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Marketing Magnum ice-cream in Vietnam

Extracts from this document...

Introduction

Table of Contents I. INTRODUCTION 1. Marketing management philosophy applied in Magnum 1.1. The five marketing concepts 1.2. Marketing concept in Magnum 1.3. Costs and benefits of marketing orientation REFERENCE ________________ 1. INTRODUCTION Kinh Do Corporation (Vietnamese: Công ty Kinh Äô, KDC) (KINHDO:VN, KDC:VN) is a business group of Vietnam with an emphasis on food production, including baked goods, confections, snacks and soft drinks. The corporate group also includes companies in the fields of financial services, real estate and a retail bakery chain. Kinh Do Corporation manages a wide variety of brand names, distributes imported brand name snack and candy goods, and manufactures food for export from Vietnam. Main offices of the company are located in Ho Chi Minh City. In 1993: Kinh Do is established, operates in the field of manufacturing and trading of snack food in Vietnam. Since 2001, they had expanded exports to 35 countries and achieves a huge success Kinh Do is one of the private companies have the highest profit. Kinh Do is diversified into several fields of interest, listed along with significant subsidiary companies. Kinh Do company has annual growth rate of 20-30% with ice cream and yoghurt brands including Merino, Celano and Well Yo. In 2014, Magnum ice cream will be finally in Viet nam market and distributed by Kinh Do coporation. ________________ 1. Marketing management philosophy applied in Magnum 1. The five marketing concepts The Five Marketing Philosophies help determine the management of marketing. Companies approach and conduct business in different ways in order to achieve their organizational goals. The five competing concepts by which companies are guided in their marketing efforts are: Production concept is based on the fact that consumers favor products that are available and affordable. Concentration on production efficiency and effective distribution networks outweigh the customer’s actual needs and wants. This is used primarily when demand exceeds supply and the focus is on finding production methods that can bring the price down to attract more customers. ...read more.

Middle

The convergence of rich and diverse cultural influences has endowed Vietnam with both a traditional and contemporary mix of food. This helps Magnum have one more opportunity to develop marketing channels compatible with customs as well as culture of the Vietnamese. Magnum can target both traditional and modern Vietnamese by introducing a balanced mix of products that satisfies both of them. The company should also remember the influences of Japanese and Chinese culture on Vietnamese; therefore, the three might share many preferences such as fruity or green tea flavours. Magnum can also segment the market based on different occasions that consumers may choose to use the products. These different occasions can be referred to the different festivals celebrated in Vietnam; for instance, the Moon cake Festival celebrated in the month of September. In order to increase consumption of Magnumproducts, Magnum Vietnam will sell ice cream moon cakes to cater to this occasion. Other festivals such as Christmas, Mother's Day, Father's Day, and Valentine?s Day are some of the occasions, which will also work closely with the marketing strategy to boost consumption of Magnumproducts. Vietnamese are traditionally patriotic. Therefore, they still give the priority for domestic products. 71% of Vietnamese consumers trust Vietnamese high quality products (according to FTA). Each culture contains ?sub-cultures? ? groups of people with share values. Sub-cultures can include nationalities, religions, racial groups, or groups of people sharing the same geographical location. Sometimes a sub-culture will create a substantial and distinctive market segment of its own. Magnum should look at various cultural characteristics of Vietnamese consumers and their preferences. Certain cultural groups tend to have similar needs especially when it comes to food, confectionery, and drinks. For instance, there are traditional Vietnamese who do not want to try new, strange products but prefer only familiar flavors like Vietnamese tropical fruits, chocolate, coffee, and vanilla with light and medium-sweet taste. There are modern Vietnamese who like to try new things, especially from foreign countries, prefer exotic, unfamiliar flavors like cheesecake, green tea, and berries in form of ice cream, frozen yogurts, or sorbets. ...read more.

