(TIỂU LUẬN) the difference between omachi and hao hao in using elements of the marketing mix (7ps) to achieve overall business objectives

TABLE OF CONTENTS I INTRODUCTION .1 II MAJOR FINDINGS The difference between Omachi and Hao Hao in using elements of the marketing mix (7Ps) to achieve overall business objectives 1.1 Marketing mix of Omachi compared with Hao Hao 1.2 Using marketing mix strategy to achieve overall business objective .16 Developing an essential marketing plan .18 2.1 The overview of Omachi .18 2.2 SWOT analysis 18 2.3 Objective .20 2.4 STP 21 2.5 Tactics and Actions 23 2.6 Allocation of resources (Budget and people allocation) 23 2.7 Evaluating and Monitoring marketing plans 24 III CONCLUSION 25 IV APPENDIX 25 V LIST OF REFERENCES 26 I INTRODUCTION Established in 1996, Masan Group is known as one of the distinguished private company companies in Vietnam regarding market capitalization Its subsidiaries work in manifold fields such as consumer staples (Masan Food), financial services (Techcombank) and mining (Masan Resources) Masan Food, also called Masan Consumer, is tremendously prominent and has been operating since 2000 It was ranked 7th in the top 50 prestigious brands in Vietnam in 2016 and 2th in Consumer Goods (PV, 2016) The company produces and distributes various food products and beverage encompassing fish sauce, soy sauce, chili sauce, instant noodles, instant cereal, instant coffee and bottled beverage It also exports its products to foreign countries such as Canada, the USA, German, China, Laos, etc Among all the products, Omachi instant noodle (launched in 2007) can be considered as the most well-received product of Masan Consumer (Masan Consumer, 2018) The aim of this report is to have a better understanding of the company’s marketing strategy compared with its competitor, Acecook (whose number one product is Hao Hao instant noodle) The report aims to accomplish tasks:  Task 1: Compare ways in which organization use elements of the marketing mix (7Ps) to achieve overall business objectives  Task 2: Develop and evaluate a basic marketing plan for the company II MAJOR FINDINGS The difference between Omachi and Hao Hao in using elements of the marketing mix (7Ps) to achieve overall business objectives 1.1 Marketing mix of Omachi compared with Hao Hao According to Philip and Gary (2011), marketing mix is the set of tactical marketing tools that the firm blends to produce the response it wants in the target market In the past, organizations usually followed Marketing 4Ps which includes Product, Price, Place and Promotion Recently, there is Marketing 7Ps which is the modified version of the 4Ps It is added more elements: People, Process and Physical Environment In the case of Omachi instant noodle, the Marketing 7Ps will be applied to analyze the marketing strategy more specific a) Product: Omachi: Masan Food is one of the most successful companies in terms of doing campaign In respect to Omachi instant noodle, it is claimed that it is the latest instant noodle in Vietnam made from the high-quality potato which contains none of the causes of heart disease, cancer or diabetes The process in which Omachi is produced also contributes to its phenomenal success: “Japanese technology”, AVE-ITALIA's closed and highly automated production line, European HACCP food safety standard are harmoniously implemented, assessed by the Quality Management System ISO 9001: 2000 Omachi instant noodle has various flavor, encompassing Omachi Spaghetti, Omachi spicy and sour hotpot, Omachi stewed pork rob with fruits, Omachi stewed beef sauce Despite its late entrance into the market compared to its equivalances, Omachi is still considered a triumph thanks to the company’s apprehension of consumers’ needs for food safety Through Omachi, the company aspires to promote the merit of its products which is the lack of growth in internal heat, achieved by substituting regular ingredients for the noodle with potato The key point of this message is the focus on user health, which is well suited to brand positioning in Omachi's high-end segment (Masan Consumer, 2018) The name “Omachi” is an element that helps the brand became popular Not only does it sound catchy but it also meaningful Omachi in Japanese means “wait a little bit” The prominent “Omachi” written in red, infuse in the customers, as the company states, “an irresistible temptation” The circles as seen in the letters O, A, C and I in the logo represent the company’s punctilious selection in ingredients The stars symbolize the product’s outstanding quality and the company’s ambition to enhance Omachi’s sales to an international level Masan Food also emphasized that the noodle, unlike its conventional counterparts, is made from potato on the product’s package Not only that, a more convenient product being cup noodle is also available for consumers (Centre Mall, 2018) Hao Hao: Launched in 2000, the name of the product “Hao Hao” means goodness and perfection Acecook produces this instant noodle with the aim for a wide accessibility, especially for people with lower income can buy it The company wants to show a simple but impressive image for the consumers Moreover, Hao Hao is manufactured in accordance with Japanese standards and technology, under incessant supervision and support of experts, guaranteeing the high quality of their products Therefore, Hao Hao maintains the go-to choice for consumers regarding safety and quality ever since its entrance into the market back in 2000 (Acecookvietnam, 2018) To sum up, comparing