Concept of marketing : Marketing and its trends

TABLE OF CONTENT:
A. INTRODUCTION:............................................................................................................................2
B. RESEARCH FINDING:...................................................................................................................3
I. Marketing and its trends:..............................................................................................................3
1. Concept of marketing:.................................................................................................................3
2. Trends of marketing:....................................................................................................................3
II. Organization marketing process:.............................................................................................6
III. The roles and responsibilities:..................................................................................................8
1. In Marketing function:.................................................................................................................8
2. Responsibilities and roles of marketing in Da Nang Go:.............................................................8
IV. The relationship between Marketing function and other function:.......................................9
V. Problems of Da Nang Go:...........................................................................................................12
C. CONCLUSION:...............................................................................................................................13
D. REFERENCE LIST:.......................................................................................................................14
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A. INTRODUCTION:
According to Twin (2020), marketing is the process by which an organization promotes the
purchase or sale of a good or service, including the market analysis, advertisement, selling, and
distributing goods to customers or other companies. In other words, marketing is a collaborative
network in which consumers and businesses get their demand by generating and sharing value
with others (Kotler and Armstrong, 2010).
Marketing is a vital department in any profit organization because it is a great approach to get
customers interested. However, the bulk of marketing campaigns are aimed at increasing the
company's brand value.
The purpose of this report is to show the theory of marketing and its function in the organization
as part of the interview process for Da Nang Go - a local non-profit organization in Da Nang
city.
In addition, this research is going to give you detail information about marketing process, the
responsibilities of marketing division in the organization and the relationship between marketing
department with other functional departments.
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B. RESEARCH FINDING:
I. Marketing and its trends:
1. Concept of marketing:
The process of attracting new buyers to an organization's goods and services is known as
marketing (Ward, 2021). Marketing is a business or action that involves promotion and market
analysis that is used to distribute, advertise, and sell services and products. It has an essential role
in the organization since the marketing trends is the trend of the financial markets to get a
specific direction over time. Marketing definition is also used to develop tactics to meet the
demands of customers, optimize earnings, boost revenue, and outperform the competition.
The marketing concepts at Da Nang Go are categorized into five main theories that represent the
heart of marketing. There is product, selling, marketing and societal respectively.
- Product concept: It is widely assumed that high-quality, creative technologies or
performance-driven goods are often preferred by customers. Managers focus on
producing high-quality goods and improvement of materials over time. Managers should
not be so enamored of a product's popularity that they ignore to enhance its efficiency.
For example, the Samsung Galaxy S6 has been replaced by the Samsung S7 series.
- Marketing concept: The marketing theory describes the need of focus on target markets
for their goods and service to be delivered. Furthermore, in order to compete in the
industry, corporate organizations must have greater quality in their goods and services.
To interact with the potential customers, the marketing concept describes that the
company's brand image must be improved. Consumers would prefer this corporation's
brand over other competitors in the industry if the brand's appeal is strengthened
(Musyoki, 2020).
- Selling concept: This concept is more concerned about sales transactions than with
building relationships with consumers. Since modern buyers' minds are attracted by
advertisements, and they want to rely on goods and services that are vigorously sold in
the industry., serious marketing and sales must be carried out. The company prefers to
market what it already has instead of come up with new items. Therefore, the company
must master effective selling tools and strategies (Bhasin, 2017).
- Societal concept: The societal marketing concept is an amalgamation of the marketing
concept, in which a company believes in helping other people by making quality goods
that are geared toward the welfare of humanity (Shaw, 2020). Marketers are encouraged
to incorporate social and ethical issues within their business practices under the society
marketing concept. As a results, embracing and implementing the societal marketing
concept has resulted in significant revenue and benefit increases for a variety of
businesses (Bhasin, 2017).
2. Trends of marketing:
2.1. Current trends:
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According to Amanda (2021), Because of the overwhelming amount of data available at their
hands, today's customer is more informed than it has ever been. As a result, in almost all of the
sales discussions, the power balance has changed from the salesman to the customer. This is the
reason why aggressive sales tactics aren't as successful as they once were. Instead, salespeople
must change their attitude from selling to supporting in order to be competitive in today's market.
And the easiest way to get started is to learn everything you can about the buyer and the direction
they follow to purchase something: The Buyer's Journey – a type of current trend.
The Buyer Journey. Source from: edwardsmediasolutions.com
- Awareness: This is the first stage in the purchasing process for a customer. In this step,
the customer will conduct analysis (usually by online databases) during the knowledge
stage to better evaluate their issue or need (Pink, 2021). This is the largest phase of the
sales cycle.
For customers of Da Nang Go, through the online information of this organization, they
can decide what they need from this business.
- Discovery: Prospects are knowledgeable in the enterprise and its goods and wish to learn
more during the discovery process. At this point, the company must provide valuable
details that solves their particular issue (David, 2021).
In Da Nang Go, after the clients going to awareness process, they might want to
discovery insight the organization to find their value during this step.
- Consideration: A prospective buyer is assessing a company's willingness to meet their
requirements at this stage. This is one of the most important steps of the buying journey
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since during this phase, marketing must successfully communicate the benefits to
company target audience or risk losing a client. (Edwards, 2016).
- Intent: Some purchasing funnels do not have this stage, whereas others do. It is taken into
account as a step toward closing the company's clients. The aim of the organization will
now be to effectively engage consumers market profiles. In other words, at the intent
step, the prospect suggests that they are keen to purchasing a company product but have
not yet completed the transaction (Bowshier, 2016).
The customers of Da Nang Go may have intent come back and help them if they find out
the real value of the non-profit organization.
- Purchase: A customer cuts back their list of transactions to the best few options
throughout the decision stage of the buyer's journey and eventually selects supplier for
whom they'll make their final buying decision (Pink, 2021).
In non-profit organization like Da Nang Go, it does not have any purchase transaction,
instead of supporting or helping from benefactors. Because key customers of Da Nang
Go are supporters and donors, so clients can help this organization by supporting them to
meet their projects in near future.
- Loyalty: "Retention" is the main word for long-standing success and it is important to
consider why clients are foremost partnering with the organization. Customers who have
conducted deals with you before are the best to sell to and attracting previous client’s aids
in the development of brand loyalty (Sramek, 2021).
The supporters of Da Nang Go who are interested in their activities can come back again
if the organization have good customer retention strategies.
Another current trend is push and pull marketing:
- Push marketing: A advertising campaign in which a company tries to give their message
to prospective customers is known as push marketing. Push marketing is a sales tactic in
which companies want to get their goods to clients who aren't actively looking for
product or service, however, it is implemented by aggressive marketing such as banners,
TV ads and cold calling, in the expectation that a will to buy such a product or service.
Radio and television commercials are examples of traditional push advertising. Those
will disrupt lots of programs a lot of times (Passiondigital, 2014).
- Pull marketing: On the other hand, customers would deliberately search out a company
for its services or products and they are already sure of its credibility, which is based on
pull marketing. In terms of marketing, the goal is to create a brand that is inextricably
connected with customer loyalty by aggressive advertisements, as goods offer value to
the end consumer (Saravia, 2020).
Push marketing is used to spread the message, and pull marketing is used to link the brand with
customers.
2.2. Future trends:
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Future trends forecasting is a statistical method that uses past behaviours to predict future values
of a given variable. In other words, it's a method for predicting possible acts based on previous
ones.
According to Jameson (2018), the remix culture is one of the future trend of marketing in 2030.
The development of connectivity is fostering a new feeling of community and a better awareness
of both local and global identities. People are returning their focus to their local roots as the
world grows more globalized, regaining local resources, goods, tastes, and customs. Consumers
are putting together their remixed with the use of national and local labels, and alliances between
them, as well as through global discovery. For an example, Wieden + Kennedy is a public
relations firm based in New York, Viviane Sassen shot the Waso advertisement for Japanese
cosmetics group Shiseido in the wilderness areas of Japan.
Besides, consumers are searching for creative activities by which they can express their own
distinct cultural identity. Consumers with a combination of inherited and acquired cultural
backgrounds are interested in sharing their cultural mixes and engaging with those who
appreciate the same things. Furthermore, consumers and major retailers are advocate of cultural
pride to demonstrate their respect and awareness of unique cultures. An example, Afrominima is
a modern homeware brand that is part of a fashion trend that connects African design with the
future. The premium brand is influenced by Nigerian culture, but it also incorporates elements of
Japanese and Scandinavian architecture.
