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Untitled TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION ASIAN MARKETING MANAGEMENT COCOON PLACE STRATEGY Giảng viên hướng dẫn Hoàng Kim Chương Nhóm MAGGIE HCMC, DECEMBER 2021 1 1 0 Tieu l[.]
TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION ASIAN MARKETING MANAGEMENT COCOON PLACE STRATEGY Giảng viên hướng dẫn: Hoàng Kim Chương Nhóm: MAGGIE HCMC, DECEMBER 2021 1 Tieu luan LIST OF MEMBERS No Full name Student ID Completion (%) Nguyễn Ngọc Lan Anh (leader) 719H0007 100 Bùi Thị Châu Trâm 719H0139 100 Phạm Nhật Quang 719H0107 100 Nguyễn Ngọc Quỳnh Như 719H0094 100 Võ Đại Minh Hoàng 719H0858 100 Lê Phạm Thanh Huyền 719H0044 100 Vũ Nguyễn Bình Giang 719H0027 100 Tieu luan MỤC LỤC Introduction 1.1 Background of the Cocoon Original Vietnam 1.2 The objective of the company 1.3 Products of Cocoon brand Cocoon’s Analysis 2.1 Situational analysis 2.2 STP Strategy 2.3 Competition analysis 11 1P strategy 17 REFERENCES 22 3 Tieu luan Introduction 1.1 Background of the Cocoon Original Vietnam a History of the Cocoon Original Vietnam The Cocoon Original Vietnam is a natural vegan Vietnamese cosmetic brand Cocoon belongs to Nature Story Cosmetic Co., Ltd – Vietnam 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 b Meaning of the brand's name Cocoon is the "home" to take care of the skin and hair of Vietnamese people, help them become more beautiful, perfect and shining in their own way Cocoon was born with a simple reason to beautify Vietnamese people from close and familiar ingredients Nature also favors Vietnam's nature with an extremely rich plant world from fruit trees to herbs Inside they hide valuable nutrients that are not only delicious to eat but also very good for skin and hair Therefore, there is no reason for us to refuse such an available and wonderful source of raw materials Cosmetics, like food, are "nutritious foods" that bring beauty to people With the progress of society, people tend to look for foods from plants to protect their health Along with this mindset, vegan cosmetics also began to become a favorite trend of many Tieu luan people following a green lifestyle That's the reason why Cocoon researches and constantly launches 100% vegan cosmetic products that keep all the nutrients of Vietnamese plants, safe, benign, not using ingredients from animals and plants, say no to animal testing c Philosophy of the brand We are nature lovers, always passionate about discovering familiar ingredients in the daily life of Vietnamese people from vegetables and fruits, to how to put them into cosmetic products their nutrients are retained intact and perfectly These foods are rich in vitamins, antioxidants and minerals to promote skin health So what could be better than putting them on your skin to the fullest extent possible Through the process of research and testing, the formulas are formed and become perfect They have worked and met the expectations of the Vietnamese people: safe and effective For us, what we put on our skin must be safe, effective and not of animal origin d Mission We were born to give you healthy, youthful and vibrant skin and hair from simple and close sources of ingredients that you eat every day We always keep one mission in mind: applying the benefits of the food around us combined with scientific understanding to create cosmetic products that are safe and effective for everyone The arduous journey to true beauty is not your own task, we will accompany you on that journey It's always been like that, it's always been like that e Principle of Cocoon 100% of ingredients are of clear origin and are safe for the skin: all ingredients in the products have documents proving their origin from domestic and foreign material suppliers All products are researched for 12 to 24 months before being put on the Tieu luan market, tested to pass tests for microbiology, pH, irritation, stability over time, temperature, and humidity 100% vegan: not use ingredients derived from animals, but instead apply and maximize the potential of active ingredients, plant extracts without the support of ingredients that have an animal origin 100% never tested on animals: Cocoon cosmetic formulations are researched and tested using laboratory tests or on volunteers Moreover, the raw material suppliers also commit not to test on animals during the research and production of that material, not to perform tests on animals such as rabbits, mice, fertilized egg Yolks, 1.2 The objective of the company Cocoon brand loves nature They are always enthusiastic about discovering familiar ingredients from vegetables and fruits in Vietnamese people's daily lives These foods are rich in vitamins, antioxidants and minerals to promote skin health The formulas are formed and perfected through the process of research and testing They worked and met Vietnamese people's expectations: safe and efficient So the mission of Cocoon is to make what you put on your skin safe, effective and animal-free 1.3 Products of Cocoon brand Cocoon has types of products Those are: - Skin care products - Body care products - Hair care products - Lip care products Tieu luan Cocoon’s Analysis 2.1 Situational analysis a Cosmetic Market Analysis The Beauty & Personal Care market is defined as consumer goods for cosmetics and body care