The marketing communications mix of Bank of China in UK
1. Academic l iterature r eview 1.1 Introduction
This part covers broad reviews in relation to the corporate strategy, corporate
planning, marketing strategy, and marketing communications mix and
business performance. These topics are directly related to the business
management in this case study. The purpose of the academic literature
review, according to Saunders et al (2007), is to establish a theoretical
framework for a research topic. In addition, researches can define key topic,
terminology and definition. Because this case study is focusing on bank of
China, it is necessary to understand the business knowledge background
from strategy to planning, to marketing and to business performance. The
author of this research report have read through relevant academic books,
publications, journals and so on, and summarize all the readings by
presenting the key findings in this chapter.
1.1 Corporate strategy and planning
There is no agreed definition of strategy in theory, but it is a holistic approach
to answering these questions: where are we now? Where do we want to go?
How do we get there? It is a process of thinking, deciding and implementing
change or solving problems. Strategists should acknowledge the
disagreements and encourage thinking about the value of each of the different
schools of thought about strategy (De Wit & Meyer (2004); Whittington
(2000)).
“Strategy is a course of action for achieving an organization purpose.” (De Wit
and Meyer, 2004, p. 105). Thompson et al (2007) definition for strategy is
“management’s action plan for running the business and conducting
operations”. They relate strategy to “a managerial commitment to pursue a
particular set of actions in growing the business, attracting and pleasing
customers [...] and improving the company’s financial and market
performance”.
Corporate strategy is defined as “a pattern of minor objectives, purposes or
goals and essential policies, plans for achieving objectives, and a statement
which defines what business we are in or wish to be in, or what kind of
company we are or wish to be.”(Andrews (1971) (cited by Lynch, 2003:8).
Farmer (1975a) defined planning as for the majority “… intuitive sporadic and
unsystematic… and a basic part of management.” In looking at the specifics
of Corporate Planning and strategy Farmer (1975b) refers to Drucker’s
definition of corporate planning. “Corporate long range planning is a
continuous process of making entrepreneurial decisions systematically and
with the best possible knowledge of futurity, organizing systematically the
effort needed to carry out these decisions and measuring the results against
expectations through organized systematic feedback.”
From the research and study of strategy and corporate planning, it is rather
clear that strategy and corporate planning have different definitions. The
understanding helps the author of this research report to collect data and
conduct effective analysis in the case of the Bank of China.
Strategy emphasizes on thinking and answering big questions regarding
future, and it mainly focuses on the future objectives of an organization that
the organization would like to reach. Strategy does not emphasize on step-by-
step planning and detail data/information comparison and analysis. On the
contrary, corporate planning emphasizes on systematically planning and
decision-making. It also emphasizes on the details of how to systematically
organize various resources to reach targets. Moreover, corporate planning
needs to use detail data/information to draw up the workable plans for the
functional departments within the organization to follow. It should utilize more
detail information than strategy should in the whole process.
Besides the difference between strategy and corporate planning, they have
some overlapped areas with regard to the characteristics of planning and
process. Both corporate planning and strategy are related to specific process
when an organization wants to implement them in its business. Strategy has
its process to carry out the strategic plans, and the same applies to corporate
planning. And they are correlated within an organization. Without strategy,
corporate planning has no guidance. Without corporate planning, strategy
cannot become realities in the future. They both exist for the same purposes
of an organization.
2.2 Core competencies and capabilities
According to Thompson et al (15thedn.), competence is defined as “an activity
that a company has learned to perform well”. These authors consider core
competencies as “proficiently performed internal activity that is central to a
company’s strategy and competitiveness”. In addition, competence is a firm’s
fitness to perform in a particular field. The firm’s fitness to perform is
determined by its knowledge, which includes insight, intelligence and
experience, attitude which includes mindset, culture and paradigm, and
capability which includes potential and quality (Durand, 1996).
Competences i.e. knowledge, capabilities, attitude are the roots of
competitiveness and therefore the sources of superior performance (Prahalad
& Hamel, 1990; Rumelt, 1996). And tests of core competence cover the
following activities. Firstly, it provides potential access to a wide variety of
markets. Secondly, it makes a significant contribution to the perceived
customer benefits. Thirdly, it is difficult for competitors to imitate. Finally, it is
source of dynamic synergy.
