PNJ GOLD JEWERLYSince its establishment in 1988 until now, PNJ gold jewelry brand has constantly been innovating to continuously produce hundreds of diverse collections of gold materials
COMPANY INTRODUCTION
HISTORY OF COMPANY FORMATION AND DEVELOPMENT
28/04/1988 Phu Nhuan Gold and Silver Business Store was born
By 1992 PNJ was renamed Phu Nhuan Gold and Silver Gem
In 1994 year PNJ established its first branch in Hanoi The origin of a a strategy to develop the PNJ system nationwide
1/2004 The company changed its name to Phu Nhuan Gold and
Gems Joint Stock Company (English name is “Phu Nhuan Jewelry Joint Stock Company”) with a charter capital of VND 40 million
March 3, 2009 PNJ shares are officially availble on the HOSE exchange
BUSINESS PHILOSOPHY
VISION: As the leading jewelry manufacturer and retailer in Asia, it holds the number one position in all market segments targeted by PNJ in Vietnam.
MISSION: PNJ brings pride to customers with exquisite jewelry products, and outstanding quality.
This is the leading ethical standard in work and in life that every individual and organization is committed to.
Take legitimate profits and business ethics as the foundation for all activities.
Build credibility and transparency within the organization to build trust.
Resolutely fight to eliminate all dishonest actions.
A solid basis for ensuring survival and a measure of the value of each individual and organization.
Always ensure the quality of resources to create high-quality products and services.
Each individual is committed to performing the task with the best quality, not creating broken products, and not transferring broken products to others.
Take responsibility as the driving force for all activities Put the interests of customers and society on the interest of businesses.
Each individual is committed to living responsibly with themselves, their families, organizations, and society.
Excellently perform all work with the spirit of voluntariness, initiative, creativity, and dedication Always a pioneer in pursuing and performing the most difficult tasks with the spirit of victory.
This is the foundation of the long-term development of the organization.
Do not be complacent with the achievements Ready to receive, learn and apply new knowledge, experience and skills.
To make a difference and competitive advantage.
Meeting customer expectations is the basis for creative direction.
With a sense of responsibility, and passion for the profession, each individual and organization is committed to constantly creating, offering breakthrough solutions, and creating outstanding products and services.
SOME BRANDS AND SERVICES OF PNJ
Since its establishment in 1988 until now, PNJ gold jewelry brand has constantly been innovating to continuously produce hundreds of diverse collections of gold materials, rich in gemstones with pioneering breakthrough designs, contributing to celebrating beauty, the luxury, and class of Vietnamese consumers.
PNJ-branded gold jewelry products always have a harmonious combination of luxurious and unique beauty, fashion, and modernity, with every detail brought to life by talented designers and skillful hands of skilled jewelers, to ensure product sophistication and high aesthetics, meeting the tastes of all types of customers.
(Source: A product in the collection with the theme “12 DEGREES of Love” by Marry
Established in 2005, CAO Fine Jewelry has gradually conquered high-class customers through the unique difference of being a high- end brand CAO Fine Jewelry's products are crafted from 18K gold
8 | P a g e with diamonds, precious stones, and semi-precious stones with vivid colors - all guaranteed in terms of illumination and delicate sharpening from leading names in the field of gemstone grinding or in the field of inspection in the world CAO's high-end jewelry centers are always located in the most luxurious shopping district in Saigon, Hanoi, which has shown the right strategic vision of CAO Fine Jewelry on the way to conquer high-class customers as well as in direct competition with international jewelry brands present in Vietnam.
Officially launched in 11/2020, Style by PNJ is an entirely different brand in both style and fashion trends, not only different from PNJ's existing brands but also completely different from the product lines of other brands present in the Vietnamese market today. Style by PNJ's designs are aimed at young, dynamic customers, always requiring constant innovation and transformation to exude contemporary breath, celebrate personality, express aesthetic views and personal fashion style.
This product line was born from the cooperation between PNJ and Walt Disney with designs created from images revolving around iconic Disney characters such as Ice Queen Elsa, Princess Cinderella, Mermaid Ariel, Snow White, Pooh Bear and friends, Alice in Wonderland, Mickey Mouse, bringing extremely new experiences, not only awakening and celebrating the beauty of the individual from the love of each 9 character, but also transmitting the message of youth, optimism, desire to live, desire to act and clear childhood in each person.
(Source: Cinderella Jewelry set image)
Starting to enter the watch market in 2012, PNJ focuses on the middle and high-end market segment, in line with its strategy of dominating the market for jewelry PNJ Watch brand has been making sure strides with product lines favored by a large number of consumers such as Longines, Movado, Michael Kors, Tissot, In the context that the market is still very fragmented, the company promises to become a leader in the field of distributing genuine watches in Vietnam.
(Source: Photos of PNJ’s Swiss Made watches for women)
6 DIAMOND, GEMSTONE AND PRECIOUS METALS INSPECTION SERVICES
PNJ Inspection Co., Ltd established by PNJ is the leading diamond, gemstone, and precious metal inspection units in Vietnam today and is one of the few domestic inspection companies to successfully build and operate according to international standards ISO 17025.Over 20 years of operation, besides a team of experienced experts, regularly updated with knowledge, modern technology equipment, responsibility, honesty, transparency, neutral attitude, and high accuracy have helped PNJ Lab affirm its solid reputation for customers.
ACHIEVEMENTS
Independence Medal 3rd class: This is a noble award recognizing the contribution of PNJ's employees in the activities of 2008 (Unit: President – Year: 2008) - First-class Labor Medal: With outstanding achievements in taking care of workers' lives and charitable activities, taking care of the poor (Awarding unit: President – Year: 2003).
Certificate of high-quality Vietnamese goods for 12 consecutive years (1998 –2009): With this certification, PNJ in its reputation building journey has created its own position for its products with a strong brand during the past 21 years (Awarding unit: Voted by consumers and published by SGTT newspaper - Year: 2010).
Certificate of high-quality Vietnamese goods voted by consumers and published by SGTT newspaper: The above title is a testament to PNJ's outstanding and continuous efforts in the journey of building reputation and creating its own position with a strong brand during the past 21 years (Unit awarded: Voted by consumers and published by SGTT newspaper - Year: 2007).
Vietnamese Gold Star Award: An award for PNJ brand – a typical brand of Vietnam on the path of international integration (Awarding unit: Central Vietnam Youth Union - Year: 2010).
Vietnam Quality Award: Awarded by the Ministry of Science and Technology, the Vietnam Quality Award is an award honoring the quality of PNJ brand – the quality of Vietnamese goods (Awarding unit: Ministry of Science and Technology and General Department of Standards and Quality Measurement - Year: 2008).
Strong Brand Award: A fierce testament to the quality of PNJ brand (Awarding unit: Vietnam Economic Times and Trade Promotion Agency (under the Ministry of Trade) – Year: 2006 – 2009).
Asia Pacific Top 500 Retailers Award: One of the awards that creates a great motivation for PNJ's business expansion orientation and distribution system (Awarder: Retail Asia Singapore – Year: 2004 – 2009).
Setting a Vietnamese record of "The first enterprise to invest in the most modern and large- scale jewelry production technology in Vietnam": With this record, PNJ jewelry has received the popularity of customers both at home and abroad, helping to ensure the quality and prestige of PNJ products (Unit awarded: Vietnam Digital Book Center published - Year: 2007).
Excellent Brand Identity Award 2008: The above award has helped affirm the professionalism and consistency in PNJ's Brand Identity (Awarding Unit: Vietnam Advertising Association – Year: 2008).
National brand: Has positive significance in further strengthening PNJ's reputation and quality to consumers as well as PNJ's position and development in the Vietnamese business community (Awarding Unit: Government - Year: 2010).
Asia Pacific Quality Award: PNJ Class has received high praise and high awards not only domestically but also internationally (Awarding Unit: Asia Pacific Quality Organization – Year: 2010).
(Source: PNJ has been honored as “Best Jewelry Manufacturer and Craftsman of the Year” at the Jewelry World Awards (JWA) 2021)
COMPANY ORGANIZATION CHART
Name Duty Qualifications Work experience
Cao Thi Ngoc Dung President B.A.in economics 20 years working at the company
Nguyen Vu Phan Vice President Master of Business Administration -
10 years working at the company
Nguyen Thi Cuc Member Master of Business Administration 20 years working at the company Nguyen Thi Ngo Member Bachelor of Banking and Finance
Dang Phuoc Dua Member Bachelor of Hanoi National
Name Duty Qualifications Work experience
Cao Thi Ngoc Dung General Director B.A in economics 20 years working at the company
Nguyen Vu Phan Deputy General
Master of Business Administration - Machine Building Engineer
10 years working at the company
Nguyen Thi Cuc Deputy General
Master of Business Administration 20 years working at the company
Le Huu Hanh Deputy General
Chemical Engineering 20 years working at the company
Nguyen Tuan Quynh Deputy General
Dr QTKD 10 years working in the business department Joint Gas - Saigon Petro;
3 years work at the company
Dang Thi Loi Chief Accountant Bachelor of Business Administration More than 10 years as chief accountant at the company BOARD OF SUPERVISORS
Name Duty Qualifications Work experience
Master of Finance - Ho Chi Minh City University of Economics
10 years working in the field of finance and banking
Vo Nhu To Member Bachelor of Economics - Finance 15 years of experience in Gas- Vinagas business
Tran Van Dan Member Bachelor of Accounting - Finance 10 years working at the company
SITUATION ANALYSIS
PESTEL
Currently Vietnam is a developed country with a stable political situation, this directly affects economic development as well as employment issues, increasing income for workers, increasing consumption levels This is also considered as an opportunity to help businesses in Vietnam in general and PNJ in particular increase their development level.
No matter where a business operates, it is affected by the laws and policies of that country's government Currently, the Vietnamese government has a policy to reduce export tax password there is a jewelry industry based on a number of products, for example: tax rate on parts of jewelry, of precious metal or metal clad with precious metal (code 71.13) tax rate of 25%; 30% will be adjusted down to 0% and 1% This shows that the government is supporting and encouraging the jewelry industry to have more opportunities to expand overseas, and this also contributes to the growth of the jewelry industry part for open opportunity wide market PNJ is school to India In addition to a number of tax-reduced items, the government also applies many preferential policies to attract investors' capital in foreign companies, which indirectly affects the competitiveness of domestic enterprises.
