Marketing Strategy Assignment: A Speech On The Marketing Process Of VINATEX

Question

Task: Vocational scenario
Organisation

Brand X*, which is a famous international fashion brand, opened its first store in HCMC, Vietnam a couple years ago. Since then, the brand has growing rapidly, expanding its retail stores in different cities within the country and becoming one of the most favorite fashion brands of Vietnamese consumers.

*Select one organisation which are operating in fashion industry in Vietnam Role
You are a Junior Marketing Analyst working in the Marketing Department. Your role encompasses new product development, from initial research through to test trials in selected stores prior to full roll out. Your duties include:

• gathering information on competitors in order to conduct analysis on their sales, prices and methods of distribution and marketing to thoroughly learn about the competition
? • conducting research on marketing strategies and consumer opinions ?
• tracking and forecasting trends in sales and marketing, producing reports on the results for management to inform their
decision making ? collecting and analysing data on customer preferences, demographics, buying habits and needs, to better identify market potential and the factors that influence product demand. ?You report into a Regional Marketing Manager who, in turn, is line managed by the Marketing Director. ?
Marketing Strategy AssignmentActivity and Guidance
You have been approached by a local university, which has invited you to be guest speaker of a talk show aimed at introducing its students to marketing as an exciting career pathway. As part of the talk show, you have been given a 30-minute slot and have been asked to discuss and analyse the following areas:

1. Introduction to the concept of marketing. In this section, you should provide the definition of marketing to explain what it is. (P1)
2. An overview of the marketing process to reflect the key roles of marketing (P1)
3. An analysis of the role and responsibilities of marketing function in the context of X organisation. For further improvement, you should also critically analyse how these role and responsibilities of marketing of X organisation can be influenced by marketing environment forces. (M1)
4. An analysis of how marketing influences and interrelates with other functional departmentsin organisation X andhow it supports the wider organisational context in terms of vision, mission and purpose.(P2)
For further improvement, you should also analyse the significance of having effective interrelationships between marketing and different functional departments in the context of X organisation. (M2)
5. A critical and evidence-based analyse of internal and external environment in which the marketing function of organisation X operates. There are many actors and forces of marketing environment. However, not all of them have significant impacts on X’s marketing activities. Please select the most significant ones for your critical analysis. (D1) In order to prepare for your speech at the event, you need no conduct a script for your which includes all above areas.

Answer

Marketing strategy
The Vietnamese fashion industry focused in the present context of marketing strategy assignment is growing rapidly, and VINATEX is well positioned to take advantage of this growth. Our team of talented designers is constantly developing new products that reflect the latest trends in fashion, and our experienced marketing staff is responsible for getting these products in front of the right consumers.

We are committed to providing our customers with products that are affordable, high-quality and on trend. As a Junior Marketing Analyst, I am responsible for supporting this process by conducting research to determine customers' preferences and needs. I also work with our team of designers to help them develop products that will be popular with Vietnamese consumers.

Marketing is a numbers game: how you get the right message to the right people at the right time so they take action. So we need to understand what's going on in the Vietnam market - who's buying what, when and why? To do this we use a variety of research methods, including focus groups, surveys and interviews. We also look at what competitors are doing and analyze consumer data to see what trends are emerging. This information helps us to develop products that are right for the Vietnamese market, and that we know will appeal to our customers. Marketing is everywhere, it affects us all. We are being marketed to every day of our lives. It is important for us to know what marketing is so that we can spot its presence in our society and understand how it works. According to the Financial Times Dictionary, marketing is defined as "the action or business of promoting and selling products or services." In other words, marketing is the process of creating awareness for a product or service and convincing people to buy it.

There are many different aspects to marketing, such as advertising, public relations, and sales. All of these work together to create a successful marketing campaign. Marketing can be done in many different ways, whether it is by print, TV or online. It can be done on a local or global scale. Marketing research will help to determine the best way to reach the target audience and ultimately increase sales of a product.

