(TIỂU LUẬN) assignment 3 individual final marketing project

RMIT University SGS 2021A MKTG1205B Marketing Principles Assignment Individual Final Marketing Project Lecturer: Nguyen Hoang Thuan Student Name: Le Quang Lan Student number: S3891787 Date of Submission: May 31, 2021 Word count: 2114 Marketing Principles Individual Final Marketing Project Contents Instruction: I Company overview: Product overview: II SWOT Analysis: Marketing Environment: Competitor: Marketing Intermediaries: Economic: SWOT Table: SO Strategy: III Target customer: Differentiation: IV Product differentiation: Image differentiation: Positioning: V Positioning map: value proposition VI Current Marketing Mix performance .7 Product: 1.1 Product Classification: 1.2 Three Levels of Product: 1.3 Product Decisions: 1.4 Product line decisions: 1.5 Product life cycle: 1.6 Branding Strategy: 1.7 Evaluation: Promotion: 2.1 Advertising: 2.2 Sales Promotion: 2.3 Public Relations: 2.4 Evaluation: VII Marketing Plan Objective 10 VIII Marketing Recommendations 10 Product: 10 Promotion: 10 IX Conclusion: 10 Page | Marketing Principles Individual Final Marketing Project X Reference: 11 XI Appendices: 14 I Instruction: Company overview: Mr Vu Tien Dung started Uniben Company in 1992, specializing in the manufacture and marketing of instant noodles for both domestic and international markets Uniben has supplied Vietnamese customers with delicious, economical, and convenient meals that fulfill high safety and health requirements since entering the Vietnamese instant noodle industry According to Euromonitor International (2021), instant noodles have had the highest value rise of 17%, reaching 4.1 trillion VND in 2020, and likely to continue to grow in the following years due to customers' demand for food storage during Covid 19 pandemic (Appendix 1) Despite the impact of the covid 19 epidemics, Uniben is outperforming Acecook and Masan in terms of the increasing retail selling price (Appendix 2) In reality, Uniben is having a great opportunity to raise revenue and market share since the increasingly high demand for food security during the unpredictable Covid-19 outbreak in Vietnam (Appendix 3) Product overview: In 2004, Uniben launched the Mien instant noodle brand, distinguished by its distinctive taste reminiscent of traditional Vietnamese cuisine with reasonable prices for rural consumers Since 2016, the Mien brand has captured a 26.5% market share in the Vietnamese instant noodle industry, becoming the most popular instant noodle brand in rural areas (Minh M 2016) According to Uniben (2018), the Mien brand has become a leading instant food with diversification and traditional taste in line with the preferences of Vietnamese consumers II SWOT Analysis: Marketing Environment: Competitor: Page | Marketing Principles Individual Final Marketing Project Mien confronted with many strong domestic and foreign competitors (Appendix 2) Marketing Intermediaries: Reseller: Uniben cooperated with more than 500 supermarkets, 100,000 stores, and 1000 sellers (Uniben 2021) Physical distribution: 150 distributors, including Lotte and Family Mart, distribute Mien noodles throughout Vietnam Besides, Uniben has exported these instant noodles to other international markets (Uniben 2020) Economic: Due to the Covid-19 pandemic, consumers tend to hoard essential foods, including instant noodles, which has significantly increased Uniben's total sales (Euromonitor 2021) Technology: Cooperation in implementing DMS project with FPT software (FPT 2016) and build more modern factories (Uniben 2015) SWOT Table: Strengths Weakness Uniben Company was officially co-operated The Mien noodles with FPT Software to operate a Distribution are selling thanks to Management System (DMS) project including the prohibitively lower applications as eMobiz Map, eMobiz prices than other low- Merchandising, eMobiz Insight, and eMobiz priced instant noodle Sales to have advantages in the industrial brands Hence, revolution 4.0 Mr Nguyen The Anh Deputy increasing the price General Director of Uniben stated that this vital for Mien noodles is project of the company to expand market share considered a and increase accessibility to potential challenge when the customers in many countries (FPT 2016) market value increases Page | Marketing Principles Individual Final Marketing Project Uniben aims