organised retail on

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VOLUME NO.4(2013),ISSUE NO.12(DECEMBER) ISSN0976-2183

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INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENTA Monthly Double-Blind Peer Reviewed (Refereed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the ntern!tion!l "eri!l Directories

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ii

ONTENTSSr.No. TITLE & NAME OF THE AUTHOR (S)

PageNo.

1 IMPACT OF ORGANISED RETAIL ON UNORGANISED RETAIL IN INDIACMA JAYASHREE RAMANAN & DR. K.P.V.RAMANAKUMAR

1

2 AN ANALYSIS OF EMPLOYEE RETENTION PREVAILING IN MANUFACTURING INDUSTRY IN HOSUR, TAMIL NADUDR. B. N. SIVAKUMAR, DR. V. NAVANEETHAKUMAR & K. R. KUMAR

3

3 HRD PRACTICES IN BANKS: A STUDY WITH REFERENCE TO PUBLIC AND PRIVATE SECTOR BANKSDR. P. SUCHITRA

7

PRE!PURCHASE INFORMATION SEARCH BEHAVIOUR OF RURAL CONSUMERS TOWARDS PRE!OWNED CARSDR. M. UMA MAHESWARI & DR. M. JEZER JEBANESAN

13

" LINKING EMOTIONAL INTELLIGENCE, SALES PERFORMANCE AND SALES SUCCESS OF RETAIL SALESPEOPLE: A REVIEW APPROACHDR. M. M. MUNSHI & SANJAY HANJI

1#

$ REASONS AND E%PECTATIONS OF CUSTOMERS TOWARDS SHAMPOO BRANDSKHAWAJA MUBEENUR RAHMAN & DR. ROSHAN KAZI

2

7 TEAM FORMATION STRATEGIES BASED ON PERSONALITY TYPES AND COMMUNICATION STYLES TO IMPROVE TEAM EFFECTIVENESSDR. MARY CHERIAN & DR. KIRUPA PRIYADARSHINI M.

2

MICROFINANCE CRISIS IN ANDHRA PRADESH AND REGULATORY RESPONSEK. LAKSHMI & DR. S. VASANTHA

32

# COST OPTIMI'ATION THROUGH (INTERNAL TALENT RETENTION STRATEGIES): AN ANALYTICAL STUDYDR. SONALI DHARMADHIKARI

37

1* TALENT MANAGEMENT: A NEW CORPORATE MANTRAK. USHA

2

11 RATIONALITY AND EMOTIONALITY IN CUSTOMERS) ADVERTISING AND BRAND ELEMENT RECOLLECTION: A STUDY ON LOYALCUSTOMERS OF CERTAIN BRANDS

VINOD URATH & N. R. NARAYANAN

"

12 INDUSTRIAL!CORPORATE SOCIAL RESPONSIBILITYKONDA SANTOSH KUMAR & GHANATHE RAMESH

#

13 BRING YOUR OWN DEVICE +BYOD: AN EMPIRICAL STUDY ACROSS INDUSTRIESRINKU MAHINDRU

"

1 FOREIGN BANKS IN INDIA: A LITERATURE REVIEWNEHA NAINWAL

"

1" COST-BENEFIT ANALYSIS OF BUS TRANSPORT IN KUMBAKONAM REGION OF TAMIL NADUDR. C. KUMARAN

$3

1$ RELATIONSHIP BETWEEN INDIAN CAPITAL MARKET AND FOREIGN INSTITUTIONAL INVESTMENTDR. SUMAN DAHIYA GAINA

$$

17 AN ANALYSIS OF EFFECTS OF ENVIRONMENTAL PERFORMANCE OF CONSUMER GOODS INDUSTRY AND THE FINANCIAL PERCEPTION OFTHE INVESTORS: A COMPARISON OF INDIAN AND US FIRMS

