IBSCampusesDate: 24/06/2013Time: 09:57:38

BSTR394

IBS Center for Management Research

Mahindra Rise: New Vision, Core Purpose and Positioning Statement

TThis case was written by N Prakash and R Muthukumar, under the direction of Debapratim Purkayastha, IBS Center for Management Research. It was compiled from published sources, and is intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation.

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2011, IBS Center for Management Research. All rights reserved. To order copies, call +91-08417-236667/68 or write to IBS Center for Management Research (ICMR), IFHE Campus, Donthanapally, Sankarapally Road, Hyderabad 501 504, Andhra Pradesh, India or email: info@icmrindia.org www.icmrindia.org

BSTR394Mahindra Rise: New Vision, Core Purpose and Positioning StatementRise isnt just a word it is a rallying cry which enables people to unify around shared ideas, values, principles, a way of life, or a common goal. It is a call to see opportunities where others cant and to set an example for the world. For Mahindra, Rise means achieving world-class standards in everything we do, setting new benchmarks of excellence, and conquering tough global markets.[1] - Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group, on January 17, 2011In January 2011, Anand Mahindra (Anand), Vice Chairman and Managing Director of Mahindra & Mahindra, introduced a new statement that defined the Groups core purpose. Anand and the top management of Mahindra gave expression to the new vision through a new brand positioning and a new core purpose and tagline for the group Rise.As of 2011, the Mahindra Group (Mahindra) was a US $12.5 billion Indian multinational[2] employing over 119,900 people across the globe, with operations spanning 18 key industries. It occupied a leadership position in utility vehicles, tractors, and information technology and had a significant and growing presence in financial services, aerospace, after-market, real estate, hospitality, and logistics. Mahindra was the only Indian company among the top tractor brands in the world. While the individual companies in the Mahindra Group had their own mission statements, the Group as a whole did not have one. So according to the company, for this it had a core purpose. As Mahindra expanded globally, it was not able to connect its existing core purpose and positioning statement to the global arena and across the businesses that had been developed at the time India got its Independence in 1947. So Mahindra decided to revisit its core purpose and positioning statement in a bid to unify all its businesses. As a part of it, it developed a new tagline Rise in keeping with its global ambition.Mahindra started embedding Rise through certain changes internally as well as externally so as to reach all the stakeholders. But the challenge before the top management team was to ensure that Rise would be embedded throughout the Group rather than ending up as a flavor-of-the-month exercise.ABOUT MAHINDRA gROUPThe Mahindra Group was started in 1945 by Mahindra brothers JC Mahindra and KC Mahindra as a steel trading company. After Ghulam Mohammad joined them, they set up a franchise for assembling jeeps from Willys[3], USA. After India got its Independence in 1947, Ghulam Mohamed left the partnership[4]. Soon after, the company was renamed Mahindra & Mahindra Ltd. (M&M). It became a public limited company in 1955. Over the next few decades, the Group promoted many companies in areas as diverse as hotels, financial services, auto components, information technology, infrastructure development, and trading. In 1958, Mahindra entered into an agreement with Birfield[5] to form Mahindra Sintered[6] Products Private Limited for manufacturing a wide range of self-lubricating bearings. In 1968, the companys instrumentation and electronics division was set up. In 1984, Mahindra entered into a collaboration agreement with Foramer[7], for the purchase of Ile dAmsterdam[8], at a price of US$10.75 million. Mahindra signed a memorandum of understanding with British Telecom[9] in 1985 for joint exploration and development of opportunities in telecommunication and other technical fields in India. In September 1989, it acquired the automotive pressing unit at Kanhe from Guest Keen Williams (GKW)[10]. In 1994, with the intention of achieving global sales, it set up its wholly-owned subsidiary, Mahindra USA.Several measures including re-engineering of business processes, investment in information