Ineffective marketing strategy at ABC WATCH – x company limited

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Huynh Nhu INEFFECTIVE MARKETING STRATEGY AT ABC WATCH – X COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2020 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Huynh Nhu INEFFECTIVE MARKETING STRATEGY AT ABC WATCH - X COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR NGUYEN PHONG NGUYEN Ho Chi Minh City – Year 2020 TABLE OF CONTENTS EXECUTIVE SUMMARY PART - BACKGROUND INFORMATION 1.1 Company background 1.1.1 History of establishment and development 1.1.2 The mission of the company 1.1.3 Internal structure 1.1.4 Distribution 1.1.5 Stakeholders 1.1.6 Current development and market analysis 1.1.7 Company positioning & Target customers 1.2 Symptoms 1.2.1 Sales revenue in 2019 did not reach the target 1.2.2 Low brand awareness & market share 1.2.3 High days of inventory 10 1.3 Initial cause-effect map 11 1.4 Updated cause-effect map 19 1.5 Problem Validation 22 PART - PROBLEM JUSTIFICATION 25 2.1 Problem definition 25 2.1.1 Definition of marketing mix strategy 25 2.1.2 Method to measure the effectiveness of marketing mix strategy 27 2.1.3 Current marketing mix strategy at ABC WATCH 27 2.2 Problem existence 30 2.3 Problem importance 34 PART - CAUSES VALIDATION AND SOLUTIONS 35 3.1 Causes validation 35 3.1.1 List of real causes from literature reviews 35 3.1.2 List of real causes via company interview 40 3.1.3 Causes validation 42 3.2 The set of solution 44 3.2.1 Design requirements 44 3.2.2 The Designed inputs 45 3.2.3 Potential Solution 45 3.2.4 Solution validation 55 3.2.5 Organization of action 57 CONCLUSION 61 REFERENCES 62 APPENDIX 65 LIST OF TABLES Table 1.1 : Sale revenue in 2019 of ABC WATCH Table 1.2 KPI rating system of ABC Corporation Table 1.3 Number of ABC WATCH customers in 2018 – 2019 Table 1.4 Interviewees for initial cause-effect map 11 Table 1.5 Revenue from online and offline in 2019 15 Table 1.6 Participant in the second in-depth interview in 2019 21 Table 1.7 The achievement in customer relationship management in 2019 23 Table 2.1 ABC WATCH's digital marketing activities in 2019 29 Table 2.2 Trade promotion in 2019 of ABC WATCH 30 Table 2.3 Marketing budget allocation in 2019 31 Table 2.4 Trading promotion costs in 2019 32 Table 3.1 List of real causes from literature 39 Table 3.2 Interviewee for a possible cause 40 Table 3.3 Group of real causes from the literature review 42 Table 3.4 Interviewee for causes validation 42 Table 3.5 Causes Evaluate from interviewees 42 Table 3.6 Interviewee for solution validation 55 Table 3.7 Solution Evaluate from interviewees 56 LIST OF FIGURES Figure 1.1 The internal structure of ABC WATCH Figure 1.2 The percentage of customer buying watch in 2019 Figure 1.3 Market share of ABC WATCH in 2019 Figure 1.4 Inventory days in 2019 of ABC WATCH 10 Figure 1.5 Detail inventory days more than 220 days at ABC WATCH 10 Figure 1.6 Initial cause-effect map 12 Figure 1.6 Contribution by brands at ABC WATCH in 2019 16 Figure 1.7 The average ticket size of ABC WATCH in 2019 16 Figure 1.8 Price of watches counting by items sold in 2019 17 Figure 1.9 Updated cause-effect map 21 Figure 1.10 NPS Benchmark in the retail industry 23 Figure 1.11 The expansion plan of ABC WATCH in 2020 24 Figure 2.2 Marketing Budget by Industry in 2016 30 Figure 2.3 The behavior of users about watch retail in 2019 32 Figure 2.4 Revenue by promotion in 2019 33 Figure 2.5 Revenue by detail each promotion 33 Figure 2.6 Revenue report in 2019 35 Figure 3.1 Final causes-effect map 44 Figure 3.2 Potential Solution Map 45 APPENDIX 1.First interview: Initial cause-effect map 64 2.Second interview: Updated caused-effect map 68 3.Third interview: Possible Causes and Solution 70 4.Fourth interview: Solution Validation 74 EXECUTIVE SUMMARY ABC WATCH has been officially established and entered the watch-retailer industry with a high potential of consumption for more than one year ABC WATCH chose a strategy to compete directly with large businesses, with leading market share and expanded on a large scale However, the annual achievement was bitterly disappointed in 2019 Typically, unexpected revenue did not reach the initial target, brand awareness and market share remained relatively low A research was carried out to identify current market nature as well as internal senior employees’s experiences According to collected and available data, the Ineffective Marketing Mix Strategy is analyzed as the main problem leading to the unsuccessful performance of ABC WATCH After some direct interviews with employees combined with academic research, Promotional Mix, a tool in Marketing Mix, has been concluded that it was implemented in the wrong direction in comparison to the business strategy Some solutions have already been proposed to cope with this problem; simultaneously, analysis of cost and subsequent advantages are in process The ultimate solution is Display Offline Media Advertisements at all stores of ABC company to gain awareness and promote sales of watches Besides, an execution plan including detailed tasks, timeline, cost, and personnel is presented, contributing to deal with the company’s problem at present ACKNOWLEDGMENT First of all, I would like to convey my deep gratitude as well as my sincere thanks to my lecture Dr Nguyen Phong Nguyen With the enthusiastic guidance, dedication, and