CREATIVITY FOR EXPORT ENHANCEMENT:

Dr Rajeev Kumar

THE ENTREPRENEURIAL ECOSYSTEM

Government

Family

Education

Finance community

Idea

Risk aptitude

Skills

Finance

Space

EntrepreneursJobs

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.

Customer Competitors Company

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 ServicesExperience

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)