COUNTRY’S RELEVANT HISTORICAL DEVELOPMENTS
Milk wasn't always a part of people's diets across Asia, including South Korea Milk wasn't catching on since it had an odd flavour for the Korean palate Therefore, to boost the taste and attractiveness, businesses started to add flavours Binggrae launched the first banana- flavoured milk in the Korean market in 1974
Banana milk swiftly became the most widely consumed milk flavour in Korea due to its sweet and aromatic flavour as well as the perception at the time that bananas were a rare and upscale food After then, Binggrae gained popularity in addition to Seoul Milk, the national milk brand At present time as well flavoured milk is very popular among all age groups hence companies are now also launching flavoured plant-based milk along with unflavoured plant- based milk leading to the development of the market in South Korea
The plant-based market in South Korea was experiencing significant growth driven by changing consumer preferences, health concerns, environmental awareness, and advancements in food technology
Early 2000s to 2010s: During the early 2000s and through the 2010s, South Korea's food landscape was primarily focused on traditional diets that heavily featured animal-based products However, there were small pockets of awareness about vegetarian and vegan diets, driven mainly by health-conscious individuals and expatriate communities
Late 2010s: Around the late 2010s, there was a noticeable shift in consumer preferences, particularly among younger generations, towards healthier and more sustainable diets This was influenced by global trends promoting plant-based eating and concerns about environmental sustainability and animal welfare
2018 - 2019: In 2018, South Korea hosted its first Veggie World event, a vegan trade fair, showcasing various plant-based products and alternative options This event helped raise awareness about plant-based diets and products among consumers and businesses
Recent years: Witnessing a significant surge in interest and investment in the South Korean plant-based market According to a report from expertmarketresearch.com, The South Korea plant-based milk market size reached a value of more than USD 47.80 million in 2022 The South Korea plant-based milk industry is expected to grow at a CAGR of 9.5% between
2023 and 2028, reaching a value of 80.90 by 2028.
THE NATIONAL BUSINESS ENVIRONMENT nhe 9
The population of Korea is relatively large, about 51,247 million people Among the Korean population, Koreans make up the majority The only ethnic minority is a small number of people of Chinese origin Because of the political, social and economic instability in the country from the previous period, many Koreans immigrated to Canada and the United States When the situation stabilized, some returned to their homeland Therefore, Korean society acquires diversity as well as absorbs the culture of other countries
However, Korean society is a very strict society Like many other Asian countries, they attach great importance to rank and great power distance They have certain requirements and rules when dealing with people with a large age gap, respect the elderly, and love children In business, they value loyalty and discipline In addition, Korea is also a country with high self- esteem and high education and qualifications This is clearly shown in the fact that they always prioritize using domestic products
Mostly, people always give preference to domestically produced goods, from fast- moving consumer goods such as food, clothing (Forever21), to large goods such as cars (Hyundai), phones (Samsung) Orit is more clear that they highly value their native language, Korean, and do not attach too much importance to English - an international language Korea has a weakness that is too serious about degrees They are often too focused on looking at degrees or certificates to evaluate things, people or goods
In the international arena, Korea is one of the countries that attach great importance to relations with ASEAN and Southeast Asian countries, actively working within the framework of ASEAN+1, ASEAN+43 and the Security Forum area (ARF)
Since the establishment of diplomatic relations until now, two-way trade transactions between the two countries have increased 54 times, investment has increased 100 times compared to the initial time Currently, there are about 2,700 Korean enterprises investing in Vietnam
Thanks to the relationship between Vietnam and Korea at the level of "Strategic Cooperation Partnership" Since then, besides other products, dairy products will also be facilitated for export and bring to Korean consumers
South Korea’s geography is over 70 percent mountains, and the population of over 50 million are concentrated in six key population centers: 1) Seoul metro area; 9.5 million; 2) Busan metro area: 3.3 million; 3) Incheon metro area: 2.9 million; 4) Daegu metro area: 2.3 million; 5); Daejeon metro area: 1.5 million, and 6) Gwangju metro area: 1.4 million Most freight forwarders use an extensive network of first-class railways, 3,000 miles of highways, and air routes that crisscross the country
About climate, in the K6ppen climate classification system, South Korea tends to have a humid continental climate and a humid subtropical climate, and is affected by the East Asian monsoon, with precipitation heavier in summer during a short rainy season called jangma (20h), which begins end of June through the end of July Rainfall is concentrated in the summer months of June through September The southern coast is subject to late summer typhoons that bring strong winds, heavy rains and sometimes floods The average annual precipitation varies from 1,370 millimeters in Seoul to 1,470 millimeters in Busan.
