Developing marketing communication strategies for summit joint stock company

1 FOREIGN TRADE UNIVERSITY FACULTY OF BUSINESS ENGLISH *** GRADUATION THESIS Major: Business English DEVELOPING MARKETING COMMUNICATION STRATEGIES FOR SUMMIT JOINT STOCK COMPANY SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF BACHELOR OF ARTS IN BUSINESS ENGLISH Student full name: Nguyen Minh Hang Student ID : 1817710053 Class : Anh 02 Intake : K57 Supervisor : Hoang Ngoc Thuan, PhD Hanoi, June 2022 TABLE OF CONTENTS LIST OF FIGURES ACKNOWLEDGEMENTS During the researching process, I receive plenty of enthusiastic help and support that guide and encourage me to overcome all difficulties and finish this hard but meaningful time Firstly, I would like to express thanks to Foreign Trade University and the Faculty of Business English for creating favorable conditions for me to finish my graduation thesis In particular, I would like to express my deep gratitude to Mr Hoang Ngoc Thuan for his support and enthusiastic instructions Secondly, I would like to express my gratitude and appreciation to my collegues at Summit Joint Stock Company for giving me valuable experiences, not only knowledge and skills at work but also how to behave in the working environment Thirdly, I am grateful to all of the lovely students of Summit Education In short, I really thank all the people helping me to finish this graduation thesis Sincerely, Nguyen Minh Hang Hanoi, May 2022 INTRODUCTION Research rationale In the market economy, along with the open-door integration policy with many opportunities and challenges for development, Vietnamese enterprises have to face fierce competitive pressure, especially in the context of the economic recession In the global economy, Vietnamese businesses face more and more difficulties Therefore, in that situation, the task for the managers is to improve the competitiveness of the business, and at the same time, to always be dynamic and creative, to make accurate business decisions, to take responsibility for the future business results, preserving business capital and more importantly, bringing profits to the business This would be very difficult without perfect marketing communication strategies In the age of the Internet and e-commerce, businesses everything they can to promote their brands and products To be able to stand out and be highly competitive, businesses need to have an effective marketing strategy to attract customers to choose their products and services Communication is one of the major contributors to build and sustain long term relationships Finding out what company’s customers and prospects really value and building the communication on it will help companies to retain existing customers and also attract new customers (Nasir, 2015) Enterprises in the education sector are also not out of the competition in terms of marketing strategies They especially focus on brand promotion and marketing communication to attract students Summit Joint Stock Company was established in 2010 With the capital contribution of three main shareholders, Summit at that time was one of the leading enterprises in the field of teaching IELTS, SAT, English for Junior and studying abroad consultancy Therefore, during their first years of operation, Summit did not need to spend a lot of money on marketing communication activities but still had many students attending, becoming one of the most prestigious and quality learning systems in Hanoi and Ho Chi Minh City However, in the past few years, the competitive environment of English education has become increasingly fierce Summit's competitors have increased significantly and their plus point is knowing how to take advantage of marketing communications in many media As a result, despite many years of experience in the industry, Summit is also showing signs of lagging behind nascent systems in terms of branding and communication, causing a significant market share Nowadays, more and more foreign language education institutions and English centers are established, so that consumers will have more choices for educational services Each organization has a different method of communication and promotion, creating a unique feature to enhance its reputation in the market Therefore, in order to maximize the number of customers using its education services, Summit Joint Stock Company needs to have breakthrough marketing communication strategies, contributing to improving competitiveness compared to competitors in the market Considering the above issue, the author has chosen the topic "Developing Marketing Communication Strategies for Summit Joint Stock Company" to study more deeply the Marketing communication activities of Summit Joint Stock Company From there, the thesis gives practical and appropriate solutions to improve marketing communication activities and improve the competitiveness of enterprises Previous studies Currently, marketing communication issues are a common concern of all businesses, many research topics have contributed significantly in analyzing marketing activities in businesses, giving appropriate marketing solutions and feasible to implement Nguyen Quoc Thinh and Nguyen Thanh Trung (2012), “Brand with Managers” The book has fully presented the basic concepts of brand communication and brand management and the urgency of the brand with the development of enterprises Along with that are brand updates in modern marketing activities Suphan Nasir (2015), “Marketing Strategies in Competitive Markets and Challenging Times” This study has emphasized the importance of marketing strategies in the relationship between