Marketing principles group assignment Essay Example

strives to offer customers convenient yet top-notch choices by presenting a wide array of options, with a primary emphasis on Japanese cuisine. Moreover, we directly produce and sell our products to ensure a dependable food supply channel. Our slogan "Art of eating - Art of cooking" embodies our belief that Benton's box will pleasantly surprise customers with its allure while captivating them with its contents. This one-of-a-kind experience aims to leave a lasting impression and inspire regular visits to our establishments. Our objective is to provide customers with a lunch box that resembles a work of art for their enjoyment. To achieve success, we have devised a plan involving the investment in one restaurant through forming strategic alliances with interested individuals who will be equipped with all necessary information, strategies, methods, technology, and training. Profit sharing will be determined based on the investment ratio. Once the restaurant attains success, our primary focus will shift towards expanding the market and increasing profitability by franchising our restaurant model to individuals in various regions.In addition, Benton House plans to expand its presence into other countries, further expanding its market. Our company, Benton House, customizes our product specifically for each local market in order to maintain a competitive advantage. One popular type of takeout or home-packed meal in Japanese cuisine is the Benton box. These boxes typically include rice, protein, vegetables, and something sweet. While this ingredient ratio is common in Japan, variations can be found in other countries such as the Philippines, Korea Taiwan India Hawaii.

Japanese food culture highly values the decoration of Benton boxes as consumers prioritize both quality and beautiful design in their food preparation and

presentation efforts. Today, there are numerous options available for Benton boxes that allow for almost any type of meal to be included. These boxes have become a form of artistic expression and can contain elaborate snacks shaped like cartoon characters or animals following a specific theme.

There are different types of Benton boxes available such as Karen, shadow Manchuria, and Seibel. The unique food creations from Benton House resemble popular characters from Japanese anime, manga or video games. This is achieved through simple techniques like slicing or cutting. Character Bentos can feature animals like bunnies or bears people or various objects such as books pianos cars trains or game consoles.The meticulously arranged boxes, known as Benton boxes, are not only considered works of art but also provide a well-balanced and nutritious meal. Following Japanese tradition, these boxes include components from both land (such as rice, vegetables, and meat) and sea (like fish seasoned with lever). They prioritize healthy foods while avoiding high-fat or high-sugar options like candies. However, due to ingredients like raw fish and seaweed, they may contain higher levels of sodium.

Meanwhile in Vietnam, the food industry is thriving as Vietnamese people increasingly seek delicious and aesthetically pleasing meals. In a study conducted in 2012, it was found that Vietnam leads in spending money on food and entertainment. In fact, 89% of respondents prioritize these expenses. The rising popularity of South Korean entertainment and culture globally has greatly influenced the younger population in Vietnam. According to Peter Larsen from The Orange County Register, this influence can be described as a "pop culture tsunami flowing from South Korea to the United States and around the world"

(Orange County Register).

A survey by the Korea International Trade Association revealed that 80% of East Asian households were influenced by this Korean wave phenomenon and bought Korean products (The Kananga Phenol Foreign Policy, 27 September 2012). One particular trend that people tend to follow is adopting the Korean dressing style and lunch boxes into their daily lives.Our company has developed Benton, a lunch box that brings a taste of Japanese and Korean cuisine to Vietnamese people. Recognizing the popularity of lunch boxes in Korea and Japan, known as Dossier and Benton respectively, due to their frequent appearance in Korean movies, we aim to provide customers with a Japanese-style lunch box while educating them about its origin, preparation methods, and how to properly enjoy it. Our company not only sells Benton boxes but also offers courses for those interested in learning how to make their own. We have two development strategies: selling Benton boxes with a drink and providing courses on making Benton boxes. Each strategy has its own marketing plan. We offer three types of Benton boxes: Small, Medium, and Large (Couple size), each with unique designs catering to different customer groups such as children, pupils, students, young working individuals especially white-collar workers, and young couples. Our goal is to create beautiful Benton boxes that meet our customers' desires.Our target customer demographic ranges from 6 to approximately 25 years old and can be categorized into three groups: children (ages 6-18), students (ages 18-25), and young adults (age 25 and above). The first group, children, are attracted to new and appealing things. They greatly influence their parents' decision-making process, and their parents are willing to spend

money on products that benefit their kids. We believe that once they discover the health benefits of our Benton product for their children's well-being, they will be eager to make a purchase.

The second group consists of students who constantly seek new experiences with friends and romantic partners. To meet their needs, we offer Benton couple size specifically designed for couples. While they can also share it with friends, there is a special significance when enjoying it with a romantic partner. Many students have part-time jobs and are financially independent from their parents. This means that incorporating Benton into their lunch routine will not pose a challenge for them.

