Posted November. 24, 2017 09:16,
Updated November. 24, 2017 09:42
Dr. Philip Kotler, professor of at Kellogg School of Management at Northwestern University, called on Korea to do more for its economic growth at a recent interview with The Dong-A Ilbo in Toronto, Canada, saying, “Digitalization is an opportunity that opens up and grows industries.”
The world-renowned marketing scholar pointed out that Korea needs to know who it is competing against: China is producing global social media firms and Japan is making aggressive investments in robots. In particular, Dr. Kotler made a prediction on Chinese social media firms such as Alibaba, Baidu and Tencent, saying, “They will become even bigger through mergers and acquisitions to branch out their operations in the Western market, and eventually contribute to making China the No. 1 economic powerhouse in the world.”
“Korea should create its own version of Tencent and Alibaba,” said Dr. Kotler. “Korea has competitive companies such as Samsung, Hyundai Motor and Kia Motors, and LG, which have produced world class products. These successful manufacturers should help open the service industry and come up with desirable strategies.”
In addition, he stressed the need for tax incentives and support for the low income class in preparation for the “jobless world,” which is expected to arrive with the emergence of artificial intelligence and robots. Dr. Kotler recently published a book called “Market 4.0” that deals with the marketing strategies for the digital era.
He will deliver a keynote speech at the 2017 Dong-A Business Forum, which will be held at Shilla hotel in Seoul under the theme of “Growth Strategy in the Era of Fourth Industrial Revolution”