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Last month Wal-mart kicked off a reality television series for the web named ‘Get on the Shelf ‘. This series featured 20 finalists of Wal-mart’s contest by the same name. It’s aim being to encourage the spirit of entrepreneurship and help some lucky ones get a break. The public was given 3 days to vote for their favorite entrepreneur .The winner of each episode , that is the one with the highest votes would then be allowed to sell his goods on Walmart.com.  Out of these winners the ‘grand winner’ would be the one who would get the maximum pre-orders on walmart.com. This grand winner would then get the opportunity to sell his product inside the  Wal-Mart stores . It’s a dream for any brand, any businessman, to see their product on Wal-Mart store shelves, and this television series (for the web) will help someone’s this dream come true!

The key point here is – the winner will be the one who can ‘sell’ the most. In entrepreurship this is the key element. It is also an element that in spite of being so important is ignored by many. The fact remains that it does not matter how good your product is, rather what matters is how well you could ‘sell’ it.

“Being an entrepreneur means being a salesman” – this was the key mantra for success that was given by Niklas Zennsrom more popularly known as the co-founder of Skype. He says the one who can sell is the one who will succeed in the game of entrepreneurship. In fact in spite of ‘salesmanship’ being such an important aspect of business not many b-schools till recently focused on this. It was the reverse . This was one aspect that was looked down upon. Not any more. A recent survey showed that people were keener to know how to start their own business and be their own boss. Students today are keener to do a ‘Masters in Entrepreneurship’ than a regular MBA (Forbes magazine). After all the success stories of this generation are companies like Twitter, Groupon, Facebook, Yelp, Instagram, Tumblr …. And the list goes on. What they all have in common is a young guy who knew how to ‘sell’ his dreams to others. It does not matter whether you have lots of money or no money –what matters here is whether you have a great idea –and more importantly the skill to sell that idea.

Sell! Sell! Sell!
The true mantra for success lies in the ability of an entrepreneur to sell his brand. The one who can do it best is the one who scores the highest.
Captain Nair wanted to open a resort in Goa and was ecstatic when he could finally buy a property there. However there was a slight problem , his property was located at the southern most end of Goa, and took more than an hour to reach . Most tourists preferred the old established properties near the airport and in the north of Goa. So even though The Leela had 7 star facilities yet it failed to attract tourists. Not to give up so easily, he thought of an innovative idea. All it required was one advertisement in the newspaper with a headline that invited tourists to rediscover the land where Vasco da Gama had first stepped on. This was enough to raise the curiosity of the tourists and there was a steep increase in the reservations. The Leela was soon packed with visitors! A successful entrepreneur is one who never gives up , who never says never !

Selling is not about selling !
Confused? That is the real secret of becoming a master salesman and hence a master entrepreneur. A true salesman is one who does not take ‘No’ for an answer. An ordinary salesman is one who allows you to say a ‘No’ and then moves on to the next prospect. So how do I get people to say ‘Yes’ all the time, or most of the time?  Read More....


An Initiative of IIPMMalay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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The way we communicate has changed today. Branding is a different game altogether. The strategy that was considered the right way to build a brand just a few years back is all wrong today. We, as marketers, were doing a great job all these years and then came Tim Berners-Lee and changed it all. He is the man who invented the ‘World Wide Web’. With more than 2 billion users the growth in the number of people using the Internet in 2013, as compared to 2000, has been 566%. Whoa! That’s humongous. It’s this Internet which has created a unique generation of consumers called the ‘Millennial’. People in the age group of 18-34 fall in this category. Why are they so important? Let’s look at a few quick facts. 75 million is the population of the Millennials in US alone. In countries like India and Bangladesh most of the population is around this age. What it translates into is a few simple facts. By 2022 at least 30% of all retail sales will be to this generation, and by 2025 about 75% of the total car sales will be to this generation, making this age group the most important consumers. They are the consumers of the future and as brand builders it’s critical for us to make them believe in our brands. However, this generation is very different from its parents. They live differently, decide differently, and hate being marketed to, making things very difficult for marketers. Gone are the days when you picked up a Lonely Planet or any other travel guide book to know about a new destination you wanted to travel to. Today, you just ‘google it’ and can know more about the place, and even see real time videos of the place. You read books on the Internet and buy them through Amazon. If you want to change your job you don’t go to a placement agency but to LinkedIn. If you want an education many prefer to go online than to a campus. In fact, even if you want to protest for a cause you do not need to go out on the streets rather you go to the Facebook page and ‘like’ it and voila you are a protester!

