Marketing Plan for opening IIM at Singapore

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Information about Marketing Plan for opening IIM at Singapore
Business & Mgmt

Published on July 15, 2009

Author: kaushikonweb



This is a purely research report that I undertook as part of my MBA curriculum to detail out STP, Branding and market plan for IIM to open up in Singapore (based on some news item that IIM-B plans to open a satelite campus there)

International Business Marketing Marketing Plan For setting up Indian Institute of Management In Singapore Course Instructor: Dr Christopher Clott Student Name: Kaushik Rana Roll Number: 2005128 PGSEM-05 1 IIMB

International Business Marketing Executive Summary IIM-Asia Inc, the Alumni chapter of IIM in Asia intends to set up an IIM outside India. The idea is to make IIM a global Indian brand and cater to the demand for high quality Indian education at affordable rates. IIM-Asia Inc, has hence chosen to set up a satellite campus of IIM in Singapore. The global education services market is estimated at 2.2 trillion dollars of which the market in Asia is about 37 billion dollars. Singapore is known to be a safe, modern city with good infrastructure, communication networks. The Government of Singapore is keen on promoting Singapore as an Educational hub and Global Schoolhouse so as to attract well-known institutions, skilled migrants and world-class corporations to Singapore, who all in turn will contribute towards the betterment of the Singapore economy. Singapore also has a large group of English speaking, professionally qualified people. 32% of the people living in Singapore prefer to do a business education and there is a growing demand of foreign students (apprx 45%) for management education in Singapore. 32% of the people in the age group of 25 to 29 has upgraded theirs skills in the last 5 years. Thus this represents a very attractive market for providing management education. Already there are more than 50 foreign institutions who are offering courses in management, some even in alliance with local institutes. Brand analysis shows that the main competitors of IIM are Insead, GSB Chicago, NUS and S.P. Jain. However, the courses offered by the institutes are ostly and catering more towards the executive population. Going by the huge interest in India, IIM would offer an Indian MBA at affordable rates to people between 2 to 8 years work experience from any nationality of the world. The quality of student intake and pedagogy will not be compromised. The 1 year management programme will be called “India International Management Programme” and taught by the faculties of IIM-Ahmadabad, Bangalore, Calcutta and Lucknow. The institute will be set up at Sembawang Road (Singapore) and since there is a high demand for Finance and sales professionals, the courses offered will help people major in them. Road shows, web-site, word-of- mouth advertising by the Alumni will be used to reach the people. PGSEM-05 2 IIMB

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International Business Marketing Introduction IIM-Asia Inc, the Alumni chapter of students passing out of the IIMs in Asia have decided that they would set up a satellite campus of IIM in Singapore which will have a 1 year management programme called “India International Management Programme” taught by the faculties of IIM-Ahmadabad, Bangalore, Calcutta and Lucknow. The financing and management of the institute shall be done by the Alumni while the directors of the 4 IIMs and some distinguished Alumni will sit on the board of the Institute. Discussions are on with the Government of India to permit them to use the name IIM outside India on payment of royalty. All measures shall be taken to maintain and enhance the brand and build a global organization. This is the marketing plan of setting up IIM-Singapore that includes the reason for choosing Singapore, analysis of the Global Education market, positioning the IIM brand in Singapore and the marketing mix require to be done in the short and long run to ensure success of this venture. Indian Institutes of Management The Indian Institute of Management was set up by the Government of India after a team visited some of the some of the leading business schools of USA and recommend measures to develop professional management in India on similar lines. The first two management institutes were set up in Ahmedabad and Calcutta. In the initial stages, these institutes offered educational programmes in Executive Development but later started the flagship 2-year MBA Programme in 1964. Over the years, 4 other IIMs were established in Bangalore, Lucknow, Indore and Khozikode and these institutions emerged as premier management institutions, comparable to the best in the World for teaching, conducting research and providing consultancy services in the field of management to various sectors of the Indian economy. IIMs being role models have shared knowledge and skills with other institutions to improve their quality and standards in management education. IIMs have earned an international reputation for the quality of their alumni. Illustrious alumni include IMF chief economist Raghuram Rajan, Pepsico's Indira Nooyi and management guru CK Prahlad. Today hundreds of alumni are well established in USA, Europe, Dubai and Singapore and have formed formal associations called IIM-USA Inc, IIM- Europe Inc, IIM-Asia Inc. As one of the alumni mentions, "We are a very well known and coveted brand in certain pockets of the world. But, we want our brand to be a coveted global brand," Hence the idea of a global IIM Inc was mooted by the IIM alumni. Hence, the alumni feel that the first step would PGSEM-05 4 IIMB

International Business Marketing be to set up a base outside India. Analysis of Singapore (host country) Cultural: Singapore consists of a set of islands between Malaysia and Indonesia in the southeastern part of Asia (see Exhibit 12). It has a tropical climate (that is hot and humid) with two distinct rainy seasons in a year. It has just about 1.64% of arable land. There are 4 official languages – English, Malay, Mandarin and Tamil. Malay is the official language but English is the primary means of communication in educational institutions and administration. About 35% of the population speaks Mandarin, 23% speak English, 14.1% Malay and the rest speak various Chinese dialects or Tamil. The government of Singapore is promoting the use of Mandarin. Education: Lacking natural resources, Singapore relies heavily on human resources and manpower and must continue to produce high-end citizens and knowledgeable employees in order to remain a competitive economy. Exhibit 3 gives the breakdown of educational qualification of Singaporean residents. The education profiles have improved with an increase of tertiary education because of expansion of educational facilities in the country. As we may note, there is a high proportion of educationally qualified residents in Singapore with about 16.96% university graduates of which 81% are of Chinese origin, 11.5% Indians and 2.5% Malays. The number of people without any formal qualification has dropped from 19.6% in 2000 to 16.4% in 2005. . The Government of Singapore (GOS) is also willing to invest in education systems to maintain the city- nation as a competitor and an educational hub. Singapore is a service sector economy; the island nation relies on human capital to develop their economic success (Ministry of Manpower). Continued success is dependent upon how well the workforce performs in their respective occupations. Therefore it is es- sential that Singapore maintain a work force with high standards by developing their knowledge and PGSEM-05 5 IIMB

