specific action plan for launching tcbs branch in 2011

ACKNOWLEDGEMENT I would like to gratefully acknowledge all people who have help with the completion of this research I wish to express my profound thanks and appreciation to Dr Le Nguyen Hau, my study Tutor, for his invaluable guidance, constructive suggestions and constant encouragement throughout this study work His support and understanding made this study a rewarding experience to me Among my professional colleagues, I am grateful to my colleagues at Techcomsecurities Company – Nguyen Trung Kien, Nguyen Duc Hung, and Dao Thanh Tung – for their help, stimulation and feedback I also owe a special thank to Mr Nguyen Trung Hau – my mentor – for providing advices and resources for me to fulfill my study Special thank are expressed to all professors from Solvay Business School and Ho Chi Minh City Open University as well as my classmates for their supports via lectures, discussions, debates, comments and feedbacks throughout my all Master program I gratefully acknowledge the encouragement from members of my family to my studying i TABLE OF CONTENTS Contents Abbreviations And Acronnyms Pages ii iii Tables, Chart & Figures EXECUTIVE SUMMARY CHAPTER I INTRODUCTION 1.1 Overall background 1.2 Company description 1.3 Problem statement 1.4 Objective 1.5 Scope of works 1.6 Methodology 1.7 Structure of study 2 4 CHAPTER II ENVIRONMENTAL ANALYSIS 2.1 External Environment Analysis 2.2 Internal Analysis 2.3 SWOT Analysis 2.3.1 Opportunities 2.3.2 Threats 2.3.3 Strengths 2.3.4 Weaknesses 2.3.5 Use SWOT analysis’s result 6 14 16 16 16 17 17 18 CHAPTER III MARKETING PLAN 2011-2015 FOR TCBS 3.1 Marketing objectives 3.2 Marketing strategic plan 3.3 Marketing Mix 20 20 20 21 CHAPTER IV SPECIFIC ACTION LAUNCHING TCBS BRANCH IN 2011 4.1 Financial 4.2 Action plan 4.3 Evaluation 25 CHAPTER V CONCLUSION PLAN FOR 25 26 27 29 ii ABBREVIATIONS AND ACRONNYMS ABS AN BINH Securities Joint Stock Company ACBS ACB Securities Company Ltd BVSC BAOVIET Securities Joint Stock Company CPI The Consumer Price Index FPTS FPT Securities Joint Stock Company GDP Gross Domestic Product HBBS HABUBANK Securities Company Ltd HNX Hanoi Stock Exchange HOSE Ho Chi Minh Stock Exchange HSC HOCHIMINH CITY Securities Corporation KEVS KIMENG VIETNAM Securities Joint Stock Company OCS OCEAN Securities Joint Stock Company SBS SACOMBANK Securities Joint Stock Company SSI SAIGON Securities Incorporation TCBS Techcomsecurities Company TSC THANGLONG Securities Joint Stock Company UPCoM The Unlisted Public Companies Market VCBS Vietcombank Securities Company Ltd VIETINBANKSC Vietnam Bank for Industry and Trade Securities Joint Stock Company VIS VIETNAM INTERNATIONAL Securities Joint Stock Company VNINDEX Vietnam Index of stock price iii TABLES, CHARTS & FIGURES TABLES Items Table 4.1: The marketing budget can be spent maximum in theory Table 4.2: Details of action plan Pages 25 26 CHARTS Items Chart 2.1: Admin Structure of VN capital market Pages 12 FIGURES Items Figure 2.1 Vietnam’s GDP from 2002 to 2009 Figure 2.2 Vietnam’s CPI from 2000 to 2010 Pages Figure 2.3 Number of securities companies in Vietnam 10 Figure 2.4 VN brokerage market share - 2009 11 EXECUTIVE SUMMARY Techcomsecurities Company (TCBS) was found in early 2010 Due to the infancy of the company itself together with the negative impact of the global financial crisis, TCBS is facing a great of difficulties and challenges So a marketing plan for a new branch of TCBS in Hochiminh city plays an important role in ensuring proper direction for business development Through analyzing in depth of current macro-economic situation and securities market in Vietnam that helps identify opportunities and threats for the development of securities companies In recent year, the Vietnam’s economy has face challenges because of the heavy global economic crisis In addition, securities companies are facing the local and regional competition The competition will be increasingly fierce with the appearance of experienced foreign competitors with tremendous financial strength in the years to come Although having challenges Vietnam stock market still has opportunities When the crisis is over, there will be a fast growth of securities industry, promoting the economic development of the country Besides, securities industry has caught greater awareness and participation of all types of investors due to the joining of new entrants in the stock market TCBS is owned by Techcombank - one of the leading banks in Vietnam So TCBS inherits sophisticated competency mostly from Techcombank Drawing out SWOT for the company itself helps to determine TCBS’s strengths and weaknesses to find out the market