Forum: Lady Entrepreneurs Wing (LEW) Forum
Speaker: Prof. Milind Fadnavis
An informative talk on
A Marketing Strategy to go Beyond Territories
VIA Lady Entrepreneurs’ Wing organized an informative talk on “A Marketing Strategy to go Beyond Territories ” at VIA Nagpur. Associate professor at Institute of Management Technology Prof. Milind Fadnavis educated women entrepreneurs of the city on “how to market their products according to the needs of their customers in different places.
Pro. Fadnavis suggested to LEW members to understand your (NEW) market very very broadly and your (NEW) customer very very narrowly.
Prof. Fadnavis gave the example of ‘Kellogg’s Cornflakes’ which initially faced issues capturing the market due to a flaw. “The American company was confident it will find success in India as it already had established itself in its home country. It did not realize then that Indians used hot milk with its products because of which it could not achieve the desired taste. They had to modify the product to make it work in our market,” he said.
Most of the audience were owners of micro, small or medium enterprises. Fadnavis cautioned them from taking up large scale projects if they are doing it for the first time. “Taking up big projects can be daunting. So it is best to work your way up with smaller, manageable projects,”. He also pointed out that taking good care of employees will help them perform better. “When you take care of your employees, they will take care of your customers who will take care of sales,” he said.
According to Prof. Fadnavis Consumers nowadays are loyal to product, not brand, making it important to focus more on creating the best possible product. He said, “This makes it pertinent to listen to the customer and understand what he needs, but it is equally important to identify his unstated needs too.” “One needs to identify the needs of the customer base in a given territory and analyse the change in demand. There also has to be a systematic approach to satisfy those needs and modify the product when necessary.”
Earlier, Mrs Shachi Mallick, Chairperson of VIA LEW welcomed Prof. Milind Fadnavis. The program was conducted by Mrs. Neelam Bowade. Vote of thanks was proposed by Mrs Reeta Lanjewar, Secretary of VIA LEW. Mrs. Vandan Sharma, Past Chairperson, Manisha Bawankar, Meetali Rafic, also attended the program. The program was attended by large number of entrepreneurs, students and housewives.
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