12 THE ROLE OF MARKETING IN DEVELOPING

MINISTRY OF FINANCE
ACADEMY OF FINANCE

Student: Tran Anh Dung
Group: CQ55/51.01

GRADUATION THESIS
TOPIC:
THE ROLE OF MARKETING IN DEVELOPING
AND EXPANDING COMPANY AT A STARTUP COMPANY

Major

: English for Finance and Accounting

Student code : 17522202010006
Supervisor

: M.A. Truong Thi Minh Hanh

Hanoi – 2021

MINISTRY OF FINANCE
ACADEMY OF FINANCE


Graduation Thesis | ACADEMY OF FINANCE

Student: Tran Anh Dung
Group: CQ55/51.01

GRADUATION THESIS
TOPIC:
THE ROLE OF MARKETING IN DEVELOPING
AND EXPANDING COMPANY AT A STARTUP COMPANY

Major

: English for Finance and Accounting

Student code

: 17522202010006

Supervisor

: M.A. Truong Thi Minh Hanh

Hanoi – 2021

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DECLARATION

I, Tran Anh Dung, hereby declare that this thesis and the study
presented in it are my own and have been generated by me as a result of my
own original research.
Thesis: “The role of marketing in developing and expanding company at a
start-up company”

Hanoi, May 24th 2021
Student

Tran Anh Dung

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ABSTRACT
This study researched the application of Digital Marketing at ENUY Joint-stock
Company in increasing sale. The paper aims at finding out the achievements and
drawbacks in ENUY's digital marketing activities, and more importantly, suggesting
main methods to improve the efficiency of marketing at the company. In order to
achieve these aims, the graduation paper surveys the current performance of digital
marketing activities in the company and point out whether it is effective or not.
From received results, the study argues the most practical implications at ENUY
JSC to improve the efficiency of digital marketing at the company in the future
years.

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ACKNOWLEDGMENTS

I would like to express my deep gratitude to all those who have given
me the possibility to complete this graduation thesis. In preparing this
graduation thesis, I have had generous help and advice from my teachers, my
colleagues, my family and my friends. I would like to express my great thanks
to all of them.
Firstly, there are no words to show my appreciation to my supervisor, Ms.
Truong Thi Minh Hanh, lecturer of Academy of Finance. I want to thank to her for
all the support you have given me during the time, even I have some troubles. I
would not finish my thesis if I was not given her support and instructions.
Second, I wish to show my sincere thanks to all my teachers at Academy of
Finance, who have provided me with worthy lessons throughout 4 years of study.

Moreover, I am indebted to the staffs of ENUY Joint-stock Company
for their valuable supports during the internship. I am extremely thankful and
indebted to them for sharing expertise, and sincere and valuable guidance and
encouragement extended to me.
Furthermore, I would like to send my loving thanks to my family
whose great love and care in both spirit and health to encourage me to

complete the thesis.
Last but not least, I would like to send my loving thanks to myself. In spite of
many difficulties, I still try my best to do my thesis.

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LIST OF ABBREVIATIONS

1. ENUY: ENUY Joint-stock Company
2. GDP: Gross domestic product
3. JSC: Joint-Stock Company
4. SWOT: Strengths, Weaknesses, Opportunities, and Threats
5. VND: Vietnam Dong

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LIST OF FIGURES AND TABLES

List

Page

Figure 2.1.2.1: Board of ENUY Joint-Stock Company

16

Figure 2.2.1: The business performance of ENUY from 2017 to 2020

20

Table 2.2.2: The business performance of ENUY JSC from 2017 to 2020

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Chart 2.2: The number of products bought (2018-2019)

22

Chart 2.3: Product consumption in different areas

23

Table 2.3.1: The competitors of ENUY

27

Chart 2.4.1: Elements influence on choice of customer

30

Chart 2.4.2: Age effects to solution

32

Chart 2.4.4: What kind of product is preferred?

