Indian Institute of Management, Amritsar successfully conducted the second edition of annual Finance and Marketing Conclave, Paripreskhya’18 on October 13, 2018. The event was graced by the presence of renowned industry experts from firms like Kotak Securities, Swiggy, BMW India, Fitch ratings, Philips, Accor Group of Hotels, Reliance Capital and Jabong. There were two panels, one for Marketing and one for Finance under Pariprekshya’18.
Pariprekshya’18 witnessed the stalwarts from the industry discussing and providing various thoughtful and factual insights about “The Financial Prudence in India – Current Scenario and Way Forward” and “Re-inventing Marketing for Loyal Customers”. The students and panellists alike used the platform to discuss their views and learnings about the aforementioned themes.
The eminent panellists for the Finance Panel included Mr. Trivikram Kamath, EVP & Head, Operations, Finance & Technology, Kotak Securities Ltd; Mr. Rahul Bothra, CFO, Swiggy; Mr. Salil Garg, Director, Fitch ratings; Mr. Vinay Gupta and the discussion was moderated by Mr. Krishna Ramachandran, Global Head, R2R & Lead, RPA, Philips.
The first session had the Finance panel discussing about Financial Prudence in India in the light of ongoing IL&FS crisis and inferring from global issues. The discussion began with a meaningful insight from life that how staying silent in the time of crisis is a bad sign. In the context of financial prudence, poor memory and bad value system are key to the chaos. They also discussed how the start-ups that are most risk averse, take financial prudence into perspective and how their valuation increases with the magnitude of risks they are ready to take. A robust financial market is necessary to become an estimated and expected to be $ 10 trillion economy in 12 years from now. Banks too should have stop losses for projects just like traders have for stocks trading. P&L comes and goes, balance sheet stays forever.
The eminent panellists for the Marketing Panel included Mr. Inderpreet Singh, Head Marketing Communications, BMW India, Mr. Umesh Rao, Ex - SVP & CMO, DHFL Pramerica Life Insurance Ltd, Mr. Soumonath Chatterjee, Director, Loyalty, Guest Experience & Distribution, Accor Group of Hotels, Mr. Abhay Kumar, Group CMO, Reliance Capital, Mr. Satyarth Priyedarshi and the discussion was moderated by Mr. Saurabh Srivastava, Independent Consultant, Ex- CMO Jabong.
For the Marketing Panel, the dignitaries discussed Re-inventing Marketing for Loyal Customers. All the panellists agreed unanimously that there is a perception about brand loyalty that does not align with its fundamental definition. Digitisation has changed the landscape and the consumer perception and loyalty has moulded to building loyalty based on information. Brand loyalty should not be confused with brand habits or the inertia and should not be linked or seen with the switched-out costs. The 4 Cs – Commoditise, Cost, Crowd and Consistency are essential to win the confidence of customers. Aspiration is a driver of loyalty. Omnichannel strategy is necessary to develop the sense of loyalty among the consumers. The panel concluded that values must match the aspirations of the consumers. Customer loyalty exists even today but blind loyalty has vanished from the scenario and this is what digitization has done for us. There is a need to honour the choice of a consumer and be well informed about their preferences to invoke loyalty towards the brands. Segmentation is the most important step to take before deciding on the marketing plan across the products.
The session was followed by an interactive and enriching Q&A round, that helped the students to clear their doubts regarding the financial prudence and the ongoing IL&FS crisis.
Reflecting on the whole discussion, the dignitaries provided insightful conclusions. NPA clean-up is like the Ganges clean-up which is mandatory to clean out the dump of debt so that economy flows smoothly. Finally, all of us know what is right or wrong and it is time to exercise that prudence. Get complete Broucher here!
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