Issuu on Google+

MARKMAG MAGAZINE BY PROMETHEAN CLUB

INSIDE 

GLOBAL BRANDS

ENTREPRENEUR

QR CODES

MARCH 2012 ISSUE

EMBEDDED MARKETING: R E L E VA N C E I N T O D AY ’ S MARKET?

IS NEURO MARKETING THE NEXT BIG DEAL?

BUZZINGAAAAA !!!


Area Professors

Ever since its inception, International Management Institute (IMI), has

DR. PRITAM SINGH DIRECTOR, IMI

been a great centre for the very best of the managerial talents in the country. As the IMI completes its thirtieth year of its existence, it looks back at some of its achievements. Undoubtedly, one of our most significant achievements have been the success of our students in marketing domain. Over the years we have had achievers in almost all fields of marketing, be it sales, branding, advertising and also in the field of marketing research. Today IMI's students are spread across the world, playing leadership roles in marketing area. And in achieving all of this, IMI’s Marketing club “Promethean” had played its defined role very well. The club has been the source of inspiration as well as a bedrock of support in any endeavour of the institute. I am confident that MarkMag 2012 March- the current volume of the Promethean’s Quarterly Magazine will go a long way in providing a platform to share information, news and views of the concerned parties, both from inside and outside of the college. The current student members have worked very hard in bringing out this volume and hope you enjoy reading it and I'm sure that you will be able to relive your memories spent at the institute.


MARKETING CLUB If business is war then every marketer a soldier! Marketing is the umbilical connection between customer needs and creative solutions. Promethean - the marketing club of IMI intends to act as a facilitator to develop the art and skill of marketing amongst its students. It is onus of the club to take up initiatives that provides students with relevant practical knowledge to become ace marketers. The club conducts various contests, guest lectures, seminars and discussions and the flagship marketing summit- SRIJAN and Excalibur every year. And this time the club has taken the initiative of organizing a completely new event which touches upon all the important marketing aspects learnt. The club‟s goal is it to educate everyone with the marketing concepts by implementing them in real marketing scenario.

Club Secretaries Gaurav Gupta Gaurav Singh Meenal Mundhra Neha Garg Neha Vaziraney Saurabh Mathur Shivapriya B.

“If business is war then every marketer a soldier” Club Members Akanksha Pamnani Gaurav Lingwal Harishma Mittal Prateek Dureha Raveesh Nagori Ravi Dudeja Srinija A. Srividya Josyula Sushree Upasana


CONTENTS INSIDE THIS ISSUE:

Marketing club Endeavors

5

SRIJAN

7

EXCALIBUR

9

ARTICLE : GLOBAL BRANDS

11

ARTICLE : ENTREPRENEUR

15

ARTICLE : Embedded Marketing: Relevance in today’s

18

market ARTICLE : Is Neuro-marketing the next big deal?

23

ARTICLE : QR codes: The Future for Marketing

27

PAGE 4


Marketing Club Endeavor s


Annual Marketing summit The importance of brands cannot be

Most successful brands today have

stressed enough. Brands today are

been in existence for a very long

probably the most important distin-

time and that has helped them in

guishing factor between the products.

acquiring the status that they have.

Brands today are much more than

To create a truly successful brand

just a name, term, design or symbol;

from scratch is a gargantuan task

they have helped in the formation of

and naturally will take a lot of time.

a cult like following amongst the cus-

The best way to expand a company’s

tomer for e.g. Harley Davidson and

reach and to increase its presence is

Apple.

to

A brand, in today’s global world, goes

brands e.g. Tata’s takeover of Corus.

beyond what has been stated above,

Another way to increase your pres-

they now also have a tendency of rep-

ence in the already established mar-

resenting the culture and values of

ket is to come out with something so

the place from where they have origi-

extraordinary that everyone around

nated. Kingfisher beer is a prime ex-

you is amazed, including your com-

ample of this - it now represents the

petitors. Apple with its recent prod-

Indian person globally. The ability of

uct launches has been successful in

a global brand is not only limited to

doing so.

the sphere of representation but also

Though one may take over already

spans and contributes to the chang-

established brands, it is important

ing and modification of the views that

that the name of these acquired

are prevalent in the world.

