Understanding the Global Consumer
Speaker: Mr. David Avrin, Customer Experience Keynote Speaker and Consultant
Hyderabad, 15th February 2023: Institute of Management Technology (IMT), Hyderabad, hosted its 3rd edition of the Global Immersion Program (GIP) on 15th February 2023. Mr. David Avrin, Customer Experience Keynote Speaker, Consultant & Author, served as the session's first eminent speaker. This session aimed to expose students to global issues affecting the business world and have an appreciation of the diversity of thought and perspectives while managing and leading organizations. Prof. (Dr.) Nitin Gupta, Professor, IMT Hyderabad, presented the inaugural address by welcoming the speaker & the participants.
The Speaker delivered a session on "Understanding the Global Consumer." The discussion is intended to be aligned with the understanding of the diverse cultures, values, and attitudes that exist across the world, and understanding the global consumer requires a commitment to ongoing research, cultural sensitivity, and a willingness to adapt to changing trends and consumer preferences.
The speaker opened his address with an anecdote and discussed the widening variety of goods that consumers can purchase with their money. He opined that this is due to changes in the world and has transformed the behavior of consumers worldwide. Further supporting his point, he introduced Maslow's hierarchy of needs and wants and emphasized the business opportunities present at each level. He talked about a sizable shift from selling to buying, attributed to consumers having more options and power over their purchases. Overall, the speaker made the case that there are many options available to consumers worldwide, much like a grocery store.
He covered changes in Dubai's business environment, pointing out a move away from conventional shopping to a focus on the whole customer experience. He emphasized the significance of excellent business practices for success and suggested that businesses must adapt to these changes or risk becoming obsolete. Speaking about virtual platforms as a potent and necessary tool for a touchless future, the speaker stressed their importance for business owners.
Mr. Avrin used a passage from Roger Dooley's book "Friction" to highlight the fundamental marketing tenet that adding complexity reduces engagement while making something simple increases it. The speaker further mentioned rising customer expectations for how goods and services will be delivered, with convenience playing a crucial role. Highlighting the importance of convenience as a current deciding factor in purchases and spoke about the emergence of disruptors who are developing new goods and services that may not always be beneficial to society.
After such an insightful session on understanding the global consumer, Mr. David concluded the event with a question-and-answer session to resolve the students' piqued curiosity.
Living and Working Across Cultures: Challenges and Opportunities- A cross-cultural and linguistic journey.
Speaker: Prof. Elizabeth Ascherl, Head of Intercultural Communication, ICN Business School, France
Hyderabad, 21st February 2023: Institute of Management Technology (IMT), Hyderabad, witnessed the second session of the Global Immersion Program (GIP) on 21st February 2023. Prof. Elizabeth Ascherl, Head of Intercultural Communication, ICN Business School, France, was the distinguished speaker for this session. She is a multifaceted expert in education and learning, with experience as a trainer, business developer, and team manager. This session focused on exposing students to the challenges and opportunities of living and working across various cultures. Prof. (Dr.) Nitin Gupta, Professor, IMT Hyderabad, enunciated the participants about global practices worldwide and warmly welcomed our guest speaker for the evening.
The speaker delivered the session on “Living and Working Across Cultures: Challenges and Opportunities- A cross-cultural and linguistic journey.” The discussion was intended to make the participants aware about cross-cultural communication, the perks of learning a new language while moving to a different country, and how it would help them in their personal and corporate lives. She also intended to familiarize the students with all the opportunities they would grasp if they desired to move abroad shortly.
She commenced her session by asking the participants about their plans to settle in another country. This was followed by asking the students about the countries they would like to move to. Our speaker shared a couple of country mapping tools wherein our participants got to analyze how our country differed from other countries based on eight different cultural variations. The countries were distinguished on various parameters like the essential communication, evaluation, leading, decision, trust factors, disagreeableness, scheduling, and persuasion.
Going ahead, she spoke about how even though we might speak the same language, the inferred meaning would differ for different cultures. She guided the students through various ways to learn new languages and, thus, be more accepting of different cultures and societies. Finally, she articulated the opportunities and advantages of learning a new language and living in a foreign country.
The session concluded with a very interactive question-and-answer session where Prof. Elizabeth Ascherl resolved students’ curiosity. It was followed by a vote of thanks for such an insightful session.
Cultural Norms and Social Practices in France.
