also cannot avoid certain realities, which
"Pauperism fixed attention on the incomprehensible fact that poverty seemed to go with plenty. Yet this
was only the first of the baffling paradoxes with which industrial society was to confront modern man,"
says Polanyi (2001, 88).
3. Unregulated Markets vs. State Intervention.Is the world market truly leading towards these types of
changes? Is the Washington consensus striving entirely to industrialize with regard for little else? This
seems so, since many Western European democracies are pushing ahead with entrepreneurial spirit and
with sparse room for many alternatives. What would happen if the unregulated markets were to continue
unchecked? Disaster would not only occur in crises, but the income gap would be widened between the
haves and the have-nots. This would not be the only problem, but exploitation would occur by host
countries to Third World institutions. Exploitation itself "has been perpetrated so often, so persistently, and
with such ruthlessness on the backward peoples of the world by the white man" that it remains such a
critical issue even to this day, according to Polanyi (2001, 166). One can actually observe this exploitation
if one looks carefully at the way that United States' businesses operate in Mexico. For example, many of
the factory workers in Mexico (in the plants set up by US and other multinational corporations a
corporations are often non-unionized, poorly paid, and deprived of the social benefits of economic
development according to Sklair (1992, 99). Mexican organizations can pick and choose how they
decide to initiate democratic principles, which makes managing at the micro level harder. The labour
unions are few, the pay for workers, especially at minimum wage, is much less, and the environmental
regulations set forth by many governments have declined to the point of being major hazards throughout
this smaller, more vulnerable nation. The most dangerous aspects here are the fact that the environmental
regulations would have fewer boundaries or limits as to how much pollution there is. There must be some
kind of authority to check on private corporations in maintaining an ecologically friendly approach. Vicki
Birch field contends that Polanyi demonstrated that capitalist productionhad to be insulated from the
devastating effects of a self-regulating market; despite being a critic of capitalism, Polanyi wasa
pragmatist who believed socialist ideals could be accommodated once the myth of the free market was
finally disposed of and the economy re-submerged in social life rather than its obverse under economic
liberalism, cites Birch field (2005, 587). All of the nightmares of the antitrust and the extreme pollution
that everyone hears about will certainly come true if free markets continue unchecked in other nations in
the foreseeable future. However, there is hope, as Birch field and Polanyi stated. Prosperity comes from
greater interaction between states and markets. Critics should not be so quick to dismiss the old state-run
regimes, as they have valuable lessons to learn, since democracy does not come overnight, and a transition
to another form of government brings difficult conditions: But if communism is dead as an ideology and a
system of rule, its encumbering legacy continues to haunt the political and social landscape. Since the
transition was gentle, the bulk of the old nomenklatura remains, attempting at every turn, as Elemer
Hankiss puts it, to convert its old politically based privileges into new economic rights. This spectacle has
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fostered a diffuse but profound sense of injustice and tempted many to follow the radicals in demanding a
settling of accounts with officials and the collaborators who ran the repressive machinery of the old
regime. After a soft transition have come economic and social hardship and a search for those responsible
for the crimes of the past and the difficulties of the present, as cited by Rupnik (1996, 367).
4. Privatization vs. Strong State Models.Markets are only effective when there is a fine line between
businesses being profitable while reminding them of their limitations in profit-maximizing schemes. Some
aid must be given to workers while they adjust to market changes, and interest rates also must be adjusted
from time to time in order to be fair, especially in the capitalist system, which is notorious for its
exploitations, as Polanyi would say. Many experts of the Washington consensus argued that there is no
need for government intervention; they rest on the idea that the "invisible hand" will right things when they
seem to be inevitably going bad. Development itself, in their view, is "little more than the accumulation of
capital and improvements in the efficiency with which resources are allocated," cites Polanyi (2001, XIV).
However, the invisible hand only works when a system is in place to evenly balance everything and
everyone. Not only are such necessary measures as inflation adjustments needed, but subsidizing the poor
and the oppressed and new re-training methods in jobs can prove to help workers in the long run. The state
should first be allowed to take the initiative, creating sufficient infrastructure that attracts investment.
Having both the state and the market work together on achieving a singular vision allows for the
transformation of societies in which each household has the ability to produce what it needs for basic daily
survival and social reproduction into ones where market mechanisms mustoperate for households to meet
basic daily survival needs, cites Waters (2000, 615). The market, then. is obligated to follow through once
the state takes the lead early on.
5. Alternatives to Capitalistic Models.This is perhaps the beginning of some alternative solutions that are
available. Today, we realize more and more what the social ills of capitalism can do to those who struggle
the most. Privatization of all industries can make things more difficult for legitimizing businesses, and mere
privatization of everything leaves less responsibility for any one organization in addressing these social
ills of society. Capitalism may benefit many, but who is going to help those who are left out if there is no
public assistance? The early forms of capitalism show that especially without a labor market it "failed
disastrously. The laws governing such an order (the landlord and the allowance system) had asserted
themselves and manifested their radical antagonism to the principle of paternalism," cites Polanyi (2001,
84). Also, in this increasingly technological world that we live in with fast-moving markets and jobs that
seemingly change overnight, there have to be some safety mechanisms in order to prepare people for these
changes. In the rush to impose democratic incentives, the lesson of gradual transition remains steadfast,
especially post-Communism to formulating a democratic structure, here exemplified in Eastern Europe:
There are other, more pragmatic considerations that one might add to these. After a negotiated
revolution, it would have been awkward to suddenly turn against the very same roundtable partners who
allowed the nonviolent transition to occur. While the moral imperative to oust collaborators or the
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nomenklatura is understandable, it could also undermine economic efficiency. Getting rid of the old
economic officials, high-level administrators, and judges may be desirable, but who is to replace them?
Dissidents? There were not many of them, and while they were surely virtuous, they are not necessarily
qualified to manage the economy or modernize the state apparatus. For liberals, however, the most
objectionable idea is that decommunization can provide society with a kind of collective catharsis.
Communisms legacy in the structures and mentality of the society was decades in the making. The debate
about the weight of this legacy thus leads to a pessimistic vision that extends beyond the reach of moral
injunctions: the totalitarian experience soils the victim as much as it does the torturer, cites Rupnik (1996,
367-68).
England was able to withstand change during the Tudor and Stuart dynasties because of certain adjustments
that were made by the state: England withstood without grave damage the calamity of the enclosures only
because the Tudors and the early Stuarts used the power of the Crown to slow down the process of
economic improvement until it became socially bearable employing the power of the central government to
relieve the victims of the transformation, and attempting to canalize the process of change so as to make its
course less devastating, says Polanyi (2001, 40).
Job retraining programs are an excellent form of public assistance to help those in need and those people
who are left "in the dust," with seemingly no one to anchor their problems. When people are eliminated
from their jobs because of downsizing, for example, one of the biggest tragedies that comes out of this is
the fact that workers can sometimes only temporarily obtain severance pay, but overall many of them lose
their retirement benefits. This is one of the most difficult realities that we face today, and so in capitalism's
right to maximize profits, it often loses its ability to help others when it resorts to these actions in getting
rid of existing jobs that are deemed unnecessary to continue or obsolete because of emerging technology in
replacing workers. One can consider another special example in one of many of capitalism's faults. In
California some time ago, machines were invented to pick tomatoes to cut the time of having to
painstakingly go through the fields and hire people to hand-pick them. However, the efficiency of this
technology allowed many workers to be displaced because of the time saved and the smaller number of
laborers that were required to operate the machinery. The time may have been well spent in utility of costs,
but the many union workers in California saw the machines as a threat to their employment. The workers
lobbied successfully to get the machines banned so that many people that relied on picking these tomatoes
were allowed to continue without being forced out of the markets. Also, if one takes a closer look, one
realizes that if there were no unionization of workers in the state, these laborers would never be allowed to
have their jobs. Many of them are poor, uneducated, and little equipped to transfer quickly to other sectors,
and many of them come from Mexico and must provide for their families back in their home countries.