brands isn’t changed as that will re-

acquire

already

established


Srijan 2011 The theme for this year‟s Annual Marketing Summit in IMI was “Marketing breakthroughs: Now, New and Next!” The summit revolved around the recent innovations in the marketing domain and the marketing trends that are expected in the future. In today‟s highly competitive market innovation has become not as an add-on but an essential feature in the organization. Either you are constantly innovating or dying. So Srijan this year looked at some of the latest trends in the marketing landscape that would change in the coming decade. The event kick started with inaugural speeches from our Director General, Dr. Pritam Singh and was followed up by President, ASSOCHAM, Dr. Dilip Modi. The excellent start was followed up by a session on “Innovation is the name of the game”. “When all think alike, then no one is thinking”. In this 21st century of cut throat competition, Inno-

vation is what differentiates the men from the boys. Innovation is essentially doing something new or finding new ways to do something - taking a refreshingly new look at something that has always been done a particular way. Mr. Sanjeev Govil , COO Idea Cellular started the technical session which was followed by Enterprise Head, Microsoft who talked about the influences of latest trends like facebook, myspace, twitter, Xbox etc and essentially spoke about how we are moving from a „manufacturing‟ to „information‟ to „attention‟ economy. This session was then followed up by Ms Anisha Singh, MD and CEO mydala.com. She spoke about innovation and what it means in today‟s world. She talked about her company and how the latest information providers – facebook and twitter help her company grow virally. She also talked about how innovation today was not just about better technology, but more about smarter ideas and ways of doing things. This session ended with Mr. Jitender Miglani, Head of Strategic Intelligence, HCL who spoke about “Why to innovate?”, “What to innovate?”, “How to innovate?” and “How to measure results?” The final session for the day was “I have bigger fish to fry” which was on B2B marketing where we tried to looks at how innovation has affected the B2B market. In this session we hear Mr. Vishal Yadav talk about his business and how exactly the b2b marketing worked. He later went on to talk about how the Indian beer industry had evolved and what the future looks like for this sector. Mr. Naveen Chahal, Managing director Mosaic India Private Limited also gave us insightful information on the B2B market.

PAGE 7


The next day of the event started off with a session on “From trials to triumphs – Marketing for startups”. As a part of this session we had Mr. Amit Agnihotri, CEO MBAUniverse talk about his company and gave us some essential rules that startups should have. “Find your niche” is the key factor and he emphasized this point throughout his speech. He was followed by Mr. Vivek Agarwal, CEO Liqvid who spoke about the “10 mistakes that should be avoided in startup marketing”. This session was concluded by Mr. Samarth Saxena, COO and Co-Owner of Octane. He spoke about how his company started from just 2 desks and grew to be big company with effective marketing strategies which were both online and offline. The next session was on “Capturing the smart customer – the new dynamics of retailing” in which Mr. Ranjeet Oak, Head –Sales P&G spoke eloquently about retailing and what it means in today‟s context. This was followed up with a session by Mr. Sanjay Gupta, VP Merchandising Spencer Retail Limited who spoke about Spencers as a company and how it has evolved over a period of time. He also talked about innovation in consumer engagement and the importance of ATL and BTL media. He went on to talk about the innovations undertaken

by Spencers in various local areas as per the need of the market in that area. The next session was “Old wine in new bottle: Rebranding and Re-positioning of brands” in which Mr. Kandarp Sinha MD South Asia Tetra Pak talked about his company and how they have repositioned themselves as per the market requirement. Following him was Mr. Jayant Sinha, Marketing Director Glaxo SmithKline and Mr. Ajit Chaturvedi Hub-head Gujarat Rajasthan, Tata Docomo who talked various companies and how they repositioned themselves over the years and then went on to talk about Tata Indicom‟s positioning. This talk was followed by another insightful talk by Mr. Rajiv Khosla, CEO, Reliance Communications Limited. Srijan was concluded by a panel discussion on “Innovative Media Strategies for competitive advantage”. This session was compared by Professor P.C Mehra and the eminent panelists were Mr. Ritesh Anand, Business Head, Ad2Books.com and Yolist.com Times business solutions, Mr. Neeraj Sanan, EVP Marketing and Distribution Media content and Communication Services, Star News, Mr. Nirmal Sharma, General Manager Dailies, ABP Pvt Ltd and Mr. Raju Vaziraney, COO – Radico Khaitan. The discussion was very insightful and was concluded by questions and answers by students. This marked the end of Srijan 2011 which left the students wanting more and paving way to another successful return next year.