Most of the items belonging to Most of PNJ are high-end jewelry products that are imported directly in Italy, so import tax is always a dilemma for typical businesses in 2019, PNJ used to pay import tax of over VND 100 billion (import tax) exports of gold, silver and jewelry about 35%, including 20% and 10% VAT) Thanks to the efforts and relentless efforts, PNJ has solved this problem very well even though all business activities were forced by the government to operate due to the covid-19 epidemic.
According to the forecast of the National Center for Socio-Economic Information and Forecast (NCIF), Ministry of Planning and Investment, on the basis of the assessment of Vietnam's economy after the 2016-2020 period, considering the following factors: Domestic and foreign factors are likely to affect Vietnam's economy in the coming period, NCIF forecasts that in the period of 2021 - 2025, Vietnam's GDP growth rate will reach about 7% per year, Vietnam's GDP trend increasing, forecast 7.2% growth in 2023 Inflation is expected to increase by around 6% in 2023, this is due to the influence of the global economy and poses a number of challenges for some import and export products of PNJ.
According to Mr TimLeela Phan, Economist in charge of Thailand and Vietnam said that
“Vietnam's economy in the first half of 2023 still faces some macro risks such as inflation, public debt and confidence recovery, but the prospect of recovery is positive in the second half of the year Vietnam's medium-term outlook remains positive Vietnam will continue to be an important link in the global supply chain and a destination chosen by many businesses.” This shows that Vietnam is controlling very well in terms of economic potential but still has a lot of influence on businesses in Vietnam in general and PNJ in particular.
And In general, people's lives in soy sauce relative to the future have improved and increased The upward trend of average income will not only create higher purchasing power in the market but also lead to different needs and wants of consumers especially in fashion, jewelry and cosmetics They are not only willing to pay for purchases, but also constantly innovate and have high requirements for diversity, richness, variation in designs, materials, and product categories.
According to the Vietnam Census 2022, the total population of Vietnam reached 99,059,944 people According to page Population of Vietnam, the population as of 2020 of Vietnam has 97,338,579People, in which the rural area is 60,611,331 people, accounting for 62.3%, the urban area has 36,772,248 people, accounting for 37.70%, still has an increasing trend This is a great opportunity for the jewelry industry because of the high density of urban residents, so it is easy to distribute products The collection of urban dwellers is also higher so they will have more demand for jewelry use Grasping this sentiment, PNJ is actively opening wide retail locations in major provinces and cities, especially HCMC.
Population data by age (estimated) 2022: - 23,942,527 adolescents under 15 years old (12,536,210 boys / 11,406,317 girls) - 65,823,656 people aged 15 to 64 (32,850,534 men / 32,974,072 women) - 5,262,699 people over 64 years old (2,016,513 men / 3,245,236 women).
Considering that the most dominant age is still 15 - 64 years old, this shows that PNJ's jewelry industry is dominating because PNJ's target customers are mainly people aged 25. -35 years old accounted for the highest proportion compared to the remaining groups Most of this age group have more stable jobs, can pay for their own hobbies and have also started or married People in this group love to explore and choose reputable, innovative, and highly aesthetic brands Understanding the factors of development and increasing demand for beauty products, PNJ has come up with extremely good sales policies such as: onion products for up to 2 years, polishing and checking products for free during the warranty period, etc It shows that PNJ is making good use of social factors and is having strong development.
Science - technology factors create many opportunities and also exist many challenges, forcing businesses to learn carefully to come up with marketing strategies As one of the input factors of the production process, this is an important factor determining whether the enterprise's production activities are effective or not So this is one very important factor and it directly affects the marketing strategy of PNJ.
The CEO of PNJ said that the needs of customers change, the mindset of marketers must be different, and they must take advantage of technology to reach the right customer group. Currently, PNJ has carried out the entire digital transformation, and built an omni-channel system (multi-channel sales), blockchain technology, AR, VR to help PNJ's stores become smarter PNJ's customer care department has used Conversational Marketing to solve problems with customers as quickly as possible In addition to applying technology in sales, PNJ also uses ERP system technology - SAP 4HANA to manage and maximize the potential
16 |P a g e of resources With the outstanding development of the 4.0 era, it has helped PNJ to be agile, flexible, and easily turn the situation in business.
Nowadays, more and more consumers are paying more attention to social issues and they want their brands to also deliver and manufacture products in a way that is environmentally and socially responsible PNJ needs to be aware of this to make products that satisfy customers This means that PNJ needs to ensure a suitable working environment and salary for their employees.
Legally, PNJ always complies with all documents related to the process of importing goods as well as trading jewelry products in a transparent manner, in addition, PNJ's products have a clear certificate of authenticity origin as well as product quality assurance Because this is the jewelry and gem industry, all information documents must be checked and verified in many different steps to ensure the reliability of each item This is also a difficulty for PNJ because There are many different tax rates based on each type of product with different amounts of gold or quality that must be made separately for each different commodity group based on the government's policy of issuing resolutions.
FIVE FORCE
The Porter's Five Forces focuses on analyzing five major factors that have an influence upon the organization, which are: competitive rivalry, the threat of entry, threat of substitutes, power of buyers, and power of suppliers.
The competitive rivalry in the jewelry industry can be assessed by different aspects as follows:
Competitors: Based on interview responses of Mr Le Tri Thong, the general manager of PNJ, there are three companies with the largest scale in the gold sector are PNJ, DOJI and SJC, all of which are over 20 years old DOJI and SJC are two big competitors, but each side finds its own strengths to develop But in the jewelry segment, PNJ's notable competitor is the new one-year-old brand Precita, which has nearly 20 stores In addition, there are still other firms participating in this industry such as: BTMC; SBJ; and small organizations This will make the competition more diverse.
Industry Growth Rate: According to the Ministry of Industry and Commerce Vietnam, with a compound growth rate of 10% per year and the need to accumulate gold bars gradually giving way to gold jewelry, many forecasts suggest that in the future, the Vietnamese gold jewelry market will have a large room for growth Evaluation of Vietnam's jewelry market, the representative of Rong Viet Securities Joint Stock Company said that the growth room of the Vietnamese gold jewelry market is still very 18 large when the demand for gold bullion is gradually giving way to jewelry In addition, the middle-rich class is growing rapidly in Vietnam (estimated to account for 1/3 of the population by
2020), who are modern-minded consumers who need to express a high body and target customers of fashion jewelry retail chains In fact, in the past few years, realizing that the
17 |P a g e gold jewelry market has grown well, the businesses in this industry have continuously expanded their business networks For example, Phu Nhuan Jewelry Joint Stock Company (PNJ) has continuously opened more than 30 stores in 2019 By the end of 2019, this business has 353 stores, covering all over the country.
Fixed Costs: According to gold price list updated daily of Dantri, Agency of the Ministry of Labor, War Invalids and Social Affairs of Vietnam, the fixed price of PNJ compared to all competitors are listed below:
COMPANY BUY IN SOLD OUT LOCATION
Table 1: Fixed Costs and Price of PNJ and Competitors
In general, the fixed costs are high, resulting in the exit barriers being high.
Differentiation: There is not too much difference between the qualities of jewelry between companies, however, the fashion designs are different According to Ho Chi Minh City Securities Corporation (HSC), PNJ does not have a big competitor in branded jewelry retail in Vietnam In terms of the number of retail stores, exquisite design, ingenious processing, new collections and the popularity of the brand, HSC believes that PNJ beats all other competitors in Vietnam like SJC and DOJI Those factors make PNJ different from other organizations in the market Therefore, PNJ is facing a medium level of competitive rivalry.
The threat of new entrants can be evaluated through a several of entry barriers and advantages as follows:
- Expertise and Capabilities: It takes billions VND to open a gold, silver and gemstone store Therefore, new firms may find it very difficult to join to jewels industry as it requires a lot of investment, capabilities, assets and experiences to compete with other businesses.
- Access to Supply or Distribution Channels: Government regulations are still tightening the import of gold into the country, so finding a stable gold supply is difficult for new businesses to enter this industry.
- Legislation: According to Enterprise Law 2014, when opening a gold store, organizations must pay attention to some conditions of government laws such as: Have charter capital from 100 billion VND or more Experience in gold trading for 2 years or more.
- Furthermore, gold and gold-related businesses are under the management of the State Bank, so that new firms, who want to join the jewelry industry must be controlled by the State Bank, leading to the problem that they cannot raise their product's price. Therefore, the threat of new entrants that PNJ may face is quite low.
The silver, gold and diamond jewels are affordable to upper class and middle class, while lower class tend to wear classic accessories, which are handmade or made by metals, fabric or Feng Shui stone According to research, the middle-rich class, who can afford valuable accessories only accounts for 1/3 of Vietnam's population, which means the rest 2/3 population have a tendency to buy inexpensive fixtures and fittings Moreover, there is one reason they do not have a habit of wearing valuable items because they are afraid of being stolen In short, the threat of substitutes that PNJ is facing now is very high.
PNJ occupies nearly 40% market share in the gold, silver and gem jewelry making and retail market in Vietnam with a production capacity of over 4 million products per year Jewelry products crafted by PNJ have been distributed directly to millions of customers through nearly 400 retail stores, e-commerce channels and indirectly through more than 3,000 wholesale customers nationwide as well as have been exported to 13 countries and regions. Through that, PNJ has clear policies for easy supervision and business Specifically, PNJ has a clear exchange policy and warranty policy for their products For example, for all kinds of jewelry, the repurchase rate is between 50% and 80% and the exchange rate is from 60% to 90% Therefore, customers must comply with PNJ's policy and have no right to deal prices According to the Association of High Quality Vietnamese Goods in 2019, PNJ won the title of high quality Vietnamese goods for 22 consecutive years From there, it can be seen that the quality of PNJ's products has been recognized by consumers, and PNJ has brought itself a large number of loyal customers This means that PNJ's buyers are less price sensitive, making buyers' bargaining power low.
The input materials of PNJ are raw gold, raw silver, gold bars, gemstones and diamonds, imported from domestic and foreign sources Due to regulations restricting import of gold bars from the State Bank, PNJ's main source of gold is purchased in the domestic market for recycling and jewelry production Gold is influenced by the law of supply and demand in the market as well as by the domestic and foreign currencies that buy it, which are mainly USD Therefore, the suppliers cannot determine the price of gold in the market Due to not being limited in legal terms, PNJ mainly imports raw silver through a number of suppliers in Belgium Regarding gemstones, PNJ imports mainly from Thailand and Hong Kong In addition, PNJ imports diamonds from many different sources and is closely tested The raw materials supplied by the suppliers are fairly standardized, less differentiated and have low switching costs This helps PNJ to switch suppliers more easily, making the bargaining power of suppliers weak Moreover, the industry that PNJ does business in is an important customer of suppliers This means that industry profits are tied to the margins of the suppliers Therefore, the bargaining of suppliers in the jewelry industry is low.
