Beyond marketing skills
THE marketing landscape is rapidly changing, both locally and globally.
“As the market and regulatory environment changes, markets mature, competition becomes more intense and margins get tighter. Despite these challenges, the basic fundamental concepts and practice of marketing – delivering sustainable and competitive value to the customer – remains the same,” says Assoc Prof Brian Low, head of Discipline ( Marketing), at Monash University Malaysia’s School of Business.
“What has changed are the emergence of new challenges, rules and market dynamics, which come with new business and marketing opportunities.”
Dr Low joined Monash University Malaysia in 2013, having previously served on the faculty at the University of Western Sydney, Australia.
His research interests lie in business- to- business ( B2B) marketing, customer relationship management, industrial networks and marketing in emerging economies.
“The future of marketing will be shaped by advances in technology. It’s an indispensable part of business and consumption to sellers and buyers operating in business- to- consumer ( B2C) and B2B markets,” says Dr Low.
“What that means is that someone who is trained in marketing has to gain knowledge beyond marketing and be well equipped with knowledge in other areas such as economics, psychology and politics.”
For Malaysia, engagement with regional and global market communities such as the TPPA ( Trans- Pacific Partnership Agreement) and the AEC ( Asian Economic Community) means that Malaysian businesses need to compete on a regional and global platform and not remain content with the local market.
“The future is exciting because people in the field will have to deal with individuals with crossborder experiences, who are knowledgeable and capable of making decisions quickly through technology empowerment,” says Dr Low.
“Future professionals will have to deal with markets that are constantly changing. The markets regulated now are increasingly being liberated and privatised.
“As a result, corporations’ expectations of marketing experts will change and existing marketing practices will come under the microscope. This will lead to a need for new and relevant marketing knowledge.”
With these exciting changes and challenges on the horizon, it is important that Monash University Malaysia produces graduates who can think analytically, strategically and creatively beyond the traditional boundaries and practices of marketing.
According to Dr Low, the industry is looking for graduates who are not only good with numbers but who can also communicate ideas and strategies well.
Employers want graduates who appreciate the importance of business relationships, have good insights into consumer behaviours, are innovative, not risk averse and who appreciate the importance of making use of data to retain and acquire new customers.
“Your ability to stay in a job depends largely on your ability to think critically, rationalise and capture things that other people don’t see,” says Dr Low.
He believes the key to teaching and research excellence is finding the right people to impart knowledge, not just from books, but also from industry experience complemented by familiarity with the latest research findings and developments in academia.
For more information on the programmes offered at the School of Business, Monash University Malaysia, visit www. buseco. monash. edu. my