Entrepreneurship Management
June 2024 Examination
Q.1. JAMES, is an aspiring entrepreneur, who has completed his academic and professional experience in the Business field. He has an innovative idea for a new start-up, but lacks capital for the same. Hence, he approached to a few angel investors for the same. In order to get a proper funding James needs to show that his start-up idea is viable. State details of what JAMES needs to present in order to get a proper funding. Give reasons for the same. (10 Marks)
Ans 1.
Introduction:
In the realm of entrepreneurship, innovative ideas often emerge from individuals like James who possess academic and professional expertise in the business field. However, the translation of these ideas into successful ventures frequently hinges on securing adequate funding. For James, who finds himself in this common predicament, seeking support from angel investors becomes imperative. Nonetheless, merely approaching investors is insufficient; James must meticulously prepare to showcase the viability of his startup idea. This necessitates a comprehensive presentation that not only highlights the novelty of the concept but also demonstrates its potential for success in the market. In this discussion, we delve into the essential It is only half solved
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Q2. The evolution of Entrepreneurship has started from the Marco Polo ear before 18th century. Since then, there have been immense changes in the entrepreneurial sector as there are many new trends that have emerged. State whether the above statement is True or False. Give reasons with suitable examples for your answer. (10 marks)
Ans 1.
Introduction:
The assertion that entrepreneurship traces its roots back to the Marco Polo era before the 18th century raises intriguing questions about the historical trajectory of entrepreneurial activities. However, it is essential to critically examine this claim to understand the true origins and evolution of entrepreneurship. While trade and commerce have existed since ancient times, the modern concept of entrepreneurship, characterized by innovation, risk-taking, and value creation, has evolved over centuries. In this introduction, we will explore the validity of the statement and provide insights
Q3. Apar Institute is an institute that conducts entrepreneurship development programmes at the outskirts of Delhi. The institute was formed 2 years ago and was facing difficulties in providing quality training to the prospective entrepreneurs. There was a slew of problems related to the institute for budding entrepreneurs.
Firstly, the institute was located at a remote location which was arduous for people to locate. Even if someone located the institute, it was difficult to commute from home to the institution as it was located far from the city. The institute lacked proper training infrastructure such as mic, overhead projector, furniture etc.
Even the faculty appointed by institute showed a lackadaisical attitude and did not take a keen interest in teaching. The method of selecting the candidates was also flawed as there was no prior aptitude test or scrutiny. Hence, who so ever came to get enrolled for the programme was given admission. It was assumed that the candidate would already possess the required aptitude skills.
The course and curriculum did not cover the basic aspects of entrepreneurship development programme such as educating about institutes providing support, which financial institutes to approach for funds, performing feasibility studies, etc. The duration of the programme was very short. The programme lasted for 21 days, which was very less considering the quantum of time required. Even after completion of the program, there was no evaluation performed to check how many candidates have established their own enterprise and how it is being run.
The institute owner decided to change the way the institute is functioning. The owner emulated a government-run institute in an urban area and incorporated the required changes. Firstly, the institute decided to appoint more enthusiast and motivated trainers to impart education. The infrastructure of the institute was revamped and replaced with quality equipment. The institute even conducted online classes for candidates who could not commute to the institute. The course and curriculum were aligned with the fundamentals of the entrepreneurship development programme. At last, a thorough evaluation was done for each candidate who was enrolled in the programme. At last, a thorough evaluation was done for each candidate who was enrolled in the programme to gauge how much the program benefited the candidate.
Q3A. If you were the Management head of Apar Institute, what changes you need to incorporate to attract more number of students? (5 marks)
Ans 3a.
Introduction:
As the Management Head of Apar Institute, the goal is to identify and implement necessary changes to attract more students to the entrepreneurship development programs offered by the institute. Addressing the existing challenges and aligning the institute’s offerings with the needs and expectations of prospective entrepreneurs is essential to enhance its appeal and reputation. In this response, we will explore key changes that need to be incorporated to attract a larger number of students
Q3B. If the Apar Institute had to do a competitor analysis which tool, would you recommend them and how would they utilize the same. (5 marks)
Ans 3b.
