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MAKING MARKETING PLAN TO EXPORT FISH SAUCE PRODUCTS INTO PARIS - FRANCE THANH HA SEAFOOD EXPLORING & FISH SAUCE PROCESSING COMPANY I SUMMARY OF PRODUCT Overview of products 1.1 Overview of products Product name: Nuoc Mam La Mer Company name: THANH HA SEAFOOD EXPLORING& & FISH SAUCE PROCESSING COMPANY Address: Dong Duong, Phu Quoc, Kien Giang Telephone number: (84-77) 3846139 Fax: (84-77) 3846845 Thanh Ha Phu Quoc fish sauce is produced in Phu Quoc Island under a closed process from catching material to processing under Vietnamese traditional method kept in wood barrels during 12 months to packaging the final product Ha Thanh Phu Quoc fish sauce has contributed significantly in bringing Vietnamese noun "fish sauce" in World Dictionary 1.2 Product Quality and Awards: Manufacturing process of Thanh Ha fish sauce follows strict requirements, provisions of the quality management program under HACCP standards of the EC and the FDA the U.S (Hazard Analysis and Critical Control Points) and GMP (Good Manufacturing Practice) Thanh Ha Fish Sauce is the only and first manufacturing fish sauce unit certificated rank A by National Agro, Forestry and Fisheries Quality Assurance Department (MOFI before), being eligible for export to the EU market with code: NM 139 in 1998 There are only 05 Vietnamese enterprises that have this code to be exported fish sauce to EU market Awards:  Golden rice Awards – 2012  Gold Medal for 400 fish sauce in 2006 Page |  Gold Medal at VietFish Fair in 2006, 2005  Prestigious Business 2005 Certificate  No.50-Haila Certificate  No.51-Haila Certificate  Certification of satisfying food hygiene and safety requirements in fishery processing in 2010 Target market - Stage 1: Customers are Vietnamese and Asian who live in Paris-France - Stage 2: The customers are French who have known and used fish sauce - Stage 3: Customers are French who have never heard or ever heard about fish sauce but haven't used it Competitive advantages - Fish sauce with guaranteed quality, fresh, delicious taste - Produced by modern technology Declaration: "Vietnamese fish sauce flavor" Anticipated revenue, profit and market share Although the group of target customers is overseas Vietnamese and Asians living in Paris for the first years, the long term goal of Thanh Ha Company is going to gain 45% of fish sauce market share in France Year 01 02 03 04 05 Revenue by market Revenue by volume of customers want to get 5.800.000 7.400.000 8.800.000 11.000.000 12.600.000 sales sold out 10.520.000 14.300.000 18.900.000 20.600.000 24.500.000 II TABLE OF SWOT ANALYSIS Strengths: The formation of Thanh Ha trademark has a history of hundreds of years, from a family traditional fish sauce work through many ups and downs, changing with the country's history Manufacturing process of Thanh Ha fish sauce follows strict requirements, provisions of the quality management program under HACCP standards of the EC and the FDA the U.S (Hazard Analysis and Critical Control Points) and GMP (Good Manufacturing Practice) Page | Thanh Ha Fish Sauce is the only and first manufacturing fish sauce unit certificated rank A by National Agro, Forestry and Fisheries Quality Assurance Department (MOFI before), being eligible for export to the EU market with code: NM 139 in 1998 Foreign customers who visited the facility and production processes of the company were very pleased with the production conditions and the hygiene standards of food safety that the company is taking to create products that ensure quality Thanh Ha has dedicated responsible and highly skilled human resources with many years' experience Fishing vessels with a capacity of 200 horsepower gains output up to 01 million liters/01 year Products of Thanh Ha have been very popular in countries like Japan, South Korea with assurance quality that is proven and price is lower than other competitors Product quality: Phu Quoc fish sauce production technology is not too hard but it can’t be done in short time Foreign fish sauce companies and makers can only overcome it by luring processing talents of the fish sauce island with attractive incentives in order to cover up the weakness of professional and initial executive processes in the use of the technological secret of fish sauce manufacturing Technology process: Principle of fish sauce production is fermentation technology from animal protein, and it is not too strange for processing experts, food manufacturers in Europe and America Of course, there are other technical minutiae but they play an important role in the formation of products Currently this is the biggest advantage of Phu Quoc fish sauce brand in general and Thanh Ha in particular Weaknesses: First, distribution channels: Thanh Ha currently has no distributors in the French market This needs a quick solution because, as described above, Vietnamese companies when coming into the French market, they need to find an available distributor to attack the market strongly and safely Products of Thanh Ha in particular and Phu Quoc