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CAPSTONE PROJECT REPORT BUSINESS STRATEGY ON CERAMIC TILES AT VIGLACERA HANOI J.S.C., FOR THE PERIOD FROM 2010 TO 2015 ACKNOWLEDGEMENTS We trust that this capstone project has been prepared with the best efforts by all of us as author member in studying & selecting capstone project and method of analysis, and base on other documents (with citations attached ) We trust that this capstone project has not submitted to any study or training programma Ha Noi, October 20, 2009 Group of Authors Mai Cong Ho Le Manh Quang Nguyen Viet Trung Vu Thi Thuy Ha TABLE OF CONTENTS SUBPAGE COVER PAGE Acknowledgements Table of contents List of Abbreviations List of Tables List of figures, graphs INTRODUCTION The name of the topic 2 The reason to choose the topic Research purposes 10 Scope of research 10 Research methodology 10 Source of the research data 11 The expected result 11 The limitation of the capstone project 12 Main content of the capstone project 12 CHAPTER 1: THE THEORETICAL BASIS TO ESTABLISH BUSINESS 13 STRATEGY FOR THE COMPANY 1.1 The nature of business strategy 13 1.1.1 The concept of the strategy 13 1.1.2 The meaning of establish the business strategy 16 1.1.3 Process of establish the business strategy 16 1.2 Analyze the external environment of the company 19 1.2.1 Analysis of macro environment 19 1.2.2 Analyze the industry environment 22 1.2.3 Analyze generally the internal environment 25 1.3 Analyze the internal environment of the company 25 1.3.1 Producing activities 25 1.3.2 Marketing activities 26 1.3.3 Managing activities 26 1.3.4 Research and development (R&D.) 27 1.3.5 Analyze generally the internal environment through value chain 28 1.4 30 Establish and choose the business strategy 1.4.1 Analyze SWOT matrix 30 1.4.2 The basic business strategies in the practice 30 CHAPTER 2: ANALYZE THE REAL SITUATION OF BUSINESS 45 STRATEGY ON CERAMIC TILES AT VIGLACERA HANOI JSC 2.1 Introduction about the company 45 2.1.1 History of development - Vision of the company 45 2.1.2 Managing structure of the company 47 2.1.3 Production and business operations of the company 48 2.2 Introdoction about the products 49 2.2.1 General characteristics of the products 49 2.2.2 Summarizing producing techlonogy 50 2.2.3 Customer service and additional products 51 2.3 External environment analysis 52 2.3.1 Macro environmental analysis 52 2.3.2 Analyze the industry environment 60 2.4 Analyze the internal environment 70 2.4.1 Value chain analysis 70 2.4.2 Determine stable business advantage of the company 77 CHAPTER 3: ESTABLISH BUSINESS STRATEGY ON CERAMIC 79 TILES AT VIGLACERA HANOI JSC, THE PERIOD FR 2010 TO 2015 3.1 Choose the business strategy on ceramic title for the company 79 3.1.1 Using the SWOT matrix synthesis 79 3.1.2 Select the business strategy 83 3.1.3 Anticipate the result of the strategy 85 3.2 Groups of solution to impplement the strategy 86 3.3 Summaze the plan to impplement the strategy 88 3.4 93 Check CONCLUSION AND RECOMMENDATIONS REFERENCES 94 96 APPENDICES 98 LIST OF ABBREVIATIONS Abbreviations AFTA ASEAN APEC ASEM CEPT CPI GDP GREAT JIT JSC PEST ROA ROE ROS SWOT VIBCA Full names ASEAN Free Trade Area Association of South-East Asian Nations Asia – Pacific Economic Cooperation Forum The Asia-Europe Meeting Common Effective Preferential Tariff Consumer Price Index Gross Domestic Product Gain – Risk – Expense – Achiveble - Time Just In Time Joint Stock Company Polictics – Economy – Society – Techlonogy Return on total assets Return on common equyty Return on sales Strengths – Weaknesses – Opporturnities – Threats Vietnam Building Ceramic Assosiation WTO World Trade Organization LIST OF TABLES No 1.1 1.2 1.3 1.4 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3.1 3.2 3.3 Names SWOT Analysis minimalist framework General Strategies of M.Porter Compare the characteristics of the general strategies Quantitative matrix according to the GREAT criteria The result of some criteria (2005-2009) Reduction Tarif of ceramic tiles when joining AFTA Situation of production and consumption of ceramic tiles The competitors in segmenting high quality market The competitors in segmenting average quality market Investigating consumming trends of ceramic tiles Quality of labor in 2008 Average income per labor Forms to improve company's human resources SWOT model of Viglacera Hanoi Company Strategic analysis according to the GREAT model Some objectives of the Company period 2010 – 2015 Page 30 32 42 43 48 59 61 63 64 68 71 72 73 82 84 88 LIST OF FIGURES, GRAPHS No 1.1 1.2 1.3 1.4 1.5 1.6 2.1 2.2 2.3 2.4 3.1 3.2 Name of figures, diagram, graph Process of managing the strategy Procedures of determining strategy Corporate and factors related Model of five competiors Model of value chain of M.Porter The process of identifying sustainable competitive advantage Organization structure of the company Brief diagram of manufacturing techlonogy Chart of GDP growth of Vietnam in 1999 - 2008 Market share Diagram Superior Quality Chart of growth in the period 2010-2015 INTRODUCTION Page 15 17 18 23 28 29 47 50 53 66 86 89 The name of the topic BUSINESS STRATEGY ON CERAMIC TILES AT VIGLACERA HANOI J.S.C, FOR THE PERIOD FROM 2010 TO 2015 The reason to choose the topic World-wide intention and integration are the current indispendable trends Our Viet Nam has implemented world-wide integration to develop the country