Economic Crisis Impact on Volkswagen Marketing Strategy in Vietnam - Literature review Example

The Effect of Economic Crisis to the Marketing Strategy of Volkswagen in Asian Market: The Case of Vietnam Table of Contents 4.0 Findings and Discussion 3 4.1 Introduction 3 4.2 Results from Research Question 1 4 9 4.3 Results from Research Question 2 10 4.4 Results from Research Question 3 16 4.5 General Findings 24 24 4.6 References 25 4.7 Bibliography 28 4.0 Findings and Discussion The aim of the study was to uncover the impact of economic crisis on the marketing strategy of Volkswagen in Asian market. In order to satisfy the objectives of the study, the study was divided into 3 research questions. The questions were as follows: - What is the impact of economic downturn on the marketing strategy of Volkswagen in Vietnam? What is the impact of changing consumer behaviour on the automotive industry in Vietnam? What is the optimum marketing strategy for Volkswagen in Vietnam? To uncover these questions, the study used a questionnaire. The questionnaire consisted of a combination of open ended and closed ended questions. The respondents to the study were the marketing mangers of Volkswagen, Vietnam. According to their responses to the question, the study will now discuss and try to analyze the data and provide a conclusion. In addition to that, the report will also provide some recommendation regarding how the company can deal with the issue. 4.1 Introduction According to Dicken (2007), the automobile industry is adjudged to be one of the most globalised industrial sectors in the world. Similarly, in Vietnam automobile sector is a booming. The major automobile companies operating in the market of Vietnam are Daewoo, Daihatsu, Ford/Mazda, Daimler Benz, Hino Motors, Isuzu, Mekong, Mitsubishi, Nissan, Toyota, Truong Hai and Volkswagen (Ohno and Cuong, 2004). These companies manufacture car of different shapes, sizes, designs and categories (Sturgeon, 1998). According to reports, Truong Hai is the market leader in the automobile sector of Vietnam with a market share of 28.9 %. Next to Truong Hai, Toyota holds 27 % of the market share. The report also pointed out that the overall sales of cars in Vietnam fell by 2 % in the year 2011 thereby reflecting a falling demand of vehicles (ResearchAndMarkets, 2012). In addition to this, due to the Thai flooding the manufacturing process had been also disrupted. Apart from the natural calamities, one of the major reasons of reducing demand of commercial cars in Vietnam is the global economic crisis. As a result, companies are forced to cut down their operating cost and create a balance between the net income and net cost. Similarly, in case of Volkswagen, the demand of their cars in Vietnam has also reduced substantially. Due to the reducing demand for their cars, the company also reduced the costs pertaining to various operations. Moreover, the global economic downturn also had a substantial impact in the marketing strategy of the company (Volkswagen: Annual Report, 2011). Now in order to uncover, how and in what ways the economic downturn has affected the company, a primary research has been carried out. The findings from the study are presented below. 4.2 Results from Research Question 1 The first research question of the study is related to the impact of economic downturn on the marketing strategy of Volkswagen in Vietnam. In order to underpin this question the study has formulated a combination of 6 open ended and closed ended questions. Along with that, there were also some demographic questions. The study revealed that the most of the marketing managers i.e. (4 out of 5 of the chosen samples) have been associated with the company for more than 5 years. Therefore from this data, it is clear that workers are satisfied. However, this is not the intention of the study. Through this study, it has been found that Volkswagen holds large market share in Vietnam (Deloitte, 2009). The company mainly focuses on the offering superior quality product and after sales services to the customer. The response to the question regarding the major marketing elements on which Volkswagen focuses on, 3 of the respondents stated that product and pricing are the most essential marketing element for the company. However, the remaining 2 revealed that, the company gives equal value to each of the elements of its marketing mix. Hence from these findings it is clear that the Volkswagen is very much concerned about its overall marketing strategy. Figure 1 – Marketing Elements where Volkswagen Focuses Now in order to understand the impact of economic crisis on the marketing budget of the company, the study has put two questions which are regarding the total marketing budget of the company before the economic downturn and also the present marketing budget of the company. The values provided by all the managers were same. Although they did not provide the figure, but a rough value was provided. The managers highlighted that the total marketing budget of company prior to the economic crisis had been around $50,000 for the Vietnam market. However, there is a drastic reduction in the marketing budget of the company after recession hit the market. From the questionnaire survey, it has been identified that the present marketing budget of the company lies