Marketing co-operation

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A marketing co-operation or marketing cooperation is a partnership of at least two companies on the value chain level of marketing with the objective to tap the full potential of a market by bundling specific competences or resources. Other terms for marketing co-operation are marketing alliance, marketing partnership, co-marketing, and cross-marketing. Sometimes, called as Consortium as well.

Contents

Marketing co-operations are sensible when the marketing goals of two companies can be combined with a concrete performance measure for the end consumer. Successful marketing co-operations generate “win-win-win” situations that offer value not only to both partnering companies but also to their customers.

Marketing co-operations extend the perspective of marketing. While marketing measures deal with the optimal organization of the relationship between a company and its existing and potential customers, marketing co-operations audit to what extent the integration of a partner can contribute to improving the relationship between companies and customers.

In recent years, marketing co-operations have been increasingly popular between brands and entertainment properties. This usually involves a minimum exchange of name and image rights on behalf of a film studio for a specified advertising commitment from the partnering brand.

Importance

The importance of marketing co-operations has significantly increased over the last few years: Companies recognize partnerships as an effective means for untapping growth potentials they cannot realize on their own. In the big merger and acquisition wave at the end of the nineties it became apparent, that co-operations (especially on the value chain level of marketing) often present a much more flexible approach with a more immediate growth impact than merging or acquiring entire business entities.

Studies show, that companies recognise the increasing relevance and potential of co-operations. [1]

Objectives

There are five main objectives of marketing co-operations:[ citation needed ]

3M's corporate site describes the value they see in Joint Marketing:

Joint marketing refers to any situation where a product is manufactured by one company and distributed by another company. Both parties invest in commercialization dollars. Joint marketing differs from a joint venture in that it deals with commercialization and marketing dollars, rather than equity. The prominence of each logo generally is relative to its use as a primary or secondary contributor. Joint marketing differs from third-party relationships because both brands are present on the product itself. Normally, third-party relationships have both brands on literature and sales materials, but only the manufacturer is present on the product.

Forms

Marketing co-operations can take on many different forms, for instance:

Examples

Examples of marketing co-operations include: [2]

Examples of entertainment based marketing co-operations include:

Related Research Articles

Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.

Counterfeit Making a copy or imitation which is represented as the original

To counterfeit means to imitate something authentic, with the intent to steal, destroy, or replace the original, for use in illegal transactions, or otherwise to deceive individuals into believing that the fake is of equal or greater value than the real thing. Counterfeit products are fakes or unauthorized replicas of the real product. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product. The word counterfeit frequently describes both the forgeries of currency and documents as well as the imitations of items such as clothing, handbags, shoes, pharmaceuticals, automobile parts, unapproved aircraft parts, watches, electronics and electronic parts, software, works of art, toys, and movies.

Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM) integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise.

Marketing Communications refers to the use of different marketing channels and tools in combination. Marketing communication channels focus on any way a business communicates a message to its desired market, or the market in general. A marketing communication tool can be anything from: advertising, personal selling, direct marketing, sponsorship, communication, social media and promotion to public relations.

A strategic alliance is an agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations.

Strategic partnership

A strategic partnership is a relationship between two commercial enterprises, usually formalized by one or more business contracts. A strategic partnership will usually fall short of a legal partnership entity, agency, or corporate affiliate relationship. Strategic partnerships can take on various forms from shake hand agreements, contractual cooperation's all the way to equity alliances, either the formation of a joint venture or cross-holdings in each other.

Community marketing is a strategy to engage an audience in an active, non-intrusive prospect and customer conversation.

Celebrity branding or celebrity endorsement is a form of advertising campaign or marketing strategy which uses a celebrity's fame or social status to promote a product, brand or service, or to raise awareness about an issue. Marketers use celebrity endorsers in hopes that the positive image of the celebrity endorser will be passed on to the product's or brand's image. Non-profit organizations also use celebrities since a celebrity's frequent mass media coverage reaches a wider audience, thus making celebrities an effective ingredient in fundraising.

Genuine Parts Company Auto/industrial/electronic parts

Genuine Parts Company (GPC) is an American service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. GPC serves numerous customers from more than 2,600 operations around the world, and has approximately 48,000 employees. It owns the NAPA Auto Parts brand.

