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Tiêu đề Developing Marketing Strategy For Jemma
Tác giả Nguyen Thi Hong Thu
Người hướng dẫn Dr. Nguyen Dinh Tho, Dr. Nguyen Thi Mai Trang
Trường học Ho Chi Minh City Open University
Chuyên ngành Master In Business Administration
Thể loại Master Project
Năm xuất bản 2011
Thành phố Ho Chi Minh City
Định dạng
Số trang 91
Dung lượng 1,66 MB

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TR NG I H C M TP HCM UNIVERSITEÙ LIBRE DE BRUXELLES HO CHI MINH CITY OPEN UNIVERSITY SOLVAY BUSINESS SCHOOL MBAVB2 NGUYEN THI HONG THU DEVELOPING MARKETING STRATEGY FOR JEMMA MASTER PROJECT MASTER IN BUSINESS ADMINISTRATION (PART – TIME) Tutor’s name: Dr Nguyen Dinh Tho Ho Chi Minh City (2011) ACKNOWLEDGEMENT OF COMMITMENT It is to confirm that I conducted this final project for the MBA program with the acknowledgment of the management of Jemma brand This is my original work Marketing literature from training courses of Professor Jean-Pierre BAEYENS and professor Claes are keys to build up my theory framework A lot of information extracted from books, public sources, news and internet are mentioned in the reference sources For some cases, I have been unable to trace the owners of copyright material, and I would appreciate any information that would enable me to so Besides of the above reference sources, all data and information are true I am confident to submit this project to the professors of the MBA program Nguyen Thi Hong Thu MBAVB2 NGUYEN THI HONG THU 2011 ACKNOWLEDGE First of all, I would like to express my deepest acknowledge to my supervisors, Dr Nguyen Dinh Tho and Dr Nguyen Thi Mai Trang – professors at University of Economics, for their valuable, sharp comment and inputs I would like to express my sincere appreciation to Professors of Solvay Business School who provide the academic background and practical experience about Marketing and business management that I can write and complete this thesis I acknowledge Mrs Pham Thi My Hanh from Jemma board of management allow me investigate Jemma business performance and she also spent a lot of time to provide industry market insights that establish my argument to write this thesis Finally, I would like to thank Ms Dang Thi Thu Ha and my classmates in MBAVB2 who always support and encourage me to fulfill this thesis With my best regards, Ho Chi Minh City, March 2011 Nguyen Thi Hong Thu MBAVB2 NGUYEN THI HONG THU 2011 ABSTRACT Jemma is a new born local brand in fashion jewelry and accessories industry in December 2009 Building brand image and increasing turnover are Jemma priority objectives in the first three years To build brand image, Jemma invests on one flagship store located in the center of shopping district in Hochiminh city To quickly boost up for sales, Jemma apply shops-in-shop and shops-in-store models in which Jemma rend two counter booths in big shopping malls like Parkson, Vicom, … and other four selling booths through existing PNJ shopping center By December 2010, Jemma launch its website with the aim to expand its coverage attracting more customers as well as build online experience to be ready for the future market growth Jemma short-term objective are to build traffic into its new website and increase online turnover Jemma target customers are female office workers, 25 -40 years old, high income class (SEC ABC), love jewelry and metropolitan life style whose potentially familiar with internet application Online therefore could be one of their favorite shopping channels For developing countries and low-income households in developed countries, adoption of internet shopping but the conversion rate is small due to a lack of affordable internet access Develop online shopping channel is a long term strategy of company as its key benefits are clearly defined: cost saving, marketing combination, customer relationship development, and competitive advantage enhancement, especially when market moving toward technology blooming decade The project is designed with the aim to help Jemma promote its internet shopping channel building on insights of Jemma target customers The outcome will be a marketing strategy proposal cover 7Ps of marketing mix activities for Jemma internet shopping channel in years time MBAVB2 NGUYEN THI HONG THU 2011 TABLE OF CONTENTS ABBREVIATIONS i LIST OF FIGURES ii LIST OF TABLES, PICTURES iii CHAPTER 1: INTRODUCTION 1.1 STRATEMENT OF THE PROBLEM 1.2 QUESTIONS AND OBJECTIVES 1.2.1 Questions 1.2.2 Objectives 1.3 RESEARCH DESIGN 1.3.1 Desk research (secondary data) 1.3.2 Quantitative research (primary data) 1.4 SCOPE OF THE STUDY 1.5 STRUCTURE OF THE STUDY 1.6 SIGNIFICANCE OF STUDY CHAPTER LITERATEUR REVIEW 2.1 INTERNET MARKETING STRATEGY 2.1.1 Marketing strategy 2.1.2 Marketing mix 10 2.1.3 Internet marketing mix 11 2.2 UNDERSTANDING CONSUMER BEHAVIOR 16 2.2.1 Factors affect consumer behavior 16 2.2.2 Consumer decision process 18 2.2.3 Consumer decision on new products or services 20 CHAPTER 3: FASHION JEWELRY MARKET, INTERNET CHANNEL LANDSCAPE, AND JEMMA INTRODUCTION 23 MBAVB2 NGUYEN THI HONG THU 2011 3.1 FASHION JEWELRY MARKET 24 3.1.1 Definition of fashion jewelry 24 3.1.2 World fashion jewelry industry 24 3.1.3 Fashion jewelry in Vietnam 27 3.1.4 Vietnam internet market opportunity 30 3.2 JEMMA INTRODUCTION 33 3.2.1 Jemma business overview 33 3.2.2 Business objectives 34 3.2.3.Jemma brand propositioning 35 3.2.4.Jemma marketing mix 35 3.2.5.Jemma SWOT analysis 36 CHAPTER 4: SITUATIONAL ANALYSIS 37 4.1 JEMMA ONLINE CHANNEL AND ITS COMPETITORS 38 4.1.1 Jemma situation analysis 38 4.1.1.1 Assessing the current contribution of the internet to the organization 38 4.1.1.2 Product analysis 40 4.1.1.3 Pricing analysis 45 4.1.1.4 Place analysis 46 4.1.1.5 Promotion analysis 47 4.1.1.6 People, process and physical evidence 47 4.1.2 Competitors analysis 47 4.2 DEFINING CONSUMER DECISION BEHAVIOR 52 4.2.1 Factors affect consumer behavior 52 4.2.2 Consumer decision process 54 4.2.3 Consumer decision on new products or services 61 CHAPTER 5: RECOMMENDATIONS 64 5.1 PROPOSED JEMMA MARKETING STRATEGY 65 MBAVB2 NGUYEN THI HONG THU 2011 5.2 MARKETING MIX FOR JEMMA ONLINE CHANNEL 66 5.2.1 Product 67 5.2.2 Pricing 68 5.2.3 Place 68 5.2.4 Promotion 69 5.2.5 People, process and physical evidence 70 CHAPTER 6: CONCLUSION 71 REFERENCE 75 APPENDIX 76 MBAVB2 NGUYEN THI HONG THU 2011 i ABBREVIATIONS 4Ps : Product, Price, Place and Promotion 7Ps : Product, Price, Place, Promotion, People, Process and Physical Evidence B2B : Business to Business B2C : Business to Consumer CAGR : Compounded Annual Growth Rate FMCG : Fast Moving Consumer Goods GDP : Gross Domestic Product HCMC : Hochiminh city HN : Hanoi KPIs : Key Performance Indicators OECD : Organization for Economic Corporation and Development PESTL : Political Economic Social Technical and Legal PNJ : Phu Nhuan Jewelry Co SEC : Social Economic Class SME : Small and Medium Enterprise SBJ : Saigon Bank Jewelry SJC : Saigon Jewelry Company SWOT : Strengths, Weaknesses, Opportunities and Threats USD : United States Dollars MBAVB2 NGUYEN THI HONG THU 2011 ii LIST OF FIGURES Figure 2.1 : Internet support growth strategy Figure 2.2 : Maslow hierarchy of needs 17 Figure 3.1 : Global fashion jewelry sales (2001-2006), USD billion 25 Figure 3.2 : Geographic share of the global fashion jewelry consumption 26 Figure 3.3 : Market Trends in 2006 26 Figure 3.4 : Projected global fashion jewelry sales (2010,2015), USD billion 27 Figure 4.1 : Jemma online purchase order 39 Figure 4.2 : Jemma online turnover 39 Figure 4.3 : Jemma web visitors 40 Figure 4.4 : Jemma online product assortment 45 Figure 4.5 : Products portfolio by price range 45 Figure 4.6 : Consumer income in key cities 52 Figure 4.7 : Contribution of income group in key cities 52 Figure 4.8 : Online user profile 53 Figure 4.9 : Demographic of internet users –HN&HMC 53 Figure 4.10 : Bank account ownership – HN &HCMC 53 Figure 4.11 : Consumer behavior - choices of information sources 59 Figure 4.12 : Buying occasions 59 MBAVB2 NGUYEN THI HONG THU 2011 iii LIST OF TABLES Table 2.1 : Four marketing mix at consumer point of view 10 Table 3.1 : Fashion jewelry market structured by pricing and material of products 28 Table 3.2 : Jemma SWOT analysis 36 Table 4.1 : Operation cost estimated by shop type 38 Table 4.2 : Jemma online turnover 39 Table 4.3 : Jemma online marketing strengths and weaknesses 43 Table 4.4 : List of fashion jewelry website (products selling in Vietnam market) 48 Table 4.5 : Stage of model of internet marketing of fashion jewelry website 49 Table 4.6 : Important level of purchase KPIs 60 Table 4.7 : Barriers to prevent online purchase 60 Table 4.8 : Jemma and consumer behavior summary 61 LIST OF PICTURES Picture 4.1 : Jemma online product presentation 41 Picture 4.2 : Jemma web image 41 Picture 4.3 : Example of Jemma traditional store list and store images 43 Picture 4.4 : Jemma and its competitors – pricing segmentation 50 Picture 4.5 : Vietnamese urban consumer perception about brand 54 MBAVB2 NGUYEN THI HONG THU 2011 67 Secondary target: Male, 25-40 years old, internet users, who buy fashion jewelry as gifts for their lovers From the research, friends play an important influencing role who can help to