Chuyên đề tốt nghiệp: A study of sales activities performance At savills viet nam limited company – ha noi branch from 2019 to 2021

INTRODUCTION OF THE COMPANY

General informafion .- - - Gv SH ng gu 4

Figure 1.1: Logo of Savills Public Limited Company

Source: https://www.savills.co.uk/

Savills Public Limited Company or Savills is a global real estate agent, which is headquartered at 33 Margaret Street, London, United Kingdom The group whose Vietnamese subsidiary is “Công ty Trach nhiệm hữu han Savills Việt Nam” is currently chaired by Nicholas Ferguson, CBE (Commander of the Order of the British Empire) Entering the Vietnamese market in 1995, the company has two main offices in both regions of Vietnam; the Northern office is on Floor 21, West Building - Lotte Center Hanoi, 54 Lieu Giai, Cong Vi Ward, Ba Dinh District, Ha Noi City, Viet Nam and the Southern headquartered is in Ruby Tower, 18th Floor,

85 Ham Nghi Street, District 1, Ho Chi Minh City Matthew Powell is the head of the Hanoi office at Savills Vietnam covering the North and Central regions.

Savills Group is one of the world's leading property agents Established in the UK in 1855, the corporation now provides a variety of real estate services around the globe, with 600 offices across the Americas, Europe, Asia Pacific, Africa, and theMiddle East Through its global networks, the company easily offers big organizations and clients worldwide a whole set of customer services such as commercial leasing, expert advisory, research and consultancy, and property management Currently there are over 39,000 people working at Savills globally

Luong Ngoc Tuan — 11195588 - Business English 61C in more than 70 countries This breadth of international coverage, combined with specialist services and market insight, means it is relatively accessible to Savills.

Having in-depth knowledge and expert advice across all property sectors, Savills serves multiple needs of clients For over 160 years, the company has been advising on buying, selling, and renting real estate products from country cottages to city center offices, agricultural land to new-build developments Additionally, a market research service which gives insight into current market trends and predictions for the future is supplied by Savills There are also real estate valuation services, property and assets management, residential and commercial sales, and industrial leasing and investment advisory Some of their core services or “key words” for Savills are residential and commercial leasing, consulting service, research, property management.

Listed on the London Stock Exchange in 1988, the group’s total market capitalization is approximately GBP1,341.03 million as of September 17th, 2022. The main shareholders of the group are as following: Global Alpha Capital Management Ltd., Heronbridge Investment Management LLP, Jupiter Asset Management Ltd., Liontrust Investment Partners LLP, Aberdeen Asset Investments Ltd., BlackRock Investment Management (United Kingdom) Ltd., Evenlode Investment Management Ltd., BlackRock Fund Advisors, The Vanguard Group, Inc.

As a global company, Savills always puts professional business ethics on the top by utilizing real-world analysis to develop a long-run and effective real estate system At the same time, corporate social responsibility is also one of Savill’s priorities with their charity and environmental activities done periodically.

Savills Vietnam Limited Company was established in 1995 with two main offices in Ho Chi Minh City and Ha Noi Since then, the business has brought wide- ranging specialists and local expertise to offer best-in-class guidance as they help individuals, businesses and institutions make smarter property decisions Savills also lays a stress on recruiting and cultivating highly qualified, brave, and accountable human resources.

Luong Ngoc Tuan — 11195588 - Business English 61C

Savills Public Limited Company was established in 1855 by Alfred Savill in the

UK, with the original name as “Savill and Son” He founded the first Savills office at 27 Rood Lane, London.

In the 1870s, the company moved its office to 3 St Helen’s Place where the Worshipful Company of Leathersellers’ Estate — a subtenant was previously located Plenty of Lords of Essex hired Alfred for the purpose of professional advisory.

Alfred passed away in 1905, after that his sons including Alfred Junior, Norman and Edwin forged a strong partnership whose activities remained largely agricultural despite having their headquarter office in the city.

In the 1950s, Rees-Reynolds and Hunt, valuation advisors specializing in commercial real estate investments, merged with the company This is in line with Alfred's plans to diversify services which Savills was going to offer.

At the dawn of the 1970s, the company's name was changed to Savills, and about

10 years later, after its transformation into a limited company, Savills was fully listed on the London Stock Exchange and changed its name again to Savills PLC in 1988.

In 1997, the company formed a joint venture with First Pacific Davies Limited (Hong Kong) (FPD) to become FPD Savills, which helped Savills cement its expanding footprint in Asia FPD Savills became “Savills” for the first time in

2005 when its international business was consolidated under one brand.

A number of large scale acquisitions were made by Savills over a 10-year period starting from 2010 to 2020 with the main purpose of catering to their huge expansion to become a super brand in the real estate sector Some examples can be listed: in Germany with IPAM GmbH acquisition, United States of America with Studley Inc., Spain with Aguirre Newman, Middle East with Cluttons network, India, South Korea with Samsung Life Insurance, North America with Macros and Advisors T3.

Savills officially joined Vietnam in 1995 under the name of Chesterton Petty'sRepresentative Office With the background as a 100% foreign-owned enterprise licensed to operate since 1998, Savills chose to penetrate major markets in Ho Chi

Minh City and Ha Noi Chesterton Petty Vietnam was the company's previous registered name until May 2007, when it became Savills Vietnam Currently, Savills Vietnam has more than 1,800 employees working for both offices.

Savills Hanoi’s office, which was located at the Leadvisor Place at 41A Ly Thai

To Street, Hoan Kiem District, Ha Noi, is now at the Lotte Center on the 21* floor.

This office takes charge of the real estate market from the North to Da Nang city. Meanwhile, the Savills Viet Nam’s headquarter is at the Ruby Tower, which is located in District 1, in the midst of Ho Chi Minh City’s bustling central business district The main office is responsible for the real estate market ranging from Da Nang down the South.

Several buildings managed by Savills team in Ha Noi are Artemis Tower, BIDV Tower, Sun Grand City, Samsora Premier, PVI Tower, Mandarin Garden,

Goldmark City, Savills Ho Chi Minh City holds accountable for some buildings such as The Vista, Masteri Thao Dién, Harbour View Tower, The METT at The

Organizational structure and functions of departments

At present, Savills has 8 members on the Board of Directors including one Chairman, two Executive Directors and five Non-Executive Directors.

