Role of marketing in motivation customer brand preference for vietnamese products. What are the most factors in marketing? Why?

INTRODUCTIONThe economy has gone through several stages of development along with the history of human society. On the other hand, the progress of science and technology has created the conditions for industrial production industries to develop significantly. More and more goods are produced. Besides, peoples lives are getting higher and higher, and the need to enjoy human life is also getting bigger. As a result, the market for consumer goods products has formed and grown in both scale and quality.Therefore, marketing has been an indispensable important field in the context of an open economy, increasing competition. The role of marketing is not only important in the operation of businesses but, at the same time, greatly affects consumers and also motivates customer brand preference for Vietnamese products. Through the introduction to the essay, I see that this is also the reason that I chose the topic Role of marketing in motivation customer brand preference for Vietnamese products. What are the most factors in marketing? Why? as the essay topic for my final exam

MINISTRY OF EDUCATION AND TRAINING ……… UNIVERSITY SCHOOL OF SOCIAL SCIENCES AND FOREIGN LANGUAGES  ESSAY ROLE OF MARKETING IN MOTIVATION CUSTOMER BRAND PREFERENCE FOR VIETNAMESE PRODUCTS WHAT ARE THE MOST FACTORS IN MARKETING? WHY? Instructor: Student: Student code: Class: Subject: ENGLISH MARKETING School year: HK (2022-2023) Ho Chi Minh City, May 25th, 2022 …… UNIVERSITY SCHOOL OF SOCIAL SCIENCES and FOREIGN LANGUAGES Academic Year: 2022- 2023 FINAL TEST Student’s name: Student’s code: Class: SCORE IN FIGURES SCORE IN WORDS EXAMINER EXAMINER TABLE OF CONTENTS INTRODUCTION CONTENT I SUMMARY OF MARKETING: 1.1 The birth of marketing: 1.2 Marketing concept: 1.3 The concept of "marketing mix"? 1.4 The role of marketing for consumers: II ROLE OF MARKETING IN MOTIVATION COSTUMER BRAND PREFERENCE FOR VIETNAMESE PRODUCTS: 2.1 Introduction to company Vinfast: 2.2 VF electric cars - D-class SUVs of VinFast company - Vietnam: 2.3 The success of the VinFast VF electric car (Class D SUV) brings: 2.4 VinFast's marketing – mix 4P strategy: 11 2.5 Role of marketing in motivation costumer brand preference for Vietnamese products: 15 III MARKETING FACTORS: 16 3.1 Factors in marketing: 16 3.2 The most important factor in marketing? 19 CONCLUSION 22 REFERENCES 23 INTRODUCTION The economy has gone through several stages of development along with the history of human society On the other hand, the progress of science and technology has created the conditions for industrial production industries to develop significantly More and more goods are produced Besides, people's lives are getting higher and higher, and the need to enjoy human life is also getting bigger As a result, the market for consumer goods products has formed and grown in both scale and quality Therefore, marketing has been an indispensable important field in the context of an open economy, increasing competition The role of marketing is not only important in the operation of businesses but, at the same time, greatly affects consumers and also motivates customer brand preference for Vietnamese products Through the introduction to the essay, I see that this is also the reason that I chose the topic "Role of marketing in motivation customer brand preference for Vietnamese products What are the most factors in marketing? Why?" as the essay topic for my final exam CONTENT I SUMMARY OF MARKETING: 1.1 The birth of marketing: Marketing was born associated with the appearance of goods When at least one of the two factors is that the seller and the buyer must strive to find ways to sell and buy the things, marketing appears Thus, marketing appears when exchanging goods is competitive, or in other words, the root cause of marketing appearance is competition Marketing theory first appeared in the United States in the early years of the twentieth century The first lectures on marketing were taught at the University of Michigan, California, then spread to other universities in the U.S and all countries with market economies Marketing theory does not end with consuming; it also includes market research, customer, design, and product manufacture in accordance with customer needs, valuation, and consumption organization Marketing is first applied to companies producing and trading consumer goods, packaging, companies producing durable consumer goods, and companies producing industrial goods, followed by the fields of material products such as steel, chemicals, paper Over the past decades, marketing has been highly regarded in the fields of service business, aviation, and banking Freelance jobs such as lawyers, doctors, and auditors come to marketing at the latest Today, marketing is applied in all areas of commercial and non-commercial business 1.2 Marketing concept: Marketing may be explained in a variety of ways However, in