Final report understanding marketing theory of “customers oriented approach

Marketing is the process that includes market and customer research, understanding the habits and needs of customers.. Therefore, marketing was born and became a useful tool for business

HOCHIMINH CITY UNIVERSITY OF FOREIGN LANGUAGES AND

INFORMATION TECHNOLOGY FACULTY OF BUSINESS ADMINISTRATION

FINAL REPORT

UNDERSTANDING MARKETING THEORY OF “CUSTOMERS ORIENTED APPROACH”

Tran Nguyén King — 22DH123634 Trần Thiên Kym - 22DH121164

Class: 221141012205 Course: Business Administration Instructor: Ngõ Văn Bình

HCMC, 1/202

CONTENTS

3.1: Basic knowledge about marketing

3.1.1 How marketing first began? - 1 2.12112121111111 111115118 E1 HH na 4 3.1.2 What 1s marketing? - c2 1212121211211 11111 1110115111111 1 011111 t Ho TH ae 4

3.2: Marketing research process

3.2.1 What makes marketing research essentiaÏ? ¿+ sc+ccsx+c++s

3.2.3 Four key steps oÊ marketing research process 3.3: Marketing environment

3.3.1 Factors affect marketing environment

4, FINDING AND CONCLUSION

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3.2.2 Marketing research prOC€S§§ c Q.00 212 2n nh nh nh nh cày suy co”

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1.ABSTRACT

This report will focus on 3 parts of marketing including knowledge base, marketing research process and marketing environment This report is based on information from books and informational websites about trade, commerce, online libraries and the writer's knowledge Hopefully, this report can help readers understand the basic and necessary information about marketing

2 INTRODUCTION

Marketing is no longer strange to people today But for freshmen who have just entered the field of economics, getting acquainted with the definitions, concepts and broader information about economics is quite difficult, this is of interest to many students including

us As new students of the Faculty of Business Administration, have passion and interest in the basics of "marketing" It serves as the starting point for progress in the learning process and the future

Therefore, “basic marketing” will be the topic chosen by the writer for this final report Marketing is the process that includes market and customer research, understanding the habits and needs of customers At the same time, marketing investigates how to approach customers and satisfy their wants Knowing and understanding the needs of the market as well as of customers is a condition for businesses to achieve higher profits, produce and trade more efficiently

To achieve the above, businesses must own and use information systems and marketing research processes These tools help businesses and companies assess markets and customers, and the results obtained through these tools help companies and businesses classify markets and customers, identify markets that need attention From there, create effective business strategies these things intrigued our team to choose and write about this

"marketing" topic

3 LITERATURE REVIEW

3.1: Basic knowledge about Marketing

3.1.1 How marketing first began?

The marketing process was bom in the production of capitalist goods to resolve the conflict between supply and demand Originated in the United States, then spread widely around the world

3.1.2 What is marketing?

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 in large

The production process of goods is increasingly developing, from manual labor to mechanized labor Leading to larger scale as well as output Shopping centers were born and customers bought more through intermediaries But also, since then the relationship between businesses, companies and customers and the market has also gradually become distant Since then, it is difficult to approach the needs of customers to capture the market

Therefore, marketing was born and became a useful tool for businesses to research the market to grasp market needs, to create products that can be sold with high profits, in accordance with the tastes and needs of customers, as well

as beat other competing businesses in the market

3.1.3 What is 4ps of Marketing Mix?

4ps includes 4 marketing tools: product, price, distribution and promotion Any business can use 4ps for their product to succeed in dominating the market to generate profits and reputation for the business

¢ Product is a product is a tool a business use to satisfy a customer's need

at the moment when they require it The product can be a good or a service depending on what the business or company provides or produces Before trading any product or service, businesses must have

their own brand for their products so that consumers can remember and promote effective marketing

® Price is the amount of money a customer spends to buy a product Its price depends on the production process, raw materials, brand value, etc Product prices can be cheap to attract a large number of customers and to compete with products in the same product line Product price can be high if it is of use, high quality and qualified If your product is good enough, consumers are willing to pay any price

e Place is a place where you provide products for the convenience of consumers to buy and use products A suitable location can attract many customers to visit and spend money on the product Distribution system also plays an important role in disseminating the company's products The fact that your product can be distributed and available everywhere when customers need it is also a key to achieving outstanding revenue

® Promotion is a business strategy of businesses designed to attract customers to sell goods as quickly as possible and attract customers to spend more money to buy their products Promotion is also another strategy for competing with competitive firms to draw more customers

to your store

To succeed in the market, businesses in addition to using 4ps tools also need a unique, effective and clear business strategy On the other hand, businesses must also have community relationships, communication and cooperation with other businesses

3.2; Marketing Research Process

3.2.1 What makes marketing research essential?

Marketing research helps businesses collect the necessary information to adapt to the continuous changes of the market and take timely response measures to changes Marketing research helps businesses have appropriate strategies for the market and supports research into customers' preferences and needs for products

of the business

3.2.2 Marketing research process

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Marketing research is the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions Managers need to carry out marketing research to grasp the general situation of the market from which to have solutions to problems and difficulties in the market and prepare future plans for the business