Capability refers to the potential to carry out value adding activities; and the
quality of combining and coordinating skills i.e. abilities in order to gain
competitive advantage (De Wit & Meyer, 2004, p.243). In addition, Day (cited
by De Wit & Meyer, 2004) argues that capabilities are “complex bundles of
skills and collective learning, exercised through organizational process, that
ensure superior coordination of functional activities”.
2.3Marketing strategy
Kotler and Keller (2006) state that marketing is an organizational function and
a set of processes for creating, communicating, and delivering value to
customers and for managing customer relationships in ways that benefit the
organization and its stake holders” (p. 6) The online business dictionary
defines marketing strategy as “a written plan (usually a part of the overall
corporate plan) which combines product development, promotion, distribution,
and pricing approach, identifies the firm's marketing goals, and explains how
they will be achieved within a stated timeframe. Marketing strategy
determines the choice of target market segment, positioning, marketing mix,
and allocation of resources.”
(http://www.businessdictionary.com/definition/marketing-strategy.html)
From the above, it is obvious that marketing and marketing strategy focus on
the process and the value to customers. Each business organization should
have its own marketing strategy that allows it to effectively utilize its resources
to create value for customers, to increase sales and to achieve competitive
advantages. (Fill, 1999) It is critical for business organizations to have a
marketing strategy with a goal of fulfilling the customer satisfaction, which in
turn, reflects the purpose of a marketing strategy.
According to Fifield (2007), a marketing strategy covers broad meanings,
including new product development, product pricing, promotion, distribution
and other key elements ensuring that a company can utilize to achieve its
marketing goals. The role of marketing strategy is so critical that all
businesses have continuously developed effective marketing strategy to
enhance their competitive advantages in the market. The case study in this
research also demonstrates the important role of the marketing strategy of
Bank of China in developing its business in the UK market.
One of the important role of marketing strategy is that a company should have
an effective marketing strategy in order to properly choose its target market
segments, market positioning, marketing communications mix and resource
allocation. (Kotler, 2000) Most importantly, if a company can effectively
integrate all components of its overall corporate strategy and marketing
strategy so that it can successfully sustain its competitive position in the
market, this is a company that has a winning strategy system. As Kotler
(2000) argues that a firm’s marketing strategy should be in line with its
corporate strategy and mission statement.
Based on a marketing strategy, a company’s marketing plan can be
developed. A marketing plan should serve the goal of the marketing strategy.
Different from a marketing strategy, a marketing plan consists of detailed and
specific actions that are required in order to effectively implement a marketing
strategy. (Hollensen, 2003) From this, it is very clear that a marketing strategy
is the basis of a marketing plan.
2.4Marketing communications mix
In the field of marketing, there are numerous books, publications and journal
that have discussed and explained about the meaning and the role of
marketing communications mix, which is critical for all business organizations
in terms of how to effectively communicate with customers.
McCarthy (1960) has developed the traditional marketing that is based on the
4P’s. The business world at the time is different from what we are living in
now. The traditional marketing is more product-oriented. (Fill, 1999) Because
of this, the communications mix with the traditional way of marketing does not
really focus on understanding or interacting with customers. In addition, the
traditional way does not have precisely defined target markets, and its key
focus is on the products. (Lindgreen et al. 2004, pp. 679-680) In the old days,
there was no marketing communications mix; instead it was called promotion
mix. (Fill, 1999, p.599)
In our modern business world, the way has changed and there are more
meanings in the marketing communications. Although the name “promotion
mix” is still existed, the most common name marketing professionals use now
is “marketing communications mix” or “integrated marketing communications”.
(Crosier, 200 pp. 719-720)
Fill (1999) argued that the marketing communications mix should include
“advertising, sales promotion, direct marketing, public relations and personal
selling”. (p, 221) Business firms use these five tools to exchange information
with the target market segments and customers through vary kinds of ways.
According to Fill (1999), the marketing communications mix is a way to re-
assure customers by promoting a company’s products and/or services.
It is true that marketing communications mix is a system with a structure
covering various communications tools. Other than Fill’s theory (1999), Kotler
(2000) also states the importance of marketing communications mix in the
integrated marketing strategy. Kotler defines it as “consists of a specific blend
of advertising, personal selling, sales promotion and public relations tools that
the company uses to pursue its advertising and marketing objectives.”
Although Smith and Taylor (2004) further presented their study of marketing
communications mix by adding more elements, such as sponsorship, the
author of this research report feels that Fills (1999) and Kotler (2000) have
more concise understanding and systematic structures on the
communications mix. Thus, the author will use the five major types of
promotions defined by Fill (1999) and Kotler (2000) in this research report.
