To quote Peter Drucker, “There are only two real functions of Business: Innovation and Marketing.” Unfortunately, Marketing doesn’t get the attention and emphasis it deserves, primarily due to a stigma associated with it because of popular misconceptions. This lecture aims to set the record straight by separating “Selling” from Marketing, and presenting the characteristics of “Good Marketing” and how to achieve it. Purpose-driven companies demonstrate superior financial performance. Thus, Marketing should be purpose-driven and not market-driven, only then can it gain the respect it deserves as a force for societal good.

Marketing thought leaders lately have been advocating that marketing practices need to go beyond customers and think of all stakeholders of the company. This course explores this very debate by discussing what is stakeholder marketing and who are the eight other stakeholders in addition to customers. It explains evolution of marketing from product-customer-stakeholder-centricity and discusses the seven underlying forces driving this shift. Presented also is the FoE SPICE model & methodology (derived from the book Firms of Endearment (FoE)) with data insights on 19 publicly listed companies stacked against FoE companies. Additionally, a seven-point strategic framework is offered on how to achieve stakeholder marketing.