Reading, writing, travelling, protesting – you name it and it’s happening on the Internet. So, logically your brand building too should happen on the Internet.

 Consider this, when someone from this generation wants to buy a car he does not got to the company showroom or collect the car company’s brochure. The first thing he does is visit various websites, at least 25 of them, and then goes to a showroom when he has almost made up his mind of what he wants. Very rarely is the salesman able to assert his influence, for it’s ‘third party reviews’ which hold more weight than the salesman.

It’s said knowing your audience is the key to building a great brand for then you know exactly what he wants. However, this time it’s going to be an uphill task just knowing the audience as these guys are different. All these years brands were built by connecting and engaging the customer at various ‘touch points’, and the traditional touch points used to be TV, print, radio, outdoor hoardings, and direct mailers. A close look at these touch points reveals that this new generation watches his favourite TV programme on YouTube, or records it on his set-top box and watches it by fast forwarding the ads. He does not wait for the morning newspaper to arrive to know what’s the latest for he can log on to Twitter and read the summaries of the top headlines, or log on to the website and get the information. With live streaming of music he does not listen to the radio but tunes in to his iPod, MP3 player etc. Be it direct mail or e-mail most of them go in the junk box if they are promotions of brands. To top it all, with new laws coming in the number of hoardings is also fast decreasing. So, if this is the scenario then how do you ‘touch’ this guy?

 FORGET, TO LEARN MORE

 If you want to reach the new guys then there are certain things you need to forget.
(a)Forget physical media. Instead think digital.

(b)Forget traditional TV. Think of the second screen. Mobiles will be big in future and most brand building activities will happen here.

(c) Forget mass, think personalization. Mass mediums like TV and print have lost a lot of their sheen. It’s mediums which can send customized messages to consumers that will work.
You need to think like Amazon. Once you buy from it, the second time that you go there it knows you, and suggests things to buy that you may like depending on your past purchases. This is the personalization, the customization that the consumer of today wants. One size fits all no longer works. One campaign for TV, print, outdoor, radio, et al will not work any more. They say it’s the end of ‘lazy marketing’ and marketers & brand builders have to wake up and shake up and think of new ways to engage the consumer. Thanks to Facebook and other such sites today you can break up your customer base into micro segments. Pizza Hut, for instance, discovered that it had 17,000 different types of customers and planned different online campaigns which worked for the various groups. Read More....

An Initiative of IIPMMalay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned Links

SC slams AICTE's illicit control on MBA courses
MBA, MCA courses no longer under AICTE
2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall

Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page

IIPM Global Exposure
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IIPM Links
IIPM : The B-School with a Human Face

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She is a heroine of a different generation and yet this month, so many celebrated her birthday as if she were still with us. She may have gone long ago; yet, she lives on, for her images just don’t seem to fade. In fact, every time an  unseen or unpublished image of hers is discovered, it makes it to the front page of almost all newspapers. The lady is Marilyn Monroe. Images are very powerful, they just live on and some even become iconic. The face of the Cuban revolutionary, Che Guevera, also being one such image. It’s not just a face. It symbolizes rebellion and freedom,  feelings that the youth just love. Put this face on any merchandise and it becomes a bestseller. The number of T-shirts  emblazoned with Che’s face that have been sold is incredible. It’s ironic that a revolutionary, who rebelled against the  capitalists, has today become the biggest bestseller of the capitalist world.   

That’s the power of these images. They  generate strong feelings. Another image that brings out strong reactions is the Swastika symbol of the Nazis. Recently,  Madonna used it during her tour in Israel. On a giant screen was shown an image of Marine Le Pen, who is the leader of  france’s National Front Party, with a Swastika on her forehead. The party was enraged and threatened to sue her.  Considering the fact that Madonna would be performing in France soon, this was a nice gimmick to get the nation talking  before she arrived! She is one of the few people who understand the power of images, of visual branding, and has used it  consistently over the years to keep her in the news and always ahead of competitors. Be it the cross of Jesus or the  Swastika of the Nazis, she knows how to use symbols to get people to notice her.

