The overall demand in the residential gross revenues market is present in the low / mid sections nevertheless volumes likely to stay inactive in expectancy of farther diminution in monetary values. The premium section of residential belongingss has slowed down by a considerable degree from both the supply and demand aspect across the state. Mismatch in monetary values still exists as developers opine limited range of farther monetary value rectification whereas purchasers are expecting farther diminution. Mid-segment lodging is expected to stay the most favorable option among developers particularly looking at its demand across the board.
To provide the mid-segment demand, developers are reconstituting their bing under building undertakings through altering specifications and diminishing unit size. A host of developers initiated a few innovative/ attractive strategies such as the payment of few EMIs for the clients who lost their occupations, buy-back offer, rent today ain tomorrow. However, these enterprises have failed to re-vitalize the minutess.
Therefore the developers alternatively of take downing the monetary values further and increasing lodging units, are embarking towards new options of adding more value to their abodes by roll uping in consumer lasting merchandises like air-conditioners, telecastings, rinsing machines, dish washers etc into their flats, so that it attracts the terminal consumer, who would now acquire extra mixtures in his flat and hence would hold to pay an extra premium without much vacillation. This is an aggressive attack selected by the premium developers and therefore there is a demand to analyse the market scenario now to happen out whether this would be a fruitful scheme to increase the demand.
For Consumer Electronics companies like LG, this serves to be a immense concern chance, as strategic confederations with Premium developers can take to long-run sustainable growing for the company. Therefore there is a demand to rapidly scan the residential market for a better apprehension of the developers demands and upcoming chances in this sector.
Besides the demand for hotels has been lifting in the last 5 old ages as the flow of tourer and concern travelers have increased in India. The hotels of India presently have a supply of 110000 suites. It is presently short by 150000 suites. The Common Wealth Games 2010 is expected to increase the flow of tourers in India. With demand-supply disparity, ‘Hotel India ‘ room rates are most likely to lift 25 % yearly and tenancy to lift by 80 % , over the following two old ages. Therefore a elaborate research is required to capitalise the turning Hospitality Industry and to outshine the rivals in this sector.
The research undertook by me serves to carry through the above outlooks by fixing an chance landscape for LG and chalk out new Selling Schemes, Product Focus, Positioning and Distribution Strategies to work these approaching chances.
About the Industry
Before the liberalisation of the Indian economic system, merely a few companies like Kelvinator, Godrej, Alwyn, and Voltas were the major participants in the consumer durables market, accounting for no less than 90 % of the market. Then, after the liberalisation, foreign participants like LG, Sony, Samsung, Whirlpool, Daewoo, and Aiwa came into the image. Today, these participants control the major portion of the consumer durables market. Consumer durables market has grown at 7.1 % over the old twelvemonth with an industry CAGR of 20.3 % for the period 2004 to 2009 in footings of rupees. It is turning really fast because of rise in life criterions, easy entree to consumer finance, and broad scope of pick, as many foreign participants are come ining in the market.
With the addition in income degrees, easy handiness of finance, addition in consumer consciousness, and debut of new theoretical accounts, the demand for consumer durable goodss has increased significantly. Merchandises like rinsing machines, air conditioners, microwave ovens, colour telecastings ( CTVs ) are no longer considered luxury points. However, there are still really few participants in classs like level panel shows ( FPDs ) , vacuity cleaners, and dish washers.
Consumer durable goodss sector is characterized by the outgrowth of MNCs, exchange offers, price reductions, and intense competition. The market portion of MNCs in consumer durable goodss sector is 72 % . MNC ‘s major mark is the turning in-between category of India. MNCs offer superior engineering to the Consumers whereas the Indian companies compete on the footing of steadfast appreciation of the local market, their well-acknowledged trade names, and keep over broad distribution web. However, the incursion degree of the consumer durable goodss is still low in India.
