Chuyên đề thực tập tốt nghiệp: A research of motorcycle oil market of toan hung company industry in vinh phuc province

NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISHA RESEARCH OF MOTORCYCLE OIL MARKET OF TOAN HUNG COMPANY INDUSTRY IN VINH PHUC PROVINCE Hanoi, Apri

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

A RESEARCH OF MOTORCYCLE OIL MARKET

OF TOAN HUNG COMPANY INDUSTRY IN VINH PHUC PROVINCE

Hanoi, April, 2023

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

A RESEARCH OF MOTORCYCLE OIL MARKET

OF TOAN HUNG COMPANY INDUSTRY IN VINH PHUC PROVINCE

Supervisor: Pham Thi Quynh Hoa, MA

Hanoi, April, 2023

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Lê Thị Thùy Linh-11192846-Ng6n Ngữ Anh 61B

ACKNOWLEDGEMENT

Firstly, I would like to thank my supervior, Ms Pham Thi Quynh Hoa, forsupporting me during the time I was completing my research paper She alwaystries to take the time to comment and help me improve the shortcomings in theresearch paper

Secondly, I sincerely thanks to the Faculty of Foreign Languages, BusinessEnglish Department at NEU for providing me with crucial and sufficient basicknowledge and theory in both linguistics and business fields as preparation for mycareer orientation in general and the internship program in particular, which havemade a significant contribution to my project completion

Thirdly, I would like to thank Toan Hung Industry Vietnam for giving methe opportunity to practice at your company During my internship at the company,colleagues and managers at the company helped me a lot in collecting data andcollecting responses for my survey

Finally, I would like to thank my family and friends for their support during

my study and work at NEU My family is my biggest support, contributing mainly

to my achievements Friends help me overcome my learning difficulties and give

me ideas for research

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EXECUTIVE SUMMARY

Vietnam's economy is on a strong growth momentum, industrial production

is increasing, and transportation is developing People's living standards areimproving, domestic demand is soaring along with political and economic stability,infrastructure and investment environment is increasingly improving are attractivefactors not only companies already present in the domestic market but also newforeign enterprises In which, Vietnam's lubricant market is growing strongly

The above development factors ensure the demand of all market segments

in the lubricant industry, of which the motorcycle lubricant industry is the fastestgrowing lubricant industry and also the high growth segment best The number ofregistered vehicles for motorbikes is 36 million units Thus, the averageconsumption of motorbikes is 3-4 liters/year The total volume of lubricants isabout 264 million liters, of which motorcycles account for 34% The trend oflubricants in the next 5 years will grow at an average of 4-6 percent/year, while theworld average is only about 1.5-2%/year

The study of the competitive situation in the motorcycle lubricant market inVietnam and the study of the lubricant market by Toan Hung Industry companyprovides useful lessons to apply in the author's work practice

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LIST OF TABLES

Table 1 Total sales of motorcycle lubricants in 2019 of THIV Table 2 Total sales of motorcycle lubricants in 2020 of THIV Table 3 Price in promotion

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LIST OF FIGURESFigure 1 Vietnam automotive engine oils market, volume share, by vehicle type,

"02000 1Figure 2 Market concentration of Vietnam automotive engine OoIÌs 2Figure 3 THIV’s Organization SŠfTUCfUT€ - St ng 4Figure 4 Income and employment theory - 5+ rersrreee 19Figure 5 sales and market share of Vietnamese lubricant in 2022 24Figure 6 Market share of lubricant companies in Vietnam (2022) 26Figure 7 Customers’ locations c:cccscccsssesessessseesseeeeeceeneeneecsseeseaeeesaeenseeeesees 27Figure 8 Monthly InCOTN€ - - óc 3 1139111831118 1118 11 11 1g rệt 28Figure 9 Types of Vehicles - - s91 ng HH nh 28Figure 10 Useage time Of Vehicles - - s6 c5 13211139 vnrriep 29Figure 11 Vehicle maintain Íf€QU€TICV - - c6 + +1 SvEEeeekereereereeee 29I1 09))09:†-1i14ìì1589t 1 T0 30Figure 13 What brand customers trust MOS . 5+5 5+ +++£+++++sex+ss2 30Figure 14 Customers’ awareness of Toan Hung OIÏ - - -++-s++<<>+s++s 31Figure 15 Experience of CUSẦOTT€TS - + 13 E3 9 vn ng ng ng 31Figure 16 Price of Toan Hung oil evaluafIOT - eeeeseceeeeeeeseeeeenaes 32Figure 17 Toan Hung 1Ì, 5 1 1931119119911 9 11H ng ng ng rưệt 33Figure 18 Toan Hung Oil Marketing - <5 + ScS* + seeeeeeereeeereeee 34Figure 19 What Toan Hung Oil should improve -. 555 +<<s++<e>++ss2 35

