Game theory and strategy What is Game Theory: Set of concepts designed for decision making in situations of competition and conflict under specified rules. The prisoner’s dilemma: The prisoner’s dilemma is a canonical example of a game, analyzed in game theory that explains why two individuals might not cooperate, even if it appears that it is in their best interest to do so; Albert W. Tucker formalized the game with prison sentence payoffs and gave it the “prisoner’s dilemma” name.   To solve many practical problems that are encountered in economic, military or other disciplines, one has to deal with situations in which there are two or more conflicting parties striving for the same objective and the outcome of each action of one party depends solely on the opposite parties choice of a course of action. As we all know only one horse can win the race ultimately and the other parties only can prolong the race or see to that they make every possible move to delay the opponent’s success. So, what’s this game theory all about? This is a special mathematical method that was evolved mainly to analyze conflict situations where the number of competitors is finite, each participant has a definite set of actions to choose and there is a conflict of interest between the competitors. So it helped the participants to reach a decision that would put them in the winning post. This theory has spilled its implications on business situations where success is the motto and conflict and competition the order of the day. Only the best among the best survive. Darwin’s theory, “Survival of the fittest” applies not only to biological organisms but also to business organizations which are also abuzz with activity. Chance Moves: Games like chess, checkers are played according to a definite set of rules laid down and these game patterns has inspired business persons to introduce strategies in business, where the concentration is mainly focused on the chance moves that defeats the opponent. Big business corporates mainly concentrate on the strengths and weaknesses of their competitors to have an edge over them. A real game is controlled and regulated by the statutory rules to be followed but a business game involves lot of killer instincts and intuitions combined with rational thinking and logic. Optimal Strategy: The first party always puts himself in the shoes of the other party and tries to perceive how the other party would react in a particular situation. Although the aim is to win, choosing the optimal strategy is what matters. It will at least keep you in bay. Precise solutions can be arrived at if you plan your game fittingly. The anticipation and thrill that is involved in a strategic game is matchless. We witness a lot of firms imitating what the leader of the market does. The risk is borne solely by the firm introducing the change and the firm takes the major share of profit as it is the pioneer and if it loses the next strategic move is planned for.     For a company with sound financial position, the chance move is worth giving a try, head or tail doesn’t matter. The stalkers are benefited by the waiting period during which they come to know of the pros and cons of the strategy employed by the leader. Games are played in the true spirit of sportsmanship, but a business faces cut throat competition. There is no space for any courtesy or liberal approach. If you are quick enough to pick the pulse of the people by gauging their preferences, analyzing the market conditions and employing timely strategies you will at...

Recruitment Process Recruitment refers to that process carried on by the company to attract suitable candidates possessing the appropriate characteristics to help the organization reach its objectives. According to Byars and Rue, “recruitment involves a pool of people from which qualified candidates for job vacancies can be chosen.” The basic purpose is to develop a group of potentially qualified people. Recruitment Policy: The policies of recruitment are derived from the personnel policies of the organization where the company has to give due importance to government reservations, quotas, policies regarding sons of the soil, personnel policies of other organizations regarding merit, internal sources, social responsibility in absorbing minority sections, women etc. Sources of Recruitment: INTERNAL SOURCES: This include 1.       Present permanent employees 2.       Present temporary/ casual employees 3.       Retrenched or retired employees 4.       Dependents of deceased, disabled, retired and present employees. Why internal source is considered to be a better choice? To motivate the present employees To improve the morale aspect “Known devils are better than unknown angels”-The credibility of the present employees are well known and they can                be judged easily  Loyalty and sense of belongingness is there on the part of current employees  The employees become highly committed when they are given a chance as they tend to shoulder more responsibility  Employees’ psychological needs, economic needs for promotion and higher income can be satisfied  Cost of selection can be minimized  Similarly cost of training, induction, orientation, period of adaptability to the organization gets reduced  Trade unions are happy  Social responsibility towards the employees are discharged  Good understanding and co-operation extended by co-workers  Stability of employment is assured EXTERNAL SOURCES: 1.       Educational and training institutes 2.       Private employment agencies/exchanges 3.       Public employment exchanges 4.       Professional associations 5.       