(Luận văn) ineffective marketing strategy at abc watch – x company limited

t to ng UNIVERSITY OF ECONOMICS HO CHI MINH CITY hi ep International School of Business w n lo ad ju y th yi pl n ua al Huynh Nhu n va ll fu m oi INEFFECTIVE MARKETING STRATEGY AT ABC WATCH – X COMPANY LIMITED at nh z z k jm ht vb om l.c gm MASTER OF BUSINESS ADMINISTRATION n a Lu n va y te re Ho Chi Minh City – Year 2020 th t to ng UNIVERSITY OF ECONOMICS HO CHI MINH CITY hi ep International School of Business w n lo ad ju y th yi pl n ua al Huynh Nhu va n INEFFECTIVE MARKETING STRATEGY AT ABC WATCH - X COMPANY LIMITED ll fu oi m at nh z z vb k jm ht MASTER OF BUSINESS ADMINISTRATION om l.c gm SUPERVISOR: DR NGUYEN PHONG NGUYEN n a Lu n va Ho Chi Minh City – Year 2020 y te re th t to ng TABLE OF CONTENTS hi ep EXECUTIVE SUMMARY w n PART - BACKGROUND INFORMATION lo ad 1.1 Company background y th ju 1.1.1 History of establishment and development yi 1.1.2 The mission of the company pl ua al 1.1.3 Internal structure n 1.1.4 Distribution va n 1.1.5 Stakeholders fu ll 1.1.6 Current development and market analysis oi m 1.1.7 Company positioning & Target customers nh at 1.2 Symptoms z z 1.2.1 Sales revenue in 2019 did not reach the target vb jm ht 1.2.2 Low brand awareness & market share k 1.2.3 High days of inventory 10 gm 1.3 Initial cause-effect map 11 l.c 1.4 Updated cause-effect map 19 om 1.5 Problem Validation 22 a Lu n PART - PROBLEM JUSTIFICATION 25 va 2.1 Problem definition 25 n th 2.1.3 Current marketing mix strategy at ABC WATCH 27 y 2.1.2 Method to measure the effectiveness of marketing mix strategy 27 te re 2.1.1 Definition of marketing mix strategy 25 t to 2.2 Problem existence 30 ng 2.3 Problem importance 34 hi ep PART - CAUSES VALIDATION AND SOLUTIONS 35 w 3.1 Causes validation 35 n lo 3.1.1 List of real causes from literature reviews 35 ad 3.1.2 List of real causes via company interview 40 y th ju 3.1.3 Causes validation 42 yi pl 3.2 The set of solution 44 al n ua 3.2.1 Design requirements 44 n va 3.2.2 The Designed inputs 45 3.2.3 Potential Solution 45 ll fu oi m 3.2.4 Solution validation 55 at nh 3.2.5 Organization of action 57 CONCLUSION 61 z z vb REFERENCES 62 k jm ht APPENDIX 65 om l.c gm n a Lu n va y te re th t to LIST OF TABLES ng hi Table 1.1 : Sale revenue in 2019 of ABC WATCH ep Table 1.2 KPI rating system of ABC Corporation w Table 1.3 Number of ABC WATCH customers in 2018 – 2019 n lo ad Table 1.4 Interviewees for initial cause-effect map 11 y th Table 1.5 Revenue from online and offline in 2019 15 ju yi Table 1.6 Participant in the second in-depth interview in 2019 21 pl Table 1.7 The achievement in customer relationship management in 2019 23 ua al Table 2.1 ABC WATCH's digital marketing activities in 2019 29 n va Table 2.2 Trade promotion in 2019 of ABC WATCH 30 n fu Table 2.3 Marketing budget allocation in 2019 31 ll m oi Table 2.4 Trading promotion costs in 2019 32 nh Table 3.1 List of real causes from literature 39 at z Table 3.2 Interviewee for a possible cause 40 z vb Table 3.3 Group of real causes from the literature review 42 jm ht Table 3.4 Interviewee for causes validation 42 k gm Table 3.5 Causes Evaluate from interviewees 42 om l.c Table 3.6 Interviewee for solution validation 55 Table 3.7 Solution Evaluate from interviewees 56 n a Lu n va y te re th t to LIST OF FIGURES ng hi Figure 1.1 The internal structure of ABC WATCH ep Figure 1.2 The percentage of customer buying watch in 2019 w n Figure 1.3 Market share of ABC WATCH in 2019 lo ad Figure 1.4 Inventory days in 2019 of ABC WATCH 10 y th Figure 1.5 Detail inventory days more than 220 days at ABC WATCH 10 ju yi Figure 1.6 Initial cause-effect map 12 pl Figure 1.6 Contribution by brands at ABC WATCH in 2019 16 ua al Figure 1.7 The average ticket size of ABC WATCH in 2019 16 n va Figure 1.8 Price of watches counting by items sold in 2019 17 n fu Figure 1.9 Updated cause-effect map 21 ll m oi Figure 1.10 NPS Benchmark in the retail industry 23 nh Figure 1.11 The expansion plan of ABC WATCH in 2020 24 at z Figure 2.2 Marketing Budget by Industry in 2016 30 z vb Figure 2.3 The behavior of users about watch retail in 2019 32 jm ht Figure 2.4 Revenue by promotion in 2019 33 k gm Figure 2.5 Revenue by detail each promotion 33 om l.c Figure 2.6 Revenue report in 2019 35 Figure 3.1 Final causes-effect map 44 a Lu Figure 3.2 Potential Solution Map 45 n n va y te re th t to APPENDIX ng hi 1.First interview: Initial cause-effect map 64 ep 2.Second interview: Updated caused-effect map 68 w n 3.Third interview: Possible Causes and Solution 70 lo ad 4.Fourth interview: Solution Validation 