Question

Topic: Student Questions

Virgin Money

Posted by Anonymous on 11/7/2007 at 5:07 AM ET 125 Points
Hi all

We are looking for information on IBC, IMC and IC. Also information with regard to internal branding, brand equity and theoretical models of IC. All of the information has to be applicable to Virgin Money.

Regards
JK
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RESPONSES

  • Posted by mgoodman on 11/13/2007 at 7:01 PM Accepted
    What are IBC, IMC, IC and Virgin Money? Do we have to do the research to understand the question, or are you going to clue us in?
  • Posted by steven.alker on 11/14/2007 at 7:41 AM Accepted
    Dear Joe

    I am surprised at your lack of worldly knowledge.

    Everyone knows that Virgin Money is paid by devout parents to prospective husbands in exchange for a chaste upbringing.

    It was popularised in the West by Richard Branson who produced a credit card, available to every virgin who had a beard just like his.

    Due to the moral decline we find in the UK, the IBC (International Beardy Credit) is a very low take-up offer.

    I do hope that this helps – if not, perhaps you could do us the favour of explaining what on earth you are on about?

    Steve Alker
  • Posted on 11/15/2007 at 5:41 AM Author
    Hi all

    So sorry, had a bit of internet problems - but I am back online.
    IMC, IBC and IC are all part of the marketing mix - the four P's.

    Virgin Money - Is a branch from the Virgin Group - Richard Branson's. They supply people with the best rates for credit cards etc.

    IMC - Integrated Marketing Communication

    IBC - Integrated Brandi Communication

    IC - Integrated Communication

    IMC evolved from the Promotional mix to IC through implementing IBC. It is basically how did Virgin Money implement an IC strategy to reach customers while ensuring that the messages sent internally and externally do not get confused. I need IMC and IBC to also relate to Virgin Money because an evolution means that it keeps some part of its previous form.


    Please let me know if this clarifies everything.


    Regards,
    JK
  • Posted on 11/16/2007 at 3:28 AM Author
    mbarber

    Thanks for your reply - yes you are unfortunately.

    IMC - This focussed more on external messages - which caused confusion in messages send to internal stakeholders (employees). They needed IBC, to brand the company - this helped the employees to all have the same ideas on the company. IMC = Was run only by the marketing department. IBC integrated other departments into the communication process. The name IC, integrates communication, for both internal and external stakeholders.

    Think of it as making soup - You have whole vegetables (IMC) but they are all different sizes (the messages). Now IBC acts as the food processor which makes everything liquid. The new form is IC because now all messages are the same.

    Also here is thew key differences between IMC and IBC:

    IMC = customers
    IMC = messages sent
    IMC = external messages
    IMC = marketing or communication departmental strategy drives messages
    IMC = contributes to technical aspects

    IC = stakeholders
    IC = communication (2-way)
    IC = internal and external messages
    IC = strategic intent of organization as a whole drives all communication of organization
    IC = strategic in nature


    Sorry - I should have posted it earlier.
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