Final report building customer relationships of marketing 2

ABSTRACT Marketing is a form of business activity aimed at satisfying the needs and wants of customers through the exchange of a certain product or service in the market.. In addition,

HOCHIMINH CITY UNIVERSITY

OF FOREIGN LANGUAGES - INFORMATION TECHNOLOGY

FACULTY OF BUSINESS ADMINISTRATION

FINAL REPORT

BUILDING CUSTOMER

RELATIONSHIPS OF MARKETING

Huynh Thi Cam Tiên - 22DH122876

Huỳnh Thị Kim Thư - 22DH122727

Hoàng Thị Minh Thư - 22DH123719

Class: KQ2213 và KQ2206 Course: 221141012213

Instructor: Ngô Văn Bình

HCMC, 12/ 2022

TABLE OF CONTENTS

1 ABSTRACT cuc nh nhà HH Hà HH HH HH HH KH KH kg tk cài 3

2 INTRODUCTION ch nh ng kh HH HH khai 4

3 LITERATURE REVIEW ccc nh nh nh Hà Hà HH kg kg trà 5 3.1 Evolution of Marketing nn nn kế ng 5 3.1.1 Production Orlentation SH HT ĐH kh ĐK k1 5 3.1.2 Product OrienfafilOn TL nh HT KĐT k1 KĐT KT KH 5 3.1.3 = 9 nh ố “-ca s 5

3.1.5 Social or Societal Marketing OFientation 0.0.00 cccccccsscececseserereetteeeseteseereneees 6 3.2 Market Research Process SH nh HH nh HH TK KHE khu 6 3.2.1 ldentfy the Problem c LnnnnSnhn HH KT TH HH HH Hà Ha Ho nà 6 3.2.2 Develop Ôn -isi0uađđiđịđađaaiiđdŸ 7 3.2.3 Conduect the Research c SH HE KH KH KH 8 3.2.4 _ Analyze and Report Findings ch nh Tnhh nh nh nh nh nh Hà ta 9

3.3 The Marketing Environmer ng hn HT HH HT ky ky kh hy 10 3.4 Influences On Consumer BehavIOr LH nh nh HH HH ke Hà 11

Fr Pas ° | 10 — aaăốăăốăốố 11 3.4.2 Attitudes and beliefs dd a8 11 3.4.3 Reference grOUP ccc EEE EEE DESDE ESD Hà TH nà +1 3.4.4 — LEAINING n/e7õeằ‹(4 ad 12 3.4.5 Consumer Cr€dif ch TH TH TK KHE HH 12 3.5 Consumer Decision Making cc L1 111 1n ng HT khan ki ku 12 3.5.1 Cognitive problem uc tt HT c S11 nn ch TH ng kh 1 1xx ra 12 K90 ôn sa ad 12

= Ẩ2 0 - ' ° he a 13 3.5.4 Purchase decision nh nh HT KT Kk kkkkKEKEEE tEhrt 13 3.5.5 Postpurchase evalUafiOn ii ccc tt nh nh nh nh nh nh HH HH kh 14

4 FINDINC uc nh nh HH HH HH Hà KHE ngu 15 4.1 Future directions 20.0.0 ccc cee ce eect eee eee te eee neneeneeeeeeeeeeeencncnceeeeeeeeeeesenssieteteaeenenetes 15

5 CONCLUSION L1 nén HT HH HE g kg kg Hàn 16

6 REFERENCE 0 ccc nn c nh nh Tnhh HH kg tk Hàn 17

CONTENTS

1 ABSTRACT

Marketing is a form of business activity aimed at satisfying the needs and wants of customers through the exchange of a certain product or service in the market It includes market research, specific strategy formulation, customer relationship building, etc., thereby reaping the benefits and generating profits for the business Marketing is an integral part of the development and success of an organization or business

2 INTRODUCTION

The topic of marketing is no longer strange to business administration students In the context of the current developing economy, along with fierce competition among businesses to occupy a high market share in their field Therefore, it is extremely necessary to capture and apply new marketing trends and “Marketing” is also the topic chosen by our team for this final report Marketing is a scientific module that includes market-customer research, and understanding customer behavior and needs Marketing in addition to advertising products and services also builds trust with customers when building the brand of each business In addition, businesses can through the form of leaflets or online advertising on social networks, websites, etc., bring products closer to customers through the marketing strategy of each business That is also the main reason why my group decided to study this topic

3 LITERATURE REVIEW

3.1 Evolution of Marketing

3.1.1 Production Orientation

People believe that if a product is of good quality then there is no need for advertising because people will buy it anyway During the industrial revolution, this method was widely used For better profit, people focus on increasing output at a low cost In the face

of economic fluctuations, handmade items cause production costs to increase, so manufacturers are forced to increase their selling prices The introduction of modern machinery and equipment makes the selling price only 1/10 of the original price The products were sold easily and there was little need for marketing in this case In the development phase of marketing concepts, manufacturers are looking for lower-cost, more efficient production to maximize profits

