(Tiểu luận) final report of product managementanalyzing product management activities aboutsnowbites tofu

With that target customer group, the team began to analyze and realized that customers had a need for a healthy product that ensures nutrients and delicious new flavors.Therefore, the 3

MINISTRY OF EDUCATION AND TRAINING

UNIVERSITY OF ECONOMICS & FINANCE

FINAL REPORT OF PRODUCT MANAGEMENT

ANALYZING PRODUCT MANAGEMENT ACTIVITIES ABOUTSNOWBITES TOFU

Course code: MGT1103ELecturer: MBA Luu Thanh Thuy

Ho Chi Minh City, 1/2024

The theme "LANH" is the result of our team's relentless efforts along with the help and cooperation of her and her friends over the past time Before that, we would like to thank Ho Chi Minh City University of Economics and Finance for including product management in the training program, giving us the opportunity to learn a lot of new knowledge and understand more about ways to do group projects well In particular, the group would like to sincerely thank Ms Luu Thanh Thuy – Product Management lecturer for enthusiastically teaching and imparting her valuable treasures of knowledge to students throughout the learning process Thanks to her timely advice and guidance, we overcame the difficulties in writing our essays.

But after all, we realize that with our little knowledge and experience, it will certainly be difficult to avoid shortcomings in the essay We look forward to receiving your valuable comments to help us improve this project Therefore, our understanding of this field is more complete, and we have additional conditions to improve our knowledge

Sincerely, thank you

TABLE OF CONTENTS

SUMMARY OF THESIS 7

I.EXECUTIVE SUMMARY 8

1 Description of the team 8

2 Description of SnowBites Tofu 9

2 Customer demand (Opportunity) for SnowBites Tofu 15

3 Benefits from using tofu 15

4 Tofu’s differentiation 16

III.THE MARKET ENVIRONMENT FOR THE PRODUCT 16

1 Industry and competitive activities 16

1.6 Market access strategy 21

2 Market segments and customer targets 22

2.1 Market segments 22

2.3 Customer targets 23

IV.THE MARKETING MIX - STRATEGIES AND TACTICS 24 Too long to read on

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3 Promotional plans and programs to drive demand 27

3.1 Corporate programs that require mandatory participation 27

3.2 Product Teams’s specific programs 28

4 Place or distribution channels to deliver products and services 29

V.MARKETING ALLIANCES USED TO GAIN ACCESS TO OTHER MARKETAREAS (COLLAB ACTIVITIES) 30

1 Overview of Collab 30

2 The purpose of the collab 31

3 Promotion and communication methods 31

VI.PRODUCT LAUNCHING PLAN 31

1 Product name and product description 31

2 Applications and benefits 32

3 Team’s members roles 33

4 Supplier’s role 33

5 The project 34

6 Risks 36

VII.SALES TRAINING PROGRAMS 37

VIII ADDITIONAL RESEARCH PROGRAMS 39

IX.INTERNAL FUNCTIONAL RELATIONSHIP 39

X INTEGRATED BUDGETS FOR ALL PROGRAMS ( PROFIT/LOSS; ROI) 41

XI.MEASUREMENTS AND METRICS 43

1 Business objective 43

2 Marketing objective 43

XII.RISKS & SOLVEMENT SCENARIO 44

XIII APPENDICES AND SUPPORTING MATERIAL 45

LIST OF PICTURES

Picture 1: Group 1 with Ms Thuy at "LANH" fair 8

Picture 2: Survey of Lanh fair season 1 26

Picture 3: Menu of the group's products 27

Picture 4: Poster about discount program 28

Picture 5: Distribution process of SnowBite Soya’s Tofu 29

Picture 6: Banner collaboration 30

Picture 7: Group products 32

LIST OF TABLES Table 1: Role assignment 9

Table 2: Work assignment according to the RACI model 13

Table 3: Annotation 13

Table 4: SWOT analysis by business 20

Table 5: Customer segmentation 22

Table 6: Design work 34

Table 7: Communication work 35

Table 8: Stall and product preparation work 36

Table 9: Market forecast 39

Table 10: Calculate total cost 42

Table 11: Cost summary 42

Table 12: Estimate risks and propose solutions 44

Table 13: Evidence of the group participating in the media 45

Table 14: Members' event participation time 46

LIST OF ABBREVIATIONS

HACCP Hazard Analysis and Critical Control Point System

SUMMARY OF THESIS

Up to this moment, Vietnam is a country with a developing economy, and at the same time, people's living standards are constantly increasing rapidly In particular, they have higher standards for health care and protection in a healthy and effective way.

