jdr volume 13 issue 4 oct dec 2020 - vesim

Chief Editor

?Dr. Satish Modh – Director, VESIMSR, Mumbai

Managing Editor

VESIMSR, Mumbai?Dr. Nisha Pandey,

Centre, Associate Dean -Research and Publications and Chairperson: Yunus Social Business

VESIM - JDR

ISSN No. 2229-7561Journal of Development Research is published by: Vivekanand Education Society Institute of Management Studies & Research

Advisory Board:

?Dr. Kewal Nohria, Ex-CMD, Crompton Greaves

?Dr. Arunaditya Sahay, Professor & Dean, Research Center, BIMTECH, Noida

?Dr. Anil S. Sutar, Chairman, Center for Research Methodology, TISS, Mumbai

?Dr. Ashish Pandey, Associate Professor – OB & HR, IIT Bombay

?Dr. Chandrahauns R. Chavan, Professor – IT & Systems, Jamnalal Bajaj Institute of Management Studies, Mumbai

?Dr. Nachiketa Tiwari, Associate Professor, Department of Mechanical Engineering IIT Kanpur

?Dr. R. Vaidyanathan, Ex-Professor - Finance, IIM Bangalore

?Dr. Subhash Sharma, Director, IBA, Bangalore

?Dr. Yashwant Pathak, Associate Dean for Research and Faculty Affairs, College of Pharmacy, Univ. of South Florida

?Dr. Rakesh K Trivedi, Professor & Head Department of Chemical Technology-Oil Technology, Harcourt Butler Technical University (HBTU), Kanpur, India & Director, STEP-HBTI, Vice-President, OTAI (HQ)

?Dr. Satya R. Acharya, Associate Sr. Faculty, Entrepreneurship Development Institute of India (EDII), Gandhinagar, Gujarat

?Mr. R. K. Sinha, Ex-GM, Learning and Development (L&D), Bank of India, Mumbai

?Dr. Devdip Purkayastha, Adjunct Associate Professor at the Center of Entrepreneurship, IIT Bombay

?Dr. Vijay Laxmi Pandey, Assistant Professor - Economics, Indira Gandhi Institute of Development Research, Mumbai

?Dr. Siddharth Shastri, Vice-President, Banasthali Vidyapith; Professor of Economics, Dean, Faculty of Social Sciences, Banasthali Vidyapith, Rajasthan

?Dr. Rajesh Chandwani, Chairperson, Centre for Management of Health Services, IIM Ahmedabad

?Dr. Varadraj Bapat, Faculty- Accouting and Finance, IIT Bombay

?Prof M.V.Ashok,Adjunct Professor, Centre for Agribusiness Management, Faculty of Social Innovation, Partnership & Co_Creation,MIT World Peace University, Pune

International Advisory Committee:

?Dr. Ravinder Rena, Professor of Economics Monarch Business School; Faculty of Economics and Finance, Monarch University, Switzerland; Editor-in-Chief, International Journal of Education Economics and Development (IJEED)

?Dr. Amit Ghosh, Chair and Professor of Marketing, Cleveland State University, USA

?Dr. Prashant Saraswat, Research Assistant Professor, Metallurgical Engineering, University of Utah, USA

?Dr. Charu Banga, Lecturer – Finance and Economics, Curtin Business School, Dubai

?Prof. J. C. Edirisinghe, Editor-Applied Economics & Business; Head of Department, Agribusiness Management; Faculty of Agriculture & Plantation Management, Wayamba University of Sri Lanka, Makandura, Gonawila (NWP), Sri Lanka

?Dr. Tracy F. H. Chang, Associate Professor of Rutgers School of Management and Labor Relations, State University of New Jersey New Brunswick, NJ United States

?Dr. Anil Maheshwari, Professor of Management Information Systems and Director of Center for Data Analytics at Maharishi University of Management, Fairfield,Iowa United States

Reviewer Board:

?Dr. Sachin Deshmukh - Faculty in Data Analytics Statistical Programming Marketing Research

?Dr. Meera Shanker, Professor OB and HR and Director, Jankidevi Bajaj Institute of Management Studies, Mumbai

?Dr. Manoj Joshi, Chartered Engineer, (Mechanical), Fellow Institution of Engineers (I), Director, Center for VUCA

?Dr. Som Sekhar Bhattacharyya, Professor of Strategic & Technology Management, NITIE, Mumbai

?Dr. Srini R. Srinivasan, Associate Professor- Marketing, Jamnalal Bajaj Institute of Management Studies, Mumbai

?Dr. D. K. Pandey, Professor – Human Resource, Institute of Technology and Science, Ghaziabad

?Dr. Sangeeta Jauhari, Head of Management Department & Research Coordinator, RNTU, Bhopal studies

?Dr. Sushma Verma- Faculty in Finance,

?Dr. Brijesh Sharma - Faculty in Marketing ,

?Dr. Ajay Gupta, Faculty in Human Resource Management,

VESIMSR, Mumbai

VESIMSR, Mumbai

VESIMSR, Mumbai

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studies / book reviews as mentioned above to Citing selectively to enhance own findings or publish papers. It is requested to all to please editors, reviewers or colleagues. researchers / writers /contributors /Authors Misrepresenting research achievements. to discourage and stop unethical practice

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The Journal of Development Research research environment.discourages all the unethical practices while

Dr. Nisha PandeyManaging Editor, JDR

Dr. Satish ModhChief Editor, JDR

Ethical Policy of Journal of Development Research

V

Editorial

The legendary story of Dr. Swami Ramakrishna Mission was to teach Hindu

Vivekanand is nothing less than a Philosophy through Vedanta and Yoga. The

phenomenon. He was a distinguished paper, therefore, gives us a detail viewpoint

philosopher, educationist, political leader and on the major works of Dr. Swami Vivekanand

amongst all, a social welfare doyen. He and how others have replicated it in their

thought differently, worked differently and works, in some way or the other.

had unique ways of propagating his With the retail space booming to a great ideologies. No wonder, all his peers and extent, it becomes very difficult for the contemporaries from Rabindranath Tagore to customer to make a choice. They are often Anna Hazare followed his teachings. Their confused about what to buy and how to go paths were different; however, they followed about deciding what to buy. The world of his teachings, for getting insights and an operations has advanced to such a great unblurred vision to achieve the path of extent, that it helps the buyer in making their development. As for Swamiji, originality buying decisions. In their paper, the author S mattered a lot and his thoughts always came Rajagopalan has described Analytical right from his heart and mind. What is Hierarchy Process (AHP) as an operations surprising is that even though Dr. Swami tool which is used for coming to a decision. Vivekanand did not have any socializing AHP is a structured approach to decision agenda, his teachings were spread far and making in which the decision maker has to wide and were followed by all. His teachings consider various criteria's before coming to a were spread so wide across that a decision. AHP is a decision making tool which participatory movement had begun, without helps to analyse abstract and complex Swami Vivekanand even 'marketing' his situations while coming to a conclusion. One thoughts. This paper which is beautifully of the unique features of this tool is that, with written by Dr. Alok Chattopadhya depicts, in the help of this tool, one can measure various detail, the ways in which other legends criteria's for their decision making purposes followed his work and principles to carve even if they are represented in different units. their path to success. Some of the people who In this paper, the author has described the were ardent followers of his principles, as decision making process with this tool by described in this paper, were Jamshedji giving a practical example.This process Tata,Bhupendranath, Rabindranath Tagore, involves assigning weight for all criteria's and Anna Hazare and Mahatma Gandhi amongst therefore, the author in this paper has a few. The paper also highlights the assigned different weights for different philanthropic work done by the Ramakrishna criteria's in order to come to a decision. The Mission, which was founded by the legend situation is described with a reasonably himself. The main objective of the complex hierarchy involving factors that are




VI

tangible and easy to precisely measure, how it is decorated and what is the layout of

tangible but difficult to measure, and the store influences the customer to a great

intangible and totally subjective criteria. The extent. The study aims at establishing an

findings suggest that, this tool is very helpful association between the various features of

in making informed and correct decisions and the store and its implication on the satisfaction

that too in a systematic manner. level of the customers and store brand loyalty

while shopping for grocery in organized retail The retail industry always sees fluctuations in store. The research paper written by Dr profits. It is important therefore, at the outset Geetanjali Jinder examines the mediating role to know how can one optimize the revenue of store attributes like, product, promotion, from the retail industry. The paper authored price, location and service of the organized by Dr. Debjani Banerjee, aims to explain retail outlets on the customer satisfaction and affinity analysis or association rule mining in store brand loyalty using Structured order to understand what influences the retail Questionnaire collected from 371 respondents revenue and how can one optimize it. In this through google forms. The customer paper, Market Basket Analysis is done on the satisfaction and store brand loyalty were primary data which is collected from an outlet analyzed using Descriptive statistics, of retail goods in the Thane area. Market ANOVA test, Correlation and development of Basket Analysis is an important tool to a Model. The findings of the study revealed analyze the information about the preferences that the attributes of the store in relation to of the customer. Understanding customer customer satisfaction and store brand loyalty preferences and what do the customers want were supported. Further, it was found that is very important as it helps the retailer to get there was a direct influence of customer the right product, in the right quantity and at satisfaction on store brand loyalty through the the right time so that efficiency can be gained store attributes. This study will enable the and the retail revenue can be optimized, by managers to focus on their store attributes, doing effective inventory management and product features, place, promotion sales. The findings suggests that, there are techniques and service quality for providing various algorithms that can be used to do better and enhanced experiences to their Market Basket Analysis.These proposed customers. algorithms also helps in the mining of static

data. This paper uses association rule mining Not all people in our country are well aware of

through FP-Growth, which helps to capture the savings schemes which are introduced

the trends in customer analysis. The results and regulated by Government of India. Small

and findings suggests that the technique of Savings Schemes are savings products

data mining will help to optimize revenue as administered by the Government of

well as control the inventory. These tools help India.This paper authored by Dr. Monali Ray

to increase sales as well as profitability of the compares the effectiveness of two savings

retail outlets. schemes of the Government of India namely

the Public Provident Fund and Sukanya Growth of any brand depends on the brand Samriddhi Yojana.It also delves deep to loyalty that the customers have towards that investigate about the awareness of these brand. How and where the store is located, schemes amongst the people .The sample that

EditorialJournal of Development Research

VII

was used in this study was the investors in the learning by giving certain evidence- based

small savings scheme. 20 respondents from practices which can have a huge impact on

the Mumbai and Kolkata region were used in online student motivation, online course

order to investigate the awareness about these design and an integrated pedagogy. This

schemes.A detailed questionnaire was used in book is more like a self-help practical

order to investigate this topic and come to handbook which gives detailed insights on

several conclusions. The findings indicate that how to quicky adapt to the changes in

there is a difference in awareness amongst the pedagogical techniques so as to make the

people about these two schemes. People are online learning, more effective and efficient.

more aware about the Public Provident Fund The book review also suggests that, the

than the Sukanya Samriddhi Yojana. As far as interesting points to note are that this book

the Public Provident Fund is concerned, there highlights approaches which can be used to

was a lack of awareness in the mind of the increase the retention ratio of the students in

investors regarding the revised interest rates online learning, ways to train the faculty

as well as the rules of partial withdrawal. As online as well as newer ways of building

far as the Sukanya Samriddhi Yojana Account support structures for smooth online delivery

is concerned, investors were unaware about of the classes by the faculty and learning by

the current interest rates, the amount of the students.

penalty that is given that is given and the In today's age, sustainable development is a provisions that are needed to close the account leading topic in all the conferences and before its maturity period. However, there w o r k s h o p s . T h e w o r l d i s m o r e were findings stating that the investors were technologically advanced today. But with the aware about the tax provisions about both the advancements, have come several problems schemes. The paper is very interesting to read such as pollution, carbon dominated air, and it can provide some brilliant inputs to the various diseases and viruses. Banks are a part financial institutions and to the advisors to of service sector too. The concept of green increase awareness about various financial banking is therefore vital, because paperless products. banking can helping in reducing the pollution

The space of online learning has widened in the environment, preventing the

beyond imagination in the covid era. From environmental degradation and help to

students to professionals, all are working purify the environment. This paper authored

remotely and trying to get in terms with the by Ms. Sonal Agarwal details the impact that

newer technologies that can be used in order green banking has on environmental

to make this journey of online teaching and sustainability. The paper describes in detail

learning, more efficient and effective. The what are the different initiatives of different

book review authored by Dr. Kandi Kamala banks such as public and private sector

helps us to know the intricate aspects in the because the main objective of this paper is to

field of online learning and teaching. The book know the impact by finding out different

review suggests that how the book 'Online initiatives are taken by different banks (public

Teaching at Its Best: Merging Instructional banks and private banks) to market

Design with Teaching and Learning Research' environmental friendly products and

helps to fill the gap in the literature of online services. The paper is based on the analysis of

Editorial Journal of Development Research

VIII

the different initiatives of the banks towards We hope that the readers enjoyed got some

protecting the environment. The findings of new and fresh insights on various research

the paper suggests that green banking is a pro- topics through this issue. We are ready to

active as well as a smart way in order to reduce bring you such interesting and unique issues

pollution in the environment and make the in the future.

environment pollution and chemical free

Dr. Nisha PandeyManaging Editor, JDR

Dr. Satish ModhChief Editor, JDR

EditorialJournal of Development Research

IX

Content

Overview

1. Exploring the Socio Economic Segment of Swami Vivekananda's Work PerspectiveDr. Alok Kumar Chattopadhyay

2. A Study on Impact of Green Banking in IndiaMs. Sonal Agarwal, Dr Vishal Bishnoi

Page No.

01

10

Research Paper

3. An Association Rule of Market Basket Analysis to Optimize Retail RevenueDr. Debjani Banerjee

4. Impact of Store Attributes on Customer Satisfaction and Store Brand Loyalty – A Mediation Role Dr. Geetanjali S Jindger, Dr. Lalitha Balakrishnan

5. To Understand the Methodology of Analytical Hierarchy Process (AHP) Through its Application in Selection of AutomobilesProf. S Rajagopalan, Prof. C. G. Prakash, Dr. Kavita Laghate

18

25

37

7. Online Teaching at Its Best: Merging Instructional Design with Teaching and Learning ResearchDr. Kandi Kamala

Book Review

62

Case Study

6. A Comparative Analysis on the Awareness in Small Savings Scheme with Reference to Sukanya Samriddhi Account and Public Provident Fund (PPF)Dr. Monali Ray, Dr. Rinkoo Shantnu

53


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Abstract: Keywords:

Those who thought mostly did not work. The dichotomy Swami Vivekananda, Man Making, Ramakrishna

was marked by absence in Swami Vivekananda. His Mission, Participatory Development.

Man Making has been alive in his work on the 1. IntroductionRamakrishna Mission and Ramakrishna Math.

Swami Vivekananda was not an Economist, goes Spiritual and Secular found simultaneous abode in

without saying, but must be said. England's J.B him. He advised Jamshedji Tata in India and Francis D. thMalthus of the 18 century presented the Rockfeller in the USA to develop the devises of research

population theory; and Swami Vivekananda of in the progress of mankind. They followed him to thIndia of the 19 century gave his Man Making. change the courses of their business activities. Thus, not

None had an agenda in Economics or society per only did they become even more successful, but could

se. They were both recluse. According to Alfred leave a mark in the progress of mankind.Marshall, however, Economics is the 'science of

Vivekananda distinguished himself from the mankind in the ordinary business of life. Swami

contemporary and beyond personalities.From Vivekananda was a pragmatic thinker and himself

Rabindranth Tagore to Anna Hazare, all had the he worked on his words. There remained 'zero'

respective occasions to follow Vivekananda holding him deficit between his spoken words and his action

in high respect, though their paths varied wildly. on implementation of his thought. He had imbued Vivekananda found, everyone had to be original or INDIA literally in him, travelling on foot through nothing.the length and breadth of the country, in the range

A recluse,Vivekananda could not be expected to have of meeting the kings and the paupers among

any socializing agenda. Neither was he an economist to people, and finally meditated on the rock of the

extend his thought on finances and budgetary matters. Kanya kumarika to visualize the soul of India. He However, his insights could pave the way of implemented his findings in terms of bringing participatory development. In the works of about the Ramakrishna Mission. Prime Minister philanthropy, his RKM stood distinguished in Narendra Modi, an ardent devotee of the same reforming 'root and branch'. Economic development Mission has aptly extolled that Swami meant industry, agriculture and man making. Vivekananda, instead of nurturing one

Marx and Socialism knew no equality without Vivekananda Mission, has since built the annihilation of the 'haves'. Vivekananda believed in no Ramakrishna Mission. He was a holocaust of un such torso of existence.. Advaita Vedanta was made of attachment. He advised his name to be erased. the basis of love. Marx was swept of his feet. Only the work must remain, he prophesied, for at Vivekananda had read Kropotkin. If only Marx came least 1500 years for the benefit of mankind.after Vivekananda, his agony could be lesser, one

imagines.

Dr. Alok Kumar Chattopadhyay, Retired from Maulana Azad College, Kolkata, Indiaas Associate Professor of Economics, in the West Bengal Education Service, Email: [email protected]

Exploring the Socio Economic Segment ofSwami Vivekananda's Work

Dr. Alok Kumar Chattopadhyay


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Section 1 rescinding some of the good qualities alongside.

He wanted to raise the conditions of the poor, not Where Did Vivekananda Distinguish Himself?by giving alms and doles, but preparing the 2. Among Menpeople. And it was possible in terms of Man

Swami Vivekananda could easily extend his Making and character building education only.

thoughts encompassing both the mundane and When giving, he suggested not from above to

the transcendental. He did not distinguish below percolations, but bowing down before the

between the secular and the spiritual in the receiver recognizing him / her as the giver of the

pursuit of truth. Here, we propose to concentrate opportunity to serve. Trickle up, rather. A

on the former only. His particular emphases were spiritual entity, he thought of serving his god in

the women and the masses. Bold and benevolent the humans. 'Service to man was service to god',

as he was, he discovered India among its people. could be sacrilegious to the religious people and

Of course, he meant 'root and branch reform of the not acceptable to the communists who did not

society of its people. He never meant any believe in god. He never cared to fall in line under

bloodshed of revolution though. He believed in any orders, tailor made at that. He had prepared

evolution. He could rest his faith on history of his himself to go it all alone, asked his disciples to be

land and philosophy of the Upanishads. He knew original or nothing. Bhupendranath respected his

industry, agriculture and trade, trusted not so elder, but never toed his line. He was a Marxist. He

much on trading. believed in the Marxist theory. He didn't have to

2.1 Jamshedji Tatapractice or apply it beyond parleys. Vivekananda

He told as such to Jamshedji Tata to change the didn't say a word which he himself did not latter's course from trading to industry. On his practice. return from Japan, Jamshedji Tata turned out to be

2.3 Rabindranath Tagorethe most respected industrialist of all in British

Swami Vivekananda was in the intense love of his India. Tata, in turn, had offered him and his foster

people, though he was basically a recluse leaving daughter Sister Nivedita the coveted Chair of the

no expectations from anybody in the society. He Tata Institute of Sciences which, obviously, he

could easily mix up and make friends with the could not accept. He had some greater task for the

Mysore king Chaminda and Rajasthan Maharaj country, Man Making above everything else.

