Search Results

EduREPORTS EduREPORTS is a programme where we publish the research reports created by the graduating cohorts of the WorkEx Bootcamp and independent research submitted from our community on diverse topics such as technology, social welfare, and more. AI – A Necessary Evil? by Krisha Makharia Artificial Intelligence (AI) is rapidly transforming the way we all live, our personal life, our occupation, our education, our relationship with other human beings and non-living beings, how we get to fulfil our aspirations etc. AI (and generative AI) is the next biggest transformation we are all witnessing and luckiest to be part of this historical journey. Read More Digital Communications by Yash Vadhar The marketing aspect of a business that exits in order to address people’s needs and wants by promoting certain products or even a business for that matter. Whilst all that even in current times stays to be true, there are advancements and developments that have now led to the innovation of a new type of marketing, known as Digital Age Marketing. Read More Essence of Digital Marketing by Zaynah Buhariwala How many of us bother to watch an entire advertisement between our much-loved YouTube content? The old paper board advertisements are now replaced with electric billboards, which change every 2 minutes. Insta ads and more, the future of marketing. Read More Indian Asset Management by Rishabh Keshiv Sehgal This report will cover various types of asset classes present in India, and deep dive into India's Asset Management industry with a comparison against global markets. Read More Money, Banking and Finance by Ananya Jain Money and banking are necessary components of every current economic system, since they facilitate production and consumption activities, as well as financial transactions inside and beyond national boundaries. Since the end of the fixed exchange rate system (1946–1973), financial market transactions have increased in volume and scale globally, while the frequency and ferocity of financial crises have increased considerably. Read More Navigating the New Marketing Frontier by Maya Dave The landscape of marketing and communication has evolved significantly in the digital age. In a world driven by technology and data, it is crucial to explore and evaluate these techniques to make informed decisions in marketing and communication strategies. Read More Technological Advancements in Solar Power Generation by Samyukhta Kannan Bell Laboratories created the first silicon solar cell in 1954. This breakthrough sparked a flurry of new discoveries in the field of solar energy. Solar energy is the radiant light and heat from the Sun that is captured and used in a variety of methods. The technological advancements since have shown the growing potential to use this as a reliable energy source. Read More Artificial Intelligence: Boon or Curse? by Prachi Saswade Artificial Intelligence is used in almost every sector in the world today, extensively in the business world. There are many discussions about the impact of AI, both positive and negative. Read More EduTech - The New Age Education by Anoushka Sen EduTech is a developing industry in education, that has been propelled by the COVID-19 pandemic. Learn about the key players, untapped areas, impact, and future prospects of the industry. Read More Finance, Banking and the Economy at large by Divyes Chakravarty Gain an understanding of how money, banking and the financial system intersect and work. The different concepts, principles and intricacies of money and more. Read More International Banking by Tarun Natarajan International banking is a complicated system that comprises of multiple structural subgroups, each of which performs a specific role. This study will be on the unique characteristics of international banks and the wide range of duties they perform. Read More NGOs in the Indian Landscape by Dodda Teja Adarsh India as a country: Our eyes reach the stars, our feet are going down quicksand. With a robust state network system and a far-reaching executive, India is still not even close to even achieving universal access to basic services. This glaring gap is taken care of by the intricate NGO sector. Read More Nuclear Power: Boon or Bane by Janki Padia Several academicians believe that a mixed assortment of alternative energies will be needed if we are to replace fossil fuels and 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels and to secure net-zero emissions by 2050. However, nuclear power is not an easy pill to swallow, not even in the progressive or climate circles. Read More The Relationship between Finance and Economies by Veer Sharma Studying the system interactions and linkages between banking, finance and governance. Read More Reach out with your Research Name Email Phone Upload Your Report (PDF) Upload supported file (Max 15MB) Submit Thanks for submitting!

< Back Navigating the New Marketing Frontier by Maya Dave The landscape of marketing and communication has evolved significantly in the digital age. In a world driven by technology and data, it is crucial to explore and evaluate these techniques to make informed decisions in marketing and communication strategies. Abstract The landscape of marketing and communication has evolved significantly in the digital age. This research paper delves into the realm of new marketing techniques, shedding light on their importance and impact on modern businesses. By exploring various facets of digital marketing, this study aims to provide valuable insights into the ever-changing marketing landscape. The key objective of this research is to gain a comprehensive understanding of the significance of digital age marketing techniques. In a world driven by technology and data, it is crucial to explore and evaluate these techniques to make informed decisions in marketing and communication strategies. This paper explores three core digital marketing techniques: Email Marketing, Social Media Marketing, and Webpage Advertisements. It discusses their key features, advantages, and disadvantages, emphasizing the importance of cost-effectiveness, reach, audience engagement, effectiveness metrics, and ease of deployment in choosing the right strategy. Furthermore, the role of AI and data analytics in modern marketing is examined. AI-driven personalization, automation, and data-driven decision-making are discussed, along with the ethical considerations surrounding these practices. The concept of big data and data mining is explored as a crucial aspect of understanding customer behavior and refining marketing strategies. Various tools and methods for data analytics are highlighted, with real-world examples showcasing their applications in marketing. The paper also delves into the metaverse as a promising frontier for marketing, offering immersive experiences and interactive opportunities. Other emerging concepts like voice search optimization, sustainability, neuromarketing, and blockchain in advertising are discussed, shedding light on their potential impact on the marketing landscape. In conclusion, the future of marketing is marked by dynamic shifts and emerging concepts. To thrive in this evolving landscape, businesses must embrace technology, prioritize ethical practices, adapt to emerging trends, explore the metaverse, and foster sustainability. By doing so, they can connect meaningfully with their audiences and shape a promising future of marketing in the digital age. I. Introduction The landscape of marketing and communication has evolved significantly in the digital age. This research paper delves into the realm of new marketing techniques, shedding light on their importance and impact on modern businesses. By exploring various facets of digital marketing, this study aims to provide valuable insights into the ever-changing marketing landscape. The key objective of this research is to gain a comprehensive understanding of the significance of digital age marketing techniques. In a world driven by technology and data, it is crucial to explore and evaluate these techniques to make informed decisions in marketing and communication strategies. II. New techniques A. Email Marketing Email marketing stands as a cornerstone of digital marketing strategies, renowned for its ability to foster direct and personalized communication with a target audience. The practice involves the strategic distribution of tailored emails to a pre-identified list of subscribers, serving various purposes such as disseminating newsletters, delivering promotional offers, providing product updates, and nurturing customer relationships. One of the key features of email marketing is the art of crafting compelling subject lines that capture recipients' interest. For instance, a subject line like "Exclusive 20% Off for Our VIP Subscribers" instantly communicates value, prompting recipients to open the email. Furthermore, personalization is a hallmark of effective email marketing. Addressing recipients by their first names adds a personalized touch, making the communication feel more intimate and relevant. Call-to-action buttons play a pivotal role in driving desired actions. A prominent "Shop Now" button, for example, directs readers to the latest collection, streamlining the path to purchase. Success in email marketing often hinges on segmentation, where recipients are categorized based on demographics, behaviors, and engagement history. This segmentation enables marketers to tailor content to different audience segments, optimizing engagement and conversion rates. A tangible illustration of email marketing's effectiveness can be seen in the practices of e-commerce giant Amazon. Amazon's email campaigns send personalized product recommendations based on users' browsing and purchase history, resulting in increased sales and customer loyalty. Similarly, Spotify employs email marketing by sending personalized playlists and music recommendations based on user listening habits, enhancing user engagement and retention. B. Social Media Marketing Social media marketing has redefined the way businesses connect with their audiences. It involves creating and sharing content across diverse social media platforms, such as Facebook, Twitter, Instagram, LinkedIn, and TikTok, to promote products, services, or brand awareness. Beyond brand promotion, it serves as a means to forge authentic connections, gauge audience sentiment, and gather valuable feedback. Different social media platforms offer unique features and cater to distinct demographics. For example, Facebook, with its vast user base, is suitable for a wide range of businesses. Coca-Cola adeptly uses Facebook for brand storytelling and interactive polls, fostering engagement and brand loyalty among its global audience. Instagram, on the other hand, leverages visual appeal to showcase products effectively. Nike, for instance, employs Instagram to display its latest sportswear collections through compelling imagery and stories. Such visual content resonates with users, encouraging them to explore further and make purchasing decisions. Real-world case studies underscore the potency of social media marketing. Oreo's "Dunk in the Dark" tweet during the 2013 Super Bowl blackout exemplifies the power of real-time marketing on social media. The tweet, featuring an image and the caption "You can still dunk in the dark," went viral and showcased how quick thinking and creativity on social media can yield remarkable results. Furthermore, Red Bull's live stream of Felix Baumgartner's record-breaking space jump generated widespread engagement, demonstrating how social media amplifies extraordinary events and fosters audience participation. C. Webpage Advertisements Webpage advertisements constitute a fundamental component of online advertising, encompassing an array of formats and strategies aimed at capturing users' attention while they browse websites. These formats include banner ads, pop-ups, interstitials, native ads, and more, each strategically positioned to generate brand awareness, prompt user engagement, and ultimately drive conversions. Banner ads, a common sight on news websites and online platforms, serve to promote products or services. For instance, you may encounter a "Samsung Galaxy S21" banner ad displayed at the top of a tech news site. These visually engaging ads entice users to click through to learn more or make a purchase. Interstitial ads, often seen between levels of mobile app games, offer an interactive and engaging experience. They encourage users to download a mobile app game or explore an advertiser's offering, capitalizing on a user's active engagement with the content. Effectiveness in digital advertising is multifaceted, involving metrics such as click-through rates, conversion rates, and user experience. Google Ads, a widely used advertising platform, allows advertisers to track these metrics for banner ads, providing insights into their effectiveness. However, the rise of ad-blocking, exemplified by browser extensions like AdBlock Plus, presents a challenge. This underscores the importance of creating non-intrusive, relevant ads that align with user preferences and the overall content ecosystem. In summary, these new marketing techniques represent the evolving landscape of marketing in the digital age. Email marketing leverages personalized communication, social media marketing fosters authentic connections, and webpage advertisements strategically engage users during their online journeys. Through real-world examples and insights into their key features, these techniques empower businesses to navigate the complexities of contemporary marketing and engage with audiences effectively. III. Advantages and Disadvantages of each This section critically assesses the advantages and disadvantages of the new marketing techniques discussed in the previous section, namely Email Marketing, Social Media Marketing, and Webpage Advertisements. Through an in-depth analysis, we will examine their cost-effectiveness, reach, audience engagement, effectiveness metrics, and ease of deployment. A. Cost Analysis Cost-effectiveness of Each Marketing Technique: Cost-effectiveness is a vital aspect of any marketing strategy. Email marketing is often considered cost-effective due to its low overhead. It primarily involves expenses related to email automation software, content creation, and list management. Social media marketing also offers cost advantages, as most social media platforms offer free account options, allowing businesses to build a presence without significant initial investment. Webpage advertisements can vary in cost, depending on factors such as ad placement, size, and duration. They offer flexibility in budget allocation, allowing businesses to tailor their spending to specific goals. Factors Influencing Costs (e.g., ad spend, design, management): The costs associated with these techniques can be influenced by various factors. For email marketing, factors such as the size of the email list, frequency of campaigns, and the use of premium email marketing tools can impact costs. Social media marketing costs can vary based on the platform chosen for advertising and the competitiveness of the industry. Webpage advertisements' costs depend on ad placement, design complexity, and whether they use pay-per-click or pay-per-impression models. B. Reach and Audience Engagement Examination of the Potential Reach of Each Technique: The potential reach of each technique varies. Email marketing has a relatively narrow reach limited to the subscribers on the email list. Social media marketing can have a broader reach, as it taps into the vast user bases of popular platforms. Webpage advertisements can reach a diverse audience, depending on the websites where they are displayed. The reach of each technique should align with the target audience's preferences and behavior. Evaluation of Audience Engagement Levels: Audience engagement is a key metric for success. Email marketing typically sees high engagement levels when messages are personalized and relevant. Social media marketing fosters engagement through likes, comments, shares, and direct interactions with the audience. Webpage advertisements aim for immediate engagement, such as clicks or conversions. Effective audience engagement contributes to brand loyalty and conversion rates, and measuring it is crucial to assess the impact of each technique. C. Effectiveness Metrics for Measuring the Effectiveness of Each Technique (e.g., click-through rate, conversion rate): Measuring effectiveness requires the use of specific metrics tailored to each technique. Email marketing's effectiveness can be gauged through metrics like open rates, click-through rates (CTR), and conversion rates. Social media marketing effectiveness relies on engagement metrics such as likes, shares, comments, and follower growth. Webpage advertisements' effectiveness can be tracked using CTR, conversion rates, and return on ad spend (ROAS). Comparative analysis of these metrics allows businesses to determine which technique delivers the best results. Comparative Analysis of Effectiveness: A comparative analysis is vital to understanding which technique performs best in specific contexts. Email marketing excels at driving conversions among engaged subscribers, but it may have limitations in terms of reach. Social media marketing is excellent for building brand awareness and engaging with a broad audience, but it may require continuous content creation. Webpage advertisements provide immediate visibility but may require substantial ad spend to maintain visibility in competitive markets. A comparative analysis helps businesses make data-driven decisions on where to allocate resources. D. Ease of Deployment Factors Affecting the Ease of Deploying Each Technique: The ease of deployment varies for each technique. Email marketing is relatively straightforward to set up, requiring email marketing software and a well-structured email list. Social media marketing demands content creation and platform-specific strategies. Webpage advertisements involve negotiation with website owners or ad networks, as well as the creation of ad creatives. Ease of deployment depends on available resources and expertise. Case Studies Highlighting Deployment Challenges and Successes: Real-world case studies offer insights into the deployment challenges and successes of each technique. For instance, a case study on email marketing may highlight challenges in list segmentation and successes in nurturing customer relationships. Social media marketing case studies might showcase challenges in handling negative comments and successes in viral campaigns. Webpage advertisements case studies can illustrate challenges in ad placement negotiation and successes in achieving high click-through rates. These case studies provide practical lessons for businesses considering these techniques. In conclusion, this section provides a comprehensive evaluation of the advantages and disadvantages of Email Marketing, Social Media Marketing, and Webpage Advertisements. It emphasizes the need for a nuanced approach, considering factors such as cost-effectiveness, reach, engagement, effectiveness metrics, and ease of deployment to make informed marketing decisions in the digital age. IV. Use of AI and Data Analytics A. Role of AI in New Age Marketing Application of AI in Marketing Campaigns: AI has revolutionized marketing campaigns by introducing automation, personalization, and predictive capabilities. For example, recommendation engines powered by AI algorithms, as employed by e-commerce giants like Amazon and Netflix, analyze user behavior to suggest products or content tailored to individual preferences. Chatbots, another AI application, facilitate real-time customer interactions, answering queries, and providing assistance. AI also plays a critical role in programmatic advertising. Automated bidding, ad placement, and targeting optimizations are made possible by AI algorithms. These algorithms analyze vast datasets in milliseconds to deliver ads to the most relevant audience segments at the optimal time, maximizing ad spend efficiency. Benefits and Limitations of AI Integration: The integration of AI in marketing offers numerous benefits, including enhanced customer experiences, increased efficiency, and data-driven decision-making. AI-driven analytics can uncover valuable insights from vast datasets, enabling marketers to refine their strategies continuously. However, AI integration also presents challenges. It requires substantial initial investment in technology and talent. Privacy concerns related to data collection and usage are heightened when AI is involved. Moreover, the "black-box" nature of AI algorithms can make it challenging to explain or interpret decision-making processes. B. Data Analytics in Marketing Importance of Data Analysis: Data analysis is the bedrock of effective modern marketing. It empowers businesses to gain actionable insights into consumer behavior, preferences, and market trends. Through data analysis, marketers can identify patterns, measure campaign performance, and make data-driven decisions that optimize their strategies. For instance, customer segmentation is a crucial data analysis technique that enables businesses to tailor marketing efforts to specific audience groups. By analyzing demographic, geographic, and behavioral data, marketers can create personalized campaigns that resonate with particular segments, thereby enhancing engagement and conversion rates. Tools and Methods for Data Analytics in Marketing: Data analytics in marketing relies on a myriad of tools and methods. Google Analytics is a widely used platform that provides in-depth insights into website traffic and user behavior. It tracks metrics like page views, bounce rates, and conversion rates, enabling marketers to optimize website content and design. Customer Relationship Management (CRM) systems, such as Salesforce and HubSpot, facilitate the collection and analysis of customer data, helping businesses manage relationships and tailor marketing efforts. Advanced data analytics techniques, including predictive modeling and machine learning, are also used to forecast future trends, optimize marketing spend, and identify opportunities for growth. These methods leverage historical data to make accurate predictions and automate decision-making processes. In conclusion, AI and data analytics have become indispensable components of New Age Marketing. AI enhances marketing campaigns through automation and