3.1.2 Product Orientation

To create the best product possible, the business used a more competitive strategy in the production process In this stage, it is assumed that if the business already has a certain product with a certain quality, then the customer wants the business to be able to improve the product quality because the consumer is looking for a better product with increasingly unique features In case the company is profiting from the main highlights of

a product, it should research and launch a few new products The company should try its best to meet the many requirements of customers However, there is a drawback to this method of production: the price of the product increases rapidly Manufacturers have to increase the price of a product every time it adds more features, and sometimes even customers can't pay the extra cost to get what they want from the product

3.1.3 Sales Orientation

Businesses have begun to realize the importance of incorporating marketing into their business operations Businesses need to invest in the marketing process as well as the production of high-quality goods because without effective advertising and promotion, it will meet difficult for the company to trade in its market Marketing as we know it today was discovered during that time Enterprises begin to plan strategies and plans to bring their products closer to consumers, customers will not know about the company's products if we keep quiet Businesses have two main goals are to make products of the highest quality and to convince customers to buy products To attract the attention of

customers, businesses are forced to come up with strategies and trends suitable for each period

3.1.4 Customer Orientation

In the era of marketing development, the top goal of businesses is to satisfy customers Businesses pay more attention to the needs of customers, so they will develop the latest business strategies What a business produces depends on what customers want anc expect from them Once the company understands what the customer's needs are, the company will move on to the next step, which is production Businesses will produce goods that customers want, so management will work to improve programs to ensure that customers are completely satisfied Through marketing, new businesses can better understand the wants of customers, and also through marketing new customers can learn about products

3.1.5 Social or Societal Marketing Orientation

Marketing theory went through a refinement during this period as marketers and business owners began to pay attention to the environment They begin to realize how the company's activities are harming nature and ultimately harming our society Consumer welfare comes into play during this stage of marketing evolution Here, the goal of the businesses turns to provide people with a quality lifestyle and with that to ensure a pollution-free environment around us

Now, businesses are not only focusing on producing quality products, but they have focused on producing environmentally friendly products Their goal shifts from complete customer satisfaction to customer welfare as well as social welfare Environmental safety

is the main goal of businesses and this environmental philosophy is still followed to this day, that is what we call Green Marketing

3.2 Market Research Process

3.2.1 Identify the Problem

The first step in any marketing research project is to clearly define the issue you want

to address You begin by stating the problem you need to solve in marketing or business and the additional information you require to do so Next, define the goals of the research

as follows: What do you hope to know when the research project is finished? In order for the research to be worth the organization's time and money, what specific information, direction, or recommendations are required?

It is essential to discuss the definition of the problem as well as the goals of the research with other members of the team in order to obtain their feedback and enhance your comprehension of the issue and the steps required to resolve it Sometimes, the problem you really need to solve is not always what you think it is Working with other stakeholders helps you prioritize what you want to learn from the research, focus your thinking, and improve your comprehension of the issue If you lack the time or resources

to investigate everything you want, prioritizing your goals is especially helpful

3.2.2 Develop a Research Plan

When you have an issue definition, research targets, and a primer arrangement of exploration questions, the subsequent stage is to foster an examination plan The precise information you need to answer your questions and accomplish your goals is essential to this plan Do you need to know what your customers think of something? Do you want to have a better understanding of the needs and actions of your customers? Do you really want deals, spending, or income information? Do you want to know about the products of your rivals or what will make potential customers notice you? When do you require the data, and how soon can you get it? What are the available budget and resources? The research design can be created once you know what kind of information you need when your project will start, and how much money you have available This explains in detail how you intend to gather and evaluate the data you need Through secondary data and research, some types of information are easily accessible Optional examination breaks down data that has previously been gathered for one more reason by an outsider, like an administration office, an industry affiliation, or another organization Other types

of information must come directly from customers discussing your research questions Primary research is the process of gathering primary data specifically for your research question Secondary research, primary research, or both may be included in marketing research projects

Sometimes, all you need to get the insight and direction you need is a small project, depending on your goals and budget In other instances, you may require larger-scale research involving participation from hundreds or even thousands of individual consumers in order to attain the required level of certainty or detail The information that will be gathered for your project—both primary and secondary data—is outlined in the research plan, as is the procedure that will be followed to obtain the required answers

Both your analysis plan and your plan for collecting data go hand in hand The outcomes of various types of analysis differ The kind of data you're collecting, the goals

of your project, and the resources you have should all be included in the analysis plan Simpler research designs typically necessitate simpler methods of analysis Understanding causal ity and trade-offs in customer perceptions, for instance, can be accomplished with powerful results from more complex research designs However, effective implementation of these more complex designs may necessitate additional time and resources, both in terms of analytical expertise and data collection

