Marketing Institute of Singapore | The Singapore Marketer (Apr - Jun 2022) by The Singapore Marketer

THE SINGAPORE

Knowledge for Marketing Excellence

APRIL - JUNE 2022

The #SupportNS movement

Connecting national solidarity through branding national service.

SPECIAL FEATURE:

BATTLE

Brands of the

NUTS ABOUT YOU!

Behind the business of Cashew Nuts.

REVAMP, REINVENT AND RESILIENCE: /(66216 ,1 ˷˵˷˷ $ѺHU SDQGHPLF \HDUV the world is poised for stability; if we can embrace change.

COVER STORY Explore the journey of marketing NS as a national institution.

723 ˶˵ 75(1'6 ˷˵˷˷ We introduce the forecast of what are the top 10 trending topics that make the world tick.

The Official Publication of the Marketing Institute of Singapore, The National Body for Sales and Marketing

EVENT SPACE FACILITIES FOR RENT

@ 229 Mountbatten Rd, #03-02 Mountbatten Square, Singapore 398007

Trainings / Seminars / Me ings / Worksh s As an MIS member, you’re welcome to book and use the venue to meet with colleagues and clients. The MIS Lounge is open from 9am - 6pm on Mondays to Fridays and provides the perfect setting for you to work in peace and comfort and connect with other members. If you are looking to hire a unique venue to hold a dinner, networking event or drinks reception, the lounge and pantry area at MIS could provide you with the ideal setting. For more information, please contact Ms Judy Koh at 8484 4414.

Marketing Institute of Singapore 2022

THE SINGAPORE MARKETER

Editorial Board Panel EDITOR-IN-CHIEF Roger Wang DEPUTY EDITOR Bhavik Bhatt Ng Gim Kai CONTENT CURATOR Dr. Low Chin Yong Dr. Roger Low Kit Fai RESEARCHER Veronica Lee Journalist Ann Yap

GUEST WRITERS Cecillia Sim Dr. Donald Patrick Lim Dr. Hooi Den Huan Dr. Mohd Farid Shamsudin Dato’ Sharifah Mohd Ismail Dr. Somchat Visitchaichan Dr. Wee Chow Hou MARKETING INSTITUTE OF SINGAPORE COUNCIL MEMBERS

Dear Marketers, Welcome to the latest issue of The Singapore Marketer (TSM)! Our last publication was in 2019 and I would like to pay tribute to the late Ms. Gerry Gabriele Seah, who was the Editor-in-Chief since 2018. She was also the Honorary Secretary of the Marketing Institute of Singapore (MIS) and Marketing Institute of Singapore Business School (MISBS). I was deeply touched by her dedication to the magazine despite battling with last stage cancer. She had helped the magazine in achieving a recordbreaking online readership of fifty thousand. TSM aims to help professionals who can stay relevant. One needs to continuously reinvent, revitalise and rejuvenate to manage through the VUCA world. The term VUCA, an acronym for “volatility, uncertainty, complexity, and ambiguity,” encapsulates the complex business environment of today.

E D I T O R’ S N O T E Our cover story reveals the role that the Ministry of Defence (MINDEF) has played in attracting entrepreneurs and organizations to support National Service (NS) and the Singapore Armed Forces (SAF). As the National body of Sales and Marketing, we also reflect on our role in affirming our sense of solidarity and dedication to nation-building. In a world that depends largely on integrated technology, businesses found themselves having to transform constantly. They do this through their processes and professional skills such as empathic listening and keeping abreast with marketing trends. Understanding the science and art of disruptive technologies make it easier to reach an audience.

PRESIDENT Mr Roger Wang

We have the opportunity to start anew in 2022 and reposition ourselves to meet upcoming challenges. As Dr. Donald Patrick Lim aptly puts it: “Marketing will never be what it was before but will open a whole new world for all of us to navigate into.”

VICE-PRESIDENT Dr. Roger Low Kit Fai

I wish to convey a word of thanks to the editorial team, especially Ann and Veronica, for their tireless efforts that made this issue possible.

HONORARY SECRETARY Mr Andy Lim

Let us progress confidently to embrace the challenges that lie ahead, no matter how daunting they may seem. Happy reading!

HONORARY TREASURER Mr Ng Gim Kai HONORARY ASSISTANT SECRETARY Mr Ernest Ong ASSISTANT HONORARY TREASURER Mr Seah Kwang Soon MEMBER Mr Douglas Koh

Singapore, The National Body For Sales And Marketing

Roger Wang Editor-in-Chief President of Marketing Institute of Singapore

CAFÉ TALK NEWS

CAFÉ TALK

Asia Marketing Federation Top 10 Trends 2022

CONTENTS

INDUSTRY INSIGHTS

The Singapore Event Industry and the COVID-19 Challenge

MARKETBYTES

Are we ready for Marketing 5.0 Dato’ Sharifah Mohd Ismail Dr. Mohd Farid Shamsudin

Dr. Rob Harris

MARKETBYTES

Integrating Art and Science of Marketing for Better Business Outcomes Cecillia Sim

INDUSTRY INSIGHTS

Pivoting your Marketing in a Disruptive World Dr. Donald Patrick Lim

MARKETBYTES

How can a leader be more emotionally intelligent? Dr. Somchat Visitchaichan

Marketing Institute of Singapore 2022

FEATURE

Forging Resilience Through Lifelong Learning

MARKETPRENEURS

An Interview with Founder of Madam Partum: Yen Lim

COVER STORY

CONNECTING NATIONAL SOLIDARITY THROUGH BRANDING NATIONAL SERVICE

BATTLE OF THE BRANDS

NUTS ABOUT YOU! Behind the business of Cashew Nuts

PROFILE

A Conversation with Chris Milliken. The CEO of PengWine Shares his Strategy and What it Takes to Be Successful

FEATURE

Sun Zi Bingfa: Applications to Business and Marketing Dr. Wee Chow Hou

MARKETPRENEURS Marketpreneurship Strategies To Thrive In Turbulent Environments Dr. Hooi Den Huan

FEATURE

President of Marketing Institute of Singapore Mr. Roger Wang

SAVE THE DATE

Ms Gerry was Director of SG. Mesh Technology Pte Ltd who specialised in Brand consulting and Intellectual Property management. She also served as the Managing Director of As honorary secretary to the MIS Executive Council, she headed the Marketing department and subsequently took on the editor-in-chief role for TSM. She was also the Head of Business Development - Australasia / G9 Australasia Advisory reach out to anyone and everyone.

2022 Marketing Institute of Singapore

Not clowning around.

Facebook launches fastest growing content format globally.

On 22 February 2022, Facebook Reels was launched and made available to more than 150 countries, including Singapore as a way for creators to grow their communities and monetize their products. Facebook Reels represents one of the fastest growing content formats, and its new features include easier editing to facilitate content creation as well as updated capabilities for more seamless sharing for better outreach.

2 )& &16 012+1 ,*" 2+!"/ Ɯ/"ǽ

The marketing gimmick of using bare-bodied hunks as servers attracted more than its share of intended 201,*"/0Ǿ 0 1%" ,-0 4"/" ))"! &+ ƞ"/ -,)& " report was lodged. Mr. Mookata, the popular Thai-styled barbeque restaurant along Liang Seah Street had, in collaboration with Asia Farm Beverages sought to promote the latter’s healthy and low sugar drinks by using muscular men to portray a healthy image. As to deciding whether the publicity stunt was a success or failure, it’s a matter of one’s taste.

Marketing Institute of Singapore 2022

A marketing campaign featuring persons dressed as clowns outside various primary schools in the eastern and western parts of Singapore caused an uproar and was indeed not a laughing matter. Intended to promote its courses, Speech Academy Asia’s marketing move was meant to feature their crew donning cute attires to attract kids but it caused undue alarm instead. If there’s incongruity between idea and execution, a campaign may end up as a laughing stock.

Gimmick or gains?

Michin Korean BBQ n Hotpot rolled out another pull-up related promotion in January 2022 when it offered food for free, for diners who were able to hang on its pull-up bar for 100 seconds without a break. It was a win-win – customers got to flex their muscles with nothing to lose even if the challenge was not met (of course the bonus of a free meal if hanging was their thing), and the restaurant got free publicity. Named Hang On For Your Life, it seemed that pulling oneself up and down was deemed an essential life changing skill. Maybe we ought to bring back pull-ups as part of IPPT.

%&ƞ&+$ 1,4 /!0 sustainability strategies.

,+02*"/ ( $"! ,,!0 ț Ȝ / +!0 /" relooking their strategies to provide more !&ƛ"/"+1& 1&,+ +! "*-% 0&0&+$ .2 )&16 ,# -/,!2 10 and their impact on the environment. Chobani for example stays ahead of competition but institutionalising a clear vision – to bring about universal wellness sooner, supported by mission statements, all of which come together in their brand 01/ 1"$6ǽ %&0 )),40 * $+&Ɯ 1&,+ ,# -/,!2 1ȉ0 worth, and the opportunity to cater to modern consumers’ thirst for social responsibility.

Kpop wave still going strong.

On 21 June 2021, McDonald’s launched the highly anticipated BTS " ) &+ &+$ -,/" +! &1 4 0 0,)! ,21 &+ Ɯ3" *&+21"0Ȃ %&0 Meal is the result of a collaboration between BTS and McDonald’s to create one of a kind BTS menu that represents a BTS signature order at the fast-food chain. This campaign took place at McDonald’s outlets around the world and was hugely successful. Once again, never underestimate the power of our pop culture &!,)0 1, &+Ɲ2"+ "ǽ

Tiger Beer’s NFT campaign a roaring success.

Spreading positivity in COVID times.

With widespread awareness as the main goal, Viral marketing strategy continues to dominate. Companies and even governments searched deep into their creative wells to produce marketing campaigns that not only would reach a broad base but best capture audiences’ attention and yield positive responses. One example was Singapore government’s campaign “PCK – Singapore Be Steady” which used a well-known character Phua Chu Kang and some light-hearted fun to share information and the serious message of how citizens should exercise responsibilities during the COVID-19 pandemic.

The trend of non-fungible token creating value continued into the Year of the Tiger. Tiger Beer Malaysia and Malaysian streetwear label Pestle and Mortar Clothing (PMC) collaborated to release a collection of NFT art to usher in the Year of the Tiger. The collection of 6,688 pieces, dubbed The Tiger Archives was put up for sale in the Metaverse and the entire collection was sold out within 10 minutes of being launched. This extraordinary campaign demonstrated the lure of digital assets, and clearly showed the endless possibilities the Metaverse could provide.

2022 Marketing Institute of Singapore

“Build something 100 people love, not something 1 million people kind of like.” — Brian Chesky, Co-Founder & CEO, Airbnb

Marketing Institute of Singapore 2022

CAFÉ TALK

ASIA MARKETING FEDERATION Top 10 Trends 2022

he marketing world moves at lightning speed. As marketers in the constantly evolving COVID-19 pandemic landscape, keeping up with these changes isn’t always easy. To stay relevant with our audience and succeed in the fast-paced marketing world, it is impertinent to stay ahead of them. The Asia Marketing Federation is 1%" /"$&,+ ) ,!6 1% 1 "ƛ" 1&3")6 -/,*,1"0 +! 01/"+$1%"+0 1%" 0& * /("1&+$ #/ 1"/+&16ǽ /("1&+$ +01&121" of Singapore (MIS) is the National Marketing Association and a member of Asia Marketing Federation (AMF), which comprises of the 17 countries and regions with members from around Asia. Since its inception in 2018, the Founder and Patron of the Asia Marketing Federation (AMF), Mr. Hermawan Kartajaya, had 1%" 3&0&,+ /6 &+0&$%1 1, /" 1" 1%" Ɯ/01 Ȕ ǝǿ &$%1 ,- /"+!0 ,# /("1&+$ &+ 0& ǗǕǖǝǽ 3"/ 0&+ " 1%"+Ǿ % 0 ""+ 1%" -/" 2/0,/ ,# #,/" 01&+$ 1%" 1,- 1/"+!0 ,# * /("1&+$ &+ 0& #,/ 1%" 6" / %" ! 1 1%" 01 /1 ,# " % +"4 6" /ǽ &1% /"0" / % ,)) 1"! #/,* ,2/ * /("1&+$ 00, & 1" *"* "/0 +! 02/3"60 Ɯ")!"! ,+01 +1)6 &+ 17 countries, AMF brings you the latest and forward thinking trends that are buzzing in the global markets. This time round, led once again by MIS, we talk about the top 10 trends of marketing in Asia for the new year. Read on to see what the industry experts in AMF anticipate and predict how these trends will impact the market in 2022.

2022 Marketing Institute of Singapore

01. METAVERSE TECHNOLOGY We want to “live” in the Metaverse. The Metaverse is a digital environment that is created much like virtual worlds in video games today. However, it will exist as an immersive social environment, where people can meet, interact and experience life digitally without being constrained by physical space. We believe the Metaverse will be the successor to the mobile internet. We’ll be able to feel the presence of one another no matter how far apart or remote we are. As the media landscape further fragments, digital channels multiply. Consumers and providers are getting aggressively immersed in Avatars. The pandemic expedited changes in humanity. Now all of us desire to “live” within the digital universe to work, play, stay connected and enjoy anything from concerts to conferences to virtual trips around the world. The Metaverse is where multiple elements ,# 1" %+,),$6Ǿ &+ )2!&+$ 3&/12 ) /" )&16Ǿ 2$*"+1"! /" )&16 +! 3&!", * )$ * 1"0ǽ 1ȉ0 /1&Ɯ & ))6 /" ) +! /" 6,2 /" !6 #,/ &1Ȅ

02. NEURO-LINKAGE Chip technology, while not new, is becoming increasingly pervasive in our society. Robotics and unmanned systems are now being explored for last-mile delivery. Autonomous Vehicles (AV) may become the norm, and humans need to get used to interacting with /1&Ɯ & ) +1"))&$"+ " ț Ȝǽ Looking beyond, human augmented technologies to make humans function better may be the next disruptive technology. Imagine uploading any data and information you want onto a nano or microscopic chip, which is then embedded into any human being, animal or device. The recipient can then simply download the data and be equipped with information and knowledge with a sense of consciousness or in this case, by triggering the chip embedded in the body. With a superchip using cutting edge technology, it aims to convert information obtained from neurons into an understandable binary code in order to achieve a greater understanding of brain function and the ability to stimulate these neurons back. This chip-brain-computer interface may well be the future of the way we learn and adapt.

03. DAO (DECENTRALISED AUTONOMOUS ORGANISATION) Within the blockchain framework, every like-minded stranger of the community from around the world participates in rules and makes decisions autonomously, all encoded on a blockchain without the interference of a central authority. This provides transparency, trust, and legitimacy to each transaction — DAO makes this possible. 3"/6 ȉ0 1/ +0 1&,+0 +! /2)" &0 /" ,/!"! ,+ ), ( % &+ (+,4+ 0 0* /1 ,+1/ 1ǽ 3"/6 0&+$)" 1&,+ 1, "!&1 1%" /2)"0 &0 +,1& "! and recorded because DAOs are transparent and public. DAO has democratised organisations and transactions, making them more 1/ +0- /"+1Ǿ ƛ,/! )"Ǿ +! !"3,&! ,# "+1/ ) $,3"/+&+$ ,!6 1, /"$2) 1"Ǿ !,*&+ 1"Ǿ ,/ *,+,-,)&0" 1%"*ǽ

04. GAMEFI (GAME FINANCE) The future of gaming-E-sports and new consumer culture, where gaming technology is promoting social and economic engagement. The unique circumstances of the COVID-19 pandemic have ushered in a new era in gaming. Virtual, digital experiences are changing the way we connect to one another in gaming worlds and are set to grow and develop even more in 2022. GameFi is a broad term referring to the trend of gamers earning cryptocurrency through playing video games. Players make money 1%/,2$% *" % +&0*0 )&(" $"11&+$ Ɯ+ + & ) 1,("+0 #,/ 4&++&+$ 11)"0Ǿ "01 )&0%&+$ (&+0%&-Ǿ +! " /+&+$ /"0,2/ "0 &+ -,-2) / $ *"0 02 % 0 5&" +Ɯ+&16 +! 3"$,1 %&ǽ " 3&+$ +! )"+!&+$ /,00 *2)1&-)" -) 1#,/*0Ǿ 1%" *" & " ,0601"* 4&)) " &$ #,/ " 1, /" (,+ 4&1% in the future gaming world.

