Khóa luận tốt nghiệp: A study on the importance of the marketing mix elements to international customers’ booking decisions at BestPrice Travel Technology Joint Stock Company.

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

x\NH TẾ Q, ớ

NGUYEN HOANG CONG SON

A STUDY ON THE IMPORTANCE OF THE MARKETING MIX ELEMENTSTO INTERNATIONAL CUSTOMERS’ BOOKING DECISION AT BESTPRICE

TRAVEL

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

NGUYEN HOANG CONG SON

A STUDY ON THE IMPORTANCE OF THE MARKETING MIX ELEMENTS

TO INTERNATIONAL CUSTOMERS’ BOOKING DECISION AT BESTPRICETRAVEL

Hanoi, April, 2023

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I would like to express my sincerest gratitude to my supervisor at BestPriceTravel, Ms Dang Thi Hong Nhung, for her invaluable guidance, encouragementand support throughout the course of this research project Her insightful feedbackand expertise in the field of marketing were instrumental in shaping the directionof my research and achieving its objectives.

I would also like to extend my heartfelt appreciation to my academicsupervisor, Professor Le Thi Ngoc Diep, for her unwavering support andencouragement, as well as for her constructive feedback and insightful suggestions

which helped me refine my research approach and methodology.

Additionally, I wish to thank the staff and management of BestPrice Travelfor their cooperation and participation in this study, without which this researchwould not have been possible.

Finally, I would like to express my deep gratitude to my family and friendsfor their unwavering support, encouragement and love throughout my academic

Thank you all for your invaluable contributions.

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EXECUTIVE SUMMARY

This study examines the importance of the marketing mix elements tointernational customers’ booking decisions at BestPrice Travel Technology JointStock Company The research objectives are to identify the marketing mix

elements employed by BestPrice Travel, investigate the level of importance of

these elements to international customers' booking decisions, and providerecommendations for the company's marketing mix to enhance their ability to

attract and retain international customers.

The study utilizes a mixed-methods approach, incorporating bothqualitative and quantitative research methods Primary data was collected through

a survey questionnaire administered to 100 international customers of BestPrice

Travel between December 2022 and February 2023 Secondary data was alsoobtained from academic journals, reports, company documents, and online

The results of the study show that the marketing mix elements employed byBestPrice Travel are price, product, promotion, and place Among these elements,price and product are the most important to international customers’ bookingdecisions The study recommends that BestPrice Travel should focus on productdevelopment and differentiation, competitive pricing, and effective promotionalstrategies to enhance their ability to attract and retain international customers.

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TABLE OF CONTENTS

EXECUTIVE SUMMARY 1.000 cceccsecesceseeseeseesecsecsecseeseeeeeseessesaeeaesseeaeeneeees iLIST OF ABBREVIA TION - - HH HH HH HH ng hiệp iiTABLE OF CONTTENTS - HH HH ng Hiệp 11

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1.5 Main products and Services - G3191 91 9111911 01 1 ng ng rưkt 61.6 Considerable AchieV€Im€TIES - so + x21 9 vn nghe 7

1.7 Management structure of BestPrice 'TTaveÌ - - -‹-+-s «+ x+ssessseeseeee 7

1.8 Overview of the tourism market in Vietnam of BestPrice Travel 101.9 Business conditions of BestPrice 'TTaV€ÌL - -.- cv seeeseree 12CHAPTER 2: THEORETICAL FRAMEWORK c ce«ằ 192.1 Definition of MakertINE, c5 + + ng HH HH gi, 19

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2.2 Marketing MIX 018 202.2.1 The element of the 4Ps marketing mix model - -«: 202.2.2 The importance of the Marketing MIX - 5+ +-ss+++ss++sss2 24CHAPTER 3: RESEARCH METHODOLOGY - 2 ca 273.1 Research Design and Approach eceeceecesseeeseeeceseeeaecceseeeeseeeaeeeeeeseens 273.2 Data Collection Methods ce ceesesseessecsecsseessecsecsseessecaecseesseessecsaeeneens 273.3 ii 273.4 Data Analysis Method - «+ + k9 HH HH ng 283.5 Ethical Considerations - - «cv HH TH HH ng tr 28CHAPTER 4: DATA AND DISCUSSION cẶeeehe 29

4.1 The importance of the marketing mix elements to international customers’booking decision at BestPrice 'TTaVeÌL - s1 vn kg ng rưy 30

4.1.1 The importance of the product element in the marketing mix to

international customers’ booking decision at BestPrice Travel 304.1.2 The importance of the price element in the marketing mix to

international customers’ booking decision at BestPrice Travel 31

4.1.3 The importance of the promotion element in the marketing mix to

international customers’ booking decision at BestPrice Travel 32

4.1.4 The importance of the place element in the marketing mix to

international customers’ booking decision at BestPrice Travel 334.2 The utilization of the marketing mix elements by BestPrice Travel for

International CUSTOMETS 2.0 ec eeceesceseesceeseceseceseescessceeaeccecseeeseceaeceaeteesseeeaeesaes 344.2.1 Product ©ÏeTnTI( ó- s5 110193019101 91 90191 354.2.2 Price €Ï€TT€TIK - 2G G1 TH ng HH nh ng rh 35

4.2.3 Promotion ©Ï€rT€TI - - «+ 11319911 910 19930 190 1n ng ngư 36

4.2.4 Place ©Ï€IT€TIK 5G 11901993019 191 HH như 36CHAPTER 5: RECOMMENDA TIONS SH S.neHHHe 38

5.1 Recommendations to improve the product element of BestPrice Travel’s

Marketing IHHX - 25 SG 1111 TH TH Hà HH HH gà 38

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5.2 Recommendations to improve the price element of BestPrice Travel's

