marketing plan for cococafe – betrimex company

THE FINANCIAL THE FINANCIAL MARKETING UNIVERSITY MARKETING PLAN FOR COCOCAFE – BETRIMEX COMPANY MEMBERS Nguyễn Dương Huân – 1921005439 Phan Thùy Ngọc Thảo – 1921005667 Lê Nguyễn Minh Tân – 1921005652 Class: CLC_19DMA04 Majors: MARKETING Specialization: MARKETING MANAGEMENT Instructors: ThS Dang Huynh Phuong Ho Chi Minh, 2021 THE FINANCIAL THE FINANCIAL MARKETING UNIVERSITY MARKETING PLAN FOR COCOCAFEBETRIMEX COMPANY Majors: MARKETING Specialization: MARKETING MANAGEMENT Instructors: ThS Dang Huynh Phuong MEMBERS Nguyễn Dương Huân – 1921005439 Phan Thùy Ngọc Thảo – 1921005667 Lê Nguyễn Minh Tân – 1921005652 Class: CLC_19DMA04 Ho Chi Minh, 2021 INSTRUCTOR'S COMMENT PROJECT SCORING RESULTS Score Signature Ngaøy tháng năm (Họ tên chữ ký GV hướng dẫn) i PLEDGE The authors commit that the topic "MARKETING PLAN FOR COCOCAFEBETRIMEX COMPANY" is conducted based on the efforts and efforts of each member The data and research results contained in this report are true and are not intended to be reproduced or used by any similar research subject If detecting duplicating research results of other topics, the authors will be entirely responsible All information cited in the report has been clearly traced and permitted to be published HCM, 2021 ii ACKNOWLEDGMENT After studying and doing research to complete this thesis, we would like to express our gratitude to Mr Dang Huynh Phuong He dedicatedly instructs, guided and helped us throughout the teaching process so that we have the knowledge and complete this research The knowledge that we have learned from you is the expensive lessons and the foundation for us in the future Moreover, the research helps us to get real experience when standing from the perspective of being a business to apply the knowledge learned in school into practice Once again, we would like to thank you very much Due to the limited knowledge and time, the research still has many shortcomings We look forward to your comments to improve the research further iii TABLE OF CONTENTS Chapter Market Overview 1.1 Executive summary 1.2 Company overview Betrimex Introduction History establishment .1 Business activities Vision - Mission - Core Values & Strategic objectives 1.3 MACRO MARKET ANALYSIS The political and legal environment Economic environment Socio-cultural environment Technology environment Natural environment Population environment 1.4 PORTER'S FIVE FORCES .4 Buyer power .4 Supplier power Competition Table 1-1 Identify the main competitors New Entrants Threat of substitutes 1.5 SWOT OF NEW PRODUCTS 1.6 S-T-P .5 Segmentation Targeting Positioning 1.7 Market Research Overview of the coffee market in Vietnam Market demand and trends .7 Chapter PRODUCT STRATEGY 2.1 Objective Marketing Objectives .8 Financial Objective iv 2.2 Product Product Levels Product Classifications .8 Product Differentiation .8 2.3 Price Pricing target Valuation method .9 Estimate cost Expected cost 10 Select final price .10 2.4 PLACE 11 The main purpose and channel structure 11 Distribution channel strategy 11 2.5 Promotion 12 Advertising .12 Promotion .13 PR 13 2.6 Timeline .14 Chapter CONCLUTION 15 v LIST OF TABLE Table 1-1 Identify the main competitors Table 1-2 SWOT analysis of new products (O and T) Table 3-1 Estimate cost Table 3-2 Expected cost Table 3-3 The stages of distribution trategies 10 Table 3-4 Public relations strategy 10 LIST OF IMAGE Image Company logo Image Design and product features LIST OF IMAGE ADDENDUM Image Cocoxim Coconut Water a Image Coconut milk Cocoxim b Image NESCAFE b Image BOSS Coffee b Image Highlands Coffee b vi Chapter Market Overview 1.1 Executive summary Betrimex is the first and leading manufacturer of coconut products in Vietnam With more than 1000 employees and owns two factories with production lines With branches in Singapore, USA and Ho Chi Minh City, Betrimex products are increasingly trusted by partners and present in over 40 countries We are constantly exploring new ways of doing things and creative ideas that will