Enhancing consumer perceived quality a case of vinamilk infant formula milk powder

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business NGUYEN THUY VAN ENHANCING CONSUMER PERCEIVED QUALITY: A CASE OF VINAMILK INFANT FORMULA MILK POWDER MASTER OF BUSINESS ADMINISTRATION STER OF BUSINESS (HONOURS) Ho Chi Minh City – Year 2019 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business NGUYEN THUY VAN ENHANCING CONSUMER PERCEIVED QUALITY: A CASE OF VINAMILK INFANT FORMULA MILK POWDER MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: Assoc Prof Dr NGUYEN THI MAI TRANG STER OF BUSINESS (HONOURS) Ho Chi Minh City – Year 2019 ACKNOWLEDGEMENT First of all, I would like to express my grateful thanks to my supervisor, Dr Nguyen Thi Mai Trang, for supporting me During the whole time of doing thesis, her advice helps me to get through all mistakes in my work Moreover, she also teachs me much more than just finishing this thesis Again, I want to say “Thank You Very Much” to my advisor for all he has done for me Secondly, I would like to use this chance to give deep gratitude to all lecturers of International School of Business (ISB) – UEH for their helping me in during my academic years at ISB I have been assisted very much in the completing of this thesis by the knowledge and skills that I have learned Furthermore, I would like to appreciate the contribution of people who help me complete the in-depth interview to share their valuable time and support me with useful information for completing this thesis Last but not least, I would like to express my special thanks to my family who always support and encourage me both physically and mentally during the time I this research EXECUTIVE SUMMARY When global infant formula milk powder market gets a remarkable growth with CARG at 3.0%, especially targeting key emerging country With the fastest growth rate since 2011, Vietnam’s economy reach 7.08% of GDP in 2018 Then, Vietnam would be a competitive market for infant formula milk powder category with strong competition from domestic and foreign manufacturers Nowadays, behavior of Vietnamese consumers are changing rapidly due to development of technology and globalization Vietnam’s IFMP industry has experienced an update trends and changes as the rise of premiumizations and shifting from powder milk to drinking powder milk Then it is crucial for manufacturers to change in order to meet their target consumer’s need and want Recent year, sales revenue of powder milk has decreased with CAGR of -2% compare to 2013, while sales revenue of drinking milk powder has gradually increased Besides, volume share of Vinamilk’s IFMP also has changed among price segmentation According to the result of in-depth interviews and previous study, this study aims to figure out what the main problem is, validate the main problem, the importance of main problem This research will explore the cause of the main problem The findings of research implements that the low level of consumer’s perceived in quality leading to change in sales revenue and volume share Then the alternative solutions would be suggested to improving the low level of consumer perceived in quality Contents ACKNOWLEDGEMENT EXECUTIVE SUMMARY LIST OF ABBREATIONS LIST OF TABLES LIST OF FIGURES INTRODUCTION 1.1 Company’s background 1.2 Vinamilk’s powdered milk category 10 1.2.1 PROBLEM CONTEXT 12 2.1 Global infant formula milk powder market 12 2.2 Vietnam FMCG landscape and infant formula milk powder market 13 2.3 Vinamilk’s infant formula milk powder situation in Vietnam 16 2.3.1 Sales revenue gradually shifts from powder milk to drinking powder milk (UHT) 16 2.3.2 Change in Volume Share of Vinamilk’s IFMP category 17 PROBLEM IDENTIFICATION 19 3.1 Potential problems 21 3.1.1 Inadequate product’s recognition 21 3.1.2 The low level of consumer’s perceived in quality 23 3.1.3 Market condition 24 3.2 Infant formula milk powder (IFMP) 11 Problems validation 26 3.2.1 Eliminating inadequate product’s recognition and market condition as main problem 26 3.2.2 Illuminating low level of consumer’s perceived in quality as the main problem 27 3.3 Justify the importance of low level of consumer’s perceived in quality 30 3.4 Potential causes 33 3.4.1 Less reliable source of information 33 3.4.2 Less visibility in high-end segmentation 34 3.5 Cause validation 37 3.6 Cause – and – effect tree 38 ALTERNATIVE SOLUTIONS 39 4.1 The first alternative solution: building strong positive traditional word of mouth 40 4.2 The second alternative solution: building the strong positive electronic Word – of – Mouth through social media 43 4.3 Solution justification 47 ACTION PLAN IN ORGANIZATION 48 CONCLUSION 51 SUPPORTING INFORMATION 52 REFERENCES 70 LIST OF ABBREATIONS CAGR eWOM FGD FMCG HMO IFMP IHV KOL MAT MFGM SKU TY UHT WOM YA YTD Compound annual growth rate Electronic word of mouth Focus group discussion Fast moving consumer good Human Milk Oligosaccharide Infant formula milk powder In home visit Key opinion leader Moving annual total Milk Fat Globule Membrane Stock keeping unit This year Utra high temparature Word – of - Mouth Year ago Year to date LIST OF TABLES Table Table Table Table Table Table Table Table Financial highlights 2014 - 2018 Infant formula milk powder’s price segmentation Growth in volume share and Value share Volume share and growth rate IFMP Sales revenue of Vinamilk’s powder milk Sales revenue of Vinamilk’s drinking powder milk Estimated cost for building strong positive traditional WOM Estimated cost for building strong positive e-WOM through social media LIST OF FIGURES Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure 10 Figure 11 Figure 12 Figure 13 Figure 14 Figure 15 Figure 16 Figure 17 Figure 18 Figure 19 Figure 20 Vinamilk’s product portfolio Vinamilk’s powdered milk category Global infant formula milk powder market forecast 2023 Vietnam (MT Urban) 2018 - Volume share IFMP + Specialty Value Share Nation Wide 2017 - 2018 Sales revenue Vinamilk’s infant formula milk powder Volume share – Vietnam modern trade urban Vinamilk IFMP volume share – price segmentation Sources of information to buy the first IFMP product for children in 2018 The most important reasons for switching IFMP brands Birthrate (crude) Percentage of household Volume share % IFMP Volume share – Price segmentation Consumer’s buying decision making process Number of mom & baby stores % share of occasion shopping Infant formula milk powder buying behavior Shopping occasion in 2018 Cause and effect diagram INTRODUCTION 1.1 Company’s background As one of the biggest companies in Vietnam, Vinamilk established in 1976 under the first name of Southern Coffee-Dairy Company In 1978, it renamed as United Enterprises of Milk Coffee Cookies and Candies and changed into Vietnam Dairy Company in 1993 Since 2003, as followed the IPO to market of Ho Chi Minh Stock Exchange, it has changed into Vietnam Dairy Products Joint Stock Company (hereafter called as Vinamilk)1 Vinamilk’s products portfolio are conducted in business industry including in producing and distributing more than 250 SKUs with main products categories as fresh milk, yogurts, powdered milk & nutrition powder, sweet condensed milk, ice-cream & cheese and soya milk, fruit juice & beverage Figure 1: Vinamilk’s product portfolio (Source: Vinamilk’s internal report 2018) In 2018, Vinamilk achieved the total revenue at 52,135 billion VND with a CARG of 10.6% compare to year 2014 and increases in revenue 2.9% than 2017 Profit after tax is 10,206 billion VND at a CARG of 13.9% compare to year 2014 Table 1: Financial highlights 2014 - 2018 (VND billion) 2014 Total revenue 35,187 Profit befor tax 7,613 Profit after tax 6,068 2015 40,223 9,367 7,770 2016 46,965 11,238 9,364 2017 51,135 12,229 10,278 2018 CAGR vs 2017 52,629 10.6% 2.9% 12,052 12.2% -1.4% 10,206 13.9% -0.7% (Source: Vinamilk’s financial report 2018) Vinamilk1 would like to become one of the most favorite brands in Vietnam 1According to CEO of Vinamilk - Mrs Mai Kieu Lien that the leading manufacturers in Vietnam dairy market, Vinamilk should be always innovative and innovation is a key success factor that makes Vinamilk to achieve its mission how to deliver the valuable nutrition to community with its respect, love and responsibility 1.2 Vinamilk’s powdered milk category Vinamilk’s powdered milk category consists of three types of product for: adult, pregnancy and infant formula milk powder Figure 2: Vinamilk’s powdered milk category (Source: Vinamilk’s internal report 2018) 10 Hang Bui: As a brand manager of Vinamilk Optimum Gold – a product in premium segment of Vinamilk, I believe that it is the right strategy to upgrading image of Vinamilk’s IFMP category in consumer’s perception Although Almost Vinamilk’s IFMP formulation was developed based on Vietnamese children condition Vinamilk also coordinated with Vietnam Nutrition Institute to conduct Clinical Nutrition test on Vietnamese children Optimum Gold formulation has lacto with ratio similar to breast milk Vietnamese people have a tendency to use product with foreign origin Furthermore, in consumer’s perception of high-en segment, our product