Categorization of Consumer Durables Sector
Electronicss: covering telecastings, DVD participants, wireless sets, tape recording equipments, cameras, electronic constituents and industrial electronics
Consumer contraptions: representing air conditioners, iceboxs, rinsing contraptions, run uping machines, electric fans, tickers and redstem storksbills, cleaning equipments, cooking contraptions and other domestic contraptions.
Computers and peripherals: covering desktops, laptops, pressmans, routers, UPS, inverters, difficult disc thrusts and other peripherals.
Mobile phones: GSM and CDMA
Telecommunications: covering telephone instruments, EPABX, radio communicating equipment and other telecom equipment
Others: include assorted electronics merchandises
Scope
In term of buying power para ( PPP ) , India is the fourth largest economic system in the universe and catch Japan in the close hereafter become the 3rd largest.
Indian consumer lasting market is expected to make $ 400 billion by on 2010
India has the youngest population amongst the major states. There are tonss of people in the different income classs about the two 3rd population is below the age of 35 and about 50 % is below 25.
There are 56 million people in in-between category, who are gaining US $ 4,400-US $ 21,800 a twelvemonth. And there are 6 million rich families in India.
The upper-middle and high-income family in urban countries are expected to turn to 52.4 million by 2010 as against 14.6 million in 2000.
Opportunity
In India the incursion degree of white goods is lower as compared to other developing states.
Unexploited rural market.
Rapid urbanisation.
Increase in income degrees, i.e. addition in buying power of consumers.
Easy handiness of finance.
Menaces
Higher import responsibilities on natural stuffs.
Cheap imports from Singapore, China and from other Asiatic states.
Entire market size of electronics and contraptions industry in India is estimated at US $ 27.38 billion for the twelvemonth 2008-09
Research Outline
The residential existent estate sector in India is turning at a phenomenal rate, despite the recent economic lag. This sector opens up an tremendous chance landscape for consumer electronics companies, as lifting demand for houses will travel manus in manus with lifting demand for family electronic contraptions like telecastings, iceboxs, air-conditioners, microwaves etc. Therefore updated and equal Business Intelligence of this sector is of extreme importance to Consumer Electronics companies so that they can place new concern chances and upcoming tendencies in lodging undertakings, every bit good as the altering demands of the terminal consumer.
The most recent development that has been observed in the residential existent estate sector across India is of Durables Bundling. This refers to packaging of Consumer contraptions along with the residential infinites, thereby deploying an electronically furnished/semi-furnished lodging to the terminal client as a individual bundled merchandise. This tendency of Durables Bundling could intend immense concern chances for Consumer Electronics companies as orders for electronic contraptions for builder undertakings are in majority, and strategic confederations with builders can convey a batch of concern in hereafter.
This research evaluates the chances available for LG Electronics in the Indian market for Durables Bundling in Residential Real-estate sector.
Key Research Objective
The cardinal research aim is to measure the current market for residential existent estate and range for durable goodss roll uping in residential existent estate.
Real estate sector in India
The hereafter of the existent estate sector in India is traveling to be guided by two of import factors, viz. suited amendments in the Foreign Direct Investment ( FDI ) guidelines in townships, lodging, built-up substructure and building -development undertakings every bit good as abolishment of Service Tax on the building industry particularly the lodging sector. Conversely, if the abolishment per Se is non possible so drastic alterations in the bing Service Tax norms is the demand of the hr. This Sector is already overburdened with revenue enhancements ; any farther infliction of revenue enhancements in any signifier would adversely impact the growing of this sector of the economic system.
The importance of the Real Estate sector, as an engine of the state ‘s growing, can be gauged from the fact that it is the 2nd largest employer next merely to agriculture and its size is near to US $ 12 billion and grows at approximately 30 % per annum. Five per cent of the state ‘s GDP is contributed by the lodging sector. In the following three or four or five old ages this part to the GDP is expected to lift to 6 % .