Introduction:
In the fiercely competitive landscape of entrepreneurship development programs, conducting a thorough competitor analysis is crucial for Apar Institute to gain insights into its competitors’ strengths, weaknesses, strategies, and market positioning. Choosing the right tool for competitor analysis can significantly impact the effectiveness and depth of the insights gained. In this response
Integrated Marketing Communications
June 2024 Examination
1) Why did Nokia lose its market share? What were the reasons for the failure and what were the consequences? (10 Marks)
Ans 1.
Introduction:
Nokia, once hailed as a titan in the mobile phone industry, experienced a dramatic decline in market share that reverberated throughout the telecommunications landscape. From commanding a dominant position with its iconic brick phones to struggling in the era of smartphones, Nokia’s journey is a compelling narrative of rise and fall in the fast-paced world of technology. This examination aims to delve into the core reasons behind Nokia’s loss of market share, shedding light on the multifaceted factors that contributed to its downfall. Understanding these factors not only offers valuable insights into Nokia’s strategic missteps but also provides a broader understanding of the challenges faced by companies navigating disruptive industry shifts. From failing to innovate and adapt to changing consumer preferences to grappling with intense competition and strategic errors, Nokia’s story underscores
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2) You are supposed create an ad for a jeweler brand Kalyan Jewelers using a powerful punch line and creating an ad? What is that line that you are thinking of which they can use in their TV and print/digital ads? (10 Marks)
Ans 2.
Introduction:
In the world of advertising, crafting a compelling punchline is akin to creating a masterpiece—a few carefully chosen words that encapsulate the essence of a brand, leaving a lasting impact on the audience. The task at hand is to create an advertisement for Kalyan Jewelers, a renowned jeweler brand, that not only captivates attention but also resonates with the brand’s values and ethos. The power of a punchline lies in its ability to evoke emotions, spark curiosity, and forge a connection with the audience. As we delve into the intricacies of this task, we’ll explore the
3) Case Study
Honda relaunches Amaze with a tuck and a tweak
Over the years, Honda has burnished a reputation for itself that sits on three core pillars. Its cars are reliable, exciting to drive and will not burn a hole in the pocket when it comes to repairs and maintenance.
In the subcontinent where Honda’s ride over the last two decades has been a mixed bag of hits and misses, the Japanese company that’s famed for its prowess in engineering has managed to get at least two things right every time. Its most recent launch, the Amaze – a compact sedan that is priced competitively and is perfect for busy cities-looks like it has been modified since its last launch in 2018.
With a few tweaks, the Amaze looks like a brand-new car, something Honda is adept at achieving. The front is stronger, more square-jawed and bears a strong resemblance to its elder sibling-the Honda City. This is a good thing given that it’s cost at the entry level is almost half of the city. The rear, too, has been carved into a more sculpted and definite shape, giving the Amaze a truly sedan-like identity of its own, a departure from the old Amaze that looked too much of a cross between a hatchback and a sedan. Inside, the Amaze feels larger than it is owing to its features and gadgetry. An infotainment screen, steering-mounted controls, well-designed air vents, storage, and compartments for cups and water bottles are all thoughtfully in place. The car’s dashboard is reminiscent of the Old City or even the Civic.
However, Honda ought to be focusing on one area to improve-the gearshift. A manual stick shift placed in a faux-leather-like bag is outdated and could do with a modern replacement for at least two reasons; that it feels light and toy-like; and that it does not age well and its numbers get scratched off easily with time. In addition, the feeling of being locked into gear is not substantial.
The seating, both front and rear, is comfortable, thanks to ample legroom and high-quality materials. Honda could, however, throw in air-con vents at the back, too.
The car is powered by Honda’s 1.2L i-VTEC petrol engine and 1.5L i-DTEC diesel engine, available in manual and CVT versions for both fuel options.
It is key to note that the Amaze is Honda’s strategic entry model, specially developed for the Indian consumer. Honda claims to have achieved 95 per cent localization for the Amaze in terms of local parts and components, which goes to say that the cost of ownership is likely to be more affordable as compared to its foreign competitors. That’s also a reason why close to half a million cars have sold since it was first introduced in 2013.
Questions
- a) How has Honda done the makeover of its car Amaze and what are the changes you expect as a customer to be made in the car. How is it priced and what do you think of the strategy? (5 Marks)
Ans 3a.
