There are examples in history of mad speculations. They draw a number of investors. The Dutch tulip mania happened between 1634 and 1637. It was trading in tulip bulbs. Prices soared everyday. It was a frenzy. The price rise attracted more investors, and that escalated the prices further. The rise was 200 times in a month. The rare varieties were priced even higher.

The bubble burst finally, It bankrupted so many. Crypto mania too could lead to the same fate. The RBI governor warns that in crypto the underlying is not ‘even a tulip.’

Bitcoin reached the dizzying heights of $60000 to $65000. Even now it is at $35000. Even other cryptos have risen dramatically. The budget tax of capital gains aims to discourage crypto trading. The RBI feels cryptos are a threat to financial and macroeconomic stability.

Design thinking is a five step process which could be applied to any project. The first step is empathy for the user. After that the problem is defined. It is then ideated. A prototype is created. Last, the whole thing is tested. This is what is done subconsciously.

In the field of software, the first step is to understand how the customer interacts with the app, software or service. This understanding will lead to empathy — understanding user’s point of view. Problems will be anticipated before they arise. In empathy, one puts oneself in the shoes of another person.

Design thinking takes you away from linear thinking, and provides an alternative way of dealing with the problem. One can also think ahead of customers. One can simulate the customer’s or user’s journey and spot the points of friction.

The following paras summarise Kotler’s views on the above topic. He expresses these views in FAQs on marketing.

Customer-orientation should not be paid only lip sympathy. Customer satisfaction level must be tracked. Reverse marketing is applicable to all the four Ps. Here a buyer defines the terms of exchange. Reverse design let the consumers participate in designing the products they want. Reverse pricing means telling the marketers what price they are willing to pay. Reverse advertising means taking permission from the customers before putting the message across. Reverse distribution means a choice of channels the customers desire.

When the customers create the products and services they want, they become prosumers — producing consumers. As most of the product related factors such as service, quality and value are being copied rapidly, it becomes difficult to differentiate a product. Technology and globalization has changed the landscape. Companies are competing anywhere, thanks to internet and more free trade. Hyper-competition puts a downward pressure on price. in hyper-competition there is hardly any sustainable competitive advantage. Technology and globalization can destroy competitive advantage overnight. we must improve continuously. Companies are compelled to differentiate which is mostly psychological, and not real. Internet has made consumers discriminating. Companies have to offer value in spite of downward pressure on prices which in turn affect profitability too.

The trends visible are brand ownership rather than asset ownership, customization rather than mass marketing, operating as a cyber firm along with brick-and-mortar firm, more emphasis on customer retention and relationship marketing, emphasis on DM, multi-channel marketing, company-wide marketing and partnership with the supply chain.

Management education 1.0 started as teaching of the theories of management principles, organisation theories, essential subjects such as quantitative techniques and functional areas of management. Management education 2.0 became more learner-focused by introducing discussions and debates, case studies and participatory style. There was student to teacher, student to student and student to group interactions. Management education 3.0 used audio and e-books and internet. Management education 4.0 has been confined to class-rooms, and has access to remote resources online. There are video chats and dialing through voice calls. The material from which one learns has become dynamic, and keeps pace with the learner. Management education 4.0 has been developed in response to Industry 4.0 which uses internet-based technology. It makes personallised learning possible.

There is great demand for MBA courses being offered by Indian business schools. MBA has shown flexibility in its orientation, and that makes it easier for the candidates to switch careers. MBA , to begin with, was structured on the teaching of foundation courses and some electives at the final year or the last semester. This was so in the 1960s and 1970s. The usual electives were HR, production and operations, finance and marketing. Marketing has become an elective of choice by a large number students. One reason was that marketing executives were on company’s expense account on the job, and the company met their lodging, boarding, travelling and entertainment expenses. The world was experiencing a chemistry revolution. Many breakthrough products such as detergents, polyester and paints had appeared on the market. These products were easy to produce and many producers joined the race to make them. What was needed was a marketing team to differentiate these similar products. There emerged a concept of brand and its image. Advertising agencies assisted the companies in this . Business schools introduced subjects such as marketing research, product management, brand management and sales management.

Later in the 80s and 90s and post-2000, business schools shifted the orientation from marketing to finance. Financial services were growing at a rapid pace. They offered most of the lucrative jobs. There was financialisation of economies. Financial services contribute substantially to national income. The types of financial products available increased in number and complexity. There are consultants working in this field globally. Candidates started opting for finance courses.

Another era has began. It is an era of AI and Machine Learning. AI brings a new approach to age-old business issues. We can do marketing research (MR), market segmentation and targeting, and sales forecasting using AI. Business is considered as a network of entities. We have to map our network of which our business is a part. There are bridging opportunities, geographic clusters and hubs. We have to avoid algorathmic bias. Thus the new orientation is AI and innovation, business analytics and prediction.

Business schools have to adapt to each new era. The challenge is to find competent teachers to impart these new skills. There is constant reshuffling of the curricula — old and outdated is cast off, and new topics and courses are added.