Who will carry out the research activities—collecting data, analyzing it, interpreting it, and reporting on the results—is also specified in the research plan Sometimes the entire research project is managed by a single marketing manager or research specialist The research may also be contracted out to a marketing research analyst or consulting firm at other times In this instance, the marketing manager exercises supervisory control to guarantee that the research meets expectations

At last, the exploration plan demonstrates who will decipher the examination discoveries and how the discoveries will be accounted for The internal customers for the research and the best reporting format should be considered in this section of the researcF plan Senior executives are frequently the primary stakeholders, and they are eager for marketing research to support and inform their decisions If this is the case, it is best to get their support for the research plan to ensure that they are familiar with the method and open to the possibility of findings

3.2.3 Conduct the Research

A fun and exciting aspect of the marketing research process can be conducting research Things are about to change after you struggled with the gaps in your understanding of market dynamics that initially motivated you to take on a marketing research project The first step in getting answers to your urgent mark eting questions is to conduct research

Typically, data collection begins with a review of any prior research and data that offer some insight into the issue This is typically secondary research It may be useful to examine previous research projects, internal data analyses, industry reports, survey results on customer satisfaction, and other sources of information Even though these resources may not fully address your research questions, they may provide additional

insight into the issue you are attempting to resolve Almost always, secondary research and data sources are less expensive than gathering new data on your own When possible, your marketing research project should benefit from prior work

If primary research is included in your research plan, it is time to turn your attention to

it after you have completed all of your secondary research The process of conducting primary research entails first asking questions and then listening to, observing, or both the behavior of the group you are studying To produce dependable, precise outcomes, involving legitimate logical strategies for essential exploration information assortment and analysis is significant This means finding the right people and having enough people

to talk to, using surveys or interview scripts that are carefully written, and getting accurate data If you don't use the right methods, you might get bad data or find bias in the responses that makes the results look bad and leads you in the wrong direction Because the methods for obtaining reliable data vary depending on the research method, these issues are discussed in greater detail in the Marketing Research Techniques module 3.2.4 Analyze and Report Findings

The interpretation of research data, also known as the "so what?" factor—requires it The analysis examines the data to construct a picture of the situation The interpretation goes on to explain the significance of the research data and offer suggestions for what managers should know and do in light of the findings For instance, what is a short list of the research's most important findings and takeaways that managers should keep in mind? Which of your identified market segments should you target, and what are the market segments? What are your customers’ primary reasons for choosing your competitor's product over yours, and what implications does this have for your product's future enhancements?

Because they are in the best position to identify significant insights and make recommendations from the research findings, individuals who have a good working knowledge of the industry ought to be involved in the interpretation of the data To meet the project's goals, marketing research reports incorporate data analysis and interpretation

A marketing research project's final report can be written or presented as slides, depending on the preferences of management and the culture of the organization For the initial dissemination of research findings to internal stakeholders, a slide presentation is

frequently the preferred format A written report may be a better format for discussing in- depth findings and data nuances, particularly for large, complex projects, which managers can study and refer to in the future

3.2.5 Take Action

The next step, which is arguably the most significant, is: taking action based on the findings of your research This step may appear to be relatively straightforward if your project has successfully interpreted the findings and translated them _ into recommendations for the marketing team and other parts of the business At the point when the exploration results approve a way the association is now on, the "make a move" step can stir the group to move further and quicker in that equivalent bearing

Things are not so straightforward when the exploration results show another heading

or a huge shift is fitting Spending time helping managers comprehend the research, justifying why it is prudent to change course, and demonstrating how the business will benefit from the new path is worthwhile in these instances To effectively plan, managers must carefully map strategies, tactics, and available resources, just like they would with any significant business decision The marketing research project can help the organization plan, carry out, and adjust its course as it works toward its desired goals and outcomes by making the results available to managers and their executive teams

It is important to note that numerous marketing research projects are never implemented by management This can happen when the report is too technical and hard

to understand In other instances, the report author does not offer specific suggestions for translating the research findings into management strategy, or the research conclusions

do not provide useful insights or solutions to the issue By paying adequate attention to the research objectives throughout the project and allocating sufficient time and resources

to interpret research results effectively for those who will need to act on them, these dangers can be avoided

3.3 The Marketing Environment

All of the internal and external factors that drive and influence an organization's marketing activities are included in a marketing environment To maintain success and take advantage of any opportunities or threats that may impact their work, marketing managers must remain aware of the marketing environment There are both controllable and uncontrollable factors in a marketing environment, which is vast and diverse Understanding your marketing environment is helpful for: