5033 - Assignment 1 Frontsheet (1) (Repaired) (1)-2 PDF

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ASSIGNMENT 1 FRONT SHEETQualification BTEC Level 4 HND Diploma in BusinessUnit number and title Unit 2 Marketing Planning and ProcessesSubmission date 7 December 2021 Date Received 1st submissionRe-submission Date Date Received 2nd submissionStudent Name DO THI PHUONG NHI Student ID GBSClass GBS0909...

Description

ASSIGNMENT 1 FRONT SHEET Qualification

BTEC Level 4 HND Diploma in Business

Unit number and title

Unit 2 Marketing Planning and Processes

Submission date

7 December 2021

Re-submission Date

Date Received 1st submission Date Received 2nd submission

Student Name

DO THI PHUONG NHI

Student ID

GBS200626

Class

GBS0909A

Assessor name

NGUYEN HANH TAM

Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that making a false declaration is a form of malpractice. Student’s signature Grading grid P1

P2

M1

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❒ Summative Feedback:

Grade:

❒ Resubmission Feedback:

Assessor Signature:

Internal Verifier’s Comments:

Signature & Date:

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Contents I. INTRODUCTION

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II. AN EXPLANATION OF MARKETING AND CLARIFY THE FUNCTION OF MARKETING

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A. Definition Of Marketing

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B. The Marketing Process

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1. Marketing Research

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2. Segmentation, Targeting, Positioning

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3. Marketing Mix

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4. Control implementation

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C. The key role and responsibilities of the marketing function in the company 1. The key role and responsibilities of the marketing function in the company D. The interrelationship between the marketing function and other functions on the company

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1. The importance of the relationship between the marketing department and other departments

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2. How does marketing support the wider organization in the context in terms of vision, mission, purpose?

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E. A critical and evidence-based analysis of the internal and external environment in the marketing function of the company operates 17 1. The internal environment in the marketing of the company

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2. The external environment in the marketing of the company

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III. CONCLUSION

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IV. REFERENCES

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I. INTRODUCTION SIXDO - is a high-end fashion brand from CEO Huy Can and designer Do Manh Cuong. SIXDO was born in September 2020. The brand is inspired by the 6 adopted children of designer Do Manh Cuong and the brand name SIXDO means "6 brothers of the Do family". SIXDO has 60% women's, 30% men's, and 10% children's clothing. SIXDO's designs are aimed at every member of the family, with affordable prices suitable for the masses. Although SIXDO is quite young but not immature, up to now, SIXDO has 50 stores nationwide. The goal of SIXDO is to have 100 stores spread across 63 provinces of Vietnam and has the ambition of ZaZa Vietnam. On the other hand, SIXDO has a wide influence on the public with the mission of beautifying millions of people, creating police jobs for hundreds of thousands of people, and especially providing a home for orphans. To have a famous, high-end fashion brand named SIXDO that is known and loved by everyone now and in the future. That is the great contribution of marketing tactics. This report will cover how essential marketing is in growing a business and define its role and relationships with other units in an organization. II. AN EXPLANATION OF MARKETING AND CLARIFY THE FUNCTION OF MARKETING A. Definition Of Marketing Marketing can be understood in many different ways. There are many people who think that marketing is just selling and advertising, but in fact, selling and advertising are just a part of marketing. Marketing is a position that holds a very important role and it is a decisive factor in creating a brand and the success of a company. According to the American Marketing Association (AMA, 2021 ), Marketing is a set of activities and processes for creating, communicating, delivering, and exchanging services of value to customers, partners, and customers society in general. On the other hand, according to marketing Gurus Philip Kotler and Kevin Lane Keller, marketing is defined as "the art and science of choosing target markets and attracting, maintaining, and increasing Page 4 of 22

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consumers via the creation, delivery, and communication of better customer value." Thus, marketing may be defined simply as follows: marketing is the process by which organizations generate value for consumers and establish long-term connections with customers to extract value from them. For example, SIXDO is a high-end fashion brand with tailored outfits from designer Do Manh Cuong with youthful, elegant, seductive styles... and especially, all accessories are sewn with fabrics imported from Europe. But with the general pricing strategy, people can buy high-end products. SIXDO created a unique brand and grew market share faster. B. The Marketing Process The marketing process is a set of steps to research, develop strategies for implementation and control, and improve to ultimately create value for customers and reap benefits for the business. Establishing a specific and detailed marketing process will bring many benefits. It will help to clearly define the goals and directions for the business, this process will be the basis for building an overall marketing strategy and help easily control the strategy implementation process. The marketing process takes place in two phases: the strategic: the strategic and the control implementation phase. (gobranding.com.vn, 2021) Source: marketing-insider.eu, 2021 The strategic phase includes: research, segmentation targeting - positioning (S.T.P) building a marketing mix strategy

1. Marketing Research Market research is the process of acquiring information about a specific market and interpreting the information gathered to find answers to business challenges. Market research can help entrepreneurs avoid risk and make better decisions. As an analogy, if the founder is in a dark room looking for a door, market research will act as a candle to assist in establishing the direction and Page 5 of 22