Ajit Singh and yet he has been criticized for not Like Jamshedji Tata in India, John D. Rockefeller

accepting a friendship offer from the poet laureate in the USA came to be influenced and change the

Rabindranath Tagore who lived at a stone's throw course of his career from being just another

distance only from his ancestral home. Actually, businessman to one philanthropist enjoining

he had no socializing agenda in life. His task of researches to business. The very purposes were to

making relations and friends was cut out. He set the respective courses right even without

knew his pal. The time span of his life was literally deviating from secular to sacred.

measured (39 years +) and he could not be 2.2 Bhupendranath comfortable in a 'tea party' though Nivedita had Swami Vivekananda's brother Bhupendranath arranged one between the two greats. Dutta was among India 's pioneers in However, Tagore did not blink to reveal to Communism. Vivekananda for himself Romain Rolland to read Vivekananda only to proclaimed, 'I am a socialist, not so because understand India better. He said, everything in socialism was the best idea, but 'half a loaf was him was positive only, and there was nothing better than no loaf'. Swami Vivekananda bated for negative to be had. So that made the difference equality in the society. By that, he never meant any between the news mongering and the lover. annihilation, for that would have the effect of

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JDR Volume 13 Issue 4 (2020) Exploring the Socio Economic Segment of Swami Vivekananda's Work

2.4 Thank God, I am not a Marxist said Karl browsing. He just savored them, and the whole

Marx (1870) philosophy of his life changed. Many, including

foreigners have been fascinated on reading his Though Marx preceded Vivekananda, and was of account. This had happened in the past with matured age when during the 1880s, Vivekananda Romain Rolland and at current times with the ( then Narendranath) had reached Sr i German scholar Martin Kampchen.Ramakrishna, his Guru, after having grasped

Harbert Spencer and John Stuart Mill among 2.6 Iswar Chandra Vidyasagar

others, he never discussed communism beyond Ishwar Chandra Vidyasagar and Raja Rammohun Peter Kropotkin. As a matter of fact, Marx wasn't Roy, as also Vivian Derojeo had in the past, so important during his youth. Vivekananda's dedicated their respective lives for the sake of socialist ideas did not fall in line with Marx. education and welfare of women of our country.Advaita Vedanta was all about understanding the Great souls as they were, they wanted to do one only that existed. When there is no second, something for our women to improve their status whom to be jealous about and whom to in the society. Vivekananda came later and he did annihilate? The left hand in the body could not not want to do anything, on his own, for women. envy the right hand. Marx was not unaware about He just wanted to arrange such education as could Advaita Vedanta. He had studied it through Dara help our girls to do it all by themselves. He refused Shiko's translations and was impressed. He could to accept that women were the weaker sections of not, however, comprehend its applicability. If the society. He brought in examples from our only Marx came after Vivekananda, I fancy, he history to clear the doubts regarding the capability would have molded his ideas. What remains is, of our girls. At the same time, he knew how our Marx could reluctantly think of a torso of the girls could lose all faith in themselves due to male society without the rich. His proletarian domination. He did not hesitate to inject some revolution, in the absence, perhaps, of a strong medicine in the shape of bringing some Vivekananda, had messed up in applications western women in the extremely conservative (1870) that Marx himself could not stomach. Indian society to create the necessary flutter. None Vivekananda did not live to witness the Bolshevik else could even think of such revolutionary idea Revolution which took place in 1917.Vivekananda for the evolution of the antiquated society.had passed away in 1902. However, he had

2.7 Mahatma Gandhipredicted the coming up of a socialist Russia.

Gandhiji said that his own love for the country Marx's main tenor was equality, obviously among increased manifold on reading Vivekananda only. the males only. Vivekananda was pioneer in (See section 2 below).thinking, nay introducing equality between men 3. Among Organizationsand women.

In contrast to the individualistic western society, For his own country, India, Swami Vivekananda Indian society had always been established on had despised the prevalence of caste, rather than socialistic ground in joint families, until our class differences. He knew that oppression of education came to be overwhelmed by the women and crushing of the lower caste by the western influences (1836 onwards). All the family higher caste was our greatest sin.members took part together in agricultural 2.5 Anna Hazare pursuits sharing on the crops that later under the

On the brink of total despair in life, by his own economic theory of 'disguised unemployment'

admission, Anna had the chance to open a few came to be disqualified. In the free society and

pages of the Complete Works of Swami family structure, those who could rescind the reins

Vivekananda at the Wheeler's stall at New Delhi of the family and went for more ambitious urbane

railway station. He could not stop just by

Exploring the Socio Economic Segment of Swami Vivekananda's Work JDR Volume 13 Issue 4 (2020)

3

pursuits could afford better living. Those who proceed with the RKM and their devotees in the

were not so lucky did not grudge, however, only shape of the Bhava Prachar Parishads. This was a

admired the brethren. Sometimes, they even party of 12 people, 5 men and 7 women. All of

remained idle, some of them. They had very little them were highly qualified and well-meaning as

want also. Mostly, they thrived on subsistence well as well placed in society as doctors etc. As we

which now been named the BPL. What's reached a nearby Inspection Bungalow, the SDO,

important was sharing in the family farming and Mr. Sukanta Saha himself came forward, treated

income; giving labor in others' land for a paltry us with breakfast, took photographs with us and

wage until and unless a chance better economic said, concerned about our safety, that the area was

pursuit could be arranged for some in a distant politically sensitive to a measure, we had better be

land or area. That could make money at a cost of careful, and yet not to worry, he had taken the

the peace of mind though. necessary measures and arranged a l l

administrative and police protections for us.Swami Vivekananda had admired the family

oriented Asian story of Japan's economic On reaching the spot, we found a long queue of

development after the Meiji restoration (1861) as villagers waiting to receive 'pleasantries' actually

intensely original. from us. None, however, looked very sullen or

distressed. Some were even managing the queue 3.1 Reverse Migrationthemselves to make sure that nobody could Migration of labor from the rural agricultural trespass. When I went to meet some of the subsistence sector to the more organized urban younger stuff in the queue, two things surfaced. sector had taken place before Arthur Lewis (1954) One of them 'curiously' wanted to ascertain from and Kaushik Basu had attempted to articulate me, what exactly were the material stuff to be them in theories. Today, under the impact of the distributed! Thus, they were choosers, not Covid – 19, a reverse migration back home is beggars. This reminded me of the boyhood taking place expecting the authors like Abhijit happenings in the Children's Park on the occasion Vinayak Banerjee to recommend cash transfers of the Republic Day celebration. This childish beyond any separate theoretical construct. This is attitude on the part of the villagers was whatever a faux pas unknown in any copy book economic was it. I could not understand if it should have met theory, revealing the necessary limitations of the the purposes of the 'benefactor'. latter.

Vivekananda had advised business by the youth, 3.3 Enough is Enough preferably in the foreign soil to earn a better

livelihood back home. Himself, a recluse he Then I chanced to meet the young BDO, Mr.

encouraged conspicuous consumption of the rich Naziruddin Mohamed Sarkar who told me that on

to create demands for the artisans' articles. He had the one hand, these days, the governments, both at

advised his disciple to buy some excess beyond his the Centre and at the state wanted to give

own requirement to help buy up the stuff brought ENOUGH. As the BDO of the area, he had two

by the hawker for sale and subsistence of the things in his hand, (1) enough money for the 100

family. days' work, and (2) enough work to offer. And

thirdly, at Rs. 210 per day per person, the amount 3.2 We had gone to the migrating labourers could not be very poor. But he fails to find enough returning from work place, after 'Covid -19', at persons to accept the offers. They come and Raichak, near Diamond Harbour in West Bengal, unabashedly say that they did not come to work carrying relief materials under the aegis of some

st for the river damn as suggested for the 100 days' internationally reputed organization. It was on 21 work. They just wanted the money, raw cash of June, 2020 (Sunday). The experience is worth without working for it. Is it a sorry state? I don't sharing. Previously, on all such occasions, I could

4


know. I know, also, people in both the urban and not even for more urgent purposes. Absolute no

the rural sectors who fail to connect themselves to shuffling with fund, so much so that some very

work. Therefore, where there is job, there was urgent works were made to suffer while there was

hardly any worker, and at the same breadth excess in the other areas. On one occasion, the

unemployment ran the urban streets without a monk in – charge had to request some close

passenger for their rickshaw at the post lockdown devotees to give some donation for the repair of

state. There is work and no worker to take it, and at the kitchen which the other donors will not

the same breath, no work for those who wanted to comply. The latter, obviously, preferred education

work. Voluntarily unemployed amongst the poor! or even worship purposes.

This is the new normal!! Not so much 3.5 Vivekananda admired the Japanese model unemployment as it was a disconnecting between o f p o v e r t y a l l e v i a t i o n a n d e c o n o m i c the work and the worker in the unorganized development. He said, 'in my opinion, if all our sectors of the state. rich and educated men once go and see Japan,

3.4 In the Ramakrishna Mission, the relief work their eyes will be opened. He took pride in the very

is organized differently. In the case of the Asian zeal. Japan could prosper after the Meiji

devastating earth quake at Latur, Maharashtra restoration in 1860, by means of self employment

(2008), and again at the Uttarakhand floods (2013), in the area of cottage and small scale industries.

the RKM was not to be found on the TV screen The very signature mark of Japan was its home

during the immediate aftermath. Instead, they industries, family business at that. The difference

sent in a small team of monks and a few of the between the producing and consuming sectors

trusted volunteers to take stock of the situation were successfully obliterated, and thus the

and the extent of relief needed. They came back, Mitsubishi, Mitsui, Samurai and such other family

reported their findings and the local HQ for the enterprises thrived. There could not exist a

RKM arranged for the semi-permanent posting of dispute between the employer and the employee,

two or more monks in the affected areas. These proletariat and the bourgeoisie. Vivekananda

monks arranged for volunteers also among the knew that India could not just about copy the

locals, basically. In the meanwhile, the other Japanese model. Squeezing intermediaries, not

organizations, individuals and the government only between god and the devotees, but also

and even the military could arrange helicopters between the farmer and the bankers, between the

and land rovers for immediate rescue effectively. agricultural producers and their consumers were

in his mind. He knew that the village money While the others were at rescuing the outsiders, lenders and the agricultural workers could not be the RKM was concerned more with the local expected to work together. So India should devise people. For example, the completely devastated its own model. Japan, however, was the Asian school building came to constitute the priority country devising successfully family business area for the RKM. At Latur, the RKM had taken model. In this any theory followed practices by the upon itself the task of rebuilding their little homes people. So practices preceded precepts. which still bear testimony of their services when Relationship ruled the roost. The western world nobody today remembers even the incident. Ask till date could not find a clue for any such the residents who remember in gratitude of love. relationship model. Professional and the family It's far from love's labour lost. It's maximum worlds were successfully separated there. It utilization of the donors' money. Swami knows of system only. From the capitalist system Vivekananda had cautioned them against to the socialist and in the oscillation between them wastages of public money. Also he said; take as the travail ordained. Vivekananda knew that absolute care of the audit so that the money given systems do not make Man. It was Man that made for one purpose was never utilized for another,


5

5.1 Mahatma Gandhi and Rabindranath his own system. So Man Making education was

Tagoreimportant.

We have achieved independence from the foreign Section 2

rule, thanks to the efforts on the part of our 4. Mahatma Gandhileaders. It looks as though the whole nation and all Mahatma Gandhi was all for agriculture, village, its men and women rose to the occasion to combat small industries and Charkha. Vivekananda the Britishers. Far from it, when Gandhiji went for recommended industrialization for a vast country the salt satyagrah he preceded all alone toward the and its employment requirements. He visualized Arabian Sea and Tagore sang, If and when none a balanced system of industrialization in which else responded to your call go it all alone, never the large scale capital intensive industries and weaver (Yodi tor dak sune keu nai aase, tabe ekla chalo small scale labor intensive units could grow side re). Gandhi found as he turned, scores of men and by side. Gandhi was more pragmatic in this than women following him in silent procession. Even most leaders. In our country after independence, on achieving independence, India could not we have chosen to confine Gandhi to the IAS follow Gandhi. Not only had his charkha come a examination syllabus, far from the madding cropper in the hands of the advocates of heavy implementation. Vivekananda, for one, won't industrialization, but the father of the nation was make any presumptive plans. He did not place an unceremoniously away from the seat of power.agenda either before Gandhi or Bose in principle. Vivekananda was not in body when India His only demand had been the sincerity of thought achieved independence. But he knew it all, and and execution of it. No one had to simulate a had prophesied its exact timing drawing caution model. Everyone was fully capable of producing to the effect that but for the necessary preparations his / her own plan for himself / herself and as a in education for the people in Man Making; our result, for the society. One had to be honest to the independence will be meaningless change merely core. And then only, there are examples galore in of the ruling guards.his RKM that all contradictions fall apart like the

5.2 Vivekananda and Sister Nivedita's India nuts and bolts in the face of the love and respect for

each other. It was an altogether different proposition. India's

Section 3 independence and the war for it were different

really, and basically, from the struggle of the other 5. In FineAfro- Asian countries, in so far as freedom from Swami Vivekananda was more concerned with the foreign rule and the Upanishadic salvation, the individual. He did not bother, though, for any here, were intertwined. Even unto date, there separate salvation. He knew that one needed not remain small islands and big landmass like work separately for the latter, for salvation could Canada merrily surviving under the British be the bye product of one's sincere application of common wealth. They arrange nazrana for the mind in his / her work. In his 'Karmayoga', he British queen year after year. They are 'developed' recommended unselfish work. Ordinarily, all no question about that, but for our Gandhiji and would say, when each was sincere to the hilt, the Netaji Subhas we would have enjoyed the same as society will grow and develop automatically. But slaves of Mackalay (1836) who had prepared the Vivekananda, for one, knew two things, (i) blue print for our education to perennially sub Everyone will not be the same and sincere at serve the Britishers. We would have survived as anybody's calling and more importantly, (ii) a few the jewel in the British crown. As a token of that men and women prepared to sacrifice their lives recognition, our 'Kohinoor' adorn the head gear of for the good of the nation and the people will the British crown. change it all for everyone.

Section 4

6


6. Vivekananda had recommended and these boys and girls do the best amongst all the

expected cultural confluence between the east and others. We lacked in the suitable director who

the west. He had suggested exchange of could stir the youth. Satyajit Ray the noted film

spirituality for science and technology. For his maker did always leave space for his characters,

part, he could establish India's comparative even child actors to perform in his own way and 8advantage in spirituality at the World Parliament seldom the way Ray instructed . That made all the

of Religions at Chicago in 1893. He also advised difference. Coming to Vivekananda, he never

India's youth to break the taboo of crossing the sea expected his brother disciples to act according to

and go to the west for business purposes. his instructions. He gave them full freedom. At the

Following Vivekananda, a host of Indian Yogis, time of his withdrawal from the work of the Math,

however, have gone to the west to preach Vedanta he discouraged his followers to expect to take

and Yoga. They have been meted with advices from him. He even pampered them to

unprecedented success for themselves and their make mistakes. From good to better, and not from

country. The economic impact of them has been Bad to good, was his ways.

immeasurable. 6.4 Education

6.1 Even as the Indians could cross the black Vivekananda despised confinement of religion water, a large number of westerners started to and education within the priests and the upper voyage for India, not in search of more Kohinoor castes. He came to open the doors for the in any Eldorado, but to find the solace of heart. downtrodden, the masses and the women. He Many made India their homes. The British couple trusted the potentialities in each human. Give him in Captain and Mrs. Sevier had established the / her chance and he / she will prove his / her Mayavati Ashrama at the Kumaon Hills on the talent unfailingly. He trusted man, but not any Himalayas, at the behest of Vivekananda, could god residing above the clouds. 'one of the most easily demand special mention. important aspects of Vivekananda's scheme of

education is women's education. He recognized 6.2 The purpose of education was not to teach a

that if the women of our country could get the lesson, but to explore what was already there

right type of education, then they could be within the pupil. To inspire and to encourage in 9independent to solve their own problems.' . At purely positive thinking was the sacred role of a

the same breath 'He understood that imparting teacher. All know that most of the teachers do not

education to the poor was the only solution (to the have the will and the capacity to go into such

problem of poverty), 'If the poor cannot come to depth. Those who have that capacity may not be

education, education must go to him. There are large in number, but again they only make man.

thousands of single- minded, self- sacrificing, Also this lesson is seldom confined within the four

Sannyasins in our own country, going from walls of a class room. When the interest is aroused,

village to village, teaching religion. If some of the teacher will actually have to undertake lesser

them can be organized as teachers of secular than the routine trudging the way to the class

things also, they will go from place to place, from room. Both the teacher and the taught could enjoy

door to door, not only preaching, but teaching in this milieu of freedom. The student will then

also.' Vivekananda was for changing the whole explore himself / herself. The teacher could be

concept of Sannyasin. In this he also could there also as a physical instructor, music teacher or

recognize the inherent strength of the sages India any such in many ways whom the students would

possessed. His Ramakrishna Mission was admire.

organized for the purpose and today India has the 6.3 Our country fails in the Olympics and other largest logistic of education in the RKM in both world arenas, not so much due to the lack of quality and quantity. The secret could be derived talents among our youth. Given an opportunity,


7

8


in the sacrifices and detachment in services for the tenets. The principles did not form a constitution.

others' children. Holocaust of desire was the It was just about rudimentary apparently, leaving

prime measure. the world of scope for its adjustment with time,

and still not compromising its principles. And the 6.5 Social and Economic Developmentprinciples were obedience, thought, oblation and Swami Vivekananda's views on education are nation building. Leader of the Organization based on Vedantic tenets, on the one hand, and

10 'should be a servant of servants must have the nationalistic philosophy, on the other'. Values 12capability to accommodate a thousand minds.'were never meant for any compromise with

7.2 Managementefficiency. Economic development and education

were intertwined. In this he considered human Love and sincerity are the very bases of the RKM.

capital formation to supplement material capital Also respect for the Mother in Ma Sarada whose

formation. In India after the initial thrust in the words and directions knew no questionings. She

latter only in the Five Year Plans when our might not be bodily present today, but her

planners realized that the expected trickle down presence is undeniable in the hearts of the

could not be achieved, they revised all in favour of devotees and monks. For them she remains more

the former. That happened during the 1970s. And real than the rest of the world. The system of her

then came the opening up. management vibrates in the house keeping in the

RKM in the unfailing cleanliness and purity. One This is not to choose between nationalization and might think, how she means any management in privatization. In our country, some people think her physical absence. Her followers believe that that nationalization was good irrespective of a she gives all the directions from wherever, we fail context. They always opposed machine and to fathom from outside. Blind faith! It's possible. In computerization. On other hand, there are the any case, it has worked for the last 125 years and others who find sanctity in pure privatization. more and there is no sign of its abatement either in Truth lied between the two extremes depending secular or spiritual domain. Therefore, it can be on the necessities of time. Swami Vivekananda easily left for the reader to explore its inexplicable knew that the system was as good as the people ways. Swami Vivekananda would caution, it running it, and that system does not make man, it matters but less whether ye believe in was the man who made his own system. Japan Ramakrishna or not, but don't in the remotest miss was the ideal before him, as the Asian giant. out the Mother, for that will bring disaster, end it Section 5 all.

7. System8. Conclusion

He sought to build such a system that would Many men and women have written about the continue automatically, regardless of who dies or economic ideas of Swami Vivekananda. In the not lives, as he realized that skillful management so humble view of the present author, they have depended on giving every man the kind of work

11 discussed him in the light of the other greats. he likes doing.' . This was the system of love,

Vivekananda for one was very original. Unlike J. looking at from the perspective of the doer or the

B. Say, he is not to find a mention in the history of taker. For him sustainability had to be in- built into

economic thought though. In the contextual the very acceptance and not in the trudging along

exploration, Vivekananda had been his own self, the unlikable path.

as also the others theirs'. There it was. Not as much 7.1 Organization

due to another's image in him. Vivekananda stood His Ramakrishna Mission continues to stay in full his ground without any separate resemblance. He vigor in the work for humanity, and education of has left his mark not only in his lectures and the pupils. The secret lies in organization and its letters, but their implementations through the


9

Marshall, A (1890).Principles of Economics, Palgrave RKM, the world over.Macmillan.

The Complete Works of Swami Vivekananda, 17th ReferencesReprint,5(1).pp.123 to 245The Complete Works of

Conversations and dialogue, the Complete Works of Swami Vivekananda/Volume 3/Lectures from

Swami Vivekananda,Vol.5, pg372.Colombo to Almora/My Plan of Campaign

Datta (2019).On life to budget – Swami Vivekananda. The Complete Works of Swami Vivekananda/Volume

BEE books, Kolkata.6/Epistles - Second Series/CXII Mary.

Datta, D.(2019).On life to budget – Swami The life of Swami Vivekananda by His Eastern and

Vivekananda', pg.128Western Disciples (1984), Advaita Ashrama,

Ib id pages 329 to 331, Conversations and Dialogues Calcutta,.1,pp 522 to 558.

Ib id pages297 to 325, Questions and Answers, The paper on Poverty Alleviation by the author in JDM

Letter to Alasinga Perumal on 02/11/ 1893.The Hindu journal,2(2),April – June.

must not give up his religion, but must keep religion

within its limits and give freedom to society to grow.

Ms. Sonal Agarwal, Research Scholar, School of Business Management,Shobhit Institute of Engineering & Technology, Meerut.