74 ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th t to EXECUTIVE SUMMARY ng hi ep ABC WATCH has been officially established and entered the watch-retailer industry w with a high potential of consumption for more than one year ABC WATCH chose a strategy to n lo compete directly with large businesses, with leading market share and expanded on a large scale ad y th However, the annual achievement was bitterly disappointed in 2019 Typically, ju unexpected revenue did not reach the initial target, brand awareness and market share remained yi relatively low A research was carried out to identify current market nature as well as internal pl ua al senior employees’s experiences According to collected and available data, the Ineffective Marketing Mix Strategy is analyzed as the main problem leading to the unsuccessful n va performance of ABC WATCH After some direct interviews with employees combined with n academic research, Promotional Mix, a tool in Marketing Mix, has been concluded that it was fu ll implemented in the wrong direction in comparison to the business strategy oi m nh Some solutions have already been proposed to cope with this problem; simultaneously, at analysis of cost and subsequent advantages are in process The ultimate solution is Display z z Offline Media Advertisements at all stores of ABC company to gain awareness and promote jm ht vb sales of watches Besides, an execution plan including detailed tasks, timeline, cost, and personnel is k om l.c gm presented, contributing to deal with the company’s problem at present n a Lu n va y te re th t to ACKNOWLEDGMENT ng hi ep First of all, I would like to convey my deep gratitude as well as my sincere thanks to my w lecture Dr Nguyen Phong Nguyen With the enthusiastic guidance, dedication, and n lo responsibility of the teacher, I have successfully completed my thesis I am also grateful to ISB ad institutes and all teachers throughout the learning process It is the knowledge and new methods y th gained from the learning process at the school that is important luggage to help me complete this ju yi research pl ua al Moreover, I would like to send my special thanks to my colleagues, friends, family for helping and making valuable contributions during the completion of this thesis n va n Yours sincerely! ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th t to PART - BACKGROUND INFORMATION ng 1.1 Company background hi ep 1.1.1 History of establishment and development ABC WATCH is the brand of X Company Limited (X Company), which is a subsidiary of ABC w n Jewelry Joint Stock Company (ABC) lo ad Over 30 years of establishment and development in Vietnam market, ABC has become the ju y th leading company within manufacturing and retailing Jewelry industry, with products made from Jewelry, silver, and gemstones ABC products are increasingly favored by countries in Asian and yi pl European markets Currently, ABC Company has nearly 6000 employees with a wholesale ua al system, and more than 300 retailing stores spreading across the country In 2010, ABC Jewelry n Company became the official distributor of many famous watch brands in the world, such as va Longines, Tissot, Citizen, Michael Kors Recognizing the potential for development and n ll fu outreach of the watch market, in April 2018, X Company Limited was officially established with oi m the operation of the ABC Watch store chain the Omni Channel business model at nh After more than a year in operation, ABC WATCH has been presented nationwide with 25 stores, distributing big brands such as Longines, Tissot, Citizen, Casio Gucci, Fossil, Michael z z Kors, Kate Spade In which, the company is the exclusive distributor of popular brands in the jm ht vb watch industry: Anonimo, Silvana, Jowissa, and Lancaster k To bring the best experience to customers, X Company has applied the Omni Channel sales gm model More specifically, the sales system both in stores and on e-commerce platform is a l.c unified block, firmly and closely related Despite using any distribution channel, ranging from om stores to online platform on the computer or phone customers are always properly consulted and n va 1.1.2 The mission of the company n intimate relationships with its customers a Lu have the best shopping experience This is also a platform to help X Company create solid and th bring the best experience for customers Interacting with customers and building sustainable y future As such a purpose, ABC WATCH’s team always tries to complete with the desire to te re ABC WATCH prioritizes customer satisfaction as the core value and also the guideline