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The Master of Marketing (Sara/Mana edition)
If you know anything about marketing, you know this name: Phil Kotler. Here's an interview that is required reading for everyone in business.
By Matt Walsh
Editor
On May 10, Phil Kotler, a part-time Longboat Key resident for about 25 years, will take the stage at Radio City Music Hall in New York City with nine of the most influential business and political people in America. He will be standing shoulder to shoulder with former President Bill Clinton; former New York Mayor Rudy Giuliani; Jack Welch, retired chairman and CEO of General Electric; Lou Gerstner, former chairman, CEO and turnaround hero of IBM Corp.; Jim Collins, author of the popular business book, "Good to Great: Why Some Companies Make the Leap... And Others Don't"; Anne Mulcahy, chairman and CEO of Xerox Corp.; Michael Porter, the Harvard professor considered the world's greatest authority on competitive strategy and international competitiveness; Jeremy Siegel, a Wharton professor of finance and author of one of the most popular stock market books of all time, "Stocks for the Long Run"; and Ben Zander, conductor of the Boston Philharmonic Orchestra and a recognized authority on creativity, transformation and leadership.
Kotler and these other nine luminaries will give presentations to nearly 4,000 registrants - each of whom will pay between $1,800 to $2,400 - at the two-day 2004 World Business Forum.
Who is Phil Kotler?
Like the others, he's a legend.
Officially, Kotler is the S.C. Johnson & Son Distinguished Professor at the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago. But in the world of marketing - and throughout the world - Kotler is regarded as the foremost expert on marketing.
He wrote the book on it. In fact, he has written 34 books on marketing (see accompanying list). His first, "Marketing Management: Analysis, Planning and Control," became and has remained for 34 years the seminal college textbook on marketing. Kotler wrote that book in 1967 and has revised it 10 times; it also has been printed in more than 13 languages. This year, Kotler will write three more books to add to his marketing library.
"Phil Kotler is the marketing professor for every businessman in the world," says Jose Salibi Neto, founder of HSM Group, an international executive education company and producer of the World Business Forum. "In overall marketing thinking, no one knows more than Kotler. His books have sold millions of copies worldwide and have been translated in just about every possible language. The most amazing thing is that his book, "Marketing Management," has been the leader worldwide with several updated editions, and no competitor has been able to get close to him. Anyone who has to study marketing anywhere in the world has to study his books and thinking."
Kotler's breadth of knowledge on marketing is so revered that his list of consulting clients are the best and biggest in the world - General Electric, IBM, Bank of America, Merck, AT&T, Michelin, to name a few. Around the world, Kotler is a business celebrity. He travels every year to Stockholm, where he attracts 800 to 900 of the country's leading executives for a briefing on the latest trends in marketing. He goes to Milan, Italy, every year for a two-day Kotler seminar. And he travels regularly - in some cases annually, in other bi-annually - to London, Zurich, Frankfurt, Mexico, Brazil, Chile and Thailand, where he draws hundreds of Kotler fans.
Kotler's wife, Nancy, chuckles when she tells the story of one of Kotler's visits to Bangkok a few years ago. After Kotler finished his presentation, a throng of Thai business executives and college students mobbed him in the lobby of the hotel, thrusting napkins and sheets of paper at the bespectacled Kotler for his autograph. Mrs. Kotler stood off to the side of the crushing crowd with two Americans who had just checked in. Amazed, one of the Americans said to the other: "Who is that bald guy? Do you think he's a rock star?"
GCBR had the honor recently of interviewing Kotler at this Longboat Key condominium. What follows is a lesson on marketing that will give you a glimpse of Kotler's expertise and send you rushing to the book store for more:
How do you define marketing?
Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Marketing is often performed by a department within the organization. This is both good and bad. It's good because it unites a group of trained people who focus on the marketing task. It's bad because marketing activities should not be carried out in a single department but they should be manifest in all the activities of the organization.
What would you consider among the chief misconceptions about effective marketing that are still operating in today's companies. Who isn't "getting" it?
Marketing is a terribly misunderstood subject in business circles and in the public's mind. Companies think that marketing exists to support manufacturing, to get rid of the company's products. The truth is the reverse, that manufacturing exists to support marketing. The company can always outsource its manufacturing. What makes a company is its marketing offerings and ideas. Manufacturing, purchasing, R&D, finance and the other company functions exist to support the company's work in the customer marketplace.
