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 Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE 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 Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE 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 Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE 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 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 my thesis Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE LIST OF ABBREVIATIONS ENUY: ENUY Joint-stock Company GDP: Gross domestic product JSC: Joint-Stock Company SWOT: Strengths, Weaknesses, Opportunities, and Threats VND: Vietnam Dong Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE 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 21 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 Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE TABLE OF CONTENTS Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE INTRODUCTION 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” Trần Anh Dũng CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE 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? 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 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 Organization of study The research paper consists of 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 Trần Anh Dũng 10 CQ55/51.01 Collaborators can be students attending internships or recent graduates who want to gain more experiences They not demand high salaries, have a good sense for trends and understand customer psychology These collaborators can effectively support seeding plans and give a hand with simple tasks such as scheduling posts or finding interesting quotes of books The recommended number of collaborators is or people, in which people or more in charge of seeding and people in charge of creating content for fan page The team of collaborators will also have a leader who in charge of monitoring performance and reporting work to the manager 3.2.3 Scale With the goal of expanding offices in all three regions of the North - Central – South of Viet Nam, marketing activities need to be clearer and more specific with marketing activities promoting sales such as practical experience, advertising boards, etc The greater the level of brand exposure, the marketing activities should be concretized, built in line with online and offline marketing Company needs to open new showroom, especially in big cities such as Ho Chi Minh City, Hue, Da Nang, Can Tho, Nghe An, where has a high population density, and people with average income or higher Especially in big cities such as Ho Chi Minh City, Hue, Da Nang, Can Tho, Nghe An, Places with a high population density, people with average income or higher Company can expand more showrooms in shopping centers such as Aeon mall, BigC, etc where there are many people to help them know more about the brand as well as the company In addition, they can be tried after that formulating user needs 3.2.4 Marketing online channels - Building a presence on social media In the modern business world, it's hard to succeed without some strategic social network communication In the modern business world, it's hard to succeed without some strategic social network communication Customers today want to build relationships with their favorite companies and that's where social networking will help awareness of the brand strong By understanding the social networking platform that customers use most, you can connect directly to the customers and begin to understand what customers need from company and products Facebook, Google, YouTube are one of the most popular channels, the most searched product on these channels Expanding and developing the fan page of the company to increase the level of interaction and product awareness for customers Create a familiar name product, brand companies with customers Increasing engagement by building fan page posts in an engaging, creative way, both in content and form The topics that people are interested in, instead of images of dry products instead of videos, new and attractive images, but those contents must still be based on the direction of developing real content the company's products are directed to Motivating customers to make decisions Customers always want to make easy decisions No one wants after the busy daily activities that they have to continue to think with 30 choices to find and choose the right product, service for themselves Deep in the heart of customers really want a brand that can make them immediately believe and make a purchase decision Brand positioning will help trigger this emotional response from the target audience of your business The stronger the brand is positioned, the faster the rate of "say yes" of the target audience will be.YouTube: Build your own YouTube channel, increase a search channel, access to products for customers Besides, the development of YouTube is becoming more common as the approach through sound, image directly would be more people to choose the pictures, articles, dry, much rather Between a 5-minute video and an article that takes minutes to read, people tend to choose to watch a video Currently, the competitors have not exploited much about this advertising channel There is some of companies had a YouTube channel but they not attend to develop YouTube channel Massage chairs or health care equipment not currently have Vietnamese brand products, so many international brands have instructions and reviews on the product However, with those products that it is very difficult for Vietnamese people to find videos, descriptions or reviews of products in Vietnam, Therefore, ENUY join-stock company should develop a separate YouTube channel with a variety of product designs so that when customers search through YouTube, they have the choice and learn the product more clearly After that, customers can choose a few models that suit their demands, they look to the company for more advice Product marketing and sales will become much simpler There are clear strategies and specific plans to develop a separate YouTube channel, with investment in content, images, quality of each video Combined with the advertising strategy of the company Website Another advantage is that digital marketing only requires a low starting budget It is true that anyone can start advertising online without worrying about cost Advertisers not require you to sign a big contract to start with It is the business that decides how much money will be spent, for how long, and on what channels This allows businesses to test multiple advertising options on different channels to compare effectiveness and then choose the best plan Not only that, even if businesses decide not to spend their budget on advertising, there are still many ways to attract customers through natural and completely free methods such as: taking advantage of free information