In order to promote cross-cultural marketing, five big business firms, namely American Association of Advertising Agencies; Draftfcb, part of the Interpublic Group of Companies (IPG); Pepsico, Inc. (PEP); two divisions of WPP plc (WPPGY), Ogilvy & Mather Worldwide and the Millward Brown research company, collaborated to form Cross Cultural Marketing and Communications Association.
Cross-cultural marketing aims to target the general market, which currently has a diverse demographic mix. Rather than targeting any individual sector or industry exclusively, the new organization will follow a “total market approach”. The new approach aims to focus on the market as a whole for revenue generation. Moreover, the total approach will focus on hiring people from diverse backgrounds to understand the multiple outlooks and interests of consumers.
The new association will be officially introduced at the forthcoming Total Market Industry Conference to be held at Ogilvy & Mather headquarters on Sep 9 and 10. The spokespersons of the association will address key issues like demographic trends, ways to engage new kinds of consumers, technological trends and strategies to attract and retain skilled employees.
The new association is likely to benefit the overall advertising market, including companies like WPP.
WPP, the parent company of Ogilvy & Matter, offers a host of advertising and marketing services including advertising and media investment management; consumer insight; public relations and public affairs; direct and digital promotion as well as relationship marketing. The primary focus of the company is to grow its revenues and gross margin at a faster rate than the industry average. Going forward, WPP expects to achieve a leading position in emerging markets and new media as well as depth in consumer insight.
WPP currently carries a Zacks Rank #2 (Buy). Another stock in the industry worth considering is Information Services Group, Inc. (III), which also has a Zacks Rank #2.
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