In today’s world – where entrepreneurship is vibrant and marketing is ever-evolving – what does it really mean to witness the two disciplines come together and help create a winning strategy in the competitive business environment? This “convergence between entrepreneurship and marketing, especially in Asia – was the theme of MarketPreneurship – an Asian Marketing Forum organized by the Marketing Institute of Singapore (MIS) in Singapore, at Grand Copthorne Hotel on 16th March (Friday).
The event witnessed Mark Laudi, CEO, Hong Bao Media, at the host, and a host of renowned speakers, including Hermawan Kartajaya, MarkPlus Founder and Chairman, and Founder of Asia Marketing Federation (AMF) – a body which MIS is part of. The Asian Marketing Forum was preceded by the AMF Board Meeting, chaired by Gwen Albarracin, President, AMF, on 15th March, at the Arts House, Old Parliament, in Singapore.
Hermawan Kartajaya, as a keynote speaker at the MarketPreneurship Forum, talked about how can businesses navigate in the ‘unpredictables’ era. In today’s world, where fake news is rife and bad news travels must faster, it is essential for busiensses to ensure that technology is used ‘for good.’ Also, he explained how we were living in a VUCA world – one marked with Volatility, Uncertainty, Complexity and Ambiguity. In particular, VUCA with regard to the 4Cs: thus, there was Volatility in Change, Uncertainty in Competitor, Complexity in Customer, and Ambiguity in Company. Considering this, it was hence important for businesses to counter VUCA with DAMO – Discovery, Adventure, Momentum and Outlook.
In discussing some competitive marketing case studies, Mr. Hermawan exemplified how simply discovering a new opportunity was not enough, as Kodak – the famous camera company which actually invented the first digital camera in 1975 – failed to make a right strategic choice by ignoring the potential of digital cameras. In another example, Compaq, the now defunct PC company, went on a mission to dominate nearly every aspect of the computer industry and the subsequent M&A activity distracted the company away from its main path – an adventure gone wrong.
The MarketPreneurship Asian Marketing Forum witnessed many other esteemed speakers, including Tan Sri Rafidah Aziz, Former Malaysia Cabinet Minister who spoke about the spirit of entrepreneurship and marketing in Asia, and how to address the unique challenges and opportunities facing marketers today. Tan Sri emphasized how marketing and entrepreneurship have always gone hand-in-hand for businesses but in the digital age today, the convergence was ever more important.
Dr. Donald Patrick Lim, Country CEO of Dentsu Aegis Network Philippines spoke about the digital transformation Imperative, where in brands today face multiple challenges related to retaining talent, creating new innovative products, increasing revenues and managing a lean organisation, in this digital age. He asserted that, digital, while it may be a buzzword today, very few people actually understand that digital is actually an age – after the renaissance age and the industrial age. We are now in the age of digital, where we are experiencing a collaborative economy era. The balance of power now lies with consumers and customer experience can make or break your marketing efforts.
Dr. Hooi Den Huan, Associate Professor in Marketing and International Business, Nanyang Business School, Nanyang Technological University, talked about Marketpreneurship in a RUDE environment wherein businesses, whether public or private, require marketpreneurship and how can they utilize it in successfully leveraging the opportunities in a digital environment.
The event went on with plenary sessions chaired by representatives of National Marketing Associations of various AMF member countries which talked about marketing and entrepreneurship in their respective regions. There was also an awarding ceremony organized by the AMF to recognize Asia’s Top Outstanding Youth-Women-Netizen Marketeers of the Year 2018. Finally, Dr. Fahim Kibria, CMO at the Kotler Impact Inc. talked about the upcoming World Marketing Summit and future trends in 21st century marketing.