Success Myntra of Industries
Success Myntra of Industries
Do you know that the rate of change in human living standards in the
past 20 years was higher than in the last 100 years?
These innovations include major sectors like media, climate action, and
healthcare.
Every industry has its own set of principles. Also, they are unique if
we compare them with the other competitors.
Being a management student, we must understand the changing marketing
scenarios and how industries adapt them. Also, these changes help industries to
fulfill the changing consumer demand or taste and preference with time.
ICFAI Business School always keeps itself ahead to meet the corporate
demand. Accordingly, it organized multiple formal industrial visits to make
students
aware of the actual working conditions of different industries.
I am fortunate enough to be a student of IBS Gurgaon, where I got the
opportunity to visit a manufacturing plant and see how classroom concepts
applied to the ground reality.
Now, before moving toward my key learnings from this industrial visit,
let us focus on their unique elements based on the classroom principles such
as:
·
Customer Life Time Value
You must have heard about a story of
a company owner who broke the first
lot of refrigerators due to a minor
defect. After that, they stopped production and re-engineered the whole
manufacturing process. Which removed the flaws successfully and brought the
customer lifetime value by setting an example wherein the firm will not
compromise the quality of
their products at any cost.
Eventually, once a customer becomes a loyal
customer.
·
Research and Development
With the help of
research and development, including surveys, product reengineering, and design
updates, the industry learned that refrigerator users use the freeze section
more frequently than the freezer section. Due to this, they needed to bend to
access the freeze section and primarily, women's waist was affected and causing
pain.
So, companies
launched the newly designed Bottom Mounted Refrigerator. It replaced the
traditional refrigerator design and put a freezer at the bottom.
Also, research and
development help them in technological advancements of their products such as
the Magic Convertor Technology, Twin Inverter Technology, Auto Clean Modes,
etc.
Image Source: https://www.utblick.org/wp-content/uploads/RD.jpg
·
Brand Positioning
The market consists of different firms,
classified by positionings such as Leader, Challenger, Follower, and
Nicher.
If a firm wants to lead the competitive
market, it should either become a first mover or be able to distinguish itself
from other market players.
For Example:
o
Focusing on Electric Vehicle (EV) Segment
Different firms started manufacturing
Electric Vehicles and even delivered them as well as an efficient, reliable,
and satisfactory electric vehicles.
Some firms known for appliances and
other sectors took a step towards this EV segment, indicating that they are
following the contemporary market demand to become a market leader.
Image source: https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iEoGN9YzIlKc/v0/-1x-1.jpg
o Working for Drone
Delivery:
A few years back, the viability of drone delivery seemed to be
difficult, but technology brought it to reality. Drone delivery enables the
quick and convenient delivery of products to the customer.
Followers can become a leader by moving if they launch their drone
delivery service ahead of others.
Image source: https://www.pandasecurity.com/en/mediacenter/src/uploads/2022/04/pandasecurity-drone-deliveries.jpg
o 5G Connect Internet
of Things (IoT):
Many market players launched the functional model of smart home
appliances, such as the concept of a Smart Kitchen, Smart Bedroom, Smart
Bathroom, etc. where you can control and regulate these products through
supported devices such as smartphones.
IoT is familiar to the market but still needs many functional updates
for smooth processing and adequate output.
Image source: https://media.licdn.com/dms/image/C5612AQF1KkYJmIXgBA/article-cover_image-shrink_600_2000/0/1573184945640?e=2147483647&v=beta&t=IF5L3NP8iL-c80Neo9Uts99_Bz-U7bQgngtBsq15pHk
o
Driverless cars:
Here the Market Players forecasted
the future of technology where Automated and Driverless Cars, based on the
facets of Artificial Intelligence such as Machine Learning and Deep
Learning-Artificial Intelligence, will take over the traditional mechanisms. A
firm will become a market leader if it delivers the final product and become
the first mover with a viable final product.
You can understand
from the above that the market players are moving toward the future with the
potential to become global leaders.
But do you know how
they keep themselves updated with the concurrent demand?
Initially, the
firms focus on mass production rather than demand. But nowadays, they take care
of customer's tastes and preferences. Which helps to bring customer satisfaction
first and then profit. Also, it allows them to retain customers and attract new
potential customers.
Now, my key
learnings from this industrial visit are as follows:
- Importance of Operations
Management:
The industrial parks exist over a
large area with limited manufacturing capacity. Through Operations management,
the company uses multiple models to enhance the plant's efficiency,
productivity, reduce cycle time, and waste management.
Here, I have learned how industrial
plants work on the Optimal Delivery Model, wherein the production of any
specific product is based on the actual market demand.
- Need for Supply Chain
Management:
The industrial park manufactures the
products in bulk and delivers these products across the nation. Complete supply
chain management includes the product's origin from the plant to the retail
market or customer, called Supply Chain Management (SCM).
I have learned that the firm should
also focus on its supply chain and operational efficiency to reduce waste/ defects
and manufacturing costs.
Image source: https://www.researchgate.net/publication/333102107/figure/fig5/AS:758655423111168@1557888956994/Integration-of-the-supply-chain-by-Haier.png
·
Essential Marketing Strategies:
Companies used to segment their
customer and distinguish them from their competitors. And if their quality
standards and manufacturing process are in sync with government standards (ISO
certification) and after-sales support ( Ten years of warranty). In that case,
the customer will accept them with more confidence, resulting in high customer
satisfaction.
Here, I have learned the importance
of marketing strategies and their synchronization with government terms and
conditions.
ICFAI Business School has been known for its delivery of excellence since 1995. These visits enhanced management student's knowledge about the actual market situation and helped them understand the managerial concepts and their practical implications.
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