Choose A Company Of Your Interest And Analyze How Its Marketing Mix Is Changing In The Digital Era.pdf

- Product: A product is a good or service that a business offers to its customers.It is important for businesses to understand the needs and wants of their target customers when developi

MKT318 – Individual assignment

Name: Vũ Thành Ngọc Student number: HS170949 Class: MKT1722 Lecturer: Trần Tuyết Minh

Topic: Choose a company of your interest and analyze how its marketing mix is changing in the digital era (you also shouldn't choose the company with examples and case studies that we already mentioned in class).

Table of contents:

I Introduction

1 Overview of changes in the digital world

2 Definition of marketing mix

3 How digital tools are changing elements of marketing mix

II How digital tools are changing the marketing mix

1 Information about INAX

2 Product

3 Price

III Suggestions for companies to react to the changing in the digital marketing era

IV Sources of information

I Introduction

1 Overview of changes in digital world

● We are in the era of the industrial revolution 4.0 - the most brilliant

development to date in the digital age Many activities have been gradually changing the way of organisation and operation, including information activities In order to organise information activities better, it is necessary to consider how factors in the digital age affect the information needs of information users in order to have appropriate and responsive information organisation measures needs of information users

● There are some changes in digital world to the past era:

- The rise of mobile devices: More and more people are using mobile devices to access the internet, and businesses need to make sure their websites and apps are mobile-friendly

- The growth of social media: Social media is a powerful tool that businesses can use to connect with customers and promote their products or services

- The increasing importance of data: Businesses need to collect and analyse data

in order to make better decisions about their products, services, and marketing campaigns

- The rise of artificial intelligence (AI): AI is a powerful technology that can be used to automate tasks, improve customer service, and develop new products and services

2 Definition of marketing mix

● The marketing mix, also known as the four Ps of marketing, is a tactic, a framework used by businesses to plan and execute their marketing strategies The four P's are product, price, place, and promotion

- Product: A product is a good or service that a business offers to its customers.

It is important for businesses to understand the needs and wants of their target customers when developing their products

- Price: The amount a customer has to pay for a product Businesses need to set competitive prices and that will generate profits

- Location: Location is where the product is sold Businesses need to choose distribution channels for their products to reach target customers

- Promotion: Promotion is a form of communication that businesses use to inform customers about their products Businesses can use a variety of promotion tools such as advertising, public relations, and sales promotion

● The marketing mix is a dynamic and ever-changing tool Businesses need to regularly review and update their marketing mix to ensure that it is effective in reaching their target customers and achieving their marketing goals

3 How digital tools are changing elements of marketing mix

● Product: Digital tools are enabling businesses to create more personalised and engaging products For example, businesses can use data analytics to

understand customer preferences and create products that are tailored to their needs Additionally, digital tools are making it possible for businesses to create interactive and immersive experiences that can help customers to better understand and appreciate their products

● Price: Digital tools are making it possible for businesses to offer more flexible pricing options For example, businesses can use dynamic pricing to adjust prices based on demand or use subscription models to provide customers with access to their products on a recurring basis Additionally, digital tools are making it easier for businesses to offer discounts and promotions to attract new customers and encourage repeat purchases

● Place: Digital tools are changing the way that businesses distribute their products For example, businesses can use e-commerce platforms to sell their

products directly to customers online Additionally, digital tools are making it possible for businesses to sell their products through social media platforms and other online channels

● Promotion: Digital tools are making it possible for businesses to reach a wider audience with their promotional messages For example, businesses can use social media platforms to target their messages to specific demographics and interests Additionally, digital tools are making it possible for businesses to measure the effectiveness of their promotional campaigns and make

adjustments as needed

● Overall, digital tools are providing businesses with new and innovative ways to reach their target customers, create personalised and engaging experiences, and offer more flexible pricing options By using these tools effectively, businesses can improve their marketing efforts and achieve their goals

