Hyderabad, July 13, 2019: Fusion of Old & New strategies in Marketing is creating a plethora of new markets with abundant potential opined Prof. Jagdish Sheth, Charles H. Kellstadt Professor of Marketing at Emory University Goizueta Business School. He was delivering a special lecture at IBS Hyderabad on July 9 conducted by the Maverick Club. He spoke on the topic “The Changing Landscape of Indian Markets and Marketing”.
Prof. Sheth captivated the audience with his lecture full of wit and humor. He enlightened the students of ICFAI Business School with his presentation on changing trends in marketing. Economic Reforms, Changing Demographics, Mobile phone revolution and the growth of
e-commerce are the four forces that are playing a key role in today’s market. He said that the real challenge lies in transforming unorganized retailing into organized retailing. To support this point, Prof. Sheth cited the example of Walmart acquisition of Flipkart. He said that the expertise of Walmart will create new horizons for the existing market of Flipkart and will expand it globally in the near future.
“There are unlimited marketing opportunities for unbranded commodities like; rice, papad, pickle, dal, chapatti, etc., and the young entrepreneurs should look to make use of these” suggested Prof. Sheth. The Indian economy is transforming into more consumer-driven rather than the industry-driven, he said. Online advertising, social media marketing and Word of Mouth (WOM) will become vital tools to promote the business and to increase the value proposition of the product.
Adding on the value proposition, Prof. Sheth quoted the following:
- If one wheat grain is made into a loaf of bread, the value proposition will be 3 times more;
- If an uncut diamond is polished and made into a piece of finished jewelry, the value proposition is 15 times more; BUT
- If a human being is nurtured to be a good citizen, the value proposition is infinite.
Answering to a query after the lecture, Prof. Sheth said that Nature has the best waste control mechanism to date and wastes nothing. Similarly, dislocations in life will teach you to build a strong inner character which is the key to success, he explained. The insightful and knowledgeable lecture was attended by house full crowd comprising of a large number of students and faculty who gave a standing ovation to him.
About Prof. Jagdish Sheth: Prof. Sheth is known nationally and internationally for his scholarly contributions in consumer behavior, relationship marketing, competitive strategy, and geopolitical analysis. Professor Sheth has over 50 years of combined experience in teaching and research at the University of Southern California, the University of Illinois, Columbia University, MIT, and Emory University.
Throughout his career, Professor Sheth has offered hundreds of presentations in at least 20 countries. He has also provided consulting for numerous companies in the United States, Europe, and Asia. His client list includes AT&T, BellSouth, Cox Communications, Delta, Ernst & Young, Ford, GE, Lucent Technologies, Motorola, Nortel, Pillsbury, Sprint, Square D, 3M, Whirlpool, and others. Professor Sheth has also served on the Board of Directors of several public companies including Norstan, Cryo-Cell International, and Wipro Limited.
He has published more than 300 research papers and more than 30 books on various disciplines and topics. His insights on global competition, strategic thinking, geopolitics, and emerging markets are considered revolutionary.