Table of Contents
1 EXECUTIVE SUMMARY 1 2 SITUATION ANALYSIS 1 2.1 COMPANY’S MISSION STATEMENT AND SHORT PROFILE OF THE COMPANY 1 2.2 INSTANT TEA INDUSTRY SITUATION 2.3 COMPETITOR ANALYSIS 3 ANALYSIS OF INTERNAL ENVIRONMENT 3 KH 3.2 MISSION — eect ỗỎÔỒ na 3.3 SWOT ANALYSIS ĐỒ Ồ 3.4 STRATEGY EVALUATION 4, ANALYSIS OF EXTERNAL ENVIRONMENT 6 4.1, MICRO ENVIRONMENT 00.20 00200221 1221221122111 1 1n vn 1 n1 1n T11 TT kg HH Hà Hà 6 LAN, .a 6 TU t "ằẽe 7 4.1.3 Geography “ 4.2 MACRO ENVIRONMENT Q0 00 202200221 1221122112111 1101181151111 511111111 xnxx HH Hàn Hà Hy ch 9 LZNTO m 9
4.2.2 Infrastructure 10 4.2.3 Media & Technology nan il
4.3 INTERNA TIONAL BUSINESS ENVIRONMENT 22.20002220 122112 kn TH Hs HH Hàn Hy nở 12 5 TARGET MARKET DESCRIPTION 12 5.1, SEGMENTATION 0 (ca 5.2 TARGET MARKET 2.22 2222222022121 1221122112111 xnxx vn HH TH kn tk khay 5.3 POSITIONING 20.000 0222101 1201221115111 511111111 1 H11 1k k KH kg HH HH Hy ch 6 INTERNATIONAL MARKETING GOALS AND OBJECTIVES 7 MARKETING PROGRAM 14 7.1 PRODUCT STRATEGIES nh nh HH HH HH HH HH HH HH HH HH nà
7.1.1 How innovative is the product " HINH cố ốẽ nen ốố6ố
7.1.3 Compare ïl lO COmIIIOFS ` DHOđÏHCÍS nh HH HH HH HH HH HH HH HH HH de 15
7.2 PRICING STRATEGIES LÔ 7.2.1 Appliuing penetrdtion pricing sirategy in the KOreqH MGTĂẰG àc TS HH HH He 16
7.2.2 Compare it tO COMpeTILONS’ PFICO Lecce cc cece cite ố 6 16
7.3 PROMOTION STRATEGIES LT “anh an 17
7.3.2 PFOIHOIÍOH TH HH nà HH nàn HH HH HH HH HH HH HT HH Hà HH ng HT t 1 7.3.3 Public relation 7.3.4 Direct marketing ưu 7.3.5 Persondl sellÏing cececevee 18 7.3.6 Compare it to competitors’ promotion 18 7.4 DISTRIBUTION STRATEGIES 18 7.4.1 Porl seleCHOH 8 7.4.2 Distribution channel structure dd
HP 0102.208.086 .ann ố ốốốốốốốố 19 8 EVALUATION, MEASUREMENT AND CONTROL 20
BLL EVALUATION 0020000 ằeaa 20
8.2 MEASUREM 20
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Trang 39.1 BOOK 9.2 WEB SITE 10 APPENDIX
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1 EXECUTIVE SUMMARY
The Korean market is regarded as one of the most promising for both local and foreign enterprises Korea is the 14th greatest trade power in the world, with a total turnover of about 1,786 billion USD (2014), and the world's sixth largest exporter (628 billion USD each year) (628 billion USD) In 2014, imports totaled 536.6 billion USD (2014) When it comes to preserving excellent culture, tea is one of the most commonly utilized goods in the country of kimchi Tea is one of the most promising and rapidly expanding goods in Korea, with several rival brands Our team will investigate and develop Phuc Long tea products of Phuc Long Trading Production Co., Ltd in the Korean market over the next 5 years under the theme
"INTERNATIONAL MARKETING PLAN FOR PHUC LONG TEA IN SOUTH KOREA”
At the same time, it addresses concerns concerning the product's market potential, product supply, competition, the political climate, and Korea's advantageous qualities for developing tea goods of the company and difficulties that may arise while entering the market The study consists of the following main parts: Situational analysis, Analysis of the Internal Environment, Analysis of the External Environment, Target market description, International Marketing
Goals and Objectives, Marketing Program, Evaluation, Measurement and Control 2 SITUATION ANALYSIS
2.1 Company’s mission statement and short profile of the company
In 1968 in Bao Loc Plateau, Phuc Long was born with the expectation of bringing quality tea and coffee products Over the past 50 years, Phuc Long has continuously been a pioneer brand with many innovative ideas in the industry tea and coffee industry Currently, Phuc Long has built more than 80 stores in major cities across the country Besides increasing the coverage of products to supermarkets and convenience stores With the desire to constantly expand the market, Phuc Long wishes to create a Vietnamese brand with class and quality reflected in each product, thereby gradually asserting its position in the international market
Phuc Long sets out four missions to guide the company's development
* Become a pioneer of the times with innovative ideas at the forefront of the tea and coffee industry
« Let's bring brands to shine, motivate each other, and turn ideas into reality with the
spirit of cohesion, interaction, listening and respect * To create joy and affection for customer
