UNIVERSITY OF BEDFORDSHIRE FOREIGN TRADE UNIVERSITY

SCHOOL OF BUSINESS HO CHI MINH CITY CAMPUS

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END-MODULE ASSIGNMENT

Code: MKT

FOR EXAMINERS ONLY

Student: Hoa Hồ Đông Đông Grade (in number):

………………..
Student ID: 1805025122
Grade (in words):
Cohort: K57BF-A ………………..
Semester: I Examiner 1
Academic year: 2020-2021 (Signature & Fullname)
………………..
Headteacher: Nguyễn Xuân Minh
Examiner 2
Submission date: 15 October 2020 (Signature & Fullname)
Student’s signature: ………………..

Ho Chi Minh City, 2020

 STATEMENT OF AUTHORSHIP
Except where reference is made in the text of the end-module assignment, this
assignment contains no material published elsewhere or extracted in whole or in part
from an assignment which I have submitted or qualified for or been awarded another
degree or diploma.
No other person’s work has been used without due acknowledgements in the
end-module assignment.
This end-module assignment has not been submitted for the eveluation of any
other modules or the award of any degree or diploma in other tertiary institutions.

Ho Chi Minh City, October 2020

(signature and fullname)

TABLE OF CONTENTS
Page

Statement of Authorship.................................................................................................2
Table of Contents ............................................................................................................3
1. Why you should study marketing..................................................................................4
2. Using practical examples, discuss the key challenges facing companies in the
twenty-first century in reaching consumers. What actions might marketers take to
ensure they are attractive to consumers.............................................................................5
3. What are available means of communication that companies can choose to
communicate with their customers effectively? Give examples to illustrate your

answer.

......................................................................................................................................... 11
4. A very common question small business people have about the pricing strategy
section of the marketing plan is: How do you know what price to charge? What would
your advice be to them?

......................................................................................................................................... 12
5. Are some groups more susceptible than others to certain types of marketing
promotion? If they are, at what point and how should they be protected?

........................................................................................................................................ 16
Bibliography.................................................................................................................... 17
1. Why you should study Marketing
The reasons I choose marketing was that:
 Tap into your creativity: Marketing allows you to tap into your creative side. If you
are witty and have a mind that refuses to fit into a box then marketing and you are
made for each other.
 Marketing has various options: There’s room in it for everyone, whether you are an
introvert or an extrovert… it doesn’t really matter. You can carve a niche for yourself.
If you are into writing you can become a content writer. If you have more of a visual
brain you can go into graphics. If neither suits you can become a strategist or simply
be a data analyzer. There’s a place for everyone.
 Chance to make a difference: Ok, this may sound a bit far-fetched but I believe you
can actually make a difference in society through marketing if you break the
stereotypes. Especially now since people are becoming so much more open to new
ideas and the world is evolving so rapidly.
 Wanted every where: Marketing is needed everywhere. Even hospitals and charities
need marketing to get funds. Since it’s so essential, it means there are a lot of jobs in
this field. If a business does not do marketing you can just sell the idea of marketing to
them and create a job for yourself.
 Keep you up to date: Marketing is the world where everything keeps changing. New
ideas keep pouring in. It forces you to keep coming up with new innovations. It keeps
you on your toes and stops your mind from rotting away due to mediocrity or
repetition.
 Grooming: Being in the field of marketing means you have to look good and sound
smart. It polishes your personality and motivates you to look good *nudges*.

 Exposure: Marketing is one field which provides endless exposure. You keep meeting
new people and traveling for ads, TVCs and photo shoots. Plus you get to meet the
celebrities *wink wink*

Marketing widens your social circle as well as your mind and is a field full of opportunities
and possibilities. It may not be everyone’s cup of tea but it has many advantages.
2. Using practical examples, discuss the key challenges facing
companies in the twenty-first century in reaching consumers.
What actions might marketers take to ensure they are
attractive to consumers?
 The key challenge

Today, we have emerging technologies such as Big Data, the Internet of Things, Cloud
computing, and Artificial Intelligence.

