Moreover, with the diverse milk flavors and designs, it will also be a big challenge for “Milo sữa hạt” product when entering the Vietnam market.2.4.. Product Offering Product’s name: “M
MINISTRY OF FINANCE UNIVERSITY OF FINANCE – MARKETING FACULTY OF MARKETING MARKETING PLAN REPORT MAKETING PLAN OF THE NEW PRODUCT “MILO SỮA HẠT” OF NESTLÉ INTO VIETNAM MARKET IN 2022 Phạm Minh Khôi – 2021008280 Nguyễn Đức Mạnh – 2021008292 Đặng Nguyễn Như Ngọc – 2021008494 Mai Vũ Đông Nghi – 2021008298 Nguyễn Thị Hồng Thơm – 2021008557 HO CHI MINH CITY, 202 TABLE OF CONTENTS CHAPTER 1: INTRODUCTION & EXECUTIVE SUMMARY 1.1 Introduction 1.2 Executive summary CHAPTER 2: SITUATION ANALYSIS & SWOT 2.1 Market Summary 2.1.1 Market Demographics 2.1.2 Market Needs 2.1.3 Market Trends 2.1.4 Market Growth 2.2 SWOT Analysis 2.2.1 Strengths 2.2.2 Weaknesses 2.2.3 Opportunities 2.2.4 Threats 2.3 Competition 2.4 Product Offering 2.5 Keys to Success 2.6 Critical issues 10 CHAPTER 3: MARKETING STRATEGY 11 3.1 Mission 11 3.2 Objectives 11 3.3 Target Market 13 3.4 Positioning 14 3.5 Marketing strategies 14 3.6 Marketing Research 17 CHAPTER 4: ACTION PLAN 18 CHAPTER 5: FINANCIALS 31 5.1 Break-Even Analysis 31 5.2 Expense Forecast 32 CHAPTER 6: CONTROLS 34 6.1 Implementation 34 6.2 Marketing Organization 34 CHAPTER 7: CONCLUSION 35 REFERENCE 36 CHAPTER 1: INTRODUCTION & EXECUTIVE SUMMARY 1.1 Introduction Since 1912, Nestlé has been presented in Vietnam for the first time when it established its first representative office in Saigon, starting the journey of more than 100 years of building and strong development Milo milk was first invented by Australian inventor Thomas Mayne in 1934, after which Nestlé acquired the formula for mass production and distribution worldwide Nestlé's Milo has been present and continuously growing in the Vietnam market for more than 17 years and is a prestigious brand, leading in quality and market share in the nutritional cocoa drink industry for children aged 6-12 As a subsidiary of Nestlé, Milo inherited much of Nestlé's vision: To be a leading, competitive, nutrition, health and wellness company delivering improved shareholder value by being a preferred corporate citizen, preferred employer, preferred supplier selling preferred products Milo also works with its owner brand core value: Creating shared value, which Nestlé ties to all of the company's operations According to their commitment to Vietnam, Milo is also constantly creating playgrounds and programs for children, contributing to building a healthy and dynamic generation of young people, completely true to the core values that Nestlé has set 1.2 Executive summary As consumers in Asia are including more dairy alternatives in their diet, Nestlé is launching plant-based versions of some of its most-loved brands in the region There is a new plant-based version of Milo, the world's leading chocolate malt beverage that is enjoyed in many Asian countries It has launched in Asia, starting first in Malaysia, a country with generations of Milo fans going back 70 years to its launch there in 1950 It has appeared on shelves since April This new version replaces the milk in the original recipe with almond and soy, but the other two core ingredients – malt and cocoa – remain the same Each bottle offers 6.5 grams of protein and is also low in sugar, with a combination of vitamins and minerals to support effective energy release In Vietnam, more and more people are shifting to more plant-based diets, so this will be a potential product to develop in this market Currently on the market, most dairy free milks are original flavor, developing vegan milk with cocoa flavor will provide Milo an opportunity for market growth Therefore, we came up with a marketing plan with the expectation of achieving 1.17% share of the Vietnam drink milk market through unit sales volume of 19.911 million liters in the first year At the same time, aim to maintain positive, strong growth each quarter (notwithstanding seasonal sales patterns) CHAPTER 2: SITUATION ANALYSIS & SWOT 2.1 Market Summary 2.1.1 Market Demographics The profile for the typical Milo customer consists of the following demographic, psychographic, and behavioral factors: Variables - 18 Demographic Income: Mainly dependable on family Income: Unstable, Income: Stable, yet may have support from must take care of the family family Income: Stable, high affordability for products Lifestyle: Mostly prefer delicious drinks and are not aware of healthy products Lifestyle: Start care the “green” lifestyle and healthy products and ingredients, willing to try something new Lifestyle: A healthy life is a big concern, searching more for healthy products, open to try Lifestyle: Take serious care about health, not willing to try something new Benefits sought: refreshments, looking for a new milk taste, delicious, easy to drink, cheap price Loyal status: low, always looking for new things Benefits sought: refreshments, looking for a new milk - new taste, good for health, trendy and have a reasonable price Loyal status: low to medium, often try new things Benefits sought: refreshments, looking for a new milk, good for health, reasonable price Loyal status: medium, may consider new things Benefits sought: refreshments, prioritize products' quality over price that are good for health Loyal status: medium to high, based on their habits and experiences Psychographic Behavioral 19 - 26 27 - 36 > 36 2.1.2 Market Needs Milo is providing the community with a wide range of beverages made from cocoa The company seeks to fulfill the following benefits that are important to its customers: • Rich nutritional values: Customers buy a drink to benefit its vitamins, minerals, and