THEORETICAL BASIS
Unique selling point
A unique selling point (USP), also called a unique selling proposition, is a marketing statement that differentiates a product or brand from its competitors A USP might boast the lowest cost, the highest quality, the most experience, the first in its product class or another trait that sets the offering apart from the competition A unique selling point can be thought of as "what you have that competitors don't."
A successful USP promises a clearly articulated benefit to consumers, offering them something that competitive products can't or don't offer The USP should also be compelling enough to attract new customers It carefully balances what the customer wants with what the business does well or what it can deliver that the others cannot The idea is to make the product or brand stand out from the competition in some unique way.
The USP should appeal to what the customer cares about and clearly differentiate the company's offering from everyone else.
Brand elements
Branding is a fundamental element for businesses as it entails establishing a distinct identity for a company's offerings It can also facilitate the cultivation of customer loyalty and an emotional connection with the company While branding can be intricate, grasping the fundamentals is crucial before embarking on a brand strategy.
Brand management, also referred to as Marketing, assumes responsibility for the comprehensive administration of a brand This encompasses various components, from product development and marketing to advertising and public relations All these elements collaborate to craft a specific image or reputation for a brand The aim of brand
7 | P a g e management is to craft a robust and positive reputation for a brand, leading to heightened sales and market presence.
This process enables companies to craft a unique identity for their products or services in the marketplace An effective brand management strategy has the potential to foster customer loyalty and expand market share Firms must comprehend the diverse facets of brand management to construct a resilient brand identity.
Why Is Brand Management Important?
Brand management is of utmost importance for several compelling reasons It plays a vital role in establishing an emotional bond between the customer and the company, fostering customer loyalty, and enhancing the long-term value that customers bring. Additionally, effective brand management empowers a company to command a higher price for its products or services.
Brand management principles to consider include:
Brand Equity: Your brand’s reputation is key You want customers to trust the brand, so they’ll buy more or recommend it to a friend Your brand name should be recognized in a positive manner, drawing people in.
Brand Loyalty: Brand loyalty is like brand equity when customers buy your product solely out of loyalty to you This helps with word-of-mouth advertising and reputation to keep folks coming back.
Brand Recognition: Brand recognition can be self-explanatory but is still a key factor for the success of your business You want your brand to be recognized by more and more people in a positive light to attract more business They won’t even have to know your brand name and can still recognize your product.
Do you have a unique, eye-catching angle on what it is you’re selling? What sets your product apart from the competition? Why should people want to buy your product?
Focus on your why Remember why you loved your brand in the first place, and whatever that feeling is, use it to help with your branding.
Do you have an evaluation plan? Evaluate what performs well and what doesn’t.
Be prepared to do this again and again over the lifespan of your business. When something works, do more of it If something doesn’t, reevaluate how you can make it better The key to branding is to continue evolving.
Digital Marketing is the key to the future There are so many things to consider when starting a brand and having a digital marketing component is one of them. From amazing visuals to social media strategy, digital marketing covers it all.
It may be worth it to invest in a graphic designer and social media manager. Humans (and especially those who shop) are inherently visual, so having a great design is imperative for good branding.
Likewise, with digital marketing, everything is online these days This is where your brand messaging will come to play as well, as you can really highlight what you want your brand to say and be If your business is not online, you’re virtually invisible.
Creates brand awareness and recognition
Increases pricing and value of product
Grows sales through loyal customers
SWOT analysis
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts Companies should use it as a guide and not necessarily as a prescription.
Components of SWOT Analysis: Every SWOT analysis will include the following four categories Though the elements and discoveries within these categories will vary from company to company, a SWOT analysis is not complete without each of these elements:
Strengths: Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results It must then decide how to use those results to attract new investors.
Weaknesses: Weaknesses stop an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or lack of capital.
Opportunities: Opportunities refer to favorable external factors that could give an organization a competitive advantage For example, if a country cuts tariffs, a car manufacturer can export its cars into a new market, increasing sales and market share. Threats: Threats refer to factors that have the potential to harm an organization For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield Other common threats include things like rising costs for materials, increasing competition, tight labor supply and so on.
Benefits of SWOT Analysis: A SWOT analysis won't solve every major question a company has However, there's several benefits to a SWOT analysis that make strategic decision-making easier.:
A SWOT analysis makes complex problems more manageable There may be an overwhelming amount of data to analyze and relevant points to consider when making a complex decision In general, a SWOT analysis that has been prepared by paring down all ideas and ranking bullets by importance will aggregate a large, potentially overwhelming problem into a more digestible report.
A SWOT analysis requires external consider Too often, a company may be tempted to only consider internal factors when making decisions However, there are often items out of the company's control that may influence the outcome of a business decision A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control.
A SWOT analysis can be applied to almost every business question The analysis can relate to an organization, team, or individual It can also analyze a full product line, changes to brand, geographical expansion, or an acquisition The SWOT analysis is a versatile tool that has many applications.
A SWOT analysis leverages different data sources A company will likely use internal information for strengths and weaknesses The company will also need to gather external information relating to broad markets, competitors, or macroeconomic forces for opportunities and threats Instead of relying on a single, potentially biased source, a good SWOT analysis compiles various angles.
A SWOT analysis may not be overly costly to prepare Some SWOT reports do not need to be overly technical; therefore, many different staff members can contribute to its preparation without training or external consulting.
Factors responsible for branding challenges
Become more experienced with marketing, more knowledgeable about how it works, and more demanding Current marketing environment has cast number of sources of information that consumers may consult Empowered consumers play an active role in a brand's fortune
A severe recession that commenced in 2008 threatened the fortunes of many brands Changes in economy impact consumers' purchasing power Research suggest that during recession, many consumers bought lower-priced brands and many became the switchers to less expensive products.
Marketers have increasingly added new products under their brand umbrellaMultiple product brands complicate the decision-making process for marketers As large number of brands engage in expansion, channels of distribution become clogged, and brands struggle to get products on the shelf
Erosion or fragmentation of traditional advertising media and the emergence of interactive and nontraditional media, promotion, and other communication alternatives. Marketers are spending more on nontraditional forms of communication.
Both demand and supply factors have contributed to the increase in competitive intensity:
Demand for many products and services has flattened and hit the maturity stage, or even the decline stage, of the product life cycle
On the supply side, new competitors have emerged due to factors such as globalization, low priced competitors, brand extensions, deregulations
The cost of introducing a new product or supporting an existing product has increased rapidly, making it difficult to match the investment and level of support that brands received previously
When it comes to brands, accepting responsibility and demonstrating accountability has been something of a contentious issue In 2021, brands who don’t take responsibility for their impact on the world at large are losing their popularity, especially among younger generations.
Brand accountability can be complex It involves a multi-layered approach to marketing, online presence, and business, as well as the willingness to shift focus away from solely profits and towards the “greater good” For brands, demonstrating
13 | P a g e accountability means looking at societal problems and actively using their status and power to address them.
STP marketing model
At this stage, we conduct market research (including buyers, their needs, behavioral characteristics, ), then classify the products we are selling to hit the potential customer segment of the business The reason why STP strategy analysis must perform the first market segment is because the market is extremely diverse Besides, with limited resources, businesses cannot meet all the needs of all customers.
Market segmentation in STP strategy
There are many criteria that help market segmentation refer to such as:
Segmentation by consumer behavior characteristics
Market segmentation helps businesses allocate resources effectively to focus on investing in "core" products, obtaining the highest profit as well as increasing competitive advantages in the market.
After researching, evaluating and segmenting the market, enterprises need to proceed to select the target market for their products Choosing the right target market helps businesses devise appropriate marketing strategies and achieve the best results It's not just a big market — because this lucrative piece of the pie is a playground for businesses with strong potential; but also unexplored niches Applying the gap of the market to create new demand is the goal businesses need to aim for.
6 steps to target the right market:
Step 1: Learn and gather information about the niche
Step 2: Get to know your existing customers
Step 3: Analyze the collected data
Step 4: Who Your Competitors Are
Step 5: Understand the features and uses of the products
Step 6: Finally, evaluate the work performance
Market positioning in STP strategy
Product positioning in the STP strategy
Being different makes it special Having decided to enter a market, businesses need to develop products that differentiate themselves from competitors' products The key here is: Position the product in the mind of your target customer Because only when positioning the brand of the product in the market, making consumers know and use the product, thereby bringing revenue to the business, that is the most important goal If you fail to do that, your products will soon be eliminated Of course, letting customers choose to buy and trust the products of the business instead of the products of other competitors is not easy.
Here are 4 ways to position products by segment:
Positioning by price and quality
Strategic management branding process
6.1 Identifying and Developing brand plans Brand Positioning:
Brand positioning refers to the distinctive place that a brand holds in the minds of its customers It shapes how customers perceive a particular brand by linking emotions, characteristics, sensations, and sentiments to it These connections set it apart from the competition.
Typically, positioning is the rationale behind customers choosing a particular brand, even if its product doesn't inherently differ from that of its competitors.
Positioning forges a connection between the customer and the company It acts as a steadfast presence in the customer's subconscious, ensuring that the company comes to mind whenever they encounter any of its products or a distinct feature that sets it apart. Types of Positioning:
Value-Based Positioning: A value-based brand positioning strategy aligns the brand with the value customers derive from purchasing or using its offerings.
Features-Based Positioning: In highly competitive markets with similar products,companies often position their products by emphasizing specific product attributes such as price, quality, or other detailed features, depending on the product category.
Problem And Solution Based Positioning: They identify pain points and challenges consumers face and incorporate solutions into their communication and marketing strategies to promote their products.
Experience-Based Positioning: The primary focus is on creating a distinctive and differentiated customer experience that sets the offering apart from the competition. Brand Resonance Model:
What is Brand Resonance Model: The brand resonance model can be visualized as an equity pyramid, representing the journey from brand recognition to brand loyalty It consists of three tiers: Awareness, Attitude & Behavior, and Loyalty At the pinnacle of this pyramid, certain brands have reached the state of brand resonance These are the brands that have successfully crafted a strong brand identity and have become the benchmark for all other brands.