The problem is that mechanized picking had been a response to the growing strength of labor and the
organization of the United Farm WorkersMechanized picking had been availablefor some time, but
they only introduced machines into thefields whenfaced with unionization and new labor legislation,
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says Burawoy (1979, 240). A more constructive approach would have been to follow the advice of Trist
and his peers on combining the best of both worlds, such as he suggested in mining operations: Trist et
alclaim that mechanization of mining, which involves the fragmentation of work and the break-up of the
self-regulating, self-selecting work group, leads to higherstress,absenteeism, and lowerproductivity
than a system which involves the mutual adaptation of men and machines in the retention of the relatively
autonomous work group of the single-place traditionWhereas management naturally chose
mechanization to appropriate controlTrist andcompany suggest that the transition to a composi te work
organization in which miners collectively decide how and when to use machines would be more effective
As in the Western Electric studies, little attention is directed to changes in theenvironment
during the period of observation. Their claim is generalthat machines should not be designed or used
to fragment work or appropriate controlbut ratherto consolidate the responsible autonomy of the primary
work group, according to Burawoy (1979, 241).
In an era of globalization, what is the ultimate solution to prosperity throughout the world?
Capitalism certainly has gaping holes, but Polanyi believes that there can be a healthy combination of the
two opposite trends of this Washington consensus and of state-regulated markets. There are certain
parameters within which states can be enforced, and of how markets function; it is through individual
actors or societal forces, not through institutions. Corporate institutions especially are how business is
conducted daily throughout the world but societal forces shape these decisions. Firms drive needs for
global trade, but society within states promotes market changes. A state will keep functioning even if it has
no money because a state itself creates policies and can borrow if they have problems; the government is
not a corporate entity but runs a country. States promote more open trade amongst nations because firms
wish to establish business relationships in other countries, but only because societal forces encourage or
discourage these. Firms technically run the markets, but ultimately people, through the governments, are
there to set the guidelines and enforce the rules on how business is conducted. People are the ones, Polanyi
asserts, who determine, through such reforms as Social Security and the National Labor Relations Act, that
"society would decide through democratic means to protect individuals and nature from certain economic
dangers," cites Polanyi (2001, XXXVI).
One of the prevailing trends today is deregulation of international trade through
lowering of tariffs, fewer export taxes, and other forms of reducing protectionism. Polanyi strongly asserts
that institutionalizing capitalism is the worst alternative but expanding society's role in it is the key to
finding the balance between extremes of capitalism and state-dominated markets. Favoring a complete
change would not help in the search for equality, especially in Eastern Europe after Communisms demise:
The euphoria that accompanied the fall of communism has given way to disappointment, social
anomie, and the emergence of new dangers. The unity of the great mass rallies for democracy has
shattered, and wide-ranging economic hardship has overshadowed political gain for most citizens. Instead
of civil societies, one sees a splintered landscape teeming with corporatisms and resurgent communal
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loyalties, cites Rupnik (1996, 365).
For stability and balance in a society, one must set forth a system of finding markets that balance each other
and enforce a standard set of international laws based on an international societal consensus. There can be
required mechanisms, in that by lowering trade, these countries agree to do these things to make sure that
certain social ills do not come about. Exploitation is less of a problem if there is a political system willing
to enforce certain rules, like establishing environmental regulations or that there must be a standard for
minimum wage based on various economic indicators, for example. This would at least alleviate some of
the disparities if one calls for international cooperation and standards on markets. Of course, one cannot
resolve all of these societal social ills, but at least having standards and an enforcement mechanism is a
good start. Roosevelt's New Deal reforms helped to address a set of mechanisms in that they "meant that
the U.S. economy continued to be organized around markets and market activity," but also that "a new set
of regulatory mechanisms now made it possible to buffer both human beings and nature from the pressures
of market forces," according to Polanyi (2001, XXXV-XXXVI).
6. Conclusions. A free-market society, then, is not necessarily better than one that is heavily state-
influenced. Economies with many restrictions do not always provide for efficient ones either. Laissez-faire
economics tends to leave some of the underprivileged with less to work with, and industrialization is not
always the answer. In fact, one realizes that democracy and modernization do not make everything equal in
all societies:
Whatever their theoretical and political differences, both Samuel P. Huntington and Guillermo
ODonnell claim that there is a level beyond which further development actually decreases the
probability that democracy will survive. Huntington argues that both democracies and
dictatorships become unstable when a country undergoes modernization, which occurs at some
intermediate level of development. ODonnell, in turn, claims that democracies tend to die when a
country exhausts the easy stage of import substitution, again at some intermediate level. Our
finding, however, is that there is noincome level at which democracies become more fragile than
they were when they were poorer. Only in the Southern Cone countries of Latin America have
authoritarian regimes arisen at the intermediate levels of development. Four out of the nine
transitions to authoritarianism above $3,000 ($6,000 is considered stable in a nation) transpired in
Argentina. Adding Chile and Uruguay, we see that the instances in which democracy fell at
medium levels of development are to a large extent peculiar to the Southern Cone, according to
Przeworski et al. (2001, 169).
Exploitation of industry in the Third World can indeed result from a host country investing heavily with
less need to worry about restrictions, creating more problems and more disparities. Some regulation of
markets is desirable, while free markets must have some enforcement mechanism of rules to address
inequalities and alleviate some of the side effects of market transition. Polanyi was certain that
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collaboration between "governments would produce a set of agreements to facilitate high levels of
international trade, but societies would have multiple means to buffer themselves from the pressure of the
global economy," cites Polanyi (2001, XXXVI). Globalization continues to reduce barriers, but
deregulation with respect to following set policies uniformly throughout the world can help to benefit
people of all incomes more equally. Dispersing institutionalization of capitalism and promoting societal
factors can come with market reforms in addressing a healthy balance, and so striking the even scale is
perhaps most effective.
Acknowledgements. I would like to thank my old professor at Georgia Tech, Dr. Vicki Birchfield, for
inspiring me to write this article. Without her input, I would not have written this or considered presenting
it at a conference for possible future publication.
REFERENCES
[1] V. Birchfield (2005), Jos Bov and the Globalisation Countermovement in France and Beyond:
A Polanyian Interpretation, Review of International Studie, vol. 31, no. 3, pp. 581-598.
[2] J. Bodnar (1998), Assembling the Square: Social Transformation in Public Space and the Broken
Mirage of the Second Economy in Postsocialist Budapest,Slavic Review, vol. 57, no. 3, pp. 489-
515.
[3] M. Burawoy (1979), The Anthropology of Industrial Work, Annual Review of Anthropology,
vol. 8, pp. 231-266.
[4] K. Polanyi (2001), The Great Transformation, Beacon Press, Boston, MA, USA.
