Building a marketing mix strategy for habeco company

ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG QUẢN TRỊ VÀ KINH DOANH - PHẠM ĐỨC TÂM BUILDING A MARKETING- MIX STRATEGY FOR HABECO COMPANY XÂY DỰNG CHIẾN LƯỢC MARKETING-MIX CHO CÔNG TY HABECO LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2022 ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG QUẢN TRỊ VÀ KINH DOANH - PHẠM ĐỨC TÂM BUILDING A MARKETING- MIX STRATEGY FOR HABECO COMPANY XÂY DỰNG CHIẾN LƯỢC MARKETING-MIX CHO CÔNG TY HABECO Chuyên ngành: Quản trị kinh doanh Mã số: 8340101.01 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: TS TẠ THỊ ĐÀO HÀ NỘI - 2022 DECLARATION I have read and understood acts of violating academic honesty I hereby declare and assure that this research is the result of my own work and does not violate the requirements of academic honesty i ACKNOWLEDGMENT To complete the graduation paper, I am deeply indebted to many people for their valuable assistance, advices and guidance First of all, I would like to send my thanks to Management Board of Business and Management (HSB) - Hanoi National University for having created favourable condition for me during the MBA course as well as during the time of doing research for the thesis In addition, I would like to acknowledge my words of thanks to all of the relevant teachers in the HSB for having assisted me in completing the thesis The thesis completion would not have been possible without their support and advices Finally, my special thanks are given to Ms Ta Thi Dao, who gave me such enthusiastic and patient guidance throughout the process of research and implementing this dissertation ii TABLE OF CONTENT DECLARATION i ACKNOWLEDGMENT ii LIST OF ABBREVIATIONS vi LIST OF TABLES vii LIST OF FIGURES viii CHAPTER INTRODUCTION .1 1.1 Rationale of the study .1 1.2 Targets of the study 1.3 Object and scope of the study 1.3.1 Research object and scope 1.3.2 Thesis structure CHAPTER THEORETICAL BASIS OF MARKETING MIX STRATEGY 2.1 Overview of Marketing mix Strategy 2.1.1 Concept .4 2.1.2 Role and duty of buidling a mix-marketing strategy 2.2 Content of building a marketing mix strategy 2.2.1 Evaluating the company's goals and developing a marketing mix strategy 2.2.2 Analyzing the marketing mixenvironment .10 2.2.3 Selecting the market 14 2.2.4 Setting goals for the mix-marketing strategy 17 2.3 Tools to build a mix marketing strategy .20 2.3.1 SWOT Matrix 20 2.3.2 Matrix of External Factor Evaluation (EFE) 21 2.3.3 Matrix of Internal Factor Evaluation (IFE) 23 2.3.4 Competitive Profile Matrix (CPM) 25 2.3.5 Matrix Method of Boston Consulting Group (BCG) 27 2.3.6 GREAT Matrix .28 CONCLUSION FOR CHAPTER 31 iii CHAPTER RESEARCH METHODS 32 3.1 Research status related to the topic 32 3.1.1 Oversea Studies .32 3.1.2 Domestic Studies .34 3.2 Research gap 37 3.3 Research Methods 37 3.3.1 Profession solution 37 3.3.2 Documentation-studying Method 38 3.3.3 Quantitative research method 38 CHAPTER BUILDING THE MIX MARKETING STRATEGY FOR HABECO 46 4.1 Introduction of Habeco 46 4.1.1 The company’s history of formation and development 46 4.1.2 Organizational structure and lines of production and business 48 4.1.3 Results of production and business activities 49 4.2 Building Habeco's mix marketing strategy for 2018 – 2020 period 50 4.2.1 Analysis of the macro environment 50 4.2.2 Analysis of the industry environment .55 4.2.3 Analysis of the internal environment 61 4.2.4 Analysis of Habeco’s SWOT matrix 69 4.2.5 Building mix-marketing strategies 73 CHAPTER CONCLUSIONS AND RECOMMENDATIONS 94 5.1 Conclusion 94 5.2 Proposed solutions to complete the mix-marketing strategy for Habeco 95 5.2.1 Solutions to complete the activity of defining the goals and tasks of the business strategy 95 5.2.2 Solutions to complete the activity of analyzing the internal and external environment of the enterprise 96 5.2.3 Solutions to complete the activity of buidling and selecting the company's marketing strategy 97 iv 5.2.4 Solutions to complete the activity of implimenting and evaluating the marketing strategy .97 5.3 Limitations and directions for further research 100 LIST OF REFERENCES v LIST OF ABBREVIATIONS STT SYMBOL MEANING AV BCG CPTPP EFE GDP Gross Domestic Product HDI Human Development Index IFE Added value Boston Consultant Group - Matrix of business combinations Comprehensive Trans-Pacific Partnership Agreement External Factor Evaluation - The matrix for evaluating external factors Internal Factor Evaluation - Matrix to evaluate the internal factors P–Political, E–Economical, S–Social, T–Technical: PEST Political - legal factors, Economic and environmental factors, Socio-cultural factors, Factors of Science, technique and technology PH 10 SBU Publishing House Strategic Business Unit Strength Weakness Opportunity Threat - Matrix of 11 SWOT analyzing strengths, weaknesses, opportunities and threats 12 WTO World Trade Organization vi LIST OF TABLES Table 2.1 Competitive Image Matrix .26 Tab 2.2 Matrix based on GREAT criteria 30 Table 4.1 Business results 49 Table 4.2 Habeco’s matrix of external factors 60 Table 4.3: Analysis of financial indicators of Habeco 60 Table 4.4 Personnel situation of the Company in the period of 2017 - 2019 62 Table 4.5 IFE matrix – assessment of internal factors in the company 68 Table 4.6 SWOT analysis of Habeco Company 70 Table 4.7 Habeco's "Brand Marketing" operating cost estimated for 2021 85 Table 4.8.Table of estimated cost for Habeco Vietnam's "Trade Marketing" in 2021 87 vii LIST OF FIGURES Figure 2.1 Model of competitive forces .12 Figure 2.2 Model of choosing target market of enterprises .16 Figure 2.3 SWOT matrix model .21 Figure 2.4 Model of analyzing business environment .22 Figure 2.5 Enterprise competitiveness pyramid .24 Figure 2.6 BCG Matrix Model 28 Figure 4.1: Organization chart of Habeco Company 48 Figure 4.2: Vietnam's GDP growth from 2010 to 2019 51 Figure 4.3 Market share of beverage businesses in 2019 64 viii Average Score of interest rating 3.83 3.04 Average Score of Price and Value 3.17 2.17 Symbol: N : number of market survey votes Industry average: financial indicators that evaluate the average price of an industry or field and are used as a basis for comparing the business performance of enterprises in the same industry The answer about purchase intent can fall into the following categories: will definitely buy, likely to buy The average value is based on the product of Hanoi Beer, with the products of other brands On a 5-point scale, the score of indicates "extremely like" or "extremely good value" Likes and dislikes Properties Like Total Disagreement sample (N= 01 ) Product quality Customers having drunk Hanoi beer find it 57% 1% delicious 54% 1.9% Customers having drunk Hanoi beer find it 86% 14% 42.5% 22.6% 97% 3% fragrant Customers finding beer taste fragrant through color Advertising and others Customers know Hanoi beer by its name Customers know Hanoi beer through: TV ads, 90 leaflets, posters, e-commerce Price Customers accept the price of Hanoi beer 80% 9% 73% 10.9% products Customers accept the products with a 10-15% increase in price Estimated volume of Hanoi beer products : Intent to buy Hanoi beer products Definitely will buy it 73% Likely to buy 15 % Percentage of actual purchases 80% Determine to buy Hanoi beer 18% * % of actual purchase = % will definitely buy + (% likely to buy) / * Product purchase rate = Probability x 80% + Probability x 18% *Forecast of the quantity of Hanoi beer products in months R E = S AE x P E Expected sales: Re Estimated quantity to be sold :SAE Estimated product price: PE (220,000 VND) Level agent : U Subsidiary: X Affiliate company : Y E-commerce : Z (lazada, shoppe, facebook ) 91 The Average quantity of Average company sold Hanoi beer quantity of agents & products Agencies total and th company (carton/day) (carton/day) Tier-1 agencies 400 167 66,800 Subsidiaries 16 83 1,328 Associated Company 41 246 first 83 83 Ecommerce (lazada, shoppe, facebook) From the above figures we find the expected quantity of sales: S AE = U + X + Y + Z = (400 x 167) + (16 x 83) +(6 x 41) +(1 + 83) = 66,800 + 1,328 + 246 + 83  AE = 68,458 (carton/day) Expected revenue = Expected quantity of product sold x Expected price of product  Expected revenue for months: R E = ( S AE x P E ) x 180 (6 months) = (68,458 x 220,000) x 180 = 2,710,936.800.000  Based on the company's data, through the survey, and the matrix tool above, the author works out the expected revenue for months of: 2,710,936,800.000 VND * Year 2021 (quarter + 2) , HABECO approved the business plan with the consumption output of 140 million liters of main products, consisting 139 million liters UniAqua Revenue of beer of and main million liters products of bottled are reach VND 2,695 billion (data from the stockholders' meeting ) 92 water expected of to Habeco 's revenue of 2,695 billion dong < Author's expected revenue of 2,710 billion dong 93 CHAPTER CONCLUSIONS AND RECOMMENDATIONS 5.1 Conclusion According to the author's calculations, the estimated revenue of the company in months is higher than Habeco 's revenue in the first months