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swiftly locating the entrance. If the nature of the business is subjective. There is a big danger in only superficially researching or learning about the market before making a choice. That has a number of implications, the most serious of which being squandered money and campaign failure. (khaosat.me) Source: gobranding.com.vn, 2021 Market research can be considered as an important first step in the marketing process because without market research, founders can often face 50-50 decisions. They will not be able to know if this product or media translation will be successful or not, but if the founders understand better about users and competitors through market reports, they will have reasonable policies and decisions that can become more certain. In short, market research is a tool to help businesses better understand the market and customers from which they can come up with appropriate market penetration measures and better understand the market and customers’ potential. They will have more opportunities for customers to choose and methods to help market research become effective: interview, in-person surveys, email surveys, telephone surveys, and online surveys. In addition to the market survey method, businesses need to use the behavioral observation method because sometimes the customer feedback is quite sketchy or inaccurate so observing customer behavior when working or shopping will help founders understand customer habits. In addition, methods of monitoring internet usage, big data, social networks, etc. This is a market research method based on consumer needs and behavior on the internet. These behaviors are collected day in and day out so this is an incredibly broad source of data that will be very beneficial to founders. The final step of market research is the testing method when businesses launch new products into the market to see the reaction of customers from which they will make appropriate adjustments in price and perfect the product. The most perfect product. This market survey method needs a lot of relationships with stores, businesses and e-commerce sites to be able to test and collect information easily. Sixdo was born not only because designer Do Manh Cuong adopted children and wanted to create a value to attach to the children that Sixdo was born with even greater impetus. During more than 13 years of working in the field of fashion design of Do Manh Cuong, he has received many expressions from customers who want to wear his clothes, but they do not have the conditions to own the products that are too expensive. That is what prompted Do strong Cuong to create a new product line in a different segment. Page 6 of 22

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Although he changed the customer segment, he still wanted to keep the high quality criteria. Before the brand appeared in the market, the designer introduced a few designs on his fanpage that received enthusiastic support from everyone.

Soure: themillennials.life, 2021 Then the Sixdo brand also held a show in October 2020 with the participation of 2,000 guests, this was an opportunity for the brand to meet familiar customers to pay their respects. Moreover, for Sixdo to come closer to the public, the brand has participated in the movie project “Gái già lắm chiêu V”. Therefore, Sixdo has had a certain position in the Vietnamese fashion industry and received a lot of attention everyone’s attention

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Source: bazaarvietnam.vn,2021 2.

Segmentation, Targeting, Positioning 2.1. Segmentation

The market is extremely large with countless customers with different needs and no one business can satisfy the needs of the entire market. Therefore, market segmentation is a necessary step of the marketing process to divide the fertile market "pie" into smaller pieces so that the business can dominate it. What is segmentation? Market segmentation is the study that determines how a business organization divides its customers or creates subsets of a market based on demographics, needs, priorities, common interests, and other psychological criteria. Other logic or behavior used to better understand the target audience. (digitaldentistryinstitute.org) Source: gobranding.com.vn, 2021 Market segmentation has been a popular topic of discussion in the marketing world over the years. Many researchers still argue about what are the variables (variable factors) to consider when segmenting the market. There are many ways to segment a market, the four most common are demographic segmentation, psychological market segmentation, behavioral market segmentation, and Page 8 of 22

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geographic market segmentation.The benefits of market segmentation are to help businesses understand their customers, retain customers, and expand their capabilities. Without market segmentation, companies run the risk of being dragged into a self-perpetuating cycle. 2.2. Targeting Aftermarket segmentation, not only do businesses communicate for all groups but also need to select target markets. What is the target market? The target market is understood as the part of the market in which all the potential customers of a business exist and the business must attract and satisfy the needs to turn them into loyal customers. ( marketingai.vn, 2021) Source: gobranding.com.vn,2021 Many business owners make the mistake of thinking that a good and quality product will be liked by everyone. The truth is that no matter how good the product is, it is only suitable for a certain segment of customers. Therefore, new businesses understand the importance of the target market. Here are three reasons to better understand the importance of target markets. The first is the best way to perfect the product. As a manufacturer, businesses always want to improve their products/services to better meet the needs of customers. But what to do when you don't know exactly who they are? A target market is usually defined in detail, the manufacturer can identify the features and add-ons desired by the customer and develop the product. The second is the target market which makes it easier to control expectations. The target market will help businesses bring customers good results and meet expectations. The product can be introduced with exact benefits in the future, which results in greater efficiency, for example, limiting the situation where customers have unrealistic expectations for the product/service, the business also owns a group of customers who are satisfied with their products/services and are ready to come back next time. The third is the target market to improve advertising efficiency. Knowing your potential customers well and grouping them into your target market makes advertising much reach its target audience and hence cost-effective. When reaching the target market, it is also time to understand the behavior of customers: they like to read newspapers or magazines, what forms of entertainment they like, which social networks they use often, and more importantly, factors that make them decide to buy? With the above factors, businesses can completely create an appropriate and memorable message for the market. In today's vast and ever-expanding market, customers only listen to Page 9 of 22