support for Jemma online penetration At the early stage of online habit development, Jemma should promote “Jemma girls” concept who will play a role of adopter, she is online marketing expert, who is beautiful, high income; in her office, she is a modal of modern, styling, charming, dynamic, expertise in fashion, beauty tips… Especially, she will help support for anyone who seek for her advice on fashion, styling,… and way to purchase products online Step 2: Improve marketing mix targeting to online potential shoppers From customer insights, Jemma should re-visit its current activities and adjust them to suite with its customer needs and wants Marketing mix activity proposals are detailed in the following: (1) Product: a Core product: Compare with other fashion jewelry brands on online market, Jemma has competitive strength on product design, brand reputation; Its improving area is more about presenting products to motivate its target customers making a purchase As try-on behavior is a critical barrier to purchase product online, Jemma should find a better way to display its products online, for instance: 3D visual, zoom on detail feature, frequently update product image and especially stimulating consumers by pictures of model wearing fashion jewelry Design and price are top two purchase criteria, Jemma should add in these filters to help customers easily select the products they want Products in unique design is the also the main reason to motivate online purchasers Highlight unique design (“san hang doc”) to serve this buying group Satisfying these adopters through products and services will help Jemma build a good world-of-mouth about products MBAVB2 NGUYEN THI HONG THU 2011 68 Besides, Jemma should also work out online product group that only available on internet shopping channel to pull traffic into its new website b Extended product: Internet is one of preferable information source to seek for fashion jewelry products Jemma web presentation must be designed to build Jemma image to its target shoppers Web contents and messages must reflect Jemma brand key in order to satisfy the needs of its target customers – office workers To build brand confidence among online community, Jemma should also highlight company reputation, return policy and develop payment options to assure its potential customers take the lowest risk during purchase transaction In brief, Jemma product implication should focus on two activities: - varying the core product by providing rich information for consumers to stimulate their purchase, such as try-on pictures, zoom in detail, 3D visual… - improving extended products towards highlighting brand reputation, return policy or promoting “paid at delivery” payment method to warranty products and services for new trial (2) Price: Jemma has quite competitive price vs its direct competitors (Goodman, Swarovski, Accessories, ) However, most of fashion jewelry potential customers hardly evaluate product value based on material or polishing technique They often compare price among the similar products For products purchase online, their price range is below 400 vnd per piece Jemma should increase product portfolio for items under 900 vnd Step by step, Jemma should avoid building traffic on price but apply strategy of downward pressure on price (3) Place: Not many shoppers aware of Jemma as well as Jemma shopping website Jemma should maximize its coverage through leveraging its present on PNJ website, search engine, fashion news or fashion tips on internet Besides, Jemma could think of organizing “Jemma off-line MBAVB2 NGUYEN THI HONG THU 2011 69 party” to build brand awareness and trial To motivate male purchase Jemma as a gift, banner ads on male most visited webs is preferred As traditional still be a key channel of fashion jewelry, Jemma potential shoppers have a habit of purchase products in a big shopping malls and chains Jemma should continue invest on building image in those locations, shops in shop in Parkson and in PNJ chain Furthermore, Jemma could think about building online awareness among its traditional shoppers to extend services and keep them loyal to the brand For online advertising, Jemma should tailor-made its marketing messages and schedule to suit with consumers needs; for instance, ads on search engine webs, beauty tips news to female office workers or gift idea for male in their favorite webs Exploring online office worker community is a great chance to promote Jemma website and push sales (4) Promotion: From customer behavior study, price is their second key indicators to decide buy or not buy the products Price