In the meantime, companies like Google, Amazon and Facebook are fundamentally changing
our society. On Amazon, you can order a product from the other corner of the world, and get
it delivered in just a few days. The same distance that would take months just 100 years ago.

The point is, we have globalization and digitalization really changing things around. And,
with this in mind, let’s see what are the new International Marketing challenges for businesses
in the 21st century:

 Increased competiton:

When we talk about competition, we are not talking about an increase in the number of
competitors. Of course, this is also possible, but this is not the main issue.

The thing is, businesses that are operating fully or partially on the Internet have an easy access
to new markets. This means that if a physical business can only operate locally, a digital one
can access hundreds of new markets.

However, the access to new markets also means exposing yourself to more competitors. After
all, if you are trying to reach the audience in a new country, you still have to “fight off” its
local competitors. This translates to not only having specific local competition in each new
country, but also more overall competition for your business.

 Inefficient Campaign segment:

Next on our list of International Marketing challenges is diluting the focus of your campaign
segmentation.

You see, a lot of companies are trying to reach their potential customers with generic
campaigns. They create a set of display ads or search ads, and hope that every user will be as
equally attracted by them.
The problem, again, lies to a certain point with trying to reach a wide audience with the exact
same approach. Which is almost never successful because people want to feel that your
product was made for them, and their particular needs and desires. 

 Lack of resources:

Undoubtedly. one of the biggest International Marketing challenges is the lack of resources to
cover all markets. This is true not only when it comes to advertising budget, but also for
human capacity. Even if you had enough budget for campaigns, you still need to have enough
people to manage them.

But this is not the whole issue. If you are expanding digitally, you need to evaluate the
distribution of your resources. Are you going to hire people within your own country to
manage campaigns for foreign markets? Or try to hire people directly in the new market?

 Brand awareness:

Brand awareness is very important when it comes to International Marketing, and just
Marketing in general. The challenge comes with the difficulty to achieve a good level of
brand awareness on a global scale. The typical situation is that you have more brand
awareness in your country of origin, but not so much outside of it.

Another issue comes with making Marketing campaigns for brand awareness. You see, the
thing is that they are designed to make your brand more recognizable, but not for generating
quick results such as bringing more leads or prospects.

So, if you are a small company that wants to increase brand awareness in new target markets,
you will need a lot of budget. That you probably do not have. So, what can we do in this case?

 Difference in performance data:

Another issue when it comes to International Marketing online is how performance data
varies by country. And more specifically, Costs per lead and Costs per click, among other
metrics. These are the key metrics that advertisers use to measure how efficient their
campaigns are in terms of return on investment.

The challenge is that, depending on the competition for your segmentation, some countries
will have much higher CPL and CPC. Which, consequently, means that doing campaigns in
certain countries will require much more budget for the same results compared to other
countries.

 Engagement differs across markets:

Our list of International Marketing challenges continues with engagement. When you are
doing multiple campaigns to multiple countries, you will notice that their engagement with
your campaigns differs.

This happens because:

- Some countries recognize your brand more easily than others;

- There is less overall competition for your product, so you look more interesting;
- You don’t know your audience well enough, so your campaign does not resonate with
it.

 Language barriers

Next on our list of International Marketing challenges is the existence of language barriers. If
you are trying to reach new markets, the chances are that they do not speak your native
language.

In this case, you will have to decide if you should make your campaigns in English, or the
native language of your foreign target market.

 Compliance & GDPR Issues

This challenge, although not directly related to the creation of Marketing campaigns, is
definitely not to be underestimated. After all, it has a direct relation with the leads that you
generate from your Marketing campaigns. And of course, the way you communicate with
them afterwards.