Table 1.1: Savills Board of Directors

Nicholas Ferguson Non-Executive Chairman

Mark Ridley Group Chief Executive Officer

Simon Shaw Group Chief Financial Officer

Independent Non-Executive Directors Dana Roffman

; Senior Independent Non-Executive Stacey Cartwright ;

Group Legal Director and Compan

Savills' flexible business strategy and diversity of business models allow them to expand the company organically as well as through strategic partnerships and acquisitions They aspire to create a wide network of partnerships no matter where their clients are, to allow access to the best quality and quantity of market data, communication, and guidance.

To promote effective decision-making, Savills adopts a flat governance structure. This encourages employees to keep a flexible mindset to satisfy even the most demanding customers The following charts illustrate how Savills divides their management by region, branch, and subsidiary, and how the structure of each branch looks like:

Savills Savills Asia Investment Pacific Management Savills Savills Savills Europe

North America UK & Middle East

Figure 1.2: Group Structure of Savills

Managing Director Deputy Managing Director Branch Director

SERVICES INVESTMENT AGENCY-LEASING RESIDENTIAL

Source: Savills PLC, 2022 1.2.2 Functions of each department

The Business Development Department is involved in compiling lists of potential clients and presenting to them the advantages and disadvantages of the projects which they are interested in, which helps to enlarge the company’s client base. They assist in elevating these possible leads from the top of the sales wish-list to the goal of becoming a paid client.

The Public Relation and Marketing Department actively develops marketing plans to promote a particular product in real estate to sell that product in larger volume. This department is also responsible for PR strategies to maintain Savills reputation and keep a positive image of the company, looking into business prospects and performing periodic checks and evaluations to ensure the quality and uniformity of their materials.

The Finance Department is responsible for raising money for Savills, managing the inflow and outflow of cash in relation to the company, and determining how the money will be spent on different assets and different operations It is essential for the company as it provides important data for the director to find the optimal strategic solutions for the corporation.

The Human Resources and Administration Department has a big role in processing personnel data and updating corporate policies, helping with the recruitment

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process including employing staff, interviewing, training, etc, and assisting with daily activities of the company to keep operations running smoothly.

The Advisory Services Department does tasks of conducting feasibility studies, both general and specific market research in real estate, valuations, best and worst case studies, development assessments, economic and demographic research of the researched project and then offering conceptual development recommendations for investors The team provides accurate and timely analysis, research and commentary on all sectors of the market.

The Agency Department takes responsibility for managing to acquire deals concerning retail leasing and consultancy Both office and industrial leasing are also included in their daily work.

The Residential Sales Department would be involved in several jobs related to project sales and new residential project launch This team is also in charge of residential renting such as apartment renting and international sales.

The Property Management Department covers all types of assets from large-scale shopping to commercial properties, residential blocks to township The role of this department is providing advice, management consultancy, facilities management, property and assets management They also take care of management training for the project’s clients and personnel assignment Moreover, they assist with promoting the building’s image by their services and practices.

The Hotel and Leisure Department has to conduct management agreement negotiations and select an operator to manage existing projects and acquire new deals of recreational and leisure properties.

The Investment Department has their own priority tasks on structuring stakeholder engagement, positioning project strategies, doing deals of acquisition and sales of other companies or new real estate products.

The Transactional Advisory’s stream of business provides clients with services that assist them in their decision making throughout the transaction phases of their purchase or sale of real estate products, including houses, apartments, entertainment, and agricultural properties The residential sales which are

Luong Ngoc Tuan — 11195588 - Business English 61C responsible for introducing, launching, and selling residential properties such as apartments is part of this important business.

This activity segment contributes greatly to Savills’ revenue with the largest proportion of nearly 42% in 2021.

Savills performs a variety of services through day-to-day control of residential, commercial or industrial properties, such as acting as the initial point of contact for tenants, building personnel, and maintenance agreements, collecting rent and fees from tenants, drafting contracts, issuing purchase orders of equipment for the building, paying bills, performing promotional tasks to fill property vacancies, and completing administrative tasks including income statements, occupancy reports.

This business activity comes second in the company’s total revenue, accounting for 35%.

The consultancy service offers clients who wish to buy or develop their own properties through professional guidance and recommendations It would be performed by the Advisory Services Department, who would carry out numerous research to evaluate the rating and valuation, therefore, they could provide customers with in-depth project management plans of development and investment.

This business activity demonstrates its impressive impact on the group operation with 18% of total income in 2021.

Asset management concentrates on the financial side of the investment property.

In addition to increasing the value of the property, it genuinely seeks to generate the optimal return on that investment Some of the tasks that might be involved in the process of this service are creating long-term financial predictions and strategies, regulating the investment property's cash flow, minimizing expenses while boosting the property's return on investment (ROD, providing choices or recommendations to the investors on how to boost the property's value.

This business line is still in its early stage of development and needs to improve further due to the poor statistics of only 5% contributed to the group revenue.

Achievement and awards 0 cccccccecceeceeseeseeeeeeseeeeeeseceeeeeeeeaeenss 11

Savills consistently won the title of "Graduate Employer of Choice" for properties during the years of 2019 and 2021, beating out all of its rivals including Jones Lang LaSalle (JLL), Coldwell Banker Richard Ellis (CBRE), Knight Frank, Savills has achieved this status for 15 consecutive years.

Savills also constantly received the "UK Business Superbrand" award in the field of real estate advisors and agents over these years With these combined winnings, the business has been recognized as one of the top market leaders for the fourteenth consecutive time.

Savills also took home two consecutive victories at the RESI Awards with

"Residential Consultancy of the Year" in 2020 and "Sales and Letting Agency of the Year" in 2021 These two awards have acknowledged the group’s dedication, perseverance, teamwork, and very high levels of client care offered throughout each real estate transaction.

Savills was honored as the "Global Real Estate Advisor of the Year" at the EGAwards 2020, receiving such distinguished recognition from the industry.Notwithstanding political turmoil in some parts of the world, according to the competition's judges, Savills was able to grow in 2019 by elevating its profile in important markets and increasing its market share globally.

