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How marketers should react on changing marketing scenarios?

In each downturn advertisers wind up in ineffectively outlined waters on the grounds that no two downturns are actually similar. We’ve recognized patterns in buyers behavior and firms  procedures that either drive or subvert performance. Organizations need to comprehend the advancing utilization patterns and adjust their procedures according.

During a monetary downfall, buyers set stricter needs and reduce their spending. As deals begin to drop, organizations ordinarily cut expenses, reduce costs, and delay new ventures. Marketing expenditures in areas from communications to research are often slashed across the board—but such indiscriminate cost cutting is a mistake.

Companies that put customer needs under the microscope, take a scalpel rather than a cleaver to the marketing budget, and nimbly adjust strategies, tactics, and product offerings in response to shifting demand are more likely than others to flourish both during and after the downfall/recession.

It’s basic to follow how clients reconsider needs, reallocate funds, switch brands, and redefine value.

Understanding the connection between the economy and promoting can help entrepreneurs assign their advertising assets and react to changes in the recession atmosphere.

Underneath indicated is a network that clarifies the conduct change in the purchasers.

Behavior change

Your strategic opportunities during the downturn will strongly depend on which of the four segments your core customers belong to and how they categorize your products or services.

For example….

  • Prospects are reasonably good for value-brand essentials sold to slam-on-the-brakes consumers, who will forgo premium brands in favor of lower prices.
  • Value brands can also effectively reach out to pained-but-patient consumers who previously bought higher-end brands.
  • Value brands have opportunities with postponable products, as well.
  • Repair services can market to the pained-but-patient group, who will try to prolong the life of a refrigerator rather than buy a new one.

Men like fat in their food more than women

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The Indian Council of Medical Research (ICMR) survey revealed that men consume more fat at 34.1 gram per person daily, than women who consume 31.1 gram per day across the seven cities – Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai.

Added fat was high in dishes such as dal fry, rice, stuffed paratha, chuduva, bisi bele bath – a rice-based dish with origins in Karnataka — and puliyodharai also known as tamarind rice. Mutton Birynai has more fat than chicken biryani or cereal-based and non-vegetarian recipes, it found.

According to the study, those who eat deep-fried food consumed more added fat than those who ate boiled and shallow-fried food.

Also, almost all non-vegetarian foods, mostly consumed in urban areas, has high amounts of added fat, the study revealed.

The average intake of added fat in Mumbai and Hyderabad were the lowest at 28.8 gram per person daily and 25.1 gram per person each day respectively.

The average intake of added fat in all the seven metro cities pooled together was 32.6 gram per person each day, which was higher than ICMR-recommended levels at 20g/person/day. Overall, 18 per cent of the total intake of energy was obtained from visible fat, the survey found.

 

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AI will diversify human thinking, not replace it: Tata Communications study

According to the study, 90% leaders agreed that cognitive diversity is important for management and 93% believe AI will enhance decision making.

A new study by Tata Communications on the impact of artificial intelligence (AI) in the workplace finds that AI will diversify human thinking, rather than replace it. Carried out in collaboration with UC Berkeley professor Ken Goldberg, the study is based on inputs from 120 global business leaders like Tony Blair, Executive Chair of the Institute of Global Change and former UK Prime Minister, who said that “AI will allow us to do what it is that we are uniquely meant to do: focus on high-level thinking, strategy, and paving the way for innovation.”

According to the study, 90% leaders agreed that cognitive diversity is important for management and 93% believe AI will enhance decision making. Three out of four expect AI to create new roles for their employees.

Ken Goldberg, UC Berkeley professor and co-author of the report, said “The prevalent narrative around AI has focussed on a ‘Singularity’ – a hypothetical time when artificial intelligence will surpass humans. But there is a growing interest in ‘Multiplicity’, where AI helps groups of machines and humans collaborate to innovate and solve problems. This survey of leading executives reveals that Multiplicity, the positive and inclusive vision of AI, is gaining traction.”

The study further found that AI could enhance cognitive diversity within groups, which could yield better outputs, while helping employees become more nimble and agile.

Co-author Vinod Kumar, CEO and Managing Director at Tata Communications, said, “AI is now being viewed as a new category of intelligence that can complement existing categories of emotional, social, spatial, and creative intelligence. What is transformational about Multiplicity is that it can enhance cognitive diversity, combining categories of intelligence in new ways to benefit all workers and businesses.”


Source : https://cio.economictimes.indiatimes.com/news/strategy-and-management/ai-will-diversify-human-thinking-not-replace-it-tata-communications-study/65700606

Hotels Turn App Friendly

All hotels from luxury such as The Taj and The Marriott to budget properties like The Ginger are introducing mobile apps to lure patrons.

In the age of technology mobiles are proving smart companions. And to be in the race luxury and budget hotels are coming up with different apps to help their guests. The Gateway Hotel Fatehabad Road Agra has launched a mobile app called iTajGateway in association with iTravelApps to help guests in hotel bookings. It combines details about the hotel along with the destination such as audio tours of three monuments in Agra including the Taj Mahal and navigation maps for assistance such as the Delhi to Agra map as well as offline maps of Agra city. Siddharth Verma, founder of iTravelApps says, “The new age traveller is looking for ways to engage with brands and destinations. This app helps travelers create their own experience with all the information needed at fingertips.” Continue reading Hotels Turn App Friendly