The video revolves around the evolving nature of business models and emphasizes the necessity of innovation to stay relevant in the rapidly changing marketplace. It highlights specific examples from prominent companies like Mahindra, Apple, and Jio, illustrating how these giants have successfully adapted and transformed their business strategies to thrive despite challenges. The speaker underscores how technology and market needs have dictated these changes, with businesses reimagining their products to offer more than just their core functions.

This presentation proves insightful as it sheds light on the importance of adapting to consumer demands and leveraging technology in various industries. Through notable success stories like the rapid sales of Mahindra vehicles or Apple's evolution from near bankruptcy to technological leadership, the talk provides an inspiring perspective on strategic business reinvention. It exemplifies how brands need to understand customer behavior, which continuously evolves, driving the constant need to innovate.

Main takeaways from the video:

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Key Vocabularies and Common Phrases:

1. reinvent [ˌri:ɪnˈvɛnt] - (verb) - To change something so much that it appears to be entirely new. - Synonyms: (revamp, transform, renovate)

I do prepared Marvais session on how to reinvent your business model.

2. augment [ɔːɡˈmɛnt] - (verb) - To add to something in order to improve or complete it. - Synonyms: (enhance, expand, increase)

Possibly the customer may expect beyond your core product. That is you are expected an augment.

3. consolidate [kənˈsɒlɪdeɪt] - (verb) - To combine several things, especially businesses, into a single more effective or coherent whole. - Synonyms: (unify, merge, integrate)

That industry could able to consolidate the market.

4. interactive [ˌɪntərˈæktɪv] - (adjective) - Involving the actions and responses of two or more parties. - Synonyms: (collaborative, participatory, communicative)

I want my tractor should have hardware, software, technology and interactive communication technology into my vehicle.

5. proposition [ˌprɒpəˈzɪʃən] - (noun) - A statement or assertion that expresses a judgment or opinion. - Synonyms: (proposal, suggestion, proposition)

The customer value proposition completely changed

6. tangible [ˈtæn.dʒə.bəl] - (adjective) - Capable of being touched; real or actual, rather than imaginary or visionary. - Synonyms: (palpable, concrete, materialistic)

The company created a product, made it tangible with the competitive advantage of offering low-cost data.

7. retrospective [ˌrɛtrəˈspɛktɪv] - (adjective) - Looking back on or dealing with past events or situations. - Synonyms: (reflective, backward-looking, historical)

The conventional structure needs to be redefined; retrospective strategies may not be relevant for today's perspective.

8. innovation [ˌɪnəˈveɪʃən] - (noun) - The introduction of new ideas, methods, or devices. - Synonyms: (creativity, advancement, modernization)

Because the average shelf life of any businesses today, according to Schumpeter theory of innovation, reduced to less than 20 years

9. adaptation [ˌædæpˈteɪʃən] - (noun) - A change or adjustment in structure or habits, often to succeed in the environment. - Synonyms: (adjustment, modification, acclimatization)

Today, business changes require adaptation to new consumer behaviors.

10. strategically [strəˈtiːdʒɪkli] - (adverb) - In a way that relates to the identification of long-term goals or aims and the necessary means to achieve them. - Synonyms: (tactically, systematically, purposefully)

How could they transform strategically from tractors to become one of the world's largest SUV manufacturers?

How business reinvent themselves - Dr. Srinivasan R Iyengar - TEDxJBIMS

Social dedicated first time. We also do preparation as an academician. Whenever we have lecture, we do prepare for the session. I do prepared Marvais session on how to reinvent your business model.

I had a good sleep when I woke up in the early morning when I saw the newspaper. There are many interesting news today in the newspaper. One of the news impressed me how one of the brand when they started a booking whenever they could able to sell 176 thousand vehicle. Literally. If we talk about close to 29 33 vehicles sold in 1 minute. If I talk about every second they sold 49 car vehicle. I am absolutely amazed to see that the brand Mahindra when they launched a tar. How they could able to sell something interesting.

Today when we talk about everywhere we read different uses. But I saw that how that Mahindra and Mohammed. The company became Mahindra and Mahindra and became world largest portfolio they have in the segment of SVB. I still remember if I put it in layman language in the 1990s, the sharp price of Mahindra just rs5. If I invested rs10,000 in the year, you know 1990. Today I could be owner of 65 lakhs. You know this company could able to create the brand. And their core business was supposed to be farm equipments. They used to produce tractors. You know one of the largest customers are agriculture and Air India. And you know airport authority. Because aircraft doesn't have a reverse gear. So they used to buy this aircraft in the airports. But today how the company could able to transform become one of the world largest suv bike manufacturer. The company could have reinvented their business model.

The credit goes to the entire is it necessary to reinvent their businesses from tractor to form equipment. In fact when I teach marketing, when I started my career, I used to teach marketing. Today I teach whenever I feel even that four piece need to be reinvented. Today customer does not want the basic core product even in the tractor. If you talk about today, farmer doesn't want just tractor. If you give the tractor to the farmer may not be keen to buy the product what he wanted.

Then what farmer expected in the tractor. Today the product should have physical component the core product. If you deliver to the customer, people may not get impressed by that. Possibly the customer may expect beyond your core product. That is you are expected an augment. For an example, I don't want a tractor. I want my tractor should have hardware, software, technology and interactive communication technology into my vehicle. That means hardware software. When talking about Bluetooth, now I am a farmer. Why should I have a Bluetooth in my vehicle. No. My vehicle should have weather condition. I could able to talk to my vehicle with my mobile. I should know optimization. I could able to know my quality of the soil. Now am I a tractor company or a technology company?

Now the question comes as a magenta. How can I able to move it. But if you see across the industry, the successful players could able to reinvent their businesses. For an example, if you talk about that the brand bublot or Ralph Lauren. Today they talk about their lolferran apparel as the technology chip inside the apparel shirt that could able to predict your body condition, BP pressure, you know, heartbeat. Is it required. It's not a question of whether is it required or not. But today customer want it. Otherwise today could not find the brand Apple. Apple is a company where if you talk about in early 1998, late almost in the bank of bankrupt.

But how the company could able to reinvent the product Apple Watch anybody tell me honestly is it meant for to see your timing? No. Today they watch the purpose of Apple. It talk about your complete medical list. It helps you to connect with everyone. When the problem arises that Apple has a DNA from since inception. They know how to reinvent their businesses. If I tell you the brand, probably you must be hearing first time Kaaba Rio. You may not be know the brand what it is. Which was diamond technology which was launched the product in the early 2000 product miserably failed. But when you talk about intellectual portable over disk that is iPod entire worm said wow, what a product it is what the iPod made it.

They brought the product cleverly hardware and software component and brought the finest ecosystem. You know that iPod became in the year when they launched 2000. In the year 2013 three, the brand reached almost 150 billion. Majority sales come from the product called iPod. What this company has done? If you talk about over the product, that's what I said. Don't give the product, try to give solutions. Today every company try to identify how I can able to give solution. I don't want shampoo, I want head and shoulder tantrums. If you see every company try to reinvent themselves.

If they give just a product today, they may not be the brand like L'Oreal, right? Because somebody talk about airfall, air split air fill many brands. Because customer want solution through the product. When you talk about the pricing why iPod became success? Because the company tried to create a product with a product and they could able to capture the value and try to deliver it rest from the differentiating from the competition. That is what that became competitive advantage. When you talk about the pricing aspect. ITunes, you can download the song as per your requirement. Because in early nineties how the music industry works, they completely change the scenario.

That's the great quality the company try to do when they want to reinvent their businesses. It is not only the product like Mahendra or Apple even that could be applicable. When I was writing a case, it became a bestseller in Ivy. That is that brand Jio. The company which focuses on core business come from that. That's why the brand Jio, right. Oil became a geo. That's the mirror impact. The word oil to Jio, how the brand could able to deliver the product. He not necessarily could be a first mover. In fact, he entered the late in the market.

When they entered the market 2015, India was not at all ranked in the top hundred. As far as the data is consumption. And every time that we used to pay hectic price for the voice when they launched a broader Jio, right. How they changed the industry. The company used to call Vodafone, right? Voice data phone. When this company created a product, made it voice as a free and data one of the lowest in the world. We pay per GB cost less than rs600. I think if you go travel abroad, you know the value of the price. What we pay because of that complete industry completely transformed. Completely transformed.

You know that industry when it transformed what happens that industry could able to consolidate the market. Jio became debt free. But when the company made a statement, nobody could believe even post Covid this company could able to just diluting the 10% sales. So that you know that stake to Facebook, they could able to accumulate 45,000 crore in fat post Covid this company could able to leverage almost one and a half lakh crore. And today everybody out of every one guy must be in third might be using the product Jio.

Not only Jio reinvent the businesses, how they could able to leverage the data into the business. It's become Jiomart. What does Jiomart talk about completely reinvented the retail business. Because retail means only two formats. Brick and mortar, click and mortar. Every business has and own pros and cons. When you talk about brick and mortar almost in India, many of the retail brands struggled to survive, right? Because high rental cost the physical retail has some that won't profs and cause benefit drawbacks, right?

Even if you have a physical store, it has a, you know, locational, you know that advantages when you talk about this brand became crick and mortar. You know the product, the physical rent has gone and the product reaches to your home. The customer value proposition completely changed. We talk about price, we talk about location. Another reinventing the four p's, right? We talk about product now we talk about price. We discussed now we talk about place. Very interesting factor, right? Today when you talk about best Hollywood movies are made in Hollywood, even people say I want the best coffee. People say Georgia.

Even people say if we want to buy vodka, people say Russia. Even chocolate, people say Russia, right? French watches, french automobile, Germany. Every country has its own advantage to leverage that, you know, to differentiation as per the location. But today, how location became irrelevant? You don't need to go to Boston to mutual fund today you can sitting at anywhere in the corner. That's why the company called Zogo sitting at Tenkasi could able to become top four company in the world.

Could able to compete with a brand like Microsoft. Where is the company started from Tenkasi. Sridhar Venu. Today what's happening is location became irrelevant. If we have a sound technology. If we talk about this question in particular, right? In fact, we have trained almost more than few thousand bankers in last couple of years, right? If I ask you the out of the people, I'm not going to ask it. Everybody might be having bank account.