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The department of residential sales at Savills Vietnam is a group of skilled professionals committed to supplying high-quality property services to clients who look to buy, sell or rent residential properties in Vietnam With broad knowledge of the local real estate market and access to a variety of property projects, the department provides individualized solutions to satisfy the demands of each customer The staff at Savills Vietnam’s Residential Sales are dedicated to delivering great outcomes and exceeding expectations whether it is a luxury apartment, penthouse or just a rented one Focusing on customer satisfaction and dedication to excellence, the residential sales department at Savills Vietnam is now a trusted partner for anyone trying to make their way through the perplexing Vietnamese real estate market.

1.5.1 Savills sales department’s organizational chart

Marketing/Adminis- Sales Consultant Sales Consultant trator

Figure 1.4: Savills Residential Sales Department's Structure

The residential sales department at Savills Vietnam is in charge of real estate brokerage in condominium in the Vietnamese market This department provides marketing and distribution services of apartment units for property developers by catering sales services such as buying and selling, transfering The organizational chart of the sales department follows a flat pattern which shows flexibility in message communication Each member of the sales department performs different tasks and takes individual responsibilities; however, they must report directly to the head of sales.

Senior sales manager: lead and take charge of the sales activities of the company. They make strategic plans of sales and put them into operation, build and expand working networks with real estate developers and clients The head of the sales department also holds accountable for creating a system of loyal and potential customers and arrange training lessons for employees.

Sales assistant: work in supportive relations to the sales manager This position plays an integral role in assisting the head in planning and implementing sales launch as well as conveying orders and guidance to the sales staff.

Sales consultants: research and learn about apartment projects on the market They seek customers who look to buy residential apartments and then provide consulting services of project’s legality, payment procedures, sales policy, site visit, official contract of sale, etc.

Marketing/Administrator: manage administrative work in the department such as preparing sales documents, arranging client meetings, and making sales revenue reports Additionally, this job requires promotional activities of projects on the website and on the company’s social pages.

1.5.2 Savills sales department’s projects for sale

Savills Vietnam provides a wide variety of services in real estate such as research and consultancy, valuation, property management, etc The sales services are also a major business and contribute considerably to the growth of this firm Savills Vietnam’s Residential Sales is currently selling a number of project apartments from large and reputable investors in the market In particular, Savills Hanoi team is having major business partnerships with giants in real estate such as Vinhomes with Vinhomes Smart city, MIK with Imperia Smart City, BRG with BRG Diamond Residence, Trung Thuy Group with Lancaster Luminaire, The projects which Savills Hanoi is putting on sale are across the city in convenient locations. Those are apartments with varied areas, amenities, prices, and different handover conditions; however, they are mostly from mid-end to high-end apartment units. The following map will present several apartment projects that are being sold by Savills Hanoi team: xã Thương Cat a Xã Đông Ngac Phường Phu Xã Yuân Canh

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Figure 1.5: Savills Hanoi's Property Map

Source: https://residential-eportfolio.savills.com.vn/0001.html

Additionally, the sales department has its own _ e-portfolio website (https://residential-eportfolio.savills.com.vn/0001.html) used for displaying the projects that the team is selling This is an informative, eye-catching and helpful site because customers can access and learn about these projects and make contacts with the team of consultants The picture below provides an example of a project that is on sale and how it is presented on the website:

675-677 LAC LONG QUAN , TAY HO, HANOI

Heritage West Lake is a luxury project in Tay Ho,

Hanoi This 25-level building is home to 173 business apartments managed by The Ascott Limited, The project also has 207 five-star serviced apartments,

Developer: CapitaLand - Hien Duc JSC

+ 25- level tower with 173 apartments + 4-level basement

+ 3-bedroom units (145 sq m) + 4-bedroom units (181 sam) + Duplex (267 sqm)

+ Penthouse (328 sqm) operated and managed by Somerset Residents also enjoy panoramic views of West Lake + Duel key units (112 sq m)

+ Freehold ownership for Vietnamese buyers + 50-year ownership for Foreigners.

Rare positioning in West Lake

Developed by CapitaLand, one of Asia's largest real estate groups

Opposite Ciputra Hanoi International City PRICES START FROM

Outstanding panoramic city and lake views US$3,500/sq m

First heated, outdoor sky pool 1-1 car parking

It cannot be denied that Residential Sales play a significant role in business services of Savills company Amidst the negative real estate news and the declining performance of properties in Viet Nam, Savills has actively implemented sales programs to magnetize customers.

To sum up, chapter I Introduction has delivered a brief description of Savills Group and its subsidiary Savills Vietnam regarding brand profile, establishment and development, structure of group, departmental functions, and business services In this chapter, an introduction to the Department of Residential Sales was also included In the following chapter, foundational theories of sales concept will be provided as a base before going deep to analyze the company’s sales index and performance.

THEORETICAL FRAMEWORK cà 16

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The characteristic of a market economy is the exchange, purchase, and sale of goods back and forth between suppliers, manufacturers, and consumers Therefore, selling and sales are understood in numerous ways and from different angles The research will present several definitions of sales to grab a broad range of sales for further discussions.

According to Kotler (2001), “Sales are the personal presentation of a product or service by a company’s sales force with the goal of closing sales and building relationships with customers’’.

Besides, Phuong (1996) stated that sales are a highly selective form of communication that allows marketers to deliver persuasive messages to buyers with specific needs This opinion confirmed the importance of communication towards the success of a sale deal.

From the viewpoint of Commer (2005), the concept of sales seemed to expand as he described that sales are a process in which a seller explores, discovers, elicits, and fulfills the buyer's needs and desires in order to meet the long-term satisfactory interests of both sides His view of sales was supported by Ernest (2007) who claimed that sales are a set of procedures which identify the needs and wants of potential buyers, introducing products in a way that leads to their buying decision.

Generally, these definitions of sales have something in common despite differences in expressions and spheres It is possible to conclude that sales are a whole process where sellers not only meet the demands from potential buyers, but they also explore, identify their needs, or even create their needs and then meet their requirements.