a simple and understandable way, marketing is a bridge that helps to connect the provider of goods and services with those who are in need of such goods and services Marketing includes all activities that help consumers know as well as make choices about products, services, or brands Furthermore, marketing aids in maintaining consumers' interest in goods and services that are marketed Figure Maketing (source: https://futurebrandvietnam.com/marketing-la-gi/) 1.3 The concept of "marketing mix"? The concept of "Marketing Mix" was first mentioned in a speech by Neil Borden, president of the American Marketing Association, in 1953 A marketing mix is a collection of tactics and tools that a business uses to advertise and sell its products in the Figure Marketing Mix (Source: https://www.blucactus.com.mx/marketingdigital-para-principiantes/blucactus-el-marketing-mix/) market These tactics range from product development, packaging, price decisions, brands, and where to sell products, to deciding on communication and promotion strategies 1.4 The role of marketing for consumers: Marketing activities not only benefit businesses but also bring a lot of convenience to consumers A business only survives and grows as long as it provides economic benefits to its customers The economic benefit for customers is that they get a value higher than the cost they spend to buy those goods A product that satisfies the buyer is the one that offers more usefulness than the competitor's product In addition, changing the way customers view Vietnamese brands is equal to foreign brands and makes customers brand preference for Vietnamese products II ROLE OF MARKETING IN MOTIVATION COSTUMER BRAND PREFERENCE FOR VIETNAMESE PRODUCTS: 2.1 Introduction to company Vinfast: VinFast is a Vietnamese manufacturer of automobiles and electric motorcycles established in 2017 This company is a member of Vingroup, founded by Mr Pham Nhat Vuong The word VinFast stands for "Vietnam - Style - Safety - Creation - Pioneer" These words express the aspirations that the company wants to achieve: the desire to build a Vietnamese brand reaching the world, helping Vietnam have the opportunity to develop heavy industries, manufacturing industries, and auxiliary industries, Figure 3.1 Logo Vinfast (Source:https://www.michaelpage.com.vn/ clientprofile/vinfast) Figure 3.2 Logo Vingroup (Source: https://inkythuatso.com/mau-thiet-kevector/logo-vingroup-1638.html) VinFast's main products are electric-powered smart vehicles, including electric buses, electric cars, electric motorcycles, and so on VinFast is constantly evolving, researching, and developing to bring the best services and products to customers, contributing to promoting the transformation of the use of gasoline-powered vehicles through electric vehicles in order to protect the environment and human health from toxic waste 2.2 VF electric cars - D-class SUVs of VinFast company Vietnam: VinFast announced a major pivot: it will stop building vehicles with combustion engines by the end of the year and make only electric vehicles It is an expensive move early in the automaker's life Vinfast has launched a few types of electric cars, but the VF-8 is the most successful D-class SUV in the country and abroad And it was welcomed by U.S President Joe Biden, who wanted VinFast to build a battery and electric car factory in the U.S state of North Carolina The VinFast VF (VF e35) is expected to bring a new wind to the D-class SUV category after making an outstanding debut at the Los Angeles Auto Show in 2021, owing to its remarkable design, powertrain, and usefulness After that, it received a lot of attention not only from international users but also from customers in Vietnam The model has two versions: Eco and Plus, similar in size, safety technology, and differences in battery capacity, engine, and some amenities on the car Figure VF electric cars - D class SUVs (Source: https://muaxegiatot.vn/chi-tiet-xe-vinfast-vf8-plus.html)  In terms of specifications, both the VF Eco and Plus models are of comparable size  The VF 8's design is built on the "Dynamic Balance" structure, which focuses on the harmony between the exterior space and interior, providing a weight balance for four wheels, allowing this midsize SUV to handle traction effectively and function stably, whether cornering or driving at high speed The VF 8's design has crisp, flowing curves while being strong and dynamic  In terms of power systems, the VinFast VF has two battery options with ranges of up to 460km or 510km It is expected that the battery will give a full charge distance that ensures the European WLTP standard with a normal charging time of about hours and a super-fast charging time of about 24 minutes  In terms of powertrain, the VF has two electric motors distributed equally by two axes, with operating performance in both versions as follows: - Maximum power:  Eco Version: 260kW  Plus Version: 300kW - Maximum torque:  Eco version: 500Nm  Plus Version: 640Nm - Top speed