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TABLE OF CONTENTS

ACKNOWLEDGBEEMENTT <5 <5 <5 0000008086 iEXECUTIVE SUMMA RRYY -.5- <5 HH 500068906 iiLIST OF ABBREVIATIONS .csssssssscsscsscsscsccssssesssesssssssssssssssesssssneesssneees iii LIST OF TABLES - << 5< 5< < 5< 09 00 00005089088666 i TABLE OF CONTENTS cccscsssssscsscssssscsscessnssssssssnesscssesssscsscescsscsssnsssesseeees iii INTRODUCTTIONN o 5-5 5< 5 ý HH HH 9.00 00 0000008900 1

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1.1 A brief description of the C0IDAIIV Go <6 5< S5 995 89565695666956 4

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3.1 Current reality of Toan Hung Oil in Vinh Phuc market: 27

3.1.1 Personal information of respondeniS: - - «+ +- «+ ++se++eesseerss 27

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3.1.2 Brand aWaT€TSS Án TH TH HH HH ve 303.2 Evaluation customers’ satisfaction With factors e esse<ss< 31

3.2.1 Price of Toan Hung IÌ - 5 <1 E313 E*kESEekseeereekerereree 313.2.2 Toan Hung Oil PrO(ÌUCES - - - 5 + 12311893 E891 E911 9 key 323.2.3 Toan Hung Oil Marketing - . - c5 + ve 33CHAPTER 4: RECOMMENDA TIONS Go ng n5 37

4.1 IPTOITOẨÏOTAS d- 0555 5G 5% 9 99090.089.011 000015009009890 96 374.2 Changing packaging and DFÏẨÏTIE: œ <5 << 55s s9 905 996.8 374.3 Toan Hung Oil mark€ÏTIE o5 5< 5 59 6 54 9965 9 555 59886998/.8 38 CONCLUUSIƠNN o << cụ CC 000000908900 40 REEERENCES GỌI 0 0009008 050 41

APPENDIX

1V

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Classified by automotive end users, it could be said that there are three maintypes: Commercial vehicles, motorcycles, passenger vehicles

Figure 1 Vietnam automotive engine oils market, volume share, by vehicle

type, 2020

It can be seen from the chart that in 2020, motorcycles and commercialvehicles led the market for the end users in the automotive lubricant segment, 76%and 20% relatively Passenger Cars held a low share due to the lower motorizationrate in Vietnam and the high preference of motorcycles over cars as modes of

passenger transport.

During 2021-2026, the motorcycles segment is expected to register thehighest growth of about 4.89% in engine oil consumption, followed by the CVsegment (2.58%) The growth is likely to be driven by strong demand for mopedsand motorcycles in the country over the next five years

THIV mainly focuses on research and production of motorcycle lubricants,the most dominant segment in the engine oil market This is both a potential marketand a competitive market

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Market Concentration

Consolidated- Market domination

IVlarket

Fragmented- Highly competitive market

Figure 2 Market concentration of Vietnam automotive engine oilsThis market of Vietnam is standing at the consolidating level Therefore, inorder for THIV to become stronger and have a larger market share in theVietnamese market in general and the Vinh Phuc province market in particular,THIV needs to study carefully about the market to find the right directions for theirproduct market

2 Rationale

THIV also has a sub-sector that is manufacturing and distributingmotorcycle oil product lines All of these product lines have been thoroughlyresearched and tested before being introduced to the market, and have existed inthe lubricant market for over 7 years However, contrary to what the companyexpected, the product did not resonate well, the market share in Vinh Phuc is stillvery small Therefore, “A research of motorcycle oil market of Toan HungIndustry Company in Vinh Phuc Province” has chosen to fulfill this gap

The research is expected to answer the 3 following questions:

e What is the current situation of the oil market for motorcycles in Vinh Phuc?

e What are the factors influencing the market of motor oil products of THIV in

Vinh Phuc province?

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e What should the company do to increase the market share in the motorcycle oil

products in Vinh Phuc?