the two instant noodle products Omachi and Hao Hao, it can be seen that two products are perceived differently by consumers While Omachi manifests a high-end and attractive image, Hao Hao, in contrast, is more appealing to middle and lower classes Hao Hao also has more flavors compared to Omachi, and its cup noodle is also well received by consumers In addition, despite the message the lack of growth in internal heat, some consumers agrued that they still felt the same as other instant noodles, resulting in their neglect toward the product After the Omachi’s message, Hao Hao also launches the Hao Hao Vegetable, claiming to be healthier b) Price Omachi From the perspective of consumers, most of them value noodles through convenience, but are also afraid to assume that instant noodles can cause heat in the body This is also a key point for the consumer segment with a good level A challenge for brand positioning in the high-middle segment is that customers are increasingly concerned about healthy food In order to reach this segment, Omachi chose solution producing noodle from the potato to remove the consumer's fear of heat With the strong economic growth, the high middle segment is gradually occupying an important position in the market But it is also unwise to go into the high-end segment (at a rate of VND 3,000 / product or more) as Vietnam still has many good alternatives for high end noodles Benefit from extensive sales network such as pho, noodle soup, porridge, sticky rice, rice cake, etc (Nguyen, 2017) Price is equally important in marketing mix including wholesale price, retail price, discount Price must be commensurate with the value received by the customer and be competitive In 2018, Omachi Potato Noodle has a retail price of 6,000 VND / package, 170,000 VND / box (30 packages) is now available in almost all cities, townships and towns in Vietnam Instead of pricing as high as its other products, Masan's Omachi pricing is lower than Hao Hao's: Omachi 3,500 per package compared to 3,600 to 4,000 per package (BachhoaXANH.com, n.d.) Hao Hao Get to know 80% of Vietnamese consumers living in rural areas with low income, and Hao Hao's main customers are students Therefore, Hao Hao has offered a reasonable price: 3,600 VND / package Hao Hao has used the market penetration strategy The next year Hao Chau offers many products with the characteristic flavor at 2,500 VND/package (BachhoaXANH.com, n.d.) In addition, Acecook has used low cost strategies Previously, materials for production of Vina Acecook almost imported 100%, in recent years the company has studied over 95% replacement materials in the country One of the highlights of Vina Acecook Instant Noodles is the use of modern, hightech equipment, so it is possible to utilize all of the features of the material to produce a large number of products at the same time, high quality products at low cost Laboratories with modern facilities, applying quality management standards ISO 9001: 2000; ISO 14004: HACCP that create many new products, ensure quality, safety, low cost and food hygiene (Acecookvietnam.vn, n.d.) c) Place Omachi The distribution channel of Omachi is from manufacturer to retailer and then consumer Masan is also focused on consuming Omachi noodles Due to the general trend of Vietnamese consumers today, they are getting closer to modern distribution channels such as supermarkets As a result, Masan's strategy has been to distribute its products through retail channels The product is delivered to consumers only through a retailer Specifically, Omachi is sold at retail supermarkets such as Big C, VinMart, supermarkets chain Coop Mart, Maximax system These supermarkets directly distribute products to end consumers, by giving consumers Choose your own product line and preferred This distribution channel is aimed at the end consumer, consuming in small but regular quantities In addition, the main distribution channels are supermarkets, markets and grocery stores Currently Omachi potato noodles are being distributed directly to more than 300 distributors and over 190,000 retailers Thus, the distribution strategy of Omachi noodles is to expand the market and the dealer, increase the number and quality of distribution channels (Masan Consumer, 2018) The extensive distribution network and dealerships, Masan has been very skillful in combining the distribution of Omachi products with Chinsu products, which have won hearts and consumers' choice for a long time The strong distribution network of Chinsu products at over 64 provinces has contributed to the widespread distribution of Omachi Hao Hao Acecook decided to create a nationwide marketing and distribution system with more than 700 distribution outlets across the country, each with a branch office in Hanoi, Da Nang, Can Tho , HCMC The strong development of distribution channels enabled the company to sell more and make a large profit Hao Hao has chosen many different types of distribution channels to bring products to consumers but mainly distributed by agents The business selects many agents (tier one) and the task of the agents is to distribute them to the wholesalers and then to the retailers When customers are in need, retailers will report to wholesalers and the company will deliver the product in a semi-disposable form Similar to Omachi, the other distribution is from manufacturer to retailer and then consumer The company is also important to consume Hao Hao Due to the general trend of Vietnamese consumers today, they are getting closer to modern distribution