Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (188)

CAPSTONE PROJECT REPORT BUILDING BUSINESS STRATEGY FOR ALTIPYRETIC AND ANALGESIC INJECTIONS OF VINH PHUC PHARMACY JOINT STOCK COMPANY IN THE PERIOD 2010 – 2015 Nguyen Nhu Quynh Dong Thi Phuong Dao Anh Thai Bach Thu Phuong Class: MBA01.X02 HANOI, 2010 GRIGGS UNIVERSITY GLOBAL ADVANCED MASTER OF BUSINESS ADMINISTRATION PROGRAM CAPSTONE PROJECT REPORT BUILDING BUSINESS STRATEGY FOR ALTIPYRETIC AND ANALGESIC INJECTIONS OF VINH PHUC PHARMACY JOINT STOCK COMPANY IN THE PERIOD 2010 – 2015 Group No: 10 Student’s name: Nguyen Nhu Quynh Dong Thi Phuong Dao Anh Thai Bach Thu Phuong HANOI, 2010 COMMITMENT We would like to commit that this report is the group’s research result Data and results stated in the report are honest with a clear origin We would like to declare that analyses in the subject belong to the whole group based on reference materials and the trained theories Analyses of this subject are not the speech of any individual in the group as a cadre working for their organization Hanoi, October 2010 AUTHOR GROUP ACKNOWLEDGEMENTS We would like to express our sincere gratitude to Representative of Griggs University in Vietnam for having guided us during our research We would like to express our special gratitude to Direction Board and cadres, employees of the Vinh Phuc Pharmacy Joint Stock Company for having provided us with whole-hearted support and assistance during data and figure collection as well as organizing working sessions to help us have a practical view in building strategy for antipyretic and analgesic injections of the company Besides, we would like to have the honor of expressing our gratitude to professors, doctors for having provided us with skills and knowledge on business administration during the whole course We especially would like to thank A/Professor Ngo Kim Thanh for her valuable comments These pieces of knowledge are the bases for us to make the capstone project report and apply to the practical work AUTHOR GROUP TABLE OF CONTENTS CONTENTS Page COMMITMENT ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES, DIAGRAMS FOREWORD 10 CONTENT PART CHAPTER 1: BASIC THEORIES 12 1 Definition, position and role of business strategy 12 1.1.1 Definition of business strategy 1.1.2 Definition, position, role of business strategy 1.2 Competition in business and types of competitive strategy 12 13 14 1.2.1 Overview of competition 14 1.2.2 Types of competitive strategy 14 1.2.3 Strategy for differentiating products 15 15 1.2.3.1 Concept of products 1.2.3.2 Concepts of products strategy 1.2.3.3 Strategy for differentiating products 1.3 Recognizing factors that affect competing strategy of an enterprise 15 16 16 1.3.1 Macro environment 17 1.3.2 Sector environment model with five competition pressures by 18 M Porter 1.3.3 Enterprise’s internal environment analysis 19 1.3.4 SWOT analysis to define internal and external environment 19 1.4 Business strategy model 20 CHAPTER 2: CURRENT BUSINESS SITUATION OF ANTIPYRETIC AND 24 ANALGESIC INJECTIONS OF VINH PHUC PHARMACY JOINT STOCK COMPANY AND ITS COMPETITIVENESS 2.1 Overview of antipyretic and analgesic injections and its market 2.1.1 Introduction of antipyretic and analgesic injections 2.1.1.1 Concept of antipyretic and analgesic injections 2.1.1.2 Indications 2.1.1.3 Manufacture and distribution features of antipyretic and 24 24 24 24 25 analgesic, anti-inflammation injections 2.1.2 Antipyretic and analgesic injection’s market 2.1.3 Antipyretic and analgesic injection’s potential market 2.2 Current business situation of antipyretic and analgesic injection of Vinh Phuc Pharmacy Joint Stock Company (VINPHACO) 2.2.1 Overview of VINPHACO 25 26 26 26 27 2.2.1.1.Organizational structure 29 2.2.1.2 Function and mission 2.2.1.3 Major products 2.2.1.4 Business situation of the company 2.2.1.5 Business situation antipyretic and analgesic injection of the company 2.3 Study on business environment of enterprises 29 29 32 34 34 2.3.1 Macro-environment 2.3.1.1 Political, legal elements 34 2.3.1.2 Economic elements 35 35 2.3.1.3 Socio-cultural elements 35 2.3.1.4 Technological elements 36 2.3.1.5 Natural elements 2.3.2 Environment of pharmaceutical sector (operational environment) 2.4 Customer’s demand and market segment in Vietnam 36 39 39 2.4.1 Customer’s demand 40 2.4.2 Market segment 2.4.3 Forecasts on market demand by 2015 2.5 Analysis on internal power and competition abilities of the company 2.5.1 Managing and directing abilities 40 41 41 41 2.5.1.1 Vision 2.5.1.2 Effectiveness of management 41 41 2.5.1.3 Prestige 42 2.5.2 Human resources potential 2.5.2.1 Analysis on organizing structure 2.5.2.2 Ability of personnel staff 42 42 43 2.5.2.3 Working environment 43 2.5.3 Financial