Brand Resonance Model: The Brand Resonance Model serves as a tool to comprehend how individuals perceive brands and the products or services they offer It offers a visual representation of the decision-making process consumers go through when considering a purchase:
Brand Salience: Marketers are responsible for generating awareness about their product and establishing a connection between the product and the brand.
Brand Performance: On the brand level, marketers assess how the product functions and how effectively it meets customer needs.
Brand Imagery: This aspect addresses the psychological associations customers have with the product.
Brand Judgments: Consumers form judgments about brands by amalgamating various performance aspects and the brand images associated with them.
Brand Feelings: It pertains to the emotions customers attach to the product. Customers can develop emotions related to brands in terms of enjoyment, security, self- esteem, social acceptance, and more.
Brand Resonance: signifies the psychological connection between the customer and the brand It represents the top level of the pyramid, which every company aspires to attain The primary focus here is on building a strong relationship with customers, ensuring repeat purchases, and fostering brand loyalty through consistent communication.
What is Brand Value Chain: The Brand Value Chain encompasses all the functions provided by a company to its customers, including marketing, product/service quality, pricing, customer experience, and more To achieve success, it is essential for the brand value chain to remain seamless and uninterrupted It extends beyond the initial marketing expenditure to be truly effective.
There are four stages in building the brand value chain:
Marketing Programs Invesment: These are the diverse investments made within your company, which can include products, services, employees, communication, commerce, and more To positively impact this stage, it's essential to know how to communicate your brand, through which channels, and how employees share information about your brand.
Customer Mind-Set: This represents how customers perceive your brand, encompassing brand awareness, associations, attitudes,loyalty, and behaviors To have a positive influence on this stage, it's crucial to understand whether your customers view your brand as distinct, whether you're considered the top brand, and whether they recommend your brand to others.
Market Performance: This is the result of customers' positive disposition when product/service sales increase.
Shareholder Value: This is the outcome of positive market performance and will enhance the brand value, along with financial impacts, affecting stock prices, P/E ratios, and market capitalization. 6.2 Designing and Implementing Brand Marketing Programs
At core of building brand equity is marketing programs or strategies Marketing initiatives play a pivotal role in enhancing brand recognition and shaping the desired brand image Marketing strategies can be tailored around aspects such as product, pricing, and distribution channels.
Reason why modern world is different can be understood from consumer as well as company’s perspective Companies maintain extensive databases to store consumption behavior data, allowing for the analysis of this data to create products and services that meet consumer expectations Marketing tactics can be executed through means such as email campaigns and engagement on social networking platforms,
Traditional marketing activities revolve around product, pricing, and channel distribution However, efforts are always on to make sure marketing activities truly reflect brand image and develop strong brand equity One the marketing concept developed is called experiential marketing This unique concept is associated with brands and experience consumer has with it.
Product remains first frontier for consumer to create opinion for brand Marketing strategy around product is to highlight not only core benefits but also process or easy by which purchase is done there by creating a long-term relationship with consumer where periodical information exchange can occur.
Risk management
Risk management involves the identification, evaluation, and regulation of financial, legal, strategic, and security risks that may affect an organization's capital and earnings.These risks may arise from diverse origins, such as financial instability, legal responsibilities, strategic management missteps, accidents, and natural calamities.
To reduce risk, an organization needs to apply resources to minimize, monitor and control the impact of negative events while maximizing positive events A consistent, systemic, and integrated approach to risk management can help determine how best to identify, manage, and mitigate significant risks.
Three important steps of the risk management process are risk identification, risk analysis and assessment, and risk mitigation and monitoring.
Idenrify risk: Risk identification is the process of identifying and assessing threats to an organization, its operations, and its workforce
Risk analysis and assessment: Risk analysis involves establishing the probability that a risk event might occur and the potential outcome of each event Risk evaluation compares the magnitude of each risk and ranks them according to prominence and consequence.
Risk mitigation and monitoring: Risk mitigation refers to the process of planning and developing methods and options to reduce threats to project objectives A project team might implement risk mitigation strategies to identify, monitor and evaluate risks and consequences inherent to completing a specific project, such as new product creation Risk mitigation also includes the actions put into place to deal with issues and effects of those issues regarding a project.
INTRODUCTION
Overview
Baemin, operated by Woowa Brothers Vietnam in collaboration with the global tech giant Delivery Hero, stands out as the leading online food delivery app in Vietnam Covering all 21 provinces and cities, Baemin efficiently processes numerous orders every second, catering to the varied culinary preferences of customers across the country This success is attributed to the seamless collaboration between Woowa Brothers' expertise and Delivery Hero's worldwide presence, enabling Baemin to dominate Vietnam's food delivery market Additionally, Baemin's ability to adapt to local tastes, offer a wide range of restaurants, and provide a user-friendly interface has built its reputation for dependable and customer-focused service This is evident in consistently high customer satisfaction ratings Baemin's extensive reach and diverse menu options have established it as the top choice for those looking for convenient and varied dining choices in Vietnam.
History
In December 2010, Woowa Brothers introduced Baedal Minjok, the world's very first food delivery application, marking the start of a story that blended technology with everyday life Fast forward to February 2019, after a decade of learning, gaining experience, and improving their services, Woowa Brothers took a strategic step by acquiring VNMM and establishing Woowa Bros Vietnam locally This move gave birth toBaemin, with the vision of becoming a prominent food tech company, nurturing the food ecosystem in Vietnam.
In May 2019, Chubby Cat (Mèo Mập) made its debut in Ho Chi Minh City as Baemin's first destination Baemin dedicated its inaugural year in this bustling metropolis, which is Vietnam's largest and financial hub, with a strong commitment to winning the hearts of local users During this time, Baemin attentively listened to and understood its customers, adjusting its operations to meet their needs.
By December 2020, after two years of operation in Vietnam, Baemin had risen to become one of the top 3 food delivery companies in the market This success was attributed to its unique branding strategy and unwavering efforts to provide outstanding user experiences, as evidenced by its top-ranking in customer satisfaction.
In December 2021, thanks to the continuous love and support of its users, Baemin maintained its position as the number one choice for customer satisfaction for another year Not content with that achievement, Baemin expanded its geographical coverage, reaching 21 provinces and cities by the end of 2021, making it the largest food delivery app in Vietnam in terms of geographical reach.
By September 2022, Baemin had earned recognition as one of the top 5 e-commerce service providers in the Vietnamese market, despite being the youngest enterprise in this esteemed list.
Today, Baemin continues its journey to establish itself as a leading food tech company, enhancing people's lives with happiness and convenience Currently, theBaemin app sees 20,000 downloads per month, 82.6 million weekly accesses, and enjoys immense loyalty from its customer base.
Vision and Mission
Baemin's vision in Vietnam is epitomized by their mission, articulated by Mr. Kiwan Ihn, Managing Director of Woowa Brothers Vietnam: "Our aspiration is to
27 | P a g e transform Baemin into a compassionate companion, offering customers a different, improved, and more convenient way of life in the future." He emphasized that the company's core strategy consistently revolves around creating value for their merchant partners, customers, and delivery personnel, while building trust within the community. Baemin's mission emphasizes the utmost importance of elevating the customer experience, and the company is committed to daily endeavors to enhance that experience further by valuing customer sentiments As a leader in food technology, Baemin believes that their proven track record of delivering exceptional customer experiences in Korea can be replicated successfully in Vietnam.
Baemin's vision for the Vietnamese market is captured in the slogan "Delivering everyday happiness to your door!" This vision revolves around providing a convenient and delightful food delivery experience every day Baemin is dedicated to delivering fresh and tasty meals to customers' homes, ensuring they can savor great food without stepping outside This highlights the emphasis on ease and adaptability, catering to the fast-paced lifestyle of today The core of this vision lies in enhancing people's lives by delivering delicious meals, enabling individuals to find happiness in their everyday dining moments, whether at home with family and friends Moreover, Baemin pledges to deliver happiness directly to customers' doors, offering a personalized food delivery service that isn't bound by time or location This vision underscores Baemin's commitment to bringing happiness to everyone, not just through food delivery but also by enhancing the joy and convenience of daily culinary experiences.
Service
In addition to its core food delivery service, Baemin prides itself on its diverse verticals, including Baemin Mart (Đi Chợ), Baemin Studio, Mama Woo, and Lazy Bee.These initiatives contribute to building a comprehensive ecosystem At the heart of
Baemin's strategy lies an unwavering focus on customer experiences, ensuring their needs are met through innovative solutions designed to enhance convenience and overall quality of life.
A significant aspect of Baemin's operations involves optimizing food delivery logistics The company strategically places a network of riders around city food hubs, incentivizing them for rush-hour and short-distance deliveries This approach ensures swift and efficient delivery services for routine orders Collaborations with top chain merchants enable Baemin to reduce food preparation times and offer cost-effective solutions to customers.
Baemin is not only known for its diverse range of cuisines but also for its dedication to enhancing customer journeys through interactive features within its app, such as the Event Area (Khu Sự Kiện), Food Blog (Blog Bàn Ăn), and Signature Collections (Bộ Sưu Tập Signature).
Recognizing the growing importance of grocery delivery services, especially during extended periods of a pandemic where consumers prioritize convenience, speed, and safety, Baemin introduced Baemin Mart in 2020 This feature enables customers to shop for fresh foods from the comfort of their homes Baemin has expanded its offerings by partnering with Youth Market, a popular Korean supermarket in Vietnam, offering trendy and exclusive products in categories like personal care, health, functional foods, food, and beverages.
Baemin Studio serves as an online hub showcasing aesthetic stationery, offering well- designed and high-quality products that bring joy and satisfaction to customers' daily routines It reflects Baemin's commitment to quality and enhancing daily life experiences.
