Marketing principles groupassignment Assignment

Marketing principles groupassignment Assignment Words: 5191

In the second stage, we covers that the popular restaurants sector is among the easy yet highly profitable businesses to do In Vietnam. Investments are low in consideration with other businesses such as manufacturing goods. Moreover, less effort is needed for Research and Development (R&D). Capital flow Is also more attractive, since It Is mostly on a dally basis – what you spend on one day; you harvest the result of It on the same day (except for place renting, machineries and staff wages). In addition, we realize that global economy in general and Vietnamese economy in particular; people’s life standard is improved a great deal.

People are no longer “eat to live” but “live to eat”, instead. The third stage of our choice is find a specific topic to work on, I. E. The type of food to do business with. As the trend for healthy food has been popularized rapidly in Vietnam and also all over the world, Junk foods nowadays are losing their attractiveness. The recent research done by us has turned out that among 10 men and 10 women taking the survey, all shows interest in foods and drinks made from vegetables and fresh fruits, which they consider a much healthier choice than the types they are currently consuming.

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Four over ten women either want to have at least 0% of their families’ meals to be bean gruel or has already applied the menu. The reason Is, they seriously think that their families’ diet Is HARMFUL (that was the word they use, instead of “not good”) for their health, and they want a “softer’ diet, which contain less animal fat/protein. Furthermore, we understand that lunch is one of the most important meals of a day. Consequently, providing a lunch box full of nutrition and vitamin is very important for people after hard working day and helps them continue their work for the rest of the day.

Besides that, after conducting a research, e realized that students and working adults nowadays are spending money on lunch meal but the quality of food is not really good and the hygiene factor is not guaranteed. Moreover, customers do not have many choices. In addition, even when people are able to afford such expensive meal, for instance, students have a big amount of allowance or working adults have high salary, sometimes, they are unable to enjoy meals In qualify restaurants due to the lack of time.

In this situation, we want to establish a company, which offers not only high quality, convenience but also a wide range of choices for customers. In order to meet such requirement, Benton possible. Coming to us, people are served with Benton, a part of Japanese cuisine. With the guarantee of food supply channel, we directly produce and sell product to customers. Our slogan is “Art of eating- Art of cooking”. We believe that when holding a box of Benton, customers will be very surprised because of the attractiveness that it brings.

Furthermore, people will experience much surprise and excite when they see inside the box. Everything will leave a memorable impression on the customers, pulling them to our shops times and times again. Our company wants to give customer a lunch box as a type of art for them to enjoy. Matching the selected product with our expectations again, we decided to make up this plan: First, we invest money (either fully or partly) to start the business as a single restaurant by getting into strategic alliance with an interested individual who is willing to run the one-stop center.

We provide that individual with full information, strategies, methods, technology and trainings necessary to do the Job. Profit will be shared at a negotiated ratio (which will consider our investment ratio as the main criteria). After the restaurant achieve success (I. . Get to the “cash cows” stage), we will concentrate on market development and market penetration at the same time to enhance profitability. Market development will be done by franchising our restaurant model to other individuals to apply in other areas (restaurants positioning will be discussed in part C – Place).

We also have the vision of franchising Benton House to other countries for a much larger market. Major Findings L . 0 3. 1 : Explain how your company’s product/service is developed to meet local needs and sustain competitive advantage. 1. How Benton house develops to meet local needs a. What is Benton? Today, many people are familiar with Benton; however, they do not know what really it is. Benton is a single-portion takeout or home-packed meal common in Japanese cuisine. Benton boxes are widely available in Japanese restaurants, or they can be made at home.

Traditional Benton boxes follow the guideline that they should be 4 parts rice, 3 parts protein, 2 parts vegetable and one part sweet. However, this is not always followed. There are similar forms of boxed lunches in the Philippines (Boon), Korea (Dossier), Taiwan (Banding), India (Tiffin) and Hawaii (a localized version of Benton featuring local tastes). In Japan, Japanese cuisine is mainly focusing on decorating the food, which is simple but also needs to be very precise. As a result, it is very important to decorate the food in cooking process.

Because Japanese evaluate food through image so people demand two characteristics, which is high quality and beautiful design, to be fulfilled. Due to that, making boxes of Benton is required an extraordinary care In addition, Benton boxes come in a wide variety, as today they can include almost any type of meal. Often Benton boxes are used as an artistic expression, and might include elaborate snacks that have been shaped like cartoon harassers or animals, usually according to a central theme.

There are many different types of Benton such as Karen, shadow, Manchuria, and Seibel. For Benton house, Benton, the food is usually made into AD or even AD image look like popular Japanese cartoon (anima) characters, characters from comic books (magna), or video game characters by Just simply sliding, cutting or chopping. For example, character Benton can be decorated with images as mentioned below: + Animals: bunny, bear, ca + people + Things: book, piano, car, train, game console *Anima characters: Doreen, Snoopy… B.

The nutrition of Benton Many of the traditional Benton foods are very healthy, so picking and choosing which foods to put into a Benton box is easy, whether you are preparing it at home or eating it at a restaurant. The nutrition in a Benton box is always kept balance. According to Japanese tradition, a Benton box includes land (rice, vegetable, meat), sea (fish, seasoned lever). Moreover, food that has high level of fat or sugar (especially candy) is avoided at the as much as possible. Besides, in a Benton box, no place is wasted and left empty. Everything is decorated nicely and carefully.

Benton boxes, like many meals in the modern age, can be as healthy or as unhealthy as we let them. Benton boxes might be elaborate works of art, or simply a good meal, but either way they are an excellent way of including a diverse range of healthy food in your diet. It is important to understand that although a Benton box may be chock full of vitamin-rich foods, they can also be full of sodium. The sodium content of raw fish as well as seaweed can be high. C. What is local needs? It is easy to realize that the food industry of course, lasts long forever because the social needs are huge.

Additionally, nowadays, Vietnamese people have higher standard of living (GAP (APP) per capita is 3. 41ST/year (2011 EST)I (so people not only want to eat to be full but they want to eat delicious food, which is nicely laid out and decorated people. It means that Vietnamese people are now wanting and expecting higher level of everything, from fulfill their stomach to fulfill their eyes. According to the research of Mastered announced in the morning of 1 5th February, 2012, Vietnam has the highest rank in Asia about spending money on food and entertainment with 89 %, followed by South Korea 78% and Hong Kong 75%2.

Furthermore, today, it is easy to see that in Vietnam, “Korean wave” (Halley) is much affected the young, which refers to the significant increase in the popularity of South Korean entertainment and culture starting in the asses, in Asia, and more recently in other parts of the world. Peter Larsen from The Orange County Register, a daily newspaper published in California, called the Korean Wave a “pop culture tsunami flowing from South Korea to the United States and around the world” (Orange County Register).

According to a survey by the Korea International Trade Association found hat the Korean wave influenced 80% of East Asian households to buy Korean products (The Kananga Phenol Foreign Policy 27 September 2012)3. People tend to follow Korean trend and therefore, they are influenced a lot by the way Korean dress boxes of lunch to the offices because this happens in Korean movie all the time. These boxes are similar to the Dossier in Korea and Benton in Japan. Realizing the needs of Vietnamese people, our company comes up with a product that can satisfy the demand above.

Benton is served in order to meet these needs and also, to bring a part of Japanese and Korean cuisine to Vietnamese people. As a result, our company decided to choose Japan’s Benton to be our product. The reason (or also, the objectives of the company) is that not only do we want to server the customers with Japanese style but we also want people to know where did the lunch box originally come from, how to preparer lunch box, what is the right way to enjoy a box of Benton. Moreover, Japanese cuisine is not Just about eating the food but it is also about bringing experiences to customers’ taste.

Not only selling Benton boxes, our company but also has many courses for people who want to learn how to make Benton boxes. D. How Benton House develops Our company has two strategies to develop; one is selling Benton boxes with drink and one is courses for learning how to make Benton boxes. We have written different marketing plans for each strategy. Small box (mall): most suitable for children and pupils. This type, we will mostly use animals and anima characters to decorate, which are familiar with these customers. First of all, our company has decided to give some ways to make growth of selling Benton boxes.

Benton House will provide three types of Benton: Small, Medium and Large (Couple size) with different designs Medium box (mall): mostly students and young people going to work (especially white collar). To satisfy this target customers, our company will try to have Benton boxes with famous people or popular event to make them feel pleased. Large box (couple box – mall): target is young couple, our Benton has special decorate for the food inside. With this target, we will try to decorate Benton boxes as beautiful as they want. The target customers are people ranging from 6 to about 25.

They can be classified into three groups: children age 6-18, student age 18-25 and the young age 25 and above. Respectively, for the first group, the children like attractive and new things so hey will almost immediately like our product. Moreover, they have huge impact on their parents, who have stable income and are willing to spend money on anything that is good for their children. We believe that after knowing our Benton is really good, especially for health, they will not hesitate to spend money buying our products for their children.