33

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TABLE OF CONTENTS

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INTRODUCTION

1. Rationale of the study
With the birth of the Internet, digital technology skyrocketed across the globe,
bringing people closer together and connecting us in new different ways. Given these
new methods of interacting with customers, expectations of buying experience have
changed. Nowadays, consumers tend to search for product and service information by
using the internet or social networks instead of going to the store. According to Philip
Kotler, "Marketing is the art of creating value which communicates and distributes
those values in order to satisfy the demands of the customers to get the optimum profit
of the business". In a developing economy like Vietnam, marketing plays an
indispensable role for businesses, it helps businesses get closer to customers and
creating the first look of customers for products and services of the company. More
and more companies are being established, the first impression is extremely necessary,
so that the mission of marketing becomes more important.
ENUY Corporation joint stock company is a new enterprise, which company invests in
health care equipment with the goal of bringing the best quality life for every
Vietnamese family. People become more interested in health care. Tourism
development, aesthetic hospitals, fitness centers, and more and more types of
entertainment are created to meet increasing needs of people in investing for life.
Therefore, ENUY Corporation joint stock company have chosen for itself the direction
to accompany and help to improve the health of Vietnamese people. Because of a
young age company in the market, the company have to face with many difficulties on
development and expansion of the company. So that, marketing is the most effective
tool to help products the company strengthen and assert a position in the market.
I see that the importance of role and position of marketing in expanding and
developing the business especially with a new age enterprise, so that I decided to
choose to research the topic "The role of Marketing in developing and expanding

company at a start-up company”

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2. Aims of the study
This study is to assess marketing strategy of ENUY Join-stock company through
answering three following questions:

• Can digital marketing be used effectively in ENUY JSC?
• What strategies are being used that have effective and viable Digital
Marketing activities?
• How to improve the efficiency of digital marketing activities at ENUY JSC?
3. Methods of the study
In order to collect data to correctly answer research questions, it is essential to
collect data through observations, interviews, recording and researching

4. Scope of the study
The research focuses on the efficiency of Marketing Activities at ENUY
Corporation joint stock company from 2019 to 2020 and suggestions to improve
this activity.

5. Organization of study
The research paper consists of 3 chapters :

CHAPTER 1: LITERATURE REVIEW
This chapter provide theoretic background on Digital marketing
CHAPTER 2: THE STUDY
This chapter is the main part of thesis which give the overview of the ENUY Joinstock company and the current situation of marketing in company
CHAPTER 3: RECOMMENDATIONS
In this chapter, some recommendation, the orientation and solutions will be given to
improve and develop the ideas, activities, and quality of marketing at ENUY Jointstock company.

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CHAPTER 1: LITERATURE REVIEW
This chapter will introduce several well-known start-up companies and marketing.
Furthermore, digital marketing will be clarified and analyzed: definition, channels,
and marketing mix (marketing 4Ps). Ultimately, there will be the role of Digital
Marketing in Developing and Opening a Company.

1.1.

Overview of startup company and marketing.

1.1.1. Definition of start-up company.

Following the Startups.com, A startup (or startup-up) is a company typically

in the early stages of its development. These entrepreneurial ventures are typically
started by 1-3 founders who focus on capitalizing upon a perceived market demand
by developing a viable product, service, or platform.
During the early stages of launching, startups are usually self-funded by members
of the founding team — though 66% of startups secure funding through an investor
or take out a loan to help fund their venture.
Scott W. Johnson, the owner of WholeVsTermLifeInsurance.com, has a very
practical answer to the question “what is a startup?”
“A startup is a newish company that is the early stages of branding, sales, and
hiring,” Scott says. “Startups often require employees to do many different job
functions, with less robust tools, no name recognition, little to no income,
sometimes with little planning, often under impossible circumstances.”
“To me a startup is any company that has a goal to grow and scale, usually quickly
and usually using technology to do so,” Ian Wright, founder of Merchant Machine,
tells Startups.co. “All startups by their very nature will start out being small
businesses, but not all small businesses are startups. The difference with startups is
that it’s their goal to no longer be a startup at some point in the future, while many

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small business owners are more than happy for their small businesses to remain
small businesses.”
Following the Startups.co.uk: “When it comes to defining a start-up, there are two

main routes: you can either think about it in terms of the actual business or you can
focus on the spirit and mentality. Literally, a start-up is a new, emerging business.”
However, a start-up mentality can include existing businesses, as long as they
operate with the same attitude on which they were founded:

• Fast-paced – whether that’s making decisions and changing priorities
quickly, or growing and scaling the business in a concentrated amount of
time, things move fast at start-ups.
• Founders – while the team will have significant impact, a start-up is the
creation of its founders, usually one-three people who are key to the
business’ operations. The founders have an idea that they want to action to
create change in the market and are committed to making it happen, often
because of a personal connection.