around $25,000. Therefore according to the findings, the marketing budget of the company has actually reduced to half of the total budget before the financial crisis. Therefore it can be concluded that, the economic crisis has a negative impact on the marketing budget of the company (Sexton, 2010). Figure 2 – Marketing Budget of Volkswagen The above graph clearly portrays, that the company apart from reducing its operational cost, also reduced cost pertaining to marketing. In this respect, one of the managers of the company illustrated that the primary reason behind cutting the marketing budget is to maintain a balance between capital inflow and outflow. Nevertheless, one of the other marketing managers stated that the reduction is mainly due to reduced promotional activities of the company. He also went on to highlight that the reduced amount is now used to subsidize the pricing of the cars, i.e. the company is intending to offer products at a lower price by which they can increase the demand and market share of the products. The next question was about whether the marketing managers of the company think that the economic crisis actually impacted the marketing strategy or not. In response to this question, all the five candidates stated that to a certain extent the marketing strategy of the company was affected by the economic crisis. Now, to get an in-depth view of the managers regarding the areas of marketing where the economic downturn has affected, a question was put up. The question was about the marketing areas that managers feel was affected by the economic crisis. In response to this question, one of the marketing managers of Volkswagen, Vietnam depicted that almost all of the marketing areas have been somehow affected. However he stated the major impact was on the promotional aspect. The company, due to scarcity of capital, reduced the promotional activities and shifted focus more on product quality, design and also the prices. In addition to this, the company earlier used to spend huge money in enhancing their brand value. However, the budget for branding was also reduced by the company. The focus of the company shifted from spending on marketing activities to providing better and improved after sales service to increase the brand value and customer satisfaction. However, another respondent to the questionnaire stated that economic crisis has only impacted the promotion and distribution activities of the company. The company has strategically reduced its logistics cost, by employing just-in-time approach and considered promotional media such as newspaper and social networking platforms, which are less costly and gain maximum coverage at the same time. The remaining respondents also have their own point of views and accordingly have provided their feedbacks. Among the respondents two of them feel, economic crisis had adverse effect on promotion and one of the managers feel the overall marketing strategy of the company was impinged. In accordance with their feedbacks, the following graph has been prepared. Figure 3 – Impact of Economic Crisis one the marketing elements Now as the above questions were intended to understand the effect of economic crisis on the internal factors of the company, one question in the questionnaire was put up to understand the impact of economic crisis on the external factors of the organization. Hence to underpin this, the managers were asked to present their views regarding the impact on sales due to economic crisis. One of the managers highlighted that the sales volume in his territory had not affected and is maintaining a constant sale. However 3 of the other managers have reported a decline in the sales volume in their region. Although the company has been able to maintain constant sales volume in some territories, but from an overall viewpoint the sales volume of the company has decreased substantially. Moreover to backup this information, several studies have also reported declining sales volume of Volkswagen, Vietnam. Nonetheless, the declining sales volume is not only witnessed by Volkswagen, but other big players operating in Vietnam such as Toyota, Nissan and Mitsubishi are also dealing with similar condition. According to a recent report published in just-auto.com, it portrayed that sales of new vehicles in Vietnam has fallen by 29.5% in the year 2011 as compared to the sales volume of 2010. According to the information published by Vietnam Automotive Manufacturers Association, the total sales of new vehicles in the year 2010 was 10, 216, but in 2011 it fell to 7,201 units. The sale of SUVs and passenger cars was reduced to 33 % in comparison with last year’s sales volume. In the 2011, the sales volume was 4,099 units, while in 2010 the sales volume was 6,134 units. Similarly, the sales figures of commercial vehicles in Vietnam was 2,919 units in 2011, however it was 4,082 units last year. The figures reflected a downfall of 28.5 %. The major cause for these reducing sales figures as pointed out by the author was high inflation rate, high automotive tax and high lending rate (Pugliese, 2012). The graphs below will depict the figures more clearly. Figure 4 – Automobile Sales Figures in Vietnam The above graph clearly highlights, how each segment of automobile have witnessed decreasing sales figures. The