of the 12 Syaekhoni MA, Alfian G, Kwon YS Customer Purchasing Behavior Analysis as Alternatives for Supporting In-Store Green Marketing Decision-Making Sustainability 2017;9(11):2008 t to 13 Kaleka A, Morgan NA Which Competitive Advantage(s)? Competitive Advantage- ng hi Market Performance Relationships in International Markets Journal of International ep Marketing 2017;25(4):25 14 Ellis B, Calantone R Understanding competitive advantage through a strategic retail w n typology Journal of Applied Business Research 1994;10(2):23 lo Gilaninia S, Taleghani M, Azizi N MARKETING MIX AND CONSUMER ad 15 2013;2(12):53-8 yi Hu Y-J HOW BRAND EQUITY, MARKETING MIX STRATEGY AND SERVICE pl 16 ju y th BEHAVIOR Kuwait Chapter of the Arabian Journal of Business and Management Review ua al QUALITY AFFECT CUSTOMER LOYALTY: THE CASE OF RETAIL CHAIN STORES n IN TAIWAN International Journal of Organizational Innovation (Online) 2011;4(1):59-73 Khan MT The Concept of 'Marketing Mix' and its Elements (A Conceptual Review n va 17 El-Ansary AI Marketing strategy: taxonomy and frameworks European Business nh Mintz O, Currim IS What Drives Managerial Use of Marketing and Financial Metrics at 19 oi Review 2006;18(4):266 m 18 ll fu Paper) International Journal of Information, Business and Management 2014;6(2):95-107 z and Does Metric Use Affect Performance of Marketing-Mix Activities? Journal of vb Christine Moorman TAF Marketing Budgets Vary by Industry: DeloitteUS; 2017 jm ht 20 z Marketing 2013;77(2):17 k [Available from: https://deloitte.wsj.com/cmo/2017/01/24/who-has-the-biggest-marketing- l.c 21 gm budgets/ Obasan KA, Ariyo OO, Hassan BA Marketing strategy and product performance: a 22 an Lu Management 2015;8(6):669-74 om study of selected firms in Nigeria Ethiopian Journal of Environmental Studies and Sengupta K, Chattopadhyay A Importance of appropriate marketing strategies for n Buying Behavior: A Case Study of Footwear Industry NUML International Journal of Business & Management 2018;13(1):107-17 63 ey Ur Rahman MK, Alamzab, Ayaz M The Impact of Marketing Mix on Customer t re India Asia Pacific Journal of Marketing and Logistics 2006;18(4):328-41 23 va sustainability of small businesses in a developing country: Case of bakery chains of Kolkata, 24 Al Rasyid MH, Yuliati LN, Maulana A ANALYSIS OF LIFESTYLE, INNOVATION PRODUCTS, AND MARKETING MIX OF PRODUCT PURCHASE DECISION HEN’S INSTANT OMELETTE (CASE STUDY IN PT ECO NATURE t to MULTIINDO) Independent Journal of Management & Production 2017;8(2):519-35 ng hi 25 Eyvrigh GM A REVIEW OF MARKETING STRATEGIES Kuwait Chapter of the ep Arabian Journal of Business and Management Review 2016;6(1):77-83 26 Szymanski DM, Bharadwaj SG, Varadarajan PR Standardization versus adaptation of w n international marketing strategy: An empirical investigation Journal of Marketing lo Sharma S The Efficacy of Product Strategy in the Formulation of Marketing Strategy y th 27 ad 1993;57(4):1 ju in Small Scale Industries IUP Journal of Entrepreneurship Development 2017;14(2):35-64 yi Eid R, Trueman M The Internet: New international marketing issues: MRN pl 28 Mưslein-Trưppner B, Stros M, Říha D Customer Loyalty-Related Marketing n 29 ua al Management Research News 2002;25(12):54-67 Kumar S, Patra S DOES PROMOTION MIX REALLY HELP TO ENHANCE ll fu 30 n va Measures in Fashion Markets Central European Business Review 2020;9(1):43-55 nh Rowley J Promotion and marketing communications in the information marketplace z Debasish SS, Muralidhar M Print Advertising : Consumer Behaviour SCMS Journal jm Fam KS, Merrilees B Cultural values and personal selling A comparison of k 33 ht of Indian Management 2013;10(1):78-88 vb 32 z Library Review 1998;47(8):383-7 at 31 oi Management Studies 2017;8(2):80-6 m BRAND EQUITY: A LITERATURE REVIEW Indian Journal of Commerce and 1998;15(4):246-56 Kitchen PJ Public relations in the promotional mix: a three-phase analysis Marketing 35 an Lu Intelligence & Planning 1996;14(2):5-12 om 34 l.c gm Australian and Hong Kong retailers' promotion preferences International Marketing Review Ayub ZA, Yusoff ZM, Halim F MARKETING AND ONLINE ADVERTISEMENT: n va AN OVERVIEW OF LEGAL IMPLICATION IN MALAYSIA International Journal of ey t re Business and Society 2009;10(2):83-91,3-4 64 n lo ad ju y th yi pl APPENDIX ua al n In-Depth Interview 1: to find out the initial cause-effect map n va oi m ll fu Question & Answer Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) According to you, why the company's revenue in - -Firm’s resources Store-opening does not meet o Distribution achieve revenue of 120 billion But in o Technology