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How to Leverage Price Premium by Building Brand Equity | Social ...

How to Leverage Price Premium by Building Brand Equity | Social ... | Planning for IMC | Scoop.it
People are willing to pay more for higher-priced brands over others. The brand – not the product – determines how much people should pay for it. In order to maximize the value of your product in the market, below are ways ...

Via Shavneel Singh
Sotheavy Nuon's insight:

This article explain about how brand equity can create opportunity for the business to maximize their profit. I wasn't a surprise that coca cola and pepsi have no significant in taste and the consumers can't really tell the difference. However, coca cola have always developed good brand positions and associations that they can expect their potential customers to buy their products regardless of what their price point are. In this case even though coca cola and pepsi have no differentiation in taste, coca cola still rank the most popular brand compared to pepsi.

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Shavneel Singh's curator insight, March 19, 2013 4:50 AM

IMC strategy is a critical component of the firm´s overall brand equity strategy. Brand equity is the brands awareness and image. By creating brand equity, you create an opportunity to maximize revenue assets and create better margins for better profits. Once you have developed a trustworthy, high-quality brand, you can expect potential customers to buy from you regardless of the price (as long as it is priced reasonably). 

 

By creating a good perceived value of your product you can ensure that consumers turn into loyal customers. A good example of this is given in the article which shows how Coca Cola and Pepsi promote their products. Pepsi hired celebrities to endorse their products but Coca Cola focused on the warm feeling of wholesomeness and family. Its also interesting that most people could not tell the difference in taste between Coca Cola and Pepsi yet Coca Cola tops the market. This is a good example of how IMC can be used to develop a good brand equity. 

 

 

Angelina Singh's comment, March 19, 2013 5:39 PM
This is definitely and example of how coca cola uses its knowledge of how consumers resonate with their product and promoting that connection of emotions and resonance through the way they market their product. By doing so their able to create competitive advantage and brand equity becoming the popular choice over competitors
Mareta Simanu Sapolu's comment, March 20, 2013 12:37 AM
In this case, I really liked the way Coca Cola market their products messages to their potential buyers. "A feeling of wholesomeness and family" has trigger the emotional attachment of some common consumers and be able to maintain their perception of keeping the best memory of Coca Cola as a feeling of being satisfies with the taste. Consumer’s have different preferences and their behaviour can be identify as looking for wholesomeness not only the price, the quality and of course the image of the products
Rescooped by Sotheavy Nuon from Social Influence Marketing
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How to choose between Facebook and LinkedIn

How to choose between Facebook and LinkedIn | Planning for IMC | Scoop.it
Choosing between Facebook and LinkedIn might not be an easy choice. You probably know both platforms as a user. Let's try to analyze those two systems in order for you to decide which one to use.

Via ScottPValentine
Sotheavy Nuon's insight:

It is very sad that not many people know about LinkedIn including myself and the fact that LinkedIn are very much similar to Facebook. I think that this article here explain very well in differentiate Facebook and LinkedIn. I agree towards what the article say that Facebook are less professional and LinkedIn are more to the professional side. However, in choosing between Facebook and LinkedIn I would say that a lot of people are more similar with Facebook which I think this is the advantage. In my own experience Facebook are more accessible compared to LinkedIn. 

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The Future of Consumer Insight Uses Social Media Data - CommPRO.biz

The Future of Consumer Insight Uses Social Media Data - CommPRO.biz | Planning for IMC | Scoop.it
The good news for companies and brands is that social media is not only becoming the most dominant factor in shaping consumer opinion and experiences, (The future of consumer insight uses social media data http://t.co/xtTI3t4eTU)...
Sotheavy Nuon's insight:

By reading this short article I believe that using social media to understand the consumer insight is interesting. The fact that every body is familiar with social media, therefore, a lot of time when a customer wanting to buy the product or service they always goes into reading the reviews about the product or service they are interested in. This also enhance the consumer knowledge about the product and service when they read about others consumer insights.

 

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13 Basic Rules of Social Media Marketing | Business 2 Community

13 Basic Rules of Social Media Marketing | Business 2 Community | Planning for IMC | Scoop.it
Social media marketing is the fastest growing area of influence in the digital world.

Via Zhendan (Max) Wang
Sotheavy Nuon's insight:

I agree that social media is influencing the consumers and their perception of a product/service. Those basic 13 rules mainly general of how the business to community can keep up with all the social media platform arise now a day. It is important that B2C keep itself updated and engage with their potential customers as much as possible. To add to that technology are now upgrading enormously compared to 5 or 10 years ago and it is a good idea that B2C are keeping up with the new technology. 

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Using Augmented Reality As Part Of An Integrated Marketing Communications Strategy | The Star Group

Using Augmented Reality As Part Of An Integrated Marketing Communications Strategy | The Star Group | Planning for IMC | Scoop.it
One example of using augmented reality as part on an overall integrated marketing communications strategy.

Via Pekka Puhakka, IMCyclopedia.com, Sotheavy Nuon
Sotheavy Nuon's insight:

 

Using augmented reality is very fascinating. The use of the new technology now a day is very impressive with all the new apps that give consumers the much needed information on their promotion. I think it is a great way that Tesco uses augmented reality to promote their new promotion on BIG PRICE DROP of over 3000 products. However, technology are usually reached mostly at the younger age group so that the company can advertise their product and service. As said technology is a massive advertising communication to reach a large volume of audience, therefore the new Tesco promotion will most likely reach their targeted market.

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lorren's comment, March 21, 2013 11:16 PM
this article was intresting to me after reading a journal defining intergrated marketing strategy defination. It pointed out that it is actally a philosophy and can be used to adapt to a situation. This is widely reflected in Tesco`s efforts for leveraging tablets and apps for their big price drop campaign.As discussed by the others,it applies the younger generation after the new things on the market, but at the same is quite intresting and sounds promising for the future.
Jiamei Li's curator insight, August 6, 2014 8:43 AM

With the high development of technology, Tesco uses a set of advertising to communicate the sales information include TV,radio, Blippar APP and so on. By using Blippar, customers can find the nearest Tesco store, checking the price of the product and the other activities. It is an effective way to increase sales and communicate with their target customers. In addition, it also can build stronger customer relationship with customers. 

Ben Alexander Hopkins's curator insight, September 29, 2014 6:33 PM

COMMUNICATION 2:

The use of augmented reality is becoming more and more common and proposes a huge new medium for marketers to include in their integrated communications strategies. This article outlines one example of this medium being used.