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Marketing guru Philip Kotler asks Bangladesh to work on its potential
Marketing guru Philip Kotler suggested Bangladesh and its corporate leaders should focus on developing global brands for sustainable development.
Bangladesh and China have no global brands although the populations of the two countries are higher than that of many other countries, said the marketing guru. Whereas, many countries like Switzerland with a population of only seven million have a good number of international brands, he said.
“I think a large country like Bangladesh with 160 million people should develop strong international brands in certain industries by emerging as a centre of excellence,” said Kotler who visited Bangladesh last week.
For achieving that, the country should identify its priority sectors and develop expertise in those to ensure faster economic progress, he added.
“You don’t need to be good in every aspect of the economy,” he said. “Study the best companies in each industry, choose industries you want to excel in and then reach out,” said Kotler.
Kotler visited the country for the first time on an invitation from Bangladesh Brand Forum. He took part in a number of sessions with the media, academics, young marketers and corporate leaders here.
The 80-year-old professor of international marketing at JL Kellogg Graduate School of Management of Northwestern University in USA is acclaimed for writing textbooks on marketing and broadening the idea of marketing.
He became an icon in the academic arena for popularising a groundbreaking theory of marketing — the Four Ps (product, price, place and promotion).
Kotler said Bangladesh is doing well in readymade garments, pharmaceuticals and food production, but still it has not worked out in which sector it wants to be a pioneer.
”Your garment goes to Marks and Spencer. Made in Bangladesh has got a good meaning,” he said.
He said Bangladesh has to promote the brand “Made in Bangladesh” as brand is a story and marketing is telling the story.
Kotler suggested Bangladesh should focus on widening its industry base, which generates more foreign exchange through export and also attracts foreign capital.
”Marketing really means creating fans. The magic of marketing lies in being present at the right time with the right product at the right place with the right people. The great companies always build community,” he said.
Kotler wants to see Bangladesh on the world map with some of its great companies so that they have fans worldwide.
“The country is good in disaster management,” said Kotler. “So the government should brand it globally as ‘Solution Bangladesh’.” Bangladesh should be included in the BRICS (Brazil, Russia, India, China and South Africa) as it is a big country in terms of population, he added.
“To brand Bangladesh better, the people concerned should run a good campaign in those countries about which Bangladesh wants to know a lot and in which it wants to sell its products or services in increasing volumes.”
The professor asked Bangladesh to target an exclusive section of people abroad, especially those who have capital. ”You don’t need 6.5 billion people of the world to know about you,” he said.
Kotler stressed the need for a strong tourism industry, saying it plays an important role in portraying a good image of the country among people abroad.
He suggested providing a positive experience to the customers because it is an essential tool in developing attraction and affection towards the brand or in other words, becoming a fan of the brand.
For example, Volvo is not only a product but it also portrays the experience of using the product, he said. Kotler suggested developing a brand that touches people’s mind as well as heart.
Kotler also asked the marketers to focus on value driven marketing approach, which is known as ‘Marketing 3.0’ model.
The model of ‘Marketing 3.0’ treats customers not as mere consumers but as complex, multi-dimensional human beings. “Today’s customers are choosing products and companies that satisfy deeper needs for creativity, community and idealism.”
So, the old rules of marketing will not help them do this. The corporate houses should focus on value-based marketing.
He said an average company does not last long. “Ethics and values of companies are most important issues in branding and marketing.”
About marketing of public services, he advised bureaucrats to set a target and evaluate the performances against the target, and arrange training for their subordinates. He asked the government and private companies to develop and foster a culture of innovation to win the heart of the customers.
He said Bangladesh can follow the example of Japan, which made better and cheaper products to lift its economy from the devastation of the World War II.
“Japan, after the Second World War, started copying US products, but they made it better and cheaper,” he said, adding that the strategy helped Japan win. After four to five years, the US manufacturers started envying the Japanese, the marketing boss said.
”You can always win the market through making better and cheaper products.”
“Bangladesh is a sleeping tiger which will rise, strike and win.” Kotler said he will provide assistance to Bangladesh for hosting World Marketing Forum where the country will be propelled into the global arena.
World Marketing Forum is a unique venture where some of the world’s most influential marketers, academia, corporate leaders and development experts will gather to find solution to some of the biggest global challenges.
The forum aims at creating a better world through marketing. During the first year, education, health, food and environment will be discussed.
-With The Daily Star input