 Local channels

Next on our list of International Marketing challenges is finding where your customers live on
the Internet. Many times, we assume that advertising networks such as Google, Facebook or
LinkedIn are the perfect “portals” for reaching everybody.

 Solutions

 Increased competiton:

You can approach this issue in multiple ways.

First, the most obvious and reasonable approach is to expand gradually. If you are a small
company with very limited resources, trying to access multiple new markets at the same time
will probably end up in failure. Because you don’t have enough resources to penetrate them
successfully while fighting off competition.
In this case, the best you can do is only select one new country to expand to. And then, once
you’ve built a successful ground on it, you can move  to the next one.

Second, you have the option to look for local partners to help you expand in each country.
They already know the market and the audience, resulting in faster growth. However, this
option might still require resources that many small businesses just don’t have.

 Inefficient Campaign segment:

The solution to this challenge is to get as specific as possible with your campaigns. Let’s say
that you want to launch a campaign with a budget of 1200€ targeting 3 different countries.
Instead of doing this, I highly recommend that you launch 3 small, separate campaigns with
400€ each, for each of these countries.

This way, even if you have smaller budget per campaign, you will be able to get more specific
with both your segmentation and your creatives. Additionally, your budget will not dilute as
much, and you will get more precise performance data to analyze later so you can optimize.

 Lack of resources:

Of course, the solution to this challenge is not easy, and will definitely vary between
businesses, markets, and products. Especially if the problem is a lack of Marketing budget.

There are a couple of approaches that you can undertake in this case:

Expanding only one country or region at a time – this way, you will have enough time and
control to look at each new market with enough attention. And decide what would be the best
case for each country.

Outsource your human resources – in some cases, it is better to outsource your human
resources to companies in the foreign market. They already know your client better than you
do, and will be able to make a better use of your budget.

Additionally, there are a lot of free Marketing tools to save you money if you are on a budget.
You can learn more in my article 27 Must-have Free Marketing Tools for Small Businesses.

 Brand awareness:

Of course, this alternative solution is not a substitute for brand awareness campaigns.
However, if you are struggling with the budget, it is a good option.

The best way to approach this is by building a good “digital word of mouth” strategy. And
that is, by using content and social media:
  Create valuable content for your audience – including blog posts, ebooks, whitepapers,
infographics, etc. Make sure that you provide value way beyond your product, and
your audience will be delighted to share the word around.
 Build communities on social media – by sharing your content, but also by interacting
with your audience. Respond to their comments, questions, feedback, and give a shout
out to those who are the most active. And remember, do not try to be everywhere,
choose the channels where you are most likely to find your ideal target audience.

Once you have started growing your community, you can make social media competitions for
your followers. This is a great way to spread the word and increase your brand awareness.

 Difference in performance data:

Just how much Costs per Lead and Costs per Click you will have to pay in a certain country
will depend on the segmentation. Depending on how you configure the target audience for
you campaign, you might have more or less competition.

Countries like the United States and United Kingdom will almost always have a lot of
competition, in practically any niche. When more competitors are trying to reach the same
audience as you, you will all end up increasing your bids in intent to outbid each other.

For this reason, if you have a limited budget but want to reach multiple new markets, I highly
recommend that you do your research on how much budget you will need for that. In that
sense, some Campaign Managers are more helpful than others.

The key for this challenge will be to find out the combination of countries and segmentation
that will bring you the most results for less budget.

 Engagement differs acroos markets

We already discussed brand recognition, brand awareness, and competition. And offered
some solutions on how to approach them.

However, a challenge we have not discussed yet is ensuring that both your segmentation and
your creatives resonate with your target audience. If you are targeting the right audience with
the wrong message, they will not respond to it.

And, if you are using the right message but targeting the wrong audience, practically the same
will happen as well. Here are some steps you can take to move this in the right direction:

First, start defining your target audience. A lot of companies think “my product would be
great for everyone”, so they will try to reach everyone as well. This is not the right strategy.
Try to be specific, and I highly suggest that you create your buyer persona/s beforehand. You
can use this free tool from Hubspot.

