VGSoM IIT Kharagpur students learn Myth Busting with Prof. Abraham Koshy, Marketing faculty at IIM A
| March 13,2012 11:04 am IST
Was it more than a lecture? Way beyond. Was it one of the most scintillating knowledge sharing sessions? Indeed it was.
Prof. Abraham Koshy's Lecture busted a series of Marketing Myths, reinforced the need for absolute business ethics and emphasized the importance of Case Discussions to reinforce conceptual learning.
The lecture covered three major Marketing Myths which continue to boggle and mislead students and professionals alike.
Myth No.1: 'Invincibility over the Established Brands'
Prof. Koshy, IIM Ahmedabad highlighted the low survival rates among start-ups and termed it as the 'High Infant mortality Rate' that exists in the industry. He highlighted the fact that very few companies survive beyond their teens and fewer still get past the the twenties. He identified three major reasons for these failures - First: Rapid changes in technology and adaptation inabilities, Second: Competitive forces; Third: The inability of companies to learn from history, Prof. Koshy underscored this reason through George Santayana's aphorism, 'Those who cannot remember the past are condemned to repeat it'. Established brands are thus time and again replaced by new, better ideas driven by innovation and changing consumer needs.
Myth No.2: 'Market research is not important, as customers are unaware of their needs'
Prof. Koshy highlighted the fact that successful companies are always several steps ahead in their capabilities of analyzing the consumer needs than their competitors. He added that successful companies tend to immerse themselves in the problems of the consumer. He took examples of successful market and consumer focused strategies adopted by companies like, global technology major Apple, Detergent Brand Nirma, V-Guard group and Malayala Manorama - one of the largest regional newspaper dailies.
Myth No.3: 'Theory is different from Practice'
This is a common myth among students and professionals. Prof. Koshy addressed the concern by breaking down marketing strategies vis--vis the marketing theories taught in Business Schools. He showed the students how there is a perfect fit between theory and practice. He emphasized on the point that, 'A good theory is a good practice, and a good practice is a good theory'.
The lecture opened up new perspectives to the marketing theories, especially on how to ignore certain red-herrings strewn in the marketing world and a new found appreciation for the Thoery-Practice mix. Prof. Koshy also answered a plethora of questions from the students ranging from mergers and acquisitions to differences between B2B and B2C marketing theories. Prof.Koshy left the VGSoM-IITK students with some phrases to reminisce, like, the importance of 'Power of the point, than PowerPoint' and Wisdom - Either you get it or you don't'.
Thank you, Prof. Abraham Koshy, for the wonderful lecture.