Speaker: Prof. Catherine Le Floach, Lecturer, Audencia Business School, France
Hyderabad, 23rd February 2023: Institute of Management Technology (IMT) Hyderabad, on February 23, 2023, organized the third session of the Global Immersion Program (GIP). The guest speaker for the session was Prof. Catherine Le Floach, Lecturer, Audencia Business School, France. The session centered on the cultural practices unique to France and how they distinguish the country from others. Prof. (Dr.) Nitin Gupta, Professor at IMT Hyderabad, delivered the opening remarks by warmly welcoming the speaker and attendees.
The speaker’s session was focused on "Cultural Norms and Social Practices in France." The objective was to educate the attendees about the shared values, beliefs, and behaviors that characterize France's culture and identity. The speaker aimed to inform the participants about how French cultural norms and social practices reflect a multifaceted and varied heritage that significantly shapes the country's identity and global influence.
At the start of her session, Prof. Catherine inquired who among the attendees had travelled to or planned to travel to France and asked students about their expectations from the session. She emphasized that the French people take pride in their language and culture. Furthermore, she stressed that Paris is the gateway to France and cautioned against assuming that everyone in France speaks English. She also explained how strikes operate in France and how the French people are vocal about their rights. Another important point she made was that restaurants in France have specific opening times and are not open 24/7. Lastly, she elaborated on French gestures and their significance.
During her session, Prof. Catherine delved into managing a French team in an office setting. She first emphasized the importance of coffee breaks for socializing and connecting with colleagues rather than discussing work. The second key takeaway was that meetings in France primarily focused on discussing goals rather than making decisions. Another crucial aspect she highlighted was the mandatory lunch break, during which work is not conducted. In addition, she also mentioned that being a little late is considered reasonably acceptable in French culture and explained the difference in working hours between the administrative and private sectors in France. The following point she elaborated on was about salary, which is considered personal information and should not be discussed publicly or asked of others. Lastly, she explained that cheek kissing is a familiar greeting gesture in France.
The session’s conclusion included an interactive question-and-answer segment where Prof. Catherine Le Floach addressed the students' queries about France and its culture. Subsequently, a gesture of appreciation was extended for the valuable and informative session.
Speaker: Prof. Swee Hoon Ang, Associate Professor – at NUS B-School in Singapore
Hyderabad, 01st March 2023: Institute of Management Technology (IMT) Hyderabad, on March 01, 2023, organized its fourth session of the Global Immersion Program (GIP). The guest speaker for the session was Prof. Swee Hoon Ang, Associate Professor – at NUS B-School in Singapore. She has written several leading marketing textbooks with Philip Kotler for Asia, Australia, and New Zealand. The session centered around the different cognitive strategies used by marketers. The opening address was delivered by Prof. (Dr.) Nitin Gupta, Professor, IMT Hyderabad, who extended a warm welcome to the speaker and participants.
The speaker's session on "Neuromarketing" was aimed at educating attendees on how neuroscience and cognitive science can be applied to marketing to influence people's preferences. The objective was to provide insights into the strategies used to draw customers' attention, such as measuring pupil movement, physiology, and other biological responses. Professor Ang discussed how these strategies could be used to understand the response of people's brains to various marketing stimuli and how this information can be used to design more effective marketing campaigns.
The speaker began her session by asking the attendees why they drink Coke, a popular soft drink brand. She then introduced the Pepsi-Coke challenge example, where consumers were blindfolded and given both drinks to identify which one they preferred. The speaker used this example to explain how brand experience can influence consumer behaviour. She highlighted that the experience of drinking Coke, including its packaging, advertising, and overall brand image, affects consumer preferences more than the drink's taste.
The speaker proceeded by comparing traditional marketing methods with neuroscience-based approaches, where traditional methods focus on understanding the "why" behind consumer behaviour, while neuroscience emphasizes on "what" aspect of behaviour. She also discussed the importance of emotional and metaphoric advertisements over purely functional ones, leading to higher brand recognition and recall. The speaker also talked about sensory neuromarketing and how it utilizes techniques such as eye gazing to understand consumer behaviour. She mentioned that scent could enhance attention and recall, even if it is different from the advertised product.
The speaker delved into the influence of colors on consumer behaviour and emotions, citing the color emotion guide as a valuable tool for eliciting particular emotional responses with different hues. An example of the IMT logo was given, where the colors chosen symbolize specific values. Additionally, the speaker touched on the concept of decision paralysis, where an overwhelming number of choices can result in poor or no decisions. To address this issue, marketers can take advantage of consumers' decision paralysis by limiting choices and presenting options clearly and concisely to simplify decision-making.