International Business Marketing skills throughout their career. Hence, education and training plays a key role in this knowledge-based economy. Political: Upon independence in 1965, Singapore adopted a pro-business, pro-foreign investment, export- oriented economic policy framework, combined with state-directed investments in strategic government-owned corporations. Singapore has what its government considers to be a highly successful and transparent free-market economy. The government uses public opinion and feedback when deciding policies, instead of rigorous lawmaking procedures. The government has a clean, corruption-free image and Singapore has consistently been rated as the least-corrupt country in Asia and amongst the top ten cleanest in the world by Transparency International. The People’s Action Party is the dominant party in Singapore reelected continuously since independence; currently headed by PM Lee Hseien Loong who succeeded PM Goh Chok Tong. In order encourage foreign investors to develop industries, the government has set up the Economic Development Board (EDB). EDB has many branch offices all around the world, including countries like the USA, Britain and Japan. Another duty of the EDB is to set up regional industrial estates with other countries. This will also help the industries in Singapore venture overseas. The Government also set up SPRING Singapore, whose responsibility is to enhance the competitiveness of enterprises for a vibrant Singapore economy. Their focus is to champion enterprise formation and growth – through our network of valued relationships and resources – to nurture a host of dynamic and innovative Singapore enterprises. Ministry of Education (MOE) handles education related matters in Singapore. Economic: Singapore’s economy has grown on average 8.0% from 1960 to 1999. Its strategic location on major sea lanes and an industrious population have given the country an economic importance in Southeast Asia disproportionate to its small size. Singapore enjoys stable prices, and a per capita GDP equal to that of the four largest West European countries. The economy depends heavily on exports, particularly in consumer electronics and information technology products. Its GDP is $121.5 billion (2006 est.) with a growth rate of approximately 7.4% (2006 est.) and GDP per capita of $30,900 (2006 est.). Its PGSEM-05 6 IIMB

International Business Marketing primarily a services economy with 66.2% (2006 est.) in services and 33.8% in manufacturing industries. It has a labor force of 2.4 million (2006 est.) and unemployment rate of about 3.1 % (2006 ets). 39% of the labour force is employed in financial, business, and other services, 18% in Manufacturing, 6% in construction, 11% in transportation and communication and rest in other categories. The major industries include electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences. Its major export partners are Malaysia 13.3%, US 10.4%, Indonesia 9.6%, Hong Kong 9.4%, China 8.6%, Japan 5.5%, Thailand 4.1% (2005) and import partners are Malaysia 13.7%, US 11.7%, China 10.3%, Japan 9.6%, Taiwan 5.9%, Indonesia 5.2%, Saudi Arabia 4.5%, South Korea 4.3% (2005). It has free trade agreements with United States, Korea, European Free Trade Association, Australia, Jordan and India and close economic ties with host of other countries including Japan. It has excellent communication network with 1.848 million (2005) main line telephone subscribers, 4.385 million (2005) mobile cellular users, 2.422 million (2005) internet users. Singapore has state-of- the-art infrastructure with 9 (2006) airports, 3234 km of paved roadways (including 150 km of expressway) and 1 port. Because of all the above factors, Singapore has attracted investments from more than 7,000 multinational corporations from the United States, Japan, and Europe. Foreign firms are found in almost all sectors of the economy. Social: The last 2006 census gives the population of Singapore at 4.48 million people and is the second most densely populated country in the world. Singapore is a multiracial country with a majority population of Chinese, with substantial Malay and Indian minorities. 80% of the population is Singapore citizens and Permanent Residents (collectively termed 'residents'). Of this group of about 3.6 million people, Chinese form 75.2%, Malays form 13.6%, Indians form 8.8%, while Eurasians and other groups form 2.4%. Exhibit 1 gives the ethnic composition of the population over the last few years. Exhibit 2 shows the distribution of population in Singapore and interestingly 76% of the population fall in the age group of 15-64, with a higher proportion of women compared to men. PGSEM-05 7 IIMB

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International Business Marketing Market Audit and Competitive Market Analysis Advantage of Singapore: Singapore is a favourable destination both for industries and education because of Government’s proac- tive efforts (see Exhibit 4). Industry and education are symbiotically dependent on each other and the Government of Singapore has promoted both making Singapore a highly attractive destination. The industries of Singapore are one of the most developed around the world. The reasons being 1). Singapore has one of the best ports and airports in the world to help in the efficient export and im- port of goods. 2). It has good transportation infrastructure within Singapore. 3). Excellent education system has provided it with a highly-skilled labour force. 4). Proximity to expanding Asian economies like India and China Singapore is among the fastest developing educational hubs in the world. The reasons being: 1). A safe, modern city with an affordable lifestyle and governed by a system of strict laws. Low cost of living helps student manage their costs while applying themselves to learning. 2). Singapore's English language competencies and strong international reputation for quality education makes it easier for brand-name institutions to set up an International campus and aids international stu- dents seeking a good degree in a stable environment with comparatively lower living costs. This is the closest to having the best of both worlds: a sleek, cosmopolitan, tech-governed city with a strong sense of community and at-homeness, with an affordable and modern learning infrastructure that seamlessly blends both traits. With the growing number of industries, it makes it easier for students to get a job at Singapore. Popularity of Business Education in Singapore: Exhibit 5 shows the percentage of university graduates in various disciplines. We may note that the PGSEM-05 9 IIMB