Included are beauty cosmetics for the face, lips, skincare products, fragrances and personal care products The Beauty & Personal Care market is thriving and one of the fastest growing consumer markets, driven in particular by the Cosmetics and Skin Care segments The main reason for this strong growth is the generational shift with young consumers entering the market At the same time, this change is reinforced by social media, internationality, and eCommerce In VietNam, international companies continue to lead retail value sales across beauty and personal care so domestic players struggle to compete with international brands Foreign brands make up 90% of the cosmetics market where as Korean brands have the highest share at 30%, followed by brands from Europe (23%), Japan (17%), Thailand (13%), and the U.S (10%) Local Vietnamese brands usually focus on affordable, low-end cosmetics According to Statista, the market's largest segment is the segment Personal Care with a market volume of US$964m in 2021 Although the revenue of the beauty and personal care market in Vietnam slightly decreased in 2020 due to the impact of the COVID-19 pandemic, it was forecasted to grow 2,290 million USD in 2021 including 11.9% of total revenue will be generated through online sales The Statista Consumer Market Outlook estimates that the market is expected to grow annually around 6.5%, reaching roughly 2.8 billion by 2024 Tieu luan Picture Statista 2021 The average revenue of the beauty and personal care market in Vietnam stood at 21.99 U.S dollars per capita in 2020.This figure is expected to rise to 28.52 dollars per capita in 2025 Long-term trends that have been driving growth include greater financial independence for working women, greater interest in natural & organic products among the youth, and greater attention to caring by men This is consistent with the initial orientation of building the CoCoon brand b Vegan Cosmetic Market Analysis Vegan cosmetics is a new emerging market in Vietnam It originated from the trend of going green and using all-natural ingredients that prompt businesses including domestic and foreign brands to develop new products to meet this demand The top concerns are the ingredient factor, the origin, and the assurance of no skin harm Because it is an emerging market, most brands only focus on distribution in big cities now The potential of the vegan cosmetics market is predicted to grow at 6% per year In a recent survey, it was shown that 57% of respondents confirmed that cruelty-free factors directly Tieu luan affect purchase intention Cruelty-free is an important development trend that no brand can ignore if they want to stand firmly in the beauty market The vegan cosmetics market will grow at a CAGR of 6.5% over the next years There are many domestic and foreign brands with many brands and different segments, which are mainly known and sold in big cities 2.2 STP Strategy a Segmentation Launched in 2013, Cocoon has become prominent in the cosmetic community with its vegan cosmetic lines and contributed to building the beauty trend with "made in Vietnam" products Cocoon is known by many consumers for its benign natural products and very beautiful and thoughtful packaging, combined with humane and close messages With the fierce competition of the cosmetics industry, Cocoon conquers customers thanks to beautiful stories and strict commitments about the safety of each product's ingredients Geographic: Cocoon’s target market is 06 big cities: Ho Chi Minh City, Ha Noi (60%) and the remaining 04 cities are Da Nang, Nha Trang, Can Tho, Hai Phong (40%) Age: 18 - 30 Gender: Female (70%), male (30%) Occupation: student, office worker Average income: from million VND to million VND per month Buying behavior: interested in the safety and nature of cosmetics, having a relatively high shopping behavior, preferring to shop online on e-commerce platforms a Targeting With Cocoon, the message is the same for its whole audience about the benefits of using vegan products To appeal to a large group of people, the message is usually more general Cocoon is a business that targets eco-friendly, vegan, beauty-loving, health-conscious individuals 100% of their products are vegan, have been qualified by Tieu luan Leaping Bunny (the Cruelty-Free program), and are certified to be free of animal products and animal testing Vietnam has a tropical monsoon climate with an average temperature of over 30 degrees Celsius The skin could be more likely to be vulnerable and break out in pimples, especially in young people facing puberty Cocoon uses winter melon and Centella as core ingredients in their products Cocoon also provides other kinds of beauty products like body scrubs, body lotion, lip balms or even hair care products A survey about Cocoon Vietnam in June 2021 that has received approximately 100 answers from 18 to 25-year-olds who mostly live in Ho Chi Minh City Most people who participated in the survey stated that they purchased Cocoon products to treat and cleanse acne (47%; 48%) In addition, the people were most impressed by Cocoon Dak Lak body polish (38%) Looking at these features, I can see that anti-acne and cleansing are Cocoon’s biggest strengths The brand also focuses on online marketing to increase online visibility and likability The Cocoon Vietnam