technology, cost-cutting through outsourcing and reduction in workforce (through schemes such as the voluntary retirement scheme), were undertaken so as to transform the organization. As a result, Mahindra became a multi-business group of companies operating in six different sectors namely, automotive, automotive components, farm equipment, financial services, infrastructure development, and software.Mahindra gained expertise in tractor technology and came up with the best tractors in India. Further, in what was a first in the area of car manufacture, in 1996, Mahindra entered into a Joint Venture (JV) with Ford Motor Co[11] for the manufacture of the Ford Escort and the Ford Fiesta passenger cars for the Indian market. By 1997, the flagship company of Mahindra held the core businesses of Sports Utility Vehicles (SUV), Light Commercial Vehicles (LCV), and tractors (Refer to Exhibit I for Mahindras presence with respective to competitors). All the other activities, which included financial services, hospitality, etc., were detached from the flagship company and made into separate entities.In 2005, with the aim of becoming the worlds largest tractor manufacturer, Mahindra established Mahindra Australia and Mahindra (China) Tractor, through a JV with Jiang Ling Motor, one of the leading Chinese automakers. In the automotive segment, Mahindra entered into a JV with Renault SA, the French auto giant, for the manufacture of the Logan (passenger car) in the Indian market. Mahindra believed that JVs were one of the most efficient ways to learn.[12] The launch of the Logan was a very significant step in the evolution of Mahindra as it helped the company enter the most competitive segment of the automotive market. Anand was able to transform Mahindra into a multi- business mainly because of his strategies, which he named ESEE (Envisioning, Structure, Enabling, and Energize). Mahindras strategy of frugal engineering i.e., developing products at a cost lower than that of the products in the west, also aided in Mahindras success. Mahindra became a multinational organization, operating in eight different business segments and having a value of US$6.7 billion[13] in March 2008. The Mahindra Group started reorganizing its business group to become a federation of companies[14] from a family owned conglomerate in 1994. The structure of the federation of companies enabled each business to pave its own future and simultaneously leverage synergies across the entire Groups competencies. In this way, according to the company, the diversity of Mahindras expertise allowed it to bring customers the best in many fields. The two main divisions of the company were the farm equipment division and the automotive division. Mahindras farm equipment segment dealt with the design, development, manufacture, and marketing of tractors and related implements. It also manufactured industrial engines. Mahindra exported its tractors to the US, Nepal, Bangladesh, Sri Lanka, and countries in Africa. In August 2008, Mahindra acquired Yancheng Tractors (the third largest tractor manufacturer of China) through a JV.Mahindra forayed into the aerospace segment in 2009 when it acquired a 75.1% stake each in Australias Gippsland Aeronautics[15] and Aerostaff[16] Australia for Rs 1.75 billion to make aircraft and allied components to service the global market. At the same time, it entered the powerboats business through Mahindra Odyssea[17]. In April 2010, it bought out logan with the joint venture with Renault[18]. In May 2010, it acquired 55% of Bangalore-based Reva[19] to strengthen its share in the electric cars segment. In 2010, the groups automotive division had an agreement with Ssangyong[20] Motor Company Limited (SYMC) to acquire a 70% stake at a total cost of US$463 million. Over the years, Mahindra showed significant growth. It had 110 subsidiaries by March 2011 as against the 34 subsidiaries it had had in March 2005. Mahindra was one of the few Indian companies to receive an A+ Global Reporting Initiative[21] checked rating for its first Sustainability Report for the year 2007-08. It held the distinction of being the only tractor company worldwide to win the Deming Prize[22]. Mahindra was also the only Indian automobile manufacturer to feature in the top 10 list of the Carbon Disclosure Leadership Index in India 2010, created by the Carbon Disclosure Project (CDP)[23]. By March 2011, the Mahindra Group had generated revenue of Rs.368.4 billion with Rs 48.3 billion as profit (Refer to Exhibit