International business management WHAT MAKES COCOON VIETNAM UNIQUE AMONG OTHER COSMETIC BRANDS

International Business Management HCMC UNIVERSITY OF TECHNOLOGY ASSIGNMENT REPORT International Business Management Lecturer: Đậu Xuân Trường Class: CC02 GROUP Group member Phan Phúc Phi-1752410 Đỗ Tuấn Khang -2052122 Bùi Đức Khang -1952756 Võ Đặng Anh Thư-1952484 Đỗ Quốc Khánh-1952070 0 International Business Management Table of Contents Types of Method Page Catalog I.INTRODUCTION II.BACKGROUND III.MARKET EVALUATION 1:General factors .3 2:Social factors and their influences on lifestyle and business 3/ Economic factors: 4/ Political and legal factors: .7 IV.STRATEGIC PLANNING 1:Industry analysis 2:Competitive environment 3: Labor 10 4: Supply chain 11 5: Financial system 12 V.MARKET ENTRY ISSUES 12 1:Rules and regulations 12 2: Brand equity 13 VI.TARGET MARKET AND POSITIONING 13 1: Target market 13 2: Positioning 13 VII.INTERNATIONALIZATION STRATEGY .13 VIII.MARKET ENTRY STRATEGY 14 IX.INTERNATIONAL BUSINESS FUNCTION STRATEGIES 14 X.WHAT MAKES COCOON VIETNAM UNIQUE AMONG OTHER COSMETIC BRANDS? 16 XI: CONCLUSION 16 XIII: REFERENCE 17 0 International Business Management I.INTRODUCTION It is estimated that the Vietnamese cosmetic market is worth 2.35 billion USD in 2018, of which domestic brands account for 10% with a few brands of Saigon, Thorakao, etc about imported brands and products such as Korea (35%), Singapore (15%), Japan (11%), France (6%), US (6%), according to UN-Comtrade data Cocoon is one of the top pure Vietnamese products in the cosmetic industry After many years of development in Vietnam, Cocoon wants to develop in foreign markets and Korea is the country of their choice.In this report will propose a plan for the company to be able to successfully expand into new markets II.BACKGROUND The Cocoon Original Vietnam is a natural vegan Vietnamese cosmetic brand.Cocoon belongs to Nature Story Cosmetic LTD( limited liability company ) represented by Mr Nguyen Ngoc Bao Cocoon products are completely natural and are committed to not testing on animals years ago, Cocoon officially launched to users with two main products: squash extract and pomelo peel extract, which specializes in treating acne and fading dark spots At this time, Cocoon began to receive a lot of acceptance from consumers But not stopping there, after years of investment in research and product improvement, Cocoon has officially returned and successfully conquered Vietnamese consumers in a new professional look with outstanding quality On 9/2020, Cocoon was certified “not tested on animals and vegan” by the global animal welfare organization PETA In 11/2020, Cocoon officially became the first Vietnamese brand to be approved by The Leaping Bunny program of Cruelty-Free International – one of the most famous programs to ensure the production process is not tested on animals, in its commitment to not testing on animals III.MARKET EVALUATION 1:General factors First we consider countries: South Korea, Australia and Japan Below are some cosmetics industry data in 2020 for those countries: 0 International Business Management Criteria Japan South Korea Australia Market size (Billion USD) 1.76 6.17 3.73 Import tariff (%) 5.8 10 10 Average spending on purchase per month (USD) 23.93 27.16 14.89 From those criteria we can see that South Korea is the most potential market for our products to grow One more factor is that the distance from Vietnam to Korea is nearer than other countries so the transportation cost from Vietnam to South Korea is cheaper That’s all the reasons why we chose South Korea to enter the market 2:Social factors and their influences on lifestyle and business - Koreans live very optimistically, unlike the melancholy Korean films we often see, you will see very interesting and funny personalities of Koreans That is the lifestyle of enjoyment, Korean society today is modern and life is much more comfortable than before, Koreans live more liberally, wear more beautiful makeup They think that being more beautiful will be more successful in life - Korean consumers are not loyal to brands, they tend to be tech-savvy and concerned with brand names As a matter of fact, more than 98% of South Korean households access the World Wide Web daily and over 85% of the Korean population owns a smartphone Online shopping is very democratized The use of the internet also makes it possible to search for information on a product before picking it up in a store Social networks are used to explore, review products and buy Influencers and testers of known products are influential in consumer decision making Consumers are increasingly less attracted to domestic products while purchases of foreign products are growing - Though influenced by other Asian cultures, Korean art has