 Namaskar. I am Professor Devade Purkayastha from Indian Institute of Technology, Bombay. Welcome to my course, Business Fundamental for Entrepreneurs, Part 2, External Operations. This is the third module, Week 2, and this is about value-based marketing. But before I get into the module itself, let me quickly recap the discussion flow for the entire course. So in the first week, we started with how to research markets, competitors, products, trends, technologies, etc. And this is very important if you are in an existing business to understand how you can grow your business. And if you are an aspiring entrepreneur, how can you find a niche where you can start up? In the second module, first week, I talked about customers, different kinds of customers and customer segments. Business to consumers and business to business customers. And we talked about customer problems, customer needs and customer value proposition. Today, we'll talk about value-based marketing and I'll talk about what is marketing, what are the key elements of marketing. And next module this week will be around how do you communicate, marketing communication. Next week, we'll talk about different aspects of sales, B2B selling, B2C selling, sales distribution, sales channels. And in the last week, fourth week, we'll talk about how do you retain customers, how do you win with customers, how do you get customers to advocate your product or service. And we'll also talk about supply chain and logistics, which is very important for you to reach your products and your services to your customers. So with that, let's get into the topics for this module. I will start with a basic introduction of marketing. I'll talk about how marketing has evolved over the ages, especially how marketing, brilliant marketeers have leveraged technology to increase the marketing impact. So we'll talk about those trends. And then we'll talk about what is value-based marketing. And then if you want to choose, any of you who's watching this video want to choose a career in marketing, what are the skills that you should develop so that it can be a successful market here. So with that, let's start with a definition of what is marketing. So this is the official definition by the American Marketing Association, updated as of 2017. You can read it yourself, but the key word that you can read there is exchanging offerings that have value. Value for whom? Value for customers or clients, value for the entire ecosystem, and above all, value for yourself. So this is the essence of value-based marketing. So let's dive deeper into how did marketing evolve over decades and centuries. And you'll see that every time brilliant technologies, brilliant engineers have come up with an engineering innovation, brilliant marketeers have leveraged that new technology to increase the marketing impact. And as I talk you through that, you'll see the evolution of marketing which then drives growth for the business in a very positive, authentic way. So let's go back a few centuries and look at what's on the picture, the great pyramids of Egypt. So who created these pyramids and why? So this is a testimony to the greatness of a country, Egypt, and probably the ruling dynasties of that country. And then you look at many, many of the constructions around the world including the temples, the beautiful temples and mosque and the Taj Mahal etc. These are all in some way or the other proclaiming the glory of the kingdom or the empire or the country or the dynasty. But let's get more specific now. So what you see on the screen is the first time in the 15th century, around 1450, when the printing press was invented by a gentleman called Gutenberg. And for the first time knowledge could be transmitted and spread in large areas because of the printed paper. But as soon as this came up, marketeers started using that technology to advertise and market their products. So you started having what is called print advertising. So printing press and then print advertisement. You still see them if you look at a magazine or a newspaper or if you get a pamphlet in your house. That's print ads. Let's move on. The telephone was invented a couple of centuries later by Alexander Graham Bell. But as soon as the telephone was invented, telemarketing started. So even today, you'll get a lot of calls on your smartphone or your landline from telemarketers trying to market their products. So again technology and then the use of technology for marketing. Let's move on. A few decades later, the radio was invented by Marconi. And as soon as the radio was invented, the marketeers started using the radio to give radio advertisement. So if you are listening to an FM channel or if you're driving a car and you've got a car radio on, you will hear a lot of radio advertisements. So radio and radio ads. Let's move on. Soon thereafter, movies, motion pictures were invented by the Lumiere brothers. It was the end of the 19th century. And as soon as the movies got popular, the movie advertisement started. So today, if you go to watch a movie in a movie theater, chances are you'll see a lot of advertisement before or after or during the interval. So movie technology, movie advertisements. Soon afterwards, towards the beginning of the 20th century, television was invented by a couple of gentlemen whose names and pictures you can see on the screen. As soon as television was invented, television advertising started. So today, if you're watching an IPL match, a cricket match or a serial on a television, you'll also see television advertising and television marketing. Again, rise of technology and use of technology by marketeers. Incidentally, you may have heard of a term called soap opera, which basically is serials, which means a series of TV events or serials, as you call them, maybe 30 minutes, 40 minutes, 50 minutes, which keeps coming every week, every day, and it keeps getting repeated. And there will be 13 or 20 or 25 or 30 serials, and all of them build a story. And these serials were actually called soap opera as an anecdote because companies like Procter & Gamble, P&G, use the TV serials to advertise their products. So you can see here, way back in 1920s, Procter & Gamble advertised their white laundry soap with some successful TV serials, and that's why they got the name of soap opera. Moving on, late 20th century, the internet became popular, and what really made it popular amongst all the people in the world was the browser, the internet browser. And this is actually the first page, the first WWW page, which was set up by a scientist called Tim Berners-Lee. And we could actually go into each of those links and actually look up the content through the links. And as soon as the internet came up, what happened? The internet advertising started. So if you browse the net today, even if you go to a Google search or something, you will see internet advertisements. Again, progress of technology, leverage by marketeers to market their products. And then social, a couple of decades back, social media platforms came up, WhatsApp or Instagram or Facebook or LinkedIn or Tinder. And as soon as the social media platforms became popular and reached crores of people, billions of people, social media advertising came in, in a big way. And you can see names of some of the social media, which probably all of you use. But every time you go to watch a YouTube video, chances are you will also see an advertisement, unless you have a paid subscription, or you download an app and you play the app and you see an advertisement. And then most of you would have heard about AI, generative AI, since about last year when things like chatbot or chatGPT became very popular. And then very quickly marketeers are using the power of chatGPT and artificial intelligence to make more impactful marketing. And you can search yourself on the internet for marketing cheat sheets using chatGPT or any of the AI tools. So I've tried to take you through a journey of marketing formats starting centuries, millennia back to last year when chatGPT and AI really had hit mainstream. So that's kind of a marketing journey. And if you are a marketeer, if you want to have a career in marketing or if you want to do a startup and market your product and service, you need to understand marketing, the evolution, because many of these formats are still used today. So for you to internalize what you have heard, let's take a reflection break. And in this course we'll have plenty of these three minute reflection breaks, where I'll encourage you to think about a few points that I put on the screen and have a journal for the course. And in the course journal, write down what you have reflected upon. And at the end of the course, you can look back at the journal and remember everything that you have heard or thought about through the course. So for this particular reflection period, think back on marketing campaigns that we have seen. We've just had the Cricket World Cup. Many of you are watching many television serials or events or you're on Netflix or YouTube or LinkedIn, Facebook, etc. Think about the marketing campaigns. Which company is marketing? Which are the brands and products? Did you like the marketing campaign? And if you liked the marketing campaign, did it influence you to buy that product that was being marketed? And as you start thinking about you yourself as a consumer, what are the marketing campaigns you have seen and there are some that you like and there are many that you don't like, you will start realizing what is marketing. So three minutes reflection break.