of 2021 Thus, the author's strategy is effective and should be implemented In the context of rapid globalization, Vietnam's economy has many development opportunities as well as many challenges and risks This situation will affect and govern the activities of all economic sectors and all enterprises in the production and business process In that context, businesses need to establish and implement activities according to the right business strategy, in order to take advantage of emerging opportunities, actively and effectively promote the strengths of the enterprises themselves; at the same time, overcome and avoid external challenges, and timely adjust and address internal weaknesses Organizing synchronously and scientifically implement short-term and long-term strategic solutions suitable to the conditions of enterprises will surely bring in sucesss, survival and sustainable development The study of marketing mix planning activities at HABECO is an important step to establish a business strategy to regain market share, grow profits, affirm the reputation and brand of HABECO in the market of alcohol and beverage, contributing to the strong and steady development of HABECO in the following years In the process of research, the author delves into the analysis of the objective and subjective factors of the business which affect the planning of the marketing mix strategy, evaluates the situation of strategic planning activities at HABECO and introduces forecasts on internal resources of the enterprise as well as the changing trends of the alcohol and beverage industry in the coming years By doing so, the author has given solutions and recommendations to build a marketing mix strategy at HABECO until 2025 The order of mention and research has followed the strategic planning process and combined with the knowledge gained or approached to by the author in order to fulfill the requirements of the proposed topic 94 5.2 Proposed solutions to complete the mix-marketing strategy for Habeco 5.2.1 Solutions to complete the activity of defining the goals and tasks of the business strategy Currently, Hanoi Beer - Alcohol - Beverage Joint Stock Corporation is pursuing main goals, which are: (1) Improving competitiveness; (2) Raising profits; (3) Increasing market share In order to achieve the goals set by the enterprise, the enterprise must mobilize and reasonably allocate resources for implementation However, if the goal is not quantified, it is very difficult to achieve In addition, it wastes the resources of the business if the goal is not suitable or too vague Besides, when pursuing many goals at the same time, it is certainly impossible to achieve all the goals completely because it is certain that the interest of one goal will threaten the interest of another Therefore, the solutions to complete HABECO's business strategy determination activities are: - HABECO must clearly orient its goals, especially those that are difficult to quantify, for example, the goal of improving competitiveness HABECO should strengthen the competitiveness of traditional products such as: Truc Bach beer, draft beer or green-label Hanoi beer As for new products such as Uniaqua Purified Water or HaNoi Beer Premium, they should have lower goals, for example, market penetration or increased coverage - HABECO should not set goals that are equally important because there will be contradictions If the target of market penetration for a new product is implemented, the profit target will certainly be affected It is common practice that in the early stages, the product has not been received by consumers, making it difficult to consume In the next period, the company will move from the most important goal of improving the competitiveness of HABECO's strong products and having new products penetrate the market, towards expanding market share Therefore, the tasks set out will be: - Researching the market's needs for new investment directions; 95 - Strenthening the activities of seeking the output for new products of HABECO on the market to consumers; - Completing distribution policy, advertising policy, brand strategy - Improve the training of people to acquire new technologies to better serve the production process In addition, the profit target should be paid attention to in order to enhance the efficiency of production and business activities Some of the posed tasks are: - Improve the supply of input materials to reduce costs; - Building, closely monitoring and balancing production activities at member units to ensure the good implementation