Chuyên đề tốt nghiệp: Factors affecting marketing effectiveness in labor export of Bao Ngoc Viet Human Resources Joint Stock Company

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

NGUYEN THI KHANH HUYEN

FACTORS AFFECTING MARKETING EFFECTIVENESSIN LABOR EXPORT OF BAO NGOC VIET

HUMAN RESOURCES JOINT STOCK COMPANY

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

NGUYEN THI KHANH HUYEN

FACTORS AFFECTING MARKETING EFFECTIVENESSIN LABOR EXPORT OF BAO NGOC VIET

HUMAN RESOURCES JOINT STOCK COMPANY

Hanoi, 11/2022

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Nguyễn Thị Khánh Huyền - 11192473 - Business English 61B

I would like to express my great gratitude to my honorable professor, Dr Nguy

Thuy Trang, who supported me by proper guidance, sincere comments and advice,and led me the right way to conduct my internship report.

I am grateful to National Economics University and the Foreign LanguagesFaculty for giving me an intensive learning environment so that I could equipmyself with both practical experience and necessary skills to encounter realisticworking conditions I also would love to thank all of my respected teachers in the

Foreign Languages Faculty who heartedly impart knowledge to me during four

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EXECUTIVE SUMMARY

Marketing activities play a key role in businesses’ success in the current economy.Therefore, in order to improve marketing effectiveness of Bao Ngoc Viet HumanResources Joint Stock Company, the company must focus on the factors affecting

marketing effectiveness.

After analyzing and studying previous studies, the author has selected sevenfactors affecting marketing effectiveness to study: (1) Product, (2) Price, (3) Place,(4) Promotion, (5) People, (6) Process, and (7) Physical evidence.

The study was carried out on 50 export workers of Bao Ngoc Viet Human

Resources Joint Stock Company by the questionnaire The findings show that

Product, Price, and Promotion are the three most affected factors on marketingeffectiveness Besides, Place, People, Process, and Physical evidence have fewerinfluences on marketing effectiveness of the company.

Based on these findings, the author proposed some recommendations to improvemarketing effectiveness of Bao Ngoc Viet Human Resources Joint StockCompany.

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Figure 1.1.

Figure 2.1.Figure 2.2.

Figure 3.1.Figure 3.2.

Figure 3.3.Figure 3.4.Figure 3.5.

LIST OF FIGURES

VIE BAONGOC.,JSC’s organizational structure 5TP marketing Model sccsssssscccssssssscssssssescssssssesccsssssssscsssseees 8The process of place in the international market 111Export workers’ gender sscsssssssssssssssscscnsscsssssssssssssseseeees 180Export Workers’ À€ SG 0 HH mm 900 191The real situation of marketing effectiveness in labor export 202Factors affecting marketing effectiveness in labor export 213The most affected factors on marketing effectiveness in labor

1H

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LIST OF ABBREVIATIONS

PR: Public relations

VIE BAONGOC.,JSC: Bao Ngoc Viet Human Resources Joint Stock Company

1V

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TABLE OF CONTENTS

EXECUTIVE SUMMARY G cĩ G0 9 cọ THỌ HH THỌ g0 0000080 iiLIST OF EIGURIES (G5 5 G2 5% 9 990 99.99.109.000 000000401009 8004060 iiiLIST OF ABBREVIATIONS 0G HH 00 00 ivINTRODUCTION (G5 G5 S 9 cọ cọ c0 00.00.0406 09.180008000 1CHAPTER 1 INTRODUCTION OF VIE BAONGOC., JSC 41.1 Establishment and development of VIE BAONGOC JSC 41.2 Characteristics of the business operation of VIE BAONGOC.,JSC 41.2.1 Functions and responsibilities - c - < 1S +kkksseeeessekee 4I by cìnvï(0i 10001 51.3 Overview of marketing department of VIE BAONGOC.,JSC 5CHAPTER 2 THEORETICAL FRAMEWORK Go se 1e se 72.1 Definition of Marketing <5 5 << 5 5s 9S 9 00099 0.8 72.2 The importance of marketing activities G55 S565 56 72.3 Factors affecting marketing effeCfÏV€II€SS on se 82.3.1 Product DỌICY c1 1111901011111 19 1010k ve rưy 92.3.2 PTIC€ DỌICY G1 SH nọ nh 92.3.3 Place DỌICY Tnhh 112.3.4 Promotion POliCy ccccceesseeecesssseeeceeseeneeeceseenaeeceesesaeeeeeeeseaeeeeseeaees 122.3.5 People Policy SH HH re 14

2.3.6 Process POLICY SG SH kt 14

2.3.7 Physical evidence DỌICY - ng re 152.4 Some peculiarities of marketing in labor export 5= << ««« 16CHAPTER 3 FINDINGS AND ANALYSIS Go SS 1 1e e2 183.1 Respondents’ general ÏnforImafÏOTI - <5 << 55s <<<<ss5SEessssessse 183.2 Factors affecting marketing effectiveness in labor export of VIE

BAONGOC.,JSC - 0G cọ g0 T04 000010040069 06 19CHAPTER 4: RECOMMENDATIONS S111 se, 244.1 Product Policy << G5 <6 %6 8999 99 989994 899894 0 89894.560988994 9606 244.2 Price DOÌÏÏCY G55 SH HH TH 0.0 000000996 244.3 Promotion DOÌÏC-Y 7< 2 G6 5 6899 9.9 999994 5 9999 0095 00860994 608 254.4 Place DOÌÏÏCY 0G GG 2 Ă G5 5 999 4 00.9.0094 000040 0860994 06 08 254.5 Process POlicy <5 Ọ HH 0 0 00009906 25

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4.6 People DOÌÏCY 7G (G5 5s 9 9 9 0 00.00 0004 08 004.7 Physical evidence JDOÌÏÏCY d 2c <6 G G552 9 99994 909 9.00998099596858CONCLUSION 0 G0 G000 30.092 00000 0004090 8004 090 800409040009 48994 806REFERENCES

APPENDIX

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1 Rationale

After over 30 years of reformation from a subsidized economy to a oriented market economy, our country's economy has achieved importantdevelopments, and infrastructure and people's lives markedly has been improved.Besides the achievements in the past, there are still limitations that hinder thedevelopment of the economy, especially the problem of unemployed workers inthe context that our country has deeply integrated into the world.

socialist-In recent years, labor export activities have been paid special attention by the Partyand State, not only helping to reduce the unemployment rate in the country,improving skills, helping workers absorb advanced scientific and technicaladvances, increasing foreign currency revenue for the country but alsostrengthening international relations with other countries.

Currently, our country's labor source has certain advantages compared to othercountries such as the high proportion of people in working age, and the advantageof a cheap labor source Therefore, the demand for recruiting Vietnamese workers

to work in other countries is increasing, especially in the Taiwan market Besides

the advantages and achievements achieved, the reality of exporting to theinternational market in general and the Taiwan market in particular is facing manydifficulties and challenges The Party and State are interested in it, considering itas one of the economic sectors promoting the development of the country.

In the current market economy, with the integration of the Vietnam economy withthe world economy, it opens a diversified market Therefore, consumers will havedifferent views than before, and the needs also change towards higher demands.The competition between businesses is becoming more and more aggressive Inorder for businesses to be able to deal with the risks along with the competitionfrom the market, a marketing strategy plays a key role in the success of enterprises.

In the era of the industrial revolution 4.0, the marketing strategy to achieve

objectives is becoming more and more important and necessary for businesses.

This seems to all businesses understand but not all enterprises have an effectivestrategy Many just stop at building eye-catching websites or pouring a lot ofmoney into running advertising In addition to the difficulties created by the

external environment, the company also has existing problems in marketingactivities.

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In order to improve the efficiency of marketing in the labor export in the current

international integration economy, after an active study and research process, the

author has chosen the topic "Factors affecting marketing effectiveness in laborexport of Bao Ngoc Viet Human Resources Joint Stock Company" as the subjectof the graduation report.

2 Objectives of the research

The research aims:

e To investigate factors affecting marketing effectiveness in labor export ofBao Ngoc Viet Human Resources Joint Stock Company

e To propose recommendations to improve marketing effectiveness in laborexport of Bao Ngoc Viet Human Resources Joint Stock Company

3 Scope of the research

The main research subjects of the study are export workers of VIE

The research has been conducted from August to October 2022.4 Research questions

The study was conducted to answer the two research questions:

Question 1: What factors affect marketing effectiveness in labor export of BaoNgoc Viet Human Resources Joint Stock Company?

Question 2: What recommendations should be applied to improve the marketingeffectiveness in labor export of Bao Ngoc Viet Human Resources Joint StockCompany?

