Overview of the vinamilk vinamilk company established in 1976 as the southern coffee dairy company

INDIVIDUAL ASSIGNMENT Consumer Behavior Bùi Minh Tiến-HS163265 MKT 1618 Lecturer: Trần Tuyết Minh TABLE OF CONTENTS I: Introduction 1.1: Short profile about Vinamilk 1.2: STP Strategy 1.3: Analyse the impact of culture on consumer behaviour II: Literature Review & Critical Analysis 2.1:Definition of culture and related factors 2.2: Definition of consumer behavior 2.3: Culture of the country 2.4: Consumer behaviour in purchasing Vinamilk in VietNam 2.5: Analyse the impact of culture on consumer behaviour in VietNam III : Conclusion IV:Reference I Introduction Overview of the Vinamilk Vinamilk company established in 1976 as the Southern Coffee-Dairy Company, then renamed to United Enterprises of Milk Coffee Cookies and Candies I in 1978 and finally Vietnam Dairy Company was formally established in 1993 In 2003, follows its IPO to the Ho Chi Minh Stock Exchange, the company legally changed its name to Vietnam Dairy Products Joint Stock Company (VINAMILK) The company is a state owned enterprise in which the government owns about 50.01 % of the shares and the rest of the shares are currently active trading at the Ho Chi Minh Stock Exchange.The principal activities of Vinamilk are manufacturing and distributing products derived from milk such as fresh-milk, condensed milk, powdered milk, yogurts, ice-cream, cheese and others drinks such as fruit juice and soya milk STP Strategy Segmenting - Age 0-4: This is the age that needs to be supplemented with many nutrients, DHA for development, but the digestive system is not really perfect, often using specialized dairy products for this age group - Age 5-14: this is the age when young people enter the development process, need a lot of nutrition for the body, serving the learning and training process - Age from 15-25: this age, consumers often more autonomy in purchasing decisions, using product lines suitable for dynamic and youthful features - Age over 25: using calcium-fortified products for the body Targeting Vinamilk 100 percent organic has successfully occupied the high-income niche with a focused marketing campaign Vinamilk's main target market is children aged to 14 years old (Vinamilk 2014) Vinamilk intends to boost children's physical health and aims to cultivate young talents as preschools who are regarded as the pillars of the nation's future (Vinamilk 2016) The first reason Vinamilk 100 percent organic chose this sector is that youngsters make up approximately 23.2 percent of the population (Statistic 2020) Second, the middle-class population is growing, and they are beginning to prioritize product value over price As a result, 100 percent organic Vinamilk will be able to attract more customers Positioning Meadow Fresh has the greatest price (43.5 VND / boxes) and the highest calcium amount (125 mg) when compared to other brands, while the Netherlands has the lowest price (29.5 VND / boxes) Vinamilk, on the other hand, has a reasonably reasonable pricing (31.5 VND / boxes) that is adequate for the majority of Vietnamese customers nowadays Vinamilk is a prominent and leading dairy brand in Vietnam, therefore customers may find it in supermarkets, marketplaces, grocery stores, and other retail outlets Above all, Vinamilk has established itself as the dominant player in Vietnam's dairy business As we all know, culture is a highly essential component that has a significant impact on client purchasing behavior Culture is the primary factor that influences a person's will and behavior Vietnamese people are always influenced by cultural characteristics of national identity while purchasing items, which determine the values of choice Because Vietnam does not have a long history of milk production, the majority of people not consume milk Furthermore, when compared to other commodities and the income of the majority of Vietnamese households, particularly in rural regions, the price of dairy products in Vietnam remains fairly expensive, as it is in many other low-income nations Analyse the impact of culture on consumer behaviour II: Literature Review & Critical Analysis DEFINITION OF CULTURE AND RELATED FACTORS Understanding consumer behavior requires an understanding of culture An individual's behavior is determined by his or her culture Cultural influences comprise the fundamental values, needs, wants, preferences, perceptions, and behaviors that a consumer observes and learns from close family members and other key individuals in their lives The culture of a person has a significant impact on their mental processes and behaviors Because it has such a strong influence on how people view the world around them, their place in it, and how they make decisions, it has a significant impact on how and why we purchase products and services Nationalities, religion, racial groups, and geographic faiths are all subcultures within a society Definition of consumer behaviour The study of how individual customers, groups, or organizations pick, buy, use, and dispose of ideas, commodities, and services to meet their needs and desires is known as consumer behavior It relates to consumer behavior in the marketplace and the underlying motivations for that behavior The human actions that influence purchasing decisions are referred to as consumer behavior In truth, buying behavior is the result of a lengthy process of client decision making Every consumer has a distinct thought process and attitude toward purchasing a particular item When consumers make decisions, they engage in problem-solving talks to meet their wants and preferences In reality, everyone on Earth is a customer We buy and consume a wide variety of goods and