penetration strategic plan in the fist two years and the enhance large scale plan in the next three years These plans is done through marketing mix strategy including Products, Price, Place, and Promotion Moreover, the company put out a specific action plan for launching branch in Ho Chi Minh City This creates preconditions for sustainable development for the company CHAPTER I INTRODUCTION 1.1 Background In the past 10 years Vietnam securities market has grown strongly in scale and quality The official Vietnam securities market includes Ho Chi Minh Stock Exchange (HOSE) established in July 2000, Hanoi Stock Exchange (HNX) in March 2005 and the unlisted public companies market (UPCoM) in 2009 Vietnam securities market now has the market capitalization volume of 38 billion USD, accounting for 40 percent of GDP There are many leading companies that have been trading stock in HOSE The value and volume of trading have increased steadily over the years As at end June 2010, there were 243 stocks, 58 bonds, 04 fund certificates being listed in HOSE with market capitalization of over VND560 trillion (US$ 30.31 billion) Up to now HOSE has 104 securities companies (Securities) members compared with only companies in 2000 The current companies have a total capital of over VND 23 trillion, and most of them are already involved in transactions online 1.2 Company Description Techcomsecurities Company (TCBS) was founded in early 2010 with the goal of being ranked as one of Top 10 securities companies in five years more, and delivering a diversity of products and services under sole ownership of Techcombank Currently, Techcombank is 20% owned and supported by HSBC As one of the leading banks in Vietnam, Techcombank has constantly put great efforts to sustain this position in Vietnam securities market The company is focusing on technology investment, diversifying products, improving services, exploring and developing the new market segments By inheriting Techcombank’s strengths and brand name, TCBS is believed to quickly gain reputation and achieve market share in Vietnam securities market 1.3 Problem statement The securities market has made outstanding growth after 10 years of operation The market will be attractive because the Government will speed up the equitization process of big state owned general corporations, which means more valuable commodities will be available The number of new trading accounts has increased approximately 50% in 2009 and achieved 730,000 accounts The transaction accounts have increased seven times compared with figures in 2006, but it only makes up 0.9% of the total population of Vietnam The number of listed companies has reached to 459 companies by the end of 2009, compared with around 200 companies in 2006 There are currently more than 100 securities companies, mostly in Hochiminh City and Hanoi Capital It is forecasted that securities companies would be merged to be the larger ones, at least with medium scale However, due to the infancy of the company itself together with the negative impact of the global financial crisis, TCBS is facing a great of difficulties and challenges In order to survive through this tough situation and prepare for a future development, TCBS needs to focus on technology and develop competitive products and services The expansion of operation area in Hochiminh City is one of the first steps forward in TCBS’s plan of strong development Given this context, the development of an effective marketing plan for TCBS in Ho Chi Minh City is important to help the company get more market share and create good image and reputation in Vietnam stock market The following questions need to be addressed: What are the opportunities, threats, strengths, and weaknesses of TCBS to find out what should be done to exploit the strengths and stop the weaknesses? What need to for the successful establishment and taking into operation of TCBS branch in Ho Chi Minh City? 1.4 Objective The objective of this study is to develop a marketing plan to provide a road map and specific guidelines for TCBS to achieve its business development goals in Hochiminh city in the next five years 1.5 Scope of works This project is mainly for the operation of TCBS in Ho Chi Minh City from 2011-2015 It is developed in the given context of the general corporate strategy of TCBS in Hanoi, which emphasizes on offering convenient and secure products and services 1.6 Method The study is based on both types of data namely primary and secondary data Primary data: In-depth interviews with the Investment Manager - Nguyen Trung Hau, the General Manager - Nguyen Trung Kien and some functional managers of TCBS to obtain information on the firm’s