discount is their most favorite promotion mechanism Jemma could adopt PNJ Silver promotion tactic to discount some items “only for online product purchasers” to encourage people purchase online “Hot sales”, “Hot price items” or “best price for a set” … seem attractive to internet visitors In order to maintain high traffic on internet channel, Jemma should often plan for promotions to stimulate customers purchase online, promotion coupon for purchase products online, online gift card, price promotion… are some of activities that Jemma could think about o Hot seasons: to capture sale opportunity during festival seasons, Jemma should work on promotion campaigns, such as “big grand sales”, or thematic promotions … as the same time combine on and off-line media (banner, search engine, fashion magazines, existing traditional shops…) to pull customers to its website o Promotions for office workers: tailor-made events: “nhom mua.com” for office staffs, gifts link with stationary products to remind them about Jemma, sponsored for secretary MBAVB2 NGUYEN THI HONG THU 2011 70 celebrations, or gifts for entertainment (cinema movie tickets, bowings, restaurant coupons for lunch time, spa…) Jemma web girls could help promote online purchase behavior o Promotions to encourage males purchase Jemma as gift: gift advisors, gift delivery, and other gift services, or stimulation gift messages named Jemma such as “a story of a girl wearing Jemma”, … (5) People, process and physical evidence: Though services after sales are not priority in the customer view, Jemma should improve its online services to keep people staying with online shops To it, Jemma must invest on resource to continue upgrade online web services and delegate one marketing person to design online marketing campaigns Online standard process and QA control system must be a part of Jemma online strategic action Online customer database is very important to Jemma as it is new launch and on the way to develop insights about internet shopping channel Process of collecting data and follow up customer feedback must be the top priority of Jemma Propose Jemma online resource to take four following role: Marketing manager, Web master, Web controller and Web admin Moreover, knowledge about jewelry industry, logistic, online technical monitoring skills and online marketing must be conducted in a package for internet shopping in charge persons 5.2.2 STAGE 2: MASSIVELY BOOST SALES THROUGH ONLINE CHANNEL When Jemma establish its position in the first stage, mass marketing campaign should be develop to pull traffic into website At that time, Jemma should combine both traditional and internet marketing to maximize its brand awareness Public events, sponsors for office workers, fashion jewelry party,… are some of the initiations to promote Jemma at the growing stage MBAVB2 NGUYEN THI HONG THU 2011 71 CHAPTER VI: CONCLUSION MBAVB2 NGUYEN THI HONG THU 2011 72 Jemma has just launched internet distribution channel with unsatisfied turnover achievement The problem was identified that Jemma did not invest enough to internet marketing to build brand penetration This project aims to re-visit Jemma business performance and its market situation in order to help Jemma improve online traffic as a result to increase turnover The outcome of this project is a proposal for Jemma online marketing strategy to meet penetration objective and boost sales while putting its target customers as a center of marketing activities To that, the project must find the answers of the following questions: (a) What are consumer perceptions about online marketing channel? (b) If purchase product online, what are their expectations on products and services? What are triggers and barriers to encourage consumer purchase fashion jewelry products online? (c) What is marketing strategy? How to build marketing activities for online distribution channel? The first chapter will help to provide the current business problem that Jemma has faced to and the way of project was conducted to solve Jemma problem In the literature review part, chapter 2, theory of marketing strategy and internet marketing are used as the primary philosophy to evaluate Jemma marketing opportunity as a whole As consumer behavior is a core of marketing activities, consumer decision process is followed to help identify insights to build up Jemma online marketing activities Depend on company status and consumers decision process, Jemma could choose one of the four marketing strategy: market leader strategy, market challenger, market follower or market niche strategy For the new product launch, theory of