And these five promotions are:
- Advertising: any paid form of non-personal presentation and promotion of
ideas, goods, or services by an identified sponsor.(Kotler, 2000, p.540)
- Personal selling: Personal presentation by the firm’s sales force to make
sales and build customer relationships.(ibid)
- Sales promotion: Short-term incentives to encourage the purchase or sale
of a product or service. (ibid)
- Public relations: building good relations with the company’s publics by
obtaining favourable publicity, building up a good “corporate image”, and
handling or heading off unfavourable rumours, stories, and events. (ibid)
- Direct marketing: direct communications with carefully targeted individual
consumers to obtain an immediate response – the use of mail, telephone,
fax, emails, and other non-personal tools to communicate directly with
specific consumers or to solicit a direct response. (ibid)
Each type of promotion has its own tools, according to Kotler (2000).
“Advertising includes print, broadcast, outdoor, and other forms. Personal
selling includes sales presentations, trade shows, and incentive programs.
Sales promotion includes point-of-purchase displays, premiums, discounts,
coupons, specialty advertising, and demonstrations. Direct marketing includes
catalogues, telemarketing, fax transmissions, and the Internet.” Furthermore,
“communication goes beyond the above specific promotion tools. The
product’s design, its price, the shape and colour of its package, and the stores
that sell it – all communicate something to buyers.” (p.540) Therefore, it is
easier to understand that in order to achieve the greatest communication
effect, the promotion should coordinate with other 3P’s, i.e. product, price and
place.
2.5 The promotional plan
In real business world, all companies have their uniqueness. This is also true
when it applies to the marketing communications mix. They have their own
marketing communication strategies and promotional objectives based upon
their companies’ resources and marketing structures. Thus, there is no such
model that can fit all different companies. The most effective way to develop a
promotional plan is to conduct in-depth analysis of the internal and external
environment of a company. And then it is possible to come up with a plan that
fits into the company’s marketing communications strategy. (Gurau, 2008, p.
172)
Fill (1999, p. 618) actually proposed a model that can be used to conduct
analysis of a company and then to develop effective promotional plan. There
are seven steps in Fill’s model.
Firstly, it is to identify the target audience. By doing so, the company can
define it and further understand the audience needs and its characteristics. In
addition, the company can understand how the audience thinks about the
company, the products and services, and how they react to all of these.
Based upon the identification results, the company can then design and select
appropriate channels to send out its marketing messages. (Fill 1999, p. 618-
622)
Secondly, it is to define the objectives of marketing communications. By doing
so, the company should be able to evaluate the possible outcomes of the
marketing communications strategy with regard to the awareness of products
or services and to the desire for brand recognition or potential buying. (Fill
1999, p. 618-622)
Thirdly, it is to define the communications messages. From the objectives of
marketing communications, the company can then develop marketing
communications messages for the targeted audience so that the strategy can
be ensured. The defined communications messages should pay attention to
the content and the format, i.e. what needs to be said and how to say
properly. The communications messages should send out the feeling of
benefits that the targeted audience can receive and is interested in. (Fill 1999,
p. 618-622)
Fourthly, it is to choose effective communications channels. By doing so, the
company can make sure the consistency of communications messages and
channels. According to Fill, the channels can be categorized into two, one is
the personal channels and the other is non-personal channels. Obviously, the
personal channels can allow company staff to interact with targeted staff. And
the non-personal channels include various media that helps communications
messages to reach targeted audience. For instance, TV, newspaper and radio
are all non-personal channels. (Fill 1999, p. 618-622)
Fifthly, it is to prepare the budget. It is an important step because no any
company has unlimited resources. By properly budgeting on the promotional
plan, a company can effectively allocate its resources so that the pre-set
goals and objectives can be achieved effectively. (Fill 1999, p. 618-622)
Sixthly, it is to design the promotional mix. This step is based on the
completion of previous steps. When deciding on how many elements of the
mix should be chosen, the company should combine all previous information,
such as audience expectations, available budget and the communications
messages, and then develop an appropriate mix. Based on these, the
company can allocate its resources to select the specific mix, which includes
sales promotion, personal selling, advertising, public relations and so on. (Fill
1999, p. 618-622)
Finally, it is to measure the results. This is also very critical for a company to
ensure that the promotional plan has effectively implemented and desired
results have been generated. One of the ways to measure the results is to
continuously monitor the sales performance and analyze it accordingly. (Fill
1999, p. 618-622)
From this model developed by Fill (1999), a company can follow the seven
steps and effectively develop its own unique promotional plan. Each step in
this model is critical and necessary so that all elements are critically analyzed
and evaluated to maximize the outcomes of the promotional plan.