personalization but comes with implementation challenges. Data analytics is vital for gaining insights and making data-driven decisions. By leveraging the right tools and methods, businesses can harness the power of data to drive their marketing strategies and achieve better outcomes in the digital age. V. Role of Big Data and Data Mining This section explores the critical role of big data and data mining in the context of modern marketing. It delves into the definition and significance of big data, highlighting how it impacts marketing strategies. Additionally, it explains data mining techniques and provides real-world examples of their applications in marketing. A. Big Data in Marketing Definition and Significance of Big Data: Big data refers to vast volumes of structured and unstructured data that inundate organizations daily. These datasets are too large and complex to be processed and analyzed using traditional data management tools. Big data holds immense significance in marketing due to its potential to uncover valuable insights that inform decision-making processes. In marketing, big data encompasses diverse data sources, including social media interactions, online behavior, purchase history, customer feedback, and more. The significance lies in its ability to provide a comprehensive view of customer behavior, preferences, and trends, enabling marketers to craft highly targeted campaigns and refine strategies continually. How Big Data Impacts Marketing Strategies: Big data fundamentally transforms marketing strategies in several ways. It enables marketers to move beyond demographic targeting and delve into behavioral targeting. By analyzing customer behavior, such as online browsing patterns and purchase history, marketers can tailor messages and offers to specific segments, increasing the likelihood of conversion. Moreover, big data facilitates predictive analytics, allowing businesses to forecast trends and anticipate customer needs. For example, Netflix uses big data to analyze viewer behavior and make content recommendations. In real-time, marketers can also adjust their campaigns based on data-driven insights, ensuring that messages remain relevant and timely. Additionally, big data aids in measuring marketing ROI more accurately. It allows businesses to track the customer journey across multiple touchpoints, attributing conversions to specific marketing channels and campaigns. This insight is invaluable for optimizing budget allocation and marketing spend. B. Data Mining Techniques Explanation of Data Mining in Marketing: Data mining is a process that involves discovering patterns, trends, and insights from large datasets. In marketing, data mining is applied to extract valuable knowledge from customer data. It involves various techniques such as clustering, classification, association rule mining, and predictive modeling. For instance, clustering can be used to segment customers based on shared characteristics, allowing marketers to tailor campaigns to specific groups. Classification can help identify potential high-value customers by analyzing past behaviors and demographics. Association rule mining can reveal hidden relationships between products, enabling businesses to create effective cross-selling strategies. Predictive modeling can forecast customer behavior, allowing for proactive marketing campaigns. Real-World Examples of Data Mining Applications: Data mining finds extensive application in marketing. Amazon, for instance, employs data mining to provide personalized product recommendations to its customers. By analyzing purchase history and browsing behavior, Amazon's recommendation engine suggests products that align with a customer's interests, increasing the likelihood of additional purchases. Retailers like Walmart use data mining to optimize inventory management. By analyzing sales data and seasonal trends, they can forecast demand accurately, ensuring that products are in stock when customers need them. This not only improves customer satisfaction but also reduces carrying costs. Data mining also plays a crucial role in fraud detection for credit card companies. By analyzing transaction patterns, data mining algorithms can detect unusual behavior that may indicate fraudulent activity, protecting both customers and the company from financial losses. In summary, big data and data mining are indispensable tools in modern marketing. Big data's significance lies in its ability to provide comprehensive insights into customer behavior, while data mining techniques unlock hidden patterns and trends that inform marketing strategies. The applications of these technologies span various industries and have a profound impact on how businesses connect with their audiences and drive success. VI. Targeted Approach This section delves into the concept of a targeted approach in modern marketing, focusing on the utilization of technology for audience targeting and the role of data tools and social engineering. It also addresses the ethical considerations associated with these practices. A. Utilizing Technology for Targeting Tools and Technologies for Audience Targeting: Audience targeting is a cornerstone of effective marketing campaigns. Various tools and technologies empower businesses to identify and reach their ideal customers. One such tool is Customer Relationship Management (CRM) software, which centralizes customer data and enables personalized messaging. Additionally, marketing automation platforms, like HubSpot and Marketo, automate the delivery of tailored content based on customer behavior. Social media advertising platforms, such as Facebook Ads and LinkedIn Ads, offer advanced targeting options, allowing marketers to select audiences based on demographics, interests, and behaviors. Moreover, data analytics tools, like Google Analytics and Adobe Analytics, provide insights into website visitors, helping businesses refine targeting strategies. Case Studies on Successful Targeted Campaigns: Successful targeted campaigns serve as practical examples of how technology can be harnessed for precision marketing. One notable case is Spotify's "Discover Weekly" playlist. Using machine learning algorithms, Spotify curates personalized playlists for individual users based on their listening history. This approach significantly enhances user engagement and retention, showcasing the power of AI-driven audience targeting. Another case is Airbnb's dynamic pricing strategy. By analyzing demand patterns, Airbnb adjusts prices in real-time to target specific customer segments and maximize revenue. This targeted pricing approach has proven highly effective in the competitive hospitality industry. B. Data Tools and Social Engineering Role of Data Tools in Audience Manipulation: Data tools play a pivotal role in shaping audience behavior and preferences. Recommendation engines, commonly used by platforms like Netflix and Amazon, leverage user data to suggest products or content, thereby influencing consumer choices. These engines employ collaborative filtering and content-based filtering techniques to create a personalized user experience. Additionally, A/B testing tools, like Optimizely and Google Optimize, allow businesses to experiment with different messaging and user experiences, optimizing conversions. By analyzing the results of these tests, marketers can fine-tune their strategies to better resonate with specific audience segments. Ethical Considerations in Social Engineering: Ethical concerns arise in the context of social engineering, which involves the manipulation of individuals to divulge confidential information or perform actions against their interests. In marketing, it's essential to maintain ethical boundaries when collecting and using customer data. Transparency is a key ethical principle. Businesses must be transparent about data collection practices, inform customers how their data will be used, and provide opt-out options. Moreover, respecting customer privacy rights and adhering to data protection regulations, such as GDPR and CCPA, is imperative. While personalization and targeted marketing are valuable, they should not cross into invasive or manipulative territory. Marketers should be cautious about using psychological triggers that exploit vulnerabilities or pressure tactics that coerce consumers into making decisions they may later regret. In conclusion, a targeted approach in marketing leverages technology, data tools, and social engineering to engage with audiences effectively. Tools and technologies enable precise audience targeting, while case studies showcase the success of such strategies. However, ethical considerations are paramount in data-driven marketing to ensure transparency, privacy, and responsible use of consumer data. VII. Future Trends and Emerging Concepts This section explores the dynamic landscape of future trends and emerging concepts in marketing. It delves into the concept of the metaverse and its potential marketing opportunities. Additionally, it explores various other emerging marketing concepts and their potential impact on the marketing landscape. A. The Metaverse and Marketing Introduction to the Metaverse: The metaverse is a concept that envisions a collective virtual shared space, merging physical and digital realities. It encompasses interconnected virtual worlds where individuals can interact, create, and engage with digital environments. Emerging technologies like virtual reality (VR) and augmented reality (AR) play a pivotal role in shaping the metaverse. As the metaverse evolves, it promises to offer immersive experiences, allowing users to socialize, work, shop, and play within expansive digital realms. This concept is driven by the idea of a persistent, interconnected, and user-driven virtual universe. Potential Marketing Opportunities within the Metaverse: The metaverse presents an exciting frontier for marketing. Businesses can establish virtual storefronts, enabling consumers to explore products in a highly immersive and interactive manner. Brands can host virtual events, conferences, and product launches, fostering a sense of community and engagement. Virtual reality advertising can become a powerful tool, allowing consumers to experience products and services in 3D environments. Additionally, data generated within the metaverse can offer valuable insights into user behavior, preferences, and interactions, facilitating highly targeted marketing campaigns. Social media integration within the metaverse can amplify brand visibility and engagement. Influencer marketing may take on new dimensions as influencers navigate virtual spaces and interact with their audiences in innovative ways. B. Other Emerging Concepts Exploration of Other Emerging Marketing Concepts: Beyond the metaverse, numerous other emerging marketing concepts are reshaping the industry. These include: Voice Search Optimization: With the rise of voice-activated devices like smart speakers and voice assistants, optimizing content for voice search is becoming crucial. Marketers need to adapt their SEO strategies to cater to voice queries. Sustainability and Green Marketing: Sustainability has become a central concern for consumers. Brands that emphasize environmental responsibility and sustainable practices are gaining traction. Green marketing strategies focus on promoting eco-friendly products and reducing environmental impact. Neuromarketing: Neuromarketing leverages insights from neuroscience to understand consumer behavior at a deeper level. By analyzing brain responses and emotional triggers, marketers can refine their messaging and product design to elicit favorable reactions. Blockchain in Advertising: Blockchain technology is being explored to enhance transparency and combat ad fraud in digital advertising. It enables verifiable, tamper-proof records of ad transactions and user data privacy. Their Potential Impact on the Marketing Landscape: These emerging concepts have the potential to reshape the marketing landscape significantly. As voice search gains prominence, SEO strategies will need to adapt to accommodate natural language queries. Sustainability and green marketing are likely to influence consumer choices, favoring brands that prioritize environmental responsibility. Neuromarketing insights can lead to more persuasive advertising campaigns that resonate with consumers on an emotional level. Blockchain's adoption can enhance trust and transparency in digital advertising, potentially reducing ad fraud and improving the effectiveness of ad spend. As marketing embraces these emerging concepts, businesses will need to stay agile and innovative to remain competitive and meet evolving consumer expectations. In summary, the future of marketing is marked by dynamic shifts and emerging concepts. The metaverse presents new immersive marketing opportunities, while other trends like voice search optimization, sustainability, neuromarketing, and blockchain are poised to impact how businesses connect with their audiences in the evolving digital landscape. Marketers who adapt to these changes will be well-positioned for success in the future. VIII. Conclusion In the ever-evolving landscape of modern marketing, our exploration has uncovered a myriad of insights and trends that are shaping the industry. This conclusion serves as a synthesis of our key findings, explores the implications of these findings for the future of marketing, and concludes with closing thoughts and recommendations. A. Summary of Key Findings Throughout this research paper, we have delved into various facets of New Age Marketing. We began by exploring new marketing techniques, including Email Marketing, Social Media Marketing, and Webpage Advertisements, and deciphered their intricacies and applications. Our examination of the advantages and disadvantages of these techniques shed light on their cost-effectiveness, reach, audience engagement, effectiveness metrics, and ease of deployment. We then ventured into the realm of AI and Data Analytics, discovering their transformative role in marketing campaigns and decision-making processes. Big Data and Data Mining emerged as pivotal tools for uncovering insights, understanding customer behavior, and refining marketing strategies. Additionally, our exploration of targeted approaches underscored the significance of technology and data tools in audience targeting while highlighting the ethical considerations inherent in social engineering. Finally, we peered into the future, where the concept of the metaverse promises revolutionary marketing opportunities. Beyond the metaverse, emerging concepts like voice search optimization, sustainability, neuromarketing, and blockchain are poised to reshape the marketing landscape. B. Implications for the Future of Marketing The implications drawn from our research are profound. The future of marketing is one where personalization and data-driven decision-making reign supreme. Businesses that harness the power of AI, big data, and data analytics will gain a competitive edge by delivering tailored experiences to their audiences. The metaverse represents an exciting frontier, offering immersive marketing opportunities that can foster engagement and community-building. As consumers increasingly seek authenticity and sustainability, brands that align with these values will thrive. Furthermore, the ethical considerations in marketing cannot be overstated. Businesses must prioritize transparency, data privacy, and responsible practices to maintain consumer trust in an era of increasing data scrutiny. C. Closing Thoughts and Recommendations In closing, it is evident that the landscape of marketing is in a constant state of flux. To navigate this dynamic terrain successfully, businesses should: Embrace Technology: Invest in AI, data analytics tools, and emerging technologies to stay competitive and deliver personalized experiences. Prioritize Data Ethics: Uphold ethical standards in data collection, usage, and advertising practices to build and maintain trust with consumers. Adapt to Emerging Trends: Stay agile and proactive in adopting emerging marketing concepts such as voice search optimization, sustainability, and blockchain to remain relevant in a changing market. Explore the Metaverse: Consider how virtual reality and the metaverse can be integrated into marketing strategies to create immersive and engaging brand experiences. Foster Sustainability: Embrace sustainability as a central value, aligning with consumers who increasingly seek eco-conscious brands. In the dynamic world of New Age Marketing, businesses that combine innovation, ethics, and adaptability will be best poised to thrive and connect meaningfully with their audiences, paving the way for a promising future of marketing. Previous Next

WorkEx Bootcamp Find your edge with our premier bootcamp The 2-month online programme integrates courses from Harvard Business School Online and Podar Enterprise, to train young professionals with the necessary interdisciplinary skills to face the challenges of the 21st Century. Apply now for the July/August/September Batch [BLOG] Negotiating across your career When you’re in college and just starting out on your career, questions of self-doubt can plague your mind. When you’re on the cusp of entering the real world, a key skill that not many discuss is the art of negotiation. Read more on EduSPACE: The Blog Podar Eduspace partners with National Skills Development Council Podar Eduspace has partnered with NSDC to bridge the gap between industry & colleges, and increase employment opportunities through their upskilling programs, the WorkEx Bootcamp Program and the 21st Century Digital Skills Bootcamp Programs. The students will have access to courses such as Business Analytics, Business Strategy and Data Science, Cryptocurrency, and Metaverse which are in collaboration with Harvard Business School Online as well as Podar Enterprises and will learn industry ready hard skills, soft skills, and digital skills. After a successful completion of Bootcamp, participants will receive 4 certificates, co-branded by NSDC and Podar Eduspace. Podar Eduspace launches skilling initiatives Through our skilling initiatives we aim to work with the Government of India and MNCs to provide skilling to urban and rural communities across India. Through this vision, we seek to work with Anandilal Podar Trust to contribute and give back to our nation. Our objective is to impact the lives of underprivileged youth by providing them skill, employment and livelihood. We have been implementing partners for large scale government projects including: PMKVY and RSLDC. We engage with corporate sector and PSU's as their preferred partner for implementing CSR Projects across pan-India. We work with marginalized youth, women, specially-abled, school & college drop-outs in both rural and urban India. Our industry-connected skilling model will create a visible impact on the lives of over a million uneducated & unemployed youth who enter the workforce each year. ​ We also aspire to give back to society and contribute to India in becoming the Skill Capital of the World. We are working with the Sector Skill Council for People with Disabilities in states like Maharashtra and Rajasthan to train disabled candidates (hearing, sight and locomotive disabilities) and are employing them in various sectors like logistics, telecommunication, etc. CEO presents at the International Education Expo 2022 Vedant Podar, CEO, Podar Eduspace, was invited to speak at the International Education Expo 2022, A MSME DFO Mumbai Initiate under Ministry of MSME, Government of India Official. He spoke about the challenges faced by students under traditional education process and the gap between their knowledge/skill set and industry requirements and the need of upskilling and staying abreast with latest technologies and trends. He shared Podar Eduspace's vision of spreading 21st century skills with India and empower the students with new age skills, technologies and outlook for successful career. EduREPORT: NGOs in the Indian Landscape India as a country: Our eyes reach the stars, our feet are going down quicksand. With a robust state network system and a far-reaching executive, India is still not even close to even achieving universal access to basic services. This glaring gap is taken care of by the intricate NGO sector. Podar Eduspace launches EduREPORTS A programme where we publish the research reports created by the graduating cohorts of the WorkEx Bootcamp and independent research submitted from our community on diverse topics such as technology, social welfare, and more. Submit your today! EduSPACE: The Blog – Design Think(ing) to Innovate Design Thinking is about taking a human-centred approach to innovation that draws from a designers toolkit to integrate the needs of the consumer. Simply put, it is about thinking about a business problem with sensitivity, and not basing the innovation process solely on numbers, adding a touch of human intuition. Podar Eduspace launches EduSPACE: The Blog Explore the knowledge ecosystem and learn more: featuring articles on technology, business and more. Highlights & Latest Developments In collaboration with: In collaboration with: Our Knowledge Ecosystem Our knowledge system WorkEx Bootcamp Co-designing experiential programmes to reduce unemployment and bridge the gap between traditional education and the real working world, in order to help you hone your skills and land your dream job. Learn More Programmes and Initiatives ​ Skill Development Collaborating with our sister organization, the Anandilal Podar Trust, to design programmes alongside the Government of India and MNCs to provide re-skilling and up-skilling services to urban and rural communities across India. Learn More Nandini Bansal, WorkEx Bootcamp Cohort 2 Member Master's at XXX University ​ More Initiatives Coming Soon! Podar Eduspace is currently working to develop numerous programmes and initiatives in the coming months, ranging from internship opportunities to boutique training courses. Stay In Touch Programmes & initiatives Testimonials Hear from our programme graduates on their experiences as part of the bootcamp Nandini Bansal, WorkEx Bootcamp Cohort 2 Member Master's at XXX University ​ Nandini Bansal, WorkEx Bootcamp September 2021 Batch, Fashion Institute Mumbai Testimonial Nischita Paderu, WorkEx Bootcamp September 2021 Batch, OP Jindal Global University "The student to faculty ratio was optimal, giving everyone in the cohort a perfect chance to participate in every session."

