Soshi somsin int mktg ppt
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Transcript of Soshi somsin int mktg ppt
Branding: Managing Meaning
Case: Soshi Sumsin Ltd
International Marketing
Ece Camlibel
Ritika Sethi
Krishna Talesara
LOGO QUIZ
Can You Identify These Brands When Their Names Are Stripped Out?
Logo
Symbol Word Sentence
Term
Design
Sign
Name
Concept/ Promise/ Benefit
Trademark
Product/Services
Introduction to Branding
Brand: Logo, symbol, name, mark, word, sentence
Branding: Marketing tool used to identify and differentiate your product.
Brand Image: Impression in a consumer’s mind of the brand’s personality
Brand Equity: Measure of the overall value of a brand.
FUNCTIONS OF BRAND NAMES
FUNCTIONS OF BRAND NAMES
FOR CONSUMERS
PERSONALISATION
(express individuality
through purchase)
ENTERTAINMENT
(exercise of free choice,
satisfy needs)
IDENTITY(guides
consumers)
GUARENTEE(signature of
the manufacturer)
PRACTICALITY(summary of information about the product)
FOR PRODUCERS
POSITIONING(competitive
scene)
CAPITALIZATION
(assets holding great potential)
Stories behind brand names
Lego – A combination of the Danish phrase leg godt, which means play well. Lego also happens to mean “I put together” in Latin, but the company claims that it’s merely coincidence
Skype – Originally Sky-Peer-to Peer, then Skyper, and finally Skype
Google – A googol is equivalent to a 1 followed by 100 zeros. Misspelled it as Google when seeing if the domain was available. Another report claims that Andy Bechtolsheim, co-founder of Sun Microsystems and Google’s first investor, misspelled the name on his $100,000 investment check.
Stories behind brand names
Cisco – Short for San Francisco where the company was founded
Verizon – A combination of the words veritas, the Latin word for truth, and horizon, signifying forward-looking and visionary
Apple – It’s speculative but at the time, Steve Jobs worked on an apple farm. Also, some say Jobs wanted it to be in front of Atari in the phone book. While others claim that Jobs wanted it to be a tribute to Apple Records, the music label for the Beatles.
Soshi Sumsin: Company Background
South Korean company
Electronic products (VCRs, stereos and television)
Started manufacturing television components for an American manufacturer in 1990
Manufactured full line of TVs, hi-fi and stereo equipment for three other American firms
Marketing their own products since 1992 under the name of Sumsin.
International Expansion
They want to enter to American market
Main reason: Size and buying power of American market
Introduction date was set as April 2009
Mr. Soshi relied on his son to carry out international marketing and as his first decision he had to select a brand name for the American market
Transferring Brands Across Borders
Simple Translation:
• The American Dairy Association’s “Got Milk?” translated into Spanish as “Are you lactating?”
• KFC’s “Finger-Licking Good” translated into Chinese as “We’ll Eat Your Fingers Off”
• Braniff Airlines’ “Fly in leather” translated into Spanish as “Fly naked”
• Schweppes Tonic Water was translated into Italian as Schweppes Toilet Water.
Transliteration:
• Axe is called Lynx in UK• Lays is called Walkers in UK• Burger King is called Hungry Jack’s in Australia
Transparent brand name:
• Sony, Nokia, Apple, Coca Cola
Examples from the case
Taiwanese Brand American Market - keeping the same name
Tatung Tatung
Taiwanese Brand American Market - changing the name
Kunno Lo Kennedy Kennex Pro-Kennex
Option #1
Father’s preference- stick with the company family name
Sumsin: difficult for English speaking people to pronounce and seemed meaningless and foreign.
Soshi: equally unfamiliar and meaningless and people may confuse it with “sushi”.
Option #2
Acquire ownership of an existing American brand name, one with market recognition Monarch:
They manufactured radios in Chicago in 1932, and were nationally known in the 1940.
Badly hurt by TV in 1950s (reduced size of the radio market) The company was wiped out in 1960’s
Monarch - $50,000 Tied in with electronic products in public’s mind
Wondered if people still remembered the Monarch name.
Difficult to decide if recognition was positive or negative because of the company’s failure in the market.
Option #3
Select a new name, build market recognition through promotion.
Need to be politically and socially neutral in American and other foreign markets.
Easy to pronounce and remember
Proteus: ancient Greek sea God, easy to pronounce in most European languages, too neutral to help sell the product
Blue streak: easy name in English, but not in other languages, connotation of speed and progress might provide a boost for the product.
Comparison of alternatives
PROS CONS
OPTION 1 • Sticking to the origin of the company
• Difficult to pronounce
• Meaningless
OPTION 2 • Well reputed• Awareness of the
product is present
• Preconceived notions
OPTION 3 • Innovative• Neutral • Easy to pronounce
and remember
• Not in connection with the product
Criterias for a good brand name
Reflects the positioning of the brand
Relates to the target audience
Informs about the benefit the product offers
Easy to remember, to spell and to pronounce
Internationally compatible
Short and unique
Copyright protected
Easy to visualize
Timeless
Domain name is available
Therefore we think they should go with option 3
Reasons for brand failures
KOREA USA
• Lack of diversity • Diverse
• Lack of experience in multicultural issues
• A lot of experience in multicultural issues since most multinational companies originate from USA
• Market Korean products globally as they would domestically
• “Korea is better than your country”- insulting and off-putting to other countries
• Marketing mix decisions are adapted to meet the local culture of the host country
Ex: Mc Donald’s
1. Cultural Differences
KOREA USA
• High context nation• Advertising employs metaphor
(high context)
• Low context culture nation • US Advertising uses product
features and the utilitarian needs for products (low context)
• The Korean style of communication: “accommodation oriented”
• Direct and confrontational approach.
• Fewer direct references to the brand
• Represent brand, product, and company name early on and frequently in advertising.
• Brand taglines appeal to more culturally diffusive value.
• US subjects shows more favorable attitudes towards advertising and brands.
KOREA USA
• Advertisements show company names.
• Only 56 per cent of US companies represented their company names in advertising.
• Advertisers feel consumers usually base purchases of most products and services at least in part on the reputation of the company.
• Reputation of the company is considered important to consumers in only about half of television commercials
• Brand-logos/taglines are abstract and symbol.
• Brand-logos/taglines contain more direct speech.
2. Lack of Adaptation
Brand name given to a product is often the name of the company that manufactures it Historically related, founders name, difficult to change it Example: P&G twofold brand strategy Difficult to memorize in many countries Serious obstacle to clear communication Creating confusion
Essential to be prepared to carry out the necessary brand-name modifications
Reasons for brand failures
3. Lack of Linguistic content: When a company name lacks elements such as verbal, auditory and intellectual meaning. Symbolic connotation to communicate product attributes. Make It possible to understand the pure linguistic capacity
of a brand independent of the established goodwill. The is issue is whether a brand is transposable into other
linguistic contexts. Ex: Coca cola
Reasons for brand failures
Examples of few companies who have changed their brand name to adapt globally
Marketing Implications
Firms should be prepared to adapt and change their brand name to fit into global markets
When going global, firms should take a neutral brand name which is well adapted to the culture of the host country
Make sure brand name is in sync with the product features and company culture
Make sure your brand name doesn’t have an unintended negative meaning
Questions
Evaluate the alternative names being considered by Sammy Soshi. Which name would you recommend?
Whatever new name is chosen, should Soshi Sumsin adopt the same name in the Korean market?
What are the advantages of selecting different brand names, as appropriate, in each foreign market?
Enumerate the characteristics that should be possessed by a good international brand name?