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Private label developing strategy for Saigon co.op

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MINISTRY OF EDUCATION & TRAINING UNIVERSITÉ LIBRE DE BRUXELLES HO CHI MINH CITY OPEN UNIVERSITY SOLVAY BUSINESS SCHOOL MBMM PROGRAM PHAN LÊ NHẬT TRƯỜNG PRIVATE LABEL DEVELOPING STRATEGY FOR SAIGON CO.OP FINAL PROJECT MASTER IN BUSINESS & MARKETING MANAGEMENT Project tutor: Dr. ĐẶNG NGỌC ĐẠI Ho Chi Minh City 2007 COMMITMENT DECLARATION I commit this is my own study. I think that this is a first project mentioning about Private Label in retailing in Master course. All figures and results detail stated in this project are true. PHAN LEÂ NHAÄT TRÖÔØNG ACKNOWLEDGEMENTS I would like to express my deepest gratitude to my Project Tutor, Dr. Dang Ngoc Dai, for his valuable guidance, continuously advice, encouragement and constant support throughout this project. His comments and suggestions which helped to do this project not only in academic but also in practice I also would like to thank my mentor very much, Ms. Tran Thi Kim Quyen – Vice General Directors in Saigon Co.op who has a lot of great ideas to advise me, it is very very helpful, logical and practical. I would like to extend my gratitude to the Vietnam – Belgium Master in Business and Marketing Management Ho Chi Minh City, Vietnam, May 2007 Phan Leâ Nhaät Tröôøng TABALE OF CONTENTS CHAPTER I: INTRODUCTION 01 1.1 Problem statement 01 1.2 Project objectives 02 1.3 Scope and limitation 02 1.4 Research methodology 02 CHAPTER II: THEORETICAL BACKGROUND 03 2.1 Definition and concepts of PL products 03 2.2 PL trend in the world, special in the retail industry 04 2.3 Some retailers and wholesaler in Vietnam 06 2.4 Benefits from PL products 06 2.4.1 Intangible benefits 06 2.4.2 Tangible benefits 06 2.5 Saigon Co.op’s situation of PL products 07 2.5.1 Organization 07 2.5.2 Marketing activities 07 2.5.3 Planning for PL products 07 2.5.4 Policy or rules of PL developing at Saigon Co.op 07 2.5.5 Quantity of PL products that Saigon Co.op has 08 2.6 Advantages of Saigon Co.op when making PL products 08 2.6.1 A familiar Co.opMart trade-name 08 2.6.2 A large distribution 08 2.6.3 Having ISO certificate 09 2.7 Disadvantages of Saigon Co.op when to make PL products 09 2.7.1 Personnel and professinal skills 09 2.7.2 Board of Directors’ supporting 09 2.7.3 From manufacturers 09 CHAPTER III: EXTERNAL AND INTERNAL ANALYSIS 10 3.1 External analysis 10 3.1.1 Economic conditions in Vietnam 10 3.1.2 Vietnam’s population 10 3.1.3 Consumer trend in Vietnam 11 3.1.4 Market research 11 3.1.4.1 Consumers’ awareness about PL products 11 3.1.4.2 Consumers’ evaluation about PL products 12 3.1.4.3 Which categories customers frequently use 13 3.2 Internal analysis 13 3.2.1 SWOT analysis 13 3.2.1.1 Strengths 13 3.2.1.2 Weaknesses 14 3.2.1.3 Opportunities 14 3.2.1.4 Threats 14 3.2.2 PL sales in 2005 and 2006 15 3.2.2.1 Comparison GM% between PL and all categories 15 3.2.2.2 Comparison GM% between PL and specific category 15 3.2.2.3 Quantity of SKUs of PL products 16 3.2.2.4 Which categories have best GM% 16 CHAPTER IV: STRATEGY TO DEVELOP PRIVATE LABEL 17 4.1 Product strategy 17 4.1.1 Group 1 17 4.1.2 Group 2 17 4.1.3 Group 3 18 4.1.4 Group 4 18 4.1.5 Group 5 18 4.2 Producing strategy 19 4.2.1 Cooperating with foreign manufacturers to make PL products 19 4.2.2 Cooperating with domestic manufacturers 19 4.2.3 Saigon Co.op makes PL products by themselves 19 4.2.4 Cooperating with regional manufacturers 20 4.2.5 Cooperate with big manufacturers 20 4.3 Pricing strategy 20 4.3.1 Pricing strategy for Group 1 20 4.3.2 Pricing strategy for Group 2 20 4.3.3 Pricing strategy for Group 3 21 4.3.4 Pricing strategy for Group 4 21 4.3.5 Pricing strategy for Group 5 21 4.4 Distribution and displaying 21 4.5 Marketing strategy 22 4.5.1 Advertising strategy 22 4.5.2 Promotion strategy 24 4.6 Personnel strategy 25 4.7 Bonus policy 25 LIST OF FIGURES Figure 01: Private label is growing around the world 04 Figure 02: Private label market Share in the world 2005 05 Figure 03: Private label share in Asian Pacific 05 Figure 04: Period of GDP per capita 10 Figure 05: Retail sales value of goods and service in year 1996 – 2005 10 Figure 06: Market share between traditional markets and modern distribution 11 Figure 07: Top ten of product groups bought by consumers in 2006 13 Figure 08: GM% of PL and all categories 15 Figure 09: GM% of each category in average 15 Figure 10: Comparison GM% between PL and related categories 16 Figure 11: Number of SKUs in 2005, 2006 and end of March 2007 16 ABBREVIATION PL : Private Label GM : Gross Margin SKU : Stock of Keeping Unit WTO : The World Trade Organisation REFERENCES 1. ACNeilsen (2006), Vietnam Private Label 2006, Malaysia 2. Ashok Ranchhod (2004), Marketing Strategies, Pearson Education Malaysia Sdn Bhn, Malaysia 3. General Statistic Office. Tinh hinh kinh te xa hoi nam 2006, http://www.gso.gov.vn 4. Ogenyi Omar (1999), Retail Marketing, Redwood Books Ltd, Great Britain 5. Philip Kotler, Gary Armstrong, John Saunders, Veronica Wong (2001), Principles of Marketing, Third European Edition, Rotolito Lombarda, Italy 6. Statistical Office In Ho Chi Minh City (2006), Statistical Yearbook 2005, Ho Chi Minh City EXECUTIVE SUMMARY Co.opMart trade-name occurred in 1996. After eleven years, there are 21 Co.opMart supermarkets in which 14 Co.opMart supermarkets in Ho Chi Minh city and 7 Co.opMart supermarkets in other provinces. So far, Co.opMart is a biggest supermarket chain in Vietnam. Co.opMart is belonged to Saigon Co.op, Saigon Union of Trading Co.operatives. Everyday there are about 80,000 customers shopping at all Co.opMart supermarkets through POS. Co.opMart’s customers are people from 20 to 55 years old, low or middle income. Co.opMart has the loyal customer program that attractive 251,000 customers joining in which there are 89,000 customers becoming member of Co.opMart Private Label (PL) brands were traditionally defined as generic product offering that competed with national brand. Often the lower price alternative to the real thing, PL carried quality. Yet, they still grew and prospered by providing consumers lower priced options for what was often a low involvement purchase decision. Retailers continued to push more and more PL products into different categories of the marketplace because they represented high margins and the promise of profitability with little to no marketing effort. The key to successful marketing management for retailers is to understand the contribution and role of their proprietary or “own” brands in the long term business strategy and marketing mix of the retail store and consider both the supply side and the demand side of the equation. Effective category management can enable retailers to solidify and optimize supply chain relationships. Strategic brand management goes [...]... followed Saigon Co.op s requirement These items is produced for Saigon Co.op only, not for any competitors or outside markets For instance, Aquafina Pure Water from Pepsi, they have bottles in 333ml, 500ml and 1500ml, so Saigon Co.op can require them to produce bottle in 3 little for Saigon Co.op Quality of products, of course, is the same manufacturers’ brand 19 4.2 Producing strategy Saigon Co.op can... 12.91% and Industrial Food is 10.42% 17 CHAPTER IV: STRATEGY TO DEVELOP PRIVATE LABEL From external and internal analyses, SWOT analysis, as well as advantages and disadvantages of Saigon Co.op when developing PL I think that Saigon Co.op can develop PL products better than I would like to suggest a strategy to develop PL for Saigon Co.op 4.1 Product strategy In the world, almost hypermarkets, supermarkets,... project is to develop PL products for Saigon Co.op To analyze the potential of PL products for retailing, specially for Saigon Co.op To analyze PL as a tool to increase awareness Co.opMart’s image from customers Making difference from competitors when developing PL products How to develop PL products for Saigon Co.op better The trend of PL products of the big retailers is forward increasing PL products... that Saigon Co.op has? Up to now, Saigon Co.op has 111 SKUs account for 0.21% of all SKUs in which has 46 SKUs in Industrial Food category; 8 House-ware SKUs; and 57 Garment SKUs Sale contribution of PL products is too small account for 0.68% of the Co.opMart’s total sales Saigon Co.op has three PL brands, Co.opMart brand for Industrial Food and Houseware category; one store sub-brand, Lucky-Co.opMart... products for Saigon Co.op better 1.3 Scope and limitation This study is implemented at Saigon Co.op in Ho Chi Minh city, Vietnam This project has been taken from view point of marketing to develop PL products The marketing strategies include product strategy, manufacturing strategy, price strategy, distribution and displaying strategy, communication strategy, promotion strategy, personnel strategy. .. about Co.opMart’s PL products Inside and outside Co.opMart has no posters, panels, flyers, etc informing about PL products 2.5.3 Planning for PL products Saigon Co.op has a plan for developing PL but it is too general, not has a detail developing plan for each category and how many items in every year 2.5.4 Policy or rules of PL developing at Saigon Co.op When any new PL product launching on the market,... specific for Co.opMart and to save money for consumers I suggest that, price is affordable For instance, price of each bottle of Aquafina pure water 1.5 little is 6,000 VND, when consumers buy a bottle of Aquafina pure water 3 little the price will be lower than 12,000 VND 4.4 Distribution and displaying Saigon Co.op has 21 Co.opMart supermarkets According to Saigon Co.op s the developing strategy, ... products for Saigon Co.op Through this proposed project I hope Saigon Co.op can apply to develop PL products 2 1.2 Project objectives The objective of this proposed project is to meet the following issues To analyze the potential of PL products for retailing, specially for Saigon Co.op To analyze PL as a tool to increase awareness Co.opMart’s image from customers To make difference from competitors when developing. .. developing strategy, in 2015 Saigon Co.op will have 100 nationwide Co.opMart supermarkets Have more distribution units to distribute PL products Beside Co.opMart supermarkets, Saigon Co.op has a good relationship with Vietnamese member cooperatives who have Co.op convenient stores, it will be one of good distribution channel for PL products Saigon Co.op s distribution channel for PL products is promise... Lucky-Co.opMart brand for cookies; and SGC brand for Garment category 2.6 Advantages of Saigon Co.op when making PL products 2.6.1 A familiar Co.opMart trade-name Co.opMart trade-name occurred in 1996 After eleven years, there are 21 Co.opMart supermarkets in which 14 Co.opMart supermarkets in Ho Chi Minh city and 7 in other provinces Consumers are more and more familiar to Co.opMart trade-name, Co.opMart’s . Vietnam. Co. opMart is belonged to Saigon Co. op, Saigon Union of Trading Co. operatives. Everyday there are about 80,000 customers shopping at all Co. opMart supermarkets through POS. Co. opMart’s. account for 0.68% of the Co. opMart’s total sales. Saigon Co. op has three PL brands, Co. opMart brand for Industrial Food and Houseware category; one store sub-brand, Lucky -Co. opMart brand for. Co. opMart’s PL products. Inside and outside Co. opMart has no posters, panels, flyers, etc. informing about PL products. 2.5.3 Planning for PL products Saigon Co. op has a plan for developing

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