MKTG 4550: The Role of Marcom Dr. Campbell Th 1/13/05.
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MKTG 4550: The Role of Marcom Dr. Campbell Th 1/13/05
Plan for the Day What marketing communications can do Brand equity Integrated marketing communications
What is Marketing? “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives” American Marketing Association
Marketing Analysis and the Marketing Mix Customers Competitors Company Product Price Promotion Place
Functions of Marcom Communicate information Communicate positioning / build brand equity Marcom Brand Equity
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)
Brand 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
Brand Equity: Customer-Based Definition The differential effect that brand knowledge has on consumer response to the marketing of that brand. Kevin Lane Keller
Benefits 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
Building Customer-Based Brand Equity Creating a brand requires putting a label and meaning to a product or service –Label Brand elements –MeaningMarketing mix Strong Favorable Unique
Role of Marketing Communications Marketing Communications are good at these necessary tasks –Establishing a label –Creating awareness –Developing meaning –Associating the meaning with the label
The Goal of Marcom Management Manage all “brand contacts” to build a cohesive brand
There are Many Audiences External Audiences –Consumer –Industry Channel Competition –as antagonists –as potential partners –Media –Investment community Internal Audiences –Employees –Stockholders
The Goal of Marcom Management “Brand Equity” Build
Steps 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 –Distribution Marketing Communications
Definition of “Promotion” The coordination of all seller initiated efforts to set up channels of information and persuasion in order to sell goods and services or promote and idea. Mike Ray 1972
What are “Integrated Marketing Communications”? American Association of Advertising Agencies The recognition of the added value in a program that integrates a variety of marketing disciplines and combines these disciplines to provide clarity, consistency, and maximum communications impact.
Conclusion 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.