(TIỂU LUẬN) CREATING a MARKETING PLAN FOR NEW PRODUCT CRENOSA MILK TEA FLAVORED WATER IN THE PERIOD

THE FINANCIAL UNIVERSITY OF FINANCE – MARKETING -o0o - Class: CLC_19DMA04 TOPIC: CREATING A MARKETING PLAN FOR NEW PRODUCT CRENOSA MILK TEA FLAVORED WATER IN THE PERIOD 02/2022 – 01/2023 Majors: MARKETING Specialized: MARKETING MANAGEMENT Ho Chi Minh city, 2021 0 THE FINANCIAL UNIVERSITY OF FINANCE – MARKETING -o0o - TOPIC: CREATING A MARKETING PLAN FOR NEW PRODUCT CRENOSA MILK TEA FLAVORED WATER IN THE PERIOD 02/2022 – 01/2023 Instructors: ThS Đặng Huỳnh Phương Student implementation: Hoàng Ngọc Hải Yến Phan Thị Anh Thư Phan Thị Thanh Tuyền (Mssv: 1921005805) (Mssv: 1921005683) (Mssv: 1921005757) Ho Chi Minh city, 2021 0 TEACHER'S COMMENTS Student implementation: Hoàng Ngọc Hải Yến (Mssv: 1921005805) Phan Thị Anh Thư (Mssv: 1921005683) Phan Thị Thanh Tuyền (Mssv: 1921005757) Score in numbers Teacher signature Majors: MARKETING ThS ĐẶNG HUỲNH PHƯƠNG i 0 ASSURANCE I hereby declare that the results obtained in the essay with the topic" creating a marketing plan for new product Crenosa milk tea flavored water in the period 2/20221/2023" is personal research In the whole content of the article, what is presented are either individual or aggregated from multiple sources All references are legitimate and appropriately cited I take full responsibility for my Assurance Ho Chi Minh city, 2021 ii 0 TABLE OF CONTENTS EXECUTIVE SUMMARY CHAPTER GASACO COMPANY OVERVIEW 1.1 INTRODUCTION 1.1.1 Vision 1.1.2 Core values 1.1.3 Mission 1.2 STRATEGIC OBJECTIVES 1.2.1 Marketing objectives 1.2.2 Brand objectives CHAPTER SWOT & MACRO – ENVIROMENT ANALYSIS 2.1 SWOT OF COMPANY 2.2 CURRENT BEVERAGE MARKET SITUATION 2.2.1 Size and growth rate of Vietnam's beverage market 2.2.2 Trends of beverage consumption 2.2.3 Competition in the Vietnamese beverage market 2.3 SWOT OF PRODUCT 2.4 COMPETITIORS 2.4.1 Direct competitor 2.4.2 Indirect competitors CHAPTER STP 3.1 SEGMENTATION iii 0 3.2 TARGETING 3.3 POSITIONING CHAPTER MARKETING MIX STRATEGIES 10 4.1 PRODUCT STRATEGY 10 4.1.1 Product’s attributes 10 4.1.2 Value propositions 10 4.1.3 Packaging 10 4.1.4 Branding 10 4.1.5 Labeling 10 4.1.6 Product support services 11 4.2 PRICE STRATEGY 11 4.3 DISTRIBUTION STRATEGY 12 4.3.1 Types of distribution strategies 12 4.3.2 Distribution channel 12 4.3.3 Distributor incentive policy 13 4.3.4 Distribution channel management 13 4.4 MARKETING COMMUNICATION STRATEGY 16 4.4.1 Advertising 16 CHAPTER ACTION PLAN 20 CHAPTER CONCLUSION 22 REFERENCES 23 APPENDIX 24 iv 0 LIST OF FIGURE Figure 3.1: Crenosa’s position Figure 4.1: Distribution channel 12 v 0 LIST OF TABLE Table 3.1: Crenosa's segmentation Table 4.1: Prices of some beverage products on the Vietnamese market 11 Table 4.2 Online advertising on websites 16 Table 4.3: Online advertising on Facebook 17 vi 0 EXECUTIVE SUMMARY Gasaco Company is one of the quality and reputable beverage manufacturers in Vietnam with over 20 years of industry experience Today, consumers have more and more diverse needs for the taste of drinks, besides they are also interested in health, so the choice of drinks is very cautious Therefore, Gasaco will launch Crenosa milk tea flavored water with natural ingredients, low in sugar with the aim of bringing a product with a new, unique taste but safe to ensure the health of consumers, at the same time, helping the company improve its market share, reputation and grow more and more Therefore, the topic "Creating a marketing plan for new product Crenosa milk tea flavored water in the period 2/2022-1/2023" will be discussed The structure of the assignment including: Chapter 1: Gasaco company overview Chapter 2: SWOT & Macro - Environment Analysis Chapter 3: STP Chapter 4: Marketing mix strategies Chapter 5: Action plan Chapter 6: Conclusion 0 CHAPTER GASACO COMPANY OVERVIEW 1.1 INTRODUCTION Established in 1994, with more than 20 years of experience in the beverage manufacturing and processing industry, Quang Minh Food Processing Co., Ltd (GASACO) has become one of the outstanding typical units chosen by consumers across the country today 1.1.1 Vision In 2025, the company is one of the leading beverage companies trusted in Vietnam 1.1.2 Core values The principles and responsibilities that Gasaco always persistently pursues in all circumstances despite difficulties and disadvantages - Pioneer: Taking the lead in natural beverage management, creating clean drinking water for Vietnamese people - Differential: Creating different and humane products bearing GASACO's mark - Companion: Gasaco always accompanies and develops for the health of the community - Responsibility: Gasaco commits and fulfills its responsibility to society, partners, customers, and employees on the principle of mutual benefit 1.1.3 Mission Research, develop and create clean drinking water, extracted from nature to protect and improve the health of Vietnamese people 1.2 STRATEGIC OBJECTIVES 1.2.1 Marketing objectives - Customers: Reaching target customers as well as exploiting more potential customers - Market: Expanding the operating market in the coming time, building a reputable and quality brand - Coverage: Expanded coverage to more retail points across the country 1.2.2 Brand objectives When thinking of the Crenosa brand, consumers will think of: A fresh, youthful and dynamic image - Product features: It is a milk tea flavored water product 0 + The company can offer a line of Crenosa milk tea flavored water that is packaged with a strategy of diversifying packaging sizes: Packing lower weight than traditional products to lower the selling price Or produce packaging with large paper boxes for many people to use together to reduce costs In addition, offer promotional policies for customers who buy in bulk (buy four bottles, get one bottle free) to stimulate customers' shopping needs + The company should invest in building and link with input ingredients growing areas in order to lower the price of ingredients, and stabilize the supply as well as the quality of the input ingredients 4.3 DISTRIBUTION STRATEGY 4.3.1 Types of distribution strategies Because Crenosa milk tea flavored water is a popular consumer item, consumed regularly, consumers not waste effort when deciding to buy, so Gasaco will use an extensive distribution strategy for Crenosa 4.3.2 Distribution channel For goods to be consumed, there need to be different individuals involved in the distribution of the company's products, including manufacturers, distribution intermediaries, and consumers/customers Below is the distribution channel structure Gasaco will apply to distribute Crenosa milk rea flavored water to consumers: Manufacturers Retailers Consumers Figure 4.1: Distribution channel - Distribution channel length: One level - Type of intermediaries joining the channel: Retailers - Distribution channel width: + Traditional distribution channel 12 0 world, doubling the second-ranked country (India), and 16 times higher than the United States Vietnam’s beverage industry is rapidly expanding, aided by economic growth, advantageous demographics, rising tourism, and higher middle-class income According to Euromonitor, the Vietnamese beverage market by 2020 has a revenue of more than 5.8 billion USD With an annual growth rate of 6%, the sector is a major driver of Vietnam’s economy, with the highest production value and the 2nd highest total revenue The reasons for the high growth of Vietnam's beverage industry are due to the hot and humid climate, diverse food culture, and the rapid development of food services These things have pushed the demand for beverages to increase 0rapidly over the years In addition, Vietnam is a country with a young population, with the age group of 15-54 years accounting for more than 62.2%; in which the age group 15-40 is considered to have the highest demand for beverages 2.2.2 Trends of beverage consumption Nowadays, consumers are more and more demanding Their tastes have now changed Market research firm Mintel announced 12 new trends for the food and beverage industry Accordingly, the trend of using healthy drinks with clear and natural ingredients as well as the requirements for proof of origin becomes more stringent If in the past demand was more than supply, customers used products that were "innocent", more interested in taste and preferences, now they are fastidious and careful in choosing products Now buyers are paying more and more attention to clear labels and standard ingredients This requires businesses to be transparent about information, make more quality commitments and be more careful in communicating with users 2.2.3 Competition in the Vietnamese beverage market The beverage market in Vietnam is fiercely competitive This is clearly shown in the number of enterprises involved in the production, supply, and import of beverage products According to collected data, as of 2021, there are 519 enterprises operating in the field of beverage import and production The beverage market in Vietnam is fiercely competitive This is clearly shown in the number of enterprises involved in the production, supply, and import of beverage products According to collected data, as of 2021, there are 519 enterprises operating in the field of beverage import and production.Currently, there are more than 500 brands of bottled water on the Vietnamese market with many products supplied by private manufacturers and foreign brands in the market Moreover, the competitive pressure from substitute products is very strong: carbonated drinks and fruit juices are having a very high growth rate, especially the "boom" of bottled teas in recent years leading to competition in the beverage market has become increasingly fierce 0 2.3 SWOT OF PRODUCT Strengths - For those who are addicted to milk tea and are in the process of losing weight, this drink is considered an effective solution to replace ordinary milk tea - New flavor => curious to consumers about the taste, which will attract more buyers to experience Weaknesses - Only focus on young customers => The target audience is narrow - Gasaco brand is not a strong brand in the market Opportunities - Milk tea flavored water is an unpopular product => potential market - Strong