It is clear that today's students are willing to spend a significant amount of money dining out at upscale restaurants or fast food chains. However, they often feel unsatisfied after eating out. With our Benton product, they will find complete satisfaction in its value for money proposition.

The third group refers to young individuals who have recently entered the workforce.At Benton House, we have a range of lunch options available for office workers and students. Our menu includes traditional Korean and Japanese beverages as well as popular choices among teenagers. Some of the drink options include Korean Tea-Detach, Soya coffee (made with Soya milk and coffee, optionally topped with chocolate and ice cream), Caramel Iced Blended, and Giorgio. We are located near schools and offer products such as Sushi, Karaoke, Don noodles, French Fries, Economical Miss shirr, Status karee, and Crepes. We prioritize environmental friendliness by using reusable paper bags for packaging purposes. Delivery services are also available upon customer request to provide convenience. Additionally, we offer courses on

creating Benton boxes – an important aspect of Japanese culture that represents a woman's skills and qualities. These classes not only educate individuals about different traditions but also teach them how to make their own Benton boxes while bringing them closer to Japanese cuisine. The main goal of these courses is to empower people to prepare personalized lunch boxes for their loved ones – a meaningful gift idea that can be cherished by female students when giving it to their boyfriends. We have two main courses: one for beginners and one for those looking to improve their skills.
Our company understands the challenges of creating a beautiful Benton box and provides all the necessary tools. The beginner course focuses on teaching people how to use the tools and make simple Benton boxes, while also assisting with decoration and careful rice dyeing. The improvement course helps people create more complex Benton boxes and decorate them beautifully, allowing for personalized designs.

Ensuring competitive advantages is crucial for any business entity as it provides strategic advantage over rivals within the industry. Achieving and sustaining competitive advantages is vital for businesses to successfully compete in the market. A strong position within the business environment enhances a company's chances of success. To achieve this, businesses must identify and emphasize their competitive advantages.

Benton House sets itself apart from high-class Japanese restaurants in Hanoi by offering affordable options suitable for both students and working professionals. Our focus is on providing a variety of choices for a delicious lunch that prioritizes nutrition and affordability. We prioritize quality and customer satisfaction by delivering the best Benton boxes.

In contrast to fast food restaurants like Lotteries, KEF, and

BBC, which offer convenient but unhealthy products, Benton House addresses hygiene and safety concerns by creating attractive Benton boxes with nutritious ingredients and beautiful decoration.We prioritize the use of healthy ingredients, including vegetables and fruits, while also maintaining the hygiene of our raw food. Our fresh vegetables come from trusted suppliers such as vegetable stores and markets. With Benton, customers can enjoy a balanced and healthy diet without even realizing it. Additionally, we strive to provide a comfortable ordering experience for customers compared to other time-consuming or reservation-required restaurants. You can acquire our delicious Benton lunch box by visiting our store, making a phone call, or ordering online - all ensuring quick service. We also offer conveniences such as chopsticks, toothpicks, and napkins with our takeaway meals. This allows customers to easily bring their Benton lunch box along with their preferred beverage to school or the office. In addition to selling our products, we provide courses for individuals who want to learn how to make their own Benton boxes. We understand that obtaining all the necessary tools and creating beautifully decorated boxes can be challenging, so we offer two main courses to assist in this process. Furthermore, our product packaging is reliable and trustworthy as all of our trays and boxes are made from non-toxic plastic that is cheaper than aluminum or lacquer boxes while also being reusable and easy to clean.Our Benton takeaway boxes are designed to be microwave-safe, ensuring convenient meal warming without the risk of damaging the box. In addition, we prioritize environmental sustainability by emphasizing the reuse of trays and boxes to minimize pollution.

The address of our shop is crucial for

our business success. After thorough research, we strategically chose Thai Ha Street in Lang Ha, Dong Dad district as our first location in Hanoi. This area is well-known for its business and wholesale opportunities, with favorable streets such as Chug Boca SST and the famous Old Quarter. Being situated here directly impacts customer traffic and contributes to brand development by facilitating purchase opportunities.

Hanoi, Vietnam's capital city, has a large population base that provides easy access to a significant number of nearby customers. With over 7 billion people spread across 10 urban districts, Hanoi is the second largest city in the country. The Dong Dad district stands out as the largest area within Hanoi, covering 9.96 square kilometers and housing 21 precincts with a population of over 356,500 residents.

Choosing Thai Ha Street aligns with our goal of accessibility and popularity among locals residing in Dong Dad district since it is easily accessible and widely favored by residents. This decision becomes even more ideal considering that this area is the second most densely populated part of Hanoi.