For the group of students, our company understands that they always look for something new to enjoy with their lovers and their friends. That is why we have Benton couple size especially for those who are in love. Of course, they can have Benton couple size with friends but with lover is a totally different picture when the own Benton boxes. Most of the students now have part time Job and also do not depend so much on parents so it will not be difficult for them to have Benton for lunch. It is obvious that today many students are willing to spend lots of money on expensive restaurants or fast food.

However, the common feeling after eating there is that people are not satisfied as they expected. With our Benton, they will be pleased with the amount of money that they spend for sure. For the third group, the young ere means those people who are in the early of their going-to-work period. They have income and they are not dependent anymore. Also, they like something new for their lunch after a long day working at the offices. That is when Benton House comes in with our special and appealing Benton. Moreover, Benton House will provide many kinds of drink to satisfy our customers.

We will have not only traditional drink of Korea and Japan, but also other types which teenagers like. The list is shown below: Korean. Tea-Detach Soya coffee. A mixture of Soya milk and coffee (with optional chocolate and ice cream) Caramel Iced Blended Giorgio Besides that, our Benton House wants to locate near schools so our company will have additional products which are suitable for students. They are: Sushi Karaoke Don noodles French Fried Economical Miss shirr Status karee Crepe use paper bags for product packing so that it is environmental friendly and can be reused.

We believe that it is important to take care of the environment. Furthermore, other feature of Benton House is that we can delivery Benton boxes to your house if you call us. We always look for bringing the most convenience to our customers so we will try to provide the best services to satisfy customer. Secondly, there will be courses teaching people, especially student, how to make their own beautiful Benton boxes. In Japan, Benton box is not simply Just a lunch box but it is a way to Judge a mother, a housewife.

By looking at Benton boxes, Japanese will know many things about a woman. As for Vietnamese, people have different tradition; however, it is interesting to know more about other countries’ culture. That is why we hold classes teaching how to make Benton in order to bring people nearer to Japanese cuisine. Moreover, the main purpose of these courses is to help people making lunch box for their beloved by themselves. Obviously, it is much more meaningful when people are able to make something to give to the people that they love.

Especially for female students, this will be a lovely and very memorable gift to their boyfriends that any girl will want to make. We will have two main courses: one for beginners and one for people to improve their ability. Our company understands that it is not easy to know exactly how to make a beautiful Benton box and has all of the tools so Benton House has an area for people who have interest and want to make their own Benton boxes. Course for beginners will teach people how to use tools and how to make impel Benton boxes. We will help them decorate and the way to dye rice carefully.

Course for improvement will help people to make more complex Benton boxes and to decorate as beautiful as they want. Moreover, they can create their own Benton boxes with their interest’s design. E. Sustaining competitive advantages Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry. Achieving competitive advantage strengthens and positions a business better within the business environment. As a result, sustaining competitive advantages is necessary for a many in order to compete with other companies on market.

That’s why we need to lay out all of our company’s competitive advantages from developing such type of product. First of all, the price is the most important. Nowadays, in Hanoi, there are many Japanese restaurants such as Chichi Chichi, Sumo BBC, Hi sushi, Ozark. However, most of them focus on the target customer of high class who have high income so the price is so expensive (unit measured by S). That is the reason why not all of the people can get there to have meal. However, these restaurants are not suitable for students (a argue target consumer).

Benton House decided to become different. We will focus on cheaper, carrying a very suitable price for students and working adults. Our product is different than these restaurants’ food because we bring you – customers a variety of choices to have delicious lunch. Our Benton satisfies both the need of nutrition and the ability to pay thanks to the nutrition contained in each box and the cheaper price than most of Japanese restaurants today in Hanoi. Secondly, Benton house takes much care of the quality. We always expect to give our consumers the best Benton boxes to satisfy them.

As you know, nowadays, there are more and more fast food restaurants such as Lotteries, KEF, BBC, their products are convenience but they are not good for our health. In addition, it is easy to see that in front of many school gates, universities and offices in Vietnam, we have many stores or kiosks that offer really cheap price but do not guarantee the hygiene and safety requirement of customers Therefore, Benton House will try to make nutrition Benton boxes with beautiful decoration to attract consumer and make them willing to eat. We will mostly use healthy materials such as vegetables and fruits.