[5] A. Przeworski, M. Alavarez, J. A. Cheibub, and F. Limongi (1996), What Makes Democracies
Endure? Journal of Democracy, vol. 7.1, pp. 39-55.
[6] J. Rupnik (1996), The Post-Totalitarian Blues, in The Global Resurgence of Democracy, eds. L.
Diamond and M. F. Plattner, Johns Hopkins University Press, Baltimore, MD, USA, pp. 364-378.
[7] L. Sklair (1992), The Maquilas in Mexico: A Global Perspective , Bulletin of Latin American
Research, vol. 11, no. 1, pp. 91-107.
[8] T. Waters (2000), The Persistence of Subsistence and the Limits to Development Studies: The
Challenge of Tanzania, Africa: Journal of the International African Institute, vol. 70, no. 4, pp.614-652.
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A EFFECTIVENESS OF TECHNICAL INDICATORS - A STUDY ON CNX IT INDICES
K.Prabhakaran1and S.Nagarajan2
1Assistant Professor, RVS Faculty of Management, Coimbatore, Tamilnadu, India.
2Assistant Professor, Maharaja Prithvi Engineering College, Coimbatore, Tamilnadu, India.
ABSTRACT: There are numerous technical tools available to predict future trend of index prices. All tools
may not be effective for all the companies and at all times. The purpose of this study is to find out the
effectiveness of technical tools in predicting the index price movement. The research is based on secondary
data collected from various websites. The data is collected for two different time periods representing the
bullish and bearish seasons. The technical indicators taken for the study are Relative Strength Index (RSI),
Money Flow Index (MFI) and On Balance Volume (OBV). From the study it is found that Relative
Strength Index, Money Flow Index and On Bonus Volume are effective in predicting the index movement
CNX IT during the Bullish period and during the Bearish period, Stochastic Oscillator is deemed effective.
Key words: Technical Analysis, MFI, RSI, OBV
INTRODUCTION
Technical analysis is a method of evaluating securities by analyzing statistics generated by market
activity, past prices and volume. Technical analysts do not attempt to measure a security'sintrinsic value;
instead they look at stock charts for patterns and indicators that will determine a stock's future performance.
Technical analysis has become increasingly popular over the past several years, as more and more people
believe that the historical performance of a stock is a strong indication of future performance. The use of
past performance should come as no surprise.
People using fundamental analysis have always looked at the past performance of companies by
comparing fiscal data from previous quarters and years to determine future growth. The difference lies in
the technical analyst's belief that securities move according to very predictable trends and patterns. These
trends continue until something happens to change the trend, and until this change occurs, price levels are
predictable.
There are many instances of investors successfully trading a security using only their knowledgeof the security's chart, without even understanding what the company does. However, although technical
analysis is a terrific tool, most agree it is much more effective when used in combination with fundamental
analysis. The methods used to analyze and predict the performance of a company's stock fall into two broad
categories:fundamental and technical analysis. Those who use technical analysis look for peaks, bottoms,
trends, patterns and other factors affecting a stock's price movement and then make buy/sell decisions
based on those factors. It is a technique many people attempt, but few are truly successful at it.
http://www.investopedia.com/terms/t/technicalanalysis.asphttp://www.investopedia.com/terms/i/intrinsicvalue.asphttp://www.investopedia.com/terms/f/fundamentalanalysis.asphttp://www.investopedia.com/terms/f/fundamentalanalysis.asphttp://www.investopedia.com/terms/i/intrinsicvalue.asphttp://www.investopedia.com/terms/t/technicalanalysis.asp -
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The world of technical analysis is huge today. There are literally hundreds of differentpatterns
andindicators that investors claim to have success with. We have tried to keep this tutorial as short as
possible. Our goal is to introduce you to the different types of stock charts and the various technical
analysis tools available to investors.
Indian Stock Exchanges are a structured marketplace for the proper conduct of trading in company
stocks and other securities. There are 24 Recognized Stock Exchanges in India, including the Over the
Counter Exchange of India for providing trading access to small and new companies. The main services of
the India Stock Exchanges all over the country are to provide nation-wide services to investors and to
facilitate the issue and redemption of securities and other financial instruments.
HISTORY OF THE STOCK EXCHANGE
The working of Stock Exchanges in India started in 1875. BSE is the oldest stock market in India.
The history of Indian stock trading starts with 318 persons taking membership in Native Share and Stock
Brokers Association, which we now know by the name Bombay Stock Exchange or BSE in short. In 1965,
BSE got permanent recognition from the Government of India.
INDEX PARAMETERS
The 30 stock Sensitive Index or SENSEX was first compiled in 1986. The SENSEX is compiled
based on the performance of the stocks of 30 financially sound benchmark companies. The NIFTY is
compiled based on the performance of the stock of 50 financially sound benchmark companies.
INTRODUCTION OF SEBI
To prevent frauds, the Government formed The Securities and Exchange Board of India, through
an Act in 1992. SEBI is the statutory body that controls and regulates the functioning of stock exchanges,
brokers, sub-brokers, portfolio managers investment advisors etc. SEBI oblige several rigid measures to
protect the interest of investors. Now with the inception of online trading and daily settlements the chances
for a fraud is nil, says top officials of SEBI.
CNX IT INDEX
Information Technology (IT) industry has played a major role in the Indian Economy during the
last few years. A number of large, profitable Indian companies today belong to the IT sector and a great
deal of investment interest is now focused on the IT sector. In order to have a good benchmark of the
Indian IT sector, IISL has developed the CNX IT sector index. CNX IT provides investors and market
intermediaries with an appropriate benchmark that captures the performance of the IT segment of the
market.
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CHART NO - 1
PERFORMANCE OF CNX IT INDEX
STATEMENT OF THE PROBLEM
Several investors have gained as well as lost in the stock market. One way to determine the stock
price is fundamental analysis, which in turn is composed of economy, industry and company. The other
way is technical analysis, which says that the past trends will repeat in the future.
The question that arises here is how market index moving whether towards efficient or inefficient.
So that losses and gains can be estimated with the movement of the market index.
REVIEW OF LITERATUREVinothini, (2007) this study is made to find out Risk Perception and Portfolio Management of
Equity Investors. The study reveals that the investors in Erode are not aware of portfolio which would
minimize risk and maximize the return. And also it is clear that the investors in erode have low level of
understanding about risk and the importance of portfolio management as they are not aware of the portfolio
management proper steps to be taken in order to improve the awareness level in the minds of the investors.
Venkataraman (2008)suggests that Price movements do not only depend wholly in Technical
Analysis. Fundamental factors also affect the commodity market price. So, each and every investor should
think about their selling and buying the product before the investment. Day to day prices changes in
Government policies also affect the market prices. Political stability, war, depression / boom of the
economic condition will affect the market. In India, commodity market growth have been increasing day by
day awareness spread out throughout the country now ignorance of the commodity market slightly removed
by the government policies.
CNX IT
0
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15000
20000
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30000
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Technical Indicators
Practitioners reliance on technical analysis is well documented. Frankel and Froot (1990a) noted
that market professionals tend to include technical analysis in forecasting the market. There is also a shift
away from the fundamentals to technical analysis in the 1980s, according to a survey done by Euro money
(see Frankel and Froot, 1990a). On a market level, the prevalence of technical analysis is demonstrated by
the fact that most real time financial information services, like Reuters and Telerate, provide detailed,
comprehensive and up-to-date technical analysis information. It is obvious that the frequent upgrading of
technical analysis services is a response to the demand for technical analysis services and competition
among the financial information service providers.