Introduction:
Honda’s relaunch of the Amaze has sparked intrigue and anticipation among automotive enthusiasts, promising a refreshed take on the compact sedan. With a reputation built on reliability, driving excitement, and affordability, Honda aims to redefine the Amaze with a blend of style, functionality, and cost-effectiveness. Let’s delve into the makeover of the Amaze, exploring the changes made and the expectations customers may have regarding further enhancements, pricing,
- b) What are the features in the car and what do you think that Honda should add in this car to make it more marketable and how should they make an advertisement for the same to be put in the television and digital platform? (5 Marks)
Ans 3b.
Introduction:
The Honda Amaze boasts several features that cater to the needs and preferences of consumers in the compact sedan segment. However, to further enhance its marketability, Honda may consider incorporating additional features that align with evolving consumer demands. Crafting an advertisement for the Amaze to be showcased on television and digital platforms presents an
International Marketing
June 2024 Examination
- Your Company is planning to enter into international business through exports. Based on this assumption, suggest the distribution strategy (You can select any product category of your own choice) (10 Marks)
Ans 1.
Introduction:
Expanding into international markets through exports presents both exciting opportunities and significant challenges for companies seeking to grow their business globally. As businesses contemplate this strategic move, the distribution strategy emerges as a critical component in determining market entry success. This essay aims to explore the pivotal role of distribution strategy in international expansion through exports, focusing on the intricate balance between market dynamics,
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- Suggest a suitable International promotional strategy for a newly introduced product in consumer durable market. (You may decide the brand while answering the question) (10 Marks)
Ans 2.
Introduction:
Launching a new product in the consumer durable market demands strategic promotional planning to effectively penetrate international markets. In this context, TechEase, a fictitious brand, is introducing a groundbreaking smart home device designed to enhance convenience and connectivity for modern households. To ensure the success of this venture, it’s imperative to devise a comprehensive
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3 Read the case & answer the questions based on the case:
XYZ Corporation, a leading manufacturer of electronic gadgets based in the United States, is considering expanding its operations into the European market. After conducting extensive market research, the company has identified France as a lucrative market due to its growing demand for high-tech consumer electronics. However, XYZ Corporation’s management team is faced with the decision of selecting the most suitable mode of entry into the French market.
Questions:
- Discuss the strategic implications of licensing or franchising as potential modes of entry for XYZ Corporation. How would these approaches impact the company’s control over its products and brand image? (5 Marks)
Ans 3a.
Introduction:
Expanding operations into the European market presents XYZ Corporation with the opportunity to capitalize on the growing demand for high-tech consumer electronics in France. However, the choice of entry mode carries significant strategic implications for the company’s control over its products and brand image. In this context, licensing and franchising emerge as potential modes of entry, each with distinct advantages and considerations.
Concept and application
Licensing:
- Considering the nature of XYZ Corporation’s products & its desire to maintain a high level of control over its operations, would setting up wholly-owned subsidiaries be a suitable mode of entry into the French market? Justify your answer. (5 Marks)
Ans 3b.
Introduction:
As XYZ Corporation, a leading manufacturer of electronic gadgets, contemplates expansion into the French market, the choice of entry mode is critical. Given the company’s emphasis on maintaining control over its operations and products, the possibility of establishing wholly-owned subsidiaries warrants examination. This essay delves into the strategic implications of setting up wholly-
Investment Analysis and Portfolio Management
June 2024 Examination
- When it comes to investment, mutual fund plays a very important role. The money collected in mutual fund scheme is invested by professional fund managers in stocks and bonds etc. It is an indirect investment in stock market. MF have different players who play a different role explain it in your own words. (10 Marks)
Ans 1.
Introduction:
Mutual funds stand as a cornerstone in the realm of investments, providing individuals with a vehicle to indirectly participate in diverse financial markets such as stocks and bonds. Managed by professional fund managers, these pooled investments offer investors opportunities for diversification and access to expertly managed portfolios. Within the mutual fund landscape, various stakeholders fulfill crucial roles, each contributing to the overall efficiency and integrity of the industry. Understanding the functions and interactions of these players is paramount for investors seeking to navigate the complexities of mutual fund investments and construct
.
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- Arbitrage is a process in which investors simultaneously buy & sell of an asset. While getting into an arbitrage trade, the quantity of the underlying asset bought and sold should be the same. He makes profit without any risk. Explain how Arbitrage Pricing Theory works. (10 Marks)
Ans 2.