fish sauce in generally have quite high protein and stronger flavor than its rivals Weaknesses require Thanh Ha to capture the tastes of consumers in France and change products to suit with the market The product models are not beautiful Thanh Ha brand is currently only suitable for the Vietnamese, unsuitable for the French, who always require high aesthetic products There is no strategy that inculcates brand in the minds of consumers There is no setting up an effective professional product distribution system as well as strengthening Page | strategic linkages to think about if they want to survive, it hasn’t talked about similar level competition with fish sauce companies Thailand Opportunities Thanks to the natural conditions that Phu Quoc owns special long-jawed anchovy, there are many kinds of Phu Quoc Anchovy, but the best types are Spined anchovy, Stolephorus tril, white anchovy, red anchovy This type of fish has soft body, secreting higher protein than anchovies which live in other areas with harder body, lower protein level Phu Quoc fish sauce in general, Thanh Ha fish sauce in particular is famous worldwide thanks to its special, delicious, pure, tasty, nutritious flavor That is why the drops of Phu Quoc fish sauce make many people have to remember although they enjoyed only one time Phu Quoc fish sauce has been granted PDO certificate to protect origin and is the first product of Vietnam certified to export to the European countries Besides, France is a potential market with a stable economy; Vietnam items are very popular in France The Frenchman hailed Phu Quoc fish sauce as their champagne The Pasteur Institute of France still keeps the bottles of Vietnamese fish sauce more than a dozen years ago (Vietnam was colonized by France from 1884 to 1954) The strict cuisine of the French is a challenge for all types of food but it is a significant opportunity for special products like Thanh Ha fish sauce that may exist and be developed here Especially habits of enjoying fresh food and drinking sauces of French will be conditions for Vietnam fish sauce going into this market Economic, political relations between Vietnam and France have been good in recent years; Vietnam has received a lot of favors from France Volume of goods exports to France from Vietnam has always highly grown from 30 -40 % and turnover over $01 billion in recent years In addition, the number of Vietnamese people currently living in France is nearly 500,000 people; it also creates a certain number of advantages for Vietnam's goods entering the French market from demand aspects At the same time, many overseas Vietnamese entrepreneurs in France have supported to distribute Vietnamese goods for overseas Vietnamese community as well as for the whole market in this country Challenges: Page | The first challenge comes from the inner Despite abundant material resources, in recent years they are being overexploited Thanh Ha is one of 30 businesses with 200 fish sauce processing facilities operating in Kien Giang province A detailed plan for the acquisition and exploitation of raw materials should be studied carefully as this will directly affect output and prices Secondly, the strict requirements from market demands Thanh Ha always to ensure the required standards as food safety, label format, documentation, delivery time It should actively grasp market requirements, understanding its own rules, more focusing on brand and technology, from which increase the value of exports and create differentiated value for the product, in accordance with consumption trends of the market Tastes, consumer style of each country is different, while goods entered the EU market are circulated in all 28 countries Thus, the creation of a product, bringing products to a country and adapting to the remaining 27 countries is a significant challenge for the company Thirdly, France is a potential market but the current market pie most belongs to Thailand Consumers and distribution systems have already been familiar with Thai fish sauce so finding the output is very difficult to find Consumers are still hesitant to use new spices and strong flavors like fish sauce Like most Europeans, the French not require a high-protein level fish sauce, but they are interested in products with creative colour and lighter flavor This is a big challenge III ANALYSIS OF TARGET CUSTOMERS AND MARKET SEGMENTS Market segments - Stage 1: Customers are Vietnamese and Asian who live in Paris-France - Stage 2: The customers are French who have known and used fish sauce - Stage 3: Customers are French who have never heard or ever heard about fish sauce but haven't used it Overview of market France now has more than 65 million people In the inner Paris, there have about 2.5 million people If accounting Paris metropolitan, there are over 12 million people, among the highest rank in Europe The number of Vietnamese people currently living in France is about 300,000 people concentrated in urban areas and mainly in Paris People coming here mostly to live and study With a crowded