In the jewelry industry, PNJ has to deal with the medium competitive rivalry, low threat of entry, high threat of substitutes, low power of customers, and low power of suppliers. Therefore, that is an attractive industry for PNJ to compete in.
5M
PNJ's input materials are mainly raw gold, raw silver, gold bars, precious stones, and diamonds The peculiarity of this group of materials is the constant volatility of prices, creating significant risks for businesses that do not have an effective method of raw material price management In order to limit the negative effects from fluctuations in input material prices, PNJ applies the following policies to manage:
- For raw gold: PNJ's main source of raw gold comes from direct purchases of current customers or from other domestic gold sources.
- For raw silver: Due to not being subject to legal restrictions, PNJ mainly imports raw silver through a number of supply partners such as MétauxPrécieux SA Métalor - For gems: Through our partner, Netis Gems in Vietnam This company imports raw materials and PNJ reprocesses them.
- Diamonds: PNJ imported from Forte, bought from local people and had a PNJ Lap room to evaluate product quality.
All production machinery of PNJ uses technology from Italy and Germany, two powerhouses in the jewelry manufacturing industry A newly designed product is approved, transferred to the factory, in just one morning, there will be the production process, time for each stage, loss cost, labor cost and total cost Outstanding production capacity ensures supply for the nationwide PNJ brand store system, which by 2020 will reach 500 stores, especially with enough capacity to serve ambitious goals such as: bringing PNJ's products to 12,000 gold shops across the country.
During 33 years of establishment and development, PNJ's leaders and employees have always thought that people are the decisive asset for the success of the business.
Besides, PNJ also owns an "asset" that helps ensure the sophistication and aesthetics of jewelry, which is people An exquisite piece of jewelry is formed thanks to the sophistication of the designer and the ingenuity of the jeweler who crafted it PNJ's design team currently has a team of more than 50 professional, well-trained designers in which PNJ's current creative director Ms Vo Ngoc Thuy Anh is a famous name in the fashion design world, Top 3 style designers of 2017 voted by Elle In PNJ, there are more than 1000 jewelers who PNJ has accumulated to recruit and many who have been trained and selected by PNJ itself for many years As of 2014 PNJ owned 70% of the Jewelry group nationwide.
In addition to the growth of business results, PNJ's financial structure also recorded an improvement in the first half of this year thanks to a good operating cash flow of VND 1,909 billion, mainly due to high profits and reduced inventory value Although the initial investment cost is for machinery, equipment, manpower, design very high, but the jewelry segment helps PNJ expand its profit margin and will occupy a pioneering position in this business in Vietnam.
In terms of product production, PNJ uses technologies such as laser technology, CADCAM technology, casting technology with stone granules, cutting technology with diamond knives, 3D printing technology to make the products more diverse and tend to be highly specialized Currently, PNJ factory in Ho Chi Minh City HCM focuses on high-end products with high technology content to replace imported products.
For production, PNJ's water input is always saved because PNJ uses leading Italian machines and technologies, so the demand and consumption when using water is low and PNJ determines the most important measure is to build an appropriate wastewater treatment system and the quality of treated water meets the standards of discharge into the receiving source The wastewater treatment system applies according to physicochemical technology combined with microbiology This is modern technology, large investment costs.
CANVAS
5% discount for customers owning or paying with ANZ
5% discount for customers owning or paying with a bank card ABC products
• Sponsor programs and game shows for guests.
Continuously launching jewelry collections with a variety of eye-catching and trendy designs PNJ's products also have diverse prices suitable for each customer segment.
PNJ Gold S Targets fem customers a These custo usually have average inco spending.
PNJ Silver S Targets youn customers a The custom group are of who love fa accessories assert thems
CAO Fine J Store: The c group that P to target are income cust Are oversea Vietnamese
Up to now, the enterprise has owned a human resource of more than
5,300 employees with a solid professional background Especially, the team of more than
1,000 jewelers and artisans with high skills
DISTRIBUTION CHANNELS Offline Distribution Channel:
PNJ's head office is located at 170E Phan Dang Luu, Ward
3, Phu Nhuan District, Ho Chi Minh City With 353 stores nationwide, the PNJ system is divided as follows:
22 |P a g e and rich creativity is enough to create extremely sophisticated product sets.
•PNJ shopee mall customers, o tourists, wh willing to pa expensive je products.
Export of fin gold and silv jewelry: Up PNJ is the o enterprise op this export s The markets targets are m markets of t Germany, D etc. COST STRUCTURE
REVENUE STREAM PNJ's revenue is mainly from retail and gold bars Reco business results in the first 7 months of 2022, with high above the low base of the same period in 2021, but the of Phu Nhuan Jewelry - Gems Joint Stock Company (P Jewelry - PNJ) mainly comes from retail and gold bar b
- Concentrate on mining quarries at gem mines
VALUE PROPOSITION Continue to hold on Five
+ BIDV:(comprehensive cooperation 2022 – 2027) financing medium-term, long- term and short-term for investment activities and production and business activities of the DOJI.
+ Vietcom Bank: Project finance credit contract and retail credit cooperation agreement.
+ close cooperation on equipment and machinery
Vietnam Coal and Minerals owned by the company.
- Producing new jewelry designs and designs.
- Increase the level of distribution to become a leading position in the distribution of gold bars and gems in the North and Central regions.
- Build and create brand image with impressive media campaigns. basic values are Integrity
- Collaboration - Kindness, thereby raising the ethical factor, coordinating to keep human and intellectual resources to bring the best high performance. policies.
- There is a gift policy for loyal customers when buying DOJI products.
- Installment Policy custo 25-3 Havi of 30 more uppe fashi loves willin produ Prett mode sensi
Owning a factory specializing in the production of precious stones with a total area of more than 10,000m 2 DOJI has nearly 2000 staff core employees across the country.
Possessive Gemstone quarries in Yen Bai, Nghe
An provinces…, which are considered to have a lot of potential for high quality Ruby, Sao Ruby, Sapphire, Spinel…in Viet Nam
Up to now, Doji Group has
15 member companies operating under the model of parent-subsidiary companies.
61 branches, nearly 200 centers, stores spread across the country along with more than 400 agents, points of sale , creating a product distribution system covering most regions of Vietnam
REVENUE STREAM Core product lines such as High Jewelry, Diam Group still maintain revenue growth of about 25 - 3
UhIt is estimated that the DOJI will increase from compared to last year.
COMPANY ANALYSIS
In the context of the retail market recovering in the third quarter, it is gradually catching up with the growth rate in the same period before the epidemic In particular, the commodity retail group achieved good growth, PNJ recorded net revenue in the third quarter of 2022 reached VND 7,364 billion (up 739% over the same period) and profit after tax reached VND 252 billion, compared to -160 billion VND in the same period in 2021 due to the closure of 241/332 stores to comply with COVID-19 prevention regulations.
In particular, accumulated in 9 months, PNJ's net revenue and profit after tax reached VND 25,574 billion (up 104.4% over the same period) and VND 1,340 billion (up 132.7% over the same period), respectively.
PNJ representative said that the company's revenue mainly came from the retail channel and accumulated in 9 months, PNJ revenue increased by 113.3% over the same period thanks to good growth in brands and regions; highly efficient customer exploitation activities; Marketing programs in the third quarter are flexibly implemented in accordance with the market context and customer tastes.
At the same time, revenue also comes from the wholesale channel, with the recovery of the jewelry market in 2022 and an effective wholesale customer development strategy.
On revenue growth by channel:
- Cumulative retail channel revenue increased 15.9% you In February, PNJ had many customer-oriented products and marketing activities dedicated to Valentine's Day and Fortune Day In February, PNJ's jewelry sales achieved a growth of 39.3% for jewelry on The God of Fortune (8th-10th lunar day) 26 compared to the god of fortune ceremony in 2020 The proportion of retail channel revenue reached 52.0% with a change over the same period in 2020.
- Accumulated wholesale revenue increased by 17.1% yoy, the proportion of wholesale channel revenue accounted for 12.9% in the revenue structure.
- Gold bullion revenue increased by 94.2% yoy in the first 2 months of 2021, particularly during the Shen Tai holiday 2021, gold bullion revenue achieved a growth of 72.8% compared to the God of Fortune holiday 2020 The share of gold bullion revenue increased to 31.5% in the company's revenue structure.
- Accumulated gross profit margin reached 18.4% compared to 22.1% in the same period of 2020 due to the shift in PNJ's revenue structure when the proportion of gold
26 |P a g e bars increased in the first 2 months of the year due to shopping demand for traditional holidays such as traditional New Year and Fortune Day.
- Total operating expenses in the first 2 months of 2021 increased by 21.7% over the same period in 2020 when marketing programs and sales were promoted.
In February, PNJ upgraded several PNJ Silver stores to PNJ Gold PNJ's number of stores at the end of February was 341 including: 307 CH PNJ Gold, 27 CH PNJ Silver, 3 CH CAO, 3
CH PNJ Art, 1 CH Style and 69 PNJ Watch under the S-i-S model.
SWOT OF PNJ
HIGH TECHNOLOGY AND TECHNIQUES IN JEWELRY MAKING
Currently, PNJ owns a modern production line and is constantly being invested and developed PNJ has nearly 100 members of a team of design, creative and well-trained experts at home and abroad The force of artisans and skilled jewelers is more 27 than 1,000 people, along with a team of seasoned and long-time technical experts in the industry in the fields of gemstones, precious metals and manufacturing technique.
At the same time, PNJ has also put the 2nd factory in Long An into operation, "dividing the fire" for the factory in Ho Chi Minh City HCM, aiming at high-end products with high technology content, minimizing imported products, best meeting the needs of the domestic market and export.
PNJ's production, supply capacity and supply chain autonomy have become a huge advantage, helping PNJ overcome the obstacles caused by the pandemic, best meet customer needs, in the context of global supply chain disruption.