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the messages that make sense to them, so understanding the target market will help businesses get surprisingly attractive results. 2.3. Positioning Today, customers are influenced by many communication activities about goods and services. Impressions only exist when they are different from competitors, unique by customer psychology. What is market positioning? Positioning in the market is the process by which businesses bring their products with outstanding features, features, and differences from competitors to consumers. Market positioning plays an effective support role for businesses in marketing products/services with their own identity, creating credibility for users. When positioning the target market, businesses need to understand the 4P value in marketing to ensure a more effective strategy. Effective positioning depends on a company's ability to differentiate its products from those of competitors by delivering superior value to customers. (Vietnambiz.vn, 2019) Source: bizfly.vn/techblog,2021 The levels of positioning in the market are location positioning, industry positioning, business positioning, product positioning. These characteristics are used to differentiate them from other competitors. For the positioning strategy to be most effective, the following steps are needed to position the market: Step 1: Research and analyze competitor information. Understanding the strategies, strengths, and weaknesses of competitors will help businesses easily position the market. Besides, businesses also need to find a competitive advantage for themselves through analyzing the different value points of competitors. - Step 2: Determine the brand position in the market. In this step businesses need to determine who they are, how they want to be, how they want to develop their brand. This is the optimal brand market positioning method to help businesses come up with the most breakthrough marketing strategy. - Step 3: Positioning the difference of the brand, the difference of the brand is always the top factor when you embark on market positioning. By analyzing strategies from competitors on communication channels, compare and contrast to find the brand in a truly different direction. Specifically, businesses need to Page 10 of 22

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compare the following factors: The meaning of their message with competitors, the core values of the product that overlap with those of competitors, the recognition of their current brand with competitors, and the level of how the interaction of media products compares to competitors? Step 4: develop a market positioning strategy, as soon as there is enough information about positioning in the market, what businesses need to do next is to transform all of them into their strategy. Try to outline a simple, easy-to-understand strategy; the information for the strategy is measurable, the specific time for each item and the work must be related to each other. - Step 5: check the effectiveness of the strategy, to know if your market positioning method is as effective as expected. Enterprises can check in many different ways to perform measurement such as collecting qualitative data through in-depth interviews or surveys, consulting to get quantitative data, etc => To have a complete marketing process, businesses must have 3 factors above: segmentation, targeting, and positioning. They help businesses create marketing campaigns that deliver superior value to customers. SIXDO - is a famous fashion brand, of course in the marketing process of SIXDO also includes the above factors. The customer segment that SIXDO targets are people with medium to high income, people aged 20-50 years old. Although their fashion products are high-end products, the prices are suitable for customers such as students, office workers, public employees, business people, and even celebrities. SIXDO can meet the purchasing needs of all customers anywhere in Vietnam because this brand has 50 stores across Vietnam and has an online shopping website sixdo.vn. SIXDO's target customers are price-aware people who dress well and love fashion and keep up with fashion trends. They are modern people living in modern environments such as cities or big towns. Moreover, this brand also affirms that the growing fashion industry in Vietnam is comparable to the world's fashion industry. Not only that, but SIXDO also proves to everyone that Vietnamese fashion is high-class and quality; everyone should keep trusting and supporting Vietnamese fashion. SIXDO is not only a fashion brand but also a home for orphans. SIXDO is not only fashion, but SIXDO is also responsible for society 3. Marketing Mix When determining the target market you want to target, build a Marketing Mix strategy with effective tactics that will help businesses achieve optimal goals. What is the marketing mix? A marketing mix is a set of marketing tools used by businesses to achieve marketing objectives in the market. The marketing mix is classified according to the 7P model, including product, price, place, Page 11 of 22

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promotion. All these factors are closely linked into a unified block and the ultimate goal is still to meet the needs of the target market. (gobranding.com.vn,) Source: gobranding.com.vn, 2021 3.1. Product The first marketing mix element is the product, which will be offered to the customer. Businesses will need to collect information about the needs of the target market for their products/services. To develop the right products, businesses need to answer the following questions. What do customers want from the service or product? How will they use it? Where will customers use it? What features should the product have to satisfy the customer's needs? Are there any essential features you've missed? Are you creating features that customers don't need? What is the product name? Is it attractive? Are the product sizes and colors attractive? How is your product different from your competitors' products? Is the appearance (packaging) of the product eye-catching? Instead of before, businesses only practiced selling what they have; now they are oriented to sell what customers need. Therefore, the concerns or needs of customers are the top priority. Thereby businesses can perfect or improve the quality of products/services to meet the needs of the consumer market. 3.2. Price The second factor is price, so what is the role of pricing tactics in marketing strategy?...