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Management Accountant 7+(0$1$*(0(17 THE MANAGEMENT ACCOUNTANT ACCOUNTANT THE MANAGEMENT SEPTEMBER 2016 9 51 NO. VOL. 7+(-2851$/)25&0$V $&&2817$17 ,661 6HSWHPEHU92/123DJHV ÃÌÊ «iÌÌÛiiÃÃ ` 100 «iÝÌÞÊÌÊ v`iVi 7+(,167,787(2)&267$&&2817$1762),1',$ 6WDWXWRU\ERG\XQGHUDQ$FWRI3DUOLDPHQW ZZZLFPDLLQ www.icmai.in September 2016 The Management Accountant 1 2 The Management Accountant September 22016 www.icmai.in The Institute of Cost Accountants of India PRESIDENT THE INSTITUTE OF COST ACCOUNTANTS OF INDIA CMA Manas Kumar Thakur (erstwhile The Institute of Cost and Works Accountants [email protected] of India) was first established in 1944 as a registered VICE PRESIDENT CMA Sanjay Gupta company under the Companies Act with the objects of [email protected] promoting, regulating and developing the profession of COUNCIL MEMBERS Cost Accountancy. CMA Amit Anand Apte, CMA Ashok Bhagawandas Nawal, On 28 May 1959, the Institute was established by a CMA Avijit Goswami, CMA Balwinder Singh, special Act of Parliament, namely, the Cost and Works CMA Biswarup Basu, CMA H. Padmanabhan, Accountants Act 1959 as a statutory professional body for CMA Dr. I. Ashok, CMA Niranjan Mishra, CMA Papa Rao Sunkara, CMA P. Raju Iyer, the regulation of the profession of cost and management CMA Dr. P V S Jagan Mohan Rao, accountancy. CMA P. V. Bhattad, CMA Vijender Sharma It has since been continuously contributing to the Shri Ajai Das Mehrotra, Shri K.V.R. Murthy, growth of the industrial and economic climate of the Shri Praveer Kumar, Shri Surender Kumar, country. Shri Sushil Behl The Institute of Cost Accountants of India is the only Secretary recognised statutory professional organisation and CMA Kaushik Banerjee, [email protected] licensing body in India specialising exclusively in Cost Sr. Director (Finance, Admin. & HR) and Management Accountancy. CMA Arnab Chakraborty, fi[email protected] Sr. Director (CAT, Training & Placement) CMA L Gurumurthy, [email protected] Sr. Director (Technical) CMA J K Budhiraja, [email protected] MISSION STATEMENT Director (Examinations) CMA Amitava Das, [email protected] Theh CMA Director (PD) Professionals would CMA S C Gupta, [email protected] ethically drive enterprises globally Director (Research & Journal) & Editor CMA Dr. Debaprosanna Nandy, [email protected] by creating value to stakeholders Director (Membership) in the socio-economic context through CMA A S Bagchi, [email protected] competencies drawn from the integration of Director (Discipline) & Jt. Director strategy, management and accounting. CMA Rajendra Bose, [email protected] Additional Director (IT) Smt. Anita Singh, [email protected] VISION STATEMENT Joint Director (Tax Research) CMA Chiranjib Das, [email protected] The Institute of Cost Accountants of India Joint Secretary & In-Charge (CPD) CMA Nisha Dewan, [email protected] would be the preferred source of Joint Director (Infrastructure) resources and professionals for the CMA Kushal Sengupta, fi[email protected] financial leadership of Joint Director (President’s & Vice President’s office) CMA Tarun Kumar, presidentoffi[email protected] enterprises globally. Joint Director (Studies & Academics) CMA Sucharita Chakraborty, [email protected] Deputy Director (Advanced Studies) CMA M.P.S Arun Kumar, [email protected] IDEALS THE INSTITUTE STANDS FOR Editorial Office • to develop the Cost and Management Accountancy profession CMA Bhawan, 4th Floor, 84, Harish Mukherjee Road, Kolkata-700 025 Tel: +91 33 2454-0086/0087/0184 , Fax: +91 33 2454-0063 • to develop the body of members and properly equip them for Headquarters functions CMA Bhawan, 12, Sudder Street, Kolkata 700016 Tel: +91 33 2252-1031/34/35 , Fax: +91 33 2252-7993/1026 • to ensure sound professional ethics Delhi Office CMA Bhawan, 3, Institutional Area, Lodi Road, New Delhi-110003 • to keep abreast of new developments Tel: +91 11 24622156, 24618645 ,Fax: +91 11 4358-3642 WEBSITE Behind every successful business decision, www.icmai.in there is always a CMA www.icmai.in September 2016 The Management Accountant 3 6(37(0%(5 ,16,'( &29(56725< 6HSWHPEHU92/12 /RFDOLVDWLRQ &RVW &RPSHWLWLYHQHVVLQ$XWRPRWLYH ,QGXVWU\$&DVH6WXG\RI%RVFK &RVW&RPSHWLWLYHQHVVIRU 6XVWDLQDELOLW\ &0$39%KDWWDG &RVW&RPSHWLWLYHQHVV $Q,QQRYDWLYH6WUDWHJLF $SSURDFKWRERRVWXS0DUNHW 6KDUH &RVW2SWLPL]DWLRQ² 6KDUHG6HUYLFH&HQWHU 6WUDWHJLF&RVW$QDO\VLV ',6&/$,0(5 6WUDWHJLHVIRU6WD\LQJ&RVW &RPSHWLWLYH &217(176 4 The Management Accountant September 2016 www.icmai.in ,17(51$7,21$/&251(5 ,QSXWFRVWRI6RPH([WHUQDO )DFWRUV,QGLD9V&KLQD &25325$7(*29(51$1&( 7KH/HDQLQJ7RZHURI &RUSRUDWH*RYHUQDQFH %$1.,1* ,QWHUHVWUDWHFXW ORDQ IURP36%V (GLWRULDO 7$;$7,21 3UHVLGHQW V&RPPXQLTXH ,QFRPH'HFODUDWLRQ6FKHPH $*DPH&KDQJLQJ3ROLF\ &RXQFLO&RPPLWWHHVIRU WR&XUE7D[RQ8QGLVFORVHG WKH\HDU ,QFRPH ,&$,&0$6QDSVKRWV &$3,7$/0$5.