It’s also the oldest trick of brand  building.   It’s also the oldest trick of brand building. Brands have used symbols (logos) to distinguish themselves from  competitors and build a unique identity around them. Associating oneself with a unique symbol makes it easy for  consumers to remember you. So on Marilyn Monroe’s birthday, Lady Gaga tweeted a picture of hers dressed as Monroe,  and more than one lakh of her followers (all in the age group of 14-19 years) liked it. The interesting part is neither Gaga  or her fans belong to Monroe’s generation and the only reason they are her fans is because of the ‘images’ they see of  her. These stunning images are the reasons for having ensured that ‘brand Marilyn Monroe’ will never die. And images  re the reasons that will ensure that your brand lives on in the future.


PICTURES WILL RULE

The  most exciting websites in the recent months have been ones that have focused on pictures. One such website, which has created a lot of excitement, is Pinterest. If numbers are a measure of growth and potential, then according to Experian Hitwise, Pinterest is the third most popular social network in the US, just behind Facebook and Twitter. Not surprising then that it was recently valued at $1.5 billion with Rakuten Ichiba giving it a funding of $100 million. Rakuten is the largest e-commerce site in Japan and among the world’s largest by sales. Why should an e-commerce site be interested in a scrap-booking site? Because it affects sales directly. Let’s see how.    

Things have changed dramatically for  interest. In February, no brand was interested in it and then in two months, the number of brand pages increased by 24%. Pinterest links have appeared in retailers’ e-mails faster than links to Facebook, Twitter et al appeared, proving the point that retailers are benefitting from it. A study by Vancouver’s Emily Carr University has found that there is a surprisingly high correlation between ‘pinning’ an image of a product and purchasing it, with more than 1 in 5 Pinterest users buying an item they have ‘pinned’ on their Pinterest boards. Companies are finding it important to keep a watch  n who is ‘pinning’ what and where he is ‘pinning’ it. If a consumer pins a picture of your bike on his board titled ‘Bikes    m considering to buy’, it makes sense to check which other bikes is he considering and get an idea. An aggressive  marketer could even leave a comment on this consumer’s page giving him information about his brand. Similarly, there  could be many ways to mine information and use it.   

There is a shift in the way people are using the Internet. Earlier it  as largely ‘text’ driven, but today pictures and images are becoming dominant. People are using pictures to  communicate. Be it the image you upload on your Facebook profile or your BBM profile or even on your desktop, it’s become a way to communicate your feelings. No wonder that ‘smileys’ and ‘emoticons’ are used most frequently when  e text friends and family, proving the point that communication in the future will be more image heavy rather than text. Marketers need to understand this change and plan their strategies accordingly in order to reach out to the maximum  umber of consumers and make strategies that outwit their competitors. In future, marketers who can communicate with  mages will be the most wanted, for in future, it’s an attractive image that will drive people to your website more than an interesting statement. This is the reason why it has been found that Pinterest is driving more traffic to the websites of  rands as compared to Facebook or Twitter. From TV networks to magazines, interior designers to fashion designers to  ar and bike manufacturers to even writers and bloggers; everyone is out there with their best images to attract consumers. A blogger who was writing an article on which advertising campaign he thought would win at the Cannes  his year decided to use Pinterest and pin pictures and videos of the campaigns; for he found that he could attract more  people to his post this way over just an article.     Read More....

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM in sync with the best of the business world.......
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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This Sunday (April 8), a small company changed its fortunes forever. Instagram was started two years ago, but this Sunday, it became more valuable than even The New York Times. The reason being Facebook acquired it for $1 billion few days back; causing quite a flutter among industry watchers. Why did it invest so much in a company, which hardly made any profits, is a fresh start up, and to top it all, is just an ‘app developer’ and its claim to fame is a ‘photo-sharing’ application that it developed for the iPhone? Add to this the fact that it does not even have a website to call its own, for all its features are designed for the mobile phone.