05. NFT AND DIGITAL ASSETS Non-fungible tokens (NFTs) are the latest cryptocurrency phenomenon to go mainstream. 1 + " +61%&+$ #/,* !&$&1 ) /1 ,))" 1& )"0 1, !&$&1 ) /" ) "01 1"0Ǿ 3"/&Ɯ )" 00"10 1% 1 /" " 06 1, 1/ !" ,+ 1%" ), ( % &+Ǿ 202 ))6 ,+ ,/ ,1%"/ ȒǗǕ 1,("+0 )&(" +! ),4ǽ NFTs are pieces of digital content linked to the blockchain. These digital assets cannot be replaced, are unique and not mutually interchangeable, hence non-fungible. NFTs are traded as straight sales, or sales with a loyalty fee for subsequent transactions posed by 1%" $"+"0&0 /" 1,/ǽ 00"+1& ))6Ǿ + ,+ 1%" ), ( % &+ &0 -/,,# ,# 4,/( 21%"+1& &16 +! ,4+"/0%&-ǽ In 2022 and beyond, we expect that the NFT market will grow further as blockchain technology advances and the world begins to adopt 0 0 1%" +"4 Ɯ+" /1 * /("1 +! 2//"+ 6ǽ

Marketing Institute of Singapore 2022

06. SPACE TOURISM - " 1,2/&0* %&1 + &*-,/1 +1 *&)"01,+" 1%&0 6" / 4%"+ 1%" Ɯ/01 1 % ,# 1,2/&010 4"/" 0"+1 1, 0- "Ǿ * /(&+$ 1%" "$&++&+$ ,# ,**"/ & )&0"! 0- "Ɲ&$%1 +! 1%" ! 4+ ,# 0- " 1,2/&0*ǽ As space tourism expands and the costs continue to drop, mankind can look forward to space travel, staying in travel pods and orbiting in space as part of our next travel itinerary. Besides enjoying the thrill of weightlessness and marvelling at the expansive vistas, anyone who has gone to space is bound to return with a profound life-changing experience. 0 -/&3 1" 3"+12/"0 ,+1&+2" 1, !"*,+01/ 1" 1%" 3& &)&16 ,# 1%" +" /Ȓ /1% 0- " 1,2/&0* 20&+"00"0Ǿ 0- " 1,2/&0* &0 )0, 0"1 1, /" 1" new job opportunities. Beyond the core professions that include astronauts, rocket engineers, guides and travel agents, new roles like #,,! "+$&+""/0Ǿ / %&1" 10Ǿ 0- " ) 46"/0 +! !, 1,/0 * 6 ,ƛ"/ #/"0% /""/ ,--,/12+&1&"0 #,/ 1%" +"51 $"+"/ 1&,+ǽ

07. WEB3.0 - TRUST LESS WEB3.0 is the beacon of hope for preserving liberal democracy. ǘǽǕ /" (0 1%" 4,/)! #/"" ,# *,+,-,)&01& ,+1/,)ǽ 10 !" "+1/ )&0"! ,+)&+" " ,0601"* 0"! ,+ 1%" ), ( % &+ 4&)) +"3"/ " ,4+"! 6 central gatekeeper but rather by the community of users who earn an ownership stake by helping to develop and maintain these services. ǖǽǕ 4 0 1%" "/ ,# !" "+1/ )&0"!Ǿ ,-"+ -/,1, ,)0Ǿ &+ 4%& % *,01 ,+)&+" 1&3&16 &+3,)3"! + 3&$ 1&+$ 1, &+!&3&!2 ) 01 1& 4" - $"0ǽ + 1%" ,1%"/ % +!Ǿ ǗǽǕ &0 )) ,21 "+1/ )&0 1&,+ǽ 3"/61%&+$ #/,* ,**2+& 1&,+ +! ,**"/ " 1 ("0 -) " ,+ ),0"! -) 1#,/*0 !,*&+ 1"! 6 ,+)6 #"4 02-"/Ȓ-,4"/#2) ,*- +&"0 )&(" & /,0,ƞǾ ,,$)"Ǿ " ,,( +! * 7,+Ǿ 4%"/" $,3"/+*"+1 ,+1/,) ,# 02 % platform is literally nonexistent. ǘǽǕ 3 )2"0 6,2/ -/&3 6 +! &0 / -&!)6 1/ +0&1&,+&+$ 4 6 #/,* / &1/ /6 21%,/&1&"0 +! 1,4 /! *2 % *,/" / 1&,+ ))6 0"! )& "/ ) *,!")0ǽ

08. IMMERSIVE BUY JOURNEY Companies are investing millions in enhancing UI (User Interface) to understand, induce and improve UX (User Experience). %" 06+"/$&01& ,+3"/$"+ " ,# ),2! ,*-21&+$Ǿ !""- * %&+" )" /+&+$Ǿ 6 "/0" 2/&16Ǿ /1&Ɯ & ) &+1"))&$"+ "Ǿ &$ ! 1 + )61& 0Ǿ robotics, IoT, virtual reality, augmented reality, space sensing, advanced connectivity like 5G, additive manufacturing and mobility will greatly transform and impact every element of society. Green rooms and studios in shopping malls are changing the retail landscape and consumer behaviour, where shoppers can use green screen technology to try on merchandise, view holographic messages, product information and much more. 5-"/&"+ "Ȓ 0"! 1" %+,),$&"0 )&(" /1&Ɯ & ) &+1"))&$"+ "Ǿ !""- * %&+" )" /+&+$Ǿ 2$*"+1"! /" )&16 +! 3&/12 ) /" )&16 % 3" 1/ +0#,/*"!Ǿ 2+!"/01,,!Ǿ -/, "00"! +! &+Ɲ2"+ "! 26"/ȉ0 !" &0&,+ 1, &+!2 " ,*-)"1&,+ ,# 1%" 26 ',2/+"6ǽ %&0 1/"+! &0 "5-" 1"! 1, ,+1&+2" &+ 2022, as online businesses seek to capture a larger share of the online market.

09. 3rd DIMENSION MOBILITY Taking Mobility into the 3rd Dimension and the Journey to Autonomous Flight. +6 /" +,4 ),,(&+$ 1, 1%" 0(6 ȕ 1%" ǘrd &*"+0&,+ ȕ #,/ +"4 (&+!0 ,# *, &)&16ǽ 21,+,*,20 Ɲ6&+$ 3"%& )"0Ǿ 02 % 0 /$, !/,+"0 +! Ɲ6&+$ 1 5&0Ǿ % 3" 1%" - &16 1, !&0/2-1 %,4 4" *,3" $,,!0 +! - 00"+$"/0 /,2+! 2/ + 0- "ǽ , &)&16 &+ 1%" ǘrd &*"+0&,+ &0 +""!"! 1, 0,)3" 14, ,# 1%" *,01 -/"00&+$ 1/ +0-,/1 1&,+ &002"0 &+ &1&"0 1,! 6ǿ &+ /" 0&+$ ,+$"01&,+ as greater numbers of people move into urban areas and sustainability. To meet the demands of modern living and the aim of taking 1/ ƛ& &+1, 1%" ǘrd Dimension, transport connections must be more seamless. We need to make it easier for people living in rural areas to commute to work, reduce travel times within cities and deliver a superlative passenger experience. Vital supplies such as medicine and #,,! +""! + " 0&"/ /,21" 1, !")&3"/6ǽ ǘrd &*"+0&,+ *, &)&16 % +$"0 1%" 0% -" +! + 12/" ,# 1/ ƛ& &+ ,+$"01"! 4,/)!Ǿ !")&3"/&+$ innovative and dynamic mobility solutions to the smart cities of the future.

10. GENERATIVE ARTIFICIAL INTELLIGENCE %" &)&16 1, -/,!2 " 1,1 ))6 +"4 -/,!2 10 +! +"4 (+,4)"!$" 6 20&+$ ! 1 #/,* !""- * %&+" )" /+&+$ +! /1&Ɯ & ) &+1"))&$"+ " ',2/+"60 &0 (+,4+ 0 Ȋ "+"/ 1&3" /1&Ɯ & ) +1"))&$"+ "ȋ ț Ȝǽ Such a capability has grown tenfold since 2018. Its core capability in four key areas spells vast potential. 1) Quasi-realistic images and modes which not only mimic human facial expressions but also display human emotions. 2) Sequence to sequence GAI gives rise to the concept of real-time multilingual robotic response. ǘȜ 2--,/1"! 6 %2+!/"!0 ,# *&))&,+0 ,# &* $"0Ǿ 1%" 0% 3"0 ,ƛ 3 )2 )" 1&*" +! *,+"6 6 2/ 1")6 /" ,$+&0&+$ , '" 1&3"0 +! images based on deep learning algorithms. ǙȜ -,,)0 !&0- / 1" ! 1 -,&+10 1, $"+"/ 1" /1&Ɯ & ) &* $"0 1% 1 2/ 1")6 /"0"* )" %2* + # "0ǽ 10 0* /1 * %&+" )" /+&+$ programme can train for handwriting and text sequences that resemble text recognition produced by human hands. This technology translates to the future of digital passports where, when applied with smart facial, iris, and voice recognition, it allows 1/ 3"))"/0 1, *,3" /,00 ,/!"/0 +! ,2+1/&"0 0" *)"00)6Ǿ 0 #")6 +! 4&1% "ƛ& &"+ 6ǽ 2022 Marketing Institute of Singapore

INDUSTRY INSIGHTS

THE SINGAPORE EVENT INDUSTRY AND THE COVID-19 CHALLENGE Dr. Rob Harris Principal, Event Training Australia Adjunct Professor, Taylor’s University, Malaysia 2TQHGUUKQPCN (GNNQY #UKC 2CEKƒE +PUVKVWVG HQT 'XGPV /CPCIGOGPV

those where they move about; attendee density and spacing rules for venues/sites; pre and post-event attendee monitoring; programme exclusions (e.g., no live entertainment or audience participation); and attendee vaccination conditions. These, and other related considerations, must now be addressed in an application to the STB if permission is to be granted to conduct an event. (For a comprehensive checklist of measures that event organisers should consider when seeking to ensure a COVID-safe event, the STB has provided a checklist on their website.)

he COVID-19 has presented the Singapore "3"+1 &+!201/6 4&1% / ƞ ,# % ))"+$"0ǿ ,/!"/ closures, operational restrictions, the need to reorient event delivery from live to hybrid or virtual models, and government lockdowns. These challenges in turn have been massively disruptive to the 0" 1,/Ǿ 4&1% &+!&3&!2 ) 20&+"00"0 % 3&+$ 1, 0%"! 01 ƛ ,/ close temporarily or, in some cases, permanently. 0 -,1"+1& ) 0&$+&Ɯ +1 3" 1,/ #,/ 1%" 0-/" ! ,# COVID-19 and its variants, event businesses have had to adapt quickly to survive. These adaptations have 1 ("+ * +6 #,/*0Ǿ ,ƞ"+ !/&3"+ 6 $,3"/+*"+1 $"+ 6 requirements. For example, Singapore’s Multi-Ministry Taskforce worked with the Singapore Tourism Board (STB) to create and implement COVID-safe event management practices. These practices include limits ,+ ,3"/ )) "3"+1 11"+! + "Ǿ 4&1% !&ƛ"/"+1 /"01/& 1&,+0 placed on events where attendees are seated and

Marketing Institute of Singapore 2022

In addition to adapt to new operational conditions associated with live event delivery, event organisers % 3" ,+#/,+1"! 1%" /" )&16 1% 1 1 !&ƛ"/"+1 -,&+10 &+ the COVID-19 pandemic, live events have had to be cancelled, postponed, or severely restricted in terms of attendance. Faced with this situation, event organisers have increasingly moved to fully virtual or partial hybrid !")&3"/6 *,!"0ǽ 3"+1 02--)&"/0Ǿ *,01 - /1& 2) /)6 venues and audio-visual companies, have played a key role in this movement, investing in new technology to facilitate this change. It should also be noted that 3&/12 ) "3"+1 0,ƞ4 /" % 0 "5-"/&"+ "! -"/&,! ,# accelerated development because of the pandemic. +6 -/,$/ **"0 +,4 ,ƛ"/ %&$%Ȓ.2 )&16 "5-"/&"+ "0 #,/ attendees that take account of the need to reimagine how ,+1"+1 &0 -/"0"+1"! +! %,4 "ƛ" 1&3" "+$ $"*"+1 4&1% attendees can take place in the online space. ƛ,/10 6 1%" "3"+10 &+!201/6 1, ! -1 1, 1%" - +!"*& have been facilitated in Singapore by the development of

+ 3"+1 +!201/6 "0&)&"+ " , !* -Ǿ ',&+1 &+&1& 1&3" ,# 1%" &+$ -,/" 00, & 1&,+ ,# ,+3"+1&,+ ǔ 5%& &1&,+ /$ +&0"/0 ǔ 2--)&"/0 ț ȜǾ 1%" &+$ -,/" ,2/&0* , /! ț ȜǾ +! +1"/-/&0" &+$ -,/" ț Ȝǽ %&0 innovative roadmap deals with practices designed to ensure the delivery of COVID-safe live events; facilitate the development of agile business models that embrace virtual and hybrid event delivery; and ensure the skill and knowledge base of the event industry are aligned to the needs of the new operational environment. Additionally, 1%&0 !, 2*"+1 )0, -/,-,0"0 1%" !"3"),-*"+1 ,# +! 3"+10 ,0601"* 1, # &)&1 1" ,**2+& 1&,+ +! engagement between key industry stakeholders with the objective of ensuring the sustainability of the industry.

"+"Ɯ10 + ,*" 4&1% &+ /" 0"! ,010 0 !")&3"/6 &0 * !" 1, 14, !&ƛ"/"+1 2!&"+ "0 Ȕ ,+)&+" +! # "Ȓ1,Ȓ # " Ȕ 4%& % + /".2&/" 14, 0"- / 1" !")&3"/6 1" *0 +! 0&$+&Ɯ +1)6 *,/" "5-"+0" &+ 1%" 4 6 ,# ,**2+& 1&,+0 1" %+,),$6ǽ %"6 )0, ,*" 4&1% 0-" &Ɯ % ))"+$"0 associated with ensuring the quality of experience for both live and online audiences; managing attendee time 7,+" !&ƛ"/"+ "0Ȁ * &+1 &+&+$ ,+)&+" "00 0" 2/&16 #,/ the event; ensuring internet speed, connectivity, and stability during event delivery; and in the creation of viable pricing strategies that address such matters as the potential for both increased delivery costs and the degree to which online delivery might cannibalise some of the demand for the live version of the event.

The key to the future of Singapore’s event industry will be how the sector responds to the rapidly changing context in which it now operates. The roadmap document previously cited is a key plank in this response, which ,/!&+$ 1, Ǿ 0%,2)! 0"" /"12/+ 1, -/"Ȓ - +!"*& )"3")0 ,# !"* +! 6 ǗǕǗǘǽ 0 /" "+1 012!6 6 +! #,2+!Ǿ &1 4&)) 1 (" 1&*" #,/ 1%" "3"+1 industry to become comfortable with delivering hybrid or purely virtual events, and to establish how best to maximise the opportunities they present while at the same time addressing the challenges they potentially pose. Certainly, these new delivery modes allow events to reach wider geographic markets and open the door to potentially increased revenue from sponsors and exhibitors seeking to access these markets. They also )),4 #,/ ,ƛ)&+" - /1& &- 1&,+ 1%/,2$% 1%" - &16 1, be recorded and replayed on demand. However, such

Singapore has placed itself in a sound position to emerge with its event industry largely intact post the current pandemic. That said, the COVID-19 virus and its variants have proved to be wily adversaries, with 6"1 +,1%"/ 3 /& +1 +,4 0-/" !&+$ &+ - /10 ,# 2/,-"ǽ %&)" (+,4)"!$&+$ 1%" !&ƛ& 2)1&"0 02 % !"3"),-*"+10 present when charting the event industry’s future, it is worthwhile keeping the words of Mr. Dylan % /* Ǿ ȉ & "Ȓ /"0&!"+1 ,# !3, 6 +! ,**2+& 1&,+0Ǿ &+ *&+!ǿ

“The fear has always been the unknown, the uncertainty. But in the absence of the unknown, we continue to press ahead with a reopening roadmap,”

2022 Marketing Institute of Singapore

“It’s important to remember your competitor is only one mouse click away.” SPOTLIGHT

— Douglas Warner III, Former CEO, J.P. Morgan Chase & Co

Marketing Institute of Singapore 2022

INDUSTRY INSIGHTS

Pivoting Your Marketing

Dr. Donald Patrick Lim %JKGH 1RGTCVKPI 1HƒEGT QH &+61 %/' %JKGH +PPQXCVKQP 1HƒEGT QH VJG 7FGPPC %QTRQTCVKQP

he past two years have been very tough for most businesses. Big or small companies have to contend with a market that migrated 1, !&$&1 ) ,3"/+&$%1 0 -%60& ) /"1 &) 1/ ƛ& dropped to almost zero, operations were turned upside !,4+Ǿ +! 0% Ɲ,4 " *" 1%" -/&* /6 ,+ "/+ǽ + the new pandemic reality, marketers have to readjust their marketing plans and advertising spending, and &+ # 1Ǿ +04"/ 1%" &$$"01 .2"01&,+ǿ 4% 1 1, !, +! where to spend the marketing budgets, if ever there will still be any. 01 #,/4 /! 1, ǗǕǗǗǾ +! 4" 0"" 1% 1 1%" Ɯ11"01 +! most agile have survived, stronger to face the new challenges of this year. Newcomers who anchored their 20&+"00 ,+ !&$&1 )ȒƜ/01 -"/0-" 1&3" )0, /" )&0"! 1%"6 % 3" Ɯ$%1&+$ % + " 1, 1 (" * /("1 0% /" $&3"+ 1%" vulnerability of the incumbents who were too slow to make the digital pivot. Here are the new realities as we all emerge from this pandemic.