services every day Vietnam boasts one of Southeast Asia's most diverse civilizations The teachings of Confucius are responsible for the most important components of Vietnamese culture The importance of the family and its structure cannot be overstated Households frequently have three or more generations living under the same roof The man is the family's leader, making the majority of crucial choices The woman's primary responsibility is to manage the home and raise the children, ensuring that they are secure, well-fed, and nurtured Many Vietnamese women labor in markets, family-owned enterprises, or have employment; they are frequently the family's principal breadwinner Children are expected to care for their parents as they age Culture of the country – VietNam Consumer behaviour in purchasing Vinamilk in VietNam Diversify your products to prepare for a new adventure Vinamilk milk is increasingly asserting its brand by delivering a diverse range of goods ranging from powdered milk to fresh milk to yogurt, among others Each variety is appropriate for each age group to ensure nutrition and human health at reasonable pricing for consumers Vinamilk is expanding and diversifying its product line Vinamilk, for example, has recently launched an effective and safe weight loss milk product with a scientific formula and treatment plan for individuals who are unfortunate enough to be overweight With a more than ten-year reputation, Vinamilk milk has acquired consumer trust not only in price but also in product quality with the present human development trend Vinamilk milk is purchased by people from all walks of life They chose Vinamilk since it is the top dairy firm in Vietnam and offers good quality at a reasonable price Vinamilk dairy products are available in all supermarkets, grocery stores, and other outlets throughout Vietnam to satisfy the demands of consumers Our organization questioned a lot of people after conducting surveys in recent areas, and they stated that "they select Vinamilk milk because of its reasonable pricing, low fat, and great quality." Analyse the impact of culture on consumer behaviour in VietNam Many people love Vinamilk because it is a brand that is always attached to Vietnamese children with the community and the country decision in buying fresh milk, including: (1) product quality, (2) fair price, (3) product promotion and customer services, (4) product convenience, and (5) reference group's attitude to the brand In addition, it is also found that product brand has a direct and positive impact on the student decision The finding in this study is quite different from other existing literatures in terms of the importance level of the determinants of the student decision in buying fresh milk; specifically, in deciding to buy their fresh milk, students are often interested in the promotion and customer service, the product convenience, and the reference group for the purchase, more than in the quality and price of the product Many people enjoy Vinamilk because it is a brand that is always associated with Vietnamese children, the community, and the country decision to purchase fresh milk, including: (1) product quality, (2) fair price, (3) product promotion and customer service, (4) product convenience, and (5) reference group attitude toward the brand Furthermore, it has been discovered that product brand has a direct and beneficial impact on student decision.In terms of the importance level of the determinants of the student decision in buying fresh milk, the findings in this study are quite different from other existing literatures; specifically, when deciding to buy their fresh milk, students are often interested in the promotion and customer service, the product convenience, and the reference group for the purchase, rather than the quality and price of the product Conclusion UNDERSTANDING CONSUMER BEHAVIOR IS A CRITICAL COMPONENT OF A PRODUCT'S SUCCESS AS A RESULT, VINAMILK ALWAYS INCLUDES SOME PRODUCTS SUITED TO THE VIETNAMESE MARKET VINAMILK CONSISTENTLY ADHERES TO VIETNAMESE CUSTOMS FURTHERMORE, VIETNAMESE VALUES AND CONSUMER PURCHASING BEHAVIOR INFLUENCE PRODUCT PLACEMENT UNDERSTANDING LOCAL CONSUMER BEHAVIOR, ON THE OTHER HAND, ALLOWS VIETNAM TO BETTER TARGET THE PROPER CUSTOMERS FURTHERMORE, ONE OF THE MOST ESSENTIAL ISSUES FOR EVERY COMPANY WHEN ENTERING A NEW FOREIGN MARKET AND GAINING AS MUCH MARKET SHARE AS POSSIBLE IS THE IMPACT OF CULTURE Reference Oriagency.vn 2022 Chiến lược Marketing Vinamilk: Phân tích STP mơ hình Marketing Mix Vinamilk [online] Available at: [Accessed 27 June 2022] Ukessays.com 2022 Vinamilk Marketing Analysis [online] Available at: [Accessed 27 June 2022] International Living 2022 Traditions and Culture in Vietnam: Overview of Culture and Facts - IL [online] Available at: [Accessed 27 June 2022] Báo Tài nguyên & Môi trường 2022 Vinamilk thương hiệu sữa người tiêu dùng Việt Nam chọn mua 10 năm liền [online] Available at: [Accessed 27 June 2022] Factors Affecting Brand and Student Decision Buying Fresh Milk: A Case Study in Ho Chi Minh City, Vietnam [online] Available at: [Accessed 27 June 2022]  ... consumer behaviour in VietNam III : Conclusion IV:Reference I Introduction Overview of the Vinamilk Vinamilk company established in 1976 as the Southern Coffee- Dairy Company, then renamed to United... behaviour in purchasing Vinamilk in VietNam Diversify your products to prepare for a new adventure Vinamilk milk is increasingly asserting its brand by delivering a diverse range of goods ranging from... has a direct and positive impact on the student decision The finding in this study is quite different from other existing literatures in terms of the importance level of the determinants of the