H0 (0111301010200 6 6 (44 405.3 Recommendations to improve the promotion element of BestPrice Travel’si18 C0i10i158i S008 415.4 Recommendations to improve the place element of BestPrice Travel’s

Marketing MIX 01188 4 43CONCLUSION c GỌI 00800400000060080000560000900 45REFERENCCE 5 SG cọ HH HH 0 0 0n 0000980490080.90

APPENDIYX c0 G sọ HH TH 000 000010800000001004040080700600

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LIST OF FIGURES

Figure 1: Management structure of BestPrice 'TTaveÌ -‹ «sex 7Figure 2: The importance of various features in product element to international

customers at BestPrice “TTAaV€Ì, - ó5 11v ng HH tr 31

Figure 3: The importance of various features in the price element to international

customers at BestPrice 'TTAV€ÌL - sscsseesseeseessecsseceeesseesseeaecseesseessecseeeneens 32Figure 4: The importance of various features in the promotion element to

international customers at BestPrice 'Travel - << + < xxx eeeeeeeeeeees 33

Figure 5: The importance of various features in place element of BestPrice

Travel”S CUStOMETS ( - - - Ă G << << 1E E1 1111 EEEES SE SE 0 11 1 ket 34

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Nguyễn Hoàng Công Sơn - 11196192 - 61A.Business English

INTRODUCTION1 Title

A study on the importance of the marketing mix elements to international

customers’ booking decisions at BestPrice Travel Technology Joint Stock

2 Rationale

Tourism development plays an increasingly significant role in the trend of

international integration, which implements the policy of facilitating cultural,

economic, and political exchanges between nations Vietnam has always beenregarded as a safe destination for international customers due to its stable politicalclimate, culture infused with national identity, majestic, unspoiled natural beauty,and hospitable population benevolent Along with the growth of the Vietnameseeconomy as a whole, the tourism industry has made significant progress TheGeneral Statistics Office reports that the number of international visitors toVietnam in 2019 reached 18 million, a 116.2% increase from 2018.

It is known that inbound customers have high incomes, enjoy exploringnatural resources, and are interested in learning about historical and culturalvalues This is the item that is willing to pay a high price for the journey Vietnamhas ample natural and human resources, as well as historical and culturalsignificance UNESCO recognizes a growing number of cultural and naturalheritage systems in Vietnam The American travel magazine Travel & Leisure

ranked Vietnam sixth among the twenty best tourist destinations for safety and

local friendliness This is a market with tremendous potential for tourism and resort

The primary tourism models in Vietnam are Business to Business and

Business to Consumers and the "Independent Traveler" model has existed fordecades When destinations in Vietnam are less attractive, Chinese, Korean, Thai,and Taiwanese customers typically travel in groups organized by large travelcompanies in their respective countries in conjunction with Vietnamesebusinesses Partners will direct their guests to travel to another location or country,resulting in a significant loss of market share for the destination This is thepotential market for inbound customers, but in the face of the COVID-19pandemic, the global tourism industry in general and Vietnam's tourism inparticular face significant challenges According to statistics, the total number of

international visitors to Vietnam in the first three months of 2020 was 3.8 million,with European visitors accounting for 671.9 thousand arrivals, a decrease of 96.9%compared to the same period in 2019; Asian visitors alone reached 2.6 millionvisitors, a decrease of 78.9% compared to 2019.

The inbound tourist market has been a potential customer market inVietnam, and businesses that cater to this market have developed very effectiveand highly competitive business strategies However, there are also businesses thatare gradually improving and innovating to develop the most effective growth

strategy for this market Additionally, BestPrice Travel Technology Joint Stock1

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Company (BestPrice Travel) is a tourism company that sells inbound tourproducts Asia and the United States, including Chinese, Thai, British, and FrenchDespite this, the post-pandemic situation of the inbound market for BestPriceTravel recorded "signs that the market is still extremely quiet." This indicates thateffective solutions are required to improve the quality of the inbound travel

program for the company.

Recognizing this significance, BestPrice Travel always prioritizes

marketing strategies that bring tourism products and services closer to customers.Through my internship in the marketing department of the BestPrice Travel andmy school-related research, I realized that the marketing policy was notparticularly effective Specifically, the business has implemented marketing, butonly at the level of division strategies and sporadic activities in a few policies, suchas propaganda, advertising, and pricing These activities have not beensynchronized between management and implementers, resulting in ineffectivemarketing In addition, the company has created its own information andpromotion channel but has not fully exploited and utilized this channel's potential.

I chose the topic "A study on the importance of the marketing mix elements to

international customers' booking decisions at BestPrice Travel” for the theoretical

and practical reasons stated above.3 Research objectives

The research aims to identify the marketing mix elements employed by

BestPrice Travel and investigate the importance of the elements in the marketing

mix to international customers’ booking decisions in the company.Furthermore,

this study also provides recommendations for the company's marketing mix toenhance their ability to attract and retain international customers.

4 Research questions

(1) What are the marketing mix elements mainly used in BestPrice Travel?

(2) What is the level of importance of the marketing mix elements tointernational customers’ booking decisions at BestPrice Travel?

(3) What solutions can be proposed for the marketing mix of the companyto maintain and attract more international customers?

5 Research methodology

This research study employs both qualitative and quantitative researchmethods to identify the marketing mix elements of BestPrice Travel the variousfactors affecting booking decisions of the international customers and thestrategies that can be employed to attract international customers The qualitativecomponent of the study primarily focuses on assessing and identifying theelements in the 4PS marketing mix which are important to international customers.

