Marketing Communication Tools

Date:  2021-03-19 13:35:47
7 pages  (1747 words)
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Task 3: Marketing Communication Tools

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Marketing Communication in business is an essential component that assists in effective management and execution of the forms mandate. The process of passing the specific instructions and feedback require strategies that will create sustainable communication processes. It is essential to recognize how different tools used to communicate also involve the interaction with the customers. The technology has also changed, which has transformed the processes and instruments that are used to share information within the corporate sector. One of the objectives of communication is to enhance the marketing activities with the business. This task examines and evaluates the marketing communication tools used by the Berkshire Hathaway Insurance Company and states some essential recommendations.

The Berkshire Hathaway Insurance Company was established in 1839 and currently deals with over $210 billion in revenue. The company deals with millions of customers each day across the world. The organization, therefore, needs a more diverse marketing communication strategy (BHHC, 2016). The management has employed several tools for marketing communication such as Advertisements, Sales Promotion, Publicity, Personal Selling, and Direct Marketing. The most dominant tool is the use of advertisement. Since the organization is a multinational corporation, the advertisements are designed according to respective countries; however, the approach is aggressive to build the brands image and generate avenues for awareness. The method is mainly associated with celebrities as brand ambassadors and uses techniques such as print media, sale material, TV commercials, and Outdoor features to reach the intended customers, countering competition, as well as increasing sales.

Furthermore, the focus of the advertisements has been to communicate to prospective customers as well as potential and existing real estate investors about the insurance brands. Moreover, the mechanism has been used to build the value proposition and enhance competitive differentiation. The management has focused on increasing the information sharing process with the public and the clients to ascertain the need for non-health insurance for business sustainability. Therefore, the focus of the advertisements is meant to inform and persuade the customers to consider the companys service brands as the best choices in the market. In most cases, the company has designed the print media to strengthen and echo their objectives since the industry is witnessing new firm entries with new brands.

Moreover, the use of Sales Promotion has enabled the company to create awareness to attract new customers. The move allowed the organization to record high profit levels in the last decade with a higher anticipation in the future (Schwartz, 2013). The competitive nature of the Insurance Sector in the United Sates o America needs companies to differentiate their brands to stand unique among the segmented market and targeted clients. Publicity activities and Personal Selling have been employed to reinforce the brands of the company as a measure to retain the existing customers. The use of public relational measures such as corporate social responsibility and community interventions has enabled the company to increase the level of familiarity to its brands. Direct Marketing has involved the interaction with customers during sales and when pursuing customers to reinforce the rebranding strategies executed by the management.

Nevertheless, the company needs to strengthen the Internet Marketing Approaches. The use of social media pages, the blog spot, and the website are not enough to cultivate the potential of internet marketing. The management needs to incorporate the interactive features that will enable the clients to engage with the company representatives within the respective platforms. The website should include the live online chats that will increase the rate at which the queries of clients are addressed regarding immediate feedback. Such a feature should be complimented with a consistent customer service that can be accessed through calling. The use of Facebook, Twitter, LinkedIn, and Instagram should be interactive so that the management can identify the needs of the customers in line with their tastes and preferences. The client responses and feedback play a crucial role in the brand development and organization rebranding. The marketing strategy should be focused on the market structure and the population segmentation. The company should not rely on the number of existence as a competitive advantage since the industry is globally competitive. Besides, the customer needs have advanced and through research, the firm should enhance the process of informing and persuading the customers to be diverse and comprehensive. Adapting the internet marketing structures and methods to the changing trends will enable the company to cope up with the transforming market.

In conclusion, the Berkshire Hathaway Insurance Company has an elaborated marketing communication strategy. The company has maintained a diversified approach to get in touch with the existing and potential customers. The organization has embraced technology to improve customer experience through immediate feedback and consumer response evaluation. Besides, the amalgamation of the social media and the visual presentations and advertisements has enabled the company to increase sales. Nevertheless, the company needs to introduce the live customer response feature for calls or as a built-in factor within the official website. Furthermore, the organization should improve the Internet Marketing approach and an establishment of a mobile application to provide a platform for secure customer engagement. Such a move will assist in responding to issues relating to the product not related to the frequent consumer queries.