of the objectives of the annual plan, making sure of the completion of the annual plan at the highest level in the whole system - Improving production management to save cost in production 5.2.2 Solutions to complete the activity of analyzing the internal and external environment of the enterprise HABECO needs to consider influencing external factors in a more objective and detailed manner, focusing on quantifying the influence of these factors, especially the needs and tastes of customers At the same time, HABECO should also closely monitor the changes of the macro environment as well as the specific environment to determine and forecast the direction to go for the business Those are the State's policies on excise tax, import and export of input materials In particular, the Ministry of Industry and Trade is finalizing the plan to divest itself of capital at HABECO and submit it to the Government, which has a big impact on the activity of planning marketing strategy by the Corporation The corporation needs to establish a team or department of market research and analysis because this is an extremely important step Market research will provide data to help managers choose target markets/customers and appropriately make marketing plans and production plans Market research can be completed in the following ways: - Establishing a market research department and conducting research using current resources of the Corporation 96 - Using secondary information sources through specialized market research companies or research articles of authorities (such as General Statistics Office, Industry reports, ) 5.2.3 Solutions to complete the activity of buidling and selecting the company's marketing strategy HABECO should pay more attention to the strengths and favorable factors of the environment in the process of developing marketing strategies Those strengths consists of (i) a large resource of highly skilled manpower, (ii) a large amount of operation capital ensuring financial autonomy of the Corporation, (iii) prestige and brand name, (iv) wide distribution network, (v) flexible pricing policies… The marketing strategy options to be developed need to focus on solving the key issues that HABECO is facing in relation to potential risks or difficulties In this way, by implementing those marketing strategies, HABECO can remove difficulties and avoid potential risks The marketing strategy options need to be built on the basis of taking into account long-term economic benefits (over years) Thus, HABECO can effectively mobilize resources to focus on implementing marketing strategies and easily allocate small costs for production and business activities and also easily recover investment capital The options in building marketing strategies must be broken down into tasks in each stage Those tasks are assigned to functional departments according to the scope of responsibility At the same time, there must be coordination in actions, then the efficiency brought in from the new marketing strategy will become high 5.2.4 Solutions to complete the activity of implimenting and evaluating the marketing strategy After the marketing strategy plans are developed, it is necessary to have discussions and evaluations by functional departments and the Board of Directors in the Corporation First, the marketing strategy ensures the long-term effectiveness of the business process Enterprises are formed with the goal of earning profits and other 97 socio-economic benefits in the long term Long-term effectiveness is the basis for ensuring the existence and sustainable development, therefore, it must be reflected in the planning of the business’s marketing strategy The requirement to ensure the long-term effectiveness of the business process requires that in the process of formulating and selecting marketing strategies, attention must be paid to exploiting business opportunities, available and future resource possibilities, limiting limitations and eliminate constraints as well as overcome existing and emerging weaknesses to identify strategic marketing solutions All marketing strategy plans offered and selected marketing strategy plans must be based on considering the long-term efficiency of business and socio-economic benifits Second, it is necessary to ensure the continuity and succession of the marketing strategy The process of choosing a marketing strategy plays an important role in determining the existence and development In order to ensure the continuous development of HABECO's business activities, the marketing strategy