pages; create a store on the major ecommerce sites; or posting on your own website and using Search Engine Optimization (SEO) Each channel has its own advantages and absolutely no significant barriers for businesses to try Company should build a website as an information channel that customers can consult and find out information about products Dividing products by different categories such as price, origin, function so that when customers search on products like with their demands easily, which creates a sense of comfort for customers For example, customers want to find a product with price from 50 – 60 million dong, they will not find between about 30 different products They can easily have information about products with their demand when company create many different product categories Besides, building diverse content in addition to articles about product introductions, creating articles with many different contents which close to the target customers such as product guides, how to clean the product, health care So that not only customers can learn about the product, but also with various content consumers can link to the website of the product from which to create for consumers to be aware of the company's products It is necessary to build a website with easy to understand and sufficient information so that customers can easily grasp their needs Fan page Implementing a detailed marketing plan for ENUY fan page Facebook provide businesses with a place where they can keep a close connection with their customers and track their feedback Every day, millions of people all over the world use Facebook and this is a good reason for a business to have an advertising presence in this social network It has numerous advantages and benefits for the business by increasing the traffic to their website But to be effective, the content of the fan page must be presented appropriately to meet the company’s requirements and the level of their reputation Co Schedule research data (2019) shows that marketers who document strategy are 313% more likely to report being successful If Facebook is a primary marketing channel for the company, that means proactive planning should be considered important to ensure the effectiveness of its efforts As important as marketing plans for fan page are, many businesses don't devote enough time and resources to them It is essential for the company to take the time to regularly develop marketing strategies to build and manage the fan page with a purpose Planning content in advance helps the company determine the orientations for fan page and implement the strategy in each post Effective fan page management is to find the right trends and needs of customers, to bring satisfaction and trust to them Each post needs to invest in content carefully and briefly, along with images, to attract the attention of customers In addition, attention should be paid to the interaction with customers in order to attract more potential customers Showing them how close, friendly, and caring the business are to their feelings and thoughts will directly impact their buying decision Specifically, the company is encouraged to develop a marketing plan for the fan page each month with clear directions and goals It should take the company a few hours a month to plan the next month's content based on the principle: 80% of the product and 20% of third parties related to the product This will help customers to have a better overview of the product The company must identify the main content of the fan page which is to build information channel of books, a place to introduce books and provide knowledge rather than just a page for sales activity Regarding customers, the target customers of ENUY are people from 25 to 45 years old, who are financially independent They have big egos and interested in improving health and knowledges At the same time, they are emotional and often make buying decisions based on feelings Therefore, articles posted on fan page must be serious, informative and related to daily or topical issues Choosing right customer segment for the fan page is very important because it determines up to 50% of the success Other e-commerce channels Promoting the stores on Lazada, Sendo, Tiki, to create a good brand identity to customers Today, any product can appear on search engines of e-commerce sites such as Lazada, Sendo, Tiki, etc Users often come here to search for products, compare prices, the evaluation to consider choosing a quality product with the most appropriate price Therefore, the development on e-commerce sites seems to be indispensable for today's retail companies Building a good and attractive stall is also one of the plans that the company needs to implement to get a certain number of customers for itself It is necessary to find out what are the requirements that customers need with a brand on e-commerce stores, thus building to meet the needs of customers 3.2.5 Marketing campaigns Target audience: Target audience that needs to match the content value of the brand and products to clients, Brand Awareness includes awareness of brands and strategic brand identity is one of the rules of the brand By determining the ideal target customers, we can ensure that the business is custom brand awareness and recognition of their efforts to attract the audience is best for company and think about the target customer group different that you want towards the brand This will help company can create messages that is the most suitable to the right people The target customers of the company ENUY join-stock company is customers who is older people with good incomes, they have troubles with health problems such as dew joints, aches, so, advertising campaigns need to focus on getting what customers need For example: For people with high incomes, they are concerned about health problems, they may be willing to invest a large sum of money for themselves with a massage chair hundred million So what they need in a product is quality and clear origin Therefore, the target customers of the advertising plan is the customer with high income, who has demand high so that company need promote more quality, positive impact on health So that, the products which are core products for campaign visits are exclusive products imported Japan Another campaigns, with customers who have a lower income, think more carefully to choose a product So that the advertising campaign should focus on product cost that can compare these products with the level-value to customers have more choice, from that despite the same price but they still feel like choosing the best product Building a complete brand awareness with brand name, logo, product, slogan of the company Promoting online marketing through the development of social media such as Facebook, Instagram, Zalo, website, - Develop advertising campaigns Develop product launch events to create the attention of the press, the media, customers, Participate