AMOGH TALAN

71

1 DESIRED CONTRIBUTION: IMPACT OF PENSION FUND MANAGERS PERFORMANCE ON RISK AND RETURNSATHISHA H K, SOWMYA G S & SUSHMA K

7$

1# AGE WISE STUDY OF JOB SATISFACTION OF DELHI UNIVERSITY FACULTYNARANDER KUMAR NIGAM & SAUMYA JAIN

7

2* THE EFFECT OF OWNERSHIP STRUCTURE ON AUDIT .UALITYROYA DARABI & NOTASH MOGHADAM

#

21 A REFLECTION ON THE NATURE OF CORPORATE GOVERNANCE IN INDIASHWETA SATIJA

1**

22 THE PERCEPTION OF AGRICULTURAL STUDENTS AND SELF!EMPLOYMENT IN AGRIBUSINESS: A CASE STUDY OF STUDENTS OF UNIVERSITYFOR DEVELOPMENT STUDIES, GHANA

HUDU ZAKARIA, HAMZA ADAM & AFISHATA MOHAMMED ABUJAJA

1*

23 ISLAMIC BANKING AND IJARAH FINANCING IN PAKISTANKALSOOM AKHTAR, AIMAN CHISHTI, SAMRA KANWAL, NADIA ASLAM & SOBIA ASLAM

1*#

2 ENVIRONMENTAL AUDIT: STEP TOWARDS SUSTAINABLE DEVELOPMENTDR. S. K. JHA

11

2" CHIT FUND! ROTATION OF MONEYNAZIA ABBAS ABIDI

122

2$ CURRENCY DEVALUATION: A STORY FROM 1#$$ TO 2*13REKHA RANI

12

27 CHILD LABOUR AND TRADE LIBERALISATIONSIDDHARTH RATHORE

12#

2 CORPORATE SOCIAL RESPONSIBILITY IN INDIAN BANKING SECTOR: A STUDY OF SONIPAT BRANCHESKAVERI HANS & DR. MANISHA

13

2# AN ASSESSMENT ON JOB SATISFACTION OF ACADEMIC EMPLOYEES: A SURVEY ON ETHIOPIAN PRIVATE INSTITUTIONS OF HIGHERLEARNING

MULU ADERIE ALEMU

13

3* REGULATIONS IN INDIAN CORPORATE DEBT MARKETANSHIKA AGARWAL

1"

RE.UEST FOR FEEDBACK & DISCLAIMER 1"


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HIEF PATRONPROF/ K/ K/ AGGARWAL

,h!ir3!n% M!l!viy! '!tion!l nstitute of 6echnolo&y% J!ipur(An in!i!"!# $% N!i$n' I)$*!n+# & %"'' %"n-#- Mini!* $% H"n R#$"*+# D#/#'$)#n!, G$/#*n#n! $% In-i0

,h!ncellor% 7 R M!n&!l!3 8niversity% #ur&!on

,h!ncellor% 9in&!y!:s 8niversity% $!rid!b!d

$ounder ;ice-,h!ncellor (


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PROF/ ANIL K/ SAINI,h!irperson (,R,)% #uru#obind"in&h P 8niversity% Delhi

DR/ SAMBHAVNA$!culty% 6M% Delhi

DR/ MOHENDER KUMAR GUPTAAssoci!te Professor% PJ9'#overn3ent,olle&e% $!rid!b!d

DR/ SHIVAKUMAR DEENEAsst Professor% Dept of ,o33erce% "chool of Business "tudies% ,entr!l 8niversity of 7!rn!t!!% #ulb!r&!

ASSO IATE EDITORS PROF/ NAWAB ALI KHAN

Dep!rt3ent of ,o33erce% Ali&!rh Musli3 8niversity% Ali&!rh% 8P

PROF/ ABHAY BANSAL.e!d% Dep!rt3ent of nfor3!tion 6echnolo&y% A3ity "chool of ?n&ineerin& 6echnolo&y% A3ity

8niversity% 'oid!