customers and businesses, customer insight and customer satisfaction Finne, Å and Grönroos, C (2017), "Communication-in-use: customerintegrated marketing communication" This study concentrates on developing a customer-centric marketing communications approach that takes the starting point in the customer ecosystem Oana Duralia (2018), “Integrated marketing communication and its impact on consumer behavior” The goal of the study is to highlight the main tools that specialists use in integrated marketing communication in order to establish a permanent and efficient contact with both potential and actual customers, as well as a secondary data analysis of the impact of false news broadcast through different media channels on consumer attitudes The study of consumer behavior is essential, because consumers are an important factor to increase revenue and develop the position of the business Therefore, identifying consumers' buying habits of products and using services will help businesses come up with appropriate communication strategies that target the familiar shopping habits and behaviors of customers E S Soegoto and A T Utomo (2019), “Marketing Strategy Through Social Media” This study aims to analyze marketing communication through social media It can be said that social networks are now the fastest way to transmit information and news and can reach a large set of social network users With just one click or a few lines of text, an account can create a post containing the information to be conveyed However, because the use of social networks is so easy, the challenge is for each media person to control the content of the post so that it is clear and accurate, and how to make his content stand out as possible among millions of different posts Therefore, this study will explore deeply the issue of marketing strategy through social networking platforms The above studies have analyzed and pointed out the essential role of marketing strategy in developing and improving the competitiveness of enterprises before competitors in the market, solutions to improve business activities corporate marketing communications However, research on marketing communication activities in the field of education, particularly in a foreign language education institution, is still quite rare Therefore, the topic “Developing marketing communication strategies for Summit Joint Stock Company” will analyze the current situation of marketing activities of the company in the field of education and offer appropriate solutions Research objectives General objective: The goal of the thesis is to analyze and evaluate the marketing communication activities of enterprises in education, from which to draw conclusions and solutions to complete the marketing communication plan in the coming time Specific objectives: - Observe and analyze communication activities at Summit Joint Stock Company - Evaluate the effectiveness of the company's communication tools, the advantages and disadvantages of those communication tools - Offer a positive solution to improve the company's communication weaknesses - Observe and learn how to work, how to build a communication strategy, and how to manage communication tools of the business Research subject and scope of study Research subject: marketing communication activities of Summit Joint Stock Company Scope of study: - About the content: the thesis focuses on researching the theoretical issues and the current status of marketing communication activities at Summit joint stock company, thereby researching solutions for marketing communication activities of joint stock companies Summit - About space: The thesis was conducted at Summit Joint Stock Company - About time: based on the data of the last three years (2019 - 2021) Research methodology 5.1 Sample and data collection Based on empirical investigation, this study uses a qualitative method, in which questionnaires were used as instruments to collect the data from respondents - Primary data: Collected through interviews with marketing department staff A survey with a sample of 100 people, including: 30 people aged 23-25, 40 students aged 19-22, and 30 students aged 10-18 Interview 10 employees working at Summit Joint Stock Company - Secondary data: Media channels such as: internet, newspapers, magazines, etc to collect other necessary information 5.2 Data processing methods After collecting 100 results, conduct data synthesis and analysis For direct questionnaires, it is necessary to input the results into the software, and for online questionnaires, the results will be sent to an excel file automatically and from there, the number and percentage of the questionnaires will be calculated Observational method: observing the service attitude of employees towards customers, teaching methods of teachers towards students, corporate culture, interactions between departments Research structure The thesis is divided into three chapters: Chapter 1: Theories of marketing communication in businesses Chapter 2: The current situation of marketing communication activities at Summit Joint Stock Company Chapter 3: Recommendations for marketing communication strategies at Summit Joint Stock Company CHAPTER 1: THEORIES OF MARKETING COMMUNICATION IN BUSINESSES 10 1.1 An overview of marketing communication 1.1.1 The definition of communication Communication is an intergral part of the overall marketing program of almost all businesses and organizations The increasingly fierce market competition, the rapid growth of the Internet and other digital media, the trend of globalization, the instability of the economy, and the change in lifestyle