prime cause as identified is financial crisis. Therefore based upon all the findings from the study regarding the impact of economic crisis on the marketing strategy of Volkswagen, it can be highlighted that the company has been adversely affected by it. 4.3 Results from Research Question 2 The second research question of the study is related to impact of changing consumer behaviour on the automotive industry in Vietnam. In order to underpin this question the study has formulated a combination of 5 open ended and closed ended questions. The first question of the questionnaire was regarding how the consumer behaviour is significant for a company. The question was asked to the marketing managers of the Volkswagen, Vietnam, in order to get their views about consumer behaviour and its role in the context of a business. According to one of the managers of the company, consumer behaviour plays an important role towards the success of a company. According to him, the importance of assessing consumer behaviour cannot be measured in terms of value or numbers. Companies make huge investments to gauge consumer behaviour and in accordance with that they formulate and implements new business strategies. Similarly, one of the other respondents stated that understanding the buying pattern and buying behaviour of the consumers is significant for the survival of the company in the market place. He defined consumer behaviour as the process or activity followed by the consumer while making any decisions pertaining to purchase of products or services. In the similar manner, other participants of the study portrayed their views regarding the importance of consumer behaviour. However, one of the interesting thought about consumer behaviour has been presented by one of the marketing mangers is that consumer behaviour is very much a part of the marketing activities and companies should allocate more resources towards identifying the consumer behaviour. Along with this suggestion, he also went on to highlight that customer is the king and his/her needs must be studied before finalizing the product (Craven, 2012). Moreover, this approach will also allow companies to manufacture products or offer services in accordance with the requirements of the customers. Moreover identifying consumer behaviour will also provide an opportunity to the company to gain competitive advantage in the market. However from an overall viewpoint, it can be stated that each of the respondents have a belief that understanding consumer behaviour holds utmost importance for a company. Now to understand the importance of consumer behaviour in the automobile industry a relevant question has been put up in the questionnaire. The question to the managers was about what they think whether consumer behaviour is of similar importance in the automobile industry as in others such as FMCG or telecom sector. Among the 5 managers 3 of them depicted that consumer behaviour is of similar importance in the automobile industry as in case of other sectors. Nevertheless, two of them stated that the consumer behaviour is not that much essential for automobile industry. According to the respondents, the presence of large number of diverse customers, consumer behaviour hardly matters. For example a person might like a car whose design is elegant; on the other hand somebody may like a car which is fuel efficient. Hence it caters to bigger scope to the automobile manufacturers to come up with trendy and utility products. The only common behaviour of consumer pertaining to this industry is that, every customer wants elegant looks of the vehicle. The following graph will illustrate the picture more clearly. Figure 5 – Importance of Consumer Behaviour in automobile industry The earlier questions were intended to identify the importance of consumer behaviour for a company. However, it did not reveal the effect of changing consumer needs on the business and marketing strategy of Volkswagen. Hence to identify the same, a question has been put up regarding the impact of changing consumer needs on the company’s marketing as well as business strategy. One of the marketing managers of the company highlighted that, the business strategy as well as the marketing strategy of Volkswagen in Vietnam or in other countries is highly depends on the customer needs. The company changes its business strategy in accordance with the recent trends of the market. Similarly, another respondent stated that it is important to identify and assess the changing needs of the consumers as its helps the companies to operate in the market with the right product, offer right price to the consumers, make the products available at the right place and also use suitable promotional techniques (Kotler, 2010). Likewise, the business strategies also depend upon the nature of customer demand. Nevertheless, the most interesting and important point were portrayed by one of the managers. According to him, consumer needs are dynamic and changes with the time. Hence companies get immensely affected by this change as they have to create new products and services. However, on the other the dynamic nature of customer needs act as a driving factor for the development of products and services. Hence companies must consider implementing new strategies and processes by which they can come up with innovative and competent products and services. Figure 6 – Impact of Changing Consumer Needs Therefore from the findings it is evident that company have to depend on the customer needs for the purpose of formulating sound strategies. On asking the respondents regarding the areas of business, where Volkswagen needs implement frequent changes due to changing consumer needs, the response of each of the candidates was different. The major areas of concentration were technology and innovation, new product development and value chain. In other words the respondents were asked about whether Volkswagen should bring changes to meet the changing needs of the customers. 