Dr. Vishal Bishnoi, Dean, School of Business Management,Shobhit Institute of Engineering & Technology, Meerut.

Abstract: 1. Introduction

These days all over world there is so much focus on These days beside all other natural problems,

economic progress of their nation but mankind has global warming is becoming a national and made a giant gap in its journey through time. The international problem, it concerns of shrinking overall development gave us an upgraded lifestyle but natural resources, pollution, greenhouse effect, has also lead to a gave a big loss of biodiversity, climatic energy shortage, environmental disorders, change, environment damage and so many. Banks are effluents duly affected the natural balance which the part of service sector still not the exception for this effects and touch every business sector. For this because it provides an important leadership for the earlier the world commission on environment and required economic development which utilizes to development published in its article about a provide new financing opportunities as well as portfolio survey based on how environmental fortification management to create a strong and successful carbon and growth of an economy are correlated. In an free economy. That's why concept of green banking is

economy like India characterized by increasing important because it provides paperless banking,

globalization and over population, society is reduces the use of power and energy, also helpful in

bound to be effected by the ill effect of reducing the banking activities cost and all these helps a

development. Sustainable development is the lot in environment sustainability. So the main objective

concept for which all industries are concentrating of this paper is to know the reflects of the green banking

seeking because sustainability helps in managing in environment sustainability by knowing what all

social and environmental perils in making of initiatives are taken by different banks (public banks

decision and finding opportunities for innovative and private banks) to promote more and more eco-product development in new areas. It has been friendly banking products and services. The main seen that environment society and economy are source of data is secondary including journals, bank's the three pillars of the sustainability tripod.reports through which we find that banks are taking so

Green banking is not a separate bank or institute to many initiatives to start different green activities to

promote green banking but still so many opportunities operate banking operations but it means to ensure

are unutilized but still banks are teaching their environment friendly practices in this sector to

customers in different manner. Green banking is a reduce internal and external carbon footprints as it

proactive and smart way of banking with an objective to is not considering as polluting industry, but achieve future sustainability and also promote eco- directly or indirectly it supports the all businesses friendly business practices. which are involve in making pollutants by its

Keywords: activities. Beside this bank's also impacts the

environment by increasing energy consumption Green banking, environment sustainability, carbon like light, air conditioner, paper consumption and less banking, online banking, cost effective, paperless so on. Banks are the major source of fundsbanking.



10


A Study on Impact of Green Banking in India

Ms. Sonal Agarwal, Dr. Vishal Bishnoi

so they can help environment by ensuring ?? Paying bills online

environmentally responsible investment and by ?? Paper recyclingevaluate the lending's.

?? ATMAs this green banking mantra covers two aspects,

?? Green accountfirst is the efficient and effective use of all

?? Conduct meeting through video resources, energy by reducing carbon footprints

conferencingand second is to encourage, motivate and finance

As it is a new concept for Indian population so the environment friendly business projects. they need awareness, education and training Because green banking is not only to make things programs to familiarize the customer with the sustainable but also create an eco-friendly technologies and facilities introduced by the green dispensation of credits for which a well-defined banking. As this concept will be mutually evaluation should be taken of all projects that are benefited for the banks, industries and the financed in terms of environment.economy to promoted environmental friendly

The concept of green banking emerged in 2009 practices and reducing the carbon footprints from

with coming of the first green bank based in Mt. the banking practices. Green banking aims to

Dora Florida, United States. The institute for improve the operations and technology by also

development and research in banking and making the customer's habit to use environment

technology established by RBI defines green friendly banking operations.

banking as:-The paper first gives an overview of the green

Green banking is an umbrella term referring to banking industry, objectives of the study and

practices and guidelines that makes banks research questions. In the later part of the paper

sustainable in economic, environment and social the major strategies of green banking, effects of

dimensions. It aims to make banking processes green banking and conclusions and future

and the use of IT and physical infrastructure as directions of research are elaborated. The final

efficient and effective as possible with zero or part of the paper elaborates different green

minimal impact on the environment.banking strategies adopted by different banks.

Considering the nature of banking process and 1.1 Why Green Banking…?

infrastructures this report offers guidelines for The reason behind moving towards green

green banking in two levels.banking in this changing environment:-

? Making day to day business operations, ?? Going green helps in cut throat competitive

banking products and services greener by market.

following simple practices and making them ?? Consumers are very much interested in environmentally friendly.

environment friendly goods and services.? Making IT infrastructure and physical

?? The wave of globalization has increased the infrastructure greener and taking initiatives so

level of awareness of investors due to which they that bank could itself generate electricity for its

are opting environment friendly investment.own consumption.

?? Government made strict regulations and That's why implementation of green banking is

made for proper uses to technology for which implement too.

banks have adopted various ways to make ?? Government agencies demand for a high

changes are:-disclosure.

?? Sending payment slips, reimbursement slips.So on behalf of all banks are required to manage

?? Online net banking systemtheir day to day operations which considering the

A Study on Impact of Green Banking in India JDR Volume 13 Issue 4 (2020)

11

impact on environment and also support such utilization of natural resources.

alternatives which are having positive impact on Dipika (2015) studies the various annual reports the earth. and journals of banks to know how banks adopt

2. Review of Literature various strategies to implement green banking to

promote green business and green practices to Bahl (2012) talked about significant strategies protect the environment. Besides, this green adopting by Indian banks for green banking banking faced various challenges in different implementation for which creative awareness is areas but with the help of training and awareness required in internal and external system to achieve programs banks successfully implementing their sustainable growth. Second is Yadav (2013) green practices.studied various approaches adopted by private

and public banks towards green banking so Gopi (2016) wrote about effective impact of green

banking sector also participate in the environment banking practices over the environment in which

protection by reducing carbon printing. they are using natural sources of energy which are

available endless and pollution free. Even banks Kandavel (2013) talked about how the different promoting their card payment options, digital banks actively start green banking by launching payment, online banking, messages and emails for solar ATMs in various cities, by installing information to reduce paper printing which will windmill projects in coastal areas like Tamil Nadu, highly helpful in conservation of nature.Maharashtra and Gujarat for captive use, phone

banking, paperless statements and online Deka (2018) done a SWOT analysis of green

transactions to reduce carbon footprints, wastage banking by SBI in which also talked about

of paper and promote the conservation of customer's perception towards green banking

environment by introducing pollution free practices as this is a pollution free, energy and

services known as green banking. time saver, paperless and also available anytime

everywhere with their customers. Upcoming Chaurasia (2014) list out the benefits of green generation is accepting the green banking with banking like it's not only beneficial for banks but positive perception but still various sections of also for individual and industries to improve the society needs assurance that is a safe and risk free asset quality and future sustainability of long term banking.businesses.

3. Objectives of the StudySreesha (2014) represents the various models and

design the channels for green banking because 3.1 To investigate the role of green banking in

now a day's time changes so banks also needs to be sustainable development of future.

upgrade with technology and convert traditional 3.2 To investigate before the green banking banking into technical banking which not only Practices introduced by various banks.reduce internal burden but also reduce carbon 3.3 To identify the factors motivating the footprints and wastage of paper even externally customers to use green banking products and reduce the pollution, save the trees and helpful for services.customers by providing anytime anywhere

4. Research Approachbanking via online banking.

Researcher have collected the data from Shalu et al. (2014) mentioned the green banking

secondary sources in which includes the literature playing important role in environment

review of various journals, reports of the sustainability by reducing carbon printing and

respective banks, relative information from promoting paperless banking. Beside this also,

different internet sites. In this study also include a using solar ATMs, installing windmills for

primary data source i.e. interviews of the electricity which are best and pollution free

employees of respective banks.

12

JDR Volume 13 Issue 4 (2020) A Study on Impact of Green Banking in India

5. Major Effects of Green Banking 6.3 Paperless Banking

As highlighted by Institute for Development and All banks are moving towards CBS or ATM

Research in banking technology established by platforms which enable the electronic banking

RBI the major effects of green banking are:- facilities due to which they find a great scope for

paperless banking which are heavily adopting 5.1 Green process shows that every activity must banks.be environment friendly. It may be paperless

6.4 Energy Consciousnesstransaction, maintaining contacts through online

mode, offering banking products in a way to have Banks have to install energy efficient equipment's minimal environmental impact. in their office because banks have to transform this

green banking in hardware, waste management, 5.2 Green products and services are like online

energy efficient technology products. Banks also banking, paperless statements, online bill

supplying energy saving equipment to various payments, net banking, NEFT, RTGS, etc.

educational institutes and hospitals.5.3 Green strategies means to explain the key 6.5 Social Responsibility Servicesstakeholders about environmental values, green

policies and so on. Indian banks are doing various social

responsibility service like plantation camps, 6. Major Strategies of Green Banking

pollution checkup camps, awareness camps Indian banks are adopting green banking as a regarding new technologies entrepreneurship business model for sustainable banking. Some of schemes and so on. The financial times and the following strategies are adopted by banks international financial corporation is a member of towards green banking:-World Bank group launched various sustainable

6.1 Carbon Credit Businessfinance awards regarding various social,

These days all nations are trying to reduce environmental and corporate governance into

greenhouse gases emission by reducing carbon to their business operations. They categorize their

protect our environment and things remain awards between financial and non-financial

sustainable. These practices must be approved by companies in finding commercially viable and

certified emission reductions commonly known as innovative solutions to sustainable challenges out

carbon credit. There are two types of carbon of which 5 categories are as follows:-

credits ?? Sustainable Bank of the year

Voluntary emissions reductions:- A carbon offset ?? Technology in Sustainable Finance

that is exchanged in the over the counter or ?? Sustainable investment of the year

voluntary market for credits.?? Sustainable Investor of the year

Certified emission reduction:- Emission units ?? Achievement in Inclusive Business

created through a regulatory frame work with the

7. Green Banking Financial Productspurpose of offset a project's emissions. The main

difference between these two is that there is a third Green banking is creating effective and far party certified body that regulates that CER as reached market related solutions to reduce the approved to the VER. environmental problems which include air

pollutions, biodiversity loss, climate change due 6.2 Green Banking Financial Products

to which natural living standard become effective These days banks developed so many innovative so to identify and secure the customer's benefits green products and also offer green loans on low banks introducing following green financial rate of interest. As housing and car loan segments programmes:-constitute the main portfolio of all banks so they

7.1 Green Mortgagesadopt green loan facility.


13

Which is also known as Energy Efficient Mortgage e n v i r o n m e n t s u s t a i n a b i l i t y . S o m a n y

Guide. It is an environment friendly loan which is opportunities are available in market for banks to

provided for purchasing home. It's a special type utilize them and make their functional units and

of loan that is designed to make homes more activities green. Few of them are as:-

energy efficient in a affordable price, considerably 8.1 Supply Chain Management:- Basically its at low interest rate. Banks also provide loan and manage the flow of goods and services includes mortgages to such clients those shifting firm the movement and shortage of raw material, conventional to green power. work-in-progress goods and finished goods from

7.2 Online Banking production house to consumption point. All

networks channels are interconnected to each Very popularly known as internet banking, net other which fulfill the requirements of customer's banking, virtual banking, phone banking or e-at the end in this supply chain. Role of green banking which helps customers to make electronic banking in this to guide them to adopt techniques payments of bills and taxes, electronically transfer to minimize inventory and wasted freight and of funds from one account to another banks design their network which used less carbon account and so on. These days this features footprints provide a wide range of products and services to

their customers and even also helpful in making 8.2 Enterprise Resources Management:- It is a

cashless transaction. type of business management software,

combinat ion of appl icat ions for such 7.3 Remote Deposit Captureorganizations those use to collect, store, manage This is an electronic system in which a customer and interpret data from different business will scan the cheque and transfer the images to activities including planning, designing, bank for deposit with the help of an encrypted manufacturing, purchasing, delivery service internet facility. When bank receives the cheque's marketing and sales and so on.image and details from an customer. They posts

8.3 Customer Relationship Management:- This the deposit to the customer's account and makes

is a kind of approach in which company try to the funds available based upon the customer's

manage their relations and communication with particulars availability schedule. This kind of

current and future customers in this companies facilities banks mostly provide to business

tries to study the customer's behavior, history in customers in comparison to individual.

reference to company by this they improve 7.4 Green Car Loansbusiness relationship specifically focusing on

Such kind of car loans attract more and more customer retention and to grow sales more and

customers to purchase of eco-friendly and high more. In the CRM, companies gather information

fuel efficient cars below market interest rates.from different modes of channels like company's

7.5 Green credit Cardswebsite, telephone, email, chat boxes, marketing

Such kind of practices encourages a card holders surveys, social media and so on. By all this, they to earn rewards or points which they can try to understand more and more their customers redeemed for contributing to eco-friendly based so they can cater in best manner to them.organizations. So these cards also offer excellent

8.4 Sourcing and Procurementincentives to their consumers to use their green

It is a process through which management collect card for their expensive purchasing.

data, information, analysis, market research, 8. Green Banking Opportunities

contracts, negotiation so they customize In the green banking process banks are trying to themselves to meet customer's specific needs to make their functional units and activities should achieve their goals i.e. profitability. In all process, be eco-friendly and help in improving outsourcing played a vital role to perform

14


business function so we have to select such expand in other branches too, to promote

vendors who have high sustainability rating for environment friendly approach.

their products' services and operations. ?? SBI joined hands with Suzlon Energy Ltd. to

8.5 Product Life Cycle Management use wind energy in replacement of thermal energy

It represents an all-encompassing vision for in their business premise and still using wing

managing all data relating to the design energy in their offices located in Gujarat, Tamil

production, support and at last disposal of Nadu and Maharashtra.

manufactured goods. Green banking design and ?? SBI & EXIM bank jointly provide a long term offer their products and services in such a manner loan to solar global and aston field renewable which consume less energy and resources, resources for starting a solar plant in India.produce less heat and carbon and have a long life

10.2 Canara Bankwith less impact on environment.

?? They started various green banking services 9. Green Banking Services

such as internet banking, telephone banking and According to the changes in time, changes in

mobile banking.business, banks also develope new products and

?? They also implemented the solar power services on demand of customer have to make biometric ATMs in rural areas.their day to day transactions easy and specific

?? Canara Bank started to take NOC (non-with sustainable choices. Few options are offered

by banks to their customers:- objection certificate) from such manufacturing

units which emit toxic pollutants, received from ?? Digital banking services help customers to central or state government pollution control fulfill their banks need anytime anywhere.board while loan approval.

?? Electronic transfer of funds reduces the stress ?? 1Bank also provides loans for setting solar of writing and sending cheques by mail.lightning system upto 5-8 lac rs/unit.

?? Paperless statements e-generals related to 10.3 Punjab National Bank

product information digital guides and annual ?? They promote the rain water harvesting in reports are available on website to customers and various areas.stakeholders.

?? Reduce the use of paper by increasing the use ?? Offers and promotes such schemes, mutual

of email for internal communication.funds that focus investment in “Green

Companies” ?? Use master censor/ master switches to save

?? Debit cards and credit cards are very much the electricity also opt efficient lights, composite

fax machines to perform multiple functions.popular these days to make payments of various

expenses without carrying money. ?? Bank organizes the tree plantation on a large

?? Mobile Banking also used for performing scale, counted 300 tree plantation drives till date.

balance cheques, account transactions, payments, 10.4 ICICI Bank

credit appliances etc via mobile phone or personal ?? They took paperless initiative like e-statement digital assistant (PDA) and e-greeting to save trees.10. Different Banks took Different Steps to

?? ICICI supports various organizations in Implement Green Banking

opting “go green” mantra by funding their eco-10.1 State Bank of India

friendly based projects. They reduced their carbon ?? They start up a paperless banking upto some printing by introducing e-banking, mobile extent in few branches in 2010 later on plan to banking, digital fund transfers to their customers.


15

?? Bank also works with Indian army on a to reduce the carbon footprints, eliminates paper

wastage, steps to reduce the wastage of light and water management project to conserve energy and water in offices and so on.its based projects.

12. Suggestions?10.5 IDBI Bank

During this study, we interacted with so many ?? Bank started green initiative in corporate customers and bank's employees and found that governance under which the bank sends its all still public bank employees are busy with merger documents related to meeting half-yearly and system happened on 1april 2020 and customers annual reports electronically to their stake are in fear of security risk so banks must appoint holders.an team to increase awareness activities about the

?? Their exclusive teams works with clean benefits of green banking products and services

development mechanism services.and also training program in which customers

?? They also refinance their schemes for energy must know not to share their passwords, personal saving projects in micro, small and medium identification number and other details with enterprises. strangers. Banks also need secured software shall

be made so the customer's transaction must be safe 11. Findings

to promote more online transactions without The main objective of green banking is to avoid hazels.paper printing as much as possible to avoid

Bank employees time to time aware their wastage of paper and reduce the carbon footprints

customers by providing promotional programs because both creates high rate of pollution. So this

which focus on ongoing and upcoming green traditional banking is shifting towards technical

products and services. Even different websites banking which includes mobile, banking, digital

and web pages must invite customers to review banking, green credit cards and mortgages. This

the green banking products and services because will save lots of trees which are basic requirement

now a days such social promotions are highly to conserve the environment. Green banking is

helpful in promotion of big brands and services as appreciable because it promotes eco-friendly

it is faster and effective method than word-of-business practices which will be highly beneficial

mouth publicity.for future generation. Green banking is proactive

and smart way of concept with an objective to 13. Conclusionachieve future sustainability. Green banking also The main aim behind this study is to know how promotes cashless transactions and digital public and private banks implement the green payment methods to make quick and safe banking practices successfully among their payment mode anytime anywhere to avoid the consumers. Green banking is not only beneficial risk of theft and robbery while loading cash from for customers only but also for employees as they one place to another place. Green banking is not can perform their work more efficiently because paper savvy but also energy and time saver as it with the help of green banking at least 30-35% reduces the queues in bank premises and with the public queue reduces because now aware help of solar ATMs save lots of nuclear energy. customers are successfully using bank's Green banking is a combination of modern application to know the bank-balance, maintain banking and technical banking because it gives transaction records, transfer funds and other quick access of complete banking services in every factors are involved in this. Still large population customers hand via a mobile and internet banking is unaware about green saving accounts, green anytime anywhere. Green banking is not only for money market accounts, green mortgages remote individual but it also targeted the big corporations deposits but ATMs, debit card, credit card are very

16


Kandavel,D.(2013).Green banking initiatives of much popular, which shows that green banking commercial banks in India .SIT Journal o f products and services are on immature stage. So Management,3(2),pp.213-225.banks need to make more awareness among Katyal & Nagpal.(2014).Role of green banking in customers regarding green products and services, sustainable development of India. International journal how they are time and energy saving so customers

0of 360 Management review,2(1). must feel their association with green banking. Kaur,N.(2016). Green banking- need of an hour. Customers must be assured about security and International Journal of Science Technology &

safety for which employees make them things Management,5(8),pp.765-770.

clear in easy communication way, must keep in Kumar,S.C.(2017). A study on customers' awareness on

touch with them so they get support from due to green banking initiatives in selected private sector

this satisfied customer must share or discussed b a n k s w i t h r e f e r e n c e t o k u n n a m K u l a m

green banking benefits with their friends and municipality.SSRG International Journal of Economics relatives which will be result in increment in users. and management studies,4(3),pp.40-42.

References Sandeep.(2016).Green banking: issues and challenges

Indian Journal of Research, 5(8),pp.345-347.Chaurasia,A.K.(2014).Green banking practices in

Indian banks. JOMASS,1(1),pp.41-54. Singh,S.(2016).Green banking practices & their impact

to reduce stress in public sector banks. Indian Journal of Deka,G.(2018).Customer's perception on green

Applied Research, 6(4),pp.294-296.banking practices of SBI: a swoc analysis. International

Journal of Management Studies,V(1),pp.29-42. Trehan,R.(2015).Green banking in India. Journal of

Poverty Investment & Development,14,pp. 27-33. Girmakar,S.(2018).Green banking in India: A study for

sustainable development Vijai,C.(2018).A study on customer's awareness on

green banking initiatives by selected public & private Gopi,S.(2016).A study on the impact of green banking

sector banks with special reference to cuddalore in environmental protection.IJARIIE, 1(4),pp.382-388.

district. International journal of Innovative Research in Jayabal ,G.& Sourdaya,M.(2017) .Customer 's Science, Engineering & Technology, 7(11), pp.9362-9367. satisfaction regarding green banking in public sector

Yadav,R & Pathak,G.S.(2013).Environmental banks in sivagangai district. International Journal of

sustainability through green banking: a study on Management Research 7 Review, 7(8), pp.822-830

private and public sector banks in India.OIDA Jha & Bhome.(2013).A study of green banking trends in International Journal of Sustainable Development, India International monthly Referred Journal of Research in 6(8),pp.37-48. Management & Technology, II,pp.127-132. .