with domestic origin and lower price than our foreign competitors like Nestle, Friso, Abbott, … are consider as a economy and medium products Van: Can you share your opinions about business result of Vinamilk’s IFMP? Hang Bui: Sales revenue of power category has decreased since 2016 and volume share also changed among price segmentation Van: Could you share the reason why it changed? Hang Bui: As I mentioned before Vietnamese consumer now looking for something more premium and their perception about our product still low, then they would switch to use other Van: In your point of view, what is the most important problem that leads to change in sale revenue and volume share? Hang Bui: In my opinion, consumers are looking for more and more premium product In their perception premium may be higher price, or adding some new and significant ingredients For example, Abbott relaunching Similar adding HMO and MeadJohnson relaunching Enfa with MFGM has significant impact on the Vietnam IFMP and consumer mind Furthermore, you also can see the upgrading in consumer buying behavior year after year as well In 2017, consumer switched from lower mainstream to upper mainstream In 2018, 58 they switched to premium and super premium segmentation According to price segmentation, Optimum Gold is consider as premium products and competed direct to other premium and supper premium brands The second haft of 2018, volume share of premium and super premium increased in rural areas due to the rise of Abbott and MeadJohnson Van: What are the cause of the problem? And which is the most important cause among them? Hang Bui: I think that it would be the source of information Nowadays, parents care more about nutrition for their baby Van: What are solutions that company should to improve sales revenue and share volume? Hang Bui: In my opinion, we should pay more attention to digital to approach wide range of consumers Van: What are your opinions about the effectiveness of above solutions? Could you share any alternative you think should be taken to solve this problem? Hang Bui: Investing for digital would have us to approach more consumers at the same time It would have us to build mass awareness through a huge number of social community Besides, we should increase our visibility in modern trade as well I think we should combine online communication and offline visibility to approach our target consumer on every channel In-depth interview 3: Interviewer: Nguyen Thuy Van Interviewee: Mr Chau Le Title: Brand Manager of Specialities Age: 30 59 Working experience: More than year experience in Vinamilk Status: current working for Vinamilk as a brand manager N.T.Van: Morning Could you introduce something about yourself and the position you are working in this company? Chau Le: Hi My name is Chau I have worked at Vinamilk since 2015 as an assistant brand manager of brand Dielac Grow Plus Since, I have been promoted to the position as brand manager of Specialty including brand Dielac Grow Plus, Dielac Grow and Pedia Van: What you think about Vinamilk’s IFMP position in Vietnam market? Chau Le: Vinamilk is still leading in IFMP category in Vietnam However, due to globalization and upgrading trend, Vinamilk has deal with more and more challenge competition Van: Can you share your opinions about business result of Vinamilk’s IFMP? Chau Le: In 2017, total IFMP sales volume decreased significantly comparing to 2017, especially for lower mainstream Premium segmentation is getting share volume from mainstream in rural areas and modern trade Van: Could you share the reason why it changed? Chau Le: Premiumisation becomes the main trend in rural and urban areas It is rising not only for powder milk but also for drinking milk powder as well According to price segmentation, consumption of powder milk is rising in premium products, especially in rural areas Consumption of premium drinking milk powder is rising clearly in urban area Van: In your point of view, what is the most important problem that leads to change in sale revenue and volume share? Chau Le: As I mentioned before, consumers are upgrading to higher segmentation Van: What you think about the consequences of the problem? Why 60 Chau Le: Our sales revenue would decreased in mainstream segment Because, consumers would prefer to switching to use product in higher segmentation Van: What are the cause of the problem? And which is the most important cause among them? Chau Le: In my opinions, less visibility in modern trade would cause this problem Van: What are solutions that company should to improve sales