resource 43 2.5.3.1 Capital 2.5.3.2 Effectiveness of capital spending 44 44 2.5.3.3 Profit 44 2.5.4 Infrastructure, facilities 44 2.5.4.1 Facilities 45 2.5.4.2 Effectiveness of usage 2.5.5 Research and development (R& D) 46 46 2.5.5.1 Research ability 47 2.5.5.2 Research expenses 47 2.5.5.3 New products 48 2.5.6 Marketing potential 2.5.6.1 Choosing target market 48 2.5.6.2 Ability of market segment 48 49 2.5.6.3 Product policy 49 2.5.6.4 Price policy 2.5.6.5 Distribution and sale policies 2.5.6.6 Policy of sale promotion 2.5.6.7 Trade mark creation and development 50 50 51 52 2.5.7 Production potential 2.6 Result summary from analysis on business environment and internal 52 ability of the company according to SWOT model in order to identify the strengths, weaknesses as well as opportunities and challenges to the enterprise CHAPTER 3: SELECTING A STRATEGY AND METHODS TO IMPLEMENT 59 THE STRATEGY FOR ANITIPYRETIC AND ANALGESIC INJECTION 59 3.1 Selecting a strategy 59 3.1.1 Choosing strategy 62 3.1.2 Strategy content 3.1.2.1 Continue developing antipyretic and analgesic injection 62 holding particular advantage of technology and being the specific medicine 3.1.2.2 Maintaining and developing target markets in 64 important area and potential customers 3.1.2.3 Ever-increasing product differentiation on quality and 65 customer service 65 3.2 Strategic solutions 3.2.1 Invest in manufacturing facility 3.2.2 Research and Develop products 3.2.3 Promote international cooperation activities 65 66 67 69 3.2.4 Market investigation 71 3.2.5 Internal mechanism 71 3.2.6 Human resource 3.2.6.1 Human resource recruitment and treatment 3.2.6.2 Training and re-training 72 72 74 3.2.7 Marketing solutions 3.2.7.1 Operate distribution channels 74 77 3.2.7.2 Customer service 3.2.8 Broadcast, extend VINPHACO trademark, products trade 78 mark 80 3.3 Strategy itinerary (GANTT graph) 81 3.4 Petitions 3.4.1 With Government and relating ministries 81 81 3.4.2 Ministry of Health CONCLUSION 81 LIST OF MATERIALS 83 Books 83 Other publications 84 Website 84 instruction of marketing department based on seasonal research demands of each unit VINPHACO should regularly run instruction, training courses on marketing, sales, market investigation for branches - Internal data network and market information system have been developed by the company to update and regularly follow customer’s information to choose business decision, sales decision with high feasibility - In order to professionalize market investigation, marketing department and branch units need to: + Design suitable, clear, simple, informative questions such as: Investigate demand of each customer group Canvass response and product acceptance of each group of customers Interest of customers toward utilities of products Investigate the reasonable price fitting customer purchase ability Research evaluation, expectation from customers toward the products to finish manufacture process and distribution + Before researching, investigators need to join training classes on contact situations with customers to collect information, behaviors with customers Participants are staff in the company or people hired from outside to market investigation To collect exact information from customers, investigators are supposed to attract customers so that they are eager to join the investigation through good impression when contact with customers, gifts giving for interviewed customers + Collected information is processed, analyzed by analysis software SPSS This software is considered to be effective which gives lively and exact result - Branch units are able to apply monthly gifting customers who are interviewed Every month, sales staff deliver research customer response to customers using products of the company, ask them to fill in the responses and reflection, send back to the unit (via sellers) to participate in rewarding (regular rewarding tickets are fully informative) Accordingly, renovating market investigation helps units collect customer information more regular Branch units collect customer information, utilize 70 human resource of sales and co-operators to save spending, hence, effective business measures are raised Simultaneously, monthly gifting encourages customer and retains them to use company’s products 3.2.5 Internal mechanism - Finishing mechanism corporation among function departments of the company and branch units, commune branches to co-operate in distribution fast, conveniently and effectively - City, province branches directly distribute products to customers, the company determines their positions: + Representative for the company develop and manage customers, advertisements, sales promotion in its responsible city, province + Organise distribution