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THUONG MAI UNIVERSITY INSTITUTE OF INTERNATIONAL TRAINING DISCUSSION COURSE: PRINCIPLES OF MARKETING TITLE: “THE INFLUENCE OF THE SOCIO-CULTURAL AND TECHNOLOGICAL ENVIRONMENT ON VSMART'S MARKETING ACTIVITIES” Teacher : Bui Lan Phuong Group’s name : Group Code module : BMKT1517E Semester : 1st (2023-2024) Hanoi, Vietnam November, 2023 No Name of student Task Grading scale Note 9/10 - Learn and research about overview of Vinsmart and Vinsmart products - Divide work clearly, appropriately, with specific deadlines, and fairly with each member - Synthesize information and edit information - Creative and feasible ideas - Combine information into a complete essay - The content is clear but still needs editing Ha Thao Linh - Set team's objectives (Group leader) - Divide work among team members - Participate in contributing to members' ideas - Organize and attend meetings on time - Complete work on time Ngo Tung Lam - Learn and research the current state of Vinsmart's Social and Cultural environment 8.5/10 - The content is clear but still needs editing - Participate in contributing to members' ideas - Complete work on time - Participate in making PowerPoint Dao Khanh Linh - Join support to develop a set of survey questions, collect information, and analyze data - Participate in synthesizing content and creating a complete version - Rich and useful content - Attend meetings fully and on time 7.5/10 - Rich and useful content - Developed many questions, but they were not very close to the - Participate in contributing ideas requirements - Complete work on time - Attend meetings fully and on time Nguyen Phuong Mai - Point out the problems that the business is facing and offer solutions to those problems 8.5/10 - The content is clear but still needs editing - Adding external solutions for businesses - Complete work on time - Participate in contributing ideas Nguyen Tra My - Point out the problems that the business is facing and offer solutions to those problems - Attend meetings fully and on time 8.5/10 - Complete work on time - Participate in contributing ideas Phan Hai Nam - Learn and research the current technology status of Vinsmart - Participate in contributing and editing ideas - Rich and useful content - The content is clear but still needs editing - Adding external solutions for businesses - Rich and useful content - Attend meetings fully and on time 8.5/10 - Rich and useful content - The content is clear but still needs editing - Complete work on time - Attend meetings fully and on time Nguyen Phi Nhat - Learn and research the current technology status of Vinsmart 7.5/10 - Rich and useful content - The content is clear but still needs editing - Participate in contributing and editing ideas - Complete work on time - Did not fully participate in the meeting Nguyen Thao Nhi - Develop a set of survey questions, collect information, and analyze data 7/10 - Rich and useful content - Developed many questions, but they were not very close to the requirements - Participate in contributing ideas - Complete work on time - Incomplete meeting attendance Van Phuong Nhung - Participate in supporting the study and research of Vinsmart's technology status - Synthesize and edit information - Make PowerPoint - Participate in contributing to members' ideas 9/10 - Rich and useful content - Complete work on time - Attend meetings fully and on time Table of contents INTRODUCTION .7 OVERVIEW OF VINSMART 1.1 Introduction Overview of Vinsmart 1.2 Mission .9 1.3 Vision 1.4 Core values 1.5 Business situation OVERVIEW OF VSMART PRODUCTS .9 2.1 About design 10 2.2 About configuration and outstanding features: 10 INTRODUCING THE TARGET MARKET OF VSMART .10 INTRODUCE TARGET CUSTOMERS .11 Vsmart is divided into groups: individual consumers and organizational customers 11 COMPETITORS 11 CURRENT SITUATION .11 6.1 Current situation of socio-cultural environment 11 6.1.1 Cultural environment 11 6.1.2 Population or number of people existing in the market Through this criterion, businesses can determine the scale of demand and the diversity of demand 12 6.1.3 Social Development Trends and percentage of Internet Users 13 6.1.4 Divide customers' income sources This factor is related to the satisfaction of needs according to financial capacity 14 6.2 Current State of Technology 14 6.2.1 Technology in production activities .14 6.2.2 Technology in the marketing application 15 SOLUTION .16 7.1 Solution for the socio-cultural environment 16 7.2 Solution for the technology .16 INTRODUCTION The role of technology and social culture in business is huge and necessary for every business The business market in the world in general and in Vietnam in particular has been undergoing huge and profound changes In particular, in