OBJECTIVES OF THE STUDY
To gain knowledge of the equity market and the instruments being traded in Indian stock market.
To analysis the index price movement of CNX IT.
To find out this is a suitable level to entry and exit the trade in CNX IT indices.
SOURCES OF DATA
The data employed in the study consists of Monthly indices CNX IT for the period January 2007 to
December 2011. The prices used are Monthly Open, High and Close prices. These data will be collected
from National Stock Exchange website.
PERIOD OF THE STUDY
The period of data is from January 2007 To October 2011 - (For the past 05 Years).
TOOLS USED FOR THE ANALYSIS
The following tools were used to analyze the data
1) Relative Strength Index (RSI)
2) Money Flow Index (MFI)
3) On Balance Volume (OBV)
1) RELATIVE STRENGTH INDEX (RSI)
The RSI (Relative Strength Index) is one of the most popular momentum oscillators in
Technical Analysis use today. It was introduced in a 1978 book by J. Welles Wilder. RSI helps to signal
overbought and oversold conditions in a security. The indicator is plotted in a range between zero and 100.A reading above 70 is used to suggest that a security is overbought, while a reading below 30 is used to
suggest that it is oversold. This indicator helps traders to identify whether a securitys price has been
unreasonably pushed to current levels and whether a reversal may be on the way.
The standard calculation for RSI uses 14 trading days as the basis, which can be adjusted to
meet the needs of the user. If the trading period is adjusted to use fewer days, the RSI will be more volatile
and will be used for shorter term trades.
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FORMULA
100
RSI = 100 ----------
1 + RS
Average Gain = Total Gains / n
Average Loss = Total Loss / n
Average Gain
First RS = ----------------------
Average Loss
(n=number of periods taken)
When the average gain is greater than the average loss, the RSI rises because RS will be greater
than 1. Conversely, when the average loss is greater than average gain, the RSI declaims because RS will
be less than 1. Note: if the average loss ever becomes zero, RSI become 100 by definition.
OVER BOUGHT / OVER SOLD ZONES
Wilder recommended using 70 and 30 and overbought and over sold levels respectively. If the RSI
rises above 30 it is considered bullish for the underlying stock. If the RSI falls below 70 it is a bearish
signal. Basically, the RSI is a measure of the strength of a recent trend:
RSI is considered strongly bullish if the 14-day RSI exceeds 70 this means the security has
trended up strongly over the past 14 days. Some would consider the security to be overbought at
these levels, and a potential selling point might thus be reached when the RSI exceeds 70;
If the 14-day RSI is between 50 and 70, the security has moved up over the past 14 days; however,
the uptrend has not been very pronounced;
If the 14-day RSI is between 30 and 50, the security has moved down over the past 14 days;
however, the downtrend has not been very strong;
If the 14-day RSI is below 30, the security has trended strongly lower over the past 14 days and
the RSI is considered strongly bearish. Some would consider the security to be oversold at these
levels, and an RSI reading below 30 might thus mark a potential buying point.
2) MONEY FLOW INDEX (MFI)
Money flow index was discovered by Created by Gene Quong and Avrum Soudack. Money flow
is positive when the typical price rises. This is due to buying pressure. A ratio of positive and negativemoney flow is then plugged into an RSI formula to create an oscillator that moves between zero and one
hundred. As a momentum oscillator tied to volume the money flow index (MFI) is best suited to identify
reversals and price extremes with a variety of signals.
FORMULA
Money Flow Index = 100 - (100/ (1 + Money Ratio))
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3) ON BALANCE VOLUME (OBV)
On Balance Volume (OBV) measures buying and selling pressure as a cumulative indicator that
adds volume on up days and subtracts volume on down days. OBV was developed by Joe Granville and
introduced in his 1963 book, Granville's New Key to Stock Market Profits. It was one of the first indicators
to measure positive and negative volume flow. Chartists can look for divergences between OBV and price
to predict price movements or use OBV to confirm price trends.
FORMULA
If the closing price is above the prior close price then:
Current OBV = Previous OBV + Current Volume
If the closing price is below the prior close price then:
Current OBV = Previous OBV - Current Volume
If the closing prices equals the prior close price then:
Current OBV = Previous OBV (no change)
DATA ANALYSIS AND INTERPRETATION
TABLE NO-1
RELATIVE STRENGTH INDEX OF CNX IT INDEX
Date Open High Low Close MFI RSI OBV
31-Jan-07 5597.5 5626.95 5517.95 5535
14DaysMFI
14DaysRSI
12055
28-Feb-07 5301.75 5347.75 5066.65 5129.6 33835
30-Mar-07 5195.3 5218.45 5155.7 5180.7 24665
30-Apr-07 5276.05 5429.55 5275.15 5418.4 3767531-May-07 5193.85 5257 5193.85 5218.35 54534
29-Jun-07 5169.5 5203.1 5165.85 5192.3 40906
31-Jul-07 5083.85 5094.25 5015.45 5086.7 32063
31-Aug-07 4775.55 4820.1 4768.2 4813.2 23747
28-Sep-07 4790.65 4882.85 4769.45 4804.2 37254
31-Oct-07 4828.35 4833.25 4759.45 4793.65 58105
30-Nov-07 4303.3 4452.4 4303.3 4431.15 46013
31-Dec-07 4833.1 4860.95 4778.95 4812.6 37263
31-Jan-08 3850.45 3914.9 3776.75 3838.15 57679
29-Feb-08 4055.25 4060.4 3932.65 3984.5 50163
31-Mar-08 3808.65 3855.3 3650.8 3704.95 47.76814 97.84366 6307330-Apr-08 4330.35 4414.45 4284.5 4357.65 48.49776 95.52681 86057
30-May-08 4592.4 4704.35 4543.15 4688.35 54.32169 94.72053 68735
30-Jun-08 4016.75 4067.15 3977.75 3999.4 47.26411 96.44708 56640
31-Jul-08 3819.25 3819.25 3732.45 3752.85 48.20649 96.50064 76224
29-Aug-08 3827 3931.6 3827 3926.8 46.8955 96.08052 64590
30-Sep-08 2974.5 3192.25 2902.1 3107.05 52.68257 96.82001 86260
31-Oct-08 2585.7 2802.25 2585.7 2686.95 52.25253 96.93858 64613
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28-Nov-08 2322.2 2466.9 2322.2 2449.95 47.59206 97.10638 45507
31-Dec-08 2215.6 2222.65 2170 2187 54.31414 97.27191 108890
30-Jan-09 2187.35 2233.8 2167.8 2225.75 49.99398 96.96144 84857
27-Feb-09 2104.8 2105.6 2042.25 2094.1 49.4704497.69322
67125
31-Mar-09 2296 2335.6 2280.25 2318.7 47.02449 96.50041 88878
29-Apr-09 2650.2 2781.6 2650.2 2770.85 58.10048 95.84585 128481
29-May-09 3138.6 3217.55 3121.5 3206.2 57.32987 94.45218 91459