Data banks 6.       Casual applicants 7.       Similar organizations 8.       Trade Unions 9.       Social media networking sites like Facebook and Linked in offer a huge platform for both recruiters and job seekers to find the best possible match.  Why external source is considered to be a better choice? · The suitable candidates with skill set, knowledge and talent are generally available · Latest knowledge, skill, innovations or creative talent can be infused into the organization · Candidates can be selected without any pre- conceived notions or reservations · The cost shelled out for these external sources are minimum since they are placed in minimum pay scale · Expertise, excellence and experience in other organizations can be easily brought into the organization · Human resources mix can be balanced with different background, experience, skill etc. · Existing personnel will also broaden their personality · Quality of human resource will improve in the long run by development of unique culture RECRUITMENT TECHNIQUES: The management has to contact the prospective employees through various means and stimulate them for applying to the post prescribed. A. Promotions: This is a good technique to stimulate internal employees as they will be willing to shoulder more responsibilities if they are assured of promotions B. Transfer: If employees are transferred to the places of their choice, it will stimulate them C. Recommendations of the present employees: Management can contact, persuade the outsiders to apply for job in the organization through the recommendations to the candidates by the present employees, trade unions etc. D. Scouting: This is another way of recruiting where the representatives of a particular organization are sent to various sources of recruitment to motivate the prospective candidates to apply for the jobs. The representatives provide the necessary information about the company and clarify doubts of the candidates. E. Advertising: Though the popular and widely accepted way of recruitment, still it proves to be one-way communication. Newspapers, Magazines of all types, television and internet are the possible sources of advertising channels and internet marketing leads the rest. The technique of advertising should...

Integrated Marketing: Strategy aimed at combining different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Marketing in simpler terms means “to take your product to the customers in a convincing manner and coax them to buy it”. And not only that, you need to retain your old customers and lure new customers to your niche. How is that possible! Marketing is a concept that works magic when you project your product in such a way as to attract the customer and also your product should have an edge over that of your competitors’. Many new channels of marketing have flooded the market; the evergreen being advertisements in radio and televisions. The audio visual of your product that is being telecast in a span of thirty seconds to one minute should capture the attention of the viewers and you should see to it that the benefits of your product is communicated to the viewers in a precise manner. The questions that are inevitable to the sales force are, What is your product’s unique selling proposition? What is your distinctive competence? Are you motivating the target audience? Does your product have a brand image? So many things have to be taken into consideration and here comes the word integrated marketing. The exclusive sales force you own is your strength, without which you cannot succeed in the market. Whatever strategies you formulate, action plans you correlate, it is in the hands of your sales team that you are going to capture the market. The marketing plan and ideas have to be communicated to them from the point of conception and the innovative ideas generated from your team can be definitely put into use. Integrated marketing operates on two levels. First the various disciplines of the marketing department that includes, sales force advertising product management new product launch Marketing research, must work in tandem. Secondly, coordination with all the other departments in the firm. After all, business is done for profit. But even then there are some etiquettes to be followed when you are planning to introduce your product into the market. customer satisfaction quality quantity eco friendly Competitive price, are some of the basic principles that go without saying. Besides, the producer also should not deceive the customer or take advantage of the ignorance of the consumer while campaigning for his products. A product should reap you profit and at the same time the customer should get the value for the money paid. A satisfied customer can bring in hundred more customers; it is part of your marketing plan. If you lose one customer then you have lost thousand customers. You cannot bring back a dissatisfied customer into your groove. So the sociology and psychology which you have read only in literature will give you a helping hand in times of need, when you want to satisfy a customer. Integrated marketing combines all the marketing plans; it is a marketing mix that makes a customer happy with the product’s price, availability, promotion and the product as a whole. Hotels and restaurants Hospitals Malls and Departmental stores, are some of the ventures to be mentioned that stands as a testimony for integrated marketing, as they talk about “feasible packages for different classes of economy”. Ultimately marketing can be defined as a network that starts with the customer and ends with the customer in its supply chain...