Dear Tran Hoang
First of all, from a health and life perspective—I hope that you and your families are doing fine in this unprecedented time of coronavirus crisis. I do hope that you and your loved ones are safe and healthy.
It is a difficult and uncertain time for all industries, including travel, meetings, and services. We all have to adapt to new behaviors in our day-to-day life. We have to practice frequent hand cleaning, social distancing, face mask wearing, and in some cases lockdowns and in-home living and working. We need to maintain a positive hopeful attitude and come up with new ideas and learn new skills. The crisis focuses us on how important our family, friends and associates are in our work and recreational life.
From the business side, we have to make tough decisions about staffing and postponing meetings and events. We all face cash flows that are drying up. The immediate need is to adopt survival measures. At the same time, we have to consider the long run consequences of our decisions for retaining our valued customers and stakeholders. Everything we do will reflect on our brands, values and purposes as a firm.
I remember how companies were hit so hard in the Great Recession 10 years ago. I worked with my friend John Caslione to develop a handbook for responded to the chaos of the times. The American Management Association published Chaotics: The Business of Managing and Marketing in the Age of Turbulence. Many of the moves discussed at that time in Chaotics are still useful in saving your business today.
Many companies today are experiencing deep disruption from rapid changes in their customers’ behavior, from the entrance of new competitors, and from the impact of Covid-19. Yet there can be hope. What could be worse than for companies to lose their whole market? This happened to Kodak and Fujifilm when cell phones with cameras destroyed the photo film market. Kodak collapsed and went bankrupt. But Fujifilm’s CEO, Shigetaka Komori, didn’t give up. Instead he told his managers and employees that Fujifilm has a treasure house of patents and ideas, many of which would lead to new businesses. He convinced his managers and employees to stick with him. Today Fujifilm is bigger and better than it was in the past. Fujifilm managed this by recognizing Peter Drucker’s insight that Innovation and Marketing are the two foundations for company survival and growth. CEO Komori supplied the Innovation and he joined it with plentiful applications of Kotler’s marketing. The book is called “Never Stop – Winning Through Innovation.” An attachment carries a picture of the book’s cover.
I have recently published an article entitled “The Consumer in the Age of Coronavirus.” I predict that this period of deprivation and anxiety will usher in new consumer attitudes and behaviours that will change the nature of today’s Capitalism. The fruits of Capitalism must be shared more equitably by all its stakeholders, not just the owners. My article is attached for your review.
As for our mission to Create a Better World Through Marketing, we “NEVER STOP”. Our various projects such as World Marketing Summits (WMS), Kotler Business Program (KBP), Kotler Marketing Award Ceremonies and new books and readings, continue. We will keep you posted on new/latest developments. My associates, Sadia and Fahim Kibria will keep you informed at all times.
Last but not least, we need to rebuild our health care system, our education system, and our family support systems. Citizens must be healthy, well-educated, and family and socially oriented to make the world a better place for more people.
I wish you all the best on the personal and business side as we work through this time together.
18 April 2020
Mời anh chị xem bài của Giáo sư : The Consumer in the Age of Coronavirus.