Nghiên cứu thị trường nội thất, đặc biệt là nội thất tre. Đây là một trong những xu hướng tiêu dùng trong thời gian tới, nhất là khu vực Châu Á Thái Bình Dương, đặc biệt là Hàn Quốc, một thị trường đầy tiềm năng. Đó là lý do tại sao nhóm của tôi quyết định thực hiện nghiên cứu chuyên sâu về thị trường Hàn Quốc để đưa ra một kế hoạch tiếp thị. Sau khi có dữ liệu để nghiên cứu, bước tiếp theo là tìm hiểu về các vấn đề như văn hóa, kinh tế, xã hội,… của xứ sở kim chi. Sau đó xác định khách hàng mục tiêu và đề ra các chiến lược marketing mix hợp lý nhất có thể để đảm bảo đạt được mục tiêu đề ra.
THE FINANCIAL UNIVERSITY OF FINANCE & MARKETING DEVELOPING AN INTERNATIONAL MARKETING PLAN FOR BAMBOO FURNITURE PRODUCTS TO ENTER THE KOREAN MARKET Majors: Marketing Specialized: Marketing Management Class: CLC_20DMA09 Course code: 2221702031209 Instrutor: Master Đặng Huỳnh Phương Student Implementation: Name Student Number Trương Quốc King 2021008461 Nguyễn Hoài Nam 2021008483 Huỳnh Ngọc Tâm 2021008541 Đặng Thị Tú Anh 2021008227 Lê Thanh Thảo 2021008550 Ho Chi Minh city, 2022 i TEACHER’S COMMENTS Student Implementation: Name Student Number Contribution (100%) Nguyễn Hoài Nam (Team Leader) 2021008483 20% Trương Quốc King 2021008461 20% Huỳnh Ngọc Tâm 2021008541 20% Lê Thanh Thảo 2021008550 20% Đặng Thị Tú Anh 2021008227 20% (This part is for teachers to directly guide and comment on students) Score in numbers Teacher signature (Score in numbers) (Teacher signature) MAJORS MARKETING MASTER ĐẶNG HUỲNH PHƯƠNG ii Executive Summary Research the furniture market, especially bamboo furniture This is one of the consumption trends in the coming time, especially in the Asia-Pacific region, especially Korea, a potential market That's why my team decided to in-depth Korean market research to come up with a marketing plan After having data for research, the next step is to learn about issues such as culture, economy, society, etc of the land of kimchi Then identify the target customers and devise the most reasonable marketing mix strategies possible to ensure the achievement of the set goals iii Table of Contents CHAPTER 1: COMPANY OVERVIEW 1.1 COMPANY INTRODUCTION 1.2 VISION & MISSION 1.3 COMPANY CULTURE 1.4 COMPANY RESOURCE 1.5 SWOT OF COMPANY CHAPTER 2: COUNTRY SELECTIVE 2.1 REASONS WHY CHOOSE SOUTH KOREA 2.2 RESEARCH ON WOODEN FURNITURE MARKET IN KOREA 2.3 OVERVIEW OF THE DEVELOPMENT HISTORY OF SOUTH KOREA 2.4 NATIONAL BUSINESS ENVIRONMENT 2.4.1 PEOPLE 2.4.2 GOVERNMENT 11 2.4.3 GEOGRAPHY OF SOUTH KOREA 14 2.4.4 ECONOMY 15 2.4.5 MARKET POTENTIAL AND SCALE 18 2.4.6 MEDIA & TECHNOLOGY 19 2.5 INDUSTRY COMPETITORS 20 2.5.1 MARKET SHARE OF FURNITURE BUSINESSES IN SOUTH KOREA 20 2.5.2 DIRECT COMPETITOR 21 2.5.3 INDIRECT COMPETITORS 22 CHAPTER 3: ENTRY MODE SELECTION 23 CHAPTER 4: TARGET MARKET 25 4.1 SEGMENTATION 25 4.2 TARGETING 26 4.3 POSITIONING 26 4.4 POLITICAL RISK 27 4.5 DIFFERENCE IN CULTURE 27 4.6 EXCHANGE RISK 28 4.7 LEGAL AND TAX ISSUES 28 CHAPTER 5: MARKETING OBJECTIVES 29 5.1 MARKETING GOALS 29 5.2 MARKETING OBJECTIVES 29 5.2.1 MARKET SHARE OBJECTIVES 29 5.2.2 REVENUE OBJECTIVES: 29 5.2.3 PROMOTIONAL OBJECTIVES 29 iv 5.2.4 LOYALTY OBJECTIVES 29 CHAPTER 6: MARKETING STRAGETY 30 6.1 PRODUCT 30 6.2 PRICING 33 6.3 DISTRIBUTION 35 6.4 MARKETING COMMUNICATION 38 6.4.1 ADVERTISING 38 6.4.2 SOCIAL NETWORK 40 6.4.3 SALE PROMOTION 41 6.4.4 PUBLIC RELATIONS 41 CHAPTER 7: FINAL RECOMMENDATIONS, EVALUATION, MEASUREMENT AND CONTROL 43 LIST OF REFERENCES 44 APPENDIX 48 v LIST OF TABLE AND FIGURE Picture 1.1: Logo of Asian Craft Picture 2.1: Furniture Revenuew in Korea from 2017 to 2025 Picture 2.2: Market size forecast Picture 2.3: Korea's development Picture 2.4: Korean family Picture 2.5: Korean house design Picture 2.6: Korean meal Picture 2.7: Korean wall-street 10 Picture 2.8: OECD Ministerial Conference 13 Picture 2.9: The FDI incentives offered by the South Korean Government 13 Picture 2.10: Korea map in the world 14 Picture 2.11: Korean phone usage rate based on population 19 Picture 2.12: Most-used social media platforms in Korea 20 Picture 2.13: Furniture Market share in Korea 20 Picture 4.1 Positioning Map 28 Picture 5.1: Furniture distributor in korea 37 Table 2.1: Value of exports and imports by continent, country block and some