netrashetty
Netra Shetty
Overcast Media Inc. is a digital media technology company based in Seattle, WA. Overcast Media partners with other media companies to help them add user generated content on top of existing video assets. Their service makes it easy for anyone to add their own commentary to television shows, sporting events and movies, while respecting the intellectual property rights of the underlying television show.
With the deadline to opt-in to Standard Overdraft Protection only days away, banks are still trying to get consumers to respond.
Mintel Comperemedia, a service that provides direct marketing competitive intelligence, found that consumer awareness of the new Reg E legislation, that requires banks to have customers consent to provide standard overdraft service, is surprisingly high. In a recent consumer survey, Mintel Comperemedia found 60% of online adults indicated that they were aware of the upcoming changes, a significant increase over the 40% who were aware in May.
“Unfortunately, most consumers are unable to define exactly what Reg E will cover, making banks’ efforts to promote it that much more difficult,” comments Susan Wolfe, VP of financial services at Mintel Comperemedia. “In other words, consumers are aware that changes are coming to their overdraft programs, but are not exactly sure what it means for them.”
When consumers were asked if they know what a bank means when it refers to Standard Overdraft Service, over 60% indicated that they did.
But when further probed to define it, 54% were unable to answer correctly.
According to Susan Wolfe, not everyone needs to be that well-informed; only about 18% of consumers have even had an overdraft in the past six months.
The good news is that 26% of consumers have already opted in to the standard overdraft services and another 26% plan to do so.
Banks’ efforts have been a full scale approach, incorporating direct mail, email, web and phone campaigns. Despite this integrated strategy, the efforts within the branch are not nearly as aggressive.
In a Mintel Comperemedia mystery shopping study, a bank representative initiated the conversation about standard overdraft services in only 15% of cases. The emergence of globalisation has made the world much a smaller place. Nations has become virtually a partition demarcating certain geographical areas of an enormous community. The business sector may well be the foremost area which is influenced by the increase in proximity among nations. Commerce has become a transnational affair. Along with these developments, the major principles of business are also taken into consideration. More importantly, the context of marketing has to undergo changes in order to fit the demands of international businesses. This paper will be taking a close look on the importance of international marketing for organisation seeking to operate in the international setting. In the same manner, the study will be covering the areas on which international marketing influences. Specifically, a look in international marketing environment, dynamics of domestic and international marketing, international marketing strategies, implications of culture differences, international market research, the operations of small and medium sized enterprises (SMEs) in the international market, types of market entry, and the typically employed market communications initiatives in the international setting. The observations and arguments used in the following discussions are to be based on the journals and academic articles that deal directly with international marketing and international marketing theories.
II. International Marketing
Trading internationally is a phenomenon that dates back in the ancient civilisations when galleons and junks were the foremost modes of transportation to send out merchandise from one country to another. In recent times, international trade is driven by “market, cost, government, competition and other factors.” (Stone and McCall 2004, 3) In looking at this definition, it appears that a lot is laid on the line for every company who seeks to operate in an international level. Any wrong decision or any indiscretion that the company may undertake could spell success and failure of the international venture. Thus, the need to understand and become well acquainted with the international market is a key ingredient in every company’s pursuit to eliminate the possibility of failure. In looking at this claim, it appears that the environment holds the answer for company who seeks to enter the international market. As mentioned in the work of Rao (1998, 256) “the international environment directly affects the firm's strategic options.” This therefore reinforces the importance of knowing the minutiae of the international environment before taking on initiatives towards operating in an international level. In this regard, any company that seeks to indulge on its international operations would have to make their strategy fit every aspect of the environment. (p 256) Taking this into consideration, it appears that planning is an essential part of the process. As Stone and McCall (2004, 221) mentioned in their work, the process of international marketing involves more that the basic elements of planning. More specifically, international marketing entails “careful planning to achieve the organization's strategic goals.
With the deadline to opt-in to Standard Overdraft Protection only days away, banks are still trying to get consumers to respond.
Mintel Comperemedia, a service that provides direct marketing competitive intelligence, found that consumer awareness of the new Reg E legislation, that requires banks to have customers consent to provide standard overdraft service, is surprisingly high. In a recent consumer survey, Mintel Comperemedia found 60% of online adults indicated that they were aware of the upcoming changes, a significant increase over the 40% who were aware in May.
“Unfortunately, most consumers are unable to define exactly what Reg E will cover, making banks’ efforts to promote it that much more difficult,” comments Susan Wolfe, VP of financial services at Mintel Comperemedia. “In other words, consumers are aware that changes are coming to their overdraft programs, but are not exactly sure what it means for them.”
When consumers were asked if they know what a bank means when it refers to Standard Overdraft Service, over 60% indicated that they did.
But when further probed to define it, 54% were unable to answer correctly.
According to Susan Wolfe, not everyone needs to be that well-informed; only about 18% of consumers have even had an overdraft in the past six months.
The good news is that 26% of consumers have already opted in to the standard overdraft services and another 26% plan to do so.
Banks’ efforts have been a full scale approach, incorporating direct mail, email, web and phone campaigns. Despite this integrated strategy, the efforts within the branch are not nearly as aggressive.
In a Mintel Comperemedia mystery shopping study, a bank representative initiated the conversation about standard overdraft services in only 15% of cases. The emergence of globalisation has made the world much a smaller place. Nations has become virtually a partition demarcating certain geographical areas of an enormous community. The business sector may well be the foremost area which is influenced by the increase in proximity among nations. Commerce has become a transnational affair. Along with these developments, the major principles of business are also taken into consideration. More importantly, the context of marketing has to undergo changes in order to fit the demands of international businesses. This paper will be taking a close look on the importance of international marketing for organisation seeking to operate in the international setting. In the same manner, the study will be covering the areas on which international marketing influences. Specifically, a look in international marketing environment, dynamics of domestic and international marketing, international marketing strategies, implications of culture differences, international market research, the operations of small and medium sized enterprises (SMEs) in the international market, types of market entry, and the typically employed market communications initiatives in the international setting. The observations and arguments used in the following discussions are to be based on the journals and academic articles that deal directly with international marketing and international marketing theories.
II. International Marketing
Trading internationally is a phenomenon that dates back in the ancient civilisations when galleons and junks were the foremost modes of transportation to send out merchandise from one country to another. In recent times, international trade is driven by “market, cost, government, competition and other factors.” (Stone and McCall 2004, 3) In looking at this definition, it appears that a lot is laid on the line for every company who seeks to operate in an international level. Any wrong decision or any indiscretion that the company may undertake could spell success and failure of the international venture. Thus, the need to understand and become well acquainted with the international market is a key ingredient in every company’s pursuit to eliminate the possibility of failure. In looking at this claim, it appears that the environment holds the answer for company who seeks to enter the international market. As mentioned in the work of Rao (1998, 256) “the international environment directly affects the firm's strategic options.” This therefore reinforces the importance of knowing the minutiae of the international environment before taking on initiatives towards operating in an international level. In this regard, any company that seeks to indulge on its international operations would have to make their strategy fit every aspect of the environment. (p 256) Taking this into consideration, it appears that planning is an essential part of the process. As Stone and McCall (2004, 221) mentioned in their work, the process of international marketing involves more that the basic elements of planning. More specifically, international marketing entails “careful planning to achieve the organization's strategic goals.
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