economics , such as: signing agreements between Viet Nam – United Stated of America, ASEAN, APEC, ASEM, WTO,…and other both-parties or multi-parties agreements During this worl-wide integration, our Government has launched a lot of new regulations or performs to encourage development investment, to improve the competion by and between economic industries, including construction material industry As one of the companies , having business operation in manufacturing and trading construction materials Viglacera Ha Noi JSC has faced to very fast socialeconomic changes and industry hard competition For the past time, the Company had faced to many disadvantages in increasing material price or Government credit policies, especially world-wide economic crisis in 2008-2009, even the Company had tried the best efforts to survive and develop famous trade mark, such as renew technology, improve product quality, expand business market share….Business policies on manufacturing and trading applied by the Company had minimized bad effect to its business and encouraged all corporate resources for stable operation and development However, the Company business budgets had prepared for short-term one calendar year without any long-term business strategy This is to minimize effective by corporate resources, fail good business chance,and face hardly to market changes From the fact we can see that the definition of business strategy on effective management of all corporate resources to minimize risks and to seize good opportunities is very important task for the Company at the current situation when the economic world-wide crisis is going to finish and international and Vietnamese economy is have been recovering Based on this concept, group of authors decided to select this capstone project under the name of “Business strategy on ceramic tiles in Viglacera Ha Noi JSC for period from 2010 to 2015 “ to study and make it as capstone project report for our author group and for the Company Research purposes Based on studying theory of business strategy, we have analysing environment effects imposed on Viglacera Ha Noi JSC, seizing opportunities or risks, certifying actual Company situation with the strong or weak points inside the Company in order to determine Company targets, to recommend a business strategy for the next period and to set-up its implementation plan Scope of research Within this capstone project limitation, author group can the followings: - To use theory of strategic management and business strategy - To focus on analysing main issues effected to the Company business to set-up the most effective and feasible business strategy on manafacturing and trading ceramic tiles from now to 2015 Research methodology Willing to achieve good result, author group has used method of studying, systematic methor, general method, logical method, statistic and comparison method… to analyse and define the relations, to check operation period changed with time and places Basing on it we have found out reasonable methods to explore the most of opportunities and strong points , to improve the weak points , to minimize the risks and to recommend the best solutions related to setting up the Company business strategy Source of the research data The following data have been used during this Topic’s preparation: - Reports on business operation of Viglacera Ha Noi JSC - Reports of Vietnam Buiding Ceramic Association (VIBCA) The expected result First of all, in the current situation of world-wide intergration and market economy conditions, setting up the best business strategy is very important task for any company This capstone project is as a report summarised the Company actual operation and recommendation for a business strategy in the future Secondly, the capstone project gives a business strategy for period from 2010 to 2015 based on analysing internal Company operation and outside environment to focus business development trend of the Company Because of investigating and certifying actual Company operation , and writing by the persons involved in the Company actual implementation, the Business strategy mentioned in this capstone project can be considered as guideline for manufacturing and trading business of Viglacera Ha Noi JSC in the next years Some results can be reached as below: - Define the theory of business strategy applied for the Company ceramic manufacturing and trading operation - Ceritfy actual operation and set-up business strategy and resolution of implementation for Viglacera Ha Noi JSC in period from 2010 to 2015 Limitation of the capstone project Because of definition of the capstone project to study mainly manufacturing and trading business of Viglacera Ha Noi JSC , so group of authors does not mention other Company business here As investigation of figures and data inccurred in years ago and for next years, this capstone project can give the overall trend of business strategy only and does not recommend any plan in details Main content of the capstone project This capstone project consists of Introduction, Chapters and Conclusion & Recommendation as below: CHAPTER 1: THE THEORETICAL BASIS TO ESTABLISH BUSINESS STRATEGY FOR THE COMPANY CHAPTER 2: ANALYZE THE REAL SITUATION OF BUSINESS STRATEGY ON CERAMIC TILES IN VIGLACERA HANOI JOINT STOCK COMPANY CHAPTER 3: ESTABLISH BUSINESS STRATEGY ON CERAMIC TILES IN VIGLACERA HANOI J.S.C, THE PERIOD