(Đồ án hcmute) market research and marketing strategy development for stydy for you co ,ltd

MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION ELECTRONICS AND COMMUNICATIONS ENGINEERING TECHNOLOGY MARKET RESEARCH AND MARKETING STRATEGY DEVELOPMENT FOR STUDY FOR YOU CO., LTD 4th QUARTER 2022 LECTURER: VO THI XUAN HANH STUDENT: LE THUY TUONG VAN SKL 009101 Ho Chi Minh City, November 2022 m MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION FACULTY OF HIGH QUALITY TRAINING GRADUATION THESIS Topic MARKET RESEARCH AND MARKETING STRATEGY DEVELOPMENT FOR STUDY FOR YOU CO., LTD 4th QUARTER 2022 Student : Le Thuy Tuong Van Student ID : 18143053 Course : K18 Major : Industrial Management Advisor : M.S Vo Thi Xuan Hanh Ho Chi Minh City, November 2022 m COMMENTS OF ADVISOR HCM city, …………………… November 2022 Advisor Page m COMMENTS OF REVIEWER -HCM city, …………………… November 2022 Reviewer Page m Acknowledgement In the process to finished my graduation thesis, it is grateful for helping and support from the S4U company, my family, and my advisor First of all, sincerely thank all of my lecturers at Ho Chi Minh University of Technology and Education It is impossible to complete this research paper without your training Furthermore, the Faculty of High-Quality Training create a chance for me to study, practice and experience Secondly, I would like to express my deep gratitude to Mr Dang Dinh Khanh and all members of S4U for their companionship during the last two years Their efforts are my motivation and inspiration to complete this paper Thirdly, MS Vo Thi Xuan Hanh guided and gave me valuable advice to make the great finished my thesis Thank you for your help Finally, my adorable family always encourage and support me in the process implement this research paper Thank all of you, family Ho Chi Minh City, 9th November 2022 (Student’s Name) Le Thuy Tuong Van Page m TALBE OF ABBREVIATION Abbreviation Explanation ARPC Average revenue per customer BUH Banking University of Ho Chi Minh city eWOM Electronic Word-of-mouth Foreign Direct Investment FDI MAD PESTLE RSFE S4U STP TMI UEL UTE WOM Mean absolute devitation Political, Economical, Social, Technological, Legal and Environmental Running Sum of the Forecast Error Study For You company Segmentation, Targeting Positioning Trust Media Index University of Economics and Law University of Technology and Education Word-of-mouth Page m TALBE OF FIGURE Figure 1.1.1 Company Structure 13 Figure 2.2.1 Trust media index score (TMI score) 17 Figure 3.2.1 Chart of the ways to learn English of Vietnam 26 Figure 3.2.2 Table of compatitor analysis 29 Figure 3.2.3 Table of target customer analysis 32 Figure 3.3.1 Revenue Report 11/2020 - 8/2022 33 Figure 3.3.2 Revenue Report 11/2020 - 8/2022 34 Figure 4.1.1 Table of X English Center in 20218 – 2020 36 Figure 4.1.2 Chart of X English Center Revenue in 20218 – 2020 36 Figure 4.1.3 X English Center Revenue by season in 20218 – 2020 37 Figure 4.1.4 S4U revenue forecast by months in two last seasons 2022 38 Figure 4.1.5 X English Center Revenue data in regression model 41 Figure 4.1.6 Result of regression analysis by Excel 43 Figure 4.1.7 Revenue forecast for linear regression forcecast 44 Figure 4.2.1 S4U revenue forecast by months in two last seasons 2022 45 Figure 4.3.1 S4U situation of customer in 3rd Quarter 2022 46 Figure 4.3.2 Chart of S4U situation of customer in 3rd Quarter 2022 46 Figure 4.3.3 SWOT matrix of S4U 47 Figure 4.4.1 Study With Buddis Campaign 53 Figure 4.4.2 The interaction of storytelling 4th post 54 Figure 4.4.3 The interaction of storytelling 3rd post 54 Figure 4.5.1 New English Course of S4U 56 Figure 4.5.2 New tuition fee of S4U English Course 56 Figure 4.6.1 The key content on social media 58 Figure 4.7.1 Revenue Report Oct 2022 60 Figure 4.7.2.New forecast for the two next months 61 Page m TALBE OF CONTENTS COMMENTS OF ADVISOR COMMENTS OF REVIEWER Acknowledgement TALBE OF ABBREVIATION TALBE OF FIGURE TALBE OF CONTENTS INTRODUCTION Reasons of researching Objectives of research Scopes and subjects of research Methodology Content of research CHAPTER 1: COMPANY INTRODUCTION 11 1.1 Basic information 11 1.2 Business model 13 CHAPTER 2: LITERATURE REVIEW 14 2.1 Sales Philosophies 14 2.2 Marketing methods 15 2.3 Forecasting Revenue 19 CHAPTER 3: MARKETING ANALYSIS 20 3.1 STP 20 3.2 PESTLE 22 3.3 Compatitor analysis 28 3.4 Target customer analysis 31 3.5 Company situation 32 CHAPTER 4: MARKETING STRATEGY 35 4.1 Revenue forecasting for 2022 last quarter 35 4.1 Marketing S.M.A.R.T goals 45 4.2 Marketing mix 45 Page m 4.3 Marketing by W.O.M 52 4.4 Product