PAGE 8


Excalibur 2011 Promethean‟s annual cul-fest event, Excalibur, was a runaway success yet again. The theme this year was unique and had all the ingredients to challenge a „true marketer‟. Many students from various B-Schools across India were invited to participate. The event comprised of three rounds where the first round was an elimination round and the remaining two rounds were the final rounds where the winners of the event were declared from a strong list of finalists. Round 1 (Mix & Match Taglines) The first round required participants to suitably match the taglines of five companies (provided by promethean) with any five companies of their choice. But the catch was that the original taglines of the companies chosen by the particip a n t s should also have matched the companies given by pro-

methean. 901 entries were received within a registration timeline of 4 days. The club shortlisted 50 entries for final evaluation which was to be done by Prof. P C Mehra. Round 2 (Crazy Ads) 10 finalists were selected by Prof. Mehra for the final two rounds. The second round was not an elimination round. This round‟s winners and runners up were to be given an „advantage‟ that they could use in the final round. The finalists were asked to enact a popular ad – changing the product while maintaining the original ad‟s theme. The „advantage‟ was given to Team Showstoppers and Team Bellatrix. Round 3 (BluffMarketer) The teams now move into the third and final round were in the winners of the second round carried with them a strategic advantage which they employed at the opportune moment. In this round all the participants were asked certain questions, to which they had to give creative responses. To add more flavor there were certain bonus questions as well which allowed everyone to make some cash. We added a surprise element by having a “bluffmaster “ in each round who had to con the other teams, while they in turn had to catch the bluff. This cat & mouse race finally culminated in 8 teams being voted out and final round boiling down to our winners from the second round. In the end team Bellatrix were rightly spotted as the cons and team Showstoppers stole the show.

PAGE 9


PAGE 10


 “

Increasingly, the

mass

market

is

turning into a mass of niches “

- Chris Anderson, Author of The Long Tail




MARKMAG

Global Brands JAYANT DAHIYA, IMI NEW DELHI

limited to the sphere of representation but

The importance of brands cannot be stressed

also

spans and contributes to the

enough. Brands today are probably the most important distinguishing factor between the products. Brands today are much more than just a name, term, design or symbol; they have helped in the formation of a cult like following amongst the customer for e.g. Harley Davidson and Apple. A brand, in today‟s global world, goes be-

changing and modification of

yond what has been stated above, they now

views that are prevalent in the world.

also have a tendency of representing the culture and values of the place from where they have originated. Kingfisher beer is a prime example of this - it now represents the Indian

person

the

Most successful brands today have been in existence for a very long time and that has helped them in acquiring the status that they have. To create a truly successful brand from scratch is a gargantuan task and naturally will take a lot of time. The best way to expand a company‟s reach and to increase its presence is to acquire already established brands e.g. Tata‟s takeover of Corus. Another way to increase your presence in the already es-

globally. The ability of a global brand is not only

tablished market is to come out with something so extraordinary that everyone

PAGE 12


MARKMAG

VOLUME 1, ISSUE 1

around you is amazed, including your competitors. Apple with its recent product launches has been successful in doing so. Though one may take over already established brands, it is important that the name of these acquired brands isn‟t changed as that will result in the loss of brand value amongst the consumers and the whole

“Today brands are more

process of brand building will have to be

than what just meets the

started from scratch. Kraft even after taking over Cadbury has not belittled the value the name Cadbury carries in India and has launched its world famous Oreo biscuits under the Cadbury Brand. In short, gone are the days when brands were just used to differentiate between the products, today they are part of the life of the consumers and they resonate with the consumer‟s attitudes and personalities.

eye.”