fact, only 15 stores were opened” z Mr Pham: “Revenue didn’t reach the KPI may come from “We had to open 30-40 new stores to vb z 2019 was not meet the target? at nh Coding jm ht target plan “So we tried many different brands, in resources from the capital, human resources, and website is not but not all the brands brought in technology from ABC Group, but we have not made good use fully functional revenue.” many the problems In 2019, the company was investing more ABC WATCH -Product strategy k Products are not But in fact, only 15 stores were opened ABC Jewelry opened demand ac th si brought in revenue In my opinion, the 2019 revenue didn’t y te year, so we tried many different brands, but not all the brands re Ms.Vo: “We have only been in operation for more than a n WATCH into this system generation.” va existing stores We have not tried our best to bring ABC considered a crucial part of revenue an more than 20 new stores in 2019, not counting over 300 “With Omni Channel, the website is Lu meet customer’s om to open 30-40 new stores to achieve revenue of 120 billion l.c - gm of this resource Specifically, in 2019, basing on KPI, we had - eg cd 65 jg hg n lo ad ju y th yi ua al meet customer demand.” pl meet the target mainly because of our products that not n Mr Le: “I think the biggest problem leading to not achieving va 2019 revenue considerably because our technology system is n m ll fu not complete Website ABC WATCH, built from October 2018, has not been completed With Omni Channel, the oi website is considered a very important part of revenue z WATCH website but have not optimized it to bring the best at nh generation We have spent a lot of resources to create ABC z ht vb experience for customers For example, features such as jm installments, see similar products to stimulate customers' k needs o Focus too much promotions the market; what we need to is build brand awareness and o Lack activities “Marketing strategy needs to focus on developing and communicating to o Run a lot of strategy ABC WATCH’s core value and unique selling point to customers” si a lot of clearance promotion to push sales for decrease costs ” sale o Promotional ac th different brands, it creates high inventory, and we need to run - High inventory on y te promotions However, in the beginning, we were testing much re branding too promotions.” strategy n gain market share However, we focus too much on sale of focus va mix strategy is not effective More than year of launching in sale an on Lu Ms Vo “In my opinion, it is caused by the current marketing “We o Product om your opinion, what causes this? effective” strategy l.c is still low, and the market share is not high, in promotional activities mix “Current marketing mix strategy is not -Marketing gm According to you, ABC WATCH brand awareness -Inappropriate eg cd 66 jg hg n lo ad ju y th yi clearance have a greater effect on sales revenue Customers have not promotions been aware that ABC WATCH is selling wristwatches, so the push sales to pl Mr.Le: “In my opinion, brand awareness and market share n ua al va customers' psychology still chooses businesses that specialize to decrease costs n ” m ll fu in selling watches Therefore, the marketing strategy needs to focus on developing and communicating to ABC WATCH’s - Brand awareness and oi core value and unique selling point to customers.” market share have a nh at greater effect on sales z revenue z jm ht vb “Inventory days from 180 -220 days k There are several opinions about the current - Price of the exclusive - Price strategy - Product strategy are currently made up the largest gm inventory days of ABC WATCH which is currently brand is too high ac th si labels, the company does not have the right to decide on the y te customers is only at 3-10 million Regarding non-exclusive re to 50 million, while the average ticket size of ABC WATCH n exclusive brands are in the high price segment, range from va them belonging to the exclusive brand The prices of an made up the largest proportion at ABC WATCH, but most of of them belonging to exclusive brand” Lu Ms.Do “Inventory days from 180 -220 days are currently the low price segment om what causes this? proportion at ABC WATCH, but most l.c at a high level of 180 -220 days, according to you, - Lacking products in eg cd 67 jg hg n lo ad ju y th yi pl price, but currently we still lack products that suit the needs of ua al customers in the low price segment from to million.” n Ms.Vo “Regarding exclusive brands, when it newly va introduced in the Vietnam market, ABC WATCH wants to n m ll fu position these brands as Swiss Made standard, bringing high value and directly competing with famous brands such as oi Tissot, Longines However, after one year of testing, the z With the current high price strategy, it will be difficult for at nh awareness of these brands is not high in the Vietnam market z k jm price adjustments for these exclusive labels ” ht inventory So in the upcoming time, the brand team will have vb these brands to bring in revenue and this also causes a lot of om l.c gm an Lu va n y te re ac th si eg cd 68 jg hg n lo ad ju y th yi pl Second interview: Updated caused-effect map n ua al n va Question & Answer Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) m ll fu Coding ““Customer relationship management is Customer -Customer oi Q1 - Recent research indicated that lack of customer - relationship at nh relationship management is also one of the main reasons relationship for the revenue in 2019 is not as expected, you have any management followed by tracking and forecasting the is management demand for existing and new customers z closely z comments? related mix is closely related to revenue generation.” to -Marketing vb ht Mr.Le: “Customer relationship management is followed by revenue generation strategy current customer of past and current customers' buying behavior, thereby customers' buying method information and data analysis through technology systems such as SAP, Bi n y te re information va in managing customer information and data analysis through managing customer an customers At ABC WATCH, I think we are doing a good job doing a good job in report.” Lu relationships measure customer satisfaction to build loyal - ABC WATCh is om activities to attract customers In addition, customer marketing strategy making changes in terms of products, prices, and marketing behavior affect the technology systems such as SAP, Bi report.” demand a good job in managing customer gm customers is closely related to revenue generation Keep track and l.c k jm tracking and forecasting the demand for existing and new - Keep track of past -Track & forecast “ At ABC WATCH, I think we are doing ac th si eg cd 69 jg hg n lo ad ju y th yi mix “The store location should convenient for pl Q2 It is argued that factors such as store location and in- - Store location and -Marketing ua al store ambient are also elements that need to be considered in-store have ambient strategy great in a central area Additionally, the in- on store design also must be appropriate for location and in-store ambient have a great influence on promoting sales in shoppers to search and experience the n in a marketing mix strategy What is your opinion? a customers such as near home, company, n va Mr Pham : “ In the retail industry, the factors of store influence m ll fu products.” promoting sales The store location should convenient for the retail industry oi customers such as near home, company, in a central area - ABC WATCH has nh at Additionally, the in-store design also must be appropriate for paid great attention z shoppers to search and experience the products From the to this issue z va n y te re facilitate the shopping and customer experience.” an watches are carefully arranged and cleverly created to Lu with luxurious and sophisticated criteria The models of om made a distinctive mark when space was built and arranged l.c addition, right from the early days, ABC Watch stores had whereas that will be the company's competitive advantage In gm this resource, the distribution location is not the problem k the country, as long as ABC WATCH takes full advantage of jm ABC Group with the store at the centers of main routes across ht issue Regarding the location of the store, taking advantage of vb very beginning, ABC WATCH has paid great attention to this ac th si eg cd 70 jg hg n lo ad ju y th yi pl Third interview: Possible Causes and Solution n ua al Question & Answer Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) n va Coding “First of all, our products are not suitable m ll fu Q1 – Through analysis, it can be seen that ineffective - Products are not - Product marketing mix activity is a problem that leads to the 2019 suitable for the - Price oi business results not reach the goal? In your opinion, target customers “With target customers associated with - Promotional nh - Lack products in the parent company, 80% of customers at what is the cause of the above problem? for the target customers.” Mr.Le: “First of all, our products are not suitable for the target fashion segment z are female, love fashion and Jewelry, our z products currently lack products in this ht vb customers