ASSIGNMENT COVER SHEET

STUDENT DETAILS

Student name: Nguyen Minh Khanh Student ID number: 31191023401

UNIT AND TUTORIAL DETAILS

Unit name: MkC_S1(2021-2022)DH45ISB-1 Unit number: 4

Tutorial/Lecture: Marketing Communications Class day and time:
Lecturer or Tutor name: Mr. Le Thanh Hai

ASSIGNMENT DETAILS

Title: How to Develop IMC Plan Through The Marketing Wheel of Value
Length: Due date: 14th Nov 2021 Date submitted: 14th Nov 2021

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☑ I hereby certify that no part of this assignment or product has been submitted by me in another
(previous or current) assessment, except where appropriately referenced, and with prior permission
from the Lecturer / Tutor / Unit Coordinator for this unit.

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where collaboration has been authorized by the Lecturer / Tutor /Unit Coordinator concerned.

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Student’s signature: Nguyen Minh Khanh

Note: An examiner or lecturer/tutor has the right to not mark this assignment if the above declaration has not
been signed.
 How to Develop IMC Plan Through The Marketing Wheel of Value

Many marketers and managers fail in the market due to their lack of knowledge about how
to create value for their customers or why they have to give value, then blunt about what to
can deliver the company value.

In investment, there are two types of investors. Ones are saving their money by investing in
some company stocks, many others are speculating based on their judgments about the
stock market regularly. Although you are an investor or trader, you cannot put your money
in a company if you did not know well about this company’s performance, and cannot
evaluate their value and what value they give to the environment, people, employees, and
shareholders. Then, you cannot believe in this company. Thus, “Value” is very critical to
every business. In the value chain of the economy and any organization, marketing plays a
vital role because it generates not really a product or money, but value.

If the company offers a thing that does not suit the customer’s need, the value was not
delivered. Thought this was an easy story to solve, but not many businesses are truly
successful and know how to succeed in delivering value. In this personal article, we will
remind some basic knowledge about Marketing in a systematic way to clearly understand
how to Develop IMC Plan Through the Marketing Wheel of Value.

I will cover through these contents:

1. What is Marketing?

2. What are the values of Marketing?

3. What is the most important thing when doing marketing?

4. Marketing is costly. If you can only choose one value to boost, which one?
(Segmentation, Targeting, Differentiation)

5. Which drivers can help your company expose the value of the brand or product to
the customer? (Marketing Mix)

6. What tactics do you use? (Stepic model)

A. What is Marketing?

Marketing is a very broad term that can be understood through one definition. Every
time you change your perspective, you will see marketing in a different way.
Therefore, we cannot judge the correctness of the definition but must understand the
perspective that the definition is aiming at. When I write this article myself, I am from
the perspective of a brand manager but there will be many shortcomings because I
have not had real experience in the above position.

In my opinion, I follow this kind of definition of marketing that marketing is a process

from understanding needs (embossed and hidden needs) to designing solutions to
satisfy those needs. As a result, marketing activities bring growth to the company in
terms of revenue, market share, and benefits to society.

To meet the business objectives, marketing creates changes, which can be known
as value.

B. What are the values of Marketing?

Marketing Value Weel gives you a concise understanding of what value marketing is
from three angles: business, consumer, and cultural.

1. Business Value

If you want your marketing activities to serve business value, this means you go for
one or more of these strategies: volume growth, margin growth, and productivity.
When the company goal is volume growth, business objectives would be to increase
market share or market size. Then, the marketing manager has to know how
marketing activities can support this.

The margin growth strategy will direct the marketing plan to support cost reduction
objectives or price premium objectives. And productivity strategy will direct the
marketing plan to support insight reaction objectives or workflow efficiency
objectives.
Marketing activities add value to the business in terms of sales growth, profit
margins, and productivity gains.

To help businesses achieve the above growth, marketing must solve the problem of
optimizing market share, cost, selling price, insight from the market in which the
business is developing, and effective workflow to meet the needs of the business.
market demand.