delight consumers in Vietnam and around the world And to achieve those goals, Betrimex continues to launch new products with coconut ingredients, and this time, coconut milk coffee With a plan for year since its launch, Betrimex aims to reach many sets of customers, expand the market with many marketing plans throughout year From Teasing to engaging and amplify 1.2 Company overview Betrimex Introduction Ben Tre Import-Export Joint Stock Company, formerly known as Ben Tre Import Export Company, was established in 1976 and officially equitized in 2006 with the trading name Betrimex - brand in the field of processing and exporting coconut products - Main website: https://www.betrimex.com.vn/vi Head office: Lot K, Phong Nam Industrial Cluster - Cottage Industry, Phong Nam Commune, Giong Trom District, Ben Tre Province, Vietnam Company name: Ben Tre Import and Export Joint Stock Corporation (Betrimex) Image 1: Company logo History establishment - 2015, inaugurated coconut water & coconut milk factory with Tetra Pak technology line 07/2016, launched Cocoxim Coconut Water with flavors choosing Dua Xiem Xanh – Dua Xiem Sen – Dua Xiem Tac – Dua Xiem Thom in Vietnam 07/2018, launched Organic Virgin Coconut Water according to US & European standards in Vietnam 07/2019, launched Cocoxim Fresh Coconut Milk Business activities - Producing, processing and trading in coconut products, processed agricultural products for export (bottled coconut water, bottled fresh milk, Isotonic drink ) - Export of agricultural products (coconut fruit, coco peat, virgin coconut oil) Producing charcoal from desiccated coconut (activated carbon, live charcoal) Vision - Mission - Core Values & Strategic objectives 1.2.4.1 Vision, Mission Vision: Become a company with internal resources and strongest position in the coconut industry in Vietnam, bringing useful values to the social community Mission: Betrimex always cares and aims to bring consumers quality products that are beneficial to health, committed to applying new farming methods and modern, naturefriendly production systems to improve the ecosystem 1.2.4.2 Core Values - Core value: Integrity: Fairly, and clearly in accordance with the nature of truth - Responsibility: Working with sincerity, pursuit to the end result Efficiency: Committed to delivering results with optimization, accuracy Team: Coordinate, and seek consensus to achieve common goals Innovation: Encourage challenges, promote innovation 1.2.4.3 - Strategic objectives Build on passion: Becoming the top employer on our industry We invite everyone to use their talent, passion and help each other to make great teams This is how we build an working culture - Grow our business and more: "Business is a mission not a right", Betrimex's vision is to become the best internal force and standing company in coconut industry of Vietnam Concurrency, bring added value to farmers, partners, customers, employees, bring useful values to the social community 1.3 MACRO MARKET ANALYSIS The political and legal environment The political: The government has enacted a variety of measures to safeguard consumers from unfair trading practices They promulgated the Law on the Protection of Country Viet Nam Population Urban, suburban areas Psychographic Lifestyle Active, try out new thing, influenced by celebrities Active, try out new thing, influenced by celebrities Busy, work with Spend time with goals and ambitions family, focus on work or enjoy the life Motives Complete deadline and relaxing Complete deadline Discussing about and relaxing their jobs, doing assigned work and relaxing Discussing about their jobs, enjoying coffee and relaxing Personality Follow trends Easy to adapt, follow trends More experienced Mature, calm Behavioural Buying place Near school, mall Near university, mall Near office, mall, home Near office, home Usage Rate Light Medium/Heavy Heavy Heavy Convenience, catchy looking Convenience, catchy looking, good service Quality, convenience, good service Quality, healthy, good serviced Low High High High Benefit