• Funding – start-ups tend to be self-funded, or receive investment from angel
funding or venture capital firms. What differentiates these from other sources
of finance is there’s often more of a partnership between the investors and
the founders. This is particularly likely with angel investors who may also
offer some mentoring or advice to the start-up too.
• Global view – one of the key differences between a start-up and a small
business is that a start-up has an idea that can be applied and marketed
globally. In contrast, a small business is tied to a particular location or
market. This is why many start-ups are tech companies with products or
services that only require an internet connection.
• Growth – while a start-up may begin life as a one- or two-person operation
delivering on a small scale, a business that aims to grow and scale quickly to
serve a large market is a start-up.

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• Limitations – whether it’s resources, size, time (or a combination of all
three), start-ups are lean operations.

• New – while the start-up business definition has changed over time (more on
that in the next section), it’s still agreed that a start-up is a new business.
How new can vary – generally, a business in its first few years of trading (to
a maximum of about five years) would be considered a start-up.
• Problem-solving – one of the main aims of a start-up is solve a problem
through a new, or better product or service than what’s currently available.
This often means operating without a clear path or guidelines for success.
• Registered business – to be a start-up some say that you have to be a
formally recognized business, whether you have just one team member or 10.
Without the necessary paperwork and business status, it’s a business idea.
• Team culture – while there’s some debate about how many team members a
start-up should have, it’s agreed that it’s a small business where each
individual as well as the team collectively have a direct impact on the
business.
• Uncertainty – with any new business, so much is unknown and this is
particularly the case for start-ups. Often, this allows for experimentation to
take place, as well as a sense of volatility; things can change on a day-to-day
basis. Risk and failure are central to start-ups – with so many ideas and
concepts being tried out, some will work and some won’t.
1.1.2. The difference between a small business venture and a start-up

How these entities think about growth
Startups are different from traditional businesses primarily because they are
designed to grow fast. By design, this means that they have something they can sell
to a very large market. For most businesses, this is not the case.

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Generally speaking, to operate a business, you don’t need a big market. You just
need a market and you need to be able to reach and serve all of those within your
market.
This is one of the reasons, most startups are tech startups. Online businesses
can more easily reach a large market because they traverse time and space – people
can buy from you or use your product regardless of whether you’re awake or not
and whether you’re in Cape Town or New York. The distinctive feature of most
startups is that they are not constrained by these factors.
The Small Business Association sums it up best:
“In the world of business, the word ‘startup’ goes beyond a company just getting off
the ground. The term startup is also associated with a business that is typically
technology oriented and has high growth potential. Startups have some unique
struggles, especially in regard to financing. That’s because investors are looking for
the highest potential return on investment, while balancing the associated risks.”
That said, not all technology companies have a very large market. If you sell

software written in Hungarian for Hungarian school teachers, you’ve already got a
very select market.
According to investor and angel entrepreneur Paul Graham, “that’s the difference
between Google and a barbershop. A barbershop doesn’t scale.”
To grow rapidly, you need to make something you can sell to a very big market.
The relationship with funding
Apart from having different ways of thinking about “growth,” startups seek
financial investment differently than most small business operations. Startups tend
to rely on capital that comes via angel investors or venture capital firms, while small

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business operations may rely on loans and grants. The interesting thing about
venture capital is that those providing it tend to have a more active role in whatever
company they are backing.
While a small business awarded a grant or loan may occasionally need to report
back to their bank, a startup with angel backing will probably be getting a bit more
help. They’ll be receiving advice from the investor (after all, the investor is the one
taking the biggest risk) and, if you’re young and inexperienced, there’s probably
nothing better than a helping hand. This is especially true for those teams or
individuals that become a part of an accelerator or incubator program.
Planning for the “end” or the exit strategy
“Startups looking for angel investors or venture capital (VC) absolutely need an

exit strategy because investors require it. The exit is what gives them a return.” –
Tim Berry
Another thing you’ll want to keep in mind is your vision for your business. If you’re
pitching for VC funding without an exit strategy, you’re unlikely to get it.
Venture capitalists need an exit strategy as they need to maximize their ROI. If
you’d still like to be running the company in 10 years’ time, you’re probably going
to want to ensure that exit plan comes in the form of a steady revenue stream that
allows you to pay off investors, an IPO instead of a buy-out, or simply opt for a
different strategy—your own funds, or loans and grants, either private or
governmental.
“Exit strategy” development is a problem you won’t have with your own business,
at least not until you’ve made it big or until you change your mind about owning the
business. The point is, in a traditional business (not a startup), you don’t need an
exit strategy at the start. You’ll be entirely responsible for the future of your

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company and it will be down to you whether or not you run it for the rest of your
life or decide to sell, merge or launch it on the stock market.