International Business Marketing maximum number of people (about 32%) prefer to study Business Administration in Singapore of which 45% students are from overseas countries. This shows that Singapore is considered as a good place to earn a management degree by both residents and foreign nationals. Analysis from the Singapore Government website shows about 32% of young adults in their late twenties and thirties (mostly 25-29 years of age) in 2000 upgraded their educational attainment to university level during 2000 – 2005 from earlier 25%. It is expected that this trend will continue making prospect of business education by Singapore residents high. Hence, this is an attractive market. Employment and Industries: Exhibit 6 and Exhibit 7 give break-up of income from work and respective industries. As we may note, 73.59 % of the people work in services industries. We may also note that there is a higher proportion of people earning above S$ 10,000 pm in Financial and Business services compared to manufacturing. Data from GOS shows that the largest increase of occupation has been in Financial & Sales Associate Professionals (21.3 % compared to 2005) followed by Shop sales Workers (20%), Department Managers (17.9%), IT professionals (16.4%). Also to note is that the total hours worked per week by professionals in Singapore has increased significantly to average 48.4 hours per week. The proportion who worked 60 hours or more per week increased from 17 per cent in 2000 to 19 per cent in 2005. This clearly shows that there is a huge demand for professionals in Singapore. Competitor offerings: International B-schools in Singapore: In 2005, Singapore hosted more than 70,000 international students, drawn to the offer of an extensive range of high-quality educational programmes, and the promise of a safe, cosmopolitan environment. Singapore's vision of becoming a Global Schoolhouse has led to the cultivation of relations with foreign universities, thus resulting in the 15 leading international universities that now call Singapore home. These include MIT, INSEAD, Johns Hopkins University, University of Pennsylvania's Wharton School of Business, University of Chicago Graduate School of Business, Georgia Institute of Technology, Technical University of Eindhoven, Technical University of Munich, Shanghai Jiao Tong University and Stanford University. Singapore has more than 50 key local education providers catering to international executive programmes and corporate training. Exhibit 10 gives a list of foreign PGSEM-05 10 IIMB

International Business Marketing institutions and their local partners in Singapore. The list is classified in various categories based on the quality of education provided. Thus, Singapore couples diverse Asian school systems with Western-styled education practices making it a truly global education hub, where students have the best institutions in the world within reach. Main competitors to IIM Insead: Insead has the first mover advantage of being one of the first institutions to set up base in Singapore in 2000 after considering 12 other destinations in APAC. Insead's Singapore campus offers a 1 year MBA programme that is identical to that of its Paris campus, and it has close to 400 MBA students from over 70 countries. The University Of Chicago Graduate School Of Business (Chicago GSB): In 2000, Chicago GSB picked Singapore as the new home for its Asian campus, over such countries as Hong Kong, Shanghai and Tokyo. Chicago’s GSB offers the prestigious executive management programme with 16 week-long course modules held over a period of 21 months. S.P. Jain Center Of Management: Leading Indian business school S.P. Jain opened its third campus in Singapore in 2006. SP Jain is offering 1 year Global MBA programme and 2 years EMBA in Singapore with specialization in Wealth Management, Investment Banking, Banking Management, Retail Management, Services Marketing, Product Management, and Information Technology Management & Global Logistics. It expects to attract students from all over the world, including large numbers from the Indian sub-continent, as well as the Middle East, the US and Europe. National University of Singapore: Ranked among top 100 in the FT list, NUS offers a range of course including MBA, International MBA, APEX-MBA and UCLA-NUS EMBA. It offers specialization in Finance, Marketing, Real Estate, Healthcare Management and Strategy. PGSEM-05 11 IIMB

International Business Marketing Other schools of repute in Singapore include Management Development Institute Of Singapore (MDIS), Singapore Institute Of Management (SIM which partners with University of London, Australia's RMIT University and the US-based George Washington University), Singapore Management University (SMU) and EMBA offered by Nanyang Technical Institute. Brand Analysis Analyzing Brand IIM: Key Aspects of the IIM brand: 1). High quality of students intake 2). Diverse areas of training & teaching 3). Contemporary nature of faculty 4). Toughest entrance exam in the world – rigorous student selection process 5). IIM alumni has performed and excelled 6). Top quality academic and physical infrastructure 7). An excellent learning environment, 8). Wide choice in the learning process 9). Flow back of experiences into syllabus and pedagogy 10). Nurtured exclusivity IIM brand in India inspire trust and deliver value. However, the IIM brand is now analyzed in an international context. Based on the above key characteristics of IIM brand: 1. Presence – Yes, IIM as a brand is now globally well-known because of the performance of its Alumni for the last 30 years. 2. Relevance –IIM provide am excellent learning environment where diverse and contemporary areas of management are taught by world renowned faculty. Hence it is highly appealing to a vast section of Indians and others. PGSEM-05 12 IIMB

