Marketing Management And Strategy For Assessment Answer

Answer:

Literature Review

Din Tai Fung is an international restaurant which has founded by Bing Yi Yang in Taiwan in 1972 which provides quality Gourmet Food of Chinese. The first Franchise branch of the company was established in Japan in the year 1996. Now it is a top customer service provider in Singapore and international market. Now the company is expanding into worldwide market segmentation such as Mainland China, Hong Kong, Australia, Japan, Indonesia, Macau, Malaysia, Singapore, the Philippines, South Korea, the United States, Dubai and Thailand. It has best supply chain in the market segmentation by which the company is spreading across the country. The company maintains the strategy of marketing mix to reach business at growth point into worldwide market segmentation. It plays an important role as an organizational behavior within the country. The company also follows the strategy of Segmentation, Target and Positioning which is formerly known as STP strategy in the market. The company follows various marketing mix and strategies which are discussed in the report separately (Lee, 2015).

People strategy and Metrics: People are the main ingredient for the company products because without some genuine customers, company cannot get success into worldwide market segmentation. The price of products are not so high for this, the company gets more people for its product across the country. The company produces all Chinese fast food which people like most within the whole country. Some people are also involved with the company as a retail basis. The company sells more goods to retailer at some lower price because in retail business, the company’s products are sold in large quantity. It is necessary for the company to become more specific, well defined and concentrated in accordance with the retail business (Triplat 2014).

Process strategy and Metrics: Now Din Tai Fung is trying to produce its new product ‘Frozen Soup Dumpling’ (XiaoLongbao) across the country and also trying to expand business into worldwide market segmentation. The company maintains specific and well running process to spread its business within the whole market segmentation. The company is taking some fundamental steps to produce new specific products into halal market. The product of the company includes both vegetables and non-vegetables items. For this, the company is trying to maintain its strategy of process by which it can produce goods into halal market within the country (Schuh, 2014). Now the company is running via online too. It is doing business through internet because nowadays, use of the internet is very common and most of the people like online services. Internet process is the new strategy of the company. In addition, it is trying to produce new product via online into halal market segmentation (Chevreux & Plaizier, 2014).


Physical evidence and Metrics: DTF has founded in 1972 and now it has 21 restaurants only in Singapore. Physically the company is growing well across the country. For this, it is trying to produce new products and wants to expand this into halal market. The company’s product is running well into current market and well as target market segmentation. The concept of new product may profitable for the company because most of the people will like the product ‘Frozen Soup Dumpling’ (Yu & Tse, 2012). The company is trying to produce goods by some legal factors which people can buy easily from the market. In order to expend new products into halal market, the company has to produce goods by taking some fundamental steps such as non-vegetables goods are must be made by some legal manner. If DTF does that, it can easily produce its new products into current target market segmentation. The company’s physical evidence may increase if the production process will increase within the country (Chen, 2013). 

Service Marketing

Literature review: DTF provides good and genuine services to customers across the country. Services are very fast of the company because it is a restaurant where transaction takes place as daily basis. The company’s main branch is in Taiwan but it is providing services within the whole countries. The company maintains the strategy of services and sales management across the country which helps the company to launch a new product such as ‘Frozen Soup Dumpling’. In order to launch this type of new product, DTF needs to maintain its prices, sales target, sales channels and sales promotion (Peng & Chen, 2015).

Issues Related to Services Marketing

In order to launch a new product in the market, the company is making some fundamental strategies and also trying to expand its business into halal market. However, it is facing some critical issues in the service marketing segmentation such as issue of sales management and target market segmentation. The company is facing issue of sales management in the country in order to launch a new food product across the country. The issue arises in setting and objectives of new product which is going be to launch in the market and tries to expand this product into halal market. There is a lack of recruitment training and selection in the company. In order to launch the new such product, the company has to maintain its development and training program across the country. Every market of Singapore is not same in nature. For this there is an issue of target market. As the company is launching the new product that is ‘Frozen Soup Dumpling’ and tries to expand this product into halal market, it has been found that all markets of the country are not same according to their transaction method. Different market places have different demand of products. For this, target market is another issue of service marketing of DTF (Wirtz & Lovelock, 2016).

