Q2 B. After reading ‘the four approaches’ by Seth and Sisodia (2014) the four A’s are the acceptability, affordability, accessibility and lastly awareness. Firstly acceptability is the extent to which the product is being able to satisfy the needs of the consumers. Affordability is the price which the target customers are willing to pay for the product that they are buying from the market. Accessibility can be defined as by how much limit the products or goods are easily available to the customers without any hindrances or problems. Lastly, awareness is the extent of how much knowledge of the specifications of the product its various qualities does the customers or buyers have. All 4 of these constitute the 4 A’s which if followed by a firm can make their products and goods profitable as these are the best policies which it can undertake to increase their sales. The four P’s of marketing are: product, price, place and promotion. Both of these are similar in the context that both of them are associated with marketing of products and goods into the market and how the company can gain by applying these fundamentals. Both of them help in understanding the strategies which if the businesses implement will make their products demand rise. If we talk about the difference between the 4 A’s and 4 P’s is that the approach in both of them is different. 4 A’s follow a modern approach in accordance with today’s dynamic whereas 4 P’s follow an old school traditional approach which is static in nature and may fail in certain circumstances. Another difference is that will be that in 4 A’s accessibility in terms of availability in stores and supermarket of their product whereas in place the proper accessibility part is not taken into consideration.
B Q1. In the ‘Global Marketing by Deshpande (2014), he mentioned various measures by which the marketing could be enhanced in countries. Now obviously, marketing plays a huge role to play in various developed nations of the world. He helps the products and services that are being produced in an economy to come in front of the world to showcase their utility and value so that it attracts the customers to purchase their products and they are willing to pay for it. Advertising is very useful in a market such as that of monopolistic competition where the competition in the market is cut throat and all the sellers are in a race to sell their products through advertising. Since the monopolists tries to differentiate its goods and services from others it will incur more and more on the advertising of his or her products irrespective of the fact that the information is relevant or not. However, in free market it is the backbone of such economies like that of USA, Australia and France in their demand and supply of goods in the market. It is the core means in these economies by which valuable facts and information about the goods and services are shared by the producers. The success of such markets is the fact that in these markets is to process the specifications and qualities of the products which characterize the modern economic system for instance- giving priorities and preferences to the tastes, fashion etc of the customers. It also takes into considerations about the quantity produced, costs of the producers and also about their multitudinous connections as well.
Q3. There are three approaches in marketing in setting the prices of the goods and services which are being produced by the producers in the market. The first in the market being that of cost based. It is the easiest to be calculated by the producers as it is based on the costs of distributing, manufacturing and of selling the goods in the markets. They even add to it a fair amount of profit margin to it as compensation to the efforts of producing a good. The second is setting the prices via demand based which is also known by the name of customer based pricing. It is based on the demand for goods amongst the customers as a basis on the value perceived from it. Another pricing technique is value based which is set by the firms on the basis of the value and utility of their goods in the market and what worth it is giving to the customers of the good. In my opinion demand based pricing will be better as in Vietnam like any other country in this world food and drinking has got its own life. The people in Vietnam are inclined into very much in eating and drinking whether it is soups, alcoholic drinks, vegetables etc. so these are high in demand in Vietnam which will result in the pricing set by demand based approach.
Q1. Asians are well known for the cuisine all around the world so does Vietnam which is now a prominent tourist attraction in the peninsula region of South East Asia. Not only does tourism has come to a boom but the country offers a healthy standard of living. In this case the Australian business man is seeking for a bar and restaurant set up in the country. Such business does flourish if we target the correct customers at correct location. Lets chalk out the best possible plan for him:
In Vietnam, as we know tourism has a major stock in country’s growth. The densely populated countries which are home to many tourists & expats can boom the business. Local delicacies & a good night life can bring in the bar & restaurant business a good income source.
The restaurant must have an international and local delicacy so that its non tourist phase they can target the 45.67% of Vietnamese crowd as per 2019 population pyramid aged between 25-54 years which consists of around 15-81%.
The Vietnamese don’t generally drink and dine together. But there are age groups which can be disintegrated & targeted. The bar should have a menu that attracts not only youngsters but also mid aged group people where the essence of the country is kept intact.
The Vietnamese cuisine has a large impact to that from the French Chinese cuisine. Hence the tradition of placing local alcohols and smoothies with wide variety of tropical herbs & fruits must be captured in the menu.
Thus by incorporating some of these will help the Australian business man get a foot hold of the market and establish himself efficiently.
A Q2. In Vietnamese culture it has a low individualism which manifests the love and care they have for their families and friends is a lot. Now in regard to the Australian business man it plays an important role in regard of choosing a place or location for setting up his bar and restaurant. Now since Vietnamese are known for going into groups the Australian businessman should select a location for establishing his restaurant where a large space is available for him for maximum number of customers since the Vietnamese tend to go in groups so many customers would visit the place so he should not fall short of the dining space. Another advice which we can give will be that he should establish the restaurant at a place which is densely populated as Vietnam being a densely populated country so that maximum number of customers comes into the restaurant and bar and the revenues of the restaurant get increased. The Australian can choose areas which are more close to residential buildings of the people residing there or in dense supermarkets where people usually come to buy goods and services.
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