PROF/ V/ SELVAM""9% ;6 8niversity% ;ellore

PROF/ N/ SUNDARAM;68niversity% ;ellore

DR/ PARDEEP AHLAWATAssoci!te Professor% nstitute of M!n!&e3ent "tudies Rese!rch% M!h!rshiD!y!n!nd8niversity% Roht!

DR/ S/ TABASSUM SULTANAAssoci!te Professor% Dep!rt3ent of Business M!n!&e3ent% M!trusri nstitute of P# "tudies% .yder!b!d

TE HNI AL ADVISORAMITA

$!culty% #overn3ent M "% Moh!li

FINAN IAL ADVISORSDICKIN GOYAL

Advoc!te 6!@ Adviser% P!nchul!

NEENA

nvest3ent ,onsult!nt% ,h!3b!&h!t% "ol!n% .i3!ch!l Pr!desh

LEGAL AD VISORSJITENDER S/ CHAHAL

Advoc!te% Pun5!b .!ry!n! .i&h ,ourt% ,h!ndi&!rh 86

CHANDER BHUSHAN SHARMAAdvoc!te ,onsult!nt% District ,ourts% 2!3un!n!&!r !t J!&!dhri

SUPERINTENDENTSURENDER KUMAR POONIA


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IMPACT OF ORGANISED RETAIL ON UNORGANISED RETAIL IN INDIA

CM" %"&"SHREE R"M"N"N

RESE"RCH SCHOL"R

SCS'M' UNI'ERSIT&

K"NCHI!UR"M

DR. K.!.'.R"M"N"KUM"RDE"N

DE!"RTMENT OF M"N"EMENT STUDIES

SCS'M' UNI'ERSIT&

K"NCHI!UR"M

ABSTRACTT1# In-in *#!i' in-"!* 1 2*$3n 45.67 #!3##n 8545 n- 8548 n- i )$i#- !$ in+*## !$ 9:5 !$ ;:5 i''i$n USD 854:. R#!i' in-"!* i %'$"*i1in2

#+!$* $% !1# +$"n!* n- #n+$)# +!i/i!i# %*$ $"*+in2, SCM ,In/#n!$* n2##n!, #*+1n-i# n2##n!, !$*# n2##n!, HRM, ERM, ERP,

'# )*$$!i$n, -/#*!i##n!, CRM n- %!#*# !1# '' *#!i'#* 1"! !1# "in# n- $)! %$* '!#*n!# #)'$#n!. T1# ))#* %$+"# $n !1# i)+! $% $*2ni=#- *#!i' $n !1#

"n$*2ni=#- #+!$* in In-in *#!i' *>#!.

KEYWORDSOr&!nied ret!il% unor&!nied ret!il% ndi!n ret!il sector

INTRODUCTIONccordin& to the #lob!l Ret!il Develop3ent nde@ >*>% ndi! r!ns fifth !3on&st the top 0* e3er&in& 3!rets for ret!il ndi! is one of the 3ost

pro3isin& ret!il destin!tions in the world Ret!ilin& includes !ll the !ctivities involved in sellin& &oods or services directly to the fin!l consu3er for

person!l use t is the fin!l st!&e in the distribution process 6he recent !nnounce3ent of !llowin& ** $D in sin&le br!nds !nd 1 $D in 3ulti-

br!nd % h!s ch!n&ed the business dyn!3ics in the country 6he p!per discusses the i3p!ct of or&!nied ret!il on the unor&!nied sector in ndi! "3!ll ret!ilers

!re concerned !bout this new develop3ent !nd !re ch!n&in& their str!te&ies to succeed in the current conte@t

OBJECTIVE OF THE STUDY AND METHODOLOGY6he ob5ective of the study is to !n!lyse the current ret!il scen!rio in ndi! !nd the i3p!ct of or&!nied ret!il on the s3!ll ret!ilers in the unor&!nied sector