channels, apply sales activities, customer services Receive reflection from local customers, co-operate with function departments of the company to solve customer’s reflection + Apply reports on development, administration, exploitation and purchasing products as stated in laws - Operate income allocation, reasonable reward as productivity, encourage creative initiatives in business, research and technology renovation, products - Build up reasonable commission policy to encourage wholesales, mediators 3.2.6 Human Resource In the enterprises sources, human resource plays a core role which is priceless property of the enterprise As every strategy, target of enterprise is practiced by human VINPHACO has to improve quality and effectiveness of human resource, in order to develop, successfully compete and gain the set targets In order to enhance quality of human resource, VINPHACO has to apply following solutions: 3.2.6.1 Human resource recruitment and treatment Nowadays, competitive race in attracting talents among pharmacy enterprises is getting harder and harder Thus, to attract and retain talents, the company need to: 71 - Describe jobs for each individual worker, salary, reward levels based on job description - Facilitate to maximize employee ability, always pay attention to and find out their needs and expectations and try to satisfy their demands Employees will concentrate and be fond of their work - Improve payment regulation: Allocate income based on productivity, encourage employees to self-increase their levels in every angle Attractive and competitive salary, reward regulation compared to other enterprises guarantees long-term cooperation and devote their maximum ability to the company - Establish relevant, flexible recruitment regulation satisfies right person recruitment, right position, meeting standards, meeting job requirements - Utilize various candidate sources, both internal and external Rotate leaders, manage mediators, create activeness, and avoid boredom at work - Create opportunities of jobs, promotion for everyone: Create opportunities for employees to show off their abilities, challenge them with more and more difficulty jobs - Focus on develop company culture in branches: Build up company culture not only in behaviors between sales staff and customers but also among internal branches, and with external partners 3.2.6.2 Training and re-training To improve labor quality, competitiveness in drug business, VINPHACO needs to maintain training human resource as following: - Training and retraining technicians: This is the key force with responsibility to transfer technology, obtain operation and exploit new and modern equipment with specialized software This force often updates knowledge on technology and profession by joining training in the country and especially training in other countries with partners of VINPHACO, or inviting foreign technicians to help the staff while equipments are periodically in-need of maintenance, improvements, or supplement new equipment 72 - Manager training: Training and re-training managers in the company and branches to obtain management skills and knowledge on manufacture, business and management is vital This force needs to have basic and advanced knowledge on professions of sales, IT, foreign languages to be able to manage business of the branch Advisable training methods are training in foreign countries in long-term or shortterm courses for flagship force; the other staff obtains domestic training by joining professional schools, or participating local courses, remote training courses to improve employees’ ability - Training direct sales staff: Training and re-training profession is necessary for direct selling staff in the company and branches, particularly today, various products are sold by them, so deep profession training on every product for them to give best consultant and support to consumers To train this group of employees, the company opens regular training courses, selects relevant objects to operate flagship sales staff Besides professional training, the staff’s behavior is also important This staff has to be friendly, thoughtful attitude toward customers, they always listen to co-operative reflection of customers with the motto of customers is the future of the company - Marketing training: Pay attention to train specialized marketing force as they bring customers to branches Thoroughly training on market investigation skills (make up investigation form, investigation skills, software application of process, analyze information, etc), forecast demand, market and broadcast products, provide customer service - Encourage employees self-learning to improve levels: Encourage employees selflearning to improve their