The Real Estate Industry has important linkages with several other sectors of the economic system and over 250 associated industries. One Rupee invested in this sector consequences in 78 paise being added to the GDP of the State. A unit addition in outgo in this sector has a multiplier consequence and the capacity to bring forth income every bit high as five times. If the economic system grows at the rate of 10 % the lodging sector has the capacity to turn at 14 % and bring forth 3.2 million new occupations over a decennary.
The Tenth Five-Year Plan estimated a deficit of 22.4 million brooding units. Therefore, over the following 10 to 15 old ages, 80 to 90 million lodging brooding units will hold to be constructed with a bulk of them providing to middle and lower income groups. The investing required for building the houses and related substructure in this period would, therefore, be to the order of US $ 666 billion at approximately US $ 33 billion to US $ 44 billion per twelvemonth.
Furthermore, this sector has witnessed a jet in demand non merely in residential belongings but besides in commercial belongings. A fast turning country is the I.T. and I.T.-enabled services along with the BPO roar. Estimates worked out show that 42 million sq. ft. of infinite will be required every twelvemonth boulder clay 2008, merely in I.T. and I.T.-enabled services particularly in the metropoliss like Bangalore, Chennai, Hyderabad and Pune, which is besides now bit by bit switching to North India.
Following the fiscal daze, there has been a paradigm displacement in the perceptual experience of hazard, ensuing in a liquidness crunch and weakening demand. For most Indian existent estate markets, this has been made worse by the over-building. In line with the old one-fourth, Q1’09 continued to witness low soaking ups ; increasing vacancy rates ; diminution in leases and a sharper diminution in capital values ; and increasing cap rates. However, in contrast to the old one-fourth, there was more involvement expressed in leasing and geting belongings. Undertakings launched at competitory monetary values received a good response.
Office lease values between Q1’08 and Q1’09, have witnessed a bead by 10 to 30 per centum across major tube. This per centum will be higher if we compare Q1’09 leases with peak leases in mid – 2008. With enlargement programs on clasp and houses looking to cut down their operating expenses, most markets are witnessing add-on to the stock list through infinite available for sublet. Mentioning rectification in office leases, renters are seeking rental renegotiations and more inducements from landlords. The seeable downward force per unit area on leases is likely to go on in the short term.
In the residential market, affordability continues to be the cardinal mantra. While the industry grapples to specify affordability, the realisation has drawn that the key to low cost lodging lies in the pricing of land and its location with regard to employment centres. Buyers continue to keep on, due to the perceptual experience that monetary values will fall farther. On the brighter side, the residential sector is going more inclusive, as lower monetary values are leting more people to ain houses. First clip place purchasers remain a cardinal demand driver.
Recent Economic Developments in Real-estate sector in Q1, 2009
India ‘s GDP growing rate for the financial twelvemonth 2008-09 is expected to stay low when compared to old old ages. The International Monetary Fund ( IMF ) has estimated it as 6.25 per cent as against authorities ‘s estimation of 7.1 per cent.
Inflation declined from 5.24 per cent to 0.26 per cent in the first one-fourth of twelvemonth 2009 on history of weak demand and falling trade good monetary values.
The rupee has depreciated near to 5.75 per cent against the dollar from January 2009 to March 2009 and reached at approx INR 51 a dollar. It is improbable to retrieve well until foreign fund influxs improve.
The Sensex was traveling between 8,000 to 10,500 while Nifty was vibrating between 2,600 to 3,200 points in Q1’09 ; the marks of all the ups and downs were clearly seeable on the BSE ‘s Realty index.
Cash Reserve Ratio ( CRR ) and Repo Rate were reduced from 5.5 to 5.0 per cent while the Reverse Repo Rate was decreased by 50 footing points from 4.0 to 3.5 per cent during the same period.
The nucleus substructure industries grew at a rate of 1.4 per cent in January 2009 when compared to the 3.6 per cent recorded in January 2008 severally.