The quantitative method involves the use of various data collection andanalysis techniques to assess both the internal and external factors that areimportant to customer attraction in the international market It also demonstrates a

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proportional connection between the marketing mix and the customers at BestPriceTravel Based on these findings, the study proposes solutions to enhance marketingactivities in the marketing mix of BestPrice Travel in the international market Togather data, the study utilizes Likert scales to survey 100 international customersof BestPrice Travel between December 2022 and the February 2023 The resultsof this data collection are presented in Chapter 4 of the study

The qualitative method is used in this study to gather and analyze data froma range of sources, including academic journals, books and other kind of articles.The data can consists of themes, concepts, theories, arguments and definitionsfound in the sources The research will review and analyze the key issues in thefield which are relevant to the objectives of the study

The data used in this study comprises of both primary and secondary data.Primary data was collected through a survey questionnaire that was administeredto customers This survey method was used to gather insights directly from thetarget population and assess their attitudes, opinions, and behaviors regarding theresearch topic The survey questionnaire consisted of Likert scale questions andwas designed to elicit responses from customers of BestPrice Travel Thequestionnaire was carefully crafted to cover various aspects of the research topic,including the factors that influence booking decisions in the international market,and the strategies that can be employed to attract international customers.

Secondary data was obtained from a range of sources including academic

journals, reports, company’s documents and online resources The survey

questionnaire consisted of Likert scale questions and was designed to elicitresponses from customers of BestPrice Travel.

6 Scope of research

The research will primarily focus on the 4Ps marketing mix model

The research subject is international customers who have booked with

BestPrice Travel to travel from December 2022 to February 2023.

The data is collected from 100 customers of BestPrice Travel in the periodof December 2022 to February 2023.

7 Structure of the research

In addition to the introduction, conclusion and list of references, the thesisis divided into 5 chapters including:

Chapter 1: Introduction of the companyChapter 2: Theoritical framework

Chapter 3: Research Methodology

Chapter 4: Data analysis and discussionChapter 5: Recommendations

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CHAPTER 1: INTRODUCTION OF THE COMPANY

BestPrice Travel is a prominent player in the tourism industry, offeringexceptional travel services to customers globally This chapter aims to provide anintroduction to the company, including its history, services, mission, and values.The chapter begins by outlining the history of BestPrice Travel, discussing itsestablishment and growth in the tourism industry The company's services willthen be discussed, highlighting its key strengths and unique selling points that setit apart from its competitors Furthermore, the chapter will explore the company's

mission, vision, and values, which guide its operations and shape its corporate

1.1 General information

Company name and address

Business name: BestPrice Travel

Full name: BestPrice Travel TECHNOLOGY JOINT STOCK COMPANYTrading name: BESTPRICE TRAVEL., JSC

Based in: Hanoi: 57, Tran Quoc Toan Street, Hoan Kiem District,Hanoi Phone: (024) 7307 2605

Ho Chi Minh: 95 Tran Quang Khai, Tan Dinh, District 1, Ho Chi

The company's head office is located in Hanoi, the capital city of Vietnam.This central location provides easy access to a large portion of the country'spopulation and business community Additionally, the company has two branches,one in Ho Chi Minh City and another in Hai Phong City These branches allow thecompany to expand its reach and serve customers in different regions of the

Overall, the company's assets, facilities, and locations contribute to itssuccess and ability to provide high-quality services to its customers By investingin state-of-the-art equipment and strategically locating its offices and branches, the

company is well-positioned to thrive in the competitive marketplace.

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Mr Khuc Tan Dung is authorized to act as the company's representative."The legal representative of an enterprise is an individual representing theenterprise to exercise the rights and obligations arising from the transaction of theenterprise, representing the enterprise as plaintiff, defendant, person with relatedrights and obligations before arbitration, court, and other rights and obligations asprescribed by law," states Clause 1, Article 13 of the Law on Enterprises (2014)."The legal representative of an enterprise is an individual representing theenterprise to exercise the rights and obligations arising from the transaction of theenterprise, representing the enterprise." In other words, Director Khuc Tan Dungis accountable before the law for ensuring that all of the company’s operations areconducted in a manner that is in complete accordance with both the laws of thestate and the charter of the company.

1.2 Form of ownership and management

BestPrice Travel is a company with legal status, has its own seal at the

bank, and operates under the authorization of the company's director, Mr KhucTan Dung The company has legal status from the date of issuance of business

registration certificate.

1.3 Establishment and development process

BestPrice Travel was established on May 26, 2010 with business licensenumber 0104679428 at Hanoi Department of Planning and Investment Up to now,the company has been in operation for nearly 10 years, with a history just amoment, but for the company it is a long way with ups and downs through eachstage to assert itself During the business process, the company has always tried tocreate a strong foothold in the market in the field of providing hotel bookingservices, booking air tickets, tours, Halong cruises not only for domestic guests butalso international visitors BestPrice Travel needs to expand the input market,increase its scale to dominate the domestic and international tourist market acrossthe country.

Therefore, on April 15, 2017, the director of the company, Mr Khuc Tan

Dung, decided to establish a branch office in Ho Chi Minh City to meet thedevelopment needs of the company Up to now, BestPrice Travel has had its HeadOffice located in Hanoi and 02 branches located in 02 big cities, Ho Chi MinhCity, Hai Phong city, and 03 offices foreign representative offices in Singapore,Japan and Korea Currently, the branch of BestPrice Travel in Hanoi is one of the

most productive, efficient and profitable units in the company.

Up to now, through 10 years of establishment, construction and non-stopdevelopment, the company has gradually affirmed its brand, product and servicequality in the domestic and foreign tourism market During the past time, BestPriceTravel has achieved the titles: "the best growth partner of Vinpearl", "top 10 mostpopular travel services in 2019", "top 10 famous brands - recognized brands"

organized and appraised by the International Intellectual Property Institute incollaboration with the Vietnam Business Science Union’, since 2014 the company5

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has been continuously certified and evaluated by TripAdvisor as an excellent travelcompany, and many other prizes

1.4 Mission and vision of the company1.4.1 Mission

According to the internal document on Working culture of TravelCompany BestPrice Travel (2017, p.4) that “with the goal of providing quality and

reliable travel services at the best price, BestPrice Travel chooses to choose the

best travel agency in the world filter with customers, airlines, reputable local andinternational partners to provide a variety of quality trips with the best priceguarantee.”

1.4.2 Vision

According to the internal document on Culture of BestPrice Travel (2017,

p.4), “BestPrice Travel’s vision is to become the leading travel agency in Asia.

Professional, dedicated staff will have access to a powerful, reliable online systemto provide customers with the most perfect and economical trips.”

1.5 Main products and services

BestPrice Travel provides provides product and services such as tours, air

ticket booking, hotel reservation, cruise travel.

Tours: The company offers tailor-made tours not only for domesticcustomers but also for international customers in the form of solo travelers orgroups with a wide range of tours, including including culinary tours, resort tours,conference tours (MICE), at destinations not only in the country but also inforeign countries such as Thailand, Bali, Korea, Russia, the Netherlands, Germany,France, Singapore, For retail customers, the company offers a variety of tourpackages or creates a tour program to suit the group of guests according to the

wishes of the customer.

Air ticket booking: Provide instant online booking and payment servicesfor air tickets from domestic airlines (Vietnam Airlines, Jetstar Pacific, BambooAirways, Vietjet Air) Besides, the company also provides services withinternational airlines flying from or to Vietnam (Japan Airlines International,China Airlines, British Airways, Cathay Pacific, American Airlines, Korean

Air, ) Offering customers the most convenient flight journey with a team of

professional and enthusiastic consultants to help customers have the bestexperience at BestT.

Hotel reservation: Provide online hotel booking service to any destinationnot only in Vietnam but also in Thailand, Myanmar, Laos and Cambodia with awide selection in addition to the best room quality company guarantees.

Cruise travel: Provide the best price cruise booking services for short tripsto Ha Long Bay (from 1-2 days) to more day cruises with high-class experiencesinternational travel, cross-country travel in Southeast Asian countries running6

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along the Mekong River But most of the time, the company focuses on the yachtsegment in Ha Long more than anything.

Visa, train tickets, transfer services: Provide visas, train tickets, touristcars at the request of customers.

2017: Developing self-guided tours — Being the best growth partner of

Vinpearl ever since.

2019: Belonging to Top 10 most popular online travel services and Topmost developed agents of domestic airlines.

2020: Top 3 companies with the most online bookings.

2022: Hanoi office moved to 57 Tran Quoc Toan, Tran Hung Dao ward,Hoan Kiem district, Hanoi.

1.7 Management structure of BestPrice Travel

The figure below illustrates the management structure of BestPrice TravelFigure 1: Management structure of BestPrice Travel

Advertise R&D Ticket

Design Technical Operation

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The position of director of BestPrice Travel currently belongs to Mr KhucTan Dung As the individual who holds the position inside the organization withthe highest level of power, you are responsible for making the most importantchoices for BestPrice Travel.

The director is directly responsible for running and managing all of thecompany's activities There are always plans that need to be coordinated with otherdepartments of the company in order to establish goals and targets for eachdepartment This is done to ensure that the common goal of providing high-qualityand dependable tourism services to customers is met, which in turn makesBestPrice Travel one of the leading travel companies in Asia In addition tokeeping an eye on how the organization is run, he is responsible for makingdecisions regarding the company's business activities in a timely manner andmodifying those plans as necessary.

Tour department

The main duty is to conduct market research and research activities to buildtours for domestic customers and Vietnamese customers traveling abroad Thecustomer segment that the tour room targets is domestic and outbound In additionto building travel programs, BestPrice Travel also provides quality cruise booking,outbound combos (including air tickets and hotel rooms to Japan, Korea, Malaysia, ) for retail and group guests, and develops other travel agents Planning andimplementing the work related to the implementation of tourism programs such as

accommodation, transportation, ensuring the requirements on time and

quality On the other hand, the tour department has to cooperate with marketingdepartment in order to facilitate the selling process to bring revenue to the

Inbound department

The main task is to conduct market research and analysis activities throughelectronic portals and social networks to build tourism programs for internationalcustomers to Vietnam The inbound room at the company is receiving moreattention with the hope of growing the number of international visitors in the nearfuture.

Hotel department

The primary mission is to conduct market research activities, gather data

from those activities, and then provide analysis in order to set up a system ofdomestic hotel products around popular tourist attractions Customers will find iteasier to book hotel rooms through BestPrice Travel's platform thanks to anationwide booking system that was developed in collaboration between thehotel's IT department and the hotel itself Not content to stop there, the hotel room

also consistently updates the hotel's policies and provides the most recent

information about locations in the immediate area of the hotel.

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Air ticket department

Providing advisory services, attending to customers whose businessrequires them to travel by air, and selling airline tickets for domestic and foreigncarriers that have flights to or from Vietnam are all part of what we do At the sametime, provide consumers with support and advice on any issues that may arisethroughout the process of booking tickets and other procedures related to airlinetickets Ensure that the company's predetermined goals and sales are met Inaddition, this department will work closely with the marketing department of thecompany to devise strategies for increasing the company's revenue as well asdevelop new agents and flight tickets for business travelers.

Marketing Department

Organizing and carrying out research activities to gain an understanding ofthe domestic as well as the international tourism market (primarily the Asian

market), developing a marketing plan, and coordinating with other departments to

launch tourism products are some of the responsibilities of the tourism department.the one that is most suitable for clients and is proactive in giving fresh ideas forthe things that the organization sells In addition to constructing and administeringcommunication channels, the construction of the official website of theorganization Create a list of potential ideas for organizing events or campaigns topromote the products and images of BestPrice Travel to a greater number of

Accounting Department

Taking care of the company's books and finances as part of one's dutiesthere Statistics, financial planning for the company, and preparing corporaterevenue reports for the corporation on a monthly and annual basis are all functions

that fall under this person's purview Maintain a close eye on the utilization ofcompany capital, company assets, asset management, and company capital, andreport your findings Pay all required taxes and fees to the state, as well as file taxreturns on a quarterly and annual basis, as required by the law.