maintained minute: 200Km/h (both versions) - Acceleration from to 100Km/h:  Eco version: 5.9 seconds  Plus version: about 5.5 seconds transitioning to electric vehicles, VinFast has focused on researching and developing battery technology in order to meet European standards In addition to water resistance, explosion resistance, and ensuring the ability to move safely, electric car batteries also help the car protect the environment effectively Accordingly, VinFast VF (formerly known as VF e35) is a pure electric mid-size SUV, converging the breakthrough elements of the electric car model from the future: a powerful engine, environmentally friendly, and superior ADAS driving assistance feature, which promises to bring domestic and international customers new and exciting experiences Not only domestic success, VinFast first launched the VF8 electric car at the exhibition in Los Angeles in November 2021 and then in Las Vegas in January 2022 VinFast aims to start selling electric cars in the U.S and Europe this year, competing with Tesla and other electric car makers Following then, it received a lot of attention not only from international users but also from customers in Vietnam Following the debut of the VF8 automobiles, Pham Nhat Vuong's car company and the North Carolina state government announced the signing of a memorandum of Figure President Biden's Twitter account shares information that VinFast is building a battery and electric car factory in North Carolina (Source: https://vietnamnews.vn/economy/1169867/vinfast-to-build-first-evfactory-in-north-america.html) 10 understanding on the construction of VinFast's first manufacturing plant in the North American market And was welcomed by U.S President Joe Biden in a statement posted on the White House website Figure The signing ceremony between VinFast and the government of North Carolina (Source: https://en.nhandan.vn/business/companies/item/11344902-vinfastto-build-first-ev-factory-in-north-america.html) 2.4 VinFast's marketing – mix 4P strategy: VinFast's marketing-mix strategy is a huge mark This model has helped the company to exploit the market demand from the present to the future Instead of current models, VinFast's marketing strategy - mix retains a relatively traditional 4P marketing model: Product, Price, Place, and Promotion a Product: 11 As of 2022, Vinfast has launched a few electric cars Furthermore, in order to build the brand and offer excellent goods, Vinfast also cooperates with many well-known companies in global automotive manufacturing techniques, such as Magna Steyr and Bosch, AVL, ZF, GROB, This contributes to the product being of the same quality as that of the world's automakers At the same time, Vinfast has hired two famous Italian designers, ItalDesign and Pininfarina (ItalDesign is a famous designer associated with the names of Ferrari and Lamborghini) This cooperation not only helps Vinfast to have the same quality as automakers around the world but also strengthens the image of high-class Vietnamese cars in the hearts of domestic and international users b Price: Vinfast's pricing strategy gives its products a competitive advantage in the market and gives them defense against potential competitors In addition, the construction of the price segment also helps Vinfast adjust the price to suit the needs of users Therefore, VinFast's price strategy has been evaluated at the mid-range, i.e higher than the Korean and Japanese automakers but lower than European automakers when distributed in the Vietnamese market This unit does not use a low valuation or high price strategy to penetrate the market at all Instead, they will regularly organize discounts and promotions to attract customers 12 Table Vehicle pricing (Prices excluding business tax and VAT, battery, battery lease, ADAS and Smart Service packages) Market Model Vietnam US Europe (million VND) (USD) VF Eco 961 41,000 VF Plus 1,125 48,000 (EUR) From 36,133 (varies for each country) 42,669 Table ADAS Smart Service packages: (excluding business tax and VAT) Market One-time Payment Monthly Subscription Vietnam (million VND) 120 2.5 Europe (EUR) 5,990 125 US (USD) 6,500 135 Table VinFirst – Pioneer’s Gratitude to Pioneers Market Vietnam US Europe (million VND) (USD) (EUR) Reservation Model fee VF8 Eco/Plus 10 Voucher 150 Reservation Reservation Voucher Voucher fee fee 200 3,000 150 2,500 (Source: https://vingroup.net/en/news/detail/2466/vinfast-announces-its-allelectric-strategy-and-full-electric-vehicle-lineup-at-ces-2022) c Place: 13 Vinfast's distribution strategy includes:  Acquisition of other distribution channels: Distribution strategies on many sales channels are based on Vinfast's process of selecting the target market in a methodical way before that will help the company enter the market quickly and save time and cost in building a sales system  Implementing wider distribution: Vinfast distributes through a variety of sales channels and showrooms around the country in order to reach a large number of