For us, the hygiene of all raw food, vegetables must be insured. Our company buys fresh and clean vegetable from fresh vegetable store, other raw food is bought from market, which is our trustworthy supply channel. Moreover, with Benton, people automatically have a healthy diet balancing all the needed nutrition even if they realize that or not. In addition, in our Benton House, we want to give customers a comfortable place and take order in comparison with other restaurants. When customers get into some restaurants, it takes much time to book places; some even have to book in advance.

In contrast, our company always focuses on bringing customer the most convenient buying process, which only takes a short time to have a delicious meal. Customers can go to our store, make a phone call or even order online, then a delicious Benton lunch box will be served as quick as possible. Other convenience factor is a takeaway Benton always includes chopstick, toothpick and issues. As a result, customers can bring Benton to school, offices with a water bottle or green tea bottle depending on their own taste and hobbies. Moreover, Benton House has an additional room for courses.

We will build a comfortable environment for people to study and to make great Benton boxes. Fourthly, today, in Hanoi, there are many courses to teach people about how to make breads, and all the kinds of cakes; however, there is not any course for Benton boxes. Besides selling, our company has courses to teach people how to make Benton boxes. We understand that to have all the tools and to decorate boxes beautifully are very difficult so Benton House has two main courses to help people make it easier. Finally, packaging of our product is guaranteed.

All the trays and boxes are made by non-toxic plastic. It is cheaper than aluminum box, lacquer box not because of economy of initial (reusable, easily to clean… ) and also, our Benton takeaway box can be used in microwave oven. Customer can warm-up their Benton at any time without worrying that they will damage the box and get ready for delicious meal. Moreover, our company is reusing trays and boxes so that the environment pollution is reduced. Address of a shop is one of the most important factors that effects directly on the business.

The aim of distribution or placing is to facilitate purchase. That means choosing a place when open a new shop decides the development of the brand cause having a good location increases the number of customers. It is undoubtedly true that the capital of Hanoi is an ideal place for the majority businesses and wholesaler to set up and build a reputable brand and image. There are advantageous and suitable streets in Hanoi business could set up headquarter such as Thai Ha Street, Chug Boca SST, Old quarter, etc…

After researching many residential areas, our Bent’s House chooses to open the first shop on Thai Ha street, Lang Ha, Dong Dad, Hanoi city, which is arranged the convenience of a big number of customers living around and further, because of the following reasons: 1 . Population Base: Hanoi, the capital, is the second largest city in Vietnam which includes 10 urban districts with more than 7 billion people living. Dong Dad, which is 9. 96 square kilometers and concludes 21 precincts, is the biggest area in Hanoi. Dong Dad district is located in the center of the city.

Its population which is over 356,500 makes Dong Dad ranking at the second place in the most crowded areas of Hanoi city. That is the main reason for us to choose Dong Dad district as the place to open our new store. Thai Ha is one of the widest roads in Dong Dad which is very popular and easy for any people to find out. In addition, there are 6 high schools located in Dong Dad district. They are: Dong Dad, BC Dong Dad, Lee Quiz Don, Kim Lien, Pan Huh Chug and Quant Trunk high schools. These schools have a big number of students at the teenage.

People at this age have high curiousness about new products and they are very easy to attractive by things that are designed unique and cute. Students of these 6 high schools would feel very easy to reach the store because it is near their schools and the store is on a big street like Thai Ha. They can go by bicycle but do not take so much time from schools. Students may do not want to go home for lunch because of their time shortage so that they should have lunch in a store near schools whose products are low-price and healthy foods.

Furthermore, there are 8 universities such as Water Resources University, Foreign Trade University, Diplomatic Academic of Vietnam, Banking Academic or Union University. A big part of students in these universities come from countryside area so that they do not have lots of money for life away from their homes. Just like high schools students, they need a place for meals which are cheap and near their universities. Our shop in Thai Ha Street is definitely very easy to find and convenient if they go by motorbikes or bicycles.

Another point for choosing this place is that there are many popular places near Bent’s House. They are: Parson Mall, National Cinema Center or historical places like Dong Dad Hill or Lang Pagoda. It is ay to realize that Parson Mall is one of the biggest shopping mall in Hanoi. It has many customers passing by and shopping every day. People after buying things in Parson can see our store. Moreover, National Cinema Center attracts thousands of people go to watch a movie every day. They can see movies and have meals after at our store because it is very near.

Besides that, Dong Dad Hill and Lang Pagoda have their own festival every month. These events have many attending people when it happens. So that we consider all events are good opportunities to make people know about us. After attending all Parson Mall or National Cinema Center is not small. All of the employees want to have lunches that are cheap and do not have to go too far. They donor want to find a restaurant by their motorbikes. They need lunch that can be delivered directly to their workplaces. Our store is ready to serve meals and bring to their offices. 2.