II for Mahindra Groups Revenue and Profits Snapshot ) and had market capitalization of Rs 9.62 billion (Refer to Exhibit III for Market Capitalization of Mahindra ). Mahindra & Mahindra Ltd.s stock saw tremendous growth from September 2006 to December 2010 (Refer to Exhibit IV Five-year Stock Chart of Mahindra & Mahindra at Bombay Stock Exchange). As of early 2011, Mahindra had a federal structure and was organized into ten business sectors (Refer to Exhibit V for Mahindras Federal structure).A NEW VISION AND CORE PURPOSEWhile the individual companies had their own mission statements, the Group as a whole did not. We dont have a group-wide mission statement. Our core purpose is what makes all of us want to get up and come to work in the morning,[24] said Anand. According to Sridhar Samu[25], with the group moving into newer areas, questions like what is your core business and philosophy would have been hard to answer as there was nothing linking everything together.[26] The existing core purpose of Mahindra was:Indians are second to none in the world. The founders of our nation and of our company passionately believed this. We will prove them right by believing in ourselves and by making M&M Ltd. Known worldwide for the quality of its product and services.[27]Every year, Anand conducted a two-day conference with his top executives to review the year gone by and set targets for the future. In December 2010, at a conference held in Malaysia, he explained Mahindras new vision to his team to be innovative and rise above the ordinary.[28] This vision found expression through a new brand positioning and a new core purpose and tagline for the group Rise that was launched in January 2011 (Refer to Box I: M&Ms New Core Purpose and Values). The concept of Rise was built on three pillars: accepting no limits, alternative thinking, and driving positive change.To achieve any improvement, Mahindra decided not to have/set any limits for anything. Mahindras top management commented, We accept no limits, and ask the same of everyone else. Mahindra worked relentlessly to provide the tools, information, and inspiration to push past limitations and comfort zones. This impeccable spirit stimulated Mahindrato meet the oil crisis in the 1970s by re-engineering its fuel-efficient tractor engines for utility vehicles. It led Mahindra to take on the challenge of designing the Scorpio utility vehicle at a low cost something that had been considered impossible by many industry experts. Mahindra created completely new business models to enter new areas like the hospitality business and rural financial services. It registered the highest profits despite the worst global recession in 2010 This determination influenced every aspect of Mahindras culture and employees. As a result, each Mahindra business constantly pushed the envelope and raised the benchmarks to deliver better value to its customers.At Mahindra, alternative thinking meant solving problems in unique and unimaginable ways by using fewer resources and entering markets thought to be unreachable.For instance, Mahindra developed the Scorpio considering drivers needs first. It built two-wheelers that provided affordable mobility solutions to more people. It provided rural people with access to financial services.Mahindra strove to make a positive impact through its products and services by greening its manufacturing process and by being a good employer. It sought to drive positive change from everything in which it was involved. Mahindra was a business with a conscience[29]. Mahindra tried to ensure that every product it made and each market it explored made sound economic sense. As a result, it was often good for people and communities as well. While Mahindra wanted to be recognized as among the global companies that make incredible products and services, it also sought to be known for creating a better world. Mahindra made a positive impact on society by building green homes with eco friendly materials, providing loans to rural entrepreneurs, designing goods carriers that ran on compressed natural gas (CNG), and offering educational programs. The Mahindra Group unveiled its new core purpose which read: We will challenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the world, to enable them to Rise.[30]Box I:Mahindras New Core Purpose and ValuesOur motivation to give our best every day comes from our core purpose:we willchallenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the worldto enable them to Rise.