With target customers associated with the parent - Some brands such segment” Jewelry, our products currently lack products in this segment, that needs to be “ There are some brands such as Titotin, k jm company, 80% of customers are female, love fashion and as Titotin, Anonimo gm currently 18 brands are business, only brands meet this removed from the from Switzerland compared to famous si However, after year of operation, these exclusive brands brands in the same ac th watches y te Swiss-quality re guaranteed in the price segment of -5 million.” n the high and mid-end segments, with high price, high quality, brand is too high va building an exclusive brand, we want to build a positioning in - Price of exclusive “In addition, we are also lacking products an products in the price segment of -5 million Next, when of -5 million the merchandise portfolio.” Lu merchandise portfolio In addition, we are also lacking in the price segment in profit that needs to be removed from om without bringing in profit that needs to be removed from the - Lacking products promotion to push sales without bringing l.c Anonimo that always have discount promotion to push sales portfolio criteria Moreover, There are some brands such as Titotin, merchandise Anonimo that always have discount eg cd 71 jg hg n lo ad ju y th yi “In my opinion the biggest reason is that feel the price is too high compared to famous brands in the - PR activities to PR activities to build awareness for ABC same segment like Tissot, Longines This leads to inventory build awareness for WATCH brand are not outstanding” pl have trouble in reputation in Vietnam is still low, consumers segment n ua al va and often has to run a discount to push goods ABC n fu brand m ll Additionally, in my opinion the biggest reason is that PR oi activities to build awareness for ABC WATCH brand are not “As I said, in 2019, we focused a lot on WATCH are discount promotion” not outstanding - Focused a lot on nh outstanding Store opening programs often work with ABC activites to k teams sales jm encourage ht mix lies in promotional activities As I said, in 2019, we y te ac th teams When customers visit the ABC WATCH staff booth, re teams ABC and ABC WATCH salesmen are separate n addition, we are also lacking of activites to encourage sales va there will be more benefits in terms of revenue and profit In an better brand to stimulate customers to buy original products, Lu focused a lot on discount promotion whereas if we build a om Ms.Vo: “In my opinion, the reason for ineffective marketing l.c gm the store So miss a lot of opportunity to reach customers.” of vb Anh Thu, the watch area is on the 2nd floor or at the end of Lacking z the store There are shops like Nguyen Van Troi and Nguyen - z Jewelry and , there is no image of watches in other areas of discount promotion at stores In addition, the current POSM in stores are about si eg cd 72 jg hg n lo ad ju y th yi pl they will directly lack the products and sell to customers ua al However, to increase the demand for customers and increase n revenue, ABC Jewelry and staff can actively introduce va visitors to the watch area In addition, it will be much more n m ll fu effective if ABC WATCH has incentive programs exclusively for ABC customers and vice versa so that counselors will oi easily create demand for customers ” nh at Q2 There are many reasons as you mentioned, about - Branding have not z prices, products, promotion activities? So in your opinion, been recognized and z - Need to find to sell k Ms Vo: “For one year from the date of establishment, the solutions jm the most benefits to the company? ht vb what is the biggest and feasible cause to handle and bring resolved.” gm company's top priority is securing the source of goods and existing goods and build image ac th si market by exclusive brands, and the long-term plan is Private y te currently we are doing well to differentiate the goods from the re goods and create demand for customers first In addition, watch market n is not the right time We need to find solutions to sell existing recognition in the va current brands, so to decide to add a new brand to the profolio WATCH ABC an Mr Pham: “In terms of goods, we still have a huge amount of to Lu - The biggest goal is om the biggest cause of inefficient marketing mix ” l.c been recognized and resolved Therefore, this is considered customers first” opening new stores So the problems of branding have not create demand for eg cd 73 jg hg n lo ad ju y th yi will pl Label made by ABC Therefore, the biggest goal is to build -Prices be market n make the next