International Business Marketing 3. Performance – IIMs can deliver well as is evident by the increasing number of Indian and Inter- national placements offering international salaries. The quality of student intake is very high be- cause of rigorous selection criteria. 4. Advantage – They have the advantage of being one of the best known Indian brands. India is much in demand today because of the huge market and skilled people. As a management insti- tute, few people would understand the Indian market better than them. 5. Bonding - Some of the American and International B-schools have a bigger reputation on ac- count of the diversity of students, high quality of research and resource availability. Brand Strength – The IIM brand is different because of the quality of the faculty, the high caliber of its students, the rigorous pedagogy. As discussed earlier it is highly relevant too. Hence, we can say that it has high brand strength which it has built over the years through exclusivity. Brand Stature – Based on its performance, the brand is held in high esteem and well respected. However, the familiarity of brand IIM is restricted to Indians, the companies where IIM alumni have worked and academic institutions. It is not a well known brand as GSB Chicago or Insead. The star designates the current position of the IIM brand and where it needs to go to gain Leadership in the International arena. B r Niche/Unrealized Potential a Leadership Insead n IIM Brand d Chicago GSB NUS SPJAIN S t r e New/Unfocussed Eroding n g t h B r a n d S t a t u r e ==> PGSEM-05 13 IIMB

International Business Marketing Competitor Prices NUS MBA would cost around S $ 34,000 while Insead programme cost 65,000 euros for 1 year full time MBA and 85,000 euros for EMBA. Chicago GSB EMBA programme cost above USD 110,000. Market Size: The global education market is estimated to be worth US$2.2 trillion. Reputed local and foreign com- panies have set up base in Singapore because of Government initiative to make Singapore the educa- tion hub of Asia. An estimate by the Global Alliance for Transnational Education indicates $27 billion worth of higher education is exported to Asia and Pacific by three countries -- the United States, the United Kingdom and Australia. A business of $37 billion trade in tertiary education services in Asia and Pacific region is projected in future. There is a growing demand from countries in the South Asia, West Asia and Southeast Asia for Indian education because they are fascinated with the brand equity of India's Indian Institutes of Technology and Indian Institutes of Management. Hence, after Indian IT services, India has a huge potential to tap this market in Asia, which is now with the US and other countries. Government focus on Education: In 1997, the Ministry of Education (MOE) of government of Singapore announced its target to attract 10 world-class universities to Singapore within a decade - 10 universities jumped on board in half the time. In 2002, a government economic review panel recommended Singapore seize the opportunities that had arisen out of newly thriving Asian economies, particularly that of India and China. At the time, mature education exporters from the US, Britain and Australia were already on the lookout for fresh markets to tap into, and it was estimated that the demand for international education would see a four- fold increase over the next two decades - from 1.8 million students in 2002 to 7.2 million by 2025. Government of Singapore feels that given its strong International reputation for quality education, would help draw people from other countries which is likely to create about 22,000 jobs by 2015 and also boost the education sector's GDP contribution from 1.9 per cent (S$3 billion/US$1.8 billion) to five per cent. Most of the foreign institutions have hence set up programmes with local institutions like Nanyang Technological University and National University of Singapore. PGSEM-05 14 IIMB

International Business Marketing Director Kenneth Tan of Singapore Economic Development Board (EDB) says that the grander aim behind attracting top-notch institutions and students to Singapore is the hope that foreign talent will remain in the country as employees or entrepreneurs. In turn, the growing pool of talent in Singapore will help draw more world-class R&D firms and MNCs to the country. "Our objective is to make Singapore a 'Global Schoolhouse,' providing educational programmes of all types and at all levels - from pre-school to post-graduate institutions - [to attract] an interesting mix of students from all over the world," says Singapore's Minister For Foreign Affairs George Yeo. Investments in the education sector have seen an increase; before 2002, such investments were in the single-digit millions, but by 2004, the number reached S$100 million (US$61.7 million) and created over thousand jobs. More details of government plans are given in the speeches by Ministers in Appendix 1 & Appendix 2. Government Regulations: Ministry of Education (MOE in Singapore) is not an accreditation authority on qualifications. Singa- pore does not have a central authority that accords recognition to certificates/ qualifications issued and courses of study offered by private schools. However, all private schools are governed by the Educa- tion Act, Cap. 87(1985 Edition) copies of which are available from the MOE. Singapore has instituted the Education Excellence Framework to ensure that commercial schools focus on academic distinction, organisational excellence and comprehensive student protection and welfare practices to safeguard students' interests. The programme encourages academic distinction by rewarding local private schools with accreditation according to their standards of quality courseware. The Singapore Quality Class for Private Education Organisations, in partnership with SPRING Singapore, promotes organisational merit through the recognition of commendable business performances of Private Educational Organisations (PEOs). To ensure that schools adopt and maintain first-rate student protection and welfare practices and standards for international students, the Economic Development Board (EDB), the Consumer PGSEM-05 15 IIMB

International Business Marketing Association of Singapore, the Singapore Tourism Board, the Immigration and Checkpoints Authority and SPRING Singapore, have introduced the CaseTrust for Education scheme, which applies to all PEOs. Prospective private school operators are required to register the school, the courses they offer and the teachers through the Online Business License Service (OBLS) and get the “"Registered with the Min- istry of Education" certificate. MOE registration gives private schools the right to operate when they have met basic statutory requrements but in any way represent an endorsement or accreditation of the quality of the schools, courses and teachers offered. For a private school application, one must be a company or business or limited liability partnership (LLP) that is registered with the Accounting and Corporate Regulatory Authority (ACRA) formerly known as the Registry of Companies and Businesses (RCB). The enterprise also requires obtain fire safety clearance from the Fire Safety & Shelter Department (FSSD) or from the Housing & Develop- ment Board (HDB). Other details are given in Exhibit The government plans to introduce an enhanced regulatory framework for the private education organisations to assure private schools meet certain standards in terms of academic rigor, financial stability and student welfare before they are allowed to operate. They are also review plans for accreditation system to recognise high-quality private education providers, and to help students in selecting the right school that suits them. India-Singapore People across the world are cognizant of India's emergence as an economic power due to globalization strategies, which are transforming various sectors of the economy including the fast developing sector of higher education. India is undergoing a paradigm shift, which is reflected in the present economic boom and growth rate. India has become a surplus nation in food and foreign exchange earnings, currently up to $1.3 trillion from a meager $4 billion to $5 billion in 1991. This unprecedented increase has been partly due to direct investment by foreign companies and partly due to outsourcing activities. The modernization of PGSEM-05 16 IIMB