revenue and share volume? Chau Le: From my point of view, we should build partnership with modern trade like organize activation in super market and hyper super market to increase representative and engagement with consumer Van: What are your opinions about the effectiveness of above solutions? Could you share any alternative you think should be taken to solve this problem? Chau Le: I believe that that activation in modern trade would provide us more chance to interact directly to consumers and led them understand more about our products through using trial sample In-depth interview 4: Interviewer: Nguyen Thuy Van Interviewee: Mr Ha The Title: Sales manager of milk powder category Age: 38 Working experience: More than years of experience in Vinamilk Status: current working for Vinamilk as a sales manager of milk powder category N.T.Van: Morning Could you introduce something about yourself and the position you are working in this company? 61 Ha The: Hi My name is Ha I have joined Vinamilk since 2011 Van: What you think about Vinamilk’s IFMP position in Vietnam market? Ha The: Van: Can you share your opinions about business result of Vinamilk’s IFMP? Ha The: Recent year our sales revenue and volume share has been change among price segmentation Van: Could you share the reason why it changed? Ha The: Consumers are changing They are now looking for something convenient, premium, … Van: In your point of view, what is the most important problem that leads to change in sale revenue and volume share? Ha The: Price of the item in the premium segment is higher than price of product in mainstream segment Along with a human resource, staffs and shops are willing to pay more attention to sell a premium product rather than many products in mainstream segment Based on consumers' needs, they need fake manufacturers to tell them what nutrients are and the role of nutrients in health This is why the formula is good for your child However, currently, Vietnamese consumers not really understand the nutrient formulas contained in milk cans on their packages, and how to maintain them when they buy milk for their children Van: What are the cause of the problem? And which is the most important cause among them? Ha The: We are strong in general trade channel; however, in modern trade, we still not have special display area to attract consumer Van: What are solutions that company should to improve sales revenue and share volume? 62 Ha The: We should increase our visible in modern trade like supermarket, hyper supermarket and mom & baby shop Van: What are your opinions about the effectiveness of above solutions? Could you share any alternative you think should be taken to solve this problem? Ha The: This give us more chance to attract consumers at the first sign Besides, we can build partnership with mom and baby shop by cooperate to train their staff about nutrition and our products In-depth interview 5: Interviewer: Nguyen Thuy Van Interviewee: Mr Luc Nguyen Title: Medical field force manager Age: 44 Working experience: More than years of experience in Vinamilk Status: current working for Vinamilk as medical field force manager N.T.Van: Morning Could you introduce something about yourself and the position you are working in this company? Luc Nguyen: Hi My name is Luc Nguyen I have worked at Vinamilk since 2014 as a regional field force manager Since 2016, I was promoted to the position as National medical field force manager Van: What you think about Vinamilk’s IFMP position in Vietnam market? Luc Nguyen: We are weaker than our competitors in the basic of scientific and expert Our competitors like Abbott, MeadJohnson, Nestle have long time of development with more scientific evidence in many country Van: Can you share your opinions about business result of Vinamilk’s IFMP? 63 Luc Nguyen: Recently, we faced many challenge to compete with foreign competitors in high segmentation from European, America to Japan, … Van: Could you share the reason why it changed? Luc Nguyen: I think that globalization and rapidly increasing in economy growth rate attracting foreign manufacturers to join Vietnam market Van: In your point of view, what is the most important problem that leads to change in sale revenue and volume share? Luc Nguyen: In my opinion, the most important problem may be the consumer perception about our products quality Van: What are the cause of the problem? And which is the most important cause among them? Luc Nguyen: In the preparation process for the baby to come, there are many things to worry about both for HCPs and parents