The International Relations Committee of IIM Bodh Gaya launched
“Global Talks” – a series of lectures on business and its different aspects by the great scholars of the field. The first Talk was graced by Dr Michael R. Solomon, Professor of Marketing and Consumer Behaviour at Saint Joseph’s University, Pennsylvania. Prof. Solomon has authored a number of journals and articles on consumer behaviour and lifestyle issues and has also delivered lectures on the same. Apart from academia, he has also been an advisor on marketing strategies to a number of companies ranging from Calvin Klein to eBay to BMW. In the session, Dr Solomon talked about the
“Seven Basic Unshakeable Fundamental Marketing Truths” that managers have been abiding by since the last century and why there is a need to change our perception about the same.
Dr Solomon started the session by pointing out the manager's false assumption while applying their theories. Such as having a preconceived notion of the type of consumers vs their choice which is not backed by Primary research. He believes that the time to have such a positivist approach is long gone and the current age is of “markets on one” type.
Pigeonholing a customer solely based on a single characteristic is a big mistake, especially in the time of postmodernism. He shared an anecdote of himself, where his own perception on the targeted customer was proved wrong which made him realise that one should always validate one’s assumptions before making strategies.
Customers go through a pyramid of involvement while interacting with a market offering – starting from sensation, cognition, emotion and resonance. At the last stage, customers start considering the product as part of self. For companies to reach this stage, they will have to break through the age-old marketing rules and adapt themselves to the newer trends that can be seen in today’s eyeball economy.
The insightful session led to students asking questions about the different marketing strategies that have been adopted by marketers that were beautifully answered by Prof Solomon. A one on one interaction with a stalwart of his field was a golden opportunity for marketing enthusiasts. He concluded his part by talking about how a personal relationship has become a vital part of the business – be it B2B or B2C. The session ended with a vote of thanks to Prof. Solomon by the Chairperson of International Relation Dr Medha Srivastava for his time and the invaluable contribution made by him in the field of marketing.