For the above issue, the group selected products that fit the theme "LANH" and conveyed messages and knowledge to help customers understand the quality and value they bring when purchasing and choosing products “SnowBites Tofu” by the group A product that meets health needs, especially for those who want to diet and lose weight effectively without having to pay other costs.

After the end of this event, the group will present the results of the research, survey, and practice of this project Each member will take on different roles such as marketing, product management, designer, to help the project succeed and add value and understanding for customers when experiencing event booths.

Keywords: Tofu SnowBites, customers, value created for customers, results,

I EXECUTIVE SUMMARY

1 Description of the team

Picture 1: Group 1 with Ms Thuy at "LANH" fair

Welcome to the SnowBites Tofu team! Our team is passionate about spreading the delicious, refreshing taste and health benefits of Tofu The purpose of selling Tofu is to share its incredible flavor and health benefits with customers We believe in the power of this exciting beverage to create a positive impact on "Healthy" events in particular and people's lives in general.

Our dynamic team members:

Nguyen Thanh Hien Division of work, establish a timeline, sales

Huynh Thi Kim Nguyet Product proliferation, sales

Table 1: Role assignment

Together, we are dedicated to providing our customers with the most refreshing and delightful tofu experience possible.

2 Description of SnowBites Tofu 2.1 Product idea

SnowBites Tofu targets two audiences: UEF students and university lecturers, and especially those who want a delicious, cool dessert without fear of gaining weight With that target customer group, the team began to analyze and realized that customers had a need for a healthy product that ensures nutrients and delicious new flavors.

Therefore, the 3 SnowBites Tofu flavors selected and imported by the group for sale (from the SnowBites store itself) are Pandan leaf, Chocolate and Matcha With that idea, the team brought 3 different flavors to create a delicious feeling, avoiding boredom for diners.

Tofu is considered a benign, healthy snack with high nutritional content and low energy level, suitable for customers at the fair.

2.2 Product line

SnowBites produces organic tofu lines with many flavors and completely from natural ingredients to diversify customers' choices:

● Pandan leaves tofu: Pandan leaves are processed and ground to get the juice combined with organic cold tofu powder

● Matcha tofu: A combination of organic cold tofu powder and organic Matcha powder.

● Chocolatelate tofu: A combination of organic cold tofu powder and pure cocoa powder.

2.3 Core Product

Tofu brings customers a fresh and nutritious dessert, suitable for most people Besides, tofu is also especially for those who like to eat sweets but still want to diet and lose weight effectively and appropriately.

2.4 Actual Product

- Tofu can be eaten with cheese sauce, ginger sauce or used as a daily snack or dessert - Delicious, nutritious, healthy snacks for people on a diet or losing weight.

- In addition to enhancing nutrition and supporting digestion, tofu is also beneficial for the growth and development of teeth and bones, and supports hematopoietic function Tofu does not contain cholesterol and is very beneficial for people with high blood pressure, high cholesterol, hypercholesterolemia, arteriosclerosis and coronary artery disease Brand

We analyzed and selected tofu with 3 different flavors (Pandan leaf, Chocolate, Matcha) from the SnowBites Soya brand - a brand originating from Singapore.

SnowBites tofu is made from pure organic soybean powder imported directly from Singapore, ensuring no use of chemical fertilizers and genetically modified technology.

- 100% completely natural: UNISOY powder is made from 100% organic shelled soybeans, contains no artificial flavors, colorants, non-GMO, produced according to a closed process and technology Modern Japanese and Danish products bring the smoothness and high nutrition of Soybean Powder.

- Quality assurance: The quality and food safety of UNISOY organic soybean powder has been certified by HACCP, Manufactured in Singapore, USDA (from the US Department of Agriculture), Healthier (HCS - for quality standards) and food safety.