The authorities presented an interim budget chiefly concentrating on the authorities ‘s flagship programmes and allocated INR 141,703 crore for defense mechanism, INR 30,100 crore for the National Rural Employment Guarantee Scheme, INR13,100 crore for Sarva Shiksha Abhiyan, INR 11,842 crore for JNNURM and INR 40,900 crore for Bharat Nirman.
Assorted cardinal and province authorities policy enterprises such as the amendment in FDI regulations and SEZ act, cut in bank rates and an addition in the FII bound on INR-denominated instruments from US $ 6 billion to US $ 15 billion is likely to assist to better the Investment environment in the state.
Research Methodology
Step 1-Identification of Top 7 Urban metropoliss of India
The Government of India uses two ranking systems to apportion compensatory allowances to the metropoliss in the state. The list classifies metropoliss in India based on two parametric quantities – Compensatory City Allowance ( CCA ) , farther divided into classs A-1, A, B-1 and B-2, and House Rent Allowance ( HRA ) , farther divided into classs A-1, A, B-1, B-2 and C. This categorization was ab initio based on the recommendations of the Fifth Pay Commission of India ( 1997 ) . City positions were subsequently revised based on the consequences of the 2001 Census of India. The undermentioned list classifies top 7 Indian metropoliss based on their CCA and HRA positions.
Therefore the 7 metropoliss used for Business Intelligence Analysis on Consumer Durables roll uping were:
Delhi & A ; NCR
Bombay
Calcuttas
Madras
Bangalore
Hyderabad
Ahmedabad
Measure 2- Identification of Top 15 Residential Real-estate developers in each metropolis
The Ranking of Premium Residential Developers was based on the undermentioned standards:
Entire Grosss
Market Share
Square pes of infinite developed per annum
The list of Premium developers for the Top 7 Indian metropoliss is as follows: –
Number of Projects that involve Durables bundling:
Entire investing in Premium lodging undertakings:
Current demand of Premium to the full furnished flats in Indian metropoliss and future growing chances ( Market size and incursion )
ROI comparing: Luxury flats v/s Conventional Housing
Investing in Consumer Durables as a factor of the entire investing in a Premium Residential Research.
Cost of durable goodss per flat/Cost of each flat
PRODUCT SELECTION
Choice Standards
Features
Quality
Size
Monetary value
Brand perceptual experience
Past experience
Alliances with sellers
Consumer demand
Others ( delight specify )
PROCUREMENT PROCESS
Who all are involved in the procurance procedure?
Who decides the pick of merchandises to be installed?
How the ordination of merchandises is done?
What are the payment footings ( Credit period, Discounts, Taxes etc ) ?
What is the lead clip and frequence of supply of durable goodss?
Single seller or Multiple sellers
PURCHASE CYCLE
Purchase rhythm for Durables procurance
Phases in purchase procedure
Commercial Footing
Monetary value
Taxs and responsibilities
Recognition footings
Discounts
Annual Maintenance Contracts
Method of payment
PRODUCT MAINTENANCE
Who would be responsible for the merchandise care ( Builder/Owner ) ?
How the support will be provided?
CURRENT Scenario
Current Sellers
Satisfaction Degrees
Merchandise public presentation
Monetary value
Repute
Footings and conditions
Delivery
Service support
Expectation Gaps ( unmet current demands )
Areas of Dissatisfaction
Willingness to switch to different sellers if better trade offered
Expectations from a new seller
FUTURE SCENARIO
Plans for buying new consumer durable goodss for future undertakings ( future demands )
What are the future outlooks from these merchandises in footings of design, features etc
Scope for future affiliations with new sellers
Awareness about new engineering merchandises in the market for eg. LCD, LED, Plasma telecastings etc.
Measure 5- Conducting Depth Interviews with Developers
A set of elaborate and comprehensive personal interviews of taking Residential Real-estate developers was conducted by me, to understand the demand of consumer electronics and the procedure of Durables roll uping which is seen as the biggest emerging tendency in residential sector for consumer lasting goods.