channels such as supermarkets Therefore, Hao Hao has implemented a strategy of distributing its products through these retail channels The product is delivered to consumers only through a retailer Specifically, Hao Hao is sold at retail supermarkets such as Big C, supermarket chain mart, MegaMarket, Vinmart, etc These supermarkets directly distribute the product to the end consumer, by giving the consumer Use your own choice, product line and preferred Thus, the distribution strategy of Hao Hao noodles is to expand the market, expand agents, increase the number and quality of distribution channels d) Promotion: Promotion is all the guaranteeing works that enlighten your client got relating to the item or your administration, has the good issue and them the real exchange These makes an attempt to include promotions, inventory, the framework and a void, will be notice on the media, radio, report, messages table, offered item to film, represent the comes program and therefore the channel recognized to be occupied with, following for comes for the consumer, deals, telephone, deals through the message, merchant, send index for shoppers, framework, etc Omachi: Choices concerning publicizing:  Omachi chose such well-known actors as model Thuy Hanh, Bảo Anh or Bich Phuong singer This advertising has created a clear communication effect to customers About advertising noodles to cool face model Thuy Hanh, Omachi mentioned that the price of noodles market is constantly increasing That's why Omachi noodles with spicy shrimp paste is a smart choice for consumers  Recently, Omachi offers new products with real meat This advertise with singer Bich Phuong has attracted a large number of customers to receive and love the product  In short, though, Omachi is on the market later than other noodle vendors, but thanks to the unique product launch Omachi is now among the top two favorite noodles in the Vietnamese market today Approaching coordinate advertisement: Or Bich Phuong, the queen of the sad ballad, was also invited to advertise for glass noodles having the real meat Hao Hao 15 Same as Omachi, Hao Hao also advertise their products But they not promote the image coverage on the media However, although advertising for products is less but still appears properly primetime And Hao Hao also chooses to combine with famous stars like Hoai Linh, Toc Tien, etc It can be said that combining with famous stars is an intelligent strategy of both two brands above because those celebrities often have a lot of fans Their words to fans are actually reliable So the combination with celebrities having clean image and many fans is one the marketing strategies never obsolete Because it can help brands entice the fans to become consumers in the future g) Process Developing business always set management process into the foundation for the institutionalization of the working apparatus, the law of personal responsibility It means that defining the role of and scope of responsibility of each person in order to each one realize clearly the authority as well as mission in a community Marketing 7P explains 16 this phenomenon by a basic thesis that considering business organizations as a product, in which employees enjoy two interest groups (or value) are rational and emotional In short, process is the progress carrying out and improving products process as well as performing tasks process (Vo, 2017) Systems and processes of the organization will affect the performance of services Therefore, businesses must ensure that they have a process tailored to minimize the costs Both Omachi and Hao Hao have done very effectively in their business operation through all sales channels, billing systems, distributed systems and procedures with other systems And reality has proven the ranking of the two brands on the market noodles of Vietnam 17 1.2 Using marketing mix strategy to achieve overall business objective Omachi Objective: Expanding and gradually occupying the food market in Vietnam, building strong brands and powerful distribution system, always bring revenue, profits of the annual manager, simultaneously possesses large cash flows The way Masan achieveed their objective:  Clear strategic planning and detailed calculations helped Omachi choose the right target segment  Omachi has a synchronous and accurate deployment plan from the time of launch, synchronous communication with business, and consistent allocation of progress and dialogue, and transmission intensity, appropriate information  The product's marketing message hits a consumer's expectations and expresses it in a clear, simple language  Company brand is an advantage when exploiting appropriate (Doan, 2011) In addition, Masan Consumer changed its focus from instant noodles to noodle with real meat, marking the strategy of adding new innovations to supply a complete meal solution With the launch of new products to serve the young and penetrate into the "noodles" industry, it will be the driving force behind growth, Masan expects sales of convenience foods (main products are instant noodles) will reach about 4,500 billion by the end of 2018 (Hung, 2018) Hao Hao Acecook’s business philosophy is to bring joy, happiness smile to consumers With that philosophy, besides continuously introducing quality products, bringing safety and peace of mind to users, Acecook also want Vietnamese to feel happy through the social 18 activities The scholarship program for students who effort is one of a series of community activities that have been implemented over time such as