Retail lessons from the street for IIM students
When students of retail marketing from the Indian Pioneer of Management-Lucknow visited the weekly Nakkhas market in the old urban district on Sunday, they were amazed to see some roadside vendors selling wristwatches dipped in a tub of piss of superior.
An illiterate shopkeeper smiled: “That’s the best way to persuade a customer these watches are water proof.”
“Isn’t this some learning,” remarked their lecturer Professor Devashish Das Gupta, who had organised the trip to review the lowest end of the retail pyramid.
Sagar Jain, a schoolgirl who has worked with globally renowned consulting firm KPMG, said, “Most of us will take up jobs somewhere at the top end of the corporate ladder. Plainly, there is a tendency to be cut off from the ground realities. But, these shopkeepers really showed us how, regard for not having studied at a top business school, their marketing strategies were well grounded in fact.”
The students also learnt most shopkeepers had devised ingenious methods to run consumers’ attention.
Jain said, “Old-fashioned wisdom as told by retail marketing gurus suggests if several shops sales-clerk the same product in an area, they eat up into each other’s profit margins. These vendors told us it was not apt.”
A street-smart shopkeeper elaborated: “If there are several shops present the same product, it helps, as people know they would be able to verify up on the whole range of a given product at the same place.” Then came the biggest erudition: “Ultimately, nobody eats into anybody’s profits. One gets as much as the Almighty has decreed.”
duPont REGISTRY™ Announces Release of Third Annual Watch
DuPont REGISTRY™ Announces Let off of Third Annual Watch GuideSt. Petersburg, Florida 9/11/2009 03:16 PM GMT (TransWorldNews)
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