II How digital tools are changing the marketing mix

1 Information about INAX

● INAX is a Japanese brand that manufactures innovative sanitaryware and artistic ceramic tiles The company was founded in 1924 by Kazuchika Ōkura, and has since become a leading global supplier of bathroom products

● Some of the key milestones in the history of INAX:

- 1924: INAX is founded as a porcelain manufacturer

- 1954: INAX begins producing sanitaryware

- 1967: INAX launches the first made-in-Japan shower toilet

- 1988: INAX merges with Tostem Corporation to form LIXIL Corporation

- 2011: LIXIL Corporation becomes a publicly traded company

● Today, INAX is a leading global brand in the sanitaryware and bathroom fixtures industry The company has a strong presence in Japan, as well as in

other key markets around the world INAX is committed to providing high-quality products and services that meet the needs of its customers

2 Product

A INAX 's product manufacturing journey

● Story of INAX

- Since ancient times, the Japanese have used water to purify the mind Relax, immerse yourself completely in the pure water, that is how the people of Phu Tang release their sorrows and regenerate new energy It has become an important part of everyday life, a time and ritual for rebirth

- With innovative aesthetic products, INAX brings the Japanese ritual of using water to the bathroom, towards a more positive, healthier and fresher living experience every day, making everyone live well

- When asked why INAX can help people live well, INAX replied: Japan is a country that respects the beauty of nature and people, and INAX is a brand nurtured by culture and Japan's unique tradition, inheriting the skills and spirit

of skilled craftsmen and the desire to improve product quality As unique as Japan's own in the world, INAX aims to become a brand trusted by global residents

● Design philosophy

- Design that reflects true nature

- INAX Design: Refresh the bathroom experience The beauty of shapes lies in their ability to bring emotional vibrations to the viewer INAX with

outstanding innovative technology refreshes the experience in the aesthetic bathroom space Bathroom products from toilets, bathtubs, sinks, faucets, tiles are connected to create a great relaxing space, regenerating positive energy INAX's design is always oriented towards true values, helping you to improve yourself both physically and emotionally

- ESSENCE: Simplify every detail for basic purposes Remove unnecessary details to focus on breakthrough quality Achieve minimalism through honesty, purity and functionality

- EXQUISITE: Proud of quality and craftsmanship with meticulous attention to detail and feeling Every detail is arranged intelligently, culturally and socially

- DEDICATION: Created from a deep understanding of the existing and hidden needs of customers The designs are easy to use, created from the dedication of the manufacturer

- NATURE AND ARCHITECTURE: The tradition of Japanese architecture is

an internal and external connection, creating a sense of harmony of nature and architecture Incorporating garden views or surrounding landscapes into the overall aesthetic will create beautiful spaces where one can feel a deeper connection with nature

- SINCERELY 4 SEASONS: Spring cherry blossoms, young green leaves in early summer, yellow harvest or snow-covered winter, cherish the four seasons that are deeply ingrained in Japanese culture By appreciating the changes of the seasons, one can connect with the peaceful, lively energy of nature

- THE POWER OF WATER FLOW: Since ancient times, in Japan, water has been used to purify the mind and mind When attending a tea ceremony, guests will wash their hands and rinse their mouths with ice basins in the garden

before entering the tea house to cleanse their minds from worldly thoughts, preparing for the ceremony

● How can INAX understand the needs and wants of customers?

- INAX understands its customers' needs and wants by collecting data from a variety of sources This data includes customer surveys, focus groups, social media, and employee feedback In 2022, INAX collected 10,000 customer surveys, conducted 500 customer focus groups, monitored 100 social media channels, and received 1,000 employee feedback items This data is used to identify trends and patterns in customer behaviour, which helps INAX to develop products and services that meet the needs of its customers

- For example, INAX's customer surveys found that customers are increasingly interested in energy-efficient products This information was used to develop a new line of energy-efficient sanitaryware products INAX's focus groups found that customers are often frustrated with the lack of storage space in their bathrooms This information was used to develop a new line of bathroom vanities with built-in storage INAX's social media monitoring found that customers are increasingly interested in products that are made with

sustainable materials This information was used to develop a new line of sanitaryware products that are made with recycled materials

