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'Innovation is the key in precarious economic scenario'

india Updated: Oct 06, 2013 10:21 IST
HT Correspondent
HT Correspondent
Hindustan Times
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More than 29 multinational companies are participating in the third two-day management conclave of the Indian Institute of Management that started here on Saturday.

The conclave on 'Marketing for value generation during times of constrained growth' was debated by Prasun Banerjee, director, sales, Haier; Shankhar Subramanian, director, residential solutions, Ingersool Rand; and Sachit Sachar, senior vice-president, marketing, advertising and commercial, Parsavnath Developers.

Bannerjee said: "Firms believe that recession is far worse than facing 10 competitors. The current economic times could be defined as uncertain, volatile and ambiguous. Marketing in times like this requires skills of ambidexterity."

Suggesting ways to combat the economic scenario, he urged the companies to think different. "Out-of-the-box thinking is the need of the hour to redefine the ways of business," Banerjee said.

Advocating investment on marketing, Sachar said: "Advertising is not a waste of money. It's an investment. As competition has become immense and the world has become less patient, it is advertising which is going to get more revenue."

The other two sessions were on 'Leadership competencies in market uncertainties' and 'Leveraging the PPP mode of financing infrastructure development'.

A spokesperson for the IIM-R said the objective behind organising the management conclave was to get future managers acquainted with corporate experts' point of view.

Corporate personalities Haier, Accenture, Reliance Industries Limited, American Express, Yes Bank Limited and Religare Capital are scheduled to participate in the conclave.