Human Resource Department

In charge of recruitment and personnel management of the company suchas labor contracts, consider regimes for employees in the company, emulation andreward, facilitate facilities, provide stationery for each employee departments inthe organization to perform their duties well In addition, this department is alsoresponsible for managing assets, equipment, stationery of the company, draftingdocuments related to personnel, and official documents of the Board ofDirectors The administrative department has a regime for applying and

implementing recruitment and dismissal of employees, advising leaders, andtransferring personnel from one department to another as appropriate

IT Department

This is the division of the corporation that handles all of the company's

internet technical difficulties Together with the marketing department, the IT9

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department is responsible for establishing, constructing, maintaining, and

improving the company's websites in order to promote the brand, assist employees

in rapidly updating essential information, and facilitate the sale of online travelprograms Some functionalities on the firm's website are built independently bythe IT department For instance, the IT department may create a search function

for inexpensive plane tickets on the primary website of the company; they may

also update the most popular inexpensive combos; and so on.

1.8 Overview of the tourism market in Vietnam of BestPrice Travel

Specifically, the number of international visitors to Vietnam in September2022 reached 430,000 In the first nine months of 2022, the tourism industry haswelcomed 1,650,000 international visitors.

In which, it is estimated that in September 2022, visitors come mainly by

air, reaching more than 389,000 arrivals; by road reached more than 42,000 people.

Visitors from the Asian market still account for a large number of visitorsto Vietnam with more than 313,000 arrivals in September 2022 In which, thereare still mainly Korean visitors (119,636 arrivals), Japan (24,639 arrivals),Malaysia (24,521 arrivals), Cambodia (22,640 arrivals), Thailand (21,812arrivals)

Following the Asian market are visitors from the European market InSeptember 2022, there were more than 53,800 visitors from the European marketto Vietnam which guests from England, Germany, and France account for the

largest number The market for visitors from the Americas in September 2022 was

44,335 arrivals, of which 37,166 visitors came from the US.

Demographic segmentation

Gender: Male, Female

Age range: Above 22 years old (usually 22 to 55 years old)Income: Customers with medium to high income

Geographic segmentation

There are no limitations imposed on the types of customers based on theircountries of origin However, the majority of the company's domestic customersare located in important urban areas such as Ha Noi, Hai Phong, and Ho Chi MinhCity, which are also the sites of the company's headquarters and branch offices.These cities are located in the central region of Vietnam The vast majority of ourcustomers may be found in Asia, particularly in countries such as China, India, andThailand.

Potential customer market

BestPrice Travel is targeting group clients, both outbound and inboundconsumers (Laos and Thailand), via online sales channels in order to broaden itscustomer groups and expand its revenue sources Typically, products sold to this

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demographic are bundles of services (hotels and air tickets) However, thecompany's products are not very appealing to this market, and there are fewprograms to attract customers; hence, they cannot compete with other travelagencies Therefore, the company's outbound and incoming client numbers arelow.

BestPrice Travel is directing the company to focus on exploiting these twoareas of the customer market by implementing numerous programs to promoteadvertising, alter products as needed, and open numerous advertising and

marketing channels to contact with clients with greater need Additionally, the

corporation will build a distinct sales department to its organizational structure inorder to acquire these new consumers.

Market positioning

BestPrice Travel, a travel company with nearly ten years of experience,

picks a competitive strategy by maximizing its own current advantages: knowledgeof the local market and familiarity with the purchasing habits of domestic clients.Specifically, the company invests heavily in the quality of its products and

The company has a comprehensive understanding of the Vietnamesemarket, picks and collaborates with reliable suppliers, continually evaluating itemsto provide consumers with optimal and stable services BestPrice Travelguarantees refunds if advertised tour quality is not met.

80% of Vietnamese online shoppers are still accustomed to paying withcash BestPrice Travel recognizes this, and employs a number of payment ways tomaximize consumer convenience and comfort: bank transfer, online, and cash ondelivery (free of charge) of tickets to customers’ houses.

In addition to constructing a tourism ecosystem and a "one-stop shop"

approach, the company collaborates with other recognized partners to offer

package support to consumers Simply visit the website or go to BestPrice Travelto acquire airline tickets, hotel rooms, tours, and yachts In addition to being a

distinctive product of the company, travel vouchers enable customers to enjoy the

service Best service at a discount price.

In addition to continuously optimizing the website system and the shoppingprocedure, BestPrice Travel focuses on the human element at all times.

"There is no shortage of human resources in our country; the priority is toincrease customer service quality Customers who are pleased will return, ensuringthe longevity of a business Customer service is a soft power that not all companiespossess By doing so, Vietnam's tourism services are likely to flourish " Mr BuiThanh Tu, BestPrice Travels director of marketing, echoed their sentiments.BestPrice Travel teaches its employees intensively, particularly in counseling and

customer service, so that clients always feel cared for and are eagerly assisted.

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Target market

Following market research and segmentation, BestPrice Travel selects thetarget market based on the plan to concentrate on a specific market segment, whichis the following client group:

- Age: between 22 and 60 years of age

- Belonging to the continent: Europe is mostly composed of- Nation: United Kingdom, Norway, Sweden, Finland, etc.- Income: moderate to high

- Profession: professors, retired officials, merchants, and others

- Purpose of tourism: This topic travels to relieve stress, enjoys adventure,has unforgettable experiences, seeks happiness, and also visits and learns

about local culture are the standards established by the tourism program.This constitutes a significant percentage of the company's customerstructure and is currently the company's target group for new customers Inaddition to their various travel programs and travel service requirements, the

organization is always willing to accept new customers and build programs tofulfill their demands.

