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

MKT318 – Individual assignmentName: Vũ Thành Ngọc

Student number: HS170949Class: MKT1722Lecturer: Trần Tuyết Minh

Topic:Choose a company of your interest and analyze howits marketing mix is changing in the digital era (you alsoshouldn't choose the company with examples and casestudies that we already mentioned in class).

Table of contents:

I Introduction

1 Overview of changes in the digital world2 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 INAX2 Product

I Introduction

1 Overview of changes in digital world

● We are in the era of the industrial revolution 4.0 - the most brilliantdevelopment to date in the digital age Many activities have been graduallychanging the way of organisation and operation, including informationactivities In order to organise information activities better, it is necessary toconsider how factors in the digital age affect the information needs ofinformation users in order to have appropriate and responsive informationorganisation 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 toaccess the internet, and businesses need to make sure their websites and appsare mobile-friendly.

- The growth of social media: Social media is a powerful tool that businessescan 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 marketingcampaigns.

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

2 Definition of marketing mix

● The marketing mix, also known as the four Ps of marketing, is a tactic, aframework 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 targetcustomers when developing their products.

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

- Location: Location is where the product is sold Businesses need to choosedistribution 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 ofpromotion 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 inreaching 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 andengaging products For example, businesses can use data analytics tounderstand customer preferences and create products that are tailored to theirneeds Additionally, digital tools are making it possible for businesses to createinteractive and immersive experiences that can help customers to betterunderstand and appreciate their products.

● Price: Digital tools are making it possible for businesses to offer more flexiblepricing options For example, businesses can use dynamic pricing to adjustprices based on demand or use subscription models to provide customers withaccess to their products on a recurring basis Additionally, digital tools aremaking it easier for businesses to offer discounts and promotions to attract newcustomers and encourage repeat purchases.

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

products directly to customers online Additionally, digital tools are making itpossible for businesses to sell their products through social media platformsand other online channels.

● Promotion: Digital tools are making it possible for businesses to reach a wideraudience with their promotional messages For example, businesses can usesocial media platforms to target their messages to specific demographics andinterests Additionally, digital tools are making it possible for businesses tomeasure the effectiveness of their promotional campaigns and makeadjustments as needed.

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

II How digital tools are changing the marketing mix1 Information about INAX

● INAX is a Japanese brand that manufactures innovative sanitaryware andartistic 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 bathroomfixtures industry The company has a strong presence in Japan, as well as in

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

- With innovative aesthetic products, INAX brings the Japanese ritual of usingwater to the bathroom, towards a more positive, healthier and fresher livingexperience every day, making everyone live well.

- When asked why INAX can help people live well, INAX replied: Japan is acountry that respects the beauty of nature and people, and INAX is a brandnurtured by culture and Japan's unique tradition, inheriting the skills and spiritof skilled craftsmen and the desire to improve product quality As unique asJapan's own in the world, INAX aims to become a brand trusted by globalresidents.

● Design philosophy

- Design that reflects true nature

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

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

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

- EXQUISITE: Proud of quality and craftsmanship with meticulous attention todetail 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 ofthe manufacturer.

- NATURE AND ARCHITECTURE: The tradition of Japanese architecture isan internal and external connection, creating a sense of harmony of nature andarchitecture Incorporating garden views or surrounding landscapes into theoverall aesthetic will create beautiful spaces where one can feel a deeperconnection with nature.

- SINCERELY 4 SEASONS: Spring cherry blossoms, young green leaves inearly summer, yellow harvest or snow-covered winter, cherish the four seasonsthat are deeply ingrained in Japanese culture By appreciating the changes ofthe 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, guestswill 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 avariety of sources This data includes customer surveys, focus groups, socialmedia, and employee feedback In 2022, INAX collected 10,000 customersurveys, conducted 500 customer focus groups, monitored 100 social mediachannels, and received 1,000 employee feedback items This data is used toidentify trends and patterns in customer behaviour, which helps INAX todevelop products and services that meet the needs of its customers.