energy, especially those seeking plant-based ingredients For “Milo sữa hạt”, it’s lower in fat and sugar, therefore, it is great for people with lactose intolerance or those seeking a dairy free alternative • Delicious taste: One purchasing a beverage wishes for a good taste of the drink in order to drink it on a daily basis • Inexpensive price: Buyers cannot afford a daily beverage with a large amount of money, which could cause them to be less loyal to a brand • Attractive packaging: An eye-catching design makes the customers, especially children, pay more attention to products produced by Milo Document continues below Discover more from: Financial Management FM123456 Trường Đại học Tài… 223 documents Go to course Lý thuyết - sfasfasf 12 79 Financial Management 100% (3) [123doc] - phan-tich5-quan-diem-quan-… Financial Management 100% (3) ÔN TẬP NGỮ PHÁP âfadfsfsdf Financial Management 100% (2) Rủi ro Trung Nguyên Ycccc Financial Management 100% (2) GIẢI CHI TIẾT Toeic PART 2021 Financial Management 100% (2) 121 2.1.3 Market Trends GIẢI CHI TIẾT PART [ANH LÊ Toeic] Financial Management 100% (2) According to a recent survey by Global Data, more than 40% of consumers in Asia are transitioning to a plant-based diet, with 11% choosing vegetarian and vegan foods At the same time, the demand for plant-based milk alternatives is also increasing, due to the delicious taste and great nutritional benefits that those goods offer Plant-based milk substitutes are considered suitable for the elderly, people with chronic diseases such as diabetes, high cholesterol or those following a vegan diet Besides, the increase in cases of milk allergy or lactose intolerance is also considered a significant factor to drive the growth in sales of this product category In Vietnam, the intent of consuming plant-based milk is also increasing sharply On the report of a survey of Viracresearch in 2019, up to 66% of Vietnamese consumers want more products made entirely from natural materials.Alternatives to cow’s milk such as soy milk, almond milk, rice milk, oat milk, coconut milk, cashew milk, etc will become progressively attractive to consumers, with different needs depending on the region 2.1.4 Market Growth Plant-based drinks, including milk and soy milk with rice, nuts, grains or seeds added, have become a new trend in Vietnam, according to the latest monitor report from market research firm Kantar Worldpanel The growth rate of alternative milk has been declining since 2013 But it is the only product line with the CAGR that has steadily increased from 2016 onward, when the consumer demand for dairy products increased following the comparative information on nutrient levels for animal milk lines It is forecast that in 2018-2022, the double growth rate of alternatives will reach 15%, the highest in traditional milks Source: VIRAC, Euromonitor 2.2 SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company and describes the opportunities and threats facing Milo 2.2.1 Strengths Brand image is excellent CRP jumped up places and reached by 69% (Kantar Worldpanel’s Brand Footprint 2015) Milo is a familiar brand with consumers in Vietnam, when a new product is launched, it will save a part of advertising costs for the product Nestlé's R&D center in Singapore serves as the regional innovation hub for the development of plant-based dairy alternatives in Asia This new type of product has been tested in the Malaysian market since April 2021 Thus, it is possible for Milo to learn from experience and limit the risks when launching the products in the Vietnam market within the next year 2.2.2 Weaknesses Milo has not yet mastered the domestic source to make nut milk The cost of plant-based ingredients from nuts can be more expensive than cow's milk 2.2.3 Opportunities According to a recent survey by GlobalData (2021), over 40% of consumers in the Asia region are shifting to more plant-based diets, with 11% opting for vegetarian and vegan food, and a third moving to a 'flexitarian' diet that is lighter on meat and dairy products Thus, the need for plant-based dairy alternatives that taste great and offer strong nutritionals is rising, as more families are following this trend The plant-based milk market is unsaturated, with a lot of potential for Milo to enter 2.2.4 Threats Vietnamese consumers, especially between the ages of and 18, are used to the typical Milo flavor; they may not be familiar with the combination of cocoa and nut milk Moreover, many customers still assume that plant-based milk is not as delicious and nutritious as cow's milk On the market, there are many products made from nut milk with different flavors from many famous brands such as Vinamilk, TH True Milk, Vinasoy This could be a big challenge for “Milo sữa hạt” product when entering this new market Besides, the market size of domestic plant-based milk is still rising, but only accounts for a small proportion (12% in 2018 by Viracresearch) The supply of almond raw materials in Vietnam may not be able to meet Milo's production needs, leading to dependence on imported raw materials The Covid-19 outbreak may put pressure on the process of launching this new product 2.3 Competition Arcording to VIRAC in 2018, the domestic nut milk market accounted for 12% of the liquid milk market structure Source: VIRAC Back then, the market was familiar with Vinasoy’s soymilk product (from Quang Ngai Sugar Joint Stock Company) In the first 10 months of 2019, Vinasoy’s milk consumption increased by 13% and its revenue also increased by 15% (Nielsen) Moreover, the nut milk market really started to kick off when Vinamilk and TH True MILK invested and launched diversified plant-based products in 2018