1 among the 5 managers highlighted that Volkswagen should bring in new technology. Technology will help the company to manufacture elegantly designed cars and the company will also be able offer customers with competitive pricing (Shillito, 1994). Two of the managers stated that new product development is a way out to meet the changing needs of the consumers. Lastly, two other managers depicted that to deal effectively with changing customer needs and offer superior quality products and services, the company needs to focus on its value chain system. Figure 7 – Factors for dealing with changing consumer needs According to the literatures about the area of study, a company should bring in some kind of changes in its internal business environment for the purpose of meeting the needs of the consumers. Through innovation and implementation of technology, the company will be able to identify the customer requirements precisely. Now a question has been put up in the questionnaire regarding the measures taken by the company to deal with the changing needs of the consumers. This will help to identify Volkswagen’s current strategy. According to a marketing manager of the company, the need of customers never remains constant and changes from time to time. Therefore companies are bound to make modification to their existing products and services or consider new product development to meet customer requirements and sustain in the market place. Similarly, Volkswagen also comes up with new and innovative products to satisfy customer needs. One of the other respondent, stated that to deal with the dynamic nature of customer needs, the company carries out several activities. One of the most evident one is conduction market survey. The manager pointed out that the company spends huge sums of money to do market research. The research is mainly carried out to assess the recent market trends, competitors position and consumer behaviour. This study helps the company to get an in-depth view about the market condition, customer requirements and ongoing trends. Based on the findings from the market the company formulates strategy. The other participants of the study also illustrated how the company is dealing with this issue. Two of the remaining three managers stated similar things that were mentioned by the other managers. However, one of the managers have elucidated that the company continually reassess the product portfolio to ensure company grows in a profitable manner. In addition, the company always tries to incorporate new features in existing cars. Hence modification process continues all the time. Moreover the company also records the feedback of customers regarding their concerns related to product. Based on that the company fixes the issues and incorporate those changes in the new cars. Therefore from the discussion, it is clear that Volkswagen makes use of several approaches to deal with the changing needs of the consumers. The activities are mainly using market survey, consumer feedback, new product development and continuous modification to the existing product portfolio. Figure 8 – Approaches to deal with Changing Consumer Needs 4.4 Results from Research Question 3 The third research question of the study was about what could be the optimum marketing strategy for Volkswagen in Vietnam for the Vietnam market. In order to underpin this question the study has formulated a combination of 6 open ended and closed ended questions. The prime intention of this study was to gain insights into the probable marketing strategy of the company by considering the impact of economic downturn. In addition to that, this research question will also help to uncover the best strategy that a company might use to revive its market condition and deal effectively with the arising challenges. The first question that was presented in the questionnaire was for taking the views of marketing managers regarding the extent to which the formulation of marketing strategy depends upon the economic condition. According to the literature study about the area of concern, in order to formulate marketing strategies, companies need to consider the different factors of the business environment. Among the different factors of business environment, one of the most significant is the current economic condition. The purchasing power and the disposable income of the buyers depend heavily on their financial situation. Hence, it has a huge impact on the pricing strategy of the company. Moreover, it not only affects buyers’ purchasing power, but also adversely affects the financial condition of the companies. As a result companies also try