International Business Marketing industry is now a front-runner in the emerging knowledge-based economy with a diversified and large industrial base, which is becoming globally competitive. India’s services sector growth has been very high and auto parts industry has emerged as among the fastest growing manufacturing sectors. India’s Tata Steel is one of the lowest-cost manufacturers and is now the world’s fifth largest producer after acquiring Corus. India with over a billion people is a growing market represented by about 300 million middle-class which is very large. Hence, it has been attracting investment in India by world-class companies because of the high profit-making potential. India’s prowess in the IT sector has increased the confidence of India on the international level, and its ability to decrease the level of poverty. These factors indicate that India's new economic policies are working. It is emerging as a global economic power and having an impact on the fast growth of the educational sector. Singapore's official interest in India began in 1994 when Prime Minister Goh Chok Tong, on his first visit to India, declared that he wanted to ignite "India fever" in Singapore's business world. Today, Singapore is an important trading partner of India with bilateral trade of about US$ 6.4 billion. The Prime Ministers of India and Singapore established a Joint Study Group (JSG) in April 2002 to study the benefits of an India – Singapore Comprehensive Economic Cooperation Agreement (CECA). After due negotiations, the agreement was signed on 29th June, 2005 and effective from 1st Aug, 2005. CECA is an integrated package comprising a free trade agreement, a bilateral agreement on investment promotion and protection, an improved double taxation avoidance agreement and a work programme for cooperation in healthcare, education, media, tourism, customs, e-commerce, intellectual property, and science and technology. There has been concerns from the Indian ministry on tariff issues, rules-of-origin factor, opening up all major airports to Singaporean carriers. However, most issues have been ironed out but of significance is chapter 13 of CECA which outlines India-Singapore cooperation in Education. The policy is outlines as below • The education cooperation chapter is aimed at combining the strengths of the education system in India and Singapore to the mutual benefit of the two countries. PGSEM-05 17 IIMB

International Business Marketing • One of its key mandates is to facilitate joint post-graduate programmes between the world- renowned Indian Institutes of Technology (IIT) and Institute of Science (IISc) with the Singa- pore universities. These programmes will focus on research and education with clear industrial linkages to companies from both countries. Arising from this, the National University of Singa- pore (NUS) and IIT Bombay (IIT-B) have recently signed an MOU to establish a joint graduate engineering programme. The NUS-IIT-B tie-up is the first alliance by any IIT with a foreign university in a significant manner. The programme will draw heavily on existing NUS and IIT- B infrastructure and course modules. IIT-B and NUS professors will jointly teach the course and supervise the projects involved. The partnership is expected to yield some 40 Master of Sci- ence (MS) and eight PhD graduates annually. • The chapter also provides that degrees specified by the University Grants Commission of India or an Institution of National Importance of India, and by universities in Singapore, shall be recognised for the purposes of admission into the universities of both countries. This is in addi- tion to all other admission criteria that must still be satisfied. • A Joint Committee on Education will be established to emphasise the key role that education will play in fostering the relationship between the two countries. Its members will be drawn not only from government, but from the private sector as well MBA Service product offering IIM-Singapore will offer a one year full-time management programme called ‘India International Management Programme’ (IIMP) which will be divided into 7 modules of 6 weeks each with exams in the 7th week. The first three modules and the last one will be core while the rest 3 will have electives. The major electives are offered in Finance and Marketing area and minor in Operations and Strategy area. A student can choose any combination of electives from any of the four areas as per his likes and career objectives. The key highlight of the programme is that students would get a chance to stay and study in each of the 4 IIMs – Lucknow, Calcutta, Bangalore and Ahmedabad for a week after every 3 months to experience India first hand. Various activities, seminars, industry visits will be planned for the students so as to PGSEM-05 18 IIMB

International Business Marketing learn about India’s culture, politics, social system, IT, financial and retail markets – all of which are unique. Right at the beginning of the session, students will stay at IIM-Lucknow and get an opportunity to visit New Delhi (the capital of India) and Agra which will give them a flavour of North India. Visiting these historical places will give the students a perspective of the history, culture and political system of India. The participants will also get an early opportunity to show leadership skills and take part in team-build- ing. At the historic city of Calcutta, participants will get to understand the Social system and also learn to practice yoga and meditation both of which can help maintain balance in this fast paced world. While at IIM-Bangalore (which is in South India), students will get to see the Silicon Valley of the East and understand the various aspects of outsourcing and Globally distributed work. They will also get a chance to visit some IT companies in Bangalore. This section being mid-way down the course, students will also be guided on various career aspects that help them make the right decisions. The final leg, participants will get to visit IIM-Ahmadabad in the west of India. Here they will get to understand the various prominent market opportunities in India and also visit Mumbai (the financial capital of India) and meet some industrialists there. Participants will get a chance to test their caliber through case-study contest and seminar with other IIM students. These 4 weeks of the programme will not be graded but it is highly recommended that participants at- tend all the four programmes. The final week before graduation, companies will be invited from Singapore, India and from other places for placement. Programme Details: Understanding India's culture & politics - Visit to New Delhi & Week Taj Mahal 1 At IIM-Lucknow - Team Building PGSEM-05 19 IIMB