Expectation Brand loyalty Targeting Target market of COCOCAFFE: Segment B and segment C because - Accounting for over 60% of Vietnam’s population, like to try new things - Need caffeine for consciously working, heavy usage rate Market targeting strategy: Differentiated marketing • Better meet the diverse needs of each target customer group • Potential to generate more revenue • Increase brand awareness, higher market share Positioning - The first canned coconut coffee in Vietnam Direct UHT sterilization technology helps to keep the pure taste of coconut - 1.7 A coffee that is both nutritious and increases alertness Market Research Overview of the coffee market in Vietnam The market for canned and bottled coffee has exploded in Vietnam in recent years with the presence of names like Birdy of Ajinomoto, My Coffee of PepsiCo, to bigger names like Nescafe of Nestle or the presence of world "giants" such as Starbucks, Georgia Coffee Max of Cocacola All of the top names have enjoyed strong growth, showing the appeal and stature of the beverage industry, even as they face stiff competition Market demand and trends In recent years, the demand for coffee has been constantly increasing, and world coffee consumption has grown by about 17% Moreover, with the busy pace of life and more and more work, consumers want convenient, fast and effective coffee products, experience different kinds of coffee drinks with different flavors and blends In addition, the demand for the global high-quality instant coffee segment is also on an upward trend due to the significant increase in the need to work from home since the outbreak of COVID19 Chapter PRODUCT STRATEGY 2.1 Objective Marketing Objectives - Capture at least 2.5% market share of canned instant coffee in Vietnam Raised Betrimex brand awareness by 20%, COCOCAFE products by 5-6% within year of launch Financial Objective - 2.2 Profit margin increases 5-6% per quarter / month, revenue is expected to reach 162.800.000 VND in its first year of launch Maintain a marketing research budget to speed up the process of promoting new product launches for the future Product Product Levels • Core Benefit: New flavor coffee, nutritious and just enough caffeine • Generic Product: - Quality: Robusta coffee from Tay Nguyen, coconut from Ben Tre - Characteristics: Rich taste of Arabica coffee with the fatness of coconut milk • Expected Product: Coconut coffee - A blend of two traditional flavors • Augmented Product: Combination of the generic product and the expected product to produce a drink that is both nutritious and balanced with the amount of caffeine in the drink • Potential Product: There is a QR Code for detailed product information Product Classifications • Durability and Tangibility: Non-durable goods • Consumer Goods Classification: Convenience goods Product Differentiation Image Design and product features 2.3 Price Pricing target When we choose to trade in canned coconut coffee, our team proposes a price based on the marketing goal of building a top image in terms of quality, maximizing profits and achieving market size as large as they want Valuation method Regarding the pricing method, we decided to use penetration pricing strategy to gain market share because canned coconut coffee is a consumer product with relatively low prices right from the start Low pricing to prevent competitors from entering the market; setting selling prices on par with competitors to stabilize the market; low prices to attract customers when offering new products; preferential pricing to seek the support and cooperation of intermediaries Estimate cost - Direct costs include construction costs, direct materials, direct labor, and manufacturing supplies Indirect costs include quality control costs, depreciation, production supervisor salaries, insurance, and taxes Table 3-1 Estimate cost Name of the fee The rate of new products Direct cost 2.500 (15,5%) Indirect cost 2.000 (12,5%) Logistics 2.000 (12,5%) Marketing activities 5.500 (34,4%) Operate at point of sale 2.000 (12,5%) Others costs 1.000 (6,3%) Total 15.000 (93,7%) Profits 1.000 (6,3%) Expected cost Numberical order Funding of 300.000 product Income Expenditure Funding Funding Price (VND) Revenue 4.800.000.000 Direct cost 750.000.000 Indirect cost 600.000.000 Logistics 600.000.000 Marketing activities 1.787.200.000 Operate at point of sale 600.000.000 Others cost 300.000.000 Total 4.637.200.000 Total 10 Price (VND) 4.800.000.000 Profit 162.800.000 Table 3-2 Expected cost Select final price - Dicide to choose the price for a product: Retail price: 16.000 VND/ can 10 - 2.4 Product adjustment strategies: Discount and allowance pricing Product mix pricing: Product line pricing PLACE The main purpose and channel structure • The main purpose - Establish relationships with distributors, expand of distribution channels COCOCAFE is FMCG should use mass distribution, focus first on modern and traditional channels - • Channel structure - Channel length: level channels Channel width: Mainly through modern channels including more than 1000 convenience stores such as Vinmart, CoopFood…, more than 200 supermarkets like Lotte Mart, Coopmart, Vinmart and online shopping websites Lazada, Tiki, Shopee And the traditional channel through more than 1000 retail points across Vietnam - Producer Supermarket, shopping online, convinient store Retail agent Wholesale agent Consumer Distribution channel strategy Stage Distribution Introduction - Building distribution system: Modern and traditional channels Use the Pull strategy (buy get 1., combo pack of cans at the convenience store, shopping online…) Growth - Promote selling activities at the point of sale through PR and marketing activities 11 Maturity - Decline - To expand distribution channels to nationwide scale, reform of unattractive selling points Consolidate sales locations that attract more customers by sending more sales forces Send PG and PB to stand at points of sale such as supermarkets, hypermarkets and convenience stores Mainly focused on the company's sales strategy, review and eliminate ineffective agents Maintain operations and relationships with sales agents with good operations and high efficiency Table 3-3 The stages of distribution trategies 2.5 Promotion Advertising 2.5.1.1 - Purpose Increase consumer awareness Establish a positive relationship between products and consumers Promotes product purchase intent and experience 2.5.1.2 Select advertising channels • Online advertising - Online newspapers, social channels, ADs e-commerce (vCPM) - Build a video production - Build a promotional video with the participation of Khoai Lang Thang, Phuong Nam (Sai Gon Teu) • Offline advertising In addition to advertising new products in the traditional online form, COCOCAFE also advertises offline by taking samples at supermarkets so that consumers can experience the product firsthand This is also the most practical form of advertising • The message conveys: Slogan “Make for you, good for you.” Nowadays, people are always immersed in their work They seem to be caught up in the currents of work and family, sometimes they need their sanity to be able to quickly get the job done And coffee is the first choice of many people, but coffee also has many disadvantages in terms of side effects, to compensate, Betrimex brings CocoCafe coconut milk coffee product line, in addition to bringing alertness, it also brings health 12 benefits such as strengthening resistance, strengthening bones and joints and detoxifying the body Promotion 2.5.2.1 Purpose To increase awareness of the COCOCAFE brand and stimulate buying 2.5.2.2 - Promotion activities • Q3 2021 Promotions in e-commerce (discount 25%) such as: Tiki, Shopee, Lazada Giving Gift: Buy Cocoxim get free CocoCafe • Q4 2021 Promotions in e-commerce (discount 25%) such as: Tiki, Shopee, Lazada 3rd party cooperation: Cooperate with MoMo to facilitate a 0VND trial at convenience stores Giving Gift: Keychains 2000 pieces • Q1 2022 Promotions in e-commerce (discount 25%) such as: Tiki, Shopee, Lazada 3rd party cooperation: Combine