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Strategic Management in Tourism and Hospitality Businesses NATIONAL ECONOMICS UNIVERSITY FACULTY OF TOURISM AND HOSPITALITY GROUP ASSIGNMENT Subject Strategic Management in Tourism and Hospitality. Our group selected Vinpearl as a topic to demonstrate how it operates strategies and what strategies they put into the practical world of tourism in Vietnam.
NATIONAL ECONOMICS UNIVERSITY FACULTY OF TOURISM AND HOSPITALITY _*** _ GROUP ASSIGNMENT Subject: Strategic Management in Tourism and Hospitality Businesses Lecturer: M Tran Thanh Dat Topic: Strategic analysis of Vinpearl enterprise Class: International hospitality management in English IHME Intake: 61 Group members: Phan Hải Nhật Ngô Ngọc Diệp Nguyễn Minh Đức Nguyễn Thùy Mai Linh Trần Ngọc Mai Dương Thành Nam Trần Khôi Nguyên Vũ Tuấn Thành Hanoi, April 2022 Table of Contents ASSIGNED TASK .1 MEMBER TRANSCRIPT MEMBER EVALUATION STRATEGIC ANALYSIS OF VINPEARL ENTERPRISE Chapter General introduction of Vinpearl enterprise 1.1 General introduction of Vinpearl .5 1.1.1 About the Enterprise 1.1.2 Service structure 1.2 The vision, mission and goal of Vinpearl 1.2.1 Vision 1.2.2 Mission 1.2.3 (Short-term) Goals: .7 1.3 Main businesses Chapter External analysis .8 2.1 Macro environment – STEEP analysis 2.1.1 Social development .8 2.1.2 Technological 2.1.3 Economic 2.1.4 Environmental (Natural) 10 2.1.5 Political .11 2.2 Micro environment (5-forces framework) 12 2.2.1 Threat of New Entrants .12 2.2.2 Threat of Substitutes 13 2.2.3 Industry rivalry 14 2.2.4 Bargaining power of suppliers 14 2.2.5 Bargaining power of buyers 15 Chapter Internal environment 16 3.1 Core competences 16 3.1.1 International standard - Authentic Vietnam .16 3.1.2 A pioneer applying technology in hospitality industry in Vietnam 16 3.1.3 Diversified sub-brands catering the needs of each customer segment .17 3.1.4 Cooperate with well-known hotel management companies and domestic airlines 18 3.2 Unique resources .20 Chapter SWOT analysis 22 Chapter Competitive strategy .23 5.1 Price strategies 23 5.2 Differentiate strategies 24 5.2.1 Brand image differentiate: 24 5.2.2 Increasing brand’s accessibility by creating a “Vinpearl’s ecosystem”: 25 5.2.3 Seeking for partnership and penetrating new market - Vinpearl Travel Russia: 25 5.2.4 Partnership with Melia Hotel International: 26 Chapter Strategy suggestion for Vinpearl 28 *REFERENCES: .29 ASSIGNED TASK Content In charge Thành Nam General introduction of Vinpearl enterprise Tuấn Thành Macro environment – STEEP analysis Ngọc Mai Micro environment (5forces framework) Ngọc Diệp External environment Mai Linh Khôi Nguyên Hải Nhật Core compentences Minh Đức Internal environment Thành Nam Unique resources Tuấn Thành Hải Nhật SWOT analysis Minh Đức Ngọc Mai Competitive strategy Mai Linh Assess the suitability of the enterprise's competitive strategy The whole group works together Strategy suggestion for Vinpearl The whole group works together Report Ngọc Diệp Powerpoint Khôi Nguyên Minh Đức Present Thành Nam Tuấn Thành MEMBER TRANSCRIPT Numbe r Name Hải Nhật Ngọc Diệp Minh Đức Mai Linh Ngọc Mai Thành Khôi Nam Nguyê Tuấn Thành n Hải Nhật x 10 10 10 10 10 10 10 Ngọc Diệp x 9.5 10 9.5 10 Minh Đức 9 x 8.5 10 9.5 10 Mai Linh 9.5 9 x 10 9.5 10 Ngọc Mai 9.5 8.5 x 10 9.5 10 Thành Nam 9.5 9 x 9.5 10 Khôi Nguyê n 9.5 10 9 10 x 10 Tuấn Thành 8.5 8.5 10 9.5 x MEMBER EVALUATION Member Score Phan Hải Nhật 10 Peer review Take on the role of leader, proactively remind members to complete their work, evaluate and comment on each member's work, and have a high sense of responsibility Good quality of work, always complete task on time Always punctual and professional 10/10 would work with him High sense of responsibility Ngô Ngọc Diệp 9.4 Active participant in group discussions, she often comes up with creative (sometimes weird) ideas Good attitude, complete task on time Nguyễn Minh Đức 9.3 Nguyễn Thùy Mai Linh 9.4 Trần Ngọc Mai 9.4 Hard-working, very enthusiastic in work Good attitude, complete task on time Hard-working, fairly decent Good attitude, complete task on time Responsible, got the important information across Good attitude, complete task on time Dương Thành Nam 9.3 Rather quiet and mysterious but always care about details, he is a very responsible and reliable person Good attitude, complete task on time Trần Khôi Nguyên 9.5 Being too intelligent is his strength and also his weakness Possess significant knowledge Good attitude, complete task on time A confident presenter Vũ Tuấn Thành Good attitude, complete task on time Could put forth more effort STRATEGIC ANALYSIS OF VINPEARL ENTERPRISE Chapter General introduction of Vinpearl enterprise 1.1 General introduction of Vinpearl 1.1.1 About the Enterprise Vinpearl Joint Stock Company, formerly known as Hon Tre Tourism, Trade and Service Investment Development