the context of a developing economy, sometimes there are complicated developments, competition to win market opportunities and business opportunities is increasingly fierce, and cultural factors are clearly shown in Enterprise business increasingly proving its extremely important role Understanding the culture of partner businesses or competitors will directly affect the success of a transaction or negotiation - which is the first step in determining whether a business or sales contract is obtained established or not Technological factors also play a huge role in business It helps businesses see what their customers' needs are so they can produce and develop their products Additionally, technology also helps companies gain and create a competitive advantage in the market by increasing efficiency and reducing costs Document continues below Discover more from: Marketing BMKT0111 Trường Đại học… 204 documents Go to course 41 68 33 31 10 Phân tích ảnh hưởng yếu tố môi… Marketing 100% (8) ĐỀ CƯƠNG Marketing CĂN BẢN Marketing 100% (7) Đề tài thảo luận nhóm Marketing… Marketing 100% (6) Bài thảo luận Marketing Marketing 100% (5) Bai tap tinh huong marketing can ban … Marketing 56 92% (12) đề cương marketing Marketing 100% (4) OVERVIEW OF VINSMART 1.1 Introduction Overview of Vinsmart VinSmart Research and Production Joint Stock Company is a company that manufactures and distributes telecommunications equipment under Vingroup Corporation founded by Pham Nhat Vuong on June 12, 2018 VinSmart uses intellectual property rights from BQ, a communications equipment manufacturing company founded in 2010 in Spain This is an excellent Vietnamese phone brand and is well-received by consumers On June 12, 2018, Mr Pham Nhat Vuong issued an official dispatch announcing the establishment of VinSmart research and production joint stock company with an initial charter capital of trillion VND, of which VinGroup contributed 80%, headquartered in Ho Chi Minh City Bang Lang Street, Vinhomes Riverside, Long Bien, Hanoi On December 14, 2018, the company announced the launch of the first phone product lines at Landmark 81, including low-range products: VSmart Joy & VSmart Joy 1+ and mid-range products middle: VSmart Active & VSmart Active 1+ run VOS 1.0 operating system On March 20, 2019, VinSmart started selling Vsmart in Spain through the Media Mark system On April 30, 2019, VinSmart bought 60% of Archos shares, a French consumer electronics company founded in 1988 On May 29, 2019, VinSmart launched sales of VSmart in Myanmar through Strong Source On June 28, 2019, VinSmart announced an agreement with Fujitsu Connection Technology Company (part of Fujitsu Group) and Qualcomm to develop 5G smartphones On October 3, 2019, VinSmart entered the Russian market with lines Vsmart Live, Vsmart Joy 2+, Vsmart Star and Vsmart Bee On the 12th of the same month, VinSmart announced the price list for repair and replacement services for Vsmart phones On July 2, 2020, VinSmart launched the next operating system version called VOS 3.0 (based on Android 10) VOS 3.0 can be considered an "operating system" compared to its predecessors (previous versions had no or little customization) The new operating system has achieved Play Protect certification licensed by Google On July 6, 2020, VinSmart announced the launch of the first 5G phone called Vsmart Aris 5G On August 10 and 31, 2020, VinSmart announced the Vsmart Aris 5G Pro phone with a camera hidden under the screen In November 2020, VinGroup signed a contract to produce million smartphones for an American carrier, under the brand names AT&T Maestro Plus (V350U), AT&T Motivate (V341U) and AT&T Fusion Z (V340U) 1.2 Mission VinSmart Research and Production Company was established in June 2018, with the mission of becoming a global technology company, creating quality electronic products and smart technology, and applying intelligent artificial AI and connecting to devices on the IoT platform 1.3 Vision VinSmart Company is committed to continuous creativity and innovation in building a complete technology ecosystem, bringing a better, modern life to the people of Vietnam and the World 1.4 Core values Vsmart is a Vietnamese technology and intellectual brand, carrying the spirit of a new and modern Vietnam, a convergence platform for intellectual connection, and a representative of Vingroup in the globalization roadmap, reaching out to the world 1.5 Business situation March 2020, according to GfK - one of the most trusted market research companies in the world, after only consecutive weeks, the Vsmart phone of VinSmart Company has officially reached 16.7% market share, entering the group of three brands with market share over 15% Vsmart's smartphones are recognized by GfK as dominating the popular phone segment, with prices ranging from - million VND Vsmart has received many reviews for its quality and features in its price range, modern design, sharp camera, battery capacity, fast charging outstanding in the segment According to Deputy General Director of VinSmart Joint Stock Company and Research Mr Tran Minh Trung, with high market share growth, Vinsmart is on the right track when after only 15 months it has reached 16.7% market share The company's goal is to continue to optimize products so that the quality is increasingly improved so that Vietnamese phones can not only develop domestically but also reach out to the world Up to now, VinSmart has launched TV models and 20 smartphone models to the market Although the company has announced to stop producing Vsmart TVs and smartphones, these items are still sold at retail establishments and maintain the same policies and customer support services OVERVIEW OF VSMART PRODUCTS 2.1 About design Vsmart's appearance is praised by the technology world and many customers Most models are equipped with beveled tempered glass and a sturdy, high-quality frame, creating a luxurious feel when held in the hand Rabbit ear design and large screen size follow the trend of the times for a more vivid and impressive experience than ever On the back of the product is the Vsmart logo including three flames The first two flames are “V” shaped The letter "V" is the symbol of Vingroup corporation, VinSmart company and Vsmart smartphone brand The third flame is shaped like the letter “S”, it represents the word “Smart” The fire is a symbol of the enthusiasm and desire of Vsmart members, wanting to create good quality products that meet the needs of domestic and international users Not only that, if you look closely you can see that Vsmart's logo resembles a lotus bud Lotus is the national flower of Vietnam, it symbolizes the Vietnamese soul and Vietnamese intelligence 2.2 About configuration and outstanding features: Vinsmart models use Snapdragon and Mediatek™ chips Vsmart configuration is quite high, with good performance in its price range and stable operation with most daily tasks You can comfortably watch movies, listen to music, surf the web, and social networks, or play some games with heavy graphics One of the recently highly rated, well-configured phone models is Vsmart Active Along with that is the exclusive VOS interface based on the Android platform with many interesting features You can choose gesture navigation, better security, screen with an impressive launcher, update some new applications, (Android launchers are applications that help change the phone interface or it will act as a personal virtual assistant on your smartphone) One of the advantages that helps Vsmart stand firmly in the market and differentiate itself from competitors in the same price range is internal memory with huge capacity From 16Gb - 64Gb, supports external memory cards up to 256Gb You can freely download games, store data, download applications, and record many beautiful moments in life, INTRODUCING THE TARGET MARKET OF VSMART Vinsmart focuses mainly on the Vietnamese consumer market, with a tendency to expand into international markets and intermediate markets (retail chains, electronics supermarkets): Consumer market and international market: Vinsmart has launched many Vsmart product lines with affordable prices, high quality and good after-sales service, winning the trust of many Vietnamese customers in particular and the world in general Intermediary trading market: Vinsmart has appropriate strategies, commission policies, and discounts for its agents because they can influence customers' buying behavior through consulting and product introduction INTRODUCE TARGET CUSTOMERS Vsmart is divided into groups: individual consumers and organizational customers Organizational customers: Vinsmart has strategies, commission policies, and discounts suitable for its agents (electronics supermarkets, mobile retail stores, ) Individual consumer customers: for this group of customers, Vinsmart will rely on the customer's income level and ability to pay Specifically, Vinsmart has divided target customers into groups: Affordable customers: people with low incomes such as students, workers, etc In Vietnam, there are many different types of workers, and the number of unskilled workers is very large growing while mobile phones are gradually becoming an essential product That's why Vinsmart has launched Vsmart phones that combine the basic features of a smartphone with a unique and beautiful design at an affordable price for customers Suggest some Vsmart products that this group of customers can buy and experience: Vsmart Bee, Vsmart Bee Lite, Mid-range customers: aimed at people with more stable incomes With the rapid development of