Indore: The second day of the 2017 IIM Indore- NASMEI Summer Marketing Conference held at IIM Indore witnessed huge enthusiasm from the research scholars and delegates.
Around 300 participants presented papers on various themes ranging from advertising and promotion, consumer behaviour, business to business marketing, digital marketing, e-commerce, social marketing, consumer culture and society, marketing education, marketing for public sector and non-profit sector and marketing strategy to name a few.
The day began with a formal inaugural ceremony wherein IIM Indore director Prof Rishikesha T Krishnan shared the progress made by the Institute over years. This was followed by first address by Indian Management and Marketing Research Consultant Rama Bijapurkar.
Speaking on ‘Customer Value- What the Industry Needs’, she shared insights on how the changing consumer market is affecting marketing strategy of industries. Citing “Missed call was something created by the customer, which now is served as a facility by various companies to get feedback from customers and stay connected without charging them,” she noted “Customers these days are better innovators than the industry itself.”
Her talk was followed by that of Prof Raji Srinivasan, McCombs School of Business, University of Texas, Austin. Her topic of address was ‘Creating Value by Managing Customers (Not Products)’. Discussing about two big giants—Amazon and Adobe, which understood their customer needs with changing time, she implied customer life value (CLV) to their marketing strategy and utilised it for gaining profits.
She concluded her talk discussing about ‘Customers as Assets’ from the perspective of company and customers themselves, public policy perspective and investors perspective. Next speaker Prof Manoj Agarwal from School of Management, Binghamton University deliberated on ‘The Value of Customer Value to the Firm’.
Professor Agarwal said “If any organisation has at least one board member with proper marketing experience, then it would have three per cent more chances of gaining profit even at the time when sales are declining,” he said, adding that “It’s time to link marketing with metrics and develop correlation between CLV and firm value.”
The inaugural ceremony concluded with a talk by Prof P Venugopal from XLRI, Jamshedpur, who deliberated on ‘Incorporating Sustainability in the Realm of Marketing.’ He said that “Amount of resources we are consuming today is driven by social norms and well-being is decided by the amount of things we buy and accumulate. According to a study, around 81 per cent of customers claim to care for environment and 50 per cent are aware of the products they use and willing to support sustainability, which have non-monetary implications.”
“We need to try and build up consumerism in a way to support sustainability, reorient marketing and develop products following the 3R—Reduce, Reuse and Recycle—to encourage the consumers to do the same,” he concluded.