always managed to maintain a uniquely Korean quality, namely a tranquil and relaxed attitude, quite distinct from the elaborate and massive forms of China or the highly delicate style of Japanese art - In Korea, the importance of a relationship can be expressed through gift giving which is always welcomed Gifts should always be wrapped nicely in red or yellow paper, as these are royal colors Building relationships is an essential part of doing business in Korea Relationships are developed through informal social gatherings and generally involve a considerable amount of eating and drinking Such gatherings also present the opportunity for both sides to discuss business in more relaxed and friendly surroundings, including over dinner 0 International Business Management 3/ Economic factors: - Population + Actual count: about 51.32 million people + Age distribution: + Average age of the Korean: 44 – 44.5 years old + Density of population: 528 people per square kilometer + Target age group of customers: 15-35-year-old age group + Urban people portion: over 81% country population + “Natural” is not only a trend in the cosmetic industry for years recently but also a major core value of products of Cocoon In population factor, all the data shows that Korea is a market which has more potential for development than Vietnam based on the demand factor of markets Cocoon organization focuses on the 15-35-year-old age group of citizens The real size of the target Korea market is 36.8 million people As a small and newbie brand, 4% is a dream goal to achieve for Cocoon - Income + GDP: 1.660 trillion USD + GDP per capita: 32,346 USD + Family income: 19,081.079 USD + The average income of Korea is about 3,158 USD / month (top highest average salary in Asia) + Consumption expenditure by product category in 2020 show that spending in “health” products almost reached 7%, which is an impressive rate for the cosmetic industry though it is not a priority of a country Table Consumption expenditure of Korean by product category in 2020 Housing, water, electricity, gas, and other 20.01 0 International Business Management fuels Food and non-alcoholic beverages 16.01 Miscellaneous goods and services 14.19 Transport 12.22 Recreation and culture 7.43 Restaurants and hotels 7.036 Health 6.81 Clothing and footwear 5.03 Education 4.25 Furnishings, households’ equipment, and routine maintenance of the house 3.59 Communications 3.01 Alcoholic beverages, tobacco, and narcotics 2.52 According to the data above, the buying power of the South Koreans is high that people can easily afford types of products with high price Moreover, an impressive portion of Health - care products gives a detailed look of how influential cosmetics products affect people's expenditure pattern Infrastructure: Transportation & Communication system has been developing rapidly 0 International Business Management + The Infrastructure in South Korea is estimated to grow at a CAGR of approximately 6% during the forecast period + South Korea’s infrastructure quality has ranked highly (6 out of 140 in 2018, out of 137 in 2017) + South Korea is provided by extensive networks of railways, highways, bus routes, ferry services and air routes that traverse the country It is also important to mention that the aviation and marine transport in Korea is the fifth (to sixth) largest industry in the world, with the Incheon Airport classified as the second-best airport for international freight while the Busan Port regarded as one of the best container ports in the world - Inflation rates + Due to the increase of oil and gas price, Bank of Korea informs that the inflation rate in the first half of 2022 was 3.1%, which can surpass the expected average rate of 3% Moreover, the inflation in consumer price growth rate in Oct 2021 was 3.2% compared to the same period in the previous year, which is the highest growth rate ever since 2012 In Jan 2022, the inflation in consumer price rate growth rate was 3.6% and was higher than average number 3% for months straight from Jan to April 2022 The solution was made in Jan that the government will consider raising the interest rate to proactive control the inflation According to the fact that, it will be a hard financial problem for a brand-new foreign company like Cocoon to integrate In contrast, the growth rate of GDP of South Korea in 2021 experienced a stunning figure with 4%, which means that there is also an opportunity for the company to develop - Trade freedom under the RCEP + Under the RCEP, the Republic of Korea will get the largest free trade ever opening lots of opportunities for economic growth + South Korea can join in a market of 2.2 billion people, with enormous partners like China, Japan, Australia, New Zealand, …, with a combined economic size of $26.2 