advanced mathematics for business unit 2 marketing processes and planning

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ASSIGNMENT 1 FRONT SHEET

Unit number and title Unit 2 Marketing Processes and Planning

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2.2.7 Image and status:...4

2.3.Customer value-oriented marketing strategy...4

2.3.1.Select target customers...4

2.3.2. Choice of value proposition...5

2.3.3. Marketing management orientation...5

2.4. Comprehensive marketing strategy...7

2.4.1. Products...7

2.4.3.Place...10

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2.5. Nurturing profitable connections and delighting customers...14

2.5.1.Identify customer needs...14

2.5.2.Survey of customer satisfaction...15

2.5.3.Marketing strategy for customer groups...15

2.6. Capture value from customers to generate profits and customer equity...15

2.6.1. Review customer experience...16

2.6.2.Don't just focus on price...16

2.6.3.Collect customer data...16

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2.6.4.Focus on loyal customers...17

2.6.5.Segmentation of customer base...17

III. ANALYSIS OF THE CORPORATION'S STRATEGIC PLANNING PROCESS....17

3.1 Orientation of plans and goals of Masan Group...17

3.1.1. Brief introduction of Masan Corporation...17

3.2. Introduction to the functions and duties of the marketing department...20

3.2.1.Research, product development and market expansion...20

3.2.2.Build and develop brand image...20

3.2.3.Establish a relationship with the media...21

3.2.4 Promote company products to customers...21

3.2.5 Plan and execute Marketing strategies...21

3.3.Marketing influence and relationships with other functions...21

3.3.1.Relationship with the human resources department...22

3.3.2.Relationship with the finance and accounting department...22

3.3.3.Relationship with the operational decision-making department...23

3.3.4.Relationship with the supply capacity development department...23

3.3.5.Relationship with the organizational capacity development department...24

3.4.Business environment analysis...24

3.4.1.Some factors in the Macro environment...24

3.4.2.Some factors of the icroenvironment...27

3.4.3.Analysis and construction of matrix SWOT...28

IV. Conclusion...32

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I. INTRODUCTION

The consumer goods industry in Vietnam in general has been growing rapidly in recent years. People consume more and more consumables in life because their income is getting higher and higher thanks to economic growth. However, their consumption and shopping habits have changed significantly in the past year because of the impactof the 4th outbreak. Most notably, the shift from direct to online purchasing behavior. line.

In that context, the consumer industry in general has also made certain changes. In the first quarter of this year, prices of some essential commodities also changed erratically. This has more or less affected shoppers and the market in general. “The retail value of consumer goods and services in the first quarter of 2022 is estimated to total VND 1,318 trillion. Compared to the same period in 2021, this number increased by 4.4%.”( innovativehub, 2022) [3] Thus, we see that the consumer goods industry in Vietnam is playing an important role in helping businesses operate and achieve revenue efficiency. Within the framework of the report, the definition of marketing

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will be clarified. In addition, the FMCG industry in Masa Group will also be mentioned, including information such as: Functions of the marketing department, each relationship of other departments with the marketing

MARKETINGII.1. Definition of Marketing

Marketing has many different definitions and interpretations. According to Philip Kotler, “marketing is a form of human activity aimed at satisfying their needs and wants through exchange” (Philip Kotler,2018).

According to the AMA, "marketing is a set of activities and processes for creating, communicating, delivering and exchanging services of value to customers, partners, and society at large" (AMA,2023) [1]

According to Tran Minh Dao (2014): “Marketing is the process of working with markets to conduct exchanges to satisfy human needs and wants. It can also be understood, Marketing is a form of human activity (including an organization) aimed at satisfying needs and wants through exchange.( Tran Minh Dao, 2014) [6]

In summary, marketing is a form, a bridge between suppliers and customers with needs.

2.2 Market and customer needs

Customer needs are the wants, requirements, and expectations that consumers have when they consider purchasing a product or service. These needs can be classified into different categories, such as functional needs, emotional needs, and social needs. Functional needs are basic requirements that customers have for a product or service, such as the ability to perform a particular function or solve a particular problem. Affective needs are desires that customers have for a product or service that go beyond its functional requirements. These needs may be related to the customer's self-esteem, sense of security, or desire for convenience or entertainment. Social needs are desires that customers have to belong to a particular group or community or to be perceived by others in a certain way. Currently, in the consumer goods market, price is the basic factor in shaping the buying mindset ofcustomers. In fact, 60% of customers consider price the first priority in product selection, and 81% of shoppers consider price comparisons between brands extremely important.