fan page posts news, information about promotions and communicates with their audience daily According to a survey in June 2021, most people know about Cocoon through social platforms (Facebook, Instagram, Youtube) Additionally, Cocoon has their own website and sells on e-commerce platforms (Shopee, Lazada) These are essential supporting tools for promoting fast sales because they provide specific information about each sort of goods for different purposes with public prices As a result, customers will buy products without waiting (check availability, response messages, etc.) This will help the buying process become more convenient and transparent The report says that six out of ten consumers are willing to change their buying patterns to protect the environment Consumers who are conscious of the environment have created small niches for environmentally friendly products Cocoon is an eco-friendly company that often makes different campaigns about the environment; they 10 Tieu luan focus on providing content and messages on social media that affect people in a meaningful way Some influential campaigns are "Make Every Day Earth Day," replacing old bottles with new products to reduce plastic bottles being released into the environment Although using environmentally friendly paper bags, no plastic lamination and recyclable product bottles made the production more costly, Cocoon's decision demonstrates a serious commitment b Positioning Cocoon Vietnam is one of the first cruelty-free Vietnamese cosmetic brands that committed not to test on animals Cocoon is a significant advantage that will help Cocoon cement its position in the hearts of consumers The use of cosmetics that have not been tested on animals reassures customers about the components of the product but also help people live a humane lifestyle and not hurt small helpless animals It is a popular trend all over the world Someone once said that the modern woodblock prints in Vietnam are like a bridge, connecting the past to the present and connecting to the future Vietnamese woodblock prints culture was cleverly incorporated with the logos of ingredients such as winter melon, coffee, sa-chi, and pomelo The Vietnamese cosmetics market is unfortunately mixed with unqualified and low-quality products (fake cosmetics or self-mixed cream), which can lead to adverse effects on the skin However, when Cocoon appeared, the Vietnamese cosmetics market saw a dramatic transformation At Cocoon, we can witness a cosmetic company that dares to pioneer its brand and dares to have its brand recognized by organizations worldwide The internationally recognized gold standard for cruelty-free products, the Cruelty-Free International Leaping Bunny program, has validated all of Cocoon cosmetics and personal care items Cocoon indeed spread the concept of beauty inside to outside by raising humanitarian and preserving sustainability of the natural ecosystem 11 Tieu luan The trust that Vietnamese customers place in Cocoon in particular, and Vietnamese cosmetic companies in general, is the best proof that Vietnamese people not abandon Vietnamese products They're simply waiting for innovations from indigenous manufacturers 2.3 Competition analysis Price competition: Depending on the products, the product is sold at a wide variety of prices: With the lowest price per product of 35.000 vnd (lip balm) and the highest price of 780.000 vnd for a five-course box of products Cocoon is quite inexpensive in comparison to the market's general level, making it suited for all topics, particularly students To attract clients, the organization must conduct frequent market research in order to provide efficient advertising and relevant promotional activities Competing for well-known brands: In the Vietnamese market for vegan cosmetics, Cocoon is a significant competitor to other vegans However, Cocoon has stiff competition in the Vietnamese cosmetics sector, including Thorakao, Sao Thai Duong, and others To maintain a competitive advantage, the company should focus on increasing the value of its products, such as natural 100 percent products and humanitarian services 12 Tieu luan Table Competitors Comparison National Cocoon Klairs Sukin Giọt Lành The Body Shop Viet Nam Korean Australia Viet Nam Korean About 40 vegan About 20 vegan Over 80 products About 10 products, Over 70 vegan products, including products, including divided by male and including skin and products, including skin, body and hair skin, body and hair female, skin type and body care skin and body care care care body part Mid-range Mid-range and above Mid-range and above Mid-range Mid-range and 145.000-275.000 135.000 - 399.000 59.000 - 600.000 80.000 - 290.000 High-end VND VND VND VND 89.000 - 1.600.000 origin Product Variety Price VND Message “COCOON - Mỹ “Simple Is The Best” Everything We Need “Giot Lanh” – A phẩm chay - To Nourish Our vegan cosmetic brand cho nét đẹp Bodies Can Be Found with products made Việt” In Nature So At from 100% plant-based, 13 Tieu luan "Beauty With Heart" “COCOON - Vegan Sukin, That's What non-animal cosmetics - for pure We Use derivatives and Vietnamese beauty” completely natural ingredients.” Low High High Low High Customer Simple design with Professional luxury Quality product, The design is not too Product quality is Review bold Organic