MDI Gurgaon: A Roundtable Discussion on ‘Driving growth in India by serving the BOP segment’ was organised by premier B-school MDI Gurgaon in order to comprehend the constantly changing and challenging market situations. The discussion took place on July 4, 2018 under the mentorship of renowned marketing Guru, Prof. Jagdish Sheth, Charles H. Kellstadt Chair in Marketing, Goizueta Business School, Emory University, Atlanta, USA.
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The discussion went in full swing about how low income consumer market worldwide is growing faster than the economic growth. The members went on to discuss the need to have a separate segment to take care of the rural market. This should be taken care of by the big Indian industries from product designing to supply chain management. They also emphasised on the many opportunities in the market at the Base of the Pyramid (BOP), which is wide open for technological innovations to tap the potential and uniqueness of these markets.
The seminar also witnessed participation of Industry stalwarts from Tata Communications, Google India, Maruti Suzuki India Limited, Max Healthcare, Jabong, Future Brands Limited, Businessworld Media Group and exchange4Media Group, Bata India, HP, Magicbricks.com, SRF Foundation, CBRE, The MargDarshak Inc., IL&FS, Global Team Blue (Ford), Excel4apps, Arvind Fashions Limited, Smartron, HarVa XPO and Lava International Limited.
Prof. Jagdish Sheth highlighted the significant role of government initiatives like Make in India and Digital India that organise lower income consumer markets through scale and efficiency.
The industry participants present at the roundtable brainstormed on how the unexplored rural market and low income consumer group can be tapped through innovative marketing strategies like converting unbranded to branded consumption, non-users to users, developing used goods market, inventing new ways to distribute products, developing aspirational brands, and repackaging the products in smaller sizes to make it affordable.
Speaking on the occasion Dr. Himadri Das, Director MDI Gurgaon said “We are considering setting up a Center for BoP Marketing, to be mentored by Prof. Jagdish Sheth. This will be run as an industry consortium sponsored research center where consortium members will finance the center to do research that is of relevance to them. The research output will first be shared with the consortium members before publishing in academic journals.”
The seminar was also attended by MDI faculty members and research scholars. Prof. Sheth impressed upon them on how time management and stress management become a key in producing high quality research output while balancing other demands on their time. He said faculty should balance between newsworthy research, memorable teaching, and transformational service.