Having a vision of an inceptive and potential market, Vinasoy made its first step to becoming the PINE WAS known as a pioneer of cultivating soybean and selling soy milk products in Vi
ENVIRONMENTThe microenvironment consists of the actors close to the company that affects its ability to engage and serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
CUSTOMER ANALYSISSouthern children (50 years old)
Social classes low, middle & high classes
Lifestyles caring about health adding nutrients, avoiding diseases, Ben ene sougne having better health
Behavioral factors User status regular users
User rate light, medium & heavy users Fami is aimed at family customers Right from the name Fami, the Jang eling abbreviation of Family - "home", has affirmed the brand's business motto from the early days of its establishment: bringing healthy nutrition and joy to every Vietnamese family Children, adults, middle-aged people, or the elderly can all use it to supplement energy and nutrition Fami also has many kinds and tastes for different age groups and different tastes Therefore, Fami's target market is large, not segmented Its products are present in most provinces and cities, even in remote areas, and are for everyone
Wffeverdiation ¢ Product differentiation: When large enterprises focused on producing cow's milk and developing the cow's milk brand, at that time Vinasoy chose for itself an open niche market, which was to focus only on producing soy products and maintaining it until today Fami is made from 100% selected, non-GMO, and nutrient-rich soybeans Not only differentiating products, but Vinasoy also constantly diversifies Fami’s packages, product categories as well as flavors to serve the specific needs of each market segment ¢ Image differentiation: Vinasoy’s slogan "good things from nature" is a message and pride in the quality that each Vinasoy product, including Fami, brings to consumers Besides, for many years, honoring Vietnamese family values has been taken by Fami as a guideline for its business activities, through many specific actions, including efforts to inspire families to increase their connectivity and sharing The Vietnamese market has a lot of milk brands, but for those who have used and loved Fami soy milk, in addition to the unique delicious taste that comes from nutritious and healthy natural ingredients, Fami also brings a feeling of affection every time it is mentioned Perhaps because Fami is rarely only based on rational values and product functions, but also brings good emotional values, contributing to the formation of an invisible connection in consumers' minds as well as creating a difference for the product in the market
= = ¢ Fami soy milk is positioned as
SOY gi =| = ce oat a product of good quality and i ¥ hi = reasonable price According to the diagram, Nuti soy milk is Fami's main competitor in this segment with similar prices and quality However, Nuti's activities, advertising campaigns, public relations, etc have not yet achieved prominence or breakthrough compared to Fami ¢ Additionally, based on the demand of the target customers and the situation of competitors, Fami has positioned itself to create distinctive and recognizable characteristics, creating a competitive advantage for the product
Fami’s product attributes are shown through the slogan “delicious and smooth” (“ngon sanh min’) It is a great strength that the product owns Fami also focuses on the benefit of providing minerals and vitamins, bringing health and joy to your family every day
Besides, the brand is known for its familiar message “Home is where ”, honoring Vietnamese family values
COMPANYe Vinasoy is one of 13 member units under Quang Ngai Sugar Joint Stock Company
It is one of the leading soy milk brands in Vietnam with popular soy milk products, like Fami, Vinasoy, and Veyo Vinasoy owns a human resource with about 3,000 employees in all 3 factories (Quang Ngai, Bac Ninh, Binh Duong), offices, and market staff ơ.D IBEIEREEEIEEEESEEIE |
Production Department Investment Department Marketing Department Technical Department Human Resources Department
Production Planning Research Promotions / Media — Product Design “— Training Group
Technical / Industria Design Planning Brand / Advertising Creative Development x1 Recrulting Team
Production Engineering Public Reations Technical Audit Office Support
QA Manager Trade Marketting Technical Service Compensation & Bennetts
Maintenamce ơ Market Analyst Customer Service ¢ Top management sets the company’s mission, objectives, broad strategies, and policies Vinasoy resolves to continuously research and refine the production of nutritional soy-based foods and drinks to provide the best quality for a discerning consumer group This will enable not only themselves and their partners but also the community at large to enjoy a higher quality of life, with meaning and prosperity Vinasoy’s objective is to become a recognized leader in soy-based nutritional products in all markets where they operate ¢ Marketing managers make decisions within the broader strategies and plans
They must work closely with other company departments With marketing taking the lead, all departments - from manufacturing and finance to legal and human resources - share the responsibility for understanding customer needs and creating customer value
SUPPLIERSOn November 13, 2013, Vinasoy established "Vinasoy Soybean | ares
Applied Research Center" (VSAC) KHU VỰC with two strategic partners for ees DANH GIA NGUON research cooperation, namely the
University of Missouri and the University of Illinois - two leading universities of America - to find the best soybean varieties for farmers Vinasoy has built soybean material areas in the Central region, the Central Highlands, the Red River Delta, and the Mekong River Delta With a focus on research of quality soybean varieties, Vinasoy has developed two new soybean varieties, VINASOY 01-CT and VINASOY 02-NS, which both have been granted a plant variety protection certificate In particular, soybean variety VINASOY 02-NS is licensed for mass production thanks to its wide adaptability spectrum and high yield (from 2-3,5 tons/ha) By making use of the natural resources and agricultural strengths of Vietnam, Vinasoy has successfully created good soybean varieties, and enhanced raw material areas across the country, which creates a great competitive advantage for Vinasoy in the Vietnam soybean market ¢ Currently, Vinasoy has 3 factories in Quang Ngai, Bac Ninh, and Binh Duong with modern equipment
Vinasoy's product quality is always safe and stable thanks to the application of the food safety and hygiene assurance system along with the international quality management system
Suppliers form an important link in the company’s overall customer value delivery network by providing the resources needed for the company to produce its goods and services Vinasoy owns their input, so the relationship between suppliers and company is strong Therefore, Vinasoy can avoid shortage of input or supply chain disruption and its output quality is always maintained
MARKETING INTERMEDIARIES |s Resellers: Currently, Vinasoy has 156 distributors on the product distribution network and over 142,000 retail outlets throughout the country The main distribution is primarily through retail, groceries, supermarkets, shops, and convenience stores The company also maintains official stores on several popular e-commerce platforms, including Shopee, Lazada, and Tiki ¢ Physical distribution firms help Vinasoy stock and move goods from their points of origin to their destinations ¢ Financial intermediaries include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.
COMPETITORSCurrently, Vinasoy is leading the soy milk market in Vietnam with Fami as the most popular product Its competitors include some companies, such as Vinamilk, Nutifood, and Tribeco According to Nielsen’s Global Annual Marketing Report, by December 2021, Vinasoy's market share reached nearly 90% of the market share of soy milk in paper boxes in Vietnam While the two main competitors, Vinamilk and NutiFood, each company accounts for only 5% of the market share Because of the idea “Vietnamese people give priority to using Vietnamese goods” along with their own high quality, these 3 companies have more opportunities in the Vietnamese soy milk market than foreign brands like Homesoy or Lactasoy However, while Nuti has a reasonable price as Fami, soymilk products of Vinamilk have a higher price Despite this advantage, having only 2 kinds of soy milk (original & calcium) is a disadvantage of Nuti compared to diversified products of Vinasoy or Vinamilk
Company | 7uinasoy cE Nutifood Others
Vị : rami (Fami : ae Fre ơ Nuti Trisoy (Tribeco), original, Fami ; milk Soymilk, original ae Homesoy Soya Calcium, Fami : Goldsoy, Double I Soymilk, Milk, EcoSoy, Products Kid, Fami Go, and other flavors), Calcium Soymilk, Almond / Red Walnut / Calcium Sovmilk Nuti (Tan Hiep Phat), Soya Number 1 Tao
Vinasoy, Veyo bean Soymilk y Yow
PUBLICSFinancial publics: This group influences the company’s ability to obtain funds
Banks, investment analysts, and stockholders are the major financial publics
Media publics: This group carries news, features, editorial opinions, and other content Vinasoy focuses on advertising activities on television channels, such as VTV3, HTV7, HTV9, etc., as well as some campaigns to advertise at bus stops, LED panels, cars, and so on Additionally, interesting TVC and music videos also get attention from customers: “Lang Lieu hau truyen” (2020), “Nha la noi” (2018),
Government publics: Management must take government developments into account Marketers must often consult the company’s lawyers on issues of product safety, truth in advertising, and other matters
Citizen-action publics: Vinasoy’s public relations department can help it stay in touch with consumer and citizen groups
Internal publics: This group includes workers, managers, volunteers, and the board of directors Vinasoy is committed to always focusing on caring for employees from physical to spiritual, so that employees in the company can feel that Vinasoy is their second family When employees feel good about the companies they work for, this positive attitude spills over to the external publics In the results of the poll of Top 100 Best Working Environments in Vietnam 2020 organized by professional community network Anphabe, Vinasoy has been honored for many consecutive years More specifically, in this poll, the business has risen 21 ranks compared to 2019, ranked 34th out of 100 enterprises with the best places to work in Vietnam
General publics: Vinasoy is concerned about the general public’s attitude toward its products and activities The public’s image of the company affects its buying behavior
Local publics: This group includes local community residents and organizations In addition to receiving support from foreign experts, domestic and foreign partners, and scientists who have the same passion and enthusiasm for developing Vietnamese soybeans, the journey of research and development of Vietnamese soybean varieties is also welcomed by local farmers, supported and accompanied by the local authorities where Vinasoy has built the raw material area Building a raw material area is also an opportunity for Vinasoy to show its responsibility to the community and society, such as supporting farmers in production and getting extra income Therefore, Vinasoy can be proactive in the source of input and contribute —~— to sustainable development of Vietnam's agriculture
Ts ¢ Demographic Environment ¢ Natural Environment ¢ Political Environment ¢ Technological Environment ¢ Economic Environment ¢ Cultural Environment
DEMOGRAPHIC ENVIRONMENTs® According to World Bank, Vietnam's population in 2021 was 97.47 million people In the past 10 years (2011 - 2021), Vietnam's population accounted for nearly 22% for the age group 0-14, approximately 70% for the age group 15-64, and the elderly age group over 65 years old only accounted for less than 10% Therefore, Vietnam has a young population pyramid, and that means the targeted segment of the soybean industry might remain stable or slightly increase in the next few years ¢ Regarding population classification by sex, women account for about 50.2% and males account for 49.8% of the population, and the soybean industry has successfully conquered the female customer segment and been in the process of conquering male customers ¢ Location is also an important demographic factor as customers in different regions have different consumption behaviors for products Customers buying milk in Vietnam favor familiar domestic products However, besides the above similarities, Vietnamese customers in rural and urban areas also have differences in consumption trends The first priority of customers in rural areas is Vinamilk dairy, otherwise Vinamilk will be Fami's soy milk and then other dairy products Then, soy milk has great potential for sale enhancement in rural areas, but Fami would be a great competitor for other soymilk company Otherwise, the preference for soy milk of urban customers is below cowmilk and other dairy products Therefore, for the soybean industry, the Vietnamese market is potential for large and familiar domestic soybean firms to continue growing, but not for other new domestic and foreign soybean brands Additionally, after the Covid-19 pandemic, the Vietnamese are focusing more on health improvement and then have a tendency to spend more on nutritional supplements, and the soybean industry is able to serve that growing need
Vietnam's 2020 ranking - Dairy & Dairy Substitutes ị $
(Beseg on CHĐPg (AV9Vo=~ Consurrer Resch Points
Vietnam: Age structure from 2011 to 2021 Vietnam's 2020 ranking - Dairy & Dairy substitutes
Vietnamese Population by Age and Sex
NATURAL ENVIRONMENT |Soybean is an easy-to-grow and high-yielding plant, and Vietnam's climatic conditions are favorable for soybean growth and cultivation In Vietnam, soybean crops are concentrated in the provinces of the Mekong Delta (An Giang, Dong Thap) in the South and some provinces in the North like Ha Bac, Lang Son, Cao Bang, etc Soybeans can be grown all year round, but the differences in each cultivation season will significantly affect the growth of crops, pest situation, yield, grain quality, and production cost The major soybean planting seasons and its characteristics: ¢ Spring-summer crop (February 15 to March 20): The main soybean crop in the North are grown in Ha Bac, Lang Son, and Cao Bang The cultivated area of this crop is also concentrated in the Mekong Delta (An Giang, Dong Thap) However, soybeans grown in the South of this season are more susceptible to pests and diseases than in other seasons
Summer-autumn crop (April 5 to April 20): The disadvantage of this crop is that the sowing time depends entirely on the first rain of the season
Drought after sowing happened several times due to the shortage of rain, affecting the germination rate and crop level However, this crop has a aly long day of light, so soybean varieties tend to have a long growth period and strong leaves Therefore, it should be noted that the density of this crop is sparser than in other crops