technology today, the demand for smartphones is also gradually increasing Consumers demand more outstanding features and new and more unique designs To meet the "delicious - nutritious - cheap" needs of Vietnamese consumers, Vinsmart constantly innovates and launches products that satisfy customer needs Serving this customer group can be Vsmart Aris, Vsmart Live, etc COMPETITORS Even though it is a "late-born" phone brand, Vsmart shows its superiority is not inferior to other competitors such as Apple, Samsung or brands from China such as Oppo, and Vivo when occupying the 4th "place" in smartphone market share after only year of operation With such success, it seems that Vsmart is still a fairly new name to Vietnamese consumers, does not have much breakthrough potential and is subject to a lot of fierce competition from companies Therefore, the Vsmart brand gradually disappeared from the market CURRENT SITUATION 6.1 Current situation of socio-cultural environment 6.1.1 Cultural environment 10 “Cultural environment is a living totality of tangible and intangible cultural elements surrounding people in a defined space and time, those elements impact each other and interact with each other humans, to develop and promote the role of humans as both a product and a cultural subject” Firstly, through the internet, family members can choose many different types of entertainment: chat, email, read news, watch movies, and share information on social networks At the same time, through social networks, each family can chat online with each other, quickly grasp information, and expand interactions with friends without worrying about geographical obstacles From here, members of the family have an opportunity to build good social relationships Second, families can conveniently shop online through social networks Women can save a lot of time to rest They only need to refer online to place orders and have the goods delivered on the spot At the same time, through social networks, people can make more money by participating in the online sales business, increasing income for themselves and their families Third, through the internet, people cooperate with each other to bring practical benefits such as: learning and exchanging skills and knowledge to serve work and daily life; This is also an environment for each person to boldly express their personal opinions, interests, thoughts, and feelings, so that family members can understand each other and get closer together Fourth, through information technology, children can also use the internet as a means of learning or playing educational games, training their thinking ability, as well as learning a lot of useful knowledge to serve their needs service for better learning VSmart appeared on the market in the last days of 2018 and has achieved a lot of success so far It can be said that VSmart is a product that has won a lot of sympathy from consumers and is suitable for the needs of Vietnamese consumers Making a good impression right from the moment of launch, to retain and create trust with target customers Vsmart has Vsmart's marketing strategies focused on products This brand follows the market strategy of creating large coverage, providing many different designs to attract customer groups 6.1.2 Population or number of people existing in the market Through this criterion, businesses can determine the scale of demand and the diversity of demand Vietnam's population currently accounts for 1.24% of the world's population Of which ages 15-64 account for 69.3% large population of teenagers, the need to use technological devices is increasing That is a good opportunity for Vsmart company to enter this potential market However, according to the data, Vsmart users are mainly young and middle-aged (16-60 years old) because young people often use smartphones to study, shop, entertain, and at this age they often care about product features and design 11 Older people not pay too much attention to using smartphones but only need to use them to make calls Also according to the data, the reason young people not use Vsmart is because the design does not attract young people like Samsung or IPhone, and is only suitable for older people This shows that Vsmart has not met the needs of everyone but only met the needs of one group of customers As of January 2021, according to the Digital 2021 report compiled by We Are Social and Hootsuite, the number of mobile subscribers in Vietnam is 154.4 million; The number of Internet users is 68.72 million; The number of social network users is 72 million (accounting for 73.7% of the population) With this number, Vietnam is one of the 20 countries with the largest number of Internet users in the world, ranked 8th in Asia and 3rd in Southeast Asia The increasing number and