The end of the session featured a brief question-and-answer portion where Prof. Swee Hoon Ang responded to the students' inquiries regarding Neuromarketing strategies. Following that, a token of gratitude was expressed to acknowledge the session's significance and educational value.
Commercial Real Estate in Germany
Speaker: Dr. Daniel Hofmann, Financial Director, Krieger Gruppe, Germany
Hyderabad, 02nd March 2023: The Institute of Management Technology (IMT) Hyderabad, on March 02, 2023, organized its fifth session of the Global Immersion Program (GIP). The guest speaker for the session was Dr. Daniel Hofmann, Financial Director, Krieger Gruppe, Germany. The speaker has experience handling over five shopping malls in Germany and many more multi-tenant projects. The session focussed on commercial real estate in Germany.
Dr. Hofmann defined commercial real estate as a business unit that generates regular cashflows. He also mentioned some key players in the commercial real estate sector, such as investors, property managers, developers, brokers, and bankers. The impact of global events such as Covid – 19 and Russia Ukraine conflict was also discussed. The speaker shed light on how the Russia-Ukraine conflict has significantly impacted the German real estate industry since Germany primarily depended on Russia for its energy requirements. Since the start of the conflict, it has seen a considerable spike in energy prices.
During the conversation on the business aspect of the real estate industry, Dr. Hofmann highlighted the essential factors for a booming shopping mall, including location, accessibility, and a steady flow of foot traffic. He emphasized the significance of having a diverse range of shops and vacancy rate in a mall. Additionally, he discussed the importance of customer satisfaction when visiting a mall and the strategic placement of stores. He also explained how malls could assist businesses in promoting their products through a range of marketing techniques.
Speaking about the finances of running a mall, Dr. Hofmann gave insights on various cash inflows and outflows, with some of the significant cash inflows including cold rents, maintenance and utility instalments, management charges, and marketing contributions. Significant outflows included utilities, maintenance, marketing, and staff personnel. Various contract terms were also discussed, most of them with annual revenue calculations. Typical contract terms such as protection against competition, rent-free period, and indexation were also mentioned.
While concluding the session, Dr. Hofmann shared some significant learnings. He suggested that the students understand and scrutinize the matter at every possible level, keeping options open and building opportunities on related topics. Subsequently, a gesture of appreciation was extended for the valuable and informative session.
The American Style of Business
Speaker: Mr. David Moyer, Public Affairs Officer at the U.S. Consulate in Hyderabad
Hyderabad, 09 March 2023: The Institute of Management Technology (IMT) Hyderabad conducted its sixth session of the Global Immersion Program (GIP) on the campus. The session's distinguished speaker was Mr. David Moyer, Public Affairs Officer at the U.S. Consulate in Hyderabad. Mr. Moyer had joined the U.S. State Department in 2003 and brought a wealth of experience with him from his time-spent working abroad and as the deputy director of the U.N. Political Affairs office. Prof. (Dr.) Nitin Gupta, Professor at IMT Hyderabad, presented the inaugural address by welcoming the speaker & the attendees.
The speaker’s session on “The American Style of Business” was focused on elucidating the customary work culture and business norms prevalent in the United States and how they differ from those in India. He compared and contrasted the working cultures of both countries, underscoring the more informal nature of American business practices. Mr. Moyer discussed the variations in behaviour and customs among different regions of the United States. For instance, he pointed out the differences in the way people greet each other on the East and West coasts. He highlighted the importance of maintaining personal space and refraining from unnecessary physical contact, which are regarded as crucial etiquettes in the US.
He underscored the importance of two key values in American work culture: punctuality and achieving a work-life balance. He emphasized the importance of punctuality, and arriving on time to meetings and appointments is regarded as a hallmark of professionalism and respect for others' time.
Furthermore, he provided insights into the communication practices that are typically observed during meetings in the US. He noted that meetings in the US are characterized by direct and concise communication, with an emphasis on efficiency. However, criticism is often communicated indirectly to avoid causing offense or discomfort.
Mr. Moyer pointed out the importance of upholding a respectful and professional environment in meetings by steering clear of sensitive subjects like politics, religion, and age. He also mentioned the importance of preparing an agenda in advance and taking notes during meetings to ensure productive and well-structured discussions that stay on course and serve as a record of what was discussed and decided.
After such an insightful session on understanding the American work culture and business practices, Mr. Moyer concluded the event with a question-and-answer session to resolve the students' piqued curiosity.
