The ball was set rolling at “Ayatana”, 2012, the Marketing Conclave organised by Institute of Management, Nirma University, on October 20, 2012. The theme of the conclave was “Marketing in Developing Economies”.
Mr. Akash Bhavsar, Managing Director & Co-founder of SkyQuest Technology Group addressed the inaugural session by highlighting the similarities between developed & developing economies. He touched upon the segmentation of emerging markets & the need for tailoring marketing strategies as per the target market & the influences of culture & society. He further backed up his point by providing vivid examples of companies who successfully established their footprint in Emerging markets by developing customized market offerings as per the local tastes & needs.
The next session was addressed by Mr. Ayan Mitra, Associate Vice President: Marketing of Omnitech Info Solutions on the topic “Developing Market Orientation and Measuring Brand”. He stressed on the idea that Brand is not a name or a logo but a feeling and its ROI is the loyalty that it generates. He added, “Brands are not built overnight. Success is measured in decades not years”. He succinctly explained the concept of brand meter which could be very instrumental in understanding the return on marketing investment.
The final session of the day was conducted by Mr. Amit Sureka, Zonal Head – TATA AIG General Insurance Co. Ltd. Mr. Sureka classified the insurance industry as variable mix of product and service. The total size of the insurance industry stands at Rs.1,72,300 Crores (both life and non life), with an average penetration of a meager 2.5% which implies that a huge share of untapped market is there for marketers. The current industry scenario has changed from being a product centric industry to a customer centric one. It used to be sales driven product but now it is slowly being treated as demand driven. Also the penetration levels in the Tier I & II cities and rural cities are increasing owing to the technological developments which help in achieving the same thus changing the approach of the marketing departments of the insurance industries.
(Content Courtesy: Media Committee, IMNU; Photo Courtesy: Pratikriti)