Marketing Relationship and related Issue: As the company is growing internationally within the whole countries, it is maintaining worldwide relationship with consumers and retailer across the country. The company is running consistently and now it is going to produce new product and also want to expand this into halal market segmentation. It has a best relationship with marketers and retailers across the country (Chan & Chew, 2014). The Company’s products are running well into worldwide market segmentation. However, the company is facing some issue of marketing relationship because of launching of new product. Though it is profitable to produce new food product across the country, yet the company cannot maintain proper relationship with its current marketers because of new products launch (Bastian, 2014).

Internal Marketing: It is one of the basic methods to promote the company’s product within Singapore and outside country. The company has 21 restaurants only in Singapore and all branches have different marketing growth because the customers are not same in all branches. The concept of internal marketing is very beneficial for the company because most of the people buy company’s product online. For this, it is making more profit by producing such type of goods (Martin & Billy, 2015).

Social or Ethical Marketing: The company is producing new product ‘Frozen Soup Dumpling’ and trying to expand it into halal market segmentation. People and society are inter-relates terms because products are sold by the society’s people. DTF plays a vital role in the ethical marketing because people are buying the company’s product as daily basis. The company has changed some technical skills of production by which ethically people are involved more and buying the company’s product at a great quantity across the country. If the company runs consistently, it may easy to expand its new product into current market segmentation (Gounaris, 2014).

Task- 3

Issue of Customers Engagement

The Idea of launching the new food product is some major issue for the company because it does not know about the people choice in the country. Though the company is running well in Singapore as well as outside country, it is not compulsory that the company’s new product will also run consistently. For this, the company is trying to expand its business into halal market where all types of people come to buy the company’s product. More customers are involved with the company’s services either directly or through online servicing. However, the issue arises when customers are not getting the product as per their choices (French, 2017).

Interpretation of the New Product

The company is producing the new product such as ‘Frozen Soup Dumplings’ which is going to launch to make more profit across the country. The company is trying to expand its business into halal market segmentation. The company has to think about the existing products in order to make leverage of new product across the country. It must have to associate its brand to some online users and makes some diversification to produce new goods in the market. The company also offers an alternative channels to the consumer who are not longer available with the company due to insufficient capacity within the country (Wedel & Kamakura, 2012).

Marketing Strategy and Issue at New Product of DTF

It is a good concept for the company to produce a new product for customers and it is now trying to spreads that product into halal marketing segmentation. This new product shows both positive and negative effect in the marketing strategy (Zhang & Liu, 2014). The company may earn more profit by producing this type of product but some customers are not willing to buy this type of product. As the company has best supply chain in the market of Singapore and outside country, every people do not like such product because they prefer some different varieties. The concept of halal variety takes new customers which indicate the company’s success into worldwide. It cannot maintain proper relationship with marketers (Xue, 2014).

Customers Engagement Proposal in Relation to STP Strategies

The company produces food product and most of the people are engaged with the company’s product because it is a restaurant where transactions are done as daily basis. Nowadays, the company has found much growth. For this, it has made an idea to produce new product in the current market segmentation. The product of the company includes both vegetables and non-vegetables items. For this, the company is trying to maintain its strategy by promoting business into halal market by which it can produce goods into halal market within the country. The company also follows the strategy of Segmentation, Target and Positioning which is formerly known as STP strategy in the market (Schuh, 2014).

Segmentation: The Company must produce goods as per people’s availability and according to their age and lifestyle. It must see the sensitivity of price and attitude of customers towards food. The company must see the production place to get more customers by the food consumption location across the country. The company must see the customer’s attitude towards food packages within Singapore market and across the countries (Tuominen, 2016).

Target: The Company targets the age group of people by which it can make production according to people’s choice. The company also targets to produce goods for busy people who are working and appreciating the gourmet food. It thinks for online customers (Kuuru, 2016).

Positioning: Product positioning is an important element to reach business at success point. The company makes comparison of products with the help of product positioning. It indicates the working performance of the company in Singapore market. Now the company has idea to produce new product. This idea may succeed if it maintains proper positioning across the country. The company has to do product positioning into halal market to get more customers for its products (Farris, Bendle & Pfeifer, 2015).

