(Tiểu luận) mid term reporttopic marketing

Definition of Marketing by American Marketing Association AMA:Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offeri

FOREIGN TRADE UNIVERSITY

HO CHI MINH CITY CAMPUS -o0o -

MID-TERM REPORT TOPIC: MARKETINGSubject: English for Specific Purpose 1

Lecturer: Dang Thi My Dung

Ho Chi Minh City, October 23 rd , 2023.

Overview of Marketing:

1.1 Definition of Marketing by American Marketing Association AMA: 3 1.2 The importance of Marketing to the economy: 3 1.3 Difference between Marketing and Selling/ Advertising: 4

2.1.1 Some examples of Traditional Marketing: 5 2.1.2 Advantages and disadvantages of Traditional Marketing: 6 2.1.3 Case Study: “New Coke” Campaign of Coca-Cola 6

2.2.1 Some examples of Modern Marketing: 7 2.2.2 Advantages and Disadvantages of Modern Marketing: 8 2.2.3 Case Study: “Share A Coke” Campaign of Coca-Cola: 10

4 Some methods and techniques in doing Marketing: 11

1 Overview Marketing: of

1.1 Definition of Marketing by American Marketing Association AMA:Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Approved 2017) (The American Marketing Association Releases New Definition for Marketing, 2008)

1.2 The importance of Marketing to the economy:

We can state that the marketing function in the economy is the organization of transactions - physical flow - and communication - communication flow- between the production and the market or between manufacturers and consumers, in order to obtain an efficient match between supply and demand

On one side, the companies sell goods and services and also send communication such as advertisements, sales promotions or direct marketing to the market On the other side, consumers send information about their satisfaction and dissatisfaction, as well as other types of information that can be examined through market research, and finally companies receive money in return (Calvo Porral & Stanton, 2017)

Source: Section 1.5 - Principles of Marketing by CRISTINA CALVO

1.3 Difference between Marketing and Selling/ Advertising:

Marketing Selling/ Advertising

Marketing includes selling and other

activities like various promotional

measures, marketing research, after

sales service, etc

Selling is confined to persuasion of consumers to buy firm’s goods and services

Marketing starts with research on

consumer needs, wants, preference,

likes, dislike etc., and continues even

after the sales have taken place

Selling starts after the production process is over and ends with the handing over the money to the seller by the buyer

Marketing’s focus is on earning profit

through maximization of customers’

satisfaction

Selling’s focus is on earning profit through maximization of sales

Customer’s need is the central point

around whom all marketing activities

revolve

All activities revolve around the product that has been produced

Marketing is an integrated approach to

achieve long term goals like creating,

maintaining and retaining the

Selling stresses on needs of the seller

Marketing a systematic planning, a is

mix of activities, including

advertising, selling and other factors.

Selling/ Advertising is just one slice of Marketing.

2 Types of Marketing:

2.1 Traditional Marketing:

Traditional marketing is a promotional strategy that targets audiences using offline materials The focus of this type is on the products and aims to maximize profit by selling goods Its objective, therefore, is profit oriented

2.1.1 Some examples of Traditional Marketing:

- Printing advertisement: Printed document like a flyers or brochure, designed

to advertise a business, event, or sale: Flyers to display in public areas Brochures can provide details of products or services These promotional documents can be strategically placed in frequented public areas to inform community members about upcoming promotional events at your establishment Outlets like newspapers or magazines can help others learn more about the brand, its location and its products

- Billboards: Billboards are usually set up along highways or major roads and

feature images with supporting text that convey a brief but memorable message If your aim is to establish local or national brand awareness, billboards can be advantageous as they have the ability to reach diverse audiences across multiple locations

- Direct mails: This is a type of marketing that sends print materials like letters

or postcards to the addresses of potential customers living in your target area Many companies, like nonprofit or fundraising organizations, use direct mail

as an emotional marketing tool They may use letters to introduce their company and the cause they support This approach can create a personal connection between the recipient and the organization

- Event marketing: Advertising materials to showcase at industry events, like

seminars, conventions or conferences booths and larger materials like signs or banners to attract attendees and teach them about the company and its products

- Broadcasting: This type of marketing is making commercials for radio and

television Hearing or seeing these broadcasted advertisements might intrigue listeners and viewers and lead them to research the company or contact you to learn more

