MINISTRY OF FINANCE UNIVERSITY OF FINANCE - MARKETING Class: CLC_19DMAOI1 INTERNATIONAL MARKETING PLAN FOR WINTER MELON CLEANSER OF COCOON VIETNAM Subject: INTERNATIONAL MARKETING Course ID: 2031702031302 Group Member: Huynh Xuan Nhu Lé Nguyén Quynh Nhu Tống Ngọc Hồi Thương Nguyễn Hồng Trúc Mai
the
cocoon ORIGINAL VIETHAN
Ho Chi Minh City, August 2021
Trang 2MINISTRY OF FINANCE UNIVERSITY OF FINANCE - MARKETING Class: CLC_19DMAO1 INTERNATIONAL MARKETING PLAN FOR WINTER MELON CLEANSER OF COCOON VIETNAM Course ID: 2031702031302
No Student name Student ID
1 Huỳnh Xuân Như 1921001311 2 Lê Nguyễn Quỳnh Như 1921001345
3 Nguyễn Hồng Trúc Mai 1921005520 4 Tống Ngọc Hồi Thương 1921001369
Ho Chi Minh City, August 2021
Trang 3
MEMBER'S GROUP WORK ASSESSMENT No STUDENT NAME STUDENT ID | CONTRIBUTIONS (%) 1 Huỳnh Xuân Như 1921001311 100%
2 Lê Nguyễn Quỳnh Như 1921005747 100%
3 Nguyễn Hồng Trúc Mai 1921005520 100%
4 Tống Ngọc Hồi Thương 1921001369 100%
Trang 5— 3 to ch TABLE OF CONTENT Executive SUIMITFV Án TH TH TH HH TH Tà Hà Hàn Hà kh I8 hố ố ố ố ốố ốằằẦ 1.2 ODjeCtiVe nh ố ố ốốốốốốốố ố ẻ ằeằằ SIuatlon AnaÏYSIS «cà LH Hà Hà Hà HH Hà it 2.1.Company Ànđ4ÏYSI§ HH LH HT TL Hà HH HH Hà HH HÊp 2.2 Home-COUntrV COIISÍT8ITS - à x HT n TT Hn HHH HH ry
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Trang 7LIST OF PICTURE
Picture 1: POsfer OŸ DFOUCT - Ăn TH HH HT HT HH Hàn Họ TH nh th Ti Hà Hà He vì Picture 2: Image of breakdown charts of popular (often useđ) skin Care I€INS -<-+- 3 Picture 3: Positioning map of cosmetic market in OF€A - Án HH HH HH Hiện 13 Picture 4: Product đesign OŸ COCOOH cc ee HT Hà HT Lọ Tà HH Tà Hà Hà HH Hit 17
Picture 5: Winter Melon Cleanser OŸ COCOON HH1 TT Là LH Hà Hà Hàn Hàn 18 LIST OF TABLE
Trang 8Expected poster of Winter Melon Cleanser product poster when entering the Korean market:
COCOON ORIGINAL VIETNAM
Picture 1: Poster of product
Trang 91 Executive Summary
1.1 Problems
Korea is considered a leading country in the world of cosmetics market, when people mention to cosmetics, they will immediately think about Korea, this is considered a "fertile" market that any brand Every cosmetic wants to aim for But not all brands have the courage to bring their products to this market
Cocoon Original Vietnam, a pioneer and famous vegan cosmetic brand in Vietnam, is confident in bringing Winter Melon Cleanser of Cocoon Vietnam to the Korean market for development
Opportunity: Korea is a country that is very fond of beauty, and according to a survey, women here give a lot of priority to using natural cosmetics And Winter Melon Cleanser of Cocoon is the product that meets this requirement
If it can stand firmly in Korea, it will certainly bring Cocoon to a new level of value, bring
Vietnam's natural cosmetic brand to the world market and create a firm belief for other cosmetic
brands in the future want to enter these markets It will also be a solid premise for Cocoon to go to many other countries in the future
If the plan fails in Korea, this will be a lesson and an experience to help Cocoon build and adjust its ability to penetrate markets, thereby offering many new directions and good ideas and do not give up new market choices in a more appropriate direction
1.2 Objective
After one year of operation, the brand awareness of Cocoon and Winter Melon Cleanser of
Cocoon has increased in the minds of Koreans
Target customers in this market know and understand the Cocoon brand of Vietnam 7-10% increase in new customers every quarter
Trang 102 Situation Analysis 2.1 Company Analysis Cocoon has been entering the Cosmetics market for 3 years since 2018 with 100% vegan cosmetic lines and belongs to NATURE STORY COSMETICS COMPANY LIMITED Vegan cosmetics are also starting to become a favorite trend of many people following a green lifestyle That is the reason that motivates the company to research and constantly produce 100% natural cosmetic products that keep the nutrients of Vietnamese plants
“+ Philosophy:
For Cocoon, it would be great to include foods rich in vitamins, antioxidants and minerals from Vietnamese plants in cosmetics to enhance skin health - meeting the expectations of customers: safe, effective and not of animal origin * Mission: Applying the benefits of the food around us combined with a scientific understanding to create cosmetic products that are safe and effective for everyone “+ Commitment: 100% ingredients are clearly sourced and safe for the skin 100% vegan
100% never tested on animals
Cocoon cosmetic formulations are researched and tested by laboratory tests (in- Vitro test) or on volunteers (in-Vivo test) They do not perform tests on animals such as rabbits, mice, fertilized egg yolks, etc because of their humanity and undying promise to customers and the community
Cocoon is also the first Vietnamese cosmetic brand to be certified "not tested on animals
Trang 112.2.Home-country constrains
2.2.1 Political
Political and security situation is stable
The legal system is increasingly adjusted to suit the current economy
The economy is open after our country joins the WTO, after our country joins the WTO, the economic policies are more suitable not only for Vietnamese enterprises but also for foreign enterprises who want to invest in the country
2.2.2 Economic
According to the General Statistics Office, GDP in the first 6 months of 2021 increased by 5.64% Moreover, GDP in the second quarter of 2021 increased by 6.61%, higher than the increase of 4.48% in the first quarter of 2021
Vietnam is one of the rare economies with positive growth while the whole world is experiencing unprecedented growth Accordingly, inflation was kept below 4%, a large trade surplus of nearly 17 billion USD, foreign direct investment remained high
Covid-19 raises awareness of personal infection prevention and is predicted to increase the demand for safe and healthy cosmetics for the skin
2.2.3 Social
Popular skin care items (often use)
Facial cleaner Sunscreen Facial moisturiser Toner
Facial oil or serum Facial mask Eye cream
e&®6
Facial cleanser (including makeup remover) is most commonly used followed by Sunscreen and moisturiser
Q Among those, which products do you use often? O8Ne
Trang 12A survey conducted by Q&Me in 2020 shows that in big cities like Saigon and Hanoi, they are willing to spend more on skin care cosmetics and makeup products
According to the survey, the need for women's skin care is increasing The most used skin care product is facial cleanser, accounting for 77%
Consumers increasingly place importance on quality Origin and raw materials are the two factors they are most concerned about, the price factor is no longer as important as before
Natural and organic cosmetics remain in the priority of consumers (Source: Euromonitor) Today, consumers can also check ingredients, see how safe those ingredients are through a phone app
2.2.4 Technological
The number of Internet users in Vietnam in January 2021 is 68.72 million Social network users increased by more than 7 million from 2020 to 2021 The number of mobile connections in Vietnam in January 2021 was 154.4 million 2.3.SWOT Strengths Weaknesses 100% natural extracts Cocoon is known as one of the pioneering domestic brands for vegan cosmetics in Vietnam
Reasonable price, easily accepted with diverse target audience
The first Vietnamese cosmetics certified PETA's vegan and animal-free certification The brand always inspires and spreads
positive messages through many
meaningful programs towards the
Cocoon has no experience in bringing its brand to foreign markets
The effect of using it must not be impressive the first time
Haven't made a difference in positioning yet
Trang 13environment - The composition is transparent and public, with clear commitments - Famous for the effective use and beauty ability of squash and gotu kola Opportunities Threats
- The Korean market is a place of stron a _
P ey Encountering initial risks, difficulties, and
devel everopment oF cosmene oranes tof tic brand: challenges in the new market
- Thed © CoMANC d for beaut TOP DCAULY POCUCES WHO Vegan | | ducts with Facing strong competitors, having a place in
natural cosmetics is increasing day by da
B may OY OY the minds of consumers
- Developing the brand abroad and b CWC OPHE ĐC DIẠNG ADEOAC AHG DĐCOHUBŠ | i Divergified costs and new policies in new ¬- ¬
more widely known, creating a premise for
y > gap markets other than Vietnam
other market penetration plans
- Products from different countries can make - The opportunity to collide with strong Korean customers apprehensive when