Figure 1: Positioning of Product

Source: (www.dintaifung.com.sg)

Marketing Metrics

There are some methods to measure the performance of marketing metrics of DTF. The company must follow the marketing guidelines to produce the new product and expand business into halal market segmentation (Farris, 2015). According to Keller, the company promotes for brand equity in the marketing metrics to get more customers. The growth of business depends on the production because if production is not good, it is not better for the company to launch the new product in the market of Singapore. In order to make business profitable, the company needs to maintain marketing metrics across the country. It has been evaluated that the company is expanding its business into halal market of Singapore to fulfill this successful idea of new product (Reibstein, 2015).

Recommendation and Conclusion

From the above discussion it has been recommended that DTF is having idea of launching new product ‘Frozen Soup Dumpling’ in the market of Singapore. For this it is trying to expand its business into halal market of Singapore. In order to expend new products into halal market, the company has to produce goods by taking some fundamental steps such as non-vegetables goods are must be made by some legal manner. If DTF does that, it can easily produce its new products into current strategy of market segmentation. 

References

Chevreux, L., Plaizier, W., Schuh, C., Brown, W., & Triplat, A. (2014). Case Study 3: Din Tai Fung. In Corporate Plasticity (pp. 145-148). Apress.

Lee, J. H. (2015). Chinese Restauarants in the united States. Chinese Americans: The History and Culture of a People: The History and Culture of a People, 183.

Chen, K. W. K. (2013). Korean restaurant business plan in Taiwan (Doctoral dissertation, Massachusetts Institute of Technology).

Yu, F. L. T., & Tse, P. W. P. (2012). “Right Time, Right Place, and Right People” and Chinese Entrepreneurship: A Case Study of Taiwan's Din Tai Fung Dumpling House. Frontiers of Business Research in China, 6(1), 96-119.

Peng, N., & Chen, A. H. (2015). Diners’ loyalty toward luxury restaurants: the moderating role of product knowledge. Marketing Intelligence & Planning, 33(2), 179-196.

Wirtz, J., & Lovelock, C. (2016). Services marketing: people, technology, strategy.

Whitton, C., Ma, Y., Bastian, A. C., Chan, M. F., & Chew, L. (2014). Fast-food consumers in Singapore: demographic profile, diet quality and weight status. Public health nutrition, 17(08), 1805-1813.

To, W. M., Martin, E. F., & Billy, T. W. (2015). Effect of management commitment to internal marketing on employee work attitude. International Journal of Hospitality Management, 45, 14-21.

Boukis, A., & Gounaris, S. (2014, July). Knowledge Management Strategies And Internal Dynamics As Key Determinants Of Resource Optimization And Decision-Making Quality During NSD. In 2014 Global Marketing Conference at Singapore (pp. 41-53).

Wedel, M., & Kamakura, W. A. (2012). Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.

Yang, W. S., Liang, G. S., & Ding, J. F. (2013). Identifying solutions for adding service value to international port logistics centers in Taiwan. Maritime Economics & Logistics, 15(4), 395-415.

French, J. (2017). The Importance of Segmentation in Social Marketing Strategy. In Segmentation in Social Marketing (pp. 25-40). Springer Singapore.

Zhang, Q., Liu, S., Liu, R., Xue, H., & Wang, Y. (2014). Food policy approaches to obesity prevention: An international perspective. Current obesity reports, 3(2), 171-182.

Kuuru, T. K., & Tuominen, P. (2016). Creating a conceptual framework for corporate brand positioning. In Business Challenges in the Changing Economic Landscape-Vol. 2 (pp. 177-195). Springer International Publishing.

Farris, P., Bendle, N., Pfeifer, P. E., & Reibstein, D. J. (2015). Marketing Metrics: The Manager's Guide to Measuring Marketing Performance. FT Press.

Kwon, J., Wirtz, J., Keng, K. A., & Jiuan, T. S. (2015). The Seven Faces of Singapore-Initial Findings from a Large-scale Representative Life Style Study. In Proceedings of the 1997 World Marketing Congress (pp. 438-440). Springer International Publishing.

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