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Basis of argument for market development strategy in company’s Marketing activities MARKET DEVELOPMENT STRATEGY FOR CHIEN THANG GARMENT JOINT STOCK COMPANY Chiến lược phát triển thị trường công ty cổ phần may Chiến Thắng Analysis of US Market one of the key markets for Vietnamese garment companies Overview on developing market of Garment Company 35
G SUBJECT MARKET DEVELOPMENT STRATEGY FOR CHIEN THANG GARMENT JOINT STOCK COMPANY TABLE OF CONTENT General introduction Reason for the Subject Target of project study Analytical method Structure of the composition: 10 Chapter 1: Basis of argument for market development strategy in company’s Marketing activities 11 1.1 Market strategy of the company 11 1.1.1 Market Development Strategy 11 1.1.2 Suggestions for developing new market 13 1.2 Market Analysis Tools 14 1.2.1 SWOT Analysis 14 1.2.2 Porter’s Five Forces Analysis 16 1.3 Analysis of US Market - one of the key markets for Vietnamese garment companies 19 1.3.1 Outcome of textile and garment industry’s export to America since Vietnam’s accession to the WTO 19 1.3.2 US’ Policy for textile product import control during Obama’s government 21 1.3.3 Particular traits of textile sales in US Market 22 1.3.4 US Distribution System 25 1.3.5 US’ Legal system for imported garment products 26 1.4 Analysis of Chigamex’s Business Environment in Vietnam 30 1.4.1 General introduction of Vietnamese textile industry 30 1.4.2 Opportunities and challenges from Vietnamese textile industry 32 Chapter 2: Overview on developing market of Chien Thang Garment Company 35 2.1 Introduction of Chien Thang Garment Company 35 2.1.1 History of development 35 2.1.2 Vision 37 2.1.3 Mission 37 2.1.4 Target of consumption development until 2015 37 2.2 Business and Production activities of Chigamex 38 2.3 Chigamex’s business result 39 2.3.1 Domestic market 40 2.3.2 Export market 40 2.4 Analysis of internal factors related to Chigamex’s sales activities for garment products 43 2.4.1 Structure Organization 43 2.4.2 Human Resource 46 2.4.3 Customer relation 47 2.4.4 Input Material 48 2.4.5 Quality control System 52 2.4.6 Technology and production 53 2.4.7 Information Technology 56 2.4.8 Marketing 57 2.5 Competitors comparison 57 2.6 Market development activities 61 2.6.1 Domestic market 61 2.6.2 US market and Export sales activities of Chigamex 61 2.6.2.1 Target of export sales activities to US market of Chigamex 61 2.6.2.2 Result of Chigamex’s garment product sales in US 62 Chapter3: Solutions for Sales development of Chigamex’s garment product in US market 66 3.1 Summarize of Analysis result 66 3.1.1 Opportunities 66 3.1.2 Challenges 66 3.1.3 Strengths 67 3.1.4 Weakness 67 3.2 Out standings in export and sales activities of the company in US Market67 3.3 Solutions for sales development in US market 69 Chigamex’s Market Development Strategy 69 References 74 Appendices: 75 Table List Table 1: Total revenue of Vietnam textile and garment insdustry export to US market 21 Table 2: HTS Categories 28 Table 3: Top five biggest garment companies in Vietnam 31 Table 4: Production target until 2015 38 Table 5: Chigamex’s Financial Report 40 Table 6: Chigamex’s product consumption report 41 Table 7: Export result 42 Table 8: Revenue and export growth in main markets 43 Table 9: Human resource structure 47 Table 10: Volume of raw material import 49 Table 11: Value of import material 50 Table 12: ISO 9000:2000 quality standard set 53 Table 13: Production Result 56 Table 14: Summary characteristic of some competitors 58 Table 15: Competitor’s price comparison 59 Table 16: Competitive condition comparison 60 Table 17: Target of Export to US market 62 Table 18: Export revenue of garment products to US 63 Table 19: Export revenue to US market in product type 64 Table 20: Consumption in States of America 65 Figure list Figure 1.1: Marketing 4Ps 13 Figure 1.2: Porter’s five forces analysis 16 Figure 2.1: Organizational structure 45 Figure 2.2: Procedures for production and quality control 55 General introduction Reason for the Subject Textile industry is one important section of Vietnamese economy with more than 2000 companies, using more than million, export turnover is about 15% total export turnover of Vietnam, second only to Oil and gas industry In 2007, export turnover of textile is 7.75 billion USD In the first nine months of 2008, encountered many difficulties as a result of economic recession in the US lead to reduction in consumers and textile import in US as well as many other countries, domestic inflation was high, caused a lot of difficulties to textile and garment industry Since Vietnam’s accession to WTO on 11th January 2008, Vietnam has the opportunity to deeply integrate to global economy, attract foreign investment, develop the economy and focus on export as many barriers, such as import quota to the US, have been lifted Since the time Obama took up the office, he has also been using drastic measures to textile imported from China According to US Ministry of Commerce, Chinese textile export to the US is decreasing, market of Chinese product is reducing, open opportunities for textile product from India, Indonesia and Vietnam According to evaluation, Vietnam is considered to be able to compete with China and India Recently, United State International Trade Commission put Vietnam into top of textile export to the US In Vietnam, Chien Thang Garment Joint Stock Company (Chigamex) is one of the five big companies which have strength of