feeling, design, effective Absorbs fast Simple beautiful, the good, bringing a the spray nozzle of product quality as and sturdy packaging shampoo bottle does pleasant feeling to the product is not expected of looks professional not show the customers when used good, cannot spray or customers Good Unsure product manufacturer's name, with a pleasant smell overflow Good product packaging, packaging leads to there is no contact Product packaging is product quality good dedicated service spilt products address, making the not secure and customer not feel sketchy Brand Awareness Index support service professional The product feels good to use, but the effect is still not 14 Tieu luan obvious USP Pure Vietnamese raw Specializes in Trusted long-standing Natural vegan - Natural ingredients materials effective quality skin brand ingredients from Viet - Brand orientation Being the first vegan whitening and Nam fighting for the good cosmetic brand in skincare products for women with Vietnam many campaigns launched Weakness Product quality is - Few discounts The brand is not Not yet widely - There is very little slow, not clear -The brand is not widely popular in available in many advertising of its The brand is still not widely popular with Vietnam retail channels products strong compared to Vietnamese Weak brand has not - Due to the the main competitors consumers made a strong franchisee system influence on little control by the purchasing decisions proprietors - Number of retail outlets limited which impacts sales volumes 15 Tieu luan Cocoon's main competitors in the vegan cosmetics market in Vietnam are Sukin and Klairs, when choosing natural cosmetics to buy, these two brands have a strong influence on the choice of the target customer group Firstly, Sukin and Klairs are two brands with considerable age, the brands come from two advanced countries and are professional in the beauty industry, leading to increased confidence for consumers Secondly, the Word Of Mouth of these two products is quite strong and is discussed and mentioned a lot on social networking sites, while for cosmetics, customers tend to attach importance to the products reviews of people who have used the product to make a decision Growth Strategy Hit patriotism, self-esteem with reliable and high-quality Vietnamese brands and products Increase brand awareness and gradually build a high-quality brand image for modern and healthy women by choosing healthy but luxurious KOLs Table Platform for competitor identification and distribution Cocoon Klairs Sukin Giọt Lành Vietnam Facebook 151,406 74,079 likes The Body Shop 13,332 likes 2,711 likes likes 853,418 likes Instagram 42k 18,9k 453 Not Have 98,1k E-commerce Shopee, Shopee, Shopee, Shopee Shopee, Tiki, Tiki, Tiki, Lazada, Lazada, Lazada, Lazada, Tiki, Sendo 15 Tieu luan Sendo Sendo Sendo Distribution Watson, Watson, Thegioiskinf Small Watson, agent Guardian, Guardian, ood, Chiaki, Guardian, Hasaki, Hasaki, , Watson, Hasaki, Beauty Beauty Hasaki, Beauty Garden, Garden, Beauty Garden, Sammi Sammi Garden, Sammi Shop, Nuty Shop, Lam Sammi Shop, Lam Cosmetic, Thảo Shop, Nuty Thảo Cosmetic Cosmetic, Cosmetic 16 Tieu luan retailers 1P strategy Where can customers buy Cocoon’s products? Cocoon's office is located in District of Ho Chi Minh City, but there are places where Cocoon genuine products are sold in many places in Vietnam Choosing a good business location is very important to sales efficiency, making sales easier and faster Currently, the Cocoon brand is present at more than 300 points of sale at cosmetic distribution systems such as Watsons, SammiShop, Hasaki, and many other systems nationwide, but mainly focus on big cities In addition, most of Cocoon's product distribution outlets also have their own websites, which can help customers have a variety of flexible purchasing methods 17 Tieu luan Picture Cocoon 300 point of sales ➔ The distribution of Cocoon branches makes it easier for customers to shop This creates willingness of customers and shows that Cocoon always chooses the best for customers Here are some pictures of stores that are officially distributing genuine Cocoon products, these locations bring together many factors that are beneficial to sales: - Suitable parking space - Densely populated area - Harmonious outdoor layout - Potential customers ➔ These locations are convenient for customers to visit and buy 18 Tieu luan In addition, besides the traditional stores, Cocoon also sells online on two official websites, cocoonvietnam.com and myphamthuanchay.com, along with e-commerce channels such as Shopee and Lazada Customers from other provinces can only purchase Cocoon products through the official website 19 Tieu luan ... 1P strategy 17 REFERENCES 22 3 Tieu luan Introduction 1.1 Background of the Cocoon Original Vietnam a History of the Cocoon Original Vietnam The Cocoon Original Vietnam is a natural vegan Vietnamese... LỤC Introduction 1.1 Background of the Cocoon Original Vietnam 1.2 The objective of the company 1.3 Products of Cocoon brand Cocoon? ??s Analysis 2.1 Situational analysis 2.2 STP Strategy 2.3 Competition... animals b Meaning of the brand''s name Cocoon is the "home" to take care of the skin and hair of Vietnamese people, help them become more beautiful, perfect and shining in their own way Cocoon was born