Untitled MKT101 Group 2 Vinamilk Marketing Principles (MKT101) 0 0 Tieu luan FPT UNIVERSITY MINISTRY OF EDUCATION AND TRAINING MARKETING PRINCIPLES GROUP 2 ASSIGNMENT TOPIC VINAMILK’S MARKETING STRATE[.]
MKT101 - Group - Vinamilk Marketing Principles (MKT101) 0 Tieu luan FPT UNIVERSITY MINISTRY OF EDUCATION AND TRAINING MARKETING PRINCIPLES GROUP ASSIGNMENT TOPIC: VINAMILK’S MARKETING STRATEGY ANALYSIS Subject code MKT101 Instructor Tran Dinh Thanh Product Vinamilk Class MC1701 Group Group’s members and ID Nguyen Thai Son SS170180 Ngo Thien Nhan SS170307 Dam Phuong Nghi SS170310 Hoang Gia Thuyen SS170303 Cao Thi Huong Giang SS170110 Ngo Pham Phuong Thao SS170183 Ho Chi Minh, 25 March 2022 0 Tieu luan TABLE OF CONTENT I INTRODUCTION Market Trend and Overview Company description Product description : Vinamilk 100% Organic 3.1 Functions and features 3.2 Style and design 3.3 Market share II COMPETITIVE AND POSITIONING ANALYSIS Competitor analysis (Compare market share, strengths, weaknesses…) Customer Analysis 5.1 Segmentations 5.2 Target Segments or customer portrait 5.3 Differentiation and Positioning Strategies 5.3.1 Differentiation 5.3.1.1 Image 5.3.1.2 Channel 5.3.1.3 Product 5.3.2 Positioning Strategies 5.3.2.1 Map 1: Price and Milligram of calcium in fresh milk 5.3.2.2 Map 2: Brand Awareness and Market Share 5.3.2.3 Value proposition III MARKETING STRATEGIES ANALYSIS Product Price Place Promotion IV CONCLUSION AND RECOMMENDATION I Introduction Market Trend and Overview 0 Tieu luan According to the Industrial Trade Information Center of the Ministry of Industry and Trade, according to Euromonitor market research, Vietnam's milk consumption was 1.76 million tons in 2020, an 8.6% increase from 2019 Milk consumption is 26-27 kg, and the world per capita milk consumption is about 100 kg per year, which is quite a low rate, but the average per capita consumption in Asian countries is 38 kg per year However, the growth of the local milk and dairy market is improving According to Kantar Worldpanel's market report, Vietnam's milk and milk demand is showing positive signs due to its young population, increased median income and increasing use of products that improve nutrition and enhance the immune system Grows Home consumers also tend to use branded products that are convenient and comply with food safety regulations In 2020, the revenue of milk and dairy products in Vietnam reached VND64.4 trillion, an increase of 10.3 percent compared with that of 2019 The revenue is expected to achieve the growth of 7-8 percent yearly during the period from 2021 to 2025, reaching about VNĐ3.8 trillion in 2025 Of that, yoghurt revenue is expected to grow fastest with the compound annual growth rate (CAGR) of 12 percent per year (vietnam agriculture.nong nghiep.vn) Company overview: 2.1 History: Vinamilk was invented in 1976 From the 1980s to the 1990s, Winamilk won 3rd, 2nd and 1st class medals In the 2000s, Vinamilk was awarded the title of "Add Process Champion" and entered the Order of Independence III The company has also set up factories in many companies throughout Vietnam Vinamilk then applied new technologies and was awarded the Second Independence Medal in 2010 According to Vinamilk (2020), the company has expanded into ASEAN by launching the first Euro100 organic milk produced in Vietnam in mid-2020 During this period, Vinamilk's profits in the Asia-Pacific region exceeded $1 billion 2.2 General information: The state-owned Southern Coffee Dairy Company, the company nationalized and acquired three privately owned dairy producers (Thong Nhat, Truong Ton and Dielac) in southern Vietnam, renamed in 1978 This product is made by Vietnamese people A dairy company founded in 1993 After listing on the Ho Chi Minh Stock Exchange, the company name was changed to Vietnam Commodity United Security Company (Vinamilk) Vinamilk's main products include milk milk, hammer milk, fresh milk, soy milk, yogurt and ice cream Vinamilk's main competitors are Dutch Lady Vietnam (Fleiceland Foods), Nestle Vietnam, Abbott, Mead Johnson (Reckett Benquiser), Friso and Nutty Food September 2016, Vinamilk and Chr Signed a strategic cooperation agreement Probiotics developed by Hansen Vinamilk is the largest dairy company in Vietnam Grounded on the UNDP 2007 Top 200 largest enterprises in Vietnam report, it was also the 15th largest company in Vietnam and formerly the most precious public company listed in Vietnam In 2010, it's the first company in Vietnam to be included in