development 55 4.5 Marketing on social media 57 4.6 Sale policy 59 4.7 Revenue and profit report for October 2022 60 CONCLUSION 62 REFERENCES 63 Page m INTRODUCTION Reasons of researching How can we take advantage of shortcuts and seize the initiative in the current period of revolution 4.0 and the global information explosion so that Vietnamese people can surpass it? The solution is to develop education and invest in learning foreign languages Foreign language proficiency is crucial to the cause of education, training, and the overall development of the nation, not only because it is a requirement for high-tech workers to keep up with the rapidly evolving technological processes, but also because it is a skill that is essential for contemporary Vietnamese Due to the significance and urgency of people's need to learn other languages, an increasing number of English centers are established, and there will be a fiercer level of rivalry between businesses It will be considerably more difficult to compete, especially for new organizations Study For You (S4U) is a new business, so promoting and marketing to gain market share is critical to the company's growth As a result, in order to restrict and decrease challenges, as well as the goal that Study For You better satisfies the needs of consumers, our team has proposed a "MARKET RESEARCH AND MARKETING STRATEGY DEVELOP FOR STUDY FOR YOU COMPANY" Objectives of research The research objective is to build a complete Marketing strategy based on aspects: Marketing on Social Media, Marketing by Word of Mouth, Sales Policy, and Product Development Scopes and subjects of research The research scope includes students at the University of Technology and Education, Ho Chi Minh Banking University, University of Economics and Laws The research is from September to November 2022 Research subjects include the market and target customers of Study For You, Study For You's marketing strategy in the fourth quarter of 2022 Page m Instead of sales to promoting customers to register for a course, S4U encourages the spirit of learning with their friends S4Uot designs promotions so that students can invite friends to study together to get the most benefits Going to school with friends makes students work harder and enjoy more benefits On the other hand, on a special occasion, S4U offer meaningful sales promotions for our student For example, on mother's day 2022, a mother grateful contest was organized, and the best thanks letters were wroten and sent to mothers The winners could get a 30% - 70% sale on tuition fees The meaningful promotion campaign improves the WOM and e-WOM of us The details WOM campaign for the final quarter of 2022 is mentioned in the next part 4.3 People According to the All-sided Sales method, all staff of S4U had trained the basic customer communication and basic sales skills The characteristic of our sellers and student supporters are integrity, a win-win mindset, friendliness, sympathy, and dedication S4U staff tries their best to consult and help the customer get the best suitable choice for their needs About the partner, S4U support them to improve their teaching skills and experiences With the cooperation of S4U, the partner get clear insight, expectation, and feelings of their customer On the other hand, S4U help them on building a personal brand for their future So, the relationship between S4U and its partner is strong and sustainable Our partners are ready to change for the student's progress Process Normally, to enroll in an English course, the customers have steps: research the courses and brands, be consulted about the course and tested their level, discuss with their family, and decide whether to enroll or not In some cases, the order may be different but also has steps Page 51 m Thus, after being consulted about the course the customer could change the decision That is a high risk and takes a long time to decide The consulting process and sales process of S4U is different Firstly, through the sale channel, we provide exact and transparent course information such as tuition, program, curriculum, teacher, etc The customer can discuss with the parent and decide whether to enroll or not before testing their level Then, S4U test the customer level and detail the rights and benefits consultant for the customer online or offline method Due to that, the customer is able to decide near immediately at that time In the case, the customer needs more time to make a decision, S4U keeps in touch with Zalo and chats as a new friend of the customer The sales process as mentioned encourages the