1.1.3. Definition of marketing
Marketing is a very broad term that is difficult to define. Marketing, more
than any other business function, deals with customers. Creating customer value

and satisfaction are the heart of modern marketing thinking and practice. The two
important goals of marketing are to attract new customers by promising superior
value and to keep current customers by delivering satisfaction.
According to the American Marketing Association (1985), “Marketing is the
activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and
society at large.”
Philip Kotler’s definition of Marketing in 2012 is that “Marketing is a social
and managerial process by which individuals and groups obtain what they need and
want through creating and exchanging products and value with other”
In the words of Cundiff and Still (1986), “Marketing is the term used to describe
collectively those business functions most directly concerned with the demand
stimulating and demand-fulfilling activities of the business enterprise”.
In simplest terms, marketing is the act of driving profitable customer action.
It spans the full scope of strategies and tactics organizations use to position products
and services in the marketplace, and motivate target audiences to make a purchase.
That is why marketing management is extremely important in every business.
Following the American Marketing Association (2004) Marketing is an
organizational function and a set of processes for creating, communicating and
delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.

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Marketing is the management process responsible for identifying, anticipating and
satisfying customer requirements profitably – Chartered Institute of Marketing
(2001).
“Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large”– American Marketing
Association (2013).
Marketing plays an important role in determining the development of that
business. Such a business can survive long on the market without a marketing
strategy effectively. In particular, marketing also helps balance the competitive
advantage between small and medium enterprises with large businesses.
In the book “Essentials of Marketing”, Academy of Finance, 2018, p.45- p.58
defined roles and function of Marketing.
Roles:
Marketing ensures sustainable development for the national economy,
making policy direction and formulation more effective. For businesses,
marketing helps the company in all phases of business development strategy,
market strategy, and competition strategy. Furthermore, through their
activities, businesses can take advantage of business opportunities, increase
competitiveness and attract customers. For the customer, the marketing
efforts can bring some limitations such as price increases; has a strong
impact on psychology, creates unrealistic demands, can have negative
consequences to the market and the development of society.
Functions:

• To best satisfy the needs of society: This is the most essential function of
marketing activities. This function is performed when researching and
analyzing market needs including actual, potential and theoretical needs.

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Since then, marketing activities will aim at appropriate solutions to bring the
development of social production and thus for this function, marketing
activities will ensure the highest production and consumption for the
commune.
• Increased organizational adaptability and competitiveness: Market needs
change as customer tastes, custom characteristics and behavior differ.
Therefore, marketing activities help companies differentiate them from their
competitors but still best satisfy their familiar customers. On the other hand,
as demand is ever-volatile and changing, the adaptive marketing solutions
allow companies to avoid unexpected situations, capitalize on business
opportunities, and adapt quickly to change. market. In addition, marketing
can help businesses strengthen their position in the market, expand their
markets, attract new customers and increase their competitiveness.
• Stimulate consumption: Consumption plays a very important role in helping
businesses decide what product or service to produce. To deal with
consumption and distribution, a comprehensive set of marketing solutions is
needed such as an attractive pricing strategy; organizing and perfecting the
distribution system, setting up and implementing communication tools.
• Improving the efficiency of production and business: The goal of marketing
is always to bring the highest efficiency to production and business activities.
The benefit of the market is the fulfillment of the diverse needs of

consumers. By satisfying market interests, companies can satisfy their own
interests by implementing marketing strategies. In other words, marketing
activities are aimed at meeting social and market needs in order to satisfy the
best interests of the company.

