NATIONAL ECONOMICS UNIVERSITY PROGRESS REPORT ON THE DEVELOPMENT OF “INCREDIBLE SPOONS” PROFESSOR INSTRUCTIONS NICHOLAS JOHN SHIPLEY TRAN VIET AN GROUP 11 – FINAL PRODUCTS MANAGEMENT 63B SEMESTER 3 uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu
NATIONAL ECONOMICS UNIVERSITY PROGRESS REPORT ON THE DEVELOPMENT OF “INCREDIBLE SPOONS” PROFESSOR INSTRUCTIONS: NICHOLAS JOHN.SHIPLEY & TRAN VIET AN GROUP 11 – FINAL PRODUCTS MANAGEMENT 63B SEMESTER (2021-2022) HA NOI, 19 JULY 2022 TEAM MEMBERS OF GROUP 11 (PRODUCTS MANAGEMENT 63B – INCREDIBLE SPOONS) TEAM MEMBERS STUDENT CODES Hoàng Phương Linh (Leader) 11213152 Chu Thúy Anh 11217332 Phùng Nhật Minh 11219744 Nguyễn Thị Thúy Quỳnh 11215103 Trần Thị Vân Hà 11211960 Trương Hải Anh 11219661 EXECUTIVE SUMMARY The report's goal is to modify and make edible an utensils effective launching Bangladesh purpose also Our is toto demonstrate there that functional, sustainable, alternative means and available to replace become world's most one of serious the threats Plastic our endangering soil, the lives animals of the In sea a viable solution the pollution, problem and of plastic which are also biodegradable The report's goal is to modify edible utensils and make an effective launching plan in the context of Viet Nam Our purpose also is to demonstrate that Edible Spoon is an incredible fun and alternative means available to replace plastic, which has become one of the world’s most serious threats Plastic pollution is not only harming our land but also endangering the lives of marine animals In Vietnam, the explosion of reusable straws, bamboo straws has contributed to reducing plastic waste, but customers want a more interesting solution The first Edible Spoon product came from India, after 'Shark Tank' Season 13 Episode airs on ABC on October 22, 2021, is on track to earn $300,000 in revenue in 2021 This exciting product has already passed Initially successful in foreign countries, in Vietnam market Edible spoons are still a completely new idea The report is used to develop a new product line for ECOSTRAWS Vietnam Joint Stock Company Edible spoons will be a unicorn development product with the following criteria: edible spoons as a fun, convenient and affordable alternative to save the environment The report includes the market research needed to launch the Edible Spoon product and a consistent 6-month marketing, promotional and operational plan including a budget plan to achieve the goals Table of Contents General Product Information Mission and Goals of the Firm Analysis of External Environmental Factors Product Category Demand Analysis Competitive Analysis Economic Analysis7 Legal and Political Analysis Social Analysis Technological Analysis Opportunities and Threats Analysis of Internal Environmental Factors Forecasting Market Potential Target Market Segments Product Life Cycle and Sales Trend Analysis 10 Product 11 Product Components 11 Product quality standards Product competitors Pricing 12 13 13 Pricing Policy Objectives Value pricing 13 13 Psychological Pricing Strategies Bundle pricing 14 Competitor Price Analysis 13 14 Placement Strategies, Action Plans and Assessments14 Placement Task Needs 14 Placement Option Selection and Evaluation 14 Potential Competitor Actions/Reactions 15 Promotion Strategies, Action Plans and Assessments Promotion Campaign Target and Theme Objective-Task Method 15 15 15 Annual Schedule of Activities 16 Print Advertisements 17 Selling/Sales Promotion 17 Public Relations 17 TOWS table 18 Potential Competitor Actions/Reactions Budget 19 Control and Review Mechanisms 18 19 I General Product Information SIC Numbers Industry Division Industry Class RETAIL TRADE G HOUSEWARE RETAILING 4213 WHOLESALE TRADE F KITCHEN AND DININGWARE WHOLESALING 3733 Product Description Standard Industrial Classification (SIC) numbers: 3421 Manufacturer/Provider - ECOSTRAWS Vietnam Joint Stock Company ECOSTRAWS - a company specializing in manufacturing and exporting environmentally friendly products such as biodegradable straws, biodegradable drinking cups This group is especially prominent with many eco-friendly products Environmentally friendly in the field of eating utensils such as straws, knives, forks, spoons Wholesaler & Retailer EcoStraws (website, online, offline…), E-commerce platforms (Shopee, Tiki, Lazada…), Supermarkets and Shopping malls (Aeon, Go, Winmart, Vin…) Product – Edible Spoons Insight of customers in this era is that they want a product that brings entertainment value to them The desire to protect the environment must be accompanied by novelty, fun and convenience in order to attract customers among thousands of environmentally friendly products such as products from paper, bamboo, etc Understanding these things, we create a new way