MARKETING PRINCIPLES

ASM 1 – Individual Reflection

Lecturer: Felix Nguyen

Student ID: s3975278
Name: Ninh Tuấn Đạt
Word count: 923
 WORK
In the first place, I did not know what marketing really was and how it could contribute to the
business in general. Coming from the northern countryside, I do not have much exposure to
these terms. However, after 3 weeks of studying, this course gave me a deeper insight into how
marketing works, as well as helped me understand the first two steps of the marketing process.
The most remarkable knowledge I have gained is probably the SWOT analysis. In the second
online theory class, after presenting about the macro and microenvironment, Mr. Felix asked a
question: "How can we assess the potential as well as the threat to a business?” I did my own
reasoning and came up with a few methods. For example, choose some of the most important
elements of the business to evaluate. However, from different perspectives, each idea has
different vulnerabilities, because there are many factors related to a business and each of them
affects it in a certain way. Then Mr. Felix introduced the SWOT analysis, a method based on the
micro and macro-environment. And that's how I acquired a new way to analyze something,
which I never thought of before.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and
Weaknesses are considered as two internal factors in an enterprise, while Opportunities and
Threats are two external factors. Understanding these four factors is essential for every
manager, marketer, and even consumer. “SWOT has been applied at different analytical levels,
ranging from the individual/personal level to the international level”. (Madsen, Dag Øivind
2016:16). This knowledge has made me in the habit of analyzing businesses in daily life. For
example, KFC - my favorite fast-food chain, their biggest S (Strength) is probably an
overwhelming market share compared to its competitors in the Vietnamese market. With its very
early entry into the market (almost immediately after Vietnam opened for integration),
reasonable prices, as well as a menu with interference with local cuisine, KFC has become a
well-known fried chicken franchise in this country. KFC's O (Opportunities) is very large, most
Vietnamese people come up with KFC when get asked about fried chicken or fast food, proving
the predomination of their brand in the Vietnamese mind. Next is W (Weaknesses), along with
the development and wide coverage of the restaurant system, there is an imbalance in the
quality and operation throughout the branches. This brand has been entangled in many
scandals about food safety and employees’ attitudes (Food has maggots, employees are
disrespectful to customers, ...) The last of the SWOT is T (Threats). KFC is gradually showing
its backwardness in front of other foreign fast-food rookies such as McDonald's and Jollibee.
Not only that, but the franchise also has another worthy group of competitors: Vietnamese street
food vendors - which is obviously cheaper, safer, and more popular than fast food. Moreover,
the association with the food delivery services of street vendors is further threatening the
existence of KFC. In recent weeks, I have seen with my own eyes the closure of several KFC
branches in Ho Chi Minh City. This proves that this brand is in crisis, and they need a lot of
effort in order to continue to be the dominant fast-food franchise, or to accomplish a survival
goal: continue to exist in Vietnam.

SWOT is a tool that has largely changed my perspective on marketing. In the past, I thought
that the job of marketing was just to launch promotional content to attract customers to buy
products. SWOT has shown me clearly that things are not that simple. And by using SWOT, we
can get to know ourselves and what's going on around us, thereby making appropriate plans for
ourselves and for the organization: promote strengths, overcome weaknesses, identify and be
vigilant against threats, etc. And most important, creating competitive advantages in meeting
their customers’ needs.

Marketing Principle is a foundational subject in many degrees, so knowledge of this subject

must be certainly extremely important. The knowledge of SWOT will certainly be applied to me
for a long time to come, not only in my field of study but also in my future work and life. Maybe it
is when I intend to invest in a certain company, or when I decide to spend a large amount of
money, or even analyze myself for further personal development.

REFERENCE LIST
Madsen, Dag Øivind (2016). "SWOT analysis: a management fashion perspective". International Journal of
Business Research, Norway.