Marketing is too often confused with selling. Selling is only the tip of the marketing iceberg. What is unseen is the extensive market investigation, the research and development of appropriate products, the challenge of pricing them right, of opening up distribution, and of letting the market know about the product. Thus marketing is a far more comprehensive process than selling.
Marketing and selling are almost opposites. Long ago I said: "Marketing is not the art of finding clever ways to dispose of what you make. Marketing is the art of creating genuine customer value. It is the art of helping your customers become better off. The marketer's watchwords are quality, service, and value."
Selling starts only when you have a product. Marketing starts before there is a product. Marketing is the homework the company does to figure out what people need and what the company should make. Marketing determines how to launch, price, distribute and promote the product/service offering in the marketplace. Marketing then monitors the results and improves the offering over time. Marketing also decides when to end the offering.
All said, marketing is not a short-term selling effort but a long-term investment effort. When marketing is done well, it occurs before the company makes any product or enters any market; and it continues long after the sale.
What are some basic things that nearly all businesses engage in that you consider marketing but which many business people may not realize is marketing?
Businesses fail to realize the full extent of their marketing activities and costs. For example, The Red Lobster chain is planning to change the decor of its restaurants. This will probably appear in the books as a paint or maintenance expense. But it is actually undertaken to market better to customers. Or consider a bank that invests in an expensive Customer Relationship Management (CRM) software system and lists it as an information technology (IT) expense. But it really is done to improve the bank's marketing effectiveness in targeting customers.
When you think of excellent marketing companies - companies that market well - who's on your list and why?
My favorite companies based on their innovative marketing are:
Some companies are on the list because they dramatically reduced customers' costs (IKEA, Southwest Airlines, Wal-Mart, Enterprise Rent-a-Car). Some companies dramatically improved product quality or customer experience (Starbucks, Sony, Toyota). Others reinvented the nature of the business (Barnes & Noble, Charles Schwab, FedEx).
What about examples of what not to do - would you care to cite a few? Maybe even some from history (so not to offend some of your potential clients).
Two landmark cases are the Edsel and New Coke. Ford designed the Edsel to meet its own need for a product sandwiched between Fords and Lincolns. But the public didn't need it! Furthermore it ended up looking like one team designed the front and another team designed the back, without talking to each other. The New Coke fiasco amounted to Coca Cola tampering with their age-old formula without recognizing the wishes of millions of Coke lovers who wanted it to stay the same.
When you go to the doctor for a checkup, he performs a check up routine to make sure you're OK. What basic marketing checkup steps would you perform on a company to get a sense of its marketing health?
Tom Peters used to say that you can go into a store or office and tell in 15 minutes whether it was alive or dead. In my case, I score a company on how well it has applied the Ten Commandments to marketing success:
1. The firm segments the market, chooses the best segments, and develops a strong position in each segment.
2. The firm maps customers' needs, perceptions, preferences, and behavior and motivates its stakeholders to obsess about serving and satisfying the customers.
3. The firm knows its major competitors and their strengths and weaknesses.
4. The firm has made partners out of its key stakeholders (employees, suppliers, distributors) and generously rewards them.
5. The firm develops systems for identifying opportunities, ranking them, and choosing the best ones.
6. The firm manages a marketing planning system that leads to insightful long-term and short-term plans.
7. The firm exercises strong control over its product and service mix.
8. The firm builds strong brands by using the most cost-effective communication and promotion tools.
9. The firm builds marketing leadership and a team-spirit among its various departments.
10. The firm constantly adds technology that will give it a competitive advantage in the marketplace.
How about this: For the CEO or business owner who really isn't that savvy about marketing, where does he/she begin - aside from reading your books?
Actually, I would propose that one of my books would constitute the best starting point, not my 700 page Marketing Management (11th edition), but my 270 page Kotler on Marketing. It lays out the basic concepts, principles, and strategies. For readers looking for marketing tips, especially for small businesses, Conrad Levinson's books on Guerrilla Marketing would be useful to read. Finally, there are many books dealing with particular marketing subjects such as building brands, managing communications, setting prices, working with middlemen, and developing an effective sales force.
What are the most logical telltale signs that you need to do something about your marketing - aside from declining sales?