3.2.3 Four key steps of marketing research process

A simplified marketing research process consists of at least four key steps:

¢ Defining the question (the problem or opportunity) and determining the present situation

¢ Collecting research data

e Analyzing the research data

¢ Choosing the best solution and implementing it

Defining the question (the problem or opportunity) and determining the present situation: Marketing researchers need to be free to explore what the current market situation is, what problems or opportunities may arise, what alternatives to previous plans are available, what information they need, how to collect and analyze data from the market

Collecting Data: The marketing research process depends on useful information However, this can be quite expensive, so sometimes there is a trade-off between the need for information and the cost of obtaining it Usually, the least expensive method

is to gather available information that has been compiled by others and published in journals and books or made available online It is called secondary data Marketers often collect and use it to avoid unnecessary expenses

But the secondary information is not enough for marketers to make the necessary decisions and assessments for the business Therefore, they often collect and filter information themselves The result is called primary information The most commonly used method by marketers is to create surveys Example: phone survey, email survey or face-to-face consumer interview

Analyzing the research data: From the collected information, marketers must analyze

it, turning it into valuable information for the business This valuable information can

help businesses identify upcoming problems and fluctuations in the market in order to offer specific solutions to solve them In addition, such information can help businesses see potential business opportunities to develop their markets, thereby making development policies for the future

“+ Choosing the best solution and implementing it: After collecting and analyzing data, marketing researchers come up with alternative strategies based on the available information and make recommendations on which strategy might be best for the business in the upcoming moment The final step in this research effort also includes monitoring and evaluating the actions and policies that have been put in place to see

if the results are as expected From there, draw lessons for the future

The continuous and regular implementation of the marketing research process helps businesses to adapt and develop in a volatile market, easily affected by many different factors Marketers need to regularly innovate their ways of working as well as update new market trends to help businesses develop sustainably in the future

3.3: Marketing Environment

3.3.1 Factors affecting the marketing environment

Technological factors: Technology has a huge impact on the market With technology constantly being innovated and developed as it 1s today, marketers must always keep an eye on the new development trends of technology such as the speed of technology development and change, the applicability of new technologies, state regulations on technology application management Marketers need to understand that technology is always changing, and only when grasping technology can they conquer the market

Economic factors: related to the general growth of the economy in terms of the economic structure of each industry or region And it will include factors such as GDP growth rate, inflation situation, unemployment rate, income This is something that marketers must keep in mind They must carefully monitor any fluctuations in the economy because it has a great impact on the company and the business because the product can be affected by the price of raw materials, labor and taxes, loans

¢ Cultural factors: People in different cultures will bring their own characteristics of that social culture, which will affect marketing decisions Marketers must understand the characteristics of cultures to be able to make the right marketing decisions Culture can create opportunities for a business For example, on New Year's Day, we tend to skim through traditional products such as word paintings, red envelopes, traditional ao dai creating opportunities for businesses to produce traditional products However, each culture still has its own taboos and if violated, the products of that business will not be sold

¢ Competitive factor: when entering the business market, there will always be competitors Each competitor always has its own way to attract customers to their business Therefore, marketers must identify the strategies of competitors, and always monitor the movements of competitors to have timely responses to gain a business advantage for us and prepare competitive strategy for our products Determining the influencing factors to help businesses have better prepare for their products when they are sold to the market in order to get the most profit as well as avoid unnecessary risks for the product as well as the business itself

4, FINDING AND CONCLUSION

4.1 Finding:

Marketing is an essential and useful tool for businesses and companies Understanding Marketing helps businesses to dominate the trading market, always keeping up with the trends of the market as well as the world Understanding the process of marketing research

as well as understanding the factors affecting the market helps businesses come up with more effective business strategies, help products sell better and bring more profits to the company

4.2 Conclusion:

The market is not only a place to buy, sell and transact between customers and businesses, but also a place where businesses compete with each other to earn profits for their own businesses Who can better understand marketing can beat others to dominate the market To do that, it all depends on the marketing strategy as well as the ability and intelligence of the marketers

The marketing environment and providing information to marketers is very important Whoever gets the information first will hold the market Whether the business grows or not depends on many different factors, and marketers need to keep an eye on marketing to avoid letting businesses lose competitive advantages in the market

For marketing activities, the consumer market is the main factor that has a great influence on marketing activities If there is no market, there will be no marketing Besides, building marketing relationships is the basis for the development of marketing Good marketers must always consider everything to have a clear understanding of consumer needs and requirements, thereby significantly boosting business revenue

Effective and long-term control of the goods purchase and sale system will facilitate the relationship between buyers and sellers The customer will then be able to make a purchase decision faster without having to think about it Marketing has a huge influence on a company's values A good marketing strategy will help businesses easily attract investors and have many advantages in the market Brand reputation is a valuable asset that helps a company grow stronger, more influential and more profitable