Co., Ltd Established: July 25, 2001, according to the business registration certificate issued by the Department of Planning and Investment of Khanh Hoa province Headquarters: Hanoi Ho Chi Minh City 1.1.2 Service structure Vinpearl is the largest accommodation and entertainment service brands in Vietnam It is now the owner of 45 facilities located at the most beautiful destinations across the country with a capacity of over 18.500 rooms and villas The Vinpearl ecosystem offers an all-in-one experience, including a chain of hotels and resorts, and amusement parks, safari, golf course, spa, cuisine, conference center and modern shopping centers 1.2 The vision, mission and goal of Vinpearl 1.2.1 Vision As a member company of Vingroup, with a strategic focus on investment and tourism business, Vinpearl strives to become one of the leading tourism companies in Vietnam; displaying an outstanding vision with professionalism and high-class qualities while tempting to build a worldwide tourism brand 1.2.2 Mission For the market: (Providing world-class tourist products and services with distinctive individuality of Vinpearl) For employees: (Creating a professional, dynamic, creative and fairly competitive work environment for all employees) For shareholders and partners: (Bring about beneficial values for the shareholders) For society: (Making efforts to contribute to community-oriented activities and the development of Vietnam's tourism industry) 1.2.3 (Short-term) Goals: Focus on high-end, large-scale complexes in prime locations and continue to expand in strategic cities Regular revenue growth and targeting target customer segments Diversify and increase income from real estate Strengthening capacity development for sales, leasing, project management, and internal real estate management 1.3 Main businesses Đọc slides VinPearl has been contributing funds to high-end real estate investments in Vietnam's most developed cities, and as a result, has garnered certain attention throughout the continents, including: Vinpearl Phú Quốc Ocean Resort & Villas, Vinpearl Empire Condotel Nha Trang, Vinpearl Condotel Riverfront Đà Nẵng, Vinpearl Golfland Resort & Villas,… Chapter External analysis 2.1 Macro environment – STEEP analysis 2.1.1 Social development Demographic: According to the General Statistic Office of Vietnam (newest 2022), Vietnam's population is approximately 98.77 millions people, ranking as the 15th most populous nation in the world Therefore, the domestic market is relatively huge for tourism companies, such as Saigontourist A further advantage of the Vietnam tourism market is that the country currently has a golden structure in population because 51% of Vietnamese are in labor age As a consequence, the travel demand is remarkably growing There is some information about consumers' behavior regarding their travel to Vinpearl’s assets: Market segment of Vinpearl is distributed from Urban areas of Vietnam and Asia/ Europe/ America's countries, focusing on high income groups (especially leisure travelers): aimed domestic customers whose household income is over 15 million VND/month and international customers whose monthly income ranges from 1500$ to 3000$ Customers mostly are native visitors coming from big cities of Vietnam and international tourists from foreign countries (the standard of living of people in these areas are high enough to look for the fulfillment of psychological needs) According to the records updated till 2020, most tourists travel to Vinpearl for the first time (accounting for 80.6%) There are also many tourists traveling over times 35.2% of tourists travel with their families, family size of 3-5 people; There is not much difference with the number of people traveling with friends and colleagues (accounting for 34.3%) 59.3% of tourists answered that they travel when their free time is available and respondents find information through the media (accounting for 34.4%) Ecotourism is the type of tourism that tourists need to visit the most (accounting for 60.2%) Cultural: Vietnam has a long history of influence from the Chinese and the French, Vietnam’s unique cultural tradition has made numerous visitors take interest in it Most Vietnamese are non-religious, with spiritual life based on honoring our ancestors and nature We have many holidays thanks to many golden historical events, such as Hung Kings' Commemoration Day, Independence Day, Reunification Day, Public holiday, and traditional events like Tet holiday Consequently, people love spending their time with their family and friends while traveling, an opportunity for Vinpearl to expand the market 2.1.2 Technological Vinpearl became a pioneer applying face recognition technology in tourism and hotel industry in Vietnam Vinpearl on April 15th, 2020 officially became the first resort, hotel and entertainment system in Vietnam to apply facial recognition technology based on artificial intelligence (AI) The technology has been applied to help customers have new experiences such as opening the door automatically, checking in within seconds or paying for services, all with a simple smile In the first phase, the application of facial recognition has been implemented at Vinpearl Nha Trang and features check-in and check-out options at Vinpearl Land entertainment areas and restaurants This technology identifies and authenticates customers’ identities accurately and quickly through observation devices without other control procedures The technology at Vinpearl possesses pre-eminent advantages: SPEED – identification within one second, large data processing system with MILLIONS of faces, DYNAMIC security warnings in real time, PRECISION – almost 100 per cent and CONFIDENTIAL customer information at the highest level With the combination of Vinpearl’s 5-star services and the new technology, visitors will enjoy three unprecedented experiences: check-in for the whole family at the same time, passing through automatic gates and using personal privileges with the highest privacy The features of this technology help visitors minimize the waiting time for procedures and the process of moving between Vinpearl’s internal areas 2.1.3 Economic Economic: As a member of the World Trade Organization, Vietnam's economy increasingly booms into the global market The GDP value of the country grew significantly to 238 billion USD in 2018 That’s why GDP per capita showed a dramatic improvement and peaked to more than 2525 USD per person in 2018 It means that Vietnamese people tend to pay more money for goods and services compared to the past Tourism industry in the Southest Asia: The unique and diverse range of recreational activities and travel options in Southeast Asia has made it a top destination for tourists According to the World Tourism and Travel Council (WTTC), the tourism sector alone directly contributed a whopping US$119.7 billion in 2016 to the region’s coffers and this amount is projected to rise to US$222.8 billion in 2027, which makes up 5.3 percent of total gross domestic product (GDP) for the region Tourism industry in Vietnam: Tourism plays a critical role in stimulating the economy in Vietnam The extensive investment and continuous development of infrastructure and transport system are targeted at leading to more accessibility to different destinations in the country Vietnam’s tourism industry continues to rank amongst the fastest growing tourist destinations in the world, with revenue in 2018 reaching VND 620 trillion (US$26.75 billion), up to VND 110 billion (US$4.75 billion) compared to 2017 Visitors coming by airways increased by 14.4 percent in 2018, while arrivals by road increased by almost 60 percent, and by seaway decreased by 16.8 percent Vietnam was continuously named among the destinations with the biggest yearover year increase in international tourist arrivals, according to the United Nations World Tourism Organization (UNWTO)’s report But until 2020, due to the impact of COVID-19, the tourism industry has been struggling to survive since damage caused by the pandemic is enormous 2.1.4 Environmental (Natural) The spectacular landscape and impressive sceneries of Vietnam have attracted more and more travelers year after year, with over 3000 kilometers of coastline, pristine beaches, dynamic growing cities, mountainous highlands, and diverse cultural and historic sites But unfortunately, environmental problems have enormous impacts on economic development of the country; include tourism industry The hospitality industry itself has been considered to relate to environmental issues Therefore, 10 designing and operating the resort should follow the concept of maintaining environmental sustainability 2.1.5 Political The Government issued resolutions on solutions to promote Vietnam’s tourism in the new era: Raise social awareness about tourism development: The Ministry of Information and Communications presides and coordinates with the Ministry of Culture, Sports and Tourism, Ministry of Foreign Affairs, Vietnam Television, Voice of Vietnam, Vietnam News Agency and major information agencies They promote communication activities, create a breakthrough in raising the awareness of the society on tourism development and the effectiveness of tourism promotion and promotion at home and abroad The Ministry of Culture, Sports and Tourism shall assume the prime responsibility for formulating criteria and organizing the evaluation, ranking and publication of development indexes of tourist destinations Strengthen support for tourism development Ministry of Culture, Sports and Tourism: Preside over the development of the Tourism Development Program for the period of 2016-2020 and submit it to the Prime Minister for consideration, decision and organize the effective implementation of the Program's annual plan; coordinate with related ministries and branches in studying and proposing specific and breakthrough policies to attract tourists from a number of potential markets; complete the conservation mechanism, effectively exploit and use the heritage In March 2022, the government enforced new policies, including lowering VAT (from 10% to 8%), and new articles to support employees working in the tourism industry to come back, etc The suggestions for supporting businesses to easier access of loans with lower interest, lowering land using taxes, and increasing service charge are also in the process of being considered during this period 2.2 Micro environment (5-forces framework) 2.2.1 Threat of New Entrants 11 Based on the current situation, it can be seen that the resort real estate segment is experiencing strong growth But it can be said that threat of new entrants would be low for Vinpearl The first outstanding advantage of the Vinpearl is that the investor has the leading position in real estate today in Vietnam This has been proven through a series of domestic and foreign real estate awards that Vingroup has received On September 18, 2017, Vingroup has been named as the Best Real Estate Developer in Vietnam, Best Retail Developer in Vietnam, Best Mixed Use Developer in Vietnam, and Best Leisure/Hotel Developer in Vietnam by the world’s leading financial magazine Euromoney The chain of resort projects in Nha Trang, Da Nang, Phu Quoc and many other resort cities under the brand name Vinpearl Resort & Villas is invested and developed by Vingroup on a large and synchronous basis Thanks to the development by a reputable investor, Vingroup's resorts are all 5-star standard Although it is a domestic management unit, Vinpearl can be compared with foreign enterprises and this has been shown through awards as well as 5-star service quality assessed by customers In order to increase the rate of tourists coming to Vinpearl resorts, Vingroup has cooperated with domestic and foreign tour operators, so even though the capacity to fill rooms in peak and low season there is no difference New hotel businesses that want to enter the market and compete with Vinpearl will have to face high barriers to entry, namely: Capital requirements: to build a 5-star hotel requires a large amount of capital, estimated from tens to hundreds of millions of dollars Customer preference for Vinpearl brand Brand: Vinpearl's resort brand has a stable foothold in the market Cost advantage: Vinpearl can easily produce and supply its products and services at a lower cost than new entrants Access to distribution channels is relatively difficult Government regulations 2.2.2 Threat of Substitutes Threat of substitutes should be high for Vinpearl 12 Recently, tourists tend to choose places with friendly food and accommodation at affordable prices, such as B&B Grant Thornton Vietnam recorded that there are 6,500 B&B establishments nationwide, this is a new type of residence that has appeared in Vietnam in the past few years B&B is actually an ordinary house and has about 10 rooms, providing accommodation services; everything at B&B is almost like a hotel In addition, tourists will have the opportunity to prepare breakfast, clean the room and ask guests what they like for dinner or breakfast the next day Or for the type of homestay, visitors can cook for themselves, visit friends or go sightseeing in the surrounding areas In addition, accommodation-sharing websites such as Airbnb, HomeAway or Luxstay are rapidly reshaping the accommodation service business market in Vietnam Airbnb, HomeAway and Luxstay are apartments booking systems in the form of a website and mobile app They are models of connecting travelers who are looking to rent a bedroom or rent a house with someone who has a room for rent through web and mobile applications The explosion of accommodation sharing has attracted many households with surplus rooms or apartments for rent to participate, increasing the number of rooms for tourists in big cities and destinations Popular tourist attractions, with the advantage of cheaper prices, private accommodation and new discovery experiences for visitors to be with the locals With such advantages, these types of accommodation are attracting more and more tourists who are individuals, groups of friends, couples and families As for tourists who are businessmen, there are now many other types of accommodation that attract them However, with its excellent brand value in Vietnam, Vinpearl is still preferred by its regular customers who expect standard and quality service without getting into the hassle of searching for a new hotel 2.2.3 Industry rivalry Competition in the industry for Vinpearl is high 13 Vinpearl's competitors include brands specializing in resort and entertainment services such as FLC beach & Golf Resort, Sun Group, Novaland, etc All these brands have hosting services accommodation, entertainment, amusement parks, hotels, resorts, spas, golf, with prices not much different They compete with each other by building more projects, offering great incentives and discounts However, it can be said that Vinpearl has a pioneering position and is still leading in the luxury resort real estate segment Currently, Vinpearl is operating 43 facilities with a capacity of over 17,000 rooms nationwide, golf courses, and Vinpearl Land amusement parks Vinpearl chain stretching from North to South has appeared in 11 famous tourist sites in Vietnam The preeminent point of Vinpearl's real estate products is to always ensure its commitment to progress, construction quality, and synchronous infrastructure and utilities with outstanding service quality The resort projects are located in extremely ideal locations, next to beautiful and fresh beaches such as in Nha Trang, Phu Quoc, etc 2.2.4 Bargaining power of suppliers The bargaining power of suppliers for Vinpearl is low These suppliers include the ones for infrastructure, maintenance, machinery, raw and cooked foodstuffs and so on Vinpearl picks its suppliers very cautiously to fit their brand value, and then it maintains long-term relationships and trust with its suppliers The relationship is mutually beneficial: the hotel gets materials of high standards that will be used to please their guests, while the suppliers get to be associated with a brand of great prestige for a long period of time, increasing their own brand value and revenue While it is not hard to find suppliers for a hospitality business, there are still rather few suppliers of high quality or luxury goods on a scale large enough for a brand like Vinpearl (examples being MegaMarket, Go! or Co.opMart) However, Vinpearl, with its brand value, will not have too much problem finding new offers should they plan to change suppliers, and this reduces the bargaining power of the suppliers of the hotel 14 Additionally, Vingroup - Vinpearl’s parent company - is a multi-sector company which maintains several supply chains of their own, and until recently owned a supermarket chain (formerly VinMart, currently WinMart) as well as an agricultural development company (formerly VinEco, currently WinEco), both of which they still maintain a close business relationship with This means the hospitality chain has a lot of independence when it comes to choosing who to get their supplies from 2.2.5 Bargaining power of buyers The power of customers varies, but it is generally moderate According to Vinpearl’s 2020 Annual Report, despite the pandemic they managed to maintain their market share of domestic guests, thus proving their position as a leading hotel operator in Vietnam The number of sold rooms grew by over 300% between 2016 and 2019, and of all the 2.2 million nights stayed at Vinpearl facilities in 2020, 1.4 million were by domestic customers Vinwonders, which merged into Vinpearl during the 2nd quarter of 2021, saw 2.9 million visitors to their locations in 2020 Vingroup’s customer base can be divided into two major parts: the MICE customers and the young leisure travelers For MICE travelers, they usually are regular customers and have strong ties with the Vinpearl brand through their companies As major contributors to hotel sales, they command strong bargaining power The second group are leisure guests who wish to stay at luxury hotels during their vacations This group has a lower bargaining power as individuals since their contribution to sales of the hotel is not significant Additionally, the luxury customers are also unlikely to switch brands: the prohibitive price of experimenting with different brands, as well as early preference for one brand to be loyal to, both contribute However, these individuals’ powers can be amplified through the use of social media, especially as many customers in the luxury sector are key opinion leaders A review posted on a popular information site can have a powerful influence on many people and the value of the Vinpearl brand Chapter Internal environment 3.1 Core competences 3.1.1 International standard - Authentic Vietnam 15 Vinpearl is the brand that owns Vietnam’s largest international five-star hotel & resort chain Honored throughout the world, the brand has locations in some of the most beautiful destinations in Vietnam As a leader in the hospitality industry in Vietnam, Vinpearl is raising the bar as a tourist ecosystem, providing all-in-one services as well as a chain of hotels and resorts, amusement parks, animal safaris, golf courses, spas, and five-star conference centers integrated with commercial centers and modern shop houses 3.1.2 A pioneer applying technology in hospitality industry in Vietnam Vinpearl became the first resort, hotel and entertainment system in