Sherpa Hossainy's Blog

Marketing guru asks youth to go global

Posted in Bangladesh, Business, Celebrity, Corporate, Dhaka, Economy, Gurus by Sherpa Hossainy on June 11, 2011

Published in The Independent on 9 June, 2011

Read the article on Independent website

Digital print version

Marketing legend Philip Kotler, on Wednesday, asked the Bangladeshi youth to embark into the global marketing scenario to enhance the brand image of the country.

“I want all of you to be crusaders in the international marketing field and create some pioneer Bangladeshi brands,” said Professor Philip Kotler.

He was speaking at a lecture session for the youth titled “Inspiring the future minds”, organised by Bangladesh Brand Forum in Mirpur Indoor Stadium in Dhaka.

“Doing your product’s marketing in a different country is risky and could become difficult. You should have the knowledge of the culture, language and the philosophy of that place. You might want a local partner to do business with,” said the professor of international marketing at the Kellogg School of Management, Northwestern University.

Kotler told some 2,500 future leaders to think out of the box and be involved in every aspects of marketing to promote quality products from Bangladesh.

“You should be able to think horizontally, not vertically. If you are not thinking horizontally, you are not thinking about your business as a whole. You’ll get stuck,” said Kotler, widely regarded as the father of modern marketing.

The marketing guru also advised the youth that he would like all of them to study finance besides marketing to move up the ladder in an organisation.

“Sometimes finance could be boring with all the numbers, but a blend of marketing and finance is the key to make a company successful,” he said.

Dr Philip Kotler giving his lecture to the youth at Mirpur indoor stadium, Dhaka on 8 June, 2011

Kotler said the major global companies are increasingly using social media like facebook and twitter for marketing and they need young professionals who can apply their skills there.

“Social media is especially important for companies that want to reach young people. You will be needed as social media experts because the youth are better at it than the seniors,” he said.

Although Kotler remained sceptical about 100 per cent social media based companies saying that would be “a disaster”.

“I would advise, 90 per cent advertisement based and 10 per cent social media based companies. They can research and learn the latter’s impact and make plans on how to use it effectively,” he said.

He predicted that there will be a certain point in the future when there will only be good companies, as the bad ones will be eliminated by the customers’ social media campaign.

Professor Kotler, consistently ranked amongst the top 10 business thinkers of the world, stressed the need for more customer engagement and structured customer relationship management.

“A brand is a promise, it is the way you manage expectations of the customers. So get close and know your customers, build customer database and focus on their needs,” he said.

Kotler said the previous marketing theory of infinite resources and infinite needs is redundant in the contemporary world. The theory has now changed into “finite resources and finite needs.”

Professor Kotler, the author of ‘Marketing Management’, which is the most widely used marketing textbook in graduate schools of business around the globe with 20 million plus copies sold, also stressed on poverty alleviation through social marketing.

“Besides product, price, place and promotion there’s a fifth ‘P’ now – ‘purpose’. You have to put together these five ‘P’s and implement them for social marketing,” Kotler said.

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