analysis of the current 4ps marketing strategy acecook vietnam joint stock company

Acecook Vietnam has establisheda strong market position by providing instant processedproducts of high quality and nutritional value.With the goal of becoming a leading food manufacturer

GROUP ASSIGNMENT

_Group 1 _

Lecturer: Tran Tuyet Minh

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MEMBER OF

Đặng Văn Siêu

HS160891

Trần Công Hoan HS163215

Nguyễn Thị Ánh Hồng

HS163350

Ma Thị Linh Nga HS163061

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I Introduction

1.1: Short profile of that product

1.2: Target customer and target market

1.3: Aims: do research and analyze the current marketing strategy and some

suggestions

II Analysis of the current 4Ps Marketing strategy

2.1: Product

2.2: Place

2.3: Promotion

2.4: Price

III Analysis about the consumer behavior

3.1: Psychological characteristics of consumers.

3.2: Social and external factors influencing consumer behavior.

3.3: The role of sub-culture and culture

3.4: Consumer decision- making process

Table of Content

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Bring consumers satisfaction, happiness, and peace of mind through convenient, delicious, high-quality, and safe products based on "Japanese Technology, Vietnamese Taste."

Focus on developing long-term human resources by creating a favorable working environment with appealing benefits so that employees can feel confident

in their ability to work and devote in the long term Commit to following the law, maintaining food safety standards, and being environmentally conscious Actively work to improve people's lives, bring them happiness and smiles, and contribute to social development

Acecook Vietnam Joint Stock Company has been constantly developing and becoming a leading manufacturer of foodstuffs in Vietnam since its establishment on December 15th, 1993 and official inauguration in 1995 Acecook Vietnam has established

a strong market position by providing instant processed products of high quality and nutritional value

With the goal of becoming a leading food manufacturer not only in Vietnam but also in the world, Acecook Vietnam commits to continue conducting research and bring to the market diverse products with higher quality and better taste, create a rich culinary culture to meet the increasing demand of food from customers as well as contribute to the development of food industry in Vietnam

I Introduction

1.1 Short profile of that product

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In order for Hao Hao noodles' marketing plan to be successful, a focused campaign with a defined target audience must be developed Because of this, many individuals will be able to use Hao Hao noodles

Students make up the majority of Hao Hao's target market, while consumers in rural areas make up a higher share of the market than those in urban areas Acecook must therefore offer a pricing that meets the target customer's budget in order to gain market share and make significant profits

More than 90% of people in Vietnam currently consume instant noodles, however at varied rates: 50% of students, 30% of households, and 20% of restaurants and eateries Additionally, due to their limited financial resources and propensity for selecting foods with simple flavors that may easily replace the main course, students are Hao Hao's major target market In addition, because people frequently eat breakfast at home before leaving for work, family consumption is also extremely concentrated The brand has continuously evolved and improved to introduce numerous Hao Hao noodle product lines with various flavors, ideal for each user's preference, in order to fulfill these client groups

Target customer

Target market

1.2 Target

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1.3: Aims, do research and analyze the current marketing strategy and some suggestions (Linh Nga)

With the goal of becoming a leading food corporation not only in Vietnam but also reaching out to the world, Acecook Vietnam is committed to continuing to research and bring to the market diversified products with high quality in the future, higher, more delicious, creating a rich culinary culture to meet the increasing culinary needs of customers and contribute to the development of the food industry in Vietnam To achieve the above successes, Acecook has built and implemented effective 4Ps Marketing Mix strategies This is also the reason why the team carried out research and analysis of Acecook's current marketing strategy and from there came up with some new recommendations for the company in the future

1.3 Aims

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So far, Acecook's product line includes more than just instant noodles

Pho - noodle soup - vermicelli

Vermicelli:

2.1 Products

However, despite being a Japanese firm, Acecook has established itself as the market leader in Vietnam and has become a symbol of childhood for numerous generations

Hao Hao noodles must be mentioned as a well-known Acecook product Since its introduction, the brand has grown rapidly in recognition and has come to represent noodles in Vietnam as a whole The product is popular since it is affordable, simple to fill, and comes in a variety of tastes

The Vietnam Record Organization has set the record of "The most consumed instant noodle product in Vietnam for 18 years" (2000-2018) for Hao Hao noodles with nearly 20 billion packages of noodles Also according to the statistics of Kantar Worldpanel in 2019, Hao Hao is one of four instant noodle brands in the top 10 most voted food brands by consumers in rural areas, and is the only instant noodle brand that is recognized by consumers Use the city to vote

Applying Hofstede's consumerism, all Acecook products undergo an international standard control process to ensure quality Each product is tested according to global standards for cleanliness and food safety before being packaged for consumers

In 2020, Acecook introduces a product of Good Grade salt in addition to ready-to-eat goods to meet the needs of consumers In addition, the company is more focused on attracting young consumers and launching products for them, such as Doraemon noodles, convenient mini Hao Hao or Na Ni noodles According to Maslow's hierarchy of needs, people can be found to be busier and move more often due

to the pace of modern life Especially people with moderate to low income, they will not have much time to enjoy food So with these convenient products that consumers can now enjoy their meals whenever they want, Acecook launched items with the moniker of "instant food" right away processed into bowls, cups and trays Anywhere, under any circumstances

II Analysis of the current 4Ps

marketing strategy

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2.2: Place

Vietnam is one of the feudal countries and has a part of Confucian ideology, so it is the women's responsibility to do the housework and the men do not have to do anything but cook However, today that regime has ended and gender equality in Vietnam is also very focused Therefore, Vietnam is one of the countries with many major changes in lifestyle, including the way Vietnamese people live and work Outside of working hours, many Vietnamese women also participate in social activities and sports activities

to improve their health Therefore, the time for them to cook for the family in daily life tends to decrease Therefore, the product can be used as quickly as instant noodles, which is favored by many Vietnamese women

