Final report understanding makerting

Marketing includes product development product, market research, product distribution, sales strategy, public relations and customer support.. Marketing is the process of doing market re

HOCHIMINH CITY UNIVERSITY OF FOREIGN LANGUAGES

AND INFORMATION TECHNOLOGY FACULTY OF BUSINESS ADMINISTRADITION

FINAL REPORT

UNDERSTANDING MAKERTING

Trương Vũ Bảo Nhĩ 22DHI21971 Huỳnh Thị Hồng Nhung 22DH121988 Dương Quỳnh Như 22DH122008

Class: KQ2215

Instructor: Ngo Van Binh

HCMC, 1/2023

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CONTENT

1 ABSTRACT

The economic integration and the development of the modern economy, the change always happens every hour, to make a difference and revenue businesses constantly use marketing Marketing includes product development product, market research, product distribution, sales strategy, public relations and customer support It can use a variety of ways to spread the word across multiple platforms, social networks, and organizational groups to help them define audiences, communicating to create a relationship Marketing

it is not an isolated activity but it is a process that includes many activities from the 4P And many such activities combined together will form the marketing mix Marketing research processes are also being studied more deeply and thoroughly

Keyword: Marketing, 4P, processes

2, INTRODUCTION

Marketing will certainly no longer be a strange word to each person, but each individual will have a separate understanding And the topic of marketing for

international business students is even more a word that is mentioned often and there will probably be many students who do not understand deeply and the definition is not clear

on this topic Especially first-year students who have just been exposed to a different new environment that they have never experienced in school, this topic is a never-ending hot topic, it attracts students’ curiosity pellets And surely our group are all students of international business and it is no exception, with many new and modern aspects of marketing, we have to learn more about it and that's why we choose marketing topic for this final essay The core element, also known as the most important leading standard of marketing, is the understanding of the wants and needs of customers to create good products and service models to convince client It will be a solid foundation to help businesses develop long-term in the future And for long-term success, businesses must constantly learn about the needs and wants of customers because over time the standards

of these requirements will change, thereby increasing the value

3 LITERATURE REVIEW

3.1 Marketing, the marketing concept to both for-profit and nonprofit organizations 3.1.1 Define marketing

Marketing is the process of doing market research and selling products and services

to customers and promote them through advertising to increase copy sales It creates the strategies that form the technical foundation of selling row business communication, and business development It is a cumulative process hop through which companies build strong customer relationships and create value for their customers and for themselves Marketing is the process of working with the market to conduct exchanges to satisfy human needs and desires Maybe Marketing is a form of human activity

(including organization) satisfied with the needs and desires of the team The strong development of information technology, in each period, there will be many different definitions of marketing

According to expert Reedy: He defined Marketing in the 2000s as encompassing all activities Actions taken by a business to satisfy customer needs through various means of communication electronics, internet

According to PR Smith and Dave Chaffey: In 2008, e-marketing was defined as the activities of businesses achieve their marketing goals through the application of electronic technology to contact with customers

According to Stokes: A year later in 2009, Stokes better defined marketing: Marketing online is for it to be in the internet environment and its application to connect with customers in the market

According to Damian Ryan and Calvin Jones: 2 experts agree with Stokes in 2009.Marketing is marketing activities for your services and products using tools available on the internet to reach the users here

Marketing is divided into two main categories: traditional and modern

Traditional marketing: Often applied in the circulation stage, this is an activity marketing works purely with markets and circulation channels This method is usually not focusing too much on customers but focusing on quickly consuming products and services Passtve Marketing Characteristics of the market during this period:

Underdeveloped manufacturing, limited market scope, limited number of suppliers, limited market seller-controlled market

"Natural musk incense", the Marketer's point of view is that if his product is good and the price if it's cheap, it will be chosen by customers

The scope of marketing activities is limited to the commercial domain for search market to consume existing goods or services

Sales philosophy: "Sell what the manufacturer has with the goal of making maximum profit for seller"

In contrast, modern Marketing is more interested in customers Customer behavior and needs customers are the key to successful Marketing campaigns and maximize profits profits for businesses Characteristics of the market after the second world war:

Economic growth at high speed, competition is fierce, more and more businesses industry appeared on the market, with the production technology emerging as the price of goods rough seas: a series of deserted scenes occur

Advances in science and technology happen rapidly: many new inventions and the application of advanced techniques in production selection of products; human needs are increasingly diverse and abundant

The role of the buyer becomes more important, the buyer becomes difficult to choose products with increasing and diversified demand

Some popular forms of marketing: Marketing through social networks, Marketing

by blog, Content Marketing, Newspaper marketing, Marketing by video, Marketing by SEO Optimization , Social Media Marketing ,Influencer Marketing, Event Marketing 3.1.2 The Marketing concept

The Marketing concept had 3 parts: A Customer orientation; A service orientation;

A profit orientation

The customer-oriented marketing concept is built with the purpose of clearly delineating the role of the game and the influence of the target audience Define exactly

as your target market wants and needs, and at the same time can create an offer that can stand out from the competition It includes the following outstanding features: Focus on the most standard target school; Unknown needs, expectations, and customer satisfaction; Use tools to optimize efficiency; Increasing profits based on meeting customer needs Service-orientation is a design paradigm for computer software in the form of services It brings many benefits: increase investment value, increase flexibility in activities, increase interactivity and connection between businesses

A profit-oriented pricing strategy means that we're going to set our product price based on a particular profit goal If our concern is profit, then the product will be priced higher, vice versa if our concern is the quantity of goods sold then the product will be priced lower

3.1.3 Roles and functions in marketing

Marketing acts as an intermediary between business activities and the market, ensuring that the business's activities are market-oriented and market-contaminated business goals In other words, marketing is responsible for creating customers for business

Roles: Marking helps to increase brand awareness - attract customers to be more and more impressed with the brand It helps increase profits - this is a primary goal of marketing In addition, marketing will maintain relationships with customers, after each campaign, businesses will reach a certain number of customers, effective marketing

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makes the relationship between customers and businesses closer Thereby maintaining the existence of the business - this is an indirect factor affecting the survival of the business Functions: The first function is sales, which helps increase the purchasing power of users Second, marketing is responsible for informing about business programs such as discounts, promotions, there by encouraging people to buy products, contributing to helping businesses improve sales Not only that, but marketing helps bring in essential information for product pricing, so businesses know how customers feel about their products In addition, this function also allows businesses to research and clearly analyze competitors, creating a premise for more reasonable product pricing Many people think that marketing has no impact on a business's budget, but the financial management function of marketing is also very important Marketing activities help businesses secure funding from 3rd parties Finally, the distribution function is the function that optimizes the process of transporting products from production to delivery to the store retailer or

user

3.1.4 Marketing Control

It is an indispensable step in the process of marketing activities, helping to operate marketing with the right goals to create: increase revenue, brand name, control, beat price after completing the project is effective or not, check the revenue and remaining much more than that This control is performed analytically:

Sales Analysis: Includes analysis and comparison of actual sales with target Competition analysis: Helps to identify the position of the business compared to competitors painting

Marketing cost analysis: Evaluate costs against sales to ensure savings the business does not spend too much to achieve the planned expenditure

Financial analysis: Used to identify factors that affect results corporate finance Customer Satisfaction Survey: Helping Managers Respond Well faster and faster than customer needs

Operational adjustment: Used when the marketing activities of the business deviates from the planned goal

3.1.5 The marketing concept to nonprofit organizations

Define: Nonprofit Marketing, also known as nonprofit marketing, refers to the activities and strategies of spreading an organization's message, as well as making donations and calling for volunteers Nonprofit marketing involves creating logos, slogans, and copy, as well as developing a media campaign to introduce the organization

to an external audience The goal of nonprofit marketing is to promote an organization's ideals and causes to attract the attention of volunteers and potential donors

Not all nonprofit marketing is created equal The way a nonprofit market itself and Its causes can vary by cause There are some similarities in how nonprofits and for-profit companies approach marketing, but the differences are significant For one, nonprofit

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marketing can be challenging In that its ideas and causes can be harder to market and sell than products and services On the plus side, nonprofits — in essence — have something that business-to-consumer (B2C) or business-to-business (B2B) marketers lack: a well- defined mission clear

Nonprofit Marketing Example: Whatever your specific goal using nonprofit marketing, most will fall into one of the following four categories

Traditional fundraising requires consumers to contribute money to a charitable cause

or campaign Some businesses partner with nonprofits to raise long-term funds based on causes their employees care about

A consumer charity is a partnership with a for-profit business that encourages consumers to use their purchasing power to support charities This usually takes the form

of cause marketing, where consumers buy a product because a portion of the purchase price is donated to a specific cause

Event marketing focuses on a charity or promotional event, usually an event where donations will be collected or participation costs will go directly to the nonprofit organization These marketing initiatives often include a special guest or celebrity partner whose public image and contacts are used to drive attendance

Announcement-focused campaigns try to raise awareness, encourage political change, or influence consumer behavior These are often paired with or followed by specific addiction campaigns or volunteer registrations

Types of Nonprofit Marketing: Nonprofit marketing can take many forms These types of campaigns may have similar goals — to raise money, awareness and volunteer involvement — but their methods can differ significantly

