Marketing term appeared firstly in United State in the early 20th century and then spread to Europe and Asia. In the meantime, there are many definitions of Marketing given by leading organisations and experts in the fields of economy such as: Kotler, CIM, AMA…
- Definition of Chartered Institute of Marketing (CIM):
“Marketing is the management process responsible for identifying , anticipating and satisfying customer requirements profitably”.
- Definition of Philip Kotler:
“Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”.
- Definition of American Marketing Association (AMA): …show more content…
Then, creating a plan to develop products which suit the tastes of customers. Marketing is a factor which help companies satisfy customers and earn profits. In addition, marketing is also a factor for assessing the company through the number of customers and their satisfaction with that product. Finding customers, serving customer, getting customer satisfaction and making product more differenrent - that is the process of successful marketing.
Foreign firms agree that Vietnam is a potential market so the number of foreign company invests in Vietnam has increased substantially. Parallel with this, marketing strategies in the market is increasingly diverse. Economic crisis in 2008-2009 has led to many foreign companies withdraw investment into Vietnam's market, the domestic market was more changes. And the attitude of consumers had also changed. Consumers became more cautious in selecting consumer products because counterfeiters consumer goods had spread rapidly. Customer’s believe with companies was also losing. Besides, because the influence of the economy and unstable income of customers , they tend to use cheap goods to match with financial capabilities. However, in 2010, when Vietnam's economy stable. Customers who have stable incomes start turning trend using of quality goods. Demands in using products of consumers are also becoming more various. Thus, a challenge for companies is how to find out what the