- All soybeans are peeled for a sweet, soft taste and high nutritional value, no cholesterol (fat that causes hardening of the arteries), low fat, low sugar and added calcium - The tofu processing process is transferred with technology from SnowBites Soya

company (Singapore), ensuring no preservatives, colorants and odors are used Therefore, tofu always retains the natural flavor, smooth surface and nutritional value of soybeans Appearance

- Origin of tofu packaging: With the goal of sustainable development (towards the environment), SnowBites use paper (easy to decompose) to contain tofu Take the image of a red logo on an ivory white packaging background to create an appeal and attract customers The packaging is made of soft paper and is designed as a round cylinder (gradually narrowing to the bottom), creating a small and beautiful feeling, easy to take - Take-away packaging material: Our group always maintains and aims to protect the

environment, all products are packaged with environmentally friendly paper, easily decomposed, and less harmful for the environment Besides, when using tofu, our group also chooses wooden spoons (easy to separate), friendly to the environment.

To follow the "Healthy" criteria, our team always actively provides customers with products that are environmentally friendly as possible.

2.5 Augmented Product

Tofu is very easy to preserve, you just need to store it in an airtight container, keep it in a cool place (preferably the refrigerator) and use it within the expiration date stated on the packaging (7

days) Because tofu has a soft texture, there is absolutely no need to use preservatives, but only need to be kept at low temperature (keeping freshness), helping you feel more secure when using it.

Customer support services

During the 3 days of the event (December 26 , 2023 – December 28 , 2023), the tofu displayedthth

and sold will have the best services for customers such as changing the sauce (cheese sauce or ginger sauce) Even if customers are not satisfied with the products, they can change the new one

The "Lanh" event is held on the 6th floor, UEF campus A, which is a convenient condition to be able to ship to any classrooms If they need the products, we will appear as soon as possible Credit

SnowBites 3-flavor tofu stall has 2 forms of payment for customers: - Cash

- Bank transfer (Momo or Internet banking)

With diverse payment methods, customers can easily pay for products Product use instruction

Tofu 3-flavor is a very easy-to-use product, just remove the lid and you can immediately enjoy the delicious, cool flavor Besides, customers can be instructed to add sauce (cheese sauce or ginger juice) to enhance the flavor or add pearls to create chewiness, increasing the novelty for customers.

2.6 Conclusion

With the above characteristics, our tofu stall is capable of meeting the needs of students, teachers or employees who want to eat delicious, cool desserts, improve their health and especially not be afraid of gaining weight at UEF Besides, with many different familiar flavors (Pandan leaf, Chocolate and Matcha) helps diversify customers' choices Those are the reasons why our group chose tofu as the product to sell in the "Lanh'' fair.

3 RACI & Objectives

PROJECT TASKSHIENHOAHUYHOANGLINHNGUYETPRODUCT CHOICE R/I R/C R/C R/C R/C R/C

COLLAB MASK C/I R/A C C C C

4 Profit/Loss result

The group's initial plan was to import only 80 servings of tofu and 20 servings of pearls However, after the first day of sales, the number of goods sold exceeded the target the group had set We realized that the number of potential customers coming to buy and repeat customers was higher than expected, so the group decided to import 65 more servings of tofu.

After the first day, the number of people aware of the product increased, helping sales nearly double on the second day, and on the last day, the product price reduction combined with promotional combos, the group sold out all imported goods.

After finalizing, subtract all import costs, product selling costs, stall costs and collab costs from revenue The group earned profits approximately double the set plan.

II STRATEGIC CONTEXT ( OPPORTUNITY STATEMENT)

1 The customer

Gender: Female, Male Age: 18-50 years old

Geography: Large cities like Ho Chi Minh, specifically at 141 Dien Bien Phu, University of Economics and Finance.

Psychological :

Prefer to buy healthy vegetarian products and an alternative to sweets without fear of gaining weight.

Prefer to buy clean products that are carefully prepared and preserved Prefer to experience new products

Prefer to eat and drink cool things for dessert during the day Targeting customer group:

- Students at UEF: They will have the habit of buying snacks during breaks and moving from one study session to another, so the SnowBite 3-flavor tofu product is very accessible to this customer group

- Lecturers and staffs at UEF: Adults will have the habit of liking to eat things that are good for the body and also have a hobby of eating tofu from the past, so the novelty of 3 flavors and added toppings can easily attract to them.

2 Customer demand (Opportunity) for SnowBites Tofu

- Health-conscious consumers: With an increasing focus on health and wellness, there is a growing demand for healthy, plant-based food options SnowBites Tofu, as a tofu product, may appeal to health-conscious consumers looking for nutritious and high-protein alternatives.