17

Dr. Debjani Banerjee, Associate Professor, VESIMSR, Mumbai

Abstract: Globally, India ranks to be the fifth largest

preferred destination. In the index of per capita The paper goes to address the impact of association rule retail stores availability, India ranks among the mining or affinity analysis to understand what

highest category. India's retail sector is optimizes retail revenue. This is a working paper in

which Market Basket Analysis would be done from the experiencing exponential growth, with retail

primary data under process of collection from a retail development taking place not just in major cities

outlet at Mira road, Thane. MBA is used in various and metros, but also in Tier-II and Tier-III cities.

fields to obtain information of customer preference Several reasons that are influencing this growth among the target audience. The customer behavior of are changing demography, positive and healthy the trade area enables a retailer adopt informed decision economic growth, increased disposable income, thus obtaining the Right Product, at Right Quantity, in rapid change of consumers taste and preferences, Right Time to gain efficiency and optimize revenue both progress and urbanization etc. India's position from effective sales and inventory management. There towards ranked 77th in World Bank's doing are various algorithm to perform MBA. These proposed Business 2019.algorithm mines static data. This paper would use

The modern retail market in India is expected to association rule mining through FP-Growth, which

grow from Rs 94,421 crore (US$ 13.51 billion) in would capture a frequent pattern observed from

2016 to Rs 1.86 lakh crore (US$ 26.67 billion) in transaction of each basket. The result so obtained can

2019 (IBEF, 2019). India's population is taking to help in optimizing the business growth. This data

online retail in a big way. Online retail sale is mining technique would help in examining customer forecasted to grow at the rate of 31 per cent to behavior and assist increasing sales and garnering in reach Rs 2.28 lakh crore (US$ 32.70 billion) in better profitability by optimizing cost as a result of 2018@. Revenue generated from online retail is effective inventory control.projected to grow to Rs 4.19 lakh crore (US$ 60

Key Words:billion) by 2020 (IBEF,2019). Organized retail

Market Basket Analysis, Association rule,penetration is expected to increase to 18 per cent

Data mining, Retailer, Inventory control, in 2021 from an estimated nine per cent in 2017.

Optimization, Sales Revenue.India is expected to become the world's third-

1. Introductionlargest consumer economy, reaching Rs 27.95

The Indian retail industry is one of the fastest lakh crore (US$ 400 billion) in consumption by growing in the world. Retail industry reached to 2025 (IBEF,2019). Increasing participation from Rs 66.39 lakh crore (US$ 950 billion) in 2018 at foreign and private players has given a boostCAGR of 13 per cent and expected to reach Rs to Indian retail industry. India's price 76.87 lakh crore (US$ 1.1 trillion) by 2020 (IBEF, competitiveness attracts large retail players to use 2016). it as a sourcing base. Global retailers such as



18


Dr. Debjani Banerjee

An Association Rule of Market Basket Analysisto Optimize Retail Revenue

Walmart, GAP, Tesco and JC Penney are estimated 10 per cent of the total income and it is

increasing their sourcing from India and are forecasted to contribute 15-16 per cent in FY 19.

moving from third-party buying offices to FMCG sector is forecasted to grow at 12-13 per

establishing their own wholly owned/wholly cent between April–June 2019 (Mckinsey,

managed sourcing and buying offices. India's 2019).On the other hand, with the share of

retail sector investments doubled to reach Rs unorganized market in the FMCG sector falling,

1,300 crore (US$ 180.18 million) in 2018. Revenue the organized sector growth is expected to rise

of India's offline retailers, also known as brick and with increased level of brand consciousness, also

mortar retailers, is expected to increase by Rs augmented by the growth in modern retail.

10,000-12,000 crore (US$ 1.39-2.77 billion) in FY20 Another major factor propelling the demand for (IBEF, 2019). food services in India is the growing youth

Fast-moving consumer goods (FMCG) sector is population, primarily in the country's urban

the 4th largest sector in the Indian economy with regions. India has a large base of young

Household and Personal Care accounting for 50 consumers who form the majority of the

per cent of FMCG sales in India. Growing workforce and, due to time constraints, barely get

awareness, easier access and changing lifestyles time for cooking.

have been the key growth drivers for the sector. Online portals are expected to play a key role for The urban segment (accounts for a revenue share companies trying to enter the hinterlands. The of around 55 per cent) is the largest contributor to Internet has contributed in a big way, facilitating a the overall revenue generated by the FMCG sector cheaper and more convenient means to increase a in India However, in the last few years, the FMCG company's reach. It is estimated that 40 per cent of market has grown at a faster pace in rural India all FMCG consumption in India will be online by compared with urban India. Semi-urban and 2020. The online FMCG market is forecasted to rural segments are growing at a rapid pace and reach US$ 45 billion in 2020 from US$ 20 billion in FMCG products account for 50 per cent of total 2017.rural spending. It is estimated that India will gain US$ 15 billion a The Retail market in India is estimated to reach year by implementing the Goods and Services US$ 1.1 trillion by 2020 from US$ 840 billion in Tax. GST and demonetization are expected to 2017, with modern trade expected to grow at 20 drive demand, both in the rural and urban areas, per cent - 25 per cent per annum, which is likely to and economic growth in a structured manner in boost revenues of FMCG companies. Revenues of the long term and improve performance of FMCG sector reached Rs 3.4 lakh crore (US$ 52.75 companies within the sector. Retail sector billion) in FY18 and are estimated to reach US$ accounts for over 8 percent employment and 103.7 billion in 2020. The sector witnessed growth around 10 percent of India's GDP. The Indian of 16.5 per cent in value terms between July- Retail Market is expected to nearly double by 2020 September 2018; supported by moderate from 2015. But there are some challenges the retail inflation, increase in private consumption and industry is facing in India.rural income The paper is structured in a following manner. Rural consumption has increased, led by a The first section of the paper demonstrates the combination of increasing incomes and higher profile of the Indian customers by representing in aspiration levels; there is an increased demand for brief the challenges which are ahead of the Indian branded products in rural India. The rural FMCG customer and the high cost in real estate. This is market in India is expected to grow to US$ 220 followed by literature review on data, followed billion by 2025 from US$ 23.6 billion in FY18. In by various techniques of data mining and the FY18, FMCG's rural segment contributed an research methodology used for this research

An Association Rule of Market Basket Analysis to Optimize Retail Revenue JDR Volume 13 Issue 4 (2020)

19

study. In the final paragraphs of the study, consistent in the both developed countries like

conclusion part is written in detailed, which USA, UK and developing countries like Thailand

explains the findings of the study and the future and Malaysia.

scope of the study. 2.4 No Money, No Problem

2. Challenges Ahead of the Indian Consumer A huge expansion has been taken in the financial

A decade ago, the Indian consumer used to save sector. Credit cards and short-term loans were

most of his income and purchase the bare difficult to access a decade ago. But the scenario is

necessities. The Indian consumer was satisfied no longer the same. Short-term loans and credit

with only necessary requirements. There was no cards have become easily accessible. Flexible

place for unnecessary needs and luxuries. But that financing options, credit card reward schemes

time has gone. The Indian consumer has gone and all other common lures are tempting the

through a remarkable transformation. And now Indian consumer to shop. From a home to an

the consumer is armed with higher income, credit automobile, the loans are freely available. The big-

cards, desire to improve the standard of living ticket items that were previously within the reach

and exposure to the shopping culture of the west. of consumer only after the years of saying are

Multiple malls, supermarkets and organized easier to buy

retail with a variety of products are fueling the 2.5 High Cost in Real Estateneeds of the Indian Consumer. The retailers of tier 1 city are faced with this 2.1 Young Shoppers pressure of high cost, in the real estate sector.

India has a young population and it's very large in Despite every slow down, the acquiring and

number. The internet and television have made an maintaining the large format is becoming a huge

impact on the mentality of young consumers. The challenge for the retailer. Organized retail stores

generation is earning money at a very young age, in the need of fulfilling shopping experience are

and it is a lot, big thanks to BPO and other avenues moving towards “one stop shop” , hence most of

of employment that cater to students in college them adopt a large format, even if not a hyper

and schools. As a result, they are ready to spend market. They genuinely need to adopt effective

most of their income on apparel, electronics, and strategy for sustenance.

accessories. Several international retailers are trying to invest

2.2 Higher Incomes in India to leverage the strong demand of Indian

consumers. The coming years will evolve as a A number of employment opportunities have mature and larger market, but to happen so, emerged due to liberalization. Job prospects in the investors need to consider all the challenges country are looking up because of the expansion which retail marketing is facing. To overcome of domestic corporations and entry of a number of them, an effective retail analytics can help the multinationals. As a result, consumption and retailer analyze the demography of the trade area, income are projected to increase quickly over the thus help in generating better sales revenueupcoming year that sets the stage for promising and reduced cost with effective inventory and exciting retail market in the future in the management.country.

Retailers are trying to make use of technology to 2.3 Urbanizationoptimize cost and bring in revenue gain for better Growing urbanization in the country is also sustainability. This growth can be better utilized responsible for the changing consumer mentality. with the help of prediction with higher precision. The local population gets converted from net The organized format of retail has come up with savers to the net spenders, as urbanization is large format with wide assortments. Effective spreading beyond the major cities which are

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JDR Volume 13 Issue 4 (2020) An Association Rule of Market Basket Analysis to Optimize Retail Revenue

analysis of customer preference of the trade area Predictive Apriori, and Tertius, on the basis of

would help in assortment planning influencing predictions made on the status of the heart using

better revenue. heart disease data. The results of the experiment

showed that Apriori was best suited for this type 3. Literature Reviewof data. Today, the large amount of data is being In 2010, a new algorithm SC-BF Multilevel was maintained in the databases in various fields like introduced as a better version of Apriori retail markets, banking sector, medical field etc. algorithm which was faster and efficient since it But it is not necessary that the whole information required an only a single scan of the database for is useful for the user. That is why, it is very mining frequent item sets. In 2012, three data important to extract the useful information from mining techniques were applied upon a specific large amount of data. This process of extracting set of data consisting of students' enrollment for useful data is known as data mining or A the likeliness of the courses to be learned. The Knowledge Discovery and Data (KDD) process. techniques involved clustering (k-means The overall process of finding and interpreting algorithm), classification (AD Tree algorithm) patterns from data involves many steps such as and association rule (Apriori algorithm). The selection, preprocessing, transformation, data comparison depicted that the combined approach mining and interpretation. Data mining helps in is better than using association rule mining alone the business for marketing. The work of using for such kind of task.market basket analysis in management research

has been performed by Aguinis et al. Market There are various techniques and algorithms that

basket analysis is also known as association rule are available to perform data mining

mining. It helps the marketing analyst to 4. Various Techniques of Data Miningunderstand the behavior of customers e.g. which Data mining is the process of looking at large products are being bought together. Trnka (2010) banks of information to generate new the paper, discussed implementation of market information. Intuitively, one might think that data basket analysis to Six Sigma methodology. This “mining” refers to the extraction of new data, but concept of data mining provides great deal of this isn't the case; instead, data mining is about opportunities in understanding the market sector extrapolating patterns and new knowledge from through consumer buying pattern. Implementing the data already been collected.MBA into Six Sigma can enhance the level of

Relying on techniques and technologies from the prediction thus obtaining improved result in

intersection of database management, statistics, performance level. Yanthy et al.(2009), in the

and machine learning, specialists in data mining paper, talks about the goal of data mining which is

have dedicated their careers to better to reveal the hidden knowledge from provided

understanding how to process and draw data and the various algorithms that are proposed

conclusions from vast amounts of information. such as confidence, support, lift, information gain

But what are the techniques they use to make this etc.

happen?Neesha et al. (2014) studied the various

4.1 Data Mining Techniquesadvancements in the field of data mining. In her

Data mining is highly effective, so long as it draws paper, she described these advancements starting upon one or more of these techniques as been from the year 2008; a novel frequent pattern discussed by Saurkar et al.(2014)generation algorithm had been proposed in order 4.1.1 Tracking patterns: Recognizing the pattern to tackle the data imbalance problem. In 2009, an of data happens to be the most basic approach in experiment was performed to compare three data mining technique. Through this, an association rule mining algorithms: Apriori,


21

aberration may be observed happening in the 4.1.6 Regression: Regression is primarily to plan

data set at regular intervals, or an observable ebb and develop model based on the likelihood of a

and flow of certain variables over time which certain variable in presence of other variables.

might help in identifying some relation or This helps in understanding consumer behavior

association like sale of certain products going up keeping in mind various parameters that

at week-ends or during holiday of children. influences their buying behavior of certain

product at certain specific time. How say a certain Recognizing the pattern of data happens to be the price, based on other factors like availability, most basic approach in data mining technique. consumer demand, and competition can Through this an aberration may be observed influence customer purchase More specifically, happening in the data set at regular intervals, or regression's main focus is to help in uncovering an observable ebb and flow of certain variables the exact relationship between two (or more) over time which might help in identifying some variables in a given data set.relation or association like sale of certain products

going up at week-ends or during holiday of 4.1.7 Prediction: This acts as one of the most

children valuable approach by indicating the expected

response in future based on the understanding of 4.1.2 Classification: This approach helps in current behavior and analyzing that historical observing certain trend of the data set and data set to predict actions and strategies that best classifying them in into discernable categories so suits.that further conclusions can be drawn based on

5. Association Rule Mining these attribute study. This happens to be a little

more complex data mining technique. Association rule mining is one of the most

important techniques of data mining. The process 4.1.3 Association: This is related to tracking

of knowledge discovery in databases (KDD) pattern indicating the related buy product, which

includes a selection of data, its preprocessing, exhibits dependently linked variable. This

transformation, data mining and interpretation. indicates specific events or attributes which

The major goal of data mining algorithms is to shows high correlation. This is usually what's

extract the hidden predictive information and used to populate “people also bought” sections of

transform it into an understandable structure. It online stores.

aims at extracting interesting patterns, relations, 4.1.4 Outlier detection: This process helps in associations among sets of items in databases. recognizing the overarching pattern of surge of One of the major tasks of the ARM is to find the certain product purchase or demography profile. relationship among various data items in the These anomalies needs to be identified as these database. An association is defined in the form of certain outlier may help in trying to understand A? B, where A is the antecedent and B, is the and thus strategize to utilize similar benefit or consequent and the meaning of the rule is create opportunities to attract and best gain out of deduced as: A and B, both are item sets and the the said procesrule says that if a customer who purchases the A

4.1.5 Clustering: Clustering is very similar to item is likely to purchase the B item as well with a

classification, but involves grouping chunks of conditional probability percentage factor known

data together based on their similarities. For as %C where C is the confidence value of a rule.

example, one might choose to cluster different This helps the business managers to study the

demographics of their audience into different behavior and buying habits of the customers in

packets based on how much disposable income order to increase their sales. Based on this study,

they have, or how often they tend to shop at the items that are closely related or the items that have

store.an attraction to each other are put under closed

22


proximity. For instance, a customer who 2005).The size of the FP-tree is reduced by

purchases milk is also likely to purchase bread pruning. Finally, results are deduced on the basis

together of charts by doing the comparison between the

FP-tree algorithm (Borgelt, 2005) and the Apriori The measures such as support and confidence algorithm (Prasad, 2013). play a very important role in the association rule

6. Methodologyanalysis. The support value of any transaction X

with respect to T is defined as the proportion of In this study a sample size of 3000 bills are the transactions in the dataset which contains collected from an organized format. The purchase item set X. It is given as Supp(X) = X∪ Y. The period is distributed in 2 windows. First and last 7

confidence value of a rule is defined as the days of the month. Purchase during special

proportion of the transactions that contains X occasions like festival. The product category

which also contains Y . It is given by: Conf (X? Y) = chosen are daily needs-grocery and stationeries.

Each bill is considered as one transaction. Each Supp (X∪Y)/Supp(X). The item sets that comply

item of the bill is represented by a Boolean value, with minimum support and minimum that is 0 and 1, where 0 represents that item is not confidence values are called strong association present, whereas 1 represents that item is present. rules.The research thus proposes a data structure, FP-Currently, one of the fastest and most popular Tree, frequent pattern mining, overcomes the algorithms for item set mining is the FP-Growth main bottlenecks of Apriori. The frequent item algorithm. The algorithm is based on a prefix tree sets are generated only with two scans of the representation of a stated database of a database. It is an extended prefix tree structure transaction. It can save considerable amounts of which is used for the storage of information about memory used for storing the transactions. The patterns. The nodes of the tree are arranged in algorithm can be described as a recursive such a way that the nodes occurring more elimination scheme which means that in the frequently will have better chances of sharing preprocessing step, we delete all the item-sets nodes than nodes occurring less frequently. FP-from the transactions that are not frequent Tree performs better than Apriori because there is individually, that is, delete all the items that do no candidate set generation, as well as the length not appear in a user-defined minimum number of of the frequent item, sets increases as support transactions. Then select all those transactions value decreases. FP-Growth algorithm is more which have the least frequently occurring item efficient than the later one (Sotiris Kotsiantis, among those which are frequent and also delete 2006). A similar transaction database would be them. Recourse the whole process in order to prepared for all the 3000 transaction record. obtain the minimized (also known as projected) Products would be coded as A, B, C, D, E etc.dataset in which items found in recursion share Table-1the deleted item as a prefix. The objective of MBA

is to find the frequent purchases and the

associated purchase of each bill to establish an

association to predict the purchase pattern and

consumer preference

On return, all the processed items are removed

from transactions and the whole process is started

again. The initial FP-Tree is built from the

preprocessed database and then, an FP-tree is

projected which means the infrequent items are

removed from the transaction database (Borgelt,


23

A B D E B =7 B A

B D E A =6 B

B C C= 5 B C

A B C D = 3 B A C

A D E = 2 A

B E B

A C A C

A B C E B A C

A B C B A C

Table 1: Transaction database (left), item establish effective inventory control system for

frequencies (middle) and reduced transaction competitive advantage. Through clustering and

database sorted in descending order (right) and outlier detection further studies can design

the discarded items are shown in bold. promotional strategy for enhancing store traffic.

ReferencesAs a result, market basket analysis would determine which sets of products tend to be Borgelt, C.(2005).An implementation of the FP-growth purchased together. It is a tool to improve the algorithm.OSDM 1st International workshop on open efficiency of sales strategies by collecting data source data mining: frequent pattern mining from past transactions. From the calculated implimentation, pp. 1-5.values of the above-mentioned dummy data, it is

Harpreet Kaur, K. S. (2013). Market Basket Analysis of easily demonstrated which items should be

Sports Store using Association Rules, International coupled together (Harpreet Kaur, 2013).

Journal of Recent Trends in Electrical & Electronics

7. Conclusion and Future Scope Engg,pp.12-18.

https://www.ibef.org/download/Retail-September-The knowledge of what a customer or a group of 2019.pdf, accessed on 10th oct 2019.customers is going to purchase can be very useful

for the retailers. These results could also be J. Han, H. Pei, and Y. Yin. Mining Frequent Patterns

helpful in determining which products appeal to without Candidate Generation, In Proc. Conf. on the

each other so that they can be put together in a Management of Data (SIGMOD'00, Dallas, TX). ACM

market in order to increase the sales. For the same Press, New York, NY, USA 2000

reason, a data structure, frequent pattern tree (FP- Mckinsey. (2019). Perspectives on retail and consumer tree), is proposed for storing compressed, crucial goods. New York: Mckinsey Practice Publication.information about frequent patterns, and develop

Phani Prasad, M. (2013). A Study on Market Basket a pattern growth method, FP- growth, for efficient

Analysis Using a Data Mining Algorithm, International mining of frequent patterns in large databases.