PAGE 14


 “ You can’t just ask customers what they want and then try to give it to them. By the time you get it built they will want something new ” - Steve Jobs




Markmag

MARKMAG

Entrepreneur MOHIT KHERA | RAVI DUDEJA IMI NEW DELHI

For entrepreneurs, it is not only about suc-

“Bhaiya, what do you think drives an entrepreneur?” my younger sister asked me. “It is all about a killer idea sir jee” I replied, imitating Mr. Junior Bachchan, if at all it can be done. She got her answer but I was left wondering. Is it really

a

cess, it‟s about chasing their dreams. The desire to create a difference is what differentiates an entrepreneur from a Capitalist. As Bhagat Singh wrote in his book „Words of Freedom‟, „Success is but a chance; sacrifice a law‟. The context of this statement at the time it was written might have been

unique, killer idea that

different but it is still

drives the so called en-

relevant in the

trepreneurs? I

started

modern world. pondering

over it. After a lot of

Entrepreneurship

thinking and reading

in

the stories of some

grown

of the successful

India

has

tremen-

dously over the last

entrepreneurs, I was convinced that passion, obsession and innovation are the core elements of the entrepreneurial spirit. You add to it, a pinch of madness, top it up with confidence and what you get is a true entrepreneur. An entrepreneur transforms an idea into a marketable

twenty years. The liber-

alization

which

started in 1991 and the boom in the Information Technology sector have been significant factors leading to a wave of entrepreneurship in the country.

product. He is a visionary who creates a

An entrepreneur eats, sleeps and even

market anticipating customer needs.

dreams about his business to the verge of near insanity. Entrepreneurship is all about PAGE 16


VOLUME 1, ISSUE 1

MARKMAG proving that one can accomplish what one

As someone said, „Starting your own

has imagined. There are, of course a lot of

business is like riding a roller coaster.

hurdles, from raising capital and managing

There are highs and lows and every turn

employees to keeping up with technology

you take is another twist. The lows are

and competing in a global marketplace. But,

really low, but the highs can be really

these hurdles are turned into opportunities

high. You have to be strong, keep your

with boundless passion and energy.

stomach tight, and ride along with the

It is certainly a comparative advantage if one

roller coaster that you started.‟

starts early. According to a survey, average age of a founder is 27 years. Many young minds are venturing into business and tapping the huge opportunities that the Indian market offers. Young entrepreneurs are fearless, big risk-takers, passionate about their ideas and they follow their dreams with rigour.

“An entrepreneur

Today‟s economic environment provides more opportunities to young minds but one needs to grab them and convert them into a success. In today‟s economic scenario, the need of the hour is to have more productive entrepreneurs who help in creating more jobs and wealth. Failures are bound to happen, but true entrepreneurs do not succumb, instead they learn from their mistakes and come back with a bang. Their patience and passion pays them rich dividends. PAGE 17

eats, sleeps and even dreams about his business”


 “ What really decides consumers to buy or not to buy is the content of your advertising, not its form ” -David Ogilvy




Markmag MARKMAG

PAGE 19 Embedded Marketing: Relevance in Today’s Markets


Markmag

MARKMAG

AAMOD BAIJAL | ABHA BHAKHOO IMI NEW DELHI

stani, Fashion, Dostana, Krissh, Rang de

A recent press release by Delhi‟s Ramlila committee says “This time Lord Ram will give his Darshan on 3G”. “Welcome to the New age Ramlila!!” Brands like Biknarewala Sweets, PC Jewellers, Bodycare Thermal Wear, Tata Communications are all a

Basanti, Dhoom 2, Don , Lage Raho Munnabhai and many more have all had brand cameos and appearances, some brands are even a part of the movie scripts. Through Special campaigns by companies like limited edition - Rang De Basanti Coca-cola bot-

part of this year‟s Ramlila at

tle,

Delhi, while some are used on stage others are a part of promotions. Ask viewers today, and you‟ll get quick answers to which fashion magazine was Priyanka Chopra working for in Dostana? Which

Fashion

apparel

had

signed up Dhoom 2? Which mo-

“Go Dhoom” campaign, “Spirit of Baabul

torcycle did Rishi Kapoor ride in Bobby?

with Kotak Life insurance” etc companies

Which malted drink does Hrithik have in

are making embedded marketing an inte-

Koi mil gaya?

gral part of their marketing strategies.