6he p!per is b!sed on c!se studies% st!tistic!l d!t!% ! thorou&h !n!lytic!l !nd lo&ic!l underst!ndin& of v!rious rese!rch p!pers% boos% reports% 5ourn!ls%

newsp!pers !nd online 3!teri!l

INDIAN RETAIL SECTOR! CURRENT SCENARIOAccordin& to Delloitte Report J!n >*0- ndi!n Ret!il Report Openin& 3ore doors% the ndi!n ret!il industry h!s &rown *I between >** !nd >*> !nd

or&!nied ret!il constitutes = of the tot!l ret!il industry with constitutin& the unor&!nied ret!il 6he ndi!n ret!il is divided into > c!te&ories- or&!nied

!nd unor&!nied ret!il Or&!nied ret!il refers to tr!din& !ctivities by licensed ret!ilers % who !re re&istered for s!les t!@% inco3e t!@ !nd includes ret!il ch!ins

!nd l!r&e priv!tely owned ret!il businesses On the other h!nd% unor&!nied ret!il constitutes the tr!dition!l for3!ts of low cost ret!ilin&% convenience stores %

h!rdw!re shop !t the corner of the street sellin& everythin& fro3 b!throo3 fittin&s to p!ints !nd s3!ll construction tools % 3o3 !nd pop shops% loc!l ir!n!

shops% p!n !nd beedi shops% h!nd c!rt !nd p!ve3ent vendors !nd street h!wers

CATEGORIES OF TRADITIONAL RETAILERS $ruits ;e&et!ble sellers- sells fruits !nd ve&et!bles

$ood stores- b!ery products% d!iry !nd processed food bever!&es

'on-ve&e!ble store- sells chicen 3utton

7ir!n! -"ells b!ery products% d!iry !nd processed food% ho3e !nd person!l c!re !nd bever!&es

7ir!n! -sells c!te&ories !v!il!ble !t 7ir!n shop plus cere!ls% pulses% spices !nd edible oils App!rel sells- 3enswe!r% wo3ens we!r% inner we!r ids !nd inf!nt we!r

$ootwe!r- sells 3en:s we!r% wo3en:s we!r !nd ids we!r

,onsu3er dur!bles 6- sells electronics% dur!ble 6 products

$urnishin&- sells ho3e linen !nd upholstery

.!rdw!re- sells s!nit!ry w!re% door fittin& % tiles

#ener!l 3erch!ndise includes li&htin&% toys% &ifts !nd crocery

CHARACTERISTICS OF UNORGANI'ED RETAIL"3!ll store( 7ir!n!) ret!ilin& is one of the e!siest w!ys for &ener!tin& self -e3ploy3ent !s it reuires li3ited invest3ent in l!nd% l!bor !nd c!pit!l t is &ener!lly

f!3ily run business% l!cs st!nd!rdi!tion !nd the ret!ilers who run the store l!c educ!tion% e@perience !nd e@pertise

8nor&!nied ret!il is still predo3in!tin& over or&!nied ret!il in ndi! 6he re!sons !re

n s3!ller towns !nd se3i-urb!n !re!s% there !re 3!ny tr!dition!l ret!ilers % which !re f!3ily business runnin& for 3ore th!n one &ener!tion> 6hese ir!n! shops h!ve their own efficient 3!n!&e3ent syste3 !nd !nd h!ve understood their custo3ers: better !nd !re !ble to s!tisfy the custo3ers

6hey !re !ble to efficiently c!ter to the needs of the custo3ers % which is ! very stron& point for their e@istence inspite of thre!t fro3 or&!nied ret!il

0 A l!r&e nu3ber of worin& cl!ss in ndi! !re d!ily w!&e e!rners % who procure fro3 the s3!ll ret!il shop s3!ll u!ntities for their supper 6hey tot!llyrely upon these s3!ll shops for their food ite3s