Journal of Emerging Technology and Advanced Using the inputs of the support and confidence

Engineering,pp.20-28.values, we obtain the output in the form of

Rastogi, R. and Kyuseok Shim, “Market Optimised association rules of the item sets to be purchased

Association Rules with Categorical and Numerical for deriving the patterns. This output would help

Attributes”, IEEE Transactions on Knowledge and in decision-making to the business organizations

Data Engineering, Vol. 14, 2002 and determine the nature of the purchase of

Sharma, N. (2014). Association Rule Mining:An products. Based on the association rules, Overview. IJCSC, 5(1),pp.10-15.regularities between products in supermarkets Sotiris Kotsiantis, D. (2006). Association Rule Mining: A are discovered (Yanthy, 2009).This paper Recent Overview. GESTS International Transactions on demonstrates a review of the association rule Computer science and Engineering, 32(1), pp.71-82.mining. Firstly, it talks what association rule

mining is all about. It then presents a generalized Saurkar Anand V, Bhujade V, Bhagat P, Khaparde A. A association rule mining algorithm. It also surveys R e v i e w P a p e r o n v a r i o u s D a t a M i n i n g the research work done by other authors in this Techniques.International Journal of Advancedfield. While reviewing the literature, it was found Research in Computer Science and Software that those algorithms which do not involve the Engineering, 4( 4), pp.98-101.candidate set generation process are faster than

Trnka Andrej., Market Basket Analysis with Data those which involves the same (Sharma,

Mining Methods, International Conference on 2014).Thus would help in establishing strategy

Networking and Information Technology (ICNIT), that can help the retailer in better revenue

2010,pp.446-450.generation through effective inventory

W Yanthy, T. S.(2009).Mining Interesting Rules by management optimizing retail revenue.Association and Classification Algorithms,. FCST.

As a future scope of research the dataset can

24


Dr. Geetanjali S Jindger, Research Scholar, M.O.P. Vaishnav College for Women

Dr. Lalitha Balakrishnan, Principal, M.O.P. Vaishnav College for Women

Abstract: experiences to their customers.

The study aims at establishing an association between With the constant changes and improvements in the various features of the store and its implication on technology, supply chain logistics, back end the satisfaction level of the customers and store brand operation support and conducive store loyalty while shopping for grocery in organized retail atmospherics India hosts exclusive stores having store. The study examines the mediating role of store all brands under one roof providing to the needs attributes like, product, promotion, price, location and of all the sections of the society. service of the organized retail outlets on the customer

The store layout and attributes play a dominant satisfaction and store brand loyalty using Structured

role in attracting and impressing the customers. Questionnaire collected from 371 respondents through

Thus, the study identifies the various store Google forms. The customer satisfaction and store

indicators that influences the customer brand loyalty were analyzed using Descriptive

satisfaction and store brand loyalty while statistics, ANOVA test, Correlation and development

shopping for groceries in the organized retail of a Model. The finding of the study revealed that the stores.attributes of the store in relation to customer The paper is structured in a manner where the satisfaction and store brand loyalty was supported. author first explains about the attributes of Further it was found that there was a direct influence of

consumer behaviour, followed by explaining the customer satisfaction on store brand loyalty through

the store attributes. This study will enable the research methodology in depth , primary study of

managers to focus on their store attributes, product the research is explained in a detailed manner and

features, place, promotion techniques and service the interpretation and conclusion are mentioned

quality for providing better and enhanced experiences at the end of the study. to their customers. 2. Literature Review Keywords: 2.1 Attributes and Consumer BehaviourStore Attributes, Customer Satisfaction, Store Brand Micheal, C. et al. (2020) have analysed the Loyalty, Purchase Behavior, Organized Retail Store. characteristic and influence of FOMO tendency 1. Introduction on the purchase behaviour and intention of the

Retail in India originated from the local Kirana consumer. The FOMO tendency is influenced

stores catering to the needs of the local significantly by factors like herding disorder,

population. Over a period, with the support and anxiety, regret aversion and frequency. In

encouragement of the government, India conclusion the respondents were positively

witnessed the emergence of a large retail formats influenced by mood changes, uncontrollable

and stores like shopping malls, hypermarkets and environmental factors and limited period offers.

supermarkets providing the best services and Chakraborty, P and Suresh,A (2019) in their article


25


Impact of Store Attributes on Customer Satisfaction

and Store Brand Loyalty – A Mediation Role Dr. Geetanjali S Jindger, Dr. Lalitha Balakrishnan

have analyzed the essentials of consumer face to face interview Techniques from 146 retailer

purchase behavior and its impact on buying shoppers. The results of the study revealed that

behavior in fashion apparels particularly in India purchase intention of the consumers was directly

context. The study was done on 199 respondents influenced by price, brand and perceived risk.

in the city of Bengaluru. The data was analyzed by Furthermore, empirical evidence regarding

using Descriptive analysis, Factors Analysis and mediating effect of store image on the relationship

Chi Square Analysis. The findings revealed that between price image and risk perception and

factors like location of the store, promotion purchase intention.

techniques, impulsive buying, had a significant Ali, J et al. (2010) in their article have analysed the impact on consumers and Brand behaviour. In influence of store and product characteristic son addition, reasonable prices and product the consumers preference while purchasing for availability were other crucial factors for the food and grocery products. The study found that customers who shop from value fashion store. while consumers prefer to buy fruits and

Suresh and Ramanathan (2019) in their study vegetables from the nearby markets, they prefer

have analyzed that factors of store attributes like to buy groceries from supermarkets. The main

product range, easy billing, home delivery, store reason being attributes like freshness and

music was having a greater influence on the cleanliness while buying vegetables coupled with

purchase intention of the consumers. price and quality. These attributes had a positive

impact on the consumers. Attributes like Arbaina and Suresh, A.S. (2018) in their article entertainment for children, basic amenities and have examined the key factors relating to buying affordability were considered as important behavior of the customers and its influence on market attributes by the consumers to purchase buying intention in sportswear industry in food and grocery products from supermarkets.Bengaluru. 207 respondents were chosen for the

analyses and statistical tools like Descriptive, In the research article entitled, Customer

Factors and Chi Square Analysis were used. The expectations of store attributes: A study of

findings of the study showed that factors such as organized retail outlets in India. Ghosh et al.

exchange policy, experiential zones, sweepstakes (2010) highlights on how Shopping has become

or contests had a larger influence on people while more a fun and stress releaser than a mundane

buying products in an organized sport wear retail. activity, as shoppers like to be in the store for more

Hence sportswear brands need to focus on these than 2 hours. Pleasing environment, all under one

strategies to achieve market leadership. roof shopping, product variety and prompt

delivery is what a customer wants while Haritha et al. (2017) in the research paper studied shopping. Store atmospherics and services, the evolution of Indian retailing and factors convenience and product mix are the three basic contribution to development of Indian retailing. factors influencing the customers to evaluate a The result of the study revealed that the Indian store. Retail Business presently is at the point of

2.2 Customer Satisfaction and Store Brand inflection. Many Indian and Multinational

Loyaltycompanies are projecting rapid transformations

with investments to the tune of US $ 25 billion in Dlamini & Barnard (2020) the authors in their the next 5 years. study highlighted on the important aspects that

leads to satisfaction of the customer further Sabri (2015) in the study have analyzed the enhancing the loyalty among the consumers. influence of price, brand and perceived risk on After analyzing various aspects like expectation, store image and purchase intention of consumers convenience, store atmosphere, promotion and in apparel sector and also examines the mediating service it was found that expectation had the effect of store image on the relationship, using

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JDR Volume 13 Issue 4 (2020) Impact of Store Attributes on Customer Satisfaction and Store Brand Loyalty – A Mediation Role

Impact of Store Attributes on Customer Satisfaction and Store Brand Loyalty – A Mediation Role JDR Volume 13 Issue 4 (2020)

27

3.2 Methodologystrong effect on customer satisfaction and loyalty.

The Indian retail sector is witnessing dynamic Adeniyi et al. (2020) in the article entitled

changes in the form of increased young highlighted that Contemporary factors like

population; changing lifestyles and purchasing product quality, product price and assurance

pattern, increased income in the hands of younger significantly influence the customer patronage in

generation have led to emergence of many the supermarkets.

organized retail outlets to make shopping as an Menidjel et al. (2019) in their study focused on the experience rather than a purchasing activity. In importance of mediators in establishing the this context, the consumers are always in search of association between satisfaction and loyalty. The those places which make their shopping findings of the study revealed that product experience not only memorable but also category involvement and relationship proneness affordable. Thus, the study aims at identifying were significantly associated with satisfaction those attributes of the store that gives their and loyalty. With the increase in satisfaction, both customers rich shopping. purchase intention and WOM increases.

With reference to the above literature review the Watanabe et al. (2013) in the have investigated study focused on independent variables like Store how customer satisfaction was highly influenced attributes, product attributes, price attributes, by the store attributes of the supermarkets. location and promotion attributes and the service Attributes like personnel, product and price attributes of the organized retail outlets. The positively influenced customer satisfaction while, dependent variables were customer satisfaction attributes like promotion and environment was and store brand loyalty. The responses were not significantly associated with customer collected by means of a questionnaire through satisfaction. google forms. The sample size of the study was

3. Research Approach371 from the city of Chennai who purchased their

3.1 Research Objectivesgrocery and daily needs from either the local

The objectives of the study were kirana stores or from the organized retail outlet. ?To understand the demographic profile of SPSS 21 and AMOS 23 was used for the analysis of the consumers for analyzing the buying behavior the data.and store brand loyalty. 4. Findings and Discussions ?To investigate the association between the The study used varied statistical tools to analyse factors of consumer buying behavior and store the data. The percentage analysis was used to brand loyalty. draw inferences about the demographics of the ?To develop a model exhibiting the respondents. connection between different attributes leading to

customer satisfaction and store brand loyalty.Interpretation

?To offer suggestions based on the findings.

28


The above table shows the percentage analysis of It shows that 24.8% of the respondents earned Rs

the respondents using descriptive analysis. It 25,001 to 50,000 per month and followed by 24%

shows that Gender, Age, Family Type, Marital are above Rs 1,00,000 and Majority of the

Status, Education, Occupation, Monthly Income, respondents (61.5%) are purchasing groceries

Purchase Frequency, Store and mode of transport from Supermarket, followed by 34% are

of the respondents. The table indicates that out of purchasing from Kirana Stores. Finally, 43.1% of

total respondents 371, 82.5% were female and 17.5 the respondents are spending Rs 1001 to 5,000 at

% were male respondents. It showed that majority the time of purchase of groceries, followed by 33.2

of the respondents (35.3%) were less than 20 years % are spending Rs 501 to 1000 for their purchase

followed by 41-50 years (33.7%). Majority (73%) of for on an Average when they visit the store.

the respondents are falling under Nuclear family. Interpretation

Table 4.1- Percentage analysis of the respondents for the study.

Demographic Factors of the Respondents

Gender Frequency Percent Family Type Frequency Percent Marital Status Frequency Percent

Male 65 17.5 Nuclear 271 73 Single 168 45.3

Female 306 82.5 Joint 100 27 Married 203 54.7

Age Frequency Percent Education Frequency Percent Occupation Frequency PercentthLess than 20 years 131 35.3 12 105 28.3 Student 164 44.2

20-30 years 45 12.1 UG 169 45.6 Employed 65 17.5

31- 40 years 30 8.1 PG 65 17.5 Self Employed 28 7.5

41- 50 years 125 33.7 Doctorate 14 3.8 Professional 21 5.7

Above 50 years 40 10.8 Others 18 4.9 House wife 93 25.1

Monthly Income Frequency Percent Purchase Frequency Percent Distance Frequency PercentFrequency

Less than 25,000 46 12.4 Monthly 178 48 Walking 139 37.5

25,001 to 50,000 92 24.8 Twice a Month 94 25.3 Less than 1 Km 91 24.5

50,001 to 75,000 66 17.8 Weekly 67 18.1 1 -2 Km 81 21.8

75,001 - 1,00,000 78 21 Twice/ Thrice 22 5.9 3 -4 Km 39 10.5a Week

Above 1,00,000 89 24 Daily 10 2.7 Above 5 KM 21 5.7

Store or Shop Frequency Percent Expenses Frequency Percent Transport Frequency Percent

Kirana Store 126 34 less than Rs 500 53 14.3 By Walk 131 35.3

Shopping Malls 5 1.3 Rs 501 - Rs 1,000 123 33.2 Bicycle 3 0.8

Super Market 228 61.5 Rs 1,001 - Rs 5,000 160 43.1 Bus / Public 2 0.5Transport

Other 12 3.2 More than Rs 5,000 35 9.4 Auto 168 45.3

Total 371 100 Total 371 100 Scooter / Bike 1 0.3

Car 66 17.8

Total 371 100Note: N = 371; % = 100%

1.1 Percentage Analysis


29

Chi square test was used for showing the occupation and family income of the respondents

relationship between various demographic as its p value is less than 0.05.

factors of the respondents. From the above table Hypothesis II: There is no significance association we can infer that there is no positive association between the factors influencing the consumer between marital status, gender and occupation buying behaviour. with the place of purchase of food and grocery 4.3 Exploratory Factor Analysis (EFA)product because p values of Pearson Chi – square

An Exploratory factor analysis extraction was are higher than 0.05. Similarly, there is no

done using principal axis factoring and rotation significant positive relationship between marital

was done us ing Promax with Kaiser status and gender with family income but there is

Normalization (Ford et al.1986). a significant positive relationship between

Hypothesis I There is no significance association between Demographic factors of the respondents

Chi-Square Tests - Pearson Chi-Square

Association Value df Asymptotic Significance Result

(2-sided)aMarital Status * Family Income 6.704 4 .152 AcceptedaMarital Status * Normally Purchase 2.934 3 .402 AcceptedaGender * Family Income 8.086 4 .088 AcceptedaGender * Normally Purchase 3.202 3 .361 AcceptedaOccupation * Family Income 33.549 16 .006 RejectedaOccupation * Normally Purchase 20.199 12 .063 Accepted

a. 2 cells (25.0%) have expected count less than 5. The minimum expected count is 2.26.

Interpretation EFA can be done. The KMO test denoted a

significant p value <0.05, KMO 0.000 and a Chi-With the help of EFA it was found that the total square value 208.175 with Df 27. This significance item variance of the model was 92.8% which was KMO value depicted a meaningful relationship above the recommended value and hence further

aFactor Matrix

Factor

Store Attributes .861

Product Attributes .869

Promotion Attributes .547

Place Attributes .772

Price Attributes .747

Service Attributes .801

Customer Satisfaction .885

Re-patronage intention .831

Store Brand Loyalty .812

Extraction Method: Maximum Likelihood.

a. 1 factors extracted. 4 iterations required.

Table 4.2 shows the association between the Demographic factors of the respondents

Table 4.3 Exploratory factor analysis- showing the relationship

between the factors influencing consumer behaviour

30


between the variables. Table 4.3 described the factor loadings more than 0.40 criterion levels

items loaded after the factor analysis. All the items appear to be meaningful. As all the factor loading

were exactly loaded to the corresponding factor values are more than 0.4 and loaded to their

showed that all the items can be retained for relevant scales all these 9 factors were retained for

further study. Ford et al.(1986) suggested that the further studies.

4.4 Correlation Analysis of the Selected Factors.Table 4.4 Correlation Analysis of the selected factors

Factors SA PA PRA PLA PRI SER CS RPI SBL** ** ** ** ** ** ** **Store Attributes 1 .764 .421 .692 .659 .719 .739 .693 .691

Product Attributes .764 1 .491 .679 .624 .680 .768 .701 .726** ** ** ** ** ** ** **Promotion Attributes .421 .491 1 .572 .533 .447 .404 .399 .471** ** ** ** ** ** ** **Place Attributes .692 .679 .572 1 .566 .593 .660 .592 .652** ** ** ** ** ** ** **Price Attributes .659 .624 .533 .566 1 .721 .619 .605 .558** ** ** ** ** ** ** **Service Attributes .719 .680 .447 .593 .721 1 .707 .633 .601** ** ** ** ** ** ** **Customer Satisfaction .739 .768 .404 .660 .619 .707 1 .820 .729** ** ** ** ** ** ** **Re-patronage intention .693 .701 .399 .592 .605 .633 .820 1 .688** ** ** ** ** ** ** **Store Brand Loyalty .691 .726 .471 .652 .558 .601 .729 .688 1

** Significance at the 0.01 level (2-tailed).

Interpretation Loyalty (.726) are positively correlated Hence, the

Hypothesis H02 “There is a Relationship The Correlation Table 4.4 indicates that all the difference between factors determining relationship of selected factors namely Store Consumer behavior” is accepted. The correlation Attributes (1) to Product Attributes (.764), between the customer satisfaction to re patronage Promotion Attributes (.421), Place Attributes intention r = 0.820, and customer satisfaction to ( .692), Price Attributes ( ,659), Service store brand loyalty r = 0.820 and customer Attributes(.719) Customer Satisfaction (.739) Re – satisfaction to product attributes r = 0.768 are Patronage Intention (.693) and Store Brand shows positive relationship. Loyalty (.691) are positively correlated and

Product Attributes (1) to Store Attributes (.764), 4.5 Confirmatory Factor Analysis (CFA)

Promotion Attributes (.491), Place Attributes A Confirmatory factor analysis was done to ( .679), Price Attributes ( .624), Service explain the priori relationships and distinctions Attributes(.680) Customer Satisfaction (.768) Re – among variables. In addition, goodness of fit of Patronage Intention (.701) and Store Brand items were also measured using CFA.

Fit statisic CMIN/DF P CFI GFI RMSEA PCLOSE

Recommended >3 >.05 >.95 >.95 <.05 >.05

Model fit 67.572 0.000 0.722 0.970 0.027 0.000

Table 4.5 Fit statistics of Measurement Model

4.6 Structural Equation ModelFrom table 4.5 it can be inferred that CFA values

for the structural equation model was CMIN/ The study developed a structural model keeping DF= 67.572, p-value=0.000, CFI=0.722, GFI=0.970, customer satisfaction as the dependent variable RMSEA=0.424 and PCLOSE= 0.000. Insignificant and store attribute factors as independent p value (p>0.001) with all other values satisfied variables using AMOS 23. Using SEM proposed the required threshold values showed that model hypothesis were tested. The full model was had goodness of fit. measured and the hypotheses to be tested related


31

to the pattern of causal structure linking with The model depicts the relationship between Store

latent variables were done. Attributes (SAF), Product Attributes (PAF) and

Promotion Attributes (PRAF) with Customer Association between the store factors leading to satisfaction (CSF) and Store Brand Loyalty (BLF) Customer Satisfaction and Brand Loyaltyis being examined. Store Attributes, Product The study developed several structural equation Attributes and Promotion Attributes are the models establish the strengths of the relationships independent variable and Customer satisfaction between the factors that lead to customer and Store Brand Loyalty. It can be observed that satisfaction and brand loyalty.Store, Product and Promotion Attributes are

Hypothesis III: There is no significance influencing customer satisfaction and store brand

association between Store, Product and loyalty positively and significantly with a path

Promotion Attributes with Customer satisfaction value of 0.49, and 0.42.

and Store Brand Loyalty Figure 4.1 depicts the direct relationship between

Model 1 – Association between Store, Product relationship between Store Attributes, Product

and Promotion attributes with Customer Attributes and Promotion Attributes with

satisfaction and Store Brand Loyalty Customer satisfaction and Store Brand Loyalty.