Well, there is more to it than these obvious facts. Instagram may just be an application for the mobile phone, but it has been downloaded by 50 million users, and that is something worth noticing. Though still much smaller than Facebook, the power of this company lay in its idea. Instagram is about photo sharing, but so is Facebook. However, Instagram is only mobile phone-based and Facebook’s revenues through its mobile application are zilch. Mark Zuckerberg saw this as a huge opportunity to make Facebook’s presence stronger in the mobile sector. When Zuckerberg started, it was all about the web. Today, who cares about the web? It all happens on the mobile phone, and Mark knows it best. So for a company that was valued at $500 million a few weeks back, Zuckerberg did not hesitate to double his offer and as expected, the young founders of Instagram – Mike Krieger and Kevin Systrom – found it irresistible and sold it. A simple idea of sharing your sometimes grainy mobile photos and making them works of art by using an application is today worth $1 billion. That’s what a good idea can do, and that’s exactly what it did for Instagram; a 551-day-old profitless tech startup!

GOOD IDEA IS GOOD BUSINESS

Good ideas make you rich but not the reverse. As William Cameron said, “Money never starts an idea, it’s the idea that starts the money.” If you have an idea that came out of your passion for something and not for the objective of making money, it’s going to make you a lot of money, for that’s what makes legends. Not just the knack of inventing and creating new ideas but even the ability to identify the potential of new ideas is what makes businesses successful. A genius is someone who can make use of the simplest of ideas. In fact, the simpler an idea, the more profitable it is. Think about ‘Hotmail’, a simple idea of sending mails for free over the internet, which made its founder Sabeer Bhatia richer by $400 million back in 1997. PayPal, a simple idea of making payments online, made its founders richer by $1.5 billion when eBay bought it. Instagram, the most recent company creating waves, is also a simple idea. In fact, it’s not even a new idea, for Flickr does the same; just that it’s for the web while Instagram is for the mobile. Flickr also made money for its founders when it was bought by Yahoo! a few years back

A successful businessman is one who keeps an eye open for ideas with potential. When eBay acquired PayPal, it saw a potential and today, Paypal is contributing in revenues as much as eBay’s core business. Something similar is what Mark Zuckerberg saw in Instagram. Those were not the profits of the company but its potential to grow which attracted him to it; for no one understands the model of establishing an audience before generating sales better than him. When he made Facebook in his Harvard dormitory, he wanted it to become popular, to be liked by youngsters and not make money. Instagram, too, was made with the same philosophy and is loved by its users. They love it so much that they would not move to any other application easily. Love is what makes the world go round; surprisingly, even the business world, and no one knows it better than Apple. It is most loved, has a cult-like following and its consumer base is most loyal. Michael Dell once said that Apple should close down while it still had something to return to its investors. This same company today has passed Exxon-Mobil as the world’s most valuable company and has bigger financial reserves than the US government! For a company that many thought would close down soon, it’s not done too bad. Even though Steve Jobs is no more with us, but the world will not forget him for his iPad. It was a new way of looking at the dying market of tablets. Thanks to the iPad, the tablet market is the most thriving one with new consumers being added every day.     Read More....

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM in sync with the best of the business world.......
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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Another year, another chance to accomplish all that we could not in the last year, another hope, another new beginning! Yes, every new year brings about a sense of freshness with it and lots of hope and high spirits. It’s the time to think afresh, plan new things, change your outlook and approach your problems with a more positive mindset.

Every year promises something new and every year witnesses a new change. This year too, we as marketers should be ready to face new challenges and plan new strategies. The rules of doing business are going to change and if we want to stay ahead, we better be prepared.

THE VIRTUAL WORLD WILL OVERTAKE THE REAL WORLD

The traditional way of marketing has changed. Marketers will focus more on the new media and the traditional will take a back seat. This change is for good and will intensify even more as marketers discover more and more innovative ways to reach out to the consumer online.

Last year (in June, 2011) the marketing genius Nike premiered its new ad campaign titled “The Chosen” not on TV, but on Facebook. The campaign was used to launch a video contest, which asked people to submit their videos of extreme action sports (like snowboarding, surfing, skateboarding et al) and create the maximum buzz around their entries. The finalists were then judged by a group of professionals within Nike and the winner was selected; the winner was titled the ‘chosen one’, for he got the chance to live like a Nike Pro athlete for a year. Apart from the very interesting and engaging campaign, the point to be noted is that Nike decided to launch its campaign on Facebook nearly three days before it featured the same on TV during the NBA finals.

Not just shoe brands, even cars are using the social platform to debut their goods. Last year, Ford unveiled its new model – the Ford Explorer – not in an auto show, something that it has been doing consistently for the past 50 years, but on Facebook. It even randomly selected a ‘fan’ to give away a free Explorer! If you consider the fact that Ford has been doing relatively well as compared to its competitors, it seems like the choice of spending twice as much as its competitors on digital media is not a bad choice at all.