to produce healthy foods with European standard production technology In addition, Uniben's Therefore, Uniben has invested more than marketing channels 2,000 billion VND in building more modern are not diversified, factories designed according to European and marketing standards with a self-contained production line, campaigns are not fully automated, imported from the US, really effective in Germany, and Japan with an environmentally catching up with new friendly wastewater treatment system As a trends and attracting result, the Mien brand is one of the instant the majority of the noodle brands that trusty Vietnamese public consumers choose to purchase continuously from 2015 to now, with a market share of over 27.5% (Uniben 2015) Opportunity Threats: Uniben not only distributes its products Since the Covid-19 throughout Vietnam, especially in rural, but pandemic, many also concentrates on exporting to many exported food markets including Russia, Eastern, Ethiopia, products in Vietnam China, Cambodia, and the EU, (Uniben n.d.), led have been interrupted to the opportunity for Mien to develop their (Huong T & Manh P brands and expand their market share 2021) Consequently, worldwide this situation is unfavorable for Mien According to Research and Market (2021), noodles when the owing to the hectic pace of life, consumers company is focusing prefer quick meals at affordable costs that need on export activities less cooking Additionally, due to the Covid-19 pandemic, demand for local consuming instant noodles has increased by 67% in only days compared to the previous year (Dat Nguyen 2020) (Appendix 4) Therefore, Mien noodles stand a good chance of maintaining their Page | Marketing Principles Individual Final Marketing Project Vietnamese instant noodle market dominance SO Strategy: Uniben can effectively satisfy customers' online shopping demands by using technology strengths in the distribution system when collaborating with FPT Software and fulfilling the market supply of instant noodles during the epidemic time Especially when Vietnam has applied for social distancing, the demand for stockpiling essentials and online shopping will increase in the coming time, leading to a huge chance for Uniben to gain more profit III Target customer: In the instant noodle sector, rural regions accounted for almost 80% of consumption (Nguyen G 2016) Recognizing this potential market and a vast demand for instant noodles, Uniben created the Mien noodles with affordable prices to dominate in the rural market for consecutive years from 2015 (Uniben 2018) Housewives belong to an important segment of Uniben's targeted marketing strategy that has the most influence on their family's purchasing behavior Since family seems to be the main factor directly influencing the purchasing decisions of housewives, they place higher demands on nutrition, hygiene, and taste (Obeidat et al 2018, p.110) However, by applying modern technology with European standards, Mien noodle packages offer the highest quality food safety and hygiene Additionally, spice packs are produced according to a strict process from raw materials to packaging (Duc T 2021) Hence,3 Mien noodles can successfully fulfill all of the customer's requirements IV Differentiation: Product differentiation: Since instant noodles are considered a convenience goods category, purchasers would make decisions based on prior experiences (the taste in this case) with the product (G Feichtinger, A Luhmer and G Sorger) Uniben's noodle is distinguished by its own unique broth sauce, made up of a high synthesis of numerous local zests and spices, giving it a distinct Page | Marketing Principles Individual Final Marketing Project flavor that only Mien possesses (Ky T 2020) In addition, B vitamins are added to Mien noodles, becoming the pioneer instant noodle product in Vietnam that provides nutrition to customers (Khanh D 2015) Image differentiation: Uniben donated 150,000 nutritious meals to the frontline medical team during the COVID-19 outbreak in 2020 to demonstrate the brand's commitment to social responsibility (Uniben 2020) These actions enable UNIBEN to closely connect with customers and build a strong brand image in the hearts of Vietnamese customers V Positioning: Positioning map: Instant noodles have long been popular in Asia, particularly in Vietnam Since 2019, Vietnam has