+ Also the se!son!l worers % durin& the period of une3ploy3ent purch!se fro3 ir!n! stores on credit !nd cle!r their dues when they &et p!id 6his credit

f!cility is ! &re!t boon for these cl!ss of worers

1 Another i3port!nt ch!r!cteristic of unor&!nied ret!il is the pro@i3ity of the store t is the convenience store for the custo3er

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I 6hese stores oper!te 3ostly fro3 their own pre3ises !nd thus s!ve on rent!l p!y3ent

K 6hese stores !re f!3ily run business !nd hence the l!bor cost involved is 3ini3!l

= As they oper!te fro3 their ho3e they c!n p!y for the utilities !t residenti!l r!tes

1 l!h ir!n! stores provide !

source of livelihood to I crore people 6he ret!il tr!de suffers fro3 two 3!5or h!ndic!ps one% non-!v!il!bility of credit !nd !nother is the bribe one h!s to

p!y to the &overn3ent b!bus 6he perenni!l proble3 f!ced by the tr!dition!l ret!il tr!de is the Nor&!nied N d!coity by 3inions of the st!te 6hey need to bribe

the cops% bribe the 3unicip!l !uthorities !nd other loc!l &oons 6here is need for level pl!yin& with !ccess to !fford!ble credit !nd !bolition of inspector r!5 in

the for3 of h!r!ss3ent by v!rious !r3s of the &overn3ent

6he well est!blished or&!nied ret!il sector in ndi! !re P!nt!loon ret!il% "hoppers: "top% "pencers% .ypercity% 9ifestyle% Reli!nce etc Over >*%*** new ret!iloutlets !re e@ected to open within this se&3ent

Accordin& to the study conducted by ,R?R CP 'o >>> (>**=)%( MA6.?C JO"?P. O6.?R") unor&!nied ret!ilers in the vicinity of the or&!nied ret!ilers

e@perienced decline in their business volu3es !nd profit in the initi!l ye!rs .owever% the ne&!tive i3p!ct we!ens over ti3e t w!s !lso found th!t there

w!s no evidence of decline in e3ploy3ent in the unor&!nied ret!il bec!use of the entry of or&!nied ret!ilers 6he r!te of closure of tr!dition!l ret!il shops

w!s +> percent p!% which is w!y lesser th!n the intern!tion!l r!te of closure 6he r!te of closure on !ccount of co3petition fro3 or&!nied ret!il is lower

still !t K percent per !nnu3 A 3!5ority of unor&!nied ret!ilers !re een to st!y in the business !nd co3pete % while !lso w!ntin& the ne@t &ener!tion to

continue lie wise t w!s !lso found th!t the tr!dition!l ret!ilers were !ble to co3pete due to ch!n&ed str!te&y especi!lly throu&h i3proved business

pr!ctices !nd technolo&y up&r!d!tion .owever% only > of unor&!nied ret!ilers h!ve !ccess to institution!l credit !nd 0K per cent felt the need for better

!ccess to co33erci!l b!n credit Most unor&!nied ret!ilers !re co33itted to re3!nin& independent !nd b!rely * preferred to beco3e fr!nchisees of

or&!nied ret!il

n ! country with ! hu&e popul!tion !nd hi&h levels of poverty % it is !ppropri!te th!t this 3odel of ret!il de3ocr!cy co-e@ist !lon& with or&!nied ret!il 6hese

unor&!nied ret!il needs to be pro3oted so th!t they c!n or&!nie !nd supply food to ndi!n consu3er

HOW TO PROMOTE UNORGANI'ED SECTOR6he su&&estions 3i&ht be

?st!blish3ent of ret!iler co-oper!tives !3on& ret!ilers which is hi&hly reuired for the susten!nce of the unor&!nied ret!il sector

M A ( Mer&ers !nd Acuisitions) of we! ret!ilers by stron& ret!ilers th!t would revive the s3!ll ret!iler

