Verizon Drops McCann for McGarry Research Paper Example | Topics and Well Written Essays - 500 words

Verizon Drops McCann for McGarry - Research Paper Example Verizon Drops McCann for McGarry The review was a determination of the agencies that BofA would use to propel its image to the public in a positive manner. Therefore, the bank invited all the agencies that handled its advertisement and marketing accounts as well as those that did not handle these accounts. After the review, the bank agreed on having WPP handle its $2 billion global advertisement account and consequently cut its relationship with BBDO that started in 2006. Along with dropping BBDO, the bank consequently dropped the tagline â€Å"Bank of Opportunity† that was a creation of BBDO. However, it is crucial to point out that WPP did not take over the worldwide marketing and advertisement of BofA from a newcomer’s perspective. In this case, WPP took over these roles from the bank as an expansion of its earlier relationship with BofA since it had an existing relationship with the bank as it conducted the bank’s branding responsibilities. The fundamental difference between WPP and BBDO lie on the approach of the holding companies’ pitches. The CEO of Omnicom, whereby BBDO is one of the holding companies, observed this difference. He noted that Omnicom gave its principal agencies, like BBDO, the responsibility of playing the key role in a new business. On the other hand, WPP ensured that the holding company was supported throughout the process of acquiring a new business. In addition, WPP’s holding agencies collaborate while pitching for a new business while BBDO’s approach does not encourage collaboration.