What does McKenna mean in “Marketing is Everything” that advertising is obsolete, do you agree or disagree?

What does McKenna mean in “Marketing is Everything” that advertising is obsolete, do you agree or disagree? When lunching a new brand it was discussed that it is best to build the brand first with PR and then sustain it with this assertion ? lastly would you say that The Peninsula Beverly Hills promotion strategy is ‘dumb” or “strategic” -explain in detail. Thank you