This month (January 14), Ikea is hosting a “Bring Your Own Friends” (BYOF) event in its stores in USA. Every time you ‘Like’ the Ikea page, the company makes a donation to the non-profit organization ‘Save the Children’. That’s not all; once you like the page, you get to see the various freebies and discounts that the retailer is offering in its various stores on January 14. You are then asked to invite your friends to the event happening in the stores on the day. For every invite you send, you become eligible for various contests and have a chance to win a free ‘shopping spree’. To add to this, the company pledges to donate $1 to ‘Save the Children’, whether your friend/s turn up for the event or not. Yes, earlier too, Facebook has been used for social causes by companies, but this one goes a step further. Ikea is hoping to increase ‘in store foot traffic’ using Facebook. This only goes on to prove that the coming year will see marketers using the ‘social platform’ more aggressively. If your brand has a page on Facebook, it’s time you made sure that it becomes more interactive and engaging, for that’s going to be the key to success in the future. Or else, God help you… well, literally. The most engaging and interactive pages on Facebook have been those dedicated to religion, with ‘Jesus Daily’ leading the list. At more than 4 million interactions weekly, the page leaves all other pages way behind. This just proves that if you have content that is engaging, you have takers too (after all, there are 800 million people on Facebook and each could be your potential consumer). God could help you get some good ideas for this one for sure!

One of the key factors to keep in mind would be ‘online engagement’ between customers and the brand. Apart from the number of followers, it will also be important to keep your followers engaged this time. When your consumers are being bombarded with so many messages, it’s critical to focus on loyalty and make your brand’s ‘voice’ the loudest and the most unique. One way of doing it online is to keep interacting with them. The cosmetic company ‘Benefit’ did just that. With no marketing on TV or in the print media, Benefit used only the ‘virtual platform’ for all its marketing endeavors. Using fun and quirky online content and giving away freebies and having beauty sessions online, the company built an awareness around its products and kept its fans engaged with the brand. It asked its fans to review its products on its Facebook page and even rewarded its most active reviewers. These ‘reviewers’, in turn, told their other Facebook friends about this brand; and soon, Benefit became the most talked about brand in the virtual space. It’s akin to generating ‘word of mouth’; just that this time, it’s happening online, for that is where most of your consumers will be in the future. All the rules of marketing will remain the same; however, the one who is able to adapt these rules to the ‘virtual world’ will be able to stay ahead of the competition.      Read More....

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM in sync with the best of the business world.......
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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Many of us turned into “revolutionaries” this April. It required no protest marches, no dharnas, no violence, not even fasting. A mere click of the ‘Like’ button on the “India Against Corruption” Facebook page, a change of our profile picture into that of Anna Hazare’s, an updation of our “Status” message into “I support Anna” made each feel a part of the great movement. For many, just giving a missed call on 022-61550789 was enough to express their solidarity towards the movement. Anna Hazare fought, not just by fasting but also by ‘Facebooking’. It was the Internet & other communication tools that increased the voice of his anti-corruption movement. So powerful was this tool that within two days the members of the ‘India against corruption’ page increased from 5 lakhs to 12 lakhs. Some 7 lakh people showed their support by giving a missed call on a number texted to them. The revolution was “virtually there” for everyone to join in. It did not require physical presence; as long as you thought alike you could be a part of this ever increasing group, whenever you felt like, and could voice your opinions too on this “virtual” meeting place!

TWITTER - THE NEXT “NOBEL PEACE PRIZE” WINNER?

The last few days have witnessed a lot of revolutions around the world, many of which started “virtually” on the Internet. Today, the role of the social media has become more than just a place to catch up with old friends. Rather, it’s now a place where your voice can be heard – and if what you speak is sense, then there is no limit to the number of followers you can gather. Social media is now bringing about social change too.

Thousands of protesters gathered on the streets of Moldova in 2009 to protest against the communist government. Tunisia too overthrew its ruler in 29 days and many called it the “Twitter Revolution”. It was Twitter that gave protestors the courage to rock the Iranian government, and stand up for freedom and democracy. So overwhelmed was Mark Pfeifle, a former national security adviser, that he called for Twitter to be nominated for the Nobel Peace Prize! Twitter was helping in bringing like-minded people together – and in the case of India, also in staging a non-violent protest... just the way Gandhi did decades ago.