II. Organization marketing process:
The marketing process is comprised of basic concepts that necessitate extensive investigations on
the marketer's key component. It would be incredibly difficult for companies to both produce and
market a product if they did not first consider what their customers need or want. Consumer
decisions are guided by needs and desires, and advertisers must conduct research to better satisfy
their consumers. Marketers are guided to the next phase of the process by this analysis and now
can create a customer-driven marketing plan. Moreover, analyzing business prospects, choosing
target audiences, designing marketing mix, and eventually managing the marketing campaign are
all part of the marketing process.
There are two major sections to the marketing process: The first part is made up of tasks that
create value to the clients. This is the biggest and most important section of the process and it's
broken down into four stages. The business will capture value from consumers in exchange,
which is the second step of the Marketing Process. The processes are depicted in the picture
below.
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An Expanded Model of the Marketing Process-Source: Kotler and Armstrong, 2013, p. 50
The first phase in the marketing process is to determine who the consumers are and what they
require and desire. Before engaging in any other marketing campaigns, the organization should
obtain a thorough knowledge of the market. For that, the organization must research the
marketplace, as well as customer needs and wants. Instantaneously, business knowledge and
consumer data, i.e. marketing data, must be handled. This is necessary because the company
must not only satisfy customer demands, but also do in a way that differentiates them from their
key competitors (Claessens, 2015).
The next step with the design of a customer-driven marketing plan. In order to do that, first and
foremost, it entails market segmentation and customers targeting. The company must divide the
market into segments, then aim and concentrate on each selected sections. This answers the
straightforward question: Who do we want to serve? Since a company cannot please all
customers in all ways, as a result, performing proper segmentation and targeting is needed.
Instead, the organization should concentrate its efforts on the consumers it can best serve and
profitably. The next issue concerns how best to represent the targeted clients, which entails
distinction and placement. Choosing a Marketing Concept, also known as Marketing
Management Orientation, is also part of the process (iedunote, 2020).
The corporation will take the third phase, which depends on the development of an integrated
marketing package, the so-called marketing mix, after the marketing plan is created. The
marketing program's goal is to transform the marketing campaign into tangible benefits for
consumers. The marketing program, which consists of the four marketing blend components, is
known as the 4 Ps such as Product, Price, Place (Distribution), and Promotion (Brandall, 2016).
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Creating a product (or service) that is attractive for the intended consumers and building solid
identities around these items is what the Product is all about. Then they have to be priced to
appeal to consumers, and distributed (Place) to reach the intended customers through controlling
demand and supply chains. To complete the marketing mix, a promotion plan must be developed
in order to convey the consumer service and value proposition to target consumers and persuade
them to accept the corporation's bid (Claessens, 2015).
As the article of Claessens (2015), building profitable consumer partnerships with target buyers
is the fourth stage in the part of the Marketing Process, which seeks to generate value for clients.
As a result, this phase could be the most crucial in the initial stages of the marketing process. It
leads to establish and maintain customer relationships called CRM (Customer Relationship
Management) Customer service creation and positive relationships with customers necessitate
strong relationships and cooperation with business partners, which contributes to PRM (Partner
Relationship Management).
Since completing these four phases, the company has generated value for the right consumers
with an integrated marketing program that results in good consumer relationships. The fruit of its
efforts can now be harvested. The final stage will now concentrate on capturing value from
customers in return. Capturing customer value indicates that the organization can generate sales
and customer value. This is focused on happy, pleased, and committed consumers who replicate
the buying action and therefore return to buy more and more. The firm would be able to grow its
market share and win a larger share of consumers if all operations are well organized and
conducted, allowing it to optimize the value it will receive from buyers.
III. The roles and responsibilities:
1. In Marketing function:
The marketing function can be described as the functions of a business company that assist it in
identifying and sourcing potentially competitive goods for the market, as well as assisting in
their promotion. The marketing functions of a business enterprise include a variety of roles, and
these functions are responsible for the company's development.
As the data mentioned in Marketing process, creating value for consumers in order to get value
back from them is the key responsibilities of Marketing. For instance, marketers today must be
adept at both generating and maintaining consumer relationships. Outstanding marketing firms
identify the business and consumer desires, formulate value-creating marketing campaigns,
create innovative marketing campaigns that maximize customer value and pleasure, and cultivate
good customer relationships. In exchange, they harvest consumer satisfaction through revenue,
earnings and loyalty to consumers (Kotler and Armstrong).
