ISM - Lesson 12 - International Services Communication-Karteikarten | Quizlet

What is Marketing Communication?

Everything a company communicates to a customer

Marketing Communication - Definition

An audience-centered activity designed to encourage engagement between participants

Tasks of MarComms

1. To inform

2. To persuade

3. To reinforce experience

4. To act as a differentiator

Marketing Communication Mix

1. Sales promotion

2. Direct marketing

3. Public relations

4. Personal selling

5. Advertising

Advertising

A non-personal form of mass communication that offers a high degree of control for those responsible for the design and delivery of the advertising messages

Sales Promotion

Comprises various marketing techniques, which are often used tactically to provide added value to an offering, with the aim of accelerating sales and gathering marketing information

Personal Selling

Traditionally perceived as an interpersonal communication tool that involves face-to-face activities undertaken by individuals, often representing the company, in order to inform, persuade or remind an individual or group to take appropriate action, as required by the sponsor's representative

Public Relation

The art and social science of analysing trends, predicting their consequences, counselling organisations' leadership and implementing planned programmes of action which will serve both the organisation's and the public interest

Direct Marketing

1. Seeks to target individual customers with the intention of delivering personal messages and building a relationship with them based upon their responses to the direct communications

2. Attempts to build a one-to-one relationship by communicating with the customers on a direct and personal basis

Most Important Media Channels

1. Social Media

2. Search

3. Online Video

Integrated Marketing Communication

A consistent, seamless marketing message across all media & platforms:

1. Below the line: direct marketing, press, radio

2. Above the line: advertising

3. Digital presence & social media

4. Promotion & POS

IMC Framework (Kotler et al.)

See Graph

Framework for International Promotion

1. Study the target market

2. Determine standardization

3. Determine promotional mix

4. Develop the message

5. Select effective media

6. Establish control mechanisms

Components of International Communication Process

1. Encoding

2. Message Channel

3. Decoding

4. Receiver

5. Feedback

6. Noise

7. Information Source

Encoding

Message translated into appropriate meaning

Message Channel

Advertising and/or personal sales force

Decoding

Encoded message interpreted into meaning

Receiver

Action by consumer responding to decoded message

Feedback

Evaluation of communications process and measure of action by receiver

Noise

1. Competitive activities

2. Other salespeople

3. Confusion

...

Information Source

Marketer with a product

Brand vs. Product

A product is 'something' made in a factory, that can be copied and can be quickly outdated, while a brand is 'something' that is bought by a customer, it is unique and timeless

Brand

A name, term, symbol, design, or combination of these, that identifies a seller's products and differentiates them from competitors

Branding

A process by which companies distinguish their product offerings from the competition

Information provided by brand names

1. Content

2. Taste

3. Durability

4. Quality

5. Price

6. Performance

Brand Names - Implication

The buyer is not required to undertake time-consuming comparison tests with similar offerings or other risk-reduction approaches to purchase decisions

Branding - Results

1. Companies with strong brand achieve 1.9 times higher returns than industry average

2. It is not about product offering or marketing effort -> it is about the customer and how to develop a meaningful relationship with the customer => CX

Components of a true brand positioning

The entire offering, encompassing both the tangible and the intangible elements to create a genuine experience and an emotional connection between the brand & customer

Brand Identity

The collection of all the core or basic characteristics of the brand from the perspective of organization

Brand Image

1. How relevant stakeholders (especially customers) perceive the brand

2. Different stakeholders can have different perceptions of the same brand -> different images may exist

Types of Brands Architecture

1. Branded House

2. House of Brands

3. Hybrid

Branded House

All sub-brands use the same master brand and only differentiate in their descriptions (e.g. Google)

House of Brands

Consists of various brands, each sub-brand operates independently and obtain separate market share and profits (e.g. P&G)

Hybrid

Combination of Branded House & House of Brands (e.g. Coca-Cola)

Implications of Global Brands

1. Generally means cost saving & gives a company a uniform worldwide that enhances efficiency and costs saving when introducing new products associated with the brand name

2. Companies with successful country specific brands must balance the benefits of a global brand against the risk of loosing benefits of an established brand

Impacts on Brand Equity

Primary Impact: Brand Meaning

Secondary Impact: Brand Awareness

Impacts on Brand Awareness

Primary Impact: Company's Presented Brand

Secondary Impact: External Brand Communications

Impacts on Brand Meaning

Primary Impact: Customer Experience with Company

Secondary Impact: Company's Presented Brand & External Brand Communications

Strong Brands in Services

1. Enable customers to better visualize and understand the intangible products

2. Reduce customers' perceived monetary, social or safety risks in buying services which are difficult to evaluate before purchase

Strong Brands

Substitute when company offers no fabric to touch, no trousers to try on, no watermelons or apple to scrutinize, no automobile to test drive

Factors of a Services Brand

1. Consumers, customers & stakeholders

2. Company

3. Employees