With Tan Hiep Phat, location defines the success of a product
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The most important "P" has been left for last, and it is the one that deserves the most elaborating on. Creating a successful product hinges on understanding the place comes from or is being so to, particularly in the FMCG sector. Product availability is one of key success factors. The traditional definition of lace is the provision of a product at a location that is cony for consumers to access.
Yet there is another, more important connotation to place – and it is very easy to lose sight of it in our virtual, connected world. As outlined in part I, some consumers pay very close attention to the place where a company or product is from, because they want to support their local community. This trend is becoming particularly support t noticeable in developed markets.
In developing markets, research shows that place is important, too, but for slightly different reasons. Here, national pride plays an important role. This was demonstrated when research company Nielsen conducted a Global Brand-Origin survey in 2016, polling more than thirty thousand consumers across sixty-one countries. It found that respondents in Asia and the Pacific and respondents in Africa and the Middle East were far more likely to cite origin as the most important selection factor (respectively, 33 and 32 percent on average) than other parts of the world.
But on a day-to-day basis, most people do not realize how much attention they are paying to place. For instance, when someone walks into a KFC branch in Hanoi he or she probably does not care how many global outlets the company has. The decision to eat there will hinge on how that person feels about the brand in competition with other eateries in the vicinity.
The factors underpinning consumer decisions are complicated and often subconscious. But they boil down to an individual making a decision at a particular place and moment in time. If other people make that same purchasing decision multiple times over, then the company in question is a winner and may to scale up. Tapping into that subconscious desire is the key to success.
About author Phuong Uyen Tran
Working as a powerful businesswoman, Forbes published author, Phuong Uyen Tran is a model of success in Vietnam. Phuong Uyen Tran is also a special contributor for Vietnam Times. Her writing, including “Competing with Giants” book, and her latest articles are to advise and inspire young people to start-up, overcome challenges and reach out to the world. It is the story of a little girl taking the great responsibilities for a corporation and devoting herself to society.
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