Managing retail customers at duong minh phuc company limited

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Le Thoai Vy MANAGING RETAIL CUSTOMERS AT DUONG MINH PHUC COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2017 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Le Thoai Vy MANAGING RETAIL CUSTOMERS AT DUONG MINH PHUC COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: Prof Tran Ha Minh Quan Ho Chi Minh City – Year 2017 SUPERVISOR’S REPORT ON THE THESIS PROPOSAL SUBMITTED FOR DEGREE OF MASTER of BUSINESS ADMINISTRATION The thesis proposal title: MANAGING RETAILS CUSTOMERS AT DUONG MINH PHUC COMPANY Student name: Le Thoai Vy Supervisor: Dr Tran Ha Minh Quan General comments: • Remarks on the student’s attitude: • Remarks on the assignment’s academic quality: Overall assessment:  Meet requirement for submitting  Not meet requirement for submitting Other remarks: - Did the student follow the report schedule? 󠇒 Yes 󠇒 No - The turning plagiarism percentage: Supervisor’s signature 󠇒 Other: ………………… Table of Contents EXECUTIVE SUMMARY INTRODUCTION PROBLEM CONTEXT PROBLEM IDENTIFICATION CAUSE VALIDATION ALTERNATIVE SOLUTIONS ACTION PLANS CONCLUSION SUPPORTING DATA APPENDIX REFERENCES EXECUTIVE SUMMARY Recently, the financial statement of Duong Minh Phuc Co., Ltd has experienced a significant drop in the sales and has not shown any signal of recover yet Although there was a stability in the sales around 50 units over the years, the company still saw a dramatic fall in sales in 2017 This circumstance is mostly due to the reduction of existing customers and the possibility of new buyer attraction In order to discover the issues that DMP is facing, the survey about customers’ satisfaction and thoughts has been taken DMP had organized some meetings with Sales department, Marketing department and company CEO to research and analyze the survey’s result DMP has used the theory of Michael Porter referred to "Porter's Five Competitive Pressure" to determine the competitive pressure that the company is facing in recent days After interviewing some potential consumers, DMP has found out some reasonable factors that made the sales in product reduced The main reason is due to customers’ dissatisfaction and the penetration of new substitutes Interviewers have complaint about the attitude of company staff as well as the promotion for old buyers DMP has not focused much on marketing strategy when it comes to household consumer segment; as a result, the existing customers tend to choose other distributors for the gas cylinder However, the problem and cause itself may not correct and appropriate due to the limited interviewer and the fluctuation of market Because of the limited resources and time, DMP only interviewed some potential consumers, which may result in the subjective and there is no guarantee that answers to determine the whole problem of company is valid and reliable Therefore, managers of all department will analyze the problem and cause carefully and specifically to find solutions for each issues The solutions will mainly focus on how to improve and develop the customers’ service and marketing the product, especially in training the staffs, promotion programs and has a straight plan for the future INTRODUCTION Company background Duong Minh Phuc Co., Ltd (hereafter referred to as “DMP”) was established in 2015 specializing in providing high-quality liquefied petroleum gasoline for residential and industrial uses Newly penetrating to Ho Chi Minh City market, DMP is still at an experimental stage of tweaking its products and services to meet the consumers’ need, response to their expectation and well-adapt the market With a small scale of fewer than 10 employees, DMP is categorized as small and medium enterprises (SMEs) Consequently, DMP’s organization structure is extremely simple which is suitable for its operation since the company needs flexible and efficient managements The chart of organization is as follows: Director Sales Accounting Logistics Engineer Mission: • To commit to deliver the high-quality products to customers • Enhance consumers’ perception of safety in using gas to avoid the risks • To become one of Ho Chi Minh City’s leading distributors in the field The category of customers: • Geography: urban or rural • Type of using purpose: individuals, family, hospitality • Income: low or high Products and services: • Gas • Maintenance: cleaning stoves… • Products: valves, stoves • Services: LPG system installation for restaurant, factory, F&B consultant • Integrated products and services PROBLEM CONTEXT 2.1 Risks and challenges in LPG Retail industry First of all, the nature of retail sector for LPG is fierce competition More specifically, diverse retailers provide customers with similar products or services as well as compete intensely on the basis of price, quality, and after-buy services Thus, DMP has to learn and forecast the competitors’ strategy on the way of making its own plan to gain more market share as it is a new enterprise in Ho Chi Minh market Therefore, forecasting method is consider to be the key factor for the company’s comparative advantage Secondly, the next challenge could be continuous changes in consumer trends or preferences Customer is the new point-of-sale, as a result their satisfaction and trends can effect considerably on the market share There are major variety of shopping ‘experience’ thanks to connected consumer networks Moreover, customer’s commitment to the businesses can be very weak when they cannot be beneficial from the products or services Because the number of suppliers in the market is huge, the costumers are tended to change a new products with more benefits if the company cannot meet their satisfaction Furthermore, attracting and retaining talented employees is an obvious challenge Key personnel who