Summary of Dr. Philip Kotler and Sonali Krishna Video Conversation

[pic 1]   [pic 2]

MASTER OF BUSINESS ADMINISTRATION (MBA)

SEMESTER 1, 2016/2017

BM6053 MARKETING MANAGEMENT

TALK 10%

Title: Summary of Dr. Philip Kotler and Sonali Krishna Video Conversation

PREPARED BY

AMIRA BINTI AZHAR

MB1612015T

SUBMIT TO

DR. AZAZE @ AZIZI ABDUL ADIS

DATE OF SUBMISSION

13th November 2016

The video shows the conversation between Dr. Philip Kotler (Marketing Guru) and Sonali Krishna (Economic Reporter) that discussing about marketing issues. 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. According to Management Centre Europe, he is hailed as “the world’s foremost expert on the strategic practice of marketing. From his first book in 1967 until now in its 14th edition, he is known to many as the author of what is widely recognized as the most authoritative textbook on Marketing Management.

Based on the video, Dr. Philip Kotler had explained the marketing revolution and the marketing function are still progressing until now. Several years ago, people are only rely on sales forces where the terms ‘marketing’ are not relevant or rational for business. But the extra people of sales forces helps the salesman to do some marketing research and also any tools to sell the product like brochures, advertisement and so on. They are mostly known for a group of communication and also do the 30 seconds television commercials. Over the time, this scenario make people are more realize that there is a need for a marketing department where there are needs for promotion. After that there is a need of 4P’s to be implement but before that we must know who is our customer first to make the targeting, segmentation and positioning.

Besides that, Dr. Philip Kotler also give opinion on the rising of digital marketing where he said that using digital as a medium of marketing is still underdone. This is because more companies are still hesitant of this advancement. They still use 30 seconds television commercials which required a lot of cost but by using digital marketing they can cut the cost. According to Dr. Philip Kotler, the traditional marketing and digital marketing have 50:50 ratio respectively in terms of the usage. In the video also, there is also an explanation about emergence of Chief Marketing Officer  (CMO) title. This CMO title is significant in terms of the emergence because now a days, more than 3000 CMO sit together with other executives (CFO, CEO and others) discussing and make a business decision to satisfy customer needs. The relationship between CMO and CFO actually needs to be strengthen as they correlated to each other. CMO and team need adequate budget to execute the marketing strategy and they have to convince the CFO on the benefits of the marketing plan or strategy. This relationship also will affect the struggle between marketing and procurement.

...