growth forecast for bottled water market - The needs of consumers are increasingly diverse => milk tea flavored water creates a competitive advantage Threats - Beverage market fluctuates - High competitive rate - Retailers such as supermarkets, convenience stores, department stores have many strict requirements when importing products for sale 0 - Various substitute products 2.4 COMPETITIORS 2.4.1 Direct competitor Gasaco milk tea flavored water has to face directly with Goodmood drink including two versions: yogurt drink and orange extract drink of Suntory PepsiCo Vietnam Beverage Company (SPVB) 2.4.2 Indirect competitors Indirect competitors to Gasaco milk tea flavored water are all beverage products from other companies that jointly address the beverage needs of consumers Can be mentioned Tan Hiep Phat Company with Number one strawberry products, zero degree green tea, squash tea, or products of salted lemonade, fruit juice, of Bidrico company 0 CHAPTER STP 3.1 SEMENTATION Table 3.1: Crenosa's segmentation Segmentation Segment Segment Segment Vietnam Vietnam Vietnam Urban Urban Urban Age 15-22 23-30 >30 Gender Male, Female Male, Female Male, Female Low (Depend Have stable Have stable on parents) income income Student, Workers, Workers, college officers, officers, student teachers,… teachers,… Bachelor Bachelor degree, degree, master master Variable Geographic Region Demographic Income Occupation High school, Education College / University Psychographic: Care about Motives Care about taste, product taste quality and health Love to Personality explore and Care about taste, product quality and health Love to Difficult to accept explore and innovation, less experience experience like to explore Lifestyle Dynamic, Dynamic, modern, modern, catching up catching up Less dynamic, catching up with with trends Hoppy Love novel products with trends Love convenient and novel products trends slower Less interest in novel products Behavioural Usage Rate High (5-7 Medium (3-4 Low (1-2 times/week) times/week) times/week) Attractive Benefit Expectation Attractive taste, taste, Attractive healthy product affordable taste, healthy quality, little price, eye- product quality concern about catching Brand loyalty product packaging Low, easy to Medium switch brands friends, influencers group like youtuber, idol, KOL, tictoker, others,…, colleagues, influencers like youtuber, idol, KOL, tictoker, others,…, media media switching Family, Friends, Preference High, less brand Family, friends, colleagues 3.2 TARGETING The main target market that Gasaco targets for this product is segment The audience in this segment is from 23-30 years old, living and working in urban areas Segment is a potential market for Gasaco because the characteristics of consumers in this segment are consistent with the characteristics of Crenosa milk tea flavored water new products: - Having a stable source of income, so be able to pay for themselves - Care about health and product quality - Likes to explore and experience, like convenient and novel products - Dynamic, modern, catching up with trends 3.3 POSITIONING - The positioning of Gasaco milk tea flavored water is "the taste is like enjoying a cup of milk tea but with fewer calories" This is the strength of the product because other Vietnamese beverage brands in the market not have product lines with this flavor - Gasaco will apply the "More for more" strategy to position Crenosa milk tea flavored water This means that Crenosa products will have higher quality and higher prices compared to other competitors High quality Cresano Low price High price Low quality Figure 3.1: Crenosa's position 0 CHAPTER MARKETING MIX STRATEGIES 4.1 PRODUCT STRATEGY 4.1.1 Product’s attributes Milk tea flavored water is made from real tea leaves, milk, and natural mineral water, so it is safe for consumers' health The product is processed by the distillation method The water will be boiled, and the steam will pass through a layer of black tea to infuse the tea flavor This amount of steam is then cooled, leaving a layer of tea-flavored liquid that is transparent like water Transparent milk ingredients containing only lactose and fat-free minerals are suitable for all audiences Combine transparent milk ingredients with the above "transparent tea flavored water" to get milk tea flavored water 4.1.2 Value propositions Gasaco is committed to bringing consumers a milk tea flavored water product that tastes like enjoying a cup of milk tea but with 20 times fewer calories, does not cause fat and is safe for consumers' health 4.1.3 Packaging The bottle is easy to open for everyone, unique and fancy transparent rectangular body shape with a capacity of 455ml This rectangular bottle design has an outstanding feature compared to the round bottle design in that it is difficult to roll and fall off the surface, easier to store drinks 4.1.4 Branding The brand name "Crenosa" 0is a 0combination of the first letters of the three words Creativity, Novelty and Safety Crenosa is written in a modern font with an orange tone This color was chosen because it brings a sense of