group assignment marketing principles

This report aims to delveinto the multifaceted benefits and functionalities of the rice cooker, highlighting its compact design, smart technology integration, and automated cooking featu

GROUP ASSIGNMENTMARKETING PRINCIPLES

MKT101Academic year: SPRING

SEMESTER-2024Assignment: GROUPSubmission mode: OnlineSTUDENT INFORMATION

Class

help you compete with your competitors (what your difference among the competition),then you need to have a marketing strategy to launch your product, including:

- Marketing objectives (a percentage that you hope to gain in terms of awareness, sales,reputation, and images…)

- Target customer, message (slogan)

- Marketing mix: Product, price, place, promotion - Macro environment analysis: Economic, Demographic…

- Marketing channel and activities: You need to design what channels/platforms yougoing to release the campaign, and what activities you going to do during the time oflaunching

I INTRODUCTION 2

II Competitive advantages 2

III Marketing objectives 2

1 Increasing brand awareness 2

2 Revenue 2

III Target customer 2

IV Marketing mix 2

In today's fast-paced lifestyle, the rice cooker stands as an indispensable appliance in every household, revolutionizing the way we prepare meals Beyond its functional convenience, it has seamlessly integrated into modern life, ensuring that family meals arenot only effortless but also consistently delicious and nutritious This report aims to delveinto the multifaceted benefits and functionalities of the rice cooker, highlighting its compact design, smart technology integration, and automated cooking features that elevate the cooking experience to new heights.

Traditionally, cooking rice could be a laborious task, prone to human error and oversight However, with advancements in technology, the modern rice cooker has evolved into a compact and lightweight device, optimizing kitchen space while enhancingefficiency Gone are the days of forgetting to press the cooker button; now, with smartphone connectivity, meal preparation is streamlined with a simple tap on your phone.

One of the standout features of the contemporary rice cooker is its automatic cooking function, powered by intelligent cooking programs With just the push of a button, users can effortlessly create a variety of delicious rice dishes, tailored to their preferences Delving deeper into its functionality, the rice cooker boasts a clever design with a dedicated rice tray on top, ensuring precise measurement and optimal cooking conditions Whether it's a small portion for an individual meal or a larger quantity for a family gathering, the cooker adjusts accordingly, simplifying the cooking process.

Furthermore, the integration of modern amenities such as direct water supply fromdrinking water faucets ensures not only convenience but also quality assurance in every

aspect of meal preparation By utilizing water from dedicated drinking water sources, the rice cooker maintains the integrity of the ingredients, guaranteeing a superior culinary experience.

II Competitive advantages

Integration with Smartphone Technology

The smart rice cooker stands out from competitors due to its seamless integration with smartphone technology This feature allows users to remotely control and adjust the cooking process, providing unparalleled flexibility and convenience By leveraging wireless connectivity, users can effortlessly set cooking time, temperature, and mode, enhancing the overall cooking experience.

Diverse Cooking Modes

The smart rice cooker offers a diverse range of cooking modes, adding another layer of versatility to its repertoire Whether it's white rice, soup, or sticky rice, users can customize the cooking settings to suit their family's preferences, ensuring every meal is

tailored to perfection This flexibility sets it apart from competitors, catering to a wide range of culinary needs and preferences.

Smart Keep-Warm Functionality

One of the standout features of the smart rice cooker is its smart keep-warm mode, whichprolongs the enjoyment of freshly cooked rice By maintaining an optimal temperature, the cooker ensures that rice remains warm and delectable for extended periods, making it perfect for busy households This functionality adds value to the product, ensuring that rice is always ready to serve, even hours after cooking.

Luxurious and Modern Design

The luxurious and modern design of the smart rice cooker enhances its appeal and sets it apart from traditional rice cookers Not only does it offer ease of use and monitoring during the cooking process, but it also contributes to the creation of a stylish and contemporary kitchen environment This aesthetic appeal appeals not only to technology enthusiasts but also to those seeking to elevate their culinary space, providing satisfactionand comfort in their daily cooking endeavors.

Water-saving ability

Water saving technology in smart rice cookers plays an important role in effectively reducing water usage Thanks to smart sensors and automatic control systems, smart rice cookers are able to accurately measure the amount of water needed for the rice cooking process Thanks to this feature, users can rest assured that cooking rice not only ensures quality but also saves water effectively This not only helps reduce utility costs but also helps protect the environment by minimizing unnecessary water consumption.