trillion, or 30% of the world’s GDP - Restrictions under the RCEP + Lack of rules of protection of environment and workers + Tariff reduction is not as large as CPTPP which also includes RCEP members + Just empower China’s economic situation, also RCEP is the first regional multilateral trade agreement of China, regional value chains of China will be strengthened, thereby increasing RCEP members’ ability to reap the benefits of integration 0 International Business Management + Lose the participation of a major regional economy, India 4/ Political and legal factors: Legislations, regulations, special rules about marketing and labeling of products under the RCEP + The RCEP brings opportunities to South Korea in many fields in FTA There is a wonderful sign that the marketing department and labeling are going to be boosted for development More products can be known, especially cosmetics one due to an enormous market result of the RCEP Additionally, there will be a reduction in labeling standards of products so goods can be easily accessed into foreign markets Tariffs, quotas and other restrictions of exports and imports of goods and services under the RCEP + Tariff reduction is 90% of the tariff on goods traded between signatories within 20 years of the agreement coming into effect However, the level of tariff elimination between Korea and Japan will remain at 83% because of the existing FTAs between these two Therefore, exports and imports of goods and services have a step forward in developments + There is no particular quotas of exports and imports of goods and services in the RCEP - Intellectual property rights under the RCEP + Under the RCEP, it raises standards of IP protection and enforcement across all RCEP countries + Joining multilateral IP agreement RCEP makes ratifying many of these treaties mandatory for member countries like the WIPO Copyright Treaty, the WIPO Performances and Phonograms Treaty, the Paris Convention for the Protection on Industrial Property, and more + Digital Access to information The agreement stipulates that every member country must construct or have available accessible online databases containing information on trademark applications and registrations Publicly accessible IP databases will help businesses make more informed decisions and reduce market access barriers for MSMEs + Digital Platforms to Register Intellectual Property RCEP mandates that countries make digital platforms for filing patents, trademarks, and industrial designs available Any denial to approve the application must be supported by written rationale, as well as an option to appeal the decision In addition, interested parties must be given the option to object to a trademark, patent, or Geographic Indication This simplifies and speeds up 0 International Business Management registering IP with the appropriate authorities + Protection of Domain Names In the RCEP, countries must have a procedure for settling disputes over internet domain names modeled after the Internet Corporation for Assigned Names and Numbers system This requires RCEP countries to establish dispute resolution mechanisms that are fair and time-efficient while allowing for such disputes to be settled by the courts with appropriate remedies where justified + Enhanced Border Measures According to the RCEP, countries must have processes in place that allow IP owners to request that authorities confiscate suspected counterfeit or pirated items at the country's border If no infringement is discovered, the goods may be freed or ordered destroyed by the authorized authorities + Renewed Efforts Against Piracy and Counterfeiting The RCEP mandates that countries offer civil and criminal consequences for unscrupulous actors who attempt to profit from copyright or trademark counterfeiting For commercial-scale IP infringement, a copyright owner may commence civil proceedings and request criminal prosecution under the RCEP IV.STRATEGIC PLANNING 1:Industry analysis In 2020, the market size of the cosmetics industry in South Korea amounted to around 7.6 trillion South Korean won Figures saw a marked drop from the previous year As Kbeauty products gained global popularity, the production and exports of Korean cosmetic products had significantly grown from 2014 to 2019 0 International Business Management 10 Figure: Market size of cosmetics industry in South Korea from 2014 to 2020 (in trillion South Korean won) 2:Competitive environment The South Korean cosmetics industry has been dominated by local products Based on sales revenue, the leading domestic companies were LG Household & Health Care and the Amore Pacific Group In addition, Korean consumers are purchasing more products directly from overseas markets Customers can now buy foreign brands at the same prices as in the