As an MBA student this is how I think this framework could be leveraged-
Widespread Digitization......MBA students can leverage digital tools like social media analytics to understand consumer behavior. Ex analyzing data from platforms like Instagram or Twitter to identify trends and preferences among target demographics
Augmented Reality......tudents could explore creating AR-based marketing experiences for local businesses or startups. Ex we develop an AR app for a boutique clothing store that allows customers to virtually try on different outfits or accessories, enhancing the online shopping experience
Value-driven Marketing......... students might work with socially responsible startups to develop marketing strategies. Ex I am working on SDG project under Saugor Railway Station in which I came across OSOPs fostering local products..... One can foster and promote local economic growth at an individual level and by spreading awreness for the same.
Eco-friendly Practices........... MBA students could conduct research on sustainable packaging solutions for e-commerce businesses.
From an MBA student's perspective, the "WAVE" framework offers valuable insights into the evolving marketing landscape.
Widespread Digitization: Zomato and Flipkart (India) show how data and AI personalize experiences to increase engagement and sales. They stand for the expanding movement of data-driven marketing tactics that are reshaping the sector. This demonstrates the increasing influence of AI and data analytics in marketing plans.
Augmented Reality: Lenskart (India) is a prime example of how AR can improve e-commerce by decreasing returns. The AR app's global success for IKEA has increased sales. According to this trend, augmented reality (AR) would be crucial in bridging the gap between online and in-store buying experiences.
Value-driven Marketing: To appeal to customers who are concerned about the environment, Tata Group (India) synchronizes their marketing with sustainability initiatives, such as the use of electric vehicles. This highlights how crucial ethical business practices and brand authenticity are to retain customers.
Eco-friendly Practices: The "Greenest Luxury Hotel" program from ITC demonstrates how sustainability may be used as a marketing strategy to draw in environmentally sensitive tourists.
Sustainability and Digital Transformation has become integral to marketing in today's scenario. After reading the WAVE framework, I recalled the TATA.ev's recent showroom where they have integrated technology, sustainability and community. The whole WAVE framework fits the practises that they undertook. The store has items that are recyclable and recycled. They have also collaborated with 2 homegrown brands like Blue Tokai and Goonj. They have leveraged technology to give an immersive experience to their customers. They have installed route planners, saving calculators to help them understand financing and impact on environment, product configurator to help explore hyper real 3D models of their EVs and personalised family welcomes for delivery of their EVs. While we talk about such extra-ordinary and mind-blowing activities undertaken by such companies, it always get me thinking that how creative and innovative thinking does this field needs so achieve the goals. Technology is readily available around us but one should know to use it for our better use and that too in an innovative way. I think the upcoming managers not only need to know such practises but also develop the habit of creative thinking. Practises which would make them stand out from others.
The newsletter from IBS Hyderabad's Marketing and Strategy Area has taught me a lot about how technology and sustainability are shaping marketing. At the recent ICOMBS2024 conference, I learned about important topics like using technology for sustainable marketing and how to measure its impact. I got to moderate a discussion about this, which gave me firsthand insights. The discussions were organized around the WAVE framework, which talks about trends like using technology widely, creating immersive experiences with augmented reality, being honest and ethical in marketing, and being environmentally friendly. Seeing MBA students participate also showed me how important it is to keep learning. Overall, this newsletter has helped me understand marketing better and how to make it more sustainable.
The article offers a thorough synopsis of the conversations and insights exchanged at the ICOMBS2024 conference, with a special emphasis on technology's influence on marketing strategies and sustainability-driven marketing. With examples from both Indian and international businesses, it succinctly illustrates major trends like extensive digitization, augmented reality experiences, value-driven marketing, and eco-friendly methods.
The article summarizes many facets of the changing marketing scene using sustainability-driven marketing techniques. Furthermore, although the WAVE framework provides an organized method for traversing the marketing domain, young managers and MBA students finds the article an offer to more specific direction or useful insights.