- Vegetarians and vegans: As the popularity of vegetarian and vegan lifestyles increases, there will be a significant market for plant-based protein sources SnowBites Tofu, which is a tofu product, can serve this target group as a versatile and delicious meat substitute - Diverse culinary preferences: Tofu is known for its versatility and ability to absorb

flavors SnowBites tofu may appeal to consumers with diverse culinary preferences who are looking for a neutral and adaptable ingredient for different recipes.

- Ethical and sustainable choices: Consumers are increasingly conscious of the environmental and ethical impact of their food choices Tofu, as a plant-based protein, aligns with sustainability goals, and Tofu SnowBites may appeal to those who prioritize environmentally friendly and ethical choices.

Understanding and taking advantage of these opportunities can help SnowBites Tofu meet diverse market needs and become a popular choice among consumers.

3 Benefits from using tofu

SnowBites Tofu is made from pure organic soybeans, shelled, imported directly from Singapore using Japanese & Danish technology and pure filtered water (processed through a modern, guaranteed water filter), ensuring safe and clean water sources Therefore, tofu always retains the

natural flavor, smooth surface and nutritional value of soybeans, certified as good for health by the Health Promotion Board - Singapore.

Singapore tofu is low in fat, no cholesterol, rich in calcium, protein and fiber, good for the heart SnowBites is known as a delicious and nutritious drink made from organic soybeans: Non-GMO, No preservatives, No artificial colors or flavors

4 Tofu’s differentiation

The difference of 3 flavors of tofu on the market Instead of other brands on the market in Vietnam that use tofu and heat it up to eat, the product will be a bit liquidy, SnowBites Tofu is considered as a cool dessert Besides, SnowBite's Tofu is somewhat different in that it is prepared with the same 3 flavors: Pandan leaves, Matcha, Chocolate and the product will have a softer texture To increase differentiation and attract customers, tofu can be eaten with other toppings such as ginger sauce, tapioca pearls, cheese sauce

Diversifying choices for customers.

III.THE MARKET ENVIRONMENT FOR THE PRODUCT

1 Industry and competitive activities1.1 PESTLE

Political

- Government regulations: There are strict regulations on food safety The Vietnamese Government is implementing many policies to support the development of businesses that follow a sustainable lifestyle, including food businesses This creates favorable conditions for Tofu SnowBites to expand and reach more markets and customers - Political stability: Political instability leads to economic instability, affecting business

activities of enterprises Additionally, government changes may lead to changes in policy, which may affect the company.

Vietnam's economy is increasingly developing, having a strong and positive impact on the consumption needs of Vietnamese consumers As per capita income increases, people tend to spend more on food, especially nutritious and healthy products This creates an opportunity for the tofu business.

- Regarding per capita income: According to statistics from the General Statistics Office, Vietnam's per capita income in 2023 is estimated to reach 4,285.5 USD, an increase of 160 USD compared to 2022 Average income increased per capita creates opportunities for SnowBites Tofu to expand its target market, especially customers with average income or higher.

- Regarding healthy living trends: According to a survey by Nielsen Vietnam Company ,1

73% of Vietnamese consumers are interested in health and nutrition and they will be willing to pay 10% more to buy products that meet standards Organic and natural foods in Vietnam are gradually popular and highly appreciated by consumers (23%) This is a positive signal for SnowBites Tofu, affirming that it is a healthy, nutritious food to attract customers.

- Regarding raw material prices: Raw material prices in recent years have been relatively stable This helps tofu businesses easily control product prices, thereby improving competitiveness in the market.

Along with economic development, fluctuations in social factors have an increasingly strong impact on business activities.

According to the Vietnam Census , by 2023 the total population of Vietnam will reach2

99,872,005 people according to the Vietnam population page This is a very necessary factor for

1The Nielsen Company is a global media and market research company, with headquarters in New York, United States.

2Vietnam population and housing census

the development of tofu in our country and reality shows that this great potential affects the level of tofu consumption.