impact the business’ ability to deliver customer service should not be replaced regularly in order to avoid interruption in keeping contacts with customers Senior manager should concentrate not only on consumers, but also on their employees by some incentive policies to maintain the employees’ loyalty This step can create a mutual benefit for both party LPG is a special and typical business strictly supervised by Government in terms of price, business practices, and other related regulations However, in the context of rapid growth of the economy, more and more LPG related companies have been established, which reaches saturation in the urban areas Under the situation of the fierce business environment, LGP companies in general and DMP in particular is facing difficulties and challenges that can be realized as follows: • Loss of gas cylinders • Unfair competition • Inability to keep track the movement of the gas cylinders • Illegal filling • Lack of regular inspection and tight controls from authorities • High costs of LPG refilling • Unskilled staffs • Safety threat to customers • Heavy taxation by the Government 2.2 Problems in service management at DMP Number of customers 60 50 50,050,050,0 47,047,047,047,0 43,043,043,043,043,0 42 42 42 40 38 38 38 32 32 30 25 25 20 15 15 15 10 2015 2016 Jun Apr May Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun 2017 Figure 2.1 The number of customers from June 2015 to June 2017 As can be seen clearly from the line chart, even though having a leveling off in the beginning when the number of consumers remained unchanged at 15 costumers for months since its establishment, DMP still had a strong growth in overall Especially, in 2015 the company witnesses a considerable rise in the quantity within months only, from 15 to 32 clients DMP experienced a peak of this number from the last quarter of 2016 to the first month of next year However, the figures began to decrease from 50 to 43 since the beginning of 2017 This still counted to be a good performance for the company since the number of customers of DMP in June 2017 was by nearly triple of that in June 2015 Although there is more growth than when the company first entered the market in Ho Chi Minh City, the number of customers in 2017 compared to 2016 has dropped significantly (from 50 to 43) This shows that company DMP has ineffective business strategies that lead to customer dissatisfaction, thereby losing a significant number of customers Pricing strategies, marketing or after-buy service are also one of the key points for many companies today to retain their customers However, perhaps with some wrong steps in the above strategies, the company has lost a lot of market share in Ho Chi Minh City In addition, the technical aspects of the product such as packaging, product quality, safety and reliability are also one of the key factors that help the company gain the trust of others With the fiercely competitive gas market in Ho Chi Minh City, DMP needs to improve its design and product quality to match the tastes of its customers as well as catch up with its competitors Average turnover of gas cylinders (12kg) 002 001 001 Unit 001 001 001 000 000 2015 2016 Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun 000 2017 The line graph presents the average turnover of gas cylinders from June 2015 to June 2017 Overall, there was a moderate drop in this number over the past two years It has been significantly lengthened from 0.75 – 1.0 months to 1.5 – months for a consumer to assume one cylinder of gas since June 2016 to current It means that the gas cylinders to be consumed in a month has gone down from unit per month to only 0.3 unit per month Part of the reason for this situation is because the business policy of the company has not really suited to the consumer market in Ho Chi Minh City The market saturation at 1.0 unit in the first year when the company just entered the market is understandable, because they offered a new product, so the market needs time to adapt and trust However, the d Over 3.5 months Comparing gas cylinder consumption per month by numbers of family members 14 13 12 12 10 8 5 3 2 1 0 0 0 - 1.5 months - 2.5 months Less than From to 3-3.5 months From to 10 > 3.5 months More than 10 Due to having many big family, the average consumption of Vietnamese households is about 1.5 – months for a cylinder of gas Through the chart, I can conclude that the level of gas usage is positively related to the family size 7) On this scale: = Strongly disagree; = Disagree; = Neutral; = Agree; = Strongly agree Please answer five questions here under on your own point of view: Quality products are the most important to me for choosing a brand of gas: I think carefully about the price before I decide to buy gas at any agent Customer service affects me to be customer of a brand: 48 I am very interested in promotion programs Consumers' opinions on how factors effect on their process of choosing gas brand 25 22 21 20 19 18 16 14 15 14 12 10 10 10 2 0 Product quality Prices Customer Services Promotions Prices and Product quality always are the two most important factors that are highly concerned whenever you want to purchase any kind of goods and services Looking at the survey results, we can see that there is no difference in the behavior of households buying gas compared to any other purchasing behavior The price and quality of the product still account for a great deal of consumer interest, with 32 key interviewees in terms of price and 27 answers suggesting that they care more about the quality of the product Customer services and promotions are just minor additional factors, not really too important For example, the gas system testing service to ensure absolute safety to customer, promotion gifts for loyal customers 8) I frequently change the brands of gas: = Strongly disagree = Disagree = Neutral 49 = Agree = Strongly agree Question 11: I frequently change the brands of gas 25 22 20 14 15 10 10 T he results of Disagreement research show that customer loyalty to the brands they use is often very strong and difficult to change over a period of time Because gas cylinders are consumer goods, changing brands often affects the family's budget The housewives tend to use or re-order gas cylinder that they have used through various methods of contact In addition, product quality and price are two important factors in maintaining customer loyalty 50 9) Which distributor of gas are you currently using? a DMP b Others (please specify) Question 12: Which distributor of gas are you currently using? 45 41 40 35 30 25 20 15 10 DMP Others (Phuong Uyen, Lien Quang, Binh Minh, ) Nearly every of the respondents said they were using the cylinder of gasoline from DMP This is mainly because I was conducting the survey based on the information we have about our customer, so my priorities are to hear from them first Then after that, I will pick up some random households to diversify my survey results This shows that the market for DMP is quite broad and distributed in many places The survey results are quite close to the actual situation identified by the potential and familiar customers of DMP Based on the results of the survey, the company can study and analyze the problems they are facing From there, they can make the most accurate and effective decisions 51 10) Through which channels you know DMP? a Word-mouth b Leaflets, brochures, etc c Accidentally saw on the street d Websites or Social Media Networks e Others (please specify) Question 14: Through which channels you know DMP? Websites or Social Media Networks 12 Accidentally saw on the street 29 Leaflets, brochures, etc Word-mouth 17 Others (please specify) 10 15 20 25 30 35 Marketing strategies are always important, and any company that wants to succeed must it right and effectively However, it seems that DMP has not really paid much attention to this area Most of the respondents said that they accidentally learned about DMP on billboards on the street The rest are known by word of mouth and online advertising, with rates of 17 and 12, respectively However, these strategies of DMP are still not effective when the market share of the company is decreasing gradually For items consumed by households such as gas cylinders, word of mouth will be the most cost-effective and efficient method to promote products Consumers are less likely to use social networks or billboards, so they will hear the opinions and experiences of people who have used the product more 11) Which is the most important thing to you to keep the relationship with DMP? 52 a Quality products b Various promotion c Customer service d Competitive price e Others (please specify) Question15 : Which is the most important thing to you to keep the relationship with DMP? 45 40 39 35 30 24 25 23 20 15 10 10 0 Quality products Various promotion Customer service Competitive price Others (please specify) Gas cylinder is a high requirement for safety as well as quality of the product Because to the consumer, the quality of the cylinder of gasoline will greatly affect the safety of their health or even their lives Consumers often choose to purchase DMP largely because of the quality of the product In addition, two other important factors in maintaining good customer relationships are competitive price and customer services In any industry, pricing strategies and after-sales services are valued and appreciated when the business wants to create a good relationship with customers However, DMP still needs to improve and develop these two factors as more and more companies enter the industry, making fierce competition in the market Furthermore, the promotion factor is not very important customers in the process of conquering their satisfaction 53 Appendix 3: TRANSCRIP OF IN DEPTH INTERVIEW Interviews were mainly conducted directly at the households of interviewees Most of the interviewees were housewives or housemen, so they sometimes respond to the question in a very normal way, it felt like there was no interview at all So I want to keep the integrity of that 100%, I will record it exactly the same word-by-word without any edits Transcript 1: Interview a 46 years old lady living near the Cay Queo market at Binh Thanh District where many of LPG brands are located (including DMP) Interviewer: Excuse me, Mrs.! I am Vy from DMP LPG – a company of my husband and me Can I please have a little bit of your precious time?! Interviewee: Of course young lady! What you need?! Interviewer: I am currently conducting a survey to households which are using gas stove for cooking I am doing it on purposes to find and fix all of the problems are currently existing while I operate my business Interviewee: Alright! I will tell you all I know Such a young brilliant woman, running a company this early did not seem to be easy, right?! Interviewer: So, how old are you? What is your current job? Interviewee: I am turning 46 already, sounds quite sad, right?! *laughing* I am a housewife, I want to take good care of my husband, sons and one daughter For people around my age, I married quite late And it is lucky that my husband’s business is running good so I can spend my time at home taking good care of my family My first son has just got into university for a month and I am so proud of it Interviewer: So there is members in your family Do you cook every day?! Interviewee: Normally twice a day, lunch and dinner! Interviewer: Are you using gas stove or other kind of stoves? Interviewee: Yes, I am using gas stove Actually I have just changed to use your brand for a few months Interviewer: Yeah I know, I am so glad to hear that How long would it take for your family to order new a cylinder of gas? 54 Interviewee: I think it would be one month and a half! Interviewer: Does product quality have an important impact for choosing a gas brand? Interviewee: Safety is always on the top of my priorities so I carefully choose brand that had good reputation about quality product Besides safety, I noticed that some brands are cheating on the gas filling somehow So I was changing brands of gas frequently since this year started Because there are brands provide a gas cylinder that could not last long, even only one month of normally cooking And your cylinders best record is month and 16 days, I am quite satisfied about that Interviewer: How about prices? Does prices effect you when you choose a gas brand? Interviewee: Of course it is! Supporting kids would not be easy you know So I have to carefully make a plan for every of each expenditures But I still think about product quality besides prices For example, your brand installed the pipe, valve and whatever it is that I not really know with a price higher than others but it seems certain and it make me feel safe somehow Interviewer: And customer services? We are providing technical testing gas system service every time you reorder a cylinder of gas What you think about that? Do you like that? And you care about customer services when you choose a gas brand? Interviewee: I really like the way you the testing for free every time I call for another cylinder Other gas distributor did not that and they even told me to replace something for safety purposes But it would not be very important to me, I would feel fine with or without these services Interviewer: And the last thing would be promotions! Would you like a brand that launching lots of promotions? Interviewee: Not really, sometimes the other brands I chose before give me dishwashing liquid or cooking oil But only cheap things, I not really like to use it Interviewer: What you think will enhance the relationship between you and my brand? Interviewee: Keeping your product quality the same or maybe better I not expect the price will be lower than before but I would be happy if it really did *laughing* 55 Interviewer: Thank you so much for giving me your time! I really appreciate it! In returns, here is a voucher, not forget to use it for the next cylinder Interviewee: Okay! I will try I have just found some of these from my old gas brands somewhere in my room And apparently it was out of date *laughing* Good luck young lady! I wished you all the best See you later! Interviewer: Thank you Mrs See you later! Transcript 2: Interview a 58 years old single lady living at Phu Nhuan District which is right next to Binh Thanh District (DMP location) Interviewer: Hello! I am Vy from DMP LPG Can you please answer a few questions from the survey that I am conducting on family using gas stove?! Interviewee: Alright! You’re welcome But would I have something in return? *laughing* Just kidding sweetheart, let’s head to the questions Interviewer: Of course, I will give you this discount voucher in return! Here it is So, how old are you?! What is your job?! Interviewee: I will be 58 in the next months I was a kindergarten teacher, I retired years ago and I am currently concentrating on taking care of my family at the moment Interviewer: Oh! Really, you are like years older than my mom But you look way too young, maybe working with the kids would make us young like forever How many members are there in your family? Interviewee: As you can see, this is a really big house But I not have a husband I live here with my younger brothers, sisters and their children It is about 11 people living in this house I was too busy helping my parents taking care of my brothers, sisters because I am the big sister of the family and they were too young Then, I take care of their children too Perhaps the mission of my life is to taking care of children *laughing* Interviewer: What a great mission!!! So, you are currently using gas stove, aren’t you?! How long would it take you to order a new cylinder of gas? Interviewee: Yes, I am I bought that stove like nearly 10 years and it is still doing so fine 56 Normally it would be – 1.5 months Interviewer: Do you think product quality is the most important thing to be concerned when you choose a gas brand? Interviewee: I could not agree with you more I have chosen a brand of gas for years and I did not even think about changing it because the product quality is too good The brand was established 10 years ago, it used France technical systems of gas, which I was used to since I was only 20 Although the price is pretty higher than the market average price, but the cylinders of this brand had longer usage time than others, could be longer for a week The cylinders of the other brands that I used before run out within a month So the price seem to be equal to other brands but the product quality is way better Interviewer: So even if the price is quite high, you still want to use that brand, which means you not really care about the price?! Interviewee: Of course it is I not want to risk 11 lives in this house just for saving a tiny amount of money every month Safety first young lady! Interviewer: How about customer services? Do they provide you any kind of services make you feel more confident for choosing them? Will customer services have strong impact on you while choosing a gas brand? Interviewee: They regularly check the gas system to prevent the leakage They use equipment which seems quite modern and they work professionally Another thing I like is that they can deliver a new gas cylinder really soon, I often run out of gas while cooking But that does not bother me as it takes less than 10 minutes to get a new one So customer service is necessary if you want to impress your customer Oh! And they also clean my stove for free if I ask for it