current situation and their assessment about the current industry’s environment Secondary data: Data was collected from macro and industry analysis reports, database of historical data resource of the securities market, the company’s reports, research companies, internet, government offices, newspapers, etc… Data analysis Once the data has been collected, the researcher has used an inductive pattern to analyze the data collected by means of primary and secondary sources The data analysis basically consisted of the following components: • The first component relates to the macroeconomic environment in Vietnam It is indeed necessary for the proper understanding of the growth and development of Vietnam economies and stock market • The second component covers an in-depth internal analysis of TCBS, then drawing out SWOT for the company itself • The third component reveals the qualitative analysis that presents in detail the marketing plan 2011-2015 for TCBS as well as the comprehensive action plan The final evaluation of the marketing plan is also mentioned 1.7 Structure of study The structure of the study is as follows: The first chapter presents the overall introduction of the study including overall background, company description, problem statement, objectives, scope of works, methodology and structure of the study The second Chapter analyzes in depth of current macro-economic situation and securities market in Vietnam that helps identify opportunities and threats for the development of securities company in general, and then point out TCBS’s strengths and weaknesses in particular A marketing plan 2011- 2015 for TCBS as well as marketing programs is presented in Chapter Chapter shows the detailed action plan for launching branch, budget and evaluation method Last but not least, the conclusion Chapter will grasp what is analyzed and discussed in the study and make final conclusion on the topic CHAPTER II ENVIRONMENTAL ANALYSIS 2.1 External Environment Analysis 2.1.1 Macro level: SLEPT Model Analysis There are many factors in the macro-environment that will be a great leverage but also a threat to financial industry in general and securities market in particular These factors include Social, Legal, Economic, Political, Technological factors (SLEPT) Social factors: With the population of over 86 million, 2/3 of which are below 30 years of age, Vietnam has enormous young human resource The country records in continued improvement in key human development indicators such as high literacy rates of above 90% education, health improvement, life expectancy, and impressive poverty reduction The workforce is highly motivated, adaptable and has strong work ethic Compared with other countries in the region, Vietnam still have low labor cost This can be proved by the extremely low Gross Net Income per Capita of Vietnam in 2009 with only US$1,010 compared to US$37,220 of Singapore or US$3,760 of Thailand Besides, it is worth mentioning that there are an increasing number of students choosing economics and finance as their majors rather than technology and manufacturing at the Universities According to the Vietnam Ministry of Education, 38 percent of students have applied in the commerce schools in 2010 (Source: on website Admission Information) These young, qualified students would be skilled workforce considered as human supply or prospective clients as market demand for TCBS in near future Furthermore, they would become potential customers due to their knowledge in business Generally, social factors of Vietnam are proved to be very positive not only to finance sector but also to other industries Legal factors: In term of financial market: Vietnam Securities Law came into effect in January 2007 and amended in November 2010; the Decree No.14 and series of 20 CHAPTER III MARKETING PLAN 2011-2015 FOR TCBS 3.1 Marketing objectives Short-term (upcoming year) - Create brand awareness for Techcomsecurities (TCBS) in Ho Chi Minh City in the first quarter - Increase brokerage market share in individual investment segment by percentages in 2011 Long-term (3 to years) - Obtain 8-10% market share in 2015 - To be one of the top companies in the securities market 3.2 Marketing strategic plan The first period: The market penetration strategies (strategic plan in the first two years) By the investigation of the current actual situation, the stock market had initially stabilized on the number of customers There are not a lot of completely new investors open accounts at the securities companies Hence, TCBS will be difficult if it focuses on this kind of customer In penetration strategy TCBS provides all financial products appeared in the market with a