< Back The Relationship between Finance and Economies by Veer Sharma Studying the system interactions and linkages between banking, finance and governance. Macroeconomics Macroeconomics is a branch of economics that focuses on the study of the economy as a whole, rather than on individual markets or specific economic agents. It deals with the behavior, performance, structure, and decision-making of an entire economy, encompassing factors such as aggregate output, employment, inflation, economic growth, and the interactions between different sectors. Key areas of focus in macroeconomics include: A) Gross Domestic Product (GDP): Macroeconomists analyze the total value of goods and services produced within a country over a specific period. GDP is a fundamental measure of economic activity and is used to gauge the overall health and size of an economy. B) Unemployment: Macroeconomics examines the level of unemployment in an economy and seeks to understand its causes and consequences. It addresses questions about how changes in economic conditions impact the job market and labor force participation. C) Inflation: Macroeconomists study changes in the general price level of goods and services, known as inflation. They explore its causes, effects, and potential policy measures to control inflation and ensure price stability. D) Economic Growth: Understanding the factors that contribute to sustained economic growth is a central concern in macroeconomics. This involves analyzing productivity, technological advancements, investment, and other factors that influence an economy's capacity to expand over time. E) Fiscal and Monetary Policy: Macroeconomists assess the impact of government policies on the economy, such as fiscal policies (government spending and taxation) and monetary policies (central bank actions like interest rate adjustments and money supply management). They study how these policies can be used to influence economic performance and stability. F) International Trade and Finance: Macroeconomics also explores the interactions between economies on a global scale. It delves into topics like exchange rates, trade imbalances, and the impact of international economic events on a country's domestic economy. G) Business Cycles: Macroeconomists analyze the cyclical fluctuations in economic activity known as business cycles. These cycles consist of periods of economic expansion (boom) and contraction (recession), and understanding their causes and dynamics is a key focus of macroeconomic research. In essence, macroeconomics provides insights into how economic systems function as a whole, how they respond to external shocks and policy changes, and how government actions can impact overall economic well-being. It helps policymakers, economists, and businesses make informed decisions to manage and improve economic conditions at the national and international levels. Microeconomics Microeconomics is a branch of economics that focuses on the study of individual economic units and their behavior within markets. It examines the interactions between households, firms, consumers, and producers at a smaller, more localized level, as opposed to the broader perspective of macroeconomics, which looks at the economy as a whole. Key areas of focus in microeconomics include: A) Supply and Demand: Microeconomics analyzes how individual buyers and sellers interact in various markets. The concept of supply and demand is central to this analysis, as it explains how prices are determined based on the interaction between consumer demand and producer supply. B) Consumer Behavior: Microeconomists study how consumers make choices about purchasing goods and services. They examine factors such as individual preferences, utility, and budget constraints to understand how consumers maximize their satisfaction (utility) given their limited resources. C) Producer Behavior: Microeconomics also looks at how firms make decisions about production and pricing. It explores concepts like production costs, profit maximization, and market structure (e.g., perfect competition, monopoly, oligopoly) to understand how firms operate in different competitive environments. D) Market Structures: Microeconomics categorizes markets based on the number of sellers and buyers, their influence over price, and the nature of the goods being traded. Different market structures have distinct implications for pricing, competition, and efficiency. E) Resource Allocation: Microeconomics examines how scarce resources are allocated among competing uses. It delves into topics like opportunity cost, production efficiency, and factors of production (land, labor, capital, entrepreneurship) to understand how resources are utilized to produce goods and services. F) Welfare Economics: Microeconomists assess the overall welfare or well-being of society by analyzing the efficiency and equity implications of market outcomes. Concepts like consumer surplus, producer surplus, and market equilibrium are used to evaluate the desirability of various economic situations. G) Externalities and Market Failures: Microeconomics addresses situations where markets do not achieve efficient outcomes due to factors like external costs or benefits (externalities), public goods, and imperfect information. It explores how government intervention or policy measures might be necessary to address these market failures. In summary, microeconomics provides insights into the behavior of individual economic agents and their interactions within markets. It helps to understand how prices are determined, how consumers and producers make choices, and how resources are allocated in various economic settings. Microeconomic analysis is essential for making informed decisions about resource allocation, market regulation, and understanding the intricacies of specific economic activities. Financial Systems A financial system is a set of institutions, such as banks, insurance companies, and stock exchanges, that permit the exchange of funds. Financial systems exist on firm, regional, and global levels. Borrowers, lenders, and investors exchange current funds to finance projects, either for consumption or productive investments, and to pursue a return on their financial assets. The financial system also includes sets of rules and practices that borrowers and lenders use to decide which projects get financed, who finances projects, and terms of financial deals. There are four components of Financial Systems – A) Financial institutions - Financial institutions play a significant role in bringing together lenders and borrowers. This is done by using various financial instruments and services, all of which contribute to an efficient financial system. The financial institution is one of the main components which ensure liquidity in the financial system through the development of credit and other liquid assets. B) Financial services - Financial services include credit rating agencies, mutual funds, pension funds, venture capital, and other institutions that are part of the financial system. Financial services are an important component of the financial system due to their specific tasks. C) Financial markets - A financial market is where both the creation of new financial assets and the trading of existing ones occur. Financial markets move funds from savers to borrowers much more efficiently and ensure that there is always liquidity. D) Financial instruments - Financial instruments are another main component of the financial system. Financial instruments are papers that entitle the buyer to future income from the seller. That's because there are different needs between investors and those looking for credit. Risk Management What is Risk Management? Risk management involves identifying, analyzing, and accepting or mitigating uncertainty in investment decisions. Put simply, it is the process of monitoring and dealing with the financial risks associated with investing. Risk management essentially occurs when an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment, such as a moral hazard, and then takes the appropriate action (or inaction) to meet their objectives and risk tolerance. Importance of Risk Management? If an unforeseen event catches your organization unaware, the impact could be minor, such as a small impact on your overhead costs. In a worst-case scenario, though, it could be catastrophic and have serious ramifications, such as a significant financial burden or even the closure of your business. To reduce risk, an organization needs to apply resources to minimize, monitor and control the impact of negative events while maximizing positive events. A consistent, systemic and integrated approach to risk management can help determine how best to identify, manage and mitigate significant risks. Process of Risk Management: A) Identifying risks - Risk identification is the process of identifying and assessing threats to an organization, its operations and its workforce. For example, risk identification may include assessing IT security threats such as malware and ransomware, accidents, natural disasters and other potentially harmful events that could disrupt business operations. B) Risk analysis and assessment - Risk analysis involves establishing the probability that a risk event might occur and the potential outcome of each event. Risk evaluation compares the magnitude of each risk and ranks them according to prominence and consequence. C) Risk mitigation and monitoring - Risk mitigation refers to the process of planning and developing methods and options to reduce threats to project objectives. A project team might implement risk mitigation strategies to identify, monitor and evaluate risks and consequences inherent to completing a specific project, such as new product creation. Risk mitigation also includes the actions put into place to deal with issues and effects of those issues regarding a project. International Banking International banking refers to the financial services and activities that involve transactions and operations across national borders. It involves the movement of funds, assets, and capital between individuals, businesses, and institutions in different countries. International banking plays a crucial role in facilitating global trade, investment, and economic activities. Features of International Banking – A) Flexibility: This banking facility provides flexibility to multinational companies to deal in multiple currencies. The major currencies that multinational companies or individuals can deal with include the euro, dollar, pounds, sterling, and rupee. The companies with headquarters in other countries can manage their bank accounts and avail of financial services in other countries through this banking without any hassle. B) Accessibility: International banking provides accessibility and ease of doing business to companies from different countries. An individual or MNC can use their money anywhere around the world. This gives them the freedom to transact and use their money to meet any funds requirement in any part of the world. C) International Bank Transfers/Transaction: International banking allows the business to make international bill payments. The currency conversion facility allows the companies to pay and receive money easily. Also, benefits like overdraft facilities, loans, deposits, etc., are available every time for overseas transactions. Correspondent banking is very useful in such transactions. D) Accounts Maintenance: A multinational company can maintain the records of global accounts in a fair manner with the help of international banking. All the company’s transactions are recorded in the books of banks across the globe. By compiling the data and figures, the company’s accounts can be maintained. Investment Finance Investment finance refers to the allocation of funds or capital with the goal of generating returns or profits over a certain period of time. It involves the strategic deployment of financial resources into various assets, such as stocks, bonds, real estate, mutual funds, and other financial instruments, with the expectation of earning income or achieving capital appreciation. Objectives of Investment Finance – A) Wealth Accumulation: Individuals, businesses, and institutions invest their funds to grow their wealth over time. This can be achieved through capital gains (increase in the value of the invested assets) and/or income generated from dividends, interest, or rental payments. B) Capital Preservation: Some investments focus on preserving the initial capital while generating modest returns. These are often considered lower-risk investments, such as government bonds or certain types of savings accounts. C) Risk and Return Trade-Off: Investment finance involves assessing and managing the trade-off between risk and potential return. Generally, investments with higher potential returns are associated with higher levels of risk. D) Diversification: A key principle of investment finance is diversifying the investment portfolio across different asset classes and geographic regions to reduce risk. Diversification helps mitigate the impact of poor performance in any one investment. Corporate Finance Corporate finance refers to the financial activities and decisions made by corporations or businesses to manage their financial resources, optimize their capital structure, and make strategic financial decisions that maximize shareholder value. It involves a wide range of activities that revolve around obtaining and using funds effectively to achieve the company's goals and objectives. Objectives of Corporate Finance – A) Maximizing Shareholder Value: One of the primary objectives of corporate finance is to enhance the wealth of the company's shareholders. This involves making financial decisions that result in increasing the stock price, dividends, and overall returns for shareholders. B) Profitability: Corporate finance aims to generate sustainable profits by effectively managing the company's investments, operations, and expenses. Profitability ensures the company's ability to cover costs, fund growth, and provide returns to shareholders. C) Long-Term Growth: Companies strive for continuous growth and expansion to increase their market share, revenue, and profits. Corporate finance supports this objective by allocating resources to strategic investments and projects that contribute to the company's long-term success. D) Efficient Allocation of Resources: Effective corporate finance involves allocating financial resources, such as capital and investments, to projects and initiatives that offer the highest potential return. This ensures that resources are used efficiently and generate maximum value. Difference Between Investment and Corporate Finance – History of Money What is Money? Money doesn't always have value whether it's represented by a seashell, a metal coin, a piece of paper, or a string of code mined electronically by a computer. Money allows people to trade goods and services indirectly. It helps communicate the price of goods and provides individuals with a way to store their wealth. It is valuable as a unit of account—a socially accepted standard by which things are priced and with which payment is accepted. Throughout history, the concept of money has evolved from barter systems to complex financial instruments. Early societies traded goods directly, but as trade expanded, various commodities, such as shells, grain, and metals, were used as mediums of exchange. Metal objects eventually emerged as standardized forms of money, with ancient civilizations like the Greeks and Romans using coins. As economies grew, paper money emerged, initially representing promises to redeem precious metals. In the modern era, governments and central banks took control of money issuance. The gold standard linked currency values to a specific amount of gold, fostering global trade. The 20th century saw the transition to fiat money, backed by governments' legal tender and trust. The rise of electronic banking led to digital money, revolutionizing transactions. Today, cryptocurrencies, like Bitcoin, introduce decentralized and digital forms of money, challenging traditional financial systems. The history of money reflects humanity's quest for efficient and trusted mediums of exchange to facilitate trade and economic progress. Corporate Governance Corporate governance is the system of rules, practices, and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company's many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community. Since corporate governance provides the framework for attaining a company's objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure. Benefits of Corporate Governance – A) Good corporate governance creates transparent rules and controls, provides guidance to leadership, and aligns the interests of shareholders, directors, management, and employees. B) It helps build trust with investors, the community, and public officials. C) Corporate governance can provide investors and stakeholders with a clear idea of a company's direction and business integrity. D) It promotes long-term financial viability, opportunity, and returns. Principles of Corporate Governance – Fairness: The board of directors must treat shareholders, employees, vendors, and communities fairly and with equal consideration. Transparency: The board should provide timely, accurate, and clear information about such things as financial performance, conflicts of interest, and risks to shareholders and other stakeholders. Responsibility: The board is responsible for the oversight of corporate matters and management activities. It must be aware of and support the successful, ongoing performance of the company. Part of its responsibility is to recruit and hire a CEO. It must act in the best interests of a company and its investors. Accountability : The board must explain the purpose of a company's activities and the results of its conduct. It and company leadership are accountable for the assessment of a company's capacity, potential, and performance. It must communicate issues of importance to shareholders. Entrepreneurial Finance Entrepreneurial finance refers to the specific area of finance that deals with the financial decisions, strategies, and challenges faced by entrepreneurs, startups, and small business owners. It focuses on the unique financial needs and opportunities that arise when individuals or groups launch new ventures or seek to grow and scale their businesses. The key aspects of Entrepreneurial Finance are – A) Startup Funding: Entrepreneurs often need capital to turn their innovative ideas into viable businesses. Entrepreneurial finance involves identifying and securing funding from various sources, including personal savings, family and friends, angel investors, venture capital, and crowdfunding. B) Business Valuation: Determining the value of a startup or small business is crucial for attracting investors, negotiating equity stakes, and making informed financial decisions. Valuation methods specific to startups and early-stage companies are used. C) Capital Structure: Deciding on the mix of equity and debt financing is important for entrepreneurs. Balancing financial risk and ownership control is a key consideration in determining the optimal capital structure. D) Bootstrapping: Many startups begin with limited resources and use creative strategies to operate and grow without external funding. Entrepreneurial finance includes effective bootstrapping techniques to stretch resources and minimize cash burn. E) Risk Management: Entrepreneurs face various financial risks, including market risks, technological risks, and regulatory risks. Managing and mitigating these risks is an integral part of entrepreneurial finance. F) Financial Planning: Developing a comprehensive financial plan that outlines revenue projections, expenses, and growth strategies is essential for startup success. Entrepreneurs use financial planning to guide their operations and secure funding. BIBLIOGRAPHY 1. Investopedia.com 2. Ibm.com 3. Studysmarter.co.uk 4. Efinancemanagement.com 5. Wikipedia.org 6. Frank ISC Economics standard 12 Previous Next

< Back Money, Banking and Finance by Ananya Jain Money and banking are necessary components of every current economic system, since they facilitate production and consumption activities, as well as financial transactions inside and beyond national boundaries. Since the end of the fixed exchange rate system (1946–1973), financial market transactions have increased in volume and scale globally, while the frequency and ferocity of financial crises have increased considerably. Money and banking are necessary components of every current economic system, since they facilitate production and consumption activities, as well as financial transactions inside and beyond national boundaries. Since the end of the fixed exchange rate system (1946–1973), financial market transactions have increased in volume and scale globally, while the frequency and ferocity of financial crises have increased considerably. The nature and function of money and banking in developed countries will be discussed. We will study the role of bank loans to production and consumption activities, using a global macroeconomic perspective on the inflation phenomena. This will emphasise the fact that banks are the source of financial crises, and that the regulations proposed or implemented at the time of writing should be extended by a monetary-structural reform of banks' bookkeeping in order to eliminate systemic risks and thus reduce the financial fragility. Money and banking are necessary components of all economic systems. Without money, products and services would be without a price, since there would be no objective means of determining their worth. Indeed, utility is a subjective, unquantifiable characteristic of every item. Its evaluation is contingent upon a variety of time-dependent individual preferences, rendering it hard to establish a socially objective measure of worth on the basis of continually changing subjective preferences over time and place. Money is a non-commodity, or the social form of value, in that it quantifies quantitatively in economic terms any generated products and services without being a measurable thing. Banks are consequently important since they provide the numerical methods of payment that are used to determine the worth of any goods transferred in the market. They so serve as monetary mediators, carrying out non-bank agents' payment orders until the latter are able to satisfy their financial commitments. Bank credit is inextricably tied to bank money creation: it enables borrowers of any bank to engage into a payment even if they lack revenue (either generated or borrowed from other non-bank actors). Thus, the credit lines that a bank extends to its customers enable them to pay in advance of receiving an income. This is a critical element of monetary production economies, since enterprises must receive credit from banks in order to cover their production expenses before they can sell their output and remit to the banks the "final financing" gained on the market for created products and services. Banks' financial intermediation is significantly facilitated by their ability to function as monetary intermediary in each payment they make on behalf of agents: only banks may create a credit line without having the required amount in the form of pre-existing deposits with them. Bank loans produce deposits, but non-bank financial organisations cannot make a loan without first liquidating pre-existing deposits. When bank credit generates new deposits across the banking system, the money-to-output relationship remains unchanged if and only if the increase in bank deposits is accompanied by newly created output. If bank deposits exceed the volume of production available for sale on the product market, this has a negative effect on the buying power of each money unit, putting upward pressure on the price level when agents dispose of their deposits on the market for created goods and services. However, this inflationary pressure may go unreported when monetary authorities analyse it using consumer price indices, while agents spend their extra bank deposits on a real or financial market whose values are not included in these indices. The financial crisis that erupted in 2007–8 was precipitated by this phenomenon: over the preceding decade, an increasing amount of credit granted by banks in developed economies was used