major markets in months of 2022 and compared to months of 2021 iv CHAPTER 1: COMPANY OVERVIEW 1.1 Company introduction Full name: Asian Craft Co.,LTD Established: 11/04/2013 in Hanoi Asian Craft is an enterprise specializing in manufacturing, trading, and exporting high-class handicrafts from Cao Lanh Stone, Buffalo Horn, Fine Art Snails, and Sculpture Products Exporting products to China and ASEAN countries Picture 1.1: Logo of Asian Craft To suit the Korean market, Asian Craft chose to establish a new brand, Sbamboo The letter S carries the characteristics of the strip of Vietnam, bamboo is a bamboo tree that both represents the product's material and is attached to the spirit and temperament of the Vietnamese people 1.2 Vision & Mission Guided by its pioneering aspirations as well as a sustainable Manufacture - Exporter Development strategy, Asian Craft has been striving to become Vietnam’s and the regions’s leading Handicraft exporter business group, which aims to become a Group of international stature and standards Asian Craft's aspires to establish its Vietnamese brand, demonstrating Vietnamese intellectual prominence and pride in the international arena With the Mission: - - - For the market: To provide premium products and services of international standards that are original, highly creative and embedded with local identities In addition to its outstanding quality, each product - service contains a cultural message with a view to best cater for customers’ legitimate needs For employees: To develop a professional, dynamic, creative and humane working environment, enabling high income and equal development opportunities for all employees For society: To harmonize the company’s and society’s benefits; to make active contributions to community-oriented activities, and to demonstrate citizens’ sense of responsibilities and national pride Asian Craft's continously improves all services to respond to the credibility and expectation of customer as well as to build prestige in the market (ASIAN CRAFT CO.,LTD, 2010) 1.3 Company Culture Their handicraft products are not only ordinary daily life items but also artistic works representing the culture of the nation Aslan Craft has reached the pinnacle of quality, variety of types, sophistication in each pattern, and sophistication in each product to satisfy every choice of customers They work on the credibility and trust of our customers 1.4 Company Resource Financial sources: Property (year) - Cash and cash equivalents: 16 billion VND Short-term receivables: VND 113 billion Inventory: 79 billion VND Other short-term assets: VND 20 billion Fixed assets: 38 billion VND Investment real estate: 51 billion VND Long-term financial investment: 35 billion VND Human resources: a team of experienced and skillful artisans is selected from traditional craft villages in Vietnam, combined with professional design experts, taking people as the central factor in their activities construction and development Research and development With the gideline: Customer's smile is our happiness Our company is constantly improving techniques, production processes, and service to aim at the best product quality for customers in order to maximize work efficiency and bring great value to customers client Their handicraft products are not only ordinary daily life items but also works of art representing the culture of the nation Asian Craft has reached the pinnacle of quality: The variety of types, the sophistication in each pattern, the subtlety in each product to satisfy every choice of customers We work on the credibility and trust of our customers Production process of products from bamboo knitting • Step 1: Choose bamboo and rattan materials Choose the best bamboo of Quang Phu - Quang Dien - Thua Thien Hue rattan and bamboo craft village, which is not young, not old, grows straight and has high hardness To get the desired work, the artist must first understand the material he will make The best type of bamboo must be the one that is not young, not old, straight growing, with high hardness As for rattan, it is necessary to choose a type of sufficient size, about 5m long, straight, round, and free from pests Trees that are too old or too young are not good • Step 2: Prepare ingredients For bamboo