Prof. Ashok Banerjee, Director of the highly-reputed Indian Institute of Management (IIM) Udaipur, shares his redolent insights on the rapidly evolving needs of the Indian consumer market in an interview with Education Post’s Tanay Kumar.
Q. The JM Financial Centre for Financial Research at IIM Udaipur is your brainchild. What purpose will this centre serve?
IIM Udaipur always believes in industry-academia partnerships to foster industry-relevant research and teaching. In addition to research, the centre will provide a platform for a dialogue between leading practitioners and academicians on matters that are of mutual interest. The centre would also provide the latest database to MBA and PhD students to facilitate a deeper understanding of financial markets and products.
The JM Financial Centre for Financial Research at IIMU will engage in academic research in finance and related disciplines, conduct annual workshops and industry talks, and partner with the Banking Financial Services and Insurance (BFSI) sector and regulatory bodies for action research and seminars. The centre will have an advisory board with experts from BFSI, financial technology sectors, and academia.
Once the centre becomes operational, it may offer an elective course on Mergers & Acquisitions or other areas in the MBA program, as mutually agreed. IIMU will also conduct studies on areas that are mutually agreed upon between IIMU and JM Financial.
Q. IIM Udaipur is the only B-school with a Consumer Culture Lab. Please tell us something about this lab and how does this lab help students?
The Consumer Culture Lab at IIM Udaipur stands as a pioneering initiative in addressing the pressing need for comprehensive research on the rapidly evolving consumer behavior in India. Its primary objective is to bridge the gap in understanding the diverse, multifaceted nature of the Indian consumer, an essential aspect often overlooked in mainstream discourse.
This specialized lab acknowledges the necessity for nuanced insights into the Indian consumer landscape, especially in a global context. It seeks to debunk the notion of a singular “Indian consumer” by shedding light on the extensive diversity and varied perspectives within this demographic.
What sets this lab apart is its interdisciplinary approach, drawing from fields such as anthropology, sociology, and psychology. By amalgamating these diverse perspectives, the lab aims to unravel the intricate cultural, social, and psychological forces shaping consumer behavior in India.
An important focus of the Consumer Culture Lab is to not just conduct research but also to contribute to the dissemination of knowledge. It aims to promote qualitative research methods, catering to both academic scholars and professionals in the field. By doing so, it intends to foster a deeper understanding of the intricacies involved in studying the Indian consumer market.
Moreover, the lab acknowledges the dynamic nature of cultural influences on the lives of Indian consumers, recognizing that these forces continually shape their behaviors and choices, both consciously and subconsciously.
Q. Only 22 institutes in India are accredited by the globally reputed Association to Advance Collegiate Schools of Business (AACSB). Why did IIMU seek this accreditation?
AACSB accreditation is analogous to the Food and Drug Administration (FDA) approval for any drug. Achieving accreditation from AACSB signifies that an institution meets rigorous standards for business education quality. The reasons why an institute might seek AACSB accreditation are:
- Enhanced Reputation: AACSB accreditation enhances the institute’s reputation, signaling to students, faculty, employers, and stakeholders that the business school meets or exceeds international standards of excellence in business education.
- Quality Assurance: The accreditation process involves rigorous evaluation of curriculum, faculty qualifications, research output, and overall educational quality. Seeking AACSB accreditation ensures the institute maintains high-quality standards in its educational programs
- Global Recognition: AACSB is globally recognized and respected. Attaining this accreditation can attract international students, faculty, and partnerships, fostering a more diverse and globally connected academic environment.
- Improved Learning Experience: Accreditation often leads to continuous improvement in teaching methodologies, curriculum design, and student learning outcomes. Institutes seek this accreditation to enhance the overall educational experience for their students
- Employability and Career Opportunities: Students graduating from AACSB-accredited institutions may have an advantage in the job market. Employers often value degrees from accredited institutions, considering them as a mark of quality education and preparation for the business world.
- Access to Resources and Networking: AACSB-accredited institutes gain access to a network of other accredited institutions, fostering collaborations, sharing best practices, and accessing resources for continuous improvement in business education
AACSB accreditation demonstrates an institute’s commitment to providing high quality education in business and management, contributing to its long-term success, and maintaining its competitiveness in the global academic landscape.
Q. Commerce and finance have begotten some sub-domains in MBA study in the past two decades, for example BFSI, Supply Chain, Logistics, etc. Do you envisage some other domains in the future?
Most of the MBA programs that are offered in India focus on all aspects of management rather than a specialized one. However, IIM Udaipur is perhaps the only institution that offers specialized MBAs in addition to the usual twoyear MBA. The demand for general management MBA and specialized MBA will co-exist. The two specialized MBA programs at IIM Udaipur attract significant interest among students and recruiters. While designing any specialized MBA program, it is important to note that the area for a specialized MBA should not be specific to a particular function or domain; rather, it should be on a broad-based theme that cuts across several domains (for example, innovation management or sustainability).
Q. Interdisciplinary education has been the talk of the town, while management itself has many branches. In your view, what should be the ratio of focus between interdisciplinary and intradisciplinary education?
There is no specific preset ratio; however, the emerging trend is to offer more courses, particularly electives.