to purchase real or financial assets, creating a spiralling dynamic that monetary authorities were powerless to contain, as they manipulated their policy rates of interest solely on the basis of consumer prices (rather than also asset prices) in an attempt to maintain stability. Encyclopedia of Life Sustaining Technologies (EOLSS) Financial market laws in place or being explored at the time of writing to avert another global crisis address a variety of issues arising from various sorts of conduct (such as greed and predatory lending) observed in the run-up to the 2007–8 financial crisis. However, the structural-systemic causes of this crisis cannot be resolved with a series of behavior-modifying regulations: a structural overhaul of banking is necessary. Given the fundamental contrast between money and credit, this article argues that the accounting structure of banks' balance sheets should permit the separation of payments for income-generating expenditures from payments for income-transferring activities. As the 1844 reform of the Bank of England imposed the separation of the latter into two distinct departments through which money emissions and financial intermediation were booked separately, there is a structural need to impose this accounting distinction on all banks – in order to avoid the emission of money in a credit operation that increases the amount of bank deposits available for purely financial market transactions. The next section discusses the fundamental characteristics of money and credit, which are both products of banking. The third part illustrates how money and production are integrated when enterprises pay their production expenses with a bank advance, resulting in a freshly created net income for the whole economy. The fourth part defines inflation macroeconomically, as the process through which money is created. The fifth portion examines the monetary-structural causes of financial crises, while the sixth section discusses the various financial rules that exist or are being proposed at the time of writing. The seventh part makes the case for banking structural and monetary change in order to avert future systemic crises. The concluding section summarises the important points made throughout this work. Credit and money In economic analysis, money and credit are often confounded. This is especially true in reality, since the operation of local and cross-border payment and settlement systems blurs this difference. Nonetheless, in principle and practise, money and credit should be kept distinct. As we will see later, this difference is crucial and sufficient for understanding what banks may and should do, as well as for designing proper laws to prevent money and banking causing inflationary imbalances that might result in financial crises. Since money was originally reified into certain precious metals (see, for example, Goodhart 2005), economists and a diverse range of scholars in other social sciences have been perplexed by the nature of money. Money is seen by economists via two lenses: metallism and chartalism. Money, according to the former, is a commodity that has often been represented by a precious metal such as gold or silver. By contrast, chartalism regards money as a social relationship that exists independently of any tangible manifestations: "Money is a 'claim' or 'credit' formed by social ties that exist apart from production and trade." VALUE OF MONEY: MEANING, HISTORY AND THEORIES OF VALUE OF MONEY Money's value is defined as its purchasing power or purchasing capacity. It refers to the number of products and services that a unit of money may purchase. Money's worth is inextricably linked to the pricing of products and services. Money is used to quantify the worth of other items. The worth of money may be determined by examining the prices of other items. Money's worth is determined by the pricing of the things and services it may be used to buy. According to the quantity theory of money, the amount of money is the primary predictor of its value or price level. According to this hypothesis, when the amount of money varies, the value of money changes as well. Irving Fisher pioneered the quantity theory of money's transactions method. According to Fisher, as the amount of money in circulation grows, the price level increases proportionately and the value of money drops, and vice versa. Fisher demonstrated his quantity theory of money via the use of his famous exchange equation: Other things being equal, i.e., if V and T stay constant, there exists a direct and proportionate relationship between the amount of money and the price level. Fisher justified his transactions approach to the quantity theory of money by making several assumptions, including the following: the velocity of money in circulation remains constant, the total volume of trade remains constant, the price level is a passive factor, and money is a medium of exchange. The theory has been criticised on several grounds, including that variables are not independent, that it is a simple truism, that it makes unrealistic assumptions about long periods of time, that it makes unrealistic assumptions about full employment, that it is a static theory that is technically incoherent, that it fails to explain trade cycles, and that it ignores money's store of value function. Marshall, Pigou, Robertson, and Keynes, among others, developed the Cambridge cash-balance technique at Cambridge University. According to this view, the value of money is determined by the demand for and supply of money. The cash-balance technique takes into account the demand for and availability of money at any given point in time. The strategy takes into account the desire for 49 money as a store of value rather than a means of exchange. According to the cash-balance concept, the value of money is defined by the demand for cash-balance at a specific moment in time. Marshall's original equation is as follows: M = KPY. The value of money (1/p) may be determined using this equation by dividing the entire quantity of products desired by the populace out of total income (KY) by the total supply of money (M). Thus, similar to Fisher's transactions approach, the cash-balance approach has been criticised on a number of grounds, including that it is a simple truism, that it ignores the speculative motivation for holding money, that it ignores investment goods, that it ignores the role of interest rates, that it ignores the influence of real factors, that it ignores the real-balance effect, and that it provides no explanation for trade cycles. Metallism and Chartism are not mutually exclusive Both metallism and chartalism have analytical flaws (see Rossi 2007: Chapter 1). For example, under the earlier theory, the difficulty persists (and is logically insoluble) because the commodities utilised as "money" have intrinsic worth, which should be quantified by another kind of commodity-money to prevent circular reasoning. As Ricardo's (1951: 43) life-long quest for a "invariable standard measure of value, which should be immune to the fluctuations to which other commodities are subjected" demonstrates, there is no such thing as an invariable physical thing: no commodity can have an invariable value because commodities must be produced, which occurs at variable costs due to a variety of factors, including w If money is really the standard of worth, it is not a commodity, since it would have to be assessed against another standard of value, which would be logically impossible without reference to a physical standard of value. The fact that no national accountant would ever include money in the basket of manufactured products and services used to calculate a country's gross domestic product (and thus global total output) empirically confirms the non-commodity status of money. Chartalism, on the other hand, has its own issues, such as the claim that the state may create debt (that is, fiat money) with inherent settlement authority. "This implies that the [US] government may acquire anything for dollars simply by creating dollars" (Wray 1998: ix). Indeed, each acquisition of commodities, services, or assets entails a final payment at some point in the future. Finality of payment entails, among other things, that "a vendor” The purchaser of an item, service, or other asset gets something of equivalent value from the seller, leaving the seller with no future claim on the buyer" (Goodhart 1989: 26). This, however, is problematic in the approach advocated by chartalists, because they believe the state obtains goods and services, including labour services and real/financial assets, as a counterpart to nominal tokens (that is, bank notes or coins) that the state "fabricates" at a low cost – just as metallists argue in support of the seigniorage view. This essentially means that if the state pays its purchases on any marketplaces by the issuance of a promise of payment, all agents selling goods to the state retain a claim on them. As Graziani (2003: 60) puts out, "[i]f a single promise of payment could serve as final payment, purchasers would be gifted with a seigniorage privilege, namely the power to remove goods from the market without making a payment." Thankfully, this is not the case in reality. Modern money is neither a commodity (as metallists assert) nor an acknowledgment of debt with inherent settlement power (as chartalists argue): it is merely a double-entry (hence numerical) device that banks provide to quantify the debt–credit relationship between the payer and the payee in economic terms. As example, a bank creates money whenever it executes a payment order for a particular client (another bank, a non-bank financial institution, a non-financial enterprise, the government, or a household). To be certain, every bank (central or commercial) issues money when it completes a transaction. It does this by acting as a monetary mediator between the payer and payee, crediting and debiting each of them with the amount of money units necessary to fulfil the appropriate financial obligation between them As see, the bank that executes the payment order issues a number of (x) money units (m.u.) both positively and negatively, crediting and debiting both the payer and payee in an instantaneous circular flow between the two banks. As such, money is neither a net asset nor a net liability: it is both an asset and a concurrent obligation, i.e., an asset-liability (Schmitt 1975: 13), whose purpose is to numerically indicate the subject of the relevant payment (see Cencini 1995). If this is the case, one must differentiate between money and bank deposits: the former is the method of payment used to credit a deposit to a payee's bank account; the latter is the method of payment used to debit a deposit from a payee's bank account. Encyclopedia of Life Sustaining Technologies (EOLSS) Indeed, deposits with banks provide their holders with a positive buying power, which derives from the payment that money makes to these agents in order for them to get paid for any given commodity they sold to another agency. To summarise, money performs transactions, but bank deposits fund them. Banks, on the other hand, produce only the "form" of the payment; the "content" must be given by the economy, despite the fact that a bank is capable of opening a credit line to any of its clients in order for the latter to pay on time. Allow us to do a more thorough investigation into this matter. Despite the theoretical and practical misunderstanding, the supply of money and credit are (must be maintained) different. "The supply of credit is the provision of a positive quantity of revenue and necessitates the presence of a bank deposit (a stock), while the supply of money refers to banks' ability to transport payments (flows) on behalf of their customers" (Cencini 2001: 7). According to proponents of the idea of money emissions (for a review, see Rossi 2006), "money is a flow whose immediate circulation is directed toward a stock of income (or capital)." Banks generate the flow but not the object, which is inextricably linked to manufacturing. That is, money and credit are not synonymous" (Cencini 2001: 3). Bank Assets Liabilities Loan to customer I +x million U.S. dollars Client II's deposit +x million yen When a bank's customer (I) takes a loan from the latter, the former is debited for the amount of the credit that this agent uses to pay another agent, who acquires the property right on a matching bank deposit. (Assume that there is just one bank in order to simplify the discussion without sacrificing analytical significance for the particular situation in issue.) As shown, the bank possesses a claim against client I that is offset by an analogous claim held by client II against the bank, which acts as a simple intermediary between payer and payee: the former's (client I's) position in this bank's accounts offsets the latter's (client II's) position. Client II's claim against the bank, in the form of a bank deposit, establishes this client's creditworthiness. This does not indicate, however, that the bank loans the quantity of (x) money units used in the payment. Indeed, the lending operation involves the two agents engaged in that payment: the payee (client II) extends credit to the payer (client I) through the bank, or the banking system, which acts as an intermediary, even if both non-bank actors are unaware of this financial intermediation (see Gnos 1998). When a bank issues money, it is neither a net creditor nor a net debtor of the economy, since it gets debited and credited with the quantity of (x) money units issued by the Encyclopedia of Life Support Systems (EOLSS) in a certain payment. Money and credit would not exist if the economic system was incapable of producing goods and services. Money and credit are certainly used to finance the creation, circulation, and final consumption of output. Therefore, in the next part, we will examine how output is created as a consequence of manufacturing and banking activity. Money Demand Interest Rates Money Supply When the central bank seeks to contain inflation by limiting the economy's money supply, it raises interest rates, resulting in decreased demand for money. However, this component results in poor investment, which results in job losses and a decline in national production. On the other hand, when the central bank wishes to stimulate economic and business activity in the nation, it allows commercial banks to make loans at low interest rates, increasing the economy's money supply. At this level, individuals have access to a greater variety of investment choices but have no or little savings. With lowering interest rates and increased money supply, customers rush to spend their money on various items and services, resulting in a rise in the overall price level; hence, inflation grows as interest rates fall. BANKING SYSTEMS Banks are often incorporated and, like any other business, must maintain a specific level of capital (money or other assets). Banking rules require banks to maintain a minimum capital ratio of 121. Banks get funds via the sale of capital stock to shareholders. The capital stock paid by shareholders becomes the bank's operating capital. To safeguard the bank's depositors, the operating capital is placed in a trust fund. In exchange, stockholders get certificates attesting to their ownership of bank stock. A bank's operating capital cannot be depleted. Dividends to shareholders must be paid only from the bank's earnings or excess. Shareholders' legal connection with a bank is determined by the provisions of the capital stock purchase contract. Certain rights accompany an investment in a bank, including the ability to see the bank's books and records and the right to vote at shareholder meetings. Shareholders may not sue a bank directly, but they may launch a stockholder's derivative litigation on behalf of the bank in certain circumstances (sue a third party for harm caused to the bank when the bank is unable to litigate on its own). Additionally, shareholders are often not personally accountable for a bank's debts and actions, since the corporate structure restricts their culpability. However, shareholders are not immune from responsibility if they agreed to or accepted the advantages of prohibited banking activities or criminal conduct by the board of directors. Money has a key position in our culture. Money is defined as a unit of exchange that is widely accepted as a medium of exchange. Money has a variety of tasks; it serves as a medium of trade, a unit of account, a standard for delayed payments, and a store of value. Initially, when society was basic, commerce was straightforward. It was a barter system in which products were exchanged for goods. For example, trading of rice for shoe by two persons. Barter was the term used to describe this exchange of commodities for goods. Numerous obstacles and inconveniences existed in this system of trading. It necessitated a double concurrence of desires. Money developed throughout time and took on numerous forms, beginning with animal money and ending with electronic money today; the various stages of money evolution are as follows: animal money, commodity money, metallic money, paper money, super money, and electronic money. Money has a variety of functions: it serves as a medium of exchange, a unit of account, a standard of delayed payment, and a store of value. Money is utilised to trade goods and services because it is widely accepted as a payment method. All commodities and services have a monetary value. Additionally, it functions as a store of value. Money, income, and wealth are distinct concepts that are not synonymous. In contrast to income, which is a flow variable, money is a stock variable that can be measured at any moment in time. Money is one component of wealth. Wealth is a larger term that encompasses both physical and financial possessions. Money has a dynamic effect on an economy, either boosting or impeding economic growth. It has a significant impact on the community's productivity, revenue, employment, consumption, and economic wellbeing. Economic planning, which is a necessary component, is feasible at both the micro and macro levels with the assistance of prudent financial planning.This is made feasible by financial resources. Money serves as the pivot for economic activity such as production, consumption, trade and commerce, and government functions. Money has restrictions, for example, it cannot be used as a store of value during periods of hyperinflation. It is to blame for social disparities and corruption. The credit card notion is also eroding its significance as a money concept. MONEY MARKETS Financial markets are classified into two types: money markets and capital markets. The money market is the segment of the financial market that deals in borrowing and lending short-term loans, often for less than or equal to 365 days. The money market deals with short-term funds up to one year and financial assets that are near replacements for money. The money market enables producers and consumers of short-term funds to meet their separate investment and borrowing needs at an efficient market clearing price. Apart from serving as the government's banker, the central bank (RBI) also controls the money market and publishes rules governing its activities. Apart from that, a money market is a system in which banks and financial organisations engage in short-term monetary operations such as money demand and supply. There are two types of money markets: organised and unstructured. Additionally, the unorganised money market is referred to as an unlawful money market. The Organised Money Market is not a unified market; rather, it is a collection of marketplaces. The call money market is a leading indication of the money market's liquidity status. The RBI intervenes in the call money market because it is inextricably linked to other parts of the money market. The DFHI trades Treasury bills, commercial bills, certificates of deposit, certificates of participation, short term deposits, call money market, and government securities.While it is not an established money market, it is the largest among developing nations. It has both a regulated and an unstructured money market concurrently. The structured bill market is uncommon in the Indian money market. Although the RBI attempted to establish the Bill Market Scheme in 1952 and then the New Bill Market Scheme in 1970, India continues to lack a properly organised bill market. The call money market is a marketplace for very short-term debt. While the Indian money market is regarded to be the most sophisticated among developing nations, it nevertheless has a number of flaws, or 141 faults. Numerous financial products such as Treasury Bills, Commercial Bills, Certificates of Deposit, and Commercial Papers are available in the Indian money market. The Stock Exchange: The stock market is a marketplace for the trading of stocks (common stock, a portion of a corporation's earnings and assets used as collateral for money contributed by individual investors to the firm) of various companies. Prices are determined by the market demand and supply of a company's shares. Increased share price implies that the corporation is operating in compliance with the rules, regulations, and commitments made by the directors to each individual shareholder. Market for Foreign Exchange: FEM is the market place where currencies are transacted from one nation (say, PKR) to another (say, US$). Foreign exchange has a significant influence on a country's economic standing. When 1 US dollar equals 52 Pakistani rupees, Pakistan sells less to other nations because Pakistani items are more costly for overseas purchasers than when 1 US dollar equals 86 Pakistani rupees, as they get less Pakistani rupees for one US dollar. On the other hand, when 1 US dollar equals 52 PKR, Pakistan imports more from foreign nations because Pakistani importers must pay less Pak rupees to get dollars than when 1 US dollar equals 86 PKR. What Is the Point of Studying Banking and Financial Institutions? Financial System Structure: Finance is a term that refers to the management of money and finances. Businesses need such capital for long-term investments and day-to-day operations. Individual families save and lend their money to such firms indirectly. Banks, insurance companies, mutual funds, investment banks, savings banks, and financing banks are all types of financial intermediaries that accept household deposits and lend them to businesses and consumers. In exchange for families' savings, it pays reduced interest to households but charges high interest to businesses or consumers for loans. The spread between these two rates represents financial intermediaries' profit. Financial Institutions such as banks and other financial institutions: Banks are depository entities that provide loans and take deposits. Banks include central banks, commercial banks, investment banks, finance banks, savings banks, lending associations, credit associations, mutual funds, pension funds, and insurance companies, as well as other similar entities that function as brokers between lenders and borrowers. Banks collect collateral and complete additional legal paperwork as an assurance that they will get their money back. Banks often give consumer loans alongside industrial loans, however consumer loans have a higher interest rate than industrial loans due to their non-productive character. Innovation in Financial Services: Innovation entails the enhancement of existing systems or processes. Banks are innovating nowadays with a variety of financial tools and alternatives, ranging from information technology to e-finance. People used to withdraw money by writing a check, but now they use ATMs. Account balances may be seen on a personal computer. Consumer finance, which includes automobiles, housing, marriage, and other services, is a component of this invention. Foreign commerce through L/C or TT, as well as domestic trade via DD and TCs, are also novel concepts. Banks now provide insurance, operating financing, partnership, educational loans, and locker facilities as a means of attracting consumers and increasing their revenues. What is the purpose of studying Money and Monetary Policy? Money is defined as anything that is widely recognised as payment for goods or services or as a means of debt repayment. Economic variables vary as a consequence of changes in the money supply in the economy, and so monetary policy is critical to the economy. Money