30-Jun-09 3515.05 3552.05 3480.5 3497.65 48.73239 95.27946 66224
31-Jul-09 4334.7 4374.55 4284.25 4330.05 63.645 94.1344 121581
31-Aug-09 4644.05 4649.95 4602.75 4618.35 59.40369 91.54974 85655
30-Sep-09 5043.9 5141.55 5043.9 5122.1 58.66704 88.99256 50338
30-Oct-09 5112.25 5192.3 4978.15 5048.8 63.97176 89.87646 93710
30-Nov-09 5315.8 5397.5 5309.6 5364.2 51.68352 82.32216 76696
31-Dec-09 5797.15 5843.2 5797.15 5818.4 53.90732 72.00756 96786
29-Jan-10 5554.85 5619.45 5423.45 5594.15 56.41774 71.63816 12282526-Feb-10 5787.3 5832 5724.8 5766.7 48.49711 59.98183 102392
31-Mar-10 5947.6 5967.55 5842.3 5855.95 53.31748 59.68098 86208
30-Apr-10 5947.85 6021.75 5914.7 5985.8 55.03691 49.85907 102913
31-May-10 5852.35 5852.35 5704.2 5761.95 54.48987 64.80325 121220
30-Jun-10 5877.8 5949.6 5837 5928.3 47.31266 66.49026 108234
30-Jul-10 6139.25 6144.25 6045.6 6086.85 45.69129 68.21004 97216
31-Aug-10 5936.5 5987.8 5908.7 5974.9 47.62237 74.02964 86851
30-Sep-10 6583.75 6645.55 6532.15 6613.4 39.53223 75.2478 107673
29-Oct-10 6666.45 6666.45 6554.4 6613.25 39.41648 77.13918 98630
30-Nov-10 6645 6745.65 6602.95 6703.6 48.00793 80.01624 122187
31-Dec-10 7484.8 7511.05 7436.15 7491.1 39.93218 72.3152 108568
31-Jan-11 6990.75 6995.1 6884.9 6971.25 50.53283 84.91054 122392
28-Feb-11 6688.55 6918.7 6628.05 6666.3 49.56581 89.67345 139159
31-Mar-11 7021.45 7192.35 7021.45 7148.1 49.99468 85.68589 159432
29-Apr-11 6722.8 6752.1 6680.65 6718.35 47.01354 89.75318 146204
31-May-11 6533.45 6604.4 6525.1 6538.5 48.71936 90.9945 133507
30-Jun-11 6579.05 6640.5 6558.95 6624.7 59.04396 91.14056 164744
29-Jul-11 6293.65 6356.5 6264.75 6335.1 53.73563 91.43062 140491
30-Aug-11 5407.65 5474.85 5325.45 5451.25 51.76985 94.43756 122017
30-Sep-11 5709 5771.3 5658.75 5678.9 51.99527 94.276 105643
31-Oct-11 6271.2 6333.85 6261.25 6278.7 51.94205 92.61411 91761
30-Nov-11 5814.9 5924.15 5803.45 5893.25 51.13757 94.85465 117658
30-Dec-11 6126.55 6171.55 6115.85 6139 50.13163 94.32969 107221
Note:Bolded items in the table indicate Over Bought Zones of RSI and MFI.
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CHART NO -2
RELATIVE STRENGTH INDEX OF CNX IT INDEX
CHART NO - 3
MONEY FLOW INDEX OF CNX IT INDEX
RELATIVE STRENGTH INDEX
0
20
40
60
80
100
120
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
YEAR
RSI
RSI
MONEY FLOW INDEX
0
10
20
30
40
50
60
70
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
YEAR
MFI
MFI
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CHART NO4
ON BALANCE VOLUME OF CNX IT INDEX
INTERPRETATION
RSI is considered strongly bullish in this study because it exceeds 70 mark levels in maximum
cases. This means the security has trended up strongly over the past 14 days. RSI is between 50 and 70
indicates that the security has not been hold uptrend. MFI is considered that the security moves with normal
ups and downs in 14 days MFI because the researcher could not able to find overbought zones and oversold
zones too. A rising OBV reflects positive volume pressure that can lead to higher prices. That can be
explain through high 1, high 2 (higher high), high 3 (higher high) and More buying pressure will increase
the volume that will automatically leads to increase the OBV. This is also applicable for lower lows.
FINDINGS
RSI shown maximum bullish in this research due to buying pressure.
RSI is below 30, the security has trended strongly lower over the past 14 days and the RSI isconsidered strongly bearish. But in this research the researcher could not able to find oversold
zones.
MFI is clearly shown that there is normal buying pressures because the research could not able to
find overbought zones.
The higher highs depicted bullish signals. OBI is also holding more highs and higher highs.
ON BALANCE VOLUME
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Jan-07
May
-07
Sep-07
Jan-08
May
-08
Sep-08
Jan-09
May
-09
Sep-09
Jan-10
May
-10
Sep-10
Jan-11
May
-11
Sep-11
YEAR
OBV
OBV
High 1 High 2
High 3
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This bearish difference warned stock traders that the recent price increases were lacking strong
commitment by buyers.
CONCLUSION
This study concentrated on tools such as RSI, MFI, and OBV used to find the bullish and bearish
signals. This study is to focus the forecasting of future price movements based on an examination of past
price movements. Based on the finding from this study, the researcher would say that CNX IT indices
having more bullish signals compare with bearish signals. The Investors having an option to do trading in
CNX IT and It would provide opportunities to test bullish growth. But Technical Analysis does not give
absolute predictions about the future. Instead it can be used as an anticipatory tool.
REFERENCES
[1] BallaV.K -Investment Management (Security Analysis and Portfolio Management), (11th Edition,
Tata McGraw-Hill Publication, New Delhi).
[2] Punithavathy Pandian -Security Analysis and Portfolio Management, (Vikas Publishing House Pvt
Ltd.,).
[3] Prasanna Chandra- Investment Analysis and Portfolio Management, (2ndEdition, Tata McGraw-
Hill Publication, New Delhi).
[4] Preethi Singh,-Investment Management (Security Analysis and Portfolio Management), (14th
Edition, Himalaya Publishing House, Mumbai).
[5] Raman. V.N.S Investment principles and techniques (2nd Edition, Vikas Publishing House,
New Delhi )
[6] Robert D. Edwards, John Magee Technical analysis of stock trends, 8th
Edition.
WEBSITES
[1] http://www.nseindia.com/
[2] http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators
[3] http://en.wikipedia.org/wiki/Money_flow_index
[4] http://www.investopedia.com/terms/o/onbalancevolume.asp
http://www.nseindia.com/http://www.nseindia.com/http://stockcharts.com/school/doku.php?id=chart_school:technical_indicatorshttp://en.wikipedia.org/wiki/Money_flow_indexhttp://www.investopedia.com/terms/o/onbalancevolume.asphttp://www.investopedia.com/terms/o/onbalancevolume.asphttp://www.investopedia.com/terms/o/onbalancevolume.asphttp://en.wikipedia.org/wiki/Money_flow_indexhttp://stockcharts.com/school/doku.php?id=chart_school:technical_indicatorshttp://www.nseindia.com/ -
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A STUDY ON HR ISSUES IN RETAIL OUTLETS IN COIMBATORE
M.G.Saravanaraj1, S.Arulsenthilkumar2and N.Punitha31Professor & Head /MBA, Muthayammal Engineering College- Rasipuram.
2Research scholar, Manonmaniam Sundaranar University, Tirunelveli.
3Executive Development, FEDUNI, Coimbatore.