2.6 Business performance and the marketing communication mix
It is sure that many professionals and managers are aware of the importance
of the marketing communications mix in the business operations. But the
question of how important it is may puzzle these professionals and managers
in the real business world. Managers many know how to develop a
promotional plan and how to implement it, but they often forget about the
measurement of the effectiveness of the marketing communications mix.
(Snoj et al, 2001) As a matter of fact, the effectiveness and efficiency of the
marketing communications mix and the measurement of its effect should be
as important as the communications mix per se.
Over the years, there have been some articles discussing the relationship
between the business performance and the marketing communications mix.
Some drew a conclusion that there was no specific relationship of any kind
between the two elements, while some found that there was some
correlations between the business performance and specific communications
activities, such as advertising, sales promotions and personal selling.
For example, Kapil and Shoemaker (2004) proposed that the marketing
communications activities led to positive sales effects. From the perspectives
of customer satisfaction, there are also many researchers who have analyzed
the relationship between the marketing communications mix and the customer
satisfaction. Lewis (2004) is one of them. In addition, some other researchers
have analyzed the relationship between a specific marketing activity and the
marketing communications mix, such as Xueming and Naveen (2001)
In the field of sales promotion, there have been some researchers with regard
to the promotional pricing strategies. For example, Varian (1997) has
conducted an analysis of information products, such as software, and he
found that there was a relationship between the changing versions of the
information products and the product prices and perceived quality level.
In addition, Fishman and Rob (2002) conducted another analysis in the field
of durable goods, such as cars and refrigerators, and these authors found that
there was relationship between the sales results and the changing models,
which implies that certain communications activities have driven customers to
purchase the products. And there are other researches with similar situations
have also proven this relationship, such as servers, computer mainframes and
so on.
When it comes to the advertising, there are also many theories and articles
discussing the effects of advertising on the business performance, such as
sales increase. In fact, the major aim of advertising is to stimulate the
demand and to encourage new purchase for the customers, which in turn can
lead to the increase in total consumption. (Friedman 1976)
Among all reviewed articles and papers, the author of this report has found
that the analysis conducted by Snoj et al (2007) has more meanings and
more accurate in terms of the relationship between the marketing
communications and business performance. These authors have used
different statistical tools and techniques to evaluate almost every element of
business performance and the marketing communications mix. Thus the
results are resourceful. The followings are some key findings and results from
their work.
These authors found out that between the number of marketing
communications activities and overall business performance, there was no
direct correlation. But when they broke down the overall business
performance to many different elements, such as net sales, return on
investment, market shares, customer satisfaction and customer loyalty, they
found there were some correlations shown. One is that net sales have a
correlation with the number of marketing communications activities. The other
one is that customer loyalty has a correlation with the number of the
marketing communications activities. From these findings, it can be said that
in general, a company cannot increase its overall business performance by
simply increasing the number of its marketing communications activities.
However, a company can increase the net sales by increasing the number of
the marketing communications activities. This helps us to understand why
many companies have implemented various marketing communication
activities to promote their products and services, which in general, can lead to
the increase in net sales. (Snoj et al, 2007)
Unlike the positive correlation between the net sales and the number of
marketing communication activities, the correlation between the customer
loyalty and the number of the marketing communication activities is negative.
This result implies that the more loyal customers a company have, the less
marketing communication activities it uses in its business operations, and the
opposite is also true. Therefore, it is concluded that it may not be effective for
many companies to use more marketing communication activities to increase
the customer loyalty.
In addition, these authors also studied the relationship between the frequency
of implementing certain marketing communication activities and the overall
business performance. And they found out that there is very strong negative
correlation between the frequency of implementing promotional pricing-
reductions and the overall business performance. On the contrary, there is a
strong positive correlation between the frequency of advertising on
newspapers and the overall business performance.
Moreover, the authors also study the relationship between the frequency of
implementing certain marketing communication activities and certain specific
business performance indicator. And they found out that again, the frequency
of advertising on newspaper has positive correlations with several specific
business performance indicators. This implies that if a company use
advertising on newspapers frequently, the net sales will increase more than if
the company does not use.
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