DMS, IIT Delhi to Hold Marketing Conclave Under Rostrum 2006 Seminar Series

DMS, IIT Delhi to Hold Marketing Conclave Under Rostrum 2006 Seminar Series
Marketing Rostrum - "Experiential Marketing"
On September 9, 2006 at DMS Auditorium, IIT Delhi

Context of the Seminar

"Since experiences allow people to have unforgettable memories, experiences can create more precious value than what only products and services do. The creation of this value has to depend on experiential marketing to be achieved." (Schmitt, 1999)

The history of all hitherto existing marketing is the history of functional features and benefits. Average TV viewer is bombarded with thousands of advertisements, an office going executive is too busy to recall from the numerous hoardings and banners. In this glut of thousands of brands, how is a product differentiated?

Many products are equivalent in terms of quality: they have parity in terms of functional features and benefits. So if an advertisement reiterates how great ones product is, what functions it has, it doesn’t matter to consumers: they know about it and they can’t be fooled! They realize everything is the same. But, what is not the same is usually the experience that is created for them. Experiential marketing gives customers an opportunity to have a series of experiences with brands, products and services in order to give the consumer enough information to make an intelligent and informed purchasing decision. It uses situations and consumption experiences customers prefer in order to build up a marketing process. It emphasizes the experiential condition created by the interaction of customer’s sense, feel, think, act and relate. It touches the deep inner part of consumer’s minds. Experiential marketing is the difference between telling people about features of a product / service and letting them experience the benefits for themselves.

Experiential Marketing is fascinating and is becoming an essential part of today's marketing mix. Companies are finally beginning to see the need to form emotional bonds with customers, and Experiential Marketing allows companies to create these bonds. Various brands including beverage majors, white goods manufacturers, airlines and financial service providers have started using Experiential Marketing to drive greater value and build a closer connection with their customers. As product parity becomes more common, this form of marketing will gain greater currency.

We believe that in the current dynamic business environment, it’s imperative for organizations to adopt different techniques to attract customer and experiential marketing provides a platform for that. With this theme in mind, we are organizing our Marketing Rostrum to discuss organization’s perspective about this new mode of marketing and how it is implemented at organizational level.

Objectives of the Seminar

Review the impact of competitiveness on Marketing Strategies

Focus on methodologies adopted by different industries

Analyze management strategies so as to provide overall product / service experience to customers

Understand customer perception about "Experiential Marketing"

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