export products To take full advantage of the new opportunities in US market and overcome challenges in the economic crisis period, we have chosen the topic “Market Development Strategy for products of Garment Companies during WTO integration period - Situation of Chien Thang Garment Joint Stock Company’s product in US’s market” with the aim to present analysis, judgments and solutions for Chigamex in particular, as well as for the other companies in general, in current economic situation Target of project study This composition was done with the following targets: Study theories applied to form company’s strategy Generally analyze Vietnam Textile industry in order to find out challenges and support of the government Analyze external factors (world economy, competitors, etc ) to realize opportunities and challenges for Chigamex Analyze Chigamex to realize the company’s Strength and Weakness/ Analyze US market, the world’s biggest textile import market to find out the most effective approach method for Chigamex Suggest solutions for Chigamex in order to increase sales result in US market Analytical method Data acquisition method This research was done mainly based on secondary figures and data, including: Internet: Articles which analyze current economic situation, articles on US’s policy on textile product and articles which analyze consumers’ characteristic in US market Annual report on export, imported material, raw material purchase of Chigamex Some information was acquired by interviewing Chigamex’s Export Department staffs Analytical method: The research was done base on some theories like SWOT Analysis tool, Michael Porter’s five forces analysis Structure of the composition: This composition is present in chapters: Chapter1: This chapter summarizes theories and tools of market development and analyzes some external factors which relate to sales development activities of the company in foreign market Chapter 2: Focus on Chigamex’s internal conditions and activities directly related to Export Sales in US Chapter 3: Summarize analysis result of chapter 2, present key targets in market development and suggest solution of US market development to the company 10 Chapter 1: Basis of argument for market development strategy in company’s Marketing activities 1.1 Market strategy of the company 1.1.1 Market Development Strategy In order to quickly enter a market, a quick mover company needs to integrate three important aspects: Analyze key market, develop plan to enter market and realize the strategy This process makes each function become more useful to Marketing people Instead of study every factor of Marketing mix, each aspect of the process will combine itself with the target of each and every Marketing element, help develop more intelligent Marketing program in continuous competition of the market today In the process of quick moving, the first aspect – Analyze key market will look into every element of the market Every element, such as consumer’s market, growth rate and scale of the industry, competitors or general market will be study carefully Analysis of key market will help the company define achievements and outstanding issues, competition force in the market and in business, specify potential customers, main customers of the company and how to approach them Basically, in this first aspect, matters of Product, Prices and Place (Distribution) must be placed together in order to define opportunities or holes to be filled in the market The second aspect is plan for enter the market After answered the questions: “Are there any chances, any need?” the company has to make a decision and really start developing a plan In plan for enter the market, key products need to be considered from all sides, appearance, price, usefulness to customers, how to approach the customers, where the strategic location of sales is, how to win the distribution channels, etc 11 jeans products, the Company have invested many modern equipments for jean production lines Table 19: Export revenue to US market in product type Kind or products exported to American market 2007 2008 Revenue Percentage (%) Revenue Percentage (%) Knitting products 11,478,031 40.48 29,730,341 39.13 Jeans 5,321,656 19.27 16,677,090 21.95 Shirt 7,963,108 30.5 20,506,418 26.99 Jacket 2,259,013 8.18 7,876,131 10.37 592,207 1.42 1,185,045 1.56 27,614,015 100 75,975,025 100 Other clothes Total Unit: million USD (Source: Annual Export report, Chien Thang Garment Company ) Table 19 has shown that total revenue of all products in 2007 are lower than 2008 Product structure also has changed dramatically: Shirt used to occupy a large percentage in total export to US market total revenue (30.65% in 2007) but have decreased in 2008 (26.99%) Jean is the second strongest product of Chigamex Export revenue according to location US has 50 states, located in main areas, each area also have its own culture and way of life Chigamex currently does not aim to develop market in all these areas, only concentrated on key areas: Southwest, West and South 64 Table 20: Consumption in States of America Area Export amount Character of products South-western America 1,500,000 Nice style Center-West 600,000 Convenient for using The South 900,000 Famous Other regions 1,000,000 Diversified Total 4,000,000 Unit: piece (Source: Exporting Department) The Company specially concentrates to the Southwest area because this is the largest market and has most potential This area stretches from Texas to California with many big cities, such