Sales activities in commercial enterprises play a particularly important role (Duc, 2017) Several roles of sales operations in a firm can be presented as follows:

Firstly, Consume product or service: in companies that sell products and services to corporate customers like IBM or Dupont the company's sales force works directly with customers to sell products Meanwhile, in companies selling consumer goods like P&G, Nike or Unilever, the sales force plays an important role behind the front office The sales force works with wholesalers and retailers to seek support and help them be more efficient in selling the company's products. Anh (2017) also affirmed this viewpoint by arguing that sales enable goods flow from the production unit to the consumer Sales help businesses to find people to use the products they produce and help consumers to obtain the goods they need.

Secondly, Create two-way personal communication with customers: this action is performed via in-person meeting, telephone call, online webinar or other means of communication.

Thirdly, Adapt products to customers' special needs: Salespeople can investigate customers to understand their problems and then tailor the selling proposition and product elements to suit the special needs of each customer.

Finally, Build customer relationships: The sales force plays an important role in building profitable customer relationships In this relationship the salesperson represents the company in front of the customer They find and discover new customers, communicate information about the company's products and services. They sell products by reaching out to customers, presenting products, responding to feedback, negotiating prices and terms of sale, and closing deals Salespeople also provide customer service and conduct market research of customers and competitors Moreover, salespeople also represent customers before the company because they act as a "guardian" of the customer's interests in the company and manage the relationship between buyer and seller Salespeople capture and communicate problems customers have with the company's products and work with others within the company to resolve these issues.

Therefore, it can be said that sales activities represent a comprehensive and independent function because salespeople not only search and introduce products to close deals but also have to perform many other activities such as: market forecasting, communication implementation and sales promotion.

2.1.3 Content of sales activities in a commercial company

According to Ingram (2009), sales operations in a commercial firm are associated with a wide range of activities which contains the following:

2.1.3.1 Research the market and identify selling opportunities

For a company to expand their business and grow, market research is an essential job to make sure that their sales operations would go on the right track Nowadays, the market is fluctuating so commercial firms need to conduct market research on a regular basis The objective of this activity is to identify the possibility of selling a product in a particular location On that basis, the company improves its supply capacity to satisfy the needs of customers.

2.1.3.2 Develop sales strategies and plans o Sales strategies

In the market economy, every sales agent is an independent business unit which has to deal with three main goals of its business goals: profit, business expansion, and safety Profit is the top objective of a commercial company To earn profit, the business needs to sell its goods or services or in other words, the company’s products must meet the needs of customers Sales strategies are a journey which indicates goals, policies, and plans (Miller, 1993) They are an entire long-term action plan of an enterprise to effectively use resources to achieve its goals and objectives. o Sales plans

A sales plan is a plan that defines the route and way to achieve the target sales and profits in a certain area for a specific product with the resources required to accomplish that goal with specific priorities to each product/market The sales plan may also represent the individual responsibilities of the sales staff in a given territory and be distributed among the individuals responsible for that area To make a sales plan, the sales force needs to do the following:

TH Determine Develop Implement y sales target sales plan plan

This is the stage of identifying and analyzing the sales planning bases In order to make a correct, scientific and realistic sales plan, businesses need to rely on certain criteria related to the entire business activities of the business It is about identifying evidence and using that as a basis to conduct planning accordingly.

Based on forecasts of business development in the planning period related to: o Markets and customers having needs and capabilities for the business’ products o Business strategy of distribution intermediaries, target markets o The ability to grasp customer needs, develop the market and the volatility of the source of goods Based on the analysis of the supply capacity of competitors and substitutes: o Based on purchase and sale contracts signed with customers This is a legal document that needs to be strictly adhered to in order to ensure the achievement of the business's objectives, mission and reputation with customers and business partners. o Competitors are also an important factor to build a sales plan Enterprises must regularly compare product prices with close competitors to take the initiative in business. o Some other bases such as the expected increase in circulation costs, the government's macro-regulatory policies affecting the products that businesses are trading, and objective external conditions.

On the basis of the current business situation of the enterprise, the sales volume, the changing trend of the sales volume for different products, the movement of competitors, substitute products and compulsory products, enterprises determine sales targets for each type of product and region in a certain period of time When setting the sales target, sales managers have to follow the SMART principle which is Specific, Measurable, Attainable, Realistic, Timebound (Jobber, 2011) This requires that a salesperson aim at specific targets for each week, month or quarter. Develop a sales plan

After setting sales targets, it is necessary to develop a sales plan which identifies the form of sales the business is going to apply There are many different forms of sales, so choosing the right form of sale is very important to achieve sales targets. Those forms of sales are classified according to different criteria, each of which indicates different forms of sale. o By location: There are warehouse sales, store sales, customer’s location sales. o By sales size: There are two sales methods: wholesale and retail. o By selling method: There are sales by contract and order, auction, exporting. o By method of payment: There are lump sum and installment payment methods.

Factors affecting sales activities performance in a commercial D1111) 2002727077

a company’s sales activities According to Grant (2016), these factors can be both internal and external factors of a business and be divided into two main groups of factors: objective and subjective factors.

Political: Political factors which refer to the ways in which government policies, regulations, and political stability can have a significant effect on sales activities performance in a commercial company These factors may affect the firm’s ability to sell its products and services because the government could exercise their influence on the competitive environment of a business through various methods such as regulation, taxation and public sector spending For instance, a change of tax in a particular product or a type of service can affect the demand for that product, which ultimately has an impact on a company’s sales Similarly, political instability can also impact sales, as it can lead to a decline in consumer confidence and investment.

Political factors can also affect input costs, which can influence a company's profitability and competitiveness For example, if a government imposes tariffs on imports, this can increase the cost of raw materials, resulting in higher production costs for companies that depend on those inputs.

Economic: The effectiveness of sales operations can be dramatically impacted by economic factors Economic indicators and statistics like GDP, inflation rate, GDP per Capita, unemployment rate have remarkable impacts on consumer spending and confidence, which may in turn impact company sales Likewise, a company's capacity to create sales and income can be impacted by economic situations like recessions or economic downturns.

Social: Social factors can also make differences in the performance of sales in a company Social shifts in demographics, consumer preferences, attitudes and lifestyles may determine the demand for different products and ways of selling techniques Therefore, it is important for a sales firm to conduct careful research before implementing sales activities in a particular region.