FROM 2010 TO 2015 10 rationalization price (4): Develop and maintain export improved O4: International Integration resources development (6): Create the difference image after economic recovery through advertising S – Strong points S1: product quality, diverse S2 brand prestige S3: CBCN team has expertise and experience S4: Research and development O S W – Weak points W1: The management has a par W long W4: There analyst professional make a difference S5: Quality Management S6 import customer service S7: Marketing, distribution market W5: Advertising, marketing, T channels well, good export ST- Strategy (1): Quality and the difference (4): Develop and maintain export (7): Create a difference to increase output (8): Focus on the SP difference time W2: Price high production W3: Equipment investment was promotions not attractive T- Threats T1: Capacity planning also exceed WT - Strategy (1): Product quality and the industry difference T2: Competition quality (3): Exploiting the capacity T3: increasing the pressure on rationalization price T4: general decline in exports, (8): Focus on the different trade deficit products T5: Many replacing products Through SWOT analysis matrix, formation of strategic groups to exploit the strengths take SO and overcome weaknesses to take advantage of opportunities WO, develop strengths to minimize the risk of ST and overcome difficulties problems overcome challenges WT Can be drawn short of the following strategies: Strategy 1: Focus on quality and product differences (1) (2) (6) (7) (8) Strategy 2: Exploiting the capacity, improve equipment, rationalize price (2) (3) Strategy 3: Develop and maintain export (4) Strategy 4: Training of human resources development (5) We see that the strategy and strategy is the functional group strategy The following strategies were chosen: + Strategy 1: Focus and differentiation strategy + Strategy 2: Low cost strategy 73 3.1.2 Select the business strategy Through use of Great models we select marketing strategy by evaluating the optimal analysis for key points of the following criteria: Step 1: For each point strategic plan for the scale of 1-5, according to five criteria are: G: If the benefits of the strategy as much as the high point R: If the risk of the strategy is as much at the lower E: If the cost of the strategy is greater at lower A: If the feasibility of strategic higher the score the higher T: If time is a reasonable strategy stems at higher Score = high; points = quite; Point = average; Point = weak; Score = poor Step 2: Assign weights to criteria based on importance to production and business activities of the company Criterion 1: Benefits (Gain) 0.30 Criterion 2: Risk (Risk) 0.15 Criterion 3: Cost (Expense) 0.15 Criteria 4: Ability test (Achiveble) 0.20 Criterion 5: Time (Time) 12:20 Conducting sum score of each strategy to plan for selecting optimal strategy Results of the evaluation strategy Viglacera Hanoi JSC as following: Table 3.2: Analyze strategies in the model of GREAT Evaluating Criteria 1- Advantage 2-Risks 3-Costs 4-Feasibility 5-Time Total Weigh 0,30 0,15 0,15 0,20 0,20 Strategy Evaluation Result Strategy Evaluation Result 5 4 1,50 0,45 0,60 1,00 0,80 4,35 1,50 0,60 0,30 0,80 0,60 3,80 Thus, a strategy was rated This strategy aims to improve business capacity through the persistent quality policy, take the difference in product quality and value products, and market focus for the company's mainstream business is Business products tiles 74 So we choose the common business strategy of the Company period 2010 - 2015: "Focus and differentiation strategy” Including the following characteristics: + Market focus on ceramic floor tiles product + Differentiation products to satisfy consumer demand 3.1.3 Anticipate the result of the strategy Create competitive advantage factors for the company: * Effectiveness: The average selling price is higher than the average price of the sector, so it will increase profits for companies * Quality: The high quality products to satisfy customer needs and improve the reputation of the company The higher the quality is compatible with the lower rate of loss production, thus saving costs and time to reproduce damage product * Functions: imply complete product, line of production, systems management, organizational structure and function strategies to ensure implementation of general strategies This allows the company to differ their products compared to competitors and are more likely to sell for a higher price On the other hand, it allows a company to reduce product unit costs without compromising product quality reduction * Satisfying customers: The company offers the right items with the right demands and time that customers expect Successful strategies will help the distributor of Viglacera Hanoi has better advantages in business In which: quality factor has decisive significance Products with high quality will affect twice a competitive advantage First, provide high quality products to satisfy demand and improve the prestige and well-known trademark Monday is the impact 75 of quality to productivity The higher the quality, the better it saves costs and time to product damage Increasing quality Increasing reliability Higher price Increasing productivity Decreasing costs Higher profit Figure 3.1: Superior Quality (Source: Le The Gioi, 2009, Managing Strategy) 3.2 Groups of solution to impplement the strategy