- Cold calling: This type of marketing applies to companies that sell their

products or services over the phone By implementing a cold-calling strategy, businesses are able to interact with potential customers to explain the product you're selling, while addressing any challenges they may encounter

2.1.2 Advantages and disadvantages of Traditional Marketing:

- Advantages:

• Trustworthiness: Certain consumers might view traditional marketing

methods as more trustworthy and reliable if they have less experience with online platforms

• Brand exposure: Traditional marketing campaigns are a great opportunity

to improve brand recall among consumers and increase familiarity with the company's mission, values and products since customers see advertisement repeatedly in their environment

• Audience growth: Options like TV, radio and billboards can reach

consumers in new markets and diverse geographic locations More localized efforts such as flyers, direct mail and print ads can also engage consumers in a specific geographic area

- Disadvantages:

• Cost: Paying for ad space and printing ad materials can be costly

Considerations about which demographics are likely to respond to which types of traditional marketing can result in more strategic and cost-effective marketing plans

• Legal and ethical issues such privacy violations, spam complaints,

environmental concerns, or cultural sensitivities

• Less adaptable: It's time-consuming and expensive to make changes, can't

update their materials quickly, so they often focus on content that stays relevant for an extended period

• Less segmentation: Since they can't target their ads as precisely, benefit

from focusing their efforts on a broad awareness of the company's values and products

• Little interaction.

2.1.3 Case Study: “New Coke” Campaign of Coca-Cola

Context: Coca Cola had been top 1 soft drink company since its introduction in 1886

However, the marketing campaign called “Pepsi Challenge” (in which consumers taking blind taste tests were surprised to learn they preferred the flavor of Pepsi) of their rival Pepsi seemed to turn the table Because of that, Coca Cola decided that

they need to change the formula of its iconic Coca-Cola drink, which had been the same for nearly a century The new drink, called New Coke, was sweeter and more Pepsi-like.

Description: Coca-Cola launched a massive marketing campaign to promote New

Coke The campaign featured television commercials, print ads, and billboards all over the country The company also spent millions of dollars on promotional giveaways and contests

Outcome:

• Sales plummeted: In the first few months after New Coke was launched, sales

of Coca-Cola products fell by 33% This was a huge blow to the company, which had been the undisputed leader in the cola market for decades

• Consumer backlash: Consumers were outraged by the change in formula They took to the streets and to the phone lines to express their disgust Coca-Cola received over 400,000 letters and phone calls from angry consumers

• Back to the old type within 3 months

Strength: brand exposure, audience-growth.

2.2 Modern Marketing:

Modern marketing is the part of marketing that handles digital communications and platforms, including search engines, websites, email, social media and mobile apps Modern marketing is focused on meeting the needs and wants of customers and its objective is customer-satisfaction oriented

2.2.1 Some examples of Modern Marketing:

Digital Marketing:

- Search engine marketing (SEM): Involves creating content based on the

ranking of your keywords in search results Search engines order web content based on popularity and relevance in the search engine results pages

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- Social media marketing: This is one of the most popular ways of marketing

nowadays, likely to become a trend of marketing in the future Below are some ways to apply social media marketing effectively:

• Grow your followers: You can use one or more social media profiles or business pages to grow the number of followers that you can market to in the future

• Direct followers to your sites You can use messaging or a profile page to post a link that directs people to your website, products, or services

• Interact with the online community: messages, comments, livestream

- Email Marketing: Send mass-produced promotional material to customers

who sign up for a subscription to deliver content to customers (newsletter, automatic series, email list)

- Pay per click: Customer clicks on the provided link or banner on the affiliate’s

website and buys a product of the merchant, the affiliate receives a certain commission Example: in the comment section of reviewing videos on TikTok, there is sometimes a link that leads to an online shopping platform where people can buy the products reviewed in the video When a person clicks on that link and buys something, the link’s owner can get money

- Pay per sale: The affiliate earns a certain percentage of the products’ price

Example: Shopping live streams are popular in Vietnam these days, especially those containing exclusive deals When a person buys a product via those live streams, the live streamers can get commissions)

2.2.2 Advantages and Disadvantages of Modern Marketing:

Advantages:

• 3T: targeting, tracking, tweaking

• Cost efficient: Businesses can easily apply digital marketing by creating a fan page, a YouTube or TikTok channel, so it can be seen that this is an advantage but simultaneously, a disadvantage Digital advertising platforms allow businesses to set budgets, control spending, and optimize campaigns based on performance This flexibility helps maximize the impact of marketing efforts while minimizing costs.

