Hypothesis and research modelBase on three theories before, which are Theory of Reasoned Action, Theory of PlannedBehaviour, Technology Acceptance Model, we have built four Hypotheses ab
FOREIGN TRADE UNIVERSITY ASSIGNMENT SUBJECT: RESEARCH METHODOLOGY FOR ECONOMICS AND BUSINESS Analysis of the marketing strategy of Vinfast - a new but outstanding electric car brand in Viet Nam Can final-year students at FTU become potential customers for this brand? NAME: 2212155130_ NGÔ THỊ LÊ NA (100%) 2212155145_ NGUYỄN BẢO NGỌC (100%) 22121_NGUYỄN ĐOÀN NGỌC NGÂN (100%) CLASS: K61CLC5 LECTURER: Le Hang My Hanh Grade (in number) Grade (in words) Examiner 1’s signature Examiner 2’s signature Invigilator 1’s signature Invigilator 2’s signature Ho Chi Minh City, February 16th, 2023 TABLE OF CONTENT Abstract Introduction Literature review 3.1 The demand of using electric vehicles in Viet Nam 3.2 The appearance of a new brand and its marketing strategies 3.2.1 Basic marketing information 3.2.1.1 Price strategy for new products 3.2.1.2 Price adjustment strategy 3.2.1.3 Promotion strategy 3.2.1.4 Repair strategy 3.2.2 Achievements in recent years: 3.3 The potential customers for Vinfast Research question and objectives 10 Theoretical basis 10 Hypothesis and research model 12 Methodology 13 7.1 Data collection 13 7.1.1 Research approach 13 7.1.2 Type of research 13 7.1.3 Survey Development 14 7.1.4 Sampling method 14 7.3 Data analysis 17 Data 8.1 Descriptive statistics and determine the model regression 8.1.1 Model 8.1.2 Explain the variables and their influence on the dependent variable 14 7.2 Research Scale 17 17 17 18 8.2 Data description 20 8.3 Hypotheses 22 8.4 Method of research Result 22 23 9.1 Correlation coefficients 23 9.2 OLS model results and problems with the model 23 9.2.1 Results of regression model 23 The sample regression model determined: 23 9.2.2 Estimation of confidence intervals 24 9.3 Correlation and final result 25 9.4 Hypothesis testing and model fit assessment 26 9.4.1 Is the coefficient obtained from the regression function consistent with economic theory? 26 9.4.2 Check the fit of the model 26 9.5 Check for the existence of multicollinearity 27 9.6 Detect variance change 27 10 9.6.1 Detect variance change 27 9.6.2 Correction of variable variance 28 Recommendations 29 11.Timeline 29 12 30 Conclusion 13.References list 30 Appendix A 33 Appendix B 34 Abstract This research provides a view of the factors that contributed to the success of VinFast in the Vietnamese car market in recent years, including some analysis of the marketing strategies in the industry of electric cars It begins with some background data about VinFast, and its products In the next part, it mentions some analysis of the way they introduce their products to their potential customers For many years, the marketing campaign and the way Pham Nhat Vuong marketed to promote VinFast’s revenue have always been a topic of interest, and we also wonder if final-year students can be a target of the marketing strategy of the company For this reason, the proposal will bring some information and methods to find the answer to the question “ Can final-year students at FTU become potential customers for this brand?” At the end of the research, this study will highlight some expected results through several trustworthy documents regarding the issue, key elements that affect the marketing strategy, and some recommendations for VinFast Introduction VinFast is one of the most famous Vietnamese companies and their main products are electric automobile products and internal combustion, electric motor-using cars, and ecofriendly electric motorcycles This is also the 7th core business of Vingroup with the head office located in Hanoi and the CEO is Mr Pham Nhat Vuong It was established in 2017 and the birth of VinFast not only contributed to making the Vietnamese car dreams come true, but also opened Vingroup's era of development-based technology and knowledge and participated in promoting Vietnamese automotive industry “VinFast is a subsidiary of Vingroup, a large conglomeration of privately held corporations in Vietnam, that includes businesses in technology, industry, and services VinFast boldly stepped into the Vietnamese automotive market in 2019 as the only domestic car brand and showed that they could move quickly and decisively to produce high quality cars resulting in rapid sales and leading revenue in their respective segments It is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing EVs such as electric cars and electric scooters.Within 21 months of launch, and with an investment of nearly $3.5 billion USD, they were producing several models of e-scooters, buses, and automobile models —including the ultra-high luxury President2— in their fullyautomated modern manufacturing facility boasting capacity to build 250,000 vehicles a year In early 2021, VinFast executives announced their vision of becoming a global leader in the EV market, introduced EV models, and started their international expansion plans.” Nowadays, Vinfast has launched lines of gasoline cars: Fadil, LUX A2.0, LUX SA2.0, President, in which Vinfast's largest internal market share is Vinfast Fadil In 2021, Vinfast also launched lines of electric cars: VF31, VF32, VF33 So we can see that this is a vital milestone that affirms VinFast’s vision of becoming a new global electric automotive brand and bringing Vietnam to a new position on the world automotive industry map In this proposal, the main issues addressed here include: (1) the popular use of electric vehicles in Viet Nam; (2) The introduction of a new brand, as well as its marketing campaign; (3) The prospective customers for Vinfast; (4) Methodology of the research; (5) Expected results and (6) Recommendations Literature review 3.1 The demand of using electric vehicles in Viet Nam People's knowledge of global warming has been quickly increasing in modern society Vehicles that don't release harmful pollutants to the environment are a fantastic fit for alternative sources of energy The People's Republic of China and the United States of America are the leading countries in terms of vehicle sales, while Vietnam and Singapore are the leading vehicle markets in terms of growth, with growth rates of 27.1% and 48.2%, respectively, in 2015-2016 This is according to a JATO Dynamics Ltd survey that looked at the number of tourist vehicles, pickup trucks, and commercial vehicles sold among automobile markets worldwide The data from the Vietnam Registry stated that the number of electric vehicle registrations in our country in the three years of 2019, 2020 and 2021 has prospered In 2019, the number of registered electric vehicles is 190 vehicles, in 2020 it will increase to 900 vehicles and in 2021 it will be more than 1000 vehicles, it will be shown in the next table Years The number of registered electric vehicles 2019 190 vehicles 2020 900 vehicles 2021 More than 1000 vehicles The statistics above show that the number of vehicles sold in the Vietnamese automobile market is not particularly large, but the Vietnamese automobile market has experienced rapid growth in recent years The vehicle market in Vietnam has enormous potential for growth 3.2 The appearance of a new brand and its marketing strategies 3.2.1 Basic marketing information -Vinfast Fadil: the first product from Vinfast, first introduced to customers on 20/11/2018 at Thong Nhat Park, Ha Noi - Vinfast LUX: we have versions for this brand including SUV (Vinfast LUX SA2.0) Sedan (Vinfast LUX A2.0) - Vinfast LUX V8: Introduced in 2020 -Brand name: Vinfast VinFast is abbreviated from extremely meaningful words In Vietnam, it is “Việt Nam, Phong cách, An toàn, Sáng tạo Tiên phong” The VinFast brand name expresses the aspiration of industrialization and modernization, the desire to pioneer the development of the automobile manufacturing industry in Vietnam, and national pride The logo is inspired by the "V" symbol, using delicate, luxurious and classy silver tones to create a stylish and fashionable car company The letter "V" represents Vietnam, Vingroup, VinFast, and the symbol "V" is also a victory The color of the logo is trusted by many famous car brands in the world, demonstrating the level of the Vietnamese car brand - Product feature: VinFast Fadil is a small car powered by a 4-cylinder petrol engine with a maximum capacity of 98 horsepower and 128 Nm It also has a CVT gearbox and a 6.2L V8 engine with a capacity of 445 horsepower and maximum torque of 624 Nm VinFast Lux SA2.0 has a 2.0L turbocharged gasoline engine with 228 horsepower and Document continues below Discover more from: study Case BLTA12 Trường Đại học… 136 documents Go to course Cách tiếp cận CASE 52 Study Case study 100% (2) Ivy Case System 29 Chapter Case study 100% (1) Case-Study Chapter-1 - Case-… Case study 100% (1) PDF A Give Me a 77 Break A Study of th… Case study 100% (1) Case 02 Anti-money Laundering - ISCA… Case study 100% (1) Group - lllll Case study 100% (1) 350 Nm Transmission: ZF 8-speed automatic transmission Powertrain: Rear-wheel drive, AWD 4-wheel drive (premium version) Ground clearance 192 mm - Product design: Exterior design has many colors for customers to choose, Fadil series has colors (red, blue, gray, silver, orange, white) and Vinfast Lux has luxurious colors (Mystique Red, Luxury Blue, Desat Silver, Action Orange, Jet Black, Cormorant Brown, Brahminy White and Neptune CL) The body is sturdy, true to Europe, the sound of closing the door firmly and entering the interior compartment does not have an unpleasant smell like popular cars The bonnet of this new model is elongated with sporty embossed ribs quite similar to BMW's 5-Series cars The bonnet is elongated with sporty embossed ribs, and the LED bulbs connected to daytime positioning lights bring something