RMIT International University Vietnam MKTG1205B Marketing Principles ASSIGNMENT COVER PAGE Course Code MKTG1205B Course Name Marketing Principles Location where you study SGS Saigon Campus Title of As.
RMIT International University Vietnam MKTG1205B: Marketing Principles ASSIGNMENT COVER PAGE Course Code: MKTG1205B Course Name: Marketing Principles Location where you study: SGS Saigon Campus Title of Assignment: Invidual Assignment 3 File(s) submitted 1 file Student name: Nguyễn Lê Nhật khanh Student email address: S3915338@rmit.edu.vn Learning Facilitator in charge: Mrs. Vi Phan Assignment due date: September 18th, 2021 Date of submission: 15/09/2021 Number of pages including this one: 15 Word Count: 2286 Table of Contents I Introduction Company Product II SWOT Analysis .3 Macroenvironment Microenvironment 3 Strengths and Opportunities III Target Consumer IV Differentiation and Positioning .4 V Differentiation .4 Positioning Current Marketing Mix Performance Product Promotion: Apply pull strategy: mainly attract customers through advertising .7 VI Marketing Objective VII Marketing Recommendation (2Ps) Product Promotion VIII References I Introduction Company Established on January 27, 2005, VitaDairy Vietnam Dairy Joint Stock Company (trading name is VitaDairy) with the mission: "round trip ticket back to life" for patients. The founders believed that a nutritional approach from within the body would help patients respond better to treatment, thus Vita Diary was born. CEO Nguyen Thi Ha always puts the goal of taking care of the community's health first, bringing “Perfect Nutrition Source” for everyone, every home. "Vita" short for Vitality means vitality, and "Dairy" refers to dairy products. Along with the slogan "Obligation to cultivate vitality" (by story of Vita Diary Offical Website) Product (Screenshot from Vita Diary Offical Website) In 2021, Vita Diary launches a new product, Colos Fresh Milk. With a unique and different formula, specializing in the field of immune colostrum through the application of colostrum in its products. In addition, for the first time, a Vietnamese dairy enterprise owns a farm in Tasmania, Australia the cleanest island in the world. The cows here are carefully cared for to produce pure fresh milk. Colos Fresh Milk is a line of readytodrink milk in paper boxes for children over 1 year old and one traditional taste. \ II SWOT Analysis A Macroenvironment Technological: Herds of cows are naturally grazed on the island of Tasmania, Australia. They live and grow healthy, enjoy food organically and drink completely from nature to produce pure fresh milk ingredients. Colos Fresh Milk is produced and imported directly from Australia (according to Science Vietnam) Cultural: In the past, the milk consumption rate of Vietnamese people was not high. Malnutrition, rickets, lack of height, were diseases that almost 30% of children suffer from. But in the past 10 years, the trend of drinking milk has changed sharply and increased strongly. According to VnEconomy, Vietnamese people consume 20 liters of milk/person/year (Duyen D, 2019) Legal/Political: Based on Article 3 of Decree 38/2012/NDCP of the Government regulating the inspection of imported food stipulates that: “Products must be declared conformity with regulations and registered with state agencies. authorized prior to placing on the market. Also, Products must be declared in conformity with food safety regulations and registered with a competent state agency before being released for circulation on the market until the respective technical regulation is promulgated and comes into force.” (Cuoc Van Chuyen VN, 2012) B Microenvironment Supplier: Colos Fresh Milk are manufactured from ingredients imported from the world's leading suppliers from Australia, USA, France, Newzeland Key partners and main suppliers include Pantheryx, Leprino Foods , DSM, Fonterra.) Customer (reseller market): VitaDairy's distribution system has expanded with a network of more than 3,000 stores across 63 provinces and cities across the country: systems of mother and baby stores (Bibo Mart, Kid Plaze, ), prestigious ecommerce websites (Shoppe Mall, Lazmall, Tiki, ), supermarkets (Co. opXtra, Satra, Aeon Mall, ) and pharmacies (Pharmacity, ) Competitors: According to the research, Vinamilk is dominating the dairy market in Vietnam (Chung Khoan Tan Viet, 2021). Other domestic competitors such as Nutifood, Dutch Lady, TH true Milk, Besides, there is fierce competition from international dairy companies: Abbott, Friesland Campina, Mead Johnson, C Strengths and Opportunities Strengths First specialized in colostrum industry in Opportunities Diary is a type of essential food, so Vietnam it is not affected despite Covid Imported directly from Australia Many parents choose colostrum Cows are naturally grazed and organic instead of regular milk food sources, giving birth to the purest milk source Colostrum has a higher nutrient content than regular milk SO Strategy: With the first and only proprietary technology in colostrum in Vietnam, Colos Fresh Milk has the opportunity to be approached and used by many parents because of a higher nutrient content than regular milk. Moreover, organic