INTRODUCTION OF VIE BAONGOC., JSC
Establishment and development of VIE BAONGOC JSC
Bao Ngoc Viet Human Resources Joint Stock Company (VIE BAONGOC.,JSC) was founded on 13 August 2013 in Hanoi The company started to operate in job services in Vietnam and deploy study oversea consulting services to Japan, Taiwan, and Korea In 2014, VIE BAONGOC built the Taiwan professional office and Taiwan language training center Besides, it also established representative offices in Ho Chi Minh City.
In 2015, VIE BAONGOC officially joined Vietnam Construction Enterprise Association and became a member of Vietnam Chamber of Commerce and Industry This remarkable event created opportunities for the company to strengthen its position.
In 2016, the company increased capital through investing and trading in the real estate market At the same time, it opened a website specializing in introducing and recruiting jobs in Vietnam and Taiwan and implemented investment, business establishment procedures and periodical support consulting.
Since 2017, VIE BAONGOC has officially sent Vietnamese workers and experts to Taiwan, Japan and Korea through the license issued by the Ministry of Labor, War invalids and Social Affairs According to the Vietnam Labor Export Association, VIE BAONGOC is proud to be one of the leading companies in Vietnam in the field of sending interns to Taiwan and workers to the world.
Despite being heavily affected by the economic crisis, the company has continued to expand the scale of operations to improve the service quality and gain more trust in the labor export industry as well as in the quality of its human resources.
Characteristics of the business operation of VIE BAONGOC.,JSC
VIE BAONGOC is a private-owned enterprise operating in the field of labor export In addition to the business mission, the company also has the socio-political tasks of participating in job creation, hunger eradication and poverty alleviation.The specific functions and tasks of the company are as follows:
Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B
Sending Vietnamese workers and experts to work abroad for a definite time and providing services for Vietnamese workers to work abroad for a definite time in accordance with the Law.
Vocational training, foreign languages training and orientation education for workers before going to work abroad and according to social needs.
Operating in domestic and international tourism business, consulting oversea education, and office leasing.
Creating jobs and incomes for workers, eradicating hunger and reducing poverty, and fulfilling budget obligations to the State.
Developing into a leading enterprise in the field of sending Vietnamese workers and experts to work abroad.
Finance - Organization - Labor export Marketing
Account:ng Administration department department department department
Overview of marketing department of VIE BAONGOC.,JSC 5 CHAPTER 2 THEORETICAL FRAMEWORK Go se 1e se 7
The company has organized the marketing department by function in a simplified way Accordingly, the leader is the marketing manager, who is responsible for coordinating the activities of the departments Next, there are the heads of
Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B specialized departments Each part in the marketing department takes on a different position in the marketing activities of the company.
Functions and duties of marketing department:
Being responsible for the entire marketing activities of the department.
Monitoring the work performance of the department and reporting the results to the Board of Directors.
Monitoring, researching and analyzing the market to find out marketing opportunities.
Maintaining relationships with partners and customers, and at the same time finding out new opportunities through visits.
Establishing relationships with the media and partners.
Conveying the company's message to the market through the press, media and partners.
Researching and synthesizing information and forecasting the trend of public opinion towards the company.
Deploying communication activities among departments of the company.
Coordinating with related departments to plan and implement customers and competitors research activities.
Making survey tables, conducting surveys and analyzing data about customers, competitors and market developments.
Proposing service changes, customer orientation based on survey results.
Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B
Marketing is derived from the term "Market" The ending "ing" represents the meaning of "access" According to the American Marketing Association (1960, in Keefe 2004): "Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers" Meanwhile, Kotler (2006) defined it as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others However, the British Marketing Institute (2008) defined marketing as the management process responsible for identifying , anticipating and satisfying customer requirements profitably.
All of the above definitions are different, but most of them revolve around a common content Firstly, marketing focuses on consumption, which means selling goods Secondly, modern marketing is more advanced than the old way of thinking about marketing, which means that businesses not only sell what they have, but also sell what the market needs.
The marketing department of the business must study the market accurately, give flexible responses so that the business can adapt quickly to constant fluctuations of the market Marketing is an activity that is always attached to business It is considered as a bridge between people's needs and wants with the market for goods and services to meet and satisfy people's needs and desires for those products and goods in socioeconomic life Thus, marketing has become an indispensable part of business.
In the scope of this thesis, the author uses the brief marketing concept of Kotler:
"Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others".
2.2 The importance of marketing activities
Marketing activities play an important role in businesses’ success or failure. Marketing is the bridge between buyers and sellers, which helps sellers understand the true needs of buyers in order to satisfy them in the most optimal way Based on the organization's goals, managers will build an appropriate marketing activity program including analyzing marketing opportunities, researching and selecting target markets, planning marketing strategies, planning marketing programs,
Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B organizing the implementation and control of marketing efforts (Nguyen Thi Thanh Huyen, 2005).