Technological: Technological factors involve the effect of new technologies, innovative creations, and the speed of technological change on an enterprise These determinants Technology-related aspects can affect a business's competitiveness and sales operations (Grant and Jordan 2015) Businesses may find new ways to enhance their operations, procedures, and goods as a result of technological improvements, which could boost their competitiveness and sales Technology can also threaten existing goods and services, posing new difficulties for enterprises.

Technology can open up new doors for companies to launch cutting-edge goods or services that can boost sales, according to Porter (1985) For instance, the development of the internet and e-commerce has given firms new ways to connect with clients and sell their goods Therefore, by monitoring technological advancement and utilizing new technologies, businesses can improve their sales performance.

Legal: The legal environment has a great influence on the performance of sales activities of enterprises Legal factors can impact a business’s sales activities through various ways such as regulations, competitive laws, consumer protection laws, antitrust laws, credit restriction These elements can affect the company’s access to markets or other resources, and client bases.

Environmental: Environmental determinants can create a considerable impact on business activities Environmental issues like climate change, resource exhaustion and natural catastrophes may impact the availability of cost of raw materials for products, which can lead to a change in business’s capacity to create sales. Moreover, shifts in consumer perceptions of environmental issues may have an impact on the demand for particular goods and thus, on sales It should be wise for a commercial company to take environmental issues into consideration when starting sales plans or implementation.

According to Porter (1985) in “The five competitive forces that shape strategy”, the micro-environment can exercise influential impacts on corporate sales performance The author pointed out that a firm’s competitive position is affected by five key forces: customers, competitors, suppliers, potential competitors and substitutes.

Customers: Customers are an important micro-environmental factor that can impact sales performance Customers of enterprises often differ in education level, age, preference, income, consumption habits Therefore, the correct determination of customer behavior can be made through the sales force of the business. Businesses need to conduct research on their customer data and deploy a qualified sales force to give insights to them This ensures that sales activities bring basic benefits to consumers such as providing them with complete and accurate information about products, meeting their desires by an enthusiastic and effective attitude Businesses can customize their sales and marketing strategies to enhance

Luong Ngoc Tuan — 11195588 - Business English 61C sales by taking into account the demands and preferences of their customers. Furthermore, offering first-rate customer service can result in repeated business and positive word-of-mouth recommendations, both of which can boost sales.

Competitors: Competitors are another microenvironmental factor that could affect sales performance Companies can design strategies to differentiate themselves and obtain a competitive advantage by understanding the strengths and weaknesses of their competitors Companies can also modify their sales and marketing efforts to be competitive by keeping an eye on competition pricing and promotional activity.

Suppliers: Another microenvironmental element that may have an impact on sales performance is suppliers The ability of a corporation to produce and sell goods can be impacted by the standard and accessibility of raw materials or other inputs.

As a result, maintaining a solid supply chain and developing strong connections with suppliers can help businesses keep up sales.

Potential competitors: Companies that are considered potential competitors are not direct competitors right now but may enter the market and compete against the company in the future The prospective entry of new rivals can put pressure on the company to decrease prices to be able to compete Profitability and sales income may suffer as a result.

Factors affecting sales activities performance of Savills Vietnam

According to Savills Vietnam, the sales performance of the company during 2019

— 2021 was majorly impacted by a few external environments such as economic context, social, legal settings and the real estate market in Vietnam Particularly, the sharp decline in the Hanoi apartment market impacted the company's sales.

Figure 3.3: Hanoi Annual Apartment Sales

Luong Ngoc Tuan — 11195588 - Business English 61C ° Economic environment

This environment has had huge impacts on the sales activities of Savills Vietnam. According to The General Statistics Office of Vietnam, with a GDP growth rate of 7.02% in 2019, Vietnam's economy continued to expand rapidly, above the government's target of 6.6—6.8% Vietnam's GDP growth rate exceeded 7% for the second consecutive year, making it one of the world's fastest-growing economies. The average annual inflation rate in Vietnam was relatively stable, reaching 2.27%. The Vietnamese dong remained stable against the US dollar, with the central bank maintaining a flexible exchange rate policy Foreign direct investment (FDI) continued to flow into Vietnam, in which the real estate sector gained US$3.88 billion, accounting for 10.2% of total registered investment capital Vietnam's robust economic growth and rising foreign investment in 2019 had a beneficial impact on the real estate market, especially Hanoi's apartment sales performance. According to Savills Vietnam research, more than 30,000 new housing units were launched in Hanoi in 2019, a record high and an increase of 35% over 2018 This context benefited the sales activities of Savills Hanoi as the company successfully traded 22 apartment units with a transaction rate of over 25%.

In 2020, the Covid-19 epidemic, which had a huge impact on international trade and investment, real estate, and Vietnam's economy, caused a lot of difficulties. The chart above depicts that apartment sales in Hanoi fell by 43% in 2020 compared to 2019 This reduction was principally brought on by the pandemic's effects on consumer spending power and economic uncertainty The sales department at Savills Hanoi managed to sell 14 units within the year, dropping by around 36% year-on-year in transactions The Hanoi real estate market was also harmed by the introduction of social distancing measures, travel restrictions, and the shutdown of non-essential companies Potential buyers were hesitant to make purchases without first physically inspecting the properties, while real estate agents and developers were unable to give physical property tours According to Savills Hanoi, the number of clients using sales consultancy in 2020 decreased almost 21% compared to the previous year The firm received only 69 potential clients who arrived at the company or made site-tour to the properties.

In 2021, Vietnam suffered from several waves of Covid-19 outbreaks, which impacted the economy The government imposed various measures to contain the spread of the virus, including lockdowns and travel restrictions, which was detrimental to property companies Therefore, the whole year of 2021 recorded

16,100 transactions, the lowest number in five years This was the result of supply constraints and the effects of the epidemic in the past year In 2021, Savills Hanoi agent sold 10 units and achieved a transaction rate of 18.5%, down 28% from the previous year, marking the lowest number of transactions within 3 years from 2019 to 2021.

