MKTG 4550: The Role of Marcom Dr. Campbell Th 1/13/05.
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Transcript of MKTG 4550: The Role of Marcom Dr. Campbell Th 1/13/05.
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MKTG 4550: The Role of MarcomMKTG 4550: The Role of Marcom
Dr. CampbellTh 1/13/05
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Plan for the DayPlan for the Day
• What marketing communications can do
• Brand equity
• Integrated marketing communications
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What is Marketing?What is Marketing?
“The process of planning andexecuting the conception, pricing,
promotion, and distributionof ideas, goods, and services to
create exchanges that satisfyindividual and organizational
objectives”
American Marketing Association
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Marketing Analysis and the Marketing MixMarketing Analysis and the Marketing Mix
Customers Competitors Company
Product
Price
Promotion
Place
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Functions of MarcomFunctions of Marcom
Communicate information
Communicate positioning / build brand equity
Marcom
BrandEquity
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An orange…is an orange…is an orange.
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What is a Brand?What is a Brand?
• “…A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.” (AMA)
•
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Brand Equity: Asset-Based DefinitionBrand Equity: Asset-Based Definition
A set of brand assets and liabilities linked to a brand, its name and symbol, that add to or subtract
from the value provided by a product or service to a firm and/or to that
firm’s customers.
Dave Aaker
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Brand Equity: Customer-Based DefinitionBrand Equity: Customer-Based Definition
The differential effect thatThe differential effect thatbrand knowledge has onbrand knowledge has on
consumer response to the consumer response to the marketing of that brand.marketing of that brand.
Kevin Lane Keller
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Customer-Based Brand Equity
BRAND EQUITY
Awareness
BrandAssociations
/Meaning
Strong
Favorable
Unique
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Benefits of Strong Brand EquityBenefits of Strong Brand Equity
• Greater brand loyalty
• Larger margins
• Less elastic responses to price increase
• More elastic responses to price decreases
• Communication efficiency/effectiveness
• Resistance to competitive marketing actions
• Licensing extension opportunities
• Greater trade cooperation and support
• More “lenient” perceptions
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Customer Benefits of BrandsCustomer Benefits of Brands
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Building Customer-Based Brand EquityBuilding Customer-Based Brand Equity• Creating a brand requires putting a
label and meaning to a product or service– Label Brand elements
– Meaning Marketing mix• Strong• Favorable• Unique
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Role of Marketing CommunicationsRole of Marketing Communications• Marketing Communications are good
at these necessary tasks– Establishing a label
– Creating awareness
– Developing meaning
– Associating the meaning with the label
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The Goal of Marcom ManagementThe Goal of Marcom Management
Manage all “brand contacts” to build a cohesive brand
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There are Many AudiencesThere are Many Audiences
• External Audiences– Consumer
– Industry• Channel• Competition
– as antagonists
– as potential partners
– Media
– Investment community
• Internal Audiences– Employees
– Stockholders
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The Goal of Marcom ManagementThe Goal of Marcom Management
“Brand Equity”
Build
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Steps in Creating Strong Brand EquitySteps in Creating Strong Brand Equity• Develop a great product
• Determine desired, differentiated positioning
• Create accessible, favorable brand attitudes by communicating consistent brand position/image in all elements of the marketing mix– Product
– Pricing
– DistributionMarketing Communications
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Definition of “Promotion”Definition of “Promotion”
The coordination of all seller initiated efforts to set up
channels of information and persuasionin order to sell goods and services
or promote and idea.
Mike Ray 1972
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What are“Integrated Marketing Communications”?
What are“Integrated Marketing Communications”?
American Association of Advertising Agencies
The recognition of the added value in a program that integrates a variety of marketingdisciplines and combines these disciplines toprovide clarity, consistency, and maximum
communications impact.
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ConclusionConclusion
Promotional management is the process of developing
communications strategy and coordinating the promotional mix elements to develop and control an integrated program
of effective marketing communication that builds
strong brand equity.
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Next class…Next class…
• Read BB Ch 2