delivering instant noodles to those in need, sponsoring programs: a car for students to return home for Tet, the season consulting program, the National Symphony Orchestra sponsored a concert with the desire to bring the happy taste from chamber music to the great number of people The company is committed to continue to implement these programs to contribute to the enrichment of cultural life of Vietnam http://doanhnhanplus.vn/doanh-nhan/whos-who/acecook-viet-nam-voi-ba-muc-tieu-hanhphuc.html Hao Hao wants to focus on improving and managing quality products with the ultimate goal of serving customers, increasing product benefits Therefore, the ultimate beneficiary is the customer Over two billion packages of Hao Hao noodles are producted each year under the modern production process with 12 basic steps and strict criteria It will make customer more believable on the quality of Hao Hao Moreover, Hao Hao also used low cost strategies so that they can maximize their profit In the past years, Hao Hao has continuously launched thousands of promotions, which attract customers with thousands of prizes 19 Developing an essential marketing plan 2.1 The overview of Omachi In 2007, Masan joined the industry convenient food with the launch of Omachi, the high-up brand of instant noodles Omachi is the first instant noodle production in Vietnam with the noodle yarn manufactured from potato Masan Consumer's Omachi is among "Top 100 Products & Services Used & Trusted in 2017" by readers of the Vietnam Economic Times Vision of Masan Consumer: Recognized as Asia's leading and most successful consumer company by 2020 Mision of Masan Consumer: Constantly create breakthrough value and as every day we improve the material and spiritual life of consumers Goal of Masan Consumer: Converging and nurturing aspirations and talents to find breakthroughs to enhance the benefits of our products and services to customers, therefore, customers will reward with sales, leading and sustainable growth Core value:  Humans are assets, a human resource of competition  Pioneering in exploration with the desire from winning  Cooperating to develop together, harmony of interests with partners  Ethnic spirit 2.2 SWOT analysis (Using PESTEL & FORCE) Marketing strategy of Masan food at the present time:  Continue to maintain the old product line to meet market goods, avoid shortfalls as 2009 And expand its distribution network to bring products to the hands of consumers in the most convenient way 20  Add a new product line is the glass noodles having real meat in order to meet the demands of customers and create value cuisine  Put the label on the number one brand position in the premium market segment in terms of retail value OMACHI’S CURRENT MARKETING STRATEGY - Clear marketing strategy and detailed calculations helped Omachi make correct choice about target consumer segment - Corporate brand is an advantage when knowing appropriate exploitation - Omachi has a deployment plan synchronously and accurately STRENGTHS from the timing of its launch, media activities in sync with the business, allocating appropriate in-progress, as well as dialogue, and intensity of communication like well suited - Marketing message of each product hits the target consumer expectations and expresses in a language that clear, simple and easy to receive - Omachi invests too much money on advertising Masan did not hesitate to spend money to implement the much-hyped campaign for Omachi noodles The TVC with the arrival of My Linh, Bao Anh and Phuong Bich and Omachi noodles appear WEAKNESSES constantly on the major channels In 2015, Omachi even invited Ngoc Trinh to perform sexy photos in promotional campaigns for the product "Tree of Love" 21 - Young population and the potential market to exploit - Instant noodles market continuously developing market and Vietnam's instant noodle consumption ranks fourth in the world OPPORTUNITIES - Joining the WTO is a great opportunity to export products Omachi instant noodles overseas markets in order to expand the scope of the company - Omachi has policy to support from the state so they can limit the competition from foreign brands - There are more and more brands of good quality, lower prices THREATS than Omachi like Hao Hao This hits the pockets of consumers Thereby affecting their purchase decision 2.3 Objective According to Tuyet Nga (2017), the competition continues, espcially with the top companies, which account for approximately 80% of the market share in Vietnam: Acecook, Masan Consumer and Asia Foods In recent years, owing to the fierce competition in the market, Acecook’s share has plummeted to 45%, making Omachi products more familiar with consumers of all backgrounds, increasing Masan’s share to 24 In less than years, Omachi had helped propel Masan Food’s market share from to 21% in 2012, 24% in 2017 and now rank 2th in the instant noodle market, only after the longstanding Acecook (Nha Trang, 2017) Therefore, the marketing objective of the company in 2018 is to replace Acecook and become the company that has the most market share in Vietnam Moreover, Masan also will focus more on the convinient and quality of the products For example, while in the past, the image of an ideal bowl of noodle was only manifested on the wrapping, Masan has come close to the actualization 22 of such image in Omachi products Nonetheless, it is inevitable that the prices are higher: up to 20.000 VND per product 2.4 STP Market Segmentation: the segmentation is the first activity that analyzes and brainstorms all the