Well-written and explained WAVE framework
As an MBA student this is how I think this framework could be leveraged-
Widespread Digitization......MBA students can leverage digital tools like social media analytics to understand consumer behavior. Ex analyzing data from platforms like Instagram or Twitter to identify trends and preferences among target demographics
Augmented Reality......tudents could explore creating AR-based marketing experiences for local businesses or startups. Ex we develop an AR app for a boutique clothing store that allows customers to virtually try on different outfits or accessories, enhancing the online shopping experience
Value-driven Marketing......... students might work with socially responsible startups to develop marketing strategies. Ex I am working on SDG project under Saugor Railway Station in which I came across OSOPs fostering local products..... One can foster and promote local economic growth at an individual level and by spreading awreness for the same.
Eco-friendly Practices........... MBA students could conduct research on sustainable packaging solutions for e-commerce businesses.
From an MBA student's perspective, the "WAVE" framework offers valuable insights into the evolving marketing landscape.
Widespread Digitization: Zomato and Flipkart (India) show how data and AI personalize experiences to increase engagement and sales. They stand for the expanding movement of data-driven marketing tactics that are reshaping the sector. This demonstrates the increasing influence of AI and data analytics in marketing plans.
Augmented Reality: Lenskart (India) is a prime example of how AR can improve e-commerce by decreasing returns. The AR app's global success for IKEA has increased sales. According to this trend, augmented reality (AR) would be crucial in bridging the gap between online and in-store buying experiences.
Value-driven Marketing: To appeal to customers who are concerned about the environment, Tata Group (India) synchronizes their marketing with sustainability initiatives, such as the use of electric vehicles. This highlights how crucial ethical business practices and brand authenticity are to retain customers.
Eco-friendly Practices: The "Greenest Luxury Hotel" program from ITC demonstrates how sustainability may be used as a marketing strategy to draw in environmentally sensitive tourists.
Sustainability and Digital Transformation has become integral to marketing in today's scenario. After reading the WAVE framework, I recalled the TATA.ev's recent showroom where they have integrated technology, sustainability and community. The whole WAVE framework fits the practises that they undertook. The store has items that are recyclable and recycled. They have also collaborated with 2 homegrown brands like Blue Tokai and Goonj. They have leveraged technology to give an immersive experience to their customers. They have installed route planners, saving calculators to help them understand financing and impact on environment, product configurator to help explore hyper real 3D models of their EVs and personalised family welcomes for delivery of their EVs. While we talk about such extra-ordinary and mind-blowing activities undertaken by such companies, it always get me thinking that how creative and innovative thinking does this field needs so achieve the goals. Technology is readily available around us but one should know to use it for our better use and that too in an innovative way. I think the upcoming managers not only need to know such practises but also develop the habit of creative thinking. Practises which would make them stand out from others.
The newsletter from IBS Hyderabad's Marketing and Strategy Area has taught me a lot about how technology and sustainability are shaping marketing. At the recent ICOMBS2024 conference, I learned about important topics like using technology for sustainable marketing and how to measure its impact. I got to moderate a discussion about this, which gave me firsthand insights. The discussions were organized around the WAVE framework, which talks about trends like using technology widely, creating immersive experiences with augmented reality, being honest and ethical in marketing, and being environmentally friendly. Seeing MBA students participate also showed me how important it is to keep learning. Overall, this newsletter has helped me understand marketing better and how to make it more sustainable.
The article offers a thorough synopsis of the conversations and insights exchanged at the ICOMBS2024 conference, with a special emphasis on technology's influence on marketing strategies and sustainability-driven marketing. With examples from both Indian and international businesses, it succinctly illustrates major trends like extensive digitization, augmented reality experiences, value-driven marketing, and eco-friendly methods.
The article summarizes many facets of the changing marketing scene using sustainability-driven marketing techniques. Furthermore, although the WAVE framework provides an organized method for traversing the marketing domain, young managers and MBA students finds the article an offer to more specific direction or useful insights.