Vietnam to apply facial recognition technology based on artificial intelligence (AI) The technology has been applied to help customers have new experiences such as opening the door automatically, checking in within seconds or paying for services, all with a simple smile The technology at Vinpearl possesses pre-eminent advantages: SPEED - identification within one second, Large data processing system with MILLIONS of faces DYNAMIC security warnings in real time PRECISION - almost 100 per cent CONFIDENTIAL customer information at the highest level 3.1.3 Diversified sub-brands catering the needs of each customer segment In 2018, Vinpearl decided to restructure itself into three main brands, namely Luxury, Resort & Hotel, and Discovery so as to correspond to the three levels of experience including luxury- private, comfortable–flexible, and dynamic - exploring Vinpearl total sub-brands until now: Vinpearl City Hotels Vinpearl Luxury Vinpearl Resort Vinpearl Oasis VinHolidays Vinpearl Discovery 16 Vinpearl Condotel VinWonders Vinpearl Safari Vinpearl Golf Vinpearl Convention Center 3.1.4 Cooperate with well-known hotel management companies and domestic airlines On December 9th - 2020, Vietnam Airlines and Vinpearl signed a cooperation agreement in the period of 2021 – 2022, focusing on a combo of aviation and safe travel on flight networks and destinations of the two sides On February 27th - 2020, Bamboo Airways and Vinpearl signed a strategic cooperation agreement in the field of air-tourism service They cooperating to develop domestic and international air routes to Vinpearl’s destinations, towards increasing the number of international visitors from strategic markets of Vinpearl, including Australia, Japan, the Republic of Korea and China On February 23rd - 2022, Vinpearl and the world’s award-winning hotel group Meliá Hotels International announced a strategic cooperation roadmap The cooperation with Meliá Hotels International is part of Vinpearl’s strategy to advance and internationalize the brand in the hospitality field This perfect combination will bring about the opportunities for domestic and foreign tourists to enjoy diverse experiences through Vinpearl’s signature local “all-in-one” complexes and world-class standard services by such an internationally prestigious hotel brand As mentioned above, Vinpearl has its own core competencies but in order to determine solid resources as well as sustainable competitive advantages, it is necessary to use the VRIO framework Core competencies Valuable Rare Costly to Organized Competitive/ Inimitable performance implications International Yes Yes Yes Yes Sustained/ 17 standard - Authentic above normal Vietnam A pioneer applying Yes No No Yes technology in Sustained/ normal hospitality industry in vietnam Diversified sub- Yes Yes Yes Yes brands catering the Sustained/ above normal needs of each customer segment Cooperate with Yes No No Yes well-known hotel Sustained/ normal management companies and domestic airlines 3.2 Unique resources Phần đọc chủ yếu slide, có đoạn “Focuses on utilizing services that enhance the customer experience for children “ đọc VinPearl is one of the few tourism businesses in Vietnam that focuses on utilizing services that enhance the customer experience for children (E.g: VinWonders, VinAquarium) Chapter SWOT analysis Strengths Weaknesses 1) Presence in the right locations 1) Low-effective marketing 2) High synergy amongst stakeholders strategy 3) Effective brand communication strategy 2) Expansion plans 4) Customer Loyalty programs 3) Production and Operating Risk 18 5) Luxury Amenities 6) Applying state-of-the-art management technologies and the industry’s most advanced practices 7) Developing a series of services and values 4) Environmental-related Issues 5) Risks associated with personnel 8) Vinpearl continued to strengthen its leading position in Vietnam’s luxury hotel sector Opportunities 1) A growing economy 2) Tourism and Hospitality Industry enjoys a faster than expected recovery, particularly in Asian markets 3) Positive brand image 4) Guest feedback and appraisal Threats 1) Macroeconomic risks 2) Interest rate risks 3) Competition risks 4) Inclement Weather conditions 5) Demographics limitations 19 Chapter Competitive strategy 5.1 Price strategies The price ranges will be divided into different classes based on room sizes and attached services When it comes to VIP rooms with unique infrastructure and unparalleled services, average extra charges for extra beds will account for approximately 500,000 VND per room Vinpearl are always capable of constructing appropriate price strategies in order to cover overhead expenses and generate great revenues They have conducted research, thus proposing their own segmentation plans and methods of accounting commission percentages per room Thanks to accurate packaged prices appraisals during