responsibility of the teacher, I have successfully completed my thesis I am also grateful to ISB institutes and all teachers throughout the learning process It is the knowledge and new methods gained from the learning process at the school that is important luggage to help me complete this research Moreover, I would like to send my special thanks to my colleagues, friends, family for helping and making valuable contributions during the completion of this thesis Yours sincerely! PART - BACKGROUND INFORMATION 1.1 Company background 1.1.1 History of establishment and development ABC WATCH is the brand of X Company Limited (X Company), which is a subsidiary of ABC Jewelry Joint Stock Company (ABC) Over 30 years of establishment and development in Vietnam market, ABC has become the leading company within manufacturing and retailing Jewelry industry, with products made from Jewelry, silver, and gemstones ABC products are increasingly favored by countries in Asian and European markets Currently, ABC Company has nearly 6000 employees with a wholesale system, and more than 300 retailing stores spreading across the country In 2010, ABC Jewelry Company became the official distributor of many famous watch brands in the world, such as Longines, Tissot, Citizen, Michael Kors Recognizing the potential for development and outreach of the watch market, in April 2018, X Company Limited was officially established with the operation of the ABC Watch store chain the Omni Channel business model After more than a year in operation, ABC WATCH has been presented nationwide with 25 stores, distributing big brands such as Longines, Tissot, Citizen, Casio Gucci, Fossil, Michael Kors, Kate Spade In which, the company is the exclusive distributor of popular brands in the watch industry: Anonimo, Silvana, Jowissa, and Lancaster To bring the best experience to customers, X Company has applied the Omni Channel sales model More specifically, the sales system both in stores and on e-commerce platform is a unified block, firmly and closely related Despite using any distribution channel, ranging from stores to online platform on the computer or phone customers are always properly consulted and have the best shopping experience This is also a platform to help X Company create solid and intimate relationships with its customers 1.1.2 The mission of the company ABC WATCH prioritizes customer satisfaction as the core value and also the guideline of the future As such a purpose, ABC WATCH’s team always tries to complete with the desire to bring the best experience for customers Interacting with customers and building sustainable 12 Syaekhoni MA, Alfian G, Kwon YS Customer Purchasing Behavior Analysis as Alternatives for Supporting In-Store Green Marketing Decision-Making Sustainability 2017;9(11):2008 13 Kaleka A, Morgan NA Which Competitive Advantage(s)? Competitive Advantage- Market Performance Relationships in International Markets Journal of International Marketing 2017;25(4):25 14 Ellis B, Calantone R Understanding competitive advantage through a strategic retail typology Journal of Applied Business Research 1994;10(2):23 15 Gilaninia S, Taleghani M, Azizi N MARKETING MIX AND CONSUMER BEHAVIOR Kuwait Chapter of the Arabian Journal of Business and Management Review 2013;2(12):53-8 16 Hu Y-J HOW BRAND EQUITY, MARKETING MIX STRATEGY AND SERVICE QUALITY AFFECT CUSTOMER LOYALTY: THE CASE OF RETAIL CHAIN STORES IN TAIWAN International Journal of Organizational Innovation (Online) 2011;4(1):59-73 17 Khan MT The Concept of 'Marketing Mix' and its Elements (A Conceptual Review Paper) International Journal of Information, Business and Management 2014;6(2):95-107 18 El-Ansary AI Marketing strategy: taxonomy and frameworks European Business Review 2006;18(4):266 19 Mintz O, Currim IS What Drives Managerial Use of Marketing and Financial Metrics and Does Metric Use Affect Performance of Marketing-Mix Activities? 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Mr Pham: “Revenue didn’t reach the KPI may come from Store-opening -Firm’s resources “We had to open 30-40 new stores to does not meet o Distribution achieve revenue of 120 billion But in target plan o Technology fact, only 15 stores were opened” ABC WATCH -Product strategy “So we tried many different brands, in resources from the capital, human resources, and website is not but not all the brands brought in technology from ABC Group, but we have not made good use fully functional revenue.” many the problems In 2019, the company was investing more of this resource Specifically, in 2019, basing on KPI, we had - - Products are not to open 30-40 new stores to achieve revenue of 120 billion meet customer’s “With Omni Channel, the website is But in fact, only 15 stores were opened ABC Jewelry opened demand considered a crucial part of revenue more than 20 new stores in 2019, not counting over 300 generation.” existing stores We have not tried our best to bring ABC WATCH into this system Ms.Vo: “We have only been in operation for more than a year, so we tried many different brands, but not all the brands brought in revenue In my opinion, the 2019 revenue didn’t 65 meet the target mainly because of our products that not meet customer demand.” Mr Le: “I think the biggest problem leading to not achieving 2019 revenue considerably because our technology system is not complete Website ABC WATCH, built from