The interviews focused on:
Factors for choice of Consumer Durables to be bundled in abodes
Procurement Procedure
Purchase Cycle
Commercial Footings
Product care of Bundled goods
Current scenario
Future anticipations
A sum of 111 interviews were conducted by me during the term of office of my internship.
Measure 6- Preparation of Research Transcripts
Research Transcript is an electronic database, used for speedy mention and statistical analysis of descriptive information. After carry oning the interviews, the information gathered is so stored into research transcripts, which is so used by Senior Management to analyse the market conditions and analyze the hereafter tendencies.
Research Transcript is a belongings of LG India and hence can non be shown by me in this study.
Measure 7- Define Opportunity Landscape for LG
This involves analysing the collected information, and change overing this information depository into concern intelligence for LG India by chalking out a Market Strategy, Product Focus, Positioning and Distribution Strategy. This is mentioned under the recommendations subdivision.
Key Findingss
Mumbai
Delhi
Affected by the labored liquidness conditions, little local developers are happening it hard to get down renovation of premium residential undertakings in the metropolis at the coveted gait. This resulted in an undistinguished add-on of new supply in Q1’09.
Demand has dried up for both rental and sale belongingss due to grounds such as the decreased figure of exiles, the reduced budgets for prospective functionaries, equal supply and expectancy of farther diminution in leases, among others.
Rental rates started to see a important diminution from Q4’08 onwards, after keeping position quo until Q3’08, falling in the scope of 9-28 per centum YoY in most micro-markets, except Prithviraj Road and Aurangzeb Road, due to the negligible minutess in these locations.
Contrary to rental tendencies, capital values registered a little diminution, every bit good as a fringy rise in few topographic points on a YoY footing.
On the gross revenues front, current market sentiments will stay cautious, with end-users/investors following a wait-and-see attitude in expectancy of farther autumn.
DLF launched a new research ‘Capital Greens ‘ at Shivaji Marg in West Delhi. The research received an first-class response and has a merchandise mix aiming the mid & A ; upper mid section of the society.
The first stage of the research offered 1,400 units dwelling of 2 and 3 BHK flats. The flat sizes were changing in between 1,200-1,525 sq foot. The flats were offered at a discounted monetary value in a scope of INR 4,500-5,500 per sq foot ; the monetary values were more than 30 per cent lower than the current monetary values.
GURGAON
Residential gross revenues activity in the luxury sector experienced failing in the aftermath of the predominating negative sentiments, the declining planetary economic public presentation and the unsure economic mentality for 2009. Prospective purchasers with hard currency in manus continued to derive the upper manus in the market. However, they would non perpetrate until inquiring monetary values were reduced to an attractive degree that represented a important price reduction on predominating market monetary values.
The lag in the market spilled over into the residential leasing market every bit good, with mean leases worsening in the scope of 15-35 per centum on a semiannual footing across the board, including both the cardinal and suburb locations.
Meanwhile, to shore up the activity degree in the existent estate market, the State Government decided to assign residential secret plans under a particular strategy to the distinguished legal residences of the State. The secret plans will be allotted with the anterior blessing of the Chief Minister on a 50 per centum subsidy. In another determination, the State Government besides allowed single foor enrollment in houses within the municipal bounds.
Prospective purchasers will remain alert about the effects of current economic lag on existent estate sector. However, positive market signals might emerge as local Bankss have started following less restrictive loaning policies and developers are giving attractive price reductions to entice purchasers back to the market
The Meadows, Uniworld Garden II and Park Prime & A ; Fortune Towers were launched by Unitech, EMAAR MGF and BPTP severally in the frst one-fourth of the twelvemonth. All the undertakings are offering flats in 2 and 3 BHK section
KOLKATA
Few projects/part of undertakings such as Southern Breeze, Devaloke Heights, South City, Sunrise Point, Greenwood Sonata, Clubtown Paradise and Clubtown Residency among others were completed in Q1’09.