2022 Marketing Institute of Singapore

1. Customer loyalty is dead. You are only as good as your ) 01 1/ +0 1&,+ǽ ,01 * /("1"/0 01&)) $, ƞ"/ 1%" %,)6 grail of “customer loyalty,” but things have changed. The pandemic massively made reality what is called “the long tail” of business. With many people working from home, downsizing, or simply having more time because they don’t have to travel to work or go out for recreation, most people pursue their passion and discover they can earn money from it. We all have ,2/ # 3,2/&1" ,ƛ"" -) " ,/ # 3,2/&1" ("0%,- 1, order cakes for our loved ones, but as we see more ,+ ,2/ 0, & ) *"!& #""!0Ǿ +"4 ,ƛ"" /"4 - $"0 ,/ someone selling on Instagram their home recipes, we would not mind trying it out, and try more things out. Our social media pages have opened up a digital world of retail where everyone can be a seller, and we can continue to keep choosing to try out new products and services. We should stop obsessing about customer loyalty, and renew our focus on ensuring 0" *)"00 ,/!"/Ȓ1,Ȓ#2)Ɯ)*"+1 "5-"/&"+ " #,/ ,2/ customers, every time, physical or digital. 2. Switch the primary storefront to digital. And move the physical storefront to the back kitchen. There was a time when most businesses were obsessed with opening more and more retail storefronts to be as accessible as possible to the public. The digital platform changed all that. As we spend more and more time on our devices and digital platforms, new habits are formed, especially in getting comfortable browsing and buying digitally. While this opportunity has been there since the onset of the internet twenty years ago, the habit of online buying has become a new normal as never before has more time been spent online during a pandemic. Given this, physical stores should be set up to support online queries and transactions, which may mean a natural reorganisation of operational set ups and talent deployment. 14

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ǘǽ 6 4%"+"3"/Ǿ 4%"/"3"/Ǿ %,4"3"/ǽ 1 $,"0 4&1%,21 saying that payment options are as important as the storefront in the physical retail space. The problem with digital retail is that cold cash, the primary payment method, is not possible. The solution luckily, is obvious. Not only credit or debit cards, but e-wallets and online bank transfers have made it easy and convenient for customers to settle their purchases. However, this poses a challenge to the operations +! Ɯ+ + " 2+&10 ,# 1%" ,*- +6Ǿ &+ * + $&+$ 1%" tracking of sales and reconciliation of customer orders with the funds coming in. It is imperative that businesses ensure that they complete the lineup of digital payment options to ensure they do not lose the customer at the last part of the customer journey. It is also equally important to ensure that the manpower and resources allocated to manage the back end transactions are also in place. 4. Marketing requires a quick ROI. The pandemic forced a lot of businesses to refocus on survival rather than sustainability, sales to tide over rather than building long term brand equity. This is not to say branding or building a sustainable business is not important. On the contrary, it is all the more important, but the inherent focus now is on the small steps and quick wins that would tide over the business in the short term. Thus, at one of the rare times in business, marketing should stop looking at building equity or generating massive awareness and instead focus on converting targeted audiences into paying customers to sustain the enterprise. 5. From 4Ps to 5Ps. Product, price, place and promotion are important. As the business landscape and consumers evolve, so must marketers. The 4Ps are but a simplistic view of how to do marketing, but the realities of being in business today requires us to have /" )&0 1&,+ ,# 1%" ǚ 0ǿ

ǽ ",-)"ǿ &+ 1%" / " #,/ 1 )"+1 1% 1 + /" ))6 provide exceptional value to customers, marketers need in their stable a myriad of people who understands and knows how to use digital technologies, payment platforms, social media marketing, at the same time, an appreciation of the business and how all these can apply to their business. How to retain, coach, and train them, including compensation and intangibles, are questions that should be laid out and answered by marketing leaders.

ǽ ) +"1ǿ ,*- +&"0 0%,2)! " *,/" 0"+0&1&3" +,4 to the needs of the planet, whether using plastics or how they dispose of their waste, and where they stand on certain issues. Consumer studies point to customers’ patronising brands that have a stand and take action on taking care of the planet.

ǽ /1+"/0%&-ǿ ,+" /" 1%" ! 60 4%"+ 20&+"00"0 have to do everything end-to-end by themselves. Instead, they should look at key partners who can %")- 1%"* 4&1% ,-"/ 1&,+0ǿ 02--)&"/0Ǿ * +-,4"/ companies, marketing agencies, and logistic companies can all relieve the pressure of operating costs and manage these tasks that are not core to the business.

"ǽ " "ǿ 1%" *,01 * &$2,20 +! &+1 +$& )" ,# 1%" ǚ 0Ǿ 0 &1 "$0 1%" .2"01&,+ǿ 4% 1 !,"0 business, or a marketing professional, have to !, 4&1% " "Ȅ " " &0 )) ,21 #2)Ɯ))&+$ 1%" brand and business mission and purpose, without &+Ɲ& 1&+$ ! * $" ,/ - &+ ,+ 1%" " ,0601"* &1 revolves around. It means never having to say something negative about competitors, or always ensuring that even their best people leave them, so bridges are not burned. It means that business partners are really treated as business partners, 4&1% "+,2$% ,+0&!"/ 1&,+ ,+ %,4 1%"6 #2)Ɯ)) their obligations and also paid on time. It also *" +0 " /+&+$ -/,Ɯ1 1, "+02/" 0% /"%,)!"/0 are rewarded, while balancing one’s obligations towards maintaining a sustainable world.

!ǽ /,Ɯ1ǿ , 20&+$ ,+ 1%" Ɯ+ + & ) ,11,*)&+" &0 now a new imperative for marketing. Spending is always associated with marketing, but given the new realities, it will now be held accountable for 1%" 20&+"00ȉ0 -/,Ɯ1 0 4"))ǽ /("1&+$ 0-"+!&+$ is now more tied to business returns than ever "#,/"ǽ /,Ɯ1 +! 0% % 3" 1, " ) + "!Ǿ +! in some cases, given more importance in the meantime than customers.

As we expect more disruptions to our world and how businesses 4&)) " /2+Ǿ 1%" +"4 /" )&1&"0 4&)) /"!"Ɯ+" 1%" "5-" 1 1&,+0 ,# management and consumers in marketing. Marketing professionals should not be too focused on the theories that brought us to where we are today, but give time to face the new realities with renewed vigour and excitement, as marketing will never be what is was before, but will create a whole new world for all of us to navigate into.

2022 Marketing Institute of Singapore

“Instead of one-way interruption, web marketing is about delivering useful content at just the right moment that a buyer needs it.” — David Meerman Scott, Keynote Speaker & Author

Marketing Institute of Singapore 2022

MARKETBYTES

ARE WE READY FOR MARKETING

5.0? A QUESTION TO MICRO-ENTREPRENEURS Dato’ Sharifah Mohd Ismail +PUVKVWVG QH /CTMGVKPI /CNC[UKC Dr. Mohd Farid Shamsudin 7PKXGTUKV[ QH -WCNC .WORWT %QPVTKDWVGF D[ VJG +PUVKVWVG QH /CTMGVKPI /CNC[UKC

usiness routines throughout the world have been completely disrupted as a result of the coronavirus outbreak. The pandemic primarily altered our traditional marketing and changed our approach to business. The uniqueness of this pandemic is that the change was made by force. Some may be prepared for the change, while many remain confused without knowing what to do. Business should continue, and entrepreneurs should quickly rise to start a new game. There is not much choice given to entrepreneurs in this situation, especially those involved in marketing. The world and technology are moving fast. Only the one who reacts quickly will succeed. Among the important factors is the digital use of business and marketing. Marketing is becoming increasingly virtual, and sales have migrated online. " %+,),$6 &0 +, ),+$"/ + ƞ"/1%,2$%1Ȁ &1 % 0 1 ("+ centre stage. Today’s workplaces are hybrids, and

specialised talents are in high demand, especially those familiar with digital matters. According to the World ,+,*& ,/2* ǗǕǗǕǾ 4% 1 4" 1%,2$%1 4,2)! " 1%" future of work has already come from the pandemic. Likewise, marketing and sales are a case in point. Digital marketing has transformed the way we do business. This &0 -,00& )6 1%" *,01 0&$+&Ɯ +1 % +$" 1, 1%" 20&+"00 system compared to the past decade.

ARE WE READY? THIS QUESTION IS MEANT FOR THOSE MICRO AND SMALL ENTERPRISES THAT MAKE UP THE MAJORITY OF THE ENTREPRENEURIAL SECTORS. 2022 Marketing Institute of Singapore

Kotler recently introduced his new Marketing 5.0. He !"Ɯ+"0 /("1&+$ ǚǽǕ 0 1%" 20" ,# 1" %+,),$6 1 &),/"! 1, generate, convey, and increase value across the customer experience. Although it appears rather straightforward, it has much more than meets the eye. It is critical to recognise that Marketing 5.0 addresses challenges that extend well beyond what was previously believed to be the realm of the marketing discipline. That is why digital marketing investment has been expanding gradually over the past several years. Kotler believes that Marketing 5.0 emphasises the user experience via technological interactions to be more precise. While customers already use technology, * /("1"/0 % 3" +"4 % ))"+$"ǿ "01 )&0%&+$ ,++" 1&,+ 4&1% 1%"* 3& 1" %+,),$6ǽ %" !&ƛ& 2)16 &0 exacerbated further by the fact that several generations coexist. Their behaviours, tastes, and attitudes are extremely dissimilar if they are not competing. When seen through the angle of marketing 5.0, these technologies are aimed at simulating the functions and capacities of human marketers. Some of the world’s most successful businesses are already actively utilising /1&Ɯ & ) +1"))&$"+ " ț Ȝ ,/ +6 0&*&) / 1" %+,),$6ǽ For instance, it is feasible to utilise AI to do predictive research of prospective purchases and even existing consumers’ shopping behaviours to generate viable solutions for acquiring new ones. This type of study does not require a great deal of human interaction. It results in 0&$+&Ɯ +1 ,01 0 3&+$0 &+ !!&1&,+ 1, "5 "))"+1 ,21 ,*"0ǽ % 1 &0 ,+" 0&*-)" "5 *-)" ,# %,4 1" %+,),$6 &+Ɲ2"+ "0 marketing practice in general. Recent research has highlighted that information and communication technologies have facilitated the emergence of new patterns of industrial dynamics by continually generating new sorts of marketplaces. However, the unanswered question is whether micro players are prepared to deal with technology. Another unsolved concern is how technology may assure microentrepreneurs’ well-being. Indeed, there are views held on both sides of these topics. It was also surprising that 70% of Micro, Small and Medium +1"/-/&0"0 ț 0Ȝ ) ( !&$&1 ) 1" %+,),$6 4 /"+"00 and comprehension. The primary constraint highlighted was a lack of information, which is a major hindrance to technology’s widespread adoption. While technology appears to be the main point of Marketing 5.0, it is critical to remember that humans ,+1&+2" 1, -) 6 * ',/ /,)" &+ * (&+$ Ɯ+ ) !" &0&,+0ǽ ƞ"/ ))Ǿ 1%" 1" %+,),$&"0 +! !3 +1 $"0 1%"6 $"+"/ 1" -/,3&!" ! 1 1% 1 * 6 " 21&)&0"! 1, &+Ɲ2"+ " !" &0&,+Ȓ 18

Marketing Institute of Singapore 2022

making. While AI can learn from various patterns and data blocks, the end outcome is simply a simulation of how things may turn out.

That is why human marketers remain crucial to Marketing 5.0. The primary objective of the Next Technology is to augment human marketers’ skills in creating and delivering value to clients. Indeed, they are in the same shoes as customers, implying that human marketers can ,ƛ"/ *,/" /")"3 +1 0,)21&,+0 1% + 2//"+1Ȓ01 1" ǽ

BENEFITS OF TECHNOLOGY IN MOVING FORWARD

Modern businesses should recognise the need to balance both human and machinability. These two components work in tandem, but imbalances can result in poor judgements and marketing blunders. It is critical to /" ,$+&0" 1% 1 /("1&+$ ǚǽǕ ,ƛ"/0 1%" 02--,/1 +! technologies needed to accomplish marketing objectives. The following advantages of using technology may help entrepreneurs gear themselves for competition and win the market game.

1. DATA-DRIVEN MARKETING

Data-driven marketing may be viewed as the foundation for all decision-making processes. There is no more space for businesses to rely on luck. Businesses should succeed by choice, not by chance. Data-driven marketing helps marketers gather and analyse large amounts of data to generate optimised marketing solutions, much like most business choices are made nowadays.

4. AUGMENTED REALITY (AR) MARKETING 2. PREDICTIVE MARKETING

Predictive marketing is unique. This component is more concerned with applying predictive analytics to marketing #,/" 01&+$ǽ %&0 * /("1&+$ 01/ 1"$6 &0 %&$%)6 "ƛ& &"+1 &+ saving time and money for businesses since it enables them to develop a possible market model and respond --/,-/& 1")6ǽ %" "+"Ɯ10 ,# -/"!& 1&3" * /("1&+$ /" improved customer engagement and increased revenue, helping the smaller e-commerce players stay competitive by facilitating more sophisticated segmentation, identifying promotions that are better targeted to customers, and minimising wasted marketing budget.

The term “augmented marketing” refers to utilising technology to give marketers tools that enhance their interactions with customers. Consider chatbots and personal assistants. This technology is being used to deliver meaningful help to consumers via a digital interface. AR provides a great opportunity for marketers to show a highly interactive nature and operate simultaneously in a real-time environment, apart from reducing the line between real and virtual worlds. Furthermore, it can help anyone enjoy the advantages of the applications and open up the opportunity to enhance perceptions and interactions in the real world.

5. AGILE MARKETING 3. CONTEXTUAL MARKETING

Contextual marketing is one of those concepts that might be considered the bedrock of contemporary marketing. Contextual marketing technologies are all about analysing the consumer’s physical and informational environment via the various interfaces of devices. In other words, contextual marketing helps the marketer $"1 1 /$"1"! 1/ ƛ& Ǿ "11"/ % + "0 ,# "+$ $&+$ 4&1% customers, and better sales, all while satisfying target customers within a reasonable marketing budget.

Agile marketing is a component of Marketing 5.0 that is more organisational in nature. Agile marketing is about assembling highly adaptable and functional teams of experts capable of responding to both internal and "51"/+ ) ,+1"510 1, $"+"/ 1" %&$%)6 "ƛ" 1&3" * /("1&+$ campaigns. Agility is a critical component of every modern organisation. It is good to know that agile marketing will help the marketers produce higher quality work that will help them stay competitive. Besides that, agile marketing can also foster innovation and happiness within teams.

CONCLUSION

Marketers in the 21st "+12/6 0%,2)! )0, " 4 /" 1% 1 1%"6 2//"+1)6 # " Ɯ"/ " ,*-"1&1&,+ 4&1% 1,2$% $ *" to survive. At the same time, customers’ needs become more complicated or sophisticated. It is also important that marketers adapt to the changes to sustain the industry. The answer relies on the business itself to determine its future success, despite being informed and updated on the current market situation and coming trends. Many !" !"0 $,Ǿ % 1* +!%& .2,1"! 1% 1 Ȋ1%" !&ƛ"/"+ " "14""+ 4% 1 4" /" !,&+$ +! 4% 1 4" /" - )" ,# doing solves most of the world’s problems.” Thus, entrepreneurs and business owners need to be more aware of the % +$"0 &+ 1%" * /("1&+$ "+3&/,+*"+1 #,/ 1%"&/ "+"Ɯ1ǽ 2022 Marketing Institute of Singapore

MARKETBYTES

OF MARKETING FOR BETTER BUSINESS OUTCOMES Cecilia Sim %QTRQTCVG (CEKNKVCVQT HQT 5CNGU /CTMGVKPI /CPCIGOGPV 5QHV 5MKNNU

Today, customers feel overwhelmed and distracted by too many product choices in the marketplace. To ,*-"1"Ǿ * /("1"/0 &+3"01 *,/" "ƛ,/1 &+ $ &+&+$ 201,*"/ &+0&$%10 +! 1, ,**2+& 1&+$ 1%"&/ / +! !&ƛ"/"+1& 1&,+ 4&1% /" 1&3&16 1% 1 "3,("0 -,0&1&3" /"0-,+0"0 #/,* 201,*"/0ǽ From my observation, the marketers who blend the “science and art of marketing” have managed to gain a competitive edge over their peers. These marketers are committed to learning, acquiring innovative marketing knowledge, and applying marketing creativity to grow their market positions. Their pragmatic and creative approach allows them to win customers despite the disruptive technology, trends, and customer behaviour in the marketplace.

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SO, WHAT IS THE SCIENCE AND ART OF MARKETING IN YOUR UNDERSTANDING?

/&"Ɲ6Ǿ 1%" ,+ "-1 ,# “Marketing as a Science” focuses on putting marketing principles and knowledge into action, whereas “Marketing as an Art” helps marketers utilise creative marketing 1, "+$ $" +! &+Ɲ2"+ " 201,*"/ choice and product consumption. In the “Marketing as a Science” approach, marketers formulate strategies and make decisions based on certain universally applicable marketing principles. One aspect of marketing as science involves marketers researching to gain customer insights and understand the market’s environmental variables. They will engage in ! 1 Ȓ!/&3"+ 1&3&1&"0 1, Ɯ+! interesting patterns within the data to understand customer behaviour

and market situations. In addition, with data interpretation, the marketers further identify market opportunities, work up demand forecasting models, and develop appropriate marketing strategies for each target market. In the “Marketing as an Art” approach, marketers are doing 0,*"1%&+$ !&ƛ"/"+1 #/,* 1%"&/ competitors by deploying creative execution of marketing to capture the hearts and minds of their customers. It is about leveraging creativity in a marketing communication campaign to express the company’s brand -"/0,+ )&16 +! !&ƛ"/"+1& 1&,+ 1, drive greater customer engagement, conversion, and retention. A good example of marketing as an art is to developing creative content to deliver messages that make

a meaningful connection with customers’ emotional needs. Creative content can be in the form of marketing content such as videos, blogs, promotion collaterals, websites, etc. The content must resonate well with the customers, get them excited about the brand, and %"+ " &+Ɲ2"+ " 1%"&/ !"0&/"0 1, )" /+ more about the brand. It is important to know that marketing strategies are not standard formulas applicable to all situations. Therefore, the practice of marketing as a science and art that blends marketing principles and creativity must be adaptable to the business and customer context in which the marketers are operating. The results are better marketing performance and a memorable brand experience for customers.

