Soshi somsin int mktg ppt
Download as PPTX, PDF1 like3,378 views
Soshi Sumsin Ltd is a South Korean electronics company that wants to expand into the American market. They are considering three options for their brand name in America: 1) Keep their original Korean names Sumsin or Soshi, 2) Acquire an existing American brand Monarch for $50,000, or 3) Select a new neutral name like Proteus or Blue Streak. Option 1 risks the names being hard to pronounce or meaningless to Americans. Option 2 risks negative perceptions from Monarch's past failure. Option 3 allows building recognition through promotion while meeting criteria for an international name like being neutral, easy to pronounce and remember globally. Adapting brand names is important to consider cultural and linguistic differences between countries
More Related Content
Similar to Soshi somsin int mktg ppt (20)
Recently uploaded (20)
Soshi somsin int mktg ppt
- 1. Branding: Managing Meaning Case: Soshi Sumsin Ltd International Marketing Ece Camlibel Ritika Sethi Krishna Talesara
- 2. LOGO QUIZ Can You Identify These Brands When Their Names Are Stripped Out?
- 26. Introduction to Branding Brand: Logo, symbol, name, mark, word, sentence Branding: Marketing tool used to identify and differentiate your product. Brand Image: Impression in a consumers mind of the brands personality Brand Equity: Measure of the overall value of a brand.
- 27. FUNCTIONS OF BRAND NAMES FUNCTIONS OF BRAND NAMES FOR CONSUMERS PERSONALISATION (express individuality through purchase) ENTERTAINMENT (exercise of free choice, satisfy needs) IDENTITY (guides consumers) FOR PRODUCERS GUARENTEE (signature of the manufacturer) PRACTICALITY (summary of information about the product) POSITIONING (competitive scene) CAPITALIZATION (assets holding great potential)
- 28. Stories behind brand names Lego A combination of the Danish phrase leg godt, which means play well. Lego also happens to mean I put together in Latin, but the company claims that its merely coincidence Skype Originally Sky-Peer-to Peer, then Skyper, and finally Skype Google A googol is equivalent to a 1 followed by 100 zeros. Misspelled it as Google when seeing if the domain was available. Another report claims that Andy Bechtolsheim, co-founder of Sun Microsystems and Googles first investor, misspelled the name on his $100,000 investment check.
- 29. Stories behind brand names Cisco Short for San Francisco where the company was founded Verizon A combination of the words veritas, the Latin word for truth, and horizon, signifying forward-looking and visionary Apple Its speculative but at the time, Steve Jobs worked on an apple farm. Also, some say Jobs wanted it to be in front of Atari in the phone book. While others claim that Jobs wanted it to be a tribute to Apple Records, the music label for the Beatles.
- 30. Soshi Sumsin: Company Background South Korean company Electronic products (VCRs, stereos and television) Started manufacturing television components for an American manufacturer in 1990 Manufactured full line of TVs, hi-fi and stereo equipment for three other American firms Marketing their own products since 1992 under the name of Sumsin.
- 31. International Expansion They want to enter to American market Main reason: Size and buying power of American market Introduction date was set as April 2009 Mr. Soshi relied on his son to carry out international marketing and as his first decision he had to select a brand name for the American market
- 32. Transferring Brands Across Borders Simple Translation: The American Dairy Associations Got Milk? translated into Spanish as Are you lactating? KFCs Finger-Licking Good translated into Chinese as Well Eat Your Fingers Off Braniff Airlines Fly in leather translated into Spanish as Fly naked Schweppes Tonic Water was translated into Italian as Schweppes Toilet Water. Transliteration: Axe is called Lynx in UK Lays is called Walkers in UK Burger King is called Hungry Jacks in Australia Transparent brand name: Sony, Nokia, Apple, Coca Cola
- 33. Examples from the case Taiwanese Brand American Market - keeping the same name Tatung Tatung Taiwanese Brand American Market - changing the name Kunno Lo Kennedy Kennex Pro-Kennex
- 34. Option #1 Fathers preference- stick with the company family name Sumsin: difficult for English speaking people to pronounce and seemed meaningless and foreign. Soshi: equally unfamiliar and meaningless and people may confuse it with sushi.