One of the most important thing is to be prepared in case of C-section In Viet Nam, high caesarean birth rate in obstetric hospitals accounts for 60-70% of total deliveries Therefore, lot of infants lack the necessary bacteria compared to normal babies, this make their immunity system weaker and more at risk of disease or digestion troubles Medical field force team of Vinamilk was established in 2014 with mission detailing information and quality of Vinamilk milk powder products to medical staff However, other competitors like Abbott, MeadJohnson, Nestle, … also have medical field force team with more experience and strong relationship with more medical staff than Vinamilk Van: What are solutions that company should to improve sales revenue and share volume? Luc Nguyen: Recruit pediatric doctors and expertise become our brand ambassador 64 Van: What are your opinions about the effectiveness of above solutions? Could you share any alternative you think should be taken to solve this problem? Luc Nguyen: Sharing from pediatric doctors and nutrtion expert would have significant impact on decision of parents In order to expertise can be able to trust in our product and refer to their patients, we have to interact and share detail about ingredients, nutrient in our products to them When they understand about our quality, they would be confident to recommend to their passion Then, these expertise would become our brand ambassador In-depth interview 6: Interviewer: Nguyen Thuy Van Interviewee: Mr Ngan Nguyen Title: Medical field force executive Age: 30 Working experience: More than years of experience in Vinamilk Status: current working for Vinamilk as medical field force manager N.T.Van: Morning Could you introduce something about yourself and the position you are working in this company? Ngan Nguyen: Hi My name is Ngan Nguyen I have joined Vinamilk since 2017 as a Medical field force executive Van: What you think about Vinamilk’s IFMP position in Vietnam market? Ngan Nguyen: Vinamilk has established medical field force team since 2014 Compare to our competitors like Abbott, MeadJohnson and Nestle, …, we just on the way to build trust in medical aspect Our competitors have long term cooperation with health care professors Van: Can you share your opinions about business result of Vinamilk’s IFMP? 65 Ngan Nguyen: Recently, we have to face a huge challenge from our competitors Abbott, MeadJohnson and Nestle, … recently become more and more active by launching products with adding supplement like HMO, MFGM, Van: Could you share the reason why it changed? Ngan Nguyen: I think it would be a change in consumer They are looking for more and more premium products then manufacturers have to quickly adapt and meet their needs and wants Van: In your point of view, what is the most important problem that leads to change in sale revenue and volume share? Ngan Nguyen: In my opinion, the most important problem may be inadequate product’s recognition Doctors from big maternity hospital in Ho Chi Minh such as Tu Du, Mekong, … often recommend mother to totally feed their babies under 6th month with breast milk if enough condition Medical staffs often organize prenatal clubs to train pregnancies about nutrition for pregnancy period, preparing to give birth, feeding babies with breast milk, problems often happening for babies under years old Besides, recently, I often received questions from medical staff about ingredient of Optimum Gold such as “It is similar to breast milk, is not it?”, “Does Vinamilk have plan to adding HMOs or MFGM into Optimum Gold’s formulation like Abbott, MeadJohnson and Nestle?” Van: What are the cause of the problem? And which is the most important cause among them? Ngan Nguyen: As I mentioned before established in 2014, in medical aspect we can not compete directly to our competitors who have more experience and strong relationship with HCPs than Vinamilk 66 Van: What are solutions that company should to improve sales revenue and share volume? Ngan Nguyen: We should contact and build a strong connection with more and more HCPs to transfer them as our product’s representative Van: What are your opinions about the effectiveness of above solutions? Could you share any alternative you think should be taken to solve this problem? Ngan Nguyen: HCP’s recommendation has significant impact on decision of parents Then, we should establish good relationship to these people In-depth interview 7: Interviewer: Nguyen Thuy Van Interviewee: Ms Linh Pham Title: Mom of 8th month boy Age: 28 N.T.Van: Could you introduce about