(7 ,QVWLWXWH1HZV 0DUNHW6HQWLPHQW,QGLFDWRU (FRQRP\ 7D[8SGDWHV )URPWKH5HVHDUFK'HVN &267,1* &0$&DUHHU$ZDUHQHVV $%&7RROVLQ,7&RPSDQLHV 3URJUDPPH www.icmai.in September 2016 The Management Accountant 5 EDITORIAL Greetings!!! speciality. It doesn't have to be expensive; marketing can range from posters in window and leaflet drops Cost Competitiveness leads to upgradation of the through advertising campaigns in local media. productivity of all the resources, resulting in optimal Looking aer existing customers: utilization of resources and minimization of wastages. Existing customers are competitors' target Cost Competitiveness is required for strategic planning market. So beer customer service is required to be and decision making for sustained growth. It is a provided by being more responsive to their needs and systematic method to control the excess costs incurred expectations. If feasible, offering low-cost extras such resulting in cost advantage. The consideration of cost as improved credit terms, discounts or loyalty schemes competitiveness starts in the market with pricing. A are needed to be considered. competitive advantage allows a company to produce Target new markets: or sell goods more effectively than other organizations. Selling into a greater number of markets can Several types of strategies are available in the business increase customer base. Further, online marketing environment. Flexibility is an important feature of nowadays is creating huge impact on customers and competitive business strategies. Business owners are even narrowing the bridge to reach the overseas flexible enough to use standard strategies or develop customers. It saves time, paper work and even it is an their own strategy. inexpensive way of marketing. Motivation for employees: Strategies for Staying Cost Competitive: Employees are oen more impressed by a good and Knowing the competition: healthy working environment and benefits such as Firstly it is required to find out the competitors, flexible working and structured career development. what they are offering and their unique selling point Future Forecasting: (USP). This will identify the areas required to compete Proper planning and forecasting is a must to stay in, as well as gives a platform for differentiating from competitive in the market. A business that does not the rival organizations. use forecasting techniques will likely succumb to their Knowing the customers: competition in a short period of time. This would assist Customer expectations can change dramatically a company to prepare in meeting customer demands. when economic conditions are unstable. Sales and marketing strategies are required to be revised on time Market globalization generates a new business to time based on their expectations. environment where the management faces several Differentiation Strategy: strategic confrontations in the open economy. Business owners use competitive business Moreover, customers are more fastidious, they insist strategies to differentiate their goods or services from upon low costs/prices, quality, time and innovations. others in the industry. Differentiation may be actual Thus quest for sustainability has already started to or perceived. Companies typically use advertising transform the competitive background, which will messages that describe a product similar to those in compel the companies to change the way they think the market with a few subtle differences. This strategy about products, technologies, processes and business encourages consumers to differentiate the product in models. The key to progress, particularly in times of their minds. economic crisis, is innovation. Price Strategy: Many organizations develop pricing strategies to This issue presents a good number of articles on the maintain a competitive advantage. These include cover story theme ‘Cost Competitiveness – Complexities penetration, economy, skimming, bundle and to Confidence’ by distinguished experts and authors. promotional strategies. Promotional pricing strategies We look forward to constructive feedback from our may allow businesses to offer additional benefits to readers on the articles and overall development of the consumers, such as a buy-one-get-one-free business journal. Please send your mails at [email protected]. We strategy. thank all the contributors to this important issue and Step up marketing approach: hope our readers enjoy the articles. More effort is required to make people aware about the organization, its product or services and its 6 TheThe ManagementManagement AccountantAccountant SeptemberSeptember 20162016 www.icmai.inwww.icmai.in -: PAPERS INVITED :- Cover stories on the topics given below are invited for ‘The Management
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