in health care events to bring the product closer to the audience Today, celebrities have a great influence on those who love them They have a lot of channels to interact with fans like Facebook, Zalo, Instagram, YouTube, So, using celebrities to advertise products is what many brands in recent years However, depending on different customers, there will be requirements on different influential subjects For example, products for young people use as much as cosmetics, technology that will require young celebrities, good looks However, with specific products about health care and the average age of the user is high, the company needs to reach people who have a good influence, the average age is suitable for the age of customers Using outdoor billboards to attract customers as at the airports, buildings where people crowded commuter will help customers brand recognition That is a better way to create brand identity with customers There is an advertising campaign that many companies are exploiting now 3.2.6 Products Constantly updating new product models with high quality to bring to consumers Making a difference compared to competitors Each day, people receive thousands of different messages Therefore, only truly different messages are kept in the minds of customers and remembered Brands compete to get customers' attention by differentiating However, only the differentiation strategy is built from the core values of the brand-new capture special place in the minds of customers Each type of product will have its own strengths with each function and style, from which there are different marketing strategies, promoting them to attract customers It is necessary to have smart strategies for customers to use more products For example, when people talk about Iphone, people usually think about high price with modern technology 3.2.7 Good customer relations Retaining an old customer is much less expensive than finding a new one, so maintaining a campaign to stay connected with existing customers is essential Using a combination of sales and marketing tactics to stay in touch with customers, such as emails about new products or promotions This created an interactive campaign that helps build successful customer relationships and sustainability That will create a customer network to help you spread about the product more easily Because the products of companies ENUY join-stock company is the products with high cost, so customers will not decide immediately, they find information from many resources such as advertising… However, the customer acquaintance introduced when they have practical experience, clients are easier to trust in their friends than outsiders Besides, keeping in touch with clients such as sending congratulations on special holidays by via SMS or email that will create a sense of familiarity with customers, they will easily come back to company when they have needs or introduce acquaintances to use the product Sometimes customers buy products because of customer service satisfaction CONCLUSION Well-managed Digital Marketing is crucial to the running of a healthy and successful business ENUY JSC has always understood the importance of digital marketing efficiency in its development process In recent years, the company always pays attention on improving the efficiency of digital marketing management However, besides achievements, the company still has some limitations in the digital marketing management Deriving from the actual situation in the company and the knowledge learning from university, I made the research on the application of digital marketing at the company I see that the importance of role and position of marketing in expanding and developing the business especially with a new age enterprise Thereby, I boldly proposed some solutions to improve the efficiency of Digital Marketing at ENUY JSC However, improvement of Digital Marketing strategy is a complex problem It needs investigating deeply and approaching realistically So, during internship and writing this essay, mistakes are unavoidable I look forward to receiving valuable contribution from the lecturers and other readers REFERENCE Startups.com “What Is a Startup Company, Anyway?” [online] Available at: https://www.startups.com/library/expert-advice/what-is-a-startup-company Startups.co.uk “What Is a Startup?” [online] Available at: https://startups.co.uk/analysis/what-is-a-startup/ Articles.bplans.com “What’s the Difference Between a Small Business Venture and a Startup?” [online] Available at: https://articles.bplans.com/whats-difference-small-business-venture-startup/ Do Tien Long (2017) ‘Thực trạng giải pháp cho Digital Marketing’ Đánh giá khả Digital Marketing Việt Nam [online] Academia Available at: https://www.academia.edu/36241234/THUC-TRANG-VAGIAI-PHAP-CHO-DIGITAL-MARKETING-TAI-VIET-NAM Academy of Finance (2018), “Essentials of Marketing” Tung Juno et al (2018) GAM7 BOOK No.5 Content Marketing - Nền tảng sáng tạo nội dung, 1st edition Cundiff, Edward W & Still, Richard R (1986) Essentials of Marketing Kotler, Philip (1987) Marketing — An Introduction Englewood Cliffs, NJ: Prentice-Hall Armstrong, Garry & Kotler, Philip (2012) Principles of Marketing, 14th edition 10.Grant, Mitchell (2020) Strength, Weakness, Opportunity, and Threat (SWOT) Analysis [online] Investopedia Available at: https://www.investopedia.com/terms/s/swot.asp 11 Wear Social and Hootsuite's 2019 Digital Marketing Reports 12 Chartered Institute of Marketing (CIM) (2001) - A brief summary of marketing and how it works 13.Adam Barone (2020), “Digital marketing”, Investopedia 14.E Jerome McCarthy (1960s), “Marketing Mix 4Ps” 15 Keefe (2004), “Marketing defined”, American Marketing Association (AMA) 16.Nancy Pekala (2013), “Definition of marketing”, American Marketing Association (AMA) 17.Philip Kotler (2006), “Marketing insights from A to Z” 18 Philip Kotler (1972), “Generic Concept of Marketing”, Journal of marketing, vol 46, No 19.Van Waterschoot and Van den Bulte (1992), “The 4P classification of the marketing mix revisited”, Journal of marketing, vol 56, No 20 Co Schedule research data (2019) 21 SUPERVISOR’S JUDGEMENT Supervisor: M A Trương Thị Minh Hạnh Student: Trần Anh Dũng Group: 51.01 Intake: CQ 55 Topic: “The role of marketing in developing and expanding company at a start-up company” Mark: - In number: - In word: Supervisor Trương Thị Minh Hạnh CRITIC’S JUDGEMENT Critic: Student: Trần Anh Dũng Group: 51.01 Intake: CQ 55 Topic: “The role of marketing in developing and expanding company at a start-up company” Mark: - In number: - In word: Critic ... important role in the age of digital It accounts for a large amount of budget in the overall marketing strategy of the business Including the activities of setting up and deploying Marketing through the. .. CQ55/51.01 Graduation Thesis | ACADEMY OF FINANCE 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... 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