yourself? Linh Pham: Hi, My name is Linh I am a staff officer and a mom of a little boy 8th months Van: What you think about Vinamilk’s infant formula products? Linh Pham: In my opinion, the quality of Vietnam product can not compare to product produced in foreign countries like Euro or America After review functions of several types of milk powder, I believe in products that produces in European and American would have higher quality Besides, as reviewed from several website, the taste of Optimum Gold is slightly sweet and it is easy to cause constipation Van: Could you share the season why you refuse to buy Vinamilk’s product? Linh Pham: After giving birth, 6th months later I have to back to work and can not feed my babies with breast milk The first time being mother, I did not know how to choose an IFMP for my kid 67 After referring to information from forums and information channels, some people suggest that I buy Japanese milk products like Meiji, Morianna, Wakodo, etc for babies at home to use Meanwhile, some others advise me to use the line of Nan milk produced in cool Russia does not cause constipation, similar to most breast milk, so the baby does not quit breastfeeding After scanning information from several websites, I recognized that IFMP product with higher would be better for development of babies I decide to feed my baby with Nan OptiPro at price of about 200,000 VND for tin 400gr a little higher than Optimum Gold (price about 180,000 VND) but with higher quality In-depth interview 8: Interviewer: Nguyen Thuy Van Interviewee: Ms Tram Nguyen Title: Mom of 11th month girl Age: 26 N.T.Van: Could you introduce about yourself? Tram Nguyen: Hello My name is Tram Now I am a mother of 11th month girl Van: What you think about Vinamilk’s infant formula products? Tram Nguyen: Price of Vinamilk’s product is suitable to my budget for purchasing a good quality products Van: Could you share the season why you refuse or decide to buy Vinamilk’s product? Tram Nguyen: From pregnancy period, doctors always recommend me to feed my baby with breast milk if enough condition I understand the benefit of breast milk to development of babies, especially babies under 6th months; however, I can not provide enough milk for my babies Hence, I want to provide my baby a product with similar function to breast milk 68 However, after months I have to back to work then I have to find quality product at suitable price for my baby My friends recommend me to buy Vinamilk’s product After reviewing price and getting advice from several people, I decide to buy Dielac Alpha Gold for my kid 69 REFERENCES (1) Vinamilk Sustainable development report 2018 Available from: https://www.vinamilk.com.vn/ [Accessed 10th March, 2019] (2) Codex Alimentarius Commission Standard for Infant Formula and Formulas for Special Medical Purposes Intended for Infants CODEX STAN 72–108 [Formerly CAC/RS 72–1972 Adopted as a world-wide Standard 1981 Amended 1983, 1985, 1987 Revision 2007.] Available at: http://www.codexalimentarius.net/download/st andards/288/CXS_072e.pdf (3) Available from: https://www.nielsen.com/ [Accessed 10th March, 2019] (4) Market Reseach report Global infant formula milk powder forecast 2023 Available from: https://www.marketresearch.com/ [Accessed 10th March, 2019] (5) Available from: https://www.euromonitor.com/ [Accessed 10th March, 2019] (6) Available from: https://www.gso.gov.vn [Accessed 10th March, 2019] (7) Available from: http://kantarworldpanel.com/ [Accessed 10th March, 2019] (8) Karuna N Breastfeeding still best for infants and mothers Available from: https://www.unicef.org/ [Accessed 10th March, 2019] (9) Available from: https://abbottnutrition.com/ [Accessed 10th March, 2019] (10) Available from: https://www.nestle.com/ [Accessed 10th March, 2019] (11) Available from: https://www.frieslandcampina.com/en/ [Accessed 10th March, 2019] (12) MeadJohnson Nutrition What is MFGM? 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CEO of Vinamilk - Mrs Mai Kieu Lien that the leading manufacturers in Vietnam dairy market, Vinamilk should be always innovative and innovation is a key success factor that makes Vinamilk to achieve... pregnancy and infant formula milk powder Figure 2: Vinamilk? ??s powdered milk category (Source: Vinamilk? ??s internal report 2018) 10 As one of key product category of Vinamilk, powder milk category... revenue Vinamilk? ??s infant formula milk powder (Source: Vinamilk? ??s internal data) 2.3.2 Change in Volume Share of Vinamilk? ??s IFMP category According to Nielsen report, volume share of Vinamilk? ??s