and habits of media use is changing the way businesses develop their marketing communications programs – typically for advertising and trade promotion Businesses realize that the way they communicate with customers and other stakeholders to promote their products and services is changing rapidly They must adapt to keep up with that change by understanding, leveraging, and incorporating the diversity of communication tools in the marketing strategy (Tran Minh Dao, 2013) Existing businesses often use a complex integrated marketing communication system (also called promotion mix) to communicate information about products and businesses to customers, build brand images, and convince customers to buy The main marketing communication tools include advertising, sales promotion, public relations, direct selling, and direct marketing The American Association of Advertising Agencies (4As) defines integrated marketing communication (IMC) as “a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines and combines these disciplines to provide clarity, consistency, and maximum communication impact.” This plan will assess the strategic role of a range of general advertising communications, direct response, sales promotion, and public relations principles – and combine them to demonstrate clarity most extended and most effective communication effect This definition of the 4As emphasizes the process of using all forms of trade promotion to achieve the most significant communication effect Marketing professionals are becoming more and more knowledgeable about IMC, realizing that elements of marketing and communications programs not only work together to create consistency but also as a business process that helps businesses identify the most effective and appropriate methods of communication and relationship building with customers, who contribute capital to the business 65 that emphasize the value of studying foreign languages in today's international integration context Furthermore, many middle and high schools now frequently offer extracurricular activities for students, such as prom and gratitude night Summit can sponsor these initiatives in order to make them more appealing to target customers The brand's image will surely improve in the hearts of customers as a result of these public relations operations Furthermore, due to the increased emphasis on English, many high school students are now meticulously preparing for the IELTS test in order to get priority admission to Hanoi universities such as Foreign Trade University, National Economics University, and the Diplomatic Academy of Vietnam and so forth This will become increasingly common during the next few years As a result, the beginning of Summit's public relations campaign could not come at a better opportunity 3.2.3 For advertising activities in online newspapers New communication tools have increasingly supplanted old communication tools in the booming era of digital technology and industry 4.0 technologies Newspapers and television, on the other hand, are always altering, catching up with innovative trends to be appropriate and produce certain results As a result, the press and television have traditionally been regarded as the most potent communication instruments available today Summit must cultivate and maintain relationships with well-known, respected newspapers and television stations with a large audience, such as Dan Tri and VnExpress These are all well-known newspapers with a high level of information trustworthiness, making them a useful resource for parents of students aged 10 to 18 Posting on these platforms on a regular basis will assist to build the brand's reputation 3.2.4 For telemarketing activities Telemarketing is now outdated and expensive for many industries, but telemarketing is a very effective marketing channel for the services and products that Summit provides Because the price strategy of the product is relatively high compared to many products such as gadgets or fashion, when spending a sum of 66 money for this service, customers will still have a lot of doubts about the quality and risks of the service They will have high expectations for the results they receive Summit’s employees have to call customers to provide service advice, clarify product highlights and students' post-course outcomes, and consult based on individual characteristics, in order to build customer trust and confidence in the company's services Summit's image and marketing impacts are shaped by not just its company efficiency, but also its professional attitude while promoting over the phone The organization may attract more new customers by providing comprehensive, dependable, and professional service to existing customers With customers at an age when they are readily affected by family, friends, and others, caring for old customers in order to attract new customers requires special attention, because old customers are also the ones that assist the company promote in the most honest and effective way 3.2.5 For brand management activities When Summit has a long-term development strategy and expands in terms of scale, goods, and imagery, brand building and management will become unavoidable To assist this issue become more specialized, it is required to create a distinct department Marketing activities assist businesses in promoting their brands, but first and foremost, businesses must establish a brand from the inside out, which is the core Summit might decide to promote with posters in schools and banners on bus routes traveling through the city to increase its visibility Internal factors such as service