- By collecting data from a variety of sources, INAX is able to gain a deep understanding of its customers' needs and wants This information is used to develop products and services that meet the needs of its customers and exceed their expectations

B About a product

● INAX is known for its high-quality products, innovative designs, and commitment to sustainability The company's sanitaryware products are made with a variety of features that promote hygiene and comfort, including self-cleaning toilets, bidet functions, and heated seats

● INAX has a strong commitment to sustainability The company's products are made with recycled materials, and the company has a number of initiatives in place to reduce its environmental impact INAX is also a member of the WaterSense program, a partnership between the U.S Environmental Protection Agency and the American Water Works Association that promotes water efficiency

● INAX has a long history of innovation in the sanitaryware industry In 1967, INAX launched the first made-in-Japan shower toilet This product was a major breakthrough, and it helped to revolutionise the way people think about bathroom hygiene INAX has continued to innovate in the years since, and it

now offers a wide range of high-tech sanitaryware products, including toilets with built-in bidets, urinals with hands-free flushing, and sinks with integrated water filters

● In addition to its sanitaryware products, INAX also produces a variety of other home products, such as kitchenware, furniture, and flooring The company's products are designed to provide a high level of comfort and functionality, and they are made with high-quality materials

● INAX is committed to sustainability, and it is working to reduce its

environmental impact The company has a number of initiatives in place to reduce water consumption, energy use, and waste production INAX is also working to develop more sustainable materials for its products

● INAX's ceramic tiles are also known for their durability, beauty, and

water-resistance

● INAX products are available in over 100 countries around the world The company has a strong presence in Asia, Europe, and North America INAX is committed to providing its customers with the highest quality bathroom products and services

● Here are some of the most popular INAX products:

- Toilets: INAX toilets are known for their high-quality, innovative features The company's toilets include self-cleaning toilets, bidet functions, and heated seats

- Bathtubs: INAX bathtubs are made with high-quality materials and offer a variety of features, such as whirlpool jets, air bubbles, and heated seats

- Showers: INAX showers are designed to provide a luxurious bathing

experience The company's showers include a variety of features, such as multiple shower heads, rain showerheads, and body sprays

- Sinks: INAX sinks are made with high-quality materials and offer a variety of styles, including undermount sinks, drop-in sinks, and vessel sinks

- Tiles: INAX tiles are known for their durability, beauty, and water-resistance The company offers a wide variety of tile styles and finishes, including porcelain, ceramic, and natural stone

C.INAX and TOTO products:

- Is a brand with high-end sanitary ware

products

- All product lines of Toto sanitary ware are in the high-end and luxury segment

- Currently, the Inax brand is

accounting for nearly 30% of the

Vietnamese market

- Since entering the Vietnamese market, Toto has focused on high-end product lines, no matter how difficult the company always launches high-end products

- In mid-range products, Inax is

chosen by many customers because

the price is only slightly higher than

- Toto attracts consumers with technology to change the surface texture with a super-smooth glaze

that of floating and cheap goods by

10-15%

that prevents bacteria and mold on the product surface

- Inax always focuses on launching a

variety of product lines to meet the

needs of customers

- TOTO does not offer many product designs, but each type has its own sophistication and highlight to attract

users

- Inax has an advantage that it can

easily serve the needs of consumers

of all walks of life and different ages

- Toto does not hold a large share of the market but delivers remarkable business performance

4 Conclusion

● Overall, INAX's product strategy is a strong one The company has a strong focus on innovation, quality, design, and sustainability These factors have helped the company to achieve success in the global market However, there are still have some potential weaknesses that the company could address in order to maintain its competitive advantage

III Price

1 Price strategy

● INAX's pricing strategy is based on the following principles:

- Value-based pricing: INAX prices its products based on their value to the customer The company believes that customers are willing to pay more for products that offer superior features, benefits, and quality