Our products and services support our customers ambitions to improve their living standards; our responsible business practices positively engage the communities we join through employment, education, and outreach; and our commitment to sustainable business is bringing green technology and awareness into the mainstream through our products, services, and light-footprint manufacturing processes.

This commitment to sustainabilitysocial, economic, and environmentalrests upon a set of core values. They are an amalgamation of what we have been, what we are, and what we want to be. These values are the compass that guides our actions, both personal and corporate. They are:

Good corporate citizenship

We will continue to seek long term success in alignment with the needs of the communities we serve. We will do this without compromising on ethical business standards.

Professionalism

We have always sought the best people for the job and given them the freedom and the opportunity to grow. We will continue to do so. We will support innovation and well reasoned risk taking, but will demand performance.

Customer first We exist and prosper only because of the customer. We will respond to the changing needs and expectations of our customers speedily, courteously and effectively.

Quality focus

Quality is the key to delivering value for money to our customers. We will make quality a driving value in our work, in our products and in our interactions with others. We will do it 'First Time Right.'

Dignity of the individual

We will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, we will nurture fairness, trust, and transparency.

Adopted from www.mahindra.comRATIONALE FOR THE CHANGEMahindra had carried out a similar exercise in 1998 to outline the conglomerates core values. At that time, the brand identity was about celebrating being Indian. Anand explained the reasons for the new core purpose and Brand Position: At the time of independence, it was to demonstrate that Indians were second to none which worked very well. It energized everyone and the results were for everybody to see. As time went by, two things happened. Firstly, we grew. India grew in stature and Indian companies grew. All of a sudden, we were second to none, which was rather defensive. Secondly, as a corporation, we were becoming increasingly global.[31] Mahindra decided to shift from its old positioning for the reason that people from the global arena were unable to connect with the old positioning. In a changing world, with India strongly established in the global economy and with the groups own businesses expanding to new sectors and new geographies, the conglomerates leaders felt that its central ideals needed to be redefined. Anand said, At that time, I asked our office of strategy management an appropriate and contemporary core purpose that had a number of foreign expats feeling that lack of connect. If we can position ourselves as companies in business, to engender our consumers and shape their own destiny; there will be value, positioning, trust, and a viable business model in it.[32]Ruzbeh Irani (Ruzbeh), EVP corporate strategy and chief brand officer, Mahindra Group and member of the executive board, added that the Mahindra Group was not very well known at the global level. At the same time, the Indian market was becoming very competitive. So with this new initiative, the company wanted to address these issues by strengthening the brand in India while building a brand globally. Ruzbeh said, Rise is a simple yet powerful verb which defines our Group and succinctly sums up the aspirations of our stakeholders and employees. When we spoke to customers across the world, all of them without exception expressed a strong sense of optimism about the future and shared a common desire to Rise, to succeed and create a better future for themselves, their families, and their communities. We strongly believe that the Mahindra brand epitomizes what our customers want a company that empowers them to Rise.[33] According to Rajeev Dubey, president, group HR and after-market, the company felt that this new platform would enthuse people to enable them to seize opportunities and fight challenges.[34]EMBEDDING RISEMahindra found that some of the traits that it wanted to inculcate in the company as part of Rise were fundamental while others were strengthening or waning. The four core qualities for Mahindra were integrity, compassion, diversity, and empowerment of employees and customers. Employees also identified four emerging qualities for the modern world: a global mindset, ingenuity, social responsibility, and a challenger spirit. For Mahindra, Rise means achieving world class standards in everything they do, setting new benchmarks of excellence, and conquering tough global markets, said Anand. The idea behind the move was to communicate with one brand voice, one face, and one Mahindra core purpose.[35] According to Anand, At Mahindra, weve been working hard to live Rise both internally and externally across all our touch points, product and service brands.[36] Since the launch of Rise, Mahindra focused on creating changes both in its offices and externally.Mahindra started the change efforts with employees. Its efforts to align key human resources with Rise were done in two parts. The first part involved leadership competencies, recruitment, induction, and on-boarding[37]. Cross-business and cross-functional teams were used to build a strong new talent system to have employees align with the culture of Rise. The next step covered talent management, performance management, learning and development, and rewards and recognition. Mahindra established cross-business and cross-functional teams to develop policies to nurture Rise qualities across employees of Mahindra.Mahindra trained a large group of people on the principles of Rise, to drive change programs throughout Mahindra. It designed a training program to give employees the tools to see and seize opportunities for improvement across various processes and functions at Mahindra. Skills can be taught but attitude is difficult to change. We are therefore modifying our recruitment process to focus more on attitudes rather than skill alone to ensure they have a smooth buy-in to our Rise philosophy,[38] said Ruzbeh.Mahindras marketing team established cohesive visual, verbal, and electronic marketing standards. From decisions on color palettes to imagery guidelines, the marketing team built a toolbox for marketing teams across the Group to deliver consistent communications. This brand project was to be completed by December 2011 and the digital brand management project by December 2012. There is clearly a greater sense of engagement with the brand identification with the larger entity behind their individual companies,[39] said Ruzbeh.Mahindra Rise aligned the brand to business. Core capabilities such as new product development, customer centricity programs, and innovation programs were strengthened using Rise concepts with the help of brand pillars (Refer to Figure I for details on the Mahindra RISE Brand pillars and Core Purpose). These medium- to long-term programs were handled at the business unit level. Mahindra expected to show customer and business benefits over the next two to five years since 2011. Mahindra explored new opportunities to exemplify the Rise Campaign. Endeavors like acquiring a major stake in the electric vehicle maker Reva, entering the solar energy business, launching the Genio pick-up truck for small entrepreneurs and the Yuvraj tractor for small farmers, and strengthening rural housing finance business were a few examples. Mahindra made efforts to translate the Rise effect into concrete deliverables across products, services, solutions, and value-delivery chains every day. Figure I:The Mahindra RISE Brand Pillars and Core Purpose