ingredients sources are from freerange the demand for milk consumption is still very high and necessary III Target Consumer Vita Diary uses the differentiated marketing strategy on Colos Fresh Milk to target on the 1year old kids and older Kids Demographic Age: 1 year old Geographic Mostly in city and older Behavioral Occasions: Psychological Personal children start to Characteristics: Parents school research carefully and Benefits sought: tend to try new things healthy, convenient for their children paper milk as snack for kids IV Differentiation and Positioning Differentiation Colos Fresh Milk is the first and only proprietary colostrum technology in Vietnam. Not only that, Colos fresh milk is produced and Vita Diary owns a farm in the island of Tasmania, Australia. Cows are naturally grazed and use pure, organic food sources to give out the fresh milk ever. Positioning MORE CALCIUM AFFORDABLE PREMIUM LESS CALCIUM Price: Since Colos fresh milk offer the premium quality with higher price, its product line is more expensive than other competitors Price Net weight 15.000 VND 180ml 13.500 VND 180ml 8.500 VND 180ml 7.500 VND 180ml 7.000 VND 180ml (based on Bach Hoa Xanh Website) Abbott Colos Fresh Milk TH True Milk Vinamilk Dutch Lady Nutritional content per 100ml Energy (kcal) Calcium (mg) Fat Protein Sugar (g) (g) (g) Abbott Colos fresh 132.7 128.7 158 130 2.97 3.1 3.47 5.22 12.03 8.0 Milk TH True 73.2 100 3.2 2.9 8.2 (Sweetened) Vinamilk 73.2 100 3.6 3.1 8.0 (Sweetened) Dutch Lady 71.5 100 3.2 2.8 7.8 Milk Overall, Abbot has the highest calcium content. Colos Fresh Milk has the highest protein content in the table and two have an equal energy index. Different with Abbott, Colos Fresh Milk is the form of colostrum. Vinamilk, TH True Milk and Dutch Lady are suppliers of affordable milk with average nutrients content. Value proposition: Colos Fresh Milk is the first colostrum available in Vietnam and the price is not too expensive as Vietnamese’ budget, Colos Fresh Milk is the trusted choice by many people because the nutrient content of colostrum is higher than regular milk V Current Marketing Mix Performance Product Convenience Product: milk is bought frequently, affordable price and a tangible good. Every children need milk to grow up and have a good health 3 Levels of Product: o Core customer value: Colos fresh Milk likes any other milks, afforadable price, grabandgo snack, can drink and use anywhere and anytime o Actual Product : Branding: Vita Diary brand name was launched on January 27th, 2005 (Vietnamnet) Design: imprinted the Tasmania Island, Australia to highlight the origin as well as trademark the name “Colos Fresh Milk” to show the exclusivity of this milk line in Vietnam Packaging: Recyclable paper box with straws for kids to drink anywhere Product Line Decisions: Vita Diary expand its product line in 2 ways o Line Filling: offer differents types for different ages and different customers. For example: ColosIG24, Colos Baby, Colos for Mama,… o Line Stretching: launching new products at a higher or lower price For example: Colos baby and Colos Fresh Milk are the same types for 1yearold kids and older but Colos Fresh Milk is the readymade milk in a paper box while Colos baby is milk powder in the tin box (Screenshot from Vita Diary Website) Brand Development Strategy: o Line Extension Strategy: Vita Diary extends its brand to the new form and packaging (e.g., Colos baby in 400g tin box now extends to the Colos Fresh Milk paper box 180ml), new product categories (Vitagrow for newborn, Gluvita for the elderly, Vita Mama for the pregnant,…) Productlife cycles: Vita Diary is in growth stage since they just have launched the new product (Colos Fresh Milk) in the first month of 2021. With modern milk production technology and exclusive colostrum line in Vietnam, Colos Fresh Milk has brought in great revenue for the company. During this stage, the competition will be more intense, foreign colostrum lines will enter the Vietnamese market such as Colos Natrumax Baby (from New Zealand),… Evaluation: Launching new product (Colos Fresh Milk) in paper box helps to reach more potential customers because of the convenience as well as easy for children to drink anywhere Affordable price with quality, easily spread out brand nationwide Promotion: Apply pull strategy: mainly attract customers through advertising Advertising: Colos Fresh Milk is advertised through several channel o YouTube: the 30second video about Ho Ngoc Ha takes Lisa & Lion (her new born twins) to the Tasmania Island, Australia where the origin of the new colostrum is produced, Colos Fresh Milk Facebook and Website: (Screenshot from Vita Diary Facebook page) (Screenshot from Vita Diary Offical Website) Public Relations o News marketing: Promotion on major and prestigious electronic newspapers such as Zing news, Vnexpress, News Publics Services Activities/ Corporate Social Identity (CSR): Launching the fund: "Protecting Doctors 24 hours" against the Covid19 epidemic. With each hashtag #VITADIARYBAOVEBACSI24H, Vita Diary will donate 10,000 VND to the company's fund and then support the Ministry of Health of Vietnam. This is the good marketing strategy