How many people been to a branch? If you ask the question more than three times in a month for the particular bank, nobody people goes to the. I am talking about the millennials. I am talking about the youngsters who goes to the bank. Unless is there any KYC issue or any online fraud, you have to go physically. Otherwise does people go to the bank? What is the purpose of the bank? When you talk about physical branches today, people love to go to the bank for the banking transactions.

But today if we talk about are we going to the physical bank? Not at all. If I ask you how many people have more than thousand bucks in your pocket? Nobody. Then what is the purpose of bank? How do you want to be the future of the bank today? What will be the future? If we talk about whether location became a strategy, how I can able to do it? As far as the product is concerned today, what's happening is the conventional structure needs to be redefined.

The convention may not be relevant for today's perspective. Not required. 1200 square feet. Two cash counter receiver. You know Paisa Dena Lena, right. Two cash counter manager, accountant, security, ATM. Because these are all the things that once upon a time we used to call what is the strength of your business? People love to say, I have 50,000 people, right? I have 5000 ATM's you know, 10,000 branches. The thing what you call strength today's became liability.

Because the business model, what we talk about is it necessary to reinvent your business. If we talk about the necessity of the reinvention of business. If you talk about today, business were changed. Today we talk about WCA World, you know, volatile Anthony complicity, you know, turbulent tuna bani, right? Rupt, rupt many jargons, frameworks were emerged. You can't do the business the way what we have done. Because the average shelf life of any businesses today, according to Schumpeter theory of innovation, reduced to less than 20 years.

And today, what's happening it competition is not happening at a equal power. For an example, what does it mean when I said when the competition happened and not at equal power? If Ayat getting a competition from Taj or from Leela, we know how to compete, why they invest on physical property. They know what business they are in. But today, the competition which is coming from them, the technology company. Today we call Uber model uberization, right? What we are talking about today, the way Uber could able to or even Oyo rooms.

When you talk about Ritesh Agarwal, could be able to accumulate more than one lakh. Key is what normally the hotel does in the decade used root in r. And when you are a customer, we never see who is the owner, who is the property, what is the balance sheet. Just to go to digital social media, see the price, see the feedback, see the location, people book the rooms. Now, how do you want to mistake relevant today? What's happening is the changing consumer behavior.

The consumer behavior is changing. And to stay relevant for tomorrow's business today, you have to reinvent your businesses. We should know how to capture your value, try to deliver and try to, you know, because if you see the world class brand miserably struggled, nobody could thought of it, right. The world class brand like Nokia blockbuster, they never treated as a Netflix as a competitor. But five years down the line, what happened? Blockbuster became bankrupt. Today, you know what Netflix is all about.

In fact, when people talk about Netflix, how they occurred the, you know, customer base, something very interesting, how they entered the, you know, accumulated during COVID Whatever they have done in a decade, it is done by few months by Zoom. Now we realize that even I use for today's session chat GPT some extent, right? Because chart GPT could be able to generate what they have done to acquire the customer in less than five days, right? So what I would like to suggest that, right.

Today we talk about probably when I get my second time TEDx how the consumer behavior is changing, right? How to make the customers to stay relevant. And today, whether can you have a single business model or dual business model. And today market is same. But how one people could able to extremely well. Another people who are struggling purely because of their business model Indigo could able to survive. It's a myth. If you are in aviation business, if you want to become a millionaire, invest in billion.

That is a global concept. That's what mentioned by the portal. But today it is also true that if you could have a best business model, you can able to stay relevant. Whether you can have a single business model or dual. Probably iridiac might be using dual business model. Whereas that if you talk about Indigo might be using the business model what they do, because what they do, they talk about standardization.

They could able to fine tune that end of the they are in the same business, they have the similar structure. But how they could able to extremely one fellow could able to do better. Why others people couldn't able to do purely because we talk about, right. That value proportion. What we talk about online retail business have a different value proportion. That's why what we do the branded like a Walmart now why they took Flipkart for that much premium price. Because of the value proportion in the market size and growth and opportunity.

And the business model what Flipkart does, the product could able to reach to your physical place, to your place at a lower price than the conventional physical store. Because the value proportion is high operating cost to low operating cost, right? And the physical store could able to attract the crowd from less than three kilometer or five kilometer or seven kilometer. Depends upon the nature of the format. Online retail will have a locational advantage distance become irrelevant. See that the complete business model how it is changing that the complete ecosystem value proportion.

Today, what we talk about that is what I said, right? That Apple phone take the classic example. Many companies could able to reinvent their businesses, right? When consumerism changing. Today the business school model is getting a competition from online education, right? To stay relevant. Whether we can go hybrid or pure play retailer that you will have to check. I am sure they step up. You know that interactive sessions will help us to understand the concepts better to learn from everyone. And I wish once again thank you for the wonderful opportunity and I enjoyed this discussion. Thank you.

Innovation, Entrepreneurship, Business, Technology, Consumer Behavior, Business Models, Tedx Talks