ABSTRACT: Although retailing is a one of the very emerging fast growing sector in our country, Now
massive retail stores has been functioning in the nook and corner of the all across the areas for fulfilling the
customer needs under one roof Now, various well reputed organizations are very clear to setting up shop in
India; they have a passion to be closer to the customer. At this time when the countrys retail business is
going through a transformation, there is a Compelling need for those involved in retailing and those who
wish to be involved to understand this phenomenon systematically so that they can practice it perfectly.
However one of the most problematic parts in the retail industry is that of acquiring, developing and
retaining the personnel involved in the business of retail. This article has been undertaken to identify the
pertinent HR issues faced in the retail sector, with a focus on retail outlets in Coimbatore. In this Study, a
foundation to the aspect of retailing has been given, which includes Retailing in the global and Indian
scenario, retail formats, etc. Then primary data has been collected with the help of a questionnaire, with the
help of which the HR issues involved in retail have been identified. In the end suggestions and
recommendations have been provided.
Key words: Retail Transformation, Global Retail scenario, Employee Retention
Introduction to Retailing
The word retail is derived from the French word retaillier, meaning to cut a piece Off or to break
bulk. In simple words, it implies a first hand transaction with the Customer. Retailing involves a direct
contact with the customer and the co-ordination of business activities from end to end right from the
concept and design stage of a product to its delivery or after delivery service to the customer. The industry
has contributed to the financial growth of more countries and is clearly one of the very fastest growing,dynamic and wide scope industries in the world today.
Retail stores serve as communication hubs for customers and sellers commonly known as the Point of Sale
(POS) or the Point of Purchase (POP), retail stores transmit information to the Customers through
advertisements and displays. Hence the role of retailing in the Marketing mix can play a significant role to
promote the retail strategy much better to the market. Retailing that has made a significant contribution to
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the economic prosperity that we so much enjoy. Retailing is also responsible for matching individual
demands of the consumer with supplies of all manufacturers. The nations that have enjoyed the greatest
economic and social progress have been those with a strong retail sector.
.
Retailing Scenario Global
Retailing in more developed countries is big business and better organized than what it is in India.
According to a report published by McKinsey & Co. along with the Confederation of the Indian Industry
the global retail business is worth a staggering US$ 6.6 trillion.In the developed world, most of it is
accounted for by the organized retail sector. For Instance, the organized retail sector has gone upto 80%
share of retail sales in the United States. The corresponding figure for Western Europe is 70% whilst it is
50% in Malaysia and Thailand, 40% in Brazil and Argentina, 35% in Philippines, 25% in Indonesia and
15% in South Korea. In China it remains a paltry 10%.
On the Global Retail Stage, little has remained the same over the last decade. The global Economy has
changed, consumer demand has shifted, and retailers operating systems today are infused with far more
technology than was the case six years ago. Saturated home markets, fierce competition and restrictive
legislation have relentlessly pushed major food retailers into the globalization mode. Since the mid-1990s,
numerous governments have opened up their economies as well, to the free markets and foreign investment
that has been a plus for many a retailer. However, a more near-term concern has been the global economic
slowdown that has resulted from dramatic cutback in Corporate IT and other types of capital spending.
Consumers themselves have become much more price sensitive and conservative in their buying,
particularly in the more advanced economies.
The growth of multiple chain retailers has been ruthless for many years in the west and this has been
accompanied by the development of retail names as brands in their own right. Discount retailer Walmart
has catapulted to the top of the Fortune 500 rankings in the U.S. ahead even of oil major Exxon Mobil and
the mammoth manufacturing giant General Electric. A relentless policy, of, Always Low prices. Always.
has brought Walmart to the top.
Walmart and Nordstrom in the U.S. and Sainsburys and Marks & Spencer in the U.K. Have grown by
rapid geographic expansion in their own countries. Specialists like Benetton of Italy and IKEA of Sweden
and The Body Shop of the UK are international and the fast food chains like McDonalds and Pizza Hut are
everywhere. The same Products are increasingly available from the same names on every continent.
Retailers Worldwide have immensely benefited from the sustained growth of the disposable income of their
global consumers.
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The service sector accounts for a large share of GDP in most developed economies. The retail sector forms
a very strong component of the service sector. Hence, the Employment opportunity offered by the industry
is immense. According to the US Department of Labor, about 22 million Americans are employed in the
retailing industry in more than 2 million retail stores. As long as people need to buy, retail will generate
employment. Globally, retailing is customer centric with an emphasis on innovation in products, processes
and services. In short, the customer is King!
Retailing Scenario India:
The Indian retail industry is the fifth largest in the world. Comprising of organized and unorganized
sectors, India retail industry is one of the fastest growing industries in India, especially over the last few
years. Though initially, the retail industry in India was mostly unstructured, however with the change of
expectations and preferences of the consumers, the industry is getting more utilizing these days and getting
organized very well. With emerging market demand, the industry is expected to grow at a pace of 25-30%
annually.
In the Indian retailing industry, food is the most important sector and is growing at a rate of 9% annually.
The well reputed food industry is trying to enter the India retail market and transform Indian consumers to
well equipped branded food. Since at present 60% of the Indian grocery basket consists of non- branded
items. India has the largest population in the world. Most of them are independent and contribute as much
as 96% in total retail sales. Because of the decreasing number of nuclear families, working women, greater
work pressure, Migrating to cities, increased commuting time and convenience has become a priority for
Indian consumers. They want everything under one roof for easy accessibility and induce to know better of
every things their choice. This offers an excellent opportunity for organized retailers in the country who
amount for just 2% of the estimated US $180 billion worth of goods that are retailed in India every year.
This figure is equivalent to the turnover of one single US based retail chain, Wal-Mart.
Growth of Indian Retail
It is expected that by 2016 modern retail industry in India will be worth US$ 175- 200 billion. India retail
industry is one of the fastest growing industries with revenue expected in 2007 to amount US$ 320 billion
and is increasing at a rate of 5% yearly. A further increase of 7-8% is expected in the industry of retail in
India by growth in consumerism in urban areas, rising incomes, and a steep rise in rural consumption. It has
further been predicted that the retailing industry in India will amount to US$ 21.5 billion by 2010 from the
current size of US$ 7.5 billion.
The growth and development of organized retailing in India is driven by two main factors Lower prices and
benefits the consumers cant resist. At the US India Business Summit in collaboration with Price water
house Coopers the following details were ReleasedIndia is rapidly evolving into a competitive market with
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potential target consumersin the niche and middle class segments. The market trends indicate fabulous
growthopportunities. Global majors too are showing keen interest in the Indian retail market.
Over the years, international brands like Marks & Spencer, Samsonite, Lacoste,McDonalds, Swarovski,
and Dominos among a host of others have come into India through the franchise route following the
relaxation of FDI. Large Indian companieslike the Tata, Goenka, Aditya birla, reliance, pantaloon, RPG
Group and Piramal groupsare investing heavily in this industry.
Today retailing provides jobs to roughly 15% of employable Indian adults, and is the largest contributor to
Indias GDP after agriculture. The growth potential of the industry is such that in the next ten years nearly
one million new jobs will be created in the organized retail sector alone. (Source: Business Executive (Dec-
Jan 2001)).
Considering such opportunities, one needs to take a look at the organizations and Institutes offering retail
education and training in India. At present there are but a few like Institutions offering Retailing courses for
their students this trend has to change, while the first few steps towards sophisticated retailing are being
taken, the biggest task for organized retail organizations is to locate and recruit Qualified, knowledgeable,
skilled and Trained staff to handle their operations.