the Forbes Asia's 200 Stylish Under A Billion list that highlights 200 top- performing small-and mid-sized companies with periodic profit under billion dollars 0 Tieu luan 2.3 Development strategy: Sustaining the No.1 position in Vietnam request and aspiring to be in the Top 30 of World’s Largest Dairy Companies in terms of profit, Vinamilk has set up primary targets to achieve diversifying portfolio grounded on consumers' preferences, retaining leadership within the dairy assiduity in Vietnam and getting the leading dairy company in the Southeast Asia (Vinamilk 2020) 2.4 Mission Statement : Vinamilk solicitations to raise health mindfulness and to ameliorate physical conditions of their consumers They commit to deliver the best- quality nutrition to communities with respect, love and responsibility (Vinamilk 2020) Product overview: 3.1 Functions and features: Vinamilk's liquid products, including Vinamilk 100% Organic, are nutrient-rich beverages Due to the presence of a variety of essential nutrients including Calcium, Protein, Vitamin A, Vitamin D, Magnesium, Phosphorus, Potassium, their products help strengthen our bones, prevent osteoporosis, boost the overall metabolism of our body, keep us hydrated and nourish our skin (Vinamilk 2016) 3.2 Style and design: The package of most Vinamilk's products, including Vinamilk 100% Organic, is straightforward, simple and eye-catching with a distinctive logo and a combination of three primary colours including green, blue and white Their appearance is not only appealing to customers but also increases brand recognition in the market (IBN 2017) 3.3 Market share: Thanks to intensive competitive campaigns and a diversified portfolio, Vinamilk's liquid milk products are more appreciated and favoured in the Vietnam market compared to its rivals such as TH True Milk (CEO 360) Vinamilk has dominated this market with a nearly 40% value share in 2020 (Euromonitor 2020) II Competitive and positioning Analysis Competitor analysis (Compare market share, strengths, weaknesses…) STRENGTHS THREATS ● Vinamilk has stood strongly in the dairy industry for over 40 years and continued to grow to define itself as the top milk brand in Vietnam Not only for Vietnamese customers, but also Vinamilk is exported overseas ● Growing numbers of competitors are not only world's famous dairy companies but also rising domestic brands ● The membership of Vietnam with WTO and ASEAN assists other foreign brands to 0 Tieu luan ● Vinamilk is the biggest milk production company in Viet Nam and accounts for 37% of the market share ● Despite the high quality products, the milk’s price of Vinamilk is reasonable and suitable for consumers’ demographic and with various kinds, for example, 100% organic milk, premium milk,etc ● Its marketing campaign is methodical and professional with different activities such as “Sua hoc duong”, “One million trees VietNam fund” ● While other companies are having problems, Vinamilk has an extremely good fund structure and autonomous financials ● Vinamilk produces a natural source of fresh milk as well as having an organic and internationally standardised cow’s farm penetrate into Vietnam's market ● Due to the ATIGA and Vietnam EAEU FTA decree to eliminate tariffs on dairy products including liquid milk ● Challenge to expand the distribution, according to World Bank Data, 70% of the total population live in highland regions Hence, this is a big barrier for both Vinamilk and consumers to deliver and get access to the products, especially in terms of keeping UHT milk in good quality ● Milk is the product category consisting of price registration and price stability, which makes Vinamilk hard to control the output price ● Pressure from environmental responsibility to save energy ● Requirement to keep the company updated due to frequent customers' changing preferences in packaging and drinking trends WEAKNESSES OPPORTUNITIES ● The source supply of raw dairy milk can not fulfil the production demand ● Investing in organic farms and importing dairy cows abroad costs a large amount of money ●Too many retailers but not every retailer has good facilities to maintain the quality of milk for a long time ● The Vietnamese government encouraging foreign investment helps Vinamilk attract investors ● Vinamilk factories equipped with international standards production lines not only reduce production time but also increase output and product qualities ● Vinamilk constantly creates new flavours for their product that