The concentration differential products can be achieved in three ways: quality, innovation and adaptableness to customers a, The solution for stability and improving quality: Solution Select the product group for target markets Improve and enhance the use of the product to make a Strategy function Marketing Research and difference Standardization Development Production semi-finished products 76 and finished Management products each production stage Production To strictly control the quality of raw material - inputs Management material Continual Production improvement quality management system according to ISO 9000 Management b, The innovative solutions: Solution Increase human resources for research development to create Strategy function Human resources, a difference To improve management of human resources: training R&D Human resources programs human resources development at all levels Improve line rationalization and Technology: Investing some R&D additional equipment necessary to enhance the ability to make a difference Complete production management: decentralization; make Production serious maintenance mode and upgrade machinery and Management equipment; control costs seriously to reduce all costs not affect the difference of product or product quality; stable production for each shipment large enough to minimize loss of stages to reduce the price c, The solutions to meet customers satisfaction: Solution To improve management sales structure Strengthening relationships with distributors Diversify methods distributed by region, by exclusive product Strategy function Marketting Marketting Marketting group Develop and maintain parallel and harmonious between Marketting 77 domestic and export market Strengthening the communication, promote product and brand Marketting d, The other Solution Support: Solution Application storage system in time (JIT) for both materials - Strategy function Production & raw materials and finished products, to control the quality of Finance goods and spins up capital Continue to healthy financial revenue through sales of money Management Production immediately, withdraw the old debt and to reduce inventory, Management reduce management costs and financial costs reached a reasonable level in each period 3.3 Summaze the plan to impplement the strategy Table 3.3: Some objectives of the Company period 2010 – 2015 No Target Production 2010 6.000 2011 6.000 2012 7.000 2013 9.000 2014/15 9.000 (1000m2) Consumption 6.000 6.000 7.000 9.000 9.000 (1000m2) Turnover (milion D) 330.00 350.000 410.000 530.000 550.000 Export (1000USD) Profit (milion D) Labor (person) Income 4.800 18.000 660 5.000 20.000 600 6.000 23.000 750 8.000 29.000 900 8.400 30.000 900 3.350 3.800 4.200 4.500 4.650 (1000d/p/m) (Source: Report data on the plan implementation of the Viglacera Hanoi company) 78 Figure 3.2: Chart of growth in the period 2010-2015 + From 2010 to 2011: Focus on improved equipment and technology to improve product quality differences and promote the capacity to reach reasonable price + From 2012 to 2013: To maintain quality and invest additional equipment and new technology to upgrade products and increase capacity, lower price + From 2014 to 2015: To maintain the quality, depth investment product differences To successfully implement the chosen strategy and targets, the company will implement the plan functions as follows: 3.3.1 Production Management 79 Solutions Division Standardization semi-finished products Factories Duration Plants in 2009 and and finished products each production each time a new stage To strictly control the quality of raw Factories model Often material - inputs Continual improvement quality The whole company Every year management system according to ISO 9000 To improve production management: Factories Often decentralized management; maintenance and upgrading equipment; of keeping machinery costs; and stable production batch of big discounts Application storage systems in time Factories Often (JIT) Factories often 3.3.2 Marketing Management Solutions Division Select the product group for a target Business Dept Exports Dept market To improve sales management structure Business Dept Strengthening organic relationships with Business Dept Exports Dept distributors Diversify methods distributed by region, Business Dept Exports Dept by exclusive product group Develop and maintain parallel and Business Dept Exports Dept harmonious between domestic and export market Strengthening the communication, Business Dept promote products and brands 80 Duration Annually Often Often Often Often Annually 3.3.3 HR Management Solutions Division - To improve management of human Organization Duration Annually resources: training programs human Administration resources development at all levels; Dept human resources development research, Annually In which: persons / year + Careers additional staff of young Annually engineers Annually + Training masters of business Annually administration + Further training for professional staff + Link training to improve skill Sun + Jobs Sun added a new training site 3.3.4 Finance Management Solutions Application storage system in time (JIT) Division Duration Finance Dept Often Factories Continue to healthy financial revenue The whole company Often through sales of money immediately, withdraw the old debt and to reduce inventory, reduce management costs and financial costs reached