step ua al ABC WATCH image recognition in the watch market, to uniform across the and No va Regarding prices, in the retail industry, apart from exclusive retailer has the right n m ll fu brands, we all import from suppler in Vietnam and are subject to sell below the to strict price control, prices will be uniform across the market listed price oi and No retailer has the right to sell below the listed price So -inadequate nh at the cause of the price is difficult to adjust In addition, ABC promotion activities z WATCH also has payment support solutions such as 0% are considered as the z main reason leading om l.c to the ineffective marketing mix stratergy at ABC WATCH ” gm promotion activities are considered as the main reason leading stratergy mix k and the sustainable development in the future, inadequate marketing ineffective jm the ht Therefore, considering both the current revenue growth goals to vb installment payment to support this issue an Lu va n y te re ac th si eg cd 74 jg hg n lo ad ju y th yi pl Fourth interview: Solution Validation n ua al Question & Answer Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) n va Coding “The fastest and the most obvious effect m ll fu Q1 – Based on detailed analysis of the problem and cause - Don't need to think - Cost and benefits There are three solutions given in dealing with too much about cost- on revenue in short-term” oi “This option will create unhealthy habits inappropriate promotional mixes, In your opinion, which saving solutions nh for ABC sales staff” - Option 1: at is the most effective solution? “This solution does not have a strong z Alternative solution 1: Personal Selling - Incentive Effect on revenue in z impact on revenue” ht vb programs for sale consultants at ABC and ABC short-term “Option works well in promoting the Alternative solution 2: Partnership with partners to ABC sales staff brand image, but does not have a major Unhealthy habits for k jm WATCH gm impact on revenue.” create demand of their customers about ABC Some risks in fraud management l.c WATCH om Alternative solution 3: Display Offline Media Promoting the brand on si need to think too much about cost-saving solutions In awareness ac th least However, with a budget of 10 billion in 2020, we don't Contributes to brand y te personal selling Additionally, this solution also costs the revenue re impact n obvious effect on revenue in short-term is the solution 1- Strong va Mr Pham: “Among the three options, the fastest and the most image an and promote sales of watches Lu advertisements at all ABC stores to gain awareness - Option eg cd 75 jg hg n lo ad ju y th yi pl addition, this option will create unhealthy habits for ABC “Requires more time and manpower to not actively introduce watches product to guests I think, this Requires more time prepare and operate than other options n ua al sales staff When the program is no longer running, they will - Option va option does not work in the long term because every and manpower than Sustainable in both the short and long n term.” m ll fu salesperson of each company needs to be good at their goals other options Sustainable in both “However, the effect is most evident and Option works well in promoting the brand image, but does the short and long sustainable in both the short and long first oi nh term term In addition, the biggest advantage at not have a major impact on revenue of this plan is to promote online sales.” z Option requires more time and manpower to prepare and Promote online sales z ac th si through which referral source Option is only really y te We need to find the most effective way to identify guests re target revenue Option has some risks in fraud management n current watch stores This will greatly contribute to achieving va sell and promote the brand instead of being limited to the an maximize the potential from 300 ABC stores nationwide to Lu plan brings the most clear and sustainable effect We can om Mr Le: All options are feasible to implement However, l.c gm online sales k addition, the biggest advantage of this plan is to promote revenue target jm evident and sustainable in both the short and long term In achieving ht vb operate than other options However, the effect is most Greatly contribute to eg cd 76 jg hg n lo ad ju y th yi pl effective when the partner has a customer file that is suitable ua al for ABC WATCH, but this solution does not have a strong n impact on revenue, cannot be the main profitable solution, but n va only contributes to brand awareness oi m ll fu at nh z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd 77 jg hg