Source: www.mahindra.comMahindra also launched a Rise brand Campaign and it commissioned StrawberryFrog[40] to create and establish the brand campaign. The advertisement campaign ran across all major dailies in India. The advertisement was headlined There are those who accept things as they are and those who Rise to change. (Refer to Exhibit VI for in detail on the advertisement). It also launched TV commercials. The advertisement appealed to readers to come and share their stories and aspirations at www.mahindra.com/empower and encouraged them to become part of the Rise moment. Mahindra Rise also initiated social media marketing on Facebook, Flickr, Slideshare, and Twitter.CHALLENGES AHEADAccording to Scott Goodson (Goodson), founder & chairman, StrawberryFrog, which was responsible for communicating Mahindras new branding, the time was ripe for Indian companies to establish their brands globally.[41] Some other experts felt that the group was on the right track considering the changes in its portfolio and market. They said Rise will help bring clarity and align the groups businesses. It can also set new directions as [Mahindra] grows bigger and expands into new territories.[42] The top management at Mahindra itself felt that the new vision statement would be a springboard for the Groups growth. According to Bharat Doshi, Finance Director, Mahindra, While it would be difficult to quantify the impact of the new core purpose, the idea was to think big and grow by, say, 10X at a steady and sustained pace.[43] Some experts commented that this exercise was merely about image building and that Mahindras focus should be on how to create conditions that promoted innovation, while allowing people to thrive and to fuel its businesses with quality products. But Anand did not agree. He countered the criticism saying, We are attempting to unify different businesses that share the Mahindra brand, and offer a compelling value proposition.[44] However, commenting on certain challenges, Ruzbeh said, Our journey toward realizing our ambitions will not be successful if we do not carry all our stakeholders with us. Our growth will have to be based on a positive change in their lifestyles. We must continue to look for ways to do better and more, by linking Rise more strongly to each business and by revisiting the drawing board to get more insights into how our various stakeholders define positive change. Then, we will be able to craft a customer experience that we hope will provide a Rise experience at every point of interaction with the customer. [45]

Exhibit IThe Presence of Mahindra in Automotive SectorBrandTwo WheelersThree WheelersCarsElectric/Hybrid CarsSUVsMUVsTractorsLCV/MCVs/HCVsBoats/ShipsAir-craft

Mahindra

Toyata

VW

Honda

Renault

Ford

GM

Hyundai

Adopted from Rajeev Dubey, Not Just Car Maker Anymore, Business world, January 24, 2011.

Exhibit IIMahindra Groups Revenue and Profits Mahindra Groups Revenue and Profits Snapshot

Break-up of Mahindra Group Revenues and Profits by Business Sectors

Business Sectors Revenue Profit

Total (Rs. Billion)368.47348.03

Infrastructure1.6%3.6%

Hospitality1.4%2.2%

Financial services5.5%15.5%

Systech9.4%2.1%

IT Services6.9%9.2%

Farm equipment29.4%35.4%

Automotive40.4%33.9%

Others5.1%1.9%

*For the year ended March 31, 2011

Adopted from www.mahindra.com.Exhibit IIIMarket Capitalization as of March 31, 2011Top 5 Group CompaniesBillions

Mahindra & Mahindra Ltd9.62

Tech Mahindra Ltd1.91

Mahindra & Mahindra Financial Services Ltd1.81

Mahindra Satyam1.74

Mahindra Holidays & Resorts India Ltd0.67

Adopted from www.mahindra.comExhibit IVFive-year Stock Chart of Mahindra & Mahindra at Bombay Stock Exchange