lower price policy as well as launches more promotion champaigns to attract current investors, especially small and medium income investors Besides, the company serves varied and convenient services for the customer to fufill their needs Currently, independent broker teams have been formed in the market They try to find the customers for companies and enjoyed the percentage of transaction fee Characteristics of this broker teams had fairly large number of investors and daily transaction value reach from billion to 10 billion In this period, TCBS 21 promotes cooperation with them to attract customers and ensure revenue In addition, TCBS does advertising and promotional activities to increase brand awareness The target segment: With the current condition of resources, medium and small income investors are TCBS’s target investors As mention above, reputation companies had a large amount of VIP customers and they had steady customer retention policies And the medium and small cutomers easily switch to other securities companies that can satisfy their needs So TCBS focuses on this segment to ensure the revenue that helps the company exist in the initial period as well as establish network of customers in the stock market The second period: Enhance large scale and reputation of TCBS (strategic plan in 2013 - 2015) In this period, TCBS pays attention to develop distribution channels The company expands stock agents and trading points across branch system of Techcombank in Hochiminh city TCBS continues to upgrade the software system, financial products and service quality The company tries to provide securities brokerage service as fast, accurate and professional manner in order to fulfill our customer needs Besides, the company tries to seek cooperation relationship with foreign strategic partners It not only helps to support the company with strong financial resource and technical progress, but also build up a reputation for the company The target segment: More than 90 percent of investors entered the market as retail investors (Source: report on tinnhanhchungkhoan website) So TCBS continues to focus on retail growth (retail customers) The company tries to exploit fully the potential of this segment 3.3 Marketing Mix: The marketing mix provides 4P Strategies including Products, Price, Place, and Promotion which aims at differentiating Techcomsecurities from other competitors in Vietnam Securities market 22 3.3.1 Product: Currently, some of large securities companies have already provided financial products that help them gain competitive advantages in the market Likewise, in order to satisfy highly demanding requirements, it is strongly recommended that Techcomsecurities develop such innovative and competitive financial products as follows: - Capital leverage Tools: * Repo: A repo is equivalent to a cash transaction combined with a forward contract The cash transaction results in transfer of money to the borrower in exchange for legal transfer of the security to the lender, while the forward contract ensures repayment of the loan to the lender and return of the collateral of the borrower * Margin: Margin trading is buying stocks without having the entire money to it The exchanges have an institutionalized method of buying stocks without having the capital through the futures market * Short sale: A short sale is generally the sale of a stock you not own Investors who sell short believe the price of the stock will fall If the price drops, you can buy the stock at the lower price and make a profit If the price of the stock rises and you buy it back later at the higher price, you will incur a loss - Online order-placing: This will help shorten the trading time, eliminate paper work and bring convenience to both clients and the company itself - Money transfer, payment, advance sale online - Immediate update of matching result from stock trading centre by SMS - Trading securities on T+0, T+1 Besides, customer services and support should be promoted as follows: - Daily, weekly, monthly, quarterly and annual Newsletter provides macroeconomic conditions, financial and securities trading data with a view to presenting overall outlook of the market, assisting clients to make right trading decisions 23 - Financial Experts’ consultancy to individual investors such as comments, recommendations for the trading via live chat, telephone with customer services staff who are supposed to promptly and accurately respond to clients’ inquiries whenever required - Sophisticated analysis and consultancy as product package to individual investors - Presentation to investors on every Friday afternoon 3.3.2 Price: To compete with other big-boys in current