If you are interested in learning more about marketing, join Cecilia Sim’s following marketing development workshop series ƛ" 1&3" /("1&+$ 1/ 1"$&"0 Ȣ !3 + "! /("1&+$ 1/ 1"$&"0 Ȣ /&3&+$ 20&+"00 /,41% ǔ 201 &+ &)&16 Ȣ "3"),-&+$ 1/ 1"$& /("1&+$ ) +

2022 Marketing Institute of Singapore

MARKETBYTES

How Can A Leader Be More Emotionally Intelligent? Dr. Somchat Visitchaichan, Ph.D. 8KEG 2TGUKFGPV %JKGH QH .GCTPKPI #TEJKVGEV CPF /CTMGVKPI +PPQXCVKQP /CTMGVKPI #UUQEKCVKQP QH 6JCKNCPF /#6

motional intelligence is one of the most talked about topics in business and leadership. Understanding what it means and how one can apply it to his or her life not only helps solve a person’s mental health problems but also brings about opportunities to become a better and more successful person in their work or in their life. In this brief writing, the author would like to talk about how one could develop and strengthen his or her emotional intelligence. Undeniably, it would sound somewhat incomplete if one wanted to talk about Ȋ *,1&,+ ) +1"))&$"+ "ȋ 4&1%,21 *"+1&,+&+$ 1%" + *" of Daniel Goleman.

I+ %&0 $/,2+! /" (&+$ ,,( "+1&1)"! Ȋ *,1&,+ ) +1"))&$"+ "ǿ %6 1 + 11"/ ,/" % + ȋǾ -2 )&0%"! in 1995, Goleman categorised emotional intelligence into Ɯ3" * &+ !,* &+0 1% 1 &+ )2!"0ǿ 1) Knowing one’s emotions or self-awareness. This is one’s ability to recognise and monitor a feeling as it happens, which is fundamental to psychological insight and self-understanding. 2) Managing emotions. This refers to one’s ability to handle his or her feelings appropriately, which will help build self-awareness. ǘȜ ,1&3 1&+$ ,+"0")#ǽ *,1&,+ ) 0")#Ȓ ,+1/,) +! 0")#Ȓ *,1&3 1&,+ /" /&1& ) 1, $"11&+$ &+1, 1%" ȊƝ,4ȋ 01 1"Ǿ 0 it would enable outstanding performance of all kinds. 4) Recognising emotions in others. This people skill implies one’s ability to build on emotional selfawareness and the concept of empathy becomes central to this ability.

Marketing Institute of Singapore 2022

Photo Credit: Dana Visitchaichan

5) Handling relationships. This is related to one’s skill in managing emotions in others. [Goleman, 1996, 45-48] While I agree with Goleman on the importance of these Ɯ3" !,* &+0Ǿ *6 * +6 6" /0 ,# 4,/(&+$ 4&1% -",-)" 1 various levels and from various cultural backgrounds -/,3&!" *" 4&1% !&ƛ"/"+1 +! *,/" -/ 1& ) -"/0-" 1&3" on emotional intelligence. I personally came to realise two crucial yet simple qualities that make people happier and more successful in life; that is to say, one’s ability to understand his or her emotions and listen to other people’s needs, challenges and objectives. From my experience, emotional intelligence is not only the ability to identify and manage your own emotions, but it’s also the ability to recognise the emotions of others.

To manage one’s emotions as a leader, it is important to say what you really think, especially with positive intent and that would include your ability to give and receive feedback well. To elaborate on this, I found the A4 #""! ( -/ 1& " +! 2)12/" 1 "1Ɲ&5 -/ 1& ))6 20"#2)Ȁ that is to say, Aim to assist, Actionable, Appreciate and Accept or discard. As a leader, regardless of what industry you are in, feedback must be given with positive intent, +,1 1, $"1 #/201/ 1&,+ ,ƛ 6,2/ %"01Ǿ &+1"+1&,+ ))6 %2/1 1%" other person, or further your political agenda. Secondly, your feedback must focus on what the recipient + !, !&ƛ"/"+1)6ǽ Thirdly, you need to show your appreciation for receiving feedback by listening carefully, considering the message with an open mind, and becoming neither defensive nor upset. Lastly, you should be willing to listen to and consider all the feedback provided. You do not need to follow it as the decision to react to the feedback is entirely up to the recipient. [Hastings and Meyer, 2020, 30-31] 4,2)! )&(" 1, ,ƛ"/ /" !"/0 0,*" "*-&/& ) "3&!"+ " on how to become a better listener, as this is one of the most fundamental qualities of successful people with high emotional intelligence. The analysis of data from 1%" "% 3&,2/0 ,# ǘǾǙǞǗ - /1& &- +10 &+ !"3"),-*"+1 programme designed to help managers become better , %"0 02$$"01"! 0,*" 02/-/&0&+$ Ɯ+!&+$0 0 #,)),40ǿ

ș ,,! )&01"+"/0 /" 1%,0" 4%, 0( .2"01&,+0 1% 1 promote discovery and insight on a regular and constructive basis, not just those who remain silent while the other person speaks. ș ,,! )&01"+"/0 /" 1" 0 #" "+3&/,+*"+1 &+ 4%& % &002"0 +! !&ƛ"/"+ "0 + " !&0 200"! ,-"+)6ǽ They make other people feel supported and make a conversation a positive experience for the other party. This does not happen when a listener is passive but includes interactions that build up a person’s self-esteem. ș ,,! )&01"+"/0 * 6 % ))"+$" 002*-1&,+0 +! disagree, but the person being listened to feels the listeners is trying to help rather than trying to win an argument. ș ,,! )&01"+"/0 1"+! 1, * (" 02$$"01&,+0Ǿ 0 4" /" more likely to accept suggestions from people we already think are good listeners. [Zenger and Folkman, 2017, 31-36] Just like your ability to ride a bicycle, emotional intelligence improves as you get older and become more mature with experience in life. With your passion and motivation, emotional intelligence can be strengthened, and empathic listening is one of the best yet easiest ways to become more emotionally intelligent. It’s the mindset to embrace and the skillset to practice, so let’s become more emotionally intelligent by being a good listener then.

Dr. Somchat Visitchaichan, Ph.D. Branding Consultant, Executive Coach, Vice President, Chief of Learning Architect and Marketing Innovation from Marketing Association of Thailand. $/ !2 1" &+ #/,* 6!+"6Ǿ 201/ )& 4&1% "/1&Ɯ 1"0 " /+"! #/,* *2)1&-)" /"+,4"! &+01&121&,+0Ǿ /ǽ ,* % 1 &0&1 % & % + (+,40 %&0 / ƞ &+ Storytelling, Branding, Design Thinking inside and out. A people-centered marketing professional with over three decades of experience in creative business solutions for top multi-national companies like Diageo Moet Hennessy, Philip Morris and Coca-Cola Group. An adjunct faculty member for Master of Communication Arts in Global Communication and Doctor of Philosophy in Communications Arts at Bangkok University.

Reference Goleman, D., (1996), Emotional Intelligence: Why it can matter more than IQ, Bantam Books, New York. Hastings, R., and Meyer, E., (2020), No Rules Rules: Netflix and the Culture of Reinvention, Penguin Press, New York. Jack Zenger and Joseph Folkman in Goleman, D., (2017) Empathy: HBR Emotional Intelligence Series, Harvard Business Review Press, Massachusetts, p.p. 29-40

2022 Marketing Institute of Singapore

COVER STORY

CONNECTING NATIONAL SOLIDARITY THROUGH BRANDING

NATIONAL SERVICE Ng Gim Kai Ann Yap

Marketing Institute of Singapore 2022

NATIONAL BRANDING The idea of national branding consists of promoting a predetermined aspect of the country to targeted audiences both internally and externally. It aims to encourage the desired perception of the country using marketing, commercial means, and even national policies. National branding to the world at large has always played a part in Singapore’s success. When asked about the reasons for setting up businesses in Singapore, foreign companies will bring up -,)&1& ) 01 &)&16Ǿ 0 #"16 +! 0(&))"! 4,/(#,/ " 0 1%" * &+ /" 0,+0ǽ &+$ -,/"ȉ0 !&3"/0&Ɯ"! culture also helps in connecting various parts of the world as a centre point on the world stage. 2+&Ɯ"! +! /, 201 + 1&,+ ) / +!&+$ 0 %"* +""!0 1, " *212 ))6 /"&+#,/ &+$ ,+ ,1% internal and external ends to achieve desirable results. Both strategies are practically two sides of the same coin. Achieving key success in the global arena and thereby promoting it at home $&3"0 ,+Ɯ!"+ " 1, 1%" -,-2) 1&,+ǽ &*&) /)6Ǿ 2&)!&+$ 01/,+$ 2)12/ ) )"$ 6 + "+!,/0" 1%" same population to value the importance of achieving success outside of the home. This brings us back to the aforementioned example of foreign businesses setting up in Singapore due to stability as a country. Singapore consistently promotes this positive trait to the world and at home, the population understands they have a part to play in maintaining stability and so they !, 1%"&/ - /1ǽ %&0 /" 1"0 2+&Ɯ"! 6 )" ,# 2+/")"+1&+$ 1/21%ǽ NATIONAL IDENTITY On the home front, one key concept is the importance of building and reinforcing national identity as a supporting pillar towards national branding. National identity is a representation of personal perception and is non-transferable. It derives from the cultural legacy of the nation +! 1%" ,))" 1&3" "5-"/&"+ "0 ,# &10 % &1 +10ǽ %" $, ) &0 1, # &)&1 1" $/,2- &!"+1&Ɯ 1&,+ 6 strengthening everyone’s sense of belonging to Singapore. According to the academic Castells, there are three types of identity as a result of the "5-"/&"+ " ,# 1%" 02 '" 1 &+ !&ƛ"/"+1 0, & ) "+3&/,+*"+10ǽ %" Ɯ/01 /") 1"0 !&/" 1)6 1, 1%" governing body that rules the country, which is referred to as the “legitimising identity.” The second is a consequence of any opposition that the individual can develop to the system, /"02)1&+$ &+ Ȋ/"0&01 + " &!"+1&16ǽȋ &+ ))6Ǿ 1%" &!"+1&16 &0 /"02)1 ,# 14, !&ƛ"/"+1 -) "0 4 +1&+$ to build a collective community, which he refers to as “project identity.” Singapore’s turbulent past is a prime example of the struggle between identities. From the separation from the union of Malaya, up to the 1964 racial riots, having a similar culture and historical conception of sharing roots is simply not enough. A melting pot of culture as a result of being a multi-racial society, some entities might feel that they will lose their genuine essence if blended as a collective society. Such problems are usually seated in nations with multinational/multiracial populations. STRENGTHENING NS " !"! 6 1%" &+&01/6 ,# "#"+ " ț Ȝ +! 1%" &+$ -,/" /*"! ,/ "0 ț ȜǾ 1%" National Service (NS) is one of the most extensive initiatives in driving forward the concept of national identity. This is done in conjunction with the Total Defence framework, introduced in 1984 as a comprehensive strategy to instil solidarity within the population. The NS system of compulsory conscription presents a multitude of opportunities that can be exploited to sustain solidarity amongst Singapore citizens. This process is 50 years in the making and is ,+1&+2,20)6 "3,)3&+$ 1, *""1 "3"/ % +$&+$ 1%/" 10 +! + 3&$ 1" $"+"/ 1&,+ ) 0%&ƞ0ǽ

2022 Marketing Institute of Singapore

ƛ,/10 1 &+1"$/ 1&,+ +! "01 )&0%&+$ common understanding of NS as a national institution for all who work, live and play in Singapore are critical in ensuring continued support for NS, and in turn, the sovereignty of our nation. NS also strengthens the social fabric as eligible * )" &1&7"+0 +! -"/* +"+1 /"0&!"+10 #/,* !&ƛ"/"+1 families and academic backgrounds and races bond and train together. Time cost has always been a concern as it means that while their counterparts can devote more time to further education and career development, the NSmen are ,+ "/+"! &# 1%"&/ 0(&))0 4&)) " /")"3 +1 ƞ"/ 1%"&/ ǗȒ6" / commitment. As NS evolved, the full-time national service period was reviewed in 2004 in tandem with the technological advancements that allowed the SAF 1, 21&)&0" /"0,2/ "0 +! 1&*" "ƛ& &"+1)6 1, "+02/" 1% 1 servicemen were adequately trained while still enabling them to operate at full operational readiness and "ƛ" 1&3"+"00ǽ To further address NSmen’s aspirations, full-time NSmen are supported with training credits or career coaching opportunities to support them in their transition back to school or work. Recently, a few initiatives were also introduced to support the Operationally Ready NSmen in their learning and career development. To sustain the continuous reviewing process, the Committee to Strengthen National Service (CSNS) in ǗǕǖǘ /,2$%1 -",-)" 1,$"1%"/ #/,* )) 4 )(0 ,# )&#" 1, better understand and ensure that NS remains a current institution. It was the most comprehensive review of NS ever undertaken and culminated in a report containing 1,1 ) ,# ǘǕ /" ,**"+! 1&,+0 #,/ % +$"0 1, 1%" system that were accepted by the government. In 2016, the NS Mark accreditation was launched to recognise companies and organisations that are supporting NS through their policies and practices. This initiative came about because one of the recommendations of the review was to enhance work-life-NS balance and strengthen support and recognition of NS from every vantage point. In addition, the Advisory Council on Community Relations in Defence (ACCORD), although established in 1984, was /"01/2 12/"! &+ ǗǕǖǙ 1, ,*-/&0" 1%/"" ,2+ &)0ǿ 1%" *-),6"/ +! 20&+"00 ț ǔ Ȝ ,2+ &)Ǿ 1%" !2 1&,+ ) +01&121&,+0 ț Ȝ ,2+ &)Ǿ +! 1%" *&)6 +! ,**2+&16 (F&C) Council.

Marketing Institute of Singapore 2022

Through outreach to employers, businesses, families, communities, and educational institutions, NS and Total Defence (TD) were able to ensure comprehensive representation of all stakeholders and implement ground-up initiatives to support the two programs. These ǘ /" 0 /"-/"0"+1 1%" "+1&/"16 ,# 1%" ,+ "/+0 + * + has as he progresses through the journey of life. ȉ0 ǔ ,2+ &)Ǿ ,*-/&0"! ,# "5-"/10 +! )" !"/0 across industrial sectors, hopes to boost employer 02--,/1 &+ 1%" #,)),4&+$ /" 0ǿ 1. Identifying challenges that small and medium enterprises face in supporting NS. 2. Recognising NS training, skills, and personal development. ǘǽ 5-),/&+$ -,00& )" /" 0 ,# ,)) ,/ 1&,+ "14""+ 1%" 20&+"00 ,**2+&16Ǿ Ǿ +! ǽ

WEAVING NATIONAL SERVICE INTO EVERYDAY LIFE %" ț *"+!*"+1Ȝ 1 ,# ǖǞǛǜ 4 0 &+1/,!2 "! ƞ"/ Singapore gained independence. Defence Minister Goh Keng Swee pointed out that enlisting a large number of young men into military service is a sensible move for building up the country. Initially, many were apprehensive as parents were hesitant to allow their sons to join the army without knowing what their duties might entail. Many of these young men then were also /" !4&++"/0 #,/ 1%"&/ # *&)&"0 +! #2)Ɯ))&+$ 1%"&/ + 1&,+ ) service obligation meant certain hardship. + ǖǞǜǕǾ 1%" +)&01*"+1 1 4 0 &+1/,!2 "!Ǿ /".2&/&+$ employers to grant NSmen their leave of absence when they are called to serve in their NS roles. Gradually, what used to be a mandatory policy has evolved into a willing and voluntary support for NSmen. Over the years, an increasing number of employers have also gone beyond simply releasing their employees for NS call-ups. The National Service also contributed to strengthening our national unity, bringing together the diverse population and giving them ownership of their country. While this was undoubtedly critically important to the nascent nation in 1967, it continues to be equally relevant and important now more than ever given the greater diversity in our population mix as the nation globalises.