as Los Angeles, Hollywood, San Francisco, etc… This is also the resident area of many Vietnamese These people can act as a bridge that help the Company consumes products in US market Characteristic of products sales in this area is luxurious, well design The South area is mainly agriculture land Products sale here should be strong, durable yet comfortable 65 Chapter3: Solutions for Sales development of Chigamex’s garment product in US market 3.1 Summarize of Analysis result 3.1.1 Opportunities Our textile and garment products have good reputation in international market US, under Obama’s Administration, is control textile and garments products from China tighter In 2007, quota elimination in our main market have given us an opportunities to improve export Our accession to the WTO has marked a turning point for textile and garment We are now having an equal chance with other countries in export Opportunities arose from government’s fiscal stimulus packages United States are still the most attractive market for textile and garment products Vietnam has joint the top 10 countries exporting textile and garment products to the US Americans are spending large amount of time and money on clothes shopping 3.1.2 Challenges World crisis, total demand for textile and garment product may reduce 15% in 2009, orders to VN are therefore also reduced As a result of anti-inflation acts from the government, many textile and garment companies could not approach the loan credit, or had to loan with high interest rate, create difficulties in business Employee’s pay roll is increased, there are internal competition for workers between textile and garment companies 66 US deployed the policy to tightly monitor textile and garment products from Vietnam Fierce competition (both in domestic and foreign market) 3.1.3 Strengths Is one of the five biggest garment companies in Vietnam Being a state owned company, Chigamex is receiving a lot of supports and favors from the government Company’s products have good reputation in US market Chigamex has a lot of experience in relationship with export partners 3.1.4 Weakness Have not implement information technology in production and management Export contracts are mainly processing contracts Company’s marketing activities for foreign market are still very week Marketing has not been properly invested Data acquisition system is not completed Product prices are still high 3.2 Out standings in export and sales activities of the company in US Market The company’s product structure is still simple, few models, few colors, also design is not much varied Chigamex depends mainly on two products, shirts and jackets and therefore difficult to satisfy customer’s demand and competitiveness is still low Besides, lack of changes in design make products old fashioned and out of date Due to its small size, Chigamex can not be proactive with all orders, often have late delivery or can not match specification properly These factors have bad influence on company’s reputation 67 Quality is still not high for an export product Chigamex’s export apparel are mainly for the medium or lower class Beside, quality/price is still not very attractive lead to low competitiveness Chigamex’s export contracts are still simple, mainly processing contracts or FOB sales Processing contract occupy high percentage leads to low profit Not having a stable distribution system leads to periodic or seasonal job, and the company can not properly take care of its own employee in the whole year Mainly processing job, depend heavily on material and brand of foreign partners, it is difficult for Chigamex to make its own name and reputation Also marketing is not taken care of, Chigamex brand is not very popular in the market Reason for those prolems: Lack of market information: The Company is still weak in collect market information, both domestic and international Vietnam has only two commercial promotion firms: Vietnam Chamber of Commerce and Industry and Vietnam Trade Promotion Agency of Ministry of Trade Information supplied is still lack of accuracy and out of date This has bad effects on ability to grasp the opportunities of Vietnamese companies Materials: Material supply areas for textile and garment industry are still small and not properly planed Raw materials like cottons or jute are grown by families with small scale make the supply source widely scattered, create difficulties in purchasing and quality control Many types of materials have to be imported because domestic sources are not reliable Management system: Export control system is still inadequate, procedures are complicated and verbose, regulations are not consistent Such a weak management system troubles companies in creating business, attract foreign investment or build up a long term plan for operation Competitors: During the period of developing markets or entering new ones, Vietnamese companies are encountering many troubles, such as high barriers from 68 protectionism policy, fierce competition from Chinese or Thai companies, who have been long in the market, established long term relationship with local partner, have low price policy and also products are much more diversified Weak in financial ability: Chigamex has mainly just processing contract, low profit, difficult to broaden the scale of production 3.3 Solutions for sales development in US market Chigamex’s Market Development Strategy Number 1, Find out market segments in the United States US textile and garment market is widely