Interviewer: Do the brand have plenty of attracting promotions? Do you like a brand offering you more and more promotions? Interviewee: This is also an interesting point that I like about the gas distributor I'm using For each gas bottle, I will accumulate point In a year, if I got 10 points, I will receive gifts from them such as bots, pans, sugar and many other things related to household chores The point is that they are all good things, they are 57 not giving away cheap things like other brands But it is not really important to me having or not all of these promotions, quality is still the reason why they got me Interviewer: What would you think that it can build the long term relationship of you and that brand in the future? Interviewee: Except the price is not really attractive, everything else seems to be more than just good Interviewer: Would you change your mind if some other brands provide you cylinders of gas with better price and they committed every other factors would be the same? My brand for example, what if I persuade you to switch to my product? *laughing* Interviewee: Let me see, I will take it under consideration if you give me one cylinder for free to check if it is as good as my current supplier or not *laughing* Just kidding, I did not mean it, you know I would not change my mind, I am a particular type of person that is extremely loyal to anything Interviewer: It is alright Ma'am! Thank you so much for giving me your precious time! Good bye! Interviewee: You’re welcome! Good bye! Transcript 3: Interview a 50 years old lady living right between Go Vap and Binh Thanh District Interviewer: Excuse me Ma’am! I am Vy from DMP LPG Could you please me a favor?! I am currently conducting a survey to households using gas stove Would you please be my interviewee?! Interviewee: Lucky you! I got even gas stoves here at my home! Actually I know your brand, my friend is currently using your gas She told me to give it a try but I have not yet Interviewer: What a lucky day! Could you please introduce yourself? How old are you? What is your job? 58 Interviewee: I am almost 50 years old now My husband and I have done many types of business But I still have plenty of time to care for my little family My husband is primarily responsible for running the business I sometimes help him with accounting which is my expertise Interviewer: How many member are there in your family? Interviewee: We have sons and daughter So it would be in total Interviewer: How long would your family consume a cylinder of gas? Interviewee: For each stove that I had, it would be 2.5 – months So it is going to be average one cylinder every one and a half month Interviewer: Would you carefully take product quality under consideration while choosing gas brand? Interviewee: I would prefer to choose a brand that have both good quality product and appropriate price Actually, I'm not too knowledgeable about gas so I not know what is good or not, safety have to be assured along with reasonable price Interviewer: I am about to ask you about how prices impact on your buying decisions while buying gas, but you have already told me Such a professionalism of an accountant, perfectly quick and concise *laughing* What about customer services? Do you care about them? Interviewee: *laughing* That is what they called "To live by the sword and die by the sword" Talking of customer services, this is one of the things make me feel uncomfortable with my gas distributor About two to three times they checked my gas system, they told me to replace the valve or pipe But I not see the difference in the components that they replace for me and the old one But because they say the system has a problem and can cause an explosion, as it is related to the safety of my family and not too expensive, I agree to replace those things Although I find that they can obviously install a good valve or pipe so that they not need to be replace it over and over again Interviewer: I understand perfectly your concerns Some brands use poor quality components to reduce the cost of goods sale, resulting in a more competitive 59 price on the market In addition, they are able to force their customers to change these components continuously But let pass it aside, another factor that I want to think about is promotions Do you like a brands that give you plenty of promotions? Interviewee: Not really interested When deciding to choose a cheap gas company, I not really care whether they offer me a discount or give me gifts Because I know that the gifts are not really valuable, sometimes that did not even cost them a change If they want to launch the true type of promotion, they will accept the cost to have better quality gifts Interviewer: So would you think about switching brand? To express my gratitude and apologize for wasting your precious time, I would like to send you a discount voucher when you purchase my brand’s gas cylinder Would you give it a try? Interviewee: Sure! 20% discount is quite interesting But can you handle such a grumpy customer like me? *laughing* Interviewer: I promise not to let you down! Thank you for spending time on my survey! I am looking forward to hear your comment on my brand’s product! See you later! 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ECONOMICS HO CHI MINH CITY International School of Business Le Thoai Vy MANAGING RETAIL CUSTOMERS AT DUONG MINH PHUC COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION SUPERVISOR:... title: MANAGING RETAILS CUSTOMERS AT DUONG MINH PHUC COMPANY Student name: Le Thoai Vy Supervisor: Dr Tran Ha Minh Quan General comments: • Remarks on the student’s attitude: ... Petrovietnam One Member Limited Liability Company HCMC (Saigon Petro), said(12) Le Thi Anh Man stated that the extraction station only need to have a fully-fledged paper that can operate is a major flaw