According to the 8th Annual Global Retail Development Index (GRDI) of AT Kearney, India retail
industry is the most promising emerging market for investment. In 2007, the retail trade in India had a
share of 8-10% in the GDP (Gross Domestic Product) of the country. In 2009, it rose to 12%. It is also
expected to reach 22% by 2010.According to a report by North bride Capita; the India retail industry is
expected to grow to US$ 700 billion by 2010. By the same time, the organized sector will be 20% of the
total market share. It can be mentioned here that, the share of organized sector in 2007 was 7.5% of the
total retail market.
The Future of Retail Industry in India
The retail industry in India is currently mounting at a great pace and is expected to go up to US$ 833 billion
by the year 2013. It is further predictable to reach US$ 1.3 trillion by the year 2018 at a CAGR of 10%. As
the country has got a high growth rates, the consumer expenditure has also gone up and is also expected to
go up further in the future. In the last four year, the consumer spending in India climbed up to 75%. As a
result, the India retail industry is expected to grow further in the future days. By the year 2013, the
organized sector is also expected to grow at a CAGR of 40%.
India retail industry is progressing well and for this to continue retailers as well as the Indian government
will have to make a combined effort.
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Review of literature
A review of various literatures available would help in providing me with a better Understanding of the
various information involved in the retail function and their relation to the people oriented nature of the
business.
Source: Vedamani Gibson (2006). Retail Management Functional Principles and Practices. Jaico
Publishing House, Mumbai.
Title:Manpower planning in a department store
Following rapid growth in business volumes, a department store recruited 150 permanent Employees to
cover its working hours from 10:00 a.m. to 8:30 p.m. The store which had an area of 50,000 sq. ft. works
seven days a week. Manpower planning in a free access department store is done according to factors like
sales volumes and value planned per salesperson, floor area covered by a salesperson, number of customers
attended per day, or a combination of these. The idea is to optimize business operating results. The store
has a rush of customers on weekends from Friday to Sunday. Further the store experiences heave sales
during the weekend. In retail, manpower planning takes into account the number of staff needed at different
times of the day. It looks at the possibility of range of shift lengths not exceeding the statutory 8 hours
rather than rigid fixed shifts which would mean employing more people. The store however feels that with
its growing business there are less staff to serve customers, especially during weekends and busy hours.
Efficient manpower planning takes into account the impact of part timers and overtime to meet short term
peaks in demand. It uses weekenders in times of dire necessity. This store has not been following this
practice. The organization also fears that the commitment of such weekenders and part timers would be
very low.
Source: www.rediff.com
Title: HR factor in retail, largely ignored by Rajendra K Aneja, CEO, Switz Group and former MD,
Unilever, Tanzania
The mood in India these days is "Goodbye, Socialism. Welcome, Sonyism". But the Sudden explosion of
retailing emphasis the principal challenge confronting Indian retailers in the coming decade: staffing
operations and motivating teams. The lacks of formal retailing education further embitter the problem of
recruiting. How should retailers build human relations in retail management? The first ingredient is
infusing a passion for success in employees. If the staff are the
Employees of the company, rather than outsourced from agencies, there will be greater Commitment.
Further, retailers should make every employee a partner through a stock options scheme. A watchman who
knows that he has a stake in the final profits, in the form of a bonus or
a stock option, will ensure zero levels of shrinkage. Remember, businessmen must share their wealth with
those who generate it.
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Get the basics right
Retailing is a hard business. It is rigorous. The floor staff stands on its feet for up to nine Hours every day.
The job of the salesperson on the floor is physically exacting and emotionally draining. This is why
changing existing mindsets and motivating personnel will also require Ensuring basic hygiene factors. It is
crucial to provide toilets, restrooms, canteens and Dining areas, as well as recreation rooms to the staff.
Also, in a competent retail organization, each employee should spend at least 10 working days a year in the
classroom. Training of the staff is the best investment in the retail business. Training has to be constant, in
the classroom and on the floors, on a daily basis. Business schools should come together to pioneer a new
curriculum for master's degree in retail management. Next to training is the vital policy of building careers
and promoting people from within the company. Internal progression systems augment loyalty and boosts
morale.
Respect the floors
In a customer service-oriented retail outlet, the supervisory staff, managers, directors or the chairman of the
company will walk the floors. They will also seek advice and customer responses from the staff. As Sam
Walton, the best retailer of our times, once said, "Our best ideas come from the shop floors.
Looks do matter
Retailing is about the staff wearing clean, ironed uniforms. It is about shaving daily, using the right type
and the right amount of deodorant; it is about bright eyes and warm Smiles, about polished shoes, no straps
showing through the uniform and no hairy Armpits. These are fundamental hygiene factors, but they can
make or break a sale. It is a smart Move to recruit the grooming and communications staff from top five-
star hotels to train Retail staff.
Family ties
Working in any company should be fun and rejuvenating. The staff should look forward to coming to work
daily. This is possible when the team spends informal times together. Winning is great fun, becoming rich
is glorious, and it is vital to celebrate success together. If the employees of a retail company dance, sing,
eat, rejoice together, the company stays together.
Opinion the article lays emphasis on the importance of imparting retail education in a bid to groom
individuals and making them more receptive to the idea of pursuing a career in retail. Further it outlines the
need to motivate employees constantly and providing them with adequate facilities. It also states the need
to honor viewpoints and suggestions of the frontline sales staff.
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Objectives of the study
To understand the role and importance of HR in the retail business.
The focus would be to identify the recent HR issues faced by retail organizations.
The objective would also be to develop suitable HR strategies for the prevalent HR
Issues in retail business.
To analyze the employees opinions about the policies of Retail Industry
Research Methodology
Type of researchA combination of both exploratory and descriptive research would be Used.
Exploratory research often relies on secondary research such as reviewing available literature and/or data,
or qualitative approaches such as informal discussions with consumers, employees, management or
competitors, and more formal approaches through in-depth interviews, focus groups, etc.
Descriptive research, describes data and characteristics about the population or Phenomenon being studied.
Descriptive research answers the questions who, what, Where, when and how.
Research MethodThe qualitative and survey method would be used in this study.
Types of dataPrimary as well as secondary data would be used in the project.
Data gathering procedureThe various techniques adopted for gathering data would be:
Questionnaires
Interviews
With store employees
With the managerial level personnel in organizations
Research techniquesThe various techniques used in the research process would be:
Questionnaires
Direct interview
Observational study
Sampling details
Sample sizeA sample size of 120 would be taken for the survey.
Sample descriptionThe sample chosen for the purpose of the research would be the
Frontline sales personnel, managerial personnel and persons associated with apex Industrial bodies.
Sampling techniques - The sampling technique used in the study would be Simple
Random Sampling.
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Scope of the study:
The study covers all aspects of identifying the HR issues faced in the retail sector with special
reference to select outlets.
The study covers to know about the retail industry in the aspect Manpower planning.
Limitations of the study:
Time constraint is a limitation in the project as only limited organizations can be contacted.
The credibility of the information shared by the respondents.
Data analysis and Interpretation:
Table 1: Showing opinions about Gender and Job satisfaction
Null Hypothesis (H0) : There is no significant relationship between gender and level of job
satisfaction.