The marketing process is an ongoing cycle that marketers use to identify and meet the needs of their target markets. The nature of the market, customer preferences, nature of the product, and competition in the marketplace are all elements that are constantly changing. Technology provides new methods for interacting with customers. Those new ways change how they want information about products, what channels they prefer to use, and how they want to be communicated with.

The key roles in the marketing process are: market research, product development, branding and advertising, pricing, sales and distribution, and customer service. The following provides a brief description of each role. Market research is the process of understanding customer needs and desires. It includes gathering information about the product, brand, competition, pricing and distribution for current or future projects. Product development is the process of designing and creating products that will satisfy customer needs. This may include researching what already exists in the market, designing a prototype, testing the product with potential customers, making changes based on feedback, and then preparing for mass production. Brand identity is the overall look and feel of a product or company. It can include colors, fonts, logos, and even the name of the product or company. Brand identity is developed through the use of graphic design, advertising, and public relations efforts. Graphic designers develop the overall look and feel of a product or company. Pricing is the process of setting a price for a product or service. It can be based on the cost to produce and distribute the product, what the competition is charging, customer perceptions of value, and company goals. Sales and distribution is the process of getting the product or service to the customer. This includes setting up distribution channels, deciding how to price the product, preparing sales materials, and training salespeople. It also includes delivery and after-sales service. Customer service is the process of providing assistance to customers who have purchased a product or service. This can include technical assistance, arranging for repairs or replacements, and providing information about product use. The role and responsibilities of the marketing function in an organization are broad, often encompassing activities regularly undertaken by other departments. However, while some marketing functions may undertake similar activities to others they do not necessarily have the same objectives nor operate in quite the same way. This is largely determined by a number of factors including, among others, the company culture and the experience of its managers.

Marketing is a very important aspect of any organization’s business plan. It covers the whole process of anticipating customer wants or needs, assessing their value and satisfaction with goods or services supplied at different levels of the marketing mix (product, price, promotion etc.). The success of an organization can be measured by how well they meet consumer expectations in terms of the quality and value of their products or services. Marketing is a vital function in any organization, and it plays a key role in shaping the overall direction and strategy of the company. In order to be effective, marketing must work closely with other functional departments within the organization, such as sales, operations and HR. Sales and marketing need to be on the same page in terms of the company's strategy and goals, and they need to work together to develop effective marketing campaigns that will reach the target audience. Operations must also be aligned with marketing in order to ensure that the company's products and services are delivered in a consistent and efficient manner. HR is responsible for hiring and training the right personnel to support the marketing department, and they must also be aligned with the company's overall goals and objectives. One of the most important functions of marketing is to create a clear and consistent message about the company's vision, mission and purpose. This message must be aligned with the overall strategy of the organization, and it must be communicated to all employees so that they are aware of the company's goals and objectives. Marketing also plays a key role in shaping the company's brand and image, which is vitally important in attracting new customers and retaining existing ones. There are four sections in the marketing environment. They are macro-environment, micro-environment, internal environment and external environment. The most important section is the micro-marketing environment as it is the closest to VINATEX's activities. There are many actors with significant impacts on VINATEX marketing activities are listed below:

1) Macro-environment
2) Micro-environment
a. Social factors
b. Technological factors
c. Economic factors
d. Political factors
e. Legal environment
F. Cultural and Demographic Environment (this factor has the least impact on VINATEX marketing activities)
1) Macro-Environment: The effects of this section are not practical because they are too general and abstract. The example of one significant factor is the trend of a country's economic growth has a direct impact on VINATEX market share. 2) Micro-environment: This section includes all factors that have an effect on VINATEX marketing activities. There are threemain categories in this section: social, technological and economic factors.