trend of smartphone users create favorable conditions for Vsmart to increase its market share in Vietnam However, data obtained from the survey shows that 35% of consumers use Vsmart (mainly middle-aged because young people today prefer to use phones from other brands such as Samsung, Iphone…) and the remaining 65% use other types of phones 60% of consumers know about Vsmart and the remaining 40% not know about it This leads to difficulties for Vsmart 6.1.3 Social Development Trends and percentage of Internet Users The percentage of Internet Users: At the beginning of 2023, Vietnam has 77.93 million Internet users, accounting for 79.1% of the total population In addition, the number of social network users also reached 70 million, equivalent to 71% of the total population The total number of active mobile connections is 161.6 million, equivalent to 164.0% of the total population Furthermore, the slogan "Vietnamese people prioritize using Vietnamese products" has been enthusiastically supported and responded to by the consumer community Therefore, the problems of promoting the Vsmart phone brand not face too many difficulties Social Development Trends: The 4.0 revolution has been and is a favorable condition for the development of the high-tech industry, smartphones in general and Vinsmart products in particular Besides the open opportunities, Vinsmart also faces great challenges If you don't keep up with technology, you will quickly become outdated and fall behind your competitors Producing 5G phones is both an opportunity and a challenge for Vinsmart because they are not the only manufacturer In addition, production costs and fierce competition between companies are also factors that concern Vinsmart In 2021, Vsmart is the third brand in Vietnam in terms of market share with 12.7%, just behind the two giants Samsung (31%) and Oppo (18.6%) (according to data from GfK) Vinsmart is still in a period of operational errors and cannot pay back in the next few years Futhermore the trend of not using cash for shopping is to use smart 12 banking instead This is the reason why smartphone users is increasing and Vsmart must seize that opportunity 6.1.4 Divide customers' income sources This factor is related to the satisfaction of needs according to financial capacity Based on the Press Release on the labor and employment situation in the fourth quarter and 2022 posted on the Electronic Information Portal of the General Statistics Office, there is a report on the average salary of workers as follows: - The average monthly income of workers in 2022 is 6.7 million VND Therefore, Vinsmart focuses on the popular product segment, always trying to cut production costs to bring cheap but no less quality devices closer to customers With only nearly 1,600,000 VND, Vietnamese users can get themselves a smartphone that meets their daily needs It can be said that the product strategy reasonable with prices has worked Vsmart grew miraculously, its market share jumped to 6% in November 2019, reaching the group of best-selling brands in the market Two newly launched product lines Vsmart Live and Vsmart Star also made an impression thanks to their reasonable prices 6.2 Current State of Technology 6.2.1 Technology in production activities Vinsmart company's Vsmart smartphone production line is equipped and invested in with the world's leading modern technology Large corporations in the world from England, Germany, with machinery and technology All the manufacturing facilities of Vsmart are designed and run by international standard IPC-A-610, working and producing environments always have a suitable temperature(~24 C), humidity(40-60%), and electrostatic (ANSI S2020 standard) to provide the best condition for their products, 13 most of the steps in the manufacturing process consist of design, research and developing products are developed by BQ(Spain technology company).The equipment in the SMT producing line comes from the best technology company in the world (CPU assembled machine from ASM Siplace-German company, tin soldering stove from OmnimaxAmerican company), materials from Italy, automatic checking software from Qualcomm (best company in the world for producing phone mainboard) Factory using ERP from SAP company which is the best system in material and sales managing In June 2018, VinSmart officially entered the domestic and international phone market To meet market demand in the fastest time, the company has cooperated with international partners By that time, the research and development team and design engineers work hardly to master the technique After more than years, VinSmart has announced and launched the Vsmart Live smartphone, which is 100% designed and developed by a team of more than 400 R&D engineers At the same time, VinSmart