MKT10007 Fundamentals of Marketing - Spring semester 2021 Assignment 4 Contents Introduction 2 Part 1: Target Market Analysis 2, 3 Part 2: Brand Extension and Product Strategy 4 Part 3: Competitors and Positioning Analysis Part 4: Marketing Mix 4, 5, 6 6 Conclusion 6 References 7 Introduction This report suggests new marketing plans for the West Lake Lotus tea (a premium tea brand in Vietnam). The report covers the Target Market Analysis about ideal target consumers
recommended from the Brand Positioning, the Marketing Mix and Marketing Mix Strategies. The information found can be applied for a more creative and effective consumer segment base which is based on the current marketing operations of the tea brand. Part 1: Target Market Analysis Persona of ideal target consumer Demographic · Gender: Male and Female - Middle to High class · Age: 30-75 . Income: above 8 million VND/ month · Family Life Cycle: parents, uncles, aunts or grandparents . Life goals: Maintaining good health to work or take care of their children or grandchildren · Social platforms: Youtube, Facebook, Google lovepik.com Motivations of consumers for using the product From middle to high age, people start to care more about their health so they always look for tea products made from nature with slight flavor which help to improve health. Therefore, many
people purchase West Lake Lotus tea products (as they offer more health benefits than other competitors) with the wants to achieve their goals although their costs are pretty high. For younger people, they are also motivated to buy West Lake Lotus tea products for their parents and relatives as a gift of health and spirit. Consumers ' frustrations The first frustration may be because of the products' prices, which are higher compared to other tea brands so not all customers are willing to purchase. Moreover, tea making also takes longer as tea has to be heated and steeped in hot water before drinking, along with a few other preparatory stages. The next frustration might be the lack of appearance of these tea products in many local stores because they are quite expensive so retailers often do not import these products to sell. Customers' criteria for choice The outstanding feature of West Lake lotus tea is that it has not been processed much to the necessary substances in the lotus flower and shows buyers the purity and natural flavor in each teacup. Tea making requires meticulousness from the tea makers because it is difficult to mass produce this tea mechanically, so that the nutrients in tea and its health benefits for everyone are retained maximally which can partly explain its high cost. For middle-aged people, the elderly or who want to buy gifts for their parents, relatives, this would be a great choice. Mình Cuong Trà ??p seu Tây Ho Mình C??ng Life goals West Lake Lotus tea is a luxurious tea brand in Vietnam which can give customers a wide range of health benefits, such as: reducing cholesterol, stabilizing blood pressure, reducing