2.2 Instant Tea industry situation
The Korean tea market is expected to reach US$309.84 million (calculated at retail prices) by 2015 By 2025, the Korean tea market is forecast to reach US$458.14 million (calculated at retail prices), is growing at a rapid pace CAGR is 3.35 % per year for the period 2020-2025
Trang 5This is a decrease from the roughly 4.54%/year growth registered during 2015-2019 Per capita consumption by value reached $6.15 per capita (in retail price) in 2015 Over the next 5 years,
it grew ata CAGR of 4.13%/ five In the medium term (until 2025), this index is forecast to
slow down and grow at a CAGR of 3.03%/year (Tea, 2021)
The tea market has grown significantly over the past few years along with changing consumer behavior Nowadays, tea drinkers are more interested in high quality products with a great story
and the drink has specific health benefits for them, which has driven the demand for healthy
green tea strong strong Strong botanical teas and herbal blends In addition, the concept of tea has also changed, as it is viewed by most young consumers as a sexy and healthy drink Premiumization is another positive development in the market, as customers are showing a strong preference for functional botanical blends and individual handcrafted teas More and more people are interested in innovative flavor combinations, as well as the authenticity and story behind a certain brand When it comes to different varieties, a recent trend suggests that natural, earthy alternatives like ginger, matcha, turmeric and cumin are in higher demand Cheese tea is another foodservice phenomenon, especially popular in Asian countries like
Malaysia, Taiwan, and China
Another interesting trend in the tea market is the emergence of tea pairing menus As customers increasingly choose unique and experiential products, many restaurants have tried to enhance the dining experience by introducing multi-course tea fusion menus In addition, the tea market has been expanded beyond the hot beverage category with the development of new ready-to- drink beverages and iced tea variations For example, Kombucha has shown impressive growth over the past few years, from a niche product to a hit in mainstream supermarkets
2.3 Competitor analysis
Brands Established Flavors Achievement
Dong Suh 1968 Buckwheat tea, Brown | Dong Suh has always
Rice Green Tea, Purple | been a leader in Korea's
Corn, and Solomon’s FMCG industry, so it's Seal no wonder they're also at the top of ice cream
in Korean tea brands
Osulloc Tea 1979 Volcanic Rock Semi- Most Korean Osulloc
Fermented Tea, teas, grown in Jeju Samdayeon, Matcha, Island, are USDA, FSC
Rooibos, Green Tea and Carbon Footprint
Trang 6certified They are also Frescas, Orange Passionfruit Jasmine Green Tea, Mango Pineapple Aguas Frescas 100% organic Nokchawon 1992 Bitter Melon, Korean Nokchawon is one of Corn, Honey Citron, Korea's tea brands and Korean Ginseng specializing in Tea supplying brewed tea to Michelin-starred restaurants, airports, luxury hotels and the like
Lipton 1878 Hibiscus Lime Aguas Lipton is a proud national sponsor of American Heart Association’s Life is Why program that inspires people to live healthier, longer lives
3 ANALYSIS OF INTERNAL ENVIRONMENT
3.1 Vision
(Song-I, 8 BEST KOREAN TEA BRANDS IN 2021, 2021)
Phuc Long aspires to be a firm specialized in the manufacture and export of high-value tea and coffee in Vietnam, with the aim to continually grow the market - sustainable development Phuc Long aspires to build a Vietnamese brand that reflects class and excellence in every product, progressively establishing itself in the worldwide market
3.2 Mission
Become a modem-day trailblazer with new ideas at the forefront of the tea and coffee
industries Let's make companies shine, motivate one another, and transform ideas into reality
Trang 73.3 SWOT analysis
SWOT OF
PHUC LONG
Opportunities (O) - Korean customers' demand for convenience products is increasing
- Vietnam has ideal conditions for growing tea that produce top quality products
- When joining TPP, the Government of Vietnam will attract foreign
Threats (T)
- In recent years, the erratic
behavior of pests and diseases has been negatively affecting the quantity of tea - Many tea companies outside of Vietnam will see an opportunity to make a profit
