FOREIGN TRADE UNIVERSITY

HOCHIMINH CITY CAMPUS

COURSE: MARKETING

ASSIGNMENT

Student’s name: LE BA THANH PHU

Intake: K56BFB

Index number: 1805025214

Hochiminh City, October 2019

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TABLE OF CONTENTS

Discuss why you should study marketing………………………………………………….2

Using practical examples, discuss the key challenges facing companies in the
twenty-first century in reaching consumers. What actions might marketers take
to ensure they are attractive to consumers................................................................3

Are the marketing skills that drove huge growth of supermarkets the same as
those needed to address the marketing challenge they currently face?...................5

A very common question small business people have about the pricing strategy
section of the marketing plan is: How do you know what price to charge? What
would your advice be to them?.....................................................................................6

In 1985 the Coca-Cola Company introduced reformulated Coca-Cola, often

referred to as "new Coke," marking the first formula change in 99 years. The
company didn't set out to create the firestorm of consumer protest that ensued;
instead, The Coca-Cola Company intended to re-energize its Coca-Cola brand
and the cola category in its largest market, the United States. However the
backlash from consumers was enormous in scale and its scope. What went wrong
and
why?.........................................................................................................................8

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Question 1: Discuss why you should study marketing

An organisational operate and a group of processes for making, communication

and delivering price to clients and for managing customer relationships in ways in
which profit the organization and its stakeholders selling so should be viewed as a
method, of research to achieve market insights, strategy choices and also the
management of selling programmes so as to implement the required marketing
strategy. A definition of selling should acknowledge that it relates to over only a
tangible product, that selling activities occur in a very dynamic atmosphere which such
operations are performed by people furthermore as organizations. The last word goal is
to satisfy targeted customers and stakeholders, seeking their loyalty and consumption,
in a very means that adds price for the organization and its stakeholders. This could be
achieved in a very manner that's differentiated within the reading of shoppers and
stakeholders vis-à-vis competitors' marketing mixes, that has an associate organization
with a competitive dysfunction over rivals which is updated frequently to mirror
economic process and developments. To be in a very position to satisfy targeted
customers or stakeholders, abundant work is required by those tasked among the
organization and their external partners to conduct the specified selling analyses,
develop smart selling methods, and build acceptable selling programmes to require to
promote.

The basic principle of selling is to succeed. The associate organization needs glad
and happy customers WHO come back to the organization to produce extra custom. In
exchange for one thing valuable, usually payment or a donation, the purchasers receive
a product or service that satisfies their wants. Such a product has an appropriate level
of quality, reliability, client service and support, is offered at places convenient for the
client at the right worth and is promoted effectively by suggests that of a transparent
message that's promptly comprehended by the purchasers in question. As an example,
reciprocally for extinguishing thirst at affording in a position costs with a reliable
product that's wide on the market in easy-to-use containers, Coca-Cola receives an
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excellent deal of cash from customers. Sadly for firms and their marketers, customers'
necessities modification as their needs alter, promoting messages infiltrate their
thinking, friends and colleagues discuss purchases, and competitory merchandise is
pushed by rival organizations. Within the dynamic world of selling, a good resolution
to satisfying client wants seldom has longevity. High-specification container decks
now not satisfy the bulk of music lovers' needs: compact disk players and mp3 players
so, have confiscated the dominant share of Sony's vary. Marketers should perpetually
assess their customers' necessities and be ready to switch their promoting activity
consequently. Associate assessment of selling opportunities is an ever-evolving
method requiring regular revision and updating. Therefore, marketing is essential for
us to learn and experience in daily life.

Question 2: Using practical examples, discuss the key challenges facing

companies in the twenty-first century in reaching consumers. What actions might
marketers take to ensure they are attractive to consumers?

Even when the basic conditions of establishing an information system and

reorganising the organisation are met, the organisation’s new marketing approach may
not work perfectly, for the following reasons.

 There's a limit to a company’s ability to satisfy customers’ wants for a specific

product. during a mass – production economy, most business organisations
cannot tailor product to suit the precise wants of every client.
 Though an organization could plan to learn what customers need, it's going to
be unable to try and do thus, and once the organisation will establish customers’
wants properly, it typically contains a troublesome time developing a product
that satisfies those wants. Several firms pay sizable time and cash researching
customers’ wants and yer still produce some product that don't sell well.
 By endeavour to satisfy one explicit section of society, an organization typically
dissatisfies different segments. Certainly, government and non-business
organisations additionally expertise this downside.