to reduce costs pertaining to marketing activities. Some of the common cost cutting methods used or practised by the companies in the context of marketing activities are reduction in promotional budget, use of cost effective promotional media such as social networking sites, newspaper, flyers etc., adopting just in time approach to reduce cost pertaining to delivery of products and services and by modifying the pricing strategy. The marketing managers also points out the similar occurrences in case of Volkswagen. Nevertheless, the only difference in their views is the level of intensity. Among the 5 respondents, 3 of them shed light on the fact that in order to formulate the marketing strategy, a company has to depend on the current economic condition to a large extent. One of the managers picked the choice which indicates marketing strategy is moderately dependent on the existing financial situation. Interestingly, one of them has chosen the option which indicates marketing strategy has no dependency on the existing financial situation. Now in this context, the findings reveal that to a large extent, Volkswagen depends upon the economic condition of the market, while formulating the marketing strategy. Figure 9 – Impact of Economic Condition on the Marketing Strategy of Volkswagen The last question enlightened about the impact of economic condition on the marketing strategy of Volkswagen. Since the study revealed that marketing strategy of Volkswagen is highly dependent upon the global financial scenario, it is important to know how the company is modifying its existing marketing elements. Now to uncover it, a question has been put up in the questionnaire regarding the promotional media that the company think is the most appropriate and best, considering the economic condition and consumer preferences & behaviour. The question was based upon the economic condition and consumer preferences, what promotional media is the most appropriate one for Volkswagen in Vietnam? Since this question was closed ended, the choices were broadcasting media which includes television and radio; print media which take into account newspaper, magazines and also the social media such as facebook, LinkedIn etc (Zarrella, 2009). In response to this question, one of the marketing manager of the company stated that social networking sites is a viable option. The literature study point out that social media is one of the cost effective ways to promote products and services. In comparison with the broadcasting media, the cost to be incurred by the company for promoting its products and services is nominal. Moreover, the reach of social media is almost similar to that of broadcasting media (Evans, 2012). Hence it is a viable option for the companies to carry out promotional activities. Two of the remaining four respondents feel that broadcasting media must be used for promoting the products. One of the possible causes for the managers to go with this option can be their notion about the importance of promotion. In addition, since the product is luxury cars, only broadcasting medium has the ability to appeal to the target audience. The secondary data about the topic also highlights that promotion is one of the crucial elements of marketing and therefore companies should effectively utilize it (Dransfield, 2004). If the promotion of a quality product is not carried out properly, it may not sell according to the expectation. On the other hand there are numerous cases where an average quality product sold more than anticipated unit due to strong promotions. Thus, companies should not comprise on this factor, rather they can adopt innovative ways of promotion and cut cost. Nevertheless, the other two managers feel that newspaper and magazine is the most viable option for the company. Both newspaper and magazine has a mass reach and is also cost effective than broadcasting media. Moreover, the visual characteristics of this medium may also help in influencing customers to buy a Volkswagen car. Therefore going by the views of the marketing managers of Volkswagen in Vietnam, the company is trying to adapt to promotional strategy where the promoting media has mass reach and is also cost effective. Figure 10 – Appropriate Promotional Media for the Volkswagen The above picture depicts that among the chosen sample 40 % thinks social media is the appropriate promotional medium. While only 20 % think broadcasting media is appropriate and the rest 40 % perceives print media as the most viable option. Now, that the appropriate promotional medium for the company is uncovered, the next task is to evaluate the suitable pricing strategy of the company. In order to underpin the same, the questionnaire consists of a question regarding the most appropriate pricing strategy for Volkswagen to attract customers in Vietnam. Since this was also a closed ended question, the marketing managers were to choose from the option of penetration pricing, skimming pricing and premium pricing. In response to this question three of the five chosen marketing mangers of the company enlightens that the company should consider penetration pricing. According to the secondary sources of data, penetration pricing help companies to gain initial market share. Penetration pricing is a pricing strategy by which companies reduces