MARKET AND SIZE POTENTIAL c0 1 1 1n n1 nh kg hoa 10
ECONOMY ái 10
The Korean economy is a developed capitalist market economy with industry and a high degree of industrialization, making it the second Asian country in the history of the continent to have an economy that has reached the threshold of developed country, only after Japan South Korea is one of Asia's 'Four Economic Dragons’ along with Hong Kong, Taiwan and Singapore
Economic growth rate: GDP in 2020 reached 1,586.8 billion USD, ranked 10th in the world, up two places compared to 2019 which was 12th
South Korea GDP per capita for 2022 was $32,255, a 7.84% decline from 2021
Core inflation decreased from 13.6% in 2011 to about 2.5% in 2020 The currency and foreign exchange markets were basically stable; ensure credit capital for the economy, focusing on the manufacturing sector, especially priority sectors
It can be seen that the economic situation of Korea has developed stably, inflation is low, the prices of goods will decrease, thereby promoting consumers to spend on living needs, especially on the nutrition for individual and family.
INfraStrUCtUre 2 ốằea a
Incheon, Gimpo and Busan’s first-class airports and ports are the points of entry for most products Products are then transferred by highways and railways to major modern distribution centers in Seoul, Busan, Incheon, Daegu and Gwangyang South Korea has 15 airports Eight are international airports, including the world-class Incheon International Airport near Seoul Eighty-eight international passenger airlines operate regularly between the Incheon International Airport and many nations around the world
The Port of Busan is the primary port in Korea and the world’s seventh largest cargo port and the Incheon Airport is the world’s second biggest cargo airport
Distribution methods and the function of intermediaries vary widely by product in this mature market Traditional retail distribution networks of small family-run stores, stalls in markets, and street vendors have been replaced by large discount stores and e-commerce platforms According USDA Foreign Agricultural Service, Korean retail food sales totaled $103 billion in 2020 (latest data available), accounting for 29% of total retail sales Grocery supermarkets are the leading food retail channel, followed by hypermarket discount stores, convenience stores, on-line retailers, and department stores The Korean market is concentrated
Grocery supermarkets were the main food retail channel, with 39.3 trillion won in food sales in 2020, followed by hypermarkets (17.2 trillion won) and convenience stores (13.6 trillion Won)
Hanaro Mart, Lotte Super, GS Supermarket are among the leading supermarkets if we consider the number of shops The major hypermarkets are EMART, Home Plus, Lotte Mart and COSTCO Finally, CU, GS25 and Seven Eleven are the largest convenience stores.
Media & Technology ch nh nh nh nh nh nh Hà Hà HH Hà na 11
According to datareportal.com, South Korea was home to 47.64 million social media users in January 2023, equating to 92.0 percent of the total population The tendency for doing things remotely has been a developing trend for some years now, which comes as no surprise with the country’s high internet speed and extensive 5G coverage This was only accelerated by the COVID-19 crisis as digital lifestyles entered every remaining facet of life to avoid meeting people and therefore prevent the spread of the virus.
COMPETITIVE ENVIRONMENT nh nh hà Hà ha Ha 12
Binggrae: Binggrae is one of the most recognized and traditional brands of banana milk in South Korea The brand's "Banana Flavored Milk"
Seoul Milk: a major dairy company in South Korea, produces its own version of banana milk under the brand name "Seoul Milk Banana Flavored Milk"
Maeil Dairy: another significant player in the South Korean dairy industry, offers its own line of banana-flavored milk called "Maeil Banana Flavored Milk”.