"ettin& up of fr!nchisee or&!ni!tion % where the fr!nchiser c!n e@ert control over the w!y ret!ilin& is done

6here 3ust be ! &ood networ connection between ret!il or&!ni!tions% the suppliers !nd other ch!nnel 3e3bers to us co3p!tible technolo&y so th!t

they c!n build stron& distribution set-up to s!tisfy the custo3ers

"ettin& up 3ore of non-store ret!ilin& centers would !lso ensure ! stron& ret!ilin& or&!ni!tion 'on-store ret!ilin& 3!es i3ple3ent!tion of 3odern

principles e!sier !nd less costly

9!st but not the le!st% there 3ust be ! ch!n&e in the 3indset of the unor&!nied ret!iler 6hey h!ve to underst!nd % co3e forw!rd !nd le!d this ch!n&e

3!n!&e3ent for the sector to flourish

CHANGING PHASE OF INDIAN CONSUMERISMA &re!t shift th!t ushered in the ndi!n Ret!il Revolution is the e3er&ence of M!lls !cross the re&ion!l 3!rets 6od!y 3!lls !re ch!n&in& the w!y co33on

ndi!ns h!ve their shoppin& e@perience t is i3per!tive for the unor&!nied ret!il sector to restructure !nd reor&!nie to withst!nd the incre!sin& co3petition

!nd to 3eet the consu3er e@pect!tions by eepin& p!ce with the trends

ROLE OF GOVERNEMENT,ountries lie "in&!pore !nd 6!iw!n h!ve initi!ted .!wer centres up&r!din& pro&r!33e !nd up&r!din& pro&r!33e of old wet 3!rets respectively !nd !re

very 3uch in f!vour of unor&!nied sector !nd support the s!3e

$ew countries h!ve 3!de ! speci!l effort to co3e up with policies th!t help the unor&!nied s3!ll ret!iler to sust!in in the econo3y n ndi!% there is no

e@clusive re&ul!tory fr!3ewor for the ret!il sector Re&ul!tion of the ret!il sector is 3!inly in the do3!in of the st!te &overn3ents Different st!te

&overn3ents h!ve t!en different re&ul!tions to protect the s3!ll unor&!nied ret!ilers fro3 the bi& bo@ ret!ilers in the er! of Ret!il Revolution 6here is !

need to for3ul!te ! co3prehensive re&ul!tion !t the n!tion!l level% which will provide re&ul!tory support continuously to !ll the we! pl!yers of this sector

throu&hout the country

6he p!ssin& of "treet ;endors( Protection of 9ivelihood !nd Re&ul!tion of "treet ;endin&) bill %>*> in 9o "!bh! is ! welco3e 3ove in this direction 6he bill

provides for security !nd protection of the livelihood of !ll street vendors who h!ve ! vendin& certific!te% which will be issued by the 6own ;endin& ,o33ittee

6he bill !pproved by the 8nion ,!binet st!tes th!t !t le!st >1 percent of ! city:s popul!tion would be !lloc!ted vendin& ones !nd it would be 3!nd!tory to

for3 6own !nd on!l ;endin& ,o33ittees in every city% with street vendors h!vin& +* percent represent!tion

CONCLUSIONndi! is !t the crossro!ds with re&!rd to the ret!il sector ?@perience of v!rious developin& countries h!ve shown th!t they h!ve re!ped the benefits of 3odernret!il !nd h!s !lso shown th!t both tr!dition!l !nd 3odern ret!il c!n co-e@ist 6he tr!dition!l ret!ilers h!ve to evolve str!te&ies to co3pete !nd flourish