securities market, Techcomsecurities should reduce trading fee to reasonable and competitive level In this study, base on over all research in the market, 0.15% can be considered as the expected one for the clients yet still bring profit abilities to the company Following is recommendation on some pricing package supports: + Cash advance of VND 5-10 million per client This will be gradually subtracted from client’s trading account + Competitive interest rate applied for securities purchase on margin together with comparable financial leverage + Offering high repo rate in order to benefit clients 3.3.3 Distribution (place): - Develop independent brokerage channel; Focus on strategic locations or center distribution coverage - Expand stock agents and trading points across Techcombank distribution system in Hochiminh city 3.3.4 Advertising (promotion): Print: comment of analysts; or the announcement of branch and stock agencies establishment on Securities Investment magazine, Saigon times, Vietnam news… Television: advertising, talk show on VTV, HTV, Info TV channels 24 Events: Kinds of event: press conferences, conferences, and professional seminars The main topic of events: new financial products, new stock trading system, comment of analysts Public relationship: sponsorship of game show on TV, cultural events, sport…; participation in charitable activities Loyalty program: _Reward program: investors whose trading value is more than billion VND per month will be entitled to have possibility to get an oversea trip, a car, etc… _Partnership program: for loyal clients, say those over year commitment will enjoy year free services such as e-banking, master card of Techcombank or HSBC 25 CHAPTER IV SPECIFIC ACTION PLAN FOR LAUNCHING TCBS BRANCH IN 2011 4.1.1 Financial Revenue of TCBS comes from trading fee, Finance Advisory and Proprietary Trading Rely on characteristic of Vietnam securities market we can estimate the trading value growth 10% per annual According to the market share development strategy, TCBS will get the brokerage market share about 2% in 2011, 3% in 2012, 4% in 2013, 6% in 2014 and 8% in 2015 Besides, finance advisory plays an important part in increasing revenue as well as branding of TCBS It is set to higher target from 10% in 2012 to 20% in last three years Last but not least, proprietary contributes a stable profit TCBS uses 30-60 billion VND in proprietary trading TCBS spend 10% ratio total costs on marketing activities Table 4.1: The marketing budget can be spent maximum in theory (In VND billion) Bad Trend Trading Value per day 2011 Good Trend Bad Trend 2012 Good Trend Bad Trend 2013 Good Trend Bad Trend 2014 Good Trend Bad Trend 2015 Good Trend 1500 3500 1650 3850 1815 4235 1996.5 4658.5 2196.15 5124.4 Trading fee Finance Advisory Proprietary Trading 17.424 40.656 28.750 67.082 42.166 98.388 69.574 162.339 102.042 238.098 0.96 1.2 1.056 1.32 1.267 1.584 1.521 1.901 1.825 2.281 4.5 18 4.5 18 4.5 18 4.5 18 4.5 18 Revenue 22.884 59.856 34.402 86.522 47.933 117.972 75.468 182.082 108.075 258.014 Total Cost 18.015 45.404 19.817 49.944 21.798 54.939 23.978 60.433 26.376 66.476 1.802 4.540 1.982 4.994 2.180 5.494 2.398 6.043 2.638 6.648 Marketing Cost 4.2 Specific action plan in 2010 26 Table 4.2 Details of action plan QI Technology Distribution Channel -Invest in innovative technology and equipment Expected investment: VND 10 bn - Branch opening in Hochiminh city QII QIII Q IV Done on technology investment - Develop stock agencies in HCM Continue develop stock agencies in HCM Recruit Analysts and department head of brokerage, research, accounting Recruit broker staff , especially senior position Expected number: 20 (Brokers and managers, Supervisors, supports) Expected number: 20 -30 brokers Continue develop stock agencies in HCM Space: 500 M2 - Recruit broker staff Human resource - Expected number: 20 - Recruit managers (02 Deputy Directors, 03 Department Head) - Finish Operation procedures, support product package: margin, Trading T+0, T+1, Operation Price Promotion Finish management regulations, operation supervision, commission policy, legal compliance Cash advance support VND 510million/client which will be subtracted from the trading account later Apply trading fee 0.15% Free support services Print, website, television: public announcement, analysis reports Event Carry out brokerage service packages Develop clients pools especially retail investors… Promote marketing in domestic market Develop clients pools especially retail investors… Promote marketing in domestic market Maintain trading fee 0.15% Maintain trading fee 0.15% Maintain trading fee 0.15% PR: discuss main topic about securities market, hot