“Welcome to the world of embedded

Today advertisers use movies, Prime Time

marketing!!”

TV shows, music videos, news programs,

Super hit movies like Dilwale Dulhania le

story books, novels, video games etc to

jayege, Yaadein, Phir bhi dil hai Hindu-

promote their products and respective

PAGE 20


VOLUME 1, ISSUE 1

MARKMAG brands. Embedded marketing or product

Increase in technologies like digital video

placement practices have been used since a recorders (DVR), satellite television allows long time, however the past decade saw an viewers to skip advertisements had led to increase in embedded marketing techniques increase and growth of embedded marketdue to the reality TV programs like Indian ing. Unlike advertising which is direct and Idol, Big Boss etc, internet TV and mobile persuasive, product placement subtly inTV. Emergence of sports as a substitute to forms the audience and viewers about the movies and TV shows has also created a product and service without the use of ads. huge market for advertisements. Do you Placing the products in TV shows where the think we would be able to forget any of the favourite characters use them increases the „DLF maximums‟ or „Karbon kamala brand‟s visibility. According to research that was presented at

catches‟ anytime soon? Now marketers are also tapping the $65 billion video games industry. What was started by SEGA as a move to introduce realism in video games is estimated to become a $1 billion dollar industry of its own by 2014. Advertising in video games is becoming popular as it reduces risk for a marketer. Most of the consoles are now connected to internet. This gives the game makers the ability to sell their ad space once a game has been rendered as successful, thus reducing the lock-in effect for a marketer. One of the most noticeable advertisements during 2008 was billboards promoting the presi-

IIM-Ahmedabad‟s conference - a subtle product placement in Bollywood films and television soaps will provide the best returns for investment for advertisers in India. The statistics from the research paper concluded that about 70% percent of consumers think that product placement is a good way of being informed about products and services. Those in the age group of 16-24 and those over 60 years of age were more positive to the information provided by product placements compared to others. For companies embedded marketing provides cleaner and clutter free form of advertising.

PAGE 21


MARKMAG -ine a movie or a TV show where a brand is being endorsed every 5 minutes, a viewer will automatically filter it out. As experts call it – they will develop „ad blindness‟ and whole purpose of embedded marketing will be lost. Another issue is subtlety. Marketers need to make sure that while embedding a product within another media form, should seamlessly gel with the story. A forced advertisement will make a viewer resent it rather than appreciating the product. Recently, U.K. became the first market in the world to regulate the embedded marketing on television. Viewers will be informed that they are seeing an advertisement during a show through letter „P‟ being prompted on television. Regulation also states that the product should have relevance to the story line. As more and more options are being given to a viewer these days like recording TV shows on set up boxes where they could fast forward advertisement or watching their favourite TV show on YouTube. That day is not far when the 30 second advertisement slot on a TV shows will have practically no relevance. However with changing times, Marketers will have to keep innovating and create new PAGE 22


 “ Think about what the user is going to type”

- Matt Cutts, Google




MARKMAG

Is Neuromarketing the next big deal?? DHAVAL PARIKH | AYUSH MANSINGHKA

ticular brand or a product. This is the es-

Why do we often choose Coke over Pepsi?

sence of a concept called

Why do we pick up Nike shoes rather than

“Neuromarketing”.

those of Adidas or Reebok or vice versa

By definition

when we aren‟t even aware of their subtle

neuromarketing

differences?

is the study of how people's brains respond to advertising and other brand-

“Imagine someone else is aware of your preferences and factors that make you purchase a particular brand or a product”

related mesRecall the last time you went to the store

sages by scientifically monitoring brain-

next door to purchase something. Do you

wave activity, eye-tracking and skin re-

remember what influenced your choice of

sponse. Marketing research is now using

one brand over the other?

technologies such as Functional magnetic

Well, I am sure you don‟t because the answer lies in our subconscious. Imagine someone else is aware of your preferences and factors that make you purchase a par-

resonance imaging (FMRI) to measure changes in activity in parts of the brain, electroencephalography (EEG) and Steady state topography (SST) to measure activiPAGE 24