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2.2.7 Image and status:

Customers will always prefer a product that already has an image as well as shows its individuality andposition in society.

II.3. Customer value-oriented marketing strategy

After the company has fully understood the market and consumers, marketing management moves on to design a marketing strategy that focuses on customer value.

The marketing manager's goal is to engage, retain, and expand the target audience by creating, delivering, and

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communicating superior customer value.2.3.1.Select target customers

The company must first decide who it will serve, by dividing the market into customer segments (market segments)and choosing which segments to pursue (marketing objectives).

Some see marketing management as finding as many customers as possible and increasing the demand for the product or service. But marketing managers know that they can't satisfy all types of customers.

Trying to serve all customers can lead to not serving anyone well. Instead, the company just wanted to pick out customers it could serve well and profitably.

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2.3.2. Choice of value proposition

Businesses must also decide how to serve their target customers – how to differentiate the brand and position itself in the market. A brand's value proposition is a set of values and benefits. benefits that it promises to bring to consumers to satisfy their needs

2.3.3. Marketing management orientation

Which philosophy will guide these marketing strategies There are 5 distinct concepts that organizations rely on to design and execute their marketing strategies, which are 5 concepts of: production, product, sale. sales, marketing and marketing for the benefit of the Society

a) Production-oriented concept

The production-oriented concept assumes that customers prefer products that are always available and affordable.Therefore, marketing management should focus on improving production and distribution lines more effectively. this is a concept as old as the Earth. This concept is still useful in some cases. For example, Lenovo dominates the Chinese market, which is fiercely competitive and very price-sensitive thanks to cheap labor, highly efficient production lines, and widespread distribution systems. However, this orientation is easy to lead. to marketing myopia.

b) Product-oriented concept

This oriented concept assumes that customers prefer products with the best quality and performance, along with many innovative functions. According to this concept, marketing strategy will focus on continuous product improvement Product quality and innovation play an important role in most marketing strategies. However, just focusing on the product can lead to myopia marketing.

c) Sales-oriented concept

Sales concepts. Many companies follow the sales concept, which assumes that consumers will not buy enough of the company's products unless the company commits to selling on a large scale and has a growth effort. Selling ideas are often applied to goods that cannot be purchased or that the buyer does not think they will buy, such as life insurance or blood donations. These professions must follow up on leads and sell based on its benefits. However, such aggressive selling carries high risks. It focuses on generating sales conversions rather than building

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long-term and profitable relationships. The intent will often be to sell what the company makes instead of what the market wants. It assumes that customers will be enticed to buy products they like. Or if they don't like it, chances are they'll forget about the disappointment and buy again later. These are often poor assumptions.

d) Marketing-oriented concept.

Marketing concepts hold that achieving the goals of an organization depends on understanding what the market needs and wants and provides more satisfaction than other competitors. According to marketing concepts, a focus on customer value is the path to sales and profits. Instead of a philosophy that focuses on selling and creating products, marketing concepts are a philosophy of customer perception and feedback at the heart. These jobs don'tfind the right customers for their products but the right products for their customers.

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( figure: Principles of Marketing – Philip Kotler 2018 )

The concept of selling has an inside-out perspective. It starts with the manufacturing plant, focusing on the company's existing products, calling for sales and distribution to generate revenue. It focuses on persuading customers – getting short-term sales and not caring who buys and why they buy. Contrary to that, marketing concepts take an outside-in perspective. . As Herb Kelleher, the colorful founder of Southwest Airlines, once said, “We don't have a marketing department; We have a customer department. “The concepts of marketing begin witha well-defined market, focus on customer needs, and integrate all marketing activities affecting customers. In turn, it makes profits by creating relationships with the right customers based on customer value and satisfaction.Implementing the concept of marketing is often more than simply meeting the clear wants and needs of customers. Companies tend to do in-depth research on customers to learn about their wants, gather ideas about new products and testing product demonstrations. Such customer-driven marketing usually does well when the need is clearly defined and when the customer knows what they want. However, in many cases the customer doesn't know what they want or might know. . As Henry Ford once remarked, “If I asked people what they wanted, they would say faster horses.”

e) Concept Marketing serving Society:

The social marketing concept questions whether pure marketing ignores possible conflicts between the short-term desires and long-term welfare of consumers. The marketing concept serves society posits that strategy Marketing must deliver value to customers in a way that maintains or improves the welfare of consumers and the welfare of