Mahestala is developing as a new bomber market in the metropolis with the proposed airdrome at Behala and few real property undertakings like Kolkata Riverside Township, Eden City, Purti Flower are to be developed in the country.
The authorities ‘s enterprises to better local substructure such as proposed Metro Rail Extension from Tollygunge to Garia and Dum Dum to North-Western portion of the metropolis along with proposed BRTS research are expected to hike residential development along these corridors.
The mean rental values in the premium residential market declined in the scope of 15-18 per centum year-on- twelvemonth except VIP Road and Rajarhat where leases appreciated on history of better connectivity and good substructure installations. Capital values showed assorted tendency as the monetary values in some countries such as south-west Kolkata appreciated marginally by 8-10 per centum whereas few sub-markets of South and Central Kolkata declined in the scope of 10-15 per centum.
The rental and capital values are non expected to witness any important alteration in all the micro markets in Q2’09, nevertheless the capital values for premium sections may see farther rectification on history of economic lag. Developers are expected to increase their focal point towards low-cost lodging undertakings to tap associated demand.
Chennai
A lessening in building activity in the premium section was registered over the past six months, chiefly due to dead demand on the dorsum of the current economic downswing.
A figure of residential undertakings were launched in Chennai in Q1’09. Of these new launches, few undertakings such as Purva Windermere, CosmoCity and Lotus Pond by Purvankara, Provident Housing and Vijay Shanthi Builders would provide to mid section of the society.
However, the lethargy in demand for high-end belongingss in the metropolis was observed rather late compared with other metropoliss due to the limited stock available in this class. The determination of a figure of companies to cut down the volume of higher degree executives/officials in the metropolis as a portion of their cost containment programme has turned out to be a large reverse for landlords.
Leases of premier belongingss have dropped in the scope of 4-12 per cent across all premium locations over a twelvemonth. Over the same period, the lessening in capital values was chiefly between 3-14 per cent, although a few sought-after locations with limited supply, such as Boat Club and Beasant Nagar, managed to stay about stable.
On the other manus, the determination by a few large participants to diminish capital values in new/under building undertakings have reduced residential monetary values well, particularly in suburban locations. Besides, in premier locations, such as Anna Nagar, the launch monetary value of a few undertakings was about half of other bing undertakings, forcing mean monetary values in the country farther lower.
Bangalore
The bombilation word – Mid-Segment Housing – has gathered significant impulse among developers in the metropolis after they witnessed a persistently thin sales/lease volume in the premium section. Additionally, the revised low place loan rates are besides prefering the development of this section.
Developers, such as Orange Properties, Puravankara, DLF and Mantri has redesigned the merchandise mix or slashed the monetary values of ongoing undertakings to do them low-cost.
Demand continued to diminish, as evidenced by the worsening dealing volumes caused by the current wavering economic system in about all the submarkets. However, North Bangalore has seen involvement from the premium and the mid section.
Average one-year rental rates in premium section registered a downswing in the scope of 3-17 per cent in about all markets. However, North Bangalore locations witnessed a rise in rental & A ; capital values during the same period due to the beginning of new international airdrome, coupled with the development/launch of a figure of real property undertakings.
Market sentiments are likely to stay down over the following few months due to a twosome of grounds, including purchasers expecting farther softening in monetary values, the cost sensitive attack of a host of companies and the expected negative economic sentiments over the short-to-medium term.
New undertakings such as Ozone Evergreens, DLF Westend Heights, Orange Township and Mantri Mangolia & A ; Mantri Astra by Ozone Group, DLF, Orange Constructions & A ; Infrastructure and Mantri Group severally were launched in Q1’09.