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regulations on marketing budget, objectives, policies, reports, decisions, andannouncements over the years related to marketing activities at VIE BAONGOC.5.2 Methods of analyzing and processing data

The collected data was checked, then Word, Excel were used to conduct statisticsand analysis Besides, the data was processed by using diagrams and tables for

analysis, synthesis and evaluation.

6 Structure of the research

In addition to the introduction, conclusion and recommendations, list ofabbreviations, list of figures, references, appendix, the thesis is structured into fourchapters as follows:

Chapter 1 Introduction of VIE BAONGOC.,JSCChapter 2 Theoretical framework

Chapter 3 Analysis and findingsChapter 4 Recommendations

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CHAPTER 1 INTRODUCTION OF VIE BAONGOC.,JSC

1.1 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 officeand Taiwan language training center Besides, it also established representativeoffices 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 realestate market At the same time, it opened a website specializing in introducingand recruiting jobs in Vietnam and Taiwan and implemented investment, businessestablishment procedures and periodical support consulting.

Since 2017, VIE BAONGOC has officially sent Vietnamese workers and expertsto Taiwan, Japan and Korea through the license issued by the Ministry of Labor,War invalids and Social Affairs According to the Vietnam Labor ExportAssociation, VIE BAONGOC is proud to be one of the leading companies inVietnam in the field of sending interns to Taiwan and workers to the world.

Despite being heavily affected by the economic crisis, the company has continuedto 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.

1.2 Characteristics of the business operation of VIE BAONGOC.,JSC1.2.1 Functions and responsibilities

VIE BAONGOC is a private-owned enterprise operating in the field of laborexport In addition to the business mission, the company also has the socio-politicaltasks of participating in job creation, hunger eradication and poverty alleviation.The specific functions and tasks of the company are as follows:

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Sending Vietnamese workers and experts to work abroad for a definite time andproviding services for Vietnamese workers to work abroad for a definite time in

accordance with the Law.

Vocational training, foreign languages training and orientation education forworkers before going to work abroad and according to social needs.

Operating in domestic and international tourism business, consulting overseaeducation, 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 workersand experts to work abroad.

1.2.2 Organizational structure

| = js

Finance - Organization - Labor export Marketing

Account:ng Administration department department

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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:

Marketing manager:

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 marketingopportunities.

Maintaining relationships with partners and customers, and at the same timefinding out new opportunities through visits.

Communication team:

Establishing relationships with the media and partners.

Conveying the company's message to the market through the press, media and

Researching and synthesizing information and forecasting the trend of publicopinion towards the company.

Deploying communication activities among departments of the company.

Market research team:

Coordinating with related departments to plan and implement customers andcompetitors 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.

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CHAPTER 2 THEORETICAL FRAMEWORK

All of the above definitions are different, but most of them revolve around acommon content Firstly, marketing focuses on consumption, which means selling

goods Secondly, modern marketing is more advanced than the old way of thinkingabout marketing, which means that businesses not only sell what they have, butalso 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 goodsand services to meet and satisfy people's needs and desires for those products andgoods in socioeconomic life Thus, marketing has become an indispensable part ofbusiness.

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 groupsobtain what they need and want through creating and exchanging products andvalue 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 understandthe true needs of buyers in order to satisfy them in the most optimal way Basedon the organization's goals, managers will build an appropriate marketing activityprogram including analyzing marketing opportunities, researching and selectingtarget markets, planning marketing strategies, planning marketing programs,

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organizing the implementation and control of marketing efforts (Nguyen Thi

Thanh Huyen, 2005).

Meanwhile, Tran Minh Dao (2013) emphasized that only marketing has the roleof deciding and coordinating the connection of business activities of enterpriseswith the market, which means ensuring that business activities of enterprises aremarket-oriented, and helping enterprises know how to take the needs and desiresof 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 adoptedmarketing to introduce their products (Terkan, 2014).

2.3 Factors affecting marketing effectiveness

The 7P Marketing Model is one of the trending theories to enhance the position ofmarketing 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 ofpolicies on People and Process, and the last is Physical evidence (Figure 2.1)

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2.3.1 Product policy

Kotler (2004) defined that: “A product is anything that can be offered to a marketfor 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 technicalissues.

