Source: Chicago Humanities Festival
Some time ago, I was speaking with a group of young people about marketing and at the time I wished I had a video which was both entertaining and informative. Well as it happens, yesterday I was trawling the internet and I stumbled across this video of Philip Kotler speaking at the Chicago Humanities Festival. I like it because Philip explains things in such simple language, whilst still providing enough information to be of interest to those more experienced. He also defined two topics which you'll find interesting. I've transcribed these for you in case you're interested.
to watch the video on YouTube.
What is the Expected Role of a Chief Marketing Officer?
- Represent the voice of the customer
- Monitor the evolving business landscape and gather customer insights
- Be the steward of the corporate brand
- Upgrade marketing technology and skills in the company
- Bring insight into the corporate portfolio and synergies
- Measure and account for marketing financial performance
Characteristics of Firms of Endearment
- They align the interests of all stakeholder groups
- The executive salaries are relatively modest
- They operate an open door policy to reach top management
- Their employee compensation and benefits are high for the category
- Their employee training is longer
- Their employee turnover is lower
- They hire people who are passionate about customers
- They view suppliers as true partners who collaborate in improving productivity and quality and lowering costs
- They believe that their corporate culture is their greatest asset and primary source of competitive advantage
- Their marketing costs are much lower than their peers while customer satisfaction and retention is much higher