Penetration of Consumer Durables in Residential Projects across 7 Indian Cities
City-wise Penetration of Consumer Durables
Note: Durabless roll uping tendency non seen in Ahmedabad residential undertakings as of now.
Penetration % of Different types Consumer Electronics ( 2009-12 )
Recommendations
The above information analysis clearly represents an increasing tendency of Consumer Durables merchandises in Residential Sector in the coming old ages, as of now the bundling is majorly restricted to different types of Air-conditioners, but it would easy but certainly move towards other electronics besides as the economic system gets stronger.
Therefore for Consumer Electronics Company like LG, this tendency presents a immense concern chance, and it can take to long-run sustainable growing if the company is able to subscribe strategic long-run partnerships with premium builders.
The company has already started working towards this and has formed long term partnerships with some premium builders like Omaxe, Parsvnath, Jaypee and Runwal Group.
The most indispensable thing that the company now needs to make is to construct an effectual and long lasting seller confederations with these developers, and that can merely be developed after the developer is convinced of the dependability and value for money of the merchandises that LG offer to them. So LG can get down by roll uping the sample flats of the premium residential undertakings with their advanced merchandises, so that the terminal consumer is pleased with this construct, and agrees to pay a premium to the builders for the electronics trappings.
Second, the after gross revenues service contract with the builder undertakings will besides guarantee that LG is able to demo its strong support service, thereby shows its committedness towards rendering high quality merchandises and services, and at the same clip will open new chances for replacement demand.
For builders that are soon non comfy with bundling of durable goodss, LG should supply them consultancy on the immense benefits that this new construct would give them, with the expertness that it has gained while working with premium builders like Omaxe, Jaypee etc
LG can besides tie-up with the builders for carry oning electronics exhibitions through its traders like Croma or can straight carry on it at the clip of ownership of these undertakings.
Learnings and Decision
The internship that I completed at LG Electronics was an highly knowing experience for me. It taught me a batch of things, both at a theoretical every bit good as a practical degree. Decision devising and squad civilization was one of the really of import qualities that I learnt in this organisation. Other than the aforesaid qualities, another really important quality is clip direction. I noticed that there were rigorous deadlines and I had to run into them at any cost, even if it meant firing the midnight oil at office. This was because, the research that I worked on had a really high chance value and therefore completion of the research in the stipulated clip period was of extreme importance for the organisation before the chance landscape is filled with outside rivals
During my internship, I besides saw the internal construction of LG and was amazed to see how many people were needed as top direction in order to run the company swimmingly. Besides a really alone thing that I noticed at LG was its unfastened civilization. Even a trainee, being at the lowest terminal of the organisational pyramid has entree to the top direction at any clip, without any limitations whatsoever. The full top direction with the likes of Chief Marketing Officer, Brand Head and Global HR Head sit along with the in-between direction, and there is no civilization of closed cabins for any of them, which was both surprising and delighting to see.
I besides got an chance to run into Mr. Yong Nam, the planetary CEO of LG Worldwide, and although it was for a really brief minute, I was truly thrilled to run into a airy like him who transcended LG to such a ascendant place of the 2nd largest consumer electronics company in the universe. When I met him I saw huge compassion and such unimportance that I got mesmerized by his presence and learnt why visionaries like him are worshipped so much. This truly helped me in working with a high degree of committedness and public presentation driven approach so that I can come out with consequences that add existent value to the organisation.
We were taught Business Research Methods in the college, but I genuinely understood the importance of the topic after working on the research. Another observation was that, due to the sandwich form of our class, which integrates direction and engineering, I was able to bridge the spread between the proficient and the concern squad of the research, and was therefore able to execute my undertakings expeditiously.
My work on Consumer Durables roll uping research on Residential Real-estate and Hospitality Industry was extremely appreciated by my Industry wise man and I am unfeignedly grateful to him and to my module wise man for their counsel and support at all times.
In decision, I would wish to state that my internship was an bewitching experience for me, one that I would retrieve for a really long clip.