population, it is clearly a potential market for Vietnam seafood exporters Like other countries in the EU, France has very strict regulations for the importation of agricultural products Food safety is the most important element in the EU This has led Page | to the introduction of numerous regulatory issues related to hygiene and traceability, stressed the importance of measures to ensure the safety of the entire distribution chain (from farm to table) with the goal of ensuring that all food sold and consumed in the EU is safe As one of the cradles of European culture, French culture was built and developed over thousands of years along with the development of the country's history for hundreds of years BC Massive, unique culture is still preserved and kept carefully by French The French love to eat the dishes that are decorated meticulously, and they pay attention to creating attraction to diners right from the first glance They are fussy in the way of cooking, particularly interested in the sauce that came with the dish France has rich culinary arts The fame is not based on a long tradition but in continuous change The French often use canned food and frozen dinners or weekend but use fresh food for dinner Except the Jews and Muslims abstain from pork, almost all French like Vietnamese dishes Many people invite family and friends to eat Vietnamese rice In Asian restaurants, many French people call “pho” automatically instead of waiting for a friend offered to taste Noon when they are busy, meatloaf under Vietnamese style is bought by many buyers Spring rolls, egg rolls, stuffed pancake, shrimp dumpling are sold in every supermarket, food counters Someone asks Vietnamese friends to teach how to cook Food imported from Vietnam is particularly favored by customers Vietnamese fresh vegetables cleared by French customs are already sold out for three or four days Vietnamese frozen goods including shrimp, fish, fruits are already peeled and cooked meals In the Asian groceries, frozen goods cabinets have almost products produced in France and Vietnamese goods Lunar New Year season and Mid-autumn have a lot of candy and jam from Vietnam However, the current Vietnamese food also faces competition from other countries such as China and Thailand Competitors Although the brand has become famous, product is exported to many countries; most businesses have acknowledged Vietnam's fish sauce is overshadowed by Thailand The volume of fish sauce exports in Vietnam is only one fifth compared with Thailand According to cuisine experts, Thai fish sauce protein levels is lower than Phu Quoc fish sauce (from ÷ 10 degrees), but it has more light and mild flavor This is entirely consistent with the other countries, especially European countries and the U.S., which Page | not require fish sauce to have high protein as Vietnamese consumers In choosing fish sauce, consumers tend to buy to try brands and often based on protein level, the appropriate price The next factor that is chosen is color Some likes fish sauce with brown color, but others like to have a bright yellow fish sauce About the smell, the current trend does not accept fish sauce with too strong smell So the little smell fish sauce is still preferred Consumers also not accept too salty fish sauce, so the current fish sauce products are made up Thailand has shifted into industrial production for a long However, because Vietnam was absent in the international market over several decades, and it has just exported back in recently, it has not caught the change of consumer tastes Even overseas Vietnamese in foreign countries have adapted to the Thai fish sauce Furthermore, the distribution system is already familiar with Thai products, finding the consumers for Phu Quoc fish sauce is very difficult Features of target market segments 4.1 Customers are Vietnamese and Asians who live in Paris-France - Income: Average income of society - In Vietnamese community in France with strong link - Having habits and cuisines combined a nation, easily to enjoy and paying money for products dade in Vietnam 4.2 The customers are French who have known and used fish sauce 4.3 Customers are French who have never heard or ever heard about fish sauce but haven’t used it IV GENERAL AND SPECIFIC OBJECTIVES Mission statement “Bring consumers a clean product and a healthy diet” General objectives "After one first year, company’s product is covered and exhibited 80% on the system of retail stores and supermarkets in Paris-France." Specific objectives Net profit = 349.440 – 58.800 = 290.640€ Year 01 02 03 04 Page | (Output (thousand liters) 50,000 100,000 300,000 350,000 05 400,000 V STRATEGY Price strategy:  Pricing strategy is deciding factor of market entry strategy and relates to the management decisions as determining selling price (set the price), product costing (cost) and change according to market demands  The high pricing will not lose market share because France is a developed country with high living standards whether the product should be priced higher or not, they still not hesitate if they feel what they earn is truly worthy with the money they spent The French always take care of their health, so if products are goods for their health, they will accept high prices, it means that they will pay attention to product quality than its price  Reduce target profit in the first year to prioritize affordable price, in line with the market Currently, the market price for Vietnam is only about 6,000 to 30,000 VND / 01 bottle Proposed price in the French market (can change after company researched market) Currency unit: Euro Product strategy 2.1 Product:  Company selected fish sauce with present moderate-protein level in the company's product line to develop The product is centralized to deploy including: No Product line 35N fish sauce 25N fish sauce  Bottled format: Glass Bottle Volume Volume of 250ml Volume of 682ml Protein level 350 N 250 N  Building product brand: New La Mer fish sauce products (de poisson sauce)is a special fish sauce product line of the company dedicated to existing French market and Europe in the near future, "Product this brings a special flavor of the sea, reducing the fishy smell as using as spices for food from the sea but not reduce purity, increase the attractiveness of the dish, and very tasty when you enjoy.”  Company brand: Thanh Ha – Phu Quoc – Viet Nam  Branding motto: Vietnamese taste of French 2.2 Distribution channel (Place): Page | Thanh Ha company Authorized Dealer (Unilerver) Supermarket system 1st class agents Market, retail stores Consumers Product distribution will be done in 02 step  Step 1: In the first 02 years, the company distributed through Unilever Unilever is a distributor for many products of Vietnam in France This is a well-known brand on the French market The distribution by Unilever will help to increase the trust of consumers for new products It will be made the company lose 40% of every order but it is essential for entering market and building brand  Step 2: Establish a representative office in France Currently, there is not a Vietnamese representative office in France Building representative office not only is an important step in helping the company take the lead in developing market here and enhancing brand, representative office can also help company to be proactive in the signing and distributing products for purpose of separating from the dependence on Unilever Representative office will be opened after 02 years the company penetrates the market for consumers to get familiar with product brand When direct contracting and finding distribution sources, the Company will directly distribute to the consumers Representative offices also helps the company capture market needs and tastes of consumers more quickly and capture the changes in food hygiene and safety rules and import and export laws of the European Europe aiming at the features and specifications of products actively 2.3 Trade promotion and sales support strategies (Promotion)  Using viral marketing method The spread of product brand will be made by 02 ways First, bring products to the French overseas Vietnamese From Vietnamese people Page | introduce to the French ones Second, the choice of chefs who are famous and have influence in France and hire them as representative for the product When chefs use the product, it will cause effects for the native  Combine direct and indirect advertising programs  Conduct product brand promotion while doing market research The survey participants are the future customers as well as factors in viral marketing method 2.4 Implementation strategies a Market research plan:  Time: 01 month  Deployment scale: Over 2000 people in which: 1000 Vietnamese overseas, 1000 natives and about 20 chefs  Personnel: 05 people (outsourcing student forces who are studying and living in France) Plan objective: Provide criteria for the product including: - Aesthetics: color of water, bottled format, label - Volume: Users love to use big or small volume - The salty: apply how much salt of fish sauce - Flavor: increase, decrease or remain the heavy / light flavor b Plan to promote products : Include detailed plans  Design product logo  Conducting trademark registration for new product La Mer  Advertising message: Vietnamese flavor of French  Advertising program: - Discount program at supermarket combined with distributors Unilever This program can apply product introduction policy by integrating new products as a complementary product into the food products that are currently distributed by Unilever in supermarkets - Develop own website product (in French) to introduce products and a list of stores selling products, introducing dishes that use fish sauce in particular and Vietnam specialties in general (using images, processing instruction clip, presenting specified recipes) - Sponsor program: Sponsor for the cooking competition, raw material for cooking programs on television Sponsor product for the contest: Please select the correct price under the French version Page | 10 - Viral Marketing: For Vietnamese, select Vietnamese people