The 2nd edition of “Global Immersion Program” is planned between 9th February- 16th March 2022. This program aims to expose our students, to global issues affecting the business world and appreciate diverse cultures, ideas, governance, values, and business practices. Such exposure leads to an appreciation of the diversity of thought and perspectives while managing and leading organizations.
The broad objectives of this program is to make our students aware of:
|09.02.2022||Doing Business in a foreign country||Professor Kongkiti Phusavat, Kasetsart University, Bangkok, THAILAND||12 pm- Thailand | 10.30 am – IST|
|09.02.2022||Cultural norms and social practices (France)||Catherine Le Floach, Lecturer at Audencia Business School, France||(Tentative) 11 am- France | 3.30 pm – IST|
|16.02.2022||Innovation in emerging economies, Are they innovative?||Prof. Sudhanshu Rai, Copenhagen Business School||10 am -Denmark | 2.30 pm -IST|
|02.03.2022||Digital Transformation in a Post-Covid World||Professor Renato Pereira , Iscte Business School. Portugal||10:00 am -Portugal | 3:30 pm IST|
|09.03.2022||Heartfulness and Personal Leadership lessons and transformative journey||Vandana Naran and Mayra Báez (Heartfulness)||04:00 pm -IST|
|16.03.2022||The American Style of Business||Mr. David Moyer, Public Affairs Officer at the U.S. Consulate in Hyderabad||10:30 am -IST|
|16.03.2022||Cross-culture management||Professor Mielly Michelle, Grenoble Ecole de Management (France)||10:00 am -France | 2:30 pm IST|
|16.03.2022||Global capital markets||Prof. Ata Assaf , University of Balamand||1:00 pm -Lebanon | 4.30 pm -IST|
Doing Business in a foreign country
Speaker: Professor Kongkiti Phusavat, Kasetsart University, Bangkok, THAILAND
Institute of Management Technology (IMT), Hyderabad organized the second edition of 'Global Immersion Program' (GIP) commencing on the 9th of February 2022. The month-long program aims at the fundamental objective of exposing the B-school candidates to various societies, thoughts, and administrations across the globe.
The event commenced with a welcome address by Prof. (Dr.) Manoj Das, Chairperson - International Relations Committee (IRC) of IMT Hyderabad. He introduced the audience to the speaker of the inaugural session of GIP 2021–23, Prof. Kongkiti Phusavat, Professor -Department of Industrial Engineering and Management, Oulu University, Finland. He also articulated the important worldwide issues influencing the business world and various values and strategic approaches that would bring about enthusiasm in the students towards differentiated thoughts and points of view in their process of driving associations.
The event included an official address by Prof. (Dr.) Venkata Chakrapani C, Dean (Academics), wherein he introduced the first speaker for the day, Prof. Kongkiti Phusavat. This followed a comprehensive prologue of Prof. Phusavat narrated by Ms. Srividya Racharla, a PGDM first-year student.
The speaker delivered a session on "Doing business in the foreign country." The discussion intended to be aligned with his associations with the World Bank Group on the "Ease of Doing Business." He iterated that such policy-making decisions endowed trust. He also exemplified that the research added to be a significant apparatus for the private area, common society, the scholarly world, columnists, and others, expanding comprehension of worldwide issues.
He emphasized the significance of Ease of Doing Business, which included featuring the elements of governance for small and medium-sized firms in regular routines along with giving essential and adequate insights to the public authority for planning a sound business organizational strategy. He further pointed out the particular procedure of the Ease of Doing Business that encompasses a total of five significant stages, right from starting a business to arriving at the phase of working in a safe business climate.
Prof. Phusavat examined the orders and authorizations during the pandemic that prompted a disintegrating decrease in the public trust towards the public authority in different nations everywhere. He additionally acknowledged India's rise in the 'World Bank's Ease of Doing Business Ranking 2020' from 77th rank in 2019 to 63rd rank in 2020. The speaker shared his perspectives on the profoundly disruptive environment resulting from the pandemic and iterated on the disturbance caused in the entire supply chain. The conversation further consolidated the intricacies looked by nations towards the investment and relocation decisions and geopolitical risks coming sooner rather than later. The event came to a close with a back-and-forth discussion among the students, the Professors, and the Guest Speaker. It was trailed by a statement of gratitude to the speaker for an enriching session.
