ESSAY

Class: MKT1618
Lecture: Trịnh Trọng Hùng
Name: Bùi Minh Tiến-HS163265
1. Identify two examples of branding in
financial services (e.g., specific types of retail
bank accounts or insurance policies) and
define their characteristics. How meaningful
are these brands likely to be for customers?
2 examples of branding in financial services are MBBank App and BIDV app:
Military Bank, also known as MB Bank (Military Commercial Joint Stock Bank), is a joint stock
commercial bank in Vietnam that is directly under the Ministry of National Defense. In order to
provide customers with a better product experience, MB bank has introduced the MBBank App
using life-changing technology.
The rebranding of MB Bank, another state-owned company with a long history of association
with a staid and rigid image, has elicited a variety of responses. The old logo's components
were reorganized and redone, giving the new logo for MB a retro look with a fresh twist.
In order to assist clients, Bank for Investment and Development of Vietnam (BIDV): Along with
ensuring the security of their belongings, the cashier function benefits customers by
generating profits with temporary excess capital. Pay instantly, securely, and effectively. They
will gain from their temporarily idle capital as depositors by receiving interest, safe deposit,
and utility payments. Borrowers benefit because it reduces costs, time, inconvenience, safety,
and legality while assisting economic actors in filling a temporary capital gap in the production
and business process.

2. Why do new services often fail? What are

the factors associated with the successful
new service development?
1. For each of your key markets, not properly defining the service (by using the incorrect
needs and wants)
2. The wrong price
3. Your clients don't believe you can deliver on your promises.
4. The business is solely concerned with product sales.

1. Not accurately defining the service (incorrect needs and wants) for each of your key
markets; work with a service marketing consultant to help identify the key segments;
then, conduct a market research survey to get all the information you need regarding
services, pricing, and perceptions of service capabilities. The majority of businesses can
afford a project without going over budget because it is not as expensive as it seems.
2. Ask your salespeople as soon as you notice incorrect pricing. If they mention your
services while attempting to sell products, they most likely have a good idea of the prices
each of your main rivals are asking for their services. In addition, the market research
program can assist you in learning what your clients are paying other businesses and
what they believe a fair price for your services should be.
3. Customers doubt your ability to deliver on your promises - If you run a customer
satisfaction program, you should already be aware of what your clients think of your
services. Ask your salespeople as well. Customers express their opinions to them! Finally,
including this in the market research survey is a good idea.
4. Only concentrating on product sales - This is a problem because this way of thinking has
now permeated the entire company, making any significant changes difficult to
implement. Paying the salespeople fairly is a good place to start, and you might even
think about making them complete a certain amount of service sales before moving up to
the higher tier for product commission.

3. Think about the last time you

experienced a less than satisfactory service
experience. Did you complain? Why? If you
did not complain, explain why not?
Last week, I had an unsatisfactory haircut at a barbershop and I complained to the manager.
Because of:

The first is a matter of security, because according to the barber shop's service, taking the
car for customers is a must, but the barber shop's security did not do it. By the time I got the
car, they didn't lead the car nor greet me.
next was the hair cutting process, during the cutting process, the person who cut my hair did
not give me any advice nor cut my hair with a very unpleasant attitude when cutting my hair
and in the end I did not receive a hairstyle like. And in the end, i didn't get any response nor
an apology from that barber shop.
4. Select a service brand you consider to be
outstanding. Explain why you think it is outstanding.
Also explore any weaknesses of this brand. You
should select an organization you are familiar with.
Explain why you think it is outstanding.
increase product variety for all consumers
The products are plentiful and of good quality, falling into the mid-range category and
costing between VND 29,000 and VND 85,000. With this price, Highlands Coffee can attract
a variety of customers, including working people and students.
The location and setting of Highlands Coffee will also be important.
The facilities of Highlands Coffee are situated in office buildings and highly visible, densely
populated areas with lots of frontage and parking. This brand always selects the corner lot
location, even in the mall. When comparing Highlands Coffee to its rivals, it is clear that it
has more prominent locations and that the quality of its branches is generally high.
Comfortable surroundings, cozy modern design
Another element that contributes to Highlands Coffee's success is the layout and style of the
store. Customers will feel at ease in Highlands Coffee thanks to its open layout and
restrained use of bright colors. In addition, Highlands Coffee's decor is fresh and
contemporary while retaining some of Vietnam's traditional characteristics. Customer
friendliness is always created in this area.
Also explore any weaknesses of this brand.
When compared to the norm, the product's price is high:
Currently, the cost of coffee at Highlands Coffee ranges from 30,000 to 60,000 VND. The
Vietnamese market, which is the fifth-largest exporter of coffee goods worldwide, is not found to
be suitable for the price of this. It follows that this price is quite high given the common ground.
When examining the Highlands Coffee SWOT analysis model, this is an amazing point.

Due to the stores' predominately urban locations, suburban customers have been inaccessible to
them:

Only large cities have the Highlands Coffee store system, and Highlands Coffee struggles with
development. This results from the fact that people with good to high incomes are their target
market. Because Highlands Coffee's product price is so high in small and medium cities, the
average person's income barely covers it. As a result, if you expand to farther-flung areas, you
almost certainly risk losing money. When examining Highlands Coffee's SWOT analysis, this is a
clear area of weakness.
Highlands Coffee is also regarded as an ideal place to work and a meeting spot for important
business. Therefore, it is challenging for Highland to reach people in undeveloped areas because
they lack the aforementioned needs. When examining Highlands Coffee's SWOT analysis, this is a
clear area of weakness.
Unpopular employee service stance:

The chain's store requires thousands of service personnel to remain operational. Thus, it is
inevitable that many people have a poor attitude toward customer service. There have been
numerous instances of employees mistreating or discriminating against customers in recent years.
When examining Highlands Coffee's SWOT analysis, this is a clear area of weakness.
A customer was fired from Highlands Coffee in February 2020 because the waiter mistook him for
a lottery ticket salesman due to his disability. A customer was asked to leave the store in June
2021 after ordering a drink and waiting more than an hour. The owner of the shop apologized for
both of the aforementioned incidents.
5. Select a specific service product you are familiar
with and identify its core product and
supplementary services. Select a competing service
and analyze the differences between the two in
terms of the core product and supplementary
services.
An individual is familiar with the service product known as MNO hotel.
The core product of a hotel is the security and comfort it offers to its guests. Customers look for
both of these essential qualities when making reservations.
The following are extra services linked to the service you selected: -
Providing information that enables customers to get complete answers to their questions and the
services they can use, MNO Hotel facilitates services. The customer can make reservations online
or over the phone thanks to easy access to the tariff information showing the different room
categories. The hotel offers a number of payment options to satisfy the demand for simple bill
payment.
Consultancy is available upon request for improvement services. For clients who are ill, these
consulting services may include doctors on call or gym instructors for fitness enthusiasts. The
hospitality industry is crucial because it affects how satisfied customers are. For the protection of
valuables, cloakroom and locker services are available.