The marketing activities of the business are affected by several internal and
external factors. While some of the factors are in the control of the business,
most of these are not and the business has to adapt itself to avoid being

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affected by changes in these factors. These external and internal factors group
together to form a marketing environment in which the business operates.
The marketing environment can be broadly classified into two parts:
the micro and macro environment. Kotler and Armstrong (2012) presented the
idea of marketing environment as follow.
The microenvironment consists of the factors close to the company that
affect its ability to serve its customers, such as: the company itself and its
subdivisions and suppliers that provide the resources the firm needs to
produce its products.
The macroenvironment consists of the larger societal forces that affect
the

microenvironment,

including:

economic

environment,

political

environment, cultural environment, technological environment and industry
environment.
The first factor - economic environment consists of economic factors
that affect consumer purchasing power and spending patterns. Another factor
is the political environment which consists of laws, government agencies and
pressure groups that influence and limit various organizations and individuals
in a given society. Meanwhile, the cultural environment involves instructions
and other forces that affect society’s basic values, perceptions, preference and
behavior. In other words, cultural factors influence how people think and
consume. The technological environment consists of forces that create new
technologies, creating new product and market opportunities. It can provide
great opportunities, but also comes with certain dangers.
Finally, the industry environment includes overall economic, regulatory,
social and political conditions that affect all participants in an industrial
market in a similar way and cannot readily be influenced by marketing.
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1.2.

Overview of Digital marketing

1.2.1 Definition of Digital Marketing
Marketing with the development of technology and social networking helps
businesses interact more easily with customers. In particular, this interaction also
shows the impact and value of the business name, and evaluate marketing strategies
that have been effective or not. Above all, businesses can send information about
products and services to customers as quickly as possible, reaching more potential
clients.
“Digital marketing is use of the internet, mobile devices, social media, search
engines, and other channels to reach consumers. Some marketing experts consider
digital marketing to be an entirely new endeavor that requires a new way of
approaching customers and new ways of understanding how customers behave
compared to traditional marketing.” – the following the Adam Barone
In the parlance of digital marketing, advertisers are commonly referred to as
sources, while members of the targeted ads are commonly called receivers.
1.2.2 Digital Marketing channels
There are many digital marketing channels:
Website marketing: A website is the centerpiece of all digital marketing activities.
Alone, it is a very powerful channel, but it’s also the medium needed to execute a
variety of online marketing campaigns. A website should represent a brand, product
and services in a clear and memorable way. It should be fast, mobile friendly, and
easy to use.
Pay – Per – Click (PPC) advertising: PPC advertising enables you to reach

internet users on a number of digital platforms through paid ads. You
can setup PPC campaigns on Google, Bing, LinkedIn, Twitter, Pinterest, or
Facebook and show your ads to people searching for terms related to your

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products or services. PPC campaigns can segment users based on their
demographic characteristics (age, gender, etc.) or even their particular
interests or location. The most popular PPC platforms are Google Ads and
Facebook.
Content Marketing: The goal of a content marketing is to reach potential
customers through the use of content. Content is usually published on a
website and then promoted through social media, email marketing, SEO, or
even PPC campaigns. The tools of content marketing include: blogs, eBooks,
online courses, infographics, podcasts, and webinars.
Email Marketing: Email marketing is still one of the most effective digital
marketing channels. Many people confuse email marketing with spam email
messages we all receive per day, but that’s not what email marketing is all
about. Email marketing is the medium to get in touch with your potential
customers or the people interested in your brand. Many digital marketers use
all other digital marketing channels to add leads to their email lists and then,
through email marketing, they create customer acquisition funnels to turn
those leads into customers.

Social Media Marketing: The primary goal of a social media marketing
campaign is brand awareness and establishing social trust but as you go
deeper into social media marketing, you can use it to get leads or even as a
direct sales channel.
Affiliate Marketing: Affiliate marketing is one of the oldest forms of
marketing, and the internet has brought new life to this old stand-by. With
affiliate marketing, you promote other people’s products, and you get a
commission every time you make a sale or introduce a lead. Many wellknown companies like Amazon have affiliate programs that pay out millions
of dollars per month to websites that sell their products.

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Video Marketing: YouTube has become the second most popular search
engine and a lot of users are turning to YouTube before they make a buying
decision, to learn something or just to relax. There are several video
marketing platforms, including Facebook Videos, Instagram, Vimeo to use to
run a video marketing campaign. Companies find the most success with
video by integrating it with SEO, content marketing, and social media
marketing campaigns.
SMS Messaging: Political parties and candidates use SMS messages to send
positive information about their candidates and negative messages about
their opponents.
Because 4.0 economy is more and more develop with rapidly increasing digital

marketing. That brings many benefits to company and people.
Convenient: With Digital Marketing, your business can operate 24/7 without
having to worry about opening hours or overtime pay for employees, and
also more convenient for customers when they have Can order online,
customers can find your online store anytime, anywhere.
Approach: With Digital Marketing, you can sell to customers anywhere, any
country without having store there. Companies can expand the target
markets, target customers, even the organizations business without
connecting any distribution channel in other countries.
However, if your business is international, you should use localization services to
make sure your products conform to the local market and comply with local
business regulations. Service of localization means knowing how to customize the
product and use the language to suit the differences in each market.

