Topic Propose A New Product To A Real Business And Propose A Plan To Launch This New Product.pdf

INTRODUCTION This review focuses on the process of recommending cane juice products to Vinamilk.. It is impossible not to mention the process of analyzing 4P factors including products,

FPT UNIVERSITY- CAMPUS CAN THO

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Group Assignment [MKT101]

TOPIC: PROPOSE A NEW PRODUCT TO A REAL BUSINESS AND PROPOSE A PLAN TO LAUNCH THIS NEW PRODUCT

Name of group member Contribution (%)

1 Nguyễn Vương Thụy 100%

2 Nguyễn Thị Tiểu Yến 100%

3 Nguyễn Thị Mỹ Ngân 100%

4 Tôn Diễm Quỳnh 100%

5 Quang Thị Ngân Bình 100%

TABLE OF CONTENTS

I INTRODUCTION 1

II METHOD AND CONCEPTUAL FRAMEWORK

A) Consumer behavior theory 1

B) New product development stages 2

III ANALYSIS RESULTS

1 Introduction to the history of the organization/corporation and aspects related

to their products and/or services.

a History of Vinamilk Corporation 2

b Aspects related to the product

3

2 Macro-environment and Micro-environment analysis coupled with the Business Model (B2C).

a Macro-environment 4

b Micro-environment 4

c Business Model (B2C) 5

3 Consumer Behavior analysis and how the Company executes Segmentation/ Differentiation/ Targeting/ Positioning.

a Consumer Behavior Analysis 5

b Executes Segmentation 6

c Executes Differentiation 6

d Executes Targeting 7

e Executes Positioning 7

i

4 The elements of 4P (Price/Product/Promotion/Place) regarding the product/ service under analysis.

a Product 7

b Price 8

c Place 9

d Promotion 10

5 Analysis of advertising communication and public relations

a Ad campaign 11

b Public Relations 12

IV CONCLUSION 13

13

TOPIC: PROPOSE A NEW PRODUCT TO A REAL BUSINESS AND PROPOSE A PLAN TO LAUNCH THIS NEW PRODUCT

I INTRODUCTION

This review focuses on the process of recommending cane juice products to Vinamilk The first is an introduction to the company's history Then go to the process of analyzing the macro and micro environment along with the business model (B2C) Next is an analysis of consumer behavior and how the company does segmentation, differentiation, targeting, and positioning It is impossible not to mention the process of analyzing 4P factors including products, prices, locations, and promotions related to cane juice products Finally, analyze advertising and media public relations This analysis helps Vinamilk have an overview of the whole campaign and can give specific directions for new products From there, estimate the budget and come up with the most effective and optimal implementation method for the campaign, making it easier to control the stages and items At the same time, make a plan to coordinate the parts so that they most smooth In addition, this assessment will help the company choose the appropriate marketing plans, ensuring the product reaches customers in the best way

II METHOD AND CONCEPTUAL FRAMEWORK

A) Consumer behavior theory

In the study of Consumer behavior: Concepts and Applications, David L.Loudon & Albert J Della Bitta conceives: “Consumer behavior is a process of decision making and action practices of individuals when evaluating, purchasing, using or disposing of goods and services”[1] Similarly, in the book "Consumer behavior", Leon G Schiffman & Leslie Lazar Kanuk conceptualizes: "Consumer behavior is the whole action that consumers show in the process of product exchange, including :

investigating, procuring, using, evaluating and disposing of products and services to satisfy their needs”[2] These two concepts have expanded the understanding of consumer behavior, not only focusing on the external manifestations of consumers when buying products, but also referring to the thinking process and consideration of consumers before deciding to buy products and consumers' reactions after purchasing the product

Thus, it can be understood: Consumer behavior is a term that refers to all activities related to the purchase, use and discontinuation of consumer products, goods and services It includes the emotional, mental and behavioral reactions and attitudes of consumers towards products and services

Knowing consumer culture will help businesses come up with suitable products, marketing and sales strategies Today, businesses study consumer behavior with the

aim of recognizing their needs, preferences, and habits Specifically, see what consumers want to buy, why do they buy that product or service, why do they buy that brand or why they throw away / do not continue to use that brand, how do they buy it? what, where, when and how to buy to build marketing strategies to motivate consumers

to buy their products and services and limit consumers to leave services and switch to other suppliers

B) New product development stages

Product development encompasses all aspects of innovation manufacturing, from devising a concept to delivering the product to the customer When modifying an existing product to generate new interest, these stages verify the likelihood of the modifications succeeding in generating business The seven stages of product development are:

Idea development: Idea development involves brainstorming to find new products and ways to make existing products more relevant

Editing and Selection: During the selection process, the product development team determines which ideas have the best business potential in the market

Prototyping: Once an idea has been selected, the company must create a prototype or draft version of its proposed product This prototype can be used to determine if a product is working as intended and engaging your target audience

Analysis: At the product development analysis stage, the company researches the market and evaluates possible problems with the product

Product Creation: After incorporating notes from the analysis into the prototype, the finished product can be created

Market test: Before releasing a product to a wider audience, the product is usually released to a smaller market or focus group The market testing phase includes evaluating customer feedback and the effectiveness of the product's marketing Commercialization: The final stage of product development occurs when adjustments are made based on market testing and the product is fully launched

III ANALYSIS RESULTS

1 Introduction to the history of the organization/corporation and aspects related

to their products and/or services.

a History of Vinamilk Corporation:

+ The birth

On August 20, 1976, Vinamilk was established on the basis of taking over 3 dairy factories left by the old regime, including

- Thong Nhat Dairy Factory (formerly Foremost factory).

- Truong Tho Dairy Factory (formerly Cosuvina Factory)

- Dielac Milk Powder Factory (formerly Nestle's milk powder factory) (Switzerland)

+ Development strategy: Become one of the 30 largest dairy companies in the world at the forefront of innovation

b Aspects related to the product:

+ Vfresh juice

Carefully selected from fresh fruit sources in the world such as Valencia oranges, Spanish grapes, Indian guava and applying production technology with absolutely no preservatives, always keeping the natural flavor contained With high vitamin content, Vfresh Juice - which in the early days of its establishment with the brand name Fresh was present on Vietnam Airlines flights bringing top-quality products to Vietnamese and international consumers gender

Vfresh juice today has become a reliable choice to help take care of health every day for many Vietnamese families

+ Vision:

To become the leading brand of nutritious and healthy beverage in Vietnam + Mission:

Vfresh continuously creates, researches and develops nutritious beverage products from completely natural ingredients to bring nutritious, healthy nutrients to help you balance your life every day

+ Since then, a completely new kind of juice "Cane juice"

From ripe and fresh fruits, Vfresh juice continues the mission of taking care

of Vietnamese people's health, helping to support immunity, for your family

to be healthy every day

Commitment to quality:

- Processed from natural materials

- No preservatives are used

- Better for health

2 Macro-environment and Micro-environment analysis coupled with the Business Model (B2C).

a Macro-environment

- The macro-environment or the macro business environment of an enterprise includes factors outside the enterprise, that have a wide-ranging impact and lasting impact on all activities of the enterprise

* Supplier

- The company's main raw materials needed to be able to produce cane juice products include: sugarcane, kumquats, other ingredients

+ Sugarcane and kumquat: The provinces of the Mekong Delta Raw materials are available in the domestic market

* Customers

- Vinamilk's customers are divided into two main markets: the consumer market (individuals and households purchasing goods and services for personal consumption) and the agency market (supermarkets, and purchasing agents) , service to resell for profit)

* Competitors

Vietnam currently has 60 dairy businesses with more than 300 brands However, Vinamilk is still the company with the largest market share in Vietnam, accounting for more than 50% of the dairy industry

Now, it will be a huge advantage for our business when producing sugarcane juice, because we already have a larger market and it is easier to reach customers , we can completely dominate the market compared to our competitors

b Micro-environment

- The micro environment is also known as the specific business environment or the industry environment The microenvironment includes industry factors that are directly related to the achievement

of business objectives

* Sociocultural

One of the characteristics of Vietnamese people's concept is that they often use what they feel secure and believe in, rarely changing Therefore, Vinamilk company must create trust in quality prestige to easily make customers loyal to use the company's products

* Technology

The development of the science and technology market: The growing technology has given Vinamilk many directions to create new products to affirm its product brand

Vinamilk has applied many new achievements in machinery and equipment

to produce products that are both effective in quality and ensure food safety and hygiene

Evolution makes it easy to create new products

Create products that are both effective in quality and ensure food safety and hygiene

* Natural social factors:

Vietnam's climate is characterized by monsoon climate, hot and humid Thanks to that, the company quickly obtains raw materials to serve the needs of producing raw cane juice, sugar, etc at a much lower cost than producing imported raw materials , input from abroad Moreover, the ingredients are very diverse and are always in mint condition without losing their original nutrients if they have to be preserved when ordering from other places, and moreover because this is a product made by Vietnamese people out are created based on materials available in our country

c Business Model (B2C)

- B2C describes e-commerce transactions between businesses and consumers in which commercial transactions are carried out with the support of computing devices and communication networks

- Implement direct sales b2c business form In particular, Vinamilk has developed a nationwide retail store system to distribute directly to consumers

3 Consumer Behavior analysis and how the Company executes Segmentation/ Differentiation/ Targeting/ Positioning

a Consumer Behavior Analysis

- According to the Beer-Beverage Association, beverage product lines account for up to 85% of the country's production and consumption On average, each Vietnamese person consumes 23 liters of beverages per year Due to the hot and humid climate in Vietnam, the economy of the beverage market thrives rapidly Vietnam has a large young population, the age group from 15 to 50 years old accounts for 63% of the demand for beverages

- Rapid urbanization in developing countries and growing populations in countries with busy schedules and hectic lifestyles have spurred demand for preserved foods and beverages because of their

convenience Hence, this drives the growth of the canned water market Hence, this drives the growth of the canned water market

- On the other hand, changing lifestyles and diets of consumers have promoted the consumption of convenient yet nutritious and healthy beverages With today's modern lifestyle, consumers are very interested

in health, so they always want to find products that are more beneficial

to themselves Therefore, beverage enterprises in the future should aim

to produce products of natural origin that are beneficial to health With the increase in food safety awareness, consumers worldwide prefer natural and organic products

b Executes Segmentation

- According to psychographic segmentation, it targets health-conscious people and those who prefer to drink juice instead of coffee or soda

- Audience: The main target customers are adults aged 21-30 who are more concerned about their health and those who choose to care about nutritious foods mainly during this pandemic

c Executes Differentiation

Consumers are becoming more and more health conscious and prioritizing healthy products, so juice is a suitable choice Moreover, it has to be convenient to suit a fast-paced and busy life

- Made from 100% pure sugarcane juice and kumquat juice The product

is committed to absolutely no added sugar or any other additives The product is produced by a modern sterilization technology line, does not use preservatives, but still ensures quality, keeping all micro-minerals and nutrients

- The mild sweetness of sugarcane combined with the sour taste of kumquat creates a drink that not only helps to quench thirst on hot days but also contains a series of nutrients beneficial to health

- A convenient drink with paper box packaging and straws helps protect the environment and limit the amount of plastic waste Attractive packaging design full of information about the product

With the above differences, sugarcane juice easily wins consumers' trust, especially organic followers who follow a healthy lifestyle

d Executes Targeting

Targeted at health-conscious people and people who like to drink juice

Customers in this segment are mothers or people who take care of their families, or some people who have a healthy lifestyle, especially care about health but do not have much time and like convenience

e Executes Positioning

Focus on convenient, nutritious, and healthy drinks Made from 100% natural ingredients with no preservatives or added sugar Preserve the taste

of kumquat and sugarcane

4 The elements of 4P (Price/Product/Promotion/Place) regarding the

product/service under analysis.

In the mixed marketing strategy, Vinamilk has expanded its investment in production and business to encroach on the healthy beverage market with the main brand being VFresh This strategy is to respond to the rapidly increasing consumption trend of natural beverage products that are beneficial to the human health of Vietnamese consumers Besides, Vinamilk also actively develops its own source of raw materials to ensure a stable supply of fresh juice, and reliable quality at competitive prices

a Product

Product Quality

Vinamilk always applies the most modern technologies and equipment in the world to produce products that meet international quality standards

Vinamilk always aims to provide adequate vitamins and minerals necessary for the health and development of consumers from adults to children Therefore, Vfresh kumquat sugarcane juice with a capacity of 320ml is enough to meet health needs, committed to having 100% natural sugarcane and kumquat juice without mixing any chemical ingredients to ensure purity from nature in its products to bring good things to consumers such as:

+ Improving digestive system

+ Improving dental problems

+ Providing fast energy

+ Maintaining kidney health

 Packaging

Along with entering the world market as well as domestic competition, packaging design always occupies an important position in the product marketing strategy The current consumer trend is very focused on the