Assignment Marketing Strategy Nguyen Trong Tung

Vietnamese Name: Nguyễn Trung Kiên
Student ID: F13-280
Class: F13B
Email: [e-mail]
1. The purpose of the report and an introduction to the Nguyen Kim shopping center
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Company Introduction
Nguyen Kim Trading Joint Stock Company was founded in 1992 as a store specializing in
wholesale and retail electronic and refrigeration products. Since then, the company has
gradually expanded into other fields such as trade, service, real estate business,
manufacturing and assembling electronic products. Nguyen Kim is regarded as the first
electronics center to be established on a large scale and with high professionalism, with a
network of shopping centers spread throughout the country, particularly in major cities such
as Hanoi and Ho Chi Minh City.
Company History
Nguyen Kim opened the first electronics store at 6Bis Tran Hung Dao from 1996 to 2000.
Nguyen Kim established the first modern electronics retail center in Vietnam under the name
Saigon - Nguyen Kim Shopping Center from 2001 to 2005, as well as the first electronics
retail website in Vietnam and a sales channel specialized B2B products. From 2006 to 2011,
the company transformed its management model and business operations into a joint stock
company. Main and strategic cooperation with all electronics corporations as we expand from
one center to many centers in provinces and cities. Developing from 1 center into many
centers in provinces and cities main and strategic cooperation with all electronics
corporations.
Objectives
To demonstrate my understanding of the marketing concepts, the marketing process, the roles
and responsibilities of the marketing manager as well as the marketing department in the
business in general and in Nguyen Kim in particular. In addition, I will offering some value
propositions for Nguyen Kim to improve the effectiveness of the company's marketing
activities.
2. An overview of the marketing concept, including current and future trends.
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Marketing concepts
The production concept is the most operationally oriented of the marketing
principles on this list. It speaks to the human reality that they want goods that are
readily accessible and affordable. The basic concept behind this theory is that
businesses would want to produce as many low-cost products in large quantities as
possible in order to maximize profitability and scale (Gamble, Gilmore, Mccartan-
Quinn and Durkan, 2016). Customers are believed to be concerned mainly with
product availability and low costs, even though their requirements may not be
completely addressed (Hooley, Lynch and Shepherd, 2015). However, I believe that
such a strategy is most effective when a business operates in high-growth markets or
when economies of scale are crucial. The problem with this idea is that companies
risk not delivering high-quality goods and may have problems with customer service
as a result of impersonal production. Furthermore, the manufacturing concept is a
relic from a time when there was little or no competition. The more I produce at such
times, the more the product is consumed.
The product concept is more concerned with the customer than with production and
business output. Customers prefer products that have quality, performance, or unique
features (Manrai and Meadow, 2015). This marketing philosophy believes in potential
consumers and how product options, product quality, and the benefits they obtain
from the product and the company they invest in are all important factors in their
brand loyalty (Houston, 2017). Under this marketing concept, businesses would
concentrate on developing superior goods and enhancing them over time. Many
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companies, on the other hand, struggle to strike a balance between the need for a
commodity and marketing requirements. Focusing on the consumer while also
describing marketing's position and industry leadership is a fine line to walk.
The selling concept is regarded as the foundation of marketing efforts because it
holds that people will not purchase enough of a company's product and that
businesses must persuade them to do so (Blotnicky, 2016). If an organization has a
strategic strategy in place to efficiently encourage further buying among its future
buyers, this idea gives it a lot of strength (McGee and Spiro, 2018). When a business
is faced with overcapacity and has to sell what they produce rather than what the
consumer wants or desires, this action is often used. Of course, I understand that
selling isn't the only way to achieve full marketing success in today's marketing.
Businesses that use this marketing strategy must be adept at locating potential
consumers and emotionally persuading them of the advantages of their "unwanted
product."
The concept of marketing is the concept of competition. It's a marketing concept
that says a company's success is measured by marketing activities that deliver a better
value proposition than rivals (Patsiaouras, 2019). This definition focuses on the needs
and expectations of target marketing, as well as offering superior value to the
competition (Bastos, W., Levy, S. 2015). Marketing research, on the other hand,
uncovers customer requirements that can then be used to guide a company's
innovation process. Allowing customers' expressed needs to guide a company's
innovation process isn't always a good idea because customers can't express needs
that go beyond their own experiences. As a result, when an organization focuses its
innovation process on the articulated needs of its consumers, it can only create
incrementally improved goods than the ones they already use.
The definition of societal marketing is the most modern and forward-thinking
marketing mindset to have. Societal marketing is define as a marketing concept that
believes in giving back to society by delivering higher-quality goods that help to
make the world a better place (Dickinson, Roger, Herbst, Anthony, and
O'Shaughnessy, John, 2016). This orientation arose as some questioned whether
marketing and business are addressing society's massive problems such as
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environmental degradation, resource scarcity, population growth, poverty, and social
disruption (Vasconcelos, 2014). In societal marketing, however, the return is a better
society with less crime, pollution, or other ills, benefits that are unrelated to monetary
gain. As a result, societal marketing typically operates on a shoestring budget and
may struggle to find funding.
In my opinion, Nguyen Kim is currently using three marketing concepts including:
Customer-oriented concept, relationship marketing concept and societal marketing concept,
which is shown through the marketing mix as follows.
Customer-oriented concept
Product
Product assortment
Products at Nguyen Kim are plentiful and diverse, ranging from popular to intermediate and
high-end product lines from three major industries, namely entertainment,
telecommunications, and informatics, with a total product count of up to 50,000 .
Furthermore, all products are genuine, high-quality items from reputable manufacturers such
as Sony, Toshiba, Samsung and so on. Furthermore, the company updates the latest products
to introduce to customers on a regular basis.
Customer and supporting service
Nguyen Kim also provides retail service through its e-commerce website. Nguyen Kim's
website enables this company to sell hundreds of millions of products across dozens of
product categories. Customers can easily find all information related to Nguyen Kim's
products that they are interested in, such as product status, features, specifications, and so on.
Information such as product status, features, specifications, and so on are provided in a
specific and easy-to-understand format.
Price
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Pricing strategies
With the characteristic that distribution companies' product prices are heavily influenced by
factors such as exchange rates, taxes, freight, and storage charges, the company's price
strategy is a flexible price strategy based on market fluctuations, regularly adjusting selling
prices to be the most profitable for consumers while ensuring profits for the company. Prices
at electronic stores and supermarkets are listed and publicized on the company's website to
allow customers to easily compare prices between distributors. Nguyen Kim's product prices
are also very flexible in comparison to competitors' prices. With such a pricing policy, the
product price will be low, close to the price of the imported company, allowing the consumer
to purchase the product at a low cost.
Discount pricing
Nguyen Kim, in particular, is willing to "sacrifice" a portion of profits for specific products
on occasion in order to attract a large number of customers at the same price. With an average
interest rate of 20% for an electronic product, Nguyen Kim will accept a reduction in interest
rate to 7-8%, even 3 - 5%, and profit through vendor bonus large sales. In addition to the
above-mentioned regular subsidy policy for customers, the company also has great
promotions to attract customers, with discounts ranging from 5% to 30% and even 50%, as
well as attractive gifts or coupons. Nguyen Kim can encourage shoppers in this way by
offering promotions and discounts.
Place
Location
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