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Enhancing Export Potential through Creativity: The Role of Government and Entrepreneurs

Dr. Rajeev Kumar discusses the importance of creativity in enhancing export capabilities within the entrepreneurial ecosystem. He emphasizes the need for supportive government actions, such as fostering a conducive business environment and establishing a global technology acquisition fund for MSMEs. In the face of rapidly changing markets characterized by increased competition and consumer demands, he stresses that marketers should focus on expanding opportunities rather than mere market share. The text outlines essential steps for creativity in product development, pricing, promotion, and distribution, aiming for systemic innovation.

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Enhancing Export Potential through Creativity: The Role of Government and Entrepreneurs

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  1. CREATIVITY FOR EXPORT ENHANCEMENT:Dr Rajeev Kumar

  2. THE ENTREPRENEURIAL ECOSYSTEM Government Family Education Finance community Idea Risk aptitude Skills Finance Space Jobs Wealth Entrepreneurs

  3. What Govt. Can Do as a Facilitator: Encourage a conducive business environmentCreate up-to-date information source for start- up entrepreneursCreate a GLOBAL TECHNOLOGY ACQUISITION FUND especially for MSME

  4. FORCES AT WORK IN THE EVER- CHANGING GLOBAL SCENARIO:(1)vanishing captive and protected markets

  5. (2)INCREASING COMPETITION : but OUR MARKETERS need not to fight for a share of a pie when there is scope for expanding the pie itself is enormous eg: banks

  6. (3) MORE DEMANDING CONSUMERS AND CUSTOMERS:MARKETERS are facing better informed and more organized customers who also have a choice.Economy of surpluses

  7. (4) SHRINKING GLOBE :HOMOGENISATION of preferences because of technology and communications a common market with similar preferences is developing across the globe eg : automobiles, watches, pens, cameras, soft drinks, apparels(global products)

  8. (5) INCREASING INDIVIDUALITY: We have been a collective society but selfishness is increasing, breaking social norms and disintegrating families

  9. (6) INCREASING COMMERCIAL ATTITUDE : more and more among us are asking the question, What is in it for me? Personal gains, seem to be dominating the decision criteria

  10. (7) MEDIA EXPLOSION :RURAL households are exposed to media because of television mainly

  11. (8) RAPID TECHNOLOGICAL CHANGE:PC’s become obsolete in months, time for video conferencing, no need for global travel, smart cars, biomedicine, telecommunications, electronics, solar,

  12. STEPS FOR CREATIVITY • It portrays marketing strategy formulation as an interactive PROCESS involving a number of steps( that must be performed in sequence) • understand customer behavior; • segment the market; • Select target segments; • Design the offer to fit target market needs; • differentiate the offer; and • position it in the customer’s mind.

  13. 3 C-V MODEL • VALUE has to be CREATED, COMMUNICATED and CAPTURED. Customer Competitors Company Focus Differentiate Reduce Cost

  14. Marketing strategy formulation in the context of market places/spacesThe 3 Cs and the Market CUSTOMER COMPANY TARGETING Market Place Market Space POSITIONING DIFFERENTIATION COMPETITORS

  15. Market Segmentation Consumer Behavior Offer Goods Services Experience TARGETING POSITIONING DIFFERENTIATION COMPETITORS

  16. Creativity in Products • Benefits • Symbolism • Design • Quality • Variety • Innovation • Convenient packaging • Speed and timing of entering the market • Eg. electric car, wind energy, online grocery

  17. Creativity in Price • Major concern should be for value • The price should determine the costs rather than, costs determining the price eg: Automobiles USA and Japan

  18. Creativity in Promotion • IT will revolutionize promotion in various ways • Role of social media

  19. Creativity in Place(Distribution) • Customers should have better access, more choices at lower costs. • Relationship orientation • Efficient supply chain management-Wal-Mart • Sunglass Hut • Multiple channel approach

  20. Conclusions • Innovation= Creativity+ Commercialization • Combine analytics with creativity • Improvement in technology, brings about innovation • Innovation is a systematic effort which requires precision(not approximation)

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