Identifying the target consumer market assists organizations in focusingtheir efforts in this area BestPrice Travel is progressively constructing asegmentation plan and selecting various market groups in order to produce themost appropriate tactics for each type of market, consequently promotingdevelopment and inventing continuously to enhance the product quality of goodsand services.

1.9 Business conditions of BestPrice Travel

Human resource

Human resource (HR) is a vital aspect of a business, particularly in thetourism and travel industry, as it impacts the business's performance Therefore,possessing a human resource that guarantees both quality and quantity is crucial

for tourism firms.

Table 1: HR of BestPrice Travel in the period of 2019 - the first 7 months of2022

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Female 49 140 |37 149

<25 8 4 7 20

Age 25 —35 36 |32 | 26 | 38> 35 21 16 | 15 | 10College 6 3 0 10

Qualification | Graduate 51 41 43 53

Post-graduate 8 8 5 5

English 55 140 |45 | 60

Position HR and Accounting 8 5 5 6

Inbound 14 14 6 14Domestic department 23 126 123 130

(Source: HR Department of BestPrice Travel)From 2019 to 2021, the company's total number of employees tends todecline (decreased by 17 people) Due to the convoluted evolution of the Covid-19 virus, the company's operations, as well as the global and local tourismindustries in general, were faced with numerous obstacles During the period of anepidemic, a reduction in human resources is required to ensure the continuedoperation and maintenance of services In 2022, when the Covid - 19 epidemic willhave shown positive signs, the tourism and travel industry will also be gradually

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revived after a long period of "swallowing." During the first seven months of 2022,

BestPrice Travel will have added 20 employees to various departments,

demonstrating a spectacular comeback of the business.

There is a significant gap between male and female human resources (malepersonnel will account for 25% of total personnel in 2022, while female personnelwill account for 72% of total personnel) The reason for this is that women aremore suited for careers in the tourism industry The majority of men work in theIT division.

The age group between 25 and 35 years old is the greatest (representing55.8% of the overall workforce - 2022) because workers in this age group haveexcellent health, flexibility, adaptability, and inventiveness This age range is alsothe most common in the tourism business Over 35 years old is placed second(14.7% of total employees - 2022) due to the fact that human resources at this agehave amassed a great deal of expertise, are competent to assess and direct work,

and frequently work hard This age group holds jobs in middle and uppermanagement The reason for the minimal number of workers under the age of 25

is because they are still young and lack industry experience and practical

knowledge, therefore they require professional training and support.

Education level is a crucial aspect in the company's recruitment of humanresources Graduates from prominent colleges in Vietnam, such as National

Economics University, Foreign Trade University, and University of Commerce,

are the company's primary human resource (representing 77% of the total numberof employees by 2022) Postgraduate education (representing 7.3% of the totalworkforce by3.04by 2022) is also one of the prioritized selection elements leadingto the enhancement of enterprise human resource quality.

Foreign language proficiency has been and continues to be an essentialqualification in the tourism and travel industry BestPrice Travel is currentlyfocusing on the outward and inbound tourism markets; therefore, a big number ofpersonnel with foreign language skills are selected.

As stated previously, the human resources of the tourism and travel sectoras a whole are regenerating, therefore the number of years of experience between3 and 5 years is the greatest (representing 19.1% of the entire workforce by 2022).

Those with more than five years of experience are typically leaders and foundingmembers of the organization.

Also variable is the quantity of workers divided by working position.Compared to the remaining departments (IT department accounts for 7.3% of totalpersonnel - 2022, Administration - Accounting department accounts for 8.8% of

total personnel - 2022), the departments responsible for the company's main and

core activities will have a greater number of human resourcesFunding

The capital required to operate, sustain, and expand a firm is the mostcrucial aspect As a foundation for smooth and productive business operations, as

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well as for product innovation, investment in new trends, and the improvement ofservice quality, the company requires a reliable source of money and brandidentity recognition

Table 2: Capital structure of BestPrice Travel in the period of 2019 — 2021

In 2019, the company's high working capital indicates the availability of

resources to support daily operations In 2019, the company's working capital is

2.01 times more than it would be in 2021 It is evident that the company's business

is thriving in 2019 Nonetheless, this capital tends to diminish progressively as aresult of the epidemic.

During the years 2019 to 2021, fixed capital fluctuates significantly 2019

-2020 is 1.22 times greater than -2020, however -2020 - 2021 will see a 3.02 timesdecline The reason is to lower the company's assets in order to preserve its budgetduring economic hardships.

Over the past few years, BestPrice Travel has undergone significantchanges in its capital structure From 2019 to 2021, the company's financialsituation has fluctuated sporadically, with some major changes occurring due tothe severe impact of the Covid-19 epidemic This unforeseen crisis has causedunprecedented challenges and hurdles for the business activities of the company,forcing it to adapt to a rapidly changing market landscape.

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As a result of the pandemic, the tourism industry has been hit hard, and

BestPrice Travel, like many other travel agencies, has been forced to navigate

through a range of difficulties The company has had to revise its financial strategyto weather the impact of the crisis, and this has led to some sporadic changes in itscapital structure.

Despite these challenges, BestPrice Travel has shown remarkable resilienceand determination The company has managed to maintain its position as a keyplayer in the tourism industry, thanks to its strong leadership, dedicated employees,

and innovative strategies.

The number of total visitors in 2019 is 6,7 times greater than the number oftotal visitors in 2021.