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 An organisation could have problem maintaining worker morale throughout any

restructuring required to coordinate the activities of assorted departments.
Management should clearly justify the explanations for the assorted changes
and communicate its own enthusiasm for the promoting thought.

According to marketing concept, an organisations should try to provide

products that satisfy customers’ needs through a coordinated ser of activities that also
allows the organization to achieve its goals. Customer satisfaction is the major aim of
marketing concept. First, an organisation must find out what will satisfy customers.
With this information, it then attemps to create satisfying products. But the process
does not end here. The orgamisation must continue to alter, adapt and develop
products to keep pace with customers’ changing desires and preferences. The
marketing concept stresses the importance of customers, and emphasises that
marketing activities begin and end with them.

In attempting to satisfy customers, organisations must consider not only short-

term, immediate needs but also broad, long-term desires. Trying to satisfy customers’
current needs by sacrificing their long-term desires will only creat future
dissatisfaction. For instance, people want efficient, low-cost energy to power their
homes and cars, yet they react adversely to energy producers that pollute the air and
water, kill wildlife, or cause disease or birth defects. To meet these short- and long –
term needs and desires, a company must coordintate all its activities. Prodution,
finance, accouting, personnel and marketing departments must work together.

Question 3: Are the marketing skills that drove huge growth of supermarkets the
same as those needed to address the marketing challenge they currently face?

Market research isn't one thing you are doing as a natural event after you launch
your business. Business conditions modification regularly, so your marketing research
ought to be continuous furthermore. Otherwise, you run the danger of constructing
business choices supported superannuated data, which might cause business failure. A
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lot of you succeed, a lot of competitors notice - and react to - what you're doing. A
market-leading supply in some unspecified time in the future could also be no higher
than average a couple of months later. Loyal customers may be fast to seek out
different suppliers UN agency offer a more robust deal. As product (and services) age,
sales growth and profit margins get squeezed. Understanding wherever your product is
in their lifecycles will assist you in calculating a way to maximise overall profit. At a
similar time, you wish to speculate in innovation to make a stream of original,
profitable product to plug. Published data will offer helpful insights into market
conditions and trends. As a growing business, your expertise maybe even a lot of
value. You should be able to build up the in-depth associate image of what customers
need. However, they behave, and that of your promoting approaches work best. Taking
the time to speak to key customers pays off. Your suppliers and alternative business
partners may be valuable sources of market data. You must encourage your workers to
share what they fathom customers and therefore the market. Effective IT systems may
also create it more accessible to share and analyse critical data like customers' getting
behaviour and preferences. You may need to hold out additional analysis furthermore -
for instance, to check client reaction to a replacement product. You would possibly try
this yourself, or use a contract research worker or marketing research agency. As your
business grows, this approach merely doesn't work. Whereas a short-run crisis is
usually imperative, it should not matter nearly the maximum amount as different
belongings you may well be doing. Payment it slow, soothing Associate in the Irritated
Nursing client would possibly facilitate defend that one relationship - however
focusing instead on recruiting the correct employee may lay the foundations of
considerable new sales for years to return. For example, your business may well be
progressively in danger unless you are taking steps to confirm your belongings is
correctly protected. If you're specialising in individual selling campaigns, you may
devote a lot of resources to developing your whole. Identifying the key drivers of
growth could be a great way of understanding what to rate. A disciplined approach to
management focuses on leading workers, developing your management team and
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building your business strategy. Rather than treating every downside as a natural
event, you develop systems and structures that create it easier to handle within the
future.

Question 5: A very common question small business people have about the
pricing strategy section of the marketing plan is: How do you know what price to
charge? What would your advice be to them?

Pricing decisions are affected by many factors. Often, there is considerable

uncertainly about reactions to price on the part of buyers, channel members,
competitors and others. Price is also an important consideration in marketing planning,
market analysis and sales forcasting. Some of major factors are pricing objectives,
costs, buyers’ perceptions, perceived value.

_ Pricing ojectives are overall goals that describe what an organization needs to realize
through its evaluation efforts. The kind of evaluation objective a vendor use can have
extensive referring to the determination of value. The explanation why is that
evaluation objectives influence call in most purposeful areas – as well as finance,
accounting and production – the objectives should be consistence with the company’s
overall mission and purpose. For instance, the target of come back on investment
could also be used less as managers and marketers distributed firms stress the creation
of stockholder values. Once stockholder worth is employed as a performance
objective, methods – as well as those involving value – are evaluted in keeping with
their impact on the worth investors understand within the company.

