The most important aspects of marketing for sustaining the business today by Bhawani Nandan Prasad IIM Calcutta


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The most important aspects of marketing for sustaining the business today by Bhawani Nandan Prasad IIM Calcutta

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The most important aspects of marketing for sustaining the business today by Bhawani Nandan Prasad IIM Calcutta

  1. 1. The most important aspects of marketing for sustaining the business todayOne of the biggest truth is today’s consumer is more evolved, hence he/she understands the latesttrend and that was possible due to the media/internet penetration in more number of households,this has enabled him/her to be more aware and to be closest to the latest changes happening inany product market be it technology, newly evolved usage habit, any additional features, priceprevailing in market, awareness of what a manufacturer is offering in various markets across thecountry and also outside the country. The other truth is today’s consumer is more demanding,more flexible, more willing to change, not very sticky to old habits/products, time is the mostprecious thing, faster replacement of products at home, wants more new products, more aspiring.The other truth is less emotional bonding, more nuclear lifestyle, living away from parents, nomore joint families, more affordable due to multiple income earning members in the family.So it becomes very important for the Marketers to connect with this today’s consumer in all theaspects mentioned in my earlier statements. So Marketers need to follow these important steps asmentioned below to continue doing a sustainable business: Product & Communication addressing the ‘Value’ proposition & launch acrossGlobal Markets at the same period:-o Launching innovation in technology products across global markets at the sametime becomes very important and this will help connecting with consumer’saspiration towards global products and seeks value e.g., IPAD 3 by Apple Corpwas launched across the globe during the same time. Connect by Touching Consumer Sentiment thru a Big Idea:-o Marketers need to catch up quickly with the various trends in market and developa feature in their products to suit this arising need and communicate that thru theirmarketing media. For example ‘women safety’ is the latest growing issue in ourcountry, so what are additional features which can be incorporated in a mobilehandset so that the people at home can track the movements of their women folkswho have gone out on work, school, college etc. again the advertisementcampaigns must touch the hearts of both the women who is out of home and theperson who is waiting for her at home, if the campaign touches the hearts of boththe parties and the product satisfies the need then the product would be a megahit.o Another good example of a good marketing campaign addressing the latest issueof ‘women safety’ is the brand campaign of ‘Gillette’ associating the machopersonality of man as a savior of women in India. Catch the Growing Trend and Match the Desire thru Product & Connect :-o Since the market has evolved and opened up in India which allows moreMarketers to enter into same segments and compete against each other, itbecomes very important to use various tools to connect with consumer in bothways emotional and product delivery, For example; the new ‘Alto’ advertisementcommunicates to the entry level consumer who is the newly employed has an
  2. 2. aspiration to buy a car and go out with his/her partner to a escape destination butstill travel long distances economically and comfortably and the advertisementbeautifully highlights the feature of the car and touches the hearts of theconsumer’s desire. Connect via Social Media:-o With internet penetration growing so rapidly and social sites like ‘FB, Orkut,Linkedin, Twitter’ gaining more hits by consumers, it becomes important formanufacturers of durable products to use the social media to penetrate the market,Lot of mobile marketers are using these opportunities very well for example thelaunch date of IPAD 3 was very frequently discussed amongst the consumers whowere active in social sites. Connect thru Experiential Marketing:-o Use the high foot falls places of consumer and connect with them by creating anenvironment of direct interface between product and consumer thru experientialmarketing for e.g.; Samsung Galaxy with the launch of Smart Phones in India didlot of experiential marketing by creating event kiosks at high footfall Malls whereboth the high disposable income consumer & the aspiration driven youngconsumer was present to experience the brand. Tie up with a Big Event and connecting with the Consumer:-o Cricket is a very big event in India with a very high fanfare, LG uses cricketmatches breaks very effectively for their new product launch advertisement. Connect aspirations of consumer by getting popular celebrities endorsing theproduct and thereby creating a Brand Personality:-o Ranbir Kapoor endorsing Panasonic made the brand very vibrant with youngIndian Couples