Cultural norms and social practices (France)
Speaker: Catherine Le Floach, Lecturer at Audencia Business School, France
Institute of Management Technology (IMT), Hyderabad organized the second session of the Global Immersion Program (GIP) on the 9th of February 2022 on the topic “Cultural norms and Social Practices in France.” The session was addressed by Prof. Catherine Le Floach, Professor - Audencia Business School, France. She briefly covered the various cultural norms being followed in France and how they make France different from the world.
The session commenced with Prof. (Dr.) Manoj Das, Assistant Professor & Area Chairperson - Marketing, IMT Hyderabad, welcoming the speaker and students for the session. It was followed by a brief introduction of the speaker by Ananth Bharani, a PGDM first-year student. The speaker began by understanding the students’ expectations from the session and talked about how a tourist must be prepared before visiting France. She accentuated that people travelling to France must understand basic French for a quick and easy conversation with the local population. She elaborated that several local rules are also to be learned, such as that the tourists are expected to stand on the right side of the escalator in France.
Additionally, she stated the presence and commonality of numerous protests and strikes in France since, as a part of the French culture, complaining about anything is relatively normal, and protests and strikes are an eminent part of it. She also emphasized the prevalence of nonverbal communication and cues in France. She followed it up with a light, fun activity wherein the students guessed the words using signs and symbols.
Prof. Catherine Le Floach also elaborated on the social practices to be followed and kept in mind while joining any French team. She explained the significance of coffee breaks as a time wherein a person can acquire essential information as the whole team comes together for a short interaction. She explained that although meetings generally in many cultures are supposed to end in a result, in French culture, meetings are believed to be for quality discussions, and more often than not, teams do not come to conclusions. She also exemplified her experience of having cross-cultural teams from different countries across the world and explained their leading methods for meetings and discussions.
Prof. Catherine also mentioned that being a little late is considered reasonably acceptable in the French culture and highlighted the reality of a 35-hour French workweek with several real-life examples. She explained how French culture forbids discussing corporate compensation and benefits in public and concluded her presentation by elaborating about the social securities in France.
The session came to a close with a question-and-answer session where Prof. Catherine Le Floach resolved the curiosity of students through various questions regarding France and its culture. It was followed by a vote of thanks for such an insightful session.
Innovation in emerging economies, Are they innovative?
Speaker: Prof. Sudhanshu Rai, Copenhagen Business School
Hyderabad, 16th February 2022: Institute of Management Technology (IMT), Hyderabad, hosted the third session of the Global Immersion Program (GIP) on 16th February 2022. The eminent speaker and guest of honor for the session were Prof. Sudhanshu Rai, Professor - Copenhagen Business School, who discussed "Innovation in emerging economies, Are emerging economies innovative?". Prof. (Dr.) Manoj Das, Assistant Professor & Area Chairperson - Marketing, IMT Hyderabad, presented the inaugural address by welcoming the speaker & the participants, after which Sai Supraja Ramraj, a first-year PGDM student, briefly introduced the speaker.
Elaborating on innovation, the speaker talked and explained different myths and facts about it. He briefly discussed how innovation is different from invention and how entrepreneurs drive innovation in the real world, as opposed to the common viewpoint that entrepreneurs are the creators of innovation. Additionally, he discussed India's innovation practices that had constantly happened for thousands of years even before entrepreneurs became a reality, as Indians used to live in a closed-knit society and frequently innovated several non-industrial products as a group.
Further supporting his point, he highlighted the example of Elinor Ostrom's theory. He explained that cultures share the knowledge and that clusters of industrial activities have been in society for thousands of years, innovating for decades. Prof. Sudhanshu Rai discussed Schumpeter's theory and the theory of material culture along with its flaws. According to him, immaterial culture is the science present in us, and it enables the entrepreneurs to make material culture. He explained the two fundamental approaches to understanding innovation & data, the first being the Evolutionary method, which is slow but powerful and lasts over time, and the second being the Scientific method, which is data-driven, analytically dominated, and short-lived. He exemplified that, generally, industries use scientific methods; however, Indians have been using evolutionary methods for many years. He mentioned that innovation is driven by the community in India and is based on empirical evidence rather than deductions.
In addition, he spoke about India's shift from the traditional way of innovation to the industrial way. According to him, traditional industries of India are dying due to lack of innovation as young innovators prefer to go into new-age industries, but this causes problems as many new industries are not sustainable.
Prof. Sudhanshu summarized the session by defining innovation as "a system of thought that has a potential to adapt and adopt existing knowledge in the pursuit of novel ideas." He concluded by explaining that innovation is not always positive; some innovations have a positive impact, while others have a negative effect. He reiterated that new innovators must strive to create a sustainable environment where traditional knowledge can be preserved and applied to modern problems.