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society. It is called sustainable marketing, marketing that is socially and environmentally responsible, meeting the current needs of consumers and businesses while preserving or enhancing the ability of future generations to meet their needs. Even more broadly, many leading business owners and marketing thinkers are now preaching the concept of shared value, acknowledging that social needs are more than just economic, market-defining needs.The concept of value sharing focuses on how to create economic value as well as create social value. A growing number of companies known for their tough approaches to business — such as GE, Dow, Google, IBM, Intel, Johnson & Johnson, Nestlé, Unilever, and Walmart — are rethinking interaction. between society and company performance. They are not only interested in short-term economic benefits, but also in the interests of customers, the depletion of natural resources that are important to their business. , the viability of key suppliers and the economic well-being of the communities in which they operate.

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A famous marketer calls this Marketing 3.0. “Marketing 3.0 organizations are value driven,” he said. “I'm not talkingabout value driving. I'm talking about having multiple values, where the value I care about is the state of the world." Another marketer calls it purposeful marketing. “The future of profit is the goal,” he said.

( figure : Principles of Marketing – Philip Kotler 2018 )

2.4. Comprehensive marketing strategy

A company's marketing strategy will dictate what customers it needs to serve and how it creates value for customers. Then, marketers build an integrated marketing program that actually delivers the intended value to the customer. This marketing program builds customer relationships by turning strategy into action. It includes the marketing mix, a set of marketing tools that a company uses to execute its strategy. The main tools in the marketing mix are divided into four broad groups called the 4Ps: product, price, place, and promotion. To deliver itsvalue proposition, a company must create market offerings (products) that satisfy customer needs. The company must then decide how much to charge for that product or service (price) and where users can access that offering (place). Ultimately, the company must engage with target consumers, communicate about the offering, and convince users of its value (promotion). The company must “mix” each individual marketing mix into its marketing program. comprehensive mix to communicate and deliver the intended value to selected customers.

2.4.1. Products

First of all, keep in mind that a product development strategy is not a list of features about a company's new or

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existing product.

More specifically, this strategy is a comprehensive plan to guide the methods and actions to be implemented whendeveloping new products, or improving existing products for the company's business. As a result, the product development process can go "smoothly".

a) Product Vision

An inspiring and potent product vision is the guide to an effective strategy. This usually happens at the very first step of the product strategy-driven process—idea development.

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So what is an ideal product vision? Roughly speaking, your product vision must, first and foremost, successfully convince your target audience. It's like you're telling them, "Look, our products are made for you, buy them and trythem out."

In addition, the vision also needs to clearly show the competitive advantages, the differences from your product side compared to other competitors in the market.

c) Product business model

One thing is for sure: You will not be able to embark on the commercialization stage without understanding the profit value of the product, as well as how to achieve and maintain it in the long run.

A small suggestion from Glints if you are having trouble finding funds or investors for your business model. You need to have a plan to ensure that your product solution is profitable – and Business Model Canvas is the powerful tool you will need.

This will be an extremely useful “framework” to help you visually explain your infrastructure, target customers, partners, financial capacity, etc. when presenting your product development strategy. and define the business model.

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This roadmap should be designed to be easily editable and dynamically updated as priorities change.e) Mockup

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A mockup is an example mockup of your product based on a specific design scale. You can roughly understand this as a "draft" that provides basic features.

Mockups are used as a visual tool in design testing. From there, you can collect user feedback based on this model and make the necessary tweaks to create the finished product.

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Undeniably, the human factor still plays a key role in a successful product development strategy. Like the way Phillip Knights has gathered good "companions" to jointly build the "giant" Nike today.Make sure your team understands the product vision and goals throughout the strategic planning and implementation process. Don't forget to consult and call for constructive feedback from your teammates when working together.And most importantly, as a Product Manager, you need to lead and monitor the work of your team members, not only in the spirit of "getting things done" but also "giving the best." the best solution".

2.4.2.Price

Discount. You can offer discounts to high spending customers. Your recommendation may also include multiple purchases, frequently purchased products and services, or additional purchases. Besides, you can offer discounts during the holidays or to provide a good shopping experience for your customers and increase your sales.

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Special offer. Gratitude and gifts for cooperation are always welcome. You can offer some free merchandise as a promotional gift for a customer order or a special level of service. For example, free or express delivery, after-hoursdelivery service, etc.