natural and comfortable of customers in building the relationship with S4U It makes the customer feels they are proactive and make a decision independently instead of by force Physical evidence Our customers not require high-quality physical evidence and they just focus on the quality of course However, there are some complaints about the restroom and noise when the rain is heavy In near future, S4U may focus on improving them To better service, now S4U provides a snacks area for free for our students which includes tea, coffee, and instant noodles 4.3 Marketing by W.O.M Study With Buddies Campaign To promote customer word of mouth, Study For You build-up a "Study with buddies" campaign The campaign target customer who influences to a group of friends and expect to improve their English proficiency early The campaign takes place from Oct 2022 to the end of Dec 2022 The main content of "Study with buddies" the more students register together, the more promotion for them Page 52 m Number of buddies Promotion per customer (VND) 150.000 200.000 250.000 300.000 Figure 4.4.1 Study With Buddis Campaign Source: Synthesis by author Storytelling Posts As mentioned in chapter 2, to promote the electronic WOM we need dynamic interaction on social media The "Storytelling Posts" is designed to share the learning English journey of S4U students telling by themselves The trial "Storytelling Posts" gain positive interaction signs on Facebook so that will become one of the main topics on the S4U fan page Many trial times, "Storytelling" always has a higher interaction rate than the rest The result is shown on two figures below (3.6.2 and 4.4.3) In figure 3.6.2, the interation rate is 40/150 = 26%, which is an impressive rate Page 53 m Figure 4.4.2 The interaction of storytelling 4th post Source: Synthesis by author Figure 4.4.3 The interaction of storytelling 3rd post Source: Synthesis by author Page 54 m Customer Reviews Similar to "Storytelling posts", "Customer Reviews" target the rise of S4U students' interaction on social media Particularly, the customer supporters of S4U ask the satisfied customers, who have good feedback, for a review post on the S4U fan page 4.4 Product development To meet the demand of customers, Study For You is redesigning the content, standard, and tuition fee of course New courses apply from October 2022 The details information of English course is shown on the tables below The pros of the new English course is the focus on content and knowledge which is suitable for students' demand Each course is not longer than months, it keeps the mood during the course and not quit course suddenly Page 55 m Entrance level Basic English Newbie in English Intermediate Basic English level (A1) English TOEIC L&R 450+ TOEIC L&R 600+ TOEIC S&W 600+ TOEIC RL 450 TOEIC >550 học xong khóa TOEIC 600+ Speaking: 110+ Writing: 110+ Figure 4.5.1 New English Course of S4U Source: Synthesis by author Offline class with teacher (4-6 students) 4.000.000 Online class with tutor (1-2 students) 3.200.000 Offline class with tutor (1-2 students) 3.800.000 Basic English Intermediate 4.500.000 4.400.000 4.250.000 English TOEIC L&R 3.890.000 3.890.000 3.890.000 450+ TOEIC L&R 3.890.000 3.890.000 3.890.000 600+ TOEIC S&W 3.890.000 3.890.000 3.890.000 600+ Figure 4.5.2 New tuition fee of S4U English Course Source: Synthesis by author To increase the trustable of customers and the quality of the product S4U performs the standards for partners, this is basic regulation about English level and certificate Page 56 m Standard of English tutor The tutor is at least a B2 level (CEFR) or has a TOEIC score of 785 English communication levels are B2 or higher, have good pronunciation, and have no pronunciation mistakes Tutors may or may not get English certificates yet In the case tutor does not have an English certificate, they have to the English proficient test of S4U every months Standard English communication teacher No pronunciation mistakes, English level C1 (CEFR) or higher, and excellent pronunciation In the case a teacher does not get an international English certification, they had to graduate university-level English major (English Language, English Pedagogy, English Language Arts, ) Or have an English certificate equivalent to level C1 or higher (e.g: 7.0 IELTS, ) Standard TOEIC teacher At least 850 TOEIC certificates and a year of teaching experience are required for TOEIC teachers The certificate is not expired yet S4U always clarifies standards with students before the course begins This is to increase students' trust in Study For You 4.5 Marketing on social media The detailed content on social media is usually defined at the end of the last month The main contents depend on the trend in each month However, in each social media channel, there are core roles Particularly:  The Facebook fan page is served for business media and advertisement All of the promotion is announced on the Facebook fan page Page 57 m  A Community Facebook group is a connection method to get insight into customers The main role is to keep the interaction for students in Ho Chi Minh city  Seeding is a tool to promote e-Wom and Brand-awareness  The Instagram fan page provides knowledge and studying tips to connect and promote Brand-awareness Seeding Facebook fanpage Focus on seeding in UEL, BUH, UTE student community facebook groups After a while, delete old seeding comments Main content seeding: small class size, low tuition fees, tuition installment payments Instagram fanpage Make a list of topic Focus on posts on Facebook, knowledge posts admin checks the level such as sharing of engagement for English learning posts every week to tips, vocabulary optimize post content learning posts, etc Create monthly themed The Instagram fan online campaigns and page is oriented to events to increase be a channel that interaction between provides academic brands and customers knowledge to Main content customers marketing: small class size, low tuition fees, tuition installment payments, "Study with buddies" campaign Set up a budget and run ads on Facebook meta business Figure 4.6.1 The key content on social media Facebook community group Focus on useful content for students such as college tips, savings tips, study tips, etc Create an event every month to increase interaction in the group Source: Synthesis by author The content creative planning process for social media platforms follows four steps: Plan: make a detailed list of contents, requirements, and expenses before starting Do: implement content creation as planned Page 58 m Check: edit the content to suit the brand identity and post Review: review, conclusions and solutions for improvement In addition, S4U utilizes other communication channels on social networks to increase brand awareness Specifically, S4U will pay for confession pages or student community groups on the social media of BUH, UEL, and UTE schools to post about S4U 4.6 Sale policy The sales policy of S4U has two key missions: to support as most as a student to enroll in the English course in S4U and to improve customer retention Correspondingly, there are two solutions: installment payment and promotion for re-enrollment Installment payment In case the student is divided into several installments, the student must pay the tuition fee in accordance with the following regulations:  Students need to complete a minimum of 35% of the tuition fee days before the start of the course  The remaining 65% of the tuition fee can be paid in installments or times However, students need to complete at least 80% of the tuition fee before the mid-course test  In case students have difficulty, they can contact the counselor or customer service department for support Students need to contact us at least days before the due date to pay the tuition fee  In case the student cannot pay the tuition fee on time and does not contact for support, Study For You would like to request permission to suspend the student's study Page 59 m Promotion for re-enrollment S4U discounts a 5% tuition fee for the customer who re-enrolls in a new course In this case, the customer re-enrolls with their friends, and apply the "Study with buddies" in the combine 4.7 Revenue and profit report for October 2022 Revenue Report Number of contract Accounts Receivable 18.600.000 đ 83.500.000 đ 30 9.100.000 đ Re-enrollment 26.600.000 đ Online 47.800.000 đ 18 Total revenue 83.500.000 đ New revenue WOM Figure 4.7.1 Revenue Report Oct 2022 Source: Synthesis by author The marketing strategy is effectiveness The revenue is over 90% target Significantly, there are nine customers re-enroll the new course, which means the sales policy and "Study with buddies" promotion is on the right way The real revenue is quite near the forecast value The forecast is useful and can be applied to predict sales for the two next months However, the ARPC is 2,73 million, there is not a signal of improvement Account receivable for November is more than 55 million, operators need to have a plan to recover this amount as soon as possible Total expenses in October are about 56 million, and the earnings before tax is 28,5 million Page 60 m Figure 4.7.2.New forecast for the two next months Source: Synthesis by author Measures to increase social media engagement also seem to work quite well With the same advertisement cost, customer engage on social media rise by over 30% The marketing strategy gain impressive results in October The accounting receivable in Nov is 55 million, which contains up to 60 percent of the Nov revenue target The BOD might consider the main points:  How to cut down the receivables every month, because a large amount of receivables means high risks?  