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Mike & Marketing
Because so many people are connected to social networks like facebook or twitter, there are oppurtunities for multinationals. Multinationals can use the social media for marketing. We can say that the use of social media is very effective. At first because you can reach a lot of people, and because it is one of the cheapest marketing tools that are available.
A lot of people put personal information on their social network account. For multinationals this information can be very useful. By knowing personal preferences of people, multinationals are able to obtain marketing information.
Take for example Facebook, about a year ago they were in the news because they sold personal information to big companies. The companies paid a lot of money for it, but it was cheaper than doing a market research. There is also another possibility for multinationals to use the social media. Multinationals can buy advertisements on for example Facebook. When you have an advertisement on Facebook, many millions of people will notice your advertisement. Here is a nice movie about social media: http://www.youtube.com/watch?v=NB1e_nhemdA
This entry I am going to talk about marketing ethics for multinationals. At first I am going to talk about social marketing. The definition is: social marketing is the use the use of marketing techniques to convince people to change their behaviour for their own good or for the benefit of society.
If we are talking about social marketing we can also say something about corporate social responsibility(CSR). A corporate or multinational is social responsible when it takes responsibility for their own entrepeneurship. The social marketing strategy is very important and consists out of three components: The social well-being of the society, the profit of the producer and the gratification of the consumer. This three components all have to be just as important as the others. If the entrepeneur is able to realise that there are balanced interests, and can the society, the consumer and the producer all take advantage of the entrepeneurship.
At first we can name cause related marketing. Cause related marketing is when a multinational incorporates itself with a corporate partner for a mutually beneficial cause related marketing campaign, for instance a charity like UNICEF. Multinationals strike strategic groupings with charities who by the society as are considered to be of importance. Thus multinationals show their commitment with charities. They try to get a good reputation in society. Nowadays, it is almost mandatory for a multinational to put time and money in cause related marketing. It is almost mandatory because almost every other multinational already take their corporate social responsibility.
Then we also have green marketing that is getting more and more important. Green marketing is the development and distribution of eco-friendly goods, for example washing powder that is not harmful to the environment. The last few years many scientists outspoke their care about the environment we live in. They are cared about the greenhouse effect, and the danger for human kind. That is why the public opinion considers, that everyone on the planet have to pay attention to the environment we live in and reduce the carbon emissions. For this reason multinationals also have to take their responsibility for the environment and try to be Eco-friendly. They are simply have to be environmentally friendly because everyone else does, including other multinationals. In order not to lag behind the competition every multinational tries to put attention on the environment on all their activities.
More and more multinationals swear by green marketing. Take for instance the car industry. In the car industry a few years ago the government introduced the Eco-label to indicate the carbon emission of a car. That means that every car that is produced gets a letter from the alphabet from A till H. Where A is the most environmentally-friendly. Since the label was introduced, car factories produced more environmentally-friendly cars. Also it is noticeable in the last few years that car brands emphasize in their advertisement campaigns that their cars are environmentally-friendly.
For whose want to know more about green marketing you can watch this video: http://www.youtube.com/watch?v=JHbQUPipEuw
Market research and Research & Development
The subject of this entry is market research. Market research is very important for multinationals, because the market requests innovations all the time. When you are dealing with market research you want to know what consumers think about your product. You try to find out what the need of the consumers is, so you can respond on it with an appropriate product.
In a multinational the department Research & Development shortly R & D, is responsible for the market research. Each multinational spends every year a large amount of money in this department. Why do multinationals do this? The answer is quite simple, companies always try to retain or even enlarge their market share. By doing market research you are able to see what the needs of a consumer are, and afterwards you can answer their needs with a new product or a productinnovation. If you are interested in Research & Development here is a video: http://www.youtube.com/watch?v=pbtbGcKiLiM
Research & Development has more assignments than just the market research. Multinationals like Philips have a massive Research & Development department. Philips is always searching to develop new products and new applications. They are more technology driven than multinationals in other industries.
The example I used in earlier entries is Coca-Cola. To keep a connection with the earlier entries I am going to use them again. Coca Cola also spends a large amount of money for market research and Research & Development. A good result of all these spendings of Coca-Cola are the huge number of productinnovations through the years. A few of them in the picture.
The marketing conceptThis week I will give attention to the marketing concept. The marketing concept is if you look closely actually a corporate philosophy. A lot of the multinationals works with this concept. The marketing concept is the mindset of a manager that focusses on the needs of the customer. This kind of market-oriented business requires the effective support of the topmanagement. The management of a company does not necessarily have a marketing background, but must recognize the importance of marketing.
The marketing concept consists out of six basic premises:
- Satisfied customers
- Integrated approach
- Continued competitive analysis
- Market research and target group selection
- Emphasis on contribution to profits instead of sales
- Broadly defined field
The first one of the six basic premises where we are going to talk about is ´Satisfied customers´. In the marketing concept the customer is very important.The strive to satisfy every customer is the core of the marketing concept. If a company´s only goal is to make as much profit as possible it will on the long term in your disadvantage. Therefore it is important to build a lasting relationship with your customer.
The second of the basic premises where we are going to talk about is the integrated approach. There are two different approaches: a product-oriented approach and marketing-oriented approach. If you use the product-oriented approach you are focussed only on how you sell as many products as possible. And are all the activities insulated performed by different departments. If you use the marketing-oriented approach you are focussed on satisfying the customers. In a marketing-oriented company there are also different departments but all have the same purpose: fulfilling the needs of the customers.
The third of the basic premises is the continued competitive analysis. Products have a certain lifetime. For that reason it is important for companies that they come up with product innovations every so often. It is important that you keep track of your competitors, because they come up with new ideas. You can copy this ideas or even improve an idea. You also do a competitive analysis, it is indispensable for exploiting and expand the competitive advantages.