To cater to diverse local needs, Baemin introduced Mama Woo, its first-ever home- meal replacement product line for Vietnamese consumers Mama Woo offers high-quality, convenient packaged foods that can be prepared within 10 minutes, featuring 28 popular Korean cuisines researched and developed by experienced Korean chefs Stringent standards for food quality, hygiene, and safety are maintained throughout the production process.
Additionally, Baemin's latest beauty line, Lazy Bee, aims to simplify busy lives and enhance users' beauty experiences anytime, anywhere The products are crafted from natural ingredients like green tea, turmeric, ginseng, and chamomile With Lazy Bee,users can indulge in moments of joyful skincare, regardless of their hectic schedules.
Unique Selling Point
Baemin's Unique Selling Point (USP) in the Vietnamese market revolves around its distinct specialization in the food and grocery delivery service sector This clear focus sets them apart from multi-service platforms like Grab and Shopee Baemin is dedicated to providing a tailored and concentrated experience, specifically catering to customers' food-related needs.
In terms of practical advantages, Baemin fine-tunes its delivery network and features to ensure swift and efficient service, addressing consumers' desires for convenience and speed This allows customers to enjoy tasty meals without lengthy waiting times Additionally, Baemin's specialization in food delivery enables them to establish robust supply partnerships, reducing food preparation times and lowering order costs, offering tangible benefits to their customers.
However, Baemin's USP goes beyond mere functionality They also provide emotional benefits to their customers Through their focused and professional approach, Baemin demonstrates their commitment to fulfilling specific needs and bringing happiness into customers' everyday lives Their aim is to deliver happiness right to the doorstep of every individual, not just through food but also by offering a convenient and joyful delivery experience.
BRAND ELEMENTS
Brand name
The brand name "Baemin" originates from South Korea and carries a profound meaning regarding the company's commitment to providing convenient food and grocery delivery services to the community The name "Baemin" is a combination of two words in the Korean language, " " (bae) and " " (min) " " represents the act of delivery and배 민 배 transportation, while " " is associated with people and the community The name can be민 understood as "Delivering to Everyone" or "Delivering to the Community."
Baemin is deeply committed to providing a delightful and hassle-free food delivery experience for everyone, enabling them to relish delectable meals in the comfort of their homes without the need to venture outside The choice of the name "Baemin" underlines the company's dedication to enhancing customer experiences while also showcasing its commitment to community service and fulfilling customer needs.
Essentially, this brand name is not only concise and memorable but also signifies interactivity, customization, and Baemin's promise to offer convenient food and grocery delivery services accessible to all.
Logo
In Vietnam, Baemin's logo is a striking blend of a gentle mint green color and bold
"Baemin" text The mint green hue embodies freshness, purity, and creativity The text
"Baemin" is presented in a simple and contemporary font (BM Daniel), promoting a sense of ease and memorability.
Mint green in the logo signifies the freshness and safety associated with food and groceries, emphasizing cleanliness Meanwhile, the "Baemin" text conveys the brand's professionalism and dedication to fulfilling customer requirements This logo encapsulates Baemin's objective: to offer a convenient and enjoyable delivery experience while instilling confidence in the quality and professionalism of their service.
Color
The predominant color featured in Baemin's logo, mint green, holds profound significance and has a substantial impact on both the brand and its customer base Mint green is commonly associated with feelings of freshness and purity, particularly within the realm of food and cuisine, where cleanliness and safety are of utmost importance. This color choice invokes a sense of calmness and serenity, contributing to positive emotions and enhancing the overall customer experience.
Additionally, mint green is linked to creativity and contemporaneity In Baemin's context, it can symbolize the utilization of cutting-edge technology and innovative solutions to meet the demands of food delivery in the modern world The color also conveys a message of trust and safety, which is paramount in the food delivery industry.
It encourages customers to have confidence in the quality and safety of the products they receive.
In essence, Baemin's use of mint green in its logo imparts a feeling of freshness, safety, and purity, while also emphasizing tranquility and modernity This choice of color reaffirms Baemin's commitment to providing top-notch and convenient food delivery services, while fostering a sense of trust among its customers.
Fonts
BM Daniel is a unique font crafted exclusively for the Vietnamese market through a collaboration between Baemin and Rice Creative This typeface was meticulously designed after a deep understanding of the local market and the distinct characteristics of Vietnamese street food culture BM Daniel ingeniously incorporates diacritics at a consistent cap height, infusing the characters with a dynamic quality and enabling a more engaging connection with the playful content expressed through this font.
Figure 6: Baemin Font: BM DanielRecognizing its excellence, the BM Daniel font was honored with the 2020 TypeChampions Award and the prestigious "Best of the Best" award in the Brand andCommunication Design category at the 2021 Red Dot Awards ceremony.
In August 2023, Baemin introduced its new font called "BM Lucas" with the mission of delivering daily happiness to people's homes This is the brand's second font design after "BM Daniel." BM Lucas draws inspiration from the classic Cooper Black font, allowing users to stretch and adjust it horizontally and vertically and customize its colors to suit their preferences.
The inspiration for BM Lucas comes from everyday street food materials and the labor of food vendors Baemin crafted this font specifically for the Vietnamese market, where one can easily recognize the familiar Cooper Black font on the signs of street food vendors, from rice stalls to bakeries and noodle shops.
Figure 7: Baemin Font: BM Lucas
Mascot
Baemin has strategically crafted an appealing brand image, featuring two prominent mascots that resonate with their target audience Not only have they introduced a cute
37 | P a g e and distinctive appearance highlighted by mint green, but Baemin has also established iconic brand representations, with one of them being the "Mèo Mập Baemin."
Inspired by the famous French fairy tale character, "Puss in Boots," Mèo Mập Baemin follows in the footsteps of this clever feline that once aided its destitute owner In the old tale, the cat, with its exceptional ability to speak, assisted its youngest master in acquiring wealth In a similar manner, Mèo Mập Baemin intends to overcome various challenges to win over discerning customers, mirroring the character's resourcefulness and goal to help its owner.
Baemin's primary target audience consists of young office workers, predominantly women, who have a soft spot for cats The endearing nature of cats makes them a fitting choice as brand mascots for Baemin, enhancing the sense of familiarity with their customers.
Baemin's decision to draw from the charm of a classic fairy tale character, while subtly adapting it to align with the food delivery industry, creates a sense of relatability and endearment Customers are more likely to feel a personal connection to Baemin through the presence of Mèo Mập.
Furthermore, Baemin has transformed the original character into a lovable, chubby feline that resonates with their brand identity This distinctive image, coupled with the added flair of a charming delivery person (Shipper), gives the character a contemporary twist Baemin's Mascots represent their brand effectively and contribute to their unique appeal in the market.
User interface
Baemin has developed three key applications to meet the needs of all parties within their food delivery system: the Customer App, the Rider App, and the Merchants App.
Customer App: This application is tailored for end-users, enabling effortless navigation through restaurant options, selection of favorite dishes, and placing orders The intuitive interface offers various features such as search options, favorites lists, order history, and secure online payment.
The app also includes order tracking and delivery time notifications, ensuring customers a convenient and dependable ordering experience.
Rider App: Baemin has developed a specialized app for delivery personnel to efficiently manage and complete orders This app boasts a straightforward and user-friendly interface, providing comprehensive order details, navigation features, and options for delivery confirmation Designed to simplify the tasks of delivery riders, the app allows them to monitor their work schedules and enhance the efficiency of the delivery process.
Merchants App: Restaurants and stores partnering with Baemin utilize their own app to oversee orders and schedules Featuring an intuitive interface, this app enables menu management, preferences for delivery times, and order tracking Businesses can efficiently manage their delivery services and effectively target the market, thanks to this app, empowering them to streamline their operations and enhance customer satisfaction.
All three apps boast user-friendly interfaces, integrating essential features to ensure an easy-to-use experience for everyone involved in Baemin's food delivery ecosystem.
Uniform
Baemin ensures its drivers project professionalism and consistency through carefully designed uniforms These uniforms, predominantly in Baemin's signature mint green color, commonly consist of polo shirts, caps, and coordinated gloves The uniform may feature specific details such as the Baemin logo and the driver's name, facilitating easy identification This cohesive and identifiable attire not only establishes a unified image for Baemin's drivers but also leaves a positive impression on customers during delivery interactions.
SWOT ANALYSIS
Strengths
Financial potential & strong support: One of the key strengths of Baemin lies in its significant financial potential and robust support This strength is underpinned by a combination of factors that contribute to the company's financial stability and resilience. Firstly, Baemin benefits from substantial financial backing from its parent companies, Woowa Brothers and Delivery Hero, both of which are widely recognized entities in the global food delivery industry This formidable financial support equips Baemin with the necessary resources for expanding its operations, driving technological innovations, and conducting effective marketing initiatives Furthermore, Baemin's strong revenue streams and its increasing market share underscore its capacity to generate substantial income, further reinforcing its financial foundation This financial stability not only enables the company to navigate economic downturns successfully but also empowers it to invest in enhancing its services, securing a competitive advantage in the fiercely competitive food delivery market Additionally, Baemin's financial strength positions it favorably for strategic partnerships, acquisitions, and sustainable growth, solidifying its position as a prominent player in the industry.
Friendly, professional riders: Baemin's possession of a team of friendly and professional riders stands out as a notable strength This advantage is rooted in the pivotal role that delivery personnel play in shaping the overall customer experience.Baemin has made significant investments in assembling a team of riders who excel not only in delivering orders promptly but also in prioritizing positive customer interactions The approachability and friendliness of Baemin's riders add a personal touch to the service, creating a sense of value and appreciation for customers The professionalism of these riders ensures that orders are handled with care, reducing the incidence of damage or incorrect deliveries This, in turn, contributes to the brand's reputation for reliability The riders' professionalism also plays a crucial role in upholding food quality and safety during transit, which holds paramount importance in the food delivery industry This fosters a sense of trust and dependability in the minds of customers, constituting a significant competitive advantage in the market Baemin's emphasis on rider training, adherence to safety protocols, and dedication to customer service further solidify its position as a leading player in the industry This commitment enhances customer retention and overall brand loyalty The combination of friendly and professional riders not only underscores Baemin's dedication to excellence but also reinforces its competitive edge in a market where the customer experience is of utmost importance.