Now that you have your target audience, you will have to adapt your campaign and creatives.
Try to think from the users’ perspective. If I were the target audience, would I get captivated
by the ad? Does it offer me a solution to an existing issue I have? If the answer is no, you
might have to do some modifications.

 Language barriers

The solution to this challenge will depend entirely on your capacities to handle multiple
languages. And of course, we are not talking only about the language of the campaign.

Let’s say that you are a US-based company that wants to reach Spain or Latin America with
campaigns in Spanish. Of course, you could hire someone to translate the 2-3 phrases of your
Google or LinkedIn campaigns. This is not going to be an issue.

However, what happens when the user goes past your campaign? If they saw your ad in
Spanish but arrived to a landing page in English, the majority of your audience will leave. So,
you will have to translate your landing pages in Spanish as well.

But even this is not all. Is your customer support capable of providing help in Spanish? Does
the product itself support Spanish? As you can see, the issue goes much beyond just your
campaign language.

Of course, a campaign in a person’s native language will almost always have higher

engagement, but you must keep in mind all the implications and resources that come with it.

 Compliance & GDPR Issues

When you open Marketing campaigns to new markets, make sure that you are in compliance
with the local requirements. Of course, the majority of advertising networks are already
compliant with the biggest international laws such as the GDPR for countries from the
European Union.

However, what happens to the leads after they leave the advertising network will be up to
you. So, do your research, and make sure that all your processes are compliant with data
privacy laws.

 Local channels

Depending on the country, this may or may not be the case. Yes, Google, Facebook and
LinkedIn are great networks for reaching many users. However, if you want to make
 campaigns targeting bigger countries such as Russia, China or India, these are definitely not
your only options.

3. What are available means of communication that companies

can choose to communicate with their customers effectively?
Give examples to illustrate your answer.
Effective business communication methods can change by industry, customer
segment, or issue.Here is a place to start to determine what is best for your set of customers
and how to analyze these interactions:

Voice:  This works best with baby boomers and generation X demographics that are
used to communicating by phone. It is also an important tool when an urgent message needs
to be delivered to solve a problem or a more personal detailed discussion needs to be
conducted. How to test it: Can you reach your customers by phone? If you leave a message,
do they call back? 

Email: This works best with generation X demographics who see email as their main
form of business communication. It is used when frequent fragments of information or
statuses need to be provided. How to test it: There are many email marketing tools that will
tell the user if that message was opened and interacted with. In aggregate, a company can then
determine which emails are the most effective form of business communication.

Social Media: This works best with generation Y or millennial demographics who

feel most comfortable communicating on social media platforms (sometimes anonymously) as
their favorite form of business communications. How to test it: When a company posts
something on social media, do customers respond? Do customers initiate feedback about their
experiences on social media?

Text: This works best with generation Y and millennials that would prefer to use
texting on their phone as their primary form of communication. How to test it: Ask prospects
and customers if they will opt-in on this form on their phone. If the company gets a good
response, it should be tested.

Chat: When customers go on a website, many Generation-X and Y would rather chat

with a person (texting on a website) then call. They do this because they can multitask and see
it as less intrusive than a call. Millennials are most comfortable communicating with artificial
 intelligence chat bots on a website or social media. How to test it: Put a chat service on your
company website as an offered form of communications and see if anyone uses it!

Surveys: One of the biggest problems with surveys is that typically only two types of
customers answer them: those that are very happy and those that are very unhappy. It is
difficult to get the opinions of those customers that fall somewhere in the middle. How to test
it: Put a short two-question survey to customers and see how many people respond or if
valuable information is collected.

Finally, the only way to determine the most effective business communication

trends is to test it with your customers and see how they respond back. Also, when customers
initiate the communication with your company, determine which form they most frequently
use and for which issues.