the price of the products (Hirschey, 2008). In the context of Volkswagen, penetration pricing can tender large number of benefits to the company. This strategy will also help the company to attract more customers and will also fit according to the present market condition. However the remaining two respondents believe that company should consider premium pricing. This is probably due to the fact that, lowering the price of Volkswagen will actually hurt the company brand image and people can develop a negative impact about the company. Interestingly, no body choose skimming prancing strategy. One of the reasons for not opting skimming strategy can be the current economic crisis and less demand of the automobile products in Vietnam. Moreover, another renowned automobile company has considered skimming strategy before the crisis, but failed miserably. Therefore based on the findings, the following graph has been presented. Figure 11 – Suitable Pricing Strategy for Volkswagen The graph reflects that 3 of the chosen 5 respondents think that penetration pricing is the most appropriate option. On the other hand two of the managers remarks premium pricing needs to be undertaken. Interestingly no body opted for skimming pricing. The next important factor in the marketing mix of a company is the distribution or place strategy. In order to uncover the importance of distribution channel for the company, a question was put up regarding the importance of distribution channel and whether having multiple distribution channels increase the sales volume. In response to this query, one of the marketing managers stated that, distribution channel is the path through which a company reaches its customers. Hence, the distribution channel must be properly designed (Fleming, 2004). In similar manner, all the other four respondents portrayed their views regarding the importance of distribution channel. Each of the five marketing managers believes that having proper distribution channel is a crucial factor towards success for a company. However, on asking them about the multiple distribution channels, 3 marketing managers perceives that multiple distribution channel increases the scope of high sales volume. The remaining two marketing managers however stated that rather than having multiple distribution channels, it is important to have appropriate distribution mode. One of the managers also went on to highlight that for automobile business, employing car dealers for distributing the product is a viable option (Dent, 2011). Therefore on the basis of their response, the following graph is drawn. Figure 12 – Using Multiple Channels for Distribution Form the above, graph it can be stated that around 60 % of the respondents believe that multiple channel increases the sales volume, while the 40 % believe, multiple sales channel will not increase the sales volume. A question was also asked to the respondents regarding their views about launching new cars for reviving the condition of Volkswagen in Vietnam. The question was about whether the managers believe launching new products will improve company’s market position. In response to this question, 2 managers stated that launching new and cheap automobiles will allow the company to regain the market share. However, according to them if the company comes out with high range product, it will hardly have any impact. The remaining three managers pointed out that, Volkswagen should concentrate more on the existing products rather than launching new products. According to them, the company can add some more features to the existing ones. Figure 13 – New Product for Volkswagen Finally the last question asked to the managers, was about what are the changes they want to implement in the current marketing strategy. Two of the managers stated that, the company should modify the promotional techniques and focus more on using social media. Another suggestion came from a manager stating that the company should consider changes in the pricing strategy. Launching new products with low prices will help the company to target other sections of the society (Bose, 2010). However there is only one manager who believes that there is no modification required in Volkswagen’s current marketing strategy in Vietnam. Figure 14 – Changes in Volkswagen’s current marketing strategy 4.5 General Findings Apart from the findings from the primary research, the study has also found some other statistics about the company. The secondary study revealed that in the global perspective, the company has been able to increase its overall sales volume. In the year 2010 the company has been able to deliver, 7,139,472 cars, but in the year 2011, it increase to 8,160,154 resulting in a 14.3 % growth (Credits-gold, 2012). In the Asia-Pacific region Volkswagen has been able to deliver 2,140,698 cars in 2010 and in 2011 the company has been able to sell 2,569,765 cars resulting in a staggering 20 % growth (Volkswagenag, 2012). However, in some countries the company witnessed a decline in sales volume. Therefore on the basis of the findings it can be stated that the company certainly needs to implement some changes in its strategy. 