Meanwhile, Tran Minh Dao (2013) emphasized that only marketing has the role of deciding and coordinating the connection of business activities of enterprises with the market, which means ensuring that business activities of enterprises are market-oriented, and helping enterprises know how to take the needs and desires of customers as the most solid support for all business decisions.
In the modern economy, marketing is relevant to various factors In fact, organizations need to adopt creative strategies in their operation and offer adopted marketing to introduce their products (Terkan, 2014).
The 7P Marketing Model is one of the trending theories to enhance the position of marketing in corporate and organizational management.
According to Luu Van Nghiem (2008), the 7P Marketing model consists of 3 levels: Level 1 is "4P", which is the 4 basic elements in marketing management. That is the group of Product, Price, Promotion and Place Level 2 is the group of policies on People and Process, and the last is Physical evidence (Figure 2.1)
Product P1 Price P2 Place P3 Promotion P4 X ⁄ NL?’ NL?’ NL?’
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Kotler (2004) defined that: “A product is anything that can be offered to a market for attention, acquisition, use or consumption It includes physical objects, services, personalities, places, organizations and ideas.”
The importance of product policy is reflected in two aspects: Product policy is always under pressure in competition and product policy must adapt to technical issues.
The main export product strategies include the product standardization strategy and product adaptation strategy In product standardization strategy, a product standardization strategy manifests in selling to the world market products that are identical in terms of physical factors such as size, color, packaging, support services, qualifications, etc The degree of standardization depends on product characteristics, the homogeneity of demand in the market, and the willingness to accept by consumers The condition for the application of the product standardization strategy is that the product must meet a certain need or function in the market of a number of countries, must "suitable” with products that have been introduced into the market in a number of countries and products that are not too outdated with products of the same type in a certain time Whereas, the product adaptation strategy is expressed in changing some characteristics of the product to meet different consumer needs They are changes in product composition but still keep its functions and uses.
Kalu (1998) claimed that a strategy stipulates or indicates how a company plans to get to where it wants to By way of definition, price policy can be defined as how a firm plans to get to where it wants to go through its pricing activities and plans. However, it is important that price policy should be congruent with other objectives of the firm According to Kotler (2001), price policy is paramount to every organization involved in the production of goods and services because it gives a clue about the company and its product, a company does not get a single price but rather a pricing structure that covers different items in its line A company’s survival and profitability depends upon its pricing decisions, thus price is the only element in the marketing mix that produces revenue and thus ensures profitability (Kotler and Keller 2006) Price adopted by firms must be able to coverall cost in the long run as well as to leave a profit margin to reward
Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B management The price of a product has a direct relationship with many operations of the firm’s activities A price decision will affect demand and this in turn affects the revenue generated by the firm Similarly, a firm which makes profit has the propensity of attracting more new capital.
While Kotler (2004) emphasized that “Price is the only element in the marketing mix that produces revenue, the other elements produce cost’, Stanton (2007) claimed price is the amount of money and/or other items with utility needed to acquire a product.
The international product price is the amount of foreign currency that the importer must pay the exporter to own the corresponding quantity of goods or the amount of foreign currency that the exporter receives when exporting the corresponding quantity of goods Price policy is one of the 7 important variables in the 7P mixed service marking model, it brings in income while other variables only generate investment and costs Price has a strong impact on sales and consumption, so the price has a great influence on the profit of the business It can be said that price is one of the important factors determining the success or failure of an exporter.
Export pricing methods include cost-based pricing, buyer-based pricing, and competitive pricing To be more specific, cost-based pricing targets costs and company profits Buyer-based pricing method is that the company sets prices based on perceived value of the buyer for the product, not at the seller's expense The third method, competitive pricing, is based on prevailing competition, ignoring costs and demand in the market.
In addition, there are two strategies related to export pricing, which are pricing by market and penetration pricing Pricing by market is a method that makes the product's price close to the prevailing market price This pricing method is simple, just follow the world market price The disadvantage of this pricing method is that when a brand-new product is introduced to the world market, there is no comparable price for a comparable product On the other hand, penetration pricing is a way of pricing lower than the common price in the world market in order to expand market share The company will profit by dominating the market and under certain circumstances one can set prices below cost With this pricing strategy, production and distribution costs per unit The product's taste should decrease as the quantity of the product increases, the market must be price-sensitive, and the company must have strong financial resources However, with this policy, it is
Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B difficult for exporters to raise prices again because consumers are used to low prices.