Corporate communication is a set of activities involved in managing and orchestrating all internal and external communications aimed at creating favourable point of view among stakeholders on which the company depends. It is the messages issued by a corporate organization, body, or institute to its audiences, such as employees, media, channel partners and the general public. Organizations aim to communicate the same message to all its stakeholders, to transmit coherence, credibility and ethics.

Co-marketing is a marketing practice where two companies cooperate with separate distribution channels, sometimes including profit sharing. It is frequently confused with co-promotion.

Co-branding is a marketing strategy that involves strategic alliance of multiple brand names jointly used on a single product or service.

NASCAR Canada is the NASCAR office in Canada.

Advance Auto Parts American auto parts retailer

Advance Auto Parts, Inc. (Advance) is an American automotive aftermarket parts provider. Headquartered in Raleigh, North Carolina, it serves both professional installer and do-it-yourself (DIY) customers. As of July 13, 2019, Advance operated 4,912 stores and 150 Worldpac branches in the United States and Canada. The Company also serves 1,250 independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands. The company's stores and branches offer a broad selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.

Customer engagement is an interaction between an external consumer/customer and an organization through various online or offline channels For example, Hollebeek, Srivastava and Chen's S-D logic-informed definition of customer engagement is "a customer’s motivationally driven, volitional investment of operant resources, and operand resources into brand interactions," which applies to online and offline engagement

A value proposition is a promise of value to be delivered, communicated, and acknowledged. It is also a belief from the customer about how value (benefit) will be delivered, experienced and acquired.

Brand Identification for a good or service

A brand is a name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand's customers, its owners and shareholders. Name brands are sometimes distinguished from generic or store brands.

Sports marketing is a subdivision of marketing which focuses both on the promotion of sports events and teams as well as the promotion of other products and services through sporting events and sports teams. It is a service in which the element promoted can be a physical product or a brand name. The goal is to provide the client with strategies to promote sports or to promote some other product, service, business or cause through sports. Sports marketing is also designed to meet the needs and wants of the consumers through exchange processes. These strategies follow the traditional four "P"'s of general marketing: Product, Price, Promotion and Place. Another four "P"’s are added to sports marketing, relating to the fact sports are considered to be a service. The additional 4 P’s are: Planning, Packaging, Positioning and Perception. The addition of the four extra elements is called the "sports marketing mix."

Fanatics, Inc. is an American online retailer of licensed sportswear, sports equipment, and merchandise. It was formed in 1995 and is headquartered in Jacksonville, Florida. Fanatics offers products via its Fanatics and FansEdge brands, as well as sports collectibles and memorabilia through Fanatics Authentic and SportsMemorabilia.com. Fanatics also currently operates the e-commerce websites of major professional sports leagues, major media brands, and over 150 collegiate and professional team properties. They are also the exclusive online distributor for the United States Olympic Team and Paris Saint-Germain.

LG Corporation South Korean multinational conglomerate corporation

LG Corporation (Korean: 엘지), formerly Lucky-Goldstar from 1983 to 1995, is a South Korean multinational conglomerate corporation founded by Koo In-hwoi and managed by successive generations of his family. It is the fourth-largest chaebol in South Korea. Its headquarters are in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo District, Seoul. LG makes electronics, chemicals, and telecommunications products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Uplus, LG Innotek, LG Chem, and LG Energy Solution in over 80 countries.

References

  1. ↑ Sempora Consulting, Noshokaty, Döring & Thun: Two of three marketing co-operations fail, Handelsblatt, 14 June 2007 (German)
  2. ↑ "Mesh-box". Archived from the original on 2007-05-04. Retrieved 2007-07-26.
  3. ↑ Apple Website, Nike+iPod, 2007
  4. ↑ LG Electronics Press release, Mobile Innovation Meets Avant-Garde Design, 18 January 2007
  5. ↑ Opel Website, Tiagracouture & Mango Archived 2007-07-16 at the Wayback Machine , 2007
  6. ↑ NBA Channel on YouTube, 2007
  7. ↑ Linkexchange

Further reading

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