TRADE AGREEMENT BETWEEN VIETNAM AND KOREA (VKFTA)
Korea has been one of Vietnam“s top trading partners since 1992 The share of Vietnam ”s trade with Korea in Korea‘'s total trade has increased rapidly over the years On the other hand, though Korea“s trade share has declined, Korea has maintained its position as one of Vietnam” top 10 trading partners for the past 20 years (Phan Thanh Hoan, & Jeong, J Y (2016))
South Korea and Vietnam have a Vietnam-Korea Free Trade Agreement (VKFTA), which was signed on May 5, 2015 and took effect on December 20, 2015 This agreement aims to build a free trade area, bilateral economic cooperation and give more preferences to each other in the fields of goods, services and investment
Under the VKFTA agreement, Korea and Vietnam have committed to reduce tariffs for many agricultural products of each other For example, Korea will reduce tariffs from 40% to 0% for Vietnamese rice within 15 years, from 30% to 0% for Vietnamese coffee within 10 years, from 18% to 0% for fruit of Vietnam within 5-10 years
Anumber of support policies for agricultural products in Vietnam within the framework of VKFTA, as follows:
Support for production, processing and export of agricultural products: The Ministry of Agriculture and Rural Development is drafting a Circular guiding the implementation of contents to support the development of production in the agricultural sector (subproject 1 Project No 3) under the National Target Program on Sustainable Poverty Reduction for the period of 2021-2025
Supporting agricultural recovery and development after the COVID-19 pandemic: Deputy Prime Minister Le Van Thanh asked relevant ministries, agencies and localities to focus on solving difficulties and obstacles to support agriculture people, restore sustainable agricultural and rural development Proposed solutions include: support for the consumption of agricultural products; support to reduce production costs; credit support for businesses and
12 production households; support recovery of cultivated areas affected by natural disasters; support the restructuring of crops and livestock towards safety, efficiency and adaptation to climate change
Support to access the Korean market: The Ministry of Agriculture and Rural Development has had negotiations with the Korean Ministry of Agriculture, Forestry, Fisheries and Food to expand the market for Vietnamese agricultural products Products that are expected to be exported to Korea include: mango, dragon fruit, durian, jackfruit, banana, green grapefruit, earthen orange, yellow lemon; clean vegetables; catfish; tuna; black tiger shrimp; honey; rice The parties have agreed on technical requirements and food safety testing for these products.
ENTRY MODE SELECTION ch nh nh nhe 14
MARKET ANALYSIS 00 nờằôiAD
Demand for milk substitute drinks is increasing: The size of the Korean domestic milk market is estimated to be about 3,118 billion won (KRW) as of 2020 (aT FIS Trend Pick
2021.01) Banana-flavored milk is one of the most popular types of milk in Korea The number of newborns in Korea has considerably dropped from 484.6 in 2012 to 302.7 in 2019 (Statistics KOREA e-index) The next is that fluid milk demand went down as milk substitute drinks increase Some people consume milk substitute drinks, instead of cow milk Examples of milk substitute drinks include soy milk, almond milk, oat milk, coconut milk, rice milk, and coffee drink, (Moon, D., & Kim, S (2021)) That’s why banana flavored milk can be a nice way for the Korean to change from their milk to Vietnamese banana flavored milk Banana flavored milk is sweet, greasy and nutritious, and can be used as a beverage or supplement for meals Opportunities to export bananas from Vietnam: Vietnam's bananas are popular in Korea due to their good quality, competitive prices and consumer taste The proportion of banana imports from the Philippines accounted for 75.8% of the total banana imports of Korea However, due to the impact of the COVID-19 epidemic and natural disasters, the supply of bananas from the Philippines was interrupted, creating opportunities for banana exporters from other countries such as Vietnam In the first 5 months of 2021, Vietnam exported 12,100 tons of bananas to South Korea, a 9-fold increase over the same period in 2020 By the end of 2022, banana exports to South Korea will reach 4.1 million USD, accounting for 1.3% of the country's imported banana market share
Competition from domestic banana milk brands: Korea has many famous banana- flavored milk brands such as Binggrae, Seoul Milk, Maeil Dairy and Namyang Dairy These brands have won the trust and love of consumers by maintaining high product quality, innovating production technology and designing attractive packaging These brands also have effective marketing strategies, combining with famous stars and TV shows to increase brand awareness and attract customers.
