The Role and Function of Marketing Assignment 2022

Part 1
1. The role and function of marketing
1.1. Definition
Marketing is a business process that creates customer relationships and delights (Alam,
2019). This is the process of optimizing and understanding the desired requirements of the
customer to determine the ability to produce at an appropriate cost (Colbert, 2014).
1.2. The steps of marketing process
a) Understand the marketplace and customer needs and wants
The company should have a thorough understanding of the market and its customers before
launching any marketing campaign or approach. As a result, Vinfast LLC must conduct
market research as well as comprehend and study customer demands and wishes. Market data
analytics and consumer data must both be controlled and used at the same time.
b) Design a customer-diven marketing strategy
Proper segmentation and targeting is necessary because one company cannot serve all
customers in all ways. Vinfast has focused its resources on potential customers so that it can
best serve and bring in the highest profits. Market segmentation and target market selection
help companies determine which customer groups they will need to serve.
c) Construct a marketing progamme that delivers superior value
The purpose of the marketing program is to turn the marketing strategy into real value for the
customer. Therefore, the marketing program should provide superior customer value. The
marketing program, often referred to as the 4Ps, consists of four main elements. The
marketing mix includes product, price, place, and promotion.

To be able to effectively implement the marketing mix strategy, the marketing strategy must
be established to convey customer value. Deliver a value proposition to target customers and
convince them to care about and buy a product.
d) Build profitable relationship and create customer delight
The key to success in this goes beyond satisfying the customer. Instead, the orientation must
create customer satisfaction. That is, the company's offers exceed customers' expectations.
The customer will then repeat the purchase and be loyal and profitable for the company.
e) Capture value from customers in return
Vinfast develops revenues and client equity by capturing value from its customers. This is
based on clients who are happy, interested, and loyal. People who repeat the act of purchasing
and consequently return to purchase on a regular basis. As a result, the company can capture
their long-term value, which is the customer's lifetime value. Through value maximization,
the company can expand market share and win customers if properly planned and performe.
1.3. Marketing management concepts
Marketing concept is the strategy that companies take to satisfy customer needs, increase
sales, maximize profits and beat the competition. There are five marketing concepts that
organizations apply and implement.
a) Production concept
The production concept holds that consumers favor products that are readily available and
low in price.
b) Product concept
The product philosophy holds that consumers prefer good product quality and unique
designs, so marketing management must follow the direction of continuous product
improvement.
c) Sales concept
The sales philosophy holds that customers won not buy a product if the business does not
have a strong promotion and sales effort.

d) Marketing concept
According to Philip Kotler, the marketing concept states that being more effective than
competitors in integrating marketing activities toward identifying and satisfying needs and
wants of the target market, or identifying the target market's needs and wants and delivering
the desired satisfactions more efficiently and effectively than competitors, is the key to
achieving organizational goals.
e) Societal marketing concept
It is essentially a management orientation that states that the main task of the company is to
determine the needs and wants of target markets and to align the organization to effectively
deliver the desired satisfactions and more effectively than competitors in a way that maintains
and enhances the well-being of consumers in particular and society in general. It urges
marketers to balance three considerations in establishing their marketing policies: corporate
profits, consumer desires, and public interest.
2. The roles and responsibilities of the marketing function
The marketing function is concerned with buying and selling goods to satisfy customer needs.
The main roles and functions of marketing include transporting goods to where they are
needed, storing goods, and gathering market information to fulfill customer needs (Lidstone
& MacLennan, 2017). In addition, marketing functions also include identifying customer
requirements, anticipating customer needs, and identifying ways to maximize profits (Ahmed
Zebal & Goodwin, 2012).
2.1. Determine customer requirements
The marketing department is in charge of detecting and responding to changing customer
demands. It primarily focuses on discovering the needs, wants, attitudes, and habits of
customers, as well as thoroughly analyzing the data to establish what the market truly
demands (Balaji, 2014).
2.2. Anticipate customer requirements
The marketing department is also in charge of foreseeing customer needs. Anticipating client
demands and expectations can provide a business a competitive edge by allowing it to be first
to market (Bansal & Taylor, 2015).
2.3. Satisfying customer needs