Primary data: The questionnaire survey is used to collect primary data inorder to dig further into the three research questions The poll included 90qualifying respondents who completed the questionnaire and multiple-choicequestions, all of whom are consumers of motorcycle oil of THIV

Secondary data: Secondary data for the study was gathered from books,journals,

magazines, and published studies on the topic of oil market on websites namely

websosanh.com, news.oto-hui.com, maianduc.vn, eska.vn, tanphuhieu.com

7 Tentative report structure:

Chapter 1: introduction of Toan Hung industry Vietnam: overview about thehistory and activities of THIV

Chapter 2: theoretical framework: introduce about the market’s definition, andreview about the previous researches about the factors influencing market and how

to consume products more and more

Chapter 3: finding and discussions: analyzes the collected data, major findings,and recommendations

Chapter 4: recommendations: proposes some viable solutions for THIV company

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CHAPTER 1: INTRODUCTION OF TOAN HUNG

Toan Hung industry company Vietnam is a limited liability company owned

by ATC of Taiwan with tax code 2500223449 This is the first and onlyestablishment of Toan Hung group in Vietnam The company is found at No.10,Block 18, Khai Quang Industrial Zone, Vinh Yen City, Vinh Phuc Province,Vietnam The representative of the headquarters located in Vietnam is Mr WuChung Jang, who is living and working in Vietnam Directives and decisions arestill to be followed from the Taiwanese corporation

1.2 Organizational structure

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e Product Research

The most crucial step and bringing the greatest added value to the auto partsmanufacturing industry is the idea of the function of each type of component,accessory, and key design highly accurate to match and compatible with theproducts it supports Thanks to the combination of the above spare parts andcomponents, the new product becomes complete and brings efficiency and value

to society

THIV is fully autonomous from the most basic stages such as surveying themarket demand for spare parts and spare parts for cars and motorbikes, therebyanalyzing the market to capture trends, potentials as well as the competition of thisindustry After collecting enough information and having accurate analysis andjudgments about the market for manufacturing components and spare parts forautomobiles and motorcycles, the company proceeded to more complicated stagesthan researching, and developing new product ideas and development

Besides, in order to approach and bring products to the market, THIValways tries to find new customers and expand the product consumption market

e Business management and general administration

THIV is solely responsible for the administrative management andmaintenance of administrative tasks and maintenance of daily administrative tasks

at the office THIV has a management department to handle administrativeprocedures and issues related to legal, human resources, etc Specifically, eachdepartment will be responsible for the work related to their expertise

THIV is responsible for its human resources function (for example, itsrecruitment function, labor policy and other human resources functions) Morespecifically, when there is a recruitment need, the department manager determinesthe need to recruit personnel When approved by the Deputy General Director, themanagement department will conduct recruitment

Each candidate after being interviewed for the first time by the DeputyGeneral Director, department head and in charge of human resources, after theinterview is completed, if the candidate meets the requirements, he will beinterviewed for the second time, the results will be determined recorded in theInterview Table leaders consider all the candidates who have been interviewed andwill select the best candidate If there is more than one qualified person, the HRmanager will notify the qualified candidates

If no candidate is selected through the interview, the recruitment will beannounced again After being selected, candidates will sign a one-month

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probationary contract for direct work and two months for indirect work.Employees will base on the company’s regulations to continue signing laborcontracts or not signing labor contracts

The management department is also responsible for the legal affairs of thecompany Typically, the department will resolve THIV's legal issues without theneed for third-party consulting assistance Some of the legal issues that themanagement department has to do include adjusting the value of investmentcertificates, applying for work permits for foreign employees

In 2021, THIV has 3 foreign workers These personnel hold importantpositions in the company, such as: Deputy General Director and productionmanager The decision to appoint management personnel requires the approval of

Regarding professional training, the departments themselves make up thecontent and training plans for their personnel In addition, the company outsourcessome training services, for example, occupational safety training

Regarding financial matters, THIV's Finance Department is responsible forthe company's financial and accounting matters, ensuring compliance withVietnam's regulations on accounting and taxation THIV performs the accountingprocess and normally complies with the laws of Vietnam, including bookkeeping,accounting, and other necessary accounting work Monthly, the accountingdepartment prepares corporate governance reports and sends them to the parentcompany for review and management

Suppliers that meet the above criteria will be selected by THIV to becomeraw material suppliers Every year, the company is still looking for new suppliers

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to diversify the source of raw materials, increase choice and improve pricecompetitiveness

After the customer agrees with the quotation from the company, thecustomer will send an estimated order for pre-production of samples The centralplanning department receives orders, transfers them to the purchasing departmentand the technical design department, the production department to plan to buy rawmaterials, produce samples on time for orders Samples after production will bedelivered to customers for quality checking

If the sample meets the standards, the customer will send the official order

to the planning center department The planning center department will transfergoods to each relevant department to deploy and develop product production plans.The next month's production plan will be gathered and made at the end of theprevious month to ensure delivery to the customer according to the schedulespecified in the contract

The company's main customer is Honda Vietnam, at the end of each yearHonda Vietnam will send the plan of the future to the company for the company

to estimate production materials In addition, every month, Honda Vietnam willalso send orders for next month to the company

e Production execution

THIV's activities are mainly manufacturing spare parts for motorcycles andcars, machinery, electromechanical and electronic devices To ensure satisfactoryproduct quality, THIV always has strict quality management standards before,during and after the production process, from input materials to finished products

The company has 2 workshops to carry out production and storage Besides,the quality control department is also located at the factory to facilitate checkingthe quality of raw materials, products,

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The company consists of 3 main product groups, the specific productionprocess of each group is described for management and workers to understand andgrasp quickly

se Quality management

The company manufactures products according to orders and drawingsprovided by customers, so each product will have its own requirements forspecifications and quality The product quality management is strictly organized

at each stage:

e Purchase of raw materials

The company's input materials are purchased from domestic suppliers orimported from foreign suppliers, always ensuring strict compliance withregulations on product quality The inspection of input volume and quality iscarried out by the quality control department, after checking that the materials meetthe quality requirements, the volume of materials will be warehoused If the rawmaterials do not meet the quality or quantity as the contract, the company willnegotiate to exchange or return the goods to the supplier

e Production

During the production process, the QC department will regularly monitorand check the quality of finished products after each production stage, in order todetect defective and damaged products to make timely decisions such as puttingthem in repair If the word cannot be corrected, the product will be reported as awaste product Strict control at each stage of production will help the companyavoid product quality risks and minimize defective products

e Finished product quality check

When products are finished by workers, after being manufactured, they arecontinuous to be quality checked by specialized machines and equipment to ensurethat the finished products meet the quality criteria and designs according to eachorder Finished products that meet the quality requirements will be transferred tothe warehouse of finished products

e Marketing

Marketing activities include advertising, promotions, order processing,customer account management, and public relations

e Sales, product distribution and after-sales service

Sales involves pricing a company's products, entering into contracts withcustomers, processing orders, distributing, and providing after-sales services

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THIV is solely responsible for finding customer partners through anyaffiliate or 3rd party The sales department will directly search and communicatewith customers through the company's data list If the contract is signed, it will betransferred to the departments related to the production of the order and finallyshipped to the customer

THIV's customers are mainly Honda Vietnam, however, THIV alsoexpands the market to other domestic companies Pricing policy and credit policyapplicable to customers are decided by the company's Board of Directors.Specifically, the price of products sold is figured out based on the market price

THIV hires a third party to perform the shipping function with export ordersand domestic orders with large weights

Regarding after-sales service, when receiving a customer's complaint aboutthe return of goods, the company will recall the product, repair or replace it with anew product to meet the customer's requirements or reduce the contract value of

In case of a big labor dispute, the company prioritizes the employee's viewpoint

An executive will be chosen to establish an agreement with the employees in order

to create a healthy work environment and a long-term enterprise

Supplier relations: Credibility is the company's essential value for businessoperations Suppliers are key business partners since the company intends to build

a win-win scenario and grow with them The Company adheres to the higheststandards of corporate ethics in the fight against corruption and fraud

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If any wrongdoing in the supply chain is discovered, please notify the Company'sauditor immediately Unless otherwise specified by law, the information yousupply will be kept secret, and all required precautions to safeguard your privacywill be taken

1.4 Business activities

With more than 19 years of experience, THIV confidently becomes one ofthe leading manufacturers and suppliers of spare parts for motorcycles in NorthVietnam with a capital of more than 8 million USD Supply parts and componentsaccording to the customer's order, as each part or part depends on the customer'sproduct design

The company supplies rubber tires and springs mainly to companiesmanufacturing and assembling motorcycles such as Honda, Suzuki or Piaggio Onaverage, each month exports about 10,000-12,000 goods for each of the above products

The company mainly manufactures and distributes the following components:Rubber part: Almost all parts and parts are made of rubber: Oil seal,Rubber-bush, Manifold, Chain Guide, Packing, O-ring, Seat Assy

Image 1 Oil-seal

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Image 3 Manifold

LAI ASSY(DOUBLE | pertns, 77200397000 | Mttps: cor/prod.cts/eostr =ssi=co.bie_ 7720039 7000)

Spring: mainly used for motorcycles, has a shock absorber effect and hasthe effect of absorbing the impact force, the auxiliary spring will eliminate the

oscillation generated by the main spring

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Image 5 SpringsDisc brakes are also one of the spare parts that THIV distributes most toits partners

It also supplies disk brakes mainly for VPIC 1 and VPIC 2 companies inKhai Quang Vinh Phuc industrial park On average, each month exports about10,000 goods to this partner THIV also supplies a few other spare parts andcomponents for motorcycles and motor engines THIV plans to supply details andspare parts for both electric vehicle companies: electric motorbikes, electric bicycles on 2023 This company also created nearly 500 jobs for local people.

Besides the strength of manufacturing motorcycle components and spareparts, THIV also produces lubricants for motorcycles THIV has been in the marketfor 5 years, since December, 2018 THIV launched 3 product lines, Smooth andSpeedy products for manual transmission motorcycle, Legend products for

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automatic transmission motorcycle Toan Hung oil's Smooth products are synthetic lubricant products, while Toan Hung Oil's Speedy products are fullysynthetic lubricant products Synthetic lubricants have much superior performancecompared to semi-synthetic lubricants: Withstands the best friction available today,and withstands the highest temperatures available today Therefore, the fullysynthetic oil product line has a much higher price than the semi-synthetic oil line.Smooth lubricant products have the listed price at the distribution points of 75,000VND As for Speedy lubricants, the price is more than double, 150,000 VND

semi-In 2019, total sales of motorcycle lubricants were about 1000 bottles Theseline products were distributed mainly on 3 motorcycle repair points so that thesales of these products was quite low

Total sales of motorcycle lubricants in 2019 (unit: bottle)

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Total

Total sales of motorcycle lubricants in 2020 (unit: bottle)

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Total

4 120 140 100 108 113 143 156 286 265 301 309 316 3797

ầ | 94 134 98 110 124 132 150 254 273 272 270 282 3321

ầ 140 150 134 121 143 150 174 167 187 246 250 271 3813Total 10931

Table 2 Total sales of motorcycle lubricants in 2020 of THIV

In 2022, thanks to actively expanding product marketing to lubricant salespoints, THIV's sales volume was 3.5 times higher than THIV's in 2020

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Above is all the information about THIV and the recent business situation

of THIV The author will combine this information with the following chapters toclarify this research topic

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CHAPTER 2: THEORETICAL FRAMEWORK

The background knowledge covered in this chapter includes previous researchesabout definitions of market, factors influencing market, definitions of consumption,and some product strategies to consume goods better

2.1 Market’s definition

A market is a location where goods are purchased and sold at retail orwholesale prices A marketplace is therefore characterized as a site including arange of various-sized stores, booths, and even hawkers offering a variety ofcommodities And indeed, in Economics, the term "Market" refers to a market for

a commodity or commodities rather than a physical location It refers to a situation

in which buyers and sellers interact directly or indirectly in order to sell and acquireitems

Furthermore, for a market to exist, buyers and sellers do not need to meet

in person at a specific location They can communicate via any means, such asphone or telex As a result, the term "Market" is used in economics in both ageneral and specialized sense It does not only refer to a specific location

It refers to the entire demand and supply operation It also refers to thecircumstances and commercial relationships that facilitate transactions betweenbuyers and sellers As a result, a market refers to any arrangement in which goodsare sold and purchased

Consider the following three examples from well-known agriculturaleconomists In 1957, Cochrane stated: At this point in economic thought, thenotion of a market may be articulated as follows: A market is some sphere or region

in which (a) the forces of demand and supply are at work, (b) price is determined

or modified, (c) ownership of some quantity of an item or service is transferred,and (d) certain physical and institutional arrangements may exist

According to Bressler and King (pp 74-75), a location or setting in whichproducers and consumers communicate with one another, supply and demandconditions operate, and title to goods is transferred The movement of goods inspace or time is usually, but not always, involved

As Chapmen, Outlines of Political Economy (1911) has said — “The termmarket refers not necessarily to a place but always to commodity or commoditiesand the buyers and sellers of the same who are in direct competition with eachother.”

