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Case study 4 (1)

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  • 1. Brett  Henderson  COMM  636:  Integrated  Marketing  Communications    Case  Write  up  16.1  November  27,  2012   Columbia  Savings   Statement  of  the  problem       The  problem  that  Columbia  Savings  has  is  very  simple,  but  can  be  very  detrimental  to  the  company  if  not  handled  in  correct  way.  The  problem  that  CS  has  is  how  to  handle  their  marketing  and  advertising.  Right  now  they  have  hired  the  company  Boyton  &  Dodds.  They  are  a  full  service  advertising  and  PR  firm  and  has  been  providing  work  for  the  company  for  four  years.  CS  feels  like  some  of  the  agency’s  early  work  had  been  strong  and  effective  but  lately  it  has  been  pretty  dole.  The  problem  CS  is  faced  with  is  to  continue  with  Boyton  &  Dodds,  bring  the  marketing  and  advertising  in  house,  or  to  change  firms.     List  of  critical  factors   1. Evaluate  the  current  firm,  have  they  been  as  effective  as  they  can  be  and   should  CS  stay  with  Boyton  &  Dodds.   2. Start  shopping  for  new  advertising  and  PR  firms  to  take  the  business  too.   3. Evaluate  bring  the  advertising  and  PR  in-­‐house  and  hiring  a  team  to  do  all  of   the  work.   Definition  and  evaluation  of  alternatives   1. Evaluate  the  current  firm,  have  they  been  as  effective  as  they  can  be  and   should  CS  stay  with  Boyton  &  Dodds.   a. Evaluating  the  current  company  to  make  sure  a  change  is  needed  is   the  first  step  of  the  process.  In  order  to  fully  make  a  decision  about   how  the  company  is  handling  the  account,  they  need  to  make  sure   they  are  doing  the  best  job  possible.   b. Pros:  There  are  a  few  pro’s  of  evaluating  the  current  firm.  The  first   being  able  to  prove  they  are  either  doing  a  good  job,  or  have  fallen   below  expectations.  This  will  give  CS  an  idea  on  if  it’s  the  firm,  or  just   the  economy  and  a  shift  in  the  market.  It  will  give  them  an  idea  of   what  they  need  to  do  to  make  a  difference,  if  it  is  anything  at  all.  They   could  find  out  it  would  make  no  difference  to  make  a  change.  If  they   make  a  change  when  it  is  not  needed,  it  can  set  the  company  back.     The  second  being  it  will  give  them  an  in  depth  looks  on  how  the   industry  norm  is  performing  and  what  they  are  doing  well.  If  they  can   figure  out  what  the  competitors  are  doing  well  they  can  see  if  the  firm   they  have  can  duplicate  it  or  do  it  better.   c. Cons:  There  are  a  couple  cons  of  performing  this  type  of  evaluation  of   the  current  firm.  The  first  con  being  the  time  it  takes  to  complete  a  full   evaluation  of  the  company  and  industry.  It  will  take  time  and  man   power  to  fully  understand  the  direction  of  the  industry  and  what   needs  to  happen  on  the  marketing  front  to  be  financially  successful.   After  understanding  the  industry  trends,  they  can  then  evaluate  the   firm  and  see  if  they  are  up  to  par.  This  will  take  more  time  and  man   power  to  create  an  in  depth  evaluation  of  the  marketing  firm.  If  it  
  • 2. takes  to  long  the  industry  could  change  again.  The  second  con  is  that   once  you  make  the  decision  to  start  evaluating  the  firm,  there  could  be   people  that  are  upset  with  the  decision.    2. Start  shopping  for  new  advertising  and  PR  firms  to  take  the  business  too.   a. They  could  look  around  at  different  firms  to  see  what  else  is  out  there   in  the  marketing  world.  They  will  hold  meetings  with  different  firms,   and  have  them  give  presentations  and  show  what  they  are  prepared   to  bring  to  the  company.   b. Pros:  The  pros  of  bringing  in  a  new  firm  to  the  company  can  spark   sales.  