User-friendly application: This strength is rooted in Baemin's commitment to providing customers with a seamless and intuitive digital experience The user-friendly application is a cornerstone of Baemin's success, as it facilitates accessibility,
43 | P a g eFigure 13 Friendly, professional riders convenience, and overall customer satisfaction The app's well-designed interface, straightforward navigation, and responsive features contribute to an effortless ordering process, which is crucial in the fast-paced world of food delivery The application is also optimized for various devices and operating systems, ensuring that a broad spectrum of customers can access Baemin's services without technical hurdles. Additionally, the inclusion of user-friendly features such as personalized recommendations, secure payment options, and real-time order tracking enhances the overall customer journey Baemin's continuous efforts to gather and incorporate user feedback into app improvements have led to a user experience that is not only intuitive but also tailored to the preferences of its diverse customer base This focus on user- friendliness not only streamlines the ordering process but also fosters brand loyalty, as customers are more likely to return to a platform that offers a hassle-free and enjoyable experience Baemin's commitment to an easy-to-use application represents a key advantage, making it a top choice for customers seeking convenience and satisfaction in their food delivery experience
Baemin's strong brand recognition: is the outcome of deliberate branding strategies and a solid presence in the challenging food delivery industry The company has successfully crafted a brand image that deeply resonates with its intended audience. This achievement is attributed to cohesive messaging, visually appealing branding elements, and an unforgettable logo, all of which have firmly established Baemin in the minds of customers
The robust brand recognition not only draws in new customers but also nurtures trust and dependability among existing ones Baemin's brand has become synonymous with efficient and convenient food delivery, a connection that significantly contributes to customer loyalty and repeat business Additionally, a well-established brand provides a competitive advantage, enabling Baemin to distinguish itself in a crowded marketplace Consequently, this positions the company to set premium prices and solidify its market position Baemin's capacity to create a strong and memorable brand identity not only strengthens its current market status but also lays the groundwork for future expansion and growth into new markets This particular strength underscores
45 | P a g eFigure 15: Baemin's strong brand recognition
Baemin's ability to leverage its brand equity effectively, making it a potent tool for ongoing success in the fiercely competitive food delivery industry.
Weaknesses
Limited coverage outside major cities: Baemin has successfully established a strong presence in bustling urban centers, yet it encounters challenges when it comes to extending its services to more remote or less densely populated areas This limitation arises due to the higher demand for food delivery services in urban hubs, where population density and consumer preferences align with such services However, this drawback means potential customers in suburban and rural areas, who also seek the convenience of food delivery, are left out Baemin faces hurdles related to logistical complexities and increased operational costs when expanding into less populated regions, which can strain resources This limited coverage outside major cities may hinder the company's aim to reach a wider customer base, impacting its overall market share and competitive position To address this challenge, Baemin must devise strategies to make its services more accessible to customers residing in areas beyond major cities This may involve exploring innovative solutions to overcome geographical limitations and tap into the untapped market potential.
Reliance on internet connectivity: In today's business landscape, heavy reliance on internet connectivity has become an integral part of operations, but it also exposes Baemin to several vulnerabilities In an environment where internet accessibility remains uneven, particularly in remote or less developed regions, Baemin's effectiveness and reach could be compromised Disruptions or technical issues may disrupt order processing and communication with customers, potentially leading to a decrease in customer satisfaction and trust Additionally, with the evolution of cybersecurity threats, online platforms like Baemin must make substantial investments in robust security measures to safeguard customer data and ensure a seamless service.Baemin's dependence on internet connectivity also renders it susceptible to external factors such as outages or infrastructure problems, which the company may have limited control over To address this weakness, Baemin should maintain a continuous investment in redundant systems, implement comprehensive cybersecurity measures, and explore alternative solutions to ensure service continuity in regions with unstable internet access Expanding offline channels or developing contingency plans can further assist the company in mitigating potential disruptions in internet connectivity and maintaining a competitive edge in the food delivery industry.
Potential delivery delays: Baemin's efficient delivery network is occasionally challenged by factors like heavy traffic or adverse weather, leading to rare delays In the fast-paced food delivery industry, these delays can frustrate customers and impact satisfaction To tackle this, Baemin should invest in advanced logistics tech, real-time route optimization, and responsive customer support Minimizing delays is crucial to maintain a competitive edge and ensure customer loyalty.
Limited availability of discounts: In the highly competitive food delivery market, discounts and loyalty programs are crucial for customer attraction and retention. Baemin's limited discount availability might deter cost-conscious consumers, impacting market share and customer loyalty To overcome this, Baemin can expand its discount and loyalty program offerings, ensuring competitive pricing Partnerships with restaurants for exclusive discounts can enhance its appeal to both customers and partners, strengthening its position in the industry.
High service costs: While Baemin offers convenience and quality in food delivery, the cost structure of its services can sometimes be perceived as relatively high In a market where price sensitivity plays a pivotal role in consumer choices, the perception of high service costs can deter budget-conscious customers This weakness could potentially lead to reduced customer acquisition and retention, especially in a landscape where competitive pricing strategies are the norm Moreover, high service costs can
47 | P a g e challenge Baemin's profitability, especially if cost-conscious consumers switch to more affordable alternatives To address this weakness, Baemin could explore strategies to optimize its operational efficiency and cost structure without compromising service quality This may involve finding ways to reduce delivery and operational expenses,negotiate better terms with restaurant partners, or introduce pricing models that offer more value to price-conscious customers Finding a balance between maintaining a robust bottom line and offering competitive pricing is crucial in addressing the challenge of high service costs and sustaining its growth and competitiveness in the food delivery industry.
Opportunities
Technological advancements: The rapid evolution of technology offers significant growth opportunities for Baemin Technological advancements in food delivery and mobile applications, such as artificial intelligence and machine learning, provide avenues for improving route planning, delivery times, and customer personalization.The Internet of Things (IoT) can enhance real-time food delivery monitoring, ensuring accuracy and efficiency Integration with smart home devices can make the ordering process even more convenient Additionally, the emergence of contactless and cashless payment methods allows Baemin to provide secure and convenient payment options,improving the user experience Leveraging these technological opportunities positionsBaemin as an innovative leader in the competitive food delivery market.
Increased smartphone usage: As smartphones become increasingly ubiquitous in people's daily lives, they provide Baemin with a dynamic platform to engage a broader customer base The widespread adoption of smartphones means a larger audience has easy access to Baemin's mobile application, offering a chance to expand its market share Baemin can capitalize on this trend by optimizing its app for user-friendliness, ensuring seamless ordering, and enhancing user experiences with personalized recommendations and real-time order tracking Mobile apps also enable Baemin to engage customers through push notifications, promotions, and loyalty programs, fostering brand loyalty and encouraging repeat orders The convenience of smartphones aligns well with the on-demand nature of food delivery, making it easier for customers to place orders, track deliveries, and provide feedback By leveraging the prevalence of smartphones, Baemin can grow its customer base and solidify its position as a leading player in the competitive food delivery industry
Government support: As the food delivery industry expands, governments worldwide are recognizing the need to regulate and support this sector These initiatives
49 | P a g eFigure 16: Increased smartphone usage: include simplifying regulations, offering incentives to tech-driven businesses, and creating a favorable environment for delivery services Baemin stands to benefit from such support in several ways Firstly, it can operate with clarity and consistency, ensuring compliance with complex government regulations in the food industry. Secondly, financial incentives or grants can assist Baemin in expanding services, improving infrastructure, and investing in technology Additionally, a supportive regulatory environment can attract more restaurant partnerships, diversifying options for customers By nurturing positive relationships with regulatory bodies and leveraging government support, Baemin can enhance its competitive position and accelerate its growth in the evolving food delivery landscape.
Market growth potential: The food delivery industry is experiencing significant growth due to shifting consumer preferences, urbanization, and increased reliance on digital platforms for convenience Baemin is strategically positioned to capitalize on this expansion by extending its reach and services With growing demand for food delivery in urban and suburban areas, Baemin can explore untapped regions, expanding its customer base Additionally, Vietnam's diverse culinary landscape provides an opportunity for Baemin to diversify its restaurant partnerships, offering a variety of cuisines By emphasizing innovation and continuous improvement, Baemin can drive market growth and establish itself as a leader in the dynamic food delivery sector This aligns with Baemin's ambitious expansion plans and reinforces its presence in the market.
Increasing demand for food delivery: The growing preference for convenience in consumer behavior has made food delivery a thriving industry, presenting a significant opportunity for Baemin With the rise in demand for its services due to the convenience- driven modern lifestyle, urbanization, and technological reliance, Baemin can tailor its offerings to meet this demand effectively By ensuring swift and efficient delivery,diverse restaurant partnerships, and user-friendly technology, Baemin can expand its market share and enhance brand loyalty Embracing this opportunity aligns withBaemin's vision of becoming a leading player in the food delivery industry, paving the way for sustained success and growth in this competitive landscape.
Threats
The unsegmented Vietnamese food delivery market: The thriving food delivery industry in Vietnam offers significant potential, but it also presents challenges due to its competitive and unsegmented nature The absence of clear market segments makes it challenging for Baemin to navigate this crowded market, leading to price wars and intensified competition that could impact profits and hinder sustainable growth Without well-defined segments, tailoring marketing strategies to specific customer preferences becomes challenging, making it harder for Baemin to establish a unique value proposition To address this challenge, Baemin should focus on market segmentation and niche targeting By identifying and addressing the unique needs of different customer groups, Baemin can enhance its competitive edge, foster customer loyalty, and mitigate the threat posed by the unsegmented food delivery market in Vietnam.