International Business Marketing 2 Financial Statements Analysis 3 Micro-economics for Managers 4 Quantitative & Statistical Techniques 5 Macro-economics Term 1 (core) 6 7 8 Exams 9 Organizational Behavior 10 Marketing 11 Information Systems & Operations 12 Managerial Accounting Term 2 (core) 13 14 15 Exams Understanding India's social system - Environment, Corpora- tion & social service 16 At IIM-Calcutta - Yoga & Meditation 17 Operations Research 18 Strategic Management 19 People & Leadership 20 Corporate Finance Term 3 (core) 21 22 23 Exams 24 Banking (Fin) International Finance & Global Financial Mar- 25 kets (Fin) 26 Investments (Fin) Term 4 (electives - Fi- 27 Market Research & Analytics (Mktg) nance & Marketing) 28 Product and Brand Management (Mktg) 29 Consumer Behavior (Mktg) 30 Exams Understanding Out- sourcing & Globally dis- tributed work - Visit to IT companies 31 At IIM-Bangalore - Career Counseling 32 Mergers & Acquisitions (Fin) 33 Investment Banking (Fin) 34 Options, Derivatives & Futures (Fin) Term 5 (electives - Fi- 35 Competitive Marketing Strategy (Mktg) nance & Marketing) 36 Promotional Management (Mktg) 37 Business to Business Marketing (Mktg) 38 Exams PGSEM-05 20 IIMB

International Business Marketing 39 Managing Technological Innovation (Str) 40 Creating High performance Organization (Str) Strategic Leadership & Change Management 41 (Str) Term 6 (electives - 42 Service Operations Management (Op) Strategy & Operations) 43 ERP & SCM (Op) 44 Spreadsheet Modeling for managers (Op) 45 Exams Understanding India's retail, financial & real estate market - Visit to Mumbai - Seminar & case analy- sis competition 46 At IIM-Ahmedabad - Meeting Industrialists 47 Business Law & Corporate Governance Project Course/Experiential Learning/Business Plan/Consulting Assignment/Academic Re- 48 search Paper Term 7 (core) 49 Communication & Negotiation 50 51 52 53 Placement Week & Graduation The programme has been specially designed with International participants in mind who apart from getting a management degree will also get exposed to Indian work and life. Owing to the strategic im- portance of Singapore and India, this programme will help participants get a unique blend of Asia and India in particular. Evaluation of the Service Product: 1. Students get to be taught by some of the best professors in Asia if not in the world. 2. Participants get to visit the 4 premier management schools in India. Singapore to any des- tination in India takes on average just 4-6 hours flight, hence it will not be a big hassle for participants to fly back and forth. Further, the time difference between India and Singa- pore is just 2.5 hours which will not cause much jet lag. 3. Participants will obtain valuable insights and latest developments in management thinking and their applicability in the Indian and global context. Also, people get to understand to PGSEM-05 21 IIMB

International Business Marketing some extent the unique characteristics of each of the 4 zones in India – North, East, South and West 4. As Mr Prakash Apte, director of IIMB says "If you look at the global environment now, India is fast becoming an economic powerhouse. There is a great interest in the knowledge of the Indian economy, in Indian companies and the peculiarities of the Indian market. And this is what we can provide better than Chicago or Insead. Fundamentally, this is where our strong value-proposition lies." 5. The course will be focused in helping participants gain the knowledge and necessary skills to enhance decision making in a corporate context. 6. This is achieved by discussing the latest developments in management thinking and their applicability in the Indian and global context. Participants also obtain valuable insights from extensive online interaction with their counterparts from other organisations. The drawback is that the participants must be well aware of the quality of education being imparted by the IIMs and also interested in knowing more about India. Hence, the challenge is to enhance the brand stature (knowledge and familiarity of the brand; esteem of the brand outside the Indian subcontinent). One of the ways would be to feature IIM-S in any of the world-wide B-school rankings which might take anywhere between minimum of 3-5 years. Facilities: To start with, the university will be located in a 3 storey rented independent building of 6000 square feet having six rooms. It is on Sembawang Road in District 27 having lots of free parking and 5 min- utes to beach and park. It is walking distance to Mass Rapid Transport, near Yishun North Point oppo- site Sembawang Country Club ( with all sports facilities Sembawang is an area in the Northern-most portion of Singapore. The Sembawang Road End region contains some of the historically important colonial architecture which remains standing on the main land till this day. One of the key roads which was built to connect the navel base to the city centre in the South is Sembawang Road. This road began as a track in the 1920s and was officially named Sembawang Road in 1938. PGSEM-05 22 IIMB

International Business Marketing The place will be renovated to have three 40 seater classrooms, an administrative room, 3 staff rooms, 3 student’s breakout room and a small reference library. Additionally, the institute will have tie-up with Sembawang Community Library to provide library facilities for students and teachers. The class-rooms will be audio-visually equipped with wireless connectivity. Students are however expected to carry their own laptops. The institute will invest in IT facilities and provide an online integrated email, online journal access, access to presentations and discussion forums. Details about Sembawang is given in Exhibit 9. Curriculum: 4 contact hours per subject per week will be provided by faculty. The term period is just six weeks which will be challenging to students to learn new concepts and apply it. All books, reading material will be provided to students before the start of each session. Students are required to prepare in advance before any class. Several learning techniques will be used such as enhanced (modified) lectures, ques- tioning and discussions, writing in cases, problem-based learning: cases and guided design, group learning-teamwork, group learning-cooperative learning, drama, simulation games, technology-visual and computer-based instruction, technology-based delivery, fieldwork-service learning, and fieldwork internship and project work. Self-learning will also be emphasized upon. The idea is to drive a holistic view of the management functions — finance, marketing, human resource development, production. Admission procedure: Admission is through GMAT score, TOEFL/IELTS score (for participants who have not done their graduation in English), two referee report and official transcripts. 2 years of minimum work experience is necessary for admission. If short-listed, students will be called for personal interview or video-con- ference. Target Market: As detailed in the ‘Market Audit and Competitive Analysis’ section, the target market for this pro- gramme are resident Singapore (about 32% prefer to do MBA) and international students (45% of stu- dents are from overseas) in the 25-29 (32% have done university education) years interested in having a career in Finance or Sales/marketing (job market grew by 21.3 % in Singapore). The overseas students may include students from India, UK, USA, Australia, Taiwan who are interested in pursuing high quality education at affordable rate and a future career in Singapore. The rigueur of the course would PGSEM-05 23 IIMB

