Minutes of meeting – MarkIIT, March 20th 2012

Why brands fail –Shivangi Verma

The meeting kicked off with a presentation on why brands fail, by Ms. Shivangi Verma. Specifically,
the presentation focussed on New Coke and how the Coke company should have focussed on its
strategy alone instead of giving a knee-jerk reaction to competitor strategies. Pepsi in its effort to
establish its image as the more popular brand, ran a series of blind tests wherein it emerged that
people liked the sweeter Pepsi better. Coke, unwittingly fell in to this trap and conducted its own set
of blind tests and found that people did indeed favour Pepsi. In response to this, Coke underwent
a rebranding, became the New Coke and also altered its taste a bit. However it only faced a major
backlash from the public, who did not identify themselves with the new beverage and felt Coke had
broken out of its ‘everything America stands for’ mould. Coke understood that it had slipped and
went back to its original brand, saying, “We have heard you America”.

This example illustrates that even though companies must be looking out for competition, they must
be aware of what their core competencies and what they stand for in the market. Changing that
drastically can only result in brand failures.

Link to the PPT:

The Coke Story

Innovo – a start

The first round of i-NNOVO, MarkIIT’s very own marketing competition came next. Participants had
to give a two slide presentation that gave a peep into what their products, daring and impossible,
would be. Here are some of the ideas that were presented.

  1. Intelligent fan – Nishith and Nandini
  2. Sleeping gadget – Arun Kumar and Vijay Menon
  3. Shopping glove – Praneet and Jagadeesh
  4. Super underwear – Sandeep Menon
  5. Papa Mama OK! – Sada and Kumar

Couple of people could not make it to the session and their ideas would be presented in full next
week.

i-NNOVO

“Daring ideas are like chessmen moved forward; they may be beaten, but they may start a winning game“

 

 

 

Sir Arthur Conan Doyle said, ‘when you take off the impossible, whatever you are left with, however improbable, must be the truth.’

Do you think that you can come up with a product that is not really a product but could be a product? Think you can market it?

More importantly, do you think you can sell it?

Welcome to i-NNOVO, an intra-DoMS marketing competition.

 

 

The basic premise:

  1. Form a group of two.
  2. Come up with ideas/products to shake the industry(It could be related to anything from sports to FMCG, daily need to special need, )

Sounds simple enough, no?

The competition aims at making you find needs, latent needs, non-existent needs, greed’s and all else in between.

So what do you do?

1)      Identify one such need.

2)      Ideate.

3)      Come up with a product to satisfy this need.

4)      Design this.

5)      Sell this.

There will be three rounds in the competition (a round every week)

Round 1 – Ideation

Simple.

1)      Get an idea. (no, not the Abhishek Bachchan variety)

2)      Submit a 100-200 word abstract of the idea (no strict word limit. However, don’t become Shakespeare. Please.)

3)      Create a two slide presentation on the idea.

All the teams will make a 2-3 minute presentation on their idea in the next MARKIIT session (20th March 2012). There will be NO CROSS QUESTIONING.

The aim of this is just to make the teams aware of the “competition” so that they can tweak/improve their ideas. Of course, if they believe they are going to win hands down, they can even downgrade their ideas. No problem. 

Round 2 – The Product

1)      Design the product.( sketch it, use Photoshop or even a scribbled drawing like a 3 year old would do)

2)      Showcase it. Let people know what you Jobs’ and Bezos’ were planning all this while.

Beware: There will be blood. Questions allowed in this round. Other teams can decide to slaughter/manslaughter/kill/pardon you. You can do the same too.

Organizer’s warning: if you fellows have some sort of mutual understanding amongst yourselves and we get an inkling of this, the man slaughtering/slaughtering/killing will be done by the organizers. You’re welcome.

Round 3 – THE FINAL DESTINATION

1)       A full presentation

2)      A small write up

3)      Anything else that you wish to showcase (a special pack that you designed/ a label/ wrapper etc)

This will be judged by our esteemed faculty and your peers. Again, no “I’ll scratch your back and you scratch mine” here. please. Well, if that is indeed there, then we can’t really help it but pliss to not be doing.

Last words:

PRIZES!!!!!!!!!!!!!!

The products will be judged on the basis of

  • Uniqueness and Creativity of the product *
  • Benefits to the customer
  • Potential Market

*- MOST IMPORTANT

P.S-   This product you design can later be used in b-plan B-School competitions so why not take a chance?

Again, just to emphasize the point, look at the Conan Doyle quote again. Push the impossible. Make it improbable. Get an idea that seems out of this world. And of any other world that you know. And all the worlds you don’t know.

The wackier the idea, the more difficult it is to convince people. However, therein lays the challenge. Get the idea. Make it work. Sell it. Convince ‘em all. Glory!