materials: Bamboo is cut down and then dried again It is then treated with anti-termite treatment There are two common ways to fight termites: it is put in the XM5 chemical bath - an easy-to-use and very safe forest product preservative for users, or it is soaked in water according to the traditional manual method For rattan materials: Rattan has a lot of sharp thorns around, so the preliminary processing of rattan needs to be very careful The outer thorny shell will be peeled off, revealing the white rattan flesh inside After that, rattan is also dried slightly, to move to the initial processing stage • Step 3: Material handling For bamboo materials: Bamboo is shaved, polished with sandpaper, then put in the oven, using straw or bamboo leaves to smoke, which has the effect of creating color, helping to dry the material, and helping to prevent warping After smelting, the bamboo will have a western brown or dark brown color When the bamboo is cooled, it will be bent straight For rattan materials: Rattan is dried quite carefully, both to dry the material and to get the color When drying, if there is too much smoke or too little smoke, the clouds will turn red As for the drying process, if it rains, the rattan fiber loses its beauty, if it is exposed to the sun, the rattan fiber loses its freshness If the cloud is not dry enough, the skin will be dull, if the cloud is too dry, it will lose its soft shine Therefore, the process of drying rattan requires a lot of effort from craftsmen • Step 4: Split yarn To be able to weave rattan and bamboo, it needs to be split and spun The size and length of the yarn will depend on the specific type of product Usually, the large yarn will be used to knit the product, and the small yarn will be used to make more elaborate products The rattan splitting needs to be very attentive because rattan fibers often have uneven nodes, so when splitting, it must be very skillful and skillful so that the rattan fibers are even The quality and aesthetics of rattan-bamboo fibers are one of the leading factors determining the value of traditional bamboo and rattan products • Step 5: Construction and manufacturing of products After the knitting is complete, the product will be dipped in glue, painted in color, glossed over the surface, and trimmed to perfection The materials, after being processed, will be knitted and shaped by the talented and skillful hands of artisans in the village to become beautiful and attractive products (The Production Process Of Bamboo, 2022) 1.5 SWOT of Company Strength - Financial strength - Having a long-standing and reputable brand in the industry - Experienced in exporting because the company's existing products have been exported to China and ASEAN markets - Diversified product portfolio - Weakness The product design stage is still limited because before the design is traditional, making items that have been used in the past based on experience, but have not yet approached or absorbed the requirements of the market world school The market share of bamboo products is not high The cost has not been optimized, the price is still high Marketing channel is not working effectively Opportunity The business field is being expanded, there are many opportunities for development and success in the future, especially the Korean market Strong growth in furniture market The government always encourages businesses to develop, especially products with national culture There are few competitors for this bamboo and rattan product Challenge Meet the rules of origin and origin procedures as well as labor and environmental commitments are quite complicated Exchange rate risk due to selling products abroad Shipping costs tend to increase Strong competition in Korean handicraft industry Setting up a company in South Korea (n.d.) From Shieldgeo: https://shieldgeo.com/settingup-a-company-in-south-korea/ Lee Jaejin, Lee SungJun (2022) A Case Study on Dynamic STP strategy of The Interior Brand, LX Hausys 인테리어 브랜드의 역동적 시장세분화 전략 : LX하우시스(LXH)의 시장세분화 전략 사례 Furniture - South Korea (2022, ) From Statista: https://www.statista.com/outlook/dmo/ecommerce/furniture/south-korea The Production Process Of Bamboo (2022, 04 15) From kingcraftviet: https://kingcraftviet.com/index.php/new-detail/the-production-process-of-bambooand-rattan-products-from-craft-villages-in-vietnam ASIAN CRAFT CO.,LTD (2010) From ASIAN CRAFT: http://asiancraft.com.vn/en/about.html Furniture - South Korea (2022, 6) From Statista: https://www.statista.com/outlook/dmo/ecommerce/furniture/south-korea#revenue Furniture - South Korea (2022, 06) From Statista: https://www.statista.com/outlook/dmo/ecommerce/furniture/south-korea#revenue Global Bamboo Furniture Market (2020, 06) From brandessenceresearch: https://brandessenceresearch.com/consumer-goods/global-bamboo-furniture-market (2021) SOUTH KOREAN MARKET INTELLIGENCE RESOURCE South Australian Wine Industry Association Inc (SAWIA) with funding from The Department of Trade and Investment (DTI) South Australia (2021) SOUTH KOREAN MARKET INTELLIGENCE RESOURCE South Australian Wine Industry Association Inc (SAWIA) with funding from The Department of Trade and Investment (DTI) South Australia Korea Information - Government (2020, 4) From koreanculture: https://www.koreanculture.org/korea-information-government South Korea: Statistics (2022) From globaledge: https://globaledge.msu.edu/countries/southkorea/statistics Thang, B (2022, 08) Improving small and medium businesses in cooperation with Korea From vietnamagriculture: https://vietnamagriculture.nongnghiep.vn/improving-smalland-medium-businesses-in-cooperation-with-korea-d331046.html 46 Việt Nam - Hàn Quốc (2022, 04) From trungtamwto: https://trungtamwto.vn/chuyende/20577-viet-nam han-quoc-thuc-day-hop-tac-som-hoan-thanh-kim-ngach-thuongmai-song-phuong-100-ty-usd-nam-2023 Korea Digital Marketing 2021 (2021, 10) From asiapacdigital: https://www.asiapacdigital.com/digital-marketing-insight/korea-digital-marketing2021 Korea, South (2022) From globaledge: https://globaledge.msu.edu/countries/southkorea/memo Korean Home Decor Trends (2021) From thesmartlocal: https://thesmartlocal.com/korea/korean-home-decor-2021/ 47 Appendix Financial papers Customs declaration documents when exporting art crafts to Korea include Sales contract 48 Commercial Invoice 49 50 Packing List 51 Bill of lading 52 53 Phytosanitary certificate 54 Fumigation certificate 55 C/O form AK 56 57 Expense Budget Promotion budget in the early stage of market penetration (first year) Advertisin Descriptio g n Unit cost ( won) Offline Billboard advertising KPI Total cost ( Won) 98.722.06 pic 98.722.060 Posters 58.072 pic 232.288 Led screen 6.968.616 pic 6.968.616 TV 5.808.054 TVC 278,786,59 times/week for months 1.161.436 Engageme nt 13,937,232 times/mont h (6 months of the year) Kakaotalk Ads 1.161.436 Engageme nt 13,937,232 times/mont h (6 months of the year) KBS World 871.077 Article 5,226.462 The DongYang News 871.077 Article 5,226.462 Hankook 871.077 Article 5,226.462 Facebook ads-page 1.161.436 Engageme nt 3.484.308 Instagram Ads 1.161.436 Engageme nt 3.484.308 Online Youtube advertising Ads Unit 58 FB promoted posts Demographi c, Geographic, interest, Custom data targeting & Retargeting) Engageme nt 19.500 97.500 Instagram promoted posts Demographi c, Geographic, interest, Custom data targeting & Retargeting) Engageme nt 19.500 97.500 Total cost 435.432.71 PR Description Unit cost ( won) Unit 슛뚜 Sueddu Youtube Videos 522.646 video 1.045.292 Kim Sangmi Youtube Videos 1.742.154 video 3.484.308 Sue Yun Youtube Videos 1.277.580 video 2.555.160 Exhibition Exhibition of handicrafts to help the poor 110.614.360 Total cost KPI Total cost (Won) 110.614.360 117.699.120 Total Cost Promotion: 553.131.830 Won almost about 10 billion VNĐ 59 Check plagiarism 60 ... https://www.koreanculture.org/korea-information-government Tùng, D Đ (n.d.) Tìm hiểu thị trường tiêu dùng Hàn Quốc From ACAMEDIA: https://www.academia.edu/19329609/Tìm_hiểu _thị_ trường_ tiêu_dùng _Hàn _Quốc South Korea Foreign Direct Investment... bán hàng ''tu sửa nội thất'' để hỗ trợ IMM PE, cổ đông lớn From etoday: https://www-etoday-cokr.translate.goog/news/view/2094178?_x_tr_sl=ko&_x_tr_tl=vi&_x_tr_hl=vi&_x_tr_ pto=wapp Người Hàn Quốc. .. https://www.goodfirms.co/supply-chain-logistics-companies/south-korea Khám phá văn hóa đặc trưng Hàn Quốc (n.d.) From Nhân Văn: https://nhanvanedu.com/kham-pha-nen-van-hoa-dac-trung-cua-han-quoc/ Giới thiệu Hàn Quốc (n.d.) From Vietnam Korean: https://vietnam.koreanculture.org/vi/139/korea/39