and Economic Cycles: The business cycle is the constant shift in the firm's position from boom to bust to depression to recovery and then back to boom. During a boom, the economy has a substantially larger money supply, increased production, and aggregate output. The labour force is employed, and the unemployment rate is lower. With a greater rate of interest, money supply shrinks, and national output and production decrease, resulting in a higher rate of unemployment during a time of economic decline. When an economy is in a depression, unemployment is very high and interest rates are extremely high, resulting in a small money supply and a low level of national productivity. Finally, when the economy recovers, money supply grows in lockstep with increased production and output, resulting in a low unemployment rate. This cycle is repeated indefinitely. Inflation and Money Inflation is the rate at which the prices of goods and services in the economy continue to increase. The aggregate price level or price level refers to the average price of products and services in an economy. Individuals, corporations, and the government all bear the brunt of such price increases. The most likely reason of this inflation is a rise in the economy's money supply, which raises people's purchasing power and consumption trends. When a large number of individuals rush to purchase a certain item or service, the price of that item or service increases, resulting in an increase in inflation throughout the economy. In general, the price level and money supply move in lockstep. The inflation formula is the rate of change in the price level compared to a base years ETMs price, which is what we investigate while creating index numbers. Countries with a greater inflation rate need a larger money supply, and vice versa. â€Inflation is always and everywhere a monetary phenomenon, ( Milton Friedman asserts). Money and Rates of Interest: Interest rates on bonds and bank loans vary in response to changes in the economy's money supply. With a greater money supply in the economy, interest rates will be lower; with a smaller money supply, interest rates will be higher. Thus, interest rates and money supply are two critical components of every economy's monetary policy. Monetary Policy Conduct: The central bank of an economy, such as the SBP, manages the money supply and interest rate in order to develop a prudent and growth-oriented monetary policy that ensures that all economic variables move in the direction of the economy's growth and prosperity. Fiscal Policy and Monetary Policy are inextricably linked. Monetary policy is the process of controlling the quantity of money in the economy in order to maintain a desired level of inflation, national production, and other economic variables, while fiscal policy is the government's choice about its income (taxes) and expenditures (development expenditures). The budget deficit is the difference between the government's spending and receipts. The budget surplus is the difference between the government's income and expenditures. During times of fiscal deficit, the government borrows developmental loans from the central bank, financial intermediaries, the IMF, the World Bank, the Asian Development Bank, and other financial organisations to satisfy its financial obligations. Additionally, a budget deficit leads in a rise in the money supply, which results in an increase in interest rates. Normally, surpluses and deficits are expressed as a percentage of GDP, or the economy's aggregate production. MONEY'S SIGNIFICANCE IN A CAPITALIST ECONOMY Money has a significant impact on the economy of any nation by boosting or even destroying it, stifling economic development regardless of the economy's nature. Nevertheless, in a capitalist society economy, in which resource allocation, output, and distribution of national dividends are all integrated the market mechanism, i.e. the forces of demand and supply, determines this. Money is a critical part of this system. It has a considerable impact on production, income, employment, and "consumption and consumption." Economic well-being of the society at large; economic planning as a necessary component is feasible at both the local and macro levels with the aid of prudent financial planning enabled by the following equation. Money Consumption Economic Development Money is a medium of exchange that facilitates investment, employment, and economic progress. Money boosts consumption via its buying power and as a store of value. economic development via investment, employment, and economic development. Consider the following ideas, which emphasise the dynamic nature of money: Various people specialise in different things in a monetary system. Results in the identification of two critical features, namely occupational specialisation and division. This resulted in the globalisation of the market with a organised framework. Households and businesses have an effect on two critical economic concepts, namely savings and savings and investing are mutually exclusive. leads to an equilibrium state of income, production, and employment. Savings are better mobilised when they are transformed into investments with the assistance of financial institutions. The modern monetary system enables the government to invest in social infrastructure. It also aids in the redistribution of income and wealth via economic and political measures via taxes and spending. In comparison to other types of investments, such as savings accounts, bonds, government securities, and treasury bills, In comparison to common stock, inventory, and real estate, money is the most liquid asset, since it contains two characteristics - fundamental determinants such as capital certainty and shift ability. That it may be readily transformed to another kind of asset without sacrificing value. A property of an asset guarantees that the commodity is easily exchangeable. Unlike other financial assets, money is completely liquid.time deposits and savings deposits with commercial banks and other financial institutions are referred to as near-money. banks, postal savings deposits, unit trusts, bills of exchange, and treasury bills are all examples of financial institutions. government securities, savings bonds and certificates of deposit, and life insurance plans Transferable credit instruments, investment trust shares, joint stock company shares, and transferable credit instruments These types of financial assets are also extremely liquid and may be simply exchanged, converted to money without incurring considerable loss by selling and depreciating them. INTERNATIONAL BANKING Since the 1980s (see Gilroya and Lukas, 2005; Neto, Brandao, and Cerqueira, 2008), when the banking sector's second merger and acquisition wave crested, cross-border mergers and acquisitions1 have been the primary form of banks' foreign direct investments. We conclude that various empirical specifications are used to examine the relevance of various firm-specific informational and performance factors, banking sector-specific regulatory and structural factors, and financial and legal institutional factors to the financing status of small and medium-sized enterprises in transition economies. The findings provide substantial evidence in favour of the information-based theory. To begin, all of the elements that led to more transparent enterprises are significant and favourably associated with the financial situation of SMEs. In comparison to the accounting methods of businesses, company performance is relatively insignificant. International Accounting Standards-compliant businesses have an easier time obtaining lower-cost borrowing. This indicates these enterprises' competitive edge when it comes to obtaining international bank loans. Similarly, organisations with external auditors have less funding barriers. Additionally, big enterprises and firms with a greater proportion of foreign ownership gain from informational advantages and easier financing in comparison to smaller firms and organisations with a lower proportion of foreign ownership. Second, things that assist mitigate the negative effect of information asymmetries all contribute to the improvement of SMEs' financial condition. Rather than that, issues that increase worries about information asymmetries enhance SMEs' funding difficulties. The study discovers that a more concentrated banking industry results in fewer funding barriers for SMEs. Small businesses operating in highly concentrated marketplaces have more access to both long and short term bank loans and pay cheaper interest rates. The findings are explained by the fact that creditors with higher market power are more forthcoming and have a larger motivation to spend in getting information about private firms. SMEs situated in nations with a larger concentration of foreign bank ownership face greater access barriers and higher borrowing costs. These are also a consequence of international banks' difficulties when it comes to relationship lending to opaque small enterprises based on soft data. It is shown that SMEs face bigger funding difficulties in nations with more market potential. One reason might be that bigger markets are more appealing to foreign investment. According to the above arguments, foreign investment does not always result in increased credit. If these foreign investments are funded domestically, the result may be a natural crowding out of domestic investments, particularly in transition countries with more severe information asymmetries and heavily foreign-owned banking sectors. As confirmation, the data indicate that enterprises with a higher proportion of foreign ownership had an easier time obtaining finance. Additionally, in nations with a higher proportion of foreign bank ownership, SMEs face greater lending limits. Additionally, an inverse relationship between institutional development and market potential is seen. The findings indicate that only by enhancing a country's institutional development to a certain extent can the negative effect of market potentials be countered. That is, only when institutional development is sufficient to compensate for information asymmetries, such that the informational advantages of foreign-owned enterprises or large, transparent firms can be neutralised, can larger market potentials, which in this study equates to increased foreign entry, benefit SMEs equally. At the present stage of transition markets, a bank-based financial system is shown to outperform a market-based financial system. Banking sectors that are more established lead to increased access to credit and lower financing costs. Small businesses in highly established banking sectors get a greater proportion of their loans from formal sources. Indeed, a greater stock market capitalisation ratio does not improve a firm's access to or cost of funding, but rather lessens its reliance on formal sources of financing. The findings indicate that bank regulatory policies have a considerable influence on SMEs' 95 access to both short- and long-term bank loans, as well as on loan arrangements, and consequently on enterprises' financing status and patterns. More precisely, it is shown that broad regulatory constraints on banks and the emergence of financial conglomerates encourage enterprises to circumvent banks and seek money directly from stock markets. Increased constraints on bank operations and ownership of non-financial enterprises encourage banks to take risks by lowering lending criteria and compensating with greater interest charges. Restricting non-financial enterprises from holding banks exacerbates SMEs' troubles obtaining long-term loans from banks and increases interest rates and collateral requirements. Multiple bank regulators encourage cautious lending by banks and help some SMEs by lowering financing costs. Multiple bank regulators, on the other hand, hurt other SMEs by worsening their difficulties obtaining bank loans. Bank regulatory procedures that impose stricter limits on how much information banks must disclose to the public contribute to SMEs' ease of access to more structured loans, which is consistent with the private interest position. Additionally, it is shown that more independent bank regulatory agencies result in both increased barriers to accessing bank loans and increased costs of getting bank loans for SMEs. Additionally, it is discovered that legislative constraints on minimum capital ratios may encourage banks to engage in riskier activity while facilitating enterprises' access to credit at a greater cost. Regulators' constraints on capital composition, on the other hand, may drive conservative conduct on the part of banks, even if they worsen enterprises' troubles obtaining loans. MONETARY STANDARDS AND PRESENT CURRENCY SYSTEM OF INDIA A monetary standard is a collection of monetary arrangements and organisations that manage the money supply. There have been two distinct sorts of monetary standards/regimes throughout history: those based on the convertibility of all forms of money into currency, most often specie, and those based on fiat. According to game theory, an international monetary system that is successful both between and within nations requires a time-consistent credible commitment mechanism. The Characteristics of a Sound Monetary Standard: 1. Simpleness 2. Economical elasticity 3. Convertibility, Legality, and Automatic Operation: 4. Economic Growth: Additional Characteristics: 1. Numerous varieties of monetary standards 2. Standard of Commodity or Metallic Standard 3. Inconvertible 'managed' paper standard, sometimes referred to as a Non-Commodity Standard or Fiat Standard. CORPORATE GOVERNANCE Corporate Governance (CG) is the set of rules, procedures, and controls that govern a firm. The conflict of interests between ownership and management is addressed by CG standards. Based on the separation of ownership and management in corporations, agency theory asserts that management's interests do not necessarily correspond with those of shareholders. Management, as the agent of the shareholders (the principle), may not always act in the best interests of the principal, as noted by Fama and Jensen (1998). Agency expenses arise from aligning management and shareholder objectives. Globalisation, financial fraud, and corporate indifference to causes other than profit have all influenced corporate governance standards. The global financial crisis (2007) was the latest in a long sequence of events that shifted the stakeholder battle lines. This article examines corporate governance and its impact on MNC operations. Though agency theory is essential to CG discussions, legislation and implementation have been tailored to many criteria. Now we'll look at how the CG notion has evolved and how it relates to the business structure. Corporate Governance and Institutional Investors: While shareholders have a voice in the activities of a firm, they may opt to vote with their feet by selling their stock position and driving down market value. In the 1980s, shareholder activism arose in the United States. Because of their huge stakes (60 percent of total equity investment in OECD nations in 2000), seats on boards, and access to strategic choices, institutional investors are seen to have a moral obligation to demand good governance. In contrast to geographically scattered, uneducated, and sometimes indifferent individual investors, institutional investors have the ability to take an active interest in CG due to their fiduciary capacity and experience in investment decision-making. 'Involved' institutional investors, such as CALPERS and Norway's pension fund, apply market discipline and help to maintain deep capital markets. Even in the West, institutional investors do not always take on the responsibility of enhancing corporate governance. In the 1990s, US pension funds backed shareholder recommendations from religious groups; hedge funds, on the other hand, tend to interfere and effect management changes to safeguard their interests, which may or may not have governance ramifications. Institutional activism is often conducted "behind closed doors," and its corporate governance-enhancing motivations and outcomes are difficult, if not impossible, to determine. Corporate Governance and Capital Markets: There is convincing evidence that good governance makes excellent economic sense, with firms with better CG having superior triple bottom lines and being rewarded by the market with greater values. Capital flows towards nations where CG standards are believed to be greater (and enforced). Not by chance, such nations tend to have robust capital markets. CG may be evaluated on two levels: i. Whether a country's law safeguards components of stakeholder rights, such as creditor, investor, and environmental protection. ii. Whether companies in the nation are forced to comply with capital market authorities and accounting organisations in terms of increased openness and disclosure. Capital market growth and CG advancements are inextricably linked. In a nation with a shallow, weak, and undeveloped capital market, there is minimal relationship between business performance and market value on one side, and corporate governance on the other. As a result, there is no motivation for firms to pay greater attention to, adopt, and engage in CG-enhancing behaviour, and for countries to pass corporate governance-enhancing legislation. As a result, there is a higher onus on rules to implement CG efforts at the company level. As capital markets improve, share prices increasingly reflect the performance-enhancing advantages of effective governance. CG transitions from a regulatory imposition to a voluntary involvement. At the national level, this results in lower capital costs, a larger ratio of stock market capitalization to GDP, higher business values, and a lower risk of financial crises. CG is about more than simply openness, disclosure, accountability, and ethical business practises. It also has an impact on the bottom line. According to the Kumar Mangalam Birla Committee (2000), there is a correlation between CG levels and corporate success, with well-managed businesses with high CG having higher values. Since the Cadbury Committee Report was published in 1992, the OECD has issued various non-binding guidelines on CG and corporate social responsibility, as well as the UN's Global Compact (1999) and binding CG rules on corporate governance stipulated by stock exchanges. Several major financial services firms pledged to follow the Equator Principles, while others reaffirmed their support for the Millennium Development Goals. INVESTMENT BANKING, ENTREPRENURIAL & CORPORATE FINANCE An investment bank is not a traditional bank. It does not provide savings or recurring bank accounts, nor does it give loans. In plain words, it is a bank that assists enterprises, governments, and other nonprofit organisations in obtaining finance from investors. Regular banks do the same thing by lending Accountholders' money. In other words, investment banks function as a financial mediator between enterprises and other major organisations, bridging the gap between the demand for and supply of capital. Indeed, the phrase "investment bank" is rather misleading. Often, assisting businesses in raising finance is simply one component of a much larger process. The primary premise around which an investment bank is built is to bridge the gap between a client's demand for cash and the availability of capital, as well as to bridge the gap between advise seekers (clients) and advice providers (the bank). By and large, investment banks in India are institutions that earn money via the capital market, venture capital, or private equity. Entrepreneurial finance encompasses a wide range of capital sources, and the majority of academic work in this topic is clearly divided by capital source (Cosh et al., 2009). Accordingly, entrepreneurial finance encompasses a wide range of subtopics, including financial contracts, financial gaps, capital availability, public policy, and international disparities resulting from differences in institutions and cultures (Cumming, 2012). Because these subjects are broad and complicated, most research on entrepreneurial finance often concentrate on just one of them at a time (Cumming, 2012). Corporate finance is a subset of finance that focuses on the financial choices made by businesses and the tools and analysis used to make these decisions. Corporate finance's fundamental objective is to increase a company's value without incurring undue financial risks. The major role of a corporation's management is to maximise shareholder wealth, which translates into stock price maximisation. ECONOMIC FLUCTUATIONS AND THEIR IMPACT ON ECONOMIC GROWTH STRUCTURE Inflation is a sustained increase in the overall level of goods and services prices in an economy. Inflation occurs when the costs of gasoline, diesel, and vital commodities such as rice, wheat, and cooking gas increase and consumers must pay more for the same products and services. It is a condition in which there is a plenty of money but a scarcity of products and services. Consumer Price Index, Producer Price Index, Wholesale Price Index, and GDP deflator are all examples of inflation measures. Keynes defined inflation as an increase in the price level that occurs after the stage of full employment. He differentiated between two sorts of price increases: those that accompany an increase in production and those that occur without a concurrent increase in output. Deflation is defined as a condition in which the prices of essential services and products fall over time. Inflation is the polar opposite of this. Deflation happens when the supply of products exceeds the supply of money, which fits these four characteristics.  Deflation is caused by four fundamental factors: growth deflation, cash-building deflation, bank credit deflation, and confiscatory deflation. When aggregate demand exceeds aggregate supply, an inflationary gap is created. It refers to a scenario in which demand exceeds available supply at current pricing. Deflationary gap is the inverse of inflationary gap, which occurs when aggregate supply exceeds aggregate demand. The report concludes to portray an independent yet interconnected relation between the industries of money, banking and finance after looking at the general, economic and fundamental regulations and workings of the same. Bibliography - Yves Balasko, Katherine Shell (1981). II: The case of pure trading with money under the overlapping-generations model. 24, 112-142 in Journal of Economic Theory. [This article argues that the government provides paper claims that agents utilise as a store of value and a means of repaying debt commitments.] - Pfaff Pfaff (2001). Monetary Policy: Objectives, Institutions, Strategies, and Instruments. Oxford: Oxford University Press. [This book presents an in-depth examination and explanation of monetary policy, with a particular emphasis on the US Federal Reserve System and the European Central Bank.] - Bosse B (2001). Banking and finance are circuit theories. Banking and Finance Journal, 25, 857-890. [This article discusses the integrated roles of banking and finance inside any producing economy's monetary cycle.] - Xavier Bradley (2001). The Bank Act of 1844 provided an early example of banking departmentalisation. Laboratory of Monetary Economics Working Papers 5, Centre for Banking Studies and Research [This article reconsiders the Bank of England's division into two departments in light of money's endogeneity and argues for a commercial bank-level division along similar lines.] - M. Brunnermeier, A. Crockett, C. Goodhart, A. D. Persaud, et al (2009). Financial regulation's underlying concepts. The Geneva Economic Reports 11 [The contributions to this study expand on the macroeconomics of financial regulation in order to address a number of issues that were exposed starkly during the global financial crisis of 2007–8.] Money, Income, and Time: A Quantum-Theoretic Approach. Cencini, A. 1988. The London and New York offices of Pinter Publishers. [This book provides a novel perspective on the nature of money by demonstrating the logical and empirical inadequacies of classic monetary analyses using a quantum-theoretical method.] - A. Cencini, National and International Monetary Theory, 1995. London & New York: Routledge. [This book examines the functioning of domestic and international payment systems macroeconomically, using the theory of money emissions.] - A. Cencini (2001), A New Approach to Monetary Macroeconomics. London & New York: Routledge. [This book proposes a novel approach to monetary economics, based on the accounting character of money, in order to better understand the reasons that contribute to monetary disorders and to provide new cures to prevent them.] - Mr. R.W. Clower (1967). A re-examination of monetary theory's microfoundations. Western Economic Journal, Volume 6, Number 1, pp. 1–8. [This article defines a monetary economy as one in which one or more commodities may be exchanged directly for another, giving the intellectual groundwork for explaining the presence of a "cash-in-advance" restriction.] - Encyclopedia of Life Sustaining Technologies (EOLSS) (1911/1931). Fisher, I. Money's Purchasing Power: Its Determination and Relationship to Credit, Interest, and Financial Crises New York, Macmillan. [This book discusses the buying power of money in relation to the overall price level and extends this concept to the study of historical changes in that purchasing power.] - Theodore Friedman (1974). A theoretical framework for monetary analysis, pages. 