has also become the first Vietnamese company to successfully produce terminal devices supporting 5G technology successfully In July 2020, Vinsmart announced their brand new line of products named Vsmart Aris 5G and Vsmart Aris Pro which is the first smartphone in Vietnam equipped with advanced camera technology hidden under the screen Even though the price of Vsmart Aris Pro is affordable, it still has a brilliant technology VCam Kristal which can improve the quality of photos taken by the phone’s camera (missing images, noise and flare, and lack of color fidelity ) 6.2.2 Technology in the marketing application Vsmart, a Vietnamese smartphone brand, employs various technologies in its marketing applications to effectively reach and engage consumers Here are some key technologies and their applications in Vsmart's marketing strategies: Digital Advertising and Social Media: Vsmart leverages digital advertising platforms like Google Ads, Facebook Ads, and Instagram Ads to target and reach a wider online audience These platforms use advanced algorithms to display ads to relevant demographics, enhancing the precision of their marketing efforts E-commerce Platforms: Vsmart maintains an online presence through ecommerce platforms like Lazada, Shopee, Tiki, and their official website These platforms allow consumers to purchase Vsmart products directly online, making it convenient for customers and expanding their reach Mobile Apps: Vsmart develops mobile apps that not only serve as sales channels but also provide valuable information and services These apps help keep customers engaged and informed about the latest products and promotions Content Management Systems (CMS): A CMS allows Vsmart to easily create and manage content for their website, blog, and other digital platforms 14 SOLUTION 7.1 Solution for the socio-cultural environment Problem Solution Significance for businesses Not known or used by many people The design is not attractive to young people Create unique and diverse designs Use quality materials to create products with luxurious and sophisticated designs Competition Improve product quality or develop more special features Focus on quality and product development Branding Attract more customers Have a foothold in the market Meet the needs of many customers Fits the trends of young people and attracts their attention Breakthrough to create competitive advantage Create trust and create a good impression with customers 7.2 Solution for the technology Reality Problem Solution Significance for businesses Equipped and invested in with the world's leading modern technology large corporations in the world from England, Germany, with machinery and technology However, the technology is still not advanced enough to compete with other smartphone companies in the world Make a major breakthrough in a new sensor or technological feature Creating a talented team, promoting businesses towards a deeply knowledgeable organization that knows how to leverage the power of data In July 2020, VinSmart announced the After a period of use, customers gave many Receive detailed information about what customers are Build a loyal customer base in the future 15 successful development of the Vsmart Aris 5G smartphone model unsatisfied feedback about microphone errors and system errors, but there was no long-term fix experiencing and find out the cause and root of the problem and classify the problem that the customer is facing Fix errors then conduct customer care and monitor customers regularly to have the best interactions and increase good experiences The selling price of Vsmart Aris Pro is in the affordable segment for consumers Upgrading the quality and features of smartphones faces many limitations It is necessary to know the exact concerns and desires of consumers, in order to respond in the most reasonable and effective way Consider focusing on a specific feature depending on their target customers 16 Strengthen consumer confidence in the quality of low-cost smartphones More from: Marketing BMKT0111 Trường Đại học… 204 documents Go to course Phân tích ảnh hưởng 41 68 33 yếu tố môi… Marketing 100% (8) ĐỀ CƯƠNG Marketing CĂN BẢN Marketing 100% (7) Đề tài thảo luận nhóm Marketing Marketing 100% (6) Bài thảo luận 31 Marketing Marketing 100% (5) More from: Nhung Phương Trường Đại học Thươn… Discover more 25 Bài Thảo LuậnFundamental Of… Quan tri hoc None Department OF Research… Phương pháp nghiên cứu… None Overview of the VNese Legal System Pháp luật đại cương None Recommended for you Correctional Administration Criminology 96% (114) English - huhu 10 10 Led hiển thị 100% (3) Preparing Vocabulary FOR UNIT Led hiển thị 100% (2) 20 ĐỀ THI THỬ TỐT 160 NGHIỆP THPT NĂM… an ninh mạng 100% (1)
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