new Next to the letter "V" are lines using LED bulbs connected to daytime positioning lights This different design of VinFast LUX A2.0 really brings something new 3.2.1.1 Price strategy for new products Vinfast, as a new car manufacturer, does not appear to be targeting the low-cost car market, even positioning the brand at a slightly higher price point than product lines belonging to Japanese and Japanese brands Korean automakers such as Honda, Toyota, Hyundai, and Kia In the first stage, VinFast decided to implement strong consumer support policies, including a "3 No" price policy VinFast will not charge depreciation, financial costs (interest payable on loans used to build plants, working capital, etc.), or interest The selling price will be equal to the product's production cost plus selling expenses VinFast wishes to provide customers with the opportunity to experience worldclass Vietnamese products by adopting a "3 No" pricing policy that accepts no profit 3.2.1.2 Price adjustment strategy After maintaining the price of "3 No plus incentives" (from January to August 31, 2019), from September 1, the selling price of VinFast Lux SA 2.0 cars will increase by 532 million VND, from 1,286 billion VND now up to 1,818 billion dong; Lux A 2.0 increased by 466 million, from 900 million to 1,366 billion; and Fadil increased by 64 million, from the current 359 million to 423 million (price excludes VAT) In September 2019, the price list of VinFast cars, including Lux SA 2.0, Lux A 2.0, and Fadil models, no longer includes incentives and returns to the official selling price, so the car's price will rise dramatically However, VinFast decided to extend the preferential period for its car models at the last minute From February 12, 2020, VinFast continues to increase car prices according to the policy of without incentives, specifically VinFast Fadil cars increase by 20 million, VinFast Lux A2.0 increase by 30 million, VinFast Lux SA2.0 increase by 50 million per version Keeping true to its commitment to customers, VinFast decided to adjust the selling price of the product, on the principle of maintaining the "3 No" policy, only gradually reducing the bonus plus Vehicle list VF VF Fadil Vinfast LUX A 2.0 Price VinFast VF Plus without battery: 458 million VND VinFast VF Plus with bin: 538 million VND VinFast Fadil Standard version (Base): 352,500,000 VND VinFast Fadil Advanced version (Plus): 383,100,000 VND VinFast Fadil Premium version: 419.100.000 VND Lux A2.0 sedan standard: Lux A2.0 sedan enhanced: Lux A2.0 luxury sedan: 881,695,000 VND 948,575,000 VND VND 1,074,450,000 VinFast’s vehicle price list in 2023 3.2.1.3 Promotion strategy Promotion and direct marketing Automobiles are considered a luxury item in Vietnam, and the Vinfast brand has yet to enter the Vietnamese market As a result, Vinfast promotes numerous promotions for car buyers, such as vinfast no interest for the first two years for customers who purchase a fadil car between November 15, 2019 and February 15, 2020 Customers who purchase VinFast Fadil cars between November 15, 2019 and February 15, 2020 will only need to pay 30% of the car's value in advance, with the remaining 70% being paid Payment in installments over a 5-year period Customers can also receive interesting gifts fromVinfast by participating in the program "Test drive VinFast Lux - Experience class." 3.2.1.4 Repair strategy From January 6, 2022, VinFast pioneered to deploy the first genuine mobile repair service (Mobile Service) in Vietnam As a result, a team of technicians will perform maintenance, repair, and replacement of spare parts with simple items at the location specified by the customer, without the use of a vehicle lift This service first appeared in Vietnam to help improve the customer experience 3.2.2 Achievements in recent years: Vinfast made its first appearance at the Paris Motor Show one year after its debut This is one of Vinfast's major milestones in bringing the Vietnamese car brand abroad and attracting the attention of Vietnamese auto enthusiasts One of the important goals that VinFast aimed to achieve was to export in order to expand the market and generate profits on a larger scale, thereby contributing to the company's economic pressures VinFast's export targets include massive markets such as Europe, China, and ASEAN Since August 2018, VinFast has been quietly establishing subsidiaries and representative offices in Germany, China, and Korea 3.3 The potential customers for Vinfast A recent research by Nguyen Thi Nhu Quynh about the marketing-mix strategy for Vinfast has shown that Vinfast manufactures and sells cars not only in the domestic market but also wishes to expand internationally, bringing Vietnamese brands to new markets As a result, a large customer base both at home and abroad serves as an economic foundation for Vinfast's auto industry Vinfast positions itself as a high-end car