levels, adjusting to business reform The company needs to support part of or full of the spending and time, apply fair rewards regulation for those with good performance, which is in-need expanded to popularize learning in youngster 3.2.7 Marketing solutions 73 3.2.7.1 Operate distribution channels To increase competitiveness of antipyretic analgesic injections, in the mean time, VINPHACO needs to opens product distribution channels in competitive areas such as large provinces, cities, and important economic areas Quickly socializing distribution channels means external objects joining distribution channels - Direct distribution channels: + Selling via dealing center system, which are drug stores, drug distribution centers: This is an important selling channels to broadcast VINPHACO trade mark, sell products and provide customer service Branches in Hanoi, Ho Chi Minh city, Da Nang need to open multi-product purchasing points like drug trading center VINPHACO (available) meeting “Good Distribution Practice” (GDP) standard which is: Well-equipped with facilities to sell products and provide customer service, organize staff area, advertisement area, instruction area This will be whole sale and retailer of various drugs, health facility, and cosmetics, function foods manufactured by the company, which shows best business with best quality, competitive price, customer rights and best customer service for consumers Company's products and its partner's products will be introduced and exchanged through the center, contributing actively to be company’s development In the revenue structure of the analgesic drug companies, the North has the highest revenue and then South and Central That difference is due to: 74 Firstly: The company is headquartered in Vinh Phuc – in the North, so in recent years the company has built the system in the north first, the revenue in the north is higher than the other regions Secondly: Ho Chi Minh City Branch, newly established in 2008, has higher sales than branch in Da Nang Da Nang branch has just established in 2009, the market work and sales promotion has not been extensive Particularly, the strength of the company is injection, having the relationship with customers hospitals, needs more time to build than OTC customers (the drug market, the company) So the next time, the company will particularly focus on market development in the South and Central: For the southern market: setting up new branches in Can Tho city It will be center to deliver the goods to this region Also in each provinces there will be 01 more dealer and 02 sales staff marketing, including 01 OTC promotion employee and 01 sale staff sales promotion in the medical center (ETC) For Da Nang branch: Establish 01 more dealer and 03 sales staff in each provinces belonged to the branch, in which 01 branch staff to implement the sale of drugs (OTC) and 02 sales staff for the medical center (ETC) Intensify the promotion of sales of the company to support whole system: PR articles in newspapers and specialist sectors such as health medicine, pharmacology magazine, workshops, clients meetings, the promotions for customers focused on the Southern region, the central region + Selling via drug stores: Depending on markets, the company selects drugstores, determine the number of suitable stores, avoid over-control opening stores, it is advisable to open one drugstore in one district In convenient point, it is necessary to combine selling drugs with selling health facilities, cosmetics, function foods produced by company at competitive price to give advantage to customers in-need of package service Striving by 2015, the company will have 30% drug stores meeting GPP "Good Pharmacy Practice" standards to 75 increase prestige, VINPHACO trade mark and provide best service to customers + Mobile selling (selling at customer’s address): The company continues fostering selling channels at customer’s address practiced by company’s staff, mainly distribute to large health centers, hospitals It is necessary to open mobile selling groups to apply selling and customer service based on administration areas (every district, town has 01 direct selling group whose size depends on the width of the area and scale of business) + Selling via Internet: This method is simple, convenient, save time and spending but not applied by many units Customers to apply this method are people who want to use products and services of VINPHACO Thus, in the coming time, the company and branches in Hanoi, Ho Chi Minh city, Da Nang need to promote this channel Website broadcasts VINPHACO, serves customers searching for products information, price, provides advertisement, promotion, services, Etc - Indirect distribution channel: Company and