How much is appropriate for the ARPC of S4U? And how to improve this index?  At the end of December, the demand of the market will quite down Is there any promotion or marketing campaign to promote the customer of that time? Page 61 m CONCLUSION This research paper presented the marketing details plan in the main aspect of marketing for S4U company In the process complete this thesis, I collected a lot of new experience and knowledge in marketing, and business environments The research makes me broaden my horizontal and more certain in my career decision after graduation This research is valuable not only to myself but also to my team at S4U company Firstly, due to the research, the company found errors in the marketing plan and discover a better solution Actually, before starting the research, the company revenue is unstable and unpredictable Through marketing knowledge and logical method, we deeply understand how to solve the marketing problem case in reality Secondly, this research becomes the basis for our marketing strategy development in the future It is also the methodologies to design and standardize the marketing process of S4U company Furthermore, in the finished process, we are aware that some holes in the operation of the company It is a bonus improvement of this thesis In conclusion, owing to the limited time and cost, this thesis is not able to cover all steps of the standard Marketing process However, it pays the most attention to the vital factors which can develop customer loyalty, brand-awareness and gain target revenue In the future, marketing planning promises to be more and more professional Of course, the result of marketing is more amazing and desirable Page 62 m REFERENCES CAKIM, I M (2010) The Need for Word of Mouth New Jersey: John Wiley & Sons, Inc Dương Tâm (2021, November 18) VNExpress Retrieved from VNExpress.net: https://vnexpress.net/viet-nam-o-nhom-thong-thao-tieng-anh-thap-4387723.html General Statistics Office of Vietnam (2020) Report on the social and economical situation in the first quarter of 2020 General Statistics Office of Vietnam General Statistics Office of Vietnam (2021) RESULTS OF THE RESIDENTIAL LIFE SURVEY 2021 General Statistics Office of Vietnam General Statistics Office of Vietnam (2022, October 2022) DISCLAIMER OF PUBLIC INVESTMENT, FOREIGN DIRECT INVESTMENT, AND OUTLOOK FOR THE LAST MONTHS OF 2022 Được truy lục từ General Statistics Office of Vietnam: https://www.gso.gov.vn/du-lieu-va-so-lieu-thong-ke/2022/10/giai-nganvon-dau-tu-cong-dau-tu-truc-tiep-nuoc-ngoai-ky-vong-nhung-thang-cuoi-nam2022/ General Statistics Office of Vietnam (2022, October 18) General Statistics Office of Vietnam Retrieved from https://www.gso.gov.vn/: https://www.gso.gov.vn/tintuc-thong-ke/2022/10/thanh-pho-ho-chi-minh-diem-sang-thu-hut-dau-tu-nuocngoai-fdi-chat-luongcao/#:~:text=Trong%209%20th%C3%A1ng%20n%C4%83m%202022,%C4%91 %E1%BA%A7u%20t%C6%B0%20%C4%91%C3%A1ng%20tin%20c%E1%BA %ADy General Statistics Office of Vietnam (2022) LABOR EMPLOYMENT SITUATION 3RD QUARTER AND NINE-FIRST MONTHS 2022 General Statistics Office of Vietnam Goodman, J A (2009) Strategic Customer Service New York City: American Management Association Hayes, A (2022, October 22) Social Media Marketing (SMM): What It Is, How It Works, Pros and Cons Retrieved from Investopedia: https://www.investopedia.com/terms/s/social-media-marketing-smm.asp 10 Kim Moniz, Trinidad Bishop (2016) Principle and Techniques of Marketing Management New York: College Publishing House 11 Nguyen, G V (2022) THỊ TRƯỜNG CÔNG NGHỆ GIÁO DỤC, MẢNH ĐẤT MÀU MỠ CỦA CÁC NHÀ ĐẦU TƯ Figure and Event Review of the GSO, 25-26 Page 63 m 12 Nguyen, L H (2020) Chuyen Doi, Chuyen Nghe Ho Chi Minh city: Khai Tam Book Company 13 Nguyen, L H (2020) Marketing Product & Marketing Life Ho Chi Minh city: Thanh Nien Publishing House 14 Q&Me Vietnam Market Reasearch (2021) Vietnam language learning behaviors Asia Plus Inc 15 Silverman, G (2001) The Secrets of Word-of-Mouth Marketing New York city: American Management Association 16 Sinek, S (2009) Why start with why? 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