Moreover, there are six high schools and eight universities located within this district which further enhances our choice for Bent's House as an ideal location for our new shop.The high schools in the area, including Dong Dad High School, BC Dong Dad High School, Lee Quiz Don High School, Kim Lien High School, Pan Huh Chug High School, and Quant Trunk High school, have many teenage students who are interested in new products and unique designs. Our store is conveniently located near these schools on Thai Ha Street, making it easy for them to reach us by bicycle without compromising their

study time. Some students may also prefer to have lunch near their schools for affordable and healthier food options.

As for the universities in the vicinity - Water Resources University, Foreign Trade University, Diplomatic Academy of Vietnam, Banking Academy,and Union University - many of these students come from rural areas with limited financial resources. Similar to high school students, they also need inexpensive meal choices near their universities. Opting for our shop on Thai Ha Street offers several advantages. Firstly,it is close to popular attractions such as Parson Mall,National Cinema Center,Dong Dad Hill,and Lang Pagoda.Parson Mall is one of the largest shopping malls in Hanoi with a high footfall and provides visibility to our store.The National Cinema Center is a favorite spot for movie-goers.Conveniently located nearby,our store attracts a large number of these visitors who come in for meals.In addition,Dong Dad Hill and Lang Pagoda host monthly festivals that draw large crowds.This presents an excellent opportunity for us to promote our business.Thai Ha's wide street and spacious pavements provide convenient parking for customers. The pavement can hold around 25 motorbikes and bicycles, allowing enough space for pedestrians. We offer two parking options: Water Resources University (WAR) and Parson Mall. However, after careful consideration, we have chosen WAR as our preferred facility due to various reasons. Despite being conveniently located near our store with secure car parking, Parson Mall charges a fee of 10,000 VEND per hour that may not meet customer expectations. On the other hand, Water Resources University offers a monitored yard for cars and motorbikes throughout the day.

At WAR, customers park their vehicles in the university's yard and receive a numbered ticket. Our store

is just a short distance from this designated area. After shopping with us, they can pay at our store and obtain a printed bill which they present along with their ticket to retrieve their vehicles from the university's security team without any additional charges since we cover all parking fees for our valued customers. This bill serves as proof of being Benton customers and helps security personnel identify them effectively.It is crucial for us to be located near available parking lots to provide comfort and convenience for our valued patrons. By having such arrangements, customers can enjoy their meals without worrying about the safety of their vehicles. In addition, it is important for us to find a location that can accommodate all seats in Bent's House. This is why we have chosen a site with our own dedicated parking lot and nearby public parking options, making it easy for customers to visit us.

Our store on Thai Ha street stands out not only because of its beautiful decoration but also because of its strategic location on a busy main street with high foot and car traffic. This serves as free advertising, reminding people to come and visit our store. Moreover, our shop has a pleasant ambiance with a glass design that creates an enjoyable atmosphere for customers while they dine. They can comfortably admire the stunning view of the bustling street while indulging in our affordable meals.

The lack of competition in the area ensures that customers will have no trouble choosing our Benton lunch box store in this district. When looking for healthy food options at an affordable price, our store immediately comes to mind. We

aim to establish ourselves in an area with sufficient population support, such as Thai Ha Street in the heart of the capital's largest district. This location would be convenient for students and employees who can easily order and have their meals at our store.The right price is crucial for aligning with our company's objectives and market conditions. Price significantly influences business operations, playing a critical role in customers' decision-making process. Determining the target market's willingness to pay directly affects customer price sensitivity and overall company income. Setting an appropriate price is important as it impacts both a company's total revenue and customers' buying behavior. However, determining the right price can be challenging. If set too high, it may decrease demand and hinder competitiveness in the market; if too low, it may not generate sufficient revenue to cover costs. Striking a balance between customer benefits and company goals is essential. Benton House has conducted research on customers, particularly those in Hanoi, who carefully consider purchasing decisions by seeking advice and comparing prices before making a purchase. Setting prices too high might lead customers to choose alternative products; however, achieving high sales and profits are necessary for recouping investments. Therefore, establishing a price for Benton House that satisfies both customers and business goals is crucial.Consideration must be given to various expenses, including ingredient costs, packaging expenses (such as boxes and scarves), tool expenditures, rental fees, and competitors' pricing strategies. Although some may perceive our prices as high, we assure that the quality of our products justifies this investment. It covers multiple expenses like purchasing food ingredients and packaging materials, as well as rental costs among other considerations.

Ignoring these expenses would lead to financial loss for Benton House and a gradual decline in its business.