In 2019, domestic visitors accounted for the greatest number of arrivals,which was 1.4 times greater than inbound arrivals and 2.3 times greater than

departures It is evident that BestPrice Travel's domestic market is well developed

and trusted by travelers In which the number of visitors on the incoming andoutgoing markets is still low, indicating that the products on this market have notyet attracted customers, and a strategy to improve product quality, promotemarketing, and innovate is important to attract customers than.

In 2020, as a result of the Covid-19 outbreak, the economy as a whole andtourism activities in particular experienced severe difficulties, and tourism was

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severely curtailed or shut down Due to the stoppage of foreign flights, the numberof outbound passengers did not record any data during this time frame.

By early and mid-2021, the epidemic situation is still extremely stressful,there is no sign of recovery of the tourism industry in both domestic and

international markets, BestPrice Travel is still in decline, and the parts are

struggling to maintain the company's operations; however, by the end of 2021,when the epidemic situation is largely under control, tourism also graduallyrecovers, and the number of visitors at the company is also recorded with modest

Relationship with suppliers

BestPrice Travel designs local and international vacations with an extensive

itinerary and a variety of 0 to 5-star amenities It is evident that the number ofpartnering providers is enormous.

BestPrice Travel is confident in meeting all of the hotel booking needs ofits customers A diverse network of partners with standard rooms Major suppliersinclude Intercontinental, Vinpearl, FLC, and others BestPrice Travel wasdelighted to be named Vinpearl's Best Growth Partner in 2017 as part of theinitiative "Vinpearl Reaching Out to the World in 2017".

Airline tickets

BestPrice Travel is privileged to be the first-class ticket agent for fivedomestic airlines, including Vietnam Airlines, Bamboo Airways, Vietjet Air,Jetstar Pacific, and most recently Vietravel Airlines.

BestPrice Travel operates a separate website that provides information onplane tickets, has comprehensive search capabilities, filters airlines, low prices,and time All features are automated and provide the finest outcomes for

Halong Cruise

Ha Long is one of the places that attracts a large number of customers dueto its wide sea area and ownership of Ha Long Bay, a natural world heritage site.BestPrice Travel offers services for reserving resort cruises and visiting thesedestinations Notable yachts include the Paradise Elegance Cruise, the StarlightCruise, and the Era Cruise, among others.

The system of restaurants, ranging from local favorites to five-starestablishments, is also in a long-term partnership with BestPrice Travel, bothdomestically and internationally.

Other tourism enterprises

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Additionally, the organization collaborates with other travel businesses tobuild and receive new itineraries Viettravel, South Pacific Travel, Vietnamese

Heritage Tourism, etc., are among the major travel firms with whom BestPriceTravel has a long-term, mutually beneficial relationship.

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CHAPTER 2: THEORETICAL FRAMEWORK

Marketing mix is one of the most important factors that influence customerdecision-making in the hospitality industry As businesses strive to attract andretain international customers, understanding the key factors that influence theirbooking decisions is critical The structure of this chapter is divided into severalsections This chapter aims to provide a theoretical framework that can help

identify the factors in the marketing mix that affect the booking decisions of

international customers.

2.1 Definition of Makerting

Marketing is a fundamental corporate function that entails a sequence ofoperations aimed at understanding client requirements and desires, developingproducts or services that meet those needs, and distributing them to the target

market for a profit Marketing entails discovering, generating, and delivering valueto clients in order to meet their demands.

A renowned marketing expert, Dr Philip Kotler, describe marketing as"Marketing is the science and art of identifying, creating, and satisfying thedemands of a target market at a profit Marketing detects unsatisfied wants andneeds It defines, quantifies, and measures the identified market's size and profitpotential It determines which market niches the organization can serve mosteffectively and then designs and promotes the corresponding products and

The rise of services marketing is one of the most significant improvement

in the world of marketing in recent years Services, in contrast to tangible goodthat can be seen, handled, and stored, are intangible and their delivery includessimultaneous production and consumption Once consumed, service cannot bestored, preserved, or resold, and the quality of service offerings cannot be preciselyreplicated, not even by the same service provider.

In the 1980s, marketing practitioners and academics started discussingwhether service marketing is significantly different from product marketing.

Previous to that time, services were largely seen as an assistance to the

manufacturing and marketing of goods, with no independent worth.

However, by the 1980s, this paradigm had transformed as the service sectorgained prominence and emerged as a significant source of employment and GDPcontributor This realization led in a renewed emphasis on service marketing as adistinct discipline of study Empirical research was conducted in attempt to findthe distinguishing characteristics of services that distinguished them from physicalitems, resulting in the formation of the marketing subdiscipline known as servicesmarketing In the middle of the 1990s, services marketing had developed itself asa distinct area of marketing The growing significance of the service sector in thenew millennium's economies strengthened the importance of services marketing.As a result, new areas of study in the field emerged, which were subjected tosignificant empirical research These ideas included the product-service spectrum,

relationship marketing, service franchising, customer retention, and others.

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2.2 Marketing mix

The marketing mix is a combination of manageable marketing instrumentsthat firms can employ to advertise their products or services to their targetconsumers Neil Borden proposed the notion in the 1960s, while E JeromeMcCarthy popularized it in his 1960 book "Basic Marketing: A ManagementPerspective." McCarthy asserts that the marketing mix consists of four essentialcomponents: Product, Pricing, Location, and Promotion.

The topic of marketing mix has been extensively studied by academics andbusiness professionals throughout the years Several researchers in the past haveexamined the effectiveness of the marketing mix in reaching marketing goals,while others have examined how the marketing mix may be adjusted to addressthe needs of various business and target customers For instance, Kotler (1984)

claimed that the marketing mix is a critical instrument for businesses to achieve

their marketing objectives and underlined the need for businesses to create their

marketing mix in accordance with the needs of their target customers.