Underdeveloped infrastructure: While Baemin has made significant progress in providing efficient food delivery services, it encounters challenges in areas with underdeveloped infrastructure, such as inadequate road networks and limited digital connectivity In these regions, timely food delivery can be compromised, leading to potential customer dissatisfaction and operational inefficiencies Baemin may also face logistical hurdles and increased costs in such areas To tackle this challenge, Baemin should consider targeted investments in infrastructure or partnerships with local entities to enhance delivery logistics Additionally, exploring alternative delivery methods like drones or bicycles can help mitigate the impact of underdeveloped infrastructure. Proactive strategies in these areas will enable Baemin to maintain consistent service quality and enhance its competitive position in the food delivery industry.
Resource strain from investments: While investments are crucial for Baemin's growth, they come with the challenge of straining the company's financial resources and impacting its overall financial health The competitive nature of the food delivery industry necessitates continuous investments in technology, logistics, marketing, and talent to maintain market position and outpace competitors However, these investments can deplete resources, affecting day-to-day operations and profitability Rapid investments may also lead to overextension, causing operational inefficiencies To mitigate this challenge, Baemin must adopt a strategic investment approach aligned with long-term goals, ensuring sustainable growth Careful financial planning, monitoring, and risk management are vital Diversifying the investment portfolio, exploring partnerships, and collaborations can share the financial burden while expanding services, enhancing resilience in the competitive food delivery landscape.
Shifting consumer behavior: In an era characterized by rapidly changing consumer preferences and habits, adapting to these shifts is a challenge for any business, and the food delivery industry is no exception Consumers today are more discerning, health- conscious, and focused on sustainability This means they may demand healthier menu options, eco-friendly packaging, and transparency in the sourcing of ingredients.Additionally, changing economic conditions can influence spending patterns, making some customers more price-sensitive To stay competitive, Baemin must continually monitor these evolving preferences, reconfigure its offerings, and make the necessary adjustments to its business model Failure to do so can lead to a decline in customer satisfaction, loss of market share, and ultimately, a diminished position in the food delivery industry Baemin should remain agile, responsive, and innovative to address this threat, ensuring that its services and offerings align with the ever-changing landscape of consumer behavior, thus securing its relevance and competitive strength in the market.
AFFECTION
The impact of the brand to customer and consumer
Customers, when choosing a food delivery brand, typically have specific demands and expectations Below are some crucial factors that customers expect from a food delivery brand:
What has Baemin done to meet customer demands?
Baemin has implemented various strategies and policies to meet these demands and expectations Below are some examples of how Baemin has executed these strategies:
Nóng Giòn Đây (Hot and Crispy): Baemin ensures that the food delivered to customers remains hot and crispy by utilizing thermal packaging and swift delivery services This meets customers' expectations for food quality and temperature.
Quán Ngon Quận Mình (Your District's Tasty Eateries): This strategy focuses on local specificity and diverse choices Baemin gathers delicious eateries within each district and emphasizes fast delivery within that area Customers have the opportunity to experience the distinctive dishes of their district, fulfilling their desire for local flavors and exploration.
Promo Codes and Offers: Baemin often provides multiple promo codes and offers to provide good value for customers This fulfills customers' requirements for value and savings.
User-Friendly App: Baemin's app interface is designed to be user-friendly and offer a seamless user experience The ordering and payment processes are kept simple for user convenience.
Customer Care: Baemin has a dedicated and accessible customer service to assist customers when needed This ensures that customers always have support when facing issues.
Safe Packaging: Baemin uses secure and standard packaging to ensure that the food remains undamaged and uncontaminated during delivery.
These strategies enable Baemin to implement a localized and personalized approach for each district, catering to diverse customer needs and fostering trust in the utilization of their services Baemin has built a strong brand and encouraged customer loyalty through these efforts.
Baemin, the frontrunner in Vietnam's food delivery sector, has become a pivotal player, reshaping the nation's economy through strategic partnerships These alliances have not only bolstered businesses but have also elevated the culinary experience for consumers, fundamentally altering how people engage with food services.
In the economic realm, Baemin's impact is profound By creating avenues for local restaurants and food businesses to thrive, Baemin has amplified sales, broadened market reach, and ensured financial stability This cooperative effort not only fortifies local enterprises but also enriches the gastronomic landscape for the entire community.
Moreover, Baemin serves as a catalyst for innovation Through its collaborations, various third-party companies can offer vital services such as transportation, advertising, and secure online payment solutions This interconnected approach fosters growth and sustainability, creating a win-win scenario for all involved parties.
In daily life, Baemin has redefined how people approach meals Beyond the time saved for users, Baemin's services have spurred demand for supplementary services like efficient delivery, seamless online payments, and hassle-free vehicle maintenance As a result, users enjoy heightened convenience and efficiency in their everyday activities.
In the realm of financial transactions, Baemin's collaborations with renowned digital wallets like Momo and VNPay have streamlined payment methods, ensuring secure and smooth transactions for users Additionally, its partnership with Shinhan Bank has introduced exclusive financial offerings, enhancing the overall user experience. Embracing sustainability, Baemin has ventured into urban mobility by partnering with Datbike, providing electric scooter rentals and contributing to eco-friendly transportation solutions.
These collaborative ventures underscore Baemin's dedication to enhancing convenience, expanding its service portfolio, and championing sustainability in Vietnam's digital landscape Baemin's dynamic partnerships echo far beyond the confines of a typical food delivery app, shaping the nation's economy, empowering businesses, and significantly improving the lives of consumers Baemin stands as a pivotal force driving transformative change, reshaping how people engage with food services and related amenities across Vietnam.
Baemin has established its reputation in the Vietnamese market through crucial factors such as quality, convenience, and user experience Here are some key points regarding Baemin's brand reputation:
Food Quality: Baemin focuses on partnering with high-quality restaurants, ensuring users receive fresh and delicious meals that meet their expectations. Careful selection of business partners helps Baemin build a reputation for food quality.
Convenience and Proximity: One of Baemin's major strengths is its convenience Baemin has built an efficient delivery system, enabling users to receive their orders quickly and easily Additionally, focusing on expanding delivery services in urban areas makes Baemin a convenient choice for consumers.
User Experience: Baemin's user-friendly interface and easy ordering process provide a seamless experience for users The focus on improving the user experience not only increases attractiveness but also helps build the brand's reputation.
Brand Goal: Baemin has clearly defined its goal of becoming the number one food delivery brand in Vietnam This objective is not only appealing to
57 | P a g e consumers but also instills confidence in business partners, showcasing Baemin's commitment to quality and service.
Positive Reviews: User satisfaction and positive reviews on various review platforms and mobile app stores have built a positive reputation for the Baemin brand.
Figure 20: Brand ReputableThese factors have helped Baemin establish itself as a trustworthy and appealing food delivery brand in the Vietnamese market Baemin is not just a popular choice for food orders but also a symbol of quality and convenience in the food delivery industry.
Factors responsible for branding challenges
In the fiercely competitive landscape of the food delivery industry, Baemin, like many other brands, faces a multitude of branding challenges Understanding and addressing these challenges is essential for sustaining and enhancing its market position Seven key factors responsible for branding challenges that Baemin encounters include the expectations of savvy customers, the impact of economic downturns, the proliferation of food delivery brands, the transformation of media consumption patterns, intensified competition, rising operational costs, and the ever-increasing demand for accountability.
These factors intricately shape the branding dynamics within which Baemin operates. Each of them exerts unique pressures and influences on the brand's perception, market share, and profitability By dissecting the challenges posed by savvy customers, economic fluctuations, market saturation, media evolution, competitive forces, escalating operational expenses, and the growing emphasis on accountability, we will gain a comprehensive understanding of how Baemin navigates the complex world of food delivery branding.
Savvy customers wield significant influence over the Baemin brand They are well- informed consumers with high expectations, demanding both quality and speed Baemin must maintain and elevate its service quality while actively engaging with customers across various online platforms High expectations and rapid adaptation to new technologies necessitate Baemin's continuous improvement and innovation efforts to retain these discerning customers and attract new ones in the competitive food delivery market.
Figure 21: Savvy Customer 2.2 Economic downturns
The impact of the economic downturn has necessitated Baemin to reconsider its approach to revenue generation Previously, the company heavily depended on promotional activities to fuel its growth However, in response to economic challenges, Baemin has strategically reduced its reliance on these traditional promotional tactics Instead, the company has proactively diversified its sources of income by exploring new business models such as advertising and subscription services
By expanding revenue streams through these innovative approaches, Baemin aims to establish more stable and sustainable sources of income Advertising partnerships allow Baemin to collaborate with businesses, generating revenue while promoting products or services Subscription services, on the other hand, create a steady income flow by offering exclusive benefits to subscribed users, ensuring a reliable revenue base even during economic uncertainties.
This strategic shift not only helps Baemin adapt to the economic downturn but also positions the company for long-term success By embracing diverse revenue sources, Baemin can navigate the challenges of the market, ensuring financial stability and fostering continued growth in the face of economic fluctuations.
The significant rise in food brands has posed a challenge to Baemin To address this, Baemin must continuously innovate its menu, establish a unique brand identity, optimize user experience, and collaborate with strategic partners.
Firstly, continuous menu innovation is key to attract and retain customers Diverse food options not only cater to varied consumer tastes but also differentiate Baemin from
61 | P a g eFigure 22: Economic downturns competitors This diversification attracts users from different market segments, enhancing loyalty and creating unique culinary experiences.
Building a distinct brand identity is crucial Baemin should craft a unique message and perception among consumers through creative advertising campaigns and flexible communication Creating a positive brand image aligned with customer values fosters consumer loyalty and sets Baemin apart.
Optimizing user experience is paramount Convenience and ease of use in Baemin's app or website, along with features like order tracking and quick checkout, enhance user interaction Streamlined processes cater to fast-paced lifestyles, ensuring seamless experiences for users.
Collaborating with strategic partners, such as renowned chefs or distinctive restaurants, is also a valuable strategy These partnerships not only enhance Baemin's menu but also offer uniqueness and appeal Customers don't just choose a food delivery service; they experience a special culinary journey.