Point-of-sale campaign: A point-of-sale campaign that relies on additional donation requests to purchase potential sponsors has been launched For example, donors may be asked to add a donation to their purchase at the cashier in a physical store or online during checkout

Message-Focused Campaign: A strategy that focuses on a message that encourages changing consumer behavior or actions or promotes awareness These campaigns are often tied to prominent events that are currently trending and widely reported in the media The messages are often associated with fundraising efforts and volunteer involvement

Transnational campaigns: In transnational campaigns, consumer actions (such as making a purchase or responding to a social media post) are driven by company donations The nonprofit works with a corporate sponsor to encourage consumers to use their purchases to help fund the nonprofit's charitable efforts Corporate sponsors also benefit from active publicity and from the possibility of affiliation with a charity that reflects the company's values

Nonprofit Marketing Issues: Nonprofit marketers also have diverse demographics to compete with Marketers may find that older, wealthier donors to charitable causes need

to communicate and appeal to millennial's in completely different ways

3.2 Understanding marketing mix

3.2.1 The Marketing mix

Marketing - Mix is a set of controllable marketing variables that a business uses to achieve its marketing objectives in the market

In the past, the marketing mix was classified according to the 4P model Later, the 4P model gradually developed and expanded into 7Ps marketing according to the

improvement of modern marketing

3.2.2 The role of the Marketing mix

The role of the marketing mix affects two subjects: businesses and consumers First, for businesses:

Marketing Mix provides businesses with the ability to adapt to market changes, an important solution to ensure the strong and sustainable development of the business, thereby helping the company to survive firmly Marketing mix strategies also show businesses what the market needs, how users' expectations and purchasing power are Marketing mix creates a connection between production activities in the process

of creating products of enterprises with the consumer market, both collect information from the market about the business and provide information from the business to the market

And, for consumers:

Not only bringing benefits to businesses, but marketing mix also brings many benefits to consumers The marketing mix serves as a tool to discover consumer needs and wants for a certain product or service To create a variety of goods and improve the quality of services, businesses need to use the Marketing mix model to find and satisfy the needs of consumers

As the result: Marketing Mix really plays a very important role in the business model of the business, creating conditions for the supply and demand of goods to meet The business will coordinate marketing activities to help the product become more widely known At the same time, businesses also collect feedback and reviews from customers to improve products and bring more value to consumers

3.2.3 Understanding Marketing mix 4P and 7P

Marketing mix 4P: The 4P is a traditional marketing mix strategy built in the 1960s by economist E Jerome McCarthy From that time, the 4P Marketing model became popular and used In addition, 4P is also taught in businesses, universities, and colleges around the world The 4P model is the four essential elements involved in

marketing a good or service to a target audience, called the 4P to make them easy to remember They are:

Product (designing a want satisfying product)

Price (setting a price for the product )

Place (putting the product in a place where people will buy it )

Promotion (promoting the product )

Example 4P: Coca Cola 1s one of the largest and most valuable water brands in the world Currently, Coca Cola has a diversified product system including more than 4000 products (Product) Coca Cola is present everywhere with worldwide distribution and franchise system (Place) All Coca Cola products have very wise pricing strategy makes

competitors look and compete fiercely (Price) Now, Coca Cola has a whole "treasure of advertising" with successful advertising campaigns with the slogan "Real Magic" Join the world in powerful CSR activities (Promotion) Coca Cola is a testament to the successful application of the Marketing Mix strategy when ordering the right products at the right time at the right price with smart advertising

Marketing mix 7P: The 7P marketing model is understood as a marketing strategy model consisting of many different elements, it is a useful tool to help bring products to users quickly 7P is a marketing model consisting of 7 elements: product, price, place, promotion, people, process, physical evidence

7P strategy is an important comprehensive strategy of businesses that helps businesses to: create competitive advantages, attract customers, creating sustainable development, capturing consumer wants and needs, easily reach customers and vice versa,

The role of the 7P: It can be said that the 7P strategy is a comprehensive and important marketing strategy for businesses today And this is also the model present in all business activities of enterprises right from the formation of the production idea to the stage of bringing the product to the consumer Not only that, the 7Ps in marketing also help create a competitive advantage over competitors Help attract customers and carry out activities to bring sustainable development to the business Through the 7P strategy, businesses know what the needs of the market are From there, it is easy to organize 3.3 The marketing research process

3.3.1 Define

Marketing Research is a tool to help Marketing businesses, businesses connect with consumers, customers, the public through information and data Data collected from research will help businesses identify opportunities, outstanding problems; building, monitoring, adjusting and evaluating marketing activities; help businesses gain a deeper understanding of the market