Parking: Thai Ha is a wide street and the pavement is quite large. In average, 25 motorbikes and bicycles can park in the pavement and there is still a path for people go through. Furthermore, there are 2 parking lots for more motorbikes and cars. They are Water Resources University(WAR) and Parson Mall. However, we choose WAR because of the following reasons: Although Parson Mall is very near our store and this is a very safe place to park cars, the fee is little bit high (it cost 10,000 VEND for every hour of irking) so this place can make customers feel dissatisfied.

Besides that, Water Resources University has a big yard and they watch cars and motorbikes all day. When people arrive, they will park their vehicles on the yard of Water Resources University. They will be given a small ticket with their number. They only need to walk just a short way to go to our store. After finishing, customers pay and receive the bills we print. They bring that bill with the ticket to show for the securities of Water Resources University and they get their cars and motorbikes for free. We will pay for the fee for customers’ parking.

When they takes the bill with them, the bill will prove that they are the customers of Benton and to help securities know. Finding places that are near some parking lots is very necessary to create the comfort and convenient feeing from customers. They would have their meals without the fear of cars stealing or motorbikes losses. We need to find a place that can accommodates all the seats in Bent’s House. We have our own parking lot in the pavement and some public parking lots that help to make customers do not worry about vehicles so that they can eat freely and promote the purchase. 3.

Visibility: Thai Ha is a big street so when a person goes on Thai Ha street, they would definitely see our Bent’s house. Our store is located on the left with beautiful decoration and gorgeous looks, which would attract people driving on the road or walking on the pavement. People would take a notice of our appearance. Setting up in a location with either high foot or car traffic is ideal. It somehow likes free advertising. It reminds people that our shop exists and they should stop by sometimes. 1. Good ambiance: Our shop is located in a main street with glass design so that it may bring a good IEEE for customers when they have meals.

Eating is not only about foods, it is also the coziness of the place or the view that they can see when they sit in the shop. With our Bent’s house, people would feel very comfortable because they are having low price foods with a gorgeous view looking out the busy street in rush hours. 1 . Competition in neighborhood: The last reason is that there is no competitor in this area. After researching the market, we found out that there is no other store in district making business about Benton lunch box like us. That helps customers not to be confused about choosing a tore in around area.

They would not have to think what they eat because thinking about healthy foods, they think about us straight away. We provide low price healthy choose a right place. We need an area that has enough people to support our business. Thai Ha Street is in the heart of the biggest district in the capital. We hop that students and employees around would feel very convenient when order and having meals at our store. L. 0 3. 3: Explain how prices are set to reflect your company’s objectives and market conditions The pricing of a product or service is a key element in determining the profitability of business.

Price is one of the most important factors that affect the running of a business. Pricing is a key determinant in the decision making process customers use to purchase a product or service. Additionally, it is important to establish how much your target market will pay for your product or service. Furthermore, price shows you how sensitive your customers are to changes in price. Besides that, it is related to the total income of the company. Price not only affects the total revenue of the company but also affects customers’ buying behavior. That is why setting the suitable price is really important.

However it is not always too easy to get it right. If your price is too high demand will reduce and you may price yourself out of the market. If your price is too low, your sales volume may not generate enough revenue to cover the costs associated with your business. It must be in some way set to balance between the benefits of both customers and the company. Understanding the importance of price, Benton House has some researches on customer and have collected useful results for our business. Feisty, customers, especially in Hanoi, always think twice before deciding whether to buy something or to.

They even ask for advice and compare the cost of different shops before buying something. Therefore, if the price is set too high, maybe customer will not want to buy our product and choose another instead. On the other hand, the company needs to have high sales and earn profit to make up for the money spent investing in its business. As the result, appropriate price is required in order to help customers and business achieve their own objectives. According to the reasons mentioned above, it is necessary to consider many different aspects when setting prices for Benton.

In this ass, Benton House has to cover all the cost of buying such food as rice, meat, fish or vegetable; the cost of boxes, tools and scarf; renting and also, the company’s competitors’ pricing strategy. We believe that many people think our price is quite expensive, but our quality can be sure to be worth paying for because of following reasons: First of all, our price covers the expenditure on buying food and all the ingredients needed, boxes, scarf and even renting, to name Just a few. Otherwise, Benton House will suffer from loss and its business will go down eventually.

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