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According to Frederick Benham — “We must therefore, define a market asany area over which buyers and sellers are 1n such close touch with one anothereither directly or through dealers that the prices obtainable in one part of the marketaffect the prices in other parts.”

From the above definitions, some facts may be noted The existence of acommodity should not be absent, for example, the market for gold or silver, cotton,wheat, and rice, among other commodities As a result, there will be as manymarkets as commodities, and if a commodity has multiple types or variations, eachtype or variation will have its own market Next, market is the place where buyersand seller keep in touch with another as well as where perfect competition amongthem always exist

2.2 Factors influencing the market

Any market consists of at least three elements: supply, demand and price.Thus, all factors affecting the above three factors affect the market

2.2.1 Factors influencing the supply

The amount of a product available in the market for sale at a specific price

at a certain point in time is referred to as supply in economics As contrast todemand, supply refers to a seller's readiness to offer a certain amount of a product

at a specific price and time

A variety of factors known as supply determinants can have an impact onsupply In general, the supply of a commodity is determined by its price andmanufacturing cost Simply put, supply is a function of price and manufacturing cost.(a) Price: In 2010, Roger E A Farmer, a Bristish-American economist, “How theeconomiy works” stated that this primary factor has a significant impact on thesupply of a product In contrast to demand, there is a direct relationship between aproduct's price and its supply When the price of a product rises, so does the supply

of that product, and vice versa The variation in supply of a product is defined asthe change in supply in relation to the change in price Future price speculation canalso have an impact on a product's supply If the price of a product is about to rise

in the future, the supply of the product in the current market will decrease due tothe profit expected by a seller in the future However, a future decrease in the price

of a product would increase the supply of that product in the current market

(b) Cost of production: The supply of a product would drop as the cost ofmanufacture increased, and vice versa The availability of a product and the cost

of manufacturing are inversely connected When the cost of manufacturing

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exceeds the market price of a product, for example, a seller will provide less of it

on the market

(c) Technology: “Refers to one of the important determinants of supply A betterand advanced technology increases the production of a product, which results inthe increase in the supply of the product For example, the production of fertilizersand good quality seeds increases the production of crops This further increasesthe supply of food grains in the market.” (Nitisha, 2020, Factors that Influence theSupply of a Product)

(d) Government’s policies: According to Frederick Benham (1961), governmentinitiatives such as fiscal policy and industrial policy have a stronger influence onthe supply of a commodity For example, a rise in excise duty taxes might reducethe availability of a commodity Conversely, if the tax rate is low, the supply of aproduct will grow

2.2.2 Factors influencing demand

The demand for a good depends on several factors, such as price of the good,perceived quality, advertising, income, confidence of consumers and changes intaste and fashion

(a) Price of products: according to Experimental Economics Center (2006), Theprice of a product has an inverse (negative) relationship with the amount of thatproduct that consumers are willing and able to buy Consumers prefer to buy more

of a low-cost product and less of a high-cost product The Law of Demand refers

to the inverse relationship between price and the amount consumers are willingand able to buy

(b) The customer’s Income: The impact of income on the amount of a product thatconsumers are willing and able to buy varies depending on the type of good Mostgoods have a positive (direct) relationship between a consumer's income and theamount of the good that they are willing and able to purchase In other words, asincome rises, so does demand for these goods; as income falls, so does demand forthe product These are referred to as normal goods

(c) The price of related goods: The effect that this has on the amount that one iswilling and able to buy, as with income, depends on the type of good Considertwo goods that are frequently consumed together When two goods are substitutes,the price of one good and the demand for the other good have a positiverelationship (Experimental Economics Center, 2006)

(d) The tastes and preferences of consumers: Roger E A Farmer, a American economist, “How the economiy works” in 2010 claimed that this is a

Bristish-17

Tiêu đề	A Research of Motorcycle Oil Market of Toan Hung Company Industry in Vinh Phuc Province
Tác giả	Lê Thị Thùy Linh
Người hướng dẫn	Pham Thi Quynh Hoa, MA
Trường học	National Economics University
Chuyên ngành	Business English
Thể loại	Graduation Project
Năm xuất bản	2023
Thành phố	Hanoi

Định dạng
Số trang	53
Dung lượng	11,77 MB