Impact of crises such as BSE. This is a more holistic approach Integrated Communications Approach — Corporate identity becomes a means of effectively communicating with stakeholders, which often begin with the mission statement and positioning of the organization Graphic Design Approach — The original notion of corporate identity being linked to visual identity, where visual cues are used to identify and distinguish an organization from others. Three approaches Olins, The increasing importance of Integrated Marketing communications in associating the organization with values that can be used to build relationships and develop a corporate personality is also key.
The concept of Corporate Identity is important for the same reason as relationship marketing and branding — the increased competition in the marketplace and the need to differentiate. In what tangible way is brand A better than brand B? Which psychological needs will brand A satisfy better than brand B? How will it do this? What are they core values of the brand? What are the brand associations linked to the brand, e. Brand Image — how does the target market perceive the brand e.
Brand Identity — message sent by the owner to the stakeholders, should link with Image perception Brand Personality — character of the brand, e.
Volvo — middle aged Brand names — Short, distinctive, easy to pronounce and Global Marketing research can enable decision-making concerning: In reality, associations with brands are not just in relation to a name or symbol. They also need to satisfy the emotional and psychological needs of the customer. Brands now enable customers to make lifestyle statements. Typical definition — The process used by a company to distinguish its products from those of its competitors through assigning a name, term, sign, symbol, packaging and design.
Seiko and Pulsar. Expensive to promote but each is separate from those others in the organization Corporate branding — Allows a new brand to benefit via corporate association, but failure may damage that long-held reputation Multi-branding — Individual differentiation of brands to allow for different positioning with one failure having little effect on other brands. Expensive to promote Range branding — All products in the range carry the same brand name with promotional costs spread across the range. Positioning consistent across the range and a failure of one can effect others, e.
Customized product manufactured for the retailer Generic branding — refers to a product category rather than a company name. Small differentiation possible, compete on price. Brand licensing — When an organization grants permission to another to use its brand name in return for commission or fee, e. CAT clothing Branding strategies Develop New Markets — when existing markets are saturated, growth may occur in new geographic markets Enter New Segments — promote the brand to new segments or industry sectors Using a successful brand to launch another in a different product category, e.
Sony — mobile phones Line extension Developed for existing or new markets to enable real differentiation, e. Skoda cars n Real re-positioning — when the product is modified or updated Re-positioning can take two forms: Positioning is often in relation to the assets and attributes that are associated with the brand. Relates to the current perception of the brand in the minds of the target customer segment, both as a brand and in relation to the competitor brands in the market.
Use your own knowledge and experience of a market sector to determine what other issues could be relevant to the chosen industry sector n It may also be useful to consider the stance of the competitive organizations in relation to contemporary marketing issues and determine if competitive advantages could or have been gained on the basis of these issues n All of these contemporary marketing issues will need to be considered when you are formulating strategies for your case study organization. Each will have a differing effect upon the selected organization. Only those, which are important, will need to be part of your submission.
Revision tips Unit 5 Inter-functional co-ordination involves the company using all its resources and departments to create value for its target customers.
Customer orientation involves understanding of customers well enough to create superior value for them continuously. Implementation and response 75 If information dissemination is poor, it is difficult for the company to develop the correct strategy for a given market or a customer group Dissemination of information obtained to the individuals operating within the organization. The information is either from internal or external sources. Customer-centric marketing 78 4. Lifespan of a customer 3. Net margin Seven-step process to measure customer value.
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Recurring costs 1. Recurring revenues 6. Acquisition costs 5.
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Cumulated margin 7. This type of segmentation helps the organization to be more customer-focused in a sensible, profitable manner. In a ratio form, these measures are useful to interpret financial statements of the organization and their competitors, and can be helpful in identifying the trends and highlighting their strengths and weaknesses over time. If investment is required, banks will look for a lower figure before loaning capital for their growth. Asset utilization ratios — Reflect the efficiency with which the organization deals in the marketplace in terms of cost incurred to facilitate sales.
Liquidity ratios — Refer to the ready cash that is available to an organization for its immediate use. The lower the liquidity, the greater is the danger of not being able to meet the cash commitments.
It is useful to compare with competitors, and over time to indicate if the organization is improving its performance. Are the results tangible and useful? Acceptability 85 Does the organization have the resources in terms of systems, information and skills to measure these chosen metrics? What is the cost of measurement, what are the benefits? Having standard metrics for all organizations is difficult, so organizations need to assess the most valid model for their specific market sector.
Marketing metrics Source: Ranchhod Most organizations do not set budgets aside for these issues, and are therefore constrained in acting effectively should a situation arise. You may find the equations worded slightly differently — revise and remember those that make the most sense to you. There is also assumed knowledge on terms such as fixed and variable costs, breakeven and contribution — these are often useful in analysis — make sure you are familiar with them n The level of contingency planning is also dependent on the sector of the industry the case study organization emanates from.
Airline industries are more likely to have a detailed plan in place, when compared to a wool supplier n It is also necessary to critically evaluate some models and metrics to enable you to justify disregarding them within your analysis. Six pages is not enough to cover all the marketing models available to you. Your answers are assessed on the suitability of the models and the metrics used n Again, it is important to have a detailed knowledge of all industry sectors and sizes, in order to be able to develop the correct strategies for the organization. Every organization has its own key issues that it needs to take into account.
This is why the case study is sent to students four weeks before the exam. Candidates are expected to demonstrate their underpinning knowledge from all postgraduate modules within the analysis and examination. It is important that creative flair and innovation in approach is demonstrated.
An understanding and application of relevant contemporary issues is also required. Candidates are expected to pursue courses of action that are possible realistic and sustainable. There is no clear right or wrong answer. Examiners look for solutions that will work within the given scenario. Judging between courses of action The candidates need to be competent enough to analyse problems within a marketing context and subsequently take appropriate decisions to implement marketing strategies for an organization. Decisions have to reflect the fact that candidates have thoroughly understood the key marketing issues impinging on the case.
They have to make decisions that are realistic, justifiable and actionable within the given constraints of the organization. Decision making within context Candidates are required to demonstrate their analytical ability, interpretive skills and insight into the organization.
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The examiner is looking for candidates to take clear and sensible decisions within the context of the case study. A critical awareness of the specific issues involved, relevant theoretical underpinning, attention to detail, coherence and justifications of strategies adopted will also be assessed.
It gives an idea of the role you are expected to assume within your analysis and subsequent answers. You will be directed to the key issues you should be considering and some issues, which may be less important. The candidate brief It is essential to demonstrate your knowledge of the underpinning theory through its application in your analysis and answers within the examination. Too often, candidates only produce theory or only produce practical recommendations with no links between the two.
In order to be successful, you need to be knowledgeable about both practical marketing aspects and theoretical issues. Relating theory to practice Examiners expect answers to be individual, and hence to vary. Group analysis is not accepted and where submitted, marks will not be awarded. It is important not to get hung up on what others are thinking, instead concentrate on producing arguments and recommending actions that are justified Presenting a point of view All cases are based upon real life information that may have gaps within it.