MARKMAG ties in specific regions of the brain and

when shaken, or the realization that they

their response and/or sensors to measure

will have something their co-consumers do

changes in one's heart rate, respiratory rate

not.

or galvanic skin response in order to under-

Neuromarketing measures 3 parameters-

stand why consumers make the decisions

•

Attention

•

Emotion

•

Memory

they do, and what part of the brain provokes them to do so. It is claimed that marketing researchers Having said the advantages of neuromar-

will use neuromarketing to better understand and measure a consumer's preference,

keting, it is a highly controversial tool of marketing research and has been criticized

as the verbal response given to the question, "Do you like this product?" might not be true due to cognitive bias. Therefore the knowledge will help marketers design more

on the ground of ethics and plausible manipulation of information obtained from neuromarketing tools.

effective products and services and marketing campaigns focused more on the need and preferences of the consumers. Neuromarketing helps the marketer in knowing what the consumer reacts to, be it the color of the package, the sound the box makes PAGE 25


PAGE 26


 “ Don’t be afraid to get

creative and experiment with your marketing” -Mike volpe

Chief marketing officer hubspot 


ANNUAL MARKETING SUMMIT

MARKMAG

QR codes: The Future for Marketing AAMOD BAIJAL | ABHA BHAKHOO IMI NEW DELHI

based on the fact that more and more number of people have started using smart

How many times has it happened to you that you saw an advertisement in a newspa-

phones and require all the information on their fingertips.

per, found it interesting but were too busy

QR codes have the characteristics in them

or lazy to type down the company‟s URL

to become huge and enter mainstream com-

on your browser to learn more about it?

munication platform rather than just a fad.

Marketers today have found a solution -

The very fact is that, currently total number

QR codes. QR

of Smartphone users is increasing at a rate

codes are small,

of 72%. There is a huge market for these

smart and new

smart phone users where the user can be

way used in ad-

given an option to buy the product directly

vertisements.

by just looking at the advertisement. Cur-

“All one needs to do is – open the app, focus the camera on the code and voila! ”

QR

codes

or

Quick Response

codes can be read using any smart phone

rently QR codes can be generated and read free of cost adding to the incentive of this technology.

with a QR reader apps (mostly free). All

The possibilities are endless on how com-

one needs to do is – open the app, focus the

panies can use QR codes to attract custom-

camera on the code and voila! Your smart

ers, how they can link customers with

phone browser will open the URL embed-

online world. But the problem which cur-

ded inside the code giving you the informa-

rently lies in India is that not many people

tion required. These codes were developed

know how to use it including the ones who

by Toyota to track vehicles during manufacturing. This has grown in popularity

PAGE 28


MARKMAG own a smart phone. Therefore companies should first take an initiative to make people understand what QR code is and how it can be useful for them. A technology that

creates a bridge between the real world and online world is accepted widely these days. But the question we need to ask is – Is this future of marketing or just a fad? What do you think?

PAGE 29


FEEDBACK

B-10, Qutab Institutional Area, Tara Crescent, New Delhi 110016 India

Dear Reader, We are extremely proud to pres

Email: promethean@imi.edu EPABX: PR Line 47194100, 47194200 , 46012729, 46012730, 26528276 Fax: 2686 7539

We are on web ! .com www.imipromethean Please Visit Us

ent volume 1 ,issue 1 of MarkMag 2012 March Edition In this edition, we have tried to include all the events that

took place between Jan-March 2012 . Hope you enjoyed reading it.

Your feedback is extremely valuable to us. Kindly email us your feedback at promethean@imi.edu You can also post your comments on any of the following links:

http://www.facebook.com/groups/10098260

3330959/

Upcoming events  MARKETING CONCLAVE: July 2012

Editorial Team Harishma Mittal

Sushree Upasana

Member, Promethean Club

Member, Promethean Club

Designer & Editor, MARKMAG

Designer & Editor, MARKMAG

E-mail : harishma.p11@imi.edu

E-mail : sushree.p11@imi.edu

Srinija Appalaraju

Akanksha Pamnani

Member, Promethean Club

Member, Promethean Club

Editor, MARKMAG

Editor, MARKMAG

E-mail : srinija.p11@imi.edu

E-mail : akanksha.p11@imi.edu


MarkMag IMI