1–62 in Milton Friedman's Monetary Framework: A Debate With His Critics. University of Chicago Press, R.J. Gordon (Ed. ), Chicago. [Milton Friedman presents his version of the quantity theory of money in this contribution, integrating Fisher's difference between real and nominal rates of interest with Keynes' observation that market rates of interest are determined by speculators.] - C. GNOS (1998). Income and output are Keynesian identities, in Historical Perspectives on Macroeconomics: Sixty Years After the General Theory, pp. 40–48. Fontaine, Philippe, and Jolink, Alexandra (Eds). London & New York: Routledge. [This work demonstrates how Keynes's concept of effective demand is related to an income distribution theory in which profits are a redistributed part of factor income earned by companies through their mark-up over factor cost.] - C. A. E. Goodhart (1989). Uncertainty, Money, and Information London and Basingstoke: Macmillan, 2nd edition v. (first published 1975). [This textbook discusses the microeconomics of money and banking and discusses a variety of monetary policy concerns, including the transmission mechanisms of a central bank's action.] - C. A. E. Goodhart (2005). What is money's fundamental nature? 817-825 in The Cambridge Journal of Economics. [This article is a review of Geoffrey Ingham's The Nature of Money, and it argues in favour of the chartalist argument that fiat money originated with the state's authority to collect taxes.] A. Graziani Graziani Graziani Graziani (2003). The Monetary Theory of Production is a theory of production that is monetary in nature. Cambridge, England: Cambridge University Press. [This book is a rebuttal to standard monetary economics, stating that the functioning of any money-using economic system can be described simply in terms of the credit circuit that banks give in order to carry out production.] - Thirty-Nine Group (2009). Financial Reform: Establishing a Foundation for Financial Stability The Washington Group of Thirty (DC). [This paper focuses on ways to reform the global financial system in order to improve its capacity to maintain a fair level of stability. It contributes to the debate among policymakers and the international financial community about a range of pertinent issues, including redefining the scope and boundaries of prudential regulation, its organisational structures, including the role of central banks, and the need for increased international coordination in these policy-relevant fields.] Critical Essays in Monetary Theory, J.R. Hicks, 1967. Oxford: Oxford Clarendon Press. [This collection of articles casts a critical eye on monetary theory, critiquing more mainstream monetary ideas.] - The Nature of Money, G. Ingham, 2004. Cambridge: Polity Press [This book argues that money is not a neutral veil, as orthodox economics maintains, but rather a social relationship that exists irrespective of the creation and exchange of things.] - A.M. Innes (1913). How do you define currency? 377-408 in Banking Law Journal, May. [The author claims in this article that money is based on double-entry accounting, rejecting the metallist conception of money as a physical medium of trade.] - Fonds monétaire international (1998). Prospects for the World Economy Washington, D.C. : International Monetary Fund (DC). [This study presents a typology of financial crises, identifying currency, banking, foreign debt, and balance-of-payments problems.] - Fund monetari international (2009). The Financial Crisis's Lessons for Future Financial Institutions and Market Regulation, as well as for Liquidity Management Washington, D.C. : International Monetary Fund (DC). [This article draws many lessons from the 2007–8 financial crisis for financial sector regulation and oversight, as well as central bank liquidity management.] W. S. Jevons (1875). Money and Exchange Mechanisms. London, Appleton: [The author claims in this book that money is a market creature, arising from a search process conducted by market players seeking to eliminate the double-coincidence-of-wants limitation that significantly impacts and restricts barter transactions.] - Encyclopedia of Life Sustaining Technologies (EOLSS) (1930-1971) J.M. Keynes Money: A Treatise (Vol. I The Pure Theory of Money). London: Macmillan John Maynard Keynes's Collected Writings, Vol. V The Pure Theory of Money: A Treatise on Money. London and Basingstoke: Macmillan [In this fundamental work, the author defines money as an admission of debt and identifies many forms and ideas of money.] - A. P. Lerner (1947). Money is a state-created commodity. 37, no. 312-317, American Economic Review. [The author argues in this article that the validity of money is contingent upon the state's willingness to accept it as payment for taxes and other financial obligations owed to the state by the populace.] - Mr. B.T. McCallum (2004). In economies with little or no money, monetary policy is difficult to implement. 9, pp. 81–92, Pacific Economic Review. [The author argues in this article that although money will not evaporate in the future, the amount of central bank money may continue to fall, which will not imperil monetary authorities' control over overnight interest rates.] - Knapp Menger (1892). Concerning money's origins. The Economic Journal, vol. 2, pp. 239–255. [This article discusses that money is created via trade, as agents seek the most convenient and widely accepted medium of exchange on the market.] - Fuselage Panzera (2011). Price stability and financial imbalances: revisiting the macroeconomic framework in the aftermath of the financial crisis of 2007–2008. Fribourg-based university. Mimeo. [This article calls for a rethinking of the macroeconomic stability paradigm. Macroprudential measures and a countercyclical tax on private debt may be effective tools for restraining excessive credit growth and smoothing asset price swings.] - S. Rossi, F. Panzera (2011). Risks and solutions associated with "too-large-to-fail" financial institutions. International Journal of Trade and Global Markets, Vol. 4, No. 3, pp. 311-327. [This paper proposes a structural reform of banks' accounting with the goal of perfecting it in order to achieve the competitive advantage that comes with a more robust financial sector.] - R. D. Ricardo (1951). Political Economy and Taxation: Fundamental Principles Cambridge, England: Cambridge University Press (first published 1817). [This landmark work establishes the concepts of "political economy," or macroeconomic analysis in current parlance, in contrast to so-called "economics," which departs from microeconomics and views macroeconomic magnitudes and phenomena as the product of aggregate forms of behaviour.] - L. -P. Rochon, S. Rossi (2010). Economic and financial crisis of 2007–2009: a monetary circuits-based analysis European Journal of Economic and Social Systems, Vol. 23, No. 7, pp. 7–23. [This introduction to a series of articles included in this special issue shows that the economic and financial crisis of 2007–9 was caused by systemic occurrences and failures.] A New Macroeconomic Analysis of Money and Inflation Cheltenham and Northampton are both home to Edward Elgar. [This book critiques standard inflation studies, stating that the widely held view of money and output as two distinct and independent things cannot account for either the buying power of money or its fluctuation over time.] The theory of money emissions, pp. 121–138 in A Handbook of Alternative Monetary Economics. - Edward Elgar: Cheltenham and Northampton, P. Arestis and M. Sawyer (Eds.). [This article surveys the theory of money emissions and examines domestic and international monetary problems through the lens of this theory.] Theorizing and Applying Money and Payments London & New York: Routledge. [This book discusses the characteristics and functions of money and banking in local and international payment systems.] - Theodore Schmitt (1975). A unifying theory of currency, both domestic and foreign. Albeuve - Castella [This book proposes a reform of the international monetary system by providing a new theoretical explanation for the nature of national currencies and expanding on it.] - B. Schmitt, 1984, Inflation, deflation, and capital deformities. Paris and Albeuve: Economica and Castella [This is a foundational study in the branch of macroeconomics known as quantum macroeconomics. It develops a synthesis of classical, neoclassical, and Keynesian perspectives on money, income, and capital, explaining production and capital accumulation within this new theoretical framework.] - Encyclopedia of Life Sustaining Technologies (EOLSS) Mseccareccia Seccareccia Seccareccia Seccareccia Seccare (2011). Financialization and commercial banking change in Canada. Post-Keynesian Economics Journal. Forthcoming. [In this paper, the author explains how, as a result of financialization, the role of commercial banks has shifted away from the critical relationship between banks and non-financial firms and toward a complex series of unstable relationships between banks and non-bank financial institutions.] - Nicolai Wallace (1980). The model of fiat money with overlapping generations, in Models of Monetary Economies, pp. 49–82. Federal Reserve Bank of Minneapolis, Minneapolis: J.H. Kareken and N. Wallace (Eds.). [The author argues in this contribution that fiat money is a pointless invention within a fixed time frame, since there would be no desire for money. As a result, the author proposes an overlapping-generations model to account for the real-world presence of a money demand.] - L.R.Wray (1998). The Key to Full Employment and Price Stability is to Understand Modern Money. Cheltenham and Northampton are both home to Edward Elgar. [The author argues in this book that full employment and price stability are not mutually exclusive policy objectives since both may be achieved via a policy mix that incorporates functional finance and the endogeneity of bank money.] Previous Next

< Back Digital Communications by Yash Vadhar The marketing aspect of a business that exits in order to address people’s needs and wants by promoting certain products or even a business for that matter. Whilst all that even in current times stays to be true, there are advancements and developments that have now led to the innovation of a new type of marketing, known as Digital Age Marketing. Introduction The marketing aspect of a business that exits in order to address people’s needs and wants by promoting certain products or even a business for that matter. This is vital in a business as it is what brings them the customers that would be willing to buy their goods/buy their services. The business focuses on marketing based on the 7P’s of Marketing that the follow and believe in, which are: Product, Place, Price, Promotion, People, Process, and Physical evidence. Whilst all that even in current times stays to be true, there are advancements and developments that have now led to the innovation of a new type of marketing, known as Digital age marketing, it refers to marketing, although via the medium of internet-connected/ modern devices; such as Email marketing, social media marketing, Webpage advertising. Analysis and Discussion This new age marketing making use of technology and digital platforms allows the business to reach a wider audience and acts as an advantage for them, as it would mean more potential future customers and consumers. Some of the examples mentioned above such as Email Marketing, Social Media Marketing and Webpage Marketing hold and target a certain niche for themselves and hold different meaning. Email marketing refers to the sending of messages that are promotional in nature and that directly reach to a persons email address. This technique acts effective, as it allows the business to be able to directly get in touch with the customers and their possible potential audience, whilst they get to personalize the message according to their liking in order to attract their audience. Social Media Marketing on the other hand refers to marketing via the adaptation of social media platforms such as Instagram and Facebook; this helps in promoting of the businesses products (goods or/and services) in an effective fashion as it allows businesses to directly interact with their audience and the customers to interact with the business as well [6] . This method can be proven effective, as with the help of the algorithm of such social media platforms, the advertisement of the business’ products would be provided to those with similar interests and likings, making it perfect for the business to choose, as they would be directly addressing their desired target audience [7] . Finally, Webpage advertising is thew marketing of a business’s products via the medium of certain websites and this is a great method of advertising as well, as it works in a similar fashion to that of social media marketing with the algorithm of suggesting the products of the business based on the users liking, making it apt for the business as they would be able to touch base with their target audience [8] . Advantages and Disadvantages of the different marketing techniques: Email Marketing: Advantages: · They tend to be inexpensive · Easy to scale and allows easy analysis for analysing experts · High Return on Investments are possible · Environmentally friendly Disadvantages: · Emails lack the personal touch needed to promote and market a product · Might be counted as a SPAM mail · Time-consuming · Delivery issues Social Media Marketing: Advantages: · Low cost of investment · Wide range of audience · Helps businesses in monitoring feedback · High possible rate of growth Disadvantages: · Risk of negative publicity · Long time for Return on Investment · Can be very time-consuming · Difficulty in analysing Webpage Marketing: Advantages: · Onetime major setup cost · Easy to measure and analyse · Large audience that the business can target · Marketing on Webpages can be done in multiple ways to attain audience Disadvantages: · Onetime setup cost can be very expensive to make a good website to attract customers · Can be hard to gain the trust of potential audience · Results can be very time-consuming · Lack of personal interaction with customers Use of AI and data analytics in the digital age marketing In current times, Artificial Intelligence (AI) and Data Analysis play a crucial role in digital age marketing as they allow marketers to make better decisions and allow them to make amends and act accordingly to create a better experience for their existing as well as potential audience. Some reasons as to why AI and Data Analytics is used in digital age marketing are that Data Analytics aid marketers to do segmentation, which is splitting up their customer base into groups of people according to their age, gender, ethnic and religious groups, interests, and other factors, this allows the business to focus on one segment of their customer base at a time, providing them a more personalised and a better experience. Another reason why AI and Data Analysis is important is that Data analysers with the help of the data of their segment and other factors can with the help of AI platforms create a more personalised experience and hence send out personalised product recommendations, personalised social media ads for example and also send out personalised emails regarding their products. Lastly AI and Data analysis can be used for future predictions and carry out sales forecasting methods and be prepared in terms of not only production of goods and services but also in terms of Marketing methods to adopt and apply in the future time period. Bibliography: · Paul Hoang 5th Edition Business Management Textbook · https://kajabi.com/blog/digital-marketing#:~:text=Digital%20marketing%20is%20any%20marketing,marketing%20are%20just%20a%20few . · https://rockcontent.com/blog/what-is-digital-advertising/ · https://mailchimp.com/marketing-glossary/email-marketing/#:~:text=Email%20marketing%20is%20a%20form,also%20be%20anything%20in%20between . · https://www.investopedia.com/terms/s/social-media-marketing-smm.asp · https://www.brafton.com/blog/distribution/website-marketing-the-definitive-guide/ · https://www.sciencedirect.com/science/article/pii/S2666603022000136 · https://www.simplilearn.com/how-companies-are-using-artificial-intelligence-ai-in-digital-marketing-article · https://www.imd.org/research-knowledge/digital/articles/artificial-intelligence-real-world-impact-on-business-and-society/ · https://www.webdew.com/blog/data-analytics-in-digital-marketing · https://digitalcatalyst.in/blog/advantages-and-disadvantages-of-email-marketing/ · https://www.hitechwhizz.com/2021/08/5-advantages-and-disadvantages-drawbacks-benefits-of-websites.html · https://www.thecompanywarehouse.co.uk/blog/advantages-and-disadvantages-of-websites-for-business · https://www.nibusinessinfo.co.uk/content/advantages-and-disadvantages-email-marketing · https://www.savvysme.com.au/article/8-what-are-the-advantages-and-disadvantages-of-email-marketing · https://www.indeed.com/career-advice/career-development/pros-and-cons-of-social-media-marketing [1] Paul Hoang 5th Edition Business Management Textbook [2] Paul Hoang 5th Edition Business Management Textbook [3] https://kajabi.com/blog/digital-marketing#:~:text=Digital%20marketing%20is%20any%20marketing,marketing%20are%20just%20a%20few . [4] https://rockcontent.com/blog/what-is-digital-advertising/ [5] https://mailchimp.com/marketing-glossary/email-marketing/#:~:text=Email%20marketing%20is%20a%20form,also%20be%20anything%20in%20between . [6] https://www.investopedia.com/terms/s/social-media-marketing-smm.as [7] https://www.brafton.com/blog/distribution/website-marketing-the-definitive-guide/ Previous Next

WorkEx Bootcamp A 4-module, 6-8 week advanced industry training programme in collaboration with Harvard Business School Online and Podar Enterprise for students and professionals. Apply Now! In collaboration with: In collaboration with: WorkEx Bootcamp Modules The WorkEx Bootcamp integrates four modules HBS Online Get access to world-leading education to enhance your global business acumen and receive an HBS Online certificate upon successful course completion. ​ Courses available: Sustainable Business Strategy Leadership Principles Negotiation Mastery Disruptive Strategy Business Analytics Entrepreneurship ​ ​ Learn More MetCrynN Develop a complete understanding of 21st Century trends and receive a certificate from Podar Eduspace upon course completion. ​ Workshop Components: Crypto & NFTs Artificial Intelligence Blockchain & IoT Metaverse & New Trends Learn More Startup Design 101 Learn the foundational skills to build a business from start to finish and receive a certificate from Podar Eduspace upon course completion. ​ ​ Workshop Components: Design Thinking & Ideation UX Research & Prototyping Startup Pitch Learn More Industry Internship Participate in a 2-4 week optional research internship opportunity at one of our partner organisations to leverage your learnings from the courses in a real business setting. ​ Internships available: Podar Enterprise (Conglomerate) Anandilal Podar Trust (NGO) Oyster Capital Management (Consulting) Learn More WorkEx Bootcamp Modules Module 1: Harvard Business School Online Download the course catalogue and select one of the 15 tracks offered HBS Online Tracks Leadership Track Take your skills to the next level and unleash your potential as a future leader ​ Dates: 27th Sept - 8th Nov Deadline: 10th September ​ Strategy Track Become a purpose driven and dynamic business leader to create change ​ Dates: 13th Sept - 4th Oct Deadline: 5th September ​ Analytics Track Secure your future with data and a problem solving base approach! ​ ​ Dates: 9th August - 4th Oct Deadline: 31st July ​ Entrepreneurship Track Release your inner Entrepreneur with us through innovative solutions ​ Dates: 27th Sept - 25th Oct Deadline: 18th September ​ Download Course Catalogue Module 2: MetCrynN Powered by Podar Eduspace for 21.5 Century thinking ​ Co-designed with industry professionals, the 4-day workshop combines an up-to-date curriculum with experienced technical professionals as instructors ​ Form a deep understanding with new themes and current technologies, ranging from crypto and NFTs, to the metaverse ​ Train your ability to communicate and converse on these topics, their use cases, risks, and technicalities. ​ ​ IRR Module 3: Startup Design 101 Powered by Podar Eduspace ​ Learn about industry best practices such as design thinking to minimize risk when launching your own enterprise ​ Conduct UX research to validate your business assumptions and learn how to prototype solutions with industry tool ​ Level up your ability to sell with pitching workshops to improve your slide design, financial modeling, and storytelling ​ Pitch to senior business leaders and industry experts to hone your confidence and business acumen. Podar Enterprise has been a prominent player in the education industry across the Indian subcontinent since 1921. The Podar family has established educational facilities in various cities across India. Podar Anandilal Podar Trust Podar Enterprises Oyster Capital Virtual Intern Module 4: Industry Internships Intern with one of our partner organisations in the concluding module of the Bootcamp Student Journey HBS Certification Business Hard Skills Recorded, Self-paced 4-8 Weeks Podar Certified Startup Design 101 Live Online 4 days, 11-1pm IST Enrolment 1 2 3 Graduation Podar Certified MetCrynN Live Online 4 days, TBD Virtual Internships Nandini Bansal, WorkEx Bootcamp September 2021 Batch Culinary Arts, Fashion Institute Mumbai ​ Testimonials Anshika Mittal, WorkEx Bootcamp September 2021 Batch Statistics, Delhi University ​ Nandini Bansal, WorkEx Bootcamp Cohort 2 Member Master's at XXX University ​ Abhishek Jain, WorkEx Bootcamp September 2021 Batch Law, OP Jindal Global University ​ Nischita Paderu, WorkEx Bootcamp September 2021 Batch, OP Jindal Global University "The student to faculty ratio was optimal, giving everyone in the cohort a perfect chance to participate in every session." Limited Places Available​ The programme is limited in places as the batch size is intended to be kept small (30-40 participants) to keep the experience personalized and enriching ​ Eligibility Criteria No age or qualifications requirements The only requirement is an aspiration to up-skill and be ahead of the curve There are no academic or professional prerequisites for this programme A typical batch would have participants ranging from early-year students to mid-career professionals There are also no discipline-specific learnings. The participants come from a diverse pool of backgrounds such as law, business, medicine, technology, finance, etc. How to Apply Provide the information below and you will hear back from the Podar Eduspace team to take your application forward. ​ ​ Application Form First Name Phone (WhatsApp) Occupation arrow&v Name of Referrer (If Applicable) Last Name Age Organization/University Name Personal Email City CV / Resume Upload (Optional) Upload File Upload supported file (Max 15MB) Apply Thank you for submitting your application for the WorkEx Bootcamp! You will hear back on the status of the application in 48 hours from Team Podar Eduspace. Apply Now Contact Us Write to us with your queries, curiosities and ideas at contact@podareduspace.org or simply call us at +91 98202 27795.