Task 5: Journal Article Synthesis

Scholars have researched on the development of the marketing process in a corporate sector based on the need for profit margin increase as the primary objective of the firms. Tracing the history and school of thoughts, they have built conclusions that are used to understand and predict the future position and integration of marketing strategies with an organizational structure. Vargo and Lusch conducted an example of such comprehensive research in 2004 where they investigated the evolution of the logic marketing structure based on economic transformation. This task is aimed at evaluating the paper and provides a critical overview to show to what extent the findings reflect the current situation.

The analysis of the investigation of the two scholars was associated with outlining how the process of marketing has been changing based on the principles of economics. The study focused on the shift witnessed in the marketing department of organizations by evaluating how the processes influenced the acquired profit margins. Vargo and Lusch described that the first methodologies focused on the distribution and transfer of ownership that esteemed the goods over services (Vargo and Lusch, 2004). The two argued that the understanding of the marketing logic stems from the scientific and philosophical mindset that contributed to the establishment and modification of the marketing strategies and culture within organizations. The changes are attributed to the organizational structure and intended objectives. The fundamental worldwide shift is characterized by the value of goods, which signified the developed resources limited to the human actions such a manufacturing processes. The operand resources became primary and depended on the capacity of the transformation of resources to add utility to their main forms, which became the basis for marketing (Vargo and Lusch, 2004). According to the research outlined that the changes from the old logic to a more sophisticated approach was because of the increased knowledge and skills development that enhanced the human capacity and the proportion to combine the factors of production to increase value. The process of marketing was now based on the significance of the operant factors, which scholars noted that they are dynamic and finite, but not static.

Moreover, the findings of the research associated the marketing shift to the economics theories, which linked value to products designed based on the competencies of the organization and the resources of production. The Resource Advantage Theory contributed to the marketing logic development by ascertaining that the skills were more valuable that the tangible resources (Vargo and Lusch, 2004). The argument was relevant since the capacity of the available expertise and knowledge play a critical role in transforming the resources to valuable products whose value can be measured. The factors themselves cannot influence the transformation of the value to increase utility unless entrepreneurship is invited. The competencies became the focus of marketing, which made the shift consider marketing as the center of the organizational structure. Therefore, it was necessary to align the features of the products to the customer perspective. The marketing process included the understanding of the consumer behaviors and purposing to learn from them by paying attention to their responses. The fact as noted in this study can be connected to the current market trends that are characterized by changing tastes and preferences of clients. Business enterprises that continue to dominate the market are those that factor these two essential customer features in the production process. Besides, the specialization and skills development through technology has become the center of the creation of utility as noted in the marketing logic model of Vargo and Lusch (Vargo and Lusch, 2004).

Nevertheless, the study arguments and conclusions are associated with several shortcomings. The duo did not consider the contribution of the factors of production in influencing the marketing process. The focus of the marketing logic as portrayed by the scholars is the value of the products, which is solely linked to the skills and knowledge. However, the current market structure and trends witnessed are based on the quality and quantity that defines the success of a brand in the market segment. The two factors are determined by the nature of the resources of production apart from the skills and knowledge of human resources. The cost of product creation and the quality of tangible inputs also determines the marketing logic and can be to the development of economic principles. Such an argument was not augmented into the analysis. Besides, the product marketing was not extensively depicted in the review since the production as discussed esteemed goods over services. However, the current marketing processes based on customer experience and satisfaction are service-centered as well as product-centered through the modified promotional tools and product development strategies (Wilkinson and De Angeli, 2014).

In conclusion, the development of the marketing processes from the resource-based to service-centered has been extensively covered in the research. The findings of the study affirmed the current market trends regarding the integrated marketing approaches. The study was based on the marketing logic about the economic paradigms and scientific augmentation. The study showed a high magnitude of validity and reliability since most of the aspects discussed relate to the current market structure and trends. Nevertheless, the study esteemed the skills and knowledge above the capacity of material inputs as factors that define value and marketing objectives. Moreover, the study did not consider the produc...

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