ndividualassignment marketing mkt101 topic analysis of factors affecting consumer buying behavior th true milk

TH TRUE MILK''''s dairy market in Vietnam.According to retail market measurement data as of March 2021, TH TRUEMILK has reached a 30%market share in the fresh milk segment in urban retail c

INDIVIDUAL ASSIGNMENT

MARKETING

MKT101 TOPIC: Analysis of factors affecting consumer buying behavior

-TH TRUE MILK

Full Name: Phạm Thị Thúy Lan Student ID: HS170832 Class: IB1710 Room: BE-110

I THEORETICAL BASIS (4 factors influencing consumer behavior)

1 Culture influences

2 Social influences

3 Personal influences

4 Psychological influences

II CUSTOMER BUYING BEHAVIOR OF TH TRUE MILK

1 The overview about TH TRUE MILK

2 Analysis of customer buying behavior for TH TRUE MILK

III STRENGTHS, WEAKNESSES, AND CHALLENGES FOR TH TRUE MILK

1 Strengths

2 Weaknesses

3 Challenges

IV THE SOLUTIONS FOR TH TRUE MILK

VI REFERENCES

I THEORETICAL BASIS

Consumers' buying behavior directly affects the decision to buy the product of this business

or not Buying behavior includes all wants and requirements and it requires businesses to learn carefully, so that businesses can be closer to the needs and wants of customers to be able to satisfy and meet their needs, in addition, to offer reasonable marketing strategies, bring profits and high sales performance.

Buying behavior of customers is influenced by four main factors: cultural, social, personal, and psychological Businesses need to focus on learning and carefully analyzing these four factors to be able to understand customers in the most specific way, ensuring the best and most effective product marketing program

1 Cultural influences

Culture: Each culture has its own unique identity,

so when entering a specific market, it is necessary to understand the cultural identities as well as the customs, to create specific strategies, suitable for the market, customer needs, and attitudes

a Subcultures

A cultural sub-region is a specific cultural area where people have commonalities in beliefs, beliefs, and religions, and they share values from everyday experiences

b Social class

Social class is a relative and stable division, it is based on the division of occupation, income, and education level Members share values, interests, behaviors, and buying patterns

2 Social influences

Social factors also play an important role Consumers are often influenced by factors such as family, groups, and social status.

a Families

People get orientation from parents so that orientation from

childhood greatly affects the buying behavior of each

individual They tend to buy according to the behavior of

family members, due to family habits or traditions In every

family, members all influence each other, so businesses

need to determine which member has the greatest influence

on purchasing behavior

b Group

Customers can also be influenced by a certain group of people when they also tend to want to buy that product

c Social roles

Groups, families, and organizations help define roles and social status Roles refer to expectations for

us based on our position in a given situation such as an employee or uncle

3 Personal influences

Personal influences include demographic variables such as age, lifestyle, and occupation or personality.

a Ages

At each stage of life, at each different

age, we have different shopping and

purchasing needs to match the current

living environment of each person,

and the requirements at each age

b Lifestyles

Lifestyle reflects each person's outlook on life Everyone has their way of life expressing their individuality Businesses themselves also need to learn about each lifestyle group to have suitable products

c Occupation

People's shopping needs are also based on their jobs They will tend to buy products that best serve their job, marketers need to identify occupational groups that have a lot of interest in their products and services

d Personality

Whether living in the same environment or social class, people have different personalities and needs Meeting and satisfying each person's needs

is always a difficult issue due to the diversity of personality and characteristics of each person

4 Psychological influences

a Motives

The motivation for consumer demand can happen spontaneously when consumers fall into emotional states such as joy, sadness, or happiness

b Perceptions

Perception depends not only on the individual characteristics of the person, on the impact of influencing factors but also on the relationship between that factor and the surrounding circumstances and with the individual characteristics of the person

The three cognitive processes are as follows:

● Selective attention: the tendency for people to screen out most of the information to which

they are exposed

support what they already believe.

● Selective retention: retaining information that supports existing attitudes and beliefs

c Learning

Learning describes changes in an individual’s behavior arising from experience

d Beliefs and attitudes

A belief is a descriptive thought that a person has about something based on knowledge, opinion, or faith

Attitude describes a person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea

II CUSTOMER BUYING BEHAVIOR OF TH TRUE MILK

1 An overview of

TH TRUE MILK or full name is a dairy food

joint-stock company TH TRUE MILK is a

company under TH group, established in 2009 in

Nghe An This is a 100% company specializing in

the production and supply of milk and dairy

products Although this is a new brand that has

existed for more than 10 years, when compared to

long-standing enterprises such as Vinamilk, Moc

Chau , it is undeniable that its superior position

and popularity in the market segment is undeniable TH TRUE MILK's dairy market in Vietnam According to retail market measurement data as of March 2021, TH TRUEMILK has reached a 30%

market share in the fresh milk segment in urban retail channels At the same time, TH Dairy Joint Stock Company has affirmed its position in the dairy industry with the evidence of ranking 2nd in the

top 10 prestigious food companies in 2020, the dairy and dairy products industry group

Group in investing in an industrial dairy farm, modern milk processing technology, and a complete distribution system The TH TRUEMILK project has been started in 2009 with the import of beef

farming technology from Israel, and thousands of cow breeds from New Zealand TH TRUEMILK

is increasingly formed and developed with the welcome of the first cow "Moc", followed by the construction of the first dairy factory in Nghia Dan, Nghe An with an investment of 1.2 billion VND And so, the first dairy product was born on December 26, 2010, TH TRUEMILK milk officially

entered the Vietnamese dairy market, reaching consumers across the country In 2011, TH TRUEMILK opened the first TH Mart store with humane activities such as the project "For the sake

of Vietnamese stature" and "Working together - Nurturing talents", helping poor children in Nghe An province

In 2013, Inaugurated TH Fresh Milk Factory (phase I) with the most modern dairy farm, the largest industrial scale in Southeast Asia on July 9, 2013 In 2015, just 5 years after the launch of the first product, TH TRUE MILK is the enterprise that owns the largest dairy herd in Vietnam with a herd

size of up to 45,000 heads, on a farm area of 8,100 hectares in Nghe An TH TRUEMILK Group

inaugurated TH's first dairy farm in Moscow province, Russia on January 31, 2018 Next, to the Chinese market in 2019 when the first batch of Vietnamese dairy products was allowed to be officially exported to the Chinese market, becoming the first Vietnamese enterprise to be granted a code by the General Department of Customs of China The transaction allows the export of fresh dairy products to

China With a series of achievements created, TH TRUEMILK has been constantly and has been and

is becoming a trusted milk brand of customers in Vietnam and around the world

2 Analysis of customer buying behavior for TH TRUE MILK

a Cultures: The culture of drinking milk has become part of the cultural identity of the Vietnamese people With the habit of using milk every day to replace protein from meat or fish, Vietnamese people consume milk every day TH TRUEMILK has been and continues

to follow the path of producing clean, hygienic fresh milk, bringing safety to consumers with

their slogan "True Happiness" As a pioneer company that laid the foundation in producing

contributing to preserving the culture of drinking milk and consuming the milk of Vietnamese people from different countries animals with the criterion "delicious, clean and nutritious"

● Subcultures:

- The Vietnamese culture of drinking milk is gradually changing Instead of consuming animal products such as cows or goats, Vietnamese people are now more and more inclined to drink plant-based products And TH TRUEMILK did not ignore that trend Besides the production

of cow's milk that has passed the rigorous

pasteurization tests that are so familiar in the market,

TH TRUEMILK has also produced nut milk made

from nutritious nuts such as macadamia, almonds,

walnuts, and other flavorings such as turmeric, gac

fruit, red-brown rice to meet the demand for plant

milk, while ensuring safety and nutrition no less than animal products

to live a life with nutritious and healthy

products And TH TRUEMILK has also

produced products according to the needs of customers TH TOPKID Organic product was born, providing nutrition and safety to all ages, especially children and the elderly The product is obtained directly from dairy cows raised on organic farms that say no to weight gainers, no excess of antibiotics, and even the feed for cows does not contain pesticides, therefore completely ensuring food safety and hygiene and the highest standard of nutrition In addition, the product also contains calcium content and an abundant source of vitamin D; DHA, Folic Acid; Vitamin C, and vitamins of group B ensure the optimal development of young children, and help children develop comprehensively, this is a product that has solved the headache of parents when giving their children using milk

● Social class: TH TRUEMILK focuses on affluent families and families with children.