Introduction:
Arbitrage Pricing Theory (APT) is a significant financial model used to estimate the expected return of an asset. It operates on the premise that in an efficient market, any deviations from the expected return should be quickly eliminated by investors seeking arbitrage opportunities. Unlike the Capital Asset Pricing Model (CAPM), which relies solely on the relationship between an asset’s return and the market return, APT considers multiple factors that influence asset prices.
3a. Suppose there is an investment in two securities stocks & bonds. Expected return from bond is 8% & from stocks is 10%. Investment is divided in the proportion of 70% in stock & 30% in bond. Calculate total expected return or portfolio return. (5 Marks)
Ans 3a.
Introduction:
Portfolio management involves the allocation of investments across different assets to optimize returns while managing risk. In this scenario, we have an investment portfolio consisting of two securities: stocks and bonds. Understanding how to calculate the total expected return of
3b. Risk premium is a kind of compensation for investors who bears the extra risk compared to that of risk free asset in a given investment. If expected return on a security is 20% risk free rate of return is 8% calculate risk premium. (5 Marks)
Ans 3b.
Introduction:
Understanding the concept of risk premium is crucial in finance as it helps investors evaluate the additional return they expect to receive for taking on additional risk compared to a risk-free investment. In this scenario, we have a security with an expected return of 20% and a risk-free rate of return of 8%. Calculating the risk premium provides insight into the compensation investors require for bearing the extra risk associated with the security.
Concept and
Operations and Supply Chain Management
June 2024 Examination
Q.1 Discuss the significance of inventory in supply chain management along with the key elements of inventory management, including inventory control systems such as economic order quantity models, quantity discounts, reorder points, and order quantity for periodic inventory systems. (10 Marks)
Ans 1.
Introduction:
Inventory management plays a pivotal role in the efficiency and effectiveness of supply chain management. It involves overseeing the flow of goods from manufacturers to warehouses and finally to retailers or consumers. The significance of inventory management lies in its ability to balance supply and demand while minimizing costs and maximizing customer satisfaction. In this essay, we will delve into the importance of inventory in supply chain management and explore key elements such as economic order quantity models, quantity discounts, reorder points, and order quantity for periodic
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Q.2 Describe strategic significance of forecasting in supply chain management, analyzing the components of forecasting demand and various forecasting methods such as moving average, exponential smoothing, regression methods, and data mining. Discuss the application of time series forecasting using Excel and the importance of forecast accuracy in supply chain decision-making. (10 Marks)
Ans 2.
Introduction:
Forecasting plays a pivotal role in supply chain management as it facilitates decision-making processes by providing insights into future demand, enabling organizations to plan production, procurement, inventory management, and distribution effectively. The strategic significance of forecasting lies in its ability to minimize risks, optimize resources, enhance customer satisfaction, and improve overall operational efficiency within the supply chain.
In this answer, we will delve into
Q.3a Explain the importance of effective facility layout and location planning in optimizing operational efficiency and discuss their significance in enhancing organizational performance and competitiveness. (5 Marks)
Ans 3a.
Introduction:
Effective facility layout and location planning are crucial elements in optimizing operational efficiency within an organization. They play a significant role in enhancing organizational performance and competitiveness by ensuring resources are utilized efficiently and operations are streamlined.
Concept
.
Q3b Give a short note on Procurement, E-Procurement, Distribution, Transportation, and their role in shaping the Global Supply Chain. (5 Marks)
Ans 3b.
Introduction:
Procurement, e-procurement, distribution, and transportation are integral components of the global supply chain, each playing a vital role in ensuring the efficient movement of goods and services from suppliers to
Portfolio Management
June 2024 Examination
Q1. Mr Aditya is planning to invest in stock. Stock A’s maximum value is 500 & minimum value is 300. Stock B’s maximum value is 700 & minimum value is 400. Suggest Mr. Aditya which stock is more risky. (10 mark)
Ans 1.
Introduction:
In the realm of portfolio management, understanding the concept of risk is paramount as it directly influences investment decisions. Risk, in financial terms, refers to the variability of returns on an investment and is often associated with the uncertainty of achieving expected returns. Assessing the risk of different investment options enables investors to make informed choices aligned with their risk tolerance and financial goals. In this scenario, Mr. Aditya is considering investing in two stocks, Stock A and Stock B, each characterized by its maximum and minimum values. The determination of which stock carries more risk necessitates a comprehensive analysis considering various
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Q2. When the securities are issued first time by the issuing firm, it is executed in the primary market. It is a systematic process and involves many parties. Elaborate the parties in your own words. (10 mark)
Ans 2.