Practically speaking, the difficult part of business communication is that most

companies need to be able to talk to their customers in all these ways, track each of these
communications and then draw conclusions. This takes an integrated set of software that can
give the company real-time insights into what is really going on with customers. This will
enable the entire company to actually be on the same page which is critical to providing the
best customer experience.

4. A very common question small business people have about the

pricing strategy section of the marketing plan is: How do you
know what price to charge? What would your advice be to
them?
 Meeting Business Goals
Get Clear about Making Money
The first step is to get real clear about what you want to achieve with your pricing strategy:
You want to make money. That's why you own a business. Making money means generating
enough revenue from selling your products so that you can not only cover your costs, but take
a profit and perhaps expand your business.

The biggest mistake many businesses make is to believe that price alone drives sales. Your
ability to sell is what drives sales and that means hiring the right sales people and adopting the
right sales strategy.
 At the same time, be aware of the risks that accompany making poor pricing decisions. There
are two main pitfalls you can encounter - under pricing and over pricing.

Understand Your Other Business Priorities

There are other reasons to go into business. Understand what you want out of your business
when pricing your products. Aside from maximizing profits, it may be important for you to
maximize market share with your product -- that may help you decrease your costs or it may
result in what economists call "network effects," i.e. the value of your product increases as
more people use it..

 Factors to Consider
Know Your Customer

This type of research can range from informal surveys of your existing customer base that you
send out in e-mail along with promotions to the more extensive and potentially expensive
research projects undertaken by third party consulting firms. Market research firms can
explore your market and segment your potential customers very granularly by demographics,
by what they buy, by whether they are price sensitive, etc.. If you don't have a few thousand
dollars to spend on market research, you might just look at consumers in terms of a few
distinct groups the budget sensitive, the convenience centered, and those for whom status
makes a difference. Then figure out which segment you're targeting and price accordingly.
Know Your Costs
A fundamental tenet of pricing is that you need to cover your costs and then factor in a profit.
That means you have to know how much your product costs. You also have to understand
how much you need to mark up the product and how many you need to sell to turn a profit.
Remember that the cost of a product is more than the literal cost of the item; it also includes
overhead costs. Overhead costs may include fixed costs like rent and variable costs like
shipping or stocking fees. You must include these costs in your estimate of the real cost of
your product.
Many businesses either don't factor in all their costs and under price or literally factor in all
their costs and expect to make a profit with one product and therefore overcharge. A good rule
of thumb is to make a spread sheet of all the costs you need to cover every month, which
might include the following:

- Your actual product costs, including labor and the costs of marketing and selling those
products.

- All of the operating expenses necessary to own and operate the business.
 - The costs associated with borrowing money (debt service costs).

- Your salary as the owner and/or manager of the business.

- A return on the capital you and any other owners or shareholders have invested.

- Capital for future expansion and replacement of fixed assets as they age.

List the dollar amount for each on your spreadsheet. The total should give you a good idea of
the gross revenues you will need to generate to ensure you cover all those costs.
Know Your Revenue Target
You should also have a revenue target for how much of a profit you want your business to
make. Take that revenue target, factor in your costs for producing, marketing, and selling your
product and you can come up with a price per product that you want to charge. If you only
have one product, this is a simple process. Estimate the number of units of that product you
expect to sell over the next year. Then divide your revenue target by the number of units you
expect to sell and you have the price at which you need to sell your product in order to
achieve your revenue and profit goals.
If you have a number of different products, you need to allocate your overall revenue target
by each product. Then do the same calculation to arrive at the price at which you need to sell
each product in order to achieve your financial goals.
Know Your Competition

It may even be worthwhile to prepare a head-to-head comparison of the price of your products
to your competitor's products. The key here is to compare net prices, not just the list or
published price. This information could come from phone calls, secret shopping, published
data, etc. Make notes during this process about how your company and products and the
competition are perceived by the market. Be brutally honest in your evaluation.
Know Where the Market Is Headed
Clearly you can't be a soothsayer, but you can keep track of outside factors that will impact
the demand for your product in the future. These factors can range from something as simple
as long-term weather patterns to laws that may impact future sales of your products. Also take
into account your competitors and their actions. Will a competitor respond to your
introduction of a new product on the market by engaging your business in a price war?

