Mr.Utsav then explained how the industry trend in marketing has changed from sales in 1920s, to marketing in 1980s and eventually to value-based marketing in 21st century. While giving an example of Starbucks, he mentioned how higher value creation leads to a higher share of the wallet. India has got most FDA US approved manufacturing sites outside the US, implying that the global industry entry barriers are not strong anymore. Earlier it used to be only three people in the value chain, while now there are multiple stakeholders in-between who are equally important and they need to be the part of value creation.
Talking about converting a commodity to a brand, Mr.Utsav again went back to the Starbucks example, whose value added is more than 2000% in the entire process. As he stated, "In case of product, don't be needy but be greedy."
At last, Mr. Utsav shared his the learning from real-life marketing issues while sharing some industry examples. He said that one should have an approach of converting challenges into opportunities and changing the forces of the market.
Today, a company should be quick enough to figure out what resonates with their customers. Mr. Utsav concluded the seminar on a motivating note saying that a marketer should always think of what disruptions he can bring into the market.
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