MARKETING OBJECTIVES ch nh nh kg rau 16
Sell 4 million bottles of banana milk in the first year 11,000 bottles of banana milk will be sold per day According to statistics, up to 300 million bottles of banana milk are sold in Korea every year So our goal is to gain 1,3% market share in the first year corresponding to Vietnam's banana market share in Korea
Product market share expansion year by year Target to 2026 will account for 4,3% market share in the Korean market
From August 2023 to the end of July 2024: 1,3% market share
From August 2024 to the end of July 2025: 2,3% market share
From August 2025 to the end of July 2026: 4,3% market share
TH True juice banana milk products will be distributed throughout convenience stores and supermarkets in the 4 largest city centers in Korea, Seoul, Busan, Daegu and Incheon Relevant
Since 1974, up to 6 billion bottles of banana milk have been sold in Korea and on average, Korea sells 800,000 bottles of banana milk every day This is an impressive number showing that Koreans are very fond of this drink In addition, there are more than 40,000 convenience stores in Korea, making it easier to distribute products
From the above two factors, it can be seen that exporting TH True Juice banana milk to Korea will increase sales and brand recognition
The export of TH True Juice banana milk products to Korea will start from August
2023 to the end of July 2026 If we can expand the market to 4,3% as the target, we will continue to supply products to Korea
TARGET MARKET L2 1121 ng th HH ke tấu 18
SEGMENTATION an
Gender: Banana milk is a very popular drink by both men and women In particular, Binggrae banana milk is a legendary product that has been on the market for 40 years and is consumed more than 800,000 boxes per day
Age: focus mainly on young people from 6 to under 24 Because banana milk has a sweet, aromatic and typical banana flavor, different from regular white milk, it is reasonably priced and easy to find in Korean grocery stores Banana milk is also loved and promoted by many Korean idols, creating a consumption trend among young people
Occupation: Mostly students Because banana milk contains 85% milk and 0.32% concentrated banana juice, providing many nutrients and vitamins for the body, and can be drunk at any time of the day, such as morning, break, after eating or before sleeping It is a suitable drink to provide energy for students
Income level: The price of a Korean banana milk carton is usually around 1,000 won Most Koreans’ per capita income is in the upper-middle range (the Central Bank of Korea (BOK) on March 7 said Korea's Gross National Income (GNI) per capita in fourth quarter of
2022 is 32,661 USD, down 7.7% compared to 2021 (35,373 USD) However, if it is in won, it is 42.22 million won, 4.3% higher than the previous year) so almost everyone can buy banana milk
Source: Bank of Korea Picture 3: Korea's GNI per capita
4 big cities: Seoul, Busan, Daegu, Incheon These 4 cities are the 4 largest cities in Korea, so they will be able to distribute banana milk products to many convenience stores and supermarkets
Koreans have a high demand for milk and prefer banana flavored milk They usually drink milk in the morning or as a refreshing drink They also tend to choose dairy products that are high quality, safe and nutritious
Koreans have a high average income and are willing to spend on dairy products They are also environmentally conscious and support dairy products that are naturally, ecologically and sustainably sourced They also have an interest in dairy products from other countries, especially Southeast Asian countries like Vietnam
Frequency and level of consumption: Koreans have a high frequency of drinking milk, averaging about 70 liters/person/year They usually drink milk in the morning or as a refreshing
19 drink They also have a fairly high consumption of banana milk, as they like the sweet and fatty taste of this milk They also prefer banana products from Vietnam because of their reasonable price and good quality
Place to purchase: Koreans often visit places like convenience stores to eat and drink The distribution of banana milk to convenience store chains in Korea to participate in Korean meals is a convenient way to reach consumers more easily
Purchase purpose: drink banana milk as a beverage, make banana milk as a snack, Depending on the purpose of purchase, banana milk can have many different uses.
TARGETING uc nh nh nh ng nh ng Tà tk Hs TH KHE Đàn 20
In Korea, people who drink banana-flavored milk are children and teenagers Because this is the age that has the highest nutritional needs, likes to drink sweet and easy-to-drink drinks
Care about health promotion: The Republic of Korea is in an exceptional situation: the country has one of the largest funds for health promotion globally However, many hurdles have been encountered in the process of spending the money in an efficient and sustainable way, mainly due to the country's limited health promotion capacity (Nam, E W.,, & Engelhardt,
K (2007)) Banana-flavored milk is a good source of protein, calcium, vitamins and minerals for the body, especially for children and the elderly Banana-flavored milk also works to help the digestive system work better, reducing stress and fatigue
Desire to create enjoyment: Banana-flavored milk has a sweet, greasy and fragrant taste, very suitable for Korean palates
Connecting with the community: Banana-flavored milk is part of many Koreans’ childhood memories Banana-flavored milk was born in the 60s, when the Korean government sought to increase milk consumption in the country by mixing milk with bananas Banana- flavored milk has become a symbol of Korean culture, appearing in many movies, books and
TV shows Banana flavored milk is also a meaningful gift to share with friends and relatives.
POSITIONING oo ằôaaố.ăốăốă
Positioning Vietnamese banana-flavored milk in the Korean market is a new, high- quality and diverse drink for Korean consumers
New drink from abroad: Vietnam banana-flavored milk is made from Vietnamese banana, a popular tropical fruit in Korea Vietnamese bananas have a sweet, aromatic and
20 nutritious taste, in line with Korean preferences Vietnamese banana flavored milk also gives consumers a different experience compared to Korean banana flavored milk
Diverse drinks: Vietnam banana flavored milk has not only one type but also many different types to serve the diverse needs of consumers, such as unsweetened banana flavored milk, low fat banana flavored milk, banana flavored milk Sticky rice and milk with banana flavor of tropical fruit Each banana flavored milk has its own unique and attractive characteristics
MARKETING STRATEGIES L nh nh Hoà nhái 22
PRODUCT STRATEGIES L0 11 nh TH nh ng HH Hàn 22
Currently, on the Korean market, there are many dairy products made from bananas One of some famous brands is Binggrae - the most famous banana milk brand in Korea since
1974 and now has been exported to many countries around the world such as China, Thailand, Canada, New Zealand, Vietnam, In addition, there are very few other banana milk products on the market despite the great demand
Koreans really love bananas and products that are made from bananas But because of unfavorable weather, people here cannot plant banana trees Therefore, the demand of the people here is very large and this is a potential market for exporting banana milk products of Vietnam — TH True Juice Milk, Natural Banana
Cultural factors: Like Vietnamese people, Koreans love banana milk and they consider it a daily drink for all ages, not just children Because bananas are a delicious, nutritious and extremely safe fruit for health, suitable for the taste of most Asians
Climate: Banana is a popular fruit in Korea, but banana is a Korean product that has to be imported almost 100% due to unfavorable farming conditions (temperate climate) Because of this climate zone, our product can be stored longer and the shelf life since opening will be longer
Usage factors: Because TH True Juice Milk is a product of Vietnam, the packaging will be printed in Vietnamese To make it easier for customers to use when exporting to Korea, we will change the text to Korean As for the packaging and the way it is packaged, we will keep it the same to keep the characteristics of the product but still very easy for the Koreans to use Consumers’ purchasing power: In Korea, banana milk is inexplicably famous, and outside of Korea, banana milk is loved nowhere else Banana milk can almost be seen as the unofficial "national" drink, with an average consumption of 800,000 cans per day in the country alone Besides, many times people see top male idols appearing next to banana milk cartons Thus, we can see that banana milk is a commodity with great purchasing power in Korea and a potential market for us to export our products
Tariffs: Dairy products when exported to Korea will not be subject to any tax, in other words, Vietnam's export tax to Korea is 0%
Product diversification: Vietnam banana flavored milk has not only one type but also many different types to serve the diverse needs of consumers, such as unsweetened banana flavored milk, low fat banana flavored milk, banana flavored milk Sticky rice and milk with banana flavor of tropical fruit Each banana flavored milk has its own unique and attractive characteristics
Packaging: Because TH True Juice Milk is a product of Vietnam, the packaging will be printed in Vietnamese To make it easy for customers to use when exporting to Korea, we will translate the text into Korean As for the packaging and packaging, we will keep it the same to keep the product's character, we will also develop new packaging that is more cute and eye- catching
5.1.3 Compare it to competitors’ products
The main competitor of TH True Juice banana Milk in the Korean market is Binggrae brand As it has existed in this market for a long time (over 50 years) and set an unwavering position in the customers’ mindset
Binggrae banana milk comes in a bulky hexagon-shaped plastic bottle, designed after Korea’s traditional jar The shape was meant to comfort Koreans who had to leave their farm villages to work in the city during the 1970s, an era of industrialization The bottle’s shape served as a reminder of home
The modern wide neck bottle design of TH true JUICE milk also gives users a refreshing feeling of drinking, fully enjoying the unique flavor and healthy energy and nutrients The product's youthful, dynamic and eye-catching colorful packaging with a capacity of 300ml is also a "plus point" in line with the "on-the-go" trend of modern life and young consumers
