IDEA MACHINES can be created by a simple formula of Observation, Insight, Concept and Actualisation (OICA), opined advertising ‘guru’ and theatre personality Alyque Padamsee.
He was speaking on ‘Ideas Explosion’ during the third and last business session on day one of the two-day-long National Management Convention-07 organised by the Indore Management Association (IMA) at Abhay Prashal on Friday.
Padamsee said asking the right question without fear of persecution is the key that can unlock an idea by unleashing the mind on unravelling the mysteries facing him.
Naming a product can change its face value by transforming perceptions associated with it by the public, and therefore, requires the utmost care while choosing.
Evolving a new name for Hyderabad as Secunderabad helped the city gain acceptance as the IT capital of India, and drew large investments for the IT sector during the visit of US president Bill Clinton.
A brand itself is a product in idea form. Soaps have been there for centuries but it took Unilver to use cream and make a soap marketed by the brand of Dove soap.
Similarly, Emami — the owners of Fair and Lovely — realised of late that a large section of men were using ladies cream and promoted a rightly named cream m ‘Fair and Handsome’ thus making large profits.
Focus Group Discussion (FGD) is an improvement over brain raking and brain storming sessions where think tanks deliberate on a particular idea or product. Artiste’s creativity, be it a painting or an advertisement, should be stylish and elegant and not crude. Only then it becomes acceptable to all and penetrates the masses.
He recommended management institutions to rise above Management By Objective (MBO) and innovate to the next level of Management By Innovation (MBI). He advised students to look through the windscreen and not rearview glass.
Tata Consultancy Limited Vice-President Pankaj M Baliga, speaking on ‘Flight of India into Global Space — The China Experiencee’, said that in today’s time joining hands by India and China to usher in peace and prosperity in South Asia has become a necessity, which both countries can hardly ignore.
The thawing of Sino-Indian relations can be gauged by the fact that the target fixed for trade for 2008 at 20 billion has far been exceeded by 2007 with the figure standing at nearly 27 billion dollars.
Though India is ahead in democracy, education and IT, China is way ahead in infrastructure and mass production. Every 20 out of 100 Chinese own a phone while the ratio for India is just three out of 100.
Similarly, there are an estimated six million Internet users in China while the figure is just half of that for India.
India does 75 per cent offshore business globally, though there is no separate ministry for IT in the country, he said adding it is best the government stays put and the least bureaucratic involvement is best for the industry.
Almost 73 per cent of the companies use less than five per cent offshore business, which will increase to 18 per cent in the near future.
NICCO Corporation chairman Rajive Kaul spoke on ‘Converting Ideas into Wealth’. He said ideas are basic instruments, which give birth to initiatives in turn creating value and wealth. The future of India can be explained by the ‘TI’ concept hinged on three core areas — Think India (in heart and mind), Team India (work and progress) and Total Innovation (in social, economic and legal fields), he added.
Team spirit and equality in work provide the most conducive environment for progress. Employees are biggest assets of any company, and giving an example of how his employees bailed the company out from a bad time proved his point.
Oglivy and Mather country head (Planning) Madhukar Sabnavis, speaking on ‘Harmonising Customer and Corporate Value Through Brands’, said marketing and advertising working in conjunction play the role where a niche segment in the form of customer needing/wanting a product is found/created, thereby satisfying the economics of demand and supply.
He gave seven principles of creating brand value — own an emotional value consistently, add emotion to product thereby increasing desirability, products are made in factory but brands are made in heart, creating customer value through value of style, to add value add attitude to product and corporate value is customer value.
Ambience Publicis vice-president Vikas Kumar, speaking on ‘Brand Image as Passport to Prosperity’, said that perception, aspiration and demand could be created by advertising what is needed is worth.
It takes more to retain a customer than to create one and losing a customer is very painful for any group.
Brand image creates customer value and is at its best in a competitive atmosphere. It is very difficult to create a brand and the painstaking efforts pay off only when a product gains acceptance as the last word in that segment. Brand loyalty is created by getting the customer hooked for life by gaining entry into his circle of trust.
The way to a customer’s wallet is through his heart. For wooing and enticing a customer, an advertisment maker has necessarily to think out of the box. One cannot stop the exodus of technology in life and change in customers and more without keeping the relationship alive.
Business India consulting editor A Thothathri Raman, speaking on ‘Winds of Change in Value System’, said the four ‘Ms’ — Money, Mobile, Mall and Music — drive todayay’s youngsters. The country has mostly youth as its population but there is a shortage of talent. There has been no mass movement since independence to bring the youth out of their slumber.
Today’s generation is spending more time on Orkut, Yahoo and their involvement in chat rooms is greater. They are spending most time in schools and colleges, and therefore, the responsibility of teachers is greater towards their development as productive and responsible citizens.
Indian Institute of Management, Indore (IIM-I) director Dr S P Parashar, speaking on ‘Business Renaissance: Innovative Architecture for Tomorrow’, said rebirth in this context stands for bringing the lost glory, high economic standard and the tag of ‘golden bird’ back to India. It deals with exploring new lands and markets in the business world. India is suffering not from non-availability of resources but from under utilisation of resources. This problem can be overcome by pooling of knowledge, skills, practical ideas and research.
The following mixed with spirituality will increase the wealth of India. The innovative architecture for business of tomorrow will be science and not just technology. The Indian business scenario entering new age of values, technology, structure, process, reinvention and business models will reign over the world.