I. Basic concept of marketing
1.Definition of marketing3-5
1.1Compare alternative definitions3-4
1.2Importance of being a contemporary marketer4-5 2.Main characteristics of a market orientated organization for today’s modern business6-8 3.The elements of marketing concept9-10
4.Benefits and cost of a marketing approach for Lovely Lace10-12 II. Contents
1.Micro and macro environmental factors, which influence marketing decision affecting Lovely Lace13-17 1.1Macro-environment13-14
2.Propose segmentation for Lovely Lace in two different markets18-19 2.1B2B market18-19
3.The factors influence the choice of targeting strategy for Lovely Lace20 4.Effect of buyer behavior on marketing activities for Lovely Lace20-23 ( Individual customers22
( Business customers22-23
Recent years, Vietnam has been considered as a bright market, which is Asia’s second fastest growing economy, only after China. According to a forecast in December 2005 by Goldman-Sachs, “Vietnamese economy will become the 17th largest economy in the world with nominal GDP of $ 436 billion and nominal GDP per capita of 4,357 USD by 2025”. In addition, according to a forecast by the PricewaterhouseCoopers in 2008, “Vietnam may be the fastest growing of emerging economies by 2025, with a potential growth rate of almost 10% per annum in real dollar terms that could push it up to around 70% of the size of the UK economy by 2050”. Therefore, there are more and more foreign companies want to try in this new market, including Lovely Lace, a gift company from Malaysia. Lovely Lace is a quite new brand for Vietnamese customers, but in fact the Malaysian enterprise was founded in1993 and has become very familiar, close and highly reputable to the citizen with 18 shops across the country. Not only that, with its international expansion plans, now Lovely Lace has owned 11 overseas shops in some Asian countries (including Vietnam). In general, not every market is similar, so it is completely important for the company to have different strategies and approaches which must be suitable and well-arranged to be succeed in going international. However, it is necessary to understand clearly about definition of marketing before actually doing it. This report will give an over view about concept of marketing and then set up the best approaches for Lovely Lace in the new market – Vietnam.
Basic concept of marketing
Definition of marketing
1. Compare alternative definitions
It is hard for many to believe, but when compared to economics, production and operations, accounting and other business areas, marketing is a relatively young discipline having emerged in the early 1900s. However, in the fast-moving world of business, definitions rarely stay the same. If you ask several people what marketing is, they will respond with a variety of descriptions. Marketing encompasses many more activities than most people realize. Since it is practiced and studied for many different reasons, it has been, and continued to be defined in many ways, for academic, research, or applied business purposes. According to the Chartered Instituted of Marketing (2001): “Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably.” Another definition has been created by American Marketing Association (1987): “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational...