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CREATIVITY FOR EXPORT ENHANCEMENT:
Dr Rajeev Kumar
THE ENTREPRENEURIAL ECOSYSTEM
Government
Family
Education
Finance community
Idea
Risk aptitude
Skills
Finance
Space
EntrepreneursJobs
Wealth
What Govt. Can Do as a Facilitator: Encourage a conducive business environment
Create up-to-date information source for start- up entrepreneurs
Create a GLOBAL TECHNOLOGY ACQUISITION FUND especially for MSME
FORCES AT WORK IN THE EVER- CHANGING GLOBAL SCENARIO:
(1)vanishing captive and protected markets
(2)INCREASING COMPETITION :
but OUR MARKETERS need not to fight for a share of a pie when
there is scope for expanding the pie itself is enormous eg: banks
(3) MORE DEMANDING CONSUMERS AND CUSTOMERS:
MARKETERS are facing better informed and more organized
customers who also have a choice.
Economy of surpluses
(4) SHRINKING GLOBE :HOMOGENISATION of preferences
because of technology and communications a common market
with similar preferences is developing across the globe eg :
automobiles, watches, pens, cameras, soft drinks,
apparels(global products)
(5) INCREASING INDIVIDUALITY: We have been a collective society
but selfishness is increasing, breaking social norms and
disintegrating families
(6) INCREASING COMMERCIAL ATTITUDE : more and more among us are asking the question, What is in it for me? Personal gains, seem
to be dominating the decision criteria
(7) MEDIA EXPLOSION :RURAL households are exposed to media because of television mainly
(8) RAPID TECHNOLOGICAL CHANGE:
PC’s become obsolete in months, time for video conferencing, no
need for global travel, smart cars, biomedicine, telecommunications,
electronics, solar,
STEPS FOR CREATIVITY
• It portrays marketing strategy formulation as an interactive PROCESS involving a number of steps( that must be performed in sequence)
understand customer behavior; segment the market;Select target segments;Design the offer to fit target market needs; differentiate the offer; and position it in the customer’s mind.
3 C-V MODEL
• VALUE has to be CREATED, COMMUNICATED and CAPTURED.
Customer Competitors Company
Focus Differentiate Reduce Cost
Marketing strategy formulation in the context of market places/spaces
The 3 Cs and the Market
CUSTOMER COMPANY
COMPETITORS
TARGETING
Market Place
Market Space DIFFERENTIATIONPOSITIONING
COMPETITORS
TARGETING
DIFFERENTIATIONPOSITIONING
Market Segmentation
Consumer Behavior
Offer
Goods ServicesExperience
Creativity in Products
• Benefits• Symbolism• Design• Quality• Variety• Innovation• Convenient packaging• Speed and timing of entering the market• Eg. electric car, wind energy, online grocery
Creativity in Price
• Major concern should be for value• The price should determine the costs rather
than, costs determining the price eg: Automobiles USA and Japan
Creativity in Promotion
• IT will revolutionize promotion in various ways• Role of social media
Creativity in Place(Distribution)
• Customers should have better access, more choices at lower costs.
• Relationship orientation• Efficient supply chain management-Wal-Mart• Sunglass Hut• Multiple channel approach
Conclusions
• Innovation= Creativity+ Commercialization• Combine analytics with creativity• Improvement in technology, brings about
innovation• Innovation is a systematic effort which
requires precision(not approximation)
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