What would be the profession a person who first hits a punch and then rings a bell?
Nah..not boxing! It’s MAR-KE-TING !!!
On a serious note, that’s what we do at the marketing club. Punch our brains out till we get an idea and execute it so well, that our work still rings a bell in the minds of those who have witnessed it.
Marketing Symposium@ SCM&HRD has always been a platform for the marketers to foresee the future. Last year, when everyone was gung-ho about luxury products, we sought to analyze and understand the mystique of luxury and the intricacies of marketing it. This year when the world is baffled about the mysteries of the Indian Consumer, we plan to provide the marketers of today a platform to foresee the "Evolving Consumer Trends"
The concept
- Jim Stengel, CEO of Jim Stengel LLC and former global marketing officer of Procter and Gamble at the World Retail Congress
The Indian market, one of the most promising in the world, is fast evolving. So is the Indian consumer, across all socioeconomic strata, regions and town classes. Although the world is reeling under the after-effects of an economic slowdown, conditions in India are still encouraging. On a long term basis, the steady 7% growth in GDP has brought about a considerable increase in India’s personal disposable income. As a result, both savings and consumption expenditure has had considerable growth.
In a world where capacity to spend is decreasing India shows the potential to spend. With the IT boom being led by India, global connectedness has acquired a new meaning. As we are poised to grow, the world is experiencing a negative growth. In this cauldron, what is the Indian consumer, who is looking to the west for inspiration, doing? The consumer may have the ability but is he willing to spend?
In 2008-09, India’s total annual personal disposable income has grown to Rs. 36,059 billion and the annual savings has grown to Rs. 9,239 billion (almost 25%) from the last financial year. Greater incomes do imply greater expenditures in the short term, but greater savings if translated into good quality investments ensure long term growth of the economy, employment opportunities and household incomes which is how the story is currently unfolding in India.
Good quality investments by the corporate and more importantly the retail sector will signal growth for the future. Is the Indian consumer savvy enough to do it right ? Markets are on a rollercoaster and are hitting lows more often than highs ….. the ride is not all that easy. Can we predict something …… anything ?!
With the FMCG sector set to treble its volume by 2015, the Automobile sector promising to become the third largest in the world by 2030, the Organised Retail industry looking up to a possible industry size of $200bn by 2016 and the telecom sector revenues projecting a robust market size of $30bn by 2013, now is the time for the companies to jump on the Indian bandwagon.
But will the consumer play ball ?
In these challenging, but, opportune times, it becomes imperative for companies to reach out to the Indian market, to catch the pulse of the Indian consumer. What does the Indian Consumer’s shopping basket consist of? What is it that the Indian consumer is buying - Is it Apparel? Books? Music? Durables? Grocery? How is she paying for her purchases? How much is she willing to travel to get one-stop shopping options? Is she discount driven enough to wait for promotions or markdowns? Also, how different is the Delhi consumer from the one in Kolkata or Chennai, and how different are they from those in Lucknow or Ludhiana? Or even across the world?
Can we draw parallels from anywhere? Or do we need to rechart the course and invent a new wheel ?
SCM&HRD’s Marketing Symposium 2009 will seek to provide some answers and insights into the changing or should we say “Evolving Consumer Trends”.
The Marketing Symposium is an annual business event, a 2-day seminar, the flagship event of the Marketing Club of SCM&HRD that provides students with numerous learning opportunities. The previous two symposiums were received with great appreciation both by industry and the student community; first being on Integrated Marketing Campaigns and the most recent one being on Luxury Marketing.
Marketing Symposium 2009 is going to be a step ahead. Thought leaders from the sectors of FMCG, Automobiles, Retail and Telecom shall be invited to enrich the audience with their insightful vision. Apart from these sessions, the Marketing Symposium will also provide a platform for the best brains from B Schools across the country to come and present their analysis through a paper presentation competition. Along with this, students and corporates will also be involved in a series of mind rattling quizzes.
Another unique aspect of this year’s Marketing Symposium, is the live consumer research that will be carried out by the students of SCM&HRD, on their buying behavior, trends, purchase motivators and concerns, for the four industries selected. This research would then lead to further analysis and recommendations for companies to take advantage and gain brownie points in the minds of the consumer.
All this and more, awaits you at the Marketing Symposium 2009. SCM&HRD invites the best minds in marketing to debate, analyze, and share insights on the “Evolving Consumer Trends”!!
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