The average monthly income of workers in the fourth quarter of 2022 is 6.8 million VND, an increase of 95.000 VND compared to the previous quarter and an increase of 1.5 million VND compared to the same period last year The average monthly income of male workers is 7.8 million VND, an increase of 105.000 VND compared to the previous quarter and an increase of 1.6 million VND compared to the same period last year The average monthly income of female workers is 5.8 million VND, an increase of 83.000 VND compared to the previous quarter and an increase of 1.4 million VND compared to the same period last year => An increase in income shows customers' ability to pay for food items (specifically, tofu).

Regarding the growth rate of the middle class: According to a March 2021 report by Statista , it3

is expected that by 2030, the middle class population in Vietnam will reach more than 50 million people In particular, the annual growth rate of the middle class in Vietnam is 10.1% in the period 2016 - 2021, the highest level in Southeast Asia The rise of the middle class creates opportunities for tofu to expand its target market.

In the 4.0 era, easy access to information through newspapers, social networks, the internet contributes to increasing human needs, businesses have taken advantage of this opportunity to launch advertisements about healthy food habits.

- Regarding production technology development: Currently with closed and carefully selected production lines SnowBites Tofu has produced products of high quality, uniformity and beautiful designs This helps businesses improve their competitiveness in the market.

- Regarding marketing technology development: Tofu SnowBites currently uses online marketing channels such as social networks (Facebook), websites, to reach customers easily and effectively This helps businesses increase awareness and increase revenue.

- Regarding sales technology development: Tofu 3 Flavors is currently using online sales channels such as e-commerce platforms, to distribute products to customers quickly and conveniently This helps businesses reduce shipping costs and increase revenue Legal

- Regarding the provisions of the Food Safety Law: According to the provisions of the Food Safety Law, tofu is a type of food so it must be produced according to food hygiene and safety regulations This includes regulations on ingredients, manufacturing processes, storage, transportation, and more Three-flavored tofu needs to comply with these regulations to ensure the product is safe for consumers.

- Regarding the provisions of the Competition Law: According to the provisions of the Competition Law, SnowBites Tofu is not allowed to carry out unfair competition acts such as coercion, threats, enticement, bribery, etc It is necessary to comply with these regulations to ensure healthy competition in the market.

- Climate change: Climate change is causing many negative impacts on the environment, including the food industry SnowBites need to take measures to minimize environmental impact such as using sustainable materials, minimizing waste, etc For example, businesses can use organic materials , minimize the use of plastic packaging, - Consumer demand: Consumers are increasingly interested in environmentally friendly

products SnowBites needs to meet this consumer need by producing products that use sustainable ingredients, have eco-friendly packaging, and more For example, businesses can use organic ingredients, use environmentally friendly packaging,

1.2 Competition & Threat of substitutes & SupplierCompetition

At the "Lanh 2" fair, the 3-flavor tofu stall is facing competition from other brands Some typical competitors include:

- Fruit jelly and Greek yogurt: There are products that have a high level of competition with the group's tofu products because these are light snacks that do not cause fullness, are beneficial for digestion and bring a cooling feeling cold when eating

- Convenience store GS25 (1st floor): There are jelly and soft melt products where students will choose to buy instead of visiting booths at the fair.

- Booths outside the university gate: The variety of products will make UEF students attracted and willing to pay instead of buying 3-flavor tofu on the 6th floor.

Threat of substitutes

In order to satisfy the ever-increasing demands of consumers, the food business is always changing in terms of product diversification Businesses are under tremendous pressure from alternative items in this environment Products that easily substitute tofu while still providing necessary nutrients include cereal bread, granola, brown rice products, and so on.

The tofu market in Vietnam has many suppliers These suppliers include large enterprises, small and medium enterprises and business households These are enterprises that directly supply fresh tofu These businesses can supply tofu products of various flavors, sizes and prices to the 3-flavor Tofu stall.

For the 3-flavor Tofu stall, the supply here comes from the SnowBites Soya brand.

1.3 SWOT

- Quality ingredients, no GMO, no additives, no

preservatives - Diverse flavors suitable

for young people - Brings many health

- Needs refrigeration - Because of its soft nature, its shape may be affected during transportation

- Wholesome and healthy products are receiving a

lot of attention - Young people prefer

dishes with many different flavors from the

original to choose from

- Compete with many other snacks at the fair and convenience stores near the area.

Table 4: SWOT analysis by business

1.4 Market size

Analyze the "Health" Tofu market at UEF

Number of students and growth rate: UEF has about 5,000 students and graduate students To provide an estimate of school size, we assumed a 10% growth rate in student headcount This means an increase of about 500 students per year.