Conclusion

REFERENCE 1. Masterclass management (no date) What are the Five Marketing Philosophies? [online]. [cited 26th March].<http://www.masterclassmanagement.com/ManagementCourse-MarketingPhilosophies.html>. 2. NAU (no date) THE MARKETING CONCEPT [online]. [cited 26th March].<http://www2.nau.edu/Magnumrgm/ha400/class/professional/concept/Article-Mkt-Con.html>. 3. Transtutors (no date) Marketing Concepts and Principles [online]. [cited 20th April].<http://www.transtutors.com/homework-help/management/marketing-concepts-principles/>. 4. Random reviews (no date) Product review-magnum ice-cream bar [online]. [cited 20th April].<http://randomreviewsph.wordpress.com/2012/04/07/product-review-magnum-ice-cream-bar/>. 5. Unilever (no date) The science behind ice-creams magic [online]. [cited 20th April].<http://www.unilever.co.uk/innovation/researchanddevelopment/thesciencebehindicecreamsmagic.aspx>. 6. Buy the way (no date) Ice-cream war between Unilever and Nestle [online]. [cited 20th April].<http://buytheway.uscannenberg.org/ice-cream-war-between-unilever-and-nestle/>. 7. The australian (no date) Billion-dollar-ice-cream-magnum-propels-unilever-to-record-turnover [online]. [cited 20th April].<http://www.theaustralian.com.au/news/world/billion-dollar-ice-cream-magnum-propels-unilever-to-record-turnover/story-fnb64oi6-1226560860319>. 8. Yourbusiness azcentral (no date) Advantages disadvantages having marketing orientation organization [online]. [cited 20th April].<http://yourbusiness.azcentral.com/advantages-disadvantages-having-marketing-orientation-organization-1510.html>. 9. Waukesha (no date) Benefits of being the market-oriented enterprise [online]. [cited 20th April].<http://waukesha.patch.com/blog_posts/benefits-of-being-the-market-oriented-enterprise>. 10. Unilever (no date) Magnum [online]. [cited 20th April].<http://www.unilever.co.uk/brands-in-action/detail/Magnum/298343/?WT.contenttype=view%20brands>. 11. Bloomberg (no date) Fat is back as Unilever magnum bites Nestle skinny cow retail [online]. [cited 20th April].<http://www.bloomberg.com/news/2012-08-05/fat-is-back-as-unilever-magnum-bites-nestle-skinny-cow-retail.html>. 12. Foodchannel (no date) Food trend update europes favourite ice-cream bar [online]. [cited 20th April].<http://www.foodchannel.com/articles/article/food-trend-update-europes-favorite-ice-cream-bar-m/>. 13. Unilever (no date) Magnum worlds most loved ice-cream bars [online]. [cited 20th April].<http://www.unilever.ca/aboutus/newsandmedia/pressreleases/Magnum_worlds_most_loved_ice_cream_bars.aspx>. 14. Businessweek (Nov 12th 2012) Unilever wants to be Americas ice-cream king [online]. [cited 20th April].<http://www.businessweek.com/articles/2012-08-23/unilever-wants-to-be-americas-ice-cream-king>. 15. Am thuc 365(no date) Thoi quen an uong cua nguoi Viet [online]. [cited 20th April].<http://www.amthuc365.vn/tim-kiem/c=bai-viet&q=th%C3%B3i%20quen%20%C4%83n%20u%E1%BB%91ng%20c%E1%BB%A7a%20ng%C6%B0%E1%BB%9Di%20Vi%E1%BB%87t>. 16. BBC (May 4th 2012) Vn social stratification [online]. [cited 20th April].<http://www.bbc.co.uk/vietnamese/vietnam/2013/04/130412_vn_social_stratification.shtml>. 17. Wordpress (no date) Phan tang xa hoi o Vietnam [online]. [cited 20th April].<http://lopa0khoa9.wordpress.com/2012/03/30/sach-m%E1%BB%9Bi-c%E1%BB%A7a-d%E1%BB%97-thien-kinh/>. 18. DNA (no date) Xu huong tieu dung Viet nam nam 2012 [online]. [cited 20th April].<http://www.dna.com.vn/vi/bai-viet-nghien-cuu/s/xu-huong-tieu-dung-viet-nam-nam-2012/>. 19. Danang government (no date) Purse strings set to loosen in 2011 [online]. [cited 20th April].<http://ipc.danang.gov.vn/modules/news/news_event.aspx?NewsId=778>. 20. VTC (no date) Marketing truc tuyen anh huong lon toi dn [online]. [cited 20th April].<http://vtc.vn/1-354543/kinh-te/nam-2013-marketing-truc-tuyen-anh-huong-lon-toi-dn.htm>. 21. Vnvic (no date) 140 tinh hinh su dung internet tai Vietnam 2011 [online]. [cited 20th April].<http://vnvic.com/tin-tuc-cong-nghe/140-tinh-hinh-su-dung-internet-tai-viet-nam-2011.html>. 22. FTA (no date) Xu huong tieu dung nam 2012 [online]. [cited 20th April].<http://www.ftaresearch.com/vn/library.php?cid=29>. 23. Massosurvey (no date) Xu hÆ°á»ng mua sắm trên mạng, nguyên nhân chá»n lá»±a của ngÆ°á»i tiêu dùng [online]. [cited 20th April].<http://www.massosurvey.com/index.php?option=com_content&task=view&id=543&Itemid=92&art=article>. ...read more.

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