• Personalization/ customization: Modern marketing techniques enable businesses to personalize their marketing campaigns based on individual preferences, interests and behaviors This personalized approach helps create

a more personalized customer experience, leading to increased engagement and loyalty

Disadvantages:

• Creating more sophisticated and competitive marketplace: With the proliferation of digital channels and platforms, the audience has become fragmented, making it harder for businesses to reach their target audience Additionally, the lower barriers to entry in digital marketing have led to increased competition, making it more challenging to stand out from the crowd

• Not yet embraced by all people

• Lacking in trustworthiness: The level of trustworthiness varies according to the content and the channel Some people may not trust online transactions

• May disturb Internet users’ experience The prevalence of ads, pop-ups, and : other promotional content can be intrusive and interrupt the user's intended activities This can lead to frustration and a negative perception of the brand

or company behind the marketing efforts

• Lack of security and privacy The collection and use of consumer data for : targeted marketing purposes have raised concerns about privacy and data security Businesses need to navigate these concerns carefully and ensure they adhere to data protection regulations to maintain consumer trust

2.2.3 Case Study: “Share A Coke” Campaign of Coca-Cola:

Context: Australia has always been 1 of the most developed, yet challenging market

in the world However, Coca-Cola had difficulties broadening their market and increasing the consumption in Australian market The company also underwent a decade-long decline in sales in the US market Coca-Cola, therefore, came up with a marketing campaign that brought them a historic global success - “Share A Coke”

Description: The campaign aimed to increase brand engagement, foster personal

connections with consumers, and ultimately drive sales

• Coca-Cola printed 150 most popular names in Australia on the bottles and shared a message: “Share a Coke with…” so that customers could share Coca-Cola with anyone offline and through Facebook

• Coca-Cola set up Kiosk where customers could directly order printing service

• Coca-Cola allowed the customers to share a coke with someone on billboard

at King Cross avenue

• Coca-Cola leveraged digital marketing and affiliate marketing by using hashtag and collaborated with famous influencers or celebrities to promote the campaign

• Over 500,000 photos were shared on social media using the hashtag

#ShareACoke during the first year of the campaign

Strength:

Coca-Cola offered consumers reasonable price, together with interesting experience Everyone could be part of this campaign, leading the interactions among those participating in this campaign as well as between the brand and its consumers

Moreover, Coca-Cola focus on personalizing and satisfying the experience of each edcustomer.

Weakness: The amount of money spent on this campaign was enormous, but

understandable, acceptable and really worth it

3 Steps of Marketing process:

- Step 1: Identify the need it fills in the marketplace, the target market and determine its wants and needs

- Step 2: Set sales, marketing and revenue objectives and goals based on what you’ve researched and decided

- Step 3: Develop products and services to meet those wants and needs

- Step 4: Implement the marketing tactics

- Step 5: Monitor and adjust the marketing plan as necessary

4 Some methods and techniques in doing Marketing:

4.1 4PS Marketing Mix:

Just like any business, a company needs to market the right product, to the right person, at the right price, in the right place and at the right time However, sometimes, people will only focus on one aspect, leading to the failure of the other and the whole chain of production In order to solve this problem, in 1960, E Jerome McCarthy firstly conceptualized the method 4Ps in the highly influential text, Basic Marketing,

A Managerial Approach With this, many businesses have had a to-the-point view when executing plans and strategies, boosting their profits and productivity.The 4Ps method include 4 main objects: the product, the price, the place, and the promotion

- The product: A product is good once it satisfies the demand of the target

customers Despite not being popular to everyone, with just a small amount of loyal audience, that product can still bring benefits and reputation for the company based on its quality and convenience That’s why when you work on something, answer these questions:

+ What is your product?

+ What does your product do? Does the product meet an unfilled need or provide

a novel experience?