processes must be successive, the latter process must continue, inherit the achievements and overcome the shortcomings of the previous process Continuity and inheritance are also assessed by economic events and processes as well as by the requirements of objective economic laws that drive and govern production and business activities Continuity requires marketing strategies to follow each other, without any interruption of marketing strategies This is a condition for HABECO to pursue its long-term goals Inheritance requires that the marketing strategy solutions of the following period must inherit the quintessence of marketing strategy solutions of the previous period This is a condition for businesses to regularly exploit their strengths in strategic marketing planning, while reducing the time spent on seeking and planning marketing strategies and ensuring the conditions for successful marketing strategies Third, the marketing strategy must be comprehensive and clear The comprehensiveness of the marketing strategy is reflected in the content of the issues that the marketing strategy raises A comprehensive marketing strategy is a marketing strategy that covers everything that needs to be covered The 98 comprehensiveness is firstly shown in the system of targets describing and covering all the purposes as well as the targets that the business is aiming for in a specific period of the marketing strategy The comprehensiveness is also reflected in the coverage of strategic marketing solutions Strategic marketing solutions must be systematic, and fully exploit all strengths, thoroughly overcoming all weaknesses in order to take advantage of all opportunities, limit and eliminate all threats which may appear in the period of the marketing strategy The clarity of the marketing strategy requires the clarification of key issues The first key issue is related to the current state of the enterprise (the starting point of the marketing strategy; what are its strengths and its weaknesses ?) Another issue to be clarified is what will happen in the future associated with the strategic marketing period The next one is how to achieve the outlined goals (including which resources to use, what specific solutions to take and how the solutions are related to each others) And the final issue to clarify which tools and means to control whether the goals have been achieved and to what extent Fourth, the marketing strategy must ensure consistency and feasibility The consistency of marketing strategy requires consistency across goals and strategic marketing solutions To so, it is necessary to ensure the logic in marketing strategic thinking Although business marketing strategies can be associated with long or short periods, they all have the same feature of being very broad Due to its high generalizability, the system of strategic marketing objectives can be highly qualitative Functional marketing strategies serve both as a part of marketing strategy and as solutions to realize strategic marketing objectives There must be an organic relationship between the strategic marketing objectives and the marketing strategy solutions of a period: the goal is the basis for forming the solution, and the solution is the condition for completing the identified goals The organic connection between goals and strategic marketing solutions in the condition of many existing goals can only be qualitative, requiring managers who plan marketing strategies to have logical thinking 99 Feasibility is the highest requirement of a marketing strategy Feasibility becomes reality when all requirements are ensured comprehensive, clear and consistent At the same time, a marketing strategy can only be feasible if the forecast is correct, the balance calculations are made with scientific grounds, the solutions are considered carefully, and ensuring the basis which can the solution realistic Fifth, the marketing strategy must secure the implementation of priority goals In each stage of its development, the enterprise must determine the target system of the marketing strategy to ensure the implementation of the target system throughout its existence and development The calculations that define the marketing strategy objective system are calculations on the basis of taking advantage of all opportunities, limiting or eliminating all threats and pitfalls, promoting strengths and overcoming all weaknesses The solutions of the marketing strategy are built to ensure the realization of strategic marketing objectives according to the guideline of balance by strength