It can be inferred that the economic context of Vietnam during 2019-2021 had a strong impact on the company's sales performance Especially during three years, the Covid pandemic’s impacts drastically reduced the number of apartment transactions of the company and the number of customers using sales consulting services. o Real estate market in Hanoi

Figure 3.4: Hanoi Apartment Supply By Year

Savills’ market reports claimed that the increased supply of apartments in Hanoi in 2019 had a positive impact on the sales performance of apartments in the city.

In 2019, approximately 37,700 units entered the Hanoi market, which increased primary supply 12% year-on-year to 62,400 units According to Savills Vietnam, the large and diversified supply boosted the number of apartment transactions in the Hanoi market to 39,000 transactions in the year, up 26% over the previous year. The abundant supply of apartments helped Savills Hanoi sign distribution contracts in 18 projects and sell 22 apartment units during the year Severely harmed by the

Covid pandemic, the supply of Hanoi apartments in 2020 and 2021 declined drastically to 41,500 and 33,600 respectively as many developers paused launching new projects This situation reduced the number of projects that Savills Hanoi’s sales team could distribute and sell apartments to customers because during the two years the firm only sold apartments at 13 and 10 projects and managed to sell

14 and 10 units respectively It could come to a conclusion that the decreased supply of projects and apartment launches lowered the company’s project partnerships and customers.

2019 2020 2021 e=seGradeA “=“=CradcbB ==#==CradeC_ = Average price

Figure 3.5: Average Price of Hanoi Apartments

Price plays a crucial role in the real estate market and has a big effect on sales performance of apartments According to Savills’ quarterly reports, in 2019 while grade C apartments were sold at an average price of VND 23 million/m2, the price for grade B was VND 33 million/m? These two types of apartment made up the most sales in Hanoi that year This reflected a strong housing demand for afforable segment in this city However, the sharp increase in prices of grade A and B apartments was an influential factor which made sales in the city decrease in the following two years The sales website of Savills Hanoi showed that all the projects the agent was selling during 2020-2021 had prices of more than VND 50 million/m’ meanwhile the company’s research report pointed out that affordable segments were highly sought after since 2020 It might imply that the distribution

Luong Ngoc Tuan — 11195588 - Business English 61C of mid-end and high-end projects could be a factor impacting the firm’s poor sales performance. o Social - legal environment

The context of social and legal context significantly impacted the sales performance of Savills Vietnam company The rapid growth of population led to an increase in housing demand; according to the General Statistics Office Vietnam, Vietnam reached over 97 million people in 2021, in which over 8 million lived in Hanoi city Additionally, the improvement of education, working environment as well as the decline of poverty rate contributed to the sales performance of apartments in Hanoi In 2019, there were 87 customers using Savills Hanoi’s sales advisory services and 22 of them came to sign purchase contracts, making up over 25% transactions, which was the highest percentage during 2019-2021 However, in the next two years, Savills Hanoi experienced negative impacts of Covid pandemic outbreaks in Hanoi and neighboring cities This factor lowered the company’s sales performance The firm received fewer customers who used sales services and bought apartments from the agent The data from Savills Hanoi showed that the number of clients dropped by around 20% for 2020-2021 and the figure for sold units declined by 36% and 28% According to Savills, the lockdowns in the city and the mandate of working from home came as a hindrance for the company’s clients because before making a buying decision for an apartment most clients often require site-tour to the apartment.

Sales performance of Savills Vietnam — Hanoi Branch

3.3.1 Sales revenue of Savills Vietnam — Hanoi Branch

Year Total revenue from sales Revenue from Revenue from and provided services residential sales provided services

Source: Savills Hanoi’s Financial Statement

= Revenue from Residential Sales m Revenue from other provided services

The graph shows the revenue performance from sales and other provided services of Savills Vietnam — Hanoi Branch from 2019 to 2021 Overall, the company’s earnings declined significantly during this period In detail, in 2019 the firm achieved a total revenue of about VND 138 billion, of which revenue from apartment sales accounted for more than a quarter of this sum (26%); this represented an impressive figure for the sales performance of the branch in this year However, the operational revenue of the company dropped in the next two years due to negative impacts of the pandemic and the corporate personnel The agent’s apartment sales descended to VND 21.2 billion in 2020, down 41% compared to the previous year In contrast, the percentage of revenue from other services (property management, consultancy, valuation) increased to 80% (up 6% year-on-year) In 2021, Savills Hanoi continued to experience decreased earnings which dropped to around VND 835 billion The sales of apartments brought in the lowest revenue during this period, that is VND 14.8 billion, down 30% year-on- year Nevertheless, compared to the total revenue of this year, other services had increased performance (83%, up 3%) The company noted that amid lockdowns, many customers or businesses came for other services of the firm such as valuation,

Luong Ngoc Tuan — 11195588 - Business English 61C project research and asset management The declined sales might imply a necessity for the company to revise their selling process in order to combat the harmful impacts of the outside.

3.3.2 Number of customers and transactions of Savills Vietnam -Hanoi Branch

Source: Savills Hanoi Residential Sales

2019 2020 2021 mmm Sales Volune === Successful Transaction

Figure 3.7: Savills Hanoi's Apartment Sales Performance 2019-2021

The chart above illustrates the apartment sales performance of Savills Vietnam company —Hanoi Branch between 2019 and 2021 Generally, this period witnessed a decline in the company's sales Affected by the detrimental effects of pandemic outbreaks and lockdowns in 2020 and 2021, the firm’s sales performance declined

Luong Ngoc Tuan — 11195588 - Business English 61C considerably In 2019, the agent successfully sold 22 apartment units, reaching a transaction rate of 25% In the next two years, this number dropped to 14 and 10 units respectively, resulting in decreased successful transaction rates Clearly,

2021 was the worst-performing in the company’s sales; the fall in sales earnings was one of the leading factors to the company’s lowered total revenue This performance depicted that the sales activities of Savills Hanoi were weakened seriously by the external environment It was essential for the business to take steps to reduce the impacts from the outside.