The main export product strategies include the product standardization strategyand product adaptation strategy In product standardization strategy, a productstandardization strategy manifests in selling to the world market products that areidentical in terms of physical factors such as size, color, packaging, supportservices, 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 productstandardization strategy is that the product must meet a certain need or function inthe market of a number of countries, must "suitable” with products that have beenintroduced into the market in a number of countries and products that are not toooutdated with products of the same type in a certain time Whereas, the productadaptation strategy is expressed in changing some characteristics of the product tomeet different consumer needs They are changes in product composition but stillkeep its functions and uses.

2.3.2 Price policy

Kalu (1998) claimed that a strategy stipulates or indicates how a company plans toget to where it wants to By way of definition, price policy can be defined as howa 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 itgives 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 Acompany’s survival and profitability depends upon its pricing decisions, thus priceis the only element in the marketing mix that produces revenue and thus ensuresprofitability (Kotler and Keller 2006) Price adopted by firms must be able tocoverall cost in the long run as well as to leave a profit margin to reward

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management The price of a product has a direct relationship with many operationsof the firm’s activities A price decision will affect demand and this in turn affectsthe revenue generated by the firm Similarly, a firm which makes profit has thepropensity of attracting more new capital.

While Kotler (2004) emphasized that “Price is the only element in the marketingmix that produces revenue, the other elements produce cost’, Stanton (2007)claimed price is the amount of money and/or other items with utility needed toacquire a product.

The international product price is the amount of foreign currency that the importermust pay the exporter to own the corresponding quantity of goods or the amountof foreign currency that the exporter receives when exporting the correspondingquantity 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 theprice 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, andcompetitive pricing To be more specific, cost-based pricing targets costs andcompany profits Buyer-based pricing method is that the company sets prices basedon perceived value of the buyer for the product, not at the seller's expense Thethird method, competitive pricing, is based on prevailing competition, ignoringcosts and demand in the market.

In addition, there are two strategies related to export pricing, which are pricing bymarket and penetration pricing Pricing by market is a method that makes theproduct'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 thatwhen a brand-new product is introduced to the world market, there is nocomparable price for a comparable product On the other hand, penetration pricingis a way of pricing lower than the common price in the world market in order toexpand market share The company will profit by dominating the market and undercertain 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 thecompany must have strong financial resources However, with this policy, it is

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difficult for exporters to raise prices again because consumers are used to low

2.3.3 Place policy

Do Huu Vinh (2006) claimed that place policy in the international market is a

process of planning and implementing solutions for the company's productcollection, and organizing product consumption through an appropriate

distribution channel system in order to fulfill the desired level of coverage in agiven target market abroad Place policy is a part of the marketing mix 7P, so itmust be consistent with other policies such as: product, price, promotion,processes, people and physical evidence.

Distribution strategies in the world market include two types: phased distributionstrategy for the market and mass distribution strategy for all markets The first

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strategy, phased distribution strategy for the market, is based on the dynamics ofthe product life cycle, so it needs to be regulated to extend the product life cycleas much as possible Along with this distribution strategy, businesses can makeimprovements to some product features to create a new life cycle for the product.The second strategy is based on the advantage of large-scale production Currently,it needs to be coordinated with other strategies such as: Market penetration

strategy, Production strategy by advantage of large scale, Product and servicepositioning strategy, and Strategies to standardize products and diversifycategories.

Efficient distribution of goods can collect money to pay the costs in all stages of

the production and business process On the contrary, inefficient distribution ofgoods will lead to business bottlenecks and may not be able to pay the costs,leading to bankruptcy.

This fact applies not only to manufacturing enterprises but also to commercialenterprises, the type of business operating in the distribution and circulation ofgoods “The problem is not only what businesses bring to the market forconsumers, but also how to deliver it, which will determine success in the market ”

(Tran Minh Dao, 2013)

2.3.4 Promotion policy

Kotler (2004) stated that sales promotion consists of a diverse collection ofincentive tools, mostly short-term, designed to stimulate quicker and/or greaterpurchase of particular product/service by consumers or the trade To be morespecific, according to American Marketing Association (2004), "Promotionincludes tactics that encourage short-term purchase, influence trial and quantity ofpurchase, and are very measurable in volume, share and profit Examples includecoupons, sweepstakes, rebates, premiums, special packaging, cause-relatedmarketing and licensing."

The promotion policy mainly includes the following activities: Advertising,promotion, trade, sales, and direct marketing carried out in the international

e Advertising strategy:

International advertising strategy is a process of identifying advertising themes that

are appropriate to the cultural, linguistic and legal factors of each country or the

world, and using different media integrated to communicate messages about a

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