Free trial. For free trials, one-third of marketers say that 11-30% of people who use trials then become customers with premium accounts. Whether you offer SaaS or traditional software, customers want to check what they're about to invest before buying a paid plan. This is a good opportunity to allow users to realize the value of your product without consuming resources.

Registration service. A USA Today survey found that 25% of respondents are currently signed up for scheduled retail delivery, while 32% plan to sign up within six months. For example, a pet store might offer a discount when customers sign up for regular cat food deliveries. With this service, customers are always fully stocked with daily necessities without having to go shopping often

Partner with another brand. You can start creating value for your customers with co-branded offers. As a partner, you can choose a company that is related to your brand.

Intensive distribution strategy

Intensive distribution is an important strategy of Place in the Marketing Mix. Here, the product will be put into as many retail points as possible.

This method revolves around making a large number of goods available in multiple locations. These items usually don't require pre-purchase research. Instead, these items are small, effortless deals to consider.

Exclusive distribution strategy

Another unique strategy of Place in the Marketing Mix is the exclusive distribution strategy. The manufacturer thenmakes an agreement with the retailer to sell only its products. Businesses can also sell directly at their own branded stores.

Selective distribution strategy

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Selective distribution is the strategy in between widespread distribution and exclusive distribution. This is also the most effective Place strategy in Marketing Mix. With this strategy, the product is distributed in many locations, but not as much as with the widespread distribution strategy.

2.4.4. Promotion

Reach customers through social media channels

It can be said that Social Media Marketing is a form that many business people make mistake thanks to the effectiveness it brings. Currently, consumers' demand for using social networking platforms such as Facebook, Instagram, Zalo, Twitter... big.

To effectively reach potential customers on social media, you should:

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- Build Fanpage, sales page only, transparent information.- Regularly post and interact.

- Various forms of advertising such as images, videos, infographics, podcasts...- Interspersed with articles sharing tips related to business lines.

- There are interactive games, polls, gratitude gifts to make customers more impressed with the brand

a) Receiving customers near the store through e-commerce sites

There is no denying the success in reaching customers and selling through today's e-commerce sites. However, this is a highly competitive market. If you want to stand out, you must have an effective customer outreach strategy.A few ways to make your sales page attractive is to focus on images, improve customer loyalty and reviews, create multiple promotions, use 'bait' products... Once you have them. Stable interaction, customers will find and buy from you. Some reputable e-commerce platforms today have a large user traffic that you can refer to such as Shopee, Tiki, Lazada...

b) Communication by selfie: A novel approach to customers

Currently, from small businesses to large enterprises, everyone prefers to use the way of communication by selfie check-in. Accordingly, to receive the offer, customers only need to take a selfie, then check-in, hashtag or tag the brand.

With this customer approach, business people take advantage of the selfie hobby to build an effective marketing strategy. Both create interaction between businesses - customers, while helping customers increase the experiencethrough gift products.

Strategy to reach customers through traditional channels

Although the approach to customers has been around for a long time, traditional channels still attract a lot of customers and build credibility for businesses.

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c) Organizing events and talks

When organizing events and seminars with the presence of leading experts in the field, businesses have been able to increase their recognition and prestige to customers. These seminars and events can be held when businesses launch new products and services,...

d) Organize a product experience program: A quick way to reach customers

Creating conditions for customers to experience the product through the delivery of trial products is a familiar strategy to reach customers, but always brings good results.

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To do this, businesses can set up trial counters in supermarkets, convenience stores or commercial centers. Even, if eligible, businesses can organize a separate product experience program and invite influential guests in this industry for them to experience and evaluate, helping to increase the popularity of the product. reputation.

e) Reach customers with different types of advertising

Traditional types of advertising such as outdoor advertising (billboard ads) or on radio and television, although appearing for a long time, are still one of the most effective ways to reach potential customers.

With billboard ads, you can choose the prime locations that are most visible to customers such as on the bridge, at

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the big intersection, ... to convey the product's message. This marketing method is extremely effective, especially in big cities, where there is a high traffic volume, which is directly proportional to the amount of people reaching the ad.

As for newspapers and television, this form is suitable for products with middle-aged and elderly customer segments. Businesses can choose the time frame to advertise on the morning or evening news - the time when potential customers watch TV and radio the most to get the desired effect.

f) Social activities, volunteering

Social and volunteering activities also help to reach customers with unexpected efficiency. Moreover, this marketing activity is often responded by many people thanks to its profound human values, helping to better

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