potential market segments which the industry can aim in the marketing campaign Generally, each company will aim only one segment of the market meanwhile, the others will focus on different segments of the market industry In Vietnam, the market industry of instant noodle is highly competitive Generally, the instant noodles targeted at the low-end and mid-range of the segmentation The main suppliers of instant noodles are the people who not have a time to prepare their meal such as pupils, students, office workers Additionally, instant noodle are served in the restaurant especially in hot pot restaurants The consumers also prefer choosing the lower priced instant noodle than the high-end because they not want spend a lot of money for this stuff For the retail store where import and store a huge number of instant food, the product they enter have the low price but have the same quality in order to maximize their profit For the ordinary consumer, with the low-income people such as student and employee, they will be interested in low-cost products At the moment, with the development of Vietnam economy, the customers are more and more using the high-end production likes instant noodles imported from Korea, Italia, Japan However, low-priced instant noodles always has high market share in the segmentation, which many Vietnamese suppliers have a target on the first and developing sustainably before they using high priced instant noodles To sum up, the price of instant noodle is based on the Vietnamese costumer’s attention in the market industry Market Targeting: After identifying the resources of business and segmentation, the enterprise will choose the suitable target market segment It evaluates each segment and choosing one or more of the segments to enter 23 In the previous marketing strategy of Omachi, they had targeted in the mid-rage and high-end instant noodles segmentation with the prices (6.500 VND to 13.000VND) In the updated strategy, in order to attract more consumers, the Omachi’s marketing consultant adjust their target in the instant noodle segmentation is “low-cost product” Moreover, they can develop their product more and more sustainably and extensively the middle and high end instant noodles Omachi needs to invest in more production in order to adapt the cheap instant noodles market share In constract, Hao Hao has many productions such as My Tom Chua Cay, My Ga La Chanh, ect, Omachi has only product in this segmentation (Omachi Chua Cay) and this product is not developed In addition, the company needs to invest others productions to target on the low income people (students, employees, etc) Moreover, the cheap segment will make the brand of Omachi popular and closer to every customer Besides with the low-price penetration, Omachi needs to expand their marker share for the middle and high-price product At the moment, the segment of market share that Omachi thrives In order to attract new customer, Omachi can be divided their segment into two directions First and foremost, Omachi needs to give their midrange products into the consumers in the low-price segment With the difference of flavors, marketing can measures likes lowering prices, making the many promotions (buying Omachi to have a chance to get the prizes), the company can attract a majority of customers from the low segment Secondly, high-priced instant noodle should be developed by the Omachi Company Based on the growth of Vietnamese people income, the customers will be interest in the high quality product with the higher price In Vietnam, there are some instant noodle imported to Japan, Korea or Italia have the high price (18.000 VND to 40.000 VND) which appeared in the high-quality and price in the instant noodle segmentation In order to compete with some foreign brands, Omachi needs to create more and more products with high quality and reasonably price Product Positioning: Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers 24 Besides Hao Hao, Omachi is the second brand in the rank of instant noodle in Vietnam The reason is Omachi does not have the promotion strategies strong as Hao Hao For example, Hao Hao spent a lot of money to charity (homeless children, disability people) Additionally, the advisement of Omachi does not attract the customer’s mind so they have the difficulty in becoming the first brand in Vietnam But with the foreign brands, Omachi still has some advantages likes closer to the customer and has the reasonably price than these brands Summary, Omachi has reliable advantages and disadvantages in term of its popularity To develop this brand, Omachi needs the unique marketing strategy to increase their potential strengths and decrees their weaknesses 2.5 Tactics and Actions 2.6 Allocation of resources (Budget and people allocation) 25 2.7 Evaluating and Monitoring marketing plans 26 III CONCLUSION IV APPENDIX Besides, Masan Food also places Omachi noodles in the malls, supermarkets like MegaMarket, BigC, Coop Mart, etc The company places noodles at the entrance, promotion areas; In the instant noodle sale, hand made arrangements for their booth caught the eye of consumers, just reach for their goods Orders placed in the supermarket are at the fingertips of consumers This is also the strategy of the company Inappropriate placement of other brands 27 V LIST OF REFERENCES Acecookvietnam, (2018) Hao Hao Noodle [online] Available https://acecookvietnam.vn/en/product/hao-hao-noodle/ [Accessed 11 Nov 2018] at: Acecookvietnam.vn (n.d.) 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