to protect the environment USP: We give you an interesting, nutritious, convenient way to save the environment The brand new “Incredible Spoons” - an edible spoon with the main ingredients are wheat, oat, corn, chickpea, and brown rice All our spoons are dairy-free and non-GMO Pepper, oregano, and plain flavors are 100% all-natural It’s shelf life is months when kept at room temperature and low humidity, store in a cool and dry place The spoon is like a hard cookie, it can withstand the hot and cold temperatures and doesn't soften easily Placing them in the fridge for a few minutes before serving will give them an extra crispy texture II Mission and Goals of the firm Mission ECOSTRAWS is an enterprise that puts people's interests first, the business that puts the maximization of the community's interests first and puts the maximization of profits as a business condition for the purpose of increasing profits human benefit With a sense of protection, associated with nature; The company always strives to improve the material and spiritual life of Vietnamese people by providing edible cutlery products of natural origin, clean, safe and nutritious core values: o o o o o For true happiness For public health Harmonious interests Improve people's quality of life Environmentally friendly, out-of-the-box thinking Goals ECOSTRAWS aims to become the leading manufacturer and distributor in the Vietnamese market of edible, environmentally friendly cutlery products, namely edible spoons ECOSTRAWS intends in the medium and long term to dominate the eco-friendly cutlery market in Vietnam and successfully build a widely known Cutlery brand, the first step being in Vietnam and Southeast Asia Edible Spoon will be a new product line that is predicted to blow a strong wind into the eco-friendly Cutlery market With a large target market and a large number of target customers, promising together with the company's thoughtful investment in production and marketing, EcoStraws will become a great cutlery brand trusted by everyone and become a boom, trendy III ANALYSIS OF EXTERNAL ENVIRONMENT FACTORS Competitive Analysis Our competitors include companies that produce and distribute eco-friendly and sustainable products for customers such as JOY FOOD, Easy Green Co., Ltd., etc However, there is a difference in usage and the function of the product from our company (Incredible Spoon) creates an advantage that is hard for any competitor to copy Green and environmentally friendly products from competitors have gained a certain amount of popularity, but there is no product line that is both environmentally friendly and friendly to the health of consumers when directly nutritional supplements in their meals Taking advantage of the company's reputation in the production of green products will contribute to increasing customer awareness of the product Economic Analysis When the economy is developing and people's living standards are increasingly improved, the demand for good quality and safe products and services is also increasing, especially online service products continue to the daily life of the people A recent survey by Nielsen Vietnam shows that 80% of Vietnamese consumers are willing to pay more for products with a commitment to "green & clean", produced from environmentally friendly materials This shows that there has been a drastic change in the perception of Vietnamese consumers In order to compete in the market, the trend of "greening" in branding is becoming more and more popular, many enterprises have made efforts to invest in production to produce products that ensure the "green" factor and "clean", building a green brand associated with sustainable development According to the research results of Nielsen VN, brands with commitment to "green" and "clean" have a relatively high growth rate, about 4% per year Legal and Political Analysis In recent years, the Government has continued to improve the business investment environment, especially with the promulgation of the Enterprise Law 2014, which reflects the spirit of the 2013 Constitution on citizens' right to business, that is what the law does not prohibit, people and businesses are free to invest and business Law on Investment, Law on Enterprises, Law on Bankruptcy, Code of Civil Procedure, Law on Execution of Civil Judgment, Law on Organization of Courts and guiding documents to improve the legal and environmental environment Business is continuously reviewed and improved to create the best business and investment environment for individuals and businesses The production, trading and consumption of environmentally friendly products are strictly controlled by Vietnamese law, specifically the Law on Environmental Protection 2014 Social Analysis Vietnam has a hot and humid