Source: Primary Data

Fig. 4.1: Relationship between Store, Product and Promotion Attributeswith Customer satisfaction and Store Brand Loyalty

Source: Primary Data using SPSS and AMOS

Table 4.6 Relationship between Store, Product and Promotion Attributes with

Customer satisfaction and Store Brand Loyalty – Model fit summary

Model Chi-square CMIN/DF P-Value CFI RMSEA

Study model 1813.359 4.237 0.000 0.831 0.094

Recommended value Acceptable fit [1-5] Less than 0.05 0.8-0.9 Less than 0.1

32


From table 4.6 it can be infererd that the Chi- with Customer satisfaction and Store Brand

Square value is 1813.359, the CMIN/DF value is Loyalty

4.237 with the significant value less than 0.05. The Model 2 – Association between Place, Price and CFI for this model is 0.831, and RMSEA is 0.094. Service Attributes with Customer satisfaction and Since all the values are within the accepted Store Brand Loyalty parameters it can be concluded that that Store The model depicts the relationship between Place Attributes, Product Attributes and Promotion Attributes (PLAF), Price Attributes (PRAF) and Attributes are positively and directly effecting Service Attributes (SERF) with Customer Customer satisfaction and Store Brand Loyalty. satisfaction (CSF) and Store Brand Loyalty (BLF) is Thus, the model indicates that Store Attributes, being examined. Place Attributes, Price Attributes Product Attributes and Promotion Attributes are and Service Attributes is the independent variable key determinants for Customer satisfaction and and Customer satisfaction and Store Brand Store Brand Loyalty. Loyalty. It can be inferred that Place Attributes,

4.7 Summary of Estimates Price Attributes and Service Attributes effects

Customer satisfaction and Store Brand Loyalty There was a partial mediation effect which was positively and significantly with a path value of found in Store Attributes, Product Attributes and 0.65, and 0.48. Promotion Attributes and Customer satisfaction

and Store Brand Loyalty. A Sobel Statistic test was Figure 4.2 depicts the direct relationship between

conducted to further confirm the mediation effect. relationship between Place Attributes, Price

Attributes and Service Attributes with Customer Hypothesis IV: There is no significance satisfaction and Store Brand Loyalty.Relationship Place, Price and Service Attributes

Table 4.7 indicates the Chi-Square value is model is 0. 800, and RMSEA is 0.099. Since all the

1811.435, the CMIN/DF value is 5.696 with the values are within the accepted parameters we can

significant value less than 0.05. The CFI for this concluded that Place Attributes, Price Attributes


33

Table 4.7 Relationship between Place, Price and Service Attributes withCustomer satisfaction and Store Brand Loyalty – Model fit summary

Model Chi-square CMIN/DF P-Value CFI RMSEA

Study model 1811.435 5.696 0.000 0.800 0.099

Recommended value Acceptable fit [1-5] Less than 0.05 0.8-0.9 Less than 0.1

and Service Attributes are positively and directly effecting Customer satisfaction and Store Brand

Loyalty.

4.8 Summary of EstimatesThus, form the model, it can be inferred that Price

Attributes, Place Attributes and Services Table 4.8 indicates the partial mediation effect of Attributes are key elements for Customer Place, Price and Service Attributes and Customer satisfaction and Store Brand Loyalty. satisfaction and Store Brand Loyalty. A Sobel

Statistic test was conducted to further confirm the

mediation effect.

Beta Estimate SE CR P value Result

CSF <--- PLAF 0.432 0.044 9.827 0.000 Significant

CSF <--- PRIF 0.152 0.030 5.074 0.000 Significant

CSF <--- SERF 0.358 0.034 10.632 0.000 Significant

BLF <--- PLAF 0.650 0.061 10.728 0.000 Significant

BLF <--- PRIF 0.172 0.039 4.413 0.000 Significant

BLF <--- SERF 0.265 0.040 6.633 0.000 Significant

Table 4.8 Mediator variable entered the model – Direct Effect

Opinion regarding statements on Customer scale. Higher the rating more will be the loyalty.

Satisfaction and Store Brand Loyalty Hypothesis V: Opinion regarding Statements on

The store brand loyalty of a customer was tested Customer Satisfaction and Store Brand Loyalty of

on the basis of four attributes on a 5-point rating the consumers are equal to Average level

Table no 4.9 - t test for Specified value (Average = 3) of Statements onCustomer Satisfaction and Store Brand Loyalty of the consumers

Statement on Scand SBL Mean SD t value P value

CS - Good Store Selection 4.31 .652 38.691 0.001**

CS - Pleased Store Experience 4.23 .661 35.831 0.001**

CS- Good Value for Money 4.21 .696 33.438 0.001**

CS - Expectations Met 4.21 .711 32.715 0.001**

CS - Overall Satisfied with store and Brand 4.26 .691 35.012 0.001**

SBL - Availability of my Favourite Brands 4.13 .755 28.734 0.001**

SBL - Prefer this Store Products and Brands 4.04 .780 25.747 0.001**

SBL - Purchase only my Brands from the Store 3.95 .862 21.253 0.001**

SBL - Selection of my Favourite brands 4.12 .750 28.854 0.001**

Note: ** denotes significant at 1% level

Interpretation Statements on customer satisfaction and store

brand loyalty of the consumers. Since the mean From table 4.9 we can infer that the p<.0.01, the score of the opinions with regard to all the null hypothesis is rejected with regard to all the

Source: Primary Data

34


Statements are above average level it can be Hypothesis VI: There is no significant difference

concluded that the statements indicates that the among mean ranks towards Factors of Store Brand

customer are loyal towards the store brand Loyalty

products.

Factors of Customer Satisfaction and Store Brand Loyalty Mean Rank chi-Square value P value

Store Attribute 5.26

Product Attribute 4.87

Promotion Attribute 2.27

Place Attribute 4.36

Price Attribute 4.07

Service Attribute 4.35

Customer Satisfaction 5.45

Repurchase Intention 5.36

580.178 < .001**

Note: ** Denotes significant at 1% level Source: Primary Data.

Table 4.10 Friedman test for significant difference among mean ranks towards Store Brand Loyalty

Interpretation: income level between 25,000 to 50,000 rupees per

month and prefer to purchase their groceries from Table 4.10 indicates a p<0.01, therefore, the null the supermarkets. hypothesis is rejected at 1% level of significance.

Thus, it can be concluded that there the Factors of The socio-economic characteristics of the

Store Brand Loyalty significantly differ among respondents indicated that there was to no

themselves. On the basis of mean rank, Customer significant positive association between marital

satisfaction (5.45) is the most influential factor of status, gender and occupation with the place of

Store Brand Loyalty of the respondents, followed purchase of food and grocery product. In addition,

by Repurchase Intention (5.36), Store Attributes Marital status and gender had no significant

(5.26) and so on. Thus, it is found that satisfied association with the family income but occupation

consumers not only purchase frequently from the and family income were significantly associated.

same store but also refer the stores to others The statistical analysis of the study showed a positively, leading to enhanced loyalty towards positive correlation between store and product the store brands. attributes towards Price attributes, place

5. Findings and Discussions attributes, service attributes, promotion

attributes, customer satisfaction, repatronage With the changing phase of retail industry, intention and store brand loyalty influenced the product features and competitive price are not the customers to by their food and groceries from the only norms that measures satisfaction of a organized retail stores.consumer. Shopping experiences of the

consumers are changing with the changes in their The Structural Equation Models established that lifestyle patterns and increased standard of living. there was a positive and direct relationship of The study attempted to identify the factors that store attributes, product, promotion attributes, influence the satisfaction of the customers and place attributes, price and service attributes on their loyalty towards the store. customer satisfaction and store brand loyalty.

The demographic profile of the respondents The t test and the Friedman test indicated that the reveled that female consumers with less than 30 satisfied consumers not only purchase frequently years were the dominant shoppers followed by from the same store but also refer the stores to elderly category between 41-50 years. Most of the others positively, leading to enhanced loyalty consumers were living in nuclear family, with an towards the store brands.


35

6. Theoretical and Practical Implications and rich shopping experience. The study

identified that the store attributes along with other The study will be helpful to researchers and factors like, quality product, convenient location, retailers in the organized formats for providing best shopping experience, promotional offers, better shopping experience to their customers. reasonable pricing, friendly attitude of the store Further the retailers can concentrate on the staff, all brands under one roof influences not only Customization of the product based on customers customer satisfaction but also leads to store brand purchase characteristics to ensure customer loyalty. satisfaction and brand loyalty towards the store.

8. Limitations of the study and Directions for The retail outlets can focus more on availability of Future Researchthe branded product at reasonable price as

Some of the limitations of the study may be majority of the respondents are in the age group of

less than 20 years. Adoption of various ?The results obtained from the study are promotional schemes during the festive season restricted only to the respondents of the above may fetch large number of consumers for the study. Therefore, the study can be extended to a stores. wider population.

The retail stores can make their online presence by ?The sample was collected by means of an posting their exclusive deals regularly on their online questionnaire; this could have led to social media account and updating their website. respondents not being objective in their response. The motto for every retail outlet must be excellent

?The study was restricted only to the customer service and building strong relationship respondents who purchased their groceries from with the customers, enabling more customers local Kirana stores or Supermarkets; hence, there know about the store through positive word of is scope that other organized retail formats can be mouth. explored.The retailers can focus on the above-mentioned Referencesstrategies for providing quality and better

Ali, J et al.(2010).Buying behaviour of consumers for experience to their consumers food products in a emerging economy. British Food

7. Conclusion Journal, 112(2),pp.109–124.

Arbaina,S. and Suresh,A.S.(2018).Determinants of Convenience, promotion and service does not Consumer Buying Behaviour and its Effect on Buying influence customer satisfaction while, customer Intention: Evidence from Indian Organised Sports expectation, Helpful and friendly staff influences Retail, International Journal of Management satisfaction of the customers and customer Studies,3(5),pp.101 -112.

satisfaction in turn influences customer loyalty Chakraborty,PandSuresh,A.S.(2019).Effects of (Dlamini, M & Barnard, B. 2020).customer brand perceptions on store image and

Both hedonic shopping motivations and purchase intention: An application in apparel clothing, supermarket attributes boosts the loyalty of the Procedia - Social and Behavioral Sciences, 207, pp.196-shopper. Shoppers pay more attention to the 205.

supermarket attributes when compared to Dlamini, M., & Barnard, B.(2020).Customer hedonic aspects thereby being more loyal expectation, satisfaction and loyalty among grocery

customers to the store in the city of Vietnam retail. WITS Business School - Research Gate,

March,pp.1–58.(Nguyen et al.2007).

Ghosh, P et al.(2010).Customer expectations of store Thus, the study concludes that a customer when attributes: A study of organized retail outlets in India. entering a supermarket or shopping mall looks Journal of Retail and Leisure Property, 9(1),pp.75–87.

into the various attributes of the store for not only Haritha, G.,Amarnath, B., & Sudheer Kumar, satisfying his shopping needs but to get a better

36


M.(2017).Evolution of Indian Modern Retail. Sunday Adeniyi, O et al.(2020).Contemporary Factors

International Journal of Management,8(5),pp.67–80. Determining the Choice of Supermarket Patronage in

Ado-Ekiti Metropolis of Nigeria.International Journal Inwon Kang et al.(2019).Conformity Consumption of Advances in Scientific Research and Engineering, Behavior and FoMO, Sustainability 2019, 11, pp. 1-18. 06(02),pp.174–180. Kumar,S et al.(2017).Evolution of Indian Modern Suresh, A. & Ramanathan,V.(2019).Factors of store Retail,International Journal of Management,8(5),pp.67-attributes and image and its impact on consumer 80.purchase intention in organized grocery retail stores in Menidjel, C. et al.(2019).Assessing the role of product the city of Bangalore.PIMT Journal of Research, 12(1). category involvement and relationship proneness in Suresh,A.S.(2019).A Study of Factors of Consumer the satisfaction–loyalty link in retailing. International Buying Behavior and its Influence on Consumer Journal of Retail and Distribution Management, Perception: Evidence from Value Fashion Retail in The 48(2),pp.207–226. City of Bengaluru, International Journal of Micheal, C. L. D. et al.(2020).The Influence of Fomo Management Studies,3(6),pp.27-37.T e n d e n c y i n C o n s u m e r B u y i n g Watanabe, E. A. et al.(2013).Store Image Attributes and Behaviour.13,pp.2229–2236.Customer Satisfaction in Supermarkets in Campo Nguyen, T. et al . (2007).Hedonic Shopping G r a n d e - M S . R e v i s t a B r a s i l e i r a d e Motivations,Supermarkets Attributes, And Shopper Marketing,12(4),pp.85–107. Loyalty in Transitional Markets - Evidence from

Vietna,3(3),pp.1–8.

S Rajagopalan, VESIMSR, Mumbai, [email protected]

C. G. Prakash, Professor, Mumbai, [email protected]

Dr. Kavita Laghate, Professor, Mumbai, [email protected]

Abstract: the AHP methodology for selecting the right car for the

family, only to illustrate its use in understanding the Very often in engineering and commercial applications, methodology. However, the AHP methodology can be we are faced with the problem of making the optimal used in many engineering applications including Line decision from amongst the available alternatives which Balancing, Location Selection using paired are based on several different criteria. To add to the comparisons.complications, these criteria are expressed in different

units. Also, some of the criteria cannot be expressed in Keywords:

quantitative terms. However, the AHP methodology Multi-Criteria Decision Making, Analytical Hierarchy helps us to overcome these problems and enables us to Process, Selection of Criteria, Construction of the arrive at the optimal decision. In this paper, we Hierarchy, Pair-wise Comparison of Alternatives, illustrate the use of this methodology in taking a Final Decision Making decision on the selection of best car for the family based 1. Introductionon multiple criteria including sub-criteria in some

Analytical Hierarchy Process (AHP) is a cases. Initially, the sub-criteria are evaluated taking

structured approach for decision-making in which two at a time and their relative priorities are assigned

the decision-maker has to consider multiple based on their importance to the main criterion. This criteria before arriving at final decision. It is a gives the local priorities for each sub-criterion with decision support tool that helps in organizing and reference to its main criterion. The main criteria are analysing complex situations. The unique feature similarly evaluated taking two at a time and their of this tool is that we can use it even in situations relative priorities are assigned based on their where the different criteria are expressed in importance in achieving the goal. The local priorities of different units and also where some criteria cannot the sub-criteria are then evaluated again as per the be expressed in quantitative terms. The process priority of their main criterion. This gives the global involves determining the relative importance and priorities for each sub-criteria and main criteria, in assigning weights for all the criteria and thus we achieving the goal. The available alternative cars are

assign weighted values to the evaluation criteria then evaluated for each pair of sub-criteria and criteria

and their relative priorities are worked. Finally, the best with reference to our goal. We illustrate this

car is selected based on the multi-criteria. The analysis methodology with the help of a worked out

is done using the AHP methodology of pair-wise example in a practical decision situation. The comparison. The objective is to examine how to choose situation is described with a reasonably complex the best car for the family based on multi-criteria, using hierarchy involving factors that are tangible and AHP Methodology. The results show that The AHP easy to precisely measure, tangible but difficult to provides an effective way for quantifying the various measure, and intangible and totally subjective criteria, and helps in making the final decision for criteria. Some of the criteria also have their sub-selection of the car model. In this article, we have used criteria. After evaluating the various alternatives


To Understand the Methodology of

Analytical Hierarchy Process (AHP)

Through its Application in the Selection of AutomobilesS Rajagopalan, C. G. Prakash, Dr. Kavita Laghate


37

on the basis of the selected criteria and sub- car models indicating the weighted score of each

criteria, we make a final decision on the car model model for each criterion and the overall weighted

to be purchased. score for each car model. This will help in selecting

the best car. They use the following methodology 2. About the Decision Problemin the decision-making process: A family is considering purchasing a car for their ?The selection of multiple criteria personal use. They scan the various models of cars

available in the market. The important factors they ?Constructing the Hierarchy

would like to consider are cost, safety, style, and ?Making paired comparison of criteria with capacity as the main criteria. The cost criterion is respect to the objective, considering the intensity further sub-divided into purchase price, fuel costs, of importance of the criteria and evaluating the maintenance costs and resale value. Similarly, the alternatives capacity criterion is also sub-divided into cargo

?Making the final decisioncapacity and passenger capacity. They find that

Let us assume the family considers six car models six car models are available in the market to

– Sedan, Hybrid Sedan, Pilot SUV, CR-V SUV, choose from. These are Sedan, Hybrid Sedan, Pilot

Element SUV, and Odyssey Minivan. SUV, CR-V SUV, Element SUV, and Odyssey

3. Constructing the Hierarchy of Goal, Minivan. Since any selected car will not meet all Criteria, Sub-Criteriathe criteria fully, the family's goal is to choose the The hierarchy is constructed as shown in the best car from the available models, which would diagram belowmeet most of the criteria to the maximum extent.

For this purpose, they construct a hierarchy of the

38

JDR Volume 13 Issue 4 (2020) To Understand the Methodology of Analytical Hierarchy Process (AHP) Through its Application in Selection of Automobiles

Figure 1- Hierarchy of Goal, Criteria, and Sub-criteriaSource: http://www.cci-icc.gc.ca/tools/ahp/index_e.asp

Alternatives being considered which need to meet Next, we examine how to assign values or

the various criteria are: measurements for different elements in the

hierarchy. For some of the elements such as safety ?Sedan ratings, cargo capacity etc. details are available

?Hybrid Sedanfrom the manufacturer's specifications. We can

?Pilot SUVuse these data for evaluation purposes. For some

?CR-V SUV criteria like purchase price the values can be taken ?Element SUV and with certainty. For others like resale price, the

values can only be estimated and hence cannot be ?Odyssey Minivanstated with confidence. Other elements like style

depend on the eye of the beholder and can only be As indicated above, there are six models of cars

stated qualitatively. They are difficult to measure under consideration. We compare these cars on a

quantitatively. However, our methodology can pair-by-pair basis with respect to each criterion

accommodate all types of criteria in a single and sub-criteria indicated in the hierarchy. It

problem. Further, since different families have means that we evaluate the models in pairs with

different preferences, and different age groups respect to purchase price, then fuel cost, then

also have different preferences, the values to be maintenance cost, then resale value, then safety,

assigned in the hierarchical structure shown then style, then cargo capacity, and then finally

above will differ for different families. passenger capacity. Since there are six models

under consideration, there will be fifteen 4. Paired Comparison of the Criteria with 6

comparisons ( C =15) for each of the eight criteria Respect to the Goal 2

& sub-criteria. (Four in the cost group, safety, style The next step is to compare the elements shown in and two in the capacity group). All these the diagram on a two-by-two basis. We find that comparisons are done using AHP software.four criteria are listed in the first row of the

The first pair to be compared is cost & safety. The hierarchy – cost, safety, style, and capacity. We

family has to decide the relative priority of these consider each pair and evaluate how important

two elements for their car. It is understandable they are with respect to the goal. Since there are

that nothing is more important than the life of the four criteria, there will be total six pairs to be 4 family member and that no price can be put on compared ( C =6). The six pairs are cost & safety, 2

safety. However, the family has to take into cost & style, cost & capacity, safety & style, safety account other factors also and decide on the & capacity, and style & capacity. relative priority. The family has a limited budget In the second row, we find four sub-criteria are and also no member of the family has had any listed under cost criterion, and two under the major road accident. Hence considering these, the capacity criterion. In the cost group, each pair of family has to decide which element is more sub-criteria will be evaluated as to their relative important and also how much more important importance with respect to the cost criterion. Since than the other. However, as our methodology is there are four sub-criteria in this group, there will flexible, the family can always change their be six pairs to be compared as before. These six decision later. In our case, the family has decided pairs are purchase price & fuel cost, purchase price that cost is moderately more important than & maintenance cost, purchase price & resale value, safety. Similar types of comparisons will be made fuel cost & maintenance cost, fuel cost & resale for other pairs of elements also. The software value, and maintenance cost & resale value. These requires that the judgment must be expressed in six pairs are compared and evaluated as to their numerical terms, by entering a number. The importance with respect to cost criterion. Under family has created the following fundamental capacity criterion, there are only two sub-criteria – scale of comparison which will be used for cargo capacity & passenger capacity. Hence only comparing all pairs of elements. However, one pair of sub-criteria is to be compared and different persons can create different tables evaluated as their relative importance with according to their preferences. respect to capacity criterion.

To Understand the Methodology of Analytical Hierarchy Process (AHP) Through its Application in Selection of Automobiles JDR Volume 13 Issue 4 (2020)

39

Orange shading is used to indicate the more intensities are shown in the last column as per the

important element shown in column A. and fundamental scale of comparison. The family's

yellow shading is used to indicate the more judgments are entered into the software as

important element shown in column B in each numbers as indicated above. These details are

row. The intensities of comparison are shown in processed in the software. We will not go into the

the last column, using the fundamental scale of details of the software calculations, as it is beyond

comparison described earlier. For example, cost is the scope of this article. Our purpose is only to

moderately important over safety, very strongly illustrate the use of this methodology for the

important over style, and moderately important decision problem. The software also takes into

over capacity. Safety is extremely more important account the internal consistencies of the

over style, and is equally important to capacity. judgments . Before making the paired

Capacity is also very strongly important over comparisons, each of the four criteria in the first

style. In all cases, the numerical values of the level had a default priority value of 0.250. in this

40


Table 1 – Fundamental Scale of Comparison

Source: http://www.cci-icc.gc.ca/tools/ahp/index_e.asp

For the comparison of six pairs of criteria for the elements in the first level – cost, safety, style, and capacity – the family's judgments are indicated in the table below:

Table 2 – Intensity of Comparison

Criteria More Important Intensity

A B

Cost Safety A 3

Cost Style A 7

Cost Capacity A 3

Safety Style A 9

Safety Capacity A 1

Style Capacity B 7

case, the judgments revealed acceptable various models being considered) to assign new

consistency. The software used the family's inputs priorities to the criteria which are shown below.