< Back Artificial Intelligence: Boon or Curse? by Prachi Saswade Artificial Intelligence is used in almost every sector in the world today, extensively in the business world. There are many discussions about the impact of AI, both positive and negative. Introduction Artificial Intelligence (AI) is a term that has been floating around for a couple of decades. The definition of AI has been evolving, but the most widely accepted was given by John McCarthy in 2004, in his paper, What is Artificial Intelligence? : “It is the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable”. The definition of AI has multiple approaches, but remain in line with the word, “intelligence”, specifically intelligence that is akin to that of humans. However, in the widely renowned authority in the field, Stuart Russell’s textbook, Artificial Intelligence: A Modern Approach , states that, "AI is concerned mainly with rational action. An ideal intelligent agent takes the best possible action in a situation” (Russell & Norvig, 2021). The multiple mentions of “intelligence" and “rationality” date back to Alan Turing, who in his 1950 paper, Computing Machinery and Intelligence , asked the question, “Can machines think?”. This was succeeded by the infamous “Turing test”. This paper started the conversation about AI, and while the test has been controversial over the years, it is an important part of the AI history. Shortly after Turing’s paper, John McCarthy coined the term “Artificial Intelligence” during the first AI conference held at the Dartmouth College, New Hampshire, United States. In the same year, Allen Newell, J.C. Shaw, and Herbert Simon, created the first ever running AI program, called the Logic Theorist . About a decade later, Frank Rosenblatt built the Mark 1 Perceptron , a computer based on neural networks that learn through “trial and error”. The 1980s saw a rise in the usage of the back-propagation algorithm that allowed the neural network to train itself. These networks were then used in AI applications. Soon after, in a historical feat by IBM, “IBM's Deep Blue beats then world chess champion Garry Kasparov, in a chess match (and rematch)” (IBM Education, 2020). AI has evolved through multiple trials, and based on the concept of applying human-like intelligence and rationality to computer decision making. The many industries working in the field have seen the massive adoption of the technology and continue their research on making it more and more “human” each day. Level of Involvement of AI in our Daily Life Artificial Intelligence has crawled into our lives and has become an integral part of it. AI is used in multiple fields in the present day that many-a- times we are not even aware that AI is being used there. Currently AI is being used all around the globe day and night. Forbes created a list of ten examples of how AI is used in its article, The 10 Best Examples Of How AI Is Already Used In Our Everyday Life . The list includes, technologies like FaceID, social media, digital voice assistants, etc. Starting with the most basic one, unlocking your phone. Apple’s FaceID technology uses artificial intelligence and 3D scanning to register the user’s face demographics. “It then uses machine learning algorithms to compare the scan of your face with what it has stored about your face to determine if the person trying to unlock the phone is you or not” (Marr, 2019). Continuing on the same spectrum, social media uses AI to curate each user’s feed based on their history of liked posts, and engagement to certain content. The machine learning algorithms also aid in filtering out false news and content that multiple users have engaged with. Engagement with content requires the accompanying text to be written well, this requires tools such as Grammarly. Grammarly uses AI and natural language processing to ensure that its users focus on writing and leave the grammar to Grammarly. This technology is being used for professional emails, and any other writing that a user might require. Many smart homes are in trend now and the the vital component of these smart homes are smart home devices like Alexa, Google Assistant, and HomePod. These smart devices use AI to to keep learning from the user’s usage patterns. Amazon recommendations is one of the more well known AI technology. Based on the user’s past order history, and searches, the recommendations for products are personalised. Along the same lines, Netflix uses AI and the past viewing history in the same way. Netflix is known for its spot-on personalised TV show and films recommendations for its consumers. Lastly, “Google maps and other travel apps use AI to monitor traffic to give you real-time traffic and weather conditions as well as suggest ways to avoid gridlock” (Marr, 2019). Many car companies now have an in-built mapping system in the cars and this further allows the user to commute with ease. The AI technology is only growing more and more each day, and is being integrated into our lives rapidly. It is only time before every commodity we use will have some enhancements made to it to accommodate artificial intelligence. Various Approaches to integrate AI seamlessly Approaches to AI has a different connotation in the setting that it is being used in. For example, approaches to that drive AI research includes – cybernetics, symbolic and sub-symbolic approaches, as well as, the statistical approach (Milošević, 2013). At the same time when one talks about integrating AI into business, the approaches change from concrete terms to an instruction manual, almost all ending with the advice to “start small”. In the general context, however, we have four main approaches to AI – reactive machines, limited memory, theory of mind, and self-awareness. These four approaches are based on the behaviour of the machines that will use AI. Reactive Machines The most basic AI systems are based on reactivity only. These machines often are good at predictions based on a certain set of rules, games such as chess. These machines only “react” to a situation, with no meaning of the past. They have no memory of the past, and only works in the present moment. IBM’s Deep Blue, the chess-playing computer is a notable example of this approach. “Deep Blue can identify the pieces on a chess board and know how each moves. It can make predictions about what moves might be next for it and its opponent. And it can choose the most optimal moves from among the possibilities” (Hintze, 2016). This means, Deep Blue only processes the chess pieces in front of it at present and chooses its next move. It does not look back for any previous references. AI researcher Rodney Brooks, in his paper argues that all machines should be built on this system. His reasoning for this was that the programming for such stimulated worlds was often not accurate enough and did not provide a valuable “representation” of the world (Brooks, 1991). Reactive machines can be “easily fooled” because they have no concept of the world outside of the rules they are set within. These machines however, can prove to be extremely impartial as they only react to what is presented to them in real-time. This suggests that might prove to trustworthy due to lack of emotional engagement. Limited Memory The limited memory machines are considered the Type II class machines. These machines have an ability to look into the past. The best example of this is seen in self-driving cars. Self-driving cars require the programmed world to have representations that are pre-programmed, such as traffic rules, or routes in the city, etc. These are also included when the car has to change its lane and avoid an accident. “But these simple pieces of information about the past are only transient. They aren’t saved as part of the car’s library of experience it can learn from, the way human drivers compile experience over years behind the wheel” (Hintze, 2016). It has been noted by both Brooks, and Hintze that it is difficult to build AI systems that are full of representations, as well as, remember experiences and learn how to tackle newer situations. Hintze has applied the Darwinian evolution to his research to let machines build their own representations. Theory of Mind “[Theory of mind is] skill that involves the ability to think about mental states, both your own and those of others” (Cherry, 2021). This psychological concept introduces the next class of machines. These machines are far more advanced and as the theory of mind suggests, form representations of not only the world, but also about other participants or agents that exist within it. The example of this would be Sophia, the AI robot. As one see, Sophia can not only answer questions, but connect to various entities around her. Self-awareness Self-awareness is the last approach to AI systems. This system is the most advances class of machines, wherein, the machines can build representations about themselves. Many researchers are looking to build AI systems that have a consciousness, not just understand it. This is a step up from the theory of mind, as here, the machines will be able to make inferences about other entities in the same way human rational thinking does. According to Hintze, “we are probably far from creating machines that are self-aware, we should focus our efforts toward understanding memory, learning and the ability to base decisions on past experiences” (Hintze, 2016). This however, does not dampen the possibility that we might live in a world where AI systems will be advanced enough to have a consciousness. Impact of AI and its Major Benefits Artificial Intelligence is used in almost every sector in the world today, extensively in the business world. There are many discussions about the impact of AI, both positive and negative. The impact of AI has brought on multiple questions, especially ones around employment of labour. In his paper, The Forthcoming Artificial Intelligence (AI) Revolution: Its Impact on Society and Firms , Spyros Makridakis discusses the impact of AI on developing countries. According to him, this revolution will be more “pronounced” in the developing states for two reasons. Firstly, the use of machinery will replace the skilled and unskilled labour, this will result in foreign (developed) countries to remove their investments in the still developing countries. Secondly, “developing countries will be at a disadvantage by not being able to invest in expensive AI technologies, particularly since such technologies will reduce the demand for human labour thus further increasing unemployment” (Makridakis, 2017). To solve this, Makridakis suggests that “[educating] their young people in AI technologies and by doing so become able to attract investments from abroad as well as manage to exploit the “sharing economy” (Makridakis, 2017). However, he also emotions that his might prove to be very difficult. The impact of AI will soon be seen in almost every factory across the globe, but in order for everyone to adopt the technology, the acceptance for it must be present. However, all of AI is not bad news. There are multiple benefits to AI technology. For starters, it helps for smarter business decisions. It can also help, in enhancing the customer experience, medical advances, research and data analysis, solving complex problems, among others ("Top 10 Benefits of Artificial Intelligence (AI) | 10xDS", 2020). AI is also great at minimising errors and completing repeated tasks. This is extremely beneficial for companies that use data mining for decision making, and other activities. One example of this would be the clickstream analytics. This technology is used by multiple social media apps, as well as, companies like Amazon. They use the data generated when the user visits the website of an advertised product or service. This data then uses AI to target similar ads to the consumer, which for companies like Amazon, leads to the consumer purchases. Another benefit seen in this field is use of AI in chatbots. Chat bots are present on almost every company’s website today, and these are often run by AI. The AI scans through the frequently asked questions to provide an answer to the user within seconds. This technology reduces the time and allows a filtration of questions sent to the (human) employee to answer. These chat bits are now being used by banks as well. This technology is evolving rapidly and steadily. The integration of AI into our lives is increasing by the day, and like most technology invented to date, will only serve to make our lives easier. That being said, one must not ignore the problems that it comes with. Associated Problems and Pitfalls AI has been a game changer in many sectors of the world. However, there have been many negatives attached to the technology. As mentioned before, one of the associated pitfalls is the impact the technology has on the developing countries. Other than that, there are multiple common challenges in AI such as, computational or hardware problems, lack of trust, lack of human-level experimental management, data security and privacy issues, and lastly the biases in the dataset. As the world moves on to work with AI, the hardware for such upgradation requires enough cores and GPUs to work efficiently. This can take a monetary toll on any small company that is just starting up. Moreover, any company that is planning to move to AI will have to consider their options and make financially beneficial decisions. The lack of trust stems from the unknown networks that deep learning uses to come to conclusions. The logic is still muddy and can cause a string of worry for the users. This also brings to light the “human experience” into play. Humans use experiential knowledge to make further decisions. While one can argue that AI does the same, human accuracy based on other factors (social, economic, and cultural) is far greater. Data privacy and security have been in the spotlight, especially since the FaceBook privacy case. The data that deep and machine aligning models use comes from across the globe and is generated by a large volume of users. The company collecting the data needs to be trustworthy, and it goes without saying that many companies might not always have good intentions with their clientele’s data. Lastly, the issues of biased dataset. Unfortunately, a large portion of the data that the algorithms receive is biased. The bags may be based on religion, gender, or race. The data collected can also be biased in the way the algorithm is programmed, i.e.. the programmer or interpreter’s biases can come into play in these situations. These issues can seem daunting, especially for those who are new to this territory. However, AI algorithms can be created to reduce biases, and for this reason AI ethics exists. These ethical guidelines are followed around the world and reduce the negatives in this technology. Proposed Applications of AI in Coming Years AI has shaped the tech world, and given it a new form. According to IBM, AI advances would not be possible without a formula that contains three things: “the rise of big data combined with the emergence of powerful graphics processing units (GPUs) for complex computations and the re- emergence of a decades-old AI computation model—deep learning” ("The new innovation equation", n.d.). The future of AI will see these elements have a makeover. The rise of small data, and deep reasoning will be seen soon. According to the University of Southern California’s researchers, AI will change the entertainment industry, medicines, cybersecurity, vital tasks like help for the elderly, and transportation (Gammon, 2017). Netflix has been using AI and machine learning techniques for a while now, and it will only get better. The addition of more streaming platforms can revolutionise the entertainment industry in the near future. With the help of AI, “film studios may have a future without flops: Sophisticated predictive programs will analyze a film script’s storyline and forecast its box office potential” (Gammon, 2017). Additionally, a user can also ask these platforms to create “virtual actors” and make a custom movie right at home. A more personalised approach to medicine can be seen on the horizon. With genome sequencing technology already in boom, the medicines that a patient might need can be altered to the patient’s genome and provide for a more effective treatment. Moreover, AI will help health care analyse a patient’s health based on more factors like lifestyle, environment, and genes. The detection of any tumours, or diagnosing basic ailments will also be done by AI. Having a large volume of data generated by users of a certain application comes with the potential risk of hackers and data breaches. “There were about 707 million cybersecurity breaches in 2015, and 554 million in the first half of 2016 alone” (Gammon, 2017). According to USC, AI’s ability to self-learn and automate can be a fruitful solution to remain one step ahead of the hackers. This will ensure the security of billions of people across the globe. Security and safety are utmost important human values, but so is independence. Many elderly citizens around the globe struggle to do daily tasks, or often require someone keeping an eye on them. With the working culture, they are usually left to look after themselves. AI tools around their areas of living can provide for a monitor on their movement, as well as, help with reaching objects on a high shelf, and ensure the supply of nutritious food. Moreover, these tools could mow their lawns, and help with maintaining the general hygiene of their residence. Additionally, AI assistance can be extremely useful in tasks such as mining, firefighting, and handling dangerous materials. We are already seeing a rise in self-driven cars. However, in the future this might expand into the public transportation systems as well. These AI driven vehicles are often much safer than humans, as they never get distracted but he radio or the other passengers in the cars. These are just the proposed application of AI, and there definitely will be more as the days pass by. The importance of AI will just increase multi-fold and defining only a certain amount plausibilities of its future can prove to be limiting its true potential. Future Predictions – Boon or Curse AI has seen a slow burn for a while but is deemed to explode into every aspect of our lives soon. That being said, the question still remains, is Artificial Intelligence a boon or a curse? AI has more benefits than we can count, and like every technology ever invented, it is here to make our lives easier and better. AI has seen better healthcare, better production, and better decision making. One cannot argue that AI saves us from repetitive and ‘boring’ tasks form time to time. Additionally, its capacity to sift through large volumes of data, or big data, is unmatched. To repeat the same tasks but using only human workforce will take years. That being said, AI also comes with its own pitfalls. Relying on technology can make some people wary, especially with multiple security and data privacy issues. According to multiple people, AI still does not understand human values like privacy, and in many ways cannot match a human’s emotional and social intelligence. AI can only use the provided information and come to conclusions based on the algorithms provided by the programmer, and is quite redundant by itself, unlike humans. AI can only be more “like” humans, but cannot be completely “humane”. AI when looked at as a tool can provide for millions of possibilities, and that might be the best way to look at it. AI can be used for multiple mad- practices, and ethics can only get one so far. Ethics are important, and in order for every user of AI to implement and respect them, there need to be strict judicial laws across the globe to ensure the safety of the people. The technology is still evolving, and it might be wise to wait a little longer to categorise it as a “boon” or a “curse”. No technology can ever fit into only one category, each one comes with its own pros and cons. With AI, we might need to wait until we can see which one outweighs the other. Bibliography 1. McCarthy, J. (2007). What is artificial intelligence?. 