branches in Hanoi, Ho Chi Minh city, Da Nang continue maintaining channels via agencies and co-operators These people have prestige, ability in local area; they have persuading ability and build up trust in new customers Thus, company always has to pay attention to regular training on profession, selling skills to agencies, considering this channel an important one, and in the future, company needs plans to improve management skills for specialized managers Commission, rewards policy for agency and co-operators: Depending on competitiveness in specific areas, the company, branches in Hanoi, Ho Chi Minh city, Da Nang have policy (monthly commission, reward) for agencies to encourage sales, leading to product’s competitiveness This policy is divided into increasing levels based on quantity of products sold by agency and its turn-over Applying this policy should be coinciding in every agency to avoid channel conflict However, specific areas i.e disadvantageous areas should be preferential to encourage them and 76 maintain market share of the company in local area 3.2.7.2 Customer service - Customer management: + It is vital to build standard, united customers database to set the foundation to evaluate, classify and manage customers in the whole company, meeting demand of information for relating departments in deciding management and defining sales strategy and customer service + With branches in Hanoi, Ho Chi Minh city, Da Nang: A specialized department of customer management is opened to be the bridge of contact, communicate, collect and solve customer's demands Information about customers using products, services are updated to Marketing department to contribute to customer database of the company + With marketing department: Be responsible in front of the company for the information in customer database, co-operate with branches in Hanoi, Ho Chi Minh city, Da Nang to update customer information, carefully follow quantity, sorts of products which is interested by customers and provides large turn-over for the company, to timely promote customers' demand to use products and services - Customer service: + The company needs to determine rights and responsibility for branches in Hanoi, Ho Chi Minh city, Da Nang to self-set-up customer service policy suitable for specific groups of customers, competitiveness in specific areas It is advisable to sign principle contract on providing products and services with health centers, central hospitals, commune level hospital in areas + Branches in Hanoi, Ho Chi Minh city, Da Nang co-operate with Marketing department finish the process of customer service based on areas, groups of customer + Branches in Hanoi, Ho Chi Minh city, Da Nang need to establish customer service like: Policy on price promotion, try products, technology support, 77 trade discount, other customer service (collect reward points, gifting, drawing to be rewarded, etc) for specific groups of customers, focus on special, big customers Determine specific responsibility for each management level, define quota of products, services to sell, develop customers and customers service, specificalize each compete conditions to every employee + Marketing department co-operate with branches in Hanoi, Ho Chi Minh city, Da Nang to improve quality of direct and indirect customers support when customers using products and services Classifying customers to define relevant distribution policy in case demand surpasses company’s supply ability + Marketing department and branches in Hanoi, Ho Chi Minh city, Da Nang need to foster other knowledge besides normal product, service instructions for special, big customers Moreover, experiences in solving negative responses of customers using products, services can be shared Compiling frequent problems and their solution in one handbook is necessary This handbook will be given to customers right after they buy products and services 3.2.8 Broadcast, extend VINPHACO trademark, products trade mark In the future, company should orient to strategically broadcast and extend its VINPHACO trademark, injection medicine trademark in general and antipyretic analgesic injections trademark in particular in general plans to avoid little meaning and extendibility disconnected events Broadcasting and extending are united in content but rich in forms and advertisement methods Broadcasting and purpose of advertisement is specialized in themes, focused on displaying VINPHACO and its products under regulations of Trademark management and identifying trademark handbook Information on products, services broadcasted has to be neat, concise, easy to understand, creative, impressive and honest Methods to broadcast, display products, services should be verified i.e.: Send mails to