Fast forward to present-day, it has become a rite of passage for the male population and symbolic of a ,))" 1&3" ',2/+"6 #,/ &+$ -,/" +0Ǿ &+0-&/&+$ ), ) Ɯ)*0Ǿ and literary works. A subculture soon took the form of Singlish and military jargon, bolstered with inside jokes, haunted recollections and common military lingo. Local productions such as “Army Daze” and “Ah Boys to Men” were well received in the domestic market, appealing to the “been-there, done-that” group of NSmen. A playlist of common route marching songs starting with “Training to be Soldiers” will easily evoke a sense of nostalgia. 1 &0 + "ƛ" 1&3" & " /" ("/ 1, 20" &+ +6 0, & ) $ 1%"/&+$0 +, * 11"/ 1%" $" !&ƛ"/"+ " Ȓ 3"1"/ +0 4,2)! /" ,2+1 1%"&/ 1/ &+&+$ ! 60 +! ,ƛ"/ 1%"&/ 0% /" ,# !3& " 1, 1%,0" 4 &1&+$ #,/ 1%"&/ 12/+ 1, "+1"/ 1%" *&)&1 /6ǽ 5-"/&"+ "! servicemen would compare stories and laugh over common in-camp shenanigans. It was a part of their lives that also involved their families and loved ones. /"+10 ,ƞ"+ ,*- +6 1%"&/ 0,+0 1%/,2$%,21 1%"&/ NS journey, whether it’s accompanying them to Pulau Tekong on enlistment day or worrying if their uniforms are freshly laundered on Sundays before another week 1 *-ǽ *-),6"/0 -21 &+ -) " -/,Ȓ %2* + /"0,2/ " policies and practices to support their NSmen employees. NSmen share their training experiences during SAF Day commemorative activities organised by the employers and employers are made aware of NSmen employees’ commitments well in advance to better prepare for business continuity when the NSmen are called back for their NS duties.

REINFORCING THE NS BRAND The defence of Singapore has been made possible by employers’ contributions to NS, with how they are willing to support their NSmen employees and help them balance the demands of the military with their work. Top managers who support their NS employees &1" 1%"&/ ,+Ɯ!"+ " &+ 1%&0 $/,2-ȉ0 &)&16 1, "5" 21" challenging projects and their readiness to respond during emergencies. In April 2021, a Community of Practice (CoP) of NS Advocates was launched to sustain support for NSmen. This provided an established platform for NS advocates 1, 0% /" &!" 0Ǿ /"0,2/ "0 +! $/,4 $/,2+!Ȓ2- "ƛ,/10 to sustain their interest and support for NS. Members of trade associations and business owners proposed

initiatives including mentorship programs, courses in human resources and logistics, training in supply chain management and also how the #SupportNS movement can be better branded. Organisations from the ground have since heeded the call for ground-up initiatives. One such organisation is the Marketing Institute of Singapore (MIS). With a legacy ,# )*,01 ǚǕ 6" /0Ǿ &0 +,1Ȓ#,/Ȓ-/,Ɯ1 00, & 1&,+ that runs executive training and business-related diploma courses. Since its formation, more than 50,000 students have gone through courses provided by MIS. Concurrently, MIS is also the national body for sales +! * /("1&+$ǽ /"0&!"+1 ,# Ǿ /ǽ ,$"/ +$Ǿ Ɯ/*)6 believes that it is advantageous for both the NSmen and the companies they are working for to mutually support each other. Professional and personal development have always been at the core of our business. Over the years, we have observed how NSmen can synergise competencies acquired from NS and their professional lives to create something better. This continues to be an ongoing process as the NSmen acquire new skills through executive courses from Institutes of Higher Learning (IHLs) and during their time spent serving NS. This synergy allows them to create even more value for their company, the NS unit and Singapore in the long run. To provide NSmen with learning opportunities to learn, network and be future-ready, MIS is committed to providing bond-free scholarships to individuals with a good track record at work and within their NS unit. At the business level, MIS is extending a discount to all organisations that are NS Mark and NS Mark (Gold) award winners for all executive courses and diplomas.

THE NEXT LEAP FORWARD /("1&+$ 01/ 1"$&"0 4&)) ,+1&+2" 1, "3,)3" 0 recognises the ever-changing demographics, trends, and media. Today’s proactive communications approach is the result of understanding the current generation. National identity remains an integral part of national branding and NS as an institution should continue working closely with employers, businesses and relevant agencies, to better understand what matters to them, be a ,+!2&1 "14""+ +! 1%" "*-),6"/ +! 20&+"00 community and facilitate a better appreciation of how to create a pro-NS culture for the individual and company.

2022 Marketing Institute of Singapore

NS MARK The NS Mark accreditation scheme was launched in 2016 to recognise businesses and organisations for supporting +! ǽ %" /"!&1 1&,+ 0 %"*" &0 /"02)1 ,# "51"+0&3" ,+02)1 1&,+ "14""+ ȡ Ǿ 1%/,2$% 1%" !3&0,/6 ,2+ &) #,/ ,**2+&16 ") 1&,+0 &+ "#"+ " ț ȜǾ *-),6"/ +! 20&+"00 ț ǔ Ȝ ,2+ &)Ǿ +! 1%" various stakeholder groups. %&0 /"!&1 1&,+ 0 %"*" ,+0&010 ,# 14, 1&"/0ǿ /( +! /( ț ,)!Ȝǽ )) 20&+"00"0 +! ,/$ +&0 1&,+0 /" encouraged to pledge their support for NS through the NS Mark Accreditation scheme. Those with a higher level of support implementing pro-NS policies for NSmen and advocating for NS will be able to progress to the highertiered NS Mark (Gold).

Ac cre

dit ati

Join us on the journey from Accreditation to Award!

Aw ar d

-,+ /"!&1 1&,+Ǿ 1%" /( /" &-&"+10 4&)) /" "&3" + "Ȓ " ) / 1&,+ ,# 2--,/1 "/1&Ɯ 1"ǽ /( ț ,)!Ȝ /" &-&"+10 4&)) /" "&3" #/ *"! " ) / 1&,+ ,# 2--,/1 "/1&Ɯ 1" +! + /( ț ,)!Ȝ "/1&Ɯ 1"ǽ

Total Defence Awards

BE RECOGNISED FOR SUPPORTING NS

The NS Mark is a nationallevel accreditation scheme that recognises employers for supporting National Service NS Mark (Gold) (NS), Total Defence (TD) and facilitating Operationally Ready The NS Mark (Gold) accreditation National Servicemen’s (NSmen’s) recognises businesses that have completion of their demonstrated a higher level of support by NS commitment. implementing pro-NS policies and practices as well as advocating support for NS

NS Mark NS Mark accreditation is the basic tier that acknowledges businesses for pledging their commitment and support for NS and TD

WHY COME ON BOARD Value as Employer of Choice

Opportunity to be featured on NS Mark website, MINDEF print and social media platforms

Usage of NS Mark logo on corporate marketing, recruitment and promotional collaterals

TO APPLY All SMEs, Large Companies and Organisations registered in Singapore are eligible to apply

ș &$+ 1%" " ) / 1&,+ ,# 2--,/1 via www.NSmark.sg

Marketing Institute of Singapore 2022

ș &$+ 1%" " ) / 1&,+ ,# 2--,/1 +! ,*-)"1" + ,+)&+" .2"01&,+ &/" 00"00&+$ 1%" ,*- +&"0 -/,Ȓ -,)& &"0 +! !3, 6 "ƛ,/10 3& www.NSmark.sg ș ,*- +&"0 + --)6 !&/" 1)6 #,/ /( ț ,)!Ȝ 4&1%,21 --)6&+$ /( ș " &-&"+10 ,# /( ț ,)!Ȝ 4&)) " ,+0&!"/"! #,/ 1%" -/"01&$&,20 Total Defence Awards

THANK

YOU

FOR

YOUR VIGILANCE

BATTLE OF THE BRANDS

Behind the Business of Cashew Nuts

Marketing Institute of Singapore 2022

ingaporeans love to munch on nuts as a snack. It is universally known that the very healthconscious Singapore community prefers healthy snacks over junk food for mindless munching. %" +""! 1, 01 6 Ɯ1 &0 0, 01/,+$ 1% 1 1%" +21 &+!201/6 % 0 found a permanent home on this beautiful island. In the ‘Battle of the Brands’, we conducted a blind taste test to understand the top choice amongst Singapore consumers. Cashew was our candidate nut for the survey. The idea was to understand what people prefer and why. This report comprises an overview of the nut segment in Singapore and a forecast for its growth in the coming

Ɯ3" 6" /0Ǿ 0"! ,+ 02/3"6 ,+!2 1"! ,+ #"4 ), )0ǽ It provides a detailed analysis of the user preference with respect to quantity, quality, taste, packaging, pricing, etc. The idea of the report is to understand the nut industry in Singapore, list the features of the top-selling brand of cashews, and build a forecast. In addition, the report talks about the four key players and their prime features that make them market leaders in Singapore. This research report has been conducted using the Blind Tasting Method, based on pre-set parameters. The &+#,/* 1&,+ ,*"0 #/,* ,ƛ& & ) 0,2/ "0 +! &+0&$%10 #/,* participants gathered during the survey.

2022 Marketing Institute of Singapore

What are mixed nuts? They are cashews with obstacles! +,4+ #,/ 1%"&/ 3"/0 1&)&16 +! /& % Ɲ 3,2/Ǿ 0%"40 /" native to Central and South America, several Caribbean 0) +!0Ǿ 01 #/& Ǿ ,21%" 01 0& Ǿ +!& +! 201/ )& ǽ Out of the 4 million cashews produced in 2019 globally, Ivory Coast and India were the leading producers. Satiating as a snack or a topping, or in the form of oil, cheese or butter, cashew nuts are the most loved nuts in the world. Raw cashew pulp and juice is enjoyed as a sweet drink or fermented into liquor. Nuts are used as a condiment for breakfast cereal, yoghurt, and baking. The popularity of nut snacks also gave rise to nut related products such as almond milk, pistachio puree and peanut cooking oil. By-products also include making jam out of the cashew fruit and animal feed from inferior grade peanuts.

Let food be thy medicine and medicine be thy food! Rich in protein, healthy fats, minerals and vitamins, 0%"40 % 3" 0&$+&Ɯ +1 %" )1% "+"Ɯ10ǽ %"6 /" ),4 &+ 02$ / +! %&$% &+ Ɯ /"Ǿ %" )1%6 # 10Ǿ +! -) +1 -/,1"&+ǽ Cashews are a good source of copper, magnesium, and manganese, minerals vital for energy production, brain health, immunity, and bone health. As per research, a small daily serving of cashews can reduce bad cholesterol. Cashews are also known to prevent heart ailments, strokes and diabetes. Nuts and seeds are powerhouses of antioxidants, and cashews are no !&ƛ"/"+1ǽ With more and more people going vegan, plant-based foods are gaining popularity. Post-COVID, health has become the centre, and consumers are moving towards snacks with higher protein content than junk food. The mixed nut market has gained considerable momentum amidst fad foods, like greek yoghurt, mixed berries, kale, chia seeds, etc. Since nuts don’t require refrigeration, they are the preferred choice for snacking on the move. While health remains essential, consumers are not willing to compromise on taste, quality, and packaging. With 0, * +6 &+Ɲ2"+ "/0 +! ")" /&1&"0 ',&+&+$ 1%" %" )1% bandwagon, the switch to healthy snacks has become commonplace.

Marketing Institute of Singapore 2022

“I don’t go long without eating. I never starve myself. I grab a healthy snack.”

- Vanessa Hudgens, Actor

Trends in Marketing Packaged Nut Snacks, the consumer perspective. + &+$ -,/"Ǿ %" /1 !&0" 0" ,2+10 #,/ ǖȡǘ ,# )) !" 1%0 in 2020. Based on exercise and diet, the desire to pursue the perfect body seems trendy enough to ask if almond, cashew, or walnut is better in taste, nutrition, and the environment. The Nuts industry is a highly competitive landscape with four major local brands competing against each other. These companies are well-established brands, with 0,*" "&+$ #,2+!"! #"4 6" /0 ƞ"/ &+$ -,/"ȉ0 &/1% as a nation.

“Nuts or cashew nuts, in particular, have always been the all-time favourite snack. Not just among the health-conscious community, but as one of the prominent nip bits during social gatherings, "0-" & ))6 ƞ"/ - /1&"0ǽ 4&)) 020-" 1 &1 ,//") 1"0 with the drinking culture during casual networking gatherings. Therefore, the quality of the snack served will have a direct impact on the sales of these drinks.” - Roger Wang, President of the Marketing +01&121" ,# &+$ -,/" +! ,# 00"+1& ) "/(7ǽ The ‘Battle of the Brands’ survey found consumers are seeking out packaged cashews to meet a variety of needs to a greater degree, with packaging, quality and size rising to the top of the list of attributes that regularly impact their cashew consumption choices. Food is a lot about personal taste, and this is only a small 02/3"6 1, $"1 Ɲ 3,2/ ,# 4% 1 ,+02*"/0 ),,( #,/ &+ 1%"&/ snack brands. Overall when it comes to taste, quality and preference, Taisun was likely the most preferred brand, with Kangaroo second and Tong Garden and Camel following closely as the third preference.

+ 1%" )&+! 1 01" 1"01Ǿ 1%" Ɲ 3,2/ +! /2+ %&+"00 of the nuts were considered the most important, #,)),4"! 6 1%" ,),2/Ǿ ƞ"/Ȓ1 01" +! 0&7"ǽ Taisun has rated high on every parameter surveyed - the blind taste test, intention to try or purchase, -/"*&2* #"")Ǿ ")&"3 )" "+"Ɯ10 +! 2+&.2"Ǿ !&ƛ"/"+1& 1"! - ( $&+$ǽ ƞ"/ &02+Ǿ +$ /,, 4 0 / 1"! %&$%"/ &+ -/"*&2*Ȓ ness, as most people believed that they use the superior ingredients. Tong Garden fared well a lot better on believability - with more people likely to believe the information presented on their packs. They were a close second on the uniqueness and appeal of their packaging. The design and information on the packaging played a 0&$+&Ɯ +1 /,)" &+ 1%&0 / 1&+$ǽ

,! 6Ǿ 1%" #,,! &+!201/6 % 0 0""+ - / !&$* 0%&ƞ in the production and consumption pattern. The market is more sensitive to individual needs, and customisation is becoming the norm. Surveys like these act as manuals for commodity producers who earlier believed in traditional production practices, oblivious to the buyer’s intent, preference, and spending capacity.

“There has been an exponential growth in the nut industry in Singapore, and manufacturers are making it a point to create a niche in the 0"$*"+1 4&1% 3 /&"! Ɲ 3,2/0 +! 1"512/"0ǽ The revenue for the Nuts segment is expected to reach US$92m in 2022. The market is expected to grow annually at 1.62% per annum up to 2026,” says Bhavik Bhatt, Strategy Director, Bonsey Design.

Overall, when shopping, the consumers care a lot more about the quality, design and information on the packaging long before they have tasted the product. This preference may change on the 2nd purchase once they have had a chance to taste the product. For example, even though Kangaroo’s overall scores are higher, when it comes to the appeal of packaging and the likelihood of purchase, Tong Garden may perform better on the supermarket shelf, especially *,+$01 Ɯ/01 1&*" 26"/0ǽ

“The consumption habits of consumers have changed drastically over the years. Gen Y and Millennials tend to be on the extreme spectrum regarding product preferences. On one end, a group of consumers are health conscious and prefer products such as baked almonds and dried fruits. While on the other end, this group of consumers are considered much more ‘adventurous’. Hence, we pride ourselves on producing quality and healthy nuts in aesthetically designed packages that appeal to all,” says Gim Kai, Country Head of Kangaroo Nuts.

Disclaimer: This is an independent review by The Singapore Marketer under the Marketing Institute of Singapore, and does not represent the views of external parties. The Singapore Marketer does not pay nor receive any compensation for the reviews we write. We have no incentive to offer a favourable review to offer our reading audience an objective reading.

2022 Marketing Institute of Singapore

PROFILES

A Conversation with Chris Milliken.