Introduction:
The primary market serves as the foundational arena where securities are issued for the first time by the issuing firm, allowing companies to raise capital directly from investors. This market plays a crucial role in the financial system, facilitating the transfer of funds from investors to the issuing company. The process of issuing securities in the primary market is systematic and involves the participation of various parties, each with distinct roles and responsibilities. Understanding the dynamics of the primary market and the roles of its key players is essential for investors, issuers, and other stakeholders to navigate this market successfully.
3a. Investment is a need for all individuals & firms. It is depending on investor’s requirement. Every investor has different aim of investment. Every one need to protect their future by saving from current income and these savings are used for investment. From investor point of view what will be your purpose of investment. (5 mark)
Ans 3a.
Introduction:
Investment serves as a crucial aspect for both individuals and firms, catering to diverse needs and objectives. As investors, individuals and organizations allocate their savings towards various investment avenues based on their specific requirements and goals. Understanding the purpose of investment from the investor’s perspective is essential in devising suitable strategies to meet their financial aspirations and secure
- b) Mr A purchase 100 shares of XYZ co. at Rs.10 each. During the year company declare a dividend 5 per share. At the end of year Mr. A sale the shares at Rs. 20 per share. Calculate total return at the end of the year. (5 mark)
Ans 3b.
Introduction:
Investors often assess the performance of their investments based on the total return, which includes both capital gains and income generated. Understanding how to calculate total return provides valuable insights into the profitability of an investment over a specific period. In this scenario, Mr. A purchases shares of XYZ Co., receives dividends during the year, and eventually sells the shares at a different price. Calculating the total return enables Mr. A to evaluate the overall
Rural Marketing
June 2024 Examination
Q1. Please help the marketing manager of a leading cosmetic company to launch a new product in the rural markets for skin care, what steps are needed for the launch of the product. (10 Marks)
Ans 1.
Introduction:
Launching a skincare product in rural markets requires a strategic approach that acknowledges the unique characteristics and challenges of these areas. With the burgeoning potential of rural markets and the growing awareness of skincare among rural consumers, tapping into this segment presents an opportunity for significant growth for cosmetic companies. However, the diversity in socio-economic backgrounds, cultural nuances, and accessibility constraints necessitates a tailored strategy to ensure a successful product launch. This introduction will outline key considerations and strategies essential for penetrating rural markets with a new skincare product. From market research and product localization to distribution network optimization and targeted
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Q2. Pricing is a sensitive issue in Rural Markets, how does a company plan their pricing policy keeping the market share and profitability aspects in mind. (10 Marks)
Ans 2.
Introduction:
Pricing strategy is a pivotal aspect of marketing that holds particular significance in rural markets. Rural areas present a unique set of challenges and opportunities for companies aiming to penetrate these markets effectively. With lower income levels, limited access to infrastructure, and distinct consumer behaviors shaped by cultural and economic factors, pricing decisions become inherently complex. This introductory essay aims to explore the intricacies of pricing in rural markets, shedding light on how companies navigate this terrain to strike a balance between gaining market share and ensuring profitability. Understanding the dynamics of rural markets, including consumer preferences, competitor strategies, and regulatory frameworks, is essential for formulating effective pricing policies. By delving into these nuances and leveraging innovative pricing strategies tailored to the specific needs of rural consumers, companies can not only
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Q3. Case Study
India Fertilizers
India Fertilizers was a leading company based in north India with two plants producing fertilizers and other agro inputs in state of Rajasthan and UP ,the company had a strong brand equity and is known for delivering quality products in the market.
As a part of their marketing and distribution strategy they have around 500 retail shops in the states of Punjab ,Haryana Rajasthan and UP the shops are located in almost the major towns of the above states and cater to the local population by selling multi brand agro inputs.
The company as a part of the CSR program have installed soil testing facilities in almost most of the shops where farmers can test the soil and the company advises them on the nutrients required for enhancing the fertility.
The shops are open seven days a week with no holidays and have long working hours from 8 am to 8 pm.