- For example, INAX's customer surveys found that customers are increasinglyinterested in energy-efficient products This information was used to develop anew line of energy-efficient sanitaryware products INAX's focus groups foundthat customers are often frustrated with the lack of storage space in theirbathrooms This information was used to develop a new line of bathroomvanities with built-in storage INAX's social media monitoring found thatcustomers are increasingly interested in products that are made withsustainable materials This information was used to develop a new line ofsanitaryware products that are made with recycled materials.

- By collecting data from a variety of sources, INAX is able to gain a deepunderstanding of its customers' needs and wants This information is used todevelop products and services that meet the needs of its customers and exceedtheir expectations.

B About a product

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

● INAX has a strong commitment to sustainability The company's products aremade with recycled materials, and the company has a number of initiatives inplace to reduce its environmental impact INAX is also a member of theWaterSense program, a partnership between the U.S Environmental ProtectionAgency and the American Water Works Association that promotes waterefficiency.

● 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 amajor breakthrough, and it helped to revolutionise the way people think aboutbathroom hygiene INAX has continued to innovate in the years since, and it

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

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

● INAX is committed to sustainability, and it is working to reduce itsenvironmental impact The company has a number of initiatives in place toreduce water consumption, energy use, and waste production INAX is alsoworking to develop more sustainable materials for its products.

● INAX's ceramic tiles are also known for their durability, beauty, andwater-resistance.

● INAX products are available in over 100 countries around the world Thecompany has a strong presence in Asia, Europe, and North America INAX iscommitted to providing its customers with the highest quality bathroomproducts and services.

● Here are some of the most popular INAX products:

- Toilets: INAX toilets are known for their high-quality, innovative features Thecompany's toilets include self-cleaning toilets, bidet functions, and heatedseats.

- Bathtubs: INAX bathtubs are made with high-quality materials and offer avariety 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 asmultiple shower heads, rain showerheads, and body sprays.

- Sinks: INAX sinks are made with high-quality materials and offer a variety ofstyles, 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, includingporcelain, ceramic, and natural stone.

C.INAX and TOTO products:

the company always launcheshigh-end products.- In mid-range products, Inax is

chosen by many customers becausethe price is only slightly higher than

- Toto attracts consumers withtechnology to change the surfacetexture with a super-smooth glaze

that of floating and cheap goods by10-15%.

that prevents bacteria and mold onthe product surface.

- Inax always focuses on launching avariety of product lines to meet the

needs of customers.

- TOTO does not offer many productdesigns, but each type has its ownsophistication and highlight to attract

users.- Inax has an advantage that it can

easily serve the needs of consumersof all walks of life and different ages.

- Toto does not hold a large share ofthe market but delivers remarkable

business performance.

4 Conclusion

● Overall, INAX's product strategy is a strong one The company has a strongfocus on innovation, quality, design, and sustainability These factors havehelped the company to achieve success in the global market However, thereare still have some potential weaknesses that the company could address inorder 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 thecustomer The company believes that customers are willing to pay more forproducts that offer superior features, benefits, and quality.

- Competitive pricing: INAX also considers the prices of competing productswhen setting its prices The company wants to ensure that its prices arecompetitive, but it also wants to earn a profit.

- Targeted pricing: INAX uses different pricing strategies for different segmentsof the market For example, the company may charge a premium price for itshigh-end products, while it may offer a lower price for its entry-level products.- INAX's pricing strategy has been successful in helping the company to achieveits goals The company has a strong market share in the sanitaryware industry,and it is profitable.

● Some of the strengths of INAX's pricing strategy:

- It is based on sound economic principles Value-based pricing and competitivepricing are both sound economic principles that have been shown to beeffective in generating sales and profits.

- It is flexible INAX is able to use different pricing strategies for differentsegments of the market This allows the company to target different customergroups and achieve its sales and profit goals.

- It is customer-focused INAX's pricing strategy is based on the value that itsproducts offer to customers This ensures that the company is providing itscustomers with the best possible value for their money.

● Some of the weaknesses of INAX's pricing strategy:

- It can be difficult to implement Value-based pricing and competitive pricingcan be difficult to implement The company needs to have a good

understanding of its customers and its competitors in order to set prices that areboth competitive and profitable.

- It can be risky If INAX sets its prices too high, it may lose sales to

competitors If the company sets its prices too low, it may not be able to coverits costs and may lose money.