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Cost: The cost of doing Digital Marketing is much lower than that of
traditional marketing. Businesses do not have to pay rent or maintenance;
you can order according to your needs to save warehousing costs.
Digital marketing opens for every company from small to large ones, from
old to new business. All search methods like Google, Coc Coc and social
media platforms like Facebook, Pinterest, Instagram offer flexible bids so
that every company can run ads based on their budget management and

strategy marketing.
Competition: Digital marketing allows to compete directly between small
and large company.
Small businesses can also market their products and services everywhere, on
nationwide and even international. The company can use Digital marketing
to reach your target customers on the world if the small company have
attractive enough website and good strategy marketing.
Foreman (2017) described that Social Media includes 10 different types:

● Social networks —Connect with people
● Media sharing networks —Share photos, videos, and other media
● Discussion forums —Share news and ideas
● Bookmarking and content curation networks —Discover, save, and share
new content

● Consumer review networks —Find and review businesses
● Blogging and publishing networks —Publish content online
● Interest-based networks —Share interests and hobbies
● Social shopping networks —Shop online
● Sharing economy networks —Trade goods and services
● Anonymous social networks —Communicate anonymously

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1.2.3 Marketing Mix in Digital Marketing
Marketing Mix is the set of Marketing tools the firm uses to pursue its
Marketing objectives in the target market.
Neil border of Harvard Business School said that “Marketing mix is those
controllable variables that the company can blend together to response it desires
from its target market”. He noted list 12 elements of the marketing mix that are:
product, price, branding, distribution channel, personal selling (face to face),
advertising, promotions, packaging, displays, servicing, physical handling, fact
finding and analysis
According to Philip Kotler (1987), "Marketing Mix is the combination of four
elements, called the 4P's (Product, Price, Promotion, and Place), that every
company has the option of adding, subtracting, or modifying in order to create a
desired marketing strategy".
According to Kotler and Armstrong (2012), "The Marketing Mix is the set of
tactical marketing tools - Product, Price, Promotion, and Place - that the firm
blends to produce the response it wants in the target market."
To be simple, a marketing mix is the set of marketing tools that a business uses
to sell products or services to its target customers. It means putting the right product
in the right place, with the right price and at the right time.
The variables cough change depending on the product or target market.
Functions of the marketing mix is to understand and apply the marketing mix it is
useful to have sight into its fundamental functions. These follow from the exchange
situation (Kotler, 1972) implicit in the realization of demand. In particular they
follow directly from the basis conditions for exchange to take place (van Water
shoot and Van den Bulte, 1992).

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Graduation Thesis | ACADEMY OF FINANCE

Marketing mix helps marketers give good decision-making in the context of a new
offer on the market.
In reality, Marketing mix is built in an easy to recall way, A marketing expert named
E. Jerome McCarthy created the Marketing 4Ps in the 1960s. This classification
has been used throughout the world to now and is main elements to helps businesses
get target marketing. 4Ps includes: Product, Price, Place and Promotion.
The first P is Product. That is target of the marketing. At least the aimed of
marketing is selling product. There are 3 levels of product: Core product, an actual
product and an augmented product.
Core product is the most basic level which addresses the question: What is the
buyer really buying? It consists of the problem- solving or core benefits that
consumers seek. The second product is an actual product may have as many as five
characteristics: a quality level, features, styling, a brand name and packaging. All
are combined carefully to deliver the core benefit, high quality way. And the last is
an augment product around the core and actual products including additional
consumers services and benefits. Today, most competition takes place at this level.
Product is an item that is built or produced to satisfy the needs of certain group of
people. The product can be intangible or tangible as it can be in the form of service
or goods. You have to ensure that product of your company is type of product which
market is demanding. So, during the product development phase, the marketer must
do an extensive research on the life cycle of the product that they are creating. Right
product is key which decides the success of company.

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