buyer decision process for new products or services is in the support Each industry has its own characteristic and stage of market development play an important role in developing marketing strategy Fashion jewelry market and online internet landscape are briefed in the chapter help provide an overview of market situation where Jemma operate its business Fashion jewelry is the growing category with 230 billion US dollars and projected MBAVB2 NGUYEN THI HONG THU 2011 73 growth rate at 4.6% globally by 2015 in which Asia is considered a potential giant market in near future Fashion jewelry and online marketing are new in Vietnam that need time to build market penetration Huge online market opportunity and Jemma business objectives prove that online penetration is Jemma future success indicator Chapter focuses on in depth analysis of Jemma marketing strategy and its competitive performance in Vietnam internet market Furthermore, hypothesis pulling out from Jemma target consumer group discussion was established to identify the opportunity gap between Jemma current activities and consumer expectations Reasons for poor online penetration were indentified in chapter Try-on habit, concerning on insecure transaction and uniform marketing mix for both on and offline customers are major barriers to encourage online customers That will be the key success factors to develop Jemma internet marketing strategy in the chapter Based on the above analysis and consumers decision behavior on fashion jewelry products, Jemma marketing strategy is proposed in chapter in which the writer suggest to apply market niche strategy focusing on office workers in big cities Jemma market penetration should be divided into two major stages: (1) build online web penetration and then (2) massively boost sales through online marketing channel Marketing mix activities (7Ps) also are briefed in the below: o Product: options for varying the core and extended products are applied to stimulate online customers make a final purchase decision o Price: downward pressure on price strategy to shift consumer focus on depth discount toward brand benefits o Place: improve coverage and information richness of Jemma online marketing o Promotion: tailor-made promotion mechanism, frequency must be developed to serve unique needs of online customers MBAVB2 NGUYEN THI HONG THU 2011 74 o People, process and physical evidence: these critical factors are important to increase consumer loyalty to Jemma brand Without invest on these marketing activities, Jemma cannot meet it long-term business objectives Fashion jewelry in Vietnam is a young market with a huge potential growth At the adopt stage, Jemma has a lot of opportunities to gain market penetration if it define a clear marketing strategy to win over its competitors With production strengths and jewelry experience from its mother company – PNJ, Jemma‟s ambition to become the 3rd fashion jewelry in Vietnam is not too difficult to achieve The proposed marketing strategy helps sharpen Jemma plan and improve its competitive position in fashion jewelry market However, the proposed plan could not turn into expected results if Jemma does not put it in the market place Commit to invest and well execute the plan could bring Jemma: o Leading in internet marketing o Satisfying customer needs and wants o Growing online business o Staying competitive through unique offers to niche market MBAVB2 NGUYEN THI HONG THU 2011 75 REFERENCE Kotler, Philip (2002), Marketing Management Millenium Edition, Pearson Custom Publishing, United States of America Kotler Philip (2003), Marketing Management Eleven Edition, Pearson Education Publishing, United States of America Internet marketing (2006), Internet marketing Third Edition, Pearson Education Limited, UK William G Zikmund (1997), Business research method Fifth Edition, Harcourt Brace College Publishers Lectures and slides from the course C Gruslin, Market Research J P Beayerns, Marketing M Claes, Applied Marketing MBAVB2 NGUYEN THI HONG THU 2011 76 APPENDIX QUESTIONNAIRE PART I: INTERESTED ON JEWELRY/ACCESSORIES PRODUCTS Q1: Do you interested with female jewelry topic ? Yes No Q2: From the below sentences, you agree with which one ? Jewelry is a kind of asset, it must make by high value material, such as: gold, platium and precious stones to easily re-sale when needed Jewelry is a kind of accessories, like: shoes, handbags, sunglasses … reflect personal fashion style so that jewelry does not necessary make by precious stones and gold/platinum Depend on personal purpose, jewelry must be high value things for special events (weeding, birthday…) and