Princewill Ekwujuru
13 October 2008
As World markets are collapsing, National Institute of Marketing of Nigeria (NIMN) is of the view that the world should re-visit their fundamental ideologies and undertake strategic re-profiling.
Chief Lugard Aimiuwu, at his formal investiture as the President/Council Chairman of the institute said the world economy was tumbling just because the world has failed to re-visit their first principle of marketing, and advised the world and Nigeria in particular to go back to basics and question their fundamental ideologies, as well re-examine its values and undertake strategic re-profiling.
His words: "The world is experiencing tsunamic change. The world's biggest banks are crashing like a pack of cards. Organisations formerly regarded as 'too big to fail' are setting new records in failure."
Philosophical in his speech, Aimiuwu said: "The world's strongest brand, Brand America, is in decline. Is this a mere hiccup, or fundamental, irreparable/incurable malady? Is this the beginning of the end of this great civilization?"
The sheer capacity of interconnectivity, to generate socio-economic vibrations of seismic proportions is what compels the attention globalistion receives from all corners of the earth. That was why when America was experiencing the worst pangs of Wall St 'meltdown' last week, it felt like the whole of Western Civilization was melting down. Even here in Nigeria when the canary sing too noisily in Niger Delta, oil prices go up in USA. If the strong are having problems, what happens to the weak? Extinction?
He said whether the world likes it or not, globalization is real, and noted that the bullet train had already left the station. The world now has more bigger and complex markets, fewer and lower barriers, faster and better communications and transportation; freer, easier, and more global capital flows, all pointing in one direction fiercer and more vicious competition for market share globally.
He said: "Organisations and nations are repositioning for advantage, as product cycles and design cycles become shorter, and planning horizons become shorter, requiring faster reaction cycles. Repositioning by incumbents is frequent; so are surprise entries by outsiders. Further complexity comes from drastic redefinition of market boundaries."
He said "in a world were no advantage is permanent, competitors are constantly creating new value to attract value. Only value attracts value. Rubbish attracts rubbish! The world is on the move. We either move the times or get left behind, going the way of the dinosaur."
For these reasons, he said "Nigeria should plug into the new world were advantage belongs to the strong. The strong use the advantage to create new strengths, new advantage in the manner of a recurring decimal."
He said marketing was the crucible of creativity, "but we will never get first class products from third class Brand Managers, nor achieve cutting edge customer service from third rate sales Force."
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