The CEO of PengWine Shares his Strategy and What it Takes to Be Successful Veronica Lee

Marketing Institute of Singapore 2022

M A ubiquitous quality of entrepreneurs is the ability to bring an idea to life. Once in a while, we come across someone who transcends this, pushing the boundaries as a maverick would and changing the course with leadership and charisma that few possess. We interviewed Chris Milliken- winemaker and CEO of Chilean winery PengWine and Singapore-based liquor wholesalers Amigos y Vinos, where he shared everything from how he * + $"0 + "ƛ" 1&3" ) + " "14""+ work and life to how he motivates a team to achieve superior results.

illiken is a multi-domain entrepreneur from the United States who started his career as a chef and then gradually transformed and expanded his prowess into entrepreneurship. His culinary passion morphed into an oenological one and he went about absorbing every aspect of winemaking during his time at Domaine Chandon Winery in the beautiful Yarra Valley, Australia. With great fortune and ideal timing, Milliken then made his way to the Maipo Valley in Chile, where he was able to make his own wines. Apart from being into Business, the winemaker and sommelier is also an ardent traveller, a brand-building wizard, a passionate golfer, a tech investor and a keen writer. His book, White or Red, It’s all in Your Head, is a great introductory read for wine newbies. Like almost all present-day interviews and meetings, we met and spoke to Chris virtually over a ZOOM meeting. Dressed casually but without compromise in 016)"Ǿ 1%" ƛ )" *"/& + "52!"0 + " 06 % /&0* and personality about him, easily palpable even in a virtual meeting. The enthusiasm and spark he has are contagious as he chats excitedly about new business ideas and shares his passion for entrepreneurship. A marketing maverick, if you will, and his positivity and quest for self-betterment are apparent. A typical day for this chef-turned-winemaker starts early 4&1% *"!&1 1&,+Ǿ Ɯ+!&+$ %&0 "+1/" +! 1%"+ 4,/(,21ǽ Milliken’s personal and professional well-being is contingent upon the collaboration of his spiritual, mental, and physical well-being. Building structured, welldisciplined routines into his productive energies is key. “As an entrepreneur, I think it’s important that you create " 20" 6,2 +""! 1, " Ɲ"5& )" 1 1%" 0 *" 1&*"ǽ 3"/6 little bit of consistency and routine that you can build into your life is very important.” When he gets to work, he follows a simple series of steps to make sure he always 01 /10 %&0 ! 6 ,ƛ ,+ 1%" ,//" 1 #,,1&+$ǽ %&0 &+ )2!"0 1 0(Ȓ 6Ȓ1 0( ! 6ȒƝ,4 ,/$ +&0 1&,+ +! ,++" 1&+$ 4&1% ,1%"/ *"* "/0 ,# 1%" 1" *ǽ ƞ"/ 4"&$%&+$ ,21 4%& % work requires the most immediate attention, he dives in. Chris Milliken is many things—a tech-savvy multi%6-%"+ 1" 4%, * !" 02/" "+$ &+" 4 0 1%" Ɯ/01 4&+" brand globally to roll out an app-based measure against counterfeiting. The technology scans the barcode of a bottle and keeps track of its movement around the world. Always at the forefront of innovations and tech trends, it is no wonder that Milliken is no stranger to seeking novel ways to market his business and pushing the frontiers of all things wine, always thinking out of the box. But what he absolutely loves, is marketing. As a successful multi-hyphenate, Chris Milliken has learnt to deal with 2022 Marketing Institute of Singapore

“I’ve always been fascinated by technology and the enormous impact of its applications in business and the world at large,”

the entrepreneur shared that he has always been a little ahead of himself in technology. And because of that, Milliken admits that he has failed multiple times. Not because he didn’t try hard enough, or didn’t know what he was doing (which was part of the process), but simply because the timing had to be just right and opportune to apply some of that tech to his core business. His neversay-die attitude is admirable, as he takes lessons from the setbacks and continues to push the envelope. the challenges that come with wearing many hats. When the COVID-19 crisis threw a curveball earlier in 2020, the chef, F&B entrepreneur, winemaker and sommelier found himself having to adapt in diverse ways. With dining-in disallowed during the Circuit Breaker period, the heavily event-based core business model of his wine label had 1, !'201 +! 0%&ƞ 1%"&/ 20&+"00 *,!") 1,4 /!0 ,+)&+" orders and hybrid virtual experiences. When asked about what has changed in terms of running his business, Milliken matter-of-factly lets on that a pivot for his business model was necessary as soon as the COVID-19 - +!"*& %&1ǽ ƞ"/ ))Ǿ "+$ &+"ȉ0 ,/" 20&+"00 4 0 supplying restaurants, doing exports and supplying to F&B. “And so, of course, as soon as restaurants shut down, our business comes to a halt.” And because they are a boutique wine company producing in smaller 1 %"0Ǿ "+$ &+" !&! +,1 % 3" 1%" /" !1% ,# !&ƛ"/"+1 products to make a B2C platform work. Not one to be knocked down easily, within 60 days he found a partner to expand PengWine’s portfolio to list 2+ % ,# !&ƛ"/"+1 -/,!2 10Ǿ /" 1" +"4 4" 0&1"Ǿ Ɯ$2/" ,21 1%" ),$&01& 0 +! Ȋ1%"+ 4" )&1"/ ))6 Ɯ))"! ,2/ living rooms with alcohol,” Milliken muses. Making the necessary changes and having the gumption to go against one’s ideology is also what sets this serial entrepreneur apart. There was a market segment that he did not want to associate his brand with initially, as he wanted to ensure PengWine was seen as a premium lifestyle -/,!2 1ǽ 21 1%" - +!"*& % ! *-)&Ɯ"! 1%" $ -0 +! made him realise a new perspective on this other market 0"$*"+1 ,# 4&+" !/&+("/0 4%"/" ƛ,/! &)&16 &0 1%"&/ number one priority. With that, he created a product of high enough quality that it can still enter this market 0"$*"+1 1 -/& " -,&+1 1% 1 %")-0 1%"* 01 6 Ɲ, 1Ǿ 2&)! out a larger customer base and engage with another market segment. Milliken’s open-mindedness and frankness were what impressed me as an entrepreneur’s winning formula for standing back up despite adversities. 38

Marketing Institute of Singapore 2022

“The pandemic certainly accelerated [the] digitalisation [of businesses] and we are now # 01"/ +! *,/" +&* )"Ǿ Ɲ"5& )" and aggressive in the innovation of products,” he says. “As a chef and business

owner, I’m inclined to continuously create. It’s all been a very natural progression.” A recent marketing tactic he deployed involved the very latest buzzword in the marketing community —“NFT” (non-fungible token). In Milliken’s mind, collaboration is key. He’s even going so far as to call it a revolution, in terms of how surprisingly 2+ ,**,+ %" Ɯ+!0 20&+"00"0 4,/(&+$ 1,$"1%"/ǽ 21 simply, the acute businessman is always about the “winwin or win-win-win” mentality. “There’s always a way; if you communicate the right way, then everybody comes out on top.” &0 * /("1&+$ 01/ 1"$6 &0 0&*-)" ,+"ǿ 1%" &!" &0 to create a mechanism whereby everybody is a winner. So when a consumer buys an NFT issued by PengWine, the customer gets rewarded. And they get rewarded by going to one of PengWine’s partner restaurants for a free glass or bottle of wine, depending on what they own. So the restaurant is winning because they are bringing

“The customer is winning because they are going to have a great experience at a restaurant and they get to enjoy the product that they’ve more or less invested in when they bought it.” Milliken beams in customers.

with satisfaction. And because now he knows who those people are, they can regularly reach out and create a community based on the communication “that the (NFT) art also brings us all together.”

When asked about what his management style is like, a recurring theme is the element of fun and freedom, which also cascades down to his team. Milliken’s leadership style is an open-door policy approach. He encourages his tight-knit team to share their ideas and creative inputs openly and stresses that communication is key, especially when they are a small team. In his team, everyone has a say. Milliken sets the vision and drives the team, but ideas can come from everyone and they take ownership of it. Teamwork and collaboration are the bedrock of their success.

Besides capitalising on the NFT trend, which has 0""+ /"3&3&Ɯ"! &+1"/"01 /" "+1)6 0-2//"! 6 1%" +!,+"0& + 012!"+1ȉ0 0")Ɯ" 01,/6Ǿ &))&("+ "+$ $"0 a wider customer base by having his business accept cryptocurrency as payment. This move promises to capture the interests of a younger, tech-savvy clientele base. Granted that cryptocurrency does not make up a large portion of his payment revenue at the present moment as the market is still niche, we can all appreciate how Milliken is constantly on the lookout for new ideas, fusing his passions and incorporating them into his business. One example is the HSBC Women’s World Championship golf event, whereby PengWine has been a sponsor and keen supporter for the second year running in 2022. The event allows not only PengWine to showcase its products to diverse groups but also to marry F&B, particularly a wine-drinking culture, with sports.

Sustainability has been a hot topic in business for the last decade and is now quickly becoming a must-have hygiene factor for companies that want to resonate with and win the loyalty of their global customers. Beyond doing business, Milliken believes that sustainability should be at the core of its operations. He hopes to help build a more equitable and sustainable future, where the purpose and measure of success for businesses are +,1 '201 1, * (" -/,Ɯ10Ǿ 21 1, % +$" +! &*-/,3" lives. As a champion and supporter of a greener world, PengWine has collaborated with various entities, to promote sustainable business activities and operations. + 2$201 ǗǕǗǖǾ %&0 ,*- +6 -) +1"! ǘǚ 1/""0 &+ 1%" B1G1 initiative. Moving forward, Milliken has plans for the brand to venture further into China and regional markets like Cambodia and Thailand. For PengWine to successfully penetrate these global markets, it needs to take localisation into account as part of its strategy. One of the vehicles behind its success is its strong delivery system, supporting a clear brand story, and its relentless ,**&1*"+1 1, &++,3 1&,+ǽ 6 )" /)6 !"Ɯ+&+$ &10 / +! promise of providing quality yet exclusive wines at attainable prices, the brand has created an environment where it continually exceeds customers’ expectations. Milliken’s unrelenting focus on the customer is at the core of the brand’s success, and it will be exciting to see how PengWine continues to reinvent and innovate to bring the business to the next level.

2022 Marketing Institute of Singapore

“Marketing is telling the world you’re a rock star. Content Marketing is showing the world you are one.” — Robert Rose, Chief Strategy Officer, The Content Advisory

Marketing Institute of Singapore 2022

Forging a Network of Support for Our NSmen Join the league of outstanding employers and businesses that support National Service (NS) and Total Defence (TD). Empower and support your NSman employees to effectively manage their family, work and NS commitments through exemplary workplace initiatives and processes. Pledge your support and contribute to our nation’s peace and your employees’ peace of mind. Join the league of good companies.

FEATURE

Sun Zi Bing fa:

APPLICATIONS to Business and MARKETING Sun Zi Bingfa (Ⴛᔇܸज) is the most well-known Chinese military classic, written more than 2,000 years ago. Its value &+ &+Ɲ2"+ &+$ 20&+"00 4 /# /" % 0 +"3"/ ""+ !&0-21"! and it is a must-read text in all major military academies in 1%" 4,/)!ǽ # ".2 ) 0&$+&Ɯ + " &0 &10 /")"3 + " 1, 01/ 1"$& thinking, business and marketing strategies in the modern corporate boardroom.It is said that the Japanese used Sun Zi Bingfa in the Second World War and later, in their corporate boardrooms, which enabled their great successes right up to the 2000s. The Korean corporate strategists apparently also applied to Sun Zi Bingfa in its business and marketing 01/ 1"$&"0ǽ &1% 1%" /" "+1 1/ !" 4 / ț +! ,1%"/ ,+Ɲ& 10Ȝ between China and the US, Sun Zi Bingfa has received renewed and increased attention from politicians and policy-makers.Many Chinese leaders, including President Xi Jinping, are known to quote Sun Zi Bingfa in their various speeches. Many policy-makers in the US and Europe have also begun to pay increased attention to this classic. The reason – to have a deeper insight into understanding the mindset of the Chinese strategist. Dr. Wee Chow Hou Adjunct Professor 0CP[CPI 6GEJPQNQIKECN 7PKXGTUKV[ 067 and Singapore University QH 5QEKCN 5EKGPEGU 5755

hina is now the world’s second largest economy and has the largest #,/"&$+ "5 % +$" /"0"/3" ,# ,3"/ ʏǘ 1/&))&,+ 0 ,# 1%" "+! ,# ǗǕǖǝǽ &3"+ its current growth rates, it will overtake the U.S. as the largest economy in the world within the next 15 years. Not surprisingly, and despite many geopolitical concerns and challenges, more and more multinational corporations are interested in understanding how to do business with the Chinese. Increasing number of them have turned to reading Sun Zi Bingfa as one key way to gain insight into how the Chinese (boardroom) strategist plans and plots. Over the years, I have written, conducted seminars and training on how to apply Sun Zi Bingfa to business and marketing to tens of thousands of senior corporate executives around the world. In this short introductory article, I just want to share one quote from Sun Zi Bingfa that has high relevance to the world of marketing. Hopefully, I will have more opportunities and platforms to share more about the applications of Sun Zi Bingfa to various aspects of business and marketing.

Marketing Institute of Singapore 2022

Outside-In Approach in Analyzing Competition The following quote appears at the end of Sun Zi Bingfa’s Chapter 10 on Terrain (࢐ተȜǿ

Đᒀ‫܋‬ᒀ଄-ဒฅ‫!!!<ࡓݙ‬ !ᒀᄖᒀ࢐-ဒฅ‫ݙ‬ག/đ

This quote has numerous applications in business and marketing. Let me elaborate1. In terms of analysis, Sun Zi argued that before going to war, analysis of the other side-and-self factor comes before analysis of the weather-terrain factor. Second, one must analyse the other side before oneself. Finally, one analyses weather before terrain. There is a very profound logic to this sequence of analysis. In deciding on going to war, weather and terrain as a factor, is less consequential when one does not have any chance of winning. Likewise, in marketing, when to launch a product or service and which market to enter into matters little if that product or service is not competitive at all. The product or service must be able to withstand competition. Only then, knowing when and where to launch it will increase its chances of succeeding. There are good reasons to analyse the other sides before oneself. In competition, the other side (e.g., competitors, consumers, channel members, etc.) changes all the time, while you are relatively static. In fact, the strengths and weaknesses of your product/service depend very much on who the other side is or is not. Your marketing strategies can then be developed accordingly and "ƛ" 1&3")6ǽ %"1%"/ 6,2/ -/,!2 1 ,/ 0"/3& " &0 "-1 )" also depends on the other side (e.g., whether the consumers would buy it and the channel members would carry it). At the analysis stage, focus on the weather before the terrain. Weather (business climate and timing) is dynamic and changing all the time, while terrain (geography, infrastructure, and market demographics) &0 /") 1&3")6 01 1& ǽ 01"/6 ,# 1&*&+$ ,ƞ"+ 0"- / 1"0 successes from failures.

“Know the other side (the enemy), know yourself, and your victory will not be threatened. Know the weather, know the terrain, and your victories will be limitless.”

Sun Zi’s rationale behind this sequence of analysis provides much food for thought. First, to win, one must be competitive. If one is not competitive, when and where to compete matters little. Second, Sun Zi advocated a proactive and dynamic approach to analysis by focusing on factors that are changing all the time (e.g. the other sides and weather). By taking an outside-in rather than an inside-out approach in analysis, one is forced to adapt and react to the changing external factors. Hence, one is forced to learn and innovate in order to win. Interestingly, when one takes the trouble to study the other sides and other external factors, one can sense where the business/ marketing opportunities are and when to take advantage of them. It is precisely by taking this outside-in analysis approach that enables Singapore and a company like Singapore Airlines to know how to compete in areas that have been ignored by their competitors. In fact, over time, they have been able to build up and strengthen their core competencies despite starting almost from ground zero. %" )"00,+ Ȕ ,/" ,*-"1"+ &"0 + " 2&)1 &# ,+" (+,40 how to study the other sides! + 1%" ,1%"/ % +!Ǿ 1%" # &)2/"0 ,# * +6 2/,-" + countries (a good number of them were former colonial masters) and Fortune 500 companies are precisely due to their failures to practise this outside-in approach in handling competition. When they became successful, they began to focus on themselves and look inwards. They overlooked the fast changing “other sides.” As a result, they lost their winning momentum to learn, to adapt and to innovate.

1 In business and marketing, the other side can be likened to direct and indirect competitors, consumers, channel members, regulators, media, suppliers, various stakeholders, etc. To develop effective strategies, one must know them well. Weather basically refers to business climate and it effectively determines when one should enter a market, launch a new product/service, etc. Terrain refers to the geographical and infrastructural factors.

2022 Marketing Institute of Singapore

FEATURE

President of Marketing Institute of Singapore

Mr. Roger Wang Most entrepreneurs don’t wish to work on more than one business at a time and believe &+ !&/" 1&+$ )) 1%"&/ "ƛ,/10 &+1, their existing business to work on making it successful. Successful entrepreneurs focus on business -/,0-"/&16 +! -/,Ɯ1 &)&16Ǿ )"3"/ $&+$ /"0,2/ "0 +! +"14,/(0Ǿ carefully balancing their spending and outgoings to ensure that they start breaking even as soon as possible and continue to be -/,Ɯ1 )" &+ 1%" 0%,/1"01 time possible. Mr. Roger Wang

2TGUKFGPV /CTMGVKPI +PUVKVWVG QH 5KPICRQTG /+5 2TGUKFGPV /CTMGVKPI +PUVKVWVG QH 5KPICRQTG $WUKPGUU 5EJQQN /+5$5 /CPCIKPI &KTGEVQT 'UUGPVKCN 9GTM\ 2VG .VF

Marketing Institute of Singapore 2022

"/& ) "+1/"-/"+"2/0 /" !&ƛ"/"+1 0 1%"6 2&)! "5-"/&"+ " +! -/,Ɯ &"+ 6 +! % 3" the desire and drive to work on various ventures simultaneously, always looking for opportunities and potential. To some, they may be perceived as bold or precarious, taking these risks, but with the right attitude, determination, skills, insights and timing, this is what makes a serial entrepreneur truly successful. Mr. Roger Wang is one such serial entrepreneur. A marketing maverick and philanthropist all rolled &+1, ,+"Ǿ %" ")&"3"0 +,1 '201 &+ * (&+$ !&ƛ"/"+ " by building businesses and helping others to do the same, but also in having a positive impact on society. He uses his plethora of experience, ambition, innovative thinking, and keen business acumen for strategic and sustainable progress, both in terms of -/,Ɯ1 &)&16Ǿ 0 4")) 0 0, & ) $,,!ǽ Ɯ/* ")&"3"/ &+ )" /+&+$ #/,* ,+"ȉ0 01/2$$)"0 and failures, Roger is a founder, co-founder, and shareholder in numerous companies, across &+!201/&"0Ǿ +! 1 !&ƛ"/"+1 -,&+10 ,# $/,41%Ǿ relentlessly paving the way towards a better future. Wearing multiple hats, some of his current appointments include being the President of the Marketing Institute of Singapore (MIS) and Marketing Institute of Singapore Business School (MISBS), President of the Karate-do Union of Singapore (KUS), + $&+$ &/" 1,/ ,# 00"+1& ) "/(7Ǿ ,2+!"/ +! President of the Global Chinese Marketing Federation.