If  the  new  firm  can  rebrand  CS’s  image  to  generate  more  sales   and  accounts  for  CS  it  could  potentially  be  a  huge  financial   improvement  for  the  company.  This  will  also  show  the  employees  of   CS  that  they  have  not  given  up  or  settled  with  being  a  mediocre   company.  It  has  the  potential  to  drive  moral  up  in  the  office,  and  will   drive  the  employees  to  strive  for  a  top  tier  performance.   c. Cons:  There  are  a  few  cons  that  can  cause  a  negative  reaction  when   bringing  in  a  new  firm  to  CS.  The  implementation  process  can  be  time   consuming  and  difficult.  The  time  it  takes  to  rebrand  a  company  and   create  a  whole  new  marketing  plan  can  take  time.  If  the  company  and   its  employees  aren’t  patient  with  the  firm,  this  can  have  a  negative   draw.  If  they  firm  fills  like  they  are  rushed  to  me  a  deadline  that  is   unattainable,  they  won’t  be  able  to  create  a  successful  campaign.  If  the   campaign  doesn’t  work  the  way  it  is  supposed  to,  this  can  put  the   company  in  a  financial  hole.  They  will  lose  the  money  they  put  into   creating  the  new  marketing  plan,  as  well  as  the  money  though  could   have  been  gaining  with  sticking  with  the  original  firm.    3. Evaluate  bring  the  advertising  and  PR  in-­‐house  and  hiring  a  team  to  do  all  of   the  work.   a. CS  has  an  option  of  getting  rid  of  the  firm  they  have  hired  right  now   and  bring  all  of  the  marketing  and  advertising  in  house.   b. Pros:  The  pros  that  bringing  all  of  the  marketing  in  house  will  make   the  decision  tough  if  CS  does  in  fact  choose  to  make  a  change.  They   will  be  able  to  control  every  piece  of  marketing  and  advertising  that   comes  out  of  the  company.  They  will  be  able  to  work  freely  with   creative  minds  that  they  hire.  They  will  be  able  to  craft  and  mold  their   own  marketing  plan,  and  make  quick  changes  to  the  plan.  The  long   term  pro  is  that  it  will  be  cheaper  down  the  line.     c. Con:  There  are  cons  to  setting  up  an  in  house  marketing  team.  The   first  being  that  it  will  cost  quite  a  bit  of  money  to  start  up.  It  will  cost   money  to  create  a  workspace  in  the  office  that  is  free  for  creative   minds  to  work.  Creative  minds  don’t  work  the  same  as  financial   investment  minds,  there  will  need  to  be  a  free  and  open  area  in  order   for  them  to  work.  It  will  cost  them  a  lot  of  money  to  get  the  technology   and  equipment  needed  to  run  a  successfully  marketing  branch,  this   includes  cameras,  computers,  software  and  other  tools  to  create  copy.   The  next  expense  will  be  hiring  a  team  to  run  this  branch.  They  will  
  • 3. need  a  head  of  marketing,  a  mid-­‐level  manager  and  then  some  of  the   skilled  positions  to  be  filled.  This  will  cost  quite  a  bit  of  money.  The   next  con  is  that  they  will  have  to  develop  the  marketing  plan  them   selves,  they  will  not  get  to  rely  on  a  company  doing  it.  If  the  plan   doesn’t  work,  they  will  have  no  one  to  blame  but  themselves.     Conclusion     In  conclusion  I  would  go  with  hiring  a  new  marketing  firm.  I  believe  that  companies  should  change  up  their  marketing  firms  every  so  often.  The  firm  gets  stuck  in  their  ways,  and  when  they  have  the  same  client  for  long  periods  of  time,  it  is  easy  to  coast  and  not  feel  pressure  to  come  up  with  new  material.  I  would  advise  against  bring  the  marketing  in  house  because  I  like  to  have  to  power  to  change  firms  whenever  I  choose.    This  would  take  the  pressure  off  of  my  company  and  put  it  on  the  firm.  I  also  believe  that  they  would  be  able  to  pick  the  best  firm  for  the  job  because  they  would  get  to  see  each  company  present  their  ideas.  Bringing  in  a  new  firm  would  revamp  their  image,  rebrand  them  to  the  target  market,  and  provide  them  with  a  boost  in  sales.