The fourth of the basic premises is the Market research and target group selection. About market research I am going to post an entrie later, for now I am only going to talk about the target group selection. If the market research has taken place it is important to analyse the data. After that you can distinguish different groups of consumers. That is what they call the segmenting of the market, because there is no such thing as the average consumer.
The emphasis on contribution to profits instead of sales speaks for itself. Because you do not earn money with sales, you earn money with profit.
The last but not least is the broadly defined field.In order to timely adapt to the changing needs on the market, more and more companies choose for a customer-oriented formulation of their field and their mission.
Here is for the lovers of a short movie: http://www.youtube.com/watch?v=l4seWLW2KhQ
Earlier on this blog I talked about what multinationals are, this entry I am going to talk about the advertising campaign of this multinationals.
The definition of an advertising campaign given by Wikipedia is: ‘An advertising campaign is a series of advertisement messages that share a single idea and theme which make up an integrated marketing communication (IMC). Advertising campaigns appear in different media across a specific time frame.’ We can say that big companies such as Coca-Cola spend a lot of money for their advertising campaign. It is very important for a multinational to have a good advertising campaign, because people will remember an advertising message.
By the use of an advertisement campaign multinationals are able to get the message to the customers they want to spread around. With advertisement campaigns you can put new products of your company in the picture for customers. Also it is possible to show new offers for customers in advertisements.
Almost all multinationals use advertisement campaigns, and some of them are very well known. Almost everyone already saw these advertisements. I will choose one of them to explain it. In earlier entries I used Coca-Cola, I will use them again for an example. Coca-cola has a budget of more than one billion dollar a year. An amount that is up to the nines, but it is not a crazy idea when you have a sales volume around 50 billion dollar. Below is the link to one of the most well-known advertisements of Coca-Cola. http://www.youtube.com/watch?v=RC1UaWZ-yTQ&feature=fvsr
Marketing & the Marketingmix
On wikipedia we find the following definition for product: In general, the product is defined as a "thing produced by labor or effort". A product includes following the Marketing lecture, besides the physical product also other factors that determine what brand people buy. If we look at the term product in the marketing we can say that a product is more than just the physical object. A product also includes the non-tangible aspects. We can say that a product is a combination of tangible and non-tangible aspects. Some marketeers call a product a bundle of benefits.
The second P of the marketing mix is Price. Price is probably the most important marketing tool of the marketingmix. If the price for your product is too high, consumers will not buy the product, but on the other hand with a too low price you will miss potential profit. Your pricing influences the yield and the outlet. The pricing is the only marketing tool that earns money for a company, all the other marketing tools cost money for a company. To determine what the cost price of a product is you have to know something about the variable costs and the constant costs. The variable costs are the costs like the costs for raw materials. The constant costs are the costs that are not attached to the size of the production. The amount above the cost price is the profit for a company.
The third P is Place. Place is the marketing tool that are connected to the distibution. The distribution of a product is just like the other three P's very important. Every company has to take a decision about how they get their products to the consumer. Multinationals need a distribution channel to get their products to the consumer.The multinationals often use an indirect channel. Multinationals always need retailers for selling their products when they . Between the producer and the retailers there are sometimes intermediates and wholesalers.
The last P is Promotion. Promotion is also a very important marketing tool for the marketingmix, because if consumers are not aware of your product they will not be able to buy it. If you talk about promotion people often think it is a synonymous for advertisements. But that is not true, promotion includes more than just advertisement. It includes besides advertisement also publicity, sponsoring, personal selling and direct marketing. Next week I will blog about advertising in general.
Afterwards we can say that every marketing tool for the marketingmix is very important.
Logos are essential for multinationals because it is important that customers recognise a company by it's logo. A multinational makes a logo so, that customers will remember a company when they see it's logo. In this way they try to create a visual image for itself. This visual image contributes to the corparate identity. Every company or multinational has a different corporate identity where she is responsible for, because they determine for themselves how it's formed with for example a company logo. It is important for a company to carry out a recognizable logo because it is very bad for a company when customers misinterpret the message of the logo. We can say that a logo has to be descriptive for their own corporate identity. Furthermore it is important that the design of a logo looks nice. A company can achieve that by using a multicoloured design so that it is more recognizable for customers
The need of corporate blogging
''A blog is a personal journal published on the world wide web consisting of discrete entries typically displayed in reverse chronological order so the most recent post appears first''. That is the definition that wikipedia gives.
At first, I want to welcome you on my weblog where I am going to talk about marketing and what is around marketing. This entry I am mainly going to talk about Multinationals. Because multinationals are essential in talking about marketing, it is important to know what the definition of multinationals is.
A multinational is a corporate that produces and delivers product in more than one country. We can say that is the main criterion for a corporate to be a multinational. Although this is not the only criterion for a corporate being a multinational. Multinationals have a lot of influence in the international relations just as on the globalization in the world. Because the budgets of multinationals are so huge, political leaders understand that multinationals can be very important for local economies. Thus multinationals are sometimes able to obtain political influence, both on local politics and global politics.
The world counts nowadays a lot of multinationals, some in more countries than the other. The most important multinationals are: Shell, Nike, Coca-Cola, Heineken and a lot more. Most of the people will recognise at least one of this multinationals, because they are represented in almost every country in the world.
When I talk about multinationals in the next entries of this weblog I will try to link this multinationals to concrete examples of this big companies as Shell, Nike, Coca-Cola and Heineken. On the link below you can see an overview of big multinationals around the world. http://nl.wikipedia.org/wiki/Multinationale_onderneming
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Recent EntriesSocial media
Market research and Research & Development
The marketing concept
The advertising campaigns of multinationals
Marketing & the Marketingmix
The need of corporate blogging
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