The session was followed by a brief interactive question and answer session between the students, the professors, and the guest speaker, after which the students expressed their sincere gratitude and thanked the speaker for such an insightful session.
Digital Transformation in a Post Covid World
Speaker: Prof. Renato Pereira, Professor - ISCTE Business School, Lisbon, Portugal
Hyderabad, 2nd March 2022: Institute of Management Technology (IMT), Hyderabad, hosted the fourth session of the Global Immersion Program on 2nd March 2022. The speaker for the session was Prof. Renato Pereira, Professor - ISCTE Business School, Lisbon, Portugal, who discussed the topic "Digital Transformation in a Post Covid World." Prof. (Dr.) Manoj Das, Assistant Professor & Area Chairperson - Marketing, IMT Hyderabad, presented an official welcome address wherein he welcomed the speaker and the participants, which was followed by a brief introduction of the speaker by Sri Vaishnavi Atreyapurapu, a first-year PGDM student.
The speaker talked about and explained five key trends. The first trend he spoke about included the rise of China and its influence on the whole world; since the country has no traditional salary increase mechanism; hence it can keep cheap labour for disposal. The second trend was the Easy (fake) money policy, where he elaborated the fall of currencies by their nominal value in terms of purchasing power; oil prices have been on the rise for a long time. He mentioned that Bitcoin and Crypto have remained in the news constantly; however, this technology has a long way to go because of the volatility involved in using Bitcoin. He highlighted the two types of blockchain and the users of those blockchains. Prof. Pereira informed about the formation of the first crypto bank in the US and how it facilitated efficient access to crypto trading, financing, and other governance services. He then explained the relationship between China and Crypto. He also narrated the impact of China's renewed crackdown on this currency that cost the total digital market around four hundred billion dollars in value.
Prof. Pereira mentioned that China had released a digital version of its currency Yuan, although it is not an official cryptocurrency. He informed that El Salvador was the first country to accept Bitcoin as the official currency on 7th September 2021. The third trend that the speaker talked about was Climate Change which has been evolving for the past 50 years. The speaker also explained Globalisation's reversion as the fifth trend and the different international conflicts like the US vs. China Trade War, China vs. Hong Kong, and Taiwan.
Prof. Pereira explained how Covid-19 had been the most impactful global event ever. He talked about the various changes that took place after Covid came into existence. The speaker said this "new normal" is about increasing digital communication and 'global' being replaced by 'regional.' He explained the importance of AI in developing vaccines. He took names of various Indian Fintechs to explain the role that they are playing in the GIG market. He then explained what Hype Cycles are and how they work in five stages.
The session was followed by an interactive question and answer session between the students, the professors, and the guest speaker. Afterward, the students expressed their sincerest gratitude and thanked the speaker for an insightful session
Heartfulness and Personal Leadership Lessons And Transformative Journey
Speaker: Ms.Vandana Naran from South Africa and Ms.Mayra Báez from Columbia
Hyderabad, 9th March 2022: Institute of Management Technology (IMT), Hyderabad conducted its fifth session of the 'Global Immersion Program' (GIP) on 9th March 2022. The session was delivered on 'Heartfulness and Personal Leadership lessons and transformative journey' by Ms.Vandana Naran and Ms.Mayra Báez. Ms. Vandana is a Heartfulness Practitioner and Trainer from South Africa who has practiced Heartfulness meditation for over ten years. Ms. Mayra Báez, an expert on digital communications from Columbia, has pursued a Bachelor's degree in Political Science from the National University of Colombia and training from Google, the University of Pennsylvania, and Stanford. The event included a comprehensive introduction of the speakers narrated by Ms. Supraja Ramraj, a PGDM first-year student.
Ms. Vandana initiated with exchanging insights about the diverse culture of South Africa and the different languages spoken there. She emphasized the collaboration of art and creativity with cultural diversity and illustrated real-life examples describing her involvement and exploration around various facets of culture. Furthermore, she explained the importance of integration over the balance between personal, professional, and social life. Ms. Vandana mentioned that patience and discipline are the qualities that play an instrumental role in the transformational journey; being courageous to step out of the comfort zone and explore new things is of utmost importance as it helps individuals face challenges and adversities in life. She contemplated on the fact of being calm and compassionate while interacting with people over aggression. The speaker iterated about the fundamental principles of Heartfulness that help individuals transform into the best and most authentic version of themselves.