will help them reach bigger consumer markets ● Vietnamese consumers are interested in local brands ●Increasing living standards leads to concern about nutrition and health among consumers Customer Analysis 5.1 Segmentations Segment Demographic Psychographic Behavioural Geographic 0 Tieu luan Children Age: 5-14 Gender: Male, female and others Lifestyle: outdoor- oriented, prefer hanging out with friends Personalities: Active, curious, creative All over Occasion: daily Vietnam User status: potential/daily users Usage rate: daily Benefit sought: provide nutritions that is good for their growth Young adult Age: 15-25 Gender: male, female and others Income: no income or low income Occupations: college/university students Lifestyle: lead a busy life because having a lot of tasks to do, a lot of activities to satisfy their wants Personalities: energetic, enthusiastic, interested in novelty Occasion: daily User status: first-time users, regular users, potential users Usage rate: regular, daily Loyalty: medium Benefit sought: good for body growth, refill energy All over Vietnam Adult Age: 26-44 Gender: Male, female and others Marital status: Married, not married Family size: single person or 3-4 people Income: MiddleHigh income Occupation:Varies Social class: Middle and upper class Lifestyle: Desire to strike a work-life balance, usually stressful and busy, Personalities: Busy, creative, flexible, outdoor-oriented, energetic, sportoriented Occasion: daily User status: regular User rate: heavy user Loyalty: medium Benefit sought: good for health, delicious taste, convenient All over Vietnam Density: Average to High Middle age women Age: 40-60 Gender: female Marital Status: married Occupation: either work or retire Income: middle - high income Social class: middle and upper class Lifestyle: either busy or unoccupied, care about health Personalities: Calm, caring, loving, happy User status: first time users/long time users User rate: heavy users Loyalty: medium Benefit sought: calcium in milk that helps maintain bones and a tough skeletal structure All over Vietnam from big cities to even small rustic areas Density: Average or High The elderly Age: 65-70 Gender: mostly Social class: middle class, upper class Occasions: In free time, at gathering Region: suburban 0 Tieu luan female Marital status/ Family size: single, married with children, married without children Occupation: most have retired Income: pension, most live off their children Lifestyles: wellorganised, healthconscious, focusing on improving their physical and mental conditions, seeking for peacefulness Personalities: familyoriented, realistic, sometimes aggressive events User status: potential users User rate: heavy users Benefit sought: affordable, easy to buy, prevent osteoporosis, keep body hydrated, increase resistance, reduce fatigue and rural areas Density: High 5.2 Target Segments or customer portrait Vinamilk 100% organic has efficiently dominated the high-income segmentation by employing a concentrated marketing strategy Vinamilk's primary target customer is children aged to 14 (Vinamilk 2014) Vinamilk aims to improve children's physical health and to nurture young talents, as children are considered the future of a nation (Vinamilk 2016) The first reason Vinamilk 100% organic chose this segmentation is the fact that children make up around 23.2 percent of the population (Statista 2020) Secondly, the demand for milk in this segment is much higher than in other segments Because this age range is very important for the development of children At this age children need an amount of nutrients, vitamins, DHA, calcium to help the body develop in balance, creating a premise for later development On the other hand, parents always pay special attention to children at this age Therefore, the demand is high Vinamilk itself has claimed their knowledgeable confidence in children aged from to 14 years old but they are also expanding the target customers to all ages The middle-class population is growing, and they are beginning to focus more on the value of products rather than the price As a result, Vinamilk is 100 % organic and could attract more customers (Euromonitor 2020) 5.3 Differentiation and Positioning Strategies 5.3.1.DIFFERENTIATION: 5.3.1.1 Image differentiation: Vinamilk succeeds in building its brand-awareness with aggressive marketing campaigns and advertisements mainly concentrating on Vietnamese families (HBR Business School 2019) A campaign called ''Vinamilk 40 năm - Vươn