Ever wondered why we buy and how we buy? What influences our buying decisions? As a retail enthusiast or as someone interested in marketing, you need to know that each of our buying decision is shaped by various factors. As a student of marketing, you can be sure that these are a part of the famous 4Ps of marketing. But wait, in this video, Associate Professor - Marketing at NITIE Mumbai, as well as InsideIIM's Professor Of the Year 2019 and 2020, Dr. Ranjan Chaudhuri talks to us about retail, consumer behaviour, trends in marketing and skills you must cultivate to stay on top of the curve post COVID 19. If you want to know how to shape a successful marketing career post this pandemic, be sure to check out this video.
This is part 1 of Dr. Chaudhuri's talk. Stay tuned for more.
Find part 2 here: Is COVID-19 Affecting Consumer Behaviour Positively? - Prof. Ranjan Chaudhuri, NITIE
Check out more on what students say about Prof. Chaudhuri's lectures and teaching here.
Summary
In this video, Dr. Chaudhuri takes us through how supply chain processes for retail will be affected during and post COVID 19. He shares how today, the focus is no longer speedy or prime delivery, and how consumers have to adjust to this new reality of not being able to purchase everything under the sun. He shares how, collectively, consumers can emerge from this crisis in a good condition.
Next he shares the most poignant retail trends, and skills one must cultivate to survive in this space. He shares how retail marketing involves core marketing studies as well as elements of operations, quantitative techniques, AI & ML, supply chain management, as well as creativity.
He advises on how a student can capitalise on the current situation and benefit from it. He talks about the difference between rural and normal marketing and how reach is the barrier companies face.
If you want to know just what MBA classes are made of, don't skip this video!
Key Takeaways
- There is always resistance when change is taking place, even on the consumer - corporate continuum.
- Thinking of the collective benefit in any situation can lead to overall progress and containment of the negatives.
- Retail marketing involves core marketing studies as well as elements of operations, quantitative techniques, AI & ML, supply chain management, as well as creativity.
- Engagement with the digitally savvy consumer is a trend retail enthusiasts need to understand.
- As a retail enthusiast, look at where your real interests lie and work on re-skilling yourself.
- Social media will gain traction post COVID 19 as well.
- Marketing cannot be taught in a class. Visit retail outlets and markets to learn marketing from real life as well.
- Post COVID 19, students' way of thinking is likely to shift to taking a more proactive stand.
- People skilled in predictive analysis, ML and AI will be appreciated post COVID 19.
- Due to the existence of counterfeit products and rural consumers being unaware of brands, marketers struggle with creating awareness.
Here's What We Recommend You Take A Look At Next
- IIM A Prof. On How COVID-19 is Affecting Supply Chain Ft. Debjit Roy | Professor Of The Year
- Companies Should Speak Openly About The Current Crisis With Employees | Prof. Ankur Jain, IIM Rohtak
- Peeyush Mehta Is InsideIIM's Professor of The Year At IIM Calcutta - Here's Why Students Love Him
- How IIM Professors Prepare Future Leaders - Inside An IIM Classroom With Prof. Ankur Jain
- Basav Roychoudhury Is The Professor Of The Year At IIM Shillong, Once Again - Here's Why Students Love Him
- Pricing & Negotiation Wars | Game Theory - Explained - Prof. Sumit Sarkar, XLRI Jamshedpur
