Prof. Pradeep Mazumdar’s insights on the Changing world of Marketing, Future of the Economy and what should the future students of IMT- Nagpur can look forward to.
“Marketing now wants to understand customers not only as consumers of goods and services but as a whole human being. New areas like Customer Listening, Neuro-marketing have come up. The purpose is to understand the consumers not only at a conscious level but also their non-conscious brain activities, both being important to analyse consumer behaviour and predict future behaviour”– Prof. Pradeep Mazumdar
Q. 1 How do you see the future of business/economy in India? In the world?
There is a growing national protectionism arising from the west. It will affect international trade. Technology has become pervasive in all spheres of business and human life. Whatever is structured in business will get replaced by artificial intelligence (AI). The advantage of cheap labour in India and China will be lost to Robotics, in some industry sectors. There will be displacement of jobs to those requiring differently new skills. Consumption cultures across many nations have changed and will change even further which will change societies and businesses.
Q. 2 Can you tell us which book has been inspiring and you will recommend that as a must read?
The IBM Way by Buck Rodgers and Robert L. Shook.
Q.3 Do you believe that the world of marketing has changed significantly in the past decade?
Yes, at a rapid speed. The acceleration of this change will increase further. The focus of marketing is now towards understanding customers better and better. Marketing now wants to understand customers not only as consumers of goods and services but as a whole human being. New areas like Customer Listening, Neuro-marketing have come up. The purpose is to understand the consumers not only at a conscious level but also their non-conscious brain activities, both being important to analyse consumer behaviour and predict future behaviour.
- Use of digital Technologies in marketing and E-commerce have grown at a speed unheard of before. They have created a lot of jobs and will continue to do so in the future.
- Design thinking and creativity have become important aspects to meet customer expectations.
- Participation in social media through content marketing, text mining, analytics, complaint resolution, have become a necessity.
- Technology for convenience, customer relationships to build trust and commitment, and empathy for customers have become the focus areas of progressive organisations which others will have to follow.
Q.4. How do you see the developments happening in our Institute for the last few years?
A look at the list of elective courses that we delivered five years back and what we deliver now, one will find a big change. Every functional area now has some courses that is based on Analytics. Every course content has undergone changes to keep up with the changing needs of industry. We have added a lot of new journals, magazines, both online and off-line which can aid in understanding the business environment and improve research quality. Additional training and guidance are given to improve the soft skills of our students.
Q.5.Do you feel these developments been in alignment with recent trends in business education?
Certainly, to a large extent.
Q.6. What all challenges do you see for the future managers and business leaders?
Challenges have always been in the areas of ‘vision’ and ‘relationships within and with the outside world’. In this century these challenges have become even more critical and accentuated because the changes in businesses have become faster than before. Add to that, the changing societies. Some of what was accepted before are no more accepted and what was not acceptable have become norms. Development of new skills on a continual basis will also become major challenge when juxtaposed with changes in technology and labour laws.
Q.7. Tell us a few things you love about being a faculty in IMT-Nagpur
IMT-Nagpur offers a good mix of freedom and responsibility, the campus is Serene with world-class academic infrastructure and facilities. I love our students who are so respectful.
Q.8. What, in your opinion, differentiate between a good and a great student?
Difference lies in the power of reasoning and creativity. A great student will have an enhanced level of these attributes in him.
Q.9. Is there any message that you would like to convey to future students of IMT-N?
You have a purpose in coming to IMT-N. Fulfil that purpose. While you are in this campus, gather as much knowledge as possible which can differentiate you from others. You will become precious for the industry only if you have acquired good management education that can align with their business goals. There are enough resources in this campus to bring you up to that level. But all can happen only if you have the necessary will and drive to avail them.
Prof. Pradeep Mazumdar, faculty in Marketing area, is an alumnus of IIT-Kharagpur and IIM-Bangalore. Before joining IMT-Nagpur, Prof. Mazumdar had worked in Robert Bosch GmbH, Germany.