4.6 References Bose, C., 2010. Modern Marketing. New Delhi: PHI Learning Pvt. Ltd. Craven, R., 2012. Customer Is King: How to Exceed Their Expectations. London: Ebury Publishing. Credits-gold, 2012. Tera Power Leveling an Increase Of 22.4% Per Cent Northunited States Range from 554 – RKX. [online] Available at: < http://wow.credits-gold.com/tag/volkswagen/> [Accessed 22 January 2013]. Deloitte, 2009. Marketing Outlook 2009: Setting the Course for Marketing Strategy and Spend. [pdf] Available at: http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_consulting_CMOMarketingOutlook09_033009.pdf [Accessed 21 January 2012]. Dent, J., 2011. Distribution Channels: Understanding and Managing Channels to Market. 2nd ed. London: Kogan Page Publishers. Dicken, P., 2007. Global Shift: Mapping the Changing Contours of the World Economy. London: Sage Publications. Dransfield, R., 2004. Business for Foundation Degrees and Higher Awards. Oxford: Heinemann. Evans, D., 2012. Social Media Marketing: An Hour a Day. 2nd ed. New Jersey: John Wiley & Sons. Fleming, L., 2004. Excel HSC Business Studies. Liverpool: Pascal Press. Hirschey, M., 2008. Managerial Economics. 12th ed. Connecticut: Cengage Learning. Kotler, P., 2010. Principles of Marketing: A South Asian Perspective. 13th ed. New Jersey: Pearson Education Inc. Ohno, K., and Cuong, M. T., 2004. The Automobile Industry in Vietnam: Remaining Issues in Implementing the Master Plan. [pdf] Available at: < http://www.grips.ac.jp/vietnam/KOarchives/doc/EB02_IIPF/8EB02_Chapter7.pdf> [Accessed 21 January 2012]. Pugliese, T., 2012. Vietnam: Sales Decline Further In September. [online] Available at: [Accessed 21 January 2012]. ResearchAndMarkets, 2012. Vietnam Autos Report Q2 2012. [pdf] Available at: [Accessed 21 January 2012]. Sexton, D., 2010. Trump University Marketing 101: How to Use the Most Powerful Ideas in Marketing to Get More Customers. 2nd ed. New Jersey: John Wiley & Sons. Shillito, M. L., 1994. Advanced QFD: Linking Technology to Market and Company Needs. New Jersey: John Wiley & Sons. Sturgeon, T. J., 1998. The automotive industry in Vietnam: Prospects for development in a globalizing economy. [pdf] Available at: [Accessed 21 January 2012]. Volkswagen: Annual Report, 2011. Market Opportunities. [online] Available at: < http://annualreport2011.volkswagenag.com/managementreport/reportonexpecteddevelopments/strategy/marketopportunities.html> [Accessed 22 January 2013]. Volkswagenag, 2012. Facts and Figures Navigator 2012. [pdf] Available at: < http://www.volkswagenag.com/content/vwcorp/info_center/en/publications/2012/03/navigator-2012---facts-and-figures.bin.html/binarystorageitem/file/Navigator_21_09_2012_en_WEB.pdf> [Accessed 22 January 2013]. Zarrella, D., 2009. The Social Media Marketing Book. California: OReilly Media, Inc. 4.7 Bibliography Allen, P., Macy, A., and Hutchison, T. W., 2009. Record Label Marketing. Massachusetts: Focal Press. Aswathappa, K., 2010. International Business. New York: McGraw-Hll Education Bamford, C. E., and West, G. P., 2010. Strategic Management. Connecticut: Cengage Learning. Bose, D. C., 2004. Principles of Management and Administration. New Delhi: PHI Learning Pvt. Ltd. Clemente, M. N., 2002. The Marketing Glossary: Key Terms, Concepts and Applications. New Jersey: Clemente Books. Dewing, M., 2010. Social Media: An Introduction. Ottawa, Canada: Library of Parliament. Frey, J. H., 2004. Open-Ended Question. [online] Available at: [Accessed 23 January 2013]. Gitman, L. J., and McDaniel, C. 2008. The Future of Business: The essentials. 4th ed. Connecticut: Cengage Learning. Graham, H., and Hooley, R., 2008. Marketing Strategy and Competitive Positioning. New Jersey: Pearson Education Inc. Havaldar, K. K., 2010. Business Marketing: Text & Cases. 3rd ed. New York: McGraw-Hill Education. Johnston, M. W., and Marshall, G. W., 2009. Sales Force Management. 9th ed. New York: McGraw-Hill Education. Kourdi, J., 2009. Business strategy: A guide to taking your business forward. 2nd ed. New Jersey: John Wiley & Sons. Masonson, L. N., 2003. All about Market Timing. New York: McGraw-Hill Professional. McDaniel, C., Hair, J. F., and Lamb, C. W., 2008. Marketing. Connecticut: Cengage Learning. Milward, B., 2003. Globalisation: Internationalisation and Monopoly Capitalism: Historical Processes and Capitalist Dynamism. Cheltenham: Edward Elgar Publishing. Noor Al-Deen, H. S., and Hendricks, J. A., 2011. Social Media: Usage and Impact. Plymouth: Lexington Books. Qualman, E., 2010. Socialnomics: How Social Media Transforms the Way We Live and Do Business. New Jersey: John Wiley & Sons. Reid, R. D., and Bojanic, D. C., 2009. Hospitality Marketing Management. 5th ed. New Jersey: John Wiley and Sons. Ries, J., 2003. Positioning: The Battle for your Mind. New York: McGraw-Hill Education. Turner, C., and Johnson, D., 2009. International Business: Themes and Issues in the Modern Global Economy. Abingdon: Taylor & Francis. Volkswagen News, 2013. Latest Information on Volkswagen. [online] Available at: [Accessed 23 January 2013]. Volkswagen, 2013a. A Brief Journey through a Long History. [online] Available at: [Accessed 23 January 2013]. Volkswagen, 2013b. Models. Concepts Cars. Innovations. [online] Available at: [Accessed 23 January 2013]. Wilson, I., 1999. New product development at Pennine Bathrooms. Journal of Marketing Practice: Applied Marketing Science, 5 (4), pp.106 – 113. Wilson, J., 2010. Essentials of Business Research. London: SAGE. Read More