(in respect of purchase budget and the prices of


41

Figure 2 - Pair-wise Criteria & Sub-criteria

It may be noted that the total priorities always add software.

up to 1.000. The priorities for the sub-criteria are In the next step, we make paired comparisons of not changed at this stage. The output values of the the four sub-criteria under cost group – purchase priorities obtained the software as indicated price, fuel cost, maintenance cost, and resale above, confirms the family's judgments in respect value. The same procedure is followed as in the of cost, safety, style, and capacity. The sub-criteria case of first level criteria. The items in the sub-are still showing default priorities (total adding up criteria of cost group are compared pair-wise. The to 1.000) as the judgments in respect of these are results are shown below: yet to be entered by the family for processing in the

Figure 3 - Local Priorities

The sub-criteria under capacity group still show worked out. The local priorities indicate how

default priorities. At this point, the hierarchy much the priority of each sub-criterion contributes

shows Local priorities for the sub-criteria of cost to the priority of its parent. Next, we calculate the

group. In a similar manner, the local priorities for global priority of each sub-criterion. This will

the sub-criteria in the capacity group are also show the priority of each sub-criterion with

respect to the goal. All the processing is done by and sub-criteria in the hierarchy are shown in the

the software based on the preferences indicated by below. The global priorities throughout the

the family. The global priorities for all the criteria hierarchy will add up to 1.000.

42


Figure 4 - Global Priorities


We have now completed the assignment of global (they have no sub-criteria) also add up to 1.000.

priorities for all the criteria and all the sub-criteria. The software has now computed the priorities for

It may be observed from the diagram above that all the factors against which each of the six car

the global priorities for all the criteria shown in the models can be done. These are based on the

first level of the hierarchy add up to 1.000. judgments given by the family. These priorities

Similarly, the global priorities for all the sub- are now arranged in the descending order. The

criteria shown in the second level of the hierarchy, cost and capacity are not evaluated separately, but

along with the global priorities of Safety and Style their sub-criteria are evaluated.

Table 3 – Global Priorities

Criteria Weightage

Purchase Price 0.246

Safety 0.237

Passenger Capacity 0.181

Fuel Costs 0.127

Resale Value 0.081

Maintenance Costs 0.050

Style 0.042

Cargo Capacity 0.036



43

After calculating the priorities for each criterion in the order of decreasing priority of the criteria.

and sub-criterion, the next step is to evaluate each Thus, we evaluate the purchase price first.

car model for each criterion/sub-criterion. As 5. Purchase Price usual, we make paired comparisons of the The family's budget for the purchase of car is alternative car models with respect to these $25000. However, the family can accept slight factors. Although the evaluation of the increase in the budgeted price. Prices of the six alternatives against the covering criteria can be cars being considered are shown below:made in any order. We carry out the comparisons

Table 4 – Purchase Prices of Car Models

Model Purchase Price ($)

Sedan 20360

Hybrid Sedan 31090

Pilot SUV 27595

CR-V SUV 20700

Element SUV 18980

Odyssey Minivan 25645


Table 5 – Purchase Price Differentials

Sr.no: A B A B A A B

1 Sedan Hybrid 20360 31090 A 10730 1.53 4640 (6090)

2 Sedan Pilot 20360 27595 A 7235 1.36 4640 (2595)

3 Sedan CR-V 20360 20700 A 340 1.02 4640 4300

4 Sedan Element 20360 18980 B 1380 1.07 4640 6020

5 Sedan Odyssey 20360 25645 A 5285 1.26 4640 (645)

6 Hybrid Sedan Pilot 31090 27595 B 3495 1.13 (6096) (2595)

7 Hybrid Sedan CR-V 31090 20700 B 10390 1.50 (6096) 4300

8 Hybrid Sedan Element 31090 18980 B 12110 1.64 (6096) 6020

9 Hybrid Sedan Odyssey 31090 25645 B 5445 1.21 (6096) (645)

10 Pilot CR-V 27595 20700 B 6895 1.33 (2595) 4300

11 Pilot Element 27595 18980 B 8615 1.45 (2595) 6020

12 Pilot Odyssey 27595 25645 B 1950 1.08 (2595) (645)

13 CR-V Element 20700 18980 B 1720 1.09 4300 6020

14 CR-V Odyssey 20700 25645 A 4945 1.24 4300 (645)

15 Element Odyssey 18980 25645 A 6665 1.35 6020 (645)

Purchase Price Worksheet – Budget $25000

Comparison Purchase Price Better Diff. Under/(over) price diff. ratio budget

Price

The paired comparisons of the purchase prices of the alternatives, along with the deviations from the

budget price and the extent of deviation, are shown in the table below:

44


In our case, the family is willing to accept a small Table 6: Purchase Price Work Sheet

increase in price up to $1000 from the budgeted The following points are noted: price but more than this is not acceptable. Cars a. When a car that is under budget is compared with much higher prices will score low on this with one that is over budget by more than $1000, criterion. If the price is below the budget, a the former is extremely preferred. difference up to $$1000 will not matter much, but a

b. In respect of cars under budget, a difference difference of $5000 is strongly important and

of $1000 is slightly preferred and a difference of difference of $10000 will be extremely important.

$6000 is more strongly preferred.When these details are entered in the software as

c. When both cars are well over budget, they per the family's judgments and processed in the are equally preferred, that is, they are equally software, the results obtained are given in the table undesirable. below: the judgements entered are as per the

fundamental scale.

Alternative Local Priority Global Priority

Element 0.362 0.089

Sedan 0.242 0.060

CR-V 0.242 0.060

Odyssey 0.100 0.025

Pilot 0.027 0.007

Hybrid 0.027 0.007

Total 1.000 0.246

Table 6: Purchase Price Priorities

6. Safety When these judgments are entered into and

processed in the software, we obtain the following Safety facto is much less objective. Further, priorities with respect to purchase price: objective measurements cannot be readily

compared from car to car. Crash tests are The local priorities show how much the purchase

conducted for measuring the safety but these are price contributes to the sub-criterion of purchase

incomplete. However, our software gives a price, while the global priorities show how much

methodology to evaluate relative safety of the purchase price contributes to the overall goal

different cars. On the basis of the judgments of choosing the best car.

entered by the family, the worksheet for safety is

prepared as shown below:


45

Table 7: Safety Criterion

Table 8 – Safety Priorities


Odyssey 0.424 0.100

Sedan 0.215 0.051

Hybrid 0.215 0.051

Pilot 0.083 0.020

CR-V 0.038 0.009

Element 0.025 0.006

The interpretations of local and global priorities are same as in case of purchase price.

7. Passenger Capacity

This can be evaluated relatively easily. Passenger capacities of the car models are either four, or five, or

eight. For the cars under consideration in our case, these are shown below:

The family makes their safety judgments and indicate the intensities of importance as per the

fundamental scale. On this basis, the software computes the following priorities:

Table 9 – Passenger Capacities

46


As per the family's judgment, a capacity of four is just sufficient, five is considered as good, and eight

is slightly better than five. The comparative judgments for various different pairs are shown below:

When these details are entered into and processed in the software, the following priorities are obtained:

The Local and Global Priorities have the same significance as in the earlier cases.

Table 11 – Priority Values for Capacity


Pilot 0.273 0.049

Odyssey 0.273 0.049

Sedan 0.136 0.025

Hybrid 0.136 0.025

CR-V 0.136 0.025

Element 0.046 0.008

Total 1.000 0.181

1. Fuel Costs

The family feels that their usage of the car will be the same whichever model they buy, in terms of distance

travelled. They further feel that the fuel consumption given be miles per gallon (MPG) is a reasonably

accurate basis for comparison purposes. On this basis, the fuel consumption ratings for the various models

is given in the following table:

The table below shows the judgments entered into by the family for all paired comparisons:

Table 12 – Fuel Ratings

Model MPG

Sedan 31

Hybrid 35

Pilot 22

CR-V 21

Element 35

Odyssey Minivan 26

Table 10 – Capacity Comparisons


47

Many professional institutions provide data on lease, they consider that the leasing figures are a

the market values of different models after good enough basis for comparison. They have

different time periods. These values are based on arrived at the following figures of resale values of

the cars being driven for a limit of 19000 km per each alternative after four years and 77000 km of

year. Actual values will, however, depend on the driving. The residual values are expressed as

actual condition of the car and can vary according percentage of the original price:

to market conditions. In our case, since the family

intends to purchase the car for own use and not for

When these comparisons are processed in the software, the following priorities are obtained:

Table 13 – Fuel Cost Comparisons

9. Resale Value

Table 14 – Fuel Cost Priorities


Accord Hybrid 0.212 0.027

Accord 0.188 0.024

CR-V 0.160 0.020

Odyssey 0.156 0.020

Element 0.151 0.019

Pilot 0.133 0.017

Total 1.00 0.127

Table 15 – Fuel Ratings

Model Residual Value

Sedan 0.52

Hybrid 0.46

Pilot 0.44

CR-V 0.55

Element 0.48

Odyssey 0.48

The residual value of each car is expressed in the following judgments in respect of percentage

terms of percentage of the other car with which it is of residual values in paired comparisons:

being paired for comparison. The family has made

48


Table 16 – Fuel Cost Priorities

Intensities for Residual Values

<105% Equally important = 1

105% Slightly more important = 2

110% Moderately more important = 3

115% Somewhat strongly more important = 4

120% Strongly more important = 5

125% Quite strongly more important = 6

The table below shows the judgments entered for comparison of Resale Values: Table 17 – Paired Comparison of Resale Values

When these details are entered into and processed, the following priorities are obtained with respect to

resale value:


CR-V 0.415 0.034

Accord 0.225 0.018

Element 0.105 0.009

Odyssey 0.105 0.009


Pilot 0.055 0.004

Total 1.000 0.081

Table 18 – Priorities for Resale Values

10. Maintenance Costs mechanic for evaluating the maintenance costs of

all the models over the running period of the cars. The maintenance costs are very difficult to Based on this, they indicated the following quantify. The family took the assistance of their maintenance costs:


49

11. Style members made their own assessments and

indicated the relative importance of paired Style is a highly subjective concept and very comparisons and intensities as shown below: difficult to quantify. However, the family

Table 19 – Maintenance Worksheet

Model 97K Tire costs ($) Brake Costs ($) Consumer Reports Special Note

Accord Sedan 700 1x +++ battery

Accord Hybrid 700 1x +++

Pilot SUV 1400 2x +++

CRV-SUV 1600 2x +++

Element SUV 1300 2x ++

Odyssey Minivan 2400 2x + Engine

On this basis, the judgments entered by the family are shown below:

Table 20 – Maintenance Cost Intensities

When these judgments are entered into and processed in the software, the following priorities are

obtained:

Table 21 – Maintenance Cost Priorities


Accord 0.357 0.018


CR-V 0.100 0.005

Element 0.089 0.004

Pilot 0.084 0.004

Odyssey 0.058 0.003

Total 1.000 0.050

12. Cargo Capacity specifications. For the car models under our

consideration, the cargo capacities are shown The cargo capacity is generally measured in terms below: of the volume of space available for the cargo. Car

manufacturers usually mention this in their

50


Table 22 – Style Intensities

After processing these judgments in the software, the following priorities are obtained:

Table 23 – Priorities for Style


Accord 0.346 0.015


CR-V 0.160 0.007

Odyssey 0.078 0.003

Pilot 0.045 0.002

Element 0.025 0.001

Total 1.000 0.042

Table 24 – Cargo Capacities

Model Cargo Capacity

Accord Sedan 14.0

Accord Hybrid 14.0

Pilot SUV 87.6

CR-V SUV 72.9

Element SUV 74.6

Odyssey Minivan 147.4

Considering that the family is planning to be slightly better, and about ten times larger will

purchase the car for family use, they feel that cargo be moderately better . Based on these

capacity of 14 cft, perfectly meets their considerations, the family enters the judgments as

requirements. If it is about five times more, it will shown below:


51

Now all the paired comparisons for all the criteria global priorities for all the alternatives. The grand

and sub-criteria are completed and the family total of the priorities is 1.000 which corresponds to

proceeds to make the final decision: the priority of the goal. These priorities take into

account the family's judgments about all aspects of 13. Final Decision Cost, Safety, Style, and Capacity.The processing in the software now yields the

Table 25 – Cargo Capacity Comparisons

When these are processed in the software, the following priorities are obtained:

Table 26 – Cargo Capacity Priorities


Odyssey 0.310 0.011

Pilot 0.170 0.006

CR-V 0.170 0.006

Element 0.170 0.006

Accord 0.090 0.003


Total 1.000 0.036

Table 27 – Final Priority Rating


process (AHP) and technique for order preferences by It is observed that the Odyssey Minivan with a similarity to ideal solution (TOPSIS) based approach, global priority of 0.222 best meets the I n t e r n a t i o n a l J o u r n a l f o r Q u a l i t y requirements for achieving the goal of choosing Research,7(4),pp.523–544. the best car for the family. The Accord Sedan is a Triantaphyllou, E., and Mann, S.H.(1995).Using the close second with a priority of 0.213 the family can analytic hierarchy process for decision making in now make their decision. engineering applications: some challenges.

References International Journal of Industrial Engineering: Saaty,T.L.(1977).A Scaling method for priorities in Applications and Practice, 2(1),pp.35-44 hierarchical structures. Journal of Mathematical Turhan, G.(2013).The application of AHP approach for psychology,15(3), pp.234-281. evaluating location selection elements for retail store: A Sharma, P. et. al. (2013). Evaluation of assembly line case of clothing store International Journal of Research balancing methods using an analytical hierarchy in Business and Social Sciences,2(4),pp.5-20.

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Abstract: government backing which ensures public

confidence and safety of the investment. Small Small Savings Schemes are savings products savings schemes are divided into three categories- administered by the Government of India. The small

schemes relating to resident Indians, schemes saving scheme has government backing which ensures

public confidence and safety of the investment. This relating to girl child and schemes relating

research paper aims to make a comparative study of the exclusively to senior citizens. There, are seven

awareness about two forms of investment. For the forms of which are aimed at all resident Indians

purpose of this study, the investors in small saving which includes - Post Office Savings Account, Post schemes were selected as the respondents. The primary Office Recurring Deposit Account, Post Office data was collected from 20 respondents from Mumbai Term Deposit, Post Office Monthly Income and Kolkata region. The primary data has been collected Scheme, Public Provident Fund, Kisan Vikas Patra through questionnaire. The questionnaire has three and National Savings Certificate. Sukanya sections. First part of the questionnaire was relating to Samriddhi Yojana Account relates exclusively to socio-economic conditions of the investors, followed by girl child and Senior Citizens Savings Scheme questions relating to Sukanya Samriddhi Yojana and relates exclusively to senior citizens. Public Provident Fund. The secondary data was

This research paper aims to make a comparative obtained from the Department of Post Ministry of

study between two forms of investment in small Communication Government of India. For testing of

savings schemes – Sukanya Samriddhi Account hypotheses Mann Whitney U Test was applied. This

and Public Provident Fund and their awareness study helped us to find out the awareness among among investors.investors about these two popular forms of investments. Sukanya Samriddhi Yojana Account is a savings There is a scope to extend the study to all forms of small account with 21 year tenure. Parents can open saving schemes- their awareness and impact also.

Sukanya Samriddhi Accounts for girls aged 10 Keywords:years or younger under the scheme. The minimum Small Savings Scheme, Post Office Deposit Schemes, annual investment is Rs 1,000 and the maximum is Sukanya Samriddhi Account, Public Provident Fund, Rs 1.5 lakh. The account can be opened by a parent Long-term Investmentor legal guardian for a girl child. A maximum of

1. Introductiontwo such accounts can be opened by a parent/legal

Small Savings Schemes are saving products guardian for two girls. The account matures 21

administered by the Government of India. They years after opening or on marriage of the girl child

have the sovereign guarantee of the Government after she reaches the age of 18. A premature

of India. They have different investment amounts, withdrawal of 50% of the account balance can be

different interest rates, maturity period. However, made after the girl crosses 18, even if she is not

one thing is common for all saving schemes is

A Comparative Analysis on the Awareness in

Small Savings Scheme with Reference to

Sukanya Samriddhi Account and Public Provident FundDr. Monali Ray, Dr. Rinkoo Shantnu

Dr. Monali Ray, Associate Professor, Pillai College of Arts, Commerce and Science (Autonomous),Department of Accountancy, New Panvel, Maharashtra, [email protected]

Dr. Rinkoo Shantnu, Associate Professor, Pillai College of Arts, Commerce and Science (Autonomous),Department of Business Economics, New Panvel, Maharashtra, [email protected]



53

54

JDR Volume 13 Issue 4 (2020) A Comparative Analysis on the Awareness in Small Savings Scheme with Reference to Sukanya Samriddhi Account

and Public Provident Fund

married. The current rate of interest on this scheme government. (Sundar & Jacob, 2009). There is a

is 7.6% p.a (1.04.2020 to 30.06.2020). need to create awareness among the people

investing their money in the post office which will Public Provident Fund is a long-term investment facilitate the growth of the postal sector which will for a period of 15 years. The interest rate is 7.1% per improve the economic conditions of the country annum (1.04.2020 to 30.06.2020) 8 is Rs 1.5 lakhs in a (Nembu, 2012). financial year. Investments can be made in lump

sum or in 12 equal instalments. The level of awareness about small savings

schemes is very low except post office recurring Benefits of small saving schemes are that it deposits and post office savings accounts. This provides different rates of return, security of the indicates more awareness has to be created about government and tax benefits. The rates of return on other forms of small savings schemes (Jain & this form of investment are fixed and so the Kothari, 2012).chances of loss due to market fluctuations are less.

They are always considered to be a favourable The growth of small savings schemes largely

form of investment because of government depends on the ability to render service to the

backing. Contributions to Sukanya Samriddhi investors as per their requirements. Investors

Yojana Account and Public Provident Fund are tax consider this as an attractive form of investment

deductible under Section 80C of the Income Tax with decent returns (Muthuswamy, 2012).

Act, 1961. The interest rates vary from time to time Small Savings schemes are also popular among depending on the economic conditions of the people living in urban areas also. Urban people country. The interests on these two forms of feel that systematic and analytical evaluation of investment are tax free. The interest rates are different forms of investment should be explained revised by the government every quarter. The among people (Avinash, 2015).interest rate on Sukanya Samriddhi Yojana Small savings schemes can lead to the Account is 7.6% for the period 1.04.2020 to environment of savings and investment among the 30.06.2020 and for Public Provident Fund is 7.1% marginal workers (Debnath & Debnath, 2017).for the same period.

A specific study on Sukanya Samriddhi Yojana 2. Literature Review

Account which is a new form of investment can The following are some of the studies relating to lead to financial inclusion and can increase the small savings schemes. GDP favourably (Nagaraju, 2018).