1.5 Market potential

With an expected growth rate of 10% in the number of students/year, the market size of "Healthy" Tofu at UEF can increase significantly This creates opportunities to access and expand the market for this product.

1.6 Market access strategy

To reach students at Ho Chi Minh City University of Economics and Finance, business use marketing methods such as:

- Online advertising and promotions: Use social media channels (Facebook, Instagram, ), school or club websites, fair websites (Might Healthy Living) and mobile applications to promote products and special offers to students.

- Cooperate with the school's sales counter: Establish a cooperative relationship with the sales department or snack counter at Ho Chi Minh City University of Economics and

Finance (Collab with Masks) to bring products Tofu "Good for health, don't worry about gaining weight" is included in the list of products provided to students.

- Organize events and display booths: Organize events on campus such as product demonstrations, display booths or participate in the fair's own events (Hunting for same-priced gifts) Furthermore, it is possible to attract students by offering a free trial introducing SnowBites Tofu

Creating students' interest in the product.

2 Market segments and customer targets2.1 Market segments

PRODUCTPRICEPLACEPROMOTIONSEGMENT 1:

Student (likes to eat soft desserts without fear of gaining weight, likes

healthy products) 3 flavors of tofu - Collab program (buy 3 servings of tofu and

Lecturers and staffs at UEF (oriented towards healthy products, good

for health)

Table 5: Customer segmentation

2.2.

2.3 Customer targets

- Target audience: UEF students

- Age: 18-25 years old because most potential customers are students who have to study at school for a few days during the fair.

- Psychology: Most students want to participate in the excitement and excitement of the fair with its Tet atmosphere and booths => Create excitement and attract students to the fair in particular and the 3-flavor Tofu booth Generally speaking.

- Gender: Female because girls often like to go to fairs and try cool, soft dishes like tofu - Income level: 2-5 million VND/month because the price of tofu products only ranges

from 20.000 VND – 25.000 VND, this is a price within the willingness to pay of students - Location: UEF School because this is where the fair takes place

- Reason: In the short term, students may come to have fun and buy products because of the fair atmosphere and novelty However, in the long term, it will be difficult for students to buy because there are many substitute products and especially at this age, students do not really care about health and products that are good for the environment Long-term:

- Target audience: Teachers and staff at UEF

- Age range: 25 - 50 years old because at this age, most customers begin to focus on foods that are good for their health and may be good for the environment.

- Gender: Female because most of them can buy it for family and friends to try Importantly, women always want cute products (soft, delicious 3-flavor tofu with different flavors).

- Income level: lowest from 2-5 million VND/month because the price of tofu products only ranges from 20.000 VND – 25.000 VND, this is a price within the willingness to pay of students.

- Location: UEF School because this is where the fair takes place

- Reason: Teachers and staff will likely repeat the buying process more than students in the long term, because during this age group will begin to focus on products that are good for

the environment and good for health Moreover, at this age they will have a stable income and be willing to pay for a product whose price ranges from 20.000 VND – 25.000 VND.

IV THE MARKETING MIX - STRATEGIES AND TACTICS

1 Product 1.1 Description CVP

Paint point

- A tofu that is always white and smooth and has a normal flavor combined with ginger juice has become too normal for consumers => Boring, not new.

- Considering that consumers nowadays pay a lot of attention to their weight and health but still like to eat sweets and desserts 3 flavors of tofu that fully meets the following criteria:

- Dessert, delicious - soft and especially not afraid of gaining weight - A dish that is extremely good for human health.

Besides, consumers nowadays also pay great attention to brands or products that develop in a sustainable way and are good for the environment 3-flavor tofu can be met by using paper packaging and wooden spoons, items that are easy to decompose or recycle.

Product value (Key benefit)

- Features – Feature: With characteristics such as sweet - melting soft - cool, it attracts users from the first spoon

A bowl of cool tofu on a hot day will relieve the heat in the body Besides, eating tofu also brings many useful substances that are good for the user's health.

Tofu is a dessert for vegans or those concerned about weight.

Tofu is also stored in paper cups, contributing to reducing waste and protecting the environment.

Unique 3-flavor tofu (Chocolate, Pandan leaves, Matcha) combined with new cheese