customers Vinfast also plans to enter the international market On June 11, 2020, Vinfast's first showroom in overseas markets was located in Australia with a team of professionals from Lord, GM, d Promotion: VinFast has focused on very strong development campaigns The first is to promote social media, to increase your recognition and "coverage" Implementing attractive promotions and incentives to attract the attention of the market Invest in quality advertising TVC is typically broadcast right on the CNN channel and by AKQA, which is also the leading media company in the world In particular, in the mixed promotion strategy, VinFast's 3-no strategy also creates a unique: No investment depreciation costs - No financial costs - No profit Furthermore, during the first stage of market penetration, Vinfast created a media boom by using KOL "David Beckham" at the Paris Motor Show to increase customer trust 14 Figure David Beckham poses for a picture during VinFast launch at the Paris Motor Show (Source: https://www.dailymail.co.uk/news/article-6230395/David-Beckhamface-Vietnamese-luxury-car-firm-Vinfast.html) 2.5 Role of marketing in motivation costumer brand preference for Vietnamese products: In order for consumers to prefer Vietnamese goods, businesses must first know how to create brands Through the above evidence, Vinfast is a manufacturer of automobiles and electric motorcycles in Vietnam, this company is a member of the largest Vingroup group in Vietnam But only the brand can not motivate consumers to love Vietnamese products, which must be accompanied by unique marketing strategies Through Vinfast's marketing strategy, we show that it not only benefits businesses but also 15 brings a lot of convenience to consumers, especially in terms of price, promotions, and product designs Vinfast's marketing - mix strategy helps customers feel economic value and feel more value than they spend when buying VF electric cars - D-class SUVs Marketing also helps to create a variety of electric cars that satisfy the needs and desires of each domestic and international customer In addition, it will change the way consumers view Vietnamese brands III MARKETING FACTORS: 3.1 Factors in marketing: The four P’s of marketing are the key elements that come into play when goods or services are marketed to the public: Figure The Marketing Mix (Source: https://www.vectorstock.com/royalty-free-vector/four-4ps-marketing-mix-infographic-flat-vector-30491522) 16  Product: The product was created with the primary purpose of meeting the needs of a specific set of customers Products can appear as tangible goods such as materials, engines, and household items or invisible, such as banking services, health care Figure 10 TH True Yogurt (Source: https://www.thmilk.vn/products/suachua-uong-men-song-huong-vanilla-tu-nhien/) Figure 11 Savings deposit service at the bank (Source: https://www.dreamstime.com/bankingdeposit-concept-finance-business-vector-illustrationfinancial-services-to-bank-currency-wealth-economyinvestment-image196215043)  Price: 17 T he price is the number of money customers need to pay to own the product or use the service of the business Price is an important issue in the marketing mix, which is also the determinant of a product's survival Price adjustments will have a profound impact on the marketing plan and will affect the supply and Figure 12 Price demand for products in the market as (Source:https://www.business2community.com well as sales for the company So, let's /strategy/importance-price-0843771) study accurately the factors of market price, selling price of competitors, price points, list prices, discounts, To make a decision on the price of your product is appropriate  Place: The place is where you will sell the product and how you will distribute it Whether you're just starting out in business, considering new distribution methods, or trying to sell your products abroad can be helpful to you Figure 13 Place – Marketing Mix (Source: https://www.mailmodo.com/guides/marketing-mix/) 18  Promotion: In marketing, promotion is the method through which businesses choose to promote their products to a large number of users Figure 14 Promotion Mix (Source: https://www.shutterstock.com/vi/image-vector/promotion-mix-bannericons-marketing-strategy-1817323850) 3.2 The most important factor in marketing? In my opinion, Product and Promotion are the most important factors in marketing Because,  Product is the core of the marketing process and without them, we have nothing to continue with Price, Place, and Promotion Therefore, while choosing your product, it is necessary to thoroughly research some necessary aspects such as: whether the product is in demand in the market; what the quality is; what the design is; what are the highlights; For example: Vinamilk has main product categories, including milk (fresh milk, sugary condensed milk, powdered milk, ), dairy products 19 (cream, cheese, yogurt, ), tea, coffee, and fruit juice Vinamilk is dedicated to providing