Thereby, these are certain achievements that help PNJ continuously set historical milestones for Vietnam's jewelry industry when it was officially honored as the Best Retailer in the Asian jewelry industry in 2019, and became the Best Retailer in Asia Pacific in 2020. EXPERIENCE IN THE JEWELRY INDUSTRY
Since 1988, PNJ has more than 20 years of experience in the jewelry industry Along with PNJ's unique achievements such as becoming the No 1 retailer in Asia's jewelry industry and shaking hands with Walt Disney in 2018, becoming the best enterprise in the Asia- Pacific jewelry industry and being recognized by Forbes Vietnam valuation of 93.1 million USD, up 18% compared to the 2019 assessment period and some other typical components.
With extensive experience and achieved many successes during 20 years in the profession, PNJ has also created a reputation for quality and trust in this brand.
STRONG BRAND, TRUSTED BY CONSUMERS
According to Forbes Vietnam, PNJ's brand value in 2020 reached 94.1 million USD, up 15.5 million USD compared to the 2019 assessment period, promoted 3 places to 21st place and continued to hold the No.1 position in the personal consumer goods industry PNJ is also the only jewelry brand in Vietnam to appear on the ranking This is a strong point to pay attention to when analyzing PNJ's SWOT model.
EXTENSIVE STORES AND AGENTS FOR DISTRIBUTION AND PRODUCT INTRODUCTION
PNJ distributes nationwide with a system of 353 stores nationwide Among them: 286 PNJ Gold stores, 63 PNL Silver stores, 4 CAO Stores, 24 PNJ Watch stores.
PNJ's stores are concentrated in relatively large cities, with people with decent average incomes PNJ's market share and distribution channels grow steadily year by year, so PNJ focuses mainly on distribution channels to make an impact because distribution channels will become the perfect tool to connect the company with customers.
PNJ currently has 4 warehouses in Ho Chi Minh City, Can Tho, Da Nang and Hanoi with a strict level of security due to the characteristics of high-value stored goods For 28 transportation to branches as far away as Da Nang, Hanoi, PNJ has specialized air transport specialists and specialized cars in the presence of authorities PNJ's distribution activities on a nationwide scale are carried out periodically on a weekly basis.
R&D is a research process that aims to create positive innovation and innovation for businesses Most companies now spend their budgets and resources on R&D activities to develop new products or enhance existing processes and products - Recognizing the primary importance of R&D in the jewelry business, PNJ has invested heavily in this department both in terms of human resources and technology As expected, PNJ's new collections and innovative products were highly appreciated by the public and critics. Jewelry produced by PNJ is distinct and specific to specifically targeted segments.
What makes PNJ's R&D department stand out is the presence of a team of four jewelry specialists among twenty artisans who work closely together on each product.
THE SHARE OF EXPORTS IN PNJ'S TOTAL REVENUE IS VERY SMALL
PNJ goes international step by step, first PNJ’'s products to the market Currently, PNJ's products have gone to about 10 countries around the world (through export) but are not strong because they have not opened a retail system in foreign markets.
The proportion of exports in PNJ's total revenue is also very small because the characteristics of the Vietnamese market are higher than international gold prices, so it is not conducive to exports, moreover, it is related to policies.
RAW MATERIALS ARE MOSTLY IMPORTED FROM ABROAD
PNJ's input materials are mainly raw gold, silver raw materials, gold bars, precious stones, diamonds The peculiarity of this group of raw materials is the constant volatility of prices, creating significant risks for businesses that do not have effective methods of managing raw material prices.
For gems: Through netis gems in Vietnam It imports raw materials and PNJ reprocesses them.
Diamonds: PNJ imported from Forte, bought in the population and has PNJ Lap room to evaluate product quality.
GOLD BULLION BUSINESS AND WHOLESALE GOLD JEWELRY ARE WEAK
Trading in gold bars does not bring significant profits to PNJ due to very low profit margins (selling 01 amount of gold 55.25 million VND only profit 450,000 VND, rate of 0.03%). However, PNJ still maintains this segment of activity because this is the basic 29 needs of Vietnamese consumers and also the basis for customers to generate demand for other PNJ categories such as jewelry, accessories, and watches - Wholesale gold jewelry: PNJ's customers are enterprises trading gold, silver and gemstones across the country that do not have the conditions and facilities to be able to produce jewelry in large quantities These product lines mostly do not coincide with PNJ's product portfolio and have lower outsourcing quality as well as design, design and market segment positioning than PNJ branded products.
THE PRODUCT COST IS EVEN HIGHER THAN THE GENERAL GROUND
Currently, PNJ belongs to the chain of stores dealing in the golden industry with high prices compared to small stores, which also makes customers consider choosing other stores instead of PNJ because price is also an important factor in purchasing decisions.
PRODUCTS ARE STILL FOCUSING ON SERVING DOMESTIC DEMAND, NOT FOCUSING ON DEVELOPING FOR THE EXPORT MARKET
Although PNJ has had the opportunity to cooperate with many famous brands in the world such as Walt Disney, Pandora, but those products are not focused on foreign markets, PNJ only focuses on advertising for the domestic market via needs of Vietnamese people.
STRATEGIES PROPOSAL
Domestic market entry strategy: Effectively using available financial and brand strength, capturing the needs and trends of people, this strategy is likely to bring high profits to PNJ.
International market development strategy: Investing in production technology, the company actively creates long-term relationships with foreign partners, thereby approaching new production technologies, current fashion trends, advanced management methods to meet the strict criteria of foreign enterprises.
Product differentiation strategy: Combined with high technology capabilities and fierce competition of the industry, PNJ can meet the needs of customers differently 35 and better than other competitors In addition, combining R&D and creative team helps PNJ develop more models suitable for consumer tastes in the pepper market.
Product development strategy: Focus on promoting investment in model research and development with PNJ's technologies such as laser & UV prototyping machine, CNC machine - specialized machine for processing jewelry, etc v to design product designs in line with current trends.
Horizontal integration strategy: Increasingly diversifying items to gradually be more proactive in providing gold jewelry to target customers while reducing the pressure of suppliers (the quality of goods is not inferior to imports but has cheaper prices).
Horizontal integration strategy: Enterprises focus on opportunities when holding standard product quality, thereby expanding market share more.
MARKETING STRATEGY
S-SEGMENTATION
Currently, the retail stores of PNJ are expanding more and more in the provinces of Vietnam In 2022, the PNJ system opened 33 new stores and upgraded 31 PNJ Gold stores;
By the end of 2022, the PNJ system had 364 independent stores including 343 PNJ Gold stores, 7 PNJ Silver stores, 3 CAO Fine Jewelry stores, 5 Style by PNJ stores, 3 PNJ Watch and 3 PNJ Watch stores 3 PNJ Art stores The PNJ team is constantly looking into whether the middle class has enough income to open stores and how many stores should open At the same time, PNJ also has a vision of reaching out to the world to become the leading jewelry retailer in Asia.
Vietnam's population structure is considered to be in the ideal stage with 69.3% of the total population in the working age (15 to 64 years old) In addition to the young population structure with women making up the majority (50.1%), working age people with increasing income sources will tend to spend more strongly than other population groups.
PNJ Silver Store: Targets young customers aged 15-25 The customers of this group are often those who love fashion accessories and like to assert themselves.
PNJ Gold store is aimed at female customers aged 25-45 These customers usually have a good average income and spending.
CAO Fine Jewelry Store: The customer group that PNJ wants to target is successful businessmen aged from 30-45 years old, providing luxury brands with unique and sophisticated designs Are overseas Vietnamese customers, or foreign tourists… who are willing to pay for expensive jewelry products.
In today's jewelry market, more and more competitive competitors are born, PNJ has become one of the most successful gold and silver jewelry manufacturers in Vietnam, famous for its product quality and reputation reliable prices As a successful jewelry brand in Vietnam, PNJ is not known for its sophisticated and high-end designs With 37 an increasing number of high-income customers in the market, PNJ decided to target many different market segments, including the high-end segment, as well as overseas Vietnamese and tourists Foreigners are willing to pay high prices for luxury jewelry with originality and sophistication design This demonstrates PNJ's commitment to diversifying products and expanding its customer base to achieve its goal of becoming Asia's leading jewelry retailer. Below is the general summary:
Country region Northern Vietnam-Red River delta, North central coastal;
Southern Vietnam – Central Highlands, South central coastal, South Eastern, Mekong river delta
Income Middle income (B+ 6 to 13 million VND/month) to high income
(class A 13 to20 million VND/month)
Occupation Professionals, white collars; celebrities, affluent businessmen, business women, senior executives.
Social class Middle class to upper class
Personality Confidence, materialistic, acquisitive, self-expression
Occasions Special occasions: Wedding, engagement, prom, formal meeting, diner gala party and celebration.
Aesthetically pleasing, symbolize wealth and social status, express personality, increase self-esteem and boost confidence.
User status Potential user, first-time user, occasional users and ex-users.
User rates Occasional, light to medium
Positive, increasing level of customers’ satisfaction.
T-TARGET CUSTOMERS
PNJ targets a broad range of customer profiles, offering different products and services that cater to their preferences, lifestyle, and financial capacity The company has been conducting extensive research to better understand customers' needs and deliver high- quality jewelry products that meet their expectations.
The four brand items are created to specifically address the needs of various customer demographics Furthermore, PNJ operates in a market with high segment structural attractiveness and more than 62% of the population due to the emergence of the middle class and the favorable economic outlook As a result, PNJ is employing differentiated marketing as its marketing strategy.
P-POSITIONING
In the jewelry market with too many competitors and high competition, PNJ has become one of the most successful gold and silver jewelry manufacturers in Vietnam, 40 famous for its reputation for product quality and price trust However, the number of high-income customers is increasing in the market, PNJ has orientations and decides to expand the segments from mid-end to high-end market.
As a leading enterprise in the jewelry industry, always standing firm in the face of storms.
At the Annual General Meeting of Shareholders in recent years, the leadership has come up with a new vision to turn PNJ into a leading company in Asia in the field of jewelry manufacturing and retailing Help customers celebrate beauty and bring products to the world To orient the development for each brand, the company has invested a lot of effort. The market research and the study of consumer attitudes have been carried out on a large scale by PNJ in Ho Chi Minh City and Hanoi to make appropriate planning for marketing and business in the immediate and long-term years The more than 100,000 USD that PNJ Company has spent on building a high-end jewelry brand CAO is an example.
PNJ's goal is to build a high-end Vietnamese jewelry brand that can compete with world famous brands PNJ also proposes to build a sponsored brand relationship between the Parent Brand PNJ and its sub-brands, through which customers can realize that PNJ is behind supporting the sub-brands, helping customers to feel trust in PNJ's sub-brands.