cao Việt Nam'' in 2016, which was associated with Vinamilk's CSR activities aimed to improve the physical health of Vietnamese children (Brands Vietnam) Vinamilk successfully conveyed the message that Vietnamese children would grow up happy and healthy thanks to their high-quality products (Vinamilk 2016) In an advertisement named ''Sữa tươi Vinamilk Organic - Tươi ngon khiết từ trang trại chuẩn Châu Âu cao nguyên Đà Lạt” in 2020, Vinamilk introduced the image of a high-quality product meeting 0 Tieu luan European standards which promised to bring nutrition to the Vietnamese families (Vinamilk 2020) In addition to benefiting people’s health, Vinamilk also improves its brand recognition by exclusively focusing on social responsibility In “Quỹ triệu xanh cho Việt Nam" annual campaign launched in 2012, Vinamilk has planted nearly million of trees in Vietnam to date This does not only raise people's awareness of the environment but also helps fight global warming and pollution (Phap Luat 2020) The campaign "Bạn khỏe mạnh Việt Nam khỏe mạnh." co-operated by Vinamilk and VTV Digital in 2021 has targeted "Spreading a healthy and active lifestyle - Together contributing 10 billion VND to buy Covid-19 vaccines for Vietnamese children” (Vinamilk.com) In “Vinamilk - Triệu bước đi, đẩy lùi Cô-vi” campaign in 2020, Vinamilk gave away 60 000 medical masks, 000 hand sanitizers and more than 86 000 cartons of milk to more than 6000 underprivileged children throughout Vietnam during the Covid-19 pandemic (Bao Chinh Phu) In terms of the brand's image, dancing dairy cows with funny, playful motion has become a featured icon for Vinamilk, which relates to the cows’ high living conditions During nearly 40 years in the dairy industry, Vinamilk logo has had some small changes but still preserves the meaningful message The logo is in main colors: blue and white Blue symbolizes hope and trust; white for purity and pristine In the middle is the brand name “Vinamilk” in which “Vina” for Vietnam, covered with an Oval shape as shelter and safety The logo represents Vinamilk’s endeavour and determination to become the leading dairy company in Vietnam and provide its customers with the best products All outstanding benefits Vinamilk wants to bring to customers are transmitted in the most adroit way 5.3.1.2 Channel differentiation: What highlights Vinamilk is its widespread reseller system which is an effective channel carrying the brand to customers.Vinamilk's liquid milk products have become popular and easy to find throughout Vietnam because it uses main distribution channels The first channel is the supermarket system, from large supermarkets such as Co.opmart, Big C to small supermarkets such as Vinmart, Family mart, and B'smart The second distribution channel is key accounts such as schools, hotels, and restaurants These are units that will usually order in large quantities from Vinamilk's branches And the last distribution channel is through distributors and dealers with more than 220,000 stores in 63 provinces in Vietnam (ISAAC 2019) These channels and distributors nationwide have brought Vinamilk’s products to every corner of Vietnam with the same quality Due to the development of e-commerce, Vinamilk also sells its products through online networks such as Shopee, Lazada, Vinamilk website 5.3.1.3 Product differentiation: Vietnamese people nowadays are concerned about their height and personal health, especially when the rate of underweight and stunting Vietnamese children is considerably high compared to the world (Thanhnien 2018) Fresh milk products are the best solution to supplement calcium and other essential nutrients By producing extensive product lines including Vinamilk less sugar and Vinamilk skim fresh milk for dieters, adding more scents and 0 Tieu luan creating Vinamilk 100% Organic for high-end customers, Vinamilk has maintained its position as a leading brand in the diversified fresh milk market (Vinamilk 2020) Also, Vinamilk is recognized internationally for almost the whole production system, from product quality, production system, to raw supply The company was certified by the British Retail Consortium (BRC) standard for food safety Its production process was controlled strictly according to the Management System of International Standards ISO 50001: 2011 and HACCP (Nguyen, VCCI 2015) Notably, Vinamilk’s first cow farms are the first and only dairy farms in Southeast Asia to be recognized by Global G.A.P (Vinamilk 2014) These international certificates probably explain why Vinamilk is such a trusted brand to Vietnamese consumers 5.3.2 Positioning Strategies 5.3.2.1 Map 1: Price and Milligram of calcium in fresh milk As can be seen from the map, in terms of price, Meadow Fresh has both the highest price (43,5 VND/ cartons) and highest level of calcium (125 mg) while Dutch has the lowest price (29,5 VND/ cartons) compared to other milk brands On the other hand, Vinamilk has quite a reasonable price (31,5 VND/ cartons) which is affordable to most Vietnamese consumers nowadays Demonstrated in the above positioning map are two attributes ‘calcium content’ and ‘price’ that reflect Vinamilk’s position in the liquid milk market of Vietnam Its calcium content and price are lower than those of foreign brands including Dutch Lady, Meadow Fresh and Table Cove In fact, Vinamilk’s products are categorized as middle-end This positioning strategy is reasonable considering that Vinamilk’s target is middle-income citizens Foreign brands with higher calcium content yet much higher price are aimed at upper-class consumers However, as Vietnam is a lower-middle-income country (Foreign Affairs, Trade and Development Canada 2015), Vinamilk boasts more market share in the liquid milk industry in comparison with foreign competitors 0 Tieu luan (Source: eastasiabr.wordpress.com) 5.3.2.2 Map 2: Brand Awareness and Market Share Overall, Vinamilk takes the lead in both attributes consisting of high company shares and brand recognition with 40% (Euromonitor, 2020) of total shares and 132.14 points of CPRs (Appendix 12) respectively When it comes to Meadow Fresh and Love In Farm, they are considered as new brands penetrating into the Vietnamese market For TH True Milk, even though it joined the dairy industry quite late in 2010 TH True Milk tried to keep up with the fast pace with 11.56% CAGR in the 2015-2012 period (Phuong Anh, 2017) 0 Tieu luan 5.3.2.3 Value proposition According to the two positioning maps, Vinamilk’s value proposition in the dairy industry is The Same for Less Even though Vinamilk has low milligram of calcium in the fresh milk, its affordable price is the superior factor among other brands On top of that, Vinamilk has defined itself as the biggest company in Vietnam’s milk industry (Truc Dang, 2014) 10 0 Tieu luan III Marketing Strategies Analysis Product All factories have been implementing quality controls according to ISO 9001:2000 and Hazard Analysis and Critical Control Points (HACCP) Food safety and hygiene is one of the top quality policies that Vinamilk set out in the business All factories were built by Vinamilk Construction and application of HACCP system for food hygiene and safety, the factory has been used by international organisations such as SGS, BVQI assessment and certification systems that meet HACCP standard RVA of the Netherlands Below are product lines of Vinamilk: ● Group of fresh milk – drinking yoghurt ● Group of condensed milk ● Group of powdered milk ● Group of frozen product ● Group of refresher (Vfresh) ● Group of Coffee Price In order to maintain profit in difficult times while prices of many raw materials strongly increased, Vinamilk has been following a policy of controlling and tightening costs and expenses All monthly cost items were well planned in detail at the end of the previous year At the end of each month, the actual cost was compared with the approved cost to understand causes of divergence and to fix the problem immediately Cost control is also one 11 0 Tieu luan of the criteria to evaluate monthly performance of the managers Each channel retail company has a separate rating system consistent with the characteristics of each channel of business to meet consumer purchases that are the most satisfied For distributors: distributors specified products distribution company's price policies according to certain markets and revenue from commissions, products Overall, the company's pricing is quite reasonable Competitive advantage compared with the special product is the absolute advantage in meeting most of the needs of consumers everywhere, the entire world and all walks Place Distribution system of the company's products covers a wide territory of Vietnam, from the provinces to the districts lying in coastal and mountainous areas Distribution system of the company through the following main channels: ● Traditional Channel: This is the distribution channel home power, distributed over 90% of the production companies Traditional channels are