DHAKA NEWS
Hasina suggests balance between business and consumer interests at World Marketing Summit
Prime Minister Sheikh Hasina yesterday said marketing must promote the wellbeing of consumers and enhance public good at national, regional and global level instead of limiting itself to expanding markets for products and services only.
"Marketing is traditionally considered a vehicle for expanding markets for products and services where the overall benefits for consumers are generally not treated as the primary consideration."
"Can we think of marketing as a tool for moderating both consumers and market behaviour in such a manner that brings greater balance between business interests and consumer interests?" she said.
The premier spoke at the launch of the three-day World Marketing Summit at Bangabandhu International Conference Centre in Dhaka.
The first of its kind, the event is the global initiative of the world's most renowned marketer Prof Philip Kotler. It is being co-hosted by the foreign affairs ministry of Bangladesh. The theme of the event is "Creating a better world through marketing."
The summit provides a platform for marketing and branding gurus to discuss how marketing principles, tools and insights may be used to solve world problems.
About 60 business leaders, entrepreneurs and heads of corporate bodies from across the world are taking part in the summit.
In her speech, the prime minister also called for a global marketing policy to moderate both consumers and market behaviour.
"We should give priority to customer-focused growth that creates decent employment and ensures social benefits in the areas of health, education and governance,” she said.
Hasina said the conference must include an examination of how marketing can play a catalytic role in equitable development.
Kotler, founder of WMS and a professor of International Marketing Kellogg School of Management, Northwestern University, IL, USA, said the conference would help countries, including Bangladesh, use marketing as a tool for creating a better world for everyone.
The conference will also focus on what corporations can do and what the responsibilities are of the big companies to the rest of society, he said.
The expert said many companies supply products and deliver services maintaining almost the same level of quality, but not all companies win the hearts of the consumers. "What helps a company to stand out and stay in the minds of the public? It is the company that cares for the customers."
Kotler believes that winners are going to be those companies that work on the issues that undermine not only the people but also the products they are concerned with.
"There are many ways for helping people live a healthier life."
Dr Supachai Panitchpakdi, secretary general of United Nations Conference on Trade and Development, said marketing should be a vehicle for human development.
Foreign Minister Dipu Moni said, "The inputs and ideas generated through the summit can help us -- the politicians and policymakers in particular -- around the globe to shape societies based on fairness, equity and mutual benefit."
She hopes the new forum would help envision a global order that optimises utilisation of resources, minimises wastage, reduces inequity, but maximises value, utility and satisfaction.
Mostafa Kamal, additional foreign secretary, said the summit would help bridge the gap between producers and consumers, markets and societies and ideas and realities.
Bangladesh has been selected as the host country for the first two editions of the global event, as the country represents the third world and has performed fairly well in the last decade
