Bank of Baroda Clinches the Prestigious SPJIMR Marketing Impact Award 2007

Bank of Baroda Clinches the Prestigious SPJIMR Marketing Impact Award 2007

In the 21st century, all brands will be Corporate Brands because of the 'I Age' of Information, Internet, Interactivity, Internationalism and Instantaneity, and the role of marketing has evolved to keep promises made to all stakeholders involved. Some of the challenges include risk of employee non-alignment, societal non-alignment, marketing non-alignment, investor non-alignment, trader non-alignment and competition non-alignment.

Speaking at the conclave, Mr. Nehal Medh, India Manager, Ipsos (India) Pvt. Ltd., said that it was the consumers, who own brands. The consumer has been impacted by many factors and measuring impact of marketing has gained center stage. The tools of the trade include mixing of element specific measurements and marketing mix concepts. Element specific measurements, Pre and post measurements like brand awareness and existing in customer consideration set needs to be considered.

He also spoke about the need to focus on marketing audit with the use of strategic reviews and marketing financials review. The importance of quality, differentiation, value and advertising to impact and create customer pull and operating push has continued to remain in the forefront. The need is for creating customer pull using price, distribution and promotions operating push strategies to convert into brand sales. Measuring the marketing impact is very necessary but very difficult to measure because of the changing business environment, changing customers and blurred boundaries of business decision making.

Mr. Ranjiv Singh, CMO, Microsoft, spoke about the 'Umbrella Campaign of People Ready Business' where people drive business and successfully amplify their impact and companies then improve business results. He said that the need is for conversion of greater visibility into the effectiveness, more accountability through objective based measurement and better aligned marketing disciplines, processes and tools. End customers actions are getting more and more important now a days and companies will have to create more holistic way of acquiring customers by integrated marketing communication process and then measuring the success of the campaigns through devices like campaign response management and sales.

Next

Contributed by -
Meghana Kedar (Campus Associate),
PGDBM, Batch of 2006-08,
S. P. Jain Institute of Management & Research, Mumbai.

MBA Alumni \| MBA Students \| MBA Aspirants \| MBA Forums