monsoon climate that is suitable for growing and harvesting wheat, oats, maize, chickpeas and brown rice - the main ingredients that make up our products Areas where these agricultural products can be grown are spread across the country, but are most concentrated in two areas: the Mekong River Delta and the Red River Delta - the areas with the highest population density in the country The Cultural Environment Environmental issues in Vietnam are now more concerning than ever Problems caused by climate change, extreme weather, waste overload, especially plastic waste are directly affecting people's lives Therefore, this changes the perception of Vietnamese people in particular and the world in general about environmental issues They want to change their habits, take specific actions to contribute to the conservation of the environment protection Vietnamese people have a lifestyle of using a lot of disposable utensils in eating and drinking due to the convenience it brings However, with the change in perception about environmental issues, especially among young people, it will lead to an increased demand for products to replace single-use plastic items but still retain the inherent convenience Specifically, from daily activities and meals Technological Analysis Sharing the same spirit with many countries around the world, in Vietnam, green consumption has gradually become a new trend and consumers' awareness of green product consumption has also been enhanced Current technologies for the production of sustainable products are all integrated with PLA (starch-based) biodegradable technology, all derived from natural, renewable organic materials birth and sustainability In addition, due to the guarantee of the production process according to the Law on Food Safety and Hygiene 2014, strict regulations are applied that require manufacturing enterprises to always improve technology to meet the strict demands government slot The current green products on the market have all achieved the leading certifications: BPI, OK Compost Industrial, FDA, DIN Certco, Food Contact, and are eligible for export to the world's most demanding markets in terms of standards for international products Environmentally friendly products such as Europe, America, Japan… Opportunities and Threats o Opportunities - Incredible Spoon will be the first edible product when finish using meal in Vietnam - In the era of busyness and work, convenience and convenience are a huge plus point of the product in the eyes of potential customers So the launch of this product has a lot of potential for growth - Hygiene is also a factor that customers consider when choosing products Because it is a product for daily use, safety and sustainability with consumers' health are placed on high The incredible spoon is derived from nature, so it will completely meet this need Customers will mainly be students, students, office workers, … - Production costs will be guaranteed to not fluctuate too much, thereby affecting product prices The product is aimed at the popular segment, so the price will be affordable, suitable for daily spending Many people consider price as the deciding factor when choosing any product Threats - New brands appear in the market, so it takes a lot of time and effort to build customer trust to create a reputation and improve brand awareness - Vietnamese people's habit of using disposable items has been deeply imprinted in their thoughts It is not easy to change their consumption habits, and at the same time, disposable plastic products are much cheaper o IV ANALYSIS OF INTERNAL FACTORS Forecasting Market Potential Currently, consumers are increasingly interested in smart and sustainable consumption, as well as environmentally friendly products and services right from production to consumption and use of products Consumption today not only requires intelligence about product quality, but also requires a deep understanding of the sociality and humanity of each product Target Market Segments The target market of incredible spoon is the middle class, intellectuals (students, students, office workers, ) who are concerned about the environmental issues that are being affected by plastic waste - In a short time are teenager who like new things - In the long run, our target customers are everyday consumers who want maximum comfort and are willing to experience a more enjoyable way of protecting the environment Teenager (18-21 years old) Working status: part-time • Income: 1,000,000-4,000,000 • VND • Behavior: disloyal, always want to try new things, always ready Office workers (24-19 years old) • Working status: full time office worker • Income: 4,000,000 - 15,000,000 VND • Behavior: loyal, prefer to use a product that suits them, use products recommended - Incredible spoon net weight about 8g - Products are sold at stores and supermarkets nationwide, focusing on convenience stores such as Circle K, 7Eleven, etc V Product Life Cycle and Sales Trend Analysis Introduction stage During this period, the company will still have to invest a large amount of money in marketing and brand development, as well as R&D, so Edible Spoon products will not have enough revenue to make up for the marketing investment and original distribution Development stage After the first stage, customers know the Edible Spoon As a result, earnings began to rapidly escalate While investment costs have dropped a bit compared to phase one, sales of this product have increased sharply We started to break even and turn a profit, but Edible Spoon's competitors sprang up like mushrooms However, as a pioneer enterprise, Edible Spoons are still consumed more strongly and account for the majority of the market share of new customers Mature stage At this time, it has occupied a firm position in the hearts of customers The price of ECOSTRAW is the lowest at the moment The price of the product is extremely stable and comparable to the price of the Growth stage At this time, the income from this edible 10 spoon will be at its peak However, compared to the previous period, the revenue growth rate has slowed down The product's competitors have increased in number over time To strengthen its competitive position, ECOSTRAWS needs to differentiate its brand and diversify its attributes or innovate its products VI Product Product Components The idea of making edible spoons is not new, some technology has already been developed and proven to be viable in other parts of the world, but Vietnam has yet to see any advancement in this field The biggest and most successful attempt to date to create a business out of edible spoons is ECOSTRAWS Vietnam This Vietnam manufacturer could be said to be the pioneer in this industry; our method is simple and effective: mainly sorghum mixed with rice and wheat, which is later made into a dough, and then, shaped and baked o According to the technologies and techniques available the best alternative to make edible, but resistant spoons, as of now is to use a mix of millets and cereals Our product’ components included a mix of millet, sorghum, oats, rice, and wheat, adding flavors, molded and baked, like regular biscuits These inputs are very easy to find and obtain across Vietnam o The ingredients to make our product are complex carbohydrates, and poses though qualities, especially the likes of sorghum; thus, making the product when 11 baked, hard, firm and resistant to liquids or hot water, they don’t soggy and even when put in hot liquid or hot water, they don’t dissolve or fall off o There are no preservatives added, no chemicals, no fats; it is one hundred percent natural flours, a bit of water, shaped and baked The components are complex carbohydrates, which are considered the “good carbs” from the family, as they provide vitamins, minerals, and fiber, very important elements in the health of an individual Another nutritional courses argue that millets are “rich in minerals like calcium, copper, iron, magnesium, phosphorus, potassium, and selenium as well as essential vitamins like folate, pantothenic acid, niacin, riboflavin, and Vitamins B6, C, and K” Brand considerations Name of product: Incredible Spoons Packaging considerations For this product line, Incredible Spoons should provide an environmentally friendly packaging of recycled paper boxes The most efficient way of selling spoons is in packs We decided to sell a pack containing spoons The packaging must be eco-friendly as well as the product and the most effective way of doing it is using paper packaging (bags), that go along with the sustainable model 12 Product quality standards: Safe and clean ingredients sources: As mentioned, the Incredible Spoons are made 100% from nature Thanks to the tropical environment, Vietnam grows all the ingredients of our products, which must be easy when transformed and produced without damaging the flavor and the quality of components Biodegradable: it is a natural product, and as mentioned before, pretty much like a hard biscuit, so in the case of not being consumed, they can degrade naturally in the environment in just a few days They not require any specific procedures to degrade, such as high heat, or specialized facilities like other alternatives of regular plastic The base of our product is differentiation, there are no other products like ours in the Vietnamese market Edible spoons are such a new, revolutionary and innovative alternative to the use of regular plastic, and a direct attempt to reduce the big problem of plastic pollution Just the product itself, with all