living in France and rent them to use the product and recommend to other Vietnamese people and the French Benefits they are entitled is the wages and free product usage For well-known chefs, rent them at attractive costs for them bring new products of the company into cookery programs or introduce their dishes This method is very good effects for consumers Estimated cost: Unit: Euro No Types of costs Amount Market research costs 5,000 Product promotion costs 30,000 Cost of labor performed (05 people) 10,000 Promotional product costs 2,000 Total 47,000 In words: Forty-seven thousand Euros VI Budget and control Expected sales: There are about 300,000 Vietnamese people in the capital Paris - France, if the average people/1 household, we will have the equivalent of 75,000 households Assuming the maximum desired market share is 95% (67,500 households) Vietnamese households in France use fish sauce for daily meals (meals of Vietnamese) and use about 250ml for eating and 500ml fish sauce for food processing According to statistics, over 95% of the families in Vietnam use fish sauce for everyday meals, perhaps Vietnamese people in France too Assuming consuming the amount posed with whole desire market share for market of 75,000 households is at 100%, desirable market share that is considering is 40 % in first year making the marketing strategy Each 250ml fish sauce bottle (fish sauce for eating) is 10€ Each 682ml fish sauce bottle (fish sauce for cooking) is 8€ (Price strategy is not effective in building brand phase) This strategy will be reviewed in details when many competitors appear at the same time If the maximum market share reaches 40%, the amount collected in month is: [67.500 x (10+8)]*40%= 486.000 € (1 month) Exports equivalent ((250ml + 682ml)/2)*67.500 = 31.455 liters Expect number of minimum inventory at retail systems and supermarket is at least sales weeks (Make sure some inventory to sell waits times for the next shipment besides the objective cause during shipping, customs clearance ) Page | 11 Thus, the volume of goods imported for the first time to display in stores and supermarkets needs to 31.455 *3 = 94.365 liters Assuming all of the following expenses have been accounted for in the price: - Cost of distribution channels - Transport costs, insurance - Import and export costs, administrative procedures - Costs of production, storage - Labor costs - Technology costs: - Costs of handling inventory and destruction After deducting all costs, unallocated profit of the manufacturer is 40% equivalent to 486.000 * 40% = 194.400 € Estimated cost for Marketing - Stage 1: Not apply to advertise on TV because there's no revenue to invest This phase focuses on retail display system, introducing products in supermarkets • For retail stores : Buy barrel ( 24 bottles ) type of 250ml and barrel, type of 682ml (12 bottles ) and display bottles of each type on the counter, get bottles of the same type In addition, the retailers also gain 10 % profit compared to the retail price printed on the bottle • For supermarket : Buy barrels ( 24 bottles ) type of 250ml and barrel type of 682ml (12 bottles) and display 10 bottles of each type on the counter, get bottles of the same type In addition, supermarkets also get 10 % profit compared to the retail price printed on the bottle Each supermarket will have PG to introduce home specialty products to the customers intending to buy products sold in the spice area Based on the marketing plan, we will calculate the Marketing cost for Retail system as follows: = ((number of retail store * (3 bottles 250 + bottles 682ml)) + number of supermarket * ((20 bottles 250 + 20 bottles 682ml)+ PG staff’s salary) For example, the entire Paris capital has 800 retail stores and 40 supermarkets Cost for each PG is 300eu Expected Marketing cost/month would be equivalent to: =800*(3*10+3*8)+40*(5*10+5*8)+40*300 =800* 54 + 40*90 + 40*300 = 43.200 + 3.600 + 12.000 = 58.800€ Page | 12 • Revenue: = 800*(3*24*10 + 3*12*8) + 40 *(5*24*10+5*12*8) = 800*(720+288)+40*(1200+480) = 873.680€ Net profit = 873.680*40% = 349.440€ Hence, if the marketing strategy above is successful, even in the early years, the company’s products covere and display 80% on the system of retail stores and supermarkets Net profit = 349.440 – 58.800 = 290.640€ Marketing cost will include the cost of building additional advertising on pay TV system However, sales will increase as advertising is on television system Page | 13 ... the customers intending to buy products sold in the spice area Based on the marketing plan, we will calculate the Marketing cost for Retail system as follows: = ((number of retail store * (3... doing market research The survey participants are the future customers as well as factors in viral marketing method 2.4 Implementation strategies a Market research plan:  Time: 01 month  Deployment... product for the contest: Please select the correct price under the French version Page | 10 - Viral Marketing: For Vietnamese, select Vietnamese people living in France and rent them to use the product