2. Responsibilities and roles of marketing in Da Nang Go:
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Da Nang Go is a non-profit organisation dedicated to assisting people in tough and unlucky
situations. Economic, social, and environmental programs with long-term and sustainable
conservation and sustainability strategies are among Da Nang Go's activities. Da Nang Go also
collaborates with charities, companies, and colleges to improve the efficacy and social impact of
its programs. This corporation also looks for and employs people to support other nonprofits. In
addition, in order to build consensus and sponsorship from domestic and international
benefactors, the company makes public and open donations.
According to Lake (2020), the use of advertisement strategies by a charitable corporation is
known as nonprofit marketing. Promoting the company and its message, collecting donations,
fostering participation, recruiting volunteers, and pushing political or social reform are all
examples of marketing functions. Da Nang Go also need ads just as much as companies do, and
they employ many of the same marketing tactics to engage with supporters and donors.
Nonprofits may use many of the same media platforms as for-profit companies do. The biggest
distinction is that charities often have a lower budget and must be strategic in their approach to
contacting supporters and spreading the news about their mission.
Actually, Da Nang Go - non-profit organization has responsibility in marketing is to create value
for targeted customers with the roles that construct an integrated marketing program that delivers
superior value. However, their customers are main people who want to donate and give things
that have value for the business. Moreover, the organization operates with the main activity of
helping people in difficult circumstances, so building a meaningful image and marketing the
activities is an essential role of the organization. Thanks to their activities, they also can build
strong relationship with supporters.
Another responsibility of Da Nang Go is capturing value from customers by calling upon helps,
volunteer and donation from national and international helps. The market that the organization
targets is donations from the people of Da Nang city because most supports are from abroad.
Furthermore, the marketers of Da Nang Go are trying to rate donations from people to work on
their projects and help them in community.
IV. The relationship between Marketing function and other function:
To have a successful business, the importance of marketing in businesses cannot be ignored. A
company's survival is determined by its wise marketing platforms, as well as financial and
organizational roles within its framework.
Marketing is critical in forming partnerships between clients and the businesses that provide
services to them. In contrast to cases where goods hit the industry without advertising, it gives
businesses the courage to continue to try a different product on the market. This means the
marketing work vital in all organizations, regardless of whether they are for profit or not.
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Marketing build the organization's brand, how customers match goods or services from
organizations and gives people trust in that products or services (Mahea, 2014).
When it comes to profit-driven companies, marketing is responsible for increasing sales and, as a
result, increasing profitability. Furthermore, the role aids in the expansion of the company's
target market. This is particularly true as the company deals with a large number of business
consumers and decisions require more than one entity. The marketing department is also
responsible for the company's brand, engagement in publicity events, advertisements, and
customer contact via feedback collection.
The interrelationship between marketing functions and other organizational functions can be
explained as follows: marketing functions are part of a corporate organization, and as a result,
other divisions and functional units are linked to one another. This can be explained by the fact
that marketing roles need support from the company's other operating units in order to operate
efficiently. If a corporation has to formulate and execute a marketing strategy, it would need the
help of the company's finance department, HR department, and sales department.
First of all, since the basic role of finance is to try to increase profits, without advertisement and
marketing, business revenue sales will not improve, because without sales, there may be no
profits, result in no need financial department in company, when the basic function of finance is
to find ways to increase profits, because when there are no profits, the entire finance role will
become unnecessary. Therefore, a good financial foundation is needed for good marketing. The
finance department allocates sufficient funds to the marketing department for the preparation and
execution of the marketing strategy.
For Da Nang Go, to successfully perform their project, startup NGO need to combine marketing
and financial department with each other. Thanks to good marketing strategy, the organization
can receive more funds from fundraising, and the finance division will provide money for Da
Nang Go to carry out volunteer campaigns as well as help people who are really have a difficult
life.
Secondly, because small companies nearly all have limited budgets, even though conditions are
great, doing hiring decisions right the first time is even more important. HR function is in charge
of for activities such as planning, recruitment and selection, performance management, learning
and development rewards; and employee participation and communication.
In the situation of Marketing, HR function takes responsibility for recruiting right employees for
each department. Besides, HR department also train and develop new staffs from marketing
department. However, to hire correct people for the company, the HR department need help from
marketing division. Through good marketing strategy, HR function can attract more talents to the
company.