customers' stays, Vinpearl stands every likelihood to seize market prices fluctuation Vinpearl's "Room-leasing" service relies entirely on time, it leaves no space for goods inventory like other types of material trading Once a room is left vacant for one night, it is synonymous with revenue losses Vinpearl applies flexible pricing policies which offer discounts or launch special packages to attract customers Discounts during off-season phases act as catalysts for attention magnet, thus boosting the number of customers at large There has already existed the discounted offer throughout March, April and May 5.2 Differentiate strategies 5.2.1 Brand image differentiate: Nói chi tiết ý slide (đã giữ lại nội dung dưới) Optimize energy- efficient and environment-friendly product designs Facilites should be redecorated seasonally/for specific events Creating an ecosystem surrounding Vinpearl to increase accessibility Seek partnerships and new markets: collaborating with airlines, Vinpearl Travel Russia, partnership with Melia Còn lại liệt kê slides Hotels, restaurants, bars and pubs should be re-decorated seasonally as well as regarding specific events: the corporation birthday anniversary, Valentine, Noel, Tet Holiday, etc Vinpearl had better set high value on optimizing energy- efficient and environment-friendly product designs by installing the solar energy system for the 20 whole complex Advancement in product design does not only boost the service’s competitive power by downsizing overhead costs but it also minimizes detrimental effects on nature 5.2.2 Increasing brand’s accessibility by creating a “Vinpearl’s ecosystem”: In the current Vingroup ecosystem, it operates in 08 areas (Real estate; Resort & Entertainment; Health Education), each of which includes many famous brands/subsidiaries and can be said with certainty: Being Vietnamese, everyone uses it services of Vingroup no matter where you are 5.2.3 Seeking for partnership and penetrating new market - Vinpearl Travel Russia: According to the original plan, Vinpearl will officially open the sale of airline services - package tours from Moscow to Nha Trang (Khanh Hoa, Vietnam) starting from February 20, 2020 This company will market to Russian tourists Vinpearl's highend package travel services in Vietnam including: flights, resort travel services entertainment, sightseeing and insurance In a comprehensive cooperation strategy with airlines, Vinpearl has cooperated with domestic airlines to open domestic and international fixed flights to destinations with resort and entertainment facilities entertainment of Vinpearl in Nha Trang, Phu Quoc, Da Nang - South Hoi An 5.2.4 Partnership with Melia Hotel International: Vinpearl and this world's leading hotel group have announced a strategic cooperation roadmap Accordingly, Vinpearl will cooperate to transfer the management rights of 12 hotels and resorts to Meliá Hotels International for a minimum period of 10 years Chapter Strategy suggestion for Vinpearl Vinpearl has proved to be one of a "must-visit" tourism destinations in Vietnam Last year, Vinpearl was announced by KPMG as the tourism and hotel brand with the highest position in the top 10 leading brands in terms of customer experience This is the result of an in-depth survey on 1,500 consumers in Vietnam by collecting information and calculating the "Customer Experience Excellence score" index 21 Vinpearl has built a strong foundation through its partnership with domestic airlines (Vietnam Airlines, Bamboo Airways) and opened representative offices in strategic markets As a result, Vinpearl should focus more on opening its share market outside Vietnam to represent the country in the international field Vingroup brought Vinbus into operation as a green public transportation all over its properties in 2021 In 2022, Vingroup brought AR/VR into the Vin3S showroom system The company has decided to stop manufaturing gas cars as a long-term strategy to develop electric cars As the hospitality industry is applying new technologies in all their fields due to the Fourth Industrial Revolution, Vinpearl should also consider increasing applications of modern technologies into their products, with an emphasis on enviromental awareness, virtual reality, touchless technology, electric vehicles 22 ... exploring Vinpearl total sub-brands until now: Vinpearl City Hotels Vinpearl Luxury Vinpearl Resort Vinpearl Oasis VinHolidays Vinpearl Discovery 16 Vinpearl Condotel VinWonders Vinpearl. .. throughout the continents, including: Vinpearl Phú Quốc Ocean Resort & Villas, Vinpearl Empire Condotel Nha Trang, Vinpearl Condotel Riverfront Đà Nẵng, Vinpearl Golfland Resort & Villas,… Chapter... effort STRATEGIC ANALYSIS OF VINPEARL ENTERPRISE Chapter General introduction of Vinpearl enterprise 1.1 General introduction of Vinpearl 1.1.1 About the Enterprise Vinpearl Joint Stock Company,