special, big customers and personally meet them to introduce about VINPHACO and products of the company Design advertising model, film introducing VINPHACO 78 and its products, services at commune branches to propaganda, broadcast products and services Introduce VINPHACO, products manufactured by the company in fairs and exhibitions Advertising VINPHACO trademark, products on media i.e central television, local television, radio, newspaper, banners, public television are in need Co-operate with local administration to broadcast in local area Binding VINPHACO trademark with logos, name card, title of papers, flyers, printing introducing the company, its products and services is necessary Films on history and development of VINPHACO is needed to be compile, introducing products with high grey matter, special medicines to advertising products, services and apply united demo when direct selling to big customers To advertise effectively, marketing department and branches in Hanoi, Ho Chi Minh city, Da Nang need to analyze market for goods and services intended to advertise, define target to broadcast, objects, content, messages, means of advertisement, buy advertisement, evaluating advertisement Marketing department is responsible for organizing advertising events at interprovince scale on products under decision of the company, support branches in Hanoi, Ho Chi Minh city, Da Nang in broadcasting activities Co-operate with marketing department to print instruction for customers using products and services, which includes logo trademark of VINPHACO, lists of websites relating to health care centers, hospitals, etc Every six months, instructions need to be updated and re-distribute to customers 79 3.3 Strategy itinerary (GANTT graph) Number Strategy content Solution Unit (people in charge) 2011 3.1.2.1 Continue develop some antipyretic analgesic injections having technology advantages and being special medicines Invest in production chain meeting 3GPs standards: GMP, GLP, GSP Leaders, department of manufacture and development, marketing Foster products research and development Research and development, marketing Marketing Market investigation Internal mechanism and policy Leaders co-operate with function departments Employees Human resource 3.1.2.2 Retaining and developing target markets in important areas and potential customers 3.1.2.3 Ever-increasing differences on products quality and customers service Marketing solutions Organize distribution channels Customer service Marketing Broadcast, expand VINPHACO trademark, product trademark Function developments, business promotion department, marketing Marketing Expand market: Provide antipyretic analgesic injections for 15% health care centers at commune level in the whole country Maintain and better customer service Diversify products, research products with high grey matter, competitiveness and effectiveness Build and develop distribution system meeting GDP standard nationwide Market investigation sales Research and development Sales department, marketing Marketing Fig 3.1: Strategy itinerary (GANTT graph) 80 Years of practice 2012 2013 2014 2015 3.4 Petitions 3.4.1 With Government and relating ministries - Government and relating ministries need to decide reasonable policies and foster managing imported drugs to reduce fair competitiveness between domestic manufacture enterprises and import companies - Support domestic drug manufacture policy is necessary, besides, domestic drug usage support policy for people in rural, remote areas are as important as encouraging internal enterprises participate in the markets 3.4.2 Ministry of Health - Ministry of Health has to pay more attention to training researchers, facility investment for researching in Research institutes, professional universities; drug manufacture enterprises to increase quality of domestic manufacture drugs and meet norms of domesticalize medicines manufactured in the country as in itinerary issued by the government toward Pharmacy industry - Technology application needs to be practiced more popular in pharmacy management, manufacture and business Management software is vital to be united nationwide to save spending and increase management effectiveness for the industry and enterprises This can be the foundation to develop pharmacy markets and ecommerce businesses in products and services in Health care in general and pharmacy in particular CONCLUSION Currently, Vietnam medicine markets is getting hot, which is the fierce competition among domestic enterprises and import companies facing price reduction press, ensuring quality of goods and service, more and more demanding customers with higher diversification In this race, competitiveness plays an important part in life