Week 12: Community Relations

And....I'm back to blogging! Last week, our team submitted a case memo about the Rosewood hotel group that challenged my Excel, math, and critical thinking skills. I think I was finally able to get a grasp on the direction I thought the company should go in--let's hope I was somewhat on target!

This week we are focusing more on on the community relations aspect of marketing. I have to admit, this is more in my area of expertise. As a former publicist and social media specialist (and now a publicity supervisor), I use social media daily in order to garner attention for our authors.

That said:

• Does your firm use social media in its communications effort? How?  Is it effective?

We use social media in author marketing (to promote their personal brand and their books) and at a corporate level (in order to promote our brands and our publishing product). On the author marketing level, social media has been very effective for our authors. We are able to garner book reviews, book recommendations, book sales, brand advocates, awareness and more during our social media campaigns in order to build a platform for our authors. On the corporate level, social media has been great on a customer service level, by answering questions authors have and giving them a platform to share their good experiences with other potential authors.

• What types of messages do you think work best in Social media? Why?

We get the best response from posts that are informative or fun/personal. Social media is all about giving/building relationships first before seeing results--followers respond best to incentives. If you provide something of value, whether that be in the form of information, comments or a tangible product, a person is more likely to advocate on your behalf. Like most relationships, interacting via social media shows an investment in your customers and target audience (one that must be nurtured).

• Will social media make other Marketing Communication forms obsolete?

I don't believe that social media will make other forms of marketing communications obsolete (because people consume media in various ways and in various places still). However, as we've seen already, social media will become an even larger component of that marketing communications mix. It will also be dependent on the target audience that you'd like to reach--for products targeting a younger demographic, social media lends itself as an obvious resource.

Week 10: Brand Valuation

1. What makes a brand valuable?

A brand is valuable in an intangible asset. It contains the feelings and thoughts of a target audience (and all consumers) about your company and/or your products. It's what makes your product unique, and helps your product stand out among other competition--because, all brands are different, and the way that consumers feel about different brands also varies. Consumers make purchasing decisions based on brands and their feelings about brands, so the way your brand is viewed should always be considered when developing any plan for the company.

1. What do brands do.  How do they create value?

A brand creates value in multiple ways. A brand creates value from the start simply by participating in business operations. What's important is consistency from beginning to end--that will build trust and a positive brand image among consumers. The core idea or mission statement behind a brand must not only be created but implemented in all aspects of the company and its dealings with the public (Beware: Actions speak louder than words!).

     1. What are some of your most favorite brands?  Why?


My favorite brands include Victoria's Secret (as mentioned before), Rock Bottom Brewery, Scotty's Brewhouse, and Carnival Cruise lines (even after the recent disasters). Part of that is my experience with the quality of the product, consistency, and most importantly the incentives these brands offer. All offer rewards to frequent or returning customers, offering a VIP experience for an investment in the company.

1. Should Brands be on the balance sheet?  Why?  Why not?

Brands should be on the balance sheet--while it may be harder to calculate the value of a brand, a brand can influence a purchasing decision. A brand with little to no klout would have less value to consumers starting out.

Week 9: Culinarian Cookware Case

The Culinarian Cookware case is interesting in terms of considering all aspects of price and promotion:

1. Was the previous promotion effective in achieving the goals specified in the case.  Most importantly was it profitable? 

Perhaps the promotion did appease the trade and "stimulate excitement," with good sales numbers and customers admitting that the promotional price persuaded them to buy the cookware. However, the promotion was not profitable, with a projected loss of $469,489 and $99,332. While the company was able to save almost $40,000 on inventory costs, that does not make up for the amount of money that was considered lost on efforts. 

1. What aspects of the promotion worked best and which were less successful?

The price promotion was only implemented by 50% of the stores, while in other promotions the stores pocketed the sales difference. Offering a gift incentive (especially during gift months) worked well for Culinarian--and retained the image of high-end cookware--but not for the stores who had to shelve the extra gift sets.

1. Should Culinarian run a promotion prospectively?  Why or why not?

In order to maintain it's image as quality, high-end cookware (one of the company's overarching goals), a promotion--based on past instances---would not be worth the risk of loss associated with a promotion. It could harm the image, and would not boost sales enough to remain profitable.