New Frontiers in Marketing – the Challenges Ahead
IBA Marketing Forum
Date: 21st November 2015
The workshop organized by IBA Marketing Forum (IBAMF) proved to be a milestone for IBAMF in its objective towards promotion of ideas in Marketing and ensure continuous learning process related to the field. Among the dignitaries present were Prof. Krishna Havaldar, Mr. Sunay Bhasin – Britannia and Mr. Kaushik H S. The workshop provided an open platform for discussion and sharing of ideas related to topics mentioned as below.
- Branding – the Challenge of Branding in Digital Age
- Sales and Distribution – Strategies for Scaling up Sales
- Promotion – Challenging modern consumer Psychology
- Co-creation of Values – an Entrepreneurial way..
- Modern Trade – Implication of Modern Trade business on Traditional Trade
1. Branding – the Challenge of Branding in Digital Age
- How branding is a challenge in a fast paced market dynamics?
- The difficulty of building brands in an era of digital advancement.
Ever changing market dynamics and volatile psychology of consumers pose threat for brand sustainability. Market seeks new thing every now and then. What seemed appropriate yesterday wouldn’t be same today and for tomorrow. What a Marketer should do to keep up with this pace and still build a sustainable brand?
2. Sales and Distribution – Strategies for Scaling up Sales
Today consumers have market input (Availability/Accessibility/Affordability) in their fingertips. Consumers equipped with awareness coupled with increased purchase potential, are on purchase spree. Are Marketers equipped with necessary infrastructure to meet him at a right time, at a right place with a right product?
3. Promotion – Challenging modern consumer Psychology
Conventional need pyramid stands invalid today. A customer who resides in a rented house today can afford to aspire for esteem. Information bombards him from across, making him to get unsettled as far as his perception and needs are concerned. A Marketer’s challenge is to offer the utility which stands different from the rest. What satisfy today’s consumers – the freebies or the discount or value packages??
4. Co-creation of Values – an Entrepreneurial way…
Today, the business activities start from the market and end in the market. Value innovation is a buzz word. Utility offered without a value stands invalid. Customers have become the co-creators of the value. Customer engagement seems to be the future of Marketing. Return on Customer Engagement (RoCE) is proving to be a new evaluator of a business. How Entrepreneurs have made use of this concept in a successful venture?
5. Modern Trade – Implication of Modern Trade business on Traditional Trade
- Increased FDI cap on Multibrand Retail has enabled many foreign MNCs foraying into Indian Retail space. Organised Retail accounts for nearly 10% of the total market and is gradually eating a Retail market pie. Are the next door traditional Kirana shops becoming extinct amid of their increased presence? Or do they have that vigour to sustain?
- Value proposition to business customers/challenge of coexistence – when the same product is offered to two different customer categories (B2B and B2C), how they continue to coexist without affecting one another? The challenges of offering the same utility to two different customer categories.