1 Increasing brand awareness:

Increase brand awareness rate from 70% to 90% within 12 months by enhancing online and offline advertising strategies Online Advertising Strategy: Increase advertising on popular online platforms such as Google Ads, Facebook Ads, Instagram Ads, and TikTokto reach potential customer groups Build relationships with reputable bloggers, influencers, and industry websites to generate positive product reviews and articles Develop attractive, quality, and unique advertising content to attract consumer attention Offline Advertising Strategy: Initiate advertising and press campaigns to increase awareness within local and national communities effectively Participate and support community events, exhibitions and fairs to showcase products and interact directly withcustomers Create Quality Content: Develop engaging content that teaches the features, advantages, and uses of Smart Rice Cooker to educate and benefit consumers Create demo videos, user guides, and comparison articles to help consumers better understand the product.

2 Revenue:

Achieve revenue growth of at least 25% in the first year by expanding distribution and enhancing price and promotional strategies Expanding Distribution Network: Seek and establish relationships with major retailers, electronics stores, and shopping malls to expand product presence in the market Build a flexible and effective distribution system to ensure products can reach customers everywhere Drive Companion Sales: Create promotions, discounts, and special offers to stimulate cross-purchase purchases and

increase average order value Organize special sales events and event marketing strategies to attract customers and generate product awareness.

3 Reputation and Image:

Build a reputable and trustworthy brand image, achieving an average customer score of 4.5/5 within 6 months by focusing on product and service quality Enhance Product Quality: Ensure that products meet or exceed the highest quality standards Continued research and development to improve product features, performance, and convenience Enhanced Customer Service: Build a professional and agile customer service to handle allinquiries and feedback from customers Train employees on products and services so theycan provide the best support to customers Positive Feedback from Customers: Create open communication channels so customers can easily share opinions, feedback, and product reviews Leverage feedback from customers to continuously improve products and services.

IV Target Customers

Expand your customer base from traditional groups to new groups such as young income families and high-income singles by creating relevant and engaging marketing strategies for each group Specialized marketing content: Create content optimized for each audience group, with messaging and imagery that reflects their needs and lifestyle For example, instructions on cooking family meals quickly and easily using a smart rice cooker Provide flexible purchasing methods: Provide convenient and flexible purchasingmethods such as purchasing online or at local retail stores.

high-V Marketing mix

The smart rice cooker represents a pinnacle of convenience and modernity, enriched by cutting-edge technology Designed for effortless rice cooking, it seamlessly integrates smartphone connectivity for simplified operations With the ability to control cooking time remotely and automatic rice and water supply functions, users experience unparalleled ease of use Additionally, smart features such as automatic keep warm and rapid rice cooking enhance time-saving benefits The product's aesthetics are carefully crafted, offering simplicity, user-friendliness, and a compact, lightweight design Constructed from high-quality plastic, it ensures durability and safety, with added safety features like anti-spill and anti-scald lid locks Compliant with stringent safety standards, the smart rice cooker prioritizes user safety without compromising on performance.

2 Price:

Targeting the high-end segment, the pricing strategy positions the product at a premium level, with costs ranging around 10 million This pricing aligns with the target market's willingness to invest in advanced, technologically optimized products with superior features The premium pricing reflects the value proposition offered by the smart rice cooker, emphasizing its modernity, convenience, and high-quality construction.

3 Place:

Distribution channels encompass a diverse range of outlets, catering to the preferences and habits of the target market Electronic retail stores such as Dien May Xanh, Nguyen Kim, and Mediamart serve as prominent sales locations, leveraging their reputation for safety and reliability to attract buyers Supermarkets also play a crucial role in

distribution, capitalizing on their extensive reach and established consumer loyalty Online channels such as Shopee and Tiktokshop offer additional avenues for purchase, tapping into the growing trend of online shopping and catering to digital-savvy consumers.