Adopted from www.bseindia.com

Exhibit VMahindras Federal Structure

Adopted from www.mahindra.com

Exhibit VIA Mahindra RISE Ad

Source: www.mahindra.com

References & Suggested Readings:1. Vatsala Kamat, Mahindra Sales Bucking the Trend, At Least for Now, www.livemint.com, July 03, 2011.2. Mahindras Auto Sector Registers 29% Growth in June 2011, www.mahindra.com, July 01, 20113. Mahindra Tractors Registers 40% Increase in Domestic Sales in June 2011, www.mahindra.com, July 01, 2011.4. Mahindra 2 Wheelers Achieves 18% Growth in Q1, www.mahindra.com, July 01,20115. Sayantani Kar, Mahindra & Mahindra: Moment of Truth, www.business-standard.com. June 20, 2011.6. Rise Six Months into a Brand-led Transformation, www.rise.mahindra.com, June 16, 2011.7. The Story of Rise, www.rise.mahindra.com, June 9, 20118. Mahindra Group Taps StrawberryFrog for Global Cultural Movement Strategy, www.thestreet.com, May 06, 2011. 9. Mahindra Gets a New Brand Positioning Rise, www.desicreatives.com, March 24, 2011.10. A New Core Purpose: Expansion Gives 'Rise' to Rebranding at Mahindra, www.knowledge.wharton.upenn.edu, March, 24, 2011.11. Jogender, Mahindra Rise, www.marketingcurry.com, March 16, 2011.12. Yassir A Pitalwalla, Mahindra Sets up Brand Council, www.mydigitalfc.com, February 01, 2011.13. Mahindra Bets on Movement Marketing for New Positioning, www.campaignIndia.in, January 25, 2011. 14. Rajeev Dubey, Not Just Car Maker Anymore, Business world Magazine, January 24, 2011.15. Mahindra Group Unveils Rise, New Brand Positioning, www.financialexpress.com, January 18, 2011.16. Why 'Rise' is the New Mahindra Mantra?, www.moneycontrol.com, January 18, 2011.17. Satish John, Mahindra Hits Marathon Course with New Tagline Rise, www.dnaindia.com, January, 18, 2011.18. Mahindra & Mahindra to Use 'Rise' as New Brand Positioning, www.articles.economictimes.indiatimes.com, January, 17, 2011.19. Mahindra Aims to Rise to New Heights, www.blogs.forbes.com, January, 17, 2011. 20. Mahindra to Rise for a New Brand Positioning, www.in.news.yahoo.com, January 17, 2011.21. Sutanuka Ghosal, Mahindra Odyssea Starts Luxury Boats Production, www.articles.economictimes.com, January 21, 2010.22. Lalitha Srinivasan, StrawberryFrog Chalks Out India Game Plan, Bags M&M Account, www.financialexpress.com, April 05, 2008.23. Ravi Balakrishnan, StrawberryFrog to Launch Mahindra in the USA, www.scottgoodson.typepad.com, March 25, 2008.24. Kamau High, StrawberryFrog Adds $30 Mil. Mahindra Biz, www.adweek.com February 12, 2008.25. David Kiley, Global Vehicles/Mahindra Taps Strawberry Frog to Launch Indian Autos in the US, www.businessweek.com, February, 11, 2008.26. Pallavi Srivastava, On the 'Rise': Mahindra Takes a Leap, www.exchange4media.com,27. What is Rise?, www.rise.mahindra.com.28. Hiring philosophy, www.mahindraearthmaster.com/about_human_resource.html

