Marketing- Crucial Tool for Firms in Economic Crisis

In the context of the current economic crisis, marketing is seen as a solution to promote businesses’ trademark and boost business efficiency. This was the content of a conference entitled “Marketing in the crisis time” recently held in Hanoi.

Businesses want to develop their trademark and gain a firm foothold in the market, they need to raise their prestige. Therefore, business ethics of enterprises must be the top priority. In reality, lots of businesses have taken advantages of consumers’ trust to develop their trademark to make profits.

Regarding this, Dr. Hoang Anh Tuan, Chairman of Hanoi Marketing Association said, marketing is not only a bridge between businesses and consumers but also a key factor for firms to increase their revenues, particularly in the present difficult economic situation.

 

Tuan also said that many companies have recently taken advantages of marketing to promote their trademark. One of products often cheating customers is milk. Lots of imported milk products have enhanced their trademark promotion by saying that they contained more DHA, from just one DHA to 3 DHA and even up to 5 DHA. In fact, up to 90 per cent of Vietnamese mothers do not understand about DHA and its important. However, they vaguely know that milk with a large content of DHA is very good for their children.

 

Companies take advantages of customers’ limited knowledge to produce milk with much DHA.

Sharing the same view, but RMIT Vietnam's Hanoi campus head Dr. Pierre Dietrichsen, said the most effective marketing method is indicating the genuine value of each product. If products meet customers’ demand, they will continue buying the products. On the contrary, customers will turn their back on the products failing to satisfy their need despite noisy marketing campaigns.

Many prestigious organisations in the world studied and concluded that Vietnam, China and India are among few nations with positive economic growth index. Many experts also said that the economic slump is a great challenge, but a big chance for Vietnamese firms in various areas.

The economic crisis is also an occasion for Vietnamese companies to regain their position in the domestic market. Customers’ demand is changing, therefore, local businesses need to work out solutions to cut costs and prices of their products. 

 

In the field of IT, digital marketing is considered as a key for firms which face with capital difficulties. Vietnam owns big potentials for development and application of digital marketing services based on mobile phones. Grasping this, Van Chung Telephone Company has launched a marketing strategy with advertising message software delivered to mobile phones.