a reasonable level in each period 81 Listed shares of the Company on the University stock market of 2010 shareholders, Board of Directors Issuing more shares, capital increase University of 2011 business production and investment shareholders, Board growth of Directors 3.3.5 Research and development investment Solutions Division Duration To improve and enhance the use of the The whole company Annually product to make a difference & Factories Investment in improved rationalization The whole company 2009-2010 process and production technology & Factories Investment in additional production line The whole company 2011-2012 with new technology & Factories 3.4 Check Check the necessary requirements for the task of managing strategy, reviews on all aspects, this is expressed through the purpose of the inspection To conduct inspection, the company establishes the standards, content and objectives of the inspection activities, based on principles of consistency checks From which form the checking system to check the appropriate with the costs and means, the tool used for this test activities Finally, the activities appropriate adjustments 3.4.1 Cheching Principles applied in the company a Accurate, objective b There are standard c Public and respect people were tested d There are a variety of reasonable 82 e Economy f There are key focus 3.4.2 Checking criteria: The Checking standards are the standard of quantity, quality and duration of the tasks that individuals, teams and the company must to ensure that all enterprises operating results Mini Conclusion of Chapter Chapter of the exercise which indicated that the most basic characteristics of the strategy chosen, the solutions and we plan to implement the strategy of the company Based on the target and the plan summary, Viglacera Hanoi Company has deployed into a specific plan for each year in operation CONCLUSION AND RECOMMENDATION * To Government The government should have the policy of supporting investment, investment incentives for the construction materials sector to develop depth and new technology; limited new investment widespread; closely evaluate investment projects for ensure project feasibility planning and appropriate in accordance with market situation Continue to implement tax reduction value for construction materials sector to create conditions stimulate consumer, while increasing the competitiveness of domestic goods for imports Deploying extensive campaign "The Vietnamese use Vietnamese goods" nationwide Reduced import duties for raw materials in manufacturing building materials such as enamel, colors, chemicals, spare parts Expand and strengthen measures to support export markets, export credit for the item of construction materials Continued preferential interest rate on working capital loans to businesses for export * To the industry of building material: 83 Establish supporting centers to develop the industry of building materials, building Ceramics to study the development of sector strategies and implementation advice to businesses on technical services, helping businesses reach timely advanced technology In addition, it is necessary to upgrading the activities of the Vietnam Building Ceramic Assosiation, making their efforts into practice, serving the practical interests of the member enterprises Organizing conferences seminars to propagate extensive information industry in the country and the world * Conclusion: Building the business strategy has practical means in the orientation of development of the company Business strategy will promote the proper resources and adaptation of the company with the highest impact from the outside, acts as a guiding for production and business activities of companies in the process has development Based on the analyzed contents and construction business strategy of the company, authors hope that the Viglacera Hanoi Company will have a strategy for sustainable development Since then, the company outlined the strategy functions, rational plan for each period, to maintain the prestige and reaching out to new markets in the future The solutions will be conducted by the company to mount the features and strengths of the company to execute strategy In the process of implementing the company must evaluate the results of implementing each stage an objective, realistic adjustments to better service for timely production and business operations of the company Finally, authors would hope to receive the comments of the teachers, the leaders of Viglacera Hanoi J.S.C to the research has more practical value 84 REFERENCE Vietnamese Le The Gioi,… (2009), Managing Strategy,Hanoi statistics publishing house Vu Trong Hung (2003), Philip Kotler “ Managing marketing”, Hanoi statistics publishing house Nguyen Huu Lam,…(1998) "Managing strategy and competitive position", Education Publishing House Nguyen Thanh Thao, “Strategy of Theoretical Branding by Michael Porter" GaMBA (2009), Syllabus of Strategic management, General Statistics - Statistical Yearbook 2008 VnExpress(23/9/2009),“ADB About Vietnamese Economy” Internal Reporting Data of Viglacera Hanoi Company - Report on the results of internal implementation plan years 2005 - 2008 - Report on internal plan years 2009 - 2010 - Report on Proposed 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situation and will not get any competitive advantage Also according to Porter, the enterprises