With advanced technology and a dominant number of highly skilled technicians, PNJ is creating the highest quality jewelry products for the domestic market Higher quality comes with a higher price tag, and customers willing to spend a lot of money will have jewelry of higher value and finer craftsmanship, crafted with precious and concentrated materials for the South with gold jewelry that has a more fashionable design DOJI follows, it has a high value mainly covering premium prices for diamond and gem products SJC and BTMC have advantages in the gold bar business, but they are inferior in the jewelry business as well as BTMC targeting customers in the North with gold jewelry designed in traditional style.
PNJ is a leader in the gold jewelry segment- the biggest and most potential segment of the industry Its biggest rivals, enormous traditional retailers, are seeing a serious decline in trust, which is their primary competitive edge In almost every area, including store count,brand recognition, product quality, trendiness, customer service, and supply control, PNJ significantly outperformed small vendors and even BTMC This has increased the likelihood that PNJ will succeed in taking market share away from the discredited tiny businesses.
POP&POD
Product quality is good and reliable.
Diversity of designs, models, and types of products.
The price is in line with the quality of the product.
Wide network of stores and points of sale, easy to access and purchase.
Professional and dedicated customer service.
A reputable brand with a long history in the Vietnamese market.
Products are made from precious materials, unique, beautiful, and designed, manufactured by experienced and skilled professionals and artisans, customized and exclusive.
High-quality products: PNJ uses precious and unique materials to produce jewelry, ensuring high quality and durability In addition, PNJ regularly inspects and maintains products to ensure the best product quality.
Long-term and professional product warranty program.
Unique design: PNJ has a professional and creative design team, always searching for and applying new ideas in jewelry design Thanks to that, PNJ's products always have their own style, unique, and attract the attention of customers.
Professional design and consulting services: PNJ has a team of professional jewelry designers and consultants, always ready to listen and meet customers' needs As a result, PNJ can create exclusive customized jewelry products that are suitable for each customer's taste and needs.
Prestigious brand: PNJ is one of the leading jewelry brands in Vietnam, trusted and loved by customers PNJ brand was built with the enthusiasm and trust of customers during many years of operation in the market.
Exclusive products: PNJ has exclusive jewelry collections, designed and manufactured specifically for this brand These exclusive products embody PNJ's style and values, helping the brand differentiate itself from its competitors.
Loyalty program: PNJ has a preferential program for loyal customers, members of the program will enjoy many special incentives, discounts, and gifts from PNJ.
Environmentally friendly products: PNJ has been applying environmentally friendly technology and production processes, minimizing impacts on the environment and protecting natural resources.
Social activities: PNJ regularly participates in social and charity activities, supports education and training programs, and contributes to community development.
JEWELRY DESIGN Having a team of professional and creative designers.
Having a professional design team, however, SJC's products often have traditional, less creative styles.
There are also beautiful and unique jewelry products, but the product quality is not guaranteed by PNJ.
Offering a wide range of jewelry products, from simple jewelry such as rings, bracelets to high-end products such as wedding jewelry sets, diamonds, coated gold, red gold.
Providing jewelry products from 24k gold to diamond, however the product is somewhat limited in variety.
There are diverse products, but product quality is not guaranteed by PNJ.
Having a team of professional jewelry designers and consultants, always ready to listen and meet the needs of customers.
There are consulting and design services, but the service quality is not guaranteed by PNJ.
There are private services and design, but the team of experts is not professionally trained by PNJ.
As one of the leading jewelry brands in
Vietnam, trusted and loved by customers.
As a reputable brand, the market coverage is not equal to PNJ.
As a reputable brand,but not as popular as PNJ in the market.
MARKETING MIX
PNJ is known as the "mobile world" in the jewelry industry From gold bars in the early years of establishment (because at that time Vietnamese people hoarded a lot of gold bars) there was a gradual change in business products Currently, the enterprise has improved its products with unique eye-catching jewelry.
The diversification strategy is also partly due to the needs of customers because their customers are aged 18-35, and PNJ also expands to products for children and men That expansion has helped to become close to the jewelry enthusiast.
Diversification: PNJ diversified its product portfolio to meet the needs of customers. Besides, it also expands the product portfolio related to jewelry such as watches,
42 |P a g e accessories, gold bars, and votives PNJ's product strategy is to change according to the tastes of consumers in each period The bright point of this strategy is to help brand products catch up with trends and not be outdated compared to young competitors.
Innovation: PNJ focuses on research and development of new products to meet market demand The company uses the latest and innovative technology to create 44 jewelry products that are unique and in line with market trends New products help PNJ grow revenue and speed up the richness of its product portfolio.
Quality: PNJ focuses on the quality of its products to ensure customer satisfaction and create brand trust The company uses high-grade gold, diamonds, and precious stones and a team of skilled craftsmen to produce high-quality jewelry products In addition, PNJ always adheres to product quality standards and meets customer health protection standards. Changing products to suit the needs of consumers in each period is considered a factor that helps PNJ's business activities increase and receive the love of customers From that, it can be seen that PNJ's affirmation is that no matter what product it develops, the brand can well meet the needs set by consumers Thanks to that, PNJ still maintains its performance and receives the favor of customers.
At the beginning of its development, the brand chose its main product as gold bars, because the consumer trend at that time was to hoard gold bars In the period 2009- 2011, the financial market had strong fluctuations, and the global gold price skyrocketed, leading to a dizzying increase in the domestic gold price This has created an attraction for investment activities, and gold surfing and helped PNJ's revenue to a peak.
Over time, gold bars are no longer a profitable product for PNJ because its profit margin is very thin At the same time, the product is also under the strict control of the state and fluctuates according to the trend of the world gold price.
PNJ's prices are extremely diverse to suit each specific product and user audience Products with eye-catching designs will be suitable for high-end groups – people with a high ability to pay Meanwhile, the product has a simpler design that is suitable for middle-income customers PNJ's pricing strategy is to build a price list suitable for all types of consumers.
PNJ is always looking for ways to provide reasonably competitive prices to its customers, and cost-effective manufacturing provides high-quality products at reasonable prices Offer a variety of promotions and discounts to attract customers and retain your old customers.
PNJ's pricing strategy can be seen as a balance between quality and price, meeting the diverse needs of customers Brands also need to face competition in the industry and adjust their pricing strategies accordingly to maintain and grow their market share.
Vietnamese people tend to choose famous brands instead of retail stores Therefore, PNJ chooses a strategy to increase brand coverage on an increasingly large scale, so that its influence on users is also large.
PNJ has a wide distribution network including a direct retail system, exclusive distribution system along with direct sales channels PNJ has more than 300 direct retail stores nationwide Focus on developing stores in densely populated areas, shopping centers, commercial centers, and tourist areas to ensure that their products reach consumers quickly and conveniently In addition, PNJ also has exclusive distribution contracts with major agents and distributors across the country to ensure products reach consumers quickly and conveniently.
PNJ also focuses on online sales channels such as the PNJ.com.vn website and some other e-commerce sites to reach customers and increase sales.
Market share and distribution channels increase year by years, it is easy to expand in all markets so other businesses will also find it difficult to jump into retail competition with PNJ.
PNJ's strength is having a professional and methodical communication campaign PNJ focuses on campaigns that focus on customer insight in the market The R&D team always knows how to delve into the psychology of many classes of customers Using a story-telling media plan in advertising videos or storytelling creates many touching stories, filled with messages that hit the psychology of customers Besides, PNJ also exploits two main aspects nested in these stories: fashion and love.
- In terms of fashion, PNJ focuses on bringing products to life situations in a subtle way, hitting women's psychology strongly They can be available at any time from work, going out, meeting friends to other moments of daily life.
SALES STRATEGY
SALES ORGANIZATION
Sales organization is a department in a company within logistics that designs the company as per the sales requirements The sales organization is held responsible for the sales and distribution of goods and services.
The selling unit is represented as a legal unit The salesperson plays a crucial role in the sales company because he/she is answerable for many activities in the company Some of those activities can be listed below.
Setting selling and profit objectives − The salesperson is involved in setting the objectives of selling the product and generating the profit.
Marketing policies − The salesperson has to set the marketing policies and plan accordingly.
Designing personal selling strategies − They also have to set up their own strategy to generate sales and to target and retain the customers.
They co-ordinate with other departments as well, for example, advertising, sales promotion and distribution, to chalk out a sales program, which helps in generating sales It also helps to find any loopholes and fix the issues.
Let us now understand the characteristics of a sales organization −
A sales organization subsists of a group of people who handle different activities like distribution, advertising selling etc.
It works to achieve the sales objectives, like increasing sales volume and maximizing profit and market share of the company.
It specifies the responsibilities and duties of the salesperson and also co-ordinates their activities with other departments.
It helps to develop a relationship with the other personnel in the organization by setting up a sales programme.
The General Sales Manager is the head of the sales organization.
Thus, sales organizations help the company in achieving targets and building coordination with sales personnel Now we shall see the importance of sales organization.
The sales of the company depend on sales anticipation The sales will increase only when the consumer purchases the goods or services Therefore, the company has to plan the sales according to the consumer’s need and want, meaning where they want the product, what they want etc The planning and development are done accordingly to satisfy the need of consumer.
TO CREATE PATTERN OF DEMANDS FOR PRODUCTS
The demand for the product is created to lead to sales in the market When a product is manufactured in the factory, it is not sold automatically Salespersons push the product to consumers But even they cannot force the consumer to buy the product The sale depends on the consumer’s need and perception This need is created by selling skills, promotions through advertisements, etc., which in turn help in creating demand in the market.
TO HANDLE THE ORDERS RECEIVED
This is an important step where the salesperson has to answer the calls and queries of the customers, receive orders and make the product ready as per the demand of consumers.
Finally, the products are packed and dispatched as per the expectation of consumer; all these are imperative and effective tasks.
Sales cannot always be done with cash Bulk sales are made on credit It’s very difficult for an organization to perform only on the basis of cash sales; in this competitive market, credit sales play a crucial role.
After the credit sales have been done, the organization has to collect dues It is a very challenging task as the salesperson has to retain the business and still get the task done.
According to consumer specialization, the departments are divided on the basis of the customers to whom the products are offered Most of the time, market appearance plays an important role in knowing the consumer needs and dividing the departments accordingly. The following illustration shows the layout of the consumer specialization type.
ADVANTAGES OF CONSUMER SPECIALIZATION TYPE
Consumer − Here the division is according to consumers, so each consumer gets due attention.
Consumer satisfaction − Consumer satisfaction is the first priority; as maximum services are provided to the consumer.
Planning and policies − The sales planning is done in a proper way and policies are designed keeping each category in focus to achieve the goal.
Brand − The organization is able to fulfil consumer needs and wants and create its own brand to gain market share.
DISADVANTAGES OF THE CONSUMER SPECIALIZATION TYPE
Expenses − The expenses for the company to build and plan according to consumer and develop the market are huge.
Sales activities − It becomes difficult for the sales manager to co-ordinate the sales activities of salesperson.
Investments − In this case of specialization, the investments are high and sometimes repeated, which in turn, is a loss to the company.
SUITABILITY OF THE CONSUMER SPECIALIZATION TYPE
Consumer type is suitable in the following cases:
- When there is a large number of consumers who are looking out for special services.
- The customer is ready to pay for the services offered Here, the target is mostly premier customers.
- PNJ's products are high-priced products
- PNJ targets middle-class customers with 1/3 of the population
- Each product line of PNJ targets different customers
PNJ's products are all gold, silver and gemstone products with high to very high value. Therefore, PNJ's target customers are also middle-class people and above, have stable incomes and have the need to express themselves through fashion and jewelry This group of people accounts for one third of the national population and tends to demand very high service quality, forcing PNJ to have special offers for each customer class.
PNJ's customers are divided into 4 main groups based on 4 product levels that PNJ provides:
- PNJ Gold Store: Targets female customers aged 25-45 These customers usually have a good average income and spending.
- PNJ Silver Store: Targets young customers aged 15-25 The customers of this group are often those who love fashion accessories and like to assert themselves.
- CAO Fine Jewelry Store: The customer group that PNJ wants to target are high- income customers Are overseas Vietnamese customers, or foreign tourists, etc who are willing to pay for expensive jewelry products.
- Export of finished gold and silver jewelry: Up to now, PNJ is the only enterprise operating in this export segment The markets that PNJ targets are mainly the markets of the US, Germany, Denmark, etc.
Therefore, depending on the characteristics of the target group, PNJ should have separate service policies suitable for them
SALE PROCESS
Shape – number of seats: Small luxury sedan - 5 seats.
A 35 AMG 4Matic 2,429,000,000 According to the dealer's promotion Mercedes A250 1,907,665,700 According to the dealer's promotion Mercedes A200 1,496,265,700 According to the dealer's promotion
AMG-A45 4Matic 2,520,915,700 According to the dealer's promotion Advantage:
- Compact, sporty design, especially the front bumper with a prominent 3-pointed star logo and full LED headlights.
- The Mercedes A-Class features Active Parking Assist.
- The interior is equipped with many modern utilities: 12-color adjustable interior lights, Thermotronic multi-zone automatic climate control, 3-spoke sports steering wheel covered in Nappa leather, gear shifters,
- Direct-Steer sports electric power steering, with power steering and variable gear ratios according to speed, providing optimum driving experience, supporting comfortable and precise steering.
- Dynamic Select control cluster with 4 operating modes: Comfort - Eco - Sport - Individual, providing driving modes suitable for diverse user needs.
- The infotainment system on the Mercedes A-Class takes a long time to get used to, easily confusing for first-time customers.
- The price is quite high
- This is a small sports car, so it will be picky about users
Car color: white, black, silver, brown, blue, green and red.
PRODUCT VALUE: The product value of Mercedes Benz is a combination of class, safety and energy saving Mercedes Benz is a luxury and prestigious car brand, with a history of more than 100 years of development Mercedes Benz is always innovating and improving vehicle features and technologies, to provide customers with excellent driving experiences. Mercedes Benz also focuses on protecting the environment and reducing emissions, by developing hybrid and electric vehicles.
Comprehensive service and maintenance by a team of technicians highly trained and certified by Mercedes-Benz, using specialized vehicle information measurement software and compatible tools for each part of the vehicle.
My Choice differentiated service My Service with service options to suit the needs and time of customers, from express service, convenient service Drop & Go to premium service Lounge Service.
24h Support Service 24h Service provides immediate assistance no matter where you are, by the roadside or even in your own garage Just contact the 24-hour Mercedes-Benz Star Assist call center via hotline 1800 400 110.
Benefits for businesses and priority customers with special price incentives, 24/7 support services, cooperation opportunities and professional advice.
In addition, Mercedes-Benz Vietnam regularly organizes competitions and customer care training programs for distributors to improve service quality and customer experience.
The customer group is successful businessmen.
Location: Hanoi, Ho Chi Minh City, Da Nang.
Lifestyle: Want to be successful, have a voice in society They are people with strong, stylish personalities, want to assert themselves and their wealth through owning new technology cars with luxurious looks
Behavior: People with high travel needs, used for work and travel, interested in convenience, speed and aesthetic requirements and associated support services.
Young people aged from 25-40 are increasingly essential markets as some have high purchasing power while others can influence the decisions of their friends and families. Stereotypically being a 'stuffy,' 'old-fashioned' brand, Mercedes-Benz managed to reduce the average age of their customers from 57 to 46 years old through a range of marketing strategies Mercedes-Benz is taking an approach to target young thoughts and embed them into its marketing It has started aligning its marketing plans with customer requirements, evolving from a product-centric into a customer-centric organization meant for delivering customized products to individuals representing their lifestyle For instance, A-Class vehicles allow driv
- Wear formal attire including casual pants, shirts for men, A-line skirts, shirts for women, neat, well-groomed hair, full of positive energy, always keep the vivacity as well as the neatest.
- The mood is always happy, warm, and the pain of the customer.ers to control remote features through voice commands and smartphones.
Giving top attention to the company's employees Customers will never love a company that even employees don't love In fact, the company's employees are the ones who have direct contact with customers and convey the values of the Mercedes Benz brand The company needs to train and motivate employees so that they have an enthusiastic, professional and dedicated attitude towards customers.
Create unforgettable experiences for customers The company will make customers feel special and important when buying a Mercedes Benz The company will organize events, seminars and exhibitions to introduce Mercedes Benz cars, create opportunities for customers to see the car and test drive the car The company may also send customers
52 |P a g e useful, valuable and relevant information about Mercedes Benz vehicles, such as Mercedes Benz features, advantages, offers, promotions.
Provide 24/7 support service to customers The company needs to create a convenient and quick communication channel for customers when they have any problems or questions about Mercedes Benz vehicles The company can use means such as phone, email, website, social network to receive and handle customer requests The company also needs to respond promptly and accurately to customers, and provide reasonable solutions when problems occur.
Create a loyal customer community The company needs to maintain a relationship with its customers after they buy a Mercedes Benz The company can organize activities to connect, exchange and share Mercedes Benz driving experience with customers The company can also create an online platform for customers to connect and communicate with each other and with the business The company also needs to listen to customer feedback to improve the quality of products and services.
Gratitude and hot rewards for customers The company needs to know how to express its gratitude and appreciation to its customers for the support of Mercedes Benz The company may send customers gifts, coupons, vouchers or special offers to encourage them to continue shopping and recommend Mercedes Benz to others.
Concept: List a specific, non-vague, non-general goal that is capable of being achieved.
- Increase specific sales KPIs to close 3 orders in the next month and 6 orders per quarter (1 quarter is 3 months) regardless of vehicle model.
- Increase the level of loyalty with target customers.
- Create 10 more close relationships with potential customers.
- A week will participate in at least 1 workshop related to the car industry (if any), participate in specific sports activities such as golf, tennis, gym Once a week to create at least 10 more potential customer relationships in a month wishing to buy a car, increase the level of loyalty with target customers through necessary activities for customer needs Close
- Break down time by hourly items or sessions of the week Increase the number of tasks gradually over time.
Week 1 spends 2 hours a day looking for more leads, week 2 is 3 hours a day,
Ensure resources, time, money, health when implementing goals in a clear realistic way. Time bound.
-Day month at Go to a 2-hour car workshop looking for potential customers.
Prospecting is aimed at finding out who a business can sell products to Defining your target customer list is extremely important when selling The more detailed and quality customer data is, the easier it is to increase revenue.
Thegroup of customers considered potential at this stage is divided into groups of MAD buyers, including: (1) the Money to spend, (2) the Authority to buy, (3) the Desire to buy In other words, a potential customer is someone who has enough money, need, and power. Potential customers are like the pocketbook of a business Not evaluating potential customers means wasting time, opportunity, and money Therefore, this is considered an extremely necessary step in the entire sales process In addition, finding leads always needs to ensure quality, not quantity of leads earned Because if sellers focus too much on quantity without caring about quality, it will cause too much customer information without clearly grasping who really wants to use the company's services and products To understand that problem, sellers need to equip themselves with a full range of Basic sales skills, understanding of products and especially need to have knowledge, expertise and customer psychology in a methodical and clear way.
Scouting and finding talented customers is a job that requires patience and time, so salespeople must absolutely not rush and find customers in a frenzy and ineffective. Because it takes time and effort to come up with screening methods to evaluate what are the real potential customers.
SALE TARGET
By the end of 2021, PNJ accounted for 56.5% of the market share in the middle- and high-end jewelry sales.
According to McKinsey, Vietnam should add 36 million. people to the consuming class, defined as individuals who spend more than $11 per day, in the next decade The consuming class accounted for 41% of Vietnam’s total population in 2020 and it is expected to reach 71% by 2030, with 2% identified as comprising the higher consuming class.
(Source: The target customer of PNJ)
According to Knight Frank, Vietnam had 72,135 USD millionaires in 2021, a figure that was down by -7.2% vs 2020 – but this is likely a temporary result of the COVID pandemic.
In 2021-2026F, Knight Frank projects this group to return to growth, with a 5-year CAGR of 9.7%, which is higher than the regional peer average of 8.9%.
(Source: Wealth Report 2022, Yuanta Viet Nam)
PNJ to achieve astounding results in the coming time after the new store opening. Specifically, PNJ plans to open 35-40 stores in 2022 and 30-40 stores per annum during 2022-2025 As a result, the number of stores will be 376-381 by the end-2022.
Over the past two years, PNJ’s number of stores has not changed much, but average sales per store still improved dramatically in 1Q22, reaching 5.6 billion VND against the 2020s 2.8 billion VND & 2021’s 4 billion VND Thus, launching new stores will help promote PNJ’s business performance between 2022 and 2025.