The session was taken forward by the second speaker Ms. Mayra Baez who spoke eloquently on the topic of 'The real journey happens within you.' She commenced by highlighting her childhood years in Columbia through the movie Encanto and emphasized the importance of traveling to various places within Columbia that had played a part in her becoming the woman she is now. Further, she showcased the positive side of her country through the natural diversity and essential personalities of Columbia and the negatives of having the longest-running internal war and political strife.
She then described the role of these factors in shaping up her growing year while also highlighting the importance of education in her life and her decision to pursue political science to help heal her country. The speaker took us through her life events, starting with the highs of traveling to Stanford, Rome, working for the refugees, meeting Vincent Cerf to the lows of experiencing anxiety, sleep disorder, and clinical depression. Finally, she affirmed that status, money, material experiences do not necessarily guarantee happiness, and life is an emotional roller coaster. Everyone needs stabilizing energy which she found in meditation. She enumerated the benefits of meditation in her life and how acceptance and self-awareness were the keys to happiness.
The session ended with a discussion among the students, the Professors, and the Guest Speakers, followed by a statement of gratitude to the speakers for an enriching session.
The American Style Of Doing Business
Speaker: Mr. David Moyer, Public Affairs Officer at the U.S. Consulate in Hyderabad
Hyderabad, 16th March 2022: Institute of Management Technology (IMT), Hyderabad hosted the sixth session of the second edition of the Global Immersion Program (GIP) on 16th March 2022. The speaker for the session was Mr. David Moyer, Public Affairs Officer at the U.S. Consulate in Hyderabad. He talked about the ‘American style of doing Business.’ Prof. (Dr.) Manoj Das, Assistant Professor and Area Chairperson- Marketing, IMT Hyderabad, officially welcomed the speaker and the participants, followed by a brief introduction of the speaker by Soumya Dixit, a first-year PGDM student.
The speaker started the presentation by highlighting the popular series, The Office, and its insight into doing business in the U.S. He spoke on the less formal workplace culture where everyone addresses each other on a first-name basis. He mentioned that the American work culture is focused on establishing equality among colleagues and bosses alike. Having worked with the U.S. Government for 19 years, he said different bosses have different expectations, and it is always better to be more formal until one gets familiar with the boss. Mr. Moyer elaborated that the hierarchical nature varies from state to state in the U.S. itself, and the financial capital, New York City, is much more formal than Silicon Valley, where the work culture is primarily casual.
Mr. Moyer narrated his experience of working in Japan and Mexico, where handshakes were not the standard way of greeting. He informed that a slight bow at the waist is the norm of greeting in Japan, whereas a kiss on the cheek in Mexico is acceptable. He highlighted the cultural differences at the two places and compared it to the American style of greeting, where a firm handshake is considered a sign of confidence. He explained that the non-contact culture is quite prominent in the U.S., and physical contact has been minimalized greatly with the pandemic.
The speaker explained the importance of work-life balance. He talked about the significance of proper separation between work time and personal time. He mentioned that a 40-hour week is a general norm in the U.S, and it is considered impolite to engage in work talks on holidays. However, he highlighted that working overtime is not that uncommon, and there are strict labor laws in the U.S. that ensure employees are compensated for their extra time. He mentioned that the concept of TGIF (Thank Goodness it’s Friday) had been made famous for taking a break and relaxing on the weekend.
Mr. Moyer also talked about the value of time in the U.S. work culture. He informed that employees are expected to be direct and precise in their conversations. He also mentioned that the work culture in America does not encourage discussion on topics like politics, age, salary, religion as people are sensitive to such issues. He elaborated on the process of conducting meetings and dressing style in U.S. Corporates.
The session was followed by an interactive question and answer session where students cleared their doubts and queries. The students expressed their sincerest gratitude and thanked the speaker for an insightful session.
Cross Culture Management
Speaker: Prof. Mielly Michelle from Grenoble Ecole de Management (France)
Hyderabad, 16th March 2022: Institute of Management Technology (IMT), Hyderabad, hosted the seventh session of its Global Immersion Program on 16th March 2022. The speaker for the session was Prof. Mielly Michelle from Grenoble Ecole de Management (France), who discussed the topic "Cross-culture management". An official welcome address was given by Prof. (Dr.) Manoj Das, Assistant Professor & Area Chairperson - Marketing, IMT Hyderabad. After a warm welcome by Prof. (Dr.) Manoj Das, Sri Vaishnavi Atreyapurapu, a first-year PGDM student, briefly introduced the speaker.
