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Home arrow Marketing Research News arrow Company News And Announcements May - December 2008 arrow Throw Out Marketing's 4Ps,It Is Now Time For The 5 Ms!
Throw Out Marketing's 4Ps,It Is Now Time For The 5 Ms! PDF Print E-mail
Written by ADOI   
08 Dec 2008



Ex Global Marketing Officer of Procter & Gamble Jim Stengel gave a stinging account of how the marketing landscape is heading, quoting authors who has made similar predictions way before the current world financial meltdown.

Jim, who recently retired as Global Marketing Officer of Procter & Gamble, oversaw a US$8 billion advertising budget and had organizational responsibilities for nearly 7,000 people. A prolific writer and speaker, Jim is best known for having invigorated P&G’s marketing culture.
Speaking at the inaugural star-studded Global Brand Forum event in Malaysia today, he started by paying tribute to Malaysia’s commitment to the Malaysia’s Most Valuable Brands (MMVB) study done by the industry with partners Interbrand and The Edge.

Jim’s 5Ms encompass: 

Make Brand Ideals the Foundation. He cites how Brand China took off with the Olympics Opening Ceremony reflecting its people’s will, talent and character. As a result, the previous snide remark of ‘Made in China’ is back with a new sense of pride in ‘Made By China’.

Master the Power of Inclusive Marketing. Using Samsung as a case in point Jim articulated how everyone is a stakeholder in the branding process. From the Chairman of Samsung all the way down to the consumer.

Manage People Not Objectives. Conceding that this is a difficult mantra to execute, he convinced the packed ballroom at the Palace of Golden Horses that managing people who create, promote and consume the brand will naturally lead to financial success. Not the other way round.

Mission Drives Margins. Jim questioned the text-book approach to success as he spoke about how managing inspirational ideals automatically aligns organizations into the correct forward-thinking mindset. He referenced how the fortunes of Pampers, P&G’s No. 1 brand, shifted when he repositioned it from a nappy-diaper-thingy into a proposition that helped mothers in their babies’ development.

Measure what Matters. Jim says the metrics has changed. Measurement of results must take into account Emotional Equity and the humanity of brands. Sharing notes from the book Firms of Endearment, he said that this has been proven statistically.

In closing, his parting statement challenged the mood of the current economic scenario: “The Time for Asia is Now!”

Malaysia’s Deputy Prime Minister YAB Datuk Seri Najib Tun Razak also sat in the ensuing panel discussion and conferred the GBF Malaysian Brand Icon Award to AirAsia CEO Dato’ Tony Fernandes. Tony looked euphoric than ever with the ‘opening of the skies’ between Singapore and KL which saw his low-cost carrier begin the first of its seven daily flights from Singapore to Kuala Lumpur on Monday!

Last Updated ( 04 Jan 2009 )
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