New Delhi, Feb 24 (UNI) Marketing is successful when one knows the customers and its about time the MNCs realise the huge market potential existing in the rural segment, which is often considered the end of the chain.
''Inclusive marketing looks at the poor as both producers and consumers. Corporates believe that the market at the bottom of the pyramid is need-based. It is this that needs to be changed as this segment can be as profitable as its urban counterpart with innovations,'' said XLRI Professor Sharad Sareen at a seminar organised by Birla Institute of Management Technology (BIMTECH).
According to a study by vPearson Education, the per capita expenditure has increased in the rural segment. ''There is a value proposition available here. Even if the consumer in this segment has limited purchasing power, but he is desirous of buying good things, making him a good market.'' According to Management Consultant, Sudarshan Banerjee, ''there is nothing like rural or urban market but it is the people with rural and urban mindset.'' 'Affordability' should be the Indian gita of marketers, added Mr Banerjee.
''Marketing is a great multiplier of entrepreneurship and in order to change the destiny of under-privileged people, so that they belong to the mainstream of the economic life, creative solutions need to be thought about,'' Dr Sarin said.
Tata's Nano is an important motivating force in the expanding aspirer's market. It is an illustrative example of inclusive marketing responding to the aspirations of the poor who through the help of EMI loans, can afford to fulfill their desire for a better and a more prestigious vehicle.
UNI PDT SR KN1827