Alternative Hypothesis (H1) : There is close significant relationship between gender and job satisfaction
CHI - SQUARE TEST
Calculated 2value = 0.102
Degree of Freedom = 2Table value = 5.991
Result = Significant at 5% level
INFERENCE
It is found from the above table that calculated value is less than the table value at 2 degree of freedom. So,
Null hypothesis (H0) accepted hence it is concluded that there is no significant relationship between gender
and level of job satisfaction.
Table 2: Showing opinions about Age and working Environment
GenderLevel of Job Satisfaction
Total percentageLow Medium High
Male 25 35 15 75 63
Female 15 22 8 45 37
Total 40 57 23 120 100
Sl. No. Particulars 18 -25 25-35 >35 Total Percentage
1 Highly satisfied 11 10 6 27 23
2 Satisfied 17 15 4 36 30
3 Average 11 8 5 24 20
4 Dissatisfied 9 7 3 19 16
5 Highly Dissatisfied 7 5 2 14 11
6 Total 55 45 20 120 100
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Null Hypothesis (H0) : There is no significant relationship between Age and Working Environment.
Alternative Hypothesis (H1): There is close significant relationship between Age and Working
Environment.
Calculated Chi- Square (2) Value = 1.997
Level Of Significance = 0.05
Degrees Of Freedom = 8
Table Value = 15.507
Inference:It is found from the above table that calculated value is less than the table value So, Null
hypothesis (H0) accepted hence it is concluded that there is no significant relationship between age and
Working Environment.
Table 3: Showing opinions about Age and welfare Facilities
Null Hypothesis (H0) : There is no significant relationship between Age and Welfare Facilities
Alternative Hypothesis (H1): There is close significant relationship between Age and Welfare Facilities
Calculated Chi- Square (2) Value = 1.867
Level Of Significance = 0.05
Degrees Of Freedom = 8
Table Value = 15.507
Inference:It is found from the above table that calculated value is less than the table value at 2 degree of
freedom. So, Null hypothesis (H0) accepted hence it is concluded that there is no significant relationship
between age and Welfare Facilities.
Sl. No. Particulars 18-25 25-35 >35 Total Percentage
1 Highly satisfied 8 7 3 18 15
2 Satisfied 13 11 7 31 23
3 Average 19 17 5 41 38
4 Dissatisfied 5 3 2 10 8
5 Highly Dissatisfied 10 7 3 20 16
6 Total 55 45 20 120 100
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Table 4: Showing opinions about Age and Remuneration Facilities
AGE WISE
Sl. No. Particulars 18-25 25-35 >35 Total Percentage
1 Highly satisfied 18 13 5 38 30%
2 Satisfied 17 15 8 40 33
3 Average 13 12 5 30 24%
4 Dissatisfied 5 4 2 11 10%
5 Highly Dissatisfied 2 1 0 3 3%
6 Total 55 45 20 120 100
Null Hypothesis (H0) : There is no significant relationship between Age and Remuneration Facilities
Alternative Hypothesis (H1): There is close significant relationship between Age and Remuneration
Facilities
Calculated Chi- Square (2) Value = 1.593
Level Of Significance = 0.05
Degrees Of Freedom = 8
Table Value = 15.507
Inference: It is found from the above table that calculated value is less than the table value So, Null
hypothesis (H0) accepted hence it is concluded that there is no significant relationship between age and
Remuneration Facilities.
Table 5: Showing opinions about Age and Work time
AGE WISE
Sl. No. Particulars 18-25 25-35 >35 Total Percentage
1 Highly satisfied 12 9 4 25 21%
2 Satisfied 29 26 11 66 55%
3 Average 11 7 3 21 18%
4 Dissatisfied 2 2 1 5 4%
5 Highly Dissatisfied 1 1 1 3 2%
6 Total 55 45 20 120 100
Null Hypothesis (H0) : There is no significant relationship between Age and Work Time
Alternative Hypothesis (H1): There is close significant relationship between Age and Work Time
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Calculated Chi- Square (2) Value = 1.222
Level Of Significance = 0.05
Degrees Of Freedom = 8
Table Value = 15.507s
Inference: It is found from the above table that calculated value is less than the table value So, Null
hypothesis (H0) accepted hence it is concluded that there is no significant relationship between age and
Work time
Findings
Male workers are working more in Retail Sector
18 to 25 Age group peoples working more in Retail Sector
Level of Job satisfaction is Average.
23% peoples highly satisfied their working Environment.
15% peoples are highly satisfied their Welfare facilities
38% peoples are averagely satisfied their Welfare facilities
30% peoples are highly satisfied their salary.
Level of salaries at par with other industry.
57 % peoples satisfied their Work time.
Suggestions
Working in a retail sector more so at the frontline level. The job must be given the Due
prominence it deserves and people must be made to understand that they are not merely selling but
servicing customers.
With regards to Working Environment and Welfare facilities, which are probably the first of
the HR functions, it must be borne in mind that business forecast and performance standards are
foremost. They are the key areas because without the business forecast you will not be able to
recognize the need for manpower in future and if Performance standards are set then it would be
easy for the employees to work efficiently.
Compensation must be reviewed regularly and employees must be paid at Competitive rates.
Further a certain component of their remuneration must be Merit based so as to motivate them to
perform better.
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Attrition is a concern in the retail industry. However, by ensuring competitive Pay, well motivated
staff, facilities and benefits, career paths and growth charts, Etc the same could be controlled to a
large extent.
With the advent of several players in the retail sector both Indian and International, the HR
personnel must ensure that employees are motivated, trained to handle their jobs better, paid at
competitive rates, given adequate rest hours to Prevent exhaustion, etc.
Conclusion
Given the nature of business, the frontline sales staff in a retail enterprise are truly the brand ambassadors
of the company i.e. their employer. It is this frontline staffs who is in direct contact with the customer and it
is they who can make or lose a customer. However the role of the middle and top management people are
equally important as it is they who make the frontline staff prepared to handle their job. Recruiting the right
person with the right attitude will determine the success of retailing. Integrity is of paramount importance.
It is also important to reward employees for Achieving better results. Managing personnel in a retail
environment demands unique, specialized skills. Soft skills are required in addition to academic
qualifications. Retail is a dynamic industry and makes a lot of demands on the personnel involved in the
business. Therefore they need intensive training and motivation. The focus should move to being more
meticulous Retail is Detail. Each customer haste be delivered a Moment of Magic and the HR
department has to ensure that retail employees are trained to deliver those Moments of Magic.
Bibliography
[1] Edwin. B. Flippo Principles of Personnel Management, McGraw Hill Kogusha Company
Limited, Tokyo, sixth edition1998.
[2] Kothari. C.R. Research Methodology Methods and Techniques, Wishwa Prakashan, second
edition1990.
[3] Mamoria C. B.Personnal Management, Himalaya Publishing House, Bombay,41992.
[4] Pradhan Swapna (2nd edition). Retailing Management Text and Cases.
[5] Stephen. P. RobbinsOrganizational Behavior, ninth edition by prentice hall.
[6]
Tripathi - Personnal Management and Industrial Relations, Sultan Chand and Sons, New Delhi,
Twelfth Edition1996
[7] Vedamani Gibson (2006). Retail Management Functional Principles and Practices. Jaico
Publishing House, Mumbai.
[8] http://www.jstor.org
[9] http://www.workthing.com
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ANALYSING THE VOLATILITY OF NSE INDICESEMPRICAL STUDY
V.Prabakaran1and D.Lakshmi Prabha2
1Assistant Professor/
2L