Mr Sharma the marketing manager was observing that the sales of around 300 shops was less than Rs 10 lacs per year and for 100 shops 12 lacs per year and the balance Rs 15 lacs per year.
The 300 shops having sales of 10 lacs per annum was a loss making and 12 lacs was break even and Rs 15 lacs had some minimum profits.
Mr Sharma wanted to increase the sales and profits of the 400 units as the management had advised him to close the shops if they do not increase sales and profits.
- What actions Mr Sharma will take in increasing market share, sales and profits for India Fertilizers from the loss-making retail shops? (5 Marks)
Ans 3a.
Introduction:
In the competitive landscape of agro inputs, India Fertilizers stands as a prominent player renowned for its quality products and extensive retail network across Punjab, Haryana, Rajasthan, and UP. However, the observation by Mr. Sharma, the marketing manager, reveals a concerning trend of low sales in a significant portion of the retail shops, jeopardizing profitability. This case study delves into the strategic actions Mr. Sharma can undertake to revitalize the sales and profitability of the underperforming retail units, aligning with the company’s
- What in your view are the reasons of the loss-making units? (5 Marks)
Ans 3b.
Introduction:
The observation of loss-making units within India Fertilizers’ retail network raises concerns about the underlying reasons behind their underperformance. This analysis aims to delve into the factors contributing to the financial losses incurred by these units, shedding light on potential issues affecting their profitability.
Concept and application
- Market Saturation and Competition: One possible reason for the loss-making units could be
Strategic Brand Management
June 2024 Examination
- Reliance Industries, HDFC, WIPRO, Mahindra and Lakme are famous Indian brands doing well and going strong in the market? What makes these brands strong and what are their common characteristics demonstrated by these strong brands? (10 Marks)
Ans 1.
Introduction:
In the vibrant and competitive landscape of the Indian market, certain brands have risen above the fray, establishing themselves as cornerstones of success and resilience. Among these are Reliance Industries, HDFC, WIPRO, Mahindra, and Lakme, each representing a distinct sector yet sharing a common thread of unwavering strength and market dominance. These brands have not merely survived but have thrived, navigating through economic fluctuations, technological disruptions, and evolving consumer preferences with poise and strategic acumen. Their journey towards prominence reflects not just a tale of corporate success but also illuminates the principles of effective brand management in a dynamic environment. By delving into
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- Brands like Dabur (1884), Godrej (1897), Parle G (1929), Vadilal (1907) and Allahabad Bank (1865) are examples of Indian brands that have been in existence for more than 100 years and doing well in the market. What are the common strategies the above brands have adopted to remain relevant and perform well in the market over such a long period of time? (10 Marks)
Ans 2.
Introduction:
The enduring success of brands like Dabur, Godrej, Parle G, Vadilal, and Allahabad Bank in the Indian market for over a century highlights their remarkable resilience and strategic acumen. These brands have not only stood the test of time but have also continued to thrive in the face of evolving consumer preferences and market dynamics. Understanding the common strategies that have contributed to their longevity offers valuable insights into effective brand management practices. Through a combination of heritage preservation, innovation, customer-centricity, diversification, and CSR initiatives, these brands have successfully navigated challenges and sustained their relevance over generations.
Concept and application
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3a. Amongst services, retailers, people, organizations, sports, arts, and entertainment, which product category cannot be branded? Can you think of anything that cannot be branded? (5 Marks)
Ans 3a.
Introduction:
Branding is a fundamental aspect of marketing that involves creating a unique identity and perception for a product, service, organization, or individual. However, there are certain product categories where the concept of branding may not be as applicable or effective. This essay explores whether there exists a product category that cannot be effectively branded among services, retailers, people, organizations, sports, arts, and entertainment.
Concept and application
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3b. Brands extend to different product categories to leverage their brand equity. Why did brand Usha (successful as consumer electronics) fail when it extended fuel injection equipment and ONIDA (successful as color TV) failed in brand extension to washing machine? (5 Marks)
Ans 3b.
Introduction:
Brand extension, the strategy of leveraging the existing brand equity into new product categories, can be a powerful tool for growth and diversification. However, it’s not always successful, as evidenced by the failures of brand Usha in extending into fuel injection equipment and ONIDA in brand extension to washing machines. This answer delves into the reasons behind these failures and the key factors influencing the success or failure of brand extensions.
Concept and