The invention of the printing press gave momentum to the French Revolution . For the first time, pamphlets could be printed in bulk and thoughts and ideas could be spread faster. The invention of Twitter and Facebook has given momentum to all recent revolutions. They have provided a voice that is impossible to censor and that can spread faster than lightening! The new age revolutions have become so big largely because of this digital revolution.

While it’s true that Twitter and Facebook are very important tools to spread information, the fact is, real change requires something more. It requires a true leader, who inspires a feeling of camaraderie, of brotherhood. It’s not just a voice, but a voice filled with passion. A true revolution is not about just the number of virtual “friends” who support you, but about those real people who are ready to die for you; it’s not about the number of “media tools” one has, but about the real ‘cause’ you stand for. As Malcolm Gladwell said, “Social media alone cannot provide what social change has always required.” Yes, it gives a voice to the powerless, but a voice needs a face, the face of a leader, who has the power to attract ‘real’ followers. The ‘Like’ button is a strong indicator of your potential, but for a revolution to reach its full potential, the ‘virtual’ voice needs to be backed by a ‘real’ one too. A great leader of tomorrow will be one who will have the maximum ‘Likes’ and “followers”, both in the virtual and the real world. Both grounds will be equally important .That will be the way to change tomorrow’s world.      Read More....

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website


IIPM in sync with the best of the business world.......
Arindam Chaudhuri on Internet.....
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management

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It’s once again that time of the year when love is in the air and all around you, or as Jay Leno once described it, “Today is Valentine’s Day – or as men like to call it, Extortion Day!”

GREAT MARKETERS ARE GREAT LOVERS

A great marketer loves people. He observes them well, and is quick to find out what they want, many times even before the consumer himself! They call him the “accidental billionaire.” But one thing the man knew as well as software programming was what people his age liked and wanted. Mark Zuckerberg knew that kids on campus want to always be in touch with each other, apart from of course knowing who was dating whom. He probably was right; no wonder Facebook has over 500 million users, and the “status” tab is the most talked about feature! For a great marketer, the consumer is king.

The rule is simple, give them what they love and you will have them eating out of your hand.

There is nothing more attractive than this four-letter word. No, it’s not ‘LOVE’ but ‘FREE’! If you understand consumers, you will know the magical power of this word. Add to this another four-letter word ‘EASY’ and you have a blockbuster brand in your hands. If you are not convinced, look at Google. It’s so successful because it’s free and it’s so easy to use. It even corrects your spellings. Look at Facebook. It’s free and so easy and simple a concept. In 2007, suddenly everybody was talking about Ryanair, making it Britain’s most loved airline. Why? They gave away 1 million free air tickets. In 4 hours, 4 million people hit its website, making it the most talked about & popular airline service.

Price is the key driving factor and getting it right is one of the key qualities of a great marketer. Bata was always famous for its prices. Though there may not be much difference between Rs.100 and Rs.99.95, somehow Rs.99.95 is always perceived as much lesser than Rs.100. A keen observer of human nature discovered this & Bata sold more shoes.

What’s marketing without advertising! And a great advertisement is one which makes people go out and buy the product! The one advertisement that has burnt up cyberspace, TV, and newspapers in the US recently is the ad for Chrysler’s new sedan. It was shown on Sunday (Feb 6, 2011) and in two days, the ad had gone viral and racked up more than 3.5 million views on the YouTube. Everybody was talking about it. The ad has the one thing everybody loves – honesty. It tells the story of a city that has been to hell and back. It tells the story of an underdog. The world loves this kind of a story. People cried after seeing the ad. And it worked like nobody’s business, for according to Autometrics, within 10 minutes of the ad going on air, 131 people inquired about the sedan’s price. The ad featured Eminem, a rapper, who himself comes back from tough times – much like Detroit. The combination was deadly and worked superbly for Chrysler and Eminem. After all, a good ad reflects the state of the consumer’s psyche and this one echoed what Americans wanted to hear… that the good times would be back again soon.

Tata Nano seems to be doing just that here. Its cute advertisement, where the little girl cuddles her first cute car, pulls at your heart strings; and as you smile, you almost feel a part of this family and share their happiness.      Read More....

For More IIPM Info, Visit below mentioned IIPM articles.

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