,1 02/-/&0&+$)6Ǿ ,$"/ &0 /"$2) / Ɯ512/" +! $2"01 speaker at regional marketing events and business conferences, always passionately spreading the gospel of entrepreneurship and marketing insights. Being a champion of innovation and creative empowerment, he believes in fostering a growth mindset and exponential growth. Vision, planning and goals are only worthwhile if you are willing to take the actions needed to bring about a change. By embracing critical questioning, exploration, innovation, service, collaboration and continuous improvement, his approach is one of being proactive and focusing on execution rather than just plans. His vision is to use insights, innovation and actionable strategies for measurable impact and outcomes to grow ,/$ +&0 1&,+0Ǿ $,&+$ "6,+! *"/")6 * (&+$ -/,Ɯ10Ǿ 1, % 3" + "ƛ" 1 +! &*- 1 #,/ ),+$"/ -"/&,! ,# time. The thought leader advocates for and supports initiatives that lead the way to a progressive future and better prospects. Roger believes that there is no limit to growth, and that is what drives him to work hard every day and to also encourage and motivate his partners +! 1" * )&(" 1, !, 1%" 0 *"ǽ &1% %&0 ƛ )" +!,2/ and solid interpersonal skills, Roger has forged strong APAC relations by being elected and representing &+$ -,/" 0 " ! ,# !2 1&,+ ,**&11"" ,# 1%" 0& Marketing Federation (AMF). He has formed a number of powerful partnerships regionally and is always looking to expanding the reach of his international network for *212 ) "+"Ɯ1ǽ

2022 Marketing Institute of Singapore

As President of KUS, Roger has always played a pivotal role in actively promoting the sport. Under his 01"4 /!0%&-Ǿ &0 +,4 ,ƛ& & ))6 *"* "/ ,# 1%" ,/)! Karate Federation, Asian Karate Federation and South 01 0& / 1" "!"/ 1&,+Ǿ ,+1&+2,20)6 +2/12/&+$ promising athletes to represent Singapore and raise the standards in the regional and global karate arena. True to his belief that continual learning is deeply connected to a business professional’s success, Roger is currently pursuing a Doctor of Business Administration at the Singapore University of Social Sciences (SUSS), where he explores the interface between personal

Marketing Institute of Singapore 2022

branding and business. Apart from having a deep passion for building businesses, Roger also conducts exclusive training courses at MIS with the main objective of developing like-minded industry talents and sharing his expertise. To impart invaluable experience has always been one of the main driving forces for him to instil marketpreneurship, especially in the intrepid younger generations. Marketpreneurship is, and always will be, an integral part of Mr. Roger Wang’s maxims for aspiring business practitioners to lead a life of excellence, dynamicity, and relevance in today’s rapidly and continually globalising world.

“Products are made in the factory, but brands are created in the mind.” — Walter Landor, Founder, Landor

Marketing Institute of Singapore 2022

FEATURE

Dr. Roger Low Kit Fai

8KEG 2TGUKFGPV /CTMGVKPI +PUVKVWVG QH 5KPICRQTG $WUKPGUU 5EJQQN /+5$5 #FLWPEV (CEWNV[ 5KPICRQTG /CPCIGOGPV 7PKXGTUKV[ 5/7

FORGING RESILIENCE

through lifelong learning Veronica Lee

2022 Marketing Institute of Singapore

/ǽ ,$"/ ,4 0-"+1 *,/" 1% + ǘǕ 6" /0 4,/(&+$ &+ 3 /&,20 *2)1&+ 1&,+ ) corporations and family businesses in senior management roles. He has also held academic appointments as Professor of Management in the Zicklin Graduate School of Business at the City University of New York +! 0 !'2+ 1 00, & 1" /,#"00,/ 1 !&1% ,4 + +&3"/0&16 &+ "/1%Ǿ 201/ )& ǽ " &0 currently a consultant to family businesses in Asia and an adjunct faculty member at Singapore Management University (SMU), where he teaches courses in family business +! ,/$ +&0 1&,+ ) "% 3&,2/ǽ /&,/ 1, 1%"0" /,)"0Ǿ %" 4 0 /,2- ,# ), ) $/,2- ,# ,*- +&"0 +! 0"/3"! 0 5" 21&3" & " /"0&!"+1 1 /&1&0% -/&3 1" +( where he was Head of Business Advisory. Beyond the business and entrepreneurship domains, Dr. Low also has extensive experience in educational leadership, serving as a consultant to the Amity Global Business School before assuming his current position as Vice-President and Chairman of the Academic Board of the Marketing Institute of Singapore (MIS).

Dr. Low always views learning as a lifelong process. ƞ"/ $/ !2 1&+$ #/,* 1%" &+$ -,/" ,)61" %+& +! throughout his career, he continued to pursue higher .2 )&Ɯ 1&,+0Ǿ &+ )2!&+$ 4&++&+$ ,**,+4" )1% Postgraduate Scholarship to do a Master of Science in Business Administration at Salford University in the UK and a Doctorate in Business Administration at the University of South Australia. Lifelong learning has become an ethos that continues to inform the pedagogy and philosophy imbued in his current teaching and academic assignments. Dr. Low understands the diverse -/,Ɯ)"0 ,# 012!"+10 1 Ǿ 1% 1 * 12/" 012!"+10 who concurrently manage familial and academic responsibilities also exist in the student body and that their learning needs ought to be factored in during the design and planning of curricula.

0("! ,21 %,4 %" 4,2)! !"Ɯ+" 02 "00Ǿ /ǽ ,4 indicated that to him, success is the ability to achieve the objective he has set. More importantly, it is also about overcoming trials and tribulations, despite the inevitable setbacks one could encounter in life. In his view, there really is no shortcut to replace hard work. One must also have a strong desire to excel in whatever one does. Beyond this, it is about contributing to society. In this regard, he has contributed to various ,/$ +&0 1&,+0 02 % 0 1%" ,2+$ +1/"-/"+"2/ ,# 1%" Year Selection Committee of the National Youth Council, the Taxpayers Feedback Committee of the Inland Revenue Authority of Singapore and the eSupply Chain Management Council of Singapore, to name a few. He is currently serving as a member of the Total Defence 4 /!0 ț Ȝ 3 )2 1&,+ , /!ǽ

Regarding his interest in the study and practice of family businesses, Dr. Low revealed that his interest in this area started in the late 1980s when research in family businesses was in its nascent stage. At that time, he was working for a local group of companies that was family-owned and managed. Researching and studying family businesses was a good way to look at the inextricable link between theory and practice, stimulate new theoretical thinking and provided him 4&1% 1%" ,--,/12+&16 1, /"Ɲ" 1 ,+ -/ 1& "0ǽ " 01/"00"! the importance of this area of study as family businesses -) 6 0&$+&Ɯ +1 /,)" &+ 1%" $), ) " ,+,*6ǽ 12!&"0 &+ 1%" +&1"! 1 1"0Ǿ + ! Ǿ 2/,-"Ǿ 201/ )& Ǿ 0& +! 1&+ *"/& 02$$"01 1% 1 # *&)6 Ɯ/*0 ,2+1 #,/ 1%" majority of the businesses and have a major impact on the growth of the national economies.

Dr. Low had an illustrious career comprising an eclectic body of experience in business and academia. He looks back with pride and humility on his achievements and wants to contribute to the development of the next generation of managers. To him, it is an immensely rewarding experience to touch the hearts and minds of younger and mature students alike.

Marketing Institute of Singapore 2022

In his current roles as Vice President and Chairman at MIS and MISBS respectively, Dr. Low continues to steer the visionary outlook for both institutions to * &+1 &+ 1%" &+1"$/&16 +! -/,Ɯ &"+ 6 ,# &+$ -,/"Ȓ educated learners, paving the way forward for a growing community of leaders and practitioners in business.

“Do the right thing as marketers to build trust.” — Jon Dick, VP Marketing, HubSpot

Marketing Institute of Singapore 2022

MARKETPRENEURS

AN INTERVIEW WITH FOUNDER OF MADAM PARTUM:

Yen Lim

Veronica Lee

Founder Yen Lim and her children

n this inaugural relaunch issue, we introduce C-Suite level women entrepreneurs who are inspiring, empowered +! 4&1% 1%" &+Ɲ2"+ " 1, !/&3" &+!201/6 % +$" &+ &+$ -,/" +! 0& Ȓ &Ɯ ț- /1& 2) /)6 Ȝǽ %&0 +"4 feature serves to advocate and promote women business perspectives, where we also facilitate knowledge sharing, fostering business partnerships and growth through their experiences.

& (&+$ ,ƛ 1%&0 / +! +"4 0"/&"0 &0 ,2/ Ɯ/01 $2"01Ǿ 0ǽ "+ &*Ǿ +! #,2+!"/ ,# ! * /12* &+ &+$ -,/"ǽ ! * /12* &0 1%" )" !&+$ -/"Ȓ +! -,01Ȓ- /12* 4"))+"00 +! ,+Ɯ+"*"+1 /" 0-" & )&01ǽ /&!&+$ &10")# 0 &+$ -,/"ȉ0 Ɯ/01 TCM pregnancy centre; it is backed by Chien Chi Tow, a renown heritage TCM brand of over 50 years in Singapore. The idea for Madam Partum came to Yen a good many years before its actual inception, while she was pregnant with her Ɯ/01 %&)! &+ ǗǕǖǖǽ +0-&/"! 6 %"/ ,4+ -,01Ȓ+ 1 ) "5-"/&"+ "Ǿ "+ &*Ǿ )0, 1%" ! 2$%1"/ ,# %&"+ %& ,4ȉ0 #,2+!"/ &* Choon Huat, founded Madam Partum in 2017 to provide proper pre- and post-partum TCM care.

2022 Marketing Institute of Singapore

&(" * +6Ǿ /" "&3"! -,01Ȓ- /12* * 00 $"0ǽ %"6 #")1 $,,!Ǿ 21 0 0,,+ 0 1%" 0"00&,+ 4 0 ,3"/Ǿ *6 - &+ *" (ǽ 1%"+ 12/+"! 1, *6 # 1%"/Ǿ "/1&Ɯ"! %&+"0" -%60& & +ǽ ,/ *6 &002"0Ǿ %" -,&+1"! ,21 0-" &Ɯ *"/&!& + -,&+10 1, * 00 $"ǽ 3"/ 1&*"Ǿ 4&1% /"$2) / /"Ǿ +2/0&+$ " ,*"0 )"00 #/201/ 1&+$ +! - &+#2)ǽ % ! %" )1%6 *&)( Ɲ,4ǽ 4 0 &+0-&/"! 6 %,4 4")) &1 4,/("! #,/ *"ǽ " % 3" 0&+ " !"3"),-"! ,*-)"1" -/,$/ **"Ǿ "0-" & ))6 #,/ *,1%"/0ǽ " 4 +1 1, %")- *,1%"/0 1%" 4 6 *6 # 1%"/ %")-"! %&0 - 1&"+10ȁ %"0" 1" %+&.2"0 !,+ȉ1 '201 * (" 6,2 #"") $,,!Ǿ 1%"6 * (" 6,2 4"))Ȃ Yen Lim (QWPFGT /CFCO 2CTVWO +PVGTPCVKQPCN $QCTF %GTVKƒGF .CEVCVKQP %QPUWNVCPV

No stranger to the entrepreneurial 0 "+"Ą 1%&0 3&! 0")#Ě01 /1"/ &0 Õ/* believer in the business of women. It 4 0 ))&+$ #,/ 6" /0 1%"/" ×"/Ą !""- founded passion that she continues to steer herself to build the perfect sanctuary for mommies and their loved one with a one-stop solution, not just about providing care and relief but the continuous education and awareness of what you need to know, setting apart myths from facts about pregnancy and ,+Õ+"*"+1 -/ 1& "0ă ! * /12*đ0 Õ/01 Ö $0%&- 01,/" is located in Katong. The beautifully designed space and integrated concept were carefully planned, designed and launched by Yen, drawing on ideas and feedback from mummies over many planned meetings. Madam Partum at Katong is a one-stop sanctuary where mothers and their families alike can experience a whole suite of services, where their wishes and needs can be met in a seamless, fuss-free manner.

Marketing Institute of Singapore 2022

A formidable businesswoman and an inspiring advocate for women, we pose 10 questions to this vivacious mother of 2 today in order to learn more about the ethos that drives her success.

Q: A:

%& % ǘ 4,/!0 4,2)! 6,2 20" 1, !"0 /& " 6,2/0")#Ȅ I’m dedicated, tenacious and optimistic. Dedicated - I am extremely passionate about the work that I do and always ready to face any kind of challenge. Tenacious - As I have weathered many storms of life, and I am proud of how far I have come along and highly motivated to keep moving forward even when things don’t necessarily go according to my plan. Optimistic - I go through each day with grace and gratefulness. My father will always say one’s Attitude determines the Altitude. (心态决定状态).

Q: A:

,4 !, 6,2 $"+"/ 1" +"4 &!" 0Ȅ Be at the forefront of where our customers are—listening and observing their needs and consumption behaviour. This pandemic has 20"! * 00&3" 0%&ƞ0 +! !&0/2-1&,+ 1, %,4 products and services need to constantly evolve 1, *""1 1%"&/ +""!0Ǿ ,1% ,+)&+" +! ,ƛ)&+"ǽ Networking allows me to be introduced to new, exciting ideas and share best practices all around me. Be digitally connected—with IOT, anything is possible. The team comes together regularly to analyse statistics and trends so that we can create growth and innovative services that bring development to the business by our value.

2022 Marketing Institute of Singapore

What kind of culture exists in your organisation, +! %,4 !&! 6,2 "01 )&0% &1Ȅ

What would you say are the top three skills +""!"! 1, " 02 "00#2) "+1/"-/"+"2/Ȅ

A collaborative-inclusive culture where we work together with everyone like a big family. I hope to foster an environment where relationships with my employees are strong and they feel taken care of like family members. We want to cultivate a safe space where mutual respect and trust are established. We also have an open-door policy to encourage openness and transparency to receive all suggestions and address relevant issues and concerns.

There is no magic formula. To me, it is all about hard work, perseverance and courage. One needs to work hard, especially to level up in areas of weakness. Perseverance - to never give up when 1&*"0 /" 1,2$%ǽ ,2/ $" Ȓ 1, * (" !&ƛ& 2)1 decisions even when no one else sees it.

What key activities would you recommend "+1/"-/"+"2/0 1, &+3"01 1%"&/ 1&*" &+Ȅ

An entrepreneurial journey is a lifelong learning journey. Invest in self-improvement and in areas that can contribute to your brand. I have /" "+1)6 " ,*" + +1"/+ 1&,+ ) , /! "/1&Ɯ"! Lactation Consultant, and I have derived immense satisfaction to continue to champion my mission to serve and support all breastfeeding mothers and advocacy.

What has been your most satisfying moment in 20&+"00Ȅ

%"+ ,2/ 01,/" 1 1,+$ 4 0 Ɯ+ ))6 ,*-)"1"! ƞ"/ * ',/ /"+,3 1&,+Ǿ &1 #")1 )&(" *6 ǘ/! 6 was born. From the initial conceptualizing, going through stages of renovation works, dressing her up with furniture and styling her took us almost 9 months! To realize the vision that I have and see it build is deeply humbling, and it is the most gratifying moment for me.

What is your favourite aspect of being an "+1/"-/"+"2/Ȅ

It is building a brand that I can call my own and seeing how it has grown and impacted the lives of people I meet and serve, whether emotionally or physically. It’s the sense of achievement and $/ 1&Ɯ 1&,+ 1% 1 ,*"0 4&1% &1ǽ

If you had a magic wand, which are the three 1%&+$0 6,2 4,2)! % +$" &+ 1%" 4,/)!Ȅ

I would want it to be a healing wand to help heal the world, people, and animals.

How do you market your business in the current pandemic climate, and which tactics have been *,01 02 "00#2)Ȅ

Since the pandemic, we have harnessed and switched to viral marketing through our social media platform channels like Facebook and Instagram. We were constantly putting our ears to the ground to watch and hear the trends very closely in order to stay relevant in meeting our customers’ needs. For example, when our services had to be put on hold during the Circuit Breaker, we heard many new mothers were struggling with their breastfeeding journey. We immediately sprung into action and set up several webinars, even though it was so new to us, to help new mothers through their postpartum recovery in the comforts of their homes. Marketing, to me is how we genuinely connect with our audiences to help and support them at any phase of their demand with the real content they seek.

What piece of advice would you give to women ,21 1%"/" 4%, 4 +1 1, " ,*" "+1/"-/"+"2/0Ȅ

As a female entrepreneur myself, it is heartening to see more women venturing into and running +"4 20&+"00"0 1%"0" ! 60ǽ * ,ƞ"+ &+0-&/"! by their dedication and tenacity, especially those who are also mothers themselves. I would advise women who want to become entrepreneurs to just jump in and go ahead! When you believe you can, you will succeed. There are no limits to what we can do, and the only limits are your fears and considerations.