The transformation of media landscapes, marked by the erosion of traditional advertising channels and the rise of interactive and nontraditional media, profoundly impacts Baemin's marketing strategies In response to these changes, Baemin has shifted its focus and investments towards nontraditional forms of communication This includes leveraging social media platforms, interactive online content, and influencer marketing to engage with customers effectively By adapting to these evolving media trends, Baemin ensures its brand remains visible and relevant in the fast-changing digital landscape, enhancing its outreach and customer engagement.
The increasing competitive intensity in Baemin's food delivery industry is significantly influenced by both demand and supply factors On the demand side, the market has reached a mature or even declining stage in the product life cycle for many products and services This means that consumers have become more selective and demand diversity as well as higher quality from restaurants and food delivery services
On the supply side, new competitors have emerged due to factors such as globalization, the presence of low-cost competitors, brand extensions, and deregulations. This has created a fiercely competitive environment, placing pressure on Baemin to adapt and excel.
To cope with this heightened competition, Baemin must continuously focus on improving service quality and the variety of food offerings Enhancing user experience through the app and website, building strategic partnerships with renowned restaurants and chefs, and employing creative advertising and marketing strategies are crucial. Baemin also needs to stay proactive, swiftly responding to market changes and customer preferences This approach will enable Baemin to maintain its position in an increasingly competitive and demanding market that requires innovation and flexibility.
The rapid escalation in costs related to introducing new products or maintaining existing ones has become a substantial challenge for Baemin However, it's not just the cost issue; Baemin is also confronted with fierce competition from major players like Grab and Shopee These companies aren't just industry giants; they also have significantly larger revenue streams compared to Baemin This creates immense pressure, not only financially but also in terms of strategic vision.
Slogan
The slogan "Baemin nóng giòn đây!" plays a crucial role in defining Baemin's brand identity and strategic positioning in the competitive food delivery market This phrase, translating to "Baemin, hot and crispy, here!", highlights several fundamental aspects of Baemin's brand.
Firstly, it emphasizes one of Baemin's key strengths – the swift and dependable delivery of food that arrives hot and crispy, preserving the delicious quality of the dishes. This slogan encapsulates Baemin's value proposition, emphasizing the timeliness and excellence of their food delivery service.
Additionally, the slogan uses compelling language that evokes imagery of delightful culinary experiences By employing the words "nóng giòn" (hot and crispy), it engages the senses, enticing readers and customers to associate Baemin with mouthwatering flavors and satisfying textures This choice of words effectively triggers sensory reactions and cravings, which are pivotal in the food delivery industry.
Crucially, "Baemin nóng giòn đây!" highlights Baemin's distinctiveness in the competitive food delivery landscape It underscores the company's ability to promptly deliver hot, fresh, and crispy food to customers' homes, establishing Baemin as a unique and reliable choice in the market.
In essence, this slogan transcends being a mere tagline; it encapsulates Baemin's dedication to delivering high-quality, flavorful food directly to customers' doors It embodies Baemin's core values and aspirations as a brand, making it a potent and strategic element of their overall marketing and branding approach.
STP marketing model
Baemin strategically chose the suburban districts of Ho Chi Minh City first before gradually expanding to other districts to deploy its campaign Due to the high population density and large number of busy office workers, young people who enjoy unique experiences help Baemin optimize its service and significantly reduce delivery times Baemin's goal is to be the top choice in a district, even more so than being second or third in an entire city Achieving this means winning over both buyers and sellers in that area.
This marketing strategy is referred to as “Quan Ngon Quan Minh" by Baemin, with the message being to gather delicious restaurants within the district and focus on swift deliveries within that area In 2021, Baemin made outstanding progress by expanding its presence to 21 provinces and cities nationwide, including Ho Chi Minh City, Hanoi, Da Nang, Bien Hoa, Vung Tau, Can Tho, Hai Phong, Hoi An, Ha Long, Hue, and Da Lat Baemin plans to further expand its services to more cities in the coming years.
Figure 27: Geographic Segmentation 4.1.2 Demographic Segmentation
Baemin's target audience comprises individuals with busy work or study schedules, allowing them limited free time
Gender: Both male and female.
Age: Primarily focusing on Youth (18 – 24 years old) and Young Adults (25 – 45 years old).
Income: Targeting Group A Class (15 – 100 million VND) and Group B Class (4.5 –
Family Life Cycle: Specifically, young singles and young married couples without children.
Education: Including individuals with College, University, and Post-graduate education backgrounds.
Baemin's services are tailored to cater to the needs of these demographics, who are often constrained by their busy lifestyles, be it due to work, education, or other commitments By understanding these specific demographic segments, Baemin can create targeted marketing campaigns and services that resonate with their audience, offering them convenient and timely solutions in their hectic lives.
Baemin caters specifically to individuals who embrace a minimalist lifestyle, valuing convenience and time efficiency These users are typically busy, lacking the time to cook their own meals, and instead, they prefer to order food from outside sources. They are adventurous in their culinary choices, always on the lookout for fresh, innovative experiences, especially in the realm of technology Additionally, they are keen bargain hunters, actively seeking out and engaging with promotional offers and discounts.
In the realm of behavioral segmentation, these customers can be classified as
"Modern Urban Explorers'' This segment comprises individuals who thrive in the bustling urban environment They appreciate the simplicity of life and are drawn to the ease of online food delivery Constantly on the move, they rely on Baemin to save time and effort Their adventurous spirit leads them to explore diverse cuisines and the latest food tech innovations They actively engage with Baemin's promotions and discounts, making the most out of their culinary experiences while optimizing their spending For Baemin, understanding and catering to the preferences of these modern urban explorers is essential, ensuring that the platform aligns seamlessly with their fast-paced lifestyles and culinary curiosities.
Shopping Medium: They predominantly use mobile phones for shopping, finding the convenience of shopping from their devices preferable to traveling long distances.
They are comfortable with the idea of ordering food and enjoying their meals in the comfort of their homes rather than dining out.
Shopping Occasions: Their shopping occasions revolve around their meals - breakfast, lunch, and dinner They utilize Baemin's services to cater to these specific meal times, indicating a habitual reliance on the platform for their daily sustenance.
Shopping Purpose - Problem Solving: Their shopping intent aligns with the concept of "Problem Solving." In this context, they view shopping as a means to solve the problem of preparing a meal when time and resources are limited They turn to Baemin to provide a convenient solution, saving them the hassle of cooking or going out to eat.
Baemin's customers primarily shop through their mobile phones, relying on the platform to address the challenge of preparing meals amidst their busy schedules Their purchases are specifically geared toward solving the daily problem of having a quick and convenient meal, making Baemin a go-to solution for their dining needs This behavior underscores the platform's importance in simplifying their lives and providing practical solutions to their everyday challenges.
Psychological segmentation involves dividing a market into different segments based on psychological factors, such as personality traits, lifestyles, values, attitudes, interests, and motivations This type of segmentation delves into the underlying psychological characteristics that influence consumers' behavior, preferences, and purchasing decisions In the context of Baemin's target audience in Vietnam, psychological segmentation could include the following aspects:
Adventurous: Individuals who are open to trying new cuisines and exploring different food experiences offered by Baemin.
Conscientious: Customers who prioritize health-conscious options and look for nutritional information when ordering.
Tech-Savvy: Users who are comfortable using technology platforms and apps for their daily activities, including food ordering.
Busy Professionals: Career-oriented individuals with hectic schedules who rely on Baemin for convenient and time-saving meal solutions.
Social Connectors: People who use Baemin for social gatherings, parties, or events, valuing the ease of ordering food for groups.
Homebodies: Individuals who prefer staying in the comfort of their homes and use Baemin for most of their meals.
Health Conscious: Customers who prioritize healthy food options and are willing to pay more for organic, vegetarian, or low-calorie meals.
Environmental Conscious: Individuals who prefer restaurants and food providers that use eco-friendly packaging, aligning with their environmental values. Convenience Seekers: People who highly value convenience and time savings, viewing Baemin as an essential service in their daily lives.
Food Enthusiasts: Individuals passionate about culinary experiences, often exploring new restaurants and cuisines available on Baemin.
Budget-Conscious Shoppers: Customers who are motivated by discounts, promotions, and loyalty programs, seeking the best deals while ordering food.
Time-Pressed Parents: Parents with young children who appreciate the convenience of Baemin, especially during busy weekdays, valuing the time it saves for family activities.
Understanding these psychological segments allows Baemin to tailor its marketing messages, user experience, and service offerings to resonate with the specific psychological profiles of its customers By appealing to their personalities, lifestyles, values, interests, and motivations, Baemin can create a more meaningful connection with its audience, ultimately enhancing customer satisfaction and loyalty.
Baemin focuses primarily on a customer base consisting of young office professionals and individuals who frequently use smartphones for online ordering and payment services Most of these customers fall within the age group of 18 to 35, belong to high-income Group A, are busy, and prefer dining out due to limited time for home- cooked meals.
This customer segment is notably unpredictable, constantly changing their preferences, and demanding brands to be innovative and engaging to capture their attention For this demographic, Baemin delves deep into their needs, consistently evolving to meet their diverse dining preferences Creating an emotional connection is essential, and Baemin aims to strike the right chord with this group.
Furthermore, Baemin targets female office employees aged 20 to 30 and women interested in the "eat clean" movement These individuals are busy but aspire to maintain a healthy diet, balance their physique, and enhance their beauty Baemin has designed the app interface to specifically categorize healthy food into various sections such as fat reduction, muscle gain, vegetarian options, and skin-friendly choices,catering to specific target audiences.
Therefore, Baemin's marketing strategies are intricately designed to prioritize the core mission (Brand Job-2-Be-Done): focusing on shaping customers' perceptions and emotions regarding food choices This understanding guides their actions and decisions when using the app's services.
