VIETNAM UNIVERSITY OF COMMERCE FACULTY OF ENGLISH GROUP DISCUSSION ENGLISH 3 Topic: Give definition of marketing and explain why marketing is important. what things are included in marketing? Suggest some best marketing methods or techniques. Group: 4 Class: 1507ENTH1611 Teacher: Group preparation assessment: ……………………………………………………………………… …………………………………………………………………………… …………………………………………………………………………… ………………………………………………… Page | 1 Presentation assessment: List of student (in the order of presenting) No. Name (for student) Comments (for teacher only) Mark 1 Phạm Thanh Ngọc 2 Phạm Thị Nguyên (leader) 3 Đinh Thị Nguyệt 4 Phạm Thị Nguyệt 5 Ngô Văn Nhất 6 Hồ Thị Tuyết Nhung I. Marketing definition 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 at large. Marketing is communicating the value of a product, service or brand to customers, for the purpose of promoting or selling that product, service, or brand. II. Importance of marketing Page | 2 Marketing is one of the more important components of a business effecting sales and productivity. Even though marketing is important all businesses need customers. Attracting customers is not as easy as we think, especially when there is tough competition in the market. If people are not coming to check your products, you may need to make efforts to change this by increasing your marketing efforts. All business owners understand the importance of marketing but they can’t distinguish between marketing and advertising. Marketing has vast boundaries and advertising is just a part of it. All forms of marketing promote product awareness to the market at large. Marketing strategies help you to stay one step ahead of your competitors. Here are some reasons that describe why marketing is so important: Sales increasing Marketing’s main purpose in most businesses is to generate more sales. You need to advertise and promote to help people know about your products. If no one knows about your products, no one will buy them. That’s the reason business owners invest in marketing. You have Page | 3 to use marketing strategies to create product awareness. If a company wants to increase the sales percentage and increase production, the marketing department must be able to deliver effective marketing strategies. Reputation maintaining The success of any business is dependent on its reputation. In order to have good reputation marketing plays an important role by building a brand’s name in the market. It takes years to build up a good reputation and then you must marketing to maintain that reputation. Many big companies spend thousands of dollars in marketing just to maintain their reputation. Marketing educates people on the latest market trends, helps boost sales and profit, and develops company reputation. Competitive keeping in the market By marketing you become able to compete with other businesses like yours and this is the idea of healthy competition. Without competition, big and recognized companies would continue to sell while small or new companies would stand little chance of ever becoming Page | 4 successful. Marketing helps small companies to grow and compete. Let all your customers know that your company is reliable and trustworthy through a strong marketing message. Referrals creating You can develop a market leader position through word of mouth by using marketing strategies. You not only attract customers but also their referrals. If your customers are happy with you they will definitely refer others to you. There are countless examples of companies that are making good profits by using existing customers to obtain referrals. To obtain referrals all you need to do is make your customers happy answer all their questions and ask for a referral – it is that simple. Every small business owner’s goal is to profit and expand, and without marketing, this is not going to happen. The above is just a brief summary of the direction you should consider when developing a marketing strategy. Page | 5 III. Main Factors of marketing The marketer E. Jerome McCarthy proposed a four Ps classification in 1960, which has since been used by marketers throughout the world Product: A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service.Tangible products are those that have an independent physical existence. Typical examples of mass-produced, tangible objects are the motor car and the disposable razor. A less obvious but ubiquitous mass-produced service is a computer operating system. Every product is subject to a life-cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales fall. Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product moves. The marketer must also consider the product mix. Marketers can expand the current product mix by increasing a certain product line's Page | 6 depth or by increasing the number of product lines. Marketers should consider how to position the product, how to exploit the brand, how to exploit the company's resources and how to configure the product mix so that each product complements the other. The marketer must also consider product development strategies. Place: Refers to providing the product at a place which is convenient for consumers to access. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix. Price: The amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and sales as well. The marketer should set a price that complements the other elements of the marketing mix. Page | 7 When setting a price, the marketer must be aware of the customer perceived value for the product. Three basic pricing strategies are: market skimming pricing, market penetration pricing and neutral pricing. The 'reference value' (where the consumer refers to the prices of competing products) and the 'differential value' (the consumer's view of this product's attributes versus the attributes of other products) must be taken into account. Promotion: All of the methods of communication that a marketer may use to provide information to different parties about the product. Promotion comprises elements such as: advertising, public relations, sales organisation and sales promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet advertisements through print media and billboards. Public relations is where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word-of-mouth is any Page | 8 apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and public relations (see 'product' above). IV. Popular marketing method With the new change in the way business, Businesses set of customer needs development mission, they always try to close contact with customers, so marketing is increasingly valued and they always want find out the most effective marketing methods. In the near future the group would like to present some of the following methods: 1.To show samples, organized a free trial: Businesses can donate samples or can invite customers to a free trial. There are a lot of customers want to buy the product, but also hesitant about the quality of the decision not to buy so the trial is the best way to erase the remnants of consumers comfortable. When consumers have Page | 9 confidence in the product they will tell the people around when it comes to the consumer a natural way. 2.Activities charitable sponsors: Participation in charitable activities to help the poor, disabled or funding for programs such as gameshows, competitions will make a good impression on businesses and people in the public eyes and consumers. 3.Bring business information to the newsletter. Newsletter is an especially effective tool. This is the fastest way to communicate. By including newsletter, businesses have demonstrated their mastery of their field. Now when posting newsletter, means businesses are reporting on new products, price or different activities of enterprises , especially those social activities can make is to look sympathetic now people there. In addition to the external newsletters can be very effective in promoting products and services of the company, maintaining Page | 10 [...]... relationships and build your reputation with existing customers through periodic newsletters for potential customers and current, you will make them more interested in their products thereby increasing opportunities to improve sales in the nearest future 4.Form of gifts Everyone knows that gift was a glue humans for thousands of years, the feelings that we trust each other So when we give gifts, we are also... Therefore gifts should be etched in your Page | 11 company name or logo, slogan, for customers to easily remember you when needed Such as the gift as simple as writing, manuals, keychains, cups, or more simply as a tie, shirt printed company name and logo can become weapons marketing benefits harm Imagine the customer objects are used frequently, so on and so workbench company name or logo, slogan of. .. customers and is one of the best ways to strengthen the relationship Such as big supermarkets case c, gifts for valued clients at birthdays, holidays are one of the things that help BigC more new customers and more loyal customers again It can be considered a secret gift The purpose of the gift is to impress customers and build relationships with them, makes them remember now when the purchase decision... you have a chance to see, read many times not only by the present owner but there are many others around them In the era of relationship marketing today, it was a gift by way of effective marketing that businesses should focus attention and more No Name (for student) Mark 1 Phạm Thanh Ngọc A 2 Phạm Thị Nguyên (leader) A 3 Đinh Thị Nguyệt A 4 Phạm Thị Nguyệt A 5 Ngô Văn Nhất A 6 Hồ Thị Tuyết Nhung B Page . UNIVERSITY OF COMMERCE FACULTY OF ENGLISH GROUP DISCUSSION ENGLISH 3 Topic: Give definition of marketing and explain why marketing is important. what things are included in marketing? Suggest some best. to change this by increasing your marketing efforts. All business owners understand the importance of marketing but they can’t distinguish between marketing and advertising. Marketing has vast. brand. II. Importance of marketing Page | 2 Marketing is one of the more important components of a business effecting sales and productivity. Even though marketing is important all businesses need