Dr. Philip Kotler is the S.C. Johnson & Son Distinguished Professor of International Marketing at the Northwestern University Kellogg Graduate School of Management in Chicago. He is recognised globally as the “father of modern marketing,” having authored over one hundred and fifty articles and 90 books. Some of his famous titles include Principles of Marketing, Social Marketing, and Marketing Places, to name a few. In addition, Dr. Kotler has published more than one hundred and fifty articles in leading journals, including the Harvard Business Review, California Management Review, and the Journal of Marketing.
In an exclusive interview with ET Insights, the world-renowned marketing guru discussed, among other things, peace marketing, social media marketing in the digital era, and the future of marketing.
Edited excerpts from the interview
What is peace marketing, and how can we market peace?
My interest in peace marketing originated following a conversation with the brother of Osama Bin Laden. The brother is a businessman and comes from a distinguished business family in Saudi Arabia involved in the construction industry. He asked me, “Dr. Kotler, you have successfully marketed many products and concepts. So why don’t you market peace?”
I market many types of things, but this question was never posed to me before. It was an excellent question. As a result, I did some writing on how to approach the problem, and we have done speaking engagements about that as well. The concept of peace is indeed complex, but it is necessary for the well-being of humanity. In times of conflict, we need peacemakers to step forward and facilitate a resolution. I think India is our best hope to be a peacemaker in stopping the war in Ukraine. Prime Minister Modi’s leadership and diplomatic skills could prove invaluable in bringing an end to the conflict. The war in Ukraine has far-reaching consequences, affecting not only the local population but also the global community. It is crucial that we work towards a peaceful resolution to prevent further harm and suffering.
Can you define Marketing 5.0 and its benefits?
The field of marketing is constantly evolving, and Marketing 5.0 is a celebration of the role that technology plays in our lives. This includes both the positive and negative impacts that technology can have, and how it can be used for both good and bad purposes. The problem is however, that we have too much dependency on inventories. I was impressed by the Japanese idea of ‘Just in Time’ in which companies meet demands when they happen, just in time, without being stuck with overloaded inventories that must be thrown away or wasted. That’s the basic concept I am working on now, to bring technology close to demand. At the moment of demand, you can satisfy the need for demand. But that could be for bad things too, which you do not want.
Today, it is possible to print a book on demand even if the stock runs out. We have the ability to assist individuals in accessing and enjoying their preferred genre of music. Instead of going to a music store to purchase an album, all they need to do is register for a music app. Vertical farming techniques have enabled us to cultivate crops in a vertical arrangement, making it possible to access fresh produce in urban areas. These examples demonstrate how we are moving towards proximity, which involves meeting demand at the exact moment it arises. This is achieved by having the necessary ingredients readily available to immediately produce the desired product. One of the best examples is 3D printing, which can be used to create decorative objects or replace broken parts in automobiles. The 3D printer can produce the necessary items by following instructions displayed on a computer screen. In future, perhaps this technology could be used to construct new homes, including affordable housing. In the future, this technology could possibly be used to build new homes, including affordable housing.
What is the importance of social media marketing in digital marketing era?
During the early days of social media, several businesses such as Procter & Gamble invested a substantial amount of money into it. They employed many social media experts and experimented with multiple social media platforms, such as Facebook and Instagram, to name a few. Through this exercise, P&G gained valuable insights into the effectiveness of their social media marketing strategies. As a result, they were able to optimise their marketing spend, resulting in increased efficiency and more positive outcomes.
Social media enables you to reach subject-specific groups in a manner that may not be possible with conventional marketing techniques. While I still hold traditional marketing in high regard and acknowledge its importance, if I were faced with a decision between two companies operating in the same industry, I would choose the one that employs a combination of traditional and social media marketing strategies over the one that solely relies on traditional methods. Businesses need to use a mix of social and traditional media for their marketing strategy. Both are intended to coexist and have their own responsibilities within the customer journey.
What is your advice to young professionals who want to make a career in marketing and become successful?
Marketing is a home with many rooms. You can pursue a career as a marketing research professional or a digital marketer. You have the option to specialise in pricing or become highly knowledgeable about distribution networks. However, it is important for professionals to determine their area of expertise in marketing. I would like the marketing students to meet people who buy products. If you love marketing, choose your goals and what you want to accomplish.
Another thing that marketers ought to learn is finances if they want to advance in their careers. If the chief marketing officer is unfamiliar with a balance sheet, income statement, cash flow, and return on marketing investment, he or she may not get along with the chief financial officer, who decides how much money the CMO will receive. When the chief financial officer and chief marketing officer can’t get along, it’s an indication of a struggling business. Therefore, the solution is for a CMO to have an understanding of finance, so he can speak the same language as the CFO and they can make better decisions together.