CREATIVITY FOR EXPORT ENHANCEMENT: Dr Rajeev Kumar

THE ENTREPRENEURIAL ECOSYSTEM Government Family Education Finance community Idea Risk aptitude Skills Finance Space Entrepreneurs Jobs 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. CustomerCompetitorsCompany 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 Services Experience

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)