MARKETING - MARKETING INDIVIDUAL ASSIGNMENT REPORT LOVE...

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MARKETING : INDIVIDUAL ASSIGNMENT REPORT LOVE RAIN Ideal Backpack for Love Expression January, 2015 Authority: Phan Thi Duong Student ID: 1312280021 Class: English 7, K52 – Advanced Program of Business Administration Teacher: Lionel Wong Foreign Trade University
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I. Consider the market 1. Product Summary Not everyone carries an umbrella or raincoat on them at all times, especially if the forecast is clear and the day started out bright and sunny. However, what most people carry with them is a backpack or bag of some sort, and that’s where the “Love Rain” Backpack comes in. “Love Rain” Backpack is a perfect mix between backpack and raincoat for us. 2. Market Analysis Vietnam has a tropical climate and it rains frequently, especially in South Provinces, even there are a couple of rains per day. It is easy to catch an unexpected rain without any preparations. In Vietnam, there are some kinds of raincoat quite popular only for a reason of the affordable price. However, the weakness of this product is the bad quality, even when you have not put on yet, it is maybe torn apart. For a short – term solution, this raincoat product is a good choice for your budget. But in a long run, it is not at all. Otherwise, Vietnam is a developing country, so price is one of most important factors deciding our product success. Therefore, our product will less expensive than other branding backpacks a bit to easily approach to differrent customers. Furthermore, you easily realize that Vietnamese parents’ caring to their children is much more than any other places. The most common topic in the mothers’ talk is the techniques to teach or care their children. Even when their children move to secondary school, mothers still prepare clothes, raincoat for them. Thus, it is sure that our product will have a special backpack for children and reduce mothers’ worry.
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Last but not least, wealth gap in Vietnam is quite huge; especially Vietnam is a developing country. So, economy will be one of the features in our product. 3. Competition Various kinds of backpack appear frequently while customer’s need in this product is high dramatically which attracts both wholesale and retail trade. Besides branding product, there are large amount of fake products which confuse the backpack market not only for customers but also producers. In Vietnam, competitor is mainly the fake product which has the low price and the attractive appearance but not high-quality. In common, consumers get satisfied with this product by using it around one year. Any branding products in the world are also in Vietnam market. But when the sellers are asked about product insurance, they cannot show us anything. Discovering a market in Hanoi, it is easy to find the number of no-branding backpacks/bags. Except from brand line, there is nothing to insure consumer protection such as insurance, brand stamp, instructions for use… In short, competitors for our backpack are the fake products sold extensively with low price which directly have bad effect on us.
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