4 Promotion:

A multi-faceted promotional approach aims to maximize product visibility and attract potential buyers Television advertisements aired during prime time slots, particularly on cooking-themed shows, serve to showcase the product's capabilities and appeal to a broadaudience Strategic placement of banners at intersections and high-traffic areas enhances brand visibility and engagement with potential customers Collaborations with popular bloggers and influencers amplify brand awareness through social media platforms like Facebook and Instagram Special discount programs on holidays and company anniversaries, coupled with bundled offers and exchange schemes, incentivize purchases and foster customer loyalty Additionally, discount vouchers and promotional points programs encourage repeat purchases and reward customer loyalty, further solidifying theproduct's market presence.

VI Macro environment analysis1 Environmental Concern:

Growing concern about the environment and protecting natural resources is having a significant influence on consumer choices when purchasing home products, including smart rice cookers Today's consumers not only care about the convenience and performance of the products they buy, but also pay a lot of attention to environmental

factors and resource conservation New technology in the rice cooker sector has evolved to provide more efficient water-saving solutions that meet the needs of environmentally conscious consumers Smart features such as water sensors and water-saving rice cookingtechnology can reduce the amount of water needed for rice cooking while still ensuring quality and flavor Therefore, environmental protection becomes an important factor when consumers evaluate and choose rice cookers Consumers today tend to prioritize choosing environmentally friendly products and technologies, helping to minimize negative impacts on the planet.

2 Technology:

The trend of technology to save time and increase convenience is having a great influenceon the demand for smart rice cookers The integration of smart features such as remote control, temperature and pressure sensors, along with time and energy saving capabilities has created a strong appeal to consumers This means that users are increasingly favoring and increasing the need to buy smart rice cookers to improve their cooking experience and save daily effort.

3 Demographic trend:

Increased workforce participation and fewer traditional homemakers

The shifting demographic landscape, characterized by increased workforce participation and fewer traditional homemakers, underscores the growing demand for smart kitchen appliances like our rice cooker With a trend towards busier lifestyles, consumers seek convenient solutions that complement their daily routines without compromising on quality or efficiency As the population continues to grow, the demand for time-saving

and technologically advanced kitchen appliances is expected to rise, positioning our smart rice cooker as a compelling solution to meet evolving consumer needs.

The increasing need to live away from parents and families with few members

The increasing need to live away from parents and families with few members has contributed to the increased demand for smart rice cookers In a society undergoing changes in lifestyles and family patterns, living away from parents or living in small households with few members is common With busy life and modern pace of life, the need for convenience and effective working time is increasingly top priority In this situation, smart rice cookers become an ideal solution for people living far from home or living in small families, where they can easily cook without having to spend a lot of time and effort Therefore, with the trend of living far away from parents and small families, the need to own a smart rice cooker to make cooking easier and save time is constantly increasing This motivates consumers to seek convenient and efficient solutions to meet their daily needs, while creating a growing market for smart rice cooker products.

VI Marketing channel and activities1 Marketing Channels: Online Platforms

Utilizing online platforms will be central to our marketing strategy, with a focus on the official website, social media networks (Facebook, Instagram, Twitter), and email marketing These channels will serve as vital touchpoints for creating awareness and engaging with potential customers Care will be taken to avoid excessive spamming to ensure a positive user experience.

2 Activities of Company:

Producing high-quality promotional videos showcasing the benefits and features of our smart rice cooker will be a key aspect of our content marketing strategy These videos will clearly highlight the distinctions between traditional rice cookers and our innovative smart cooker, aiming to educate and entice potential customers.

Promotions and Discounts

To attract buyers and incentivize purchases, we will implement various promotions, discounts, and freebies These could include limited-time offers, bundle deals, or complimentary accessories with the purchase of our smart rice cooker These promotionalstrategies will help drive sales and generate excitement among customers.

Events and Exhibitions

Participation in industry-related events and exhibitions provides an excellent opportunity to showcase our products and forge relationships with potential customers By attending trade shows and home appliance expos, we can introduce our smart rice cooker to a wideraudience and engage in face-to-face interactions to build trust and credibility.

Product Endorsement

Collaborating with reputable influencers and bloggers in the cooking field will serve as a powerful endorsement for our product Leveraging their authority and influence, these individuals can effectively promote our smart rice cooker to their followers, increasing brand visibility and credibility within the target market.

VII Slogan

LIFE’S SMART LIFE’S GOOD.