India is expected to become a destination for reverse innovation and this form of innovation will become the key strategic positioning of the country across all segments and industries, according to Marketing guru, Jagdish N Sheth, who was in the capital for the launch of Legends in Marketing series by SAGE, spoke to Sarika Malhotra on relationship marketing and competitive strategy.
Sheth also remarked that the market will encompass IT, services, packaged goods, medical instruments, appliances, and automobiles as soon it starts demanding affordability and accessibility.
What post-recession marketing strategies should companies focus on?
Companies will have to learn how to become smarter buyers. That will require the position of a chief procurement officer at a more significant level. Right now, procurement is highly decentralised and no economies are up-scaling procurement. In manufacturing, procurement occupies 65-70% of the total cost. Traditional manufacturing is not sustainable; companies will have to invest in quality – they cannot opt for cheap price and cheap quality. So positioning is not a price market, but a value market. Every segment now demands value. Companies will have to go for a total quality management quickly and invest back in the company, especially the ones who have significant cash flows.
It is expected that marketing will surprisingly become more central at the boardroom level if a brand becomes a platform for trust in context of the Indian market.
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Every business, in today’s cutthroat business world, is heavily occupied with the task of evoking attention of the consumers and retaining their interests towards business products and services.
This is the reason why businesses need to be extra-cautious than ever while choosing and implementing marketing messages for evoking attention of their targeted audience.
From a research perspective we needed to answer a few critical questions: How much time does a consumer allow a marketing element before he/she decides whether or not it matters to them? What are the differences in the decision times across all media and marketing channels? Across all categories? Across all consumer attributes (e.g., age, income)? How are they making their decisions on what matters and what doesn’t matter to them, and what are the implications for brands?
Experience has taught us that every one of our ads faces two critical moments when exposed to a consumer. 1) The Lean Moment: the point at which the consumer decides either to engage (lean in) or disengage (lean out) with the ad. 2) The Decision Moment: the point at which the consumer makes a personal assessment of whether the ad’s message resonates with them (matters) or whether it rings hollow (does not matter).
The time lapse in between the Lean Moment and the Decision Moment is the window of opportunity where we can influence the decision — the time period we call the “6.5 Seconds That Matter.”
But things may go wrong for businesses due to the increasing number of marketing moments and the decreasing ability to truly engage a consumer unless the marketing campaigns are good enough to hold interests and appeal to the consumers.
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If you have been an admirer of Michael Jackson, the King of Pop, and want to join him in live action it is time for you to put your hands on new dancing-and-singing game this holiday season by Video game developer Ubisoft featuring Michael Jackson.
The yet-to-be-named game will be among the first to use Kinect and Move, the respective motion-detecting camera systems for Microsoft’s Xbox 360 and Sony’s PlayStation 3 due in end of this year.
“Your goal is to dance like Michael,” said Tony Key, Ubisoft’s marketing vice president. “Do what the guy on the screen is doing and you’re there. It’ll score you based on the quality of your performance.”
The game’s launch will roughly coincide with the November debut of a new album containing unreleased Jackson recordings. Versions of the game, which will feature songs from Jackson’s catalog, including “Billie Jean” and “Beat It,” will also be available for Nintendo’s Wii and the Nintendo DS and PlayStation Portable handheld consoles.
The announcement was made during Ubisoft’s Electronic Entertainment Expo press conference at the Los Angeles Theater. No footage from the game was shown, but dancers from Jackson’s “This Is It” tour took to the stage to perform a routine set to “Beat It” at the conclusion of Monday’s event.
“With the technology that is available today, you will be able to learn how to be as good as those guys are and even better,” said Yves Guillemot, Ubisoft’s CEO.
Ubisoft has been successful with dancing game genre with its “Just Dance“, which was released for the Wii last year, selling more than three million copies worldwide.
Grand prix award goes to supermarket chain Waitrose for its budget range, Essential Waitrose, and government anti-obesity campaign takes best new brand award, as per award announcements from Marketing Society.
Thomas, Waitrose’s marketing director, formulated the strategy and carefully selected name that deliberately avoided using a phrase such as “value” or “basics” for protecting the upmarket brand of the company.
Price said that Waitrose took the recession-defying stance of increasing its marketing budget by 20% last year and took a further £27m hit reducing prices on the Essential Waitrose range. Prices for the range are about 10% cheaper than normal.
“The key thing is that we achieved this without cutting quality,” he added. “We did not short-change customers. We knew we needed to up volume [sales] by 5%, it went up by 17% [on the range], to cover the price reductions.”
The government’s anti-obesity campaign, Change4Life, was named best new brand. Harlequins rugby club won “best marketing on a shoestring”.
Pete Markey, the advertising chief of insurance company More Than, won marketer of the year last year.
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India is expected to become a destination for reverse innovation and this form of innovation will become the key strategic positioning of the country across all segments and industries, according to Marketing guru, Jagdish N Sheth, who was in the capital for the launch of Legends in Marketing series by SAGE, spoke to Sarika Malhotra on relationship marketing and competitive strategy.