2022 Marketing Institute of Singapore

MARKETPRENEURS

Marketpreneurship Strategies To Thrive In Turbulent Environments

Dr. Hooi Den Huan #UUQEKCVG 2TQHGUUQT KP /CTMGVKPI CPF +PVGTPCVKQPCN $WUKPGUU CV 0CP[CPI $WUKPGUU 5EJQQN

Marketing Institute of Singapore 2022

ue to the ever-changing demographic, economic, natural, technological, political/legal and social/cultural landscape, today’s environment is turbulent. Such a turbulent environment presents immense challenges and yet, at the same time, $"+"/ 1"0 0&$+&Ɯ +1 ,--,/12+&1&"0 #,/ )) ,/$ +&0 1&,+0Ǿ ) /$" ,/ 0* ))Ǿ -/,Ɯ1 ,/ +,+Ȓ-/,Ɯ1Ǿ -2 )& ,/ -/&3 1"Ǿ 01 /1Ȓ2- ,/ "01 )&0%"!Ǿ 1, %&"3" #2/1%"/ 0&$+&Ɯ +1 growth. Marketpreneurship strategies will go a long way to help organisations thrive in turbulent environments.

Changes in the environment occur on all fronts—be they demographic, economic, natural, technological, political/legal and socio-cultural. %"/" 1%"6 !&ƛ"/Ǿ #,/ +6 - /1& 2) / ,/$ +&0 1&,+Ǿ &0 1%" ț Ȝ 1&*&+$ +! ț Ȝ 1 +$"+ 6Ǿ 1% 1 &0Ǿ ț Ȝ 4%"+ 1%"0" , 2/ +! ț Ȝ %,4 &*- 1#2) 1% 1 % +$" is, for any particular organisation. According to the authors: In a McKinsey publication, “No Ordinary Disruption,” authored by Richard Dobbs, James Manyika and Jonathan ,"17")Ǿ #,2/ #,/ "0 % 3" ""+ &!"+1&Ɯ"! 0 /" (&+$ )) 1%" 1/"+!0ǿ

1. The Age Of Urbanisation In an age of urbanisation, city populations are growing by 65 million every year; 2.5 billion people will live in Asian cities by 2025; 440 cities in emerging markets will account for nearly half of global GDP growth by 2025 and by then, emerging economies will grow 75% faster than developed countries.

2. Accelerating Technological Change Given the accelerating technological change since the ! 6 ,# 1%" Ɯ/01 -%,+" )) &+ ǖǝǜǛǾ ǖ 1/&))&,+ , '" 10 are expected to connect to the Internet by 2025. The estimated potential impact of the mobile internet will grow to $11 trillion; Automation of knowledge work will grow to $7 trillion and the Internet of things will grow to $6 trillion by 2025.

3. Challenges Of An Aging World Global life expectancy has increased from 47 years in 1950 to 69 years in 2014 and will continue to increase to an estimate of 76 years in 2050. An ageing world can present immense challenges. Without productivity increases, GDP growth will shrink dramatically.

4. Greater Global Connections Global connections have grown; for example, there were ǖǽǘǚ &))&,+ " ,,( 20"/0 &+ ǗǕǖǙǾ 4%& % &0 ".2&3 )"+1 to the population of China and there have been a 500 1&*"0 &+ /" 0" &+ $), ) ,+)&+" 1/ ƛ& #/,* ǗǕǕǕ 1, ǗǕǖǗǽ ), ) Ɲ,4 &+ 1%" 3,)2*" ,# 1/ !"Ǿ Ɯ+ + "Ǿ -",-)" +! data is increasing; it contributes from $250 billion to $450 billion yearly in global GDP growth and this is likely to grow (unless intervening factors set in, such as trade protectionism).

2022 Marketing Institute of Singapore

In such turbulent environments, we need marketpreneurs—excellent marketers with enterprising mindsets and outstanding entrepreneurs with excellent marketing skills. Ȋ +1/"-/"+"2/0%&- &0 -/, "00 1, ț Ȝ &!"+1&#6 ,--,/12+&1&"0Ǿ ț Ȝ )), 1" /"0,2/ "0 +! ț Ȝ /" 1" 3 )2"ǽȋ ț 10,+Ǿ ǗǕǕǚȜ The father of marketing, Professor %&)&- ,1)"/Ǿ &!"+1&Ɯ"0 1%" 1%/"" key essentials of a great marketer 0 ț Ȝ /" 1&3&16Ǿ ț Ȝ )" !"/0%&- +! ț Ȝ !&ƛ"/"+1& 1&,+ǽ --,/12+&16 &!"+1&Ɯ 1&,+Ǿ /"0,2/ " )), 1&,+ +! 3 )2" /" 1&,+ !"Ɯ+&1")6 % 3" much in common with creativity, )" !"/0%&- +! !&ƛ"/"+1& 1&,+ǽ It is, therefore, not surprising to see the creation of the term “Marketpreneurship” by the Marketing Institute of Singapore. What are the marketpreneurship strategies that can be employed to help one thrive in turbulent environments? Market evidence has supported the notion that marketpreneurs are able to identify ,--,/12+&1&"0 #,/ 0&$+&Ɯ +1 $/,41% through value gaps that have been created through changes in the environment.

That today’s environment is TURBULENT and RUDE, is without a doubt. It is not only RAPIDLY CHANGING but at times, RUTHLESS. It is not only UNCERTAIN but at times, UNPREDICTABLE. It is not only DYNAMIC but at times, DISRUPTIVE. And it is not only OMNI-ENGAGING but can also be ENABLING. The dramatic fall in prices of some technological products, as shown in Figure 1, is an example of a rapid change in the environment. FIGURE 1: RAPIDLY CHANGING PRICES OF SOME NEW TECHNOLOGICAL PRODUCTS 2007

2014

Sensors (3D Lidar)

ʏǘǕǾǕǕǕ

$80

3D Printing

$40, 000

$100

Drones

$100,000

$700

Industrial robots

$550,000

$20,000

DNA Sequencing

$10 m

$1,000

Source: Accenture analysis based on research in Exponential Organisations by Salim Ismail

In addition to rapidly changing the environment, it is also ruthless; take, for example, the commencement of the bullet train that interrupted Taiwan’s domestic airline business. Since the high-speed train service began, nearly half of the air routes connecting Taipei City with the western cities of Taiwan have been discontinued. Uncertainty and unpredictability will continue to loom in an everchanging economy, for example, when President Donald Trump decided 1, &*-,0" 1 /&ƛ0 ,+ 01"") +! )2*&+&2*Ǿ 0 + " 0""+ 6 ,+" ,# 1%" worst tsunamis caused by the most powerful 9.1 Richter scale earthquake on earth. This catastrophe, which took place in December 2004, killed more than 220,000 people and displaced an estimated 1.77 million people. Additionally, the industry environment is dynamic, as evidenced by the fact that there are a number of new names that appear among the top ǚ -2 )& )6 1/ !"! ,*- +&"0 ț 6 * /("1 -&1 )&0 1&,+Ȝ "3"/6 Ɯ3" 6" /0 since 2006 and since 2011 (Figure 2). FIGURE 2: TOP 5 PUBLICLY TRADED COMPANIES (by Market Capitalisation) 2006

Exxon $446B

GE ʏǘǝǘ

Total ʏǘǗǜ

& /,0,ƞ ʏǗǞǘ

Citibank ʏǗǜǘ

2011

Exxon $406B

Apple ʏǘǜǛ

Petrol China $277B

Shell ʏǗǘǜ

ICBC $228B

2016

APPLE $582B

Alphabet $556B

& /,0,ƞ $452B

Amazon ʏǘǛǙ

Facebook ʏǘǚǞ

Source: “Preparing Leaders for the Fourth Industrial Revolution” talk by Dr Lee Howell, Managing Board member; WEF, at the Nanyang Technological University, Singapore, on 23 Feb 2018.

It is also disruptive where for example, new players such as the likes of Uber, Grab, Gojek and Didi Chuxing have disrupted the taxi industry in the many countries that they operate in. Finally, the environment is not ,+)6 ,*+&Ȓ"+$ $&+$Ǿ 0 "3&!"+ "! 6 1%" -/,)&#"/ 1&,+ ,# !&ƛ"/"+1 16-"0 of social media and apps; it is also enabled, by new technologies such as self-service robots, voice and facial recognition technology, etc. 60

Marketing Institute of Singapore 2022

VALUE MIGRATOR &$+&Ɯ +1 ,/ "0 of Change

New Rules of the Game

VALUE SUPPLIER New Competitive Setting Indications

New Value Propositions

Winning New Value Value Requirements App

VALUE DEMANDER New Customer /,Ɯ)" +!& 1&,+0

ʭ Total “Get” Value = ---------- = --------------- ʭ Total “Give”

THE VALUE GAP Company

P OE

ǿ 2+ 1&,+ ) "+"Ɯ10 ǿ *,1&,+ ) "+"Ɯ10 : Price : Other Expenses

5&51&+$ Competence Risk-Attitude Stretch Possibility

" )Ȓ)&#" "5 *-)"0 ,# ,--,/12+&1&"0 #,/ 0&$+&Ɯ +1 growth through the value gap can be found in the sneakers industry. Identifying a market gap and cleverly positioning itself as a major brand for excellent shoes for joggers, Nike was able to establish a global footprint by riding on the popularity of jogging. In a similar vein, some years later, when aerobics gained immense popularity and publicity, Reebok was able to grow from a small enterprise, to become a global conglomerate by positioning itself as the major brand for excellent shoes for aerobics. Yet another marketpreneurship strategy that organisations can employ is instilling a culture of reinventions. Marketpreneurship, by its very substance, requires all organisations to be entrepreneurial and make continuous and timely transformations in order to stay as relevant as possible in any environment, however turbulent it may be. By continuously adapting themselves through the sustainability loop, a concept that is propounded by David Hirst in his book, “Crisis and Renewal,” organisations can remain sustainably successful in the everchanging market. According to Noel Tichy, business transformation /".2&/"0 1%/"" 16-"0 ,# % +$"0ǿ 1" %+& )Ǿ -,)&1& ) +! cultural changes. The leaders must have the political will to direct the changes, and words should be backed up by actions through technical changes, such as changes in the assessment and rewards system and for the changes to be sustainable, behavioural changes in line with the new direction are required so that a compatible culture can be developed.

Source: Philip Kotler, Hermawan Kartajaya, Hooi Den Huan and Sandra Li, Rethinking Marketing, Prentice Hall, 2003

As Hermawan Kartajaya said, “Nothing is right forever.” All organisations must be willing to discard practices that are no longer relevant in order to stay sustainable. They must not only learn but also un-learn and re-learn when circumstance so requires. There are so many examples of how even well-known and big companies or products, eventually fail and fall into a “crisis” because they did not adapt in time and/or in 0 ,-"Ǿ 1, 1%" +"4 "+3&/,+*"+1ǽ 01* + ,! ( +! ,+6 Betamax are just some examples. For instance, “new market” conditions may be created not only by changing consumer behaviour but also for various reasons, such as new competitors, new technologies, new regulations, new lifestyles and many ,1%"/0ǽ , 4,+!"/ ( ") %Ǿ #,/*"/ ,# Ǿ .2,1"!Ǿ “When the rate of external change exceeds the rate of internal change, the end is near.”

CONCLUSION

The number one enemy in a turbulent and rude environment is not competition - it is the status quo. Staying put is the most ignorant way to kill one’s business. In a dynamic and changing environment, it is every Marketpreneur’s responsibility to identify the value gap of their businesses and employ continuous innovation processes to exploit it. 2022 Marketing Institute of Singapore

Save the Date Apr 2022 01 Friday

11 Monday - 12 Tuesday

21 Thursday - 22 Friday

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25 Monday

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02 Saturday ~ D ]STabcP]SX]V cWT ?aPRcXRP[ ;TVP[ 0b_TRcb ^U 8]U^a\PcX^] CTRW]^[^Vh 8C 2^\_dcX]V

04 Monday - 03 Tuesday ~ 2 ^]caPRc 0S\X]XbcaPcX^] <P]PVT\T]c ~ 8]RaTPbX]V BP[Tb ?a^SdRcXeXch Performance ~ 4UUTRcXeT BT[[X]V BZX[[b U^a <PgX\d\ ATbd[cb

18 Monday - 19 Tuesday ~ 4 UUTRcXeT ?aXRX]V BcaPcTVXTb CPRcXRb ~ 5Pbc CaPRZ 3XVXcP[ <PaZTcX]V ~ CT]P]Rh 0VaTT\T]cb ;P]S[^aS CT]P]c ;Pf

06 Wednesday - 07 Thursday ~ BcPZTW^[STa AT[PcX^]bWX_ <P]PVT\T]c

07 Thursday - 08 Friday ~ 4 UUTRcXeT <PaZTcX]V BcaPcTVXTb ~ 4]WP]RX]V 4@ fXcW 1^Sh ;P]VdPVT ~ =TV^cXPcX^] BZX[[b U^a BP[Tb <PaZTcX]V Professionals ~ ?TabdPbXeT ?aTbT]cPcX^] BZX[[b ~ ?[P]]X]V <P]PVX]V 4eT]cb

27 Wednesday - 28 Thursday ~ 0ac ^U ?aTbT]cX]V fXcW 2WPacb 5XVdaTb

08 Friday ~ = ^ 2^bc ;^f 2^bc <PaZTcX]V CTRW]X`dTb c^ Maximise Sales

28 Thursday - 29 Friday 20 Wednesday - 21 Thursday ~ 3XVXcP[ <TSXP AT[PcX^]b

11 Monday ~ 2 a^bb 2d[cdaP[ 2^\\d]XRPcX^] ~ 3TeT[^_X]V FX]]X]V :?8b U^a ?TPZ ?TaU^a\P]RT

Marketing Institute of Singapore 2022

21 Thursday ~ 3XeTaVT]c CWX]ZX]V U^a 8]]^ePcX^] 6aTPcTa BdRRTbb

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Save the Date May 2022 11 Wednesday - 12 Thursday

23 Monday - 24 Tuesday

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12 Thursday

13 Friday - 14 Saturday 03 Tuesday - 04 Wednesday

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~ 2 ^]caPRc ;Pf <P]PVT\T]c X] >X[ 6Pb Industry

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25 Wednesday - 26 Thursday 04 Wednesday - 05 Thursday

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~ BcPZTW^[STa AT[PcX^]bWX_ <P]PVT\T]c

26 Thursday 05 Thursday - 06 Friday

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~ B^[dcX^] BP[Tb BcaPcTVXTb BZX[[b

06 Friday ~ BcaPcTVXR ;TVP[ FaXcX]V U^a <P]PVTab

09 Monday - 10 Tuesday

17 Tuesday - 18 Wednesday

~ 1 T ATPSh U^a ?Tab^]P[ P]S ?a^UTbbX^]P[ 2WP]VT Management ~ 2^]caPRc 8]cTa_aTcPcX^] 3aPUcX]V BcP]SPaS Commercial Clauses ~ 2a^bb BT[[X]V CTRW]X`dTb c^ 3aXeT 7XVWTa ATeT]dT ?a^ cb ~ 5 a^\ 3PcP c^ BXV] 8]U^VaP_WXRb 4bbT]cXP[b ~ 8]cTa]P[ 2^\\d]XRPcX^] BcaPcTVXTb Ua^\ employee to brand champion ~ <P]PVX]V 2dbc^\Ta 2^\_[PX]cb 5TTSQPRZ Writing with Empathy and Tact ~ =Tda^\PaZTcX]V 1^^cRP\_ ) 0RcXePcX]V cWT “Buy Mode” in Your Customer’s Brain

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19 Thursday - 20 Thursday ~ 1 TccTa 6aP\\Pa Uâ ?aÛTbbX^]P[ 1dbX]Tbb Communication ~ 5Pbc CaPRZ 3XVXcP[ <PaZTcX]V ~ <X]SUd[]Tbb Uâ 1dbh 4gTRdcXeTb ~ =Tf <P]PVTab =Tf ;TPSTab 1^^cRP\_ ~ BP[Tb <PaZTcX]V BcaPcTVXTb Uâ 0[XV]\T]c Û 1dbX]Tbb B^[dcX^]b Uâ 4gXbcX]V =Tf 0RR^d]cb (NEW) ~ 5d]SP\T]cP[b Û 8]cT[[TRcdP[ ?a^_Tach AXVWcb for Strategic Business Planning ~ ?^[XbW D_ H^da ?aÛTbbX^]P[ 8\PVT Uâ 2PaTTa Advancement ~ =Tf <X]SbTc Uâ 1aTPZcWa^dVW ATbd[cb 5!5 ~ 1TR^\X]V 0 6[^QP[ 8]SXeXSdP[

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2022 Marketing Institute of Singapore

This is the Time to Stand Behind NSmen Our NSmen give us a stable and secure environment that allows Singapore to respond nimbly to new challenges, especially in unprecedented situations like the COVID-19 pandemic. While carrying out their NS duties to the fullest, NSmen also have to balance them with their work and family commitments. As we stride onwards to a brighter future together as a nation, employer support for NS and our NSmen remains crucial. We encourage all employers and businesses to continue partnering your NSman employees in building a more supportive and successful workplace. $ VWURQJ VXSSRUW V\VWHP IRUWL½HV 16 DV WKH EDFNERQH RI 6LQJDSRUHµV VHFXULW\ DQG VWDELOLW\ 7RJHWKHU ZH FDQ FUHDWH an environment that businesses and employers enjoy while striving for success. Every act of support matters!

Marketing Institute of Singapore 2022