the challenges that might represent, is unique, the concept breaks paradigms and takes us to see things from a different perspective, a different approach, thinking out of the box The value added is simply too big, and at the end of the day the product works in favor of a greater good, not saying other alternatives don’t, but we it in the most efficient and effective way possible 13 Competitors: Direct competitors: Single-use product which is also environmentally friendly • AnEco BioPolymer LaXanh Product competitiveness: High • VII Price Pricing Policy Objectives o Remain profitable and give the flexibility to price individual products differently o Create interest and raise awareness about new products to maximize market share o To have a market-leading position, our company will focus on pricing and quality to image that the firm's product is on par with or better than that of its competitors, and the corporation develops its pricing policies appropriately Value pricing Cost: 39.000VND (for pack of spoons) An attractive and reasonable price for our customers We believe that this price is perfectly suitable to satisfy customers and bring profits to the business concurrently The wholesale or bulk price will be slightly lower than the retail order pricing stated above 14 The price of the edible spoon will be reasonable for all kinds of people and as it is reusable, it will be a great use for outdoor uses Psychological Pricing Strategies Consumers want to know that they’re getting the best of something, whether it’s the best price point, the best quality, or the best value So we use "charm pricing," which involves using pricing that ends in "9" and "39” making customers feel like it’s cheaper, more affordable, and easier to buy It will make more sales because customers feel they are getting a bargain Bundle pricing Selling multiple products at a single reduced price will encourage customers to purchase our offering as the value we provide increases Produce a set of Incredible spoon with different flavors by offering a simple and full grooming flavor in one package so our customers can try and have more choices Customers feel as though they're receiving more than they’re paying for Competitor Price Analysis Our company achieve leadership and still has no competitors in the market However, it's possible that several rivals with cheaper pricing will emerge to enter the market once the product releases and take market share Eco straws will adjust the price flexible to the market target VIII Placement strategies, Action plans and Assessments: Placement Task Needs: Task Needed 15 Marketing Activities: Forecasting and Market Intelligence Sales Activities: sale force training and management Prospecting Telemarketing Promotion Activities Public Relations Wholesaling Activities: Warehousing Inventory maintenance Financing and risk management Returns and allowances Product servicing/repair Placement Option Selection and Evaluation The target customer groups in Vietnamese eco-friendly products are coffee shops, tea shops and people who having sustainable lifestyle Therefore, three options for sales and distribution are: direct sales, e-commerce and retail to eco-friendly stores o Distributing through E-commerce trading platform such as Shopee, Tiki, Lazada, …which is quite significant o Selling on the official website of ECOSTRAWS so that customers can literally find and essentially buy them easily with their favorite flavors o B2B: Coop with other restaurants, food suppliers and coffee shop which has high rate of using the single-use spoons like The Coffee House, Highlands,… Potential Competitor Actions/ Reactions: - The chances of a respond are low, however, competitors can react by cutting their prices and introducing new product, for example adding more flavor in edible cutlery IX Promotion Strategies Promotion campaign target and theme Target market A Target market B End-Users are Mid to high salary people care Moms with kid about the environment They read news 16 They watch TV, social media TV, social media They listen to radio other close people Their are motivations want to protect the environment The overall theme for the campaign want the best for their kids Stay clean & stay nutritious Objective-Task Method Edibles spoon is a new product on the market, so through marketing campaigns, we set a target that sales of Edibles spoon will be about 10% of that of the original companyIncredible Eats To achieve that target sales, we need to run ads on media such as TV, social networks, online newspapers, to increase the awareness of the new Edibles spoon product line to customers Annual schedule of activities SECTION 1: ATTRACTING - PRE LAUNCH - MONTHS (1/8/2022 to 1/10/2022) Main activities: Using influencers like Nas Daily & Giang Oi Aim: Create curiosity, inform the product launch phase KPI is to attract at least million people to know and care about the product Characters: Nas Daily and Giang Oi - youtuber, vlogger in Vietnam Content: Introducing IncEDIBLE-Spoon with the main content of the video will talk about the current state of Vietnam's environment, consumption habits and offer a new solution that is Edible Spoon Emphasize that this spoon is made and sold in Vietnam SECTION 2: TESTING - MONTHS (1/10/2022 to 1/12/2022) Main activities: combined with cafes Aim: Test the market, test the product, collect information on customer reactions and opinions to improve the product The first step is to penetrate consumers' subconscious about the product and create more trust with consumers through letting them try the product We chose Highland and The Coffee House to test our spoon in months Wholesale price: 500 VNĐ During this time, all communication activities are fully entrusted to brands Incredible Spoons can provide marginal support in terms of price, visual performance SECTION 3: LAUNCHING - MONTHS (1/12/2022 to 1/2/2023) On the shelves in a series of supermarket chains: Edible spoons will be distributed to supermarkets and trade centers such as Winmart, Go, Aeon Sell on e-commerce sites: store's website, Shopee, Lazada, Sendo 17 Communication: posting videos on how to make and ingredients of edible spoons; open channels of Facebook, Tiktok to inform, interact directly with regular customers to change and improve products KOL: Hạ Linh - youtube reviewer, Additional activities: running ads on social networking platforms, print ad, discount, minigame, Printed Advertisement Sales Promotion These sales promotions will start from the launching of the products and operate throughout the year Offers and exclusivity in wholesale orders Last minute add a cart pop up button on food delivery websites Redirecting the ad button to our website’s order now page on relevant websites and social media pages Seasonal sales and discount offers will also be available Providing merchandise (t shirts or badges) with catch phrase design on every profile first order from the official website of Edibles This way the attractive looking merchandise will boost consumers' mental peace, increase sales along with broadcasting to others our brand loyalty 18 Providing the merchandise to the affiliated companies buying from us for their restaurants or other services Public relations Publicity: Release news about the company, product, personnel, etc, Newsworthy event: How much did the product help the environment, etc, Special events TOWS table: Analyze the SWOT model to clearly see the overview of the product "IncrEDIBLE Eats" when it is launched in the market STRENGHT S OPPOTURNITES THREATS (SO) - Reviewed by KOLs, KOCs, and environmental campaigns “Incredible Eats” can make customers curious and also strengthen their purchasing power - Life cycle of our products will be lasting because our target customers care about pollution (ST) - Customers' behavior: need time to accept products We have a huge market edge to be the first company to dump goods and control the market of edible cutleries in Vietnam (WO) (WT) => Increases demand - We place emphasis on product quality checking each piece of your order rigorously - The high pricing problems can be solved by product-building pricing and discount pricing product updates - Researching customers' behavior, and keeping track of what competitors’ customers are saying about their products WEAKNESSE - Per capita income increases which - Improving product S affect customer behavior quality, bringing out new ANSOFF Model: After careful consideration, for a brand new product the Edible Spoon is placed in the old market which is the eco-friendly cutlery market We decided to put Edible Spoons in the Market Development category and have the following directions: 19 • • • Constantly improving and diversifying products to give customers the best service in the shortest time Extend product by producing different variants, or repackaging existing products Develop and improve customer service or quality Partner with another company to offer an additional product or to increase distribution Potential Competitor Actions/Reactions Because this is a totally new product in the market, the will be a replica of the products appearing sooner or later so we need to hold our place by developing new flavors and new designs for customers X Budget Expenses Capital Materials Labor Budget 1.000.000.000 VND Reservation 50.000.000 VND Ingredients: wheat oats, corns, chickpeas,… 60.000.000 VND Packaging + design 110.000.000 VND Machines + factory rental 120.000.000 VND Workers 150.000.000 VND Managers + R&D 150.000.000 VND Salesman 