ranked among the top five world consumers of instant noodles (Trung N 2020) (Appendix 5) This high demand paves the way for brands like Mien with affordable prices and vast nutrition that appeal directly to Vietnamese consumers As instant noodles are typically purchased in large quantities, pricing is a major factor in selecting between brands With the current trend of healthy living, consumers not only pay attention to the price but also focus on the nutritional value of each noodle package Page | Marketing Principles Individual Final Marketing Project Uniben's "3 Mien" brand has surpassed competitors such as “Omachi”, “Gau Do”, and “Hao Hao” in the low- to middle-income market segment when constantly supplementing nutrients for consumers with nutrients in the form of vitamins whilst maintaining low prices value proposition As previously stated in the product differentiation, Uniben emphasizes placing product quality and customer health first while the Vietnamese market is saturated with unbranded and unknown origin instant noodles products; Uniben is the pioneer Vietnamese instant noodle brand to delivers higher quality noodles (incorporates essential nutrients into its noodles) at the same price as noted in the product distinction above Thus, the Mien brand would attract more attention and favor among health-conscious clients, particularly among the targeted housewives VI Current Marketing Mix performance Product: I.1 Product Classification: Mien instant noodles as tangible products are rapidly prepared by boiling or adding hot water in a few minutes, categorized as convenience goods Page | Marketing Principles Individual Final Marketing Project I.2 Three Levels of Product: Augmented Products: The hotline number for customer service and customer consulting is printed on the packaging (Appendix 6) Actual Product: Branding: The Mien brand has been presented since 2004.The Mien brand has been presented since 2004 (Uniben 2011) Design: Uniben has retained its brand logo design for many years, with the words "3 Mien" in white standing out at the top of the noodle packaging Core Customer Value: Mien satisfies a quick meal easy-cook with high nutrition yet affordable price I.3 Product Decisions: Product Attribute: Quality: nutritious and tasty noodle (Uniben 2015) Features: Including dried noodle block, dried vegetable package, soup package, oil package and paprika package (Appendix 7) I.4 Product line decisions: Line Filling: Mien expands its product line by adding various flavors at the same price (Appendix 8) E.g.: According to Bach Hoa Xanh (2021), Mien Gold Noodles line products are sold at 3.500 VND I.5 Product life cycle: The Mien noodles are in the growth stage of the product life cycle since considering to top instant food selection of Vietnamese customers; nevertheless, growth has slowed significantly in recent years (Appendix 9) I.6 Branding Strategy: Brand name selection: The word "3 Mien" is easy to pronounce and remember, helping customers recognize products with traditional Vietnamese taste immediately Page | Marketing Principles Individual Final Marketing Project Brand development: Line extension: The Mien Noodle is available in a wide range of flavors (Appendix 8) I.7 Evaluation: Advantages: Mien noodles, a Vietnam local brand with high brand awareness, are received a high level of preference by rural customers Due to various flavors relevant to Vietnamese traditional cuisine, the Mien noodles become more specific with their unique distinction Moreover, another factor that makes the highest nutrition from its finest products is what makes enormous popularity highly pay attention to Disadvantages: Uniben, like other instant noodle producers, all of their noodle instant products have been packed in a plastic bag that might contaminate the environment Since Uniben concentrates primarily on innovating new flavors, Mien noodles packaging remains simple and unappealing compared to other goods such as Hao Hao or Omachi Promotion: 2.1 Advertising: Mien noodles take advantage of many media channels to advertise their products Broadcast: Advertisement on afternoon television programs (Appendix 10) Internet: Including Facebook and YouTube (Appendix 11) Billboard: Advertisement at Retail store boards (Appendix 12) 2.2 Sales Promotion: Mien offers short-term incentives to encourage the purchase or