stock Television Loyalty program Loyalty program Continue accomplish management procedures and staff recruitment 27 4.3 Evaluation - Monitoring Ad campaigns: Apparently, TCBS wants the highest reach possible because that means more people will be exposed to the campaign, which should lead to more brand awareness, customer loyalty, sales, and so on The company monitors the number of copies that a magazine or newspaper issue has, the number of households that can tune in to a given television channel, or the number of individuals exposed to the media vehicle, such as the number of people who read a magazine or watched a television program In short time, communication goal of TCBS can be that 75 percent of the target audience will see the brand in television commercials at least once in the first month of the brand launch, and 90 percent of target audience will read a magazine during a period of three months - Brand awareness/recognition level is assessed through surveys and feedback Customers can recognize any sign, symbol, name, or design that can be tagged as “ownership label” of Techcomsecurities brand Besides, the customers are able to distinguish a given product or service from the other similar options available in the market with the help of brand Brand awareness survey can be conducted by using online survey, e-mail questionnaires, or direct mail And that survey sheds light on these questions: What is the “top of mind” brand in the market? What attributes does TCBS “own” versus the attributes competitors own? What are customers perceptions regarding TCBS brand versus the competition? Who are TCBS’s prospects working with, and why? - Amount of investments open account and perform their transactions in TCBS Increasing the sales is the objective of the company So the number accounts and the transaction value of the customers play an important role in assessment of 28 the business operation The quarterly report on business result will be illustrated whether the marketing plan is effective or not - Customer satisfaction level is assessed through surveys and feedback Measuring customer satisfaction is one of the key elements of the quality management The objective of the customer satisfaction surveys is to understand exactly how customers perceive Techcomsecurities Company and, base on their level satisfaction to improve the products and services By all means ask the basic customer satisfaction questions: How satisfied are you with the purchase you made? How satisfied are you with the service you receive? How satisfied are you with our company overall? Also ask what the customers liked and didn’t like about the product, the service, the advertisements, and the company - Customer loyalty level can be assessed through the frequency of their performing transaction If the customers trade stock more times per month, they will be loyal customers of TCBS 29 CHAPTER V CONCLUSION TCBS was found in September 2008 with the capital of VND 300 billion owned by Techcombank However, the official company operation has been started in early 2010 So TCBS is regarded as a new entrant in the stock market At the beginning days of the establishment the company has to face many difficulties and challenges The global financial crisis had negative impact on the Vietnam stock market In 2010 the value of Vietnam Index of stock prices (VNINDEX) decrease nearly 70 percent companied with in 2007 that means the market demand is also decline in the current crisis situation On the other hand, the company encounters the stiff competition among the existing companies However, the stock market in Vietnam is in the early stage of development, so there remains a great potential to develop Vietnam is a safe investment destination for foreign investors After the crisis ends, the Vietnam stock market will grow strongly Moreover, new entrants will bring more investors as well as provide capital and technology In that context, having a right marketing plan for TCBS branch in Hochiminh city helps the company exist in this dfficult situation and have the righ development direction in the future The SWOT analysis highlights the strategic plans that must be taken by TCBS In the first two years, the market penetration strategy is at the top on the list of things that TCBS must before moving forward In this period, the company focuses on building brand awareness and increasing sales Depending on the market trend that the budget is estimated at 3-9.5 billion VND for the marketing plan to achieve 2-3 percent of the brokerage market share In the first year of launching 30 TCBS branch, the company especially pays attention to advertising campaigns, promotion as well as recruitment