competitors in a large market creates more P & intending to buy products experience to perfect products of the same
brand
Table 1: SWOT analysis
3 Internal Environment of Cocoon
3.1.Market knowledge
The cosmetics market is an industry with the best prospects for Korea:
- Korea is one of the world's fastest-changing beauty markets, showcasing industry-leading innovations and design trends established globally
Trang 14- Many global companies are strategically acquiring K-Beauty startups and brands to stay on top of the market's latest beauty trends Products and claims with cleaner labels, such as non-toxic and eco-friendly, among others, have become more prominent in the market
- Korea ranks 9th largest cosmetics market in the world, accounting for nearly 2.8% of the global market In 2018, the cosmetics market was estimated to reach $9.3 billion
- The Korean cosmetics market is expected to grow at a CAGR of 5.22% during the forecast
period (2021-2026)
Natural cosmetics are gaining popularity of clean, organic and vegan beauty, leading to an increase in conscious cosmetic consumers, enabling halal beauty to flourish In addition, with growing health concerns due to the harmful effects of artificial ingredients used in the production of beauty products, there is a growing demand for halal cosmetics in Korea Korean cosmetics certification is on the rise, supported by the number of halal certification bodies (HCBs) in the country, making Korea the main market for halal cosmetics, so it can be developed in the long term vegan products in Korea
“> Comments on Korean cosmetic market compared to Vietnam:
Korea is a young market, with a great demand for cosmetics, which is very suitable for penetration, development and creating a long-term foothold However, they will face many challenges, initial risks, encounter strong competitors, need time to confirm the quality of cosmetics, come up with operational strategies, and customer retention policies , especially must have a different color compared to strong competitors, Because Korea is a country of many large and small cosmetic brands, it is necessary to give Cocoon a firm and long-term foothold in the Korean cosmetics market
The development of society still has its downsides as the quality of life is less and less guaranteed due to unsafe food, environmental pollution, pressure Therefore, although the cosmetic market is always growing at a high rate, consumers, especially women, are tending to use cosmetics derived from nature
3.2.Competitive Advantages
Trang 15Cocoon confidently asserts its brand in foreign countries accurately, in accordance with the target customer group and makes a difference from competitors “+ Specific benefits: Safe — Natural — Long — Lasting effect — Gentle — No skin irritation “+ Distinct advantage: Cocoon with squash Essence and Centella extract give customers beautiful healthy skin Cocoon is the only Vietnamese cosmetic brand with the "no animal testing and vegan" certificate granted by the global animal rights organization PETA
The perfect combination between the two best and most popular natural ingredients in the world helps Cocoon's face wash gel to serve the needs of many different customers
4 External Environment of Cocoon
4.1 Competitors
Kiairs: Dear Klairs was first established in 2010 with a focus on researching ingredients and raw materials for skincare aimed at soothing sensitive skin By 2021, Klairs has appeared in more than 50 countries around the world that have been trusted to use Klairs is currently one of the best- selling product lines in the land of kimchi
Be Plain: A company established in 2018, but Be Plain has quickly gained the trust of customers in Korea This brand also focuses on environmental protection, being friendly to animals, especially the marine environment So much so that they released the 'Ocean Cleanse’ cosmetic line to raise awareness and protect the Ocean Be Plain has since won the hearts of consumers in Korea and is on the way to development
Cosrx: This is considered the most famous brand in Korea Founded in 2015, Cosrx is truly a brand you can trust to deliver skin-focused products with effective ingredients Additionally, they pride themselves on providing skin- and animal-friendly ingredients, and using no harmful additives like mineral oil, talcum powder or Parabens