STRATEGIC BRANDING PROCESS
Step 1: Identifying and Developing Brand Plans
Baemin Vietnam strategically situates itself as the leading food delivery service in the competitive market Its target audience ranges from tech-savvy millennials in need of fast meals to families seeking convenient dining options The psychological advantages linked to Baemin Vietnam are closely connected to the guarantee of swift and reliable food delivery, aligning seamlessly with the diverse tastes of Vietnamese consumers. Baemin's brand commitment centers on convenience, diversity, and excellence, establishing it as the preferred option for both individuals and families.
Product Features and Functional Benefits: Baemin Vietnam is not just a food delivery service; it's a gateway to an expansive culinary world The service offers a comprehensive selection of food options, spanning local delicacies, international cuisines, fast food, and dietary-specific choices The functional benefits of Baemin's service are vast, with an emphasis on speed, convenience, and an intuitive, user-friendly interface. Baemin's commitment to seamless ordering and timely delivery ensures that every customer's dining needs and preferences are met It provides a holistic and hassle-free dining experience, with a vast menu that caters to diverse tastes and dietary requirements. Brand Resonance Model:
Brand Awareness: Baemin Vietnam has effectively embedded its brand in the minds of consumers across the country The Baemin brand is easily identifiable and unforgettable as a top food delivery service This strong brand presence is the outcome ofBaemin's involvement in different social programs and its promise to offer a service that truly enhances the lives of its customers and the community The widespread recognition of the brand demonstrates its unwavering focus on customer contentment and community well-being.
Brand Performance: Baemin Vietnam's brand performance is nothing short of exceptional, and this excellence is evident across various facets:
Baemin has meticulously crafted a reputation for delivering top-notch and trustworthy food products Customers have come to rely on Baemin not just for delicious meals, but also for a smooth and dependable food delivery experience Each order placed with Baemin is delivered promptly and in excellent condition, consistently surpassing expectations.
In addition to traditional food delivery, Baemin goes above and beyond by offering additional support services like real-time order tracking, exclusive promotions, and comprehensive customer support These services enhance the overall customer experience, offering more than just a meal; they provide a sense of empowerment and control over dining choices.
Baemin's diverse menu is a culinary treasure trove, featuring local flavors, international delights, and a wide range of dietary options This variety ensures that customers have the freedom to select dishes that perfectly match their tastes and dietary needs The brand's culinary offerings cater to the diverse cravings of its customers.
The brand's unwavering dedication to safety and quality control is a fundamental aspect of its identity Baemin has established strict standards for food safety, hygiene, and quality, ensuring that every ordered meal meets the highest standards of freshness and cleanliness This commitment fosters trust and confidence among Baemin's customers.
Baemin is deeply committed to preserving and promoting local culinary traditions. Acting as a bridge between customers and the rich tapestry of Vietnamese cuisine,
Baemin takes pride in supporting local food businesses and their traditional recipes This commitment allows customers to connect with the essence of Vietnamese gastronomy.
Above all, Baemin is committed to providing unmatched convenience to its customers Understanding the fast-paced lives of consumers, the brand ensures that its food delivery services are not only efficient but also perfectly suited to modern lifestyles. This dedication translates into hassle-free, timely deliveries, enabling customers to enjoy their meals wherever and whenever they desire.
Brand Image: Baemin Vietnam isn't merely a food delivery service; it's a vital contributor to the evolution of food delivery in Vietnam The brand's adaptability and innovation in responding to changing consumer needs have solidified its position as a pioneer in the industry Baemin actively participates in community-building and leaves an indelible mark on the local food scene
Feelings About the Brand: Customers don't just view Baemin as a food delivery service; they associate it with feelings of convenience, reliability, and satisfaction. Ordering through Baemin means peace of mind, with the assurance that the meal will be of high quality, arrive on time, and meet their expectations.
Baemin's Brand Connection: Baemin doesn't just facilitate food delivery; it forges a deep emotional connection with its customers Patrons of Baemin don't just order meals;they feel like they are supporting the growth of local restaurants and the food delivery industry in Vietnam Baemin has succeeded in creating a profound bond between the brand and its customers, resulting in an extraordinary level of loyalty and affection for the service Customers feel they are an integral part of a culinary revolution, championed byBaemin, and this sense of belonging strengthens their loyalty and love for the brand.
Invest in the Marketing Program:
Baemin Vietnam acknowledges the importance of investing in comprehensive marketing strategies to establish and strengthen their brand presence in the highly competitive food delivery market This involves a multifaceted approach, covering various aspects such as their offered products and services, communication tactics, employee initiatives, and more.
Variety in Food Choices: Baemin Vietnam has carefully curated a broad and diverse range of food options, incorporating local and international cuisines This ensures they cater to the varied and changing preferences of their customers, making this culinary diversity a vital component of their brand value chain.
Effective Communication: Baemin Vietnam employs a variety of communication strategies to enhance their brand recognition among customers These methods aim not only to convey the convenience and reliability of their food delivery service but also to establish a unique brand identity within the market.
Promotions and Deals: Baemin Vietnam places a significant emphasis on creating appealing promotions and discounts, luring customers with attractive offers These promotional efforts play a pivotal role in grabbing customers' attention and boosting sales.
Step 2: Designing and Implementing Brand Marketing Programs
In May 2022, Baemin celebrated its third anniversary in the Vietnamese consumer market Unlike many brands that typically organize self-centered events with promotions and offers on their birthdays, Baemin took a different approach They launched a special communication campaign aimed at expressing gratitude to their customers on all fronts. Baemin's marketing team chose to convey their thanks and appreciation to the customers who had supported them over the past three years, recognizing that their success was largely due to the love and trust of their users This unique campaign created a significant impact, stirring deep emotions in the hearts of those who received it.
83 | P a g eFigure 31: Compaihn 3rd Birthday Baemin
Campaign Objectives: The primary objective of Baemin's communication campaign is to convey heartfelt gratitude and affection to the users as they celebrate their 3 years of operation in Vietnam In addition, there is another equally important goal, which is to enhance consumer brand love Also increase the brand awareness, making Baemin is known and remembered by more consumers.
Campaign Target Audience: The target audience for Baemin Vietnam's campaign includes the entire spectrum of Vietnamese consumers, with a particular focus on the younger generation Baemin Vietnam aims to cultivate a brand image that is modern, youthful, and dynamic, aligning with the preferences and trends of the younger demographic.
Campaign Overview: The primary focus of the campaign is to express gratitude to consumers through various means Although this approach might appear simple and ordinary, Baemin, as a youthful brand, has managed to convey its message in an incredibly charming and heartwarming way Baemin's expression of gratitude is not only diverse but also tailored for different platforms, reaching a broad audience in different situations The content incorporates handwritten fonts, adding a playful element and aligning with the spirit of turning three.
Campaign Execution: Instead of merely appreciating customers for their purchases or service usage during the past three years, BAEMIN expresses its gratitude for even the smallest actions, like opening the app, viewing ads, or listening to music This approach is unconventional but resonates with the basic human need for recognition and a sense of usefulness.
What sets BAEMIN's communication campaign apart is its departure from conventional typefaces Instead, it utilizes charming handwritten scripts that create an approachable and endearing appeal, captivating the audience Each expression of gratitude comes directly from team members, such as "P, L, M, B, J from the Design team" or "N from the BAEMIN Marketing Team," imbuing the messages with a personal touch from the specific departments dedicated to customers.
Beyond expressing thanks across various platforms, BAEMIN goes the extra mile by offering gifts, like limited-edition tote bags and notepads, to fortunate customers placing orders through their service To celebrate their 3rd anniversary, BAEMIN initiated special birthday activities to show appreciation to partners who have been part of BAEMIN's journey Driver partners engage in online games like "Driver Bond" and "Driver Intellect" to share memorable stories from their experiences with BAEMIN Esteemed restaurant partners receive surprise gifts and invitations to participate in an online anniversary program with enticing rewards.
Step 3: Measuring and Interpreting Brand Performance
Baemin's marketing campaign has generated immense traction, with thousands of interactions and shares on social media, online communities, and press forums Industry experts have highly praised it From billboards to social media posts and in-app notifications, Baemin has captivated its audience effectively.
On platforms like Facebook and Instagram, Baemin initiated discussions rarely seen in Vietnam before The campaign, notably creative, consistently embodies the brand's sincerity Despite the brevity, the messages effectively convey information about Baemin's 3rd-anniversary celebration and its deep gratitude to customers These heartfelt messages have fostered goodwill among existing and potential Baemin users, making it an explosive and affectionately received advertising campaign.
The impact of Baemin's "Thank You" campaign underscores a powerful truth in marketing: success doesn't always demand extravagant expenditures Instead, the potency of a campaign often derives from its alignment with the brand's fundamental values In this case, Baemin's sincerity and unwavering commitment to a customer-centric approach have proven to be the driving forces behind their success
Although Baemin's marketing efforts might appear straightforward, the resonance and recall they've achieved are far from ordinary This accomplishment stands as a testament to their meticulously planned market approach and a keen understanding of their target audience By centering their campaign on heartfelt gratitude and genuine appreciation for their customers, Baemin has managed to create an emotional connection that transcends the boundaries of conventional advertising.
In an era where consumers are increasingly discerning and value authenticity,Baemin's approach speaks volumes By staying true to their core values and seamlessly integrating them into their marketing initiatives, Baemin has demonstrated that sincerity can be a powerful catalyst for brand loyalty and customer engagement This campaign showcases the art of turning simplicity into resonance, proving that authenticity, when woven into the fabric of marketing strategies, can yield profound and enduring results.Baemin's achievement serves as an inspiration for marketers, highlighting the significance of staying genuine and customer-focused in a world inundated with messages, ultimately proving that the most impactful campaigns often stem from the heart of the brand itself.