Strength-based balance always puts the business as well as each of its sections s at the highest level of possible effort, especially the weak section (field) In fact, not every marketing strategy department can take advantage of all opportunities or limit or eliminate all threats and pitfalls or promote all strengths and overcome all weaknesses Selection of strategic marketing objectives also must be based on the feasibility requirements of the marketing strategy The priority goal is the overarching goal and has a certain importance in the marketing strategy phase Depending on the characteristics of each period, the priority goal can be to expand the market, to increase profits, to establish a competitive position or to strengthen internal potential Priority objectives are arranged in order of priority of the importance in the strategic marketing period 5.3 Limitations and directions for further research The study analyzed the macro and microenvironment affecting Habeco's strategy and developed a marketing mix strategy for Habeco until 2025 However, the study is still limited in the way that it has not been able to evaluate the influence 100 of each factor on Habeco's marketing mix policy and has not been surveyed and assess customer feedback on the company's marketing mix policy Therefore, further research is needed to improve the marketing mix strategy for Habeco In addition, due to the author's own limitations, the thesis still has many shortcomings The author hopes to be able to contribute partly to the effectiveness of the strategic planning activities at HABECO At the same time, the author wishes to continue to research on and develop new business strategies for the Corporation 101 LIST OF REFERENCES Vietnamese language reference documents: Nguyen Ngoc Dien (2018), Strategic Management Textbook , Hanoi university of science and technology Ho Duc Hung (2004), Textbook of Marketing Management , Institute of Development Economics Hoang Dinh Phi (2019), Technology Management Textbook , VNU Publishing House Nguyen Khoa Khoi and Dong Thi Thanh Phuong, (2007), Strategic Management , Statistical Publishing House Nguyen Minh Tuan (2006), Textbook of Basic Marketing, Publisher of Socialist Labor Ton That Nguyen Thiem (2004), Market, strategy, structure: Competition of added value, positioning and business development , Ho Chi Minh City Publishing House Ministry of 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Yearbook of 2019 , Statistical Publishing House 26 Financial statements, (2018,2019,2016), Accounting Department, Habeco English document: 27 Porter ME, (1996), “What is Strategy?”, Harvard Business Review 28 Stalk G., Hout TM,(1990), Competing Again Time, Free Press, New York 29 Hitt, Strategic Management: Competitiveness and Globalization, Concepts and Cases, South-Western, 2008 30 Charles WL Hill / Gareth R Jones (1996; 1998; 2000 and 2002, 2004,2006), Strategic Management – An integrated approach, Prentil Hall, New Jersey 31 Carpenter, Strategic Management: Concepts (2nd Edition) (Paperback), Prentice Hall, 2007 32 Hunger, Essentials of Strategic Management, Prentice Hall, 2006 33 Harrison, Foundations in Strategic Management (Foundations Series in Management), South-Western, 2007 34 Hitt, Strategic Management: Concepts and Cases (with InfoTrad), SouthWestern, 2006 Websites: 35 http://www.amimedia.vn/truyen-thong-mang-xa-hoi.html 36 https://en.wikipedia.org/wiki/Social_networking_service 37 http://www.brandsvietnam.com/890-Giai-phap-truyen-thong-tren-mang-xa- hoi-Facebook 38 http://huc.edu.vn/mang-xa-hoi-readervn-va-mo-hinh-cua-thu-vien-mang-xa- hoi-1460-en.htm 39 http://qvcorp.com.vn/tin-tuc-1/Vai-tro-cua-truyen-thong-truyen-thong-quan- trong-nhu-the-nao-729.html 40 https://vinaresearch.net/public/news/2201-bao-cao-nghien-cuu-thoi-quen-su- dung-mang-xa-hoi-cua-nguoi-viet-nam-2018.vnrs 41 http://qvcorp.com.vn/tin-tuc-1/Vai-tro-cua-truyen-thong-truyen-thong-quan- trong-nhu-the-nao-729.html ... general theories of marketing 34 communication, Marketing strategy and Marketing Mix strategy and of building a Marketing Mix strategy for foreign businesses in Vietnam and some countries around... business strategy; content, sequence and methods and models of building marketing mix strategy These contents will serve as a theoretical basis for analyzing and building a marketing mix strategy for. .. Chapter 4: Building the Marketing Mix strategy of Habeco Company - Chapter 5: Conclusion and recommendations CHAPTER THEORETICAL BASIS OF MARKETING MIX STRATEGY 2.1 Overview of Marketing mix Strategy