Marketing Continuum held on 30th July, 2011 marked the beginning of the second phase of Continuum 2011, the rolling seminar series at Shailesh J. Mehta School of Management, IIT Bombay. It is a premier event organized by Marktrix, the Marketing club of SJMSOM, IIT Bombay in association with the Gold Sponsor Covacsis and Media Partner, The Financial Express. The one day seminar saw the participation of eminent delegates from different organizations, faculties and the students of IIT Bombay. The theme of the continuum revolves around the customer centric approach of a marketer i.e. "Marry Your Customers: From Acquisition to Retention". The continuum was preceded by pre-event "MarkWiz" organized in association with Reprise Media India pvt ltd and saw participation of more than 180 teams from B-schools across India. The event was flagged off by Prof. Dinesh Sharma and Asst Prof Arti Kalro, SJMSOM and Mr Sandeep Suvarna, Head Marketing Linked-in. First Speaker Mr. Sandeep Suvarna Head - Marketing, LinkedIn Topic: Consumer Internet Mr Sandeep started the talk by sharing the underlying goal of LinkedIn i.e. "to connect the world's professional to make them more productive and successful". He explained the evolution of internet starting from the one:many interaction (first Phase) to one:one interaction (Second Phase) to now many:many interaction (Last Phase). The marketing strategies vary widely from company to company but there are some key principles which apply to all the companies:
Second Speaker Mr. Satish Karandikar Head Product & Marketing, Mahindra & Mahindra Topic: Product Innovation Mr Karandikar started his talk by highlighting the differences between product innovations & product invention. Invention is about the finding new or novelty concept while Innovation is about marketing the concept and diffusing across the markets. Diffusion of Innovation: This is an act by which innovation spreads across markets. Innovation should be offered fast and diffusion faster to make large impact. The product and process innovation are the two types of Innovation. He talks about the Descriptive Innovation:
There are different types of Innovation like:
Summing up, to be innovative we need the following:
Third Speaker Mr. Sudip Ghose Director Marketing, Samsonite South Asia Topic: Emotional Brand Laddering Mr Sudip Ghose said that it is very important to connect the Brand to the consumer on an emotional level and the day consumers connect to the brand and not to the product, the product will be a success. He talked about the How the Brand works and its ultimate value lies in the needs of the customer. There are different type of buyers like emotional customer and rational customer. Rational Approach: Cost + Profit= Price of the product Emotional Approach: Cost + Profit+ Emotional Cost= Price of the product Fourth Speaker Mr. Rahul Sankhe Director - BD, MEMC Topic: Product innovation (Focusing on Frugal Innovation) Mr Rahul, Alum of IIT B talked about the importance of targeting to bottom of Pyramid. The electronics industry due to rapid development of technologies has led to the huge reduction in costs which is making the powering through Solar an economically viable decision. Some of the examples of Frugal Innovation are:
He also talked about the challenges and opportunity in Rural Electrification and by producing on the mass scale, cost of electricity production can be reduced and more and more inaccessible areas can be brought under Electricity distribution system. Fifth Speaker Mr. Vinay Bhatia Sr. VP - Marketing and Loyalty, Shopper's Stop Topic: Spreading the Word Mr Vinay talked about the importance of Digital marketing and how Shoppers Stop is rated No. 1 Facebook clothing brand in India. Following are the strategies followed by the Shopper Stop:
In a very short time, the Company by aggressively marketing on the digital media increased its revenues and became one of the most visible brands on the online media. Sixth Speaker Mr. Jayant Somani Senior Director, Cypress Semiconductors Topic: Semiconductor Marketing & Eco System Mr Jayant Somani talked about the applicability of Porter's 5 forces and its applicability in the electronic industry. The following are the working principles for CYPRESS:
Seventh Speaker Mr. Ed Melicor South Asia Region Director - Distribution Services, Caterpillar Topic: Glocalization Mr Melicor, having an experience of 18 years with the company started the talk by sharing his experience of setting up the distribution network for Caterpillar. There is a huge demand for construction equipment in the country and government estimates about 1 trillion investment opportunity in the infrastructure sector. Glocalization is a combination of the words "globalization" and "localization" and used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market. This means that the product or service may be tailored to conform to local laws, customs or consumer preferences. Today "The Thinking Local is the new Global". He explained about the Marketing Strategies adopted by Caterpillar:
Eighth Speaker Mr. Devendra Chawla Head - Private Brands Business, Future Group Topic: The Great Indian Swayamwar Mr Chawla introduced the idea of Indianness i.e. the effective integration of the seemingly paradoxical ideas and the possibility of tapping the huge potential arising from the existence of different cultures in the country. Even though globally, we have one of the highest savings, the penetration level is very low and the bottom 10% of the population uses no money at all. He talked about the difference between the traditional and the post liberalization views of the people & between the asserting and the energy markets. He also talked about strategies followed by Future Group to capture the fast growing middle class of the country. Rule 1. Give the Customers, the Bazaar feel. Rule 2. Introduce SS4D, mahabachat (Schemes) etc Rule 3. Introduced Wednesday bazaar Rule 4. Great Indian Shopping Festival Rule 5. Shubh Muhurat Rule 6. Use festivals as platforms These strategies are revolutionizing the Retail Sector and connecting more and more new consumers into the organised retail market of the country. |
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