of pharmacy enterprises Enterprises able to develop their core value and grasp opportunities are the successors 81 In the future, markets will ever-change not only because of domestic matters but also foreign ones; market structure will experience big changes Thus, “Setting business strategy for antipyretic analgesic injections of Vinh Phuc pharmacy CJS in 2010 1015" is important and vital where there is research of group 10 in preparation for competition, integration into global and regional markets of VINPHACO in 2010 2015 With the agreement of Leaders of Vinh Phuc pharmacy JSC - VINPHACO, the group has been researching and collecting data, investigating actual market, and have written the Assignment with requirements: - Brief on antipyretic analgesic injections market, brief on Vinh Phuc pharmacy JSC - Research and analyze manufacture and business environment of antipyretic analgesic injections, the competitors of VINPHACO, resulting opportunities and challenges to VINPHACO - Research internal power of VINPHACO in business and manufacture antipyretic analgesic injections, drawing strong points and weak points of VINPHACO compared to its competitors - Analyze customers and forecast market demands of antipyretic analgesic injections in Vietnam - Accordingly, selecting strategy and defining solutions to apply business strategy of antipyretic analgesic injections for VINPHACO Help VINPHACO occupy and retain important market share, utilize competitive advantages, create differences in quality of products and customer service to gain highest target which is being flagship enterprise in the market, bringing out largest revenue, strong and stable development - The group also offers some petitions to develop market of Vietnam medicine in general and antipyretic analgesic injections in particular To ensure feasibility of given solutions in this assignment, group 10 suggests next research focusing on diversifying antipyretic analgesic injections, meeting higher and 82 higher demand of customers Besides, there are more new competitors in the current market; customers have more choices so VINPHACO need to be active in distributing products and services to customers Group 10 would like to suggest building drug distribution system in general and antipyretic analgesic injections in particular in the future of VINPHACO with the motto: distribution channels are blood vessels of living body The group has put much effort, however, due to limited ability, it is unavoidable to have lack and shortages in the assignment Group 10 hopes to obtain comments, evaluations from specialists, Science committee to finish this assignment Subjectively, solutions on business strategy of antipyretic analgesic injections of Vinh Phuc pharmacy JSC in 2010 – 2015 are feasible and practical in manufacture and business of the company Establishing strategy is difficult, but applying, evaluating and adjusting strategy are more important and difficult The group believes that Vinh Phuc pharmacy JSC will succeed in applying business strategy to be the flagship manufacturer and producer of antipyretic analgesic injections domestically and evertrying in internationally Group 10 would like to thank all lecturers who have been teaching and enthusiastically instructing the group to finish this assignment The group would like to thank leaders of Vinh Phuc pharmacy JSC - VINPHACO who has been fully supported the group in investigating, collecting data and especially giving precious ideas in building business strategy LIST OF REFERENCE MATERIALS Books 1.1 Strategic management course book, Global advanced master of business administration (2010), Part 2, slide 83 1.2 P.Rindova & C.J.Fombrun, (1999), “Constructing competitive advantage: The role of firm constitute interactions”, Strategic Management Journal, 20: 691 – 710 1.3 Prof Le The Gioi, Dr Nguyen Thanh Liem; MBA Tran Huu Hai, (2009) “Strategic management” Thong Ke Publisher – page 267, 320 1.4 Vinh Phuc Pharmacy joint stock Company – “Report on international competitiveness of institutions taking part in Dat Viet’s Gold Star contest - Page Materials 2.1 Do Van Doanh, Vinh Phuc Pharmacy Joint stock company – VINPHACO’s 50 years of Building and Development (1959 - 2009) 2.2 Audit reports of VINPHACO from 2007 – 2009 2.3 Annual reports of the year 2007 2008, 2009, and the task orientation of Vinh Phuc JSC in 2010 2.4 Reports on market survey and evaluation of VINPHACO in 2007, 2008, 2009, 2010 2.5 Report on Dat Viet’s Gold Star contest in 2009 Website 3.1 www.vinphaco.com.vn 84 ... interactions”, Strategic Management Journal, 20: 691 – 710 Prof Le The Gioi – Dr Nguyen Thanh Liem; MBA Tran Huu Hai , “Strategic management” Thong Ke Publisher (2009) – page 320 13 their own strengths