less value for casual dressing to catch up with fashion Not agree with the above sentences, and personal view is Q3: Within a year ago, have you ever bought any jewelry/accessories for ? Your-self Gift for your friends/your lovers Not purchase any within a year ago MBAVB2 NGUYEN THI HONG THU 2011 77 Q4: Your important level on the following criteria when purchase jewelry/accessories are? (1: very important, 5: least important) Very Important important (2) (1) N/A (3) Not important Not important at all (4) (5) Price Design Product quality Brand reputation Wide distribution network Warranty and services after sales Promotion Q5: When you purchase jewelry/accessories as a gift, you have any special requirement beyond the above KPIs ? No Yes Please specify it Q6: From which information source you look for when having intention of purchasing jewelry/accessories ? by your own opinion your relative advice search from internet search information from friends search information from jewelry shops TV, magazines, or fashion booklets MBAVB2 NGUYEN THI HONG THU 2011 78 other source, please specify it Q7: From the above source of information, which source are you trusted most ? Q8: Where you usually purchase jewelry/accessories ? shops near your home shops in suppermarkets, such as; Lotte, Big C, Coop… shopping centers, like: Parkson, Vicom, Diamond Plaza shops in the chain of jewelry company, for example: PNJ, SBJ, SJC… shops near cover markets, Ben Thanh, Tan Dinh… internet Other places, please specify it Q9: Have you ever bought jewelry/accessories via internet ? Yes No Q10: What are your key concern that block you purchase jewelry/accessories via internet ? have a habit of try on before purchase don't know how to purchase online purchase online and/or product sold online are not in secure and often un-qualified products sold online are not attractive nothing special when compare with other traditional channel no special offers for online shoppers vs other customers (who purchase from traditional channel) other reasons, please specify it Q11: If products that meet your criteria (in question 4) and release your concern on purchase product online (in question 10), you intend to purchase it online ? (1: no, 2: very low, 3: low, 4: no idea, will consider, high, 7: very high) MBAVB2 NGUYEN THI HONG THU 2011 79 PART II: ONLINE SHOPPING BEHAVIOR (ONLY FOR ONE WHO PURCHASE PRODUCT ONLINE) Q9.1: When purchase jewelry/accessories online, which website you often visit ? Search engine webs such as google, yahoo… Online selling web: 123mua.com, enbac.com, 5giay.com, vatgia.com… Websites of manufacturer Websites that specified for fashion and costume advice… Others, please specify it Q 9.2: In which special event you often purchase jewelry ? Birthday, family ceremony… Party season, Tet, Noel, 8/3 or 14/2… Pay-roll time or have a big income Weekends Any free time Q9.3: When purchase jewelry, which below add-value services that you like most ? (maximum 3) Gift wrapping Re-new (polish) Consult on product selection Consult on product protection/usage Update news or promotional campaigns Q9.4: Which type of promotion you prefer ? (1: the most, 5: the least) Instant discount Gift or gift coupon Accumulate bonus points Lucky draw MBAVB2 NGUYEN THI HONG THU 2011 80 Buy get free Q 9.5 Which price you often chose for jewelry products selling online ? Below 200 thousands vnd From 200 thousands vnd to 500 thousands vnd From 500 thousands vnd to million vnd Above million vnd Q 9.6: which delivery type you often chose when purchase jewelry online ? Delivery thru post Home delivery or paid at site Make oder and pay online, pick up products at agreed location Others, please specify MBAVB2 NGUYEN THI HONG THU 2011 81 INTERVIEWEE PROFILE Statistic numbers Result Samples Qualified % 120 116 Within qualified samples Sex: Female Male 86 30 74% 26% 22-35 36-45 above 45 90 22 78% 19% 3% staff middle manager senior manager boss/head of business 19 64 23 10 16% 55% 20% 9% below mio Vnd (below 250 USD) from mio Vnd to 10 mio Vnd (250 USD to below 500 USD) from 10 mio Vnd to 20 mio Vnd (500 USD to below 1000 USD) from 20 mio Vnd to 50 mio Vnd (900 USD to below 2500 USD) above 50 mio Vnd (above 2500 USD) 10 28 57 13 7% 9% 24% 49% 11% 25 52 13 26 22% 45% 11% 0% 22% 98 111 109 84% 7% 96% 94% 0% Age: Management level Income Spending for fashion products: below 10% from 11% to 20% from 21% to 50% above 50% not remember Interaction with modern payment system Credit Debit ATM card personal bank account none of the above MBAVB2 NGUYEN THI HONG THU 2011

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