U.S., and an increasing number of brands are offering overseas shipping services In 2020, overseas direct purchases represented more than $3.7 billion, up 19.4 percent from the previous year 3: Labor 0 International Business Management 11 Figure: South Korea labor force from Feb 2021 to Feb 2022 Figure: Labor wage in South Korea from 2014-2021 A rugged, mountainous land with few natural resources, Korea's most valuable commodity 0 International Business Management 12 is manpower It can be seen from these diagrams that the workforce of Korea is large and cheap and also the hourly compensation cost just about 9.160 won ~ 7.53 USD, which is an advantage to reduce the cost of manufacturing and easier entry into the workforce allow a new foreign business to compete with local businesses Beside that, labor is being increasingly recognized for its intelligence, ability to learn, literacy and capacity for hard work It has one of the world's highest-educated labour forces among OECD countries 4: Supply chain Figure: Global supply chain management system South Korea has a strong infrastructure with a lot of paved roads, strong telecommunications, landline subscriptions making it easier to connect and support its manufacturing supply chain and shipping Additionally, the government encourages investment in manufacturing technologies, especially for high-tech and automotive industries Beside that, Korea also enjoys a reputation for excellence in cosmetics and high-end skin care products However, the inflation rate of Korea stays high hovering near a decade for about 2.5% compared to previous year which is the fastest pace of price rising since 2011 and a sharper increase than projected by the BOK 5: Financial system 0 International Business Management 13 Over the past five years, the South Korean economy has followed a track similar to those of many other countries: slowing growth from 2017 through 2019, negative growth in 2020, and recovery in 2021 During the same period, levels of economic freedom have remained largely unchanged V.MARKET ENTRY ISSUES 1:Rules and regulations When importing to Korea, the products need approval from South Korea Pharmaceutical Traders Association (KPTA) being responsible for issuing importing cosmetic approval and supervising cosmetic trading Then a complex evaluation and approval procedure by Ministry of Food and Drug Safety (MFDS) before conducting and marketing 2: Brand equity The cosmetics market of Korea is dominated by local business, leading to highly competitive environment and requiring the new foreign business to post news, information about promotions, and communicate with their audience on a daily basis widely to make impression with new customers and build brand equity, making cost increasingly Additionally, selling on e-commerce platforms of Korea is also an essential tool for promoting speedy sales VI.TARGET MARKET AND POSITIONING 1: Target market Cocoon creates the same message about the benefits of using vegan products to its whole audience In order to appeal to such a large group of people, this usually means the message is more general It is a B2C and B2B business looking to target eco-friendly, vegan beauty-loving, health-conscious individuals with acne treatment and cleansing purposes as their strengths 2: Positioning Cocoon is one of the first cruelty-free cosmetic brands that committed not to test on animals, being validated by the Cruelty Free International Leaping Bunny program, which is a significant advantage due to the trend of using cosmetics not being tested on animals in Korea It truly spreads the concept of beauty inside to outside by raising humanitarian and preserving sustainability of the natural ecosystem VII.INTERNATIONALIZATION STRATEGY Localization strategy is recommended to expand the firm in the Korean market Part of Cocoon's success in the domestic market is due to cultural appreciation and understanding Each Cocoon product is made from the main ingredients collected in 0 International Business Management 14 Vietnam's nature Containing traditional, natural and healthy elements, Cocoon's products easily meet the needs of Vietnamese consumers For example, in Vietnamese culture, people often use essential oils from grapefruit peel to wash their hair, grow hair, and avoid scalp irritation Realizing that, Cocoon has applied and launched a product line using grapefruit essential oil as the ripe ingredient This culture-oriented strategy is Cocoon's strength, helping Cocoon's products increasingly capture a large market share in the Vietnamese market Therefore, it is believed that Cocoon has enough motivation to absorb Korean culture in their production line but still conserve the Vietnam origin of the products Currently, Korean consumers are purchasing more products directly from overseas markets VIII.MARKET ENTRY STRATEGY For market entry strategy, Cocoon Vietnam’s products should be exported indirectly In the first year of a 3-year plan, the company should enter foreign markets on a small scale and then build slowly as they become more familiar with the market It gives the company time to collect appropriate information, learn more about the Korean market which helps Cocoon to minimize its risks and potential losses Moreover, South Korea and Vietnam have concluded negotiations for a bilateral free trade agreement (FTA) at a signing ceremony in Busan witnessed by Vietnamese Prime Minister Nguyen Tan Dung and South Korean President Park Geun-hye The FTA will remove import tariffs on more than 90 percent of all products In return, South Korea will cut tariffs on imports of farm produce, seafood, garments and textiles, and mechanical products from Vietnam Additionally, South Korea will further open its markets to Vietnamese investment and services This FTA provides a great opportunity for Cocoon to export the products in the Korean market In general, Korea has a strong regime of intellectual property (IP) protection and enforcement Moreover, the Korean Government prioritizes IP protection, as Korea is a significant creator of IP Nevertheless, some IP-related concerns remain, including with respect to: the transshipment of counterfeit goods, especially via small express-shipped parcels; geographical indications; collective rights management and statutory license fees for digital music services; and a lack of civil and criminal penalties sufficient to deter IP violations As a result, Cocoon Vietnam could be considered to transform the market strategy into joint ventures in order to expand the significant scale in the next years IX.INTERNATIONAL BUSINESS FUNCTION STRATEGIES In marketing strategy, the company positions itself as the first cosmetic brand from Vietnam that meets international standards, suitable for Asian women's special climates 0 International Business Management 15 and countries In addition, COCOON emphasizes on price when it has an extremely reasonable price in the mid-range segment, directly competing with famous brands Due to the increasingly high percentage of retail sales in current years shown in figure 6.1., the products of Cocoon can be put on sale through retail stores in Korea Figure 6.1 Retail sales value of cosmetics in South Korea from 2015 to 2020 ( In trillion South Korean won) Source: Statista (2021) Retail & Trade Retrieved from https://www.statista.com/statistics/1084087/south-korea-cosmetics-retail-sales/ As internet retailing becomes one of the strongest retailing channels in South Korea, retail grocery companies have engaged in omni-channel strategies that cater to online shoppers One such measure is click and collect, whereby consumers can pick up the items they ordered online via pick-up stations in the outlets From the cooperation between Cocoon brand and cosmetic distribution systems with over 180 stores such as Lalava, the products of Cocoon can reach target customers in a short period of time E- commerce sales method can be applied to bring consumers one step closer to products According to the Korean National Statistical Office, cosmetics online shopping transactions stood at $10.6 billion in 2020 The proportion of online transactions to total cosmetics retail sales last year was 43.8 percent, which means that more than out of 10 Korean consumers bought cosmetics online Two Korean online shopping websites considered for Cocoon products are G-market which is a global online shopping mall that can be already familiar to many foreigners in Korea and Coupang - the number one online 0 International Business Management 16 shopping website in Korea with the most number of users The average revenue per user is currently estimated at US$ 1,150 The most active age groups are those between 20-29 and 30-39, with roughly 80% of their members purchasing goods and services online For groups aged 40-49 and 50-59 the rates are still lower – at 57% and 30% respectively – but they are rising steadily As competition between e-commerce companies is increasing, quick delivery service is a key to attract more customers To address this need, Coupang one of the most popular e-commerce sites in Korea - invested US$ 1.3 billion to build logistics infrastructure for its delivery service called “rocket delivery” in order to be able to distribute goods within a day from the time of order placement For human resources policy, a polycentric staffing policy is preferred because it alleviates cultural myopia and is inexpensive to implement In addition, parents country national - Vietnam are not always sensitive to the needs and expectations of their host country subordinates X.WHAT