Gold Mid- to high- income consumers Gold bullion, wedding sets, gemstones, diamonds, etc 332 stores
Silver Consumers up to age 45 Fashionable and dynamic silver jewelry and accessories 8 stores
CAO High-income consumers, overseas
High-end jewelry products 3 stores (+9
PNJ Art Corporate consumers Gift products targeted at corporate consumers, consisting of six product lines: Honor gifts, Gift envelopes, Jewelry gifts, Fashion gifts, Gift masterpieces
PNJ watch Middle and high- end segments Various popular watch brands, namely
Longines, Michael Kors, Movado, Tissot, etc.
PNJ Young consumers Jewelry products targeted at the young generation 4 stores (+26
After the above information, we decided to create PNJ's sales target table for 2023 as follows:
After looking at the market overview as well as considering micro and macro factors, we have come up with a table of the company's sales targets for the year with:
Q1 (January, February, March): The number of sales will be the highest because this is the month with astral day, as well as Tet, so people's demand will increase quite high this month with the retail quantity of 5000 products (PNJ Gold, PNJ Silver, PNJ Cao, ); 700 products were sold wholesale and 20 gold bars With a total product of 5720 sold to the market
Q2 (April, May, June): Number of sales this month with the retail quantity 3000of products (PNJ Gold, PNJ Silver, PNJ High, ); 300 products are sold wholesale and
10 gold bars With a total product of 3310 sold to the market
Q3 (July, August, September): Sales quantity with retail quantity 4000 products (PNJ Gold, PNJ Silver, PNJ Cao, ); 500 products were sold wholesale and 15 gold bars With a total product of 4515 sold to the market
Q4 (October, November, December): Sales quantity with retail quantity 3000 products ( PNJ Gold, PNJ Silver, PNJ Cao, ); 600 products are sold wholesale and
10 gold bars With a total product of 3610 sold to the market
From the above figures, we can calculate that in 2023 the total forecasted sales volume of PNJ company is 15155 products, including 13000 retail products 2100 wholesale, products, and 55 gold bars.
SALE BUDGET
In 1Q22, Phu Nhuan Jewelry (PNJ) achieved VND721 billion (+40.7% YoY) in NPAT and VND10,143 billion (+41.2% YoY) in net revenue, fulfilling 54.6% and 39.2% full-year targets for profit and revenue
Retail sales grew well thanks to growing demand following eased social distancing measures
PNJ's retail sales in the first quarter of 2022 continued to grow strongly by +43.2% YoY as its main customer base is less affected by the negative impact of the COVID-19 pandemic.
In our estimates, the average sales per store were approximately VND5 billion in March
2022 , lower than the first two months of the year but still higher YoY (PNJ achieved record-high sales in 1Q21).
(Source: PNJ's retail sales in the first quarter of 2022)
PNJ’s retail business remains the key growth driver
The retail segment typically accounts for nearly 60% of PNJ’s net revenues This is fortunate because this business also offers the highest gross margin of PNJ’s product mix.
We expect this segment to grow as PNJ expands its retail distribution network 50 stores if conditions are favorable The company also targets 500 stores by 2025, equivalent to CAGR of 13.6% in 2022E-2025E.
The retail footprint expansion is mainly focused on Tier-2 and -3 provinces PNJ currently operates a nationwide retail network across 56 of Vietnam’s 63 provinces In a recent meeting, management emphasized that the company is “speeding up” its efforts to open outlets in Tier-2 and Tier-3 provinces with rapid urbanization rates.
When developing a budget for selling expenses, we determine cost norms, thereby determining expenditure items as follows:
From the above bases, we have established a sales budget as follows:
With Sales Unit Forecasted is:
With Price per Unit of PNJ is:
Quarter 2: 32.914.278.120 VND Quarter 3: 42.422.727.420 VND Quarter 4: 33.748.709.030 VND
SALE STAFF RECRUIT
PNJ is a large company with many positions that require a large number of employees, so every year, there is a recruitment plan 1-2 times Accordingly, recruitment information will be updated in the "Recruitment" section on PNJ Website.
Regarding recruitment policy, PNJ will set out criteria and requirements for each position that needs to be recruited.
PNJ's recruitment policy will include the following categories:
Clearly state the jobs that department employees undertake and are responsible for the results Report working to superiors on a weekly or monthly basis Perform duties as assigned by superiors.
Candidates with experience and qualifications in the relevant field for the position applied for Able to successfully complete assigned work, create and develop more effectively Good communication skills, agile handling For Office Block, it is necessary to know how to use office computers, Word, Excel, Power point, and basic English.
PNJ has a flexible working mode "measure and make shoes" according to the characteristics of its personnel Soft:
- Salary and bonus as agreed upon during the interview, ensuring commensurate with capacity There is also a 13th month salary bonus or on Tet holidays, bonus according to business results
- Pay full insurance as prescribed by Law.
- Professional, gentle, dynamic, comfortable working environment.
- Many development opportunities, many training programs and contests open to help employees affirm their capacity and overcome their limits.
- Collective activities such as Team Building, Party, Arts, Sports Club, Year End Party
1 RECRUITMENT STANDARDS AT PNJ BY DEPARTMENT
With the increasingly strong economic situation, the recruitment standards of each position need to be suitable to meet many new changes PNJ Group also has its own application criteria for each department as follows:
The specific application criteria for each department are as follows:
For Manager level: Focus on young candidates but must have at least 1 year of Management experience or more Specialized training related to Economics or Engineering block.
For technical workers: For PNJ, the technical team is considered the core force to create product quality Currently, when selecting this department, the company pays much attention to good health in order to be able to meet large volumes of production.
For sales staff: This is the department that represents the face of the whole branch. Therefore, the minimum level is intermediate or higher, good-looking appearance, in addition, it is necessary to have necessary soft skills such as: ingenuity, good communication ability
Due to the annual expansion of the business market, the workload of each department is increasing, so the recruitment needs often increase When applying for a certain position, PNJ company will publish recruitment news in newspapers or the media, after the application documents are sent to the candidates, the company will perform the following tasks: Recruitment follows these steps:
- All applicants will fill out the Application Form, with applications that do not include the required information will be rejected.
- All applications must be submitted to the human resources department 3 days before the interview deadline for a list of interviews and then must contact the human resources staff to know if the application is valid or not.
SCREENING RESUMES: Before making the interview list, the administrative department must filter out the resumes that do not meet the recruitment standards. INTERVIEW: The Administrative Department will schedule and notify the detailed interview schedule to qualified candidates who come to the company to conduct the interview (The interview schedule must be posted at least 2 days before the interview date) question).
- Pre-qualification exam: Apply in case there are too many applications or for positions that need to be tested on aptitude, foreign language, etc For example, the management level must have a separate exam on foreign qualifications. language or business level will have an IQ test
- Professional exam: applied to the levels where the job description requires a professional exam.
For economic management level: will be interviewed by the director of the human resources department.
For sales positions: will be interviewed by the head of the department. For technical workers: will be interviewed by the technical leader.
CHECKING INFORMATION AND RECEIVING APPLICATIONS: After completing the above step, the Interview Council confers and selects qualified candidates to make a list to submit to superiors for approval The list of successful candidates must be completed within 3 days after the interview.
PROBATION: When the interview round ends, the business immediately has a list of excellent candidates to go to the probationary round This step is essential because candidates need to put into action to prove their full capabilities The duration of apprenticeship and probationary period is from 1 to 2 months, depending on the job at each level and unit.
CONTRACT SIGNING: After going through the above recruitment steps, the employer systematically reviews and evaluates all information about the candidate, makes a decision to select qualified candidates and announces the admission let the candidate know When officially recruited, they will become company employees. The final job is that the two parties to sign the contract.
Introduce, consult, and sell products to customers.
Displaying, preserving and taking care of goods.
Manage goods, tools, tools Summarize the weight and quantity of goods, tools, tools, etc imported, exported, and in stock each day and in the month.
Care, maintain and develop customers.
Make a list of customers, manage information about existing and potential customers. JOB REQUIREMENTS
Degree: High school graduate or higher.
Experienced in sales at stores/showrooms in jewelry, fashion, high-end electronics Have an aesthetic sense, know how to display goods beautifully and attractively. Skills: Able to communicate, handle situations well.
Ability to understand, eager to learn and forward thinking.
Having business qualities, taking care of customers
Have a good-looking appearance, causing sympathy (Female 1m58, Male 1m68) Competitive income commensurate with working ability.
Attractive bonuses, including Month 13, 14, 15 Bonus on holidays, unexpected bonus for individuals with excellent achievements, Bonus according to the company's business results.
Participating in all types of insurance according to regulations and other insurances such as 24/24 insurance, Premium healthcare insurance depending on level. Periodic health checks for all employees.
Professional, stable, friendly and dynamic working environment.
Opportunities for advancement and career development.
Training mode: A clear career orientation program for employees Participated in training courses at home and abroad.
ADVERTISING, MARKETING, BUILDING PNJ BRANDS.
- Organize and implement marketing activities, including market research and regional marketing, advertising, and PR campaigns under the guidance of the brand and the Company's plan.
- Building, coordinating and implementing sales programs at stores and branches.
- Participating in and supporting the implementation of gratitude and customer attraction programs within the framework of programs implemented by the Company.
- Develop and implement marketing plans suitable to the market to promote the brand and promote the development of brands and provincial markets under the direction of the Branch Director.
- Updating, analyzing information, trending models, designs and prices of products from competitors Advising the Branch Board of Directors, branch sales department, on the development of product lines suitable to the market.
- Organize surveys, research markets, customers, competitors to develop marketing plans in the region as well as advise Branch Managers and other departments on vacant market segments to implement present business opportunities.
TRAINING
Human resource training is an activity aimed at equipping employees with basic knowledge or training and improving professional and professional qualifications to help them fulfill their tasks and responsibilities in their current jobs or in accordance with their respective responsibilities future services of the organization.
This position is an important position in the Marketing department and needs to be selected and trained very carefully Candidates must meet the professional requirements that this position requires, must be people with long experience, knowledgeable about the knowledge and skills that this position requires However, if to train new people to the position of Marketing Manager, it really does not need to take too much time because candidates admitted to this position must also have certain experiences and achievements
The old Marketing Manager is responsible for handing over the old job and disseminating to the new candidate about all ongoing marketing activities and processes at PNJ company
During the probationary process, new candidates who grasp the content themselves are handed over the job to prepare to move to the official working phase
When first working, the old Marketing Manager helps new candidates get acquainted with the working environment, giving clear and specific instructions on each part of the job that needs to be done in the future
Explain more clearly about upcoming jobs, besides, introduce the characteristics of the industry and products of the company so that candidates can better grasp and understand to coordinate with members of the communication department for PNJ appropriately and effectively.