Priority marketing delivers value through increasing profit margins. Because after all,
profit is the most important goal that every business is aiming for. Marketing
increases profit margins in two ways:

i. Reduce costs by optimizing communication channels that bring a lot of

value, increase the number of customers who repurchase products,
optimize organic reach to save money on advertising, etc.

ii. Increase selling prices by targeting high-end customer segments,

upgrading products/services, etc.

However, in practice, for various reasons, companies limit the impact of marketing on
business key drivers. For example, young and new employees in the U are usually
only assigned to plow the volume and run the campaign.

2. Customer value

Marketing activities bring value to consumers through branding, buying experience,

and loyalty. Which, branding is the most prioritized activity that brings value to
customers. Branding provides customers with the existing spirit of the brand so that
they have more choices as well as provides customers with the difference and
meaning of the brand to increase customer loyalty.

In terms of the buying experience, marketers must address product availability at the
point of sale and increase usage. In terms of loyalty, marketers must increase
customer loyalty through increasing customer return and increasing customer brand
loyalty.
C. What is the most important thing when doing marketing?

A marketer is an artist, an economist, and a psychologist. Marketers need a source

of inspiration, abundant energy, and creative and innovative thinking at work and in
all situations in life. Marketers need to be observant and sensitive to the surrounding
phenomena. Besides, marketers need to be practical, knowledgeable, and possess
a sharp mind with the market (the ability to judge) to come up with ideas, set goals
and ambitions that can be realized. Finally, marketers must be like psychologists.
You don't have to be born with a high EQ, but you do need the ability to listen, be
curious, and have a spirit of empathy and understanding to be able to perceive
changes in the needs, behaviors of customers and society.

D. Marketing is costly. If you can only choose one value to boost, which one?
(Segmentation, Targeting, Differentiation)

The difference in how people perceive the value of marketing is because each
person stands on a different value, no one is wrong, in fact, they are half right. The
other half depends on the stage of the business, the time of the brand to determine
the right value for that case.

The question to ask: What value should be pushed to solve the business problem?

To answer this question, marketers must understand the customer, understand the
business, understand the product, and understand the brand. From there, select the
value to promote, identify the elements of that value and devise strategies and
tactics to optimize the factors and achieve the goal.

E. Which drivers can help your company expose the value of the brand or product
to the customer? (Marketing Mix)

Drivers are the “toys” you choose to create the value you want. Choosing values,
drivers, and then how to combine them to solve the story of value is a marketing
strategy.

For example, Amway's business model chooses people as drivers. Amway

employees use Amway products and market them directly to customers. However,
 somehow, Amway's strategy is not very good, so this driver of Amway is
counterproductive.

In fact, many companies only allow marketers to touch one driver, promotion. Other
drivers are allocated to the appropriate departments for management.

Driver Pestleed depends on the circumstances. For example, the traffic safety law
was enacted to force people to wear helmets, from which companies of hats or
protective gear immediately produced a product called a helmet.

Political factors often create exclusive brands. When the customer does not have
many choices, the business does not have to worry about price competition or
promotion because then the customer is forced to use the product/service of the
business. For example electric company, water, bank, petrol, etc

F. What tactics do you use? (Stepic model)

After choosing the toys (drivers), then change the prism (tactical) and adjust the
degrees to see which degrees of each glass are the best.

For example, if you choose a driver as a product, consider the product in society,
economy, technology, etc. Change the product's technology to promote brand value.

Depending on the case, the brand must develop the most appropriate and effective
strategy by placing all these lenses on the value and drivers they choose so that it
brings the most value and costs the least.

As a marketer, you must have the ability to clone and focus. You clone to observe and
understand the environment, the context, you focus to help your customer simplify their
decision-making process of purchasing, experiencing your product and service.
Responsible and methodical marketing is about adding value to your own career path,
driving positive sales results for the company, bringing about positive changes for
customers and society.