Philip Kotler -The Father of Modern Marketing-Keynote Speech-The Future of Marketing

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On the 2019 Kotler Future of Marketing Summit(Beijing, China), Keynote Speech was given by Philip Kotler on the topic of “What’s next? The Future of Marketing.”

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Date: October 22, 2019
Marketing

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30 thoughts on “Philip Kotler -The Father of Modern Marketing-Keynote Speech-The Future of Marketing”

  3. 9:12 Go from being product centered to customer centered. Focus on talking about the customer and what the customer needs and wants.
    10:13 Branding is usually a value proposition, should express the value you’re creating for customers. Value proposition is best described as your positioning against your competitors — what is your differentiation? What are you about?
    19:16 Diagnosing and reverse-engineering poor sales
    20:35 Ideally, all CEO’s would come from marketing—but rarely do. Marketing geniuses commonly don’t know finance. Conversely, most CEO’s are lawyers, accountants or finance people.
    22:04 ME Marketing is everything. The company’s job is to create value for customers in a specific market. Everyone’s job is “think customer.”
    32:30 Your own employees and customers should be brand ambassadors (advocates) for your company. * They smile, greet people, they care and are proud of their company. It’s tragic to have a good product but don’t treat your employees well. *Not only do you market to your customers, but more importantly is to market to your employees.
    33:44 Marriott hotels, the employee is #1, customer is #2. Because if the employees are good, the customer gets a really good experience. Not just hospitality—being a good “host” or service. You’re not going to succeed unless you’re delivering a special experience, not just a service. “Experiential marketing.” Going into a shop to buy something, have they thought about making it a good experience? Or is the clerk quiet and not helpful?
    37:06 You need customer foresight, because a customer today will change tomorrow. Where are customers moving?
    37:40 Predicting competitors’ response to X, Y, Z behavior. Develop insight about competitors today, but foresight into where they’re moving.
    41:20 Innovate or die. If we innovate we die too—if the innovation fails. You can still die if innovation is not strong or impactful enough (poor attempt)—but it’s no excuse for not innovating (where you’ll surely die).
    42:00 VC firms invest in 10 startups, only one is successful but is so much that it pays for all the other 9 failures.
    43:45 Engineers are wonderful people, but they see everything in black and white. Products they create are too complex, assume too much intelligence. Have innovation in the mix, but not marketing.
    42:37 Perfume packaging is more important than the perfume
    44:40 Never hire a consultant who wants cash. Offer some stock—whether the business got better from their advice.
    45:25 2 company types: Company that’s good at innovating but poor at marketing. Didn’t ask if the customer would really like it. Company that’s good at marketing but not innovation—bad too.
    45:47 Peter Drucker. Companies success depends on having BOTH great innovation and great marketing.
    54:31 The Japanese love quality (Deming award). China got into markets on low cost and average quality. Future of CN is to make great products, to sophisticate products.
    56:12 Maximize the welfare of the stakeholders, not just the shareholders. When you make profits, share the profits with those who contributed to the profits—and you will be better at profits when you share with stakeholders— because they all have something to gain.
    57:28 What is the purpose of your business? What are you doing about the environment (except harming the environment)? Do you care about poor people or low wages—if not, who will buy your products? If you don’t leave enough money in the hands of people to buy necessities, you’re going to close—only rewarding shareholders is suicidal thinking.
    58:25 CSR – Corporate social responsibility. Originally took the form of philanthropy (donating to social causes). Philanthropy is no longer enough—especially if your company is harming the environment. CSV – Corporate shared value. Sharing the value with the stakeholders (Michael Porter).
    59:52 Brand activism – companies that have a cause, usually related to their business (then we believe more in their sincerity). Your brand should stand for your value proposition, but it should also now show your values as an organization—do you care about more than just moneymaking? Your brand should be an active brand—something in charge of making the world a better place. Share what you think your Co’s values are.
    1:01:52 Tell a story, very important to enliven your brand with a story about how you were created. HP started in a garage. Make your product excellent, do it dramatically and tell your story.
    1:03:08 World-class marketers' responsibilities for the 21st century = responsible for company growth, expressing the customer's values in relationship to the company's values (Mr. Customer, we know your values, and their our values too), have an entrepreneurial and innovative culture, continuous opportunity scanning & scoring, scenario planning, use big data and market analytics to get more customer insights, use a combo of old & new marketing, aim at achieving customer engagement/advocacy & brand ambassadorship. 
    1:04:30 Within 5 years, if you're in the same business you're in today, you're going to be out of business—because the world's been changing, and you haven't changed.

  10. I very much respect PK work on Marketing just not Economics. Tariffs worked fabulously until Fed Income Tax – that was supposed to be temporary – Never trust your lying Gov't. Woodrow Wilson & FDR are 2 of the worst Marxist ever

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