100.000.000 VND Expenditure Target Marketing campaigns 120.000.000 VND 20% discount for supermarkets + distribution 240.000.000 VND TOTAL 1.100.000.000 VND 20 XI Control and review mechanisms Annual Plan Control Annual plans are prepared for various activities Each plan includes setting objectives (expected results or standards), allocating resources, defining time limits, and formulating rules, policies and procedures Annual plan control relates to sales Periodically (mostly annually) the actual results are measured and compared with standards to judge whether annual plans are being (or have been) achieved Method: record the annual data of Marketing metrics, Sales metrics, Customer readiness to buy metrics, Customer metrics, Distribution metrics and Communication metrics Efficiency Control A comprehensive, systematic, independent, and periodic examination of our company’s or business unit’s marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance RISK ANALYSIS RISK MITIGATION RATE + Improve product quality and flavor; High cost disadvantag e + Redirect distribution to fast food businesses such as ice cream, instant noodles ; High + Promote promotion on platforms such as social media, KOLs, campaigns + Build R&D team, study on customer response; Internal Risk The positioning problem + Learn to clearly identify target customers, zoning and deploying the right points; Low + Improve user experience + Focus on value, put quality first; 21 Product features and quality + Announcement of production process, table of ingredients, origin of products; + Research and apply for food safety certificates; Mediu m + Invite experts on appraisal and product development consulting Externa l Risk Customer behavior + Focus on educating customers through social platforms, KOLs, KOCs ; + Interact with customers regularly, receive suggestions, adjust products reasonably, in accordance with the rapidly changing needs of the market High The product review Performance Vs Projection: By compare actual performance with projection as regards: o Volume: Has the product been able to meet the projected volume of sales within a stipulated time? through data and information sources (sales and accounting; Market share: external industry sources; Revenue: accounting; Product Concept Document, PCD) o Market share: Has the product captured the projected market share? o Revenue: Has it met its revenue targets? Market feedback (Use review channels to gather feedback on:) o Customer Satisfaction—to gauge how satisfied customers are with the product and to know whether the product performed to its promise o Product Relevance—to gauge whether the product meets a need gap in the customers lives o Attitude—to measure customers dispositions to the product–positive or negative and to what degree o Product Awareness—to measure (product and its benefits) awareness level in the market CONCLUSION The report fully covers each stage in the product development process and clearly shows the impact of each stage on the company's development goals With its special feature edible, this product hopes to be a strong punch to the market, contributing to reducing plastic waste pollution in the environment In addition, based on positive feedback from customers, spoons are predicted to be a potential product in the near future Although the 22 product is still new, there are still many difficulties and risks in accessing and educating customers; The Edible Spoon will still be a desirable product DATA Plastic waste rate in 2021: https://monre.gov.vn/Pages/cuoc-chien-chong-rac-thai-nhua.aspx Rate of spending on environmental protection in Vietnam: https://www.statista.com/statistics/1209661/vietnam-actions-taken-to-protect-the-environment-among-people/ Actual situation of plastic consumption in Vietnam in 2020: https://nhuavasuckhoe.vn/home.html Ecostraw’s facebook: https://www.facebook.com/Ecostrawsvietnam/ Ecostraw’s page: http://ecostrawsvietnam.vn/vi/ Incredible Spoon on Shark Tank https://www.bizjournals.com/triangle/inno/stories/news/2021/10/19/incredible-eats-morrisville-startup-shark-tank.html Nicolas’s slides Winning at New Products by Robert G.Cooper 23 ... OF GROUP 11 (PRODUCTS MANAGEMENT 63B – INCREDIBLE SPOONS) TEAM MEMBERS STUDENT CODES Hoàng Phương Linh (Leader) 112 13152 Chu Thúy Anh 112 17332 Phùng Nhật Minh 112 19744 Nguyễn Thị Thúy Quỳnh 112 15103... Phùng Nhật Minh 112 19744 Nguyễn Thị Thúy Quỳnh 112 15103 Trần Thị Vân Hà 112 11960 Trương Hải Anh 112 19661 EXECUTIVE SUMMARY The report' s goal is to modify and make edible an utensils effective launching... Vitamins B6, C, and K” Brand considerations Name of product: Incredible Spoons Packaging considerations For this product line, Incredible Spoons should provide an environmentally friendly packaging