diversify, segmented to many levels, from low to high Supply channels for each segment are also very different in ranks, quality and price For most of low income customers, they’re willing to buy products from Chinese, Indian or Mexican, or in general, popular shops where brands are not important Only requirements for products there are price and fashionable With medium class customers, they tend to pay more attention on brands and level of the products, but products should still be in medium price range Most of these products can be found in supermarkets, discount shops or chain store High class customers would prefer Collection shops or high class supermarket, where they can find premium products from famous brands Having recognized the market segments, each company can chose their key target segment, depends on their production ability and product class Besides, companies should check market thoroughly, finding holes where products from Vietnam may have advantage or be competitive Number 2, Product policy: Sales products with company brand, lessen processing jobs 69 Most of manufacturing companies or distribution companies in US purchase in definite or alienation Therefore, if a company wants to sale directly to US market, it has to improve production capability and sign export contracts with CIF or Exwork delivery condition In order to be successful in this plan, Chigamex should have experienced sales team, who understands technical issues, familiar with import/export procedures, able to control supply source, able to fight for good price right at negotiation table Company should also establish standard procedures for production, in order to be able to control quality, ensure deadline is met and avoid penalties Risk management is also very important if the company wants to handle contracts properly, mitigate risk and ensure profit Improve design quality: Chigamex should improve market study, foresee fashion trends to be able to design and produce products that meet market’s demand Most of retailers in US nowadays would like to place a direct order to foreign manufacturers with pre-designed model, which suits its local fashion Build up specialized workshops: Build production lines specialized for each product will help on quality, competitiveness and improve productivity Higher class distributors in US only place order to professional workshops which have specialized machines, high production capacity, on time delivery and fast respond Upon real situation, Chigamex, should build up different workshops, customized for each type of product, such as shirts, trousers, vest, khakis, etc… Diversify export: Chigamex now mostly have processing contracts With this type of export, Chigamex’s only benefit is processing, therefore profit is very low Also processing contract not improve company’s reputation nor build up company’s image because partners would stick their own label on the finished products Only by 70 diversify export products/service could Chigamex take advantages of business opportunities and look for more profitable contracts With better financial capacity, the company can re-organize and make changes to use resources better and save cost Target for Chigamex in the next few years are strengthen FOB export The company, however, should be able to hasten this process by invest market study activities, look for new markets, improve productivity and product quality to improve competitiveness, build up reputation and brand for Chigamex itself Beside FOB export, Chigamex should also take confide export or other types of export It is necessary to select and apply advance methods of export to improve company’s competitiveness in international market In reality, however, there is no method of business which satisfies every party and suits 100% to company’s situation Therefore, the company should create, select or combine different methods in export business When enter international market, there are times when both traditional and modern method can not be applied In these situations, company may be able to use special method to gain competitive advantage in that particular market In example, goods to goods exchange has been successfully applied in Russia, or contract biding may bring very good result in some cases Computerize management system: Chigamex should apply information technology in all areas: management, production and sales to improve management efficiency With a properly set up information system and a well managed database, the company should be able to respond very fast to any request from customers US customers have high requirement on information exchange Communication channel should be keep and updated from the biding phase through order phase, manufacture phase until delivery Information should be updated immediately via 71 email, web sites or private communication channels Designs and product samples must be sent at once to get feedback Production data, such as raw materials, processing, quality controls, etc… must be entered into the database All records should have at least one electronic copy that can be accessed by authorized people at anytime Information in database is also used to support customs clearance when export Comply quality management standards and social responsibility: Chigamex should set up its own standards in business and operation management These standards must conform with quality control standards, environment standards, health and safety standards as well as social responsibility To set up the standards is one thing, to follow them in everyday activities, on the other hand, is another thing which needs to be taken care of very carefully This is requested by most US importers and is the first thing to be inspected by them Social standards like SA800 or WRAP are very important to them and they will ensure that local processing partners must conform before signing the contract Number 3: Training and education for Sales team Vietnamese textile and garment companies need to employ or train their sales staffs who have good command of English, be able to make offers and understand America business style A sales man is the bridge between the company and customers, he should be one of the most important link in the chain to attract and keep relation with customers US’ companies, as well as companies in many other countries, always want to have business partners who understand and can follow their business culture The partners who are able to give fast respond to an unexpected problem, or able to make decisions quickly under pressure are always be preferred Partners should also be respectful to their customer, willing to learn and adapt to new requirements in business Many major companies in US train its partner during working, create a group of people who would follow the most important procedures when executing 72 the order and not want these particular people changed during the whole business period Number 4: Hiring legal counsel Exporting companies like Chigamex need to have legal counsel who understand thoroughly rules and regulations of each State where the products are exported to and consumed Legal procedures such as export, import, tax, product origin, trademarks and copyright protection, intellectual property, consumers protection, anti-dumping etc are important to help companies and firms to avoid legal breach and penalties Number 5: Human resource development Human resource is always the factor which can decide business result Human resource development is therefore indispensable for future development of the company In current situation, Chigamex needs: Regularly train and test employee’s professional, study and apply new, advance skills to improve company’s management system With design department, the company needs to improve designers’ knowledge, as well as establish material facility for practice Designers should be exchanged domestically and /or sent to other countries to study and get more experience Intensify training for workers, invest for qualified people in each area, each production line, improve working environment an employee’s income Focus on training legal counsel, people who understand international business, skillful and can co-ordinate good with foreign partners Most important skills are knowledge about legal business systems such as copyrights, anti-dumping, antimonopoly, consumers protection, health and safety regulations, environment regulations… 73 References Reports: Annual report of Chien Thang Garment joint Stock Company Export report of Export Department Internet (1)http://doanhnhan360.com/Desktop.aspx/Kinh-doanh-360/Kinhdoanh/SWOT_trong_hinh_thanh_chien_luoc_kinh_doanh/FirefoxHTML%5CShell %5COpen%5CCommand (2) http://vbqppl1.moj.gov.vn/law/ (3) www.vinatex.com (4) www.vietnamtextile.org.vn 74 Appendices: Box N01 DECISION OF MINISTER OF INDUSTRY Ref shifting Chien Thang Garment Company into Chien Thang Garment joint stock Company MINISTER OF INDUSTRY Pursuant to Resolution N055/2003/ND-CP dated May 28, 2003 by the Government, stipulating functions, tasks, rights and organizational structure of Ministry of Industry; Pursuant to Resolution N064/2002/ND-CP dated June 19, 2002 by the Government on shifting a state-owned enterprise into a joint stock company; Considering request of Vietnam Textile Corporation (submission N01809/TTrTGD dated September 29, 2004), project on equalization of Chien Thang Garment Company, a report on evaluating project of Board of Renovating and Developing enterprise dated October 1, 2004; According to request of Board of Renovating and Developing enterprise and Head of Organizational - Personnel Department; HAVE DECIDED 75 Article 1: To approve equitization project of Chien Thang Garment Company (a self-financial member enterprise of Vietnam Textile Corporation) including the followings: Legal capital structure: Legal capital of a joint stock company is VND 12,000,000,000 (Twelve billion VND) Including: - Rate of state-owned stocks: 51.00% - Rate of sold stocks to labor in the Company: 49.00% Value of stock is VND 100,000 Real value of Chien Thang Garment joint stock Company at the time of January 1, 2004 for equitization (Decision N02400/QD/TCKT dated September 10, 2004 by Ministry of Industry is VND 111,483,060,577, in which real state-owned capital is VND 11,616,967,388 Preference for the Company’s labor Preferential sold stock for 2651 labor of the Company is 58800 stocks with preferential value of VND 1,764,000,000 In terms of expenses for equitization, retraining and solving redundant labor, the Company fulfill procedure, submit report to Vietnam Textile Corporation and state authorized agencies to approve according to stipulation 76 Article 2: To shift Chien Thang garment company into Chien Thang garment joint stock company - Transaction name: CHIEN THANG GARMENT JOINT STOCK COMPANY - Abbreviated name: CHIGAMEX - Head office: No 22, Thanhcong, Bading District, Hanoi Article 3: The company operated in the following fields: - Production and trade, import and export textile and garment products - Production, import, export and trade material, sub material for textile and garment industry - Training and exporting sewing labor - Trading real estate, offices, and apartments for workers - Trading other branches according to stipulated law Article 4: Chien Thang Garment joint stock company is a legal entity according to Vietnamese law from the issue date of business license, allowed to use own stamps, open bank account as stipulated law, to operate conformably to charter of joint stock company and Enterprise Law Article 5: Vietnam textile Corporation is responsible to direct Chien Thang Garment Company to organize stock sale and establish congress of shareholders first time of a joint stock company as stipulation 77 General Director and Chief Accountants of Chien Thang Garment Company are responsible for managing the Company’s operation until all capital, property, labor and land are handed over to Board of Management and General Director of the joint stock company Article 6: This decision is valid 15 days after the day of issuing public report Head of Ministry Administrative Bureau, Head of Ministry Inspector, Head of Departments, Bureaus under Ministry, Chairman of Board of Management and General Director of Vietnam Textile corporation , General Director and Chairman of BOM of Chien Thang Garment Company, General Director of Chien Thang Garment joint stock Company are responsible of implementing this Decision 78 [...]... Figure 1.1: Marketing 4Ps 1.1.2 Suggestions for developing new market Analyze key market: Growth rate, market size, product Competitors Customers and consumers Plan for entering market: Product strategy Customer attraction strategy Distribution strategy Realize the strategy: New product development Marketing program development 13 Co-ordinate with partner Using the quick mover strategy. .. developing market of Chien Thang Garment Company 2.1 Introduction of Chien Thang Garment Company 2.1.1 History of development Company name: Chien Thang Garment joint stock Company Abbreviated name: CHIGAMEX Type of enterprise: state-owned enterprise Controlling agency: Vietnam Textile Corporation License of establishment N0228 dated March 24, 1993 Issuing agency: Ministry of light Industry Trading field: garment. .. world’s largest textile and garment product import market 2.1.3 Mission Chien Thang Garment joint stock Company has following task: Production of garment products for export according to the State’s general plan Expand export market and develop products to meet market s demand on quality, price and distribution Ensuring jobs and income for employee 2.1.4 Target of consumption development until 2015... VND, used for marketing and business engagement of textile and garment industry This is vital because many traditional markets have sharp drops in demand, and we have to win back those markets, as well as take over the new ones Challenges for textile and garment companies According to Mr Le Quoc An, President of Vietnam Textile and Apparel Association, in 2009, total demand for textile and garment products... of US Market - one of the key markets for Vietnamese garment companies 1.3.1 Outcome of textile and garment industry’s export to America since Vietnam’s accession to the WTO Since Vietnam joined WTO on 11th, January 2007, the quota for import and export of textile and garment product has been eliminated This, beside the advantage it brings, also has become a disadvantage for Vietnam textile and garment. .. gloves, woolen carpets Address: N022 Thanh Cong Tel: 38312075, 8314342 Fax: 38312208 E-mail: chigamex@fpt.vn Director: Ms Dinh Thi Ty Chien Thang Garment Company has established since 1973 In August 25, 1992, Chien Thang Garment Enterprise was changed into Chien Thang Garment Company This point showed the Company’s material growth that is independence in trading and producing operation, which is fully... textile and garment product also needs a “visa” to be allowed to enter US market Textile and garment product visa is a stamp on the invoice or a permission of import control, issued by a foreign government 28 Visa is used to control export of textile and garment product from foreign country to the US or to prevent illegal import of that product A visa for textile and garment product may be issued for product... good working condition for labor In 2001, the Company established one unit in Thai Nguyen with a staff of 2600 people; 1270 machines; total area of 19500m2 According to decision N0116/QD-BCN, dated October 29, 2004, the Company changed its name into Chien Thang Garment joint stock Company Function, mission of Chien Thang Garment joint Stock Company The Company is responsible for completing following... advantage of quickly enter market will help them to have better plan, get to the customer quicker and have more competitive force in the market 1.2 Market Analysis Tools 1.2.1 SWOT Analysis When developing strategy, a company needs to go though five steps: Define company’s principle SWOT analysis Define strategic target Develop detail tactic Define control mechanism for the strategy SWOT analysis... Source: Saigo Times 31 For the first time, Vietnam entered the top 10 textile and garment export countries Vietnamese textile and garment industry have developed into one of the most important industry, one of the main forces for export and brought back foreign currency for the country In 2008, total revenue of Vietnam textile and garment is 5.83 billion USD, increased 20,5% to the previous year and occupy