Marketing Theory & Contemporary Issues

IIM Calcutta, MBA 2nd Year, Term 5, 2024-25

Prof. Chandradeep (CD) Mitra
© Chandradeep (CD) Mitra
 What is this
course really
all about?

What are you

expecting
from this
course?

What should
a course
like this cover?
© Chandradeep (CD) Mitra
 There could be different ways of
© Chandradeep (CD) Mitra approaching a course like this...
 I’ve chosen to adopt two parallel perspectives,
partly inspired by two thought leaders of Marketing Theory
© Chandradeep (CD) Mitra
 Thought Leader #1

© Chandradeep (CD) Mitra

 Considered one of the most important
marketing theorists & often called the
“Father of Modern Marketing”
Founded famous Marketing Consulting
firm Alderson Associates, was President
of the American Marketing Association &
was also a Professor at Wharton.
According to many experts, his book
‘Marketing Behaviour & Executive
Action’ (1957) marks the start of the
Marketing Management Era

His major contribution to Marketing Theory is

his interdisciplinary approach, borrowing
from and engaging experts from other fields
Wroe Alderson such as Psychology, Philosophy, Behavioural
© Chandradeep (CD) Mitra (1898-1965) Science and Anthropology
 By changing our viewing lenses & borrowing from other disciplines,
can we add newer, more relevant and contemporary
© Chandradeep (CD) Mitra perspectives to Marketing Theory?
 The first part of this course will try to leverage this hypothesis –
that Marketing Theory can progress & remain contemporary
largely at the intersection of other disciplines, by borrowing
widely from advances in other fields of knowledge
© Chandradeep (CD) Mitra
 What disciplines can or have added value to
Contemporary Marketing Theory & Practice?

© Chandradeep (CD) Mitra

 Can Marketing Theory be enhanced by
Contemporary Perspectives from...
• Classical Economics
• Behavioural Sciences
• Sociology
• Anthropology
• Psychology
• Biology
• What Else?
• Technological Innovation
• Social Trend Mapping
• Design Thinking
• Evolutionary Psychology
• Behavioural Economics
• Cognitive Neuroscience
• Ethics & Sociological Issues
© Chandradeep (CD) Mitra • Environmental Factors…
 Thought Leader #2

© Chandradeep (CD) Mitra

 Distinguished Professor, Kellogg School,
Northwestern University, Authored 60+ books,
also called ‘Father of Modern Marketing’
Coined Societal Marketing concept for the
first time in a 1972 HBR article
Proposes that Marketers have a greater Social
Responsibility than simply satisfying
customers. Marketing should not harm anyone,
including the Environment, but strive for
Overall Well-Being of All Stakeholder Groups.
The Characteristics of Societal Marketing:-
• Marketing Theory & Practice should include
Social & Ethical Considerations
• Consideration of Consumer Rights, Unfair Pricing &
Ethics in Advertising
Prof. Philip Kotler • Balance Needs of All Stakeholders
(1931- ) • Consider Environmental Impact of Marketing
© Chandradeep (CD) Mitra
 The second part of this course will expand on this perspective –
that Marketing should serve & balance the needs
of all stakeholders in human society & the environment
© Chandradeep (CD) Mitra
 What are all the Stakeholder Groups that
Marketing should serve & balance the needs of?
• Shareholders
• Customers
• Employees
• Partners / Suppliers
• Community
• Larger Society
• Environment...
© Chandradeep (CD) Mitra
 There are some fundamental questions
that we can ask ourselves during this
course & try to find answers to them…

© Chandradeep (CD) Mitra

 What is the Purpose of Marketing?

Has the perspective evolved? How should it change?

© Chandradeep (CD) Mitra
 a

a
a

© Chandradeep (CD) Mitra

 “Marketing is not only much broader than selling,
it is not a specialized activity at all.
It encompasses the entire business.
It is the whole business seen from
the point of view of its final result, that is,
from the customer’s point of view.”
Peter Drucker
The Centrality of Customers in Business & Marketing (‘Customer-Centric’)
Customers are the ‘Cause’ as well as the ‘Final Result’ of a Business
Marketing is an upstream, midstream & downstream business function
© Chandradeep (CD) Mitra
 “Because the purpose of business
is to create a customer,
every business enterprise has two –
and only two – basic functions:
Marketing and Innovation.”
Peter Drucker
Vital Importance of Marketing for every Business
Critical Connection between Marketing & Innovation
Linked to only Purpose of Business – Customer Creation & Retention
© Chandradeep (CD) Mitra
 a

A Few More Important Questions…

Do Marketers always do what is in the best interest of Customers?

Can Customers be manipulated or exploited by Marketers?

Is satisfying all Customers Needs necessarily good for them?

Is satisfying all Customer Needs necessarily good for the community or society?

Is satisfying all shareholder or customer needs good for the environment?

How do you begin to search for the right answers to these questions?
© Chandradeep (CD) Mitra
 So this year’s MTCI course will aim to have 2 primary thrust areas...

First, adopt an Inter-Disciplinary View of Marketing to try & evolve

various Contemporary Perspectives of Marketing Theory & Practice

Second, take a Multi-Stakeholder View of Marketing to make Marketing

more Responsible & Responsive towards Contemporary Societal Issues
© Chandradeep (CD) Mitra
 Thank You ☺

© Chandradeep (CD) Mitra [email protected]