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Understanding the Global Consumer
Hyderabad, 15th February 2023: Institute of Management Technology (IMT), Hyderabad, hosted its 3rd edition of the Global Immersion Program (GIP) on 15th February 2023. Mr. David Avrin, Customer Experience Keynote Speaker, Consultant & Author, served as the session's first eminent speaker. This session aimed to expose students to global issues affecting the business world and have an appreciation of the diversity of thought and perspectives while managing and leading organizations. Prof. (Dr.) Nitin Gupta, Professor, IMT Hyderabad, presented the inaugural address by welcoming the speaker & the participants.
The Speaker delivered a session on "Understanding the Global Consumer." The discussion is intended to be aligned with the understanding of the diverse cultures, values, and attitudes that exist across the world, and understanding the global consumer requires a commitment to ongoing research, cultural sensitivity, and a willingness to adapt to changing trends and consumer preferences.
The speaker opened his address with an anecdote and discussed the widening variety of goods that consumers can purchase with their money. He opined that this is due to changes in the world and has transformed the behavior of consumers worldwide. Further supporting his point, he introduced Maslow's hierarchy of needs and wants and emphasized the business opportunities present at each level. He talked about a sizable shift from selling to buying, attributed to consumers having more options and power over their purchases. Overall, the speaker made the case that there are many options available to consumers worldwide, much like a grocery store.
He covered changes in Dubai's business environment, pointing out a move away from conventional shopping to a focus on the whole customer experience. He emphasized the significance of excellent business practices for success and suggested that businesses must adapt to these changes or risk becoming obsolete. Speaking about virtual platforms as a potent and necessary tool for a touchless future, the speaker stressed their importance for business owners.
Mr. Avrin used a passage from Roger Dooley's book "Friction" to highlight the fundamental marketing tenet that adding complexity reduces engagement while making something simple increases it. The speaker further mentioned rising customer expectations for how goods and services will be delivered, with convenience playing a crucial role. Highlighting the importance of convenience as a current deciding factor in purchases and spoke about the emergence of disruptors who are developing new goods and services that may not always be beneficial to society.
After such an insightful session on understanding the global consumer, Mr. David concluded the event with a question-and-answer session to resolve the students' piqued curiosity.
