The interview included his thoughts on the growing marketing field in Bangladesh, the current consumer behaviour, as well as the changes that must be made by Bangladeshi companies to keep up with the rapidly growing economy.
Why is marketing education necessary for Bangladesh?
The economy of Bangladesh is currently in a very vibrant mode and is moving ahead rapidly. At the same time, people are also becoming quite ambitious in order to make their lives better. This is why marketing is so important for companies that want to sell their goods and services to them. Lately, many companies have entered the market with good products and services and are offering a wide variety of choices to customers. In many cases, customers are making purchase decisions right in the store. They may have made a decision at home, but when faced with different options, they go for something else.
How has consumer behaviour changed along with the market?
The traditional hold of a product is being challenged every day. Unless we are careful and have proper insight, companies cannot decide what to do and what not do, and provide the proper solution to the consumers. Hence, the market has become more complex. Previously, companies just depended on a make-and-sell approach. They would just make a product and sell it. However, the market is no longer so linear. There are many variables involved that might make a customer shift to another product at the slightest mistake committed by the producers. Unless one is able to read the mind of the consumer properly, it is likely that he will lose the battle.
Why is it important for marketing students to engage with professionals?
It is important for professionals to engage with students so students will not just depend on textbook knowledge, but also get practical knowledge. Another thing I must add is that the purpose of a university is to provide general education, to prepare one to choose their path. Only then can someone focus on specialization, because only depth will not help you, you also need breadth. This is the age of dynamic obsolescence. What is true today might not be true tomorrow. The job of a CEO is to make his products and services relevant to his or her customers. If he cannot make it relevant, his customers will not buy it. One must make sure that he does not give his clients rotten or stale or outdated products.
