THIRD INSTITUTE SEMINAR 2017-19
The guest for the Third Institute Seminar at the Institute of Management, Nirma University was Mr. Naved Qureshi. He has more than 16 years of experience in Marketing Strategies and Communication, Brand & Category Management. He has worked in various industries such as FMCG, F&B, Fashion, Retail and Banking. Currently, he is working with Janalakshmi Financial Services as Vice President, Marketing.
The topic for the session was, “Brand Management and Advertising Management.” He kicked off the session by interacting with the students and asking them various questions on marketing, markets and brand equity. According to him the crux of marketing lies in understanding the willingness of a customer to pay a delta over somebody else or more than what the price is. He said, “A right marketer knows when to quit the market at the right time.” He went on to speak about what societal harms and benefits are witnessed while pursuing profits. The harms are: restricting competition, lobbying or corruption and market failures, while the benefits are: introduction, improvement, innovation and efficiency in terms of goods and services offered.
He spoke about Perceived Profit v/s Perceived Social Value. According to which, choosing harmful practices for profit such as overcharging customers and exploiting legal loopholes increase profitability while parameters such as providing valuable goods and innovation result in reduction of profitability. He went on to speak about the trend of Actual Profit v/s Actual Social Value with many relevant examples of large companies. He also stressed on the importance of finance and said that, “Not taking finance, does not mean getting away from it.”
He conveyed to us the initiatives that Jana Small Finance Bank takes to make a difference in the lives of its customers by financial inclusion. He continued to speak about the Functional and Symbolic needs. Some functional needs are: quality, reliability and low price. Whereas, the symbolic needs refer to sense of achievement and being cool. He also emphasized on how the customer needs have made a shift from functional to symbolic with the passage of time.
He went on to speak about the basics of marketing starting from the situational analysis, marketing strategy to marketing tactics and he continuously emphasized on the importance of marketing research rather than relying only on intuition. He did however recognize the fact that intuition drives the marketers. He said, “All customers are not equal. Only the top 20% bring in 80% of the company’s profit.” He spoke about price discrimination, willingness of a person to pay and also referred to the 6M Model of Marketing.
He concluded by saying that marketing and innovation are the important functions while everything else is cost. “Marketing is the organization’s customer champion”, he said.
This article is contributed by Abhishek Punwani and Ayushi Tomar-
Media Committee, IMNU
Picture Courtesy: Pratikriti- The Photography Club