These are families with stable incomes, in addition, they can afford better and more nutritious products, especially from nature TH TRUEMILK has constantly improved and upgraded its dairy factory to fully meet those needs with clean, safe milk, and diverse natural products Therefore, the price of the product is slightly higher but it is completely worth it for the quality of the product

b Society: Social influences also affect the buying behavior of consumers Typically, when a new product appears, society rushes to buy it, thereby also stimulating the curiosity of consumers and they want to buy about the experience and try it out

● Family: TH TRUEMILK targets female customers who have families and young children,

female customers, aged 15-35 They are mothers, so the interest in the nutrition of the product

is obvious Families in Vietnam, often have a tradition of giving their children milk from a

a habit, their children also have a tradition of consuming milk when they get married Therefore, TH TRUEMILK has targeted the above target group to give families the necessary peace of mind about their children's comprehensive development future when using their product line They are committed to safety and quality, increasingly creating nutritional product lines, and becoming a trusted product for mothers when buying products for their families

● Group: When customers realize that a certain group of people they use and enjoy with products from TH TRUEMILK, they tend to be influenced and want to buy them

● Social role: TH TRUEMILK offers a higher price than the market, so to affirm the status

of those who can consume the above product line must also be people of the middle and upper classes, they have economic and income higher and pay more attention to nutrition than conventional dairy products to ensure their health TH TRUEMILK has also responded by

offering products according to TOPKID organic technology or nut milk to meet the

nutritional needs of customers

c Personal influences

● Ages: TH TRUEMILK focuses on female customers, aged 15 to 35 and focuses on

audiences from 25 to 35, or objects in urban areas, focusing on big cities with active and modern living They are concerned about the health of themselves and their families

● Occupation: Customers from all occupations but mainly housewives or people with fairly high incomes in the society, who are starting to pay attention to nutritional and healthy products

● Lifestyle: TH TRUEMILK's customers are usually people who have a healthy lifestyle

and care about their own health, so they need products that are really nutritious, clean, and

can bring them good health In addition, TH TRUEMILK also builds for customers a

"green" lifestyle when implementing the program to keep the box in exchange for an environmentally friendly canvas bag

● Personality: TH TRUEMILK brings natural, clean, and nutritious products, so their

customers are also people who like a healthy lifestyle, they like to mingle and love nature, and like nutrition and safety for themselves and their families

d Psychological influences

● Motives: TH TRUEMILK customers may come to the company with different motives.

They feel safe and confident with the quality of milk they will buy, or their family has a tradition of using TH TRUEMILK milk, or they feel that this milk brand will give them

positive energy when they watch advertised by TH TRUEMILK in the media For example,

women will prefer to use Organic products or TH TRUEMILK's nut milk rather than fresh milk from cows because they may prefer frugality and nature

● Perception:

- Selective attention: Humans always pay special attention to the things around them.

They may tend to be interested in things that they are motivated to buy or that are different from other brands they have seen or come across Therefore, TH TRUEMILK has launched

many unique product lines to create that attraction Consumers choose to buy TH TRUEMILK because their commitments and safety are shown right on the packaging with

the three-star symbol, or organic products according to TOPKID technology, dairy products from nuts make them curious and excited about the product

- Selective distortion: Each person tries to force the information they receive into the framework of their own thoughts Selective distortion describes the tendency of people to

assign personal meanings to information As when considering Vinamilk's dairy products and

TH TRUEMILK's dairy products, marketers will have higher appreciation for Vinamilk

such as low price and popularity, in addition to many flavors and varieties, but what if That customer has more sympathy for TH TRUEMILK they will still buy TH TRUEMILK and win many good compliments for the company such as higher quality and nutrition, beautiful packaging to ensure safety, so that price is reasonable deemed affordable