Marketing in Vietnam – Canon case study Essay
Historically, a good product will sell itself. Nevertheless, this thinking is already obsolete. Today, the decision of customers on buying a product may be justified by several factors like, e.g., the product (functionality, quality, appearance, brand, service, support, warranty, etc.), the price, the place (locations, logistics, market coverage, internet, mobile, etc.), sales promotions, etc. Nowadays, marketing is undeniable one of the key factors for success of an corporation. In fact, several definitions of marketing exist, and let me now outline some of them.
Definition 1: Marketing (from CIM = Chartered Institute of Marketing): the management process of identifying, anticipating & satisfying customer requirements efficiently and profitably. (Course book, p8) Definition 2: Marketing (from AMA = American Marketing Association): is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organisational goals. (Course book, p8)
Definition 3 (Marketing mix): Marketing is the ability of an organisation to provide the right product, at the right price via the right outlets (place) and presented in the right way (promotion). (Course book, p21) Many organizations realize that they need understand the customer satisfaction (or customer delight) to long-term sustainable competitive advantage. They ensure the customer satisfaction and make them much more willing to take their business. Each customer feels satisfy with their product and will want to use that products or services because it is very good. It can lead to attract and retain their loyalty. At the same time, “outcome can lead to increased sales and a willingness to pay higher prices and thus lead to higher profits” (Course book, p.64).
If customers feel satisfied with the product or service, they may buy again from some same suppliers. When they feel happy using this product, they will return to purchase again and persuade others to use that company’s products or services. Here, customers have also become a market to go free advertising for products or services by themselves. And the number of clients will ensure profitability for the company.
Particularly, excellent customer service is another key element in gaining customer loyalty. If a client has a problem, the company should do whatever it takes to make things right. For example, if a product is faulty, it should be replaced or the customer’s money should be refunded. This should be standard procedure for any reputable business, but those who wish to develop customer loyalty on a large-scale basis may also go above and beyond the standard. They may offer even more by way of free gifts or discounts to appease the customer.
For instance, “With the establishment of Representative Office in Canon, Ho Chi Minh City and Hanoi in January 2003 and January 2004, Canon provides marketing, training and support services directly to the target use equipment; office equipment and conditions link images. Canon works intimately with the network of distributors and dealers warranty service nationwide. Many training programs held regularly on products and after sales service were held to equip the distribution channels and channel official warranty product and service warranty”.v