attitude, teaching quality, customer service, and so forth all contribute to the company's brand These might be a great way to spread the information about the business To establish favorable conditions for customers to have more exposure to the brand and learn more information, the firm has to expand the number of brand touchpoints and improve the quality of the existing touchpoints Customers will feel more secure and confident in the company's products and services if they receive thorough and clear information 67 3.2.6 For the measurement of marketing results Summit has to put a greater emphasis on measuring marketing results after marketing efforts have been completed According to marketing trends for 2022, evaluating data for applications would help firms increase efficiency while reducing resources and expenses Analyzing marketing data will surely aid in the planning of future marketing communications efforts Summit now has the option of conducting its own data analysis or outsourcing it out Outsourcing data analysis has the advantage of ensuring objectivity and precision Coordination between marketing tools is also important, as it can be monitored by business performance and influence the public by gathering customer, student, and parent feedback and assessing benefits and drawbacks in order to promote and improve in future marketing efforts 3.2.7 For the human resource For the characteristics of the products that the company is trading, it is extremely important to focus on the quality of human resources Because they are the ones who create service quality, they are the ones who directly contact customers and students Therefore, the brand and image of the company built and formed in the minds of customers are decided by the employees and teachers Therefore, the company needs: About consultants and sales staff: conduct thorough training programs on the company's Japanese study abroad program, how to handle situations, and communicate with customers Regularly collect and receive feedback from customers to come up with solutions to overcome and improve the quality of the team In terms of customer service, the firm must consistently strengthen and maintain solid customer connections, always keep the company's objective of serving consumers in mind, and always put customers first With so much competitors in the English education sector, if the firm accomplishes this successfully, it will be a significant competitive advantage Furthermore, by keeping strong customer relationships, the company eliminates the expense because loyal 68 customers are the ones who bring in new ones As a result, keeping a good reputation is an important aspect of every business About the teaching staff: regularly collect students' feedback after each course to evaluate and improve the quality of the teaching staff At the same time, the teaching staff needs to research to come up with new and creative teaching options and constantly improve their knowledge to better communicate to students 3.3 Conditions for implementing the solution to complete marketing communication activities at Summit Joint Stock Company 3.3.1 For Summit Joint Stock Company The company must also focus on human resource training, hiring and training a team of competent, professional, and ethical personnel, including Marketing Department employees, to effectively complete the responsibilities they will be assigned To strengthen marketing department staff's professional credentials and limit the possibility of avoidable error, the company should constantly organize refresher courses, training courses, and seminars to keep them up to date on new knowledge In addition, the corporation must monitor and assess employee performance in order to encourage self-discipline and the advancement of employees' professional credentials Furthermore, according to the current research situation at the company, the company has too many working processes, despite the fact that the work could be switched entirely to computers and the internet, replacing current paperwork, such as filling out student information directly on the software rather than on paper This limitation makes the work process more difficult than it needs to be, allowing the organization to examine, create, and eliminate certain unneeded procedures, as well as enhance processes This will have several advantages, including more time saved while working, increased job productivity, and a good impact on the deployment of marketing communication tools 3.3.2 For the Government In the context of fierce competition between educational institutions and English centers today, choosing a good quality location is a big challenge for 69 customers Therefore, in order to ensure that consumers are oriented to the right quality and standard services, State agencies need to take measures to control the operation and operation of English-language organizations, ensuring accurate and precise advertising and communication In addition, government agencies need to have sanctions to deal with English centers and educational institutions of poor quality, deceiving consumers, giving false information and advertisements for the purpose of promoting the development of educational institutions in particular and the spirit of foreign language learning of Vietnamese children in general 70 CONCLUSION As a country with a developing economy, Vietnam has been gradually integrating into the global economy World economic integration is a favorable and important condition for our country's economy to develop, but besides that, the market economy with its harsh rules also has a great