made through distributors to retail outlets throughout the country We now have 220 companies with more than 90,000 Distributors at retail in 64/64 provinces and cities across the country ● Modern channels: through supermarkets, office blocks, factories, blocks for… ● The system stores Featured Products of the company: So far the company has developed 16 product showrooms in major cities like Hanoi, HCMC, Can Tho, Da Nang, In addition to market countries, the company has exported products to several countries in the world for many years Currently the company has official distributors in international markets in the U.S., Europe, Australia and Thailand are in the stage set up distribution systems coordination official of the company's products in the market in Cambodia and some neighbouring countries in the region Promotion Vinamilk has pushed brand promotion activities in many markets such as Japan, South Korea and Southeast Asian countries, creating a mark for the company and the country’s dairy industry “These efforts are Vinamilk's responsible commitments to contribute to affirming the value and enhancing the reputation of Viet Nam's national brand on the world level,” Hương said Vinamilk's brand value has been highly valued by prestigious organisations for many consecutive years In 2020, Forbes Vietnam announced the brand value of Vinamilk at US$2.4 billion, an increase of $200 million year-on-year Vinamilk is also the brand of milk most-bought by Vietnamese consumers for eight consecutive years according to surveys conducted by Worldpanel and Kantar Vinamilk recently stepped up to the top of the top 10 strongest brands in Việt Nam and maintained its presence in the top 1,000 brands in Asia according to the Campaign Asia & Nielsen – VNS IV CONCLUSION Vinamilk, a trusted brand with over 40 years of existence, provides customers with international standard products at reasonable prices widely available throughout the country Customers are not the only ones who trust the company; other stakeholders, such as investors, appreciate its 12 0 Tieu luan financial openness Vinamilk has made significant investments in material areas to reduce its dependence on foreign supply as part of its commitment to sustainable growth The company is also known for being an ethical company that has implemented long-term business programs for citizens In spite of recent funding inside the material vicinity, Vinamilk still depends heavily on overseas elements Fluctuation in rating may yield monumental defects on Vinamilk’s income Furthermore, as Vietnam’s farm market is obtaining additional and more competitive, specifically with the approaching entrance of overseas brands, Vinamilk is also involved regarding even bigger intense opposition within the close to future V REFERENCES S Trang, Vietnam’s milk consumption stays quite low, vietnam agriculture.nong nghiep.vn, 18 February, 2021 (https://bitly.com.vn/o3q1tp) BrandsVietnam 2016 4, '40 Năm vươn cao Việt Nam', BrandsVietnam (https://bitly.com.vn/kuvabs) CEO 360 2020, 'Các Chiến Lược Cạnh Tranh Của Vinamilk Giúp Thương Hiệu Vượt Qua Đối Thủ', CEO 360, 18 February (https://by.com.vn/x6H4H0) Euromoritor 2020 2020, Health and Wellness in Vietnam, Euromonitor, Vietnam IBN 2017, 'Nhận diện thương hiệu Vinamilk qua bao bì', IBN, 14 January (https://by.com.vn/VBHUCX) TH 2019, '3 chiến lược nội dung giúp Vinamilk thành công kênh digital', HBR Business School, 21 August (https://bitly.com.vn/p7sgo6) Thao, P 2020, 'Ma trận SWOT Vinamilk: Những phân tích, đánh giá chi 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2016 4, 'Vinamilk 40 năm Vươn cao Việt Nam', Vinamilk, Vinamilk (https://bitly.com.vn/r9vtv9) 17.Nguoi Dua Tin 2014 - Dairyvietnam.com, ‘Đột nhập’ trang trại bò sữa Vinamilk đạt chuẩn quốc tế’ (https://by.com.vn/wxCIbl) 18.Cung Va Cau 2020, 'Vinamilk gây quỹ bảo vệ trẻ em khó khăn, phịng chống dịch COVID13 0 Tieu luan ...FPT UNIVERSITY MINISTRY OF EDUCATION AND TRAINING MARKETING PRINCIPLES GROUP ASSIGNMENT TOPIC: VINAMILK’S MARKETING STRATEGY ANALYSIS Subject code MKT101 Instructor Tran Dinh Thanh Product... design 3.3 Market share II COMPETITIVE AND POSITIONING ANALYSIS Competitor analysis (Compare market share, strengths, weaknesses…) Customer Analysis 5.1 Segmentations 5.2 Target Segments or customer... Dang, 2014) 10 0 Tieu luan III Marketing Strategies Analysis Product All factories have been implementing quality controls according to ISO 9001:2000 and Hazard Analysis and Critical Control Points