Book Review

Handbook of Advances in Marketing in an Era of Disruptions Essays in honour of Jagdish N. Sheth Edited by Atul Parvatiyar and Rajendra Sisodia

Handbook of Advances in Marketing in an Era of Disruptions is meant to share ideas and new knowledge that are relevant to this world of disruptions. Leading scholars from around the world, who have keenly observed the changing market environment, business policies, parameters, theories, methods and practices, have put forth their theses on how marketing thinking needs to evolve to keep pace with the market reality. This book is dedicated to Professor Jagdish N. Sheth and honours his sustained contribution as a management thinker, scholar, academician and corporate adviser in an illustrious career spanning over five decades. The world of Marketing has changed tremendously over the past decade or so and this book provides a fresh perspective on how organisations need to rethink and re-envision the marketing landscape, in an era where technology and analytics have invaded every sphere of an individual’s life. Organisations need to enhance customer value and enhance the customer experiences by garnering a better understanding of the consumer cognitive space, and maybe even revisit some of the traditional marketing ethos. The approach to reimagining marketing is absolutely fresh and unique. The book has inadvertently established a community of marketing legends in one printed volume, urging firms to adapt to the changing dynamics, leverage technological developments, awaken to the era of blockchain, artificial intelligence, machine learning etc. and explore associated implications for corporate practitioners, consumers and academia. A book launched by Professor Atul Parvatiyar to honour his mentor, the legendary Jagdish Sheth, (who has been fondly termed as the Jaguar of Marketing), has a foreword by the marketing guru, Philip Kotler and is a must read, especially as it attempts to challenge pre-established marketing disciplines and invited practitioners and academicians to think with a fresh perspective. This book is very relevant as the worldis in a period of

huge disruptions in markets, media, management approaches and business models which are a result of rapid technological changes on the one hand and shifts in customer preferences and societal behaviour on the other. This book rightly emphasizes that Marketing knowledge and practices have to advance at a significantly higher pace to address the changing context of market behaviour and the freshness of content makes it a must read. Of significance is the contribution by Professor Naresh Malhotra, on using social media for marketing research, which is very relevant to researchers today. Equally valuable is the article on Customer Journey Modelling, which is a collaborative effort by several authors, and is a valuable contribution for brand managers who are continuously striving to improve the RoIe of marketing spending.The book emphasises contemporary fields like sustainability, socially conscious marketing efforts, and the evolution of marketing technology. Shruti Choudhary Associate Professor, Information Technology

Book Review

The Third Pillar: How Markets and the State Leave the Community Behind By Dr Raghuram Rajan

Raghuram Rajan, University of Chicago Professor, former IMF Chief Economist, Head of India’s Central Bank, and author of the 2010 FTGoldman-Sachs Book of the Year Fault Lines, in his latest book 'The Third Pillar' propounds that society’s foundation rests on three pillars - the State, Market and Communities. He discusses how these pillars interact by providing a historical perspective of the three pillars. The “third pillar” of the title is the community we live in. Dr Rajan writes that technological changes have created a “winner takes most” economy. Improvement in communications has made corporations more productive. Automation has caused unemployment for low-skilled labor, but it has also created new opportunities for those who are skilled in the processes of automation. While these skilled workers have gained, the low-skilled workers who could not upgrade their skills find themselves out of work. This is creating inequalities in societies. Rising inequalities have resulted in resentment against immigration, which a major factor for the UK’s decision to leave the EU. This is eroding the pillar of community. China’s focus on state-owned enterprises as an engine of growth and corruption in India is also undermining the balance among the three pillars. Dr Rajan suggests that these countries must reconcile increasing national diversity and the rising fear amongst their citizens that they might face a loss of cultural identity. How can this be achieved? The solution offered by Dr Rajan is inclusive localism which revolves around decentralization of power. Dr Rajan opines that immigration brings benefits to countries as this brings in talent and the immigrants eventually became part of the society after a few years. But there is a cost associated with immigration in the form of a thinner and uneven social security net. In the context of businesses, inclusive localism implies that state and local counties are empowered to decide whether to allow big businesses to expand the business. State plays the role of mediator as it helps in increasing cohesion amongst local communities. The author presents an example of the city of Indore in India. Ms Malini Gaud, the elected mayor of Indore and Manish Singh, the municipal commissioner felt that the Indian city was suffering from chaos, filth, pollution and unhygienic conditions. Ms Gaud began with changing the image of cleaning staff. They were given new uniform, new trucks fitted with GPS, and their attendance was recorded using the biometric system. She fined the staff that did not adhere to these charges. She also introduced monetary penalties on those who engaged in the spread of garbage. The result was that the community felt an obligation and a sense of purpose. This resulted in increased cleanliness in the city and in 2017, Indore ranked the cleanest city in India, (its rank was 149 in 2014). The residents feel a sense of pride in this ranking and they are striving hard his maintain it. Dr Rajan believes the policy of encouraging communities at the cost of stifling markets would be disastrous. Instead, the author recommends improving the functioning of markets. The author concludes that the three pillars of society- State, Market and the Communities are facing dynamic changes because of economic and technological shocks. The ICT Revolution and Global Financial Crisis of 2007 have resulted in the need for rebalancing these pillars. Dr Rajan offers a way to rethink the relationship between the market and civil society and argues for a return to strengthening and empowering local communities as an antidote to growing despair and unrest. This book is marked by clarity, in-depth knowledge, and recommendations that would benefit business people, policy makers and academicians. The Third Pillar is a book that is a classic offering wise, authoritative and humane explanation of the forces that have resulted in the dramatic changes in our lives. Dr Gurpreet Singh Bhatia Associate Professor, Economics, International Business and Public Policy (Statistics)