At the beginning of the session, Prof. Mielly Michelle talked about herself and used her experience as an example to stress the importance of cross-cultural management as a person born and raised in America and living in France for over 20 years. Then she discussed global rage and said there is a massive outpouring of paranoid hatred. In addition, she briefly addressed racism, intolerance, and misogyny on the internet. Prof. Mielly Michelle discussed the VUCA model, which refers to four characteristics of operational environments: volatility, uncertainty, complexity, and ambiguity. According to her, the acronym VUCA seems appropriate due to current uncertain and volatile conditions.
She briefly touched upon the theory of time compression based on Dave Harvey's work, also known as space decay. She mentioned that the value of space is declining, and everything is now moving faster. Her discussion then turned to the current situation and the direction we are heading, Ethnocentrism, which means to judge from a single perspective, and Ethno-relativism, which means to evaluate from multiple perspectives. Then she explained to the students that othering is a psychological tactic that we use to survive and enables us to determine that an individual or group is not one of us based on their age, sexual orientation, religion, gender, skin color, or political affiliation. She said to combat this issue; managers should cultivate empathy, which is putting yourself in others' shoes, and tolerance of ambiguity.
Further, she talked about the word foreigner, which originates from an old French word meaning stranger. Diversity management can help us better embrace our differences to understand others' differences in our daily lives.
Later, she discussed Hofstede's culture dimension and Schein's reverse pyramid of culture. She elaborated a brief outline of the Hofstede model of national culture is presented, consisting of power distance, individualism versus collectivism, feminism versus masculinity, and uncertainty avoidance. In addition, she stated that individualists often have a lower power index than collectivists. Her final point was on the Pygmalion effect, how our actions impact others' beliefs, and how others' actions reinforce our beliefs.
The session was followed by an interactive question and answer session between the students, the professors, and the guest speaker. Afterward, the students expressed their sincerest gratitude and thanked the speaker for an insightful session.
Global Capital Markets
Speaker: Dr. Ata Assaf, Professor, University of Balamand, Lebanon
Hyderabad, 16th March 2022: Institute of Management Technology (IMT), Hyderabad hosted the eighth session of the second edition of the Global Immersion Program (GIP) on 16th March 2022. The speaker for this session was Dr. Ata Assaf, Professor, University of Balamand, Lebanon, who talked about Global Capital Markets. An official welcome address was given by Srividya Racharla, a first-year PGDM student.
Dr. Assaf started his presentation by asking what is unique about international finance or the global market and then gave a brief explanation. The speaker used the example of fluctuating global oil prices to explain this. He also emphasized the emergence of global financial markets and people interested in the same. The first part of the session included introductory discussions about trade liberalization, privatization, and various financial innovations such as – Currency futures and options, multi-currency bonds, cross-border stock listings, and international mutual funds.
The speaker concisely explained a Short Sale as a sale in which the seller does not actually own the security sold and further explained how the investor benefits from it. Dr. Ata Assaf explained the classification of the securities in basic types and major sub-types; he highlighted that there are three basic types of securities- interest-bearing, equities, and derivatives. The speaker further explained by giving an example on fixed-income securities price quotation.
Dr. Ata Assaf gave an elaborate explanation on the world's bond market and threw some light on how the total market value of the world's bond market is 50% larger than the world's equity market. He further told about the difference between the Bearer Bonds and the Registered Bonds. He highlighted the colorful names of the foreign bonds by giving examples of Yankee Bonds, Samurai Bonds, and Bulldogs. The speaker further accentuated that a global bond is an extensive bond offered by a single borrower simultaneously sold in North America, Europe, and Asia.
The speaker mentioned the different types of instruments used in global capital markets and explained the dual currency bonds in which principle is in one currency whereas interest paid is in some other currency. He further explained Straight Fixed Rate Debt and Floating Rate Notes. Dr. Assaf further threw some light on Equity Related Bonds and described convertibles and bonds with equity warrants. The speaker also shared websites of some reputed organizations that can determine the international bond market credit ratings.
Dr. Assaf explained the difference between common and preferred stocks. He mentioned that in international Equity Markets, over 90% of the total market capitalization of the world's equity market is accounted for by the market capitalization of the developed world.
The speaker also talked about stock funds, long-term funds, investment companies, fund types, futures, and mutual funds. The session was followed by a brief question and answer session where the speaker answered some students' queries. The students expressed their sincerest gratitude and thanked the speaker for an insightful session.