2. Russell, S., & Norvig, P. (2021). Artificial intelligence: A Modern Approach (4th ed.). Pearson Education Limited. 3. Turing, A. M. (2009). Computing machinery and intelligence. In Parsing the turing test (pp. 23-65). Springer, Dordrecht. 4. IBM Education. (2020). What is Artificial Intelligence (AI)? . Ibm.com. Retrieved 28 June 2022, from https://www.ibm.com/cloud/learn/what-is- artificial-intelligence. 5. Marr, B. (2019). The 10 Best Examples Of How AI Is Already Used In Our Everyday Life . Forbes. Retrieved 28 June 2022, from https:// www.forbes.com/sites/bernardmarr/2019/12/16/the-10-best-examples-of- how-ai-is-already-used-in-our-everyday-life/?sh=205c28bf1171. 6. Milošević, N. (2013). Approaches to artificial intelligence . Inspiratron.org - Natural language processing, machine learning and cybersecurity. Retrieved 1 July 2022, from https://inspiratron.org/blog/ 2013/05/10/approaches-to-artificial-intelligence/. 7. Hintze, A. (2016). Understanding the Four Types of Artificial Intelligence . GovTech. Retrieved 1 July 2022, from https:// www.govtech.com/computing/understanding-the-four-types-of-artificial- intelligence.html. 8. Brooks, R. (1991). Intelligence without representation. Artificial Intelligence , 47 (1-3), 139-159. https://doi.org/10.1016/0004-3702(91)90053- m. 9. Cherry, K. (2021). Why the Theory of Mind Is Important for Social Relationships . Verywell Mind. Retrieved 1 July 2022, from https:// www.verywellmind.com/theory-of-mind-4176826. Artificial Intelligence (AI) – Boon or Curse? 17 10. Makridakis, S. (2017). The forthcoming Artificial Intelligence (AI) revolution: Its impact on society and firms. Futures , 90 , 46-60. https:// doi.org/10.1016/j.futures.2017.03.006 11. Top 10 Benefits of Artificial Intelligence (AI) | 10xDS . 10xds.com. (2020). Retrieved 2 July 2022, from https://10xds.com/blog/benefits-of- artificial-intelligence-ai/. 12. Vadapalli, P. (2021). Top 7 Challenges in Artificial Intelligence in 2022 | upGrad blog . upGrad blog. Retrieved 5 July 2022, from https:// www.upgrad.com/blog/top-challenges-in-artificial-intelligence/. 13. The new innovation equation . IBM Cognitive - What's next for AI. Retrieved 7 July 2022, from https://www.ibm.com/watson/advantage- reports/future-of-artificial-intelligence/ai-innovation-equation.html. 14. Gammon, K. (2017). 5 Ways Artificial Intelligence Will Change the World by 2050 . USC News. Retrieved 7 July 2022, from https:// news.usc.edu/trojan-family/five-ways-ai-will-change-the-world-by-2050/. Previous Next

< Back Finance, Banking and the Economy at large by Divyes Chakravarty Gain an understanding of how money, banking and the financial system intersect and work. The different concepts, principles and intricacies of money and more. Macroeconomics: Macroeconomics is the branch of economics that studies the behaviour and performance of the economy as a whole. It focuses on aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation. Macroeconomists employ aggregate measures such as gross domestic product (GDP), unemployment rates, and the consumer price index (CPI) to analyse large-scale consequences of individual decisions. The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles. Microeconomics: Microeconomics is the study of individuals, households and firms' behaviour in decision-making and allocation of resources. It generally applies to goods and services markets and deals with individual and economic issues. Microeconomics studies how prices are determined in the marketplace. Manufacturers and customers initiate forces that we term them as supply and demand accordingly and it is their interaction within the marketplace that devises the price mechanism. It is also known as Price Theory as it deals with the determination of the price of commodities and factors. Financial Systems: A financial system is a collection of institutions which allow the exchange of funds, such as banks, insurance companies, and stock exchanges. The financial system exists at the corporate, national, and global levels. Borrowers, lenders, and creditors are exchanging current funds to finance ventures, either for consumption or productive investment and seeking returns on their financial assets. Furthermore, the financial system includes sets of laws and policies used by creditors and lenders to determine which projects are funded, who fund the projects, and the scope of the financial deal. Risk Management: Risk management is the process of identifying, assessing and controlling financial, legal, strategic and security risks to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. A successful risk assessment program must meet legal, contractual, social and ethical goals and monitor new technology-related regulations. By focusing attention on risk and committing the necessary resources to control and mitigate risk, a business will protect itself from uncertainty, reduce costs and increase the likelihood of business continuity and success. Three important steps of the risk management process are risk identification, risk analysis and assessment, and risk mitigation and monitoring. Risk Identification: Risk identification is identifying and assessing threats to an organization, its operations and its workforce. For example, risk identification may include the implementation of a robust cybersecurity system to prevent malware attacks. Risk Analysis: Risk analysis involves establishing the probability that a risk event might occur and the potential outcome of each event. Risk evaluation compares the magnitude of each risk and ranks them according to prominence and consequence. Risk mitigation: Risk Mitigation refers to the process of planning and developing methods and options to reduce threats to project objectives. A project team might implement risk mitigation strategies to identify, monitor and evaluate risks and consequences inherent to completing a specific project, such as new product creation. International Banking: International banking refers to the practice of providing financial services across international boundaries. Banks provide services such as accepting deposits, issuing loans, facilitating payments, and offering investment products to customers around the world. International banking allows businesses to access capital from global markets and make investments overseas. It also enables customers to make transfers between foreign countries without having to use local currency exchange services. International banking services are beneficial for businesses as they provide access to a wider range of financial services than domestic banks can offer. This includes foreign currency exchange, international remittances and transfers, trade finance, and access to global markets. Additionally, by utilizing the expertise of international banks, businesses can take advantage of local knowledge to invest in the best markets around the globe. Investment and Corporate Finance: Investment and corporate finance are essential components of the financial landscape. Investment involves allocating capital with the expectation of generating returns over time. It encompasses various activities, including analysing markets, evaluating investment opportunities, managing portfolios, and assessing risk. Corporate finance, on the other hand, focuses on the financial decisions and strategies within a company. It involves managing capital structure, raising funds, making investment decisions, and maximizing shareholder value. Both investment and corporate finance play crucial roles in driving economic growth, facilitating business expansion, and optimizing financial resources. They require expertise in financial analysis, valuation, risk assessment, and strategic planning to make informed decisions that align with business objectives and deliver sustainable financial performance. History of Money: Before money, we used the barter system i.e. trading by goods and services. Metals objects were introduced as money around 5000 B.C. By 700 BC, the Lydians became the first in the Western world to make coins. Metal was used because it was readily available, easy to work with, and could be recycled. Soon, countries began minting their series of coins with specific values. Since coins were given a designated value, it became easier to compare the cost of items people wanted. Some of the earliest known paper money dates back to China, where the issuing of paper money became common from about 960 AD. With the introduction of paper currency and non-precious coinage, commodity money evolved into representative money. This meant that what the money itself was made of no longer had to be of great value. Representative money was backed by a government or bank's promise to exchange it for a certain amount of silver or gold. For example, the old British Pound bill or Pound Sterling was once guaranteed to be redeemable for a pound of sterling silver. For most of the 19th and the early part of the 20th century, the majority of currencies were based on representative money that relied on the gold standard. Representative money has now been replaced by fiat money. Money is now given its value by government fiat or decree, ushering in the era of enforceable legal tender, which means that by law, the refusal of "legal tender" money in favour of some other form of payment is illegal. Nowadays, even virtual currency is used. As digital representations of money, this type of currency is stored and traded using computer applications or specially designated software. The appeal of virtual currency is that it offers the promise of lower transaction fees than traditional online payment mechanisms do and is operated by decentralized authorities. Corporate Governance: Corporate Governance refers to how companies are governed and for what purpose. It identifies who has power and accountability, and who makes decisions. It is, in essence, a toolkit that enables management and the board to deal more effectively with the challenges of running a company. Corporate governance ensures that businesses have appropriate decision-making processes and controls in place so that the interests of all stakeholders (shareholders, employees, suppliers, customers and the community) are balanced. Governance at a corporate level includes the processes through which a company’s objectives are set and pursued in the context of the social, regulatory and market environment. It is concerned with practices and procedures for trying to make sure that a company is run in such a way that it achieves its objectives while ensuring that stakeholders can have confidence that their trust in that company is well founded. As the home of good governance, the Institute believes that good governance is important as it provides the infrastructure to improve the quality of the decisions made by those who manage businesses. Good quality, ethical decision-making builds sustainable businesses and enables them to create long-term value more effectively. Entrepreneurial Finance: While corporate finance focuses on existing businesses and the challenges they face to deliver returns to their investors and increase shareholder value, entrepreneurial finance is the study of value and resource allocation. It is centred around new businesses and the owner’s challenge to acquire the funding needed to test whether the business can become financially sustainable. All entrepreneurial ventures which are reliant on funding to get started must ask how much money can and should be raised, at what point in the journey, and which sources of funding are viable. Raising money can be a drain on time and existing financial resources, so entrepreneurs must do their research into the routes most likely to result in positive outcomes for their business model and industry. Sources of entrepreneurial financing are: Venture Capital: This type of entrepreneurship financing is often reserved for start-ups and small businesses which have the high-growth potential for long-term success. Venture capitalists don’t always provide investment in the form of financial funding, as this can also be provided to a business in the form of technical or managerial expertise. Angel Investors: Angel investors are typically a group of entrepreneurs or former executives who have amassed personal wealth through a variety of sources. These high-net-worth individuals provide venture capital and often co-invest alongside a trusted associate into the same or similar industries in which their experience lies. Crowdfunding: Crowdfunding is when a business or new venture is presented online with a summary of the business plan, to raise money from individuals. Initial Public Offering: An IPO is the first time a company sells its shares to the public in a bid to raise money. This form of financing is used by businesses of all sizes and at all stages and requires a lot of preparation, bureaucratic hurdles, and paperwork. This means that it is a risky option for start-ups as it can take a long time and incurs costs throughout the process. Appendix: Macroeconomics: Investopedia's "Macroeconomics" section ( www.investopedia.com/terms/m/macroeconomics.asp ) Microeconomics: Khan Academy's "Microeconomics" course ( www.khanacademy.org/economics-finance-domain/microeconomics ) Risk Management: "Principles of Risk Management and Insurance" by George E. Rejda and Michael McNamara International Banking: The Bank for International Settlements' website ( www.bis.org/topics/banking.htm ) Investment and Corporate Finance: CFA Institute's "Corporate Finance" section ( www.cfainstitute.org/en/programs/cfa/curriculum/investment-foundations/corporate-finance ) History of Money: "The Ascent of Money: A Financial History of the World" by Niall Ferguson, The British Museum's "History of Money" section ( www.britishmuseum.org/learn/schools/ages-7-11/history/money ) Corporate Governance: The International Corporate Governance Network's website ( www.icgn.org ) Entrepreneurial Finance: "Entrepreneurial Finance: Strategy, Valuation, and Deal Structure" by Janet Kiholm Smith, Richard L. Smith, and Richard T. Bliss Bibliography: https://cleartax.in/g/terms/financial-system#:~:text=A%20financial%20system%20is%20a,%2C%20national%2C%20and%20global%20level . https://www.ibm.com/topics/risk-management https://study.com/learn/lesson/international-banking-services-overview-function-examples.html#:~:text=International%20Banking%20Structures-,What%20is%20International%20Banking%3F,to%20customers%20around%20the%20world . https://www.investopedia.com/terms/c/corporatefinance.asp https://www.investopedia.com/articles/07/roots_of_money.asp#:~:text=People%20bartered%20before%20the%20world,of%20payment%2C%20including%20virtual%20currencies . https://www.cgi.org.uk/about-us/policy/what-is-corporate-governance#:~:text=Corporate%20governance%20is%20the%20system,accountability%2C%20and%20who%20makes%20decisions . https://online.wlv.ac.uk/a-guide-to-entrepreneurial-finance/#:~:text=What%20is%20entrepreneurial%20finance%3F,of%20value%20and%20resource%20allocation . Previous Next

Podar Conversations A flagship series of mentoring talks by Podar Eduspace, bringing together industry CEOs and veterans with decades of leadership experience. Follow our events calendar to join the next scheduled talk. You can listen to the previously held conversations in the video links provided below. March 2022 - Podar Conversations with Rakesh Wahi, Co-Founder of Forbes Africa Magazine and CNBC Africa In this conversation, Wahi talks on "Lessons on Entrepreneurship and Leadership: From a Soldier who Dared to Dream" through his business experiences all around the globe April 2022 - Podar Conversations with PD Singh, Managing Director and Head of Corporate Banking, J.P. Morgan In this conversation, P D Singh talks on "Lessons on Leadership and Banking" through his 25 years of experience in the Finance Industry

New Programs Podar Eduspace launches the 6th cohort of the WorkEx Bootcamp Early Professionals Program 1st cohort successfully launches with a 30+ person batch Latest Developments Podar Eduspace launches flagship internship program First Podar Eduspace conversations talk given by Rajesh Wahi USIBC releases new report on studying professionals In collaboration with... Our Secret Sauce Business Learner Needs Input Output Business Learner Needs Awareness Experiences Sustainment Next Learning Cohort Social Connection Track Result/ROI Videos Alignment with Immediate Manager Social Connections Email Notifications 360 Feedback Self-Assessments Social Connections On-Demand Reinforcements Practical Assignments Cycle of Performance Improvement Unique Delivery Methodology Human Relations Principles Apps Videos Free Downloads Social Connections Individual Learning Maps 360 Follow-up Follow-up with Immediate Manager Carnegie Cloud Live Online WorkEx Bootcamp As your certified Self-Development Coach, I offer you unyielding support and perspective when you need to transcend your inner challenges and rise to your true potential. Take a look at my service and see how we can work together to achieve your health and wellness goals. Learn More Skill Development As your certified Self-Development Coach, I offer you unyielding support and perspective when you need to transcend your inner challenges and rise to your true potential. Take a look at my service and see how we can work together to achieve your health and wellness goals. Learn More Our Programs Nandini Bansal, WorkEx Bootcamp Cohort 2 Member Master's at XXX University ​ Testimonials Anshika Mittal, WorkEx Bootcamp Cohort 2 Member Master's in Statistics at Delhi University ​ Nandini Bansal, WorkEx Bootcamp Cohort 2 Member Master's at XXX University ​ Abhishek Jan WorkEx Bootcamp Cohort 2 Member Master's at OP Jindal University ​

Here to educate India. Podar Eduspace Our mission We aspire to reduce unemployment by creating a knowledge ecosystem where students and young professionals can upskill to stay relevant in this dynamically changing job landscape. Podar Enterprise Podar Enterprise has relentlessly pursued its vision to make a difference by contributing to India’s interest at home and abroad. Established in 1909, the group today represents a 100-year legacy of trust, quality and reliability - in India and internationally. Read more Anandilal Podar Trust To contribute to education in a young India, great visionaries and philanthropists: Pandit Madan Mohan Malviyaji, Shri Jamnalal Bajaj and Shri Anandilal Podar came together to establish the Anandilal Podar Trust in 1921. It is of utmost pride to us that Mahatma Gandhiji himself was the Chairman Trustee. Read more Podar Eduspace Podar Eduspace is the educational pillar of Podar Enterprise focusing on student programs ranging from research, volunteering, skill development & advisory to educational institutes. Read more Our People Meet the people who made all of this possible. Read more Meet our Board of Advisors Our Board Meet our Board of Advisors. Read more