creativity, attraction and success With the slogan "Crenosa - Best choice!" the brand is committed to giving consumers the best experience 4.1.5 Labeling The main color of the label is blue, which brings a sense of security, protection, and promotes trust in the product The rectangular label will be affixed on the front of the bottle body vertically, on which will be printed the brand name, product name and company name Gasaco The back of the bottle will be affixed with a label of the same size as the front, on which information such as ingredients, expiry date, instructions for use and storage, UPC CODE, product capacity, the name and address of the manufacturer or distribution company, 10 0 including street address, a general overview of the nutritional value of the product will be printed clearly and in detail 4.1.6 Product support services - The company will create a fan page on Facebook and an official website for the Crenosa brand The information about the product will be posted and updated regularly so that customers can refer and learn before buying the product In addition, the website and fan page will provide a toll-free phone number and email for customers to contribute ideas and receive advice before, during and after purchase - Shopping support: For busy customers who not have time to go to places that sell Crenosa products, they can easily buy products through those two online shopping sites Shopee and Lazada 4.2 PRICE STRATEGY In the new stage of launching products to the market, Crenosa milk tea flavored water will use the "flash skimming" pricing strategy, which means high prices and big promotions With a high price to get high profits in a short time to compensate for the huge investment costs for the production and launch of products to the market The big promotions are aimed at attracting attention, stimulating the buying demand of consumers to speed up the penetration and dominate the market When Crenosa milk tea flavored water is newly launched on the market, the price of bottle with a capacity of 455 ml will be 12,500 VND That is a price that is not too high compared to the use "like enjoying a cup of milk tea but fewer calories, no fat and safe for health" of the product However, considering the domestic beverage market in Vietnam, it is not cheap In general, Crenosa milk tea flavored water still has a higher price than other beverage products Table 4.1: Prices of some beverage products on the Vietnamese market Product's name Crenosa milk tea flavored water Good Mood yogurt Flavored Water Good Mood orange flavoured water Ice fruit juice + Capacity(ml) 455 Price/bottle 12.500 VND 455 8.500 VND 455 8.500 VND 500 8.500 VND The higher price of Creosa milk tea flavored water is mainly due to the high cost of input materials, fresh ingredients, technological processes with many complicated processing stages These things increase the cost of the product In order for the price to be no longer an issue for consumers to consider, the company can choose from the following solutions: 0 11 + The company can offer a line of Crenosa milk tea flavored water that is packaged with a strategy of diversifying packaging sizes: Packing lower weight than traditional products to lower the selling price Or produce packaging with large paper boxes for many people to use together to reduce costs In addition, offer promotional policies for customers who buy in bulk (buy four bottles, get one bottle free) to stimulate customers' shopping needs + The company should invest in building and link with input ingredients growing areas in order to lower the price of ingredients, and stabilize the supply as well as the quality of the input ingredients 4.3 DISTRIBUTION STRATEGY 4.3.1 Types of distribution strategies Because Crenosa milk tea flavored water is a popular consumer item, consumed regularly, consumers not waste effort when deciding to buy, so Gasaco will use an extensive distribution strategy for Crenosa 4.3.2 Distribution channel For goods to be consumed, there need to be different individuals involved in the distribution of the company's products, including manufacturers, distribution intermediaries, and consumers/customers Below is the distribution channel structure Gasaco will apply to distribute Crenosa milk rea flavored water to consumers: Manufacturers Retailers Consumers Figure 4.1: Distribution channel - Distribution channel length: One level - Type of intermediaries joining the channel: Retailers - Distribution channel width: + Traditional distribution channel 12 0 ... obtained in the essay with the topic" creating a marketing plan for new product Crenosa milk tea flavored water in the period 2/20221/2023" is personal research In the whole content of the article,... time, helping the company improve its market share, reputation and grow more and more Therefore, the topic "Creating a marketing plan for new product Crenosa milk tea flavored water in the period. . .THE FINANCIAL UNIVERSITY OF FINANCE – MARKETING -o0o - TOPIC: CREATING A MARKETING PLAN FOR NEW PRODUCT CRENOSA MILK TEA FLAVORED WATER IN THE PERIOD 02/2022 – 01/2023 Instructors: