Being able to conduct the research titled “Building the High-End Product Development Strategy for Asia Furniture Joint-Stock Company during 2023-2030 ”, I would like to send my faithful
Research topic Justification 0 eee (5 <1 1191 9 E10 1T nh HH Hư 1 2 Literature nh
Vietnam's economy is increasingly integrating with global markets, compelling Vietnamese businesses to innovate for survival and growth amid rising competition A clear, business-oriented strategy is essential for achieving desired objectives During the author's tenure at Asia Furniture Joint Stock Company, it became evident that the furniture market demands high functionality, aesthetics, and quality Each market presents unique preferences, leading to continuous changes and intense competitive pressures As customer demands diversify, businesses must adopt flexible and effective product development strategies This thesis aims to analyze Asia Furniture Joint Stock Company's business environment and internal resources, ultimately proposing a product development strategy to enhance its competitiveness.
The article emphasizes the significance of a well-defined product development strategy in the furniture industry to address customer needs and establish competitive advantages It outlines the research objectives, which include identifying key factors influencing product development strategies and analyzing these elements to propose a tailored strategy for Asia Furniture Joint Stock Company The research scope encompasses critical aspects such as market comprehension, competitor analysis, customer insights, and internal enterprise factors, ultimately aiming to recommend effective product development strategies.
The market for fashionable wooden furniture is evolving rapidly, prompting Asia Furniture Joint Stock Company to enhance its financial, human resources, and business strategies for growth Currently, the company lacks a dedicated strategy for high-end product development To address this, Asia Furniture aims to establish a specialized research and development department focused on premium products, leveraging its satellite companies and partners to create innovative and adaptable furniture that meets the demands of high-end customers Additionally, the company plans to build a collaborative ecosystem among itself and its satellite companies to foster mutual development.
"Building a strategy to develop high-end furniture products for Asia Furniture Joint Stock Company in the period 2023-2028" as the topic for my thesis.
The furniture industry in Europe, particularly in countries like Italy and Germany, boasts a rich historical development Despite this, there is a notable scarcity of research focused on formulating effective product development strategies within this sector.
Analyzing customer demands and preferences is crucial for developing effective product strategies in the furniture industry Surveys, interviews, and behavioral data analysis, along with customer interactions on social media, can reveal key trends and preferences, as highlighted by Smith et al (2021) The increasing consumer interest in smart, interactive furniture necessitates the integration of technology into product development Johnson (2019) emphasizes the importance of understanding market dynamics, competitor strategies, and sustainable practices to create environmentally friendly products Additionally, Jones et al (2022) stress the need to analyze design trends to align with evolving customer preferences Effective segmentation of the market, as noted by Johnson et al (2021), is essential for tailoring product strategies to meet diverse customer needs Smith (2022) underscores that a robust product development process is vital for success, while Brown et al (2023) highlight the significance of marketing and promotion in building brand recognition and attracting customers.
Objectives Of the StUỦY G1 HS TH HH HH ng 3
Specific Goals 1.5
1 Analyze the needs and demand of high-end customers market segment: Synthesize and analyze information about the preference of potential customers in the furniture sector Apply survey, interview and data analysis methods to better understand customer preferences and requirements regarding product quality, aesthetics, utility and personalization of high-class furniture products.
2 Analyze design and stylist trends in the furniture industry to understand the changing of customer preferences and requirements Hence to identify designing elements and stylist trends in the furniture market.
3 Competitor analysis: Evaluate industry competitors, business models and product development strategies of competitors to identify strengths and weaknesses to help proposing a suitable high-end product development strategy for Asia Furniture Joint Stock Company.
4 Propose specific solutions and activities for the high-end products development strategy of Asia Furniture Joint Stock Company in the period 2023 to 2028
Research subjects of the project will include:
Asia Furniture Joint Stock Company offers a diverse range of products characterized by high quality, innovative design, and robust supply capacity A thorough analysis reveals that these products align well with current market demands and consumer preferences Additionally, an evaluation of the competitive landscape indicates that Asia Furniture effectively positions itself against rivals in the furniture industry, ensuring its offerings meet the evolving needs of customers.
To create an effective product development strategy, it is essential to research and assess the company's resources and capabilities, including infrastructure, human resources, financial assets, and technology Additionally, identifying core competencies while analyzing strengths and weaknesses is crucial This comprehensive understanding allows for the formulation of a product development strategy that capitalizes on opportunities and strengths while addressing challenges and minimizing weaknesses.
Product development strategy during the period from 2023 to 2028 helps AsiaFurniture Joint Stock Company have suitable and competitive products in the rapidly changing furniture market.
Research methods integrate both qualitative and quantitative approaches, with quantitative research focusing on surveying the preferences and needs of high-end customers These methods are essential for analyzing the business environment, assessing competitors, and evaluating internal capabilities, ultimately guiding the development of effective product strategies.
Qualitative research employs interview techniques to gather insights from customers and architects within the company, facilitating a deeper understanding of customer requirements and needs This method also allows for the collection of valuable opinions, suggestions, and feedback from experts in the furniture industry.
Quantitative research will employ survey methods to gather data from a random sample of around 50 potential luxury customers A structured questionnaire will be utilized to assess customer satisfaction with existing products, brand awareness, product requirements and preferences, as well as opinions regarding design and quality features.
Analyzing and synthesizing data from qualitative and quantitative research involves using the comparative method to contrast information from various sources, providing a comprehensive view of the current product landscape and customer needs Additionally, the SPSS (Statistical Package for the Social Sciences) software will be utilized to process and analyze quantitative survey data, enabling statistical analysis, correlation assessments, and hypothesis testing to deliver precise and dependable insights into the relationships among study variables.
Strategic analysis tools like the EFE Matrix identify macro and micro factors impacting the organization, while the EFI Matrix highlights internal strengths and weaknesses Additionally, the SWOT Matrix evaluates external opportunities and threats alongside internal capabilities, facilitating the development of effective strategies.
- SO strategy: use strengths to take advantage of opportunities
- ST strategy: using strengths to avoid threats.
- WO strategy: use opportunities to overcome weaknesses.
- WT strategy: overcome weaknesses to avoid threats.
The QSPM matrix quantifies essential information during the initial stages, enabling managers to select the most effective strategy By compiling data and analyzing research findings, we gain a comprehensive understanding of the current product landscape, customer needs, and priorities, which are crucial for formulating a successful product strategy for Asia Furniture Joint Stock Company.
To gather essential secondary data, we utilize reliable and diverse sources, including company data reports and previous research on furniture products These studies offer insights into market trends, customer preferences, competitive dynamics, and industry challenges Additionally, we explore specialized books, reputable newspapers, and authoritative websites focused on the furniture sector to enhance our understanding and analysis.
Primary data is gathered through direct observations, interviews with management, employees, experts, and customers This data focuses on essential elements of the macro environment, industry environment, and internal environment, along with the associated weights and evaluation scores of these factors.
In addition to the introduction, conclusion and accompanying appendices and tables, the topic is structured in 3 chapters:
Chapter 1: Theory of building product development strategies Chapter 2: Analysis of the external environment and current capacity of Asia Furniture Joint Stock Company
Chapter 3: Building a strategy to develop high-end furniture products forAsia Furniture Joint Stock Company
CHAPTER 1: THEORETICAL BASIS FOR FORMULATING A PRODUCT
In the realms of economics and business, "strategy" is defined variably by experts William J Glueck describes it as a comprehensive and coordinated plan designed to achieve an enterprise's objectives Alfred Chandler emphasizes that strategy involves setting long-term goals, selecting methods, and allocating resources to achieve these aims Meanwhile, Kenneth Andrews views strategy as a framework encompassing an enterprise's goals, plans, and operational scope, which also identifies the economic and non-economic values the enterprise strives for.
Strategy encompasses the comprehensive planning, organization, and execution of key activities aimed at achieving an enterprise's objectives It involves identifying fundamental goals, selecting methods, and allocating resources effectively, while also defining the operational scope, human resources, and the economic and non-economic values delivered to stakeholders A well-defined strategy is crucial for guiding business operations, leveraging strengths, and addressing weaknesses to thrive in a competitive landscape Common characteristics of a business strategy include establishing a long-term plan aligned with core objectives, implementing significant policy changes, and efficiently allocating resources with clear action sequences to meet these goals.
Research Methods ô5 1E ng 5 98.0
Research methods integrate both qualitative and quantitative approaches Quantitative research is utilized to survey the preferences and requirements of high-end customers Additionally, these methods are essential for analyzing the business environment, assessing competitors, and evaluating internal capabilities, which are crucial for formulating effective product development strategies.
Qualitative research employs interview techniques to gather insights from both customers and architects within the company These interviews facilitate a deeper understanding of customer requirements and needs, while also collecting valuable opinions, suggestions, and feedback from experts in the furniture industry.
Quantitative research will employ survey methods to gather data from a random sample of around 50 potential luxury customers A structured questionnaire will capture insights on customer satisfaction with existing products, brand awareness, product preferences, and opinions regarding design and quality features.
Analyzing and synthesizing data from qualitative and quantitative research involves utilizing a comparative method to contrast information from various sources, creating a comprehensive view of the current product landscape and customer needs Additionally, the use of SPSS (Statistical Package for the Social Sciences) will facilitate the processing and analysis of quantitative survey data, enabling statistical analysis, correlation assessments, and hypothesis testing to ensure accurate and reliable insights into the relationships between study variables.
Strategic analysis tools like the EFE Matrix help identify macro and micro factors influencing an organization, while the EFI Matrix highlights internal strengths and weaknesses Additionally, the SWOT matrix evaluates external opportunities and threats alongside internal strengths and weaknesses to develop effective strategic plans.
- SO strategy: use strengths to take advantage of opportunities
- ST strategy: using strengths to avoid threats.
- WO strategy: use opportunities to overcome weaknesses.
- WT strategy: overcome weaknesses to avoid threats.
The QSPM matrix quantifies information analysis in the initial stages, enabling managers to select the best strategy By compiling data and analyzing research findings, we gain a comprehensive understanding of the current product landscape, customer needs, and priorities, which are crucial for developing an effective product strategy for Asia Furniture Joint Stock Company.
To gather essential secondary data, we utilize reliable and diverse sources, including company data reports and previous research on furniture products These studies offer valuable insights into market trends, customer needs, competitive factors, and industry challenges Additionally, we consult specialized books, reputable newspapers, and authoritative websites related to the furniture sector to enhance our understanding and analysis.
Primary data is gathered through direct observations and interviews with management, employees, experts, and customers This data encompasses essential aspects of the macro environment, industry environment, and internal environment, along with the weights and evaluation scores of these factors.
In addition to the introduction, conclusion and accompanying appendices and tables, the topic is structured in 3 chapters:
Chapter 1: Theory of building product development strategies Chapter 2: Analysis of the external environment and current capacity of Asia Furniture Joint Stock Company
Chapter 3: Building a strategy to develop high-end furniture products forAsia Furniture Joint Stock Company
CHAPTER 1: THEORETICAL BASIS FOR FORMULATING A PRODUCT
In the realms of economics and business, "strategy" is defined in various ways by experts William J Glueck describes it as a comprehensive plan designed to achieve an enterprise's goals Alfred Chandler emphasizes the importance of setting long-term objectives and allocating resources effectively to meet those goals Meanwhile, Kenneth Andrews views strategy as encompassing an enterprise's goals, plans, and operational scope, while also identifying the economic and non-economic values that guide the organization.
Strategy encompasses a comprehensive view of an enterprise, involving the planning, organizing, and implementation of core activities to achieve its goals It focuses on identifying fundamental objectives, selecting methods, and allocating resources effectively Additionally, strategy defines the scope of operations, human resources, and the economic and non-economic value delivered to stakeholders It is essential for guiding business operations, leveraging strengths, and addressing weaknesses to succeed in a competitive landscape Common characteristics of a business strategy include establishing a long-term plan aligned with fundamental goals, making decisions on significant policy changes, and efficiently allocating resources and action sequences to meet objectives.
A product development strategy is essential for guiding the creation of new products or modifications to existing ones, aiming to maximize revenue This strategy often aligns with corporate objectives, providing a clear direction for product initiatives by defining goals and approving funding Its primary purpose is to secure a competitive edge, positioning products effectively to enhance business outcomes, including sales growth, revenue, and profitability throughout their life cycle.
Product development strategies empower manufacturing companies to innovate and introduce product lines that not only challenge competitors but also enhance customer satisfaction Integrating new product development into the overall product strategy highlights the importance of innovation and supports diversification efforts, including targeted advancements for new offerings.
Pricing Strategy: Focus on pricing strategies, such as premium pricing, competitive pricing, or value-based pricing, to create a competitive advantage.
Innovation strategy: Characterized by continuous innovation to create new and unique products to stand out in the market.
Time to market: Focus on getting products to market as quickly as possible to gain a competitive advantage.
Market/customer targeting: Tailor product development based on the needs and preferences of target markets or specific customer segments.
Platform strategy: Develop a product platform that can be adapted and expanded to create a variety of products, reducing development costs and time.
The stages of a product development strategy typically include:
Idea generation: Generate and collect creative ideas for new products or improvements to existing products.
Product Road Mapping and Selection: Evaluate and prioritize ideas, select the most promising concepts, and create a product development schedule.
Prototyping: Create early prototypes to visualize and test product concepts.
Design: Develops the detailed design of the product, including technical specifications, features and aesthetics.
Testing: Conducting thorough tests, including quality testing and user testing, to ensure the product meets performance and customer requirements.
Distribution: Launching a product into the market, including marketing, distribution, and sales activities to make the product available to customers.
1.1.3 The role of business strategy
A well-defined strategy is crucial for the survival and growth of businesses, as it outlines the mission and vision while guiding the paths to achieve established goals When a clear strategy is communicated and embraced, it enhances the understanding and engagement of all organizational members, fostering motivation and aligning efforts towards shared objectives This collective commitment ultimately drives individuals to invest themselves in their work and the overall success of the business.
A sustainable development strategy is crucial for business growth, as it enhances the scientific management system and boosts economic efficiency This approach aligns with the specific developmental stages of a business and supports its long-term objectives.
Strategy is a crucial component in guiding and influencing business growth, fostering unity and coherence in actions while significantly contributing to competitive advantage and sustainable development.
1.2 Process of formulating a product development strategy
Analyze the Building and Analyze the
1 Macro > SWOT model ‹ environment — — Value Chain PEST model GREAT model Model
=>Opportunit Business strategy y & challenge Function strategy x Sen gth
Organize the Enforcement & Monitor & apparatus in -— Adjust strategy '— Evaluate accordance implementati with tha an
THEORETICAL BASIS FOR FORMULATING A PRODUCT IS) 45860)3\/15)90099 v005 ca
Definition of strategy
In the realms of economics and business, the term "strategy" is defined in various ways by experts William J Glueck describes it as a comprehensive and coordinated plan designed to achieve an enterprise's goals Alfred Chandler emphasizes that strategy involves setting long-term objectives and allocating resources to achieve them Meanwhile, Kenneth Andrews views strategy as a framework encompassing an enterprise's goals, plans, and operational scope, which also identifies the economic and non-economic values the enterprise aims to pursue.
Strategy encompasses the comprehensive planning, organization, and execution of core activities aimed at achieving an enterprise's goals It focuses on identifying fundamental objectives, selecting methods, and allocating resources effectively Additionally, strategy defines the operational scope, human resources, and economic organization of the business, highlighting the value it provides to stakeholders Serving as a crucial tool for navigating competitive environments, strategy leverages a company's strengths and addresses its weaknesses Common characteristics of an effective business strategy include establishing a long-term plan aligned with key goals, implementing changes in significant policies, and systematically allocating resources to achieve desired outcomes.
A product development strategy is essential for guiding the creation of new products or modifications to existing ones, aimed at maximizing revenue This strategy often aligns with the broader corporate strategy and establishes clear goals while facilitating funding decisions Its primary objective is to secure a competitive advantage by positioning products effectively to achieve key business objectives, including sales growth, revenue enhancement, and profitability throughout the product life cycle.
Product development strategies empower manufacturing companies to innovate and create product lines that stand out in the market, enhancing customer satisfaction Integrating new product development into the overall product strategy highlights the importance of innovation and supports diversification, including targeted advancements for new products.
Pricing Strategy: Focus on pricing strategies, such as premium pricing, competitive pricing, or value-based pricing, to create a competitive advantage.
Innovation strategy: Characterized by continuous innovation to create new and unique products to stand out in the market.
Time to market: Focus on getting products to market as quickly as possible to gain a competitive advantage.
Market/customer targeting: Tailor product development based on the needs and preferences of target markets or specific customer segments.
Platform strategy: Develop a product platform that can be adapted and expanded to create a variety of products, reducing development costs and time.
The stages of a product development strategy typically include:
Idea generation: Generate and collect creative ideas for new products or improvements to existing products.
Product Road Mapping and Selection: Evaluate and prioritize ideas, select the most promising concepts, and create a product development schedule.
Prototyping: Create early prototypes to visualize and test product concepts.
Design: Develops the detailed design of the product, including technical specifications, features and aesthetics.
Testing: Conducting thorough tests, including quality testing and user testing, to ensure the product meets performance and customer requirements.
Distribution: Launching a product into the market, including marketing, distribution, and sales activities to make the product available to customers.
1.1.3 The role of business strategy
A well-defined strategy is crucial for the survival and growth of businesses, guiding their mission and vision while outlining the necessary steps to achieve objectives A clear strategy enhances the understanding and actions of all organizational members, fostering motivation and aligning efforts towards common goals, which encourages dedication to both work and the business.
A sustainable development strategy is crucial for business growth, as it enhances the scientific management system and boosts economic efficiency This approach aligns with the specific developmental phases and long-term objectives of businesses, ensuring they adapt and thrive in a changing environment.
Strategy is a crucial component in guiding the growth and direction of a business It fosters unity and coherence in actions while significantly contributing to the establishment of competitive advantages and sustainable development.
1.2 Process of formulating a product development strategy
Analyze the Building and Analyze the
1 Macro > SWOT model ‹ environment — — Value Chain PEST model GREAT model Model
=>Opportunit Business strategy y & challenge Function strategy x Sen gth
Organize the Enforcement & Monitor & apparatus in -— Adjust strategy '— Evaluate accordance implementati with tha an
The initial step in formulating a strategic development process is defining the company's vision and mission These elements provide a framework for developing business strategies and establish the criteria for evaluating proposed strategies.
To effectively evaluate the company's position, it is essential to analyze both the external and internal environments using models such as PEST, the Five Forces framework, and the Value Chain analysis This comprehensive assessment will highlight the company's strengths and weaknesses while identifying potential threats and opportunities from the external landscape.
Explore ten alternative business strategies by leveraging SWOT analysis to assess your strengths, weaknesses, opportunities, and threats This approach enables you to maximize your business's strengths, address weaknesses, seize opportunities, and navigate challenges effectively By developing strategies based on your SWOT findings, businesses can evaluate each option and utilize the GREAT matrix to identify the most optimal strategy for success.
An enterprise's product development strategy is grounded in three key elements: its vision and mission, insights from industry environmental analysis, and findings from internal enterprise analysis These components collectively inform how the business positions itself and competes within its specific market and industry landscape.
A business's vision embodies the future aspirations and image the company aims to realize, reflecting the ambitions of its founders or leadership For a vision to be effective, it must be clear and concise, ensuring that all members of the organization can comprehend and share a belief in the company's promising future.
A clear vision reflects an organization's capacity to foresee its future, making it essential for all members to share and understand this vision When everyone is aligned with the company's direction and common goals, they can effectively plan and focus their resources on achieving strategic objectives.
A business vision serves as a roadmap for the future, outlining key goals and essential elements that guide the organization's direction and success.
- Business and financial goals: It defines the achievements that the business wants to achieve from a business and financial perspective.
A business's vision shapes its core values, guiding its commitment to customers, employees, and the community, while also defining the social impact it seeks to create.
- Scope of operation: It defines the field of operation and scope of the business,
II as well as identifying the industries and markets that the business wants to participate and develop.
SWOT model a4
Conducting thorough research of both the internal and external environments of a business is crucial for developing an effective product strategy Within the organization, elements are identified as strengths (S) or weaknesses (W), while external factors are categorized as opportunities (O) or threats (T) This comprehensive evaluation is known as SWOT analysis, which helps businesses leverage their strengths, address weaknesses, capitalize on opportunities, and mitigate potential threats.
The SWOT analysis table is essential for aligning a business's resources and capabilities with its competitive environment, serving as a key tool for strategy formation and selection.
O first SO Strategies WO Strategies
Threats(T) first ST Strategies WT Strategies
Strengths and weaknesses are internal elements shaped by a business, encompassing aspects like technology, assets, labor productivity, and resources in relation to competitors In contrast, opportunities and threats are external factors influenced by the environment, including economic, political, social, and legal conditions that lie outside the business's control.
A business can gain a competitive advantage by aligning its strengths with available opportunities rather than solely chasing the best opportunities Utilizing SWOT analysis, companies can identify key combinations of factors to formulate effective strategies that leverage their unique capabilities and market conditions.
— SO Strategy : Exploit strengths to seize opportunities
— ST Strategy : Exploit strengths to avoid challenges
— WO Strategy : Overcome any weaknesses to seize opportunities
— WT Strategy : Overcome any weaknesses to avoid challenges
GREAT optimal strategy selection Matrix .- 555 55s <++<++sss2 27 1.5.3 Strategy developMent 01
The input data of the GREAT Matrix are the results obtained after SWOT analysis, potential strategies need to be evaluated, compared and scored according to
5 factors to choose the optimal strategy:
—Feasibility of the strategy ( A chievable)
To effectively implement a strategy, it is crucial to allocate a reasonable timeframe based on the significance of various factors to the business The evaluation process utilizes a scoring system ranging from 1 to 5, with 1 indicating poor performance, 3 representing an average outcome, and 5 signifying excellent results Ultimately, businesses should focus on pursuing strategies that attain the highest scores to maximize their success.
Table 1.3 GREAT optimal strategy selection matrix Standard Weight Strategy 1 Strategy 2 Strategy 3 Strategy 4
(Source: Strategic Management course curriculum - HSB) 1.5.3 Strategy development
After completing macro and micro environmental analysis and strategic selection, administrators have the necessary information to build a strategy depending on different levels of the business.
Corporate-level strategy defines the deployment and operational approach of various industries within a business It involves identifying which growing sectors should be nurtured and promoted, determining which underperforming businesses should be phased out, and recognizing opportunities for participation that can yield high economic returns.
To enhance efficiency, businesses must evaluate whether to affiliate with specific industries or operate independently, considering options for restructuring or acquisition This decision is crucial as it influences the overall company strategy, which should outline a clear development direction, whether for a single industry or a multi-industry business unit.
Business-level strategy, often referred to as competitive strategy, focuses on how a company can effectively compete within a specific industry or market To achieve sustainable growth, a business must establish a competitive advantage over its rivals This strategy involves creating a valuable position within the industry by coordinating all activities, processes, and methods across the organization, ultimately delivering unique value to customers.
A functional strategy serves as a crucial tool for executing corporate and competitive strategies, ensuring alignment across business units in both single and multi-business contexts By coordinating key activities such as marketing, finance, production, and human resources, functional strategies enhance an enterprise's competitive edge They define specific action steps and implementation methods, ultimately contributing to the establishment of a strong competitive position in the market.
Implement and adjust strategy SH ng giết 28 1 Requirements : Propose a correct strategy, but successful implementation
1.6.1 Requirements : Propose a correct strategy, but successful implementation is a process that requires the efforts of all members of the business Therefore, businesses need to pay attention to ensuring the following requirements:
To establish an effective organizational structure, businesses must assess their current reality against their strategic goals This evaluation ensures an appropriate distribution of power and fosters coordination among various levels and units within the organization, promoting cohesive collaboration.
Designing an effective strategic control system is essential for ensuring robust and reliable management of internal business operations, market dynamics, output, and corporate culture Additionally, companies must prioritize flexibility and adaptability within their control systems to respond to changing conditions seamlessly.
28 coordination mechanism between the organizational structure and strategic control system.
To effectively implement a strategy, it is crucial to develop a comprehensive plan tailored for each business department This plan should not only adhere to established deadlines but also allow for necessary adjustments based on the current circumstances.
1.6.2 Execution : Set regular goals: businesses need to continuously review strategic goals, adjust and set regular goals because it plays an important role in implementing strategy:
—It is the basis for evaluating the quality and work efficiency of the enterprise's board of directors.
—It is a tool to directly control the strategy implementation process
—Is the basis for appropriate distribution of enterprise resources
—It is the basis for prioritizing the implementation of organizational and professional activities
Set out specific, detailed plans: this helps business members clearly understand the goals that can be pursued, orients business activities and provides a basis for coordination between levels part.
Effective resource allocation is crucial for businesses to successfully implement their strategies Companies should assess their strengths to guarantee sufficient resources are available Prioritizing the allocation of feasible and reasonable resources for each department and team member is essential, along with making flexible adjustments as needed to ensure the ongoing availability of resources for strategy execution.
Effective strategy assessment requires close supervision to promptly alert the board of directors to emerging issues, enabling timely interventions to prevent negative outcomes This evaluation process involves three key activities.
—Consider factors inside and outside the business;
3Strategic Management course curriculum — HSB.
—Evaluate the level of implementation according to the proposed plan
To effectively navigate the ever-changing business landscape, it is crucial to adapt strategies to align with current environmental factors As these factors fluctuate, proposed strategies may become misaligned with reality, highlighting the need for timely adjustments to ensure continued relevance and success.
ANALYSIS OF THE EXTERNAL AND _ INTERNAL
Overview of Asia Furniture Joint Stock Company - ô- sôccôcsscssessee 31 1 General information eee cee eseeeseceseceeeeseeesesseeeseessesesesseesseseaeseseeaees 31 2 The process of formation and development - ôô+ôô<+ssô++ 33 3 The company's production Process - c5 vs se 34 4 Company organizational and management apparatus diagram 34 5 Business Vision and MOtto - ôs1 v1 ng ngư, 36 6 Business TSUẽfS - 5G E9 HH HH HH kh 37 2.2 Analyze the external enVironMent ¿<< 1E E kiệt 37
Asia Furniture Joint Stock Company is one of the leading wooden furniture companies in Vietnam with over 20 years of experience With a factory area of over
20,000 m2 *#° modern machinery systems imported from Europe and Japan The company has a team of 200 employees, including: 40 office, design, and sales staff;
With a team of 160 skilled workers boasting 10 to 15 years of experience, the company specializes in supplying raw materials for furniture construction, producing both imported and exported wooden furniture, and creating custom furniture using high-quality natural wood and engineered wood panels The primary goal of the company is to provide customers with top-notch, reputable products that meet their needs.
Asia Furniture Joint Stock Company is located at Lot 43B, Quang Minh Industrial Park, Quang Minh commune, Me Linh district, Hanoi The company operates multiple product showrooms, including Showroom 1 at No 01 Nghia Tan Street, Cau Giay, Hanoi; Showroom 2 on the 2nd Floor of Me Linh Supermarket in Vinh Phuc, Hanoi; and Showroom 3 on the 4th Floor of Me Linh Supermarket in Ha Dong, Hanoi.
Asia Furniture Joint Stock Company, operating under Business Registration Certificate No 2500234881, is a joint stock enterprise based in Vietnam with a charter capital of 6 billion VND For more information, visit noithatchaua.com.vn.
Table 2.1 Basic information about the business
Agents, brokers, auction Details of buying agent, selling agent, consignment of goods Code4610
Other professional, scientific and technological activities not classified elsewhere Details Furniture consulting Code 7490
Production of beds, cabinets, tables, chairs Details of wooden furniture and household appliances production Code 3100
Retail sales of electrical and household appliances, including beds, cabinets, tables, chairs, and lamps, are conducted in specialized stores This encompasses the buying and selling of wooden furniture and various household appliances that are not classified elsewhere, under code 4759.
Plant trees and take care of the trees Detail of afforestation Code 0210
Wood gathering Details of forest product exploitation Code 0221
Manufacture of other products from wood, production of products from bamboo, straw, felt and plaiting materials Details of forest product processing Code 1629
Warehousing and storage of goods Details of warehouse rental service Code 5210
The remaining business support activities have not been classified yet
Details of technology transfer services in the wood industry (For conditional business lines, enterprises only do business when they
2.1.2 The process of formation and development
Asia Furniture Joint Stock Company originated from a small carpentry factory called Dong A, which initially focused on producing small wooden items In 2003, the company made a strategic decision to invest in modern wooden furniture production at Quang Minh Industrial Park, utilizing a modest initial capital To support this expansion, they sought investors and secured bank loans to acquire advanced machinery.
Over the past 20 years, the company has grown from 30 manual workers to over 100 employees, integrating advanced technology from countries like Japan, Italy, Germany, and Taiwan This expansion has fostered a skilled team of engineers, designers, and architects, all equipped with professional expertise and a strong work ethic The company prides itself on delivering creative, unique products, exemplified by its innovative veneer wood production system, which features a comprehensive line including a boiler, impregnation system, wood boiling system, slicer, wood dryer, and wood press.
The company offers a diverse range of products categorized into three main groups: Office products, including executive desks, meeting tables, document cabinets, and various seating options; Family products, featuring essential furniture for bedrooms, living rooms, and dining rooms; and High-end furniture designed specifically for villas, restaurants, and hotels.
The company is involved in significant projects, including the National Conference House and the New Parliament House, where they are responsible for creating essential furnishings such as department desks, conference hall tables, and wooden walls Currently, the company is focused on constructing high-quality furniture for these important governmental buildings.
33 new Ministry of Foreign Affairs, Melia Danang Hotel, etc Currently the company is one of the leading furniture manufacturing companies.
Buy round Pre-processing, The carpentry workshop wood >] sawing, and drying ằ — produces wooden products wood thanks to a according to design.
Sofa area with framed, Painting The packaging department sewn, and upholstered sofa |———*| workshop, —* accepts, wraps and delivers products finishing goods, or warehousing
Asia Furniture Joint Stock Company specializes in manufacturing customized furniture products, utilizing high-quality raw materials like wood, upholstery, and varnish The company emphasizes a direct production process, eliminating the use of intermediate products to ensure quality and meet customer needs effectively.
SO it saves costs and has competitive prices.
2.1.4 Company organizational and management apparatus diagram
Asia Furniture Joint Stock Company, led by Chairman Mr Nguyen Dinh Linh, boasts a dedicated and specialized team across its office, architecture, and technical departments The company prioritizes regular and professional training for its employees to ensure they meet the demands of their roles Notably, the technical staff possess extensive experience, exceptional skills, and a strong passion for their work, all while maintaining a professional attitude.
Designing Sale | Accounting Administrative | _ Factory
Department Department Department Department actory
The Board of Directors is the management department of the company, responsible for making strategic decisions and overseeing the medium-term development and annual plans This board consists of a Director and an Executive Director, ensuring effective governance and direction for the organization.
The Director serves as the head of the company, overseeing general management and ensuring the effective execution of business and investment plans They are responsible for signing and approving key company decisions, documents, and contracts, as well as having the authority to appoint or dismiss company managers.
The Executive Director serves as a crucial advisor to the director, holding the authority and responsibility to step in when needed The Architectural Department focuses on construction design, drawing, and measurement consulting, while the Technical Department ensures product quality, submits drawings to production teams, and oversees the manufacturing process Additionally, the Sales and Planning Department is tasked with developing production and sales strategies and conducting market research.
The company’s operations involve signing contracts and coordinating with the accounting department to manage debts and implement effective debt collection strategies The administrative department focuses on human resources management, including capacity assessments, recruitment, and the administration of employee procedures Meanwhile, the accounting department oversees the company’s financial affairs, ensuring accurate representation of its financial status and providing strategic financial management advice to the board of directors.
1 Vision: The company constantly improves technology, enhances productivity and product quality to become a leading company in manufacturing and supplying industrial wood products in a dynamic and constantly changing.
- Bring customers the best quality and fastest products and services.
- Meet diverse customer needs with added services.
- Establish a close, sustainable relationship with customers.
3 Dynamic and creative: is a goal that is always emphasized, encouraged and promoted at Asia Furniture Company Promoting innovation, dynamism, and creativity 1S a prerequisite to help Asia Furniture Company become one of the leading enterprises in the field of manufacturing and constructing wooden furniture.
- Collective strength is the factor that creates the strength of Asian Furniture. Solidarity is created from the combination and complementarity between individuals with unique abilities and personalities.
- Establish a working environment of trust and mutual respect.
- Create opportunities for the development of all members of Asian Furniture
Table 2.2 Some financial and business indicators of NT Asia 2020 - 2022
No Index 2020 2021 2022 first | total assets 44,968,437,548 | 47,076,694,688 | 49947940841
Report source: NT Asia Financial Report 2020 - 2022 2.2 Analyze the external environment
2.2.1 Macro environment analysis — PEST model
PROPOSED PRODUCT DEVELOPMENT STRATEGY
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Just like fashion, furnitures are always changing Below are some furniture market trends that will explode in recent years:
The fusion of industrial wood and natural wood has become a trend that enhances the aesthetic appeal of furniture, offering a luxurious touch that consumers adore This combination results in beautifully crafted items like wooden tables, chairs, cabinets, and beds, which are not only visually striking but also boast exceptional durability With no concerns about warping, shrinkage, or termites, these products provide peace of mind for buyers The diverse styles and colors available cater to various tastes, allowing customers to appreciate the unique patterns of natural wood alongside the vibrant hues of industrial wood Ultimately, this blend transforms living spaces into elegant and sophisticated environments.
The furniture market has recently thrived with modern materials such as iron, steel, glass, and stone, offering stylish options to enhance your living space These materials not only provide a contemporary and elegant aesthetic but also ensure exceptional durability, resisting warping or cracking from external impacts Customers can confidently invest in these beautiful items, knowing they will maintain their quality and appeal over time.
The exterior of our iron and steel products features high-quality electrostatic paint, guaranteeing durability and enhancing the aesthetic appeal with vibrant, long-lasting colors This premium paint coating offers a variety of color options, allowing for a modern design that elevates any space.
The 59 collection stands out not only for its exceptional quality but also for its vibrant array of colors This variety ensures that even the most discerning customers can discover items that are both appealing and visually stunning As a result, these products enhance the beauty and uniqueness of any living space.
In recent years, the open space trend has gained immense popularity among homeowners, who prefer airy and spacious interiors To enhance this aesthetic, unique partition items are recommended instead of traditional walls, which can feel restrictive Multi-purpose furniture serves as an effective and stylish room divider, offering both functionality and convenience with its 2-in-1 use.
To create a more open and seamless living environment, select essential furniture pieces that enhance space efficiency For instance, decorative shelves can effectively separate the living room from the kitchen, while elegant dining table sets define the dining area Additionally, rotating TV shelves can serve as a stylish divider between the bedroom and living room Utilizing furniture in open spaces not only saves room but also promotes an airy lifestyle, ultimately improving your overall quality of life.
In recent years, the furniture market has embraced a minimalist trend, focusing on simple and optimal designs that are both functional and impressive Look for compact furniture that eliminates unnecessary details, creating a living space that feels more open and airy.
The furniture features strong, sturdy lines that emphasize simplicity and neatness over elaborate designs While the patterns are understated, they possess a unique beauty that captivates at first glance These attractive and distinctive designs enhance the aesthetic of your space, making your home more inviting and enjoyable.
Choose multi-functional furniture Customers often choose smart and versatile products when choosing furniture in recent years These convenient designs will help you optimize your life and increase
60 value Guests can choose a sofa bed in the living room to both have a place to receive guests and a place for guests to rest when needed.
Customers appreciate the innovative 2-in-1 bed-wardrobe design for maximizing bedroom space, while shoe cabinets placed under sofas enhance the living area's airiness and organization Additionally, adjustable height and reclinable work chairs provide convenience for users The current furniture market offers a variety of impressive multi-functional products, allowing families to make informed choices based on their specific needs These versatile designs not only save space and costs but also meet essential usage requirements effectively.
Focus on warm and natural colors
In recent years, warm and gentle colors have gained popularity in furniture selection Customers are increasingly drawn to shades like gray turquoise, a calming blend of blue and gray that evokes tranquility Additionally, neutral tones such as brown, black, cream, and wood add warmth and intimacy to spaces, while earthy colors reminiscent of nature promote a sense of peace and serenity for homeowners.
The colors are subtly harmonious and promote a sense of peace, making them easy to integrate with existing furniture for a serene and airy living environment.
As consumer lifestyles evolve, there is a growing demand for high-end imported products, particularly in the furniture sector Recent trends show that designs from renowned international brands are gaining popularity among Vietnamese customers, highlighting the appeal of imported furniture's unique features and quality.
The imported furniture market is renowned for its exceptional durability, with meticulous attention to detail in raw material selection and production processes, ensuring resistance to termites, warping, and water absorption Designed to withstand Vietnam's harsh hot and dry climate, these products maintain their quality over time Additionally, imported furniture captivates with its outstanding aesthetic appeal, showcasing a variety of designs and colors that enhance any space.
61 everything is perfect and outstanding Different styles, from classic to modern, are fully available for customers to choose from.
Consumers are increasingly opting for custom furniture orders that align with their specific design preferences and requirements This approach allows customers to collaborate with manufacturers to create pieces tailored in size, color, and style to fit their unique tastes and functional needs As a result, individuals can achieve a personalized design that complements their space perfectly.
To get the right item, you need to find reputable manufacturers and suppliers.
Customers can achieve quality and aesthetically pleasing furniture by ordering complete sets tailored to their living spaces This process goes beyond selecting individual designs; consumers have the option to request coordinated products for various areas, such as a bedroom ensemble featuring a bed, dressing table, and wardrobe, or a living room setup that includes a sofa, tea table, TV shelf, and bookshelf Additionally, office furniture can be customized with a desk, chair, file cabinet, and shelves to create a cohesive environment.
SUMMARY 0111
The thesis highlights key trends in furniture consumption, emphasizing the rising popularity of quality industrial wood paired with natural materials, modern designs, and open spaces Notable trends include the demand for simple yet striking furniture, multi-functional options, and a preference for warm, natural colors, alongside an increasing consumption of imported products Analysis of Asia Furniture Joint Stock Company reveals that their strategy aligns with the trend of customized furniture, focusing on simple, modern designs infused with neoclassical elements.
To effectively develop a new product strategy, it is essential to create a SWOT matrix that evaluates the company's strengths, weaknesses, opportunities, and challenges This analysis will guide the selection of an integrated strategy, ensuring a comprehensive approach to product development and successful implementation.
In light of Vietnam's economic integration and the evolving demands of the furniture market for high functionality, aesthetics, and quality, Asia Furniture Joint Stock Company has strategically opted to focus on developing high-end products This thesis, titled "Building a High-End Product Development Strategy for Asia Furniture Joint Stock Company in the Period 2023-2030," aims to leverage the company's strengths and optimize its existing advantages to enhance product offerings, thereby increasing sales and profits Through a comprehensive analysis that incorporates theoretical foundations, customer surveys, and consultations with experts and architects, the thesis advocates for an integrated strategy to drive growth and competitiveness in the high-end furniture sector.
Asia Furniture Joint Stock Company leverages opportunities from external companies lacking experience in crafting fashion wooden furniture By enhancing its product design and innovating current styles, the company develops a diverse range of unique and aesthetically pleasing high-end furniture products This strategic approach not only meets customer demands but also drives increased sales and profits.
Asia Furniture Company aims to enhance profitability by leveraging its existing customer base and high-quality products through product development and strategic price increases Benefiting from favorable state policies, the company is transferring land incentives to establish a large-scale, modern factory equipped with advanced machinery, ensuring a professional and peaceful working environment for employees Additionally, Asia Furniture is expanding its retail presence in major cities and provinces, including Hai Phong, to strengthen its market reach beyond Hanoi and Ho Chi Minh City.
Identifying weaknesses in product packaging is crucial for the company to enhance its market competitiveness By improving packaging standards, the company can ensure that its products not only look appealing but also stand out against imported goods, appealing to Vietnamese consumers Investing in attractive and high-quality packaging will help elevate the brand's image and attract more customers.
To enhance brand development and product marketing, it is essential for the company to prioritize the use of Vietnamese goods Additionally, focusing on the cultivation of high-quality human resources is crucial, as the current lack of professionalism and skill among staff represents a significant weakness for the company.
To meet the growing domestic demand for Vietnamese-made furniture, the company must prioritize the training and development of its human resources Additionally, establishing a systematic and professional management system, particularly in human resource management, is essential for enhancing the company's competitiveness The company’s straightforward development strategy focuses on investing in modern machinery to boost production capacity Building a state-of-the-art factory that complies with fire safety regulations is also crucial for maintaining and protecting the brand While this thesis acknowledges certain limitations due to the scope of research, it invites constructive feedback to refine product development strategies aimed at increasing brand visibility, sales, and profitability.
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APPENDIX 1: OBTAINING EXPERT INTERVIEW OPINIONS EXPERT INTERVIEW OPINION FORM
To enhance product strategies for Asia Furniture Joint Stock Company, I am seeking insights from industry experts through this interview form Your valuable time and practical opinions will greatly contribute to our research efforts.
Could you please answer some of the following questions in the form of comments:
Please evaluate Asia Furniture along with three major competitors based on the criteria provided, assigning a score from 1 to 10, where a higher score indicates a better rating The evaluation should reflect the pricing strategy of each company.
EVALUATION CRITERIA NT 3T NT Thanh NT AA
3 Construction technology, machinery and equipment
5 Advantages of relationships with state administrative agencies and banks and credit institutions
10 Location, quality and project progress
If you do not have a basis for accurate assessment of any criteria, please write N/A in each unit.
We would like to sincerely thank you for your extremely valuable and objective help.
First and last name: wo ccccccceeeceseeessessessssssssssssesseeeees
APPENDIX 2: LIST OF TYPICAL PROJECTS OF THE COMPANY Typical projects
LIST OF SOME TYPICAL PROJECTS THE COMPANY HAS IMPLEMENTED
A Office and showroom furniture projects
Furniture construction of Bao Viet Group Office and Bao Furniture supply and first
Viet Stock Exchange, No 8 Ly Thai To, Hanoi construction
Construction of the Transaction Office system of
2 Vietnam Bank for Industry and Trade (Vietinbank) - Bac construction
3 Furniture construction of IC Finance Company Office,|Furniture supply and
Xa Dan Street, Dong Da, Hanoi construction
4 Furniture construction of EVERON showroom system in|Furniture supply and the Northern region construction
5 Office furniture construction for Cong Thanh Cement|Furniture supply and
Company headquarters in Thanh Hoa construction
6 Furniture construction of FPT showroom system construction Construction and installation of office furniture and|Furniture supply and
7 conference halls for Song Thao Cement Company, Phu|construction
8 Furniture construction of the Singapore Embassy office construction
9 Construction of beds and wall cabinets in King, TWIN,|Furniture supply and
Connected Twin rooms for Hung Vuong Hotel - Hue [construction
Supply and installation of loose furniture for Thai Binh|Furniture supply and ten
Providing and installing hotel room furniture from floors
Construction of the Vohringer flooring materials Furniture supply and first exhibition booth at the VIETBUILD Exhibition from|construction
Furniture construction of POLO Club store system at|Furniture supply and ° commercial centers in the Northern region construction
Furniture construction of stores selling and introducing|Furniture supply and
3 products of Ho Guom Garment Company and Chien|construction
Thang Garment Company - Northern region Furniture construction of stores selling and introducing|Furniture supply and
4 products of Duc Giang Garment Company - Northern|construction region
Furniture construction of Boss Pabini store system at|Furniture supply and
` Northern Regional Trade Centers construction
Construction of ESJACO fashion booth system at|Furniture supply and ° Northern Regional Trade Centers construction
7 Furniture construction of Vicenzozeno store system at|Furniture supply and
Northern regional shopping centers construction c Amusement and entertainment projects
Furniture construction of Legend Beer restaurant at No Furniture supply and fst 7 Dinh Tien Hoang, Hoan Kiem, Hanoi construction
Furniture construction of ThaiExpress restaurant at 8|Furniture supply and
: Dinh Tien Hoang, Hoan Kiem, Hanoi construction
Construction and installation of shop and restaurant|Furniture supply and
3 systems at Noi Bai Airport (Belonging to Northern|construction
Furniture construction of the fast food and refreshment Furniture supply and
‘ area on the 3rd Floor of Noi Bai Airport, Hanoi construction
Furniture construction and installation of Pearls Ha Long|Furniture supply and
` Hotel, Ha Long City, Quang Ninh construction
6 FLC Sam Son Thanh Hoa d apartment buildings
Furniture supply and first |Furniture construction of Ciputra Tay Ho apartments construction
2 Furniture construction of The Manor apartments ; construction
3 Furniture construction of Trung Hoa - Nhan Chinh|Furniture supply and apartments construction
4 Furniture construction of Viet Hung - Long Bien|Furniture supply and apartments construction
5 Furniture construction of Dai Kim - Hoang MailFurniture supply and apartments construction
6 Furniture construction of BIDV building - 194 Tran|Furniture supply and
Quang Khai, Hoan Kiem construction
8 Furniture construction of Mipec Riverside apartments _ [construction
9 Furniture construction of Elegant suites apartments in|Furniture supply and
; Furniture supply and ten Furniture construction of Hoang Thanh Tower apartment construction
11 Furniture construction of Home city building construction
Trụ sở Bộ Công an, Ha Nội
Cũng với Công ty Ngọc Diệp cung cắp nội thất cho hom 200 phông nghỉ cảnh: cho cản hộ chiẩn sỹ của bộ Cảng an
Téa Thanh Binh Trân Thai Tông, Na Nội
Công tự cung cắp tod bộ dé nội thắt cho trụ sử Công ty Cả Phần Thanh Bình.
THIẾT KẾ BIỆT THỰ THIẾT KẾ VILLAGE THIẾT KẾ VILLAGE - Thiết kế biệt thự nghỉ THIET KẾ NỘI THAT
LIEN KE PARK CITY ECOPARK VINCOM SAI DONG dưỡng FLC Sầm Son- VILLAGE TAY HỒ
14 mục 23 mục 36 mục Thanh Hóa 9 mục
HÌNH ANH THỰC TE HÌNH ANH HOÀN THIẾT KẾ HOA HÌNH ẢNH HOÀN Ảnh Chụp công trình
HOA SỮA VILLA - THIỆN NỘI THAT CĂN PHƯỢNG ' VILLA - THIỆN THỰC TẾ sau khi hoàn thiện với
VINHOME RIVERSIDE CHUNG CƯ THĂNG VINHOME RIVERSIDE CHUNG CU TRANG AN_ phong cách tân cổ điển
47 mục LONG N01 24 mục COMPLEX 45 mục
34 mục 29 mục a, - s9 Nội thất Châu A a -
THIẾT KẾ BIỆT THỰ THIẾT KẾ VILLAGE THIẾT KẾ VILLAGE - Thiết kế biệt thự nghỉ THIET KẾ NỘI THAT
LIEN KE PARK CITY ECOPARK VINCOM SAI ĐỒNG dưỡng FLC Sầm Sơn - VILLAGE TAY HO
14 mục 23 mục 36 mục Thanh Hóa 9 mục
Hình ảnh thực tế của công trình Villa Thiện Nội Thất Căn Phượng sau khi hoàn thiện cho thấy sự hoàn hảo trong thiết kế và thi công Những bức ảnh chụp thực tế này thể hiện rõ nét vẻ đẹp và tính năng của không gian sống, mang lại cảm giác sang trọng và ấm cúng cho gia chủ.
VINHOME RIVERSIDE CHUNGCƯTHĂNG VINHOMERIVERSIDE CHUNG CƯ TRÀNG AN phong cách tân cổ điển
47 mục LONG N01 24 mục COMPLEX 45 mục
THIET KE VILLAGE THIET KE VILLAGE - Thiết kế biệt thự nghỉ _ THIET KẾ NỘI THAT ECOPARK VINCOM SÀI ĐỒNG dưỡng FLC Sầm Sơn- VILLAGE TÂY HỒ
23 mục 36 mục Thanh Hóa 9 mục
Hình ảnh hoàn thiện thiết kế hoa tại công trình Thiện Nội Thất Can Phượng Villa, sau khi hoàn thiện, thể hiện phong cách tân cổ điển nổi bật tại chung cư Thăng Vinhome Riverside và chung cư Tràng An, mang đến không gian sống sang trọng và tinh tế.