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In Da Nang Go, the HR function look likes very small. The main role of them is to hiring the
right employees for marketing department, for an example, they hire people who love to working
volunteer environment though their salary is not high. In addition, HR function is responsible
for training new staffs to fit with their department. Furthermore, this department also choose the
reasonable reward system for employee in marketing department.
V. Key elements of Marketing function:
Marketing functions include a wide range of operations such as advertisement, funding, and
delivery, but these are the activities that fall within the marketing mechanism. The below are the
main components of marketing functions:
- Research: Market analysis is very important in the corporate world. It is regarded as the
most critical marketing function, as business will be almost impossible without a good
market study. Research aids in obtaining useful knowledge on all aspects of the business
process. Not only does analysis provide industry intelligence, but it can also provide
infrastructure, economics, raw materials, resources, and other business opportunities. As
a result, it is regarded as a critical core marketing feature in business organizations. For
example, if Da Nang Go wants to sell hand-products, they need to research the market
what customers prefer, then they can make some products by hand and via marketing,
they will sell their products to customers to raise fund for organization.
- Strategy: After gathering all of the research and information from the report, it is
analyzed to assess all of the potential strengths and weaknesses in the company
operations. This processed data enables the enterprise to generate ideas about solutions
that can be implemented within the organization. The methods are developed based on all
of the possible possibilities and consequences that can be evaluated by analysis. For
instance, after researching the demand market, Da Nang Go come up with the strategy
such as market their organization on the social media like Facebook, Tiktok, YouTube,
etc.
- Planning: Following the satisfactory execution of the testing and policy processes, the
planning process is the next core feature of marketing. Financial preparation, revenue
forecasts, logistics, networking, and other aspects of operation are also covered by the
marketing department. As an example, to do the voluntary activities, Da Nang Go will
plan with the finance department to implement their projects.
- Tactics: The fourth major role of the marketing feature is tactics; these are the limited and
short-term plans to draw customers. They include limited-time offers, such as buy one get
one free deals, that provide a promotional boost to the marketing strategy. It assists in
reducing the initial pressure from rivals and increasing sales.
The below describe the interrelationships of core marketing functions with other organizational
functional units:
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Marketing roles are inextricably tied to other organizational divisions of corporate entities. An
example of financial department linked to the marketing department may illustrate this.
Marketing functions include economic capital, funded by the company's financial department, to
execute, plann, conduct analysis and assess marketing strategy and prepare for corporate
organizations. Marketing cannot operate without good cooperation and coordination with the
company's finance division.
To have a communication strategy, the marketing functions include detailed descriptions of the
organization's goods and services from the production department. Second, they include human
resources from the HR department, financial assistance from the finance department, and
logistics from the delivery network, among other things. The marketing activity must be reported
to and supported by the company's other divisions (Pike, 2015). For example, in order to
maximize revenue, HR policies must be matched with marketing policies, and the development
staff must communicate product and service knowledge to create an effective marketing strategy
for the business.
VI. Da Nang Go:
With above information and the results of Da Nang Go in marketing show that they had already
done an excellent job in the development of online marketing and in building a reputation for
people. The fact that Da Nang Go is hard to corporate with Vietnamese and receive donate from
them because the marketing of them is not strong on the social media like Facebook. In addition,
they do not have more videos about their activities and the process of action of the organization.
To solve this problem, Da Nang Go should have new current trends such as Tiktok and create
organization’s website page – until now, they just have website page on Facebook but do not
have own website page. Because of trending of young people, they are tending to use like Tiktok
regularly than the other social medias, so it will be a good strategy for Da Nang go to create the
account on Tiktok to attract more supports from Vietnamese.
On the other hands, employees in Da Nang Go is almost foreigners, so the reaching Vietnamese
people is quite difficult. The solution of this issue is the organization should have a marketing
strategy for HR function is hiring Vietnamese employees to easily work and connect them with
others. Moreover, Da a Nang Go should link with more universities by sharing their projects on
student groups on Facebook, thanks to that, more and more volunteers from university will be
interested in the projects of organization.
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C. CONCLUSION:
The research had shown obvious information of roles and responsibilities of Marketing in the
organization in general and Da Nang in particular. Besides, the report also illustrated the
significant interrelationships between Marketing department with other function in the
organization.
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