- Phuc Long will have to compete with many
range of customers - Using local products, using raw ingredients like tea leaves to make their flavorful products
- With climate conditions, the taste of Vietnamese tea is more delicious
- The prices of Phuc Long's
products are suitable and export of packaged products of Phuc Long
- Develop Signature
products, eliminate the way products are saturated, and
research products - Improve product quality - Wide distribution of product network
investment opponents
- Joining the TPP is also an | - The Covid-19 pandemic opportunity to change the has affected exports and tax barrier from low to zero | imports
The export of tea from Vietnam to other countries is much more convenient, so Phuc Long will be able to bring their brand to the world Strength (S) S-O ST - Phuc Long targets a wide - Strongly promote the - Building a brand image that increases competitiveness with other competitors - Differentiate products in terms of quality and
convenience, take the
initiative for users who need it whenever they need it
Trang 8reasonable for customers'
pockets
- Professional customer service
- Good reputation due to its perfect quality
- Always understand customers and make them happy
- Phuc Long's logo design is considered impressive with the combination of colors media to promote brands, products, etc - Lack of creativity and impression in packaging product design
e-commerce platforms
- Promote and communicate
so that customers know
more about the product and letters
Weaknesses (W) W-O W-T
- Rarely exposed to the - Promote your products on | - Supplementing Marketing budget to promote Marketing activities - Redesign product packaging for more impression and creativity 3.4, Strategy evaluation The Korean market is one of the prospective markets for tea product development Because Koreans consider tea to be an exquisite delight, a traditional culture filled with national identity The firm considers the growth and penetration of Phuc Long tea in Korea to be a challenge In Vietnam, tea has the benefit of ranking second in the world in terms of export volume, quality
Furthermore, Phuc Long is one of the most well-known brands in Vietnam, with a high level of customer confidence However, when it comes to exporting to Korea, we encounter
significant hurdles due to the large number of rivals Some people have complained about the low quality of Vietnamese items The severe outbreak of the COVID-19 pandemic, along with the implementation of social distancing measures, has disrupted the movement of commodities, causing supply chains to be disrupted and hurting production and commercial operations
As a result, Phuc Long Trading Production Co., Ltd must devise a clear market research
Trang 9possibilities and preserve their export strengths Use market development techniques such as digital marketing channels to continue to grow your business At the same time, businesses need to improve their competitiveness and adaptability to overcome all difficulties
4, ANALYSIS OF EXTERNAL ENVIRONMENT
4.1 Micro environment
4.1.1 People
- Language: Korean ¢ Culture:
Culture is greatly influenced by Chinese and Japanese cultures The industrialization and urbanization of South Korea, especially Seoul, have brought many changes to the way Korean people live A healthy lifestyle is a trend, young people are now more interested in drinking tea every day to have a healthy body instead of the habit of drinking coffee as before But Korea's tea ceremony culture can't keep up with their pace of life, so it is gradually being replaced by more convenient packaged tea products that are in line with modern trends ( 24 OFA (Hello) and Welcome to our Guide to South Korean Culture, Business Practices & Etiquette , 2020) * Religion According to Pew Research Center (2010), about 46% of the population have no religious affiliation, 23% are Buddhist and 29% are Christians (Religion in South Korea, 2021) * Work ethic Korean people are known for their intelligence and work ethic It is no wonder why the country has one of the highest average annual work hours (Working in South Korea, 2020)
- Population growth rate
According to Statista, In 2020, the population in South Korea increased by about 0.14%, compared to the previous year (O'Neill, South Korea: Population growth from 2010 to 2020, 2021)
- Age structure