Several academics have investigated the influence of each component ofthe marketing mix on consumer behavior Kotler and Armstrong (2016) argued,for instance, that the Product aspect of the marketing mix is the most influentialfactor in the purchase decision-making process, while the Price element is thesecond most influential factor.

2.2.1 The element of the 4Ps marketing mix model

The marketing mix is a set of controllable marketing tools that a companyuses to create the desired response from its target market The marketing mixconsists of four key elements: product, price, promotion, and place (Kotler &Armstrong, 2016) The place element, also known as distribution, is the process of

getting the product to the consumer This includes all aspects of the channel of

distribution, such as transportation, warehousing, and retailing The place elementis a critical part of the marketing mix because it impacts the availability andaccessibility of the product to the target market.

Previous researchers have highlighted the importance of the place elementin the marketing mix Borden (1964) developed the concept of the marketing mixand emphasized the need for companies to carefully select their distributionchannels to reach their target market The place element helps to ensure that theproduct is available and accessible to the target market, which is critical forachieving customer satisfaction and providing convenience for consumers (Kotler& Armstrong, 2016) Effective distribution channels can also help companies gaina competitive advantage in the market.

Kotler and Keller (2016) highlight the different distribution channelsavailable to companies, such as direct marketing, indirect marketing, and

multichannel marketing Direct marketing involves selling the product directly to

the consumer, while indirect marketing involves selling the product through

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intermediaries, such as wholesalers, distributors, or retailers Multichannel

marketing involves using a combination of direct and indirect marketing channels.

The selection of the appropriate distribution channel is critical for thesuccess of the marketing strategy Companies need to carefully consider severalfactors when selecting their distribution channels Customer needs and preferencesare one important factor that companies need to consider (Kotler & Keller, 2016).The distribution channel should be able to reach the target market effectively andefficiently Competition is another factor that companies need to consider when

selecting their distribution channels The distribution channel should be able to

provide a competitive advantage to the company Regulatory requirements areanother important factor that companies need to consider when selecting theirdistribution channels (Kotler & Keller, 2016).

Effective channel management is critical to the success of the marketingstrategy Stern (1997) provides a detailed analysis of the different channelstructures available to companies and the factors that influence the choice ofchannel Effective channel management involves several activities, such as

selecting the appropriate channel, managing the relationships with intermediaries,

and evaluating the performance of the channel.

In conclusion, the place element in the marketing mix is a criticalcomponent of the overall marketing strategy Companies need to carefully selecttheir distribution channels to ensure the product is available and accessible to theirtarget market Previous researchers have emphasized the importance of the placeelement and provided valuable insights into the factors that companies need toconsider when selecting their distribution channels Effective channel managementis critical to the success of the marketing strategy.

personal selling, sales promotion, and public relations, each of which plays a

unique role in achieving the company's marketing objectives.

The promotion element is essential for creating brand awareness, generatingdemand, and communicating with customers Advertising is an important aspectof promotion that can help create a brand image and build brand loyalty.

Advertising allows companies to reach a large number of customers through mass

media, such as television, radio, print, and online platforms, and convey a messageabout the product or service that resonates with the target audience (Belch & Belch,2020) Personal selling can help companies communicate with customers on a one-to-one basis and provide personalized information and recommendations thataddress their needs and preferences Personal selling is particularly effective in

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selling high-end products, such as luxury goods and services, where thesalesperson can provide a high-touch experience that builds trust and credibilitywith the customer Sales promotion can help companies generate short-termdemand and increase sales by offering discounts, coupons, rebates, contests, andother incentives that encourage customers to take action (Belch & Belch, 2020).Sales promotion is particularly effective in retail and e-commerce environmentswhere price sensitivity is high, and customers are more likely to switch brands

based on short-term benefits Public relations can help companies create a positive

image and reputation in the market by leveraging non-paid communication tools,

such as press releases, sponsorships, and events, to engage with customers,

investors, media, and other stakeholders Public relations is particularly effectivein building brand equity, customer loyalty, and social responsibility, which canhave long-term benefits for the company's bottom line (Kotler & Armstrong,

Advertising is one of the most widely used forms of promotion, and itinvolves the use of mass media to communicate with customers Advertising canhelp create a brand image, generate demand, and build brand loyalty (Belch &

Belch, 2020) Advertising can take many forms, such as television, radio, print,

outdoor, online, and mobile, and it can be targeted to different demographics,geographies, psychographics, and behaviors Effective advertising should bedesigned to capture the attention of the target market and communicate a clearmessage about the product or service Advertising can be expensive, andcompanies need to measure its effectiveness by using various metrics, such as

reach, frequency, engagement, conversion, and return on investment.

Personal selling involves the use of salespeople to communicate withcustomers on a one-to-one basis (Kotler & Armstrong, 2016) Personal selling is ahighly effective form of promotion because it allows companies to provide

personalized information and recommendations to customers Salespeople can also

answer questions, address concerns, and build relationships with customers.

Effective personal selling requires salespeople to have a thorough understanding

of the product or service and the target market Personal selling can take manyforms, such as face-to-face, phone, video, and chat, and it can be used at differentstages of the buying process, such as prospecting, qualifying, presenting, closing,

and follow-up Personal selling can be expensive, and companies need to measure

its effectiveness by using various metrics, such as conversion rate.

Sales promotion is a form of promotion that is designed to generate term demand and increase sales (Belch & Belch, 2020) Sales promotion can takemany forms, such as discounts, coupons, rebates, contests, and other incentivesthat encourage customers to take action Effective sales promotion should bedesigned to create a sense of urgency and scarcity, so that customers are morelikely to take advantage of the offer Sales promotion can be expensive, andcompanies need to measure its effectiveness by using various metrics, such asredemption rate, lift in sales, and return on investment.

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