The next period, TCBS will spend in each year an amount of billion VND up to billion VND if the market trend is good for enhance large scale and strengthen brand plan The company’s objective is that to obtain at least percent of the brokerage market share in 2015 By doing so, TCBS would achieve its objective to launch branch effectively, develop market share and increase reputation in the Vietnam stock market REFERENCES • Jean-Pierre Aerts Business and Marketing Planning • Johnson G.et al (2005) Exploring Corporate Strategy 7th Edition, Pearson Prentice Hall • Mintzberg H.et al (2004) The Strategy Process, Global 4th Edition, Pearson Education International • Miller A (2005) Strategic Management, 3rd Edition, Mc Graw Hill • Wheelen Th L., David Hunger J (2006) Strategic Management and Business Policy, 9th Edition • Wilson R.M.S., Gilligan C (2004) Strategic Marketing Management, Planning, Implementation and Control, Elsevier Articles and Reports: • Equity research reports from Fund & Securities companies in Vietnam, 2009 • Research reports from world’s leading Investment bank such as HSBC, Citibank, JP Morgan Chase, Merrill Lynch, 2009 Electronic Sources and web pages: http://www.hsx.vn http://www.hnx.vn http://en.wikipedia.org http://www.ssc.gov.vn http://www.gso.gov.vn http://www.mpi.gov.vn http://www.investorwords.com http://www.thongtintuyensinh.vn http://tinnhanhchungkhoan.vn/RC/ Websites of Securities & listed companies in Vietnam APPENDIX Questionnaire: In your opinion, what is development of the Vietnam stock market during 10 years operation? What is your opinion about the current macro economy of Vietnam? And how does it affect to the Vietnam stock market in generally and Techcomsecurities company in particularly? What are your assessment and forecasts about the prospects for the stock market development in the future? What is your opinion about competition between securities companies in Vietnam in this period and in the future? To you, what are the key factors in successful operation of a securities company? What are advantages and disadvantages regarding human resource in Techcomsecurities Company? What are advantages and disadvantages in technology of the company? How you assess the financial potential of Techcomsecurities Company? Does Techcomsecurities Company have any plans for distribution channels in the next years? And what is distribution channels development orientation for the company in the future? 10 How you estimate the growth in the business results of the company in next years? Trading fee table of some securities companies: THANGLONG Securities Joint Stock Company (TSC) Service Brokerage Total transaction value: - Under VND100 million/deal - From VND 100 million/deal to under VND300 million/deal From VND300 million/deal to under 500 million VND/deal - From VND500 million/deal to under VND700 million/deal - From VND700 million/deal to under VND1 billion/deal - From VND1 billion/deal and up Daily bond transaction (Negotiated preferential fee for large deals) Fee 0,35% 0,325% 0,30% 0,25% 0.20% 0,15% 0,15% HOCHIMINH CITY Securities Corporation (HSC) Service Brokerage Total transaction value: - Under VND100 million/deal - From VND 100 million/deal to under VND300 million/deal - From VND300 million/deal to under 500 million VND/deal - From VND500 million/deal to under VND1 billion/deal - From VND1 billion/deal and up Daily bond transaction (Negotiated preferential fee for large deals) Fee 0,35% 0,30% 0,25% 0,20% 0,15% 0,15% KIMENG VIETNAM Securities Joint Stock Company (KEVS) Service Brokerage Total transaction value: - Under VND500 million/deal - From VND 500 million/deal to under VND1 billion/deal From VND1 billion/deal and up Fee 0,30% 0,20% 0,15% SAIGON Securities Incorporation (SSI) Service Brokerage Total transaction value: - Under VND50 million/deal - From VND 50 million/deal to under VND100 million/deal - From VND100 million/deal to under VND500 million/deal - From VND 500 million/deal and up Daily bond transaction (Negotiated preferential fee for large deals) Fee 0,40% 0,35% 0,30% 0.25% 0.05% 0.15% ... 2011- 2015 FOR TCBS 3.1 Marketing objectives 3.2 Marketing strategic plan 3.3 Marketing Mix 20 20 20 21 CHAPTER IV SPECIFIC ACTION LAUNCHING TCBS BRANCH IN 2011 4.1 Financial 4.2 Action plan 4.3... TCBS s strengths and weaknesses in particular A marketing plan 2011- 2015 for TCBS as well as marketing programs is presented in Chapter Chapter shows the detailed action plan for launching branch, ... marketing mix strategy including Products, Price, Place, and Promotion Moreover, the company put out a specific action plan for launching branch in Ho Chi Minh City This creates preconditions for