International Business Marketing demand full-time study. However, subsequently the institute hopes to offer short term executive or management development programmes for working professionals. Expected Sales: The expected number of intake for the IIMP programme will be 40 in the first year, 70 in the second year, 80, 100 and 120 in the subsequent years. The idea is to have high quality and deeply motivated in- dividuals who like the illustrious IIM alumni have the potential to act as brand ambassador in future. Hence, the focus will be on quality and exclusivity. Revenues and Profit: Detailed revenues, expenses and profit based on expected sales in shown in Exhibit 14. The cost of the programme will be USD 30,000 in the first year and expected to be increased at the rate of 10% per year. Other costs are also proportionately increased. Note, that the 4 visits to India, all books, stationer- ies are covered in the cost. Accommodation and living expenses are separate which participants have to bear. Royalties to be made to Government, the IIMs is also detailed. Promotion mix: Selected members from the IIM Alumni network in Asia, UK, USA would be promoting this in their companies through word of mouth advertisement, during alumni meet sessions, holding road shows in New York, Washington, San Francisco, London, Singapore, New Delhi, Mumbai and Bangalore.. This will also be promoted in Indian media and via IIMs for Indians who want an International career. Web- site of the institute will be set-up within 3 months and shall hold most update information about the in- stitute. Long-term plans: a. Build school’s reputation b. Have a success record of its career placement office c. Provide scholarships and financial aid for meritorious students e. Have tie-ups with other foreign and local MBA institutions to offer greater number of courses for the student f. Get into worldwide B-school rankings Conclusion PGSEM-05 24 IIMB

International Business Marketing IIM in Singapore will be a test case based on the experiences of which similar institutions can be set up in other countries. Given the demand for India education and the huge potential in the Education mar- ket, if this arrangement with the government works out well, then even IITs can be set up abroad in the same model. This would also help government get much needed fund for developing more such pre- mier institutions in India and making higher education more broad based. Further, the Professors teach- ing at this institute can provide consultancy to both Indian and foreign corporations to analyze the mar- ket trends in India over APAC or global markets. Singapore will open the flood-gates of research and networking for the Professors as well. In this way, India like in IT services will establish a strong brand image in Educational services too and "leverage its position as a thought leader" in management stud- ies. PGSEM-05 25 IIMB

International Business Marketing Exhibits Exhibit 1: Ethnic composition (%) of resident population Ethnic 1970 1980 1990 2000 2006 Chinese 77.0 78.3 77.7 76.8 75.2 Malays 14.8 14.4 14.1 13.9 13.6 Indians 7.0 6.3 7.1 7.9 8.8 Others 1.2 1.0 1.1 1.4 2.4 Source: Exhibit 2: Age structure Age percentage male female 0-14 years 15.6% 362,329 337,964 15-64 years 76.1% 1,666,709 1,750,736 65 years and over 8.3% 165,823 208,589 Source: Exhibit 3 PGSEM-05 26 IIMB

International Business Marketing No Primary Secondary Polytechnic Other Universit Percentage qualification diplomas y of University Total graduates 2500913 410033 271,602 1,068,897 205,066 121,124 424,191 Percentage 16.40% 10.86% 42.74% 8.20% 4.84% 16.96% Chinese 1945656 335527 205224 787787 173209 100117 343791 81.05% Malays 306048 50370 43196 178150 16019 7787 10528 2.48% Indians 101609 21269 19982 84065 11913 9243 48971 11.54% Source: Exhibit 4: Source: Exhibit 5: China/ Field of Outside HK/ Study Total Singapore Singapore UK USA Australia Taiwan India Others Total 424191 219396 204795 41225 24603 52769 18948 30286 36965 PGSEM-05 27 IIMB

International Business Marketing Education 9055 Fine& Applied arts 5084 Humanities& Data Ignored Social Sciences 52702 Mass comm & Information Science 12030 Business & Administration 136200 74600 61600 10341 10075 23009 2151 6629 9396 Law 8413 Natural, Physical, Chemical & Mathematical Sciences 38796 Health Sciences 16733 Data Ignored Information Technology 36516 Architecture & Building 11916 Engineering Sciences 94699 Others 2047 Source: Exhibit 6: Monthly income Goods producing Industries from work Other Goods Total Total Manufacturing Construction Industries PGSEM-05 28 IIMB

International Business Marketing 1482579 391674 289661 90894 11119 Below 999 173893 32664 Data ignored 1000-4999 1101618 307526 5000-9999 158381 40929 32335 7274 1320 10000 & Over 48687 10556 8722 1419 415 Source: Exhibit 7: Monthly income Service Producing Industries from work Wholesales Other & Retail Hotels & Transport & Financial Business Service Total trade Restaurants Communications Services Services Industries 1090905 253673 93184 178038 87156 191236 287619 Below 999 141230 Data not required 1000-4999 625752 5000-9999 117452 24431 2216 12399 17243 27801 33364 10000 & Over 38312 7416 516 3792 10119 9470 6819 Source: Exhibit 8: Business Week: 1). 45% of the ranking based on graduating students' survey responses. 2). 45% based on recruiter poll accounts 3). 10% is based on an intellectual capital rating from tallying journal articles and books published by faculty. AACSB: 1). The deans and directors ratings account for 25% 2). The ratings from the recruiter survey account for another 15%. 3). Placement success accounts for 35% 4). Student selectivity accounts for the remaining 25%. Forbes: They determine the rankings based on ROI by looking at compensation five years after graduation minus tuition and the forgone salary during school. They survey graduates five years after graduation. PGSEM-05 29 IIMB