When satisfactory, the new candidate takes on the job on their own without mentoring The old Marketing Manager now only monitors and almost reports back to his superiors This training took about 3months.
2.1 THE PROCESS OF TRAINING NEW EMPLOYEES
The old store manager is responsible for helping new candidates grasp the job, guiding sales skills, goods management skills, goods inspection skills If any unit lacks responsibility in guiding students, the TCHC Department will submit it to the Board of Directors for handling.
During the training period, under the guidance of the Unit Leader, trainees must grasp the work themselves to prepare to move to the probationary period.
Currently, the branch does not have a separate training facility for workers in the true sense of training, but only exists in the form of mentoring at the workplace.
When first accepting the job, the new candidate will be guided by the old department heads to get acquainted and hand over the job Further guidance for new applicants on job requirements and branch rules - General explanation of the work to be done Implement several methods applied to do the job smoothly.
After being instructed, the new candidate will perform the work steps required by the manager;
When satisfactory, let employees control their work without being constrained Managers just watch and encourage them to be more confident in their work
2.2 THE PROCESS OF TRAINING FORMER STORE MANAGER CONTENTS
For attends classes to improve skills and soft skills.
For branch store managers, the training is also based solely on mentorship.
Guide them to new techniques, new directives of the main company The order of job rotation for each other both improves experience and learns new skills, avoiding boredom at work.
This position is also a position that does not need to spend too much time to train because candidates must also have certain advantages and experience for this position, which can be calculated as 2 years or more, not a few months, so they can easily understand what expertise this position needs But this is also a very important position because they must manage the sales process to bring revenue to the company, which requires them to understand the business product, the process of operating at the company's stores and potential customers to be able to advise as well as be able to train sales staff at the stores. TRAINING CONTENT
The old Sales Manager is responsible for handing over the old job and disseminating to the new candidate about all ongoing activities, costs and sales processes at PNJ company Educate new candidates about training programs for sales staff at PNJ's stores and ongoing products
During the probationary process, new candidates who grasp the content themselves are handed over the job to prepare to move to the official working phase
When first working, the old sales staff helps new candidates get acquainted with the working environment, with clear and specific instructions on each part of the work that needs to be done in the future
Explain more about the revenue and profit in recent years, discuss together to consider making plans to help PNJ increase revenue for PNJ appropriately and effectively
Explain more clearly about the upcoming jobs, besides, introduce the characteristics of the industry and products of the company so that candidates can better grasp and understand to coordinate with sales staff to increase the number of sales more effectively
When satisfactory, the new candidate takes on the job on their own without mentoring. The old Sale Saff now just monitored and almost reported back to his superiors This training work takes about 3 months.
MOTIVATION
Increase sales and profits: PNJ's Marketing Manager has the goal of increasing sales and profits through effective marketing strategies The marketing manager will develop marketing strategies such as advertising, promotions, discounts, increase online sales, cooperate with business partners to increase sales and profits for the company.
Raise brand awareness: Marketing managers need to ensure that PNJ company is recognized and appreciated more in the eyes of customers To increase brand awareness, marketing managers need to develop strategies such as increasing advertising, participating in events, and building a good image and reputation of the company.
Creating a competitive difference: Marketing managers need to develop unique and effective marketing strategies to help PNJ stand out and compete in the market To create a competitive difference, it is necessary to develop unique and effective marketing strategies to help PNJ stand out and compete in the market, such as developing unique products, enhancing customer service, create unique promotions. Build a good relationship with customers: PNJ's marketing manager needs to create marketing strategies to reach and interact with customers, build better relationships to retain existing customers and attract new customers new customers: developing email marketing campaigns, increasing social media interactions, developing loyalty programs
Market monitoring and analysis: Marketing managers need to monitor market trends and analyze information to make better and more effective marketing decisions To monitor and analyze the market, it is necessary to invest in the tools and skills to monitor market trends, analyze information and make sound and effective marketing decisions (such as using analytical tools, data analysis, competitor research, etc.) MOTIVATIONS TO MOTIVATE MARKETING MANAGEMENT IN 20203:
Encourage creativity and innovation: PNJ can encourage marketing managers to develop new and innovative ideas for better marketing strategies, attract customers and increase sales.
Training and skills development: PNJ can train and develop skills for marketing managers to help them become experts in the field of marketing and contribute to the development of the company.
Create a positive working environment: PNJ can create a positive working environment so that marketing managers can work effectively and feel satisfied with their work.
Proactivity and autonomy: Marketing managers need to be able to be self-directed and proactive in making decisions and providing solutions to problems that arise. Update with market trends: Marketing managers need to stay up to date with new market trends to come up with marketing strategies that match the needs and desires of customers
Communication and communication skills: Marketing managers need to be able to effectively communicate and convey information to marketing team members and other stakeholders
Store manager is an important position in the retail system of PNJ Some different motivations to boost Store Manager motivation:
Opportunities for advancement and growth: PNJ provides store managers with opportunities for career advancement and growth to help them feel appreciated and have personal growth.
Training and skills development: PNJ can train and develop skills for Store Managers to help them become experts in the retail field and contribute to the growth of the company
Create a positive working environment: PNJ can train and develop skills so that Store Manager can work effectively and feel satisfied with his job.
Encourage improvement and feedback: PNJ can encourage Store Manager to improve and provide suggestions to help the company develop and improve the quality of products and services
Bonus and welfare: PNJ can increase bonuses and benefits so that Store Manager feels motivated in thier work
Fairness and fair treatment: Store Manager needs to feel fair and be treated fairly in his work, so PNJ can ensure fairness in the company's decisions and actions to the Store Manager feels appreciated
Empathy and support: PNJ can provide empathy and support so that Store Manager can overcome challenges and difficulties in their job
MOTIVATIONS TO MOTIVATE STORE MANAGERS IN 20203:
Promote innovation and creativity: to meet customer needs and compete in the industry, PNJ can encourage store managers to develop new and innovative ideas to create good products and services more, attract customers and increase sales Create a flexible working environment: with the development of technology and the trend of flexible working, PNJ can provide a flexible working environment for store managers, including working remotely or working under now help employees to balance work and personal life
Enhance training and skills development: PNJ can strengthen and train and develop skills for store managers to help them become experts in the field of store management and contribute to the growth of the store’s company
Set clear goals and assign reasonable tasks: PNJ can set clear goals and assign reasonable tasks to store managers to help them achieve business goals and optimize store operations
Contribution to environmental and social protection: PNJ can encourage store managers to contribute to environmental and social protection through social activities such as using recycled materials, limiting the use of bags plastic and sponsoring charity activities
Increase sales: The main goal of a salesperson is to increase sales to contribute to the company's revenue and profit This is also an important factor in achieving business goals.
Earn higher income: salespeople want to earn higher income through fulfilling sales target and achieving sales targets.
Recognized and respected: Salespeople want to be recognized and respected by their colleagues and customers for their success in sales.
Development of sales skills: Salespeople want to develop their sales skills to become a sales professional and be able to contribute to the growth of the company. Best supported and facilitated: Salespeople want the best support and conditions to develop skills and be able to work effectively.
Feeling satisfied with work: Salespeople want to feel satisfied with their own work and be able to contribute to the company's development.
MOTIVATIONS TO MOTIVATE THE SALES STAFF IN 20203:
Encourage creativity and innovation: PNJ can encourage sales staff to develop new and innovative ideas to create better products and services, attract customers and increase sales.
Training and skills development: PNJ can train and develop skills for sales staff to help them become experts in the field of sales and contribute to the development of the company.
Create a positive working environment: PNJ can create a positive working environment so that sales staff can work effectively and feel satisfied with their work. Set clear goals and assign reasonable tasks: PNJ can encourage healthy competition among sales staff to motivate them to try harder at work.
Get promotion and career development: PNJ can provide promotion and career development opportunities for sales staff to help them feel appreciated and have personal growth
EVALUATION
To evaluate the performance of a marketing manager can be based on some of the following criteria:
Marketing results: this is the main criterion to evaluate the performance of the marketing manager Marketing managers need to achieve set business targets such as sales, profits, customer conversion rates, and increase brand awareness of the company.
Marketing strategy: The marketing manager needs to be able to devise a marketing strategy in line with the needs and wants of customers and the market, and must ensure the feasibility and effectiveness of the strategy.
Budget management: Marketing Manager needs to manage the marketing budget effectively to ensure the growth of the company in limited financial conditions. Reasonable and reliable spending plans must be devised to ensure marketing expenses do not exceed the approved budget.
Staff: Marketing Manager needs to manage the staff effectively to ensure the company has a good and sufficient staff to implement the marketing strategy. Market assessment: Marketing Manager needs to assess the market accurately and timely to make marketing decisions in accordance with the market situation In addition, it is necessary to grasp market trends and devise appropriate communication plans to enhance the effectiveness of the marketing strategy.
Sales: This is the main criterion to evaluate the performance of Store Manager Store Manager needs to achieve the set sales and contribute to the growth of the store. Warehouse management: Store Manager needs to manage inventory effectively to ensure a balance between supply and demand, while minimizing warehouse costs. Employee management: Store Manager needs to manage staff effectively to ensure the store has good and sufficient staff to serve customers Evaluate the performance of Store Manager based on the ability to assess the market and come up with business strategies in accordance with the market situation.
Market assessment: Store Manager needs to assess the market accurately and timely to make business decisions in accordance with the market situation.
Customer feedback: it is necessary to properly and timely respond to customer requests, solve arising problems and ensure customer satisfaction.
Sales: Sales staff need to achieve the set sales target and contribute to the store's development.
Ability to consult sales: need to be able to consult products and sell professionally to gain attention and trust.
Proactivity and creativity: need to be proactive in finding potential customers and offering creative sales solutions to achieve sales targets.
Communication skills and handling situations: it is necessary to have good communication skills to create comfort and trust of customers, in addition, it is also necessary to be able to handle difficult situations in the sales process.
Ability to work independently: Must be able to work independently and in a team to achieve sales targets and contribute to the growth of the store.
Number of new customers introduced: the number of new customers introduced is the number of customers that Sale Staff introduces to the store A high number of new customers referred will show that salespeople are able to find and attract new customers.
Customer feedback evaluation: Customer feedback evaluation is an important performance evaluation tool to evaluate the service quality of Sales Staff When customers rate the sales staff well, it means that they are doing their job well and the store has satisfied customers.