!lon&side or&!nied ret!il n this &overn3ent policy pl!ys ! very vit!l role in !s 3uch !s ! ti3e bound '!tion!l pro&r!33e protectin& the interest of s3!ll

ret!ilers is l!unched 6hey should encour!&e settin& up of 3odern l!r&e c!sh- !nd-c!rry outlets to ir!n! stores !s well !s to licensed h!wers !t wholes!le

r!tes Also% 3ore credit should be 3!de !v!il!ble !t re!son!ble r!tes fro3 3icro-credit institutions for e@p!nsion !nd 3oderni!tion of s3!ll ret!ilers 6he

sooner we h!ve ! Ministry of Ret!il 6r!de to protect% preserve !nd enh!nce the c!p!bilities !nd utilie the full potenti!l of our ir!n! stores% the better it is for

the ndi!n econo3y

REFERENCES Delloitte Report >*0- ndi!n Ret!il M!ret Openin& 3ore doors wwwdeloitteco3/in

> #upt! .i3!nshu Others p!per N?ffect of Or&!nised ret!il on 8nor&!nised ret!il in ndi!n ret!il 3!ret N in Rese!rch Journ!l of M!n!&e3ent "ciences ;ol

()%K-0 Au&ust(>*>)

0 M!thew Joseph Others(>**=) CP 'o>>> N3p!ct of Or&!nied Ret!ilin& on the 8nor&!nied "ector of ,R?R

+ Muher5ee%"ubh!dip%>* policies of ret!il sector of ndi! !nd other selected countries86M" Joun!l of ?cono3ics >(>)4K-=*

1 R;!idy!n!th!n%D'A 0=>** wwwdn!indi!co3I Ret!il in Rur!l ndi! wwwibefor&/industry/ret!il


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RE(UEST FOR FEEDB"CK

D89 R8980

At the very outset% ntern!tion!l Journ!l of Rese!rch in ,o33erce M!n!&e3ent (JR,M) !cnowled&es

!ppreci!tes your efforts in showin& interest in our present issue under your ind perus!l

would lie to reuest you tosupply your critic!l co33ents !nd su&&estions !bout the 3!teri!l published

in this issue !s well !s on the 5ourn!l !s ! whole% on our ?-3!il@>@4==9@/4= for further

i3prove3ents in the interest of rese!rch

f youh!ve !ny ueries ple!se feel free to cont!ct us on our ?-3!il @>@4==9@/4=

!3 sure th!t your feedb!c !nd deliber!tions would 3!e future issues better ! result of our 5oint

effort

9ooin& forw!rd !n !ppropri!te consider!tion

Cith sincere re&!rds

6h!nin& you profoundly

A498=@496 6?0

"d/-C!@>9

DISCLAIMER6he infor3!tion !nd opinions presented in the Journ!l reflect the views of the !uthors !nd not of the

Journ!l or its ?ditori!l Bo!rd or the Publishers/?ditors Public!tion does not constitute endorse3ent by the

5ourn!l 'either the Journ!l nor its publishers/?ditors/?ditori!l Bo!rd nor !nyone else involved in cre!tin&%

producin& or deliverin& the 5ourn!l or the 3!teri!ls cont!ined therein% !ssu3es !ny li!bility or

responsibility for the !ccur!cy% co3pleteness% or usefulness of !ny infor3!tion provided in the 5ourn!l% norsh!ll they be li!ble for !ny direct% indirect% incident!l% speci!l% conseuenti!l or punitive d!3!&es !risin&

out of the use of infor3!tion/3!teri!l cont!ined in the 5ourn!l 6he 5ourn!l% nor its publishers/?ditors/

?ditori!l Bo!rd% nor !ny other p!rty involved in the prep!r!tion of 3!teri!l cont!ined in the 5ourn!l

represents or w!rr!nts th!t the infor3!tion cont!ined herein is in every respect !ccur!te or co3plete% !nd

they !re not responsible for !ny errors or o3issions or for the results obt!ined fro3 the use of such

3!teri!l Re!ders !re encour!&ed to confir3 the infor3!tion cont!ined herein with other sources 6he

responsibility of the contents !nd the opinions e@pressed in this 5ourn!l is e@clusively of the !uthor (s)

concerned


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