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BIBS marketing batch was blessed to have attended the Masterclass held on 28th November 2020, organized by the Confederation of Indian Industry. Very few Business school students get to experience of getting input from a world-renowned American author and consultant. Prof. Philip Kotler- the man behind every marketing book considered biblical in B-schools of India and the rest of the world, gave the students precious four hours of his life sharing his wisdom with the students.
Kotler's Indian Connection
Mr Kotler began this session by thanking the organizers from CII and later went on to profess his love for India. He had first come to India in 1955 for a research project sponsored by the Ford Foundation and stayed for an entire year. He particularly loved his time spent in Bombay (now Mumbai), Delhi, Jaipur, Agra and Calcutta (now Kolkata).
He described his visit to India as a mind-opening experience. This was probably why he returned for six more visits to the country for one-day or two-day business conferences. Hence, it is not a surprise that Mr Philip Kotler has a good understanding of the Indian population and the culture on a deeper level.
The Presentation
Mr Kotler has been the undisputed marketing guru for the last five decades and has penned books like Marketing Management, Marketing of Nations and Marketing Insights from A to Z. Therefore, it was pretty apparent that he presented the slideshow, students listened patiently to what he had to say.
Brand More Important Than The Product?
Mr Philip Kotler began the presentation by focusing on the importance of brand illustrations and imagery. He explained how brand image takes precedence over the product itself by quoting the Advertising guru, David Ogilvy, who presented it with an example of Grand Dad and Taylor- two kinds of whiskey.
Reputation Over Affordability
At multiple points in the presentation, Mr Kotler skillfully displayed how important branding can be for marketing. Those products that fail to do so end up being restricted to just being commodities. He took the example of two brands of cars - Toyota Corolla and Chevrolet Prizm from a particular case study. In that case study, it was found that Toyota sold higher than Chevrolet despite being identical in features and Toyota being more expensive. This is how impactful branding can be! People will always prefer the name over affordability.
Branding Matters
Another example of powerful branding that he mentioned was Harley's. The way the brand has managed to sell motorcycles, eateries, apparel, beer, and pretty much anything under the roof, all because of one name, further establishes the power of branding.
Prof. Kotler himself is a brand in every right, and therefore it was quite impressive when he mentioned Madonna and Calvin Klein'sKlein's likes to explain how even people can become huge brands.
Every Detail Matters
In this day and age, from services to retailers to corporations and even B2B companies that don'tdon't usually interact with end consumers, are being branded. Today, brands have to pay attention to every detail about anything that is put out in the public domain whether it's the right logo, the right slogan, the suitable theme, the right colours, etc.
Hitting The Right Emotional Chord
Another important and probably more important point that he covered is how brands today are no longer just about their contents but also about the experience they provide. The same regular coffee cup you would prefer to make at home and avoid buying outside will become a more desired product if it comes to a Starbucks cup. Brands should focus on good storytelling and touch the right emotions and senses of the target customers. If brands don't want to be lost in the crowded markets of the 21st century, they must find their own unique identity that is difficult to replicate.
An Experience of A Lifetime
Prof. Philip Kotler is synonymous with marketing books in India and the rest of the world. He is an example of a brand that people trust and easily rely on. His amazing work in the field of marketing as well as education has been revolutionary and contribution’s unmatched. The students of BIBS will forever cherish this once-in-a-lifetime experience with the legend.
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