Marketingstrategies, particularly the marketing mix strategy, play an essential role in thebusiness process by assisting businesses in developing the most complete andsynchronized market
RATIONALE OF THE STUDY
Today, as the economy grows, many large and small businesses are growing and asserting their market position Each business must have appropriate development strategies to develop and compete with other businesses Marketing strategies, particularly the marketing mix strategy, play an essential role in the business process by assisting businesses in developing the most complete and synchronized marketing system between the stages of product development, pricing, promoting product advertising, and distribution to consumers and from there, creating maximum satisfaction for customers, and helping businesses achieve profit goals.
During my internship at Tam Thai Agro-Forestry Processing Joint Stock Company, I discovered that the company is one of the most prestigious enterprises in Hanoi, and that it has gradually overcome difficulties to maintain its market position in the current volatile economic situation Tam Thai Agro-Forestry Processing Joint Stock Company has worked hard to develop and improve its customer service The company has applied the marketing mix to production and business activities and has seen initial success; however, it has not yet fully realized the marketing mix's potential, so the product consumption market remains relatively small In the coming time, in order to expand the market all over the country, export, and improve its image and reputation, Tam Thai Agro-Forestry Processing Joint Stock Company needs to invest and perfect more marketing mix activities. Recognizing the above importance, I made the decision to select the topic
“Some solutions to improving the marketing mix strategy at Tam Thai Agro-
Forestry Products Processing Joint Stock Company” for a graduate thesis in my university training program.
Analyze and evaluate the current situation of the company's marketing mix activities in order to offer solutions to improve those activities in the future.
The specific goals are set out as follows:
First, clarify the general rationale for the marketing mix.
Second, analyze the company's marketing mix strategy for the period of 2020– 2022.
Third, propose solutions to improve marketing mix activities at Tam Thai Agro-Forestry Processing Joint Stock Company.
The research methods used in the thesis are combined to produce data that reflect the research problem comprehensively, objectively, and multidimensionally, such as data collection methods, analytical methods, compare and synthesize, and the SWOT analysis method.
About time: Research data for the year 2020-2021-2022
About space: The topic was researched at Tam Thai Agro-Forestry Processing Joint Stock Company.
About the content: The thesis focuses on researching the general theoretical basis of the marketing mix, thereby analyzing the current situation of the company's marketing mix activities and offering solutions for the future.
LITERATURE REVIEW OF THE MARKETING MIX
Marketing overview
Overview of marketing mix
MARKETING-MIX STRATEGY CONTENT
CHAPTER 2: THE STUDY STATUS OF THE MARKETING MIX ACTIVITIES AT TAM THAI AGRO-FORESTRY PROCESSING JOINT STOCK COMPANY
The study status of the
General overview of Tam Thai Agro-Forestry Products Processing Joint Stock Company
2.1.3 The process of formation and development
2.1.5 Revenue situation of Tam Thai company in the period of 2019-2022
Status of the marketing mix activities at Tam Thai Agro-Forestry Products
General assessment of marketing mix activities at Tam Thai Agro-Forestry
2.3.3 Causes of limitations and existences
CHAPTER 3: RECOMMENDATIONS FOR SOME SOLUTIONS TO PERFECT THE MARKETING MIX STRATEGY AT TAM THAI AGRO- FORESTRY PROCESSING JOINT STOCK COMPANY
3.1 Orientation of marketing mix activities of Tam Thai Company
3.2 Measures to improve pricing strategy
DEVELOPMENT CHAPTER 1: LITERATURE REVIEW OF THE MARKETING MIX 1.1 Marketing overview
Marketing slowly gains popularity and is used everywhere after a lengthy period of emergence and growth The earliest marketing efforts were carried out in Japan in the 1650s, but by the early 19th century, marketing had begun to be studied systematically in the West Particularly in Vietnam, the research and application of marketing in businesses have existed in the South since 1975, and in 1989, it was taught at a number of universities and gradually became widely used to this day. There are many definitions of marketing, but they mainly revolve around two main perspectives: traditional marketing and modern marketing Traditional marketing's main idea is to sell what the business can produce and focus on distributing those products Typical for this view, according to John H Crighton
(1960), "marketing" is the process of effective management of product, price, place, and promotion to meet customer needs and achieve profits for the business. Different from the classical marketing concept, modern marketing believes that the customer is the first concern and needs to focus on satisfying the needs of the customer According to the American Marketing Association (2013), marketing is the set of organizations that carry out business activities such as communication, distribution, and exchange to create great value for the organization and its stakeholders, such as customers, partners, and society Similarly, Philip Kotler
(2016), the father of modern marketing, has defined "marketing as the process of creating value for customers and building relationships with them to solve their problems profitably It requires understanding, creating, and communicating value to customers and managing relationships with them in a sustainable way."
