The second day of the 2017 IIM Indore- NASMEI Summer Marketing Conference held at IIM Indore witnessed huge enthusiasm from the research scholars and the delegates.
Around 300 participants presented papers on various themes ranging from Advertising and Promotion, Consumer Behavior, 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.
At the inaugural session, Rama Bijapurkar, Indian Management and Marketing Research Consultant spoke on the topic—‘Customer Value- What the Industry Needs’. She shared insights about how the changing consumer market is affecting the marketing strategy of the industries. She noted that customers these days are better innovators than the industry itself. ‘Missed call was something created by the customer, which now is been served as a facility by various companies to get feedback from customers and stay connected without charging them’, she said.
Professor Raji Srinivasan, McCombs School of Business, University of Texas, Austin discussed on the topic—‘Creating Value by Managing Customers (Not Products)’. She began her talk discussing about the two big giants—Amazon and Adobe which understood their customer needs with changing time, implied Customer life Value (ClV) to their marketing strategy and utilized it for gaining profits. She then discussed about how linking ClV to the value of the firm would gain economic benefits for the organizations. She concluded her talk discussing about ‘Customers as Assets’ from the perspective of company and customers themselves, public policy perspective and investors perspective.