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Transcript of Cooperative Marketing
Cooperative marketing is any agreement to combine marketing efforts.
What are the characteristics?
Combining the efforts of an entire industry into one marketing campaign. This will help benefit everyone in the industry, even if they’re competing for the same dollar. The “Got Milk?” campaign devised by the California Milk Processor Board, for example, serves all milk processors and dairy farmers, including competing brands.
How does it work?
This works when companies broaden their views and find common ground with other companies. Each company must have clearly outlined responsibilities. Once the parameters of the partnership have been established, project research begins. After extensive research, the marketing team will craft an offer which will be too appealing to be dismissed by consumers.
Examples of Co-op businesses
Dairy Farmers of America
U.S. Central Credit Union
How to finalize a Co-op market structure
A contract is created, and a plan is put into place. Responsibilities are split between the companies. This works best when each player does the job they are best at. Partners who can respect and play off of those strengths will have the best chances at achieving a successful cooperation.