Additionally, the data from the Savills department showed that the company dealt with a decline in the number of potential customers and projects in the period of2020-2021 Savills claimed that 70% of their clients required site-tour to the property, however, they were not allowed to go outside because of stay-at-home orders Moreover, a number of property developers who had partnerships withSavills Vietnam postponed launching their projects, which made the supply of the company drop In 2019, the business had sales activities in 18 apartment projects,which brought 87 customers using sales service There were fewer projects that the company distributed in the following two years, which lowered the number of potential clients the agent received The table illustrates that the figure for projectsSavills sold in 2020 and 2021 dipped to 13 and 10 projects As a result, this situation contributed to lowering the number of clients by 21-22% In general, in the period of 2019 - 2021, the company received fewer customers by year, which led to declined total sales volume.

The salesforce at Savills Hanoi . eeceeeeeeceeeeeeeeeeneeseeneeaes 40

o The salesforce at Savills Hanoi

As of 2021, the department of residential sales at Savills Hanoi firm had 6 employees including a senior manager and sales staff The structure of Savills Hanoi sales department personnel is shown in the table below:

Table 3.3: The Sales Force at Savills Hanoi

Title Number of | Educational background Age range employee

Senior Manager 1 Bachelor in Real Estate, 40-50

Sales Assistant 1 Bachelor in real estate 30-40 management in UK

Sales Consultant 3 Bachelor in real 20-30 estate/finance

The sales force of Savills Hanoi is a team of professionals with knowledge, skills and degrees in real estate or finance These are experts and consultants who are knowledgeable about the housing market, laws, and policies of property in Vietnam Most of the employees in the department are in their twenties, therefore it can be said that this is an energetic team who are accommodating to their clients.

The situation of the sales force at Savills Vietnam — Hanoi Branch from 2019 to

2021 is shown in the table below:

Table 2.4: Situation of Sales Force at Savills Hanoi

Year Total sales employees Turnover rate

Luong Ngoc Tuan — 11195588 - Business English 61C ơ fo) 30.0%

Figure 3.8: Savills Hanoi's Sales Force 2019-2021

The chart above displays the personnel situation of the sales department of Savills Vietnam - Hanoi Branch in the period of 2019 - 2021 It is obvious that the number of sales staff decreased and the turnover rate in this department rose dramatically during this period In 2019, there were 9 sales employees and this sum dropped to

6 in 2021, meaning that 3 employees left the department This situation also reflected that the employee turnover rate increased sharply The sales department only had a 6.5% turnover rate in 2019, however, in the next two years, this figure surged to around 12% and 29% The decrease in the number of sales staff along with the difficulties caused by the Covid pandemic contributed to making the company’s sales slump considerably. o Recruitment and training of sales consultant

Savills Vietnam takes interest in employing and acquiring young talents who are looking for job opportunities in real estate The head of the sales department identifies the recruitment needs and coordinates with the human resources department Being an international company, Savills Vietnam also targets candidates with competent foreign languages and communication skills as this would help the company expand its global clients However, the high rate of employee turnover in the sales department seems to be a concerning matter that the management board needs to take into account.

General assessments of sales activities performance of Savills

Savills Vietnam is a famous real estate agency in Vietnam that provides a variety of services including property sales, leasing and management The strengths of Savills Vietnam in apartment sales activities contain: o The company has a team of young staff who are well-trained in real estate, always active and enthusiastic at work, and willing to learn to improve sales skills They have a thorough understanding of the different aspects such as location, pricing and amenities of apartment projects This expertise helps them to offer clients with insightful information and counsel on how to make wise selections while purchasing apartments.

The company's sales process is strict and reasonable, complying with Vietnamese laws In addition, the company focuses on after-sales services to make a good impression on customers as well as expand business networks.

The organizational structure of the sales force is simple, flexible, making it easy to communicate information to employees and customers quickly.

The firm has a vast network of partners and clients including reputable investors and property developers, which created trust with customers, connected potential buyers with developers as well as strengthened the company's position in the market.

While Savills Vietnam is a reputable real estate agency with many strengths in apartment sales activities, there are also some potential weaknesses to consider. These include: o The company has a limited focus as their core focus is on mid-end and high- end properties rather than more affordable apartments This may limit their capability to serve clients in a certain market segment.

Although the agent has a strong presence in central cities such as Ha Noi and Ho Chi Minh City, they may have limited coverage in other regions of the country, which could reduce their number of potential clients in those areas.

Luong Ngoc Tuan — 11195588 - Business English 61C o The sales activities at the agent were vulnerable to the harmful external environment as they were dependent on market conditions of the real estate. o The sales process was somewhat theoretical and had not yet applied many technological applications to deal with the external environment where the company’s employees and clients were under lockdowns. o The problem of high sales staff turnover was an influential factor to the whole performance of the sales department.

In summary, chapter 3 performed a detailed analysis of sales operations at

Savills Vietnam company — Hanoi Branch by elaborating the agency’s sales process of apartments, showed how the external environment reduced their sales and then assessed the sales performance of the business during 2019-

2021 Generally, the sales of the company declined in this period because of the adverse impacts of the Covid pandemic An overall evaluation of the company's strengths and shortcomings in terms of its sales activities was made at the end of the chapter.

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Savills Vietnam company can consider enlarging their sales portfolio to include more mid-range and affordable segments of apartments to serve a wider spectrum of clients According to the company’s annual reports on the real estate market, since 2019 low-end apartments have had the highest absorption rate in Hanoi city and the demand for this segment has risen dramatically due to the growth of population It would be a consideration for the firm to cooperate with investors, property developers of low-cost to medium-cost projects as this could help the agent to draw in a larger client base, which in turn, generates more sales Moreover, the data on their sales website shows that the majority of their projects are concentrated in urban areas in Hanoi, which may limit their potential clients in suburban areas or other satellite cities and provinces Therefore, it is vital for the company to ponder on the distribution of more projects in these areas because the trend of residential relocation is now a big factor affecting sales of real estate companies. o Increasing market coverage

While having a huge presence in Hanoi and Ho Chi Minh City, Savills Vietnam has limited coverage in other cities such as Hai Phong, Da Nang This could be challenging for the company’s sales force to properly assist clients who want to buy apartments in those areas For this reason, it could be a suggestion for Savills Vietnam company to reinforce their presence by establishing representative offices to better support local clients Furthermore, the agency could employ sales consultants who are committed to selling projects in those areas, meaning that it may help them to extend their reach and connect with prospective buyers who may be fond of apartments in different areas of the country.