Binggrae: higher price with about 160 calories, darker yellow milk and more attractive, a little sense of banana flavor, mild sweetness and not harsh
TH True Juice Milk — Natural Banana: lower price with about 160 calories, lighter yellow milk, more obvious banana flavor, rich sweetness, little apple juice in the recipe
We apply penetration pricing for TH True Juice Milk — Natural Banana — to enter the Korean market
Normally, a bottle of TH True Juice Milk - Natural Banana in Vietnam will cost 12,300 VND (equivalent to 685 Won) However, when exporting to Korea, after deducting all costs from transportation, intermediaries, taxes, we will set the price for 1 bottle of banana milk at 946.36 Won
However, the price is still subject to change based on market fluctuations, but in general this price is appropriate for our product Because it is neither too high nor too low (our competitor is 1046.57 Won) compared to the quality and reputation of the TH brand in the Korean market
Because the demand for banana milk of Koreans is higher than Vietnamese people, there should be a change in the capacity of 1 bottle of milk On the market today, TH True Juice banana milk has only 1 size with a capacity of 300ml, we can produce another one with a capacity of 500ml It can meet the high demand for banana milk that they need every day while providing more choices
Because the product is newly launched in the Korean market, it is necessary to have discount policies, special incentives for the target customer segment and attract potential customers
We offer several types of discounts that can be applied to products at convenience stores, supermarkets, malls or at retailers:
Gifts with purchase: Customers love it when they receive a free gift with their purchase Especially for new products on the market, this will stimulate them to buy to try at an affordable price but get more use
Seasonal discounts: In the summer, the weather is hotter, so the demand for refreshments of Koreans also increases This is a favorable opportunity for us to sell more products, besides there should be attractive promotions to stimulate more consumption Besides, festivals throughout the year can also be an opportunity for us to reduce prices to stimulate product demand (Seollal, Sambok, Hansik ) For example, for each batch of 6 bottles
24 of banana milk they will receive a 10% discount, a box of 24 bottles will receive 1 premium glass,
PROMOTION STRATEGIES L0 00211 nh HH HH kg ng nga neu 25
5.3.1 Media used to reach the target market
Television: Build a promotional video on TV to convey messages to customers as well as introduce their products TV is watched a lot by Koreans, so the advertising effect will be very high if it is broadcast in the right time frame, relaxing time
Social media: Build a fan page or website for TH True Juice banana milk products in the Korean market Using social media organically to post and engage with customers can be free or very inexpensive The effectiveness of advertising is very high thanks to the rapid development of social networks in Korea
Billboards and outdoor signs: Thanks to its large space and lower cost compared to other forms of advertising, outdoor billboards are also a good advertising choice They reach many different customer segments with high frequency and wide impact range but still very vivid and attractive
Competitions and challenges: Organize online contests on social networks on the topic of writing about feelings for products, calling for people to interact to receive attractive rewards This not only helps increase excitement in the hearts of customers but also increases the reputation of the product without cost
Try before buying: Allow customers to try banana milk products It may include a voucher for a full size product Besides giving customers a taste to experience the product, we
25 can collect customer feedback in order to improve quality and meet customer needs in the best way
Coupons and vouchers: Coupons and vouchers reward current customers for their brand loyalty and encourage future purchases For example: When they buy from 10 boxes of banana milk, they will receive a voucher for 20% off their next purchase
Some forms of personal selling that we can use: retail, direct sales, sales consultant
By bringing professional sales and marketing staff into sales facilities and systems Salespeople may need to perform customer needs analysis, provide product information, and offer customized solutions to customers
5.3.4 Compare it to competitors’ promotion
In general, the communication activities of TH and Binggrae will be quite similar However, because Binggrae's banana milk product has been around for a long time in the Korean market, there will be more media activities, such as: flash sales, BOGO deals, social media giveaways, public relations, sponsorship.