influence on the survival of our country in and development of Vietnamese enterprises Summit Joint Stock Company is not an exception to those challenges In order to survive and develop in a sustainable way, the company realizes that it is necessary to have improvements in all aspects, especially the improvement of marketing communication Marketing communication in the context of the current global integration economy and the forth industrial revolution is essential in the construction and development process of any business Marketing communication is one of the prerequisites in business It is not only a factor that transcends sight but also perception as a potential new business tool for businesses Over the years, Summit Joint Stock Company has always strived to build an image, fulfill revenue and profit targets to contribute to improving production and business efficiency, including a significant contribution from the marketing communication activities In order to perform well in marketing communication and create a competitive advantage over competitors, in the coming time, Summit Joint Stock Company needs to promote its strengths and overcome remaining problems Hence, Summit Joint Stock Company will retain loyal customers and attract more potential customers to bring economic efficiency in business activities Researching the topic "Developing marketing communication strategies for Summit Joint Stock Company” to help the company improve marketing communication activities, to contribute to the company's sustainable development in the market economy The thesis has achieved certain research objectives: Firstly, systematize the theoretical basis associated with the content of the thesis in a concise manner but ensure all relevant knowledge As a basis for analyzing marketing communication deployment activities of Summit Joint Stock Company 71 Second, analyze and evaluate the marketing communication activities of Summit Joint Stock Company Presenting the current state of marketing communication of Summit Joint Stock Company Analyze the tools and the effectiveness of the tools used by the company Evaluate the successes and limitations in the company's marketing communication activities Provide solutions to improve the limitations the company is facing in implementing marketing communications From there, we hope that the company will develop and improve its competitive position in the future During the research process, due to limited knowledge, the thesis could not be solved thoroughly and inevitably shortcomings We look forward to receiving comments and suggestions from teachers and readers to improve the thesis I would like to express my sincere thanks to PhD Hoang Ngoc thuan who wholeheartedly supported and created conditions for me to complete this thesis 72 APPENDIXES APPENDIXES SURVEY ASSESSMENT OF CUSTOMERS ABOUT SUMMIT JOINT STOCK COMPANY Dear Sir/Madam, My name is Nguyen Minh Hang, student at K57, Faculty of Business English, Foreign Trade University I am currently doing my graduation thesis with the topic "Developing marketing communication strategies at Summit Joint Stock Company" Please take about 10 minutes and give your opinion on the issues related to the topic specified below All personal information and opinions of you will be kept completely confidential and used only for research purposes for the thesis topic Sincerely! PART A: CUSTOMER INFORMATION Full name:……………………………………………………………………… Age  10 - 18  19 - 22  23 - 25 Current job: ……………………………………………………………………… PART B: Have you ever known or used products/services of Summit JSC?  Never heard  Have used  Heard but haven't used When it comes to Summit JSC, what springs to mind?  Hardly recognize the  Recognize the brand  Immediately recognize brand the brand Through which media channels did you know Summit JSC? (the answer can be more than 1)  Company’s website  Social networking platforms (Facebook, Instagram, Youtube)  Advertising through mass media (journalism, newspaper, television, etc.)  The introduction of friends and relatives  Summit’s events  Advertising banners and posters If you have ever approached Summit's Website, Facebook and Instagram platforms, evaluate the channel's elements by ticking in the box Evaluation criteria Facebook Website Instagram 73 Visited Nice and user-friendly interface Full information Diverse content Easy to contact Rate your perception on a scale of to with the following criteria: Point Evaluation criteria Summit's online platforms visibility Summit’s coverage of outdoor advertising forms (posters, banners) Summit's top visibility in Google search Satisfaction with Summit’s events Satisfaction with Summit’s promotion If there are promotions, will your decision to buy happen faster?  Yes  No 74 APPENDIXES QUESTIONS FOR EMPLOYEES: - Are you interested in Summit's marketing communications activities? - In your opinion, is Summit's marketing communications effective? - What communication tools of Summit did you have access to? And how you rate these communication tools? - Do you find Summit's media content impressive and interesting enough? - How you feel marketing communication plays a role in the development of enterprises? - Do you have any suggestions on marketing communication activities in particular and activities of enterprises in general to contribute to the development of Summit Joint Stock Company? 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Theories of marketing communication in businesses Chapter 2: The current situation of marketing communication activities at Summit Joint Stock Company Chapter 3: Recommendations for marketing communication