 Deciding to Raise or Lower Prices

One size does not fit all. You can only go so far pricing all your products based on a fixed
markup from cost.  Your product price should vary depending on a number of factors
including:
  What the market is willing to pay.

 How your company and product are perceived in the market.

 What your competitors charge.

 Whether the product is "highly visible" and frequently shopped and compared.

 The estimated volume of product you can sell.

That opens the door to raising and/or lowering prices for your products. In order to make this
call one way or the other, you should first understand what's already working. Analyze the
profitability of your existing products, so you can do more of what works and stop doing what
doesn't work. You want to find out which of your existing products are making money and
which are losing money. You may be surprised at how many of your products are losing
money fix those ASAP.
You should also constantly re-evaluate your costs. To sell it right, you have to buy it right. If
you are having a hard time selling a product at an acceptable profit, the problem may be that
you are not buying the product right. It may be that your cost is too high rather than your price
is too low.

When to Raise Prices and How

You should always be testing new prices, new offers, and new combinations of benefits and
premiums to help you sell more of your product at a better price. Test new offers each month.
Raise the price and offer a new and unique bonus or special service for the customer. Measure
the increase or decrease in the volume of the product you sell and the total gross profit dollars
you generate.
It is a fact of life in business that you will have to raise prices from time to time as part of
managing your business prudently. If you never raise your prices, you won't be in business for
long. You have to constantly monitor your price and your cost so that you are both
competitive in the market and you make the kind of money you deserve to make.
When to Lower Prices and How
You may realize that you have missed your target audience by pricing your products too high.
You can always choose to discount your products or give customers something for free in
order to get them to try your product or generate traffic to your storefront or website.
Generally, lowering prices is not a good practice unless you are using this strategically to
garner market share and have a price sensitive product or if all of your competitors are
lowering their prices
 Monitor Your Pricing
Another key component to pricing your product right is to continuously monitor your prices
and your underlying profitability on a monthly basis. It's not enough to look at overall
profitability of your company every month. You have to focus on the profitability or lack of
profitability of every product you sell. You have to make absolutely sure you know the degree
to which every product you sell is contributing to your goal of making money each month.
Remember: "People respect what you inspect."

5. Are some groups more susceptible than others to certain types

of marketing promotion? If they are, at what point and how
should they be protected?
An important part of a social marketing campaign is segmenting your market, i.e. dividing it
into coherent groups, each of which might respond to a different approach. Creating an
approach for each segment of your target audience will make it more likely that your message
will be heard and followed.

Commercial marketers use four standard sets of characteristics for segmenting the market:
demographic (vital statistics - gender, age, income, education, etc.), geographic (where people
live), psychographic (beliefs, values, tastes, opinions), and behavior.

Once you’ve identified market segments using these characteristics, you can determine
whether particular segments are worth targeting by looking at four criteria:

 Measurability: whether you candetermine that a segment is large and important

enough to your issue to be worth pursing.

 Accessibility: whether you can reach a segment with your message and with whatever
else is necessary to achieve your purpose.

 Substantiality: whether the segment is in fact large and important enough to the issue
to target

 Actionability: whether the segment is distinct enough to be targetable (i.e. does it

have characteristics that set it apart enough so that a message and approach can be
designed specifically for it).

After you have decided which segments are worth targeting, you can pick an undifferentiated,
a diffentiated, or a concentrated marketing approach to market the best use of your available
resources and to reach as much of the target audiences as you can.
 Careful segmentation of your market will increase the chances of your social marketing
campaign’s success.

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