DISTRIBUTION STRATEGIES L1 nh nh nh gà Han 28
Because TH True Juice Milk - Natural Banana products will be sold in major cities such as Seoul, Daegu, Incheon, Busan so the selection of ports near these cities is also very important That helps reduce costs in shipping and ensures a longer transit time to preserve the product
Some recommended ports: Incheon port, Busan port, Ulsan port, Gwangjang port
Banana milk will be shipped by refrigerated container or refrigerated truck to the port if shipping by general cargo ship, dry-bulk ship or industrial ship
Milk with HS code belongs to: Chapter 04: Milk and dairy products; bird eggs and poultry eggs; natural honey; edible products of animal origin, not elsewhere specified or
26 included 0401 - Milk and cream, not concentrated and not containing added sugar or other sweetening matter
Dossier of customs declaration for milk export
To carry out procedures for importing and exporting milk, enterprises need the following documents:
Certificate of registration of animal quarantine
The self-declaration accompanying the Import License
Banana milk is a national drink of Korean people Banana milk products can be found at Korean grocery stores like Hmart, or convenience stores like GS25, CU, E-mart24, 7-Eleven, Family Mart, HomePlus Mart, Coex Mart and Woori Super, as well as at other convenience or grocery stores From that we hope that TH True Juice Milk - Natural Banana will also be on the shelves of these stores
Online: The current shopping trend of the word is through online shopping and we are aiming for this Korean banana milk products are already on the shelves of these websites, so putting our banana milk product up will attract many people
Tradition: However, traditional intermediary distribution channels are also a good way to promote more products to more people These distribution channels will also be at convenience and grocery stores such as GS25, CU, E-mart24, 7-Eleven, Family Mart, HomePlus Mart, Coex Mart, Woori Super and Hmart
5.4.6 Compare it to competitors’ distribution
Binggrae's Banana Milk is one of the most popular types of milk and is available in most convenience stores and supermarkets in Korea Not only that, Binggrae’s banana milk is also available on major shopping websites in Korea such as Gmarket, Coupang, 11th Street, Lotte, Emart, Homeplus.,
Over the years, many domestic enterprises have directly approached the world's leading distributors such as Bourbon Group (France), Metro (Germany), Lotte (Korea), Aeon (Japan)
However, most of the Vietnamese products present here have to go through many intermediaries, making the competitiveness significantly reduced because the cost to consumers is higher than the actual value Especially when TH true milk’s products are not yet available in the Korean market, the upcoming distribution will be very difficult
When introducing TH True Juice Milk - Banana Flavor to the South Korean market, it's crucial to align the product with local customs and trends South Korea has a diverse and vibrant food culture, where unique and creative flavors are celebrated The concept of
“banchan" (side dishes) is integral to Korean cuisine, and people enjoy a variety of flavors, both traditional and innovative By focusing on cultural relevance, the marketing campaign can create a strong emotional connection with the South Korean audience It positions TH True Juice Milk - Banana Flavor as not just a product but a part of the local culinary landscape This approach enhances brand recognition, encourages trial, and fosters long-term consumer loyalty
Informed that South Korea boasts a highly connected population with a strong digital presence It's essential to leverage digital and social media platforms to reach a broad audience and establish a meaningful online presence By leveraging online platforms, business can tap into South Korea's digital-savvy population and create a widespread awareness of TH True Juice Milk - Banana Flavor Engaging content, influencer partnerships, and interactive activities ensure that your campaign captures attention, generate user-generated content, and fosters a sense of community around the brand
Moreover, in recent years health and wellness have become significant priorities for consumers in South Korea The population is increasingly seeking products that align with their health-conscious lifestyles and offer tangible nutritional benefits By emphasizing the nutritional benefits, your marketing campaign positions TH True Juice Milk - Banana Flavor as a valuable addition to a health-conscious lifestyle This approach appeals to the growing segment of consumers who prioritize wellness and provides a compelling reason to choose your product over alternatives
In-person engagement provides a direct and tangible way to connect with consumers South Korea is known for its vibrant cultural events, food festivals, and health expos, making it an ideal environment to introduce TH True Juice Milk - Banana Flavor to potential customers
By attending local events and engaging with consumers in-person, we can create a direct and authentic connection with our target audience Sampling, interactive experiences, and educational components provide an opportunity to showcase the unique attributes of TH True Juice Milk - Banana Flavor and leave a lasting impression
To measure and evaluate the effectiveness of the marketing campaign by TH True Milk Company in the South Korean market over a span of 3 years, the company will utilize various metrics related to the advertising campaigns it employs There are 4 metrics:
Customer Acquisition Cost (CAC): A metric to evaluate the average cost a company incurs to acquire a single customer It helps TH True Juice Milk - Banana Flavour business understand the financial investment required to attract new customers and is essential for assessing the effectiveness and efficiency of our marketing and sales strategies
Lifetime Value per Customer (LVC): A metric our company uses in business to estimate the total revenue a customer is expected to generate for a company over the course of their relationship with our company The higher LVC is, the more satisfication our company gains from the customers