Thai name a strong selling brand, says Guru Kotler

It's also time for companies with sound finances but weak brands to invest in strong brands, while those with weak finances but strong brands should cut costs and further push brands.

The distinguished professor at the Kellogg School of Management was speaking to reporters ahead of today's seminar at the Plaza Athenee hotel on "Marketing in an Interlinked World Economy", organised by the Thailand Management Association.

The global economic turmoil today does not stem from over-production but from under-consumption, he said.

Thailand already owns a good brand as far as its agricultural products are concerned, and should further focus on "place marketing and nation branding".

Place marketing means how to get the country better known by the global economy, while nation branding means building the country's image from good things such as well-known actors or promoting Thailand as a suitable place for film shoots.

Farmers should join forces to protect product prices and improve the supply chain, while the country should have market economists to help the farm sector predict what products would be best to grow.

He expressed support for the government's economic stimulus package and suggested that the government should spend money wisely to create jobs and improve transportation infrastructure.

He cited the case of the US, where the stimulus package of the Obama administration had helped boost the stock market over the past months.

As for politics, the protests of both pro- and anti-Thaksin groups had rocked the economy and thrown the tourism industry into a tailspin. Therefore, all Thais should help one another to make the country better. Tourists would come back when political stability returned.

Kotler, author of a book entitled "Think Asean", is promoting the economic regionalisation of the 10 Asean members.

In this time of extreme turbulence in the globalisation era, companies should develop an early warning system, scenario planning and flexible budgeting, he added.