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The sales process of Savills Vietnam company is relatively complete and comprehensive; however, it needs to be supplemented and improved in some aspects as follows:

In finding customers, the company needs to take advantage of its international reputation and brand in the domestic market in Vietnam through marketing channels A strategy that Savills Vietnam can apply is to utilize technology. Thanks to the advancement of digital marketing and social platforms, the agency can now reach prospective buyers of apartments in various places without necessarily having a physical presence there By making use of social networks and digital advertising, the company would be able to promote their sales services and apartment projects for sale to a larger audience This suggests that the firm invest more on their marketing services.

In the process of consultancy and site-tour, it may be beneficial to create a streamlined and effective sales process that prioritizes the buyers’ convenience and responsiveness This task could involve taking advantages of online tools and resources to conduct and facilitate virtual tours of apartments and electronic document signing Previously, the research has shown that the company's sales activities were severely affected by external factors such as the pandemic, therefore it is essential for the company to employ technological advances to deal with these determinants.

In after-sales services, the company should organize meetings for customers who have purchased the company's apartment or for relatives of customers Moreover, it is necessary to implement preferential policies if this customer buys more or introduces other customers to buy the company's products This is also an opportunity for the company to expand business networks with partners as well as generate more client interest. o Improving the salesforce management

In business, human resources are not only vital but also of utmost importance, particularly in the real estate sector The human advantage is the long-run, most sustainable factor among the advantages a business employs to compete with rivals. The sales department of Savills Vietnam needs to continue investing in the management of the sales team in some of the following features:

Setting clear sales targets: Supplying the sales team with specific and measurable goals to strive for, which can ensure every employee is on the same page and

Luong Ngoc Tuan — 11195588 - Business English 61C pursuing the same goals This can support in maintaining the sales team’s concentration, drive, and alignment with overall business plan Once establishing sales targets, it is imperative to convey them clearly to the sales personnel The head of sales is responsible for giving regular reports on the process toward the targets, as well as providing direction and support to help the team with achieving their goals.

Training and development: Since the real estate industry is continuously changing, the sales force needs to stay up-to-date with the newest trends, technology, and sales strategies The sales personnel may expand their abilities and become better at completing deals by receiving frequent training and development opportunities.

Coaching and mentoring programs are one way to offer training and development. The training sessions can include lessons about feng shui, customer psychology, negotiation skills, In addition to giving seasoned salespeople the chance to keep learning and developing, these programs can assist novice salespeople in learning the ropes Moreover, mentoring and coaching can foster communication and knowledge-sharing among the sales team members.

Incentivizing high performance: Setting up an incentive scheme to recognize and reward the high-performing sales members This program can consist of bonuses, commissions, or other non-monetary benefits like extra vacation time or internal recognition Encouraging and motivating sales staff who perform well is a necessity to retain them Moreover, Savills Vietnam can contemplate periodic salary adjustments for sales people with appealing and competitive salary rates. The principle of salary review stresses the outcomes of competency assessments and work efficiency of sales members so as to match the degree of individual achievements and contributions and ensure equity within the organization.

To recap, chapter 4 presented several recommendations to improve the sales operations of Savills Vietnam company These suggestions were dedicated to the management of the business and the department of sales.

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The goal of the research is to evaluate the situation of the sales performance in Savills Vietnam company — Hanoi office during 2019-2021 To be more specific, the study conducted assessments in terms of the company’s revenue, sales metrics such as total sales volume, number of clients, transaction rates. The research also looked at the situation of the sales force of this agency to find out that the high turnover rate of sales staff 1s a concern.

From the findings of data analysis, it is clear the company’s business results declined continuously during this period and hit the lowest number in 2021. The number of clients using sales advisory from the agent dropped as well, indicating that the corporate sales were severely harmed by the external environment such as the pandemic It is worth noting that within this timeframe while the percentage of sales services decreased, the figure for other services of the company surged by year There would be a need for the firm to implement programs to enhance the sales activities, especially after the travel restrictions have been lifted Regarding the advantages and disadvantages of the agent’s sales operations, the study discovered that although the company has a young, knowledgeable team of consultants, their sales implementation was heavily reliant on physical contact This traditional dependence prompted their selling operations to be easily vulnerable to the outside contexts. Therefore, the research suggested that the company continue to promote their sales activities by investing more in the sales technologies Moreover, the business needs to introduce initiatives to ameliorate sales performance in order to retain the sales members and encourage their long-term commitment.

To sum up, the research findings showed that the sales indicators appeared to dip from 2019-2021 For this reason, the company has to evaluate the performance of sales, identify the areas for improvement and then design tailor- made enhancement activities. o Limitations of the study

The study attempted to explore the reality of the sales performance in Savills Hanoi company, found out the strengths and shortcomings in sales activities of this agent and then suggested several solutions to amend their weaknesses. However, the limitations are unavoidable in this research.

Firstly, due to limited time and resources, the research could only manage to gather and evaluate the sales data of the company within 3 years from 2019 to

2021, in which the Vietnamese economy in 2020 and 2021 was stricken by the Covid pandemic, making sales activities impossible to function normally As a result, this may not be enough to generalize the overall performance of the business’s sales Secondly, the study has yet to show the exact extent of influence of external and internal environmental factors on the firm’s sales, but only reflected how their sales operations were affected to a certain degree. Finally, the limit of variables in assessing sales metrics, which was due to restricted access to the firm’s commercial records and data, can result in a narrow view of sales performance Therefore, the generalizability of the findings can be constrained. o Suggestions for future research

The author may provide several recommendations for further research based on mentioned drawbacks of the study I hope that it will be a roadmap for academics or managers who wish to expand on this research in the future.

Firstly, future authors can conduct sales performance assessments over a period longer than 3 years so that the findings would be more accurate and comprehensive by portraying how sales performance changes over time. Secondly, it would also be a good idea for future researchers to investigate the factors which are the most influential for sales activities in a property agent to organize appropriate action programs to enhance sales performance Lastly, prospective scholars can employ a multi-method approach by combining quantitative and qualitative research methods This can help produce a more nuanced understanding of sales performance in a property agent.

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