No global consumers yet, says Madison CEO

Blasting the concept of global consumer, Punita Arumugam, CEO-Madison Media pointed out that while there were global companies and global brands, there was no global consumer. "Today's consumers are far more aware but that's it," she said. Even the American Marketers Association, she said, didn't have a definition for a global consumer.

It was a day of discarding conventional wisdom, and marketing concepts, at the seminar on marketing strategies for the global marketplace organised by the Institute for Business Studies and Research.

All speakers touched upon how it was no longer possible to focus marketing efforts on a particular geography or ethnography. But communication would have to be more global to be more effective, they said. Earlier in the day, Mahesh Murthy, CEO, Pinstorm, spoke about how concepts such as product, pricing, placement and promotion were now pre-historic. "Conventional theory suggests price is determined by the demand-supply factors, but in the case of Air Deccan or even commodities such as onions, these are not the key determinants," said Murthy.

Similarly, it was no longer safe to assume that customers would be happy with the product the company chose to give them. "Mass customisation is the way ahead," he said, citing the example of brands such as Levi's, Nike and Skoda which were already providing products made as per the specific consumers preferences. Shashi Nair, CEO, Anchor Health and Beauty Care, said this was a great opportunity for newer players to make their presence felt.

"Globally, there is a lot of innovation happening on all fronts ranging from product benefits to packaging and design. These new brands have about a 30 per cent share in the United States and as high as 50 per cent in Europe," said Nair.