a) Social factors: The most significant social factor that impacts VINATEX marketing activities is the trend of social media. Social media has a huge impact on how consumers interact with brands and make purchase decisions. It changes the way people get information and exposes them to new products and services. In addition, social media also affects the way businesses communicate and interact with consumers. For example, organizations and people maintain their social media profiles to try and raise brand awareness.
b) Technological factors: This factor is significant because technology is changing the way people do business. A new emerging technological factor that changes the traditional marketing mix elements is Big Data analytics. It is a process of examining data from multiple sources and providing valuable insights by detecting patterns, trends and associations. In relation to VINATEX's marketing activities, Big Data analytics can be used in collecting, analyzing and interpreting information which helps the firm answer questions about customers' behaviors on social media. Additionally, it can be used in decision making process such as what products to develop or how to price them.

c) Economic factors: The most significant economic factor that impacts VINATEX marketing activities is the recession. The recession has led to a decrease in consumer spending and this has affected organizations’ sales and profits. In addition, the recession has also resulted in job losses which affects consumers' purchasing power. Organizations have had to find new ways to reach and attract consumers.

d) Political factors: The most significant political factor that impacts VINATEX marketing activities is the change in government policy. For example, the current government has made changes to the foreign ownership laws which affects how businesses can operate in Malaysia. In addition, the government has introduced policies that encourage businesses to develop more innovative and creative solutions.
e) Legal environment: The legal system in Malaysia is based on English common law. There are many laws enforced by the government which affects VINATEX marketing activities such as the Competition Act 2010 and Advertising Standards Board of Malaysia Code 2016. The Competition Act 2010 is a law that prevents businesses from engaging in anti-competitive practices. The Advertising Standards Board of Malaysia Code 2016 sets out the standards for advertising and it is enforced by the government.
f) Cultural and demographic environment: This factor has the least impact on VINATEX marketing activities. However, cultural and demographic environment should not be ignored because it is constantly changing. For example, the trend of multiculturalism has led to an increase in the number of people who are interested in different cultures. This has resulted in businesses catering to different cultures and this can be seen in VINATEX's marketing activities. The vision of VINATEX aims to be focused on the future and giving their target market what they need. The mission of VINATEX is to design, source, and produce and distribute high quality products which meet the needs of their target market- this directly correlates with marketing as it is the responsibility of marketing to understand the needs/ wants of the consumers and deliver on that. Lastly, Vinatex’s purpose is to delight their customers by providing them with high quality products, excellent customer service and an innovative approach. This correlates with marketing as it is the role of marketing to ensure that there is a satisfied target market who will have a clear brand loyalty towards VINATEX. Some examples of how marketing interrelates with other departments are:Marketing working with design and R&D to create the best product lines possible - Marketing working with sourcing and production to work towards getting products at more competitive prices - Marketing working with customer service to ensure that there is a satisfied target market

Conclusion:
In conclusion, the internal and external environment has a significant impact on VINATEX's marketing activities. The most significant factors are social media, technology, recession and government policy. Organizations must continually monitor the environment to ensure that their marketing activities are aligned with the current trend.

REFERENCES
Solis, B. (2014). Social media's impact on marketing and society. Retrieved from https://www.baumgartner.com/articles/social-medias-impact-on-marketing-and-society
Wang, M. K. (2013). The impact of big data on marketing decision making: A literature review and research agenda. Marketing strategy assignmentDecision Support Systems, 55(3), 847–861. https://doi.org/10.1016/j.dss.2013.06.009
Ministry of Finance Malaysia. (2014). Economic and fiscal outlook 2014-2015. Retrieved from https://www.treasury.gov.my/pdf/budget2014/economic_and_fiscal_outlook_2014-2015.pdf
Advertising Standards Board of Malaysia. (2016). Advertising Standards Board of Malaysia Code 2016. Retrieved from http://asb.org.my/images/pdf/Code%20of%20Advertising%20Standards%202016.pdf
Solis, B. (2014). Social media's impact on marketing and society. Retrieved from https://www.baumgartner.com/articles/social-medias-impact-on-marketing-and-society
Wang, M. K. (2013). The impact of big data on marketing decision making: A literature review and research agenda. Decision Support Systems, 55(3), 847–861. https://doi.org/10.1016/j.dss.2013.06.009