We may summarize marketing definitions as follows: "Marketing is the process by which an individual or an organization can satisfy its wants and needs by creating and exchanging products with others."
In general, marketing is viewed as the skill of identifying a need and determining how to meet that need To address this demand, thorough market research, corporate climate, and customer behavior are required Furthermore, the marketing process requires a tight collaboration of divisions in the organization to identify demands and devise a strategy to meet them, resulting in maximum profit for the company.
Businesses are now beginning to realize the role of marketing in business, in tandem with the process of economic growth Marketing has become the new business philosophy since its function has grown in importance The following is a general summary of marketing's role:
First, marketing guides businesses in the art of discovering customer satisfaction, orienting marketing for business activities, and taking the initiative for enterprises.
Second, marketing serves as a link to assist businesses in resolving connections and aligning the interests of stakeholders such as firms, customers, and society.
Third, marketing is a competitive tool that helps businesses find a place and establish their reputation in the market In the market mechanism, businesses freely compete to be able to meet the needs of customers in the best way Profits for businesses can only be realized through meeting client wants, and then marketing becomes a key factor determining the business results of enterprises.
After all, marketing has become the "center" of all company activity; other business decisions such as technology, finance, and human resources are largely dependent on marketing decisions such as: What products to produce? Which market are you targeting? How is the production going? In what quantity?
While manufacturing creates products, marketing creates customers and markets.
First of all, marketing does market research and needs detection This function includes activities such as researching potential and predicting market prospects, as well as gathering information about the market and competitors In addition, there are activities to analyze the behavior, tastes, and needs of customers, thereby clearly identifying target customers.
Second, marketing aids in demand adaptation Demand adaptation implies addressing the market's demands in terms of products, pricing, consumption, information, and marketing communication activities through market research and consumer wants.
Third, marketing drives demand and satisfies ever-increasing needs. Consumers' needs are increasingly diversified in the direction of socio-economic development Marketing emerges with product, pricing, distribution, and communication studies that help satisfy consumer needs.
Besides, marketing also has the function of economic efficiency Satisfying needs is the way for businesses to have sales and profits that are effective and long- term.
Finally, marketing is responsible for coordinating the operations of the company's departments Marketing must collaborate with other divisions in the organization to achieve the company's common goals and please consumers.
Marketing considers the customer as the center; the essence of marketing is to satisfy the needs of customers to the maximum To do this, the business's marketing process must follow these five key steps:
R (Research ): Research is a process that includes collecting, processing, and analyzing marketing information, such as information about the consumer market,the environment, etc In addition, research activities also help businesses identify consumer tastes, opportunities, and market risks and prepare appropriate conditions and strategies to participate in the market.
STP (segmentation, targeting, positioning): It helps businesses discover many customer segments Businesses must identify which segments and target consumer groups will give them exceptional value Businesses must segment, analyze, and select the best market for them in order to determine which market to target. Businesses must also position their items so that customers can understand the major benefits of the product and differentiate it from competitors in the market.
MM (Marketing Mix): From the selected market base, the business will design a marketing mix strategy to orient and serve that target market.