[1] Mahindra Unveils New Brand Position-'Rise', www.mahindra.com, January 17, 2011.[2] www.mahindra.com.[3] Willys is a brand name of Willys-Overland Motors, an American automobile company known for its design and production of military Jeeps and civilian versions during the 20th century.[4] With the partitioning of India and the founding of Pakistan, Mohammed migrated to Pakistan and became Finance Minister of the newly established Pakistan. From 1951-55, he was Governor-General of Pakistan.[5] Birfield is part of the GKN Group. GKN plc is a multinational engineering company headquartered in Redditch, UK, that operates in aerospace, drive line, powder metallurgy, and land systems.[6] Sintering is a method for making objects from powder. The material is heated in a sintering furnace below its melting point until its particles adhere to each other.[7] Foramer is an associate of Forasol, a Swiss company based in the Lausanne area, and specializes in all kinds of subterranean and deep foundation construction. Since its creation in 1973, Forasol has executed numerous important foundation projects in Switzerland and abroad.[8] Ile dAmsterdam is an offshore drilling rig, which is a French island in the Indian Ocean. It is part of the French Southern and Antarctic Lands.[9] British Telcom is one of the largest global telecommunications Services Companies in the world and is headquartered in London. [10] GKW Limited is a subsidiary of the U.K. based engineering giant GKN plc. The company has four operating divisions, viz., the precision pressing division, the steel division, the fastener division, and the engineering and forging division.[11] Ford Motor Company was the fifth largest auto maker in the world as of 2010. [12] Gurcharan Das, The Problem, http://www.india-seminar.com/1999/482/482%20problem.htm, October 1999[13] Anand Mahindra Driving Force behind Indias Automotive Boom on CNNs Talk Asia, www.cnnasiapacific.com, June 11, 2008.[14] A federation of companies, like M&M, has investments in separate businesses. Each company focuses on a different industry although they have a common owner. The distinction is important because there are two components of focus managerial and financial. A conglomerate has divisions and its stock price represents the value streams of all those businesses.[15] Gippsland Aeronautics is an Australian aircraft manufacturer.[16] Aerostaff Australia Pty Ltd is a C.A.S.A. approved, AS 9100 Certified sheet metal workshop based in Port Melbourne, Victoria. They manufacture close tolerance, high precision sheet metal components and assemblies for the aviation, defense, and specialized sheet metal industries. Utilizing the latest fabrication techniques, they offer total turnkey solutions. [17] Mahindra Odyssea, an M&M group company that entered the luxury boats space in 2009, manufactures luxury boats at its Goa facility. It has managed to pre-sell its luxury boat brands Mahindra Odyssea 22 and Mahindra Odyssea 33. [18] Renault is a French automaker producing cars and vans, and in the past, auto rail vehicles, trucks, tractors, vans, and also buses/coaches.[19] An Electric Car Company based in Bangalore, India, involved in designing and manufacturing of compact electric vehicles. It was one of the first companies to introduce electric vehicles worldwide.[20] SsangYong is a South Korean company which manufactures jeeps for the US Army as well as trucks and buses and automotives. [21] The Global Reporting Initiative (GRI) produces one of the world's most prevalent standards for sustainability reporting.[22] The Deming prize, established in December 1950 in honor of W. Edwards Deming was an American statistician, professor, author, lecturer and consultant. He is perhaps best known for his work in Japan. There, from 1950 onward, he taught top management how to improve design (and thus service), product quality, testing and sales through various methods, including the application of statistical methods. He was originally designed to reward Japanese companies for major advances in quality improvement. Over the years it has grown and is now also available to non-Japanese companies and to individuals recognized as having made major contributions to the advancement of quality.[23] CDP is an independent not-for-profit organization holding the largest database of primary corporate climate change information in the world.[24] Hiring philosophy, www.mahindraearthmaster.com/about_human_resource.html[25] Sridhar Samu, a professor of marketing at the Hyderabad-based Indian School of Business.[26] A New Core Purpose: Expansion Gives 'Rise' to Rebranding at Mahindra, www.knowledge.wharton.upenn.edu, March 24, 2011[27] Ms Divya Handa Mahindra and Mahindra ltd, www.slideshare.net/rajeevgupta/mahindra-n-mahindra [28] A New Core Purpose: Expansion Gives 'Rise' to Rebranding at Mahindra, www.knowledge.wharton.upenn.edu, March 24, 2011.[29] www.mahindra.com[30] www.mahindra.com.[31] Why 'Rise' is the New Mahindra Mantra?, www.moneycontrol.com , January 18, 2011.[32] Why 'Rise' is the New Mahindra Mantra?, www.moneycontrol.com , January 18, 2011.[33] Mahindra Unveils New Brand Position-'Rise', www.mahindra.com, January 17, 2011.[34] A New Core Purpose: Expansion Gives 'Rise' to Rebranding at Mahindra, www.knowledge.wharton.upenn.edu, March 24, 2011.[35] Mahindra & Mahindra to use 'Rise' as new brand positioning, www.articles.economictimes.indiatimes.com, January 17, 2011.[36] Rise Six Months into a Brand-led Transformation, http://rise.mahindra.com/rise-six-months-into-a-brand-led-transformation/, June 16, 2011[37] On-boarding, also known as organizational socialization refers to the mechanism through which new employees acquire the necessary knowledge, skills, and behaviors to become effective organizational members and insiders. The tactics used in this process include formal meetings, lectures, videos, printed materials, or computer-based orientations to introduce newcomers to their new jobs and organizations.[38] Yassir A Pitalwalla, Mahindra Sets up Brand Council, www.mydigitalfc.com, February 01, 2011.[39] Rise Six Months into a Brand-led Transformation, www.rise.mahindra.com, June 16, 2011.[40] StrawberryFrog is a New York-based ad agency.[41] Mahindra Gets a New Brand Positioning Rise, www.desicreatives.com, March 24, 2011.[42] A New Core Purpose: Expansion Gives 'Rise' to Rebranding at Mahindra, http://knowledge.wharton.upenn.edu/india/article.cfm?articleid=4580, March 24, 2011.[43] Mahindra Group Unveils Rise, New Brand Positioning, www.fianancialexpress.com, January 18, 2011.[44] A New Core Purpose: Expansion Gives 'Rise' to Rebranding at Mahindra, www.knowledge.wharton.upenn.edu, March 24, 2011.[45] Rise Six Months into a Brand-led Transformation, http://rise.mahindra.com/rise-six-months-into-a-brand-led-transformation/, June 16, 2011