Step 4: Growing and Sustaining Brand Equity
4.1 Brand Strategy Anchored in Product Value
Baemin Vietnam places a strong emphasis on continually developing and improving its core product line, centered around food delivery services This core product line is the essence of their brand strategy, with a primary focus on delivering outstanding value through a steadfast dedication to high-quality food delivery Baemin Vietnam recognizes that food is the heart of their business and invests significant resources to ensure the items they deliver adhere to strict standards of quality, freshness, and taste They view each meal they deliver as an opportunity to enhance their customers' dining experiences
87 | P a g e and establish enduring brand equity By meticulously refining their core product line, Baemin Vietnam strives to build a resilient and meaningful brand that deeply resonates with its customers.
4.2 Brand Strategy Focused on Core Offerings
Baemin Vietnam has developed a brand strategy that revolves around defining distinct values for their various products While food delivery remains at the heart of their brand, they have expanded their culinary offerings to encompass a diverse array of dishes This includes local and international cuisines, fast food selections, and specialized dietary options Baemin Vietnam's strategic emphasis on these core offerings ensures that their customers have access to an unmatched variety and choice in their dining selections. Through continuous innovation and the introduction of exciting new culinary experiences, each product launch generates anticipation and excitement among their customer base This approach not only widens their market presence but also establishes them as innovators in the fiercely competitive food delivery industry.
Baemin Vietnam places a strong emphasis on building confidence in their brand by delivering unique and valuable benefits to customers Their dedication to customer satisfaction is not just a slogan but a core commitment Baemin consistently strives to accommodate diverse customer preferences, offering a wide range of meal choices tailored to individual tastes and dietary needs Beyond providing high-quality food, Baemin takes an innovative approach to boost brand confidence They invite customers to witness the food preparation and delivery process firsthand, showcasing the dedication, care, and precision behind every meal This transparency fosters trust and reliability among their customers.
Moreover, Baemin Vietnam employs a comprehensive strategy to create a distinct and memorable brand identity Their approach, focusing on tangible value and brand image, synergistically instills confidence in the brand Customers not only rely on Baemin Vietnam to deliver delicious, high-quality meals but also trust the brand itself to consistently meet their expectations This trust, coupled with a robust brand identity strategy, has enabled Baemin Vietnam to rapidly capture a significant market share.
Loyal customers, who trust and frequently use their food delivery services, form the foundation of their enduring success in the competitive food delivery market Baemin Vietnam's strategic efforts in growing and sustaining brand equity have positioned them as a dominant force in the industry, showcasing their dedication to delivering value, trust, and innovation to their customers.
RISK MANAGEMENT
Stakeholders’ risks
Baemin's dedication to providing a smooth and trustworthy food delivery experience includes comprehensive measures to manage potential customer issues In a competitive market where customer satisfaction is crucial, Baemin has adopted a multi-faceted strategy to tackle these concerns.
One of the main worries for customers is receiving incorrect orders To prevent this, Baemin has implemented strict quality control processes Their specialized 'Baemin Tech' division focuses on technology development, ensuring the app is optimized for seamless ordering and minimal errors The user-friendly interface and real-time tracking feature enhance order accuracy, offering customers reassurance.
Ensuring food quality is another key focus for Baemin They have implemented delivery strategies prioritizing safe and timely meal transportation, preserving food integrity and meeting customer expectations.
To address concerns about high service fees, Baemin provides various discounts and promotions, demonstrating their commitment to offering value and competitive rates in the market.
Reliability of the Baemin app is crucial, and the company invests significantly in application development and maintenance through its 'Baemin Tech' division This ongoing investment ensures a smooth user experience, minimizing application-related issues.
Issues related to delivery delays and confusing order processes are resolved through Baemin's dedicated customer support Customers can reach out via hotline and customer care services, ensuring prompt issue resolution and simplifying the ordering process.
Protecting customer information is a top priority, and Baemin has robust privacy policies to secure user data, building trust with its customers.
Baemin's careful risk management strategies, covering technology, customer support, quality control, pricing, and data protection, highlight their steadfast commitment to enhancing the customer experience and safeguarding customers from potential challenges These proactive measures showcase Baemin's dedication to being a reliable and customer-focused food delivery service in the Vietnamese market.
Baemin takes a proactive approach to manage potential challenges faced by its delivery riders, recognizing their crucial role in the company's success One significant concern is fraudulent orders, where Baemin has implemented policies to support riders dealing with such situations The company also addresses theft or loss of goods by offering compensation policies, encouraging riders to handle goods carefully To tackle traffic issues, Baemin provides real-time traffic data and route optimization features in its rider application, ensuring efficient deliveries Financial concerns related to corporate discounts and market competition are balanced through policies that ensure fair compensation for riders Baemin invests in enhancing the quality of its rider workforce by offering training activities to adapt to industry demands Additionally, the
91 | P a g e company prioritizes rider safety through established safety protocols In summary, Baemin's holistic risk management strategy for its delivery riders focuses on safeguarding their rights, ensuring fair compensation, enhancing job security, and offering skill development opportunities, reflecting its commitment to creating a supportive and rewarding work environment in the competitive industry.
Baemin proactively manages potential challenges that restaurant partners might face while participating in its platform, recognizing their integral role in the company's success The quality of food during delivery is a concern for restaurant partners, whichBaemin addresses through marketing campaigns that highlight quality restaurants,enhancing customer trust and loyalty High commission costs are another concern, andBaemin's policies safeguard the profit rights of its partners, striving for a mutually beneficial partnership Timely deliveries and the security of goods are ensured by strict adherence to schedules and transport quality To support restaurant partners in the competitive industry, Baemin offers discounted benefits to alleviate financial pressures and maintain a stable partnership Reputation control is addressed through guidance and resources for managing online reviews and ratings In summary, Baemin's comprehensive risk management strategy for its restaurant partners covers concerns related to food quality, costs, reliability, competition, and reputation, fostering a collaborative and robust partnership that mitigates potential challenges in the competitive food delivery sector.
Baemin’s risks
Baemin's proactive approach to internal risk management highlights its dedication to excellence, customer contentment, and adherence to regulations Managing these internal risks is vital for its long-term success and maintaining its reputation as a dependable food delivery platform in Vietnam.
Baemin places significant emphasis on service quality, food safety, and hygiene. Rigorous policies and quality control measures are in place, involving close collaboration with restaurant partners to uphold consistent standards Regular inspections and proactive communication ensure high service levels.
Improving staff training and service attitudes among riders is a key focus Baemin conducts extensive training programs, enhancing skills and professionalism to enhance customer interactions and satisfaction.
Protecting customer information is crucial Baemin implements strict data protection and security policies, including encryption protocols and privacy practices, ensuring customer data remains confidential and secure.
App quality is a priority, with continuous investments in technology and development Regular updates, user-friendly interfaces, and real-time tracking features ensure a seamless user experience.
Financial stability is maintained through prudent cost management and pricing strategies, balancing customer and partner needs while ensuring business sustainability.
Legal compliance and brand management are paramount Baemin proactively addresses legal issues, operates within Vietnamese regulations, and strengthens its brand image through reputation management and customer engagement.
In summary, Baemin's commitment to managing internal risks reflects its dedication to delivering top-notch service, ensuring customer satisfaction, and upholding legal standards Through strict policies, training, technological advancements, and financial prudence, Baemin continually adapts to mitigate internal risks in the competitive food delivery industry.
Baemin's proactive strategy in managing external risks highlights its adaptability and resilience in facing challenges beyond its control These risks, arising from economic and societal factors, demand strategic planning to ensure the company's sustained success in the dynamic Vietnamese market.
One significant external risk for Baemin is the potential impact of an economic downturn To address this, the company has implemented cost-cutting measures and workforce adjustments when necessary, aiming to maintain service quality and customer satisfaction even during tough economic periods.
Fluctuations in energy and fuel prices pose another external risk, affecting operational costs Baemin closely monitors these changes, adjusting pricing strategies and delivery fees accordingly to manage costs without compromising affordability for customers.
Changing consumption habits among customers can also pose a risk Baemin conducts regular surveys to stay informed about customer trends, allowing the company to develop strategies that align with evolving preferences By understanding consumer behaviors, Baemin adapts its offerings to stay relevant in the market.
Shifting food and health trends present an additional challenge Baemin addresses this by innovating its restaurant and menu selections to accommodate trends, ensuring a diverse range of options that cater to changing preferences This adaptability ensures Baemin remains an attractive choice for various customers.
Baemin's strategic approach to managing external risks involves implementing policies and actions to tackle economic downturns, energy price fluctuations, changing consumption habits, and evolving food and health trends Through resilience and a deep understanding of customer needs, Baemin effectively navigates these challenges, establishing itself as a dependable and enduring presence in the Vietnamese food delivery market.
Baemin's strategic approach to the competitive challenges in Vietnam's food delivery market demonstrates its flexibility and dedication to overcoming external risks. The company faces significant threats from competitors who have captured a large market share, requiring innovative strategies to stay competitive and relevant.
The rise of competing apps with substantial market share poses a considerable risk to Baemin To combat this, Baemin proactively invests in impactful marketing campaigns These campaigns aim to leave a lasting impression on customers, helping Baemin maintain and expand its customer base despite strong competition Baemin's pioneering efforts in the Vietnamese food delivery app industry have played a vital role in keeping the company relevant in the market.
Competitors' engaging advertising has captured customer attention, making it imperative for Baemin to distinguish itself Baemin responds with innovative marketing efforts focused on unique value propositions, quality, and customer satisfaction These initiatives foster customer loyalty, setting Baemin apart from competitors and reducing the risk of losing customers to more engaging marketing approaches.
The risk of being pushed out of the Vietnamese food delivery market by competitors is a legitimate concern In response, Baemin has scaled down operations and is contemplating withdrawing from the Vietnamese market This strategic decision allows the company to reassess its position and concentrate on markets where it can maintain a competitive edge This proactive risk management approach acknowledges challenges and explores options to ensure the company's long-term sustainability.
Baemin's response to the competitive landscape highlights its adaptability and dedication to addressing risks from dominant competitors in Vietnam's food delivery sector Through impactful marketing, a focus on customer satisfaction, and strategic adjustments, Baemin aims to mitigate the risk of losing market share, ensuring its continued relevance and success in the industry.