as well as supporting the community to fight the Covid epidemic together Buzz Marketing: Ho Ngoc Ha as the brand ambassador for the new Colos Fresh Milk line. She just gave birth in the November of 2021, few months before Colos Fresh Milk was launched. The real life of Influencer/KOLs is interested by a large audience, so the resonance with Ho Ngoc Ha will create a great effect and spread the strong brand nationwide. Consumer Promotion: Sales promotion aimed at Costomer o Coupon: Customers will earn points on Vita Diary app when buying any products. They will use that ones to get the discount and deduct money for the next purchase. Moreover, they will have many special offers only for members using the app o Contests: Customers can win SH motorbikes, Ipads or free milk from Vita Diary easily, just need to download the app (Screeshot on Vita Diary Facebook Page) Evaluation: Transferring good feelings by the videos on Youtube helps the company get closer to customers, build good company image The promotion for new product Colos Fresh Milk is still not very effective and widespread, there are not many strong advertising campaigns yet VI Marketing Objective The SMART marketing objective for Vita Diary maintaining the inherent growth momentum and increase the brand share strongly in the end of 2021 S – the marketing objective is increased by Vita Diary brand share M – increase 10% market share in the Vietnam market in the end of 2021 A – The company grew 270% compared to 2019. In 2021, the Company continues to expand product groups with ColosIgG 24hour colostrum and Colos Fresh Milk and is predicted that continue to grow sharply by the end of this year (By Nhip Cau Dau Tu) R – based on a marketing strategy will be created with specific ideas for the existing product and promotion tactics T – 6 months from 1st of June, 2021 to 31st of December, 2021 VII Marketing Recommendation (2Ps) Product Line extension strategy: Offer more flavors, Sweetened or unsweetened, more choices for everyone in the type of paper box 180ml (pregnant, the elderly, teenagers,…) Design: write more in Vietnamese, highlight the words "Colostrum" to attract customers' attention about the quality and difference than the other milk brands Promotion Advertising: Film more realistic promotional videos about frontline doctors have worked tirelessly to save Covid19 patients. Colostrum has high calcium and protein content, so it will help them have more energy to work and fight for communities Record and update on fanpage how the fund "Protecting Doctors 24 hours" going and the trip when it is given to the Ministry of Health of Vietnam Cooperate with many famous mothers in showbiz to increase trust and get closer to customers Dancing on TikTok is famous in Vietnam in recent years, advertising on the TikTok platform will also attract many other potential customers Public Relations: - Donate free milk to many orphaned children or families in difficulty because of the Covid pandemic, kids lost their parents because of Covid,… Sale Promotion: - Free gifts or toys for customers when buying new milk line Colos Fresh Milk - Apply several discounts or pack discounts to get more sales REFERENCES Nguyen, T (2021). Vita Diary Xây Dựng Doanh Nghiệp Phát Triển Gắn Liền Với Trách Nhiệm Cộng Đồng. Retrieved from: https://doanhnhanphaply.vn/vitadairyxaydungdoanhnghiep phattrienganlienvoitrachnhiemcongdongd3625.html Science Vietnam. Ra Mat Sua Non Tuoi, Vita Diary Colos Fresh Milk Có gì Khác Biet. Retrieved from: https://sciencevietnam.com/ramatsanphamsuanontuoivitadairycolos freshmilkcogikhacbiet Nhip Cau Dau Tu (2021). Ai Đang Đứng Đầu Thị Phần Ngành Sữa. Retrieved from: https://finance.tvsi.com.vn/news/detailNews?newsid=562055 Duyen, D. (2019) Trung bình mỗi người Việt ăn 3kg bị, uống 20L sữa /năm. Retrieved from: https://vneconomy.vn/trungbinhmoinguoivietan3kgthitbouong20litsuanam.htm CapaWiki. Toplist các Thương Hiệu Sữa Bột tốt nhất ở Việt Nam. Retrieved from: https://www.capa.vn/toplistcacthuonghieusuabottotnhattaivietnam/ Thanh, H (2021). Cách Vita Diary làm Thương Hiệu Cho Sản Phẩm Mới. Retrieved from: https://vnexpress.net/cachvitadairylamthuonghieuchosanphammoi4328464.html Vietnam Report. Công Ty Cổ Phần Sữa Diary Việt Nam. Retrieved from: https://vnr500.com.vn/Thongtindoanhnghiep/CONGTYCPSUAVITADAIRYVIET NAMChart437312021.html Anh, M (2020). Đường Đua Mới Của Sữa. Retrieved from: https://www.brandsvietnam.com/21376Duongduamoicuasua ... Abbott Colos fresh 132 .7 128.7 158 130 2.97 3. 1 3. 47 5.22 12. 03 8.0 Milk TH True 73. 2 100 3. 2 2.9 8.2 (Sweetened) Vinamilk 73. 2 100 3. 6 3. 1 8.0 (Sweetened) Dutch Lady 71.5 100 3. 2 2.8 7.8 Milk ... widespread, there are not many strong advertising campaigns yet VI Marketing? ?Objective The SMART? ?marketing? ?objective for Vita Diary maintaining the inherent growth momentum and increase the brand share strongly in the end of 2021 S – the? ?marketing? ?objective is increased by Vita Diary brand share ... R – based on a? ?marketing? ?strategy will be created with specific ideas for the existing product and promotion tactics T – 6 months from 1st of June, 2021 to? ?31 st of December, 2021 VII Marketing? ?Recommendation (2Ps)