with Grab for drivers and customers to try with Grab reward points Giving Gift: Buy get free (1 pack get can); Red envelopes: 5000 pieces • Q2 2022 Promotions in e-commerce (discount 25%) such as: Tiki, Shopee, Lazada 3rd party cooperation: Cooperate with Saigon Travel on product trial when usingtour Giving Gift: Notebook: 2000 books PR Table 3-4 Public relations strategy Stage Strategy Tactic - Build awareness COCOCAFE online press conference Implement advertising activities, PR introduces new products, product features and offers KOLs: TVC with Khoai Lang Thang, Phương Nam (Sai Gon Teu) Influencer: Book agency Meta Social Increase positive relationships with customers Sponsor & donate programs Sponsor for university: Product visual creation contest for students 13 Funding to buy Covid 19 vaccine from the state 2.6 Funding to buy Covid 19 vaccine from the state Timeline 14 Chapter CONCLUTION Betrimex was positioning its brand among customers and has a leadership position in the Vietnamese coconut-based products industry, according to its stated marketing strategy Betrimex has successfully used the social network, thereby creating difficulties for competitors to dominate the market Demonstrating that Betrimex has done an excellent job of marketing and delivering product brands to consumers It is clear that Betrimex's product approach differs from those of other companies in the market Betrimex understands how to apply and coordinate various marketing methods to improve the efficacy of the company's product plan Furthermore, Betrimex may continue to study and create new goods in order to best satisfy the needs of consumers, and delve deeper into niche markets and undiscovered sectors In general, Betrimex will create its own name and mark in the canned coffee market, increasing brand awareness in Vietnam 15 IMAGE ADDENDUM Image Cocoxim Coconut Water Image Coconut milk Cocoxim a Image NESCAFE Image BOSS Coffee Image Highlands Coffee b REFERENCES Betrimex Betrimex Viet Nam Retrieved Jun 26, 2021, from https://www.betrimex.com.vn/vi?fbclid=IwAR01XEo_kwe9ipSzMwEQRoODQQdjlwJIT ygy5AkmY097ipXXjLVJZaGq78Q Sarah Beeskow Drawing Out Your Affiliate Program Marketing Plan Retrieved Jun 25, 2021, from https://martech.org/drawing-out-your-affiliate-program-marketing-plan/ Website SEO service price list Retrieved Jun 23, 2021, from https://www.mypage.vn/bang-gia-dich-vu-seoweb.html?fbclid=IwAR0lJFo8iGJU6sw1FAoFh7IgtvnZ6Pr51PLO8sfpWzX5DrVKW4C AWK6WCbU Global Canned Coffee Market- Forecast and Analysis (2020-2027) Retrieved Jun 26, 2021, from https://www.maximizemarketresearch.com/market-report/global-canned-coffeemarket/71674/ Thu Phuong Canned coffee hopes for comeback Retrieved Jun 22, 2021, from https://vir.com.vn/canned-coffee-hopes-for-comeback-63612.html Babuki JSC Vietnam coffee market overview Retrieved July 1, 2021, from https://babuki.vn/tong-quan-thi-truong-cafe-viet-nam/ Babuki JSC Vietnam Food and Beverage Industry Forecast in 2021 Retrieved July 1, 2021, from https://babuki.vn/du-bao-nganh-thuc-pham-va-do-uong-viet-nam-nam-2021/ Tiki Ads advertising price list Retrieved Jun 22, 2021, from https://hocvien.tiki.vn/wp-content/uploads/2018/06/Bang-Bao-Gia.pdf c APPANDIX: Member’s group work assessment Numerical Name Student ID order Level of job completion (%) 01 Phan Thùy Ngọc Thảo 1921005667 100% 02 Lê Nguyễn Minh Tân 1921005652 100% 03 Nguyễn Dương Huân 1921005439 100% d PLAGIARISM CHECK e ... FINANCIAL MARKETING UNIVERSITY MARKETING PLAN FOR COCOCAFEBETRIMEX COMPANY Majors: MARKETING Specialization: MARKETING MANAGEMENT Instructors: ThS Dang Huynh Phuong MEMBERS Nguyễn Dương Huân – 1921005439... hướng dẫn) i PLEDGE The authors commit that the topic "MARKETING PLAN FOR COCOCAFEBETRIMEX COMPANY" is conducted based on the efforts and efforts of each member The data and research results contained... the market with many marketing plans throughout year From Teasing to engaging and amplify 1.2 Company overview Betrimex Introduction Ben Tre Import-Export Joint Stock Company, formerly known as