There is a need to increase the awareness about Lack of awareness due to inadequate promotion small savings schemes among rural and urban and slow pace of automation has made this form of people because this form of investment can boost mobilising savings to be less popular among the overall economic condition of the country. investors (Singh, 2018).Most of the studies show that the awareness is low

3. Research Gap among the people. The studies are more related to

From the above studies, it can be found that small rural India which shows it is more popular among

savings schemes have been a popular form of rural population. Some of the studies relating to

investment but awareness level is low among urban areas indicate that lack of automation and

investors of both rural and urban population even systematic promotion can make it popular among

among marginal workers. The studies show that urban population also.

people invest in post office savings but the Post Office Savings are considered to be a popular awareness about it is very low. Most of the studies form of investment in rural areas but the have pointed out the need for government awareness is low among the rural people. There is intervention and automation to improve a need to create more awareness about it by the awareness. There are many forms of post office

A Comparative Analysis on the Awareness in Small Savings Scheme with Reference to Sukanya Samriddhi Account


JDR Volume 13 Issue 4 (2020)

55

6. Limitations of the Studysavings schemes relating to resident individuals,

specifically for girl child and senior citizens but the ?The numbers of respondents are limited. For studies are relating to overall impact of small the study 20 respondents are taken who are savings schemes and not relating to specific forms investors in small savings schemes.of investment. This study will make a comparative

?The study has been restricted to only two analysis on the awareness level about two forms of forms of investments out of the total nine forms of investment. This study will highlight what small savings schemes.strategies can be adopted to improve the

?The respondents are selected by convenience awareness about these two forms of investment.

sampling method from Mumbai and Kolkata 4. Objectives of the Study region. The regions are also selected as per the Based on literature review, it was found that most convenience of the researcher.of the research studies are relating to small savings

?The hypothesis has been tested by applying schemes in general and their impact on rural and

the formula manually without using any statistical urban populations. The number of studies relating

software.to specific forms of investments is very less. There

7. Research Methodologyare even no studies related to comparative

Descriptive research design is adopted to conduct analysis. So this research paper aims to make a this research. Both primary and secondary data are comparative study between two forms of small utilized for the study.savings schemes- Public Provident Fund and 7.1 Primary DataSukanya Samriddhi Account introduced by the

Post Office and its awareness among individuals. The investors in small saving schemes are the

respondents for the study. The primary data was ?To study the various small saving schemes collected from 20 respondents from Mumbai and introduced by the Post office.Kolkata region. Convenience sampling method is

?To investigate the sources of awareness about used to collect the data from the identified

the small saving schemes.respondents. The objective of collecting primary

?To investigate the awareness of Public data was to investigate the awareness level about

Provident Fund and Sukanya Samriddhi Account the two forms of investment. For that purpose the

among investors.provisions relating to these two forms of

5. Hypotheses of the Study investment were put across the respondents in the In this study attempts are being made to find out form of questionnaire. whether there is a difference in awareness level Primary data from the respondent investors was about Sukanya Samriddhi Yojana Account and collected through a structured questionnaire with Public Provident Fund among the investors. This closed ended questions. The questionnaire is study will also investigate whether the investors divided into three sections. The first section deals are aware of the various provisions relating to with the socio-economic aspects of the these two forms of investment. respondents. The second section contains 5.1 Null Hypothesis questions related to awareness about Sukanya

There is no difference in awareness about Samriddhi Yojana with 13 close ended questions.

investment in Sukanya Samriddhi Account and The third section includes questions related to

Public Provident Fund. awareness relating to the Public Provident Fund

with 10 close ended questions. Graphs and tables ?5.2 Alternate Hypothesisare made for presentation of analysed data.There is difference in awareness about investment 7.2 Secondary Datain Sukanya Samriddhi Account and Public

Provident Fund The secondary data was obtained from the

56



8. FindingsDepartment of Post Ministry of Communication

Government of India. The terms, conditions, 8.1 Analysis & Interpretation of Socio- maturity period interest rates and other provisions Economic Data

are taken from the website. The study also uses The respondents selected were a combination of secondary data available in journals, research people from two different regions Mumbai & reports and websites. Kolkata. It was purposely taken from different

7.3 Data Analysis areas so that more authentic results can be derived.

There were 20 respondents taken for hypothesis As the data is categorical and does not fulfil the testing with 60% males and 40% females. The assumptions of the parametric test, a non-respondents taken were between 25 years to 75 parametric test is applied for the study. The sample years. 50% of the respondents are in the 25 to 45 size in the study is small which is not enough to years age group, 30% between 46-60 years and 20% check the normality of population distribution so are above 60 years. 60% of the respondents are the non-parametric test is applied. A popular private sector employees and 40% are government nonparametric test to compare outcomes between employees represented in table 1. The data also two independent groups is the Mann Whitney U shows that 70% of the respondents are having test. This test is used to test if two samples are likely monthly income above Rs 50,000, 10% of the to derive from the same population. In the study respondents are having monthly income of Rs two samples are Sukanya Samriddhi Yojana and 25,000 to 50,000 and 20% are having monthly Public Provident Fund on which the respondents income of Rs 10,000 to Rs 25,000.are asked questions to understand their awareness

on it. Therefore, Mann Whitney U test has been

applied.

Table 1: Composition of Respondents




57

Figure 1 shows that there is awareness about all is through friends/relatives followed by brokers.

forms of investment in small savings schemes Agents/brokers also create awareness but their

among investors. The maximum awareness is contribution is less. So the agents/brokers need to

about PPF followed by Post Office Savings be trained more about the small savings scheme so

Account. Post Office Term deposit and NSC have that they can motivate the investors.

the same level of awareness among respondents. 8.2 Analysis & Interpretation of Awareness Maximum awareness about Small savings Scheme about Sukanya Samriddhi Yojana Account

Figure 1: Investment and Awareness of Respondents

Source: Compiled from primary data

Figure 2: Awareness of respondents about Sukanya Samriddhi Account

58



There were 13 parameters taken on which can be opened. 70% of the respondents are aware

awareness about Sukanya Samriddhi Account that the age of the child should be 10 or less at the

was analyzed. Figure 2 shows that all of the time of opening. They are also aware that the

respondents are aware that the amount invested in interest on the scheme is compounded annually

Sukanya Samriddhi Yojana Account is tax free. and partial withdrawal of 50% or less can be done

90% of the respondents are aware about the by the girl child on attaining 18 years of age. 50% of

penalty clause if a minimum investment is not the respondents are aware about the current rate

done. Most of the respondents are also aware of interest, minimum amount of investment and

about the maximum amount of investment and time period for which it has to be invested. Less

those parents or legal guardians can open one respondents are aware that premature closure of

account per girl child and maximum two accounts this account can be done by the girl and the

8.3 Analysis & Interpretation of Awareness About Public Provident Fund

Source: Compiled from primary data

Figure 3 : Awareness of Respondents about Public Provident Fund

matured amount is payable after 21 years. be extended for another 5 years after expiry of the

lock in period. They are also aware that the lock-in There were 13 parameters taken on which period for PPF is 15 years and partial withdrawal awareness about the Public Provident Fund was

this allowed from 5 year. Respondents are not analyzed. Figure 3 shows that all the respondents much aware of the current rate of interest on PPF.are aware that in Public Provident Fund that

9. Testing of Hypothesis amount invested and maturity amount are tax free

and loan against PPF is allowed. Most of the The study is to make a comparative analysis in respondents are aware about the maximum and awareness about the two forms of investment minimum amount of investment in PPF and that Sukanya Samriddhi Account and Public Provident the interest on PPF is compounded annually. 80% Fund. To compare outcomes between these two of the respondents are aware that loan against PPF independent post office small saving schemes is allowed from third year and the investment can Mann Whitney U test is applied.




59

Table 2 shows the number of correct responses by Mann Whitney U test is a nonparametric test and

respondents for the two schemes undertaken for nonparametric test works on median value rather

the study, Sukanya Samriddhi Yojana (SSA) and than mean value. Therefore, the median value of

Public Provident Fund (PPF). SSA had 13 SSA and PPF has been calculated. The formula to

questions so the correct responses out of 13 and calculate Mann Whitney 'U' test is:

PPF had 10 questions so the responses are from it.

Respondent SSA (13) PPF (10)

1 10 5

2 11 8

3 13 9

4 5 9

5 8 9

6 9 6

7 3 7

8 9 8

9 10 8

10 12 9

The median value of test score in SSA = 9.5 out of 13 = 73%

The median value of test score in PPF = 8.5 out of 10 = 85%

Table 2: Correct Answers by Respondents

U stat = Rank Sum – n (n+1) 2

Score Type Rank

13 SSA 1

12 SSA 2

11 SSA 3

10 SSA 4.5

10 SSA 4.5

9 SSA 8.5

9 SSA 8.5

9 PPF 8.5

9 PPF 8.5

9 PPF 8.5

9 PPF 8.5

8 SSA 13.5

8 PPF 13.5

8 PPF 13.5

Table 3: Score & Rank

60



Table 2 represents the ranking of the responses of and brokers also create awareness but their

the respondents. The highest value ranks first contribution is less so they need to be trained more

followed by subsequent ranks. A common score about the small savings scheme so that they can

gets an average of the ranks. All SSA ranks are motivate the investors.

summated together and PPF ranks are also added. By testing the hypothesis, it was observed that Then U stat value is calculated separately for both. there is a difference in awareness about investment

The smaller of the two values is taken as U stat in Sukanya Samriddhi Account and Public

value i.e. 29. U critical value for two tailed test is 33 Provident Fund. The awareness about Public

at the 0.05 level of significance. If U stat value is less Provident Fund is more than the awareness of

than the U critical value, then the null hypothesis is Sukanya Samriddhi Account. For the Public

rejected. This means that there is a difference in Provident Fund, investors were not aware of the

awareness about Sukanya Samriddhi Account and revised rates of interest and rules for partial

Public Provident Fund. withdrawal. For Sukanya Samriddhi Yojana

Account investors were not aware of current 10. Conclusion interest rate, penalty for not paying the amount The small savings schemes are a safe form of and provisions for premature closing of the investment which is backed by government account. But most of the investors were aware of security. There is awareness about all forms of the tax benefits under both the schemes.investment in small savings schemes among The present study which is limited to two forms of investors. The maximum awareness is about PPF investment can be extended to all forms of small followed by Post Office Savings Account. Post savings schemes. Small savings schemes are Office Term deposit and NSC have the same level always a popular form of investment among of awareness among respondents. Maximum individuals because of the sovereign guarantee by awareness about Small savings Scheme is through the Government of India.friends and relatives followed by brokers. Agents

8 PPF 13.5

7 PPF 16

6 PPF 17

5 SSA 18.5

5 PPF 18.5

3 SSA 20

Sum of the rank of SSA = 1+2+3+4.5+4.5+8.5+8.5+13.5+18.5+20= 84

Sum of the rank of PPF= 8.5+8.5+8.5+8.5+13.5+13.5+13.5+16+17+18.5 =126

U stat of SSA = 84 – 10 (10+1)

2

= 84 - 55

= 29

U stat of PPF = 84 – 10 (10+1)

2

= 126 – 55

= 71




61

Vidwat- The Indian Journal of Management,2(1),pp.26-References34Avinash,N.(2015).Savings Pattern and Investment

Kothari, D. D.(2012).Investors Attitude towards Post Preferences of Individuals with reference to Hyderabad

Office Deposits Schemes- Empirical Study in Udaipur City. Scholars Journal of Economics, Business and

District, Rajasthan. International Journal of marketing Management,2(3),pp.294-304.

and technology,2(7),pp.255-273. Debnath, S. D.(2017).Study of the pattern of Small

Muthusamy, D. A.(2012).Investors Attitude towards Savings of Tea Garden Workers in West Tripura

Post office Scheme. International Journal of Physical D i s t r i c t . S h a n l a x I n t e r n a t i o n a l J o u r n a l o f

and Social Sciences,2(10),pp.225-240. Commerce,5(4),pp.85-96.

Nagaraju, D. S. (2018).Customer's Satisfaction towards economictimes.indiatimes.com/wealth/invest/post...

Sukanya Samriddhi Yojana with special reference to fintrakk.com/post-office-small-saving-schemes-in.Suryapet District (T.S.). International Journal of

h t t p : / / s p h w e b . b u m c . b u . e d u / o t l t / m p h -innovative Research explorer,5(2),pp.181-192.

modules/bs/bs704_nonparametric/BS704_NonparamSingh,M.(2018).Investor's Perception towards Post etric4.htmlOffice Small Savings Schemes: A Case study of

https://investoracademy.in/post-office-savings-Himachal Pradesh. Finance India,XXXII(2),pp. 585-606.

schemesVembu N.R.(2012).Rural Investors Attitude towards

https://www.news18.com/news/business/how-Post Savings Scheme in Kodavasal Taluk.International

new-epf-interest-rate-of-8-65-stacks-up-against-other-J o u r n a l o f P u r e & A p p l i e d

saving-schemes-2313481.htmlMathematics,119(10),pp.1385-1397.

Jacob, H. S. (2009). Post Office Savings and Its Relevance www.financialexpress.com/money/small-savings

in Rural Areas- A Study on Impetus for Rural www.indiapost.gov.in/Financial/Pages/Content/...Investment with reference to Kumbalamgi in Cochin.

Dr. Kandi Kamala, Assistant Professor, New Government Degree College, Serilingampally,Osmania University Ranga Reddy, Telangana State India 502032. [email protected]

and the principles from cognitive science. The text's practices and principles are presented in such a way as to aid all students in their effort to keep the pace, understand the material, and fulfil their true potential as learners. This book fills a gap in the literature by providing evidence-based practices for online teaching, online course design, and online student motivation, integrated with pedagogical and cognitive science to help build the distance learning courses and programs that all students deserve. Designed to be a practical resource, the text shows how to adopt new pedagogical techniques that are targeted specifically for online, learning environments. The approaches outlined ensure strong course alignment and effective student learning for online classes and can help to increase student retention, build necessary support structures, and train faculty more effectively.

The authors who are noted experts in the field¯provide an essential guide to developing online classes that measure up to the rigor and quality of excellence in teaching and assessment,

Written by:build in the personal touch for developing a

Publisher :learning community, and equip all students to

Year :succeed in the next challenge.

1. Summary in Brief:We live in a world that is constantly changing;

While online educational offerings have expanded advances are rapid, aided and facilitated by the fast rapidly at many institutions, faculty professional use of and developments in technology. development is rather putting the focus on Promoting authentic learning opportunities is technologies and offering prescriptive advice demanding. Information to support the based on anecdotal experiences and common development of knowledge is readily and easily sense. Online Teaching at Its Best highlights the accessible. Discipline based knowledge is no proven online teaching practices that are anchored longer appropriate for living in today's complex in solid research. Written for faculty, instructional society, communities and workplaces. Learning is designers, and administrators, this vital resource increasingly concerned with what we do, and the outlines the best practices in teaching and learning development of those key skills and abilities

Linda B Nilson-Ludwika A GoodsonJossey-BassDecember 2017



62


Book ReviewOnline Teaching at Its Best: Merging Instructional

Design with Teaching and Learning ResearchDr. Kandi Kamala

appropriate for this changing, dynamic and knowledge and skill for teachers to cater to present contested workplace, as emphasised by Barnet, day learners and their learning styles.“the twentieth first century is calling for human Technology, in one form or another, has always beings who are themselves flexible, able to been part of the teaching and learning respond purposively to new situations and ideas.” environment. It is part of the teacher's professional These principles will be familiar to faculty with toolbox. In other words, it is among the resources even a basic knowledge of teaching and pedagogy that teachers use to help facilitate student learning. literature, including practices such as “Setting Technology has changed dramatically over recent Significant Outcomes” (chapter 2) and “Designing decades. The increasing variety and accessibility of a Coherent Course” (chapter 3). Chapter 5 tackles technology has expanded the toolbox and the the topic of motivation. The authors provide opportunities teachers have to use technology. examples for capturing student attention, ensuring Computer devices are more powerful and come in relevance, fostering social belonging, and different forms, from those that sit on our desks to encouraging students to set and achieve goals. those that sit in the palm of our hands. The internet Chapter 6 focuses on interaction. It shows how connects those devices and connects students to meaningful student-instructor, student-content, each other in the classroom, through the school student-student, and student-technology and around the world. interactions can be cultivated in an online

This study considers the technologies that are environment. Finally, a technical chapter on available to teachers to support their teaching universal design and accessibility (chapter 7) strategies. The study focuses on software, provides helpful guidelines for course design applications and resources that support teaching and material preparation to overcome obstacles to and learning. We consider the tools that teachers accessible content.use to help their students use, create, manipulate

Well trained teachers with required knowledge, and share information on computer devices and skills and commitment can develop scientific and over computer networks. Technological devices critical thinking, promote tolerance, and develop and networks have changed our schools and cultural and social values in their students. classrooms. In India, technological investments in Innovative technologies will make it possible to schools have been made at the state/territory level achieve these by providing new ways to teachers. and at the national level through initiatives such as But these new technologies are placing more the Digital Education Revolution. There, now are demands on teachers to learn how to use them in computers and interactive whiteboards in schools their teaching and learning processes. This great and schools are connected to each other and the transformation is posing challenges to teachers world at higher speeds than ever before. and teacher educators in using technologies in Technology in schools has become mobile, with creative and productive ways. Hence, teachers laptop computers, tablet devices and smart phones have to meet these new challenges by continuously now part of the teaching and learning context. acquiring new knowledge and skills to discharge However, this orientation limits the space in their duties effectively. This study on E-content each chapter for practical examples and explicit development is meant to understand the meaning connections to online education. Few of the and standards of E-content, learning objects, specific examples for implementing the principles designing and development of digital resources will be applicable to instructors in religious studies for teaching and learning by using variety of tools or theology, but the general suggestions will and software such as proprietary software, inspire instructors to use deliberate strategies to freeware, open source software, public domain make their online teaching equal to, or even software ,Microsoft Office, Libre Office, Software greater than, their teaching in the classroom Package, Digital concept mapping tools, and environment. Authoring tools which allow authors or e-content

This study considers the technologies that are developers to integrate or use any array of media to available to teachers to support their teaching create professional, engaging and interactive e-strategies. The study focuses on software, content, Thus, this paper aims in providing the

Book Review: Online Teaching at Its Best JDR Volume 13 Issue 4 (2020)

63

64

JDR Volume 13 Issue 4 (2020) Book Review: Online Teaching at Its Best

applications and resources that support teaching style are the cardinal factors which have formed and learning. We consider the tools that teachers the fundamental postulation of almost all the use to help their students use, create, manipulate theories. Teachers are the most important asset for and share information on computer devices and any educational system. They are founders, over computer networks. Technological devices creators and executors of educational system. and networks have changed our schools and Therefore, quality concern of higher education classrooms. In India, technological investments in catches immense attention of educationists in schools have been made at the state/territory level present time. When we talk about capabilities of and at the national level through initiatives such as students in twenty first century, it is realized that the Digital Education Revolution. There now are traditional practices may not seem most effective computers and interactive whiteboards in schools to resolve the debate of quantity versus quality and schools are connected to each other and the debate in higher education. To input quality, we world at higher speeds than ever before. need self-directed capable students who Technology in schools has become mobile, with constantly effort to become more competent to laptop computers, tablet devices and smart phones meet the challenges of changing scenarios of now part of the teaching and learning context. society. Faculty newer to online teaching, instructional In this situation, heutagogical approaches may design, and cognitive psychology will discover prove effective way of learning to develop principles, that not only support and inspire capabilities in students. It is one of the ways of quality online education, but also enhance student learning originated from constructivism. learning in classroom settings. More experienced Constructivism gives importance to individuals' faculty may want to see more incorporation of potentials, experiences and freedom for the larger humanistic narratives around what it construction of new knowledge. Heutagogy also means to learn. Additionally, instructors in provides space to adult learner. Freedom is the contexts that prioritize teaching for a multi- basic requirement for natural development of an faith and multicultural world would benefit individual. The concept of heutagogy offers certain from integrating perspectives on student and principles and practices that can be considered instructor positionality and pedagogies that when designing a learning environment. Such support culturally diverse and racially just learning environment facilitates the learner to pedagogies with this book's practical orientation. become capable and competent individual that can A modern French philosopher has said that, the handle any situations in their own ways. It is task of the educator is to act on the mind and the suggested that heutagogy is appropriate to the conscience of the students to render them capable needs of learners in the twenty-first century, of thinking and judging themselves to promote particularly in the development of individual initiative, arouse spontaneity and fashion human capability. Therefore, a shift in thinking towards beings into freedom. This can be done through heutagogy will enable the control of learning to developing will-power of the child. Success brings move more appropriately to the learner. confidence of will and the desire changes itself into Furthermore, it will enable a far more creative decision. In the course of time, the nature of approach to learning on the part of learners. If a k n o w l e d g e , i t s c r e a t i o n , a c q u i s i t i o n , teacher does this job then the goal of heutagogy, comprehension, assimilation and application, etc. that is self-realization will be achieved overall, the has also been continuously changing. This has had book's presentation is admirable, it is also a substantial effect on the teaching learning affordably priced. A good pick for researchers, process and the institutional effort in providing an teachers and students of social science, especially ambience to the learner in conformity with the those involved with research on public changing characteristics of learner and learning administration. This insightful study on the state process. A glance of the learning theories of will be of interest to scholars and practitioners in developed by the eminent theorists and the field of education as well as policymakers at practitioners in the past suggests that nature and every level of administrative reform.characteristics of the learner and their learning

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