- 35. Option #2 Acquire ownership of an existing American brand name, one with market recognition Monarch: They manufactured radios in Chicago in 1932, and were nationally known in the 1940. Badly hurt by TV in 1950s (reduced size of the radio market) The company was wiped out in 1960s Monarch - $50,000 Tied in with electronic products in publics mind Wondered if people still remembered the Monarch name. Difficult to decide if recognition was positive or negative because of the companys failure in the market.
- 36. Option #3 Select a new name, build market recognition through promotion. Need to be politically and socially neutral in American and other foreign markets. Easy to pronounce and remember Proteus: ancient Greek sea God, easy to pronounce in most European languages, too neutral to help sell the product Blue streak: easy name in English, but not in other languages, connotation of speed and progress might provide a boost for the product.
- 37. Comparison of alternatives PROS CONS OPTION 1 Sticking to the origin of the company Difficult to pronounce Meaningless OPTION 2 Well reputed Awareness of the product is present Preconceived notions OPTION 3 Innovative Neutral Easy to pronounce and remember Not in connection with the product
- 38. Criterias for a good brand name Reflects the positioning of the brand Relates to the target audience Informs about the benefit the product offers Therefore we think they should go with option 3 Easy to remember, to spell and to pronounce Internationally compatible Short and unique Copyright protected Easy to visualize Timeless Domain name is available
- 39. Reasons for brand failures 1. Cultural Differences KOREA USA Lack of diversity Diverse Lack of experience in multicultural issues A lot of experience in multicultural issues since most multinational companies originate from USA Market Korean products globally as they would domestically Korea is better than your country- insulting and offputting to other countries Marketing mix decisions are adapted to meet the local culture of the host country Ex: Mc Donalds
- 40. KOREA USA High context nation Advertising employs metaphor (high context) Low context culture nation US Advertising uses product features and the utilitarian needs for products (low context) The Korean style of communication: accommodation oriented Direct and confrontational approach. Fewer direct references to the brand Represent brand, product, and company name early on and frequently in advertising. Brand taglines appeal to more culturally diffusive value. US subjects shows more favorable attitudes towards advertising and brands.
- 41. KOREA USA Advertisements show company names. Only 56 per cent of US companies represented their company names in advertising. Advertisers feel consumers usually base purchases of most products and services at least in part on the reputation of the company. Reputation of the company is considered important to consumers in only about half of television commercials Brand-logos/taglines are abstract and symbol. Brand-logos/taglines contain more direct speech.
- 42. Reasons for brand failures 2. Lack of Adaptation Brand name given to a product is often the name of the company that manufactures it Historically related, founders name, difficult to change it Example: P&G twofold brand strategy Difficult to memorize in many countries Serious obstacle to clear communication Creating confusion Essential to be prepared to carry out the necessary brand-name modifications
- 43. Reasons for brand failures 3. Lack of Linguistic content: When a company name lacks elements such as verbal, auditory and intellectual meaning. Symbolic connotation to communicate product attributes. Make It possible to understand the pure linguistic capacity of a brand independent of the established goodwill. The is issue is whether a brand is transposable into other linguistic contexts. Ex: Coca cola
- 44. Examples of few companies who have changed their brand name to adapt globally
- 47. Marketing Implications Firms should be prepared to adapt and change their brand name to fit into global markets When going global, firms should take a neutral brand name which is well adapted to the culture of the host country Make sure brand name is in sync with the product features and company culture Make sure your brand name doesnt have an unintended negative meaning
- 48. Questions Evaluate the alternative names being considered by Sammy Soshi. Which name would you recommend? Whatever new name is chosen, should Soshi Sumsin adopt the same name in the Korean market? What are the advantages of selecting different brand names, as appropriate, in each foreign market? Enumerate the characteristics that should be possessed by a good international brand name?