sale of their product Discount: Applying bundle discount (Appendix 13) Coupons: Entering the code to get free shipping or a discount (Appendix 14) Page | 10 Marketing Principles Individual Final Marketing Project 2.3 Public Relations: Mien organized many Public service activities: Public service activities: In 2020, Uniben carried out volunteer activities that has named “Tiệm tạp hóa Ngược - Xi” in the Mu Cang Chai region (Trang L 2021) Sponsor: In2021, Mien Noodles awarded more than 800 million to honor the Vietnamese Super Intelligence (Duong A 2021) 2.4 Evaluation: Advantages: Mien has developed a positive brand image, increased brand recognition, and attracted potential consumers by effectively committing to social responsibility through social and charity activities as mentioned above Disadvantages: When it comes to advertising, customers tend to feel monotonous and unappealing due to repetitive content in advertising videos Updating and keeping up with marketing trends on new media platforms is a shortcoming that Mien needs to improve Specifically, there is no advertising on Instagram or Tik Tok, even though most Vietnamese, particularly Vietnamese young generation use these applications frequently VII Marketing Plan Objective By utilizing the advantage of technological strengths in production as mentioned in the strengths section in the SWOT and capturing market share in rural areas as mentioned in the opportunities section in SWOT, Mien could increase market share by approximately 1% through an increase in sales volume of - 8% by covering extensively Mien's products advertising campaigns in the media, particularly on platforms such as Tik Tok and Instagram, which Mien currently lacks as mentioned in the evaluation section in Promotion VIII Marketing Recommendations Product: Page | 11 Marketing Principles Individual Final Marketing Project Firstly, Uniben may use more eye-catching decorations on the packaging of Mien noodles to make them stand out in the supermarket's noodles department and attract more attention from customers Secondly, utilizing plastic packets would take a long time to decompose, negatively impacting the environment Hence, the corporation should invest in researching new packaging with environmentally friendly materials Promotion: In addition to implementing product advertising campaigns as mentioned in the marketing objective sector, Mien may consider re-launching the successful previous campaign, which donated 150,000 nutritious meals to frontline medics combating the Covid-19 pandemic By doing this campaign, Mien can ensure the company's social responsibility commitments, increase brand awareness, and most importantly, cultivate a good image of the company in the minds of Vietnamese people IX Conclusion: The biggest unique feature of Mien noodles is that noodle production mainly focuses on consumer health and implementing social activities Uniben is on track to surpass Acecook as the market leader soon, thanks to the company's steady growth in creating new tastes, caring for consumers' health, and commitments to social responsibility X Reference: Mien 2021, Facebook, viewed 29 May 2021, Mien 2021, YouTube, viewed 30 May 2021, Bach Hoa Xanh 2021,’Siêu thị Bách hoá XANH - Mua bán thực phẩm, sản phẩm gia đình’, www.bachhoaxanh.com, viewed 29 May 2021, Page | 12 Marketing Principles Individual Final Marketing Project Bộ Y tế 2021,’Trang tin dịch bệnh viêm đường hô hấp cấp COVID- 19’, Bộ Y tế - Trang tin dịch bệnh viêm đường hô hấp cấp COVID19, viewed 30 May 2021, Chi D 2020,’Mì Miền tơm chua cay đặc biệt - thêm lựa chọn cho bữa ăn Việt’,vnexpress,viewed 29 May 2021, Dat Nguyen 2020,’Instant noodle demand boils over as coronavirus stirs fear’,VnExpress International – Latest news, business, travel and analysis from Vietnam, viewed 22 May 2021, Duc T 2021,’Thay áo cho mì ăn liền: Giá trị dinh dưỡng UNIBEN đặt lên hàng đầu’,Báo Cơng an Thành Phố Hồ Chí Minh, viewed 22 May 2021, Dương D 2021,’Hơn 800 triệu Mì Miền trao tặng để vinh danh Biệt đội Siêu trí tuệ Việt Nam’,Cafef, viewed 30 May 2021, Euromonitor International 2021, Rice, Pasta and Noodles in Vietnam, Euromonitor International, viewed 29 May 2021, RMIT Passport database 10 Feichtinger, G, Luhmer, A & Sorger, G 1988, 'Optimal Price and Advertising Policy for a Convenience Goods Retailer', Marketing science (Providence, R.I.), vol 7, no 2, pp 187-201 11 FPT 2016, ‘FPT Software kicks off DMS project for Uniben’, FPT, viewed 22 May 2021, 12 Huong T & Manh P 2021,’Đánh giá tác động đại dịch Covid-19 đến doanh nghiệp Việt Nam’, TapChiTaiChinh, viewed 22 May 2021, 13 Huong T & Manh P 2021,’Đánh giá tác động đại dịch Covid-19 đến doanh nghiệp Việt Nam’, TapChiTaiChinh, viewed 22 May 2021, 14 Khanh D 2015,’Lựa chọn mì Miền ngon cho bữa ăn phong phú’, mevabe, viewed 22 May 2021, 15 Ky T 2020,’Mì Miền nước cốt bị hầm chinh phục hàng triệu người Việt’,vnexpress, viewed 22 May 2021, 16 Minh M 2006, ‘Uniben - Nhãn hàng Miền giữ 26,5% thị phần mì gói Việt’,VnExpress, viewed 22 May 2021, 17 Nguyen G 2016,’Thương hiệu Việt giành lại thị phần mì ăn liền’ ZingNews, viewed 22 May 2021, 18 Obeidat, MI, Oweidat, A, Hamdi, N & Obeidat, ZM 2018, 'The Factors Affecting Jordanians Housewives Consumption Behavior: A Qualitative Approach', International business research (Toronto), vol 11, no 5, p 110 19 QUẢNG CÁO ECD 2017,’QUẢNG CÁO MÌ BA MIỀN tơm CHUA CAY ĐẶC BIỆT,” YouTube, viewed 29 May 2021, 20 Research and Markets ltd 2021, “Instant Noodles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” Researchandmarkets, viewed 29 May Page | 14 Marketing Principles Individual Final Marketing Project 2021, 21 Statista 2020,’Vietnam: growth of food products due to coronavirus 2020’, Statista, viewed 22 May 2021, 22 Trang L 2021,’Mù Cang Chải, hành trình yêu thương” 2021, kinhtedothi, viewed 30 May 2021, 23 Trung N 2020,’Vietnam remains a top five instant noodles consumer’,Readtoolead, viewed 23 May 2021, 24 Uniben 2011,’ Uniben - Quá trình phát triển,Unibenfoods, viewed 29 May 2021, 25 Uniben 2015,’Thực tốt trách nhiệm xã hội để phát triển bền vững’,Unibenfoods, viewed 30 May 2021, 26 Uniben 2015,’Uniben tiên phong xu hướng sản phẩm có lợi cho sức khỏe với cơng nghệ sản xuất chuẩn châu Âu’,Unibenfoods,viewed 22 May 2021, 27 Uniben 2018,’Uniben - Một năm khởi sắc thị trường mì gói Việt’, Unibenfoods, viewed 22 May 2021, 28 Uniben 2020,’Uniben trao tặng 150.000 bữa ăn dinh dưỡng từ Mì Miền Nước trái Joco tới đội ngũ Y Bác sĩ bệnh viện tuyến đầu’, Unibenfoods viewed 22 May 2021, 29 Uniben 2021,’Uniben - Hệ thống phân phối’, Unibenfoods, viewed 30 May 2021, 30 Vatgia 2019, Vatgia, viewed 30 May 2021, XI Appendices: Appendix Market sizes: Retail Value RSP - VND billion - Current - 2006-2025 Source: Euromonitor International 2021 Appendix Page | 16 Marketing Principles Individual Final Marketing Project Company share Sales of Rice, Pasta and Noodles Source: Euromonitor International 2021 Appendix Epidemic situation in Vietnam Source: Bộ Y tế 2021 Page | 17 Marketing Principles Individual Final Marketing Project Appendix Value growth of food products due to coronavirus COVID-19 among urban citizens in Vietnam in 2020 Source: Statista 2020 Appendix Instant noodles consumption, 2019 Page | 18 Marketing Principles Individual Final Marketing Project Source: Read to lead Appendix Customer Service hotline Source: Bach Hoa Xanh 2021 Appendix Main ingredients in a Mien noodle package Source: Bach Hoa Xanh 2021 Page | 19 Marketing Principles Individual Final Marketing Project Appendix Mien instant noodles with various flavor products Source: Vnexpress 2020 Appendix Brand Share Source: Euromonitor International 2021 Appendix 10 Page | 20 Marketing Principles Individual Final Marketing Project Advertising Mien noodles on television Source: QUẢNG CÁO ECD 2017 Appendix 11 Advertising Mien noodles on the internet Page | 21 Marketing Principles Individual Final Marketing Project Facebook: Source: Mien 2021 YouTube: Source: Mien 2021 Appendix 12 Page | 22 Marketing Principles Individual Final Marketing Project Advertisement at Retail store boards Source: Vatgia 2019 Appendix 13 Bundle discount Source: Mien 2021 Appendix 14 Page | 23 Marketing Principles Individual Final Marketing Project Coupons Source: Mien 2021 Page | 24 ... 2021, 13 Huong T & Manh P 2021,’Đánh giá... Marketing Principles Individual Final Marketing Project Facebook: Source: Mien 2021 YouTube: Source: Mien 2021 Appendix 12 Page | 22 Marketing Principles Individual Final Marketing Project Advertisement... Analysis: Marketing Environment: Competitor: Page | Marketing Principles Individual Final Marketing Project Mien confronted with many strong domestic and foreign competitors (Appendix 2) Marketing