According to Hofstede's Cultural Dimensions, we can see Vietnam in villages or in ancient times, Vietnamese people often had the habit of buying in bulk and buying the same product Therefore, Hao Hao noodle products have served consumer behavior and habits by widely distributing to the nationwide market Acecook has built a system that can provide services and products to meet the needs of more places such as retail supermarkets, hypermarkets, wholesalers, wholesalers, retailers, etc However, Nowadays, the personality and the family have been promoted and popularized, so the traditional retail stores, or at wholesale markets, in the past were the most suitable places to supply products Hao Hao's products, currently, there are kiosks or convenient supermarkets or in the building, which are more popular

Based on the long-standing shopping habits of Vietnamese people in rural areas without many modern supermarkets, they often visit grocery stores as well as market stalls Hao Hao has selected many wholesalers (level 1 agents) and the duty of these wholesalers is to distribute to lower level wholesalers and then to retail stores Also distribution channel: Manufacturer => retailer => consumer Also Acecook company focuses on selling Hao Hao noodles Due to today's general consumption trend of Vietnamese people, they are getting closer and closer to modern distribution channels such as supermarkets and buffet stores

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2.3 Promotion

Vietnam is considered a country with a low hedonic culture, which makes shoppers more interested in the social benefits of products, their usefulness or how they fit into the social order now available

Therefore, in Vietnam, many businesses and brands are promoting their products in a sustainable way, bringing social benefits such as volunteering trips to help children in remote areas The campaign to apply hofstede theory belongs to the part of Long-term orientation, has built a long-term brand image in consumer psychology, which is reflected in market share, it has helped Hao Hao promote its products themselves more widely and build a beautiful brand image in the eyes of the public and useful to society This campaign delves into the user's mind and society, evaluates the values of Hao Hao, which is very popular with Vietnamese users and increases the love for the brand

Hao Hao is a large noodle brand with a long-standing market share It has been associated with many users' childhoods and until now there are many other noodle products on the market, but Hao Hao has always left its mark in the minds of customers Although it is positioned in the popular segment, Hao Hao has been criticized for having banned substances in the noodles When this happens, consumers are affected by mass consumerism and it creates distance from the product According to the theory of mass consumerism, it has been widely criticized by both individuals who choose to avoid and choose a different noodle product other than Hao Hao With this incident, Hao Hao was almost boycotted at the time of the incident public opinion

at that time At that time everyone seemed to follow consumer collectivism In recognition of all comments, Hao Hao has corrected the incident so that customers can understand the problem and not be confused about the product

This is a step to solve the problem that occurred because at that time, the problem of substances contained

in the product was of greater concern to customers than ever because it affected consumers' health It would eliminate the indications previously quoted, while showing concern for society and consumer health

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2.4 Price

According to McKinsey, just a 1% price change will increase revenue by 6% To be able to compete directly with competitors In addition to maintaining its No 1 market, Acecook has adopted a Penetration Pricing Strategy 80% of Hao Hao noodle customers belong to middle-income class such as students, workers, living in rural areas, so the price of Hao Hao noodles is 3500VND, a very reasonable price for all consumers There are some opinions that Hao Hao noodles will increase in price in the near future because

in the past, this brand has repeatedly used market penetration pricing strategy to measure customer feedback row Customers and gradually raise the ceiling price of the product from 1500 VND / pack to

3500 VND / pack

According to the theory of consumer confidence, an increase in the price will lead to a decrease in consumer demand, so if the price of Hao Hao noodles increases again, the customer's reaction will be much more negative because consumers always think that the goods are good the goods are cheap They may even switch to another product in the same segment and skip the perfect product

But if Hao Hao could use the absolute threshold theory to increase the price difference but only to a threshold that users may not realize, to be able to increase the price of its product little by little combined with Increasing the value of products received back to customers such as flavors or increasing the amount

of noodles will prevent customers from having a negative reaction when increasing the product price of the products

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3.1.Psychological characteristics of

consumers.

Students, workers and others in the popular segment consume the majority of instant noodles According to the social class structure, people with low incomes and have to pay for a variety of goods make price an unavoidable factor for regular consumers when making purchasing decisions

Most casual shoppers choose to buy things in modest quantities, enough for a week or a few days Ordinary consumers tend to stick with well-known brands and free samples to reduce the risk and cost of buying new products The best option is almost always one Prices in our country are increasing day by day due to the current economic situation All we need is 1 pack of noodles to make dinner, this is the most economical dish for students Also based on Maslow's hierarchy of needs: the first tier of the hierarchy of needs, the more people do not have time to cook, however, the need to eat is necessary But most people are busy and

do not have time to cook because the economy is expanding, people's incomes are increasing, the time is less and less every day, so a quick dish like noodles Shrimp is indispensable Instant noodles are a great and satisfying staple for busy people because of their affordable price and quick, easy preparation Instant noodles can be consumed anywhere, and the preparation step is also quite quick You can prepare a delicious and healthy bowl of noodles in just three minutes

Therefore, applying the perception process, businesses must carefully study the culinary traditions of each country before choosing to launch in Vietnam or other countries This project seeks to produce suitable goods from imported raw materials The construction of the material, the presentation of the design and the taste of the advertisement must all reflect the customer's awareness of the culinary culture Consumers consider many factors when choosing a product, including design, convenience, and nutritional content

In addition, there will be many different tastes depending on the region, such as: In terms of taste, people in the North often use traditional instant noodles The South likes to use a lot of sour and spicy spices Besides, in Vietnam, it is noted that using instant noodles has become an indispensable habit of people with the consumption of 1-3 packs/person/week

III Analysis about the

consumer behavior

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