_ Obviously, value should be a difficulty once establishing value. A corporation might

quickly sell merchandise below value to match the compition, to come up with income
or maybe to extend market share, however within the long haul it cannot survive by
adopting this approach. A vendor ought to watch out to analyse all prices so they'll be
enclosed within the total cost accounting for a product. For instance, the value of

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deposit are meet the prices of all services the bank offers. Most marketers read a
product’s value as a minimum, or floor, below that the merchandise can not be priced.

_ Customers’ interpretation of and response to a value are to a point determined by

their assessment of what they receive compared with what they provide up to create
the acquisition. Buyers’ perceptions of a product relative to competitory merchandise
could enable associate degree organisation to line a value that differs considerably
from rivals’ costs. If the merchandise is deemed superior to most of the competition, a
premium value is also possible. However, even merchandise with superior quality will
be over-priced. sturdy whole loyalty typically provides the chance to charge a
premium value. On the opposite hand, if patrons read a product but favorably –
through not extraordinarily negatively – a lower cost could generate sales. For
instance, the Porsche Cayeme, one in every of the best priced sports utility vehicles
ever marketed, created record sales and profits for Porsche, several of the remainder
were drawn to the vehicle by the status related to the Porsche name. On the opposite
side, some customers vary in their degree useful, price, and status consciousness. In
some segments, customers are additional ‘ trading up’ to more statuscious
merchandise.

Question 7: In 1985 the Coca-Cola Company introduced reformulated Coca-

Cola, often referred to as "new Coke," marking the first formula change in 99
years. The company didn't set out to create the firestorm of consumer protest
that ensued; instead, The Coca-Cola Company intended to re-energize its Coca-
Cola brand and the cola category in its largest market, the United States.
However the backlash from consumers was enormous in scale and its scope.
What went wrong and why?

The unreal secret formula for Coca-Cola was modified, adopting a method most
popular in style tests of nearly 200,000 shoppers. What these tests didn't show, of

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course, was the bond shoppers felt with their Coca-Cola one thing they didn't need
anyone, together with The Coca-Cola Company, change of state with. The events of
the spring and summer of '85 pundits blasting the "marketing blunder of the century,"
shoppers sign the "old" Coke, calls of protests by the thousands modified The Coca-
Cola Company's thinking forever. At the ten-year day celebration, Mr.Goizueta
characterized the "new Coke" call as an extreme example of "taking intelligent risks."
He urged all workers to require intelligent risks in their jobs, the language it absolutely
was crucial to the company's success. Several of the workers there that day had
worked for the corporate in 1985 and remembered the thousands of calls and shopper
complaints. Calls flooded in not simply to the 800-GET-COKE connection, however
to Coca-Cola offices across us. By June 1985, the Coca-Cola Company was obtaining
one, 500 calls daily on its shopper hotline, compared with four hundred days before
the style amendment. Folks appeared to hold any Coca-Cola worker from security
officers at our headquarters building to their neighbours United Nations agency
worked for Coke in-person to blame for the amendment. Mr. Goizueta received a letter
self-addressed to "Chief Dodo, The Coca-Cola Company." (He typically aforesaid he
was a lot of upset that it absolutely was truly delivered to him!) Another person wrote
to him soliciting for his autograph as a result of, in years to return, the signature of
"one of the dumbest executives in Yankee business history" would be price a fortune.
Once the style amendment was declared, some shoppers panic-stricken, filling their
basements with cases of Coke. A person in the city, Texas, drove to a neighbourhood
manufacturing business and acquired a $1,000 price of Coca-Cola. Some folks got
depressed over the loss of their favourite potable. Suddenly everybody was talking
regarding Coca-Cola, realizing what a crucial role it vies in his or her life. Protest
teams like the Society for the Preservation of the $64000 factor and recent Cola
Drinkers of America (which claimed to own recruited a 100,000 in an exceedingly
drive to bring back "old" Coke) popped up around the country. Songs were written to
honour the recent style. Protesters at a Coca-Cola event in downtown Atlanta in could

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carry signs with "We need the $64000 thing" and "Our youngsters can never grasp
refreshment."

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Alone, R. and Tasted, T. (2019). The Real Story of New Coke. [online] The
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