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Assignment 3 - Changing Business Practices & Digitalization

The document discusses how business practices and digitalization are changing in India. It notes that businesses have had to adapt their strategies in response to changes like the COVID-19 pandemic. Marketing teams now focus on understanding customer needs and tracking data to design effective campaigns. Digitalization is also transforming many industries in India, supported by government initiatives to expand internet access. Key sectors like financial services, retail, media and education are undergoing major changes to operate more digitally and meet evolving customer demands. Overall, digitalization provides both opportunities and challenges, and embracing new technologies is important for businesses and India's continued economic growth.

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Nikhil Sakhardanday
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24 views

Assignment 3 - Changing Business Practices & Digitalization

The document discusses how business practices and digitalization are changing in India. It notes that businesses have had to adapt their strategies in response to changes like the COVID-19 pandemic. Marketing teams now focus on understanding customer needs and tracking data to design effective campaigns. Digitalization is also transforming many industries in India, supported by government initiatives to expand internet access. Key sectors like financial services, retail, media and education are undergoing major changes to operate more digitally and meet evolving customer demands. Overall, digitalization provides both opportunities and challenges, and embracing new technologies is important for businesses and India's continued economic growth.

Uploaded by

Nikhil Sakhardanday
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Marketing Management

Assignment 3 – Changing Business Practices & Digitalization


Name: Nikhil Sakhardanday
PRN: 21020148028

1) How business practices are changing in present time and what are the implications of
these changes for the marketers?
Change is inevitable. In today’s day and age business practices as well as how business is
conducted has undergone a massive change. Now over the past 1.5 years as we have seen, many
businesses had to revisit their strategy and functioning to survive. Industries such as Aviation,
Travel, Food & Beverage, Entertainment etc had to suffer massive losses due to the outbreak of
Covid. Hence business practices always need to be evolving to meet the customer’s needs.

In recent times, the customer is very demanding. Marketing teams’ job is to take care and
ensure they can communicate with you, their questions are getting answered on time, they are
satisfied with the response/resolution, their payment preferences, easiness to avail your
services/product etc are being met. The focus is to understand what they want and how they
feel about the interactions with you and your company across different interfaces. The
marketing team has a major role to play in generating such leads. They need to stay on top of
their game in tracking customer data along with customer requirements and design successful
campaigns based on this, offer guidance by understanding market needs, do competition
analysis and much more. The new ways of marketing have given many possibilities for a business
to survive and then thrive.

2) How digitalisation and connectivity change the pace of development in India (It should cover
the multiple industries including government initiatives with regards to promote
digitalization)

Over the past 2 decades, the methods of doing business and engaging with the audience for
marketing have undergone a paradigm shift.

• IT Sector (Digitalization, Automation, and Innovation)

• Telecom Sector (60mn Subscribers in Dec 2002 Vs 1201mn in Mar 2021)

• Internet users (Around 2.2 Million (2002) Vs 900 Million (June 2021))

This growth has given opportunities to organizations to reach millions of customers by just the
click of a button. India has become a digital economy and is the biggest market for Indian as well
as global firms. This digital revolution is expected to create huge market growth and
employment for the businesses in years to come. The Government of India is also supporting
this initiative with the objective of connecting rural areas with high-speed Internet networks and
improving digital literacy. A digital revolution is already underway since 2015. This programme
has resulted in massive growth in areas such as electronic services, products, manufacturing,
and has also created job opportunities in sectors such as education, healthcare, infrastructure
etc.

Following Industries have undergone a massive transformation due to digitalization.

• Financial Services – All the manual tasks done earlier are now being performed entirely
on digital interfaces. Almost every type of financial activity like KYC, Payments, Wealth
management, banking etc are being re-structured with technology playing a key role in
this transformation.
• Retail – This Industry too must cater to the changing business demands. With the
advancement in technology and new digital platforms being made available (Flipkart,
Amazon, Big Basket, Grofers etc) customers now can shop all their necessities and
grocery through their mobile phone.
• Media and Entertainment - The displacement of physical media by digital players has
been revolutionary and very effective for this segment of Industry. The merging of
mobility, cloud and video is constantly evolving to cater to busy millennials who
consume even entertainment on the go.
• Education – Digitalization has enabled educational institutes to restructure the learning
processes making it more accessible, affordable, and enjoyable to learners. During the
COVID-19 pandemic the online mode was the only way through which students could
continue their studies. The use of audio-visual tools along with collaborative and
teamwork solutions helps the digital experience getting more value.

So, to sum it up, Digitalization is the way forward if one needs to survive and thrive in today’s
times. If India is to move forward as a global economy then everyone needs to embrace it
wholeheartedly.

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