MAKES COCOON VIETNAM UNIQUE AMONG OTHER COSMETIC BRANDS? Ingredients are completely originated from Vietnam No one would expect the squash we eat every day to be the main ingredient in cleansing the skin and controlling excess oil, Dak Lak coffee and Tien Giang cocoa butter becoming many people's favorite exfoliants Persimmon in Cao Bang is the "golden ingredient" to moisturize the skin… Each such endemic product from Vietnam's nature is cleverly put into its products by Cocoon From the scent to the name, they are all Vietnamese and you will not be confused with any other brand in the world Investment in product form Product form is also an important part that Cocoon pays great attention to, their designs are always environmentally friendly, all packaging is made of friendly paper, no plastic lamination, and bottles are recyclable regime In particular, Cocoon also cleverly incorporated the Vietnamese woodcarving culture into the logos of ingredients such as squash, coffee, sa-chi, pomelo… The first Vietnamese cosmetic to be certified not to be tested on animals and vegan by PETA The PETA global animal welfare organization's vegan and animal-free certification is something many cosmetic brands around the world are trying to achieve Currently, Cocoon is the first Vietnamese brand to achieve this prestigious certification When it comes to the process of getting certified from PETA, it's a huge challenge PETA not only recognizes the commitment from the brand itself, but all of its ingredient suppliers must also demonstrate that they not use animal-based ingredients and not test on animals This important milestone of Cocoon shows that Vietnamese cosmetics are making new strides, preparing for a larger playground - the world XI: CONCLUSION 0 International Business Management 17 Through the above analysis, Cocoon will definitely have good development steps in Korea Taking advantage of its technology, Cocoon shows that the company is succeeding in providing value to customers By being able to preserve all the essence of natural ingredients, Cocoon has built a solid credibility with Korean consumers with 100% vegan products The brand not only provides eco-friendly products with reusable packaging and does not test on animals, but also responds to the most pressing problems and needs of Korean customers: improving and safe for the skin Furthermore, Cocoon's success is largely due to its focus on consumer behavior and cultural understanding XIII: REFERENCE Maneko (2022) Marketing strategy of Cocoon Retrieved from https://maneki.marketing/cocoon-marketing-strategy/#4-moi-truong-van-hoa International Trade Administration U.S Department of Commerce (2021) South Korea Country Commercial Guide Cosmetics Retrieved from https://www.trade.gov/countrycommercial-guides/south-korea-cosmetics#:~:text=South%20Korea%20is%20one %20of,respectively%20from%20the%20previous%20year Blog.trazy.com (2021) Top Korean Online Shopping Websites You Should Know Retrieved from https://blog.trazy.com/top-korean-online-shopping-websites-you-shouldknow/ Banco Santander (2022) South Korea: Distributing a product Retrieved from https://santandertrade.com/en/portal/analyse-markets/south-korea/distributing-a-product Nina Jobst (2021) Cosmetics market in South Korea - statistics & facts Retrieved from https://www.statista.com/topics/4545/cosmetics-and-personal-care-in-southkorea/#topicHeader wrapper International Trade Administration (2021) Japan cosmetics and personal care industry update Retrieved from https://www.trade.gov/market-intelligence/japan-cosmetics-andpersonal-care-industry-update#:~:text=According%20to%20the%20Ministry%20of,after %20the%20U.S.%20and%20China Mordor Intelligence (2021) The Australia Beauty and Personal Care Products Market growth, trends and forecast Retrieved from https://www.mordorintelligence.com/industryreports/australia-beauty-and-personal-care-products-market-industry#:~:text=The %20Australian%20beauty%20and%20personal,period%20(2021%2D2026) KPL Korea Port Logistics Retrieved from http://kpl.kplg.co.kr/default/eng/sub02/sub08.php Pulse by Maeil Business News Korea Retrieved from https://pulsenews.co.kr/view.php? 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VII.INTERNATIONALIZATION STRATEGY .13 VIII.MARKET ENTRY STRATEGY 14 IX .INTERNATIONAL BUSINESS FUNCTION STRATEGIES 14 X .WHAT MAKES COCOON VIETNAM UNIQUE AMONG OTHER COSMETIC BRANDS? ... country national - Vietnam are not always sensitive to the needs and expectations of their host country subordinates X .WHAT MAKES COCOON VIETNAM UNIQUE AMONG OTHER COSMETIC BRANDS? Ingredients... II.BACKGROUND The Cocoon Original Vietnam is a natural vegan Vietnamese cosmetic brand .Cocoon belongs to Nature Story Cosmetic LTD( limited liability company ) represented by Mr Nguyen Ngoc Bao Cocoon