Here are other telltale signs:
1. Sales are flat and the company needs a growth strategy.
2. Sales go through high and low seasons that can be leveled more.
3. Sales are OK, but margins are too low.
4. The profits from certain products, customer segments, or distribution channels are too low.
What are some of the most common marketing mistakes that companies make?
The most common mistake is to respond to price cuts with price cuts. Instead, the company must respond by adding new value. It should focus on a narrower part of the market or discover overlooked needs and be the first to fill them.
How do you explain the relationship between the sales department and marketing department? What should that relationship be? Which drives which?
In theory, the sales force should report to the marketing vice president because he or she is responsible for marketing strategy. The sales force, like advertising, is one of several tools of marketing. In practice, however, the sales force normally reports to the sales vice-president who is independent of the marketing vice-president and who typically forms and fights for his own budget. In many cases, the salesforce represents a larger budget item than the marketing budget and is more crucial to the company's short run success in delivering today's sales. Originally marketing departments were small and set up primarily to carry out certain functions that would help the salespeople call on the right customers at the right time with the right proposition.
It is critical to a company's success that the marketing and the sales people work well together and support each other. Although they have different ideas on how to spend the total budget, they must co-plan strategy and tactics. I can tell by asking a few questions to a few people in a company whether marketing and sales are working together as a team.
Marketing should set the marketing strategy through deep research into opportunities. Sales must participate in the setting of strategy, otherwise sales might not buy in. Marketing must recognize sales as an internal customer and do their best to satisfy this "customer."
If you were forming a business and building a sales and marketing infrastructure, if you had your pick between a great salesman or a great marketing man - and you could afford only one - which would you pick? Why?
For short-run results, I would choose the great salesman. But for long-run success, I would choose the great marketing man. Sales is all about disposing of the present products made by the company. But it doesn't answer what products the company should be making in the first place.
At the very least, what should every small business owner be doing in the way of marketing?
The first step is to undertake a marketing audit. I describe this on pages 695-700 of Marketing Management. The audit can also be done by qualified consultants. As a low cost but useful alternative, I would suggest contacting a marketing professor at a local college and asking for a student team to do a marketing audit of your business. They will ask provocative questions that will get the business owner to start thinking freshly about his or her business.
How do you measure the effectiveness of marketing? With salespeople, you can measure tangible, mathematical results. With marketing, it's a different story.
It depends. We can accurately measure the results of direct mail or telephone campaigns. We can test prices in different stores or cities. We can test different retailing designs and interiors. On the other hand, we are still lacking solid metrics for measuring the effectiveness of mass advertising campaigns. We also are hard pressed to measure the ROI from sponsorships. Yet CEOs are demanding better accountability and some progress is occurring.
IKEAStarbucks
Southwest AirlinesSony
Wal-MartVirgin
Amazon.comBen & Jerry
Dell Computer The Body Shop
ToyotaHarley Davidson
Enterprise Rent-A-CarNike
Progressive InsuranceAbsolut Vodka
USAA InsuranceAmway
Barnes & NobleE-bay.com
Charles SchwabDisney
FedExSwatch watches
The Writer and the Questioner
After a taste of law and accounting at DePaul University in Chicago, a young Phil Kotler decided to be an economist. So he went to the best place, the University of Chicago, and studied under one of the best, Nobel laureate Milton Friedman.
"I became a free marketer," Kotler says.
But then he wanted to hear another version, so he went to the Massachusetts Institute of Technology and studied under another economic Olympian, Paul Samuelson, a leading Keynesian.
Kotler jokes: After realizing Friedman and Samuelson couldn't agree, "I turned to marketing."
Actually, a Northwestern University professor helped Kotler make the leap. While recruiting Kotler to teach at Northwestern, the professor offered Kotler a choice: managerial economics or marketing. Kotler says there already existed volumes of published theory on economics and math but little on marketing.
So in 1967, he published his first textbook, "Marketing Management: Analysis, Planning and Control." It was a path-breaking volume that for the first time made marketing a science. It became the bible of the business, and the foundation for four decades of prolific book writing (see the accompanying list).
Marketing and writing are his passions, with public speaking and teaching not far behind. Even at 72, though Kotler only teaches at Northwestern's executive seminars a few times a year, he maintains a fast, disciplined pace. He's constantly clipping articles; he tries to "move a book forward" every day. His wife, Nancy, doesn't travel as much as her husband; she says she can't keep up with him. "From the outside, it's seen as work," he says, "but I'm actually playing."
Kotler doesn't methodically decide to write a set number of books every year. Ideas and discussions with friends and clients drive his writing. When hotel clients wanted to figure out how to fill their hotel beds, Kotler followed up with a book: "Marketing for Hospitality and Tourism."
"I get excited," he says. "Marketing is everywhere. I like to take slices of it and look at it more deeply and try to create better theory in those particular contexts." Last year, in that vein, he wrote: "Marketing Global Biobrands."
Perhaps Kotler's specialties, though, are social and cultural marketing. He wrote the first of this genre in 1972, "Creating Social Change," followed three years later by "Marketing for Nonprofit Organizations." Nearly a third of Kotler's books focus on such topics as how to market religion, museums, cities and the arts.
His wife can take some credit for this direction. Educated in literature and a lawyer, Mrs. Kotler has spent much of her life on arts and humanities boards in Chicago. Early on, Mrs. Kotler wasn't too interested in Kotler's analytical, mathematical studies of marketing. "But when he moved into social marketing, the marketing of causes, marketing of places, my passion rose," she says.
She doesn't read every word of Kotler's manuscripts. But she frequently serves as the devil's advocate for his arguments. "She's the questioner," Kotler says. "She's a very good critic."
Says Mrs. Kotler: "If I take issue with something he says, we discuss it." And how does he respond to her criticism? "One of his qualities," she says, "is that he doesn't get defensive - on ideas. But let's not talk about furniture!"
Why Longboat Key
Phil and Nancy Kotler came to Longboat Key in the 1970s on the recommendation of friends. They started out as tennis buffs at the Club Longboat condominiums.
A few years later, they bought a condo on Siesta Key at Turtle Beach. But Mrs. Kotler quickly found herself spending too much time commuting from Siesta to see her friends and attend classes at the Longboat Key Education Center. About three years ago, they moved back again to Longboat Key.
Longboat is not only a four-month escape from Chicago's winters. "Longboat Key is filled with extraordinary people," says Mrs. Kotler. Plus, the Kotlers are devotees of Sarasota's cultural offerings - "everything known to man is right here," Kotler says. "In Glencoe, it takes us an hour and 15 minutes just to go to the opera one way."
KOTLER'S BOOKS: EVERYTHING YOU NEED TO KNOW
Marketing Management: Analysis, Planning and Control (Englewood Cliffs, NJ: Prentice-Hall, 1967, 1971, 1976, 1980, 1984, 1988, 1991, 1994, 1997, 2000, 2002). Editions in French, German, Portugese, Spanish, Italian, Japanese, Russian, Chinese, Finnish, Indonesian, Turkish, Hebrew, Slovenian, etc.
Marketing Decision Making: A Model Building Approach (NY: Holt, Rinehart & Winston, 1971, 1983. Revised in 1983 and republished by Harper & Row, with co-author Gary L. Lilien). Editions in Spanish and French. Revised in 1992 and republished by Prentice-Hall under the title Marketing Models with co-authors Gary L. Lilien and K. Sridhar Moorthy.
Readings in Marketing Management (Englewood Cliffs, NJ: Prentice-Hall, 1972, 1976, 1980, 1984). Co-editor: Keith Cox. Title changed to Marketing Management and Strategy, revised edition, 1983.
Simulation in the Social and Administrative Sciences (Englewood Cliffs, NY: Prentice-Hall, 1972). Co-editors: Harold Guetzkow and Randall L. Schultz.
Creating Social Change (NY: Holt, Rinehart & Winston, 1972). Co-editors: Gerald Zaltman and Ira Kaufman.
Marketing for Nonprofit Organizations (Englewood Cliffs, NJ: Prentice-Hall, 1975, 1982, 1986, 1991, 1996, 2003). Editions in German and Dutch. Renamed Strategic Marketing for Nonprofit Organizations and published with Co-author: Alan Andreasen.
Principles of Marketing (Englewood Cliffs, NJ: Prentice-Hall, 1980, 1983, 1986, 1989, 1991, 1994, 1996, 1999, 2001, 2003). Coauthor: Gary Armstrong). Several language editions.
Cases and Readings for Marketing for Nonprofit Organizations (Englewood Cliffs, NJ: Prentice-Hall, 1983). Co-authors: O.C. Ferrell and Charles Lamb. Renamed Strategic Marketing for Nonprofit Organizations: Cases and Readings.
Marketing Essentials (Englewood Cliffs, NJ: Prentice-Hall, 1984).
Marketing - An Introduction (Englewood Cliffs, NJ: Prentice-Hall, 1987, 1990, 1993, 1997).
Marketing Professional Services (Englewood Cliffs, NJ: Prentice-Hall, 1984, 2002). Co-author: Paul N. Bloom. Second edition: Coauthors Paul N. Bloom and Tom Hayes, 2002.
Strategic Marketing for Educational Institutions (Englewood Cliffs, NJ: Prentice-Hall, 1985, 1995). Co-author: Karen Fox.
The New Competition: What Theory Z Didn't Talk About - Marketing (Englewood Cliffs, NJ: Prentice-Hall, 1985). Co-authors: Liam Fahey and Somkid Jatusripitak. Editions in Indonesian, German, Portugese.
Marketing for Health Care Organizations (Englewood Cliffs, NJ: Prentice-Hall, 1987). Co-author: Roberta N. Clarke.
High Visibility: The Making and Marketing of Professionals into Celebrities (NY: Dodd, Mead & Co., 1987). Co-authors: Irving Rein and Martin Stoller. (Re-published by NTC, 1998).
Social Marketing: Strategies for Changing Public Behavior (New York: The Free Press, 1989). Co-author: Eduardo Roberto. Second edition: Retitled Social Marketing: Improving the Quality of Life, coauthors: Ned Roberto and Nancy Lee, Sage 2002.
Marketing for Congregations: Choosing to Serve People More Effectively (Nashville, TN: Abingdon Press, 1992). Co-authors: Norman Shawchuck, Bruce Wrenn, and Gustave Rath.
Marketing Places: Attracting Investment, Industry and Tourism to Cities, States and Nations (New York: The Free Press, 1993). Co-authors: Donald H. Haider and Irving Rein.
Marketing for Hospitality and Tourism (Englewood Cliffs, N.J.: Prentice-Hall, 1996, 1999, 2002). Co-authors: John Bowen and James Makens.
Standing Room Only: Strategies for Marketing the Performing Arts (Boston: Harvard Business School Press, 1997). Co-author: Joanne Scheff.
The Marketing of Nations: A Strategic Approach to Building National Wealth (New York: The Free Press, 1997). Co-authors: Somkid Jatusripitak and Suvit Maesincee.
Museum Strategies and Marketing: Designing the Mission, Building Audiences, Increasing Financial Resources (San Francisco: Jossey-Bass, 1998). Co-author: Neil Kotler.
Kotler on Marketing: How to Create, Win, and Dominate Markets (New York: The Free Press, 1999).
Principles of Marketing - European Edition (Prentice-Hall, 1996, 1999, 2001). Co-authors: Gary Armstrong, John Saunders, Veronica Wong.
Marketing Management - An Asian Perspective (Prentice-Hall, 1996, 1999). Coauthors: Swee Hoon Ang, Siew Meng Leong, and Chin Tiong Tan.
Marketing Places Europe (Financial Times, 1999). Co-authors: Christer Asplund, Irving Rein, and Donald Haider.
Repositioning Asia: From Bubble to Sustainable Economy (Wiley, 2000). Co-author: Hermawan Kartajaya.
Marketing Asian Places (Wiley 2001). Coauthors: Michael Hamlin, Irving Rein, and Donald Haider.
Social Marketing: Improving the Quality of Life (Sage, 2002). Coauthors: Eduardo Roberto, Nancy Lee.
A Framework for Marketing Management (Prentice-Hall, 2001, 2003).
Marketing Moves: A New Approach to Profits, Growth and Renewal (Harvard Business School Press, 2002). Coathors: Dipak C. Jain and Suvit Maesincee.
Marketing Global Biobrands: Taking Biotechnology to Market (The Free Press, 2003). Coauthor: Francoise Simon.
Rethinking Marketing: Sustainable Marketing Enterprise in Asia (Prentice-Hall, 2003). Coauthors: Hermawan Katajaya, Hooi Den Hua, Sandra Liu.
Marketing Insights A to Z: 80 Concepts Every Manager Needs to Know (New York: John Wiley, 2003).
Lateral Marketing: A New Approach to Finding Product, Market and Marketing Mix Ideas Co-author: Fernando Trias de Bes.
The Ten Major Marketing Sins: Signs and Solutions (Wiley, 2004).
Corporate Social Responsibility: Best Practices for Doing the Most Good Co-author: Nancy Lee (Wiley 2004).
Attracting Capital: A Marketing-Based Approach Coauthors: David Young, Hermawan Katajaya (to be published in 2004).
15.High Visibility: The Making and Marketing of Professionals into Celebrities (NY: Dodd, Mead & Co., 1987). Co-authors: Irving Rein and Martin Stoller. (Re-published by NTC, 1998).
16.Social Marketing: Strategies for Changing Public Behavior (New York: The Free Press, 1989). Co-author: Eduardo Roberto. Second edition: Retitled Social Marketing: Improving the Quality of Life (coauthors: Ned Roberto and Nancy Lee), Sage 2002.
17.Marketing for Congregations: Choosing to Serve People More Effectively
(Nashville, TN: Abingdon Press, 1992). Co-authors: Norman Shawchuck, Bruce Wrenn, and Gustave Rath.
18.Marketing Places: Attracting Investment, Industry and Tourism to Cities, States and Nations (New York: The Free Press, 1993). Co-authors: Donald H. Haider and Irving Rein.
19.Marketing for Hospitality and Tourism (Englewood Cliffs, N.J.: Prentice-Hall, 1996, 1999, 2002). Co-authors: John Bowen and James Makens.
20.Standing Room Only: Strategies for Marketing the Performing Arts (Boston: Harvard Business School Press, 1997). Co-author: Joanne Scheff.
21.The Marketing of Nations: A Strategic Approach to Building National Wealth (New York: The Free Press, 1997). Co-authors: Somkid Jatusripitak and Suvit Maesincee.
Museum Strategies and Marketing: Designing the Mission, Building Audiences, Increasing Financial Resources (San Francisco: Jossey-Bass, 1998). Co-author: Neil Kotler.
Kotler on Marketing: How to Create, Win, and Dominate Markets (New York: The Free Press, 1999).
24.Principles of Marketing - European Edition (Prentice-Hall, 1996, 1999, 2001). Co-authors: Gary Armstrong, John Saunders, Veronica Wong.
25.Marketing Management - An Asian Perspective (Prentice-Hall, 1996, 1999). Coauthors: Swee Hoon Ang, Siew Meng Leong, and Chin Tiong Tan.
Marketing Places Europe (Financial Times, 1999). Co-authors: Christer Asplund, Irving Rein, and Donald Haider.
Repositioning Asia: From Bubble to Sustainable Economy (Wiley, 2000). Co-author: Hermawan Kartajaya.
Marketing Asian Places (Wiley 2001). Coauthors: Michael Hamlin, Irving Rein, and Donald Haider,
Social Marketing: Improving the Quality of Life (Sage, 2002). Coauthors: Eduardo Roberto, Nancy Lee.
A Framework for Marketing Management (Prentice-Hall, 2001, 2003).
Marketing Moves: A New Approach to Profits, Growth, and Renewal (Harvard Business School Press, 2002). Coathors: Dipak C. Jain and Suvit Maesincee.
32.Marketing Global Biobrands: Taking Biotechnology to Market (The Free Press, 2003). Coauthor: Francoise Simon.
33.Rethinking Marketing: Sustainable Market-ing Enterprise in Asia (Prentice-Hall, 2003). Coauthors: Hermawan Katajaya, Hooi Den Hua, Sandra Liu.
34.Marketing Insights A to Z: 80 Concepts Every Manager Needs to Know (New York: John Wiley, 2003).
35.Lateral Marketing: A New Approach to Finding Product, Market, and Marketing Mix Ideas (Co-author: Fernando Trias de Bes).
36.The Ten Major Marketing Sins: Signs and Solutions (Wiley, 2004).
37.Corporate Social Responsibility: Best Practices for Doing the Most Good (Co-author: Nancy Lee) (Wiley 2004).
38.Attracting Capital: A Marketing-Based Approach (Coauthors: David Young, Hermawan Katajaya) (to be published in 2004).
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