consumers with the best products possible The company has innovated technology to produce healthy products, the quality is increasingly improved to ensure it meets the needs of users Figure 15 Vinamilk's new dairy products (Source: https://vietnamnews.vn/brandinfo/926594/green-farm-fresh-milk%E2%80%93-an-environmentally-friendlyproduct-of-vinamilk.html) By producing a variety of product lines, including low-sugar Vinamilk and Vinamilk skipped skim milk for dieters, adding fragrance, and creating Vinamilk 100% Organic for high-end customers, Vinamilk has maintained its position as the leading brand in the diversified fresh milk market (Vinamilk 2020) 20  Promotion is as important as a product because promotion serves two goals: to inform potential customers about your product and about the product that you aim for The promotion also persuades people to purchase your product This is the factor that can determine the revenue of a business, helping the business promote brand positioning and sales activities For example: Gucci succeeds in its strategy of conquering Gen Z because they are unpredictable, exciting, and viral Designer Alessandro Michele is inspired by everywhere: wildlife, the alien world, memes, All of that bold and controversial content has completely knocked out the younger generation of users who have always had a strong desire to be different Figure 16 Gucci's Spring 2022 Collection (Source: https://www.viva.co.nz/article/fashion/gucci-spring-2022-the-love-parade/) 21 Furthermore, Gucci's social media advertising approach is also a factor worth learning about Using hashtags for each campaign is a wise move, it is both easy to spread the message and become a prominent trend for young people, while also being able to measure the level of success Gucci's social media success might result in extensive publicity and potentially skyrocketing sales CONCLUSION Through the above essay, we see that marketing is very important for both businesses and consumers Marketing is the universal key to helping businesses achieve all the goals set out No matter how many changes the market makes, as long as there is marketing, everything is easily solved Every successful business relies on it Furthermore, marketing enables businesses to retain long-term and everlasting ties with their customers Marketing not only meets the needs of customers but also expands the reach, helping more people know about the products of the business Thereby contributing to increasing the opportunity to bring products to more consumers Here's how to motivate customers' brand preference for Vietnamese products 22 REFERENCES Close-up of vinfast vf8 2022 in vietnam, the highest is more than 1.2 billion https://alexwa.com/close-up-of-vinfast-vf8-2022-in-vietnam-the-highest-ismore-than-1-2-billion Gucci Marketing Strategy & Marketing Mix (4Ps) https://www.mbaskool.com/marketing-mix/products/17110-gucci.html Marketing https://www.cyberclick.net/marketing Marketing Mix: Definition and Concepts (With Diagram) https://www.yourarticlelibrary.com/marketing/marketing-mix/marketingmix-definition-and-concepts-with-diagram/50808 Marketing mix of vinamilk’s liquid milk https://dokumen.tips/documents/marketing-strategy-4ps-vinamilk.html Marketing strategy - vinfast electric https://www.studocu.com/vn/document/dai-hoc-quoc-gia-ha-noi/principleof-marketing/marketing-4p-for-vinfast-car/24975230 President Biden welcomes VinFast facility project in North Carolina 23 https://en.baoquocte.vn/president-biden-welcomes-vinfast-facility-projectin-north-carolina178641.html#:~:text=President%20Biden%20welcomes%20VinFast%20fa cility%20project%20in%20North%20Carolina,11%3A04%20%7C%2030&text=US%20President%20Joe%20Biden%20h as,operations%20in%20the%20United%20States Vietnamese EV brand Vinfast announces North American manufacturing site will be built in North Carolina https://electrek.co/2022/03/29/vietnamese-ev-brand-vinfast-announcesnorth-american-manufacturing-site-will-be-built-in-north-carolina/ Vinfast announces its all electric strategy and full electric vehicle lineup at ces 2022 https://vingroup.net/en/news/detail/2466/vinfast-announces-its-all-electricstrategy-and-full-electric-vehicle-lineup-at-ces-2022 10 What is Marketing? Types, Roles, Factors & More! https://www.mageplaza.com/blog/what-is-marketing.html 11 What Is the Role of the Consumer in Marketing? https://bizfluent.com/info-7816502-role-consumer-marketing.html THE END 24 ... the reason that I chose the topic "Role of marketing in motivation customer brand preference for Vietnamese products What are the most factors in marketing? Why?" as the essay topic for my final... OF MARKETING: 1.1 The birth of marketing: 1.2 Marketing concept: 1.3 The concept of "marketing mix"? 1.4 The role of marketing for consumers: II ROLE OF. .. Vietnamese brands is equal to foreign brands and makes customers brand preference for Vietnamese products II ROLE OF MARKETING IN MOTIVATION COSTUMER BRAND PREFERENCE FOR VIETNAMESE PRODUCTS: 2.1 Introduction