International Business Marketing The Financial Times The FT ranks schools based on three factors; 1). Performance of the MBA program accounts for 55%. 2). Diversity accounts for 25%. 3). The research rating accounts for 20%. Wall Street Journal rating The ranking components for all schools measured include three equally weighted elements: perception of the school and its students (20 attributes), intended future supportive behavior toward that school, and a measure of mass appeal based on how many indicated that they recruit at the school. Economist Intelligence Unit The ranking measures career opportunities for graduates (35%), the quality of the educational experi- ence (35%), increases in salary pre and post MBA (20%), and the potential value of the alumni network (10%). Exhibit 9: Source from Sembawang New Town was built in 1996. The Sembawang Mass Rapid Transit (MRT) Station serves as the central hub, around which residential, commercial as well as industrial zones mushroomed. Communal facilities The new town contains some of the most common communal facilities found in Singapore, such as: Sembawang MRT Station. To preserve the kampong atmosphere of Sembawang, this station has a uniquely-shaped kampong-styled roof. Acceding to a request by workers from the Sembawang Ship- yard, the Land Transport Authority constructed a bay for 350 bicycles as most of the workers cycle to and from work. This is in-line with the environmentally friendly mentality prevalent in the kampongs. Shopping centres, including the Sun Plaza shopping centre next to the Sembawang MRT Station. The Sembawang Community Library, managed by the National Library Board is situated within the Sun Plaza shopping centre. It serves residents in the North West areas of Lim Chu Kang, Mandai, Sem- bawang, Simpang, Sungei Kadut, Woodlands and Yishun. Three primary schools (Canberra Primary School, Sembawang Primary School and Wellington Primary School), and three secondary schools (Canberra Secondary School, Sembawang Secondary School and the holding campus of Yishun Town Secondary School). PGSEM-05 30 IIMB

International Business Marketing Sembawang Bus Interchange, strategically located next to Sun Plaza, was completed in December 2005. This replaced the old bus interchange located at the Northern tip of Sembawang Road, just next to Sembawang Park. Some photos of the old interchange can be found here. Attractions Bottle Tree Village The Bottle Tree Village is located at the end of Jalan Mempurong and is famous for its Bottle Trees (Brachychiton rupestris) which have been specially flown in from Queensland, Australia by the owner Mr. Alex Neo. Apart from the unique trees, other Australian flora can be spotted in the surroundings. An eatery, Sembawang Eating House, is located within this Village, serving traditional Chinese stir-fry dishes. Sembawang Park Sembawang Park, a 15 hectare tranquil park developed in the 1970s and maintained by the National Parks Board, is situated at the Northern tip of Sembawang Road. One of the few parks in Singapore with a natural beach, the Wak Hassan Beach, this park is a heaven for city dwellers who are tired of the never-ending concrete buildings and sky-scrapers. It's a popular spot for campers as well as families who wish to spend an idyllic day by the beach. One can dine at the Beaulieu House, built in 1910, which was the residence of Admiral Sir Geoffrey Layton (Commander-in-Chief British Eastern Fleet, 1940-1942). A wide range of fauna and flora awaits visitors, ranging from the spectacular Cannon Ball tree (Couroupita guianensis) to the many species of birds which have made the park their nesting grounds. Sembawang Park Connector The Sembwang Park Connector is part of the Park Connector Network managed by the National Parks Board. As their name imply, these connectors aim to form a continuous loop which would hopefully connect all the major parks within Singapore. The Sembawang Park Connector runs parallel to Sungei Sembawang, a canal which serves as the demarcation between Woodlands and Sembawang New Towns. Simpang Kiri Park Connector The Simpang Kiri Park Connector demarcates the Southern border of Sembawang New Town, starting from the Southernmost tip of Canberra Link and terminating at Jalan Mempurong, where the Bottle Tree Village and Masjid Penempatan Melayu Sembawang can be found. Sembawang Hot Spring The Sembawang Hot Spring, discovered in 1909, is located near the junction of Sembawang Road and Gambas Avenue, along Jalan Ulu Sembawang. It is Singapore mainland's only natural hot spring and was once bottled for sale under the label Seletaris by Fraser and Neave, a food and beverage company. Located on land used by the Ministry of Defence, improvement works were carried out in the area sur- rounding the spring and it was re-opened to the public on 1 May 2002. PGSEM-05 31 IIMB

International Business Marketing Exhibit 10: Local institu- Ranking by Country tion collabo- government Foreign Institution of Origin Degree Offered ration Tier A City U of New York US MSc (Fin, Mkt) SMA Essec University France MBA Essec Insead University (FT) France MBA Insead Macquarie Universi- MGSM-Raf- ty Australia MBA fles Nanyang Tech U Singapore MBA NTU National U of S'pore Singapore MBA NUS Nottingham Univer- PSB Acade- sity UK MBA my NUS/UCLA S'pore/US EMBA NUS Rutgers University US EMBA CAE S'pore Management MSc (Finance, Wealth U S'pore Mngt) SMU University of Chica- go US MBA U of C/Asia U of Manchester UK MBA (Finance) MBS MBA for Eng U of Western Aus- PSB Acade- tra

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