THE MARKETING MIX STRATEGY AT TAM THAI AGRO-FORESTRY PRODUCTS PROCESSING JOINT STOCK COMPANY
Measures to improve pricing strategy
DEVELOPMENT CHAPTER 1: LITERATURE REVIEW OF THE MARKETING MIX 1.1 Marketing overview
Marketing slowly gains popularity and is used everywhere after a lengthy period of emergence and growth The earliest marketing efforts were carried out in Japan in the 1650s, but by the early 19th century, marketing had begun to be studied systematically in the West Particularly in Vietnam, the research and application of marketing in businesses have existed in the South since 1975, and in 1989, it was taught at a number of universities and gradually became widely used to this day. There are many definitions of marketing, but they mainly revolve around two main perspectives: traditional marketing and modern marketing Traditional marketing's main idea is to sell what the business can produce and focus on distributing those products Typical for this view, according to John H Crighton
(1960), "marketing" is the process of effective management of product, price, place, and promotion to meet customer needs and achieve profits for the business. Different from the classical marketing concept, modern marketing believes that the customer is the first concern and needs to focus on satisfying the needs of the customer According to the American Marketing Association (2013), marketing is the set of organizations that carry out business activities such as communication, distribution, and exchange to create great value for the organization and its stakeholders, such as customers, partners, and society Similarly, Philip Kotler
(2016), the father of modern marketing, has defined "marketing as the process of creating value for customers and building relationships with them to solve their problems profitably It requires understanding, creating, and communicating value to customers and managing relationships with them in a sustainable way."
We may summarize marketing definitions as follows: "Marketing is the process by which an individual or an organization can satisfy its wants and needs by creating and exchanging products with others."
In general, marketing is viewed as the skill of identifying a need and determining how to meet that need To address this demand, thorough market research, corporate climate, and customer behavior are required Furthermore, the marketing process requires a tight collaboration of divisions in the organization to identify demands and devise a strategy to meet them, resulting in maximum profit for the company.
Businesses are now beginning to realize the role of marketing in business, in tandem with the process of economic growth Marketing has become the new business philosophy since its function has grown in importance The following is a general summary of marketing's role:
First, marketing guides businesses in the art of discovering customer satisfaction, orienting marketing for business activities, and taking the initiative for enterprises.
Second, marketing serves as a link to assist businesses in resolving connections and aligning the interests of stakeholders such as firms, customers, and society.
Third, marketing is a competitive tool that helps businesses find a place and establish their reputation in the market In the market mechanism, businesses freely compete to be able to meet the needs of customers in the best way Profits for businesses can only be realized through meeting client wants, and then marketing becomes a key factor determining the business results of enterprises.
After all, marketing has become the "center" of all company activity; other business decisions such as technology, finance, and human resources are largely dependent on marketing decisions such as: What products to produce? Which market are you targeting? How is the production going? In what quantity?
While manufacturing creates products, marketing creates customers and markets.
First of all, marketing does market research and needs detection This function includes activities such as researching potential and predicting market prospects, as well as gathering information about the market and competitors In addition, there are activities to analyze the behavior, tastes, and needs of customers, thereby clearly identifying target customers.
Second, marketing aids in demand adaptation Demand adaptation implies addressing the market's demands in terms of products, pricing, consumption, information, and marketing communication activities through market research and consumer wants.
Third, marketing drives demand and satisfies ever-increasing needs. Consumers' needs are increasingly diversified in the direction of socio-economic development Marketing emerges with product, pricing, distribution, and communication studies that help satisfy consumer needs.
Besides, marketing also has the function of economic efficiency Satisfying needs is the way for businesses to have sales and profits that are effective and long- term.
Finally, marketing is responsible for coordinating the operations of the company's departments Marketing must collaborate with other divisions in the organization to achieve the company's common goals and please consumers.
Marketing considers the customer as the center; the essence of marketing is to satisfy the needs of customers to the maximum To do this, the business's marketing process must follow these five key steps:
R (Research ): Research is a process that includes collecting, processing, and analyzing marketing information, such as information about the consumer market,the environment, etc In addition, research activities also help businesses identify consumer tastes, opportunities, and market risks and prepare appropriate conditions and strategies to participate in the market.
STP (segmentation, targeting, positioning): It helps businesses discover many customer segments Businesses must identify which segments and target consumer groups will give them exceptional value Businesses must segment, analyze, and select the best market for them in order to determine which market to target. Businesses must also position their items so that customers can understand the major benefits of the product and differentiate it from competitors in the market.
MM (Marketing Mix): From the selected market base, the business will design a marketing mix strategy to orient and serve that target market.