October 2018, has not been completed With Omni Channel, the website is considered a very important part of revenue generation We have spent a lot of resources to create ABC WATCH website but have not optimized it to bring the best experience for customers For example, features such as installments, see similar products to stimulate customers' needs According to you, ABC WATCH brand awareness -Inappropriate -Marketing is still low, and the market share is not high, in promotional activities your opinion, what causes this? on mix strategy is not effective More than year of launching in promotions the market; what we need to is build brand awareness and o Lack effective” strategy o Focus too much Ms Vo “In my opinion, it is caused by the current marketing mix “Current marketing mix strategy is not sale of o Product strategy “We focus too much on sale promotions.” o Promotional “Marketing strategy needs to focus on strategy developing and communicating to gain market share However, we focus too much on sale branding ABC WATCH’s core value and promotions However, in the beginning, we were testing activities unique selling point to customers” different brands, it creates high inventory, and we need to run - High inventory a lot of clearance promotion to push sales for decrease costs ” o Run a lot of 66 Mr.Le: “In my opinion, brand awareness and market share clearance have a greater effect on sales revenue Customers have not promotions been aware that ABC WATCH is selling wristwatches, so the push sales to customers' psychology still chooses businesses that specialize decrease costs in selling watches Therefore, the marketing strategy needs to ” to focus on developing and communicating to ABC WATCH’s - Brand awareness and core value and unique selling point to customers.” market share have a greater effect on sales revenue There are several opinions about the current - Price of the exclusive - Price strategy inventory days of ABC WATCH which is currently brand is too high at a high level of 180 -220 days, according to you, - Lacking products in what causes this? the low price segment - Product strategy “Inventory days from 180 -220 days are currently made up the largest proportion at ABC WATCH, but most of them belonging to exclusive brand” Ms.Do “Inventory days from 180 -220 days are currently made up the largest proportion at ABC WATCH, but most of them belonging to the exclusive brand The prices of exclusive brands are in the high price segment, range from to 50 million, while the average ticket size of ABC WATCH customers is only at 3-10 million Regarding non-exclusive labels, the company does not have the right to decide on the 67 price, but currently we still lack products that suit the needs of customers in the low price segment from to million.” Ms.Vo “Regarding exclusive brands, when it newly introduced in the Vietnam market, ABC WATCH wants to position these brands as Swiss Made standard, bringing high value and directly competing with famous brands such as Tissot, Longines However, after one year of testing, the awareness of these brands is not high in the Vietnam market With the current high price strategy, it will be difficult for these brands to bring in revenue and this also causes a lot of inventory So in the upcoming time, the brand team will have price adjustments for these exclusive labels ” 68 Second interview: Updated caused-effect map Question & Answer Coding Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) Q1 - Recent research indicated that lack of customer - Customer -Customer relationship management is also one of the main reasons relationship relationship for the revenue in 2019 is not as expected, you have any management comments? closely is management related to -Marketing Mr.Le: “Customer relationship management is followed by revenue generation ““Customer relationship management is followed by tracking and forecasting the demand for existing and new customers mix is closely related to revenue generation.” strategy tracking and forecasting the demand for existing and new - Keep track of past -Track & forecast “ At ABC WATCH, I think we are doing customers is closely related to revenue generation Keep track and current customer of past and current customers' buying behavior, thereby customers' buying method demand a good job in managing customer information and data analysis through making changes in terms of products, prices, and marketing behavior affect the technology systems such as SAP, Bi activities to attract customers In addition, customer marketing strategy report.” relationships measure customer satisfaction to build loyal - ABC WATCh is customers At ABC WATCH, I think we are doing a good job doing a good job in in managing customer information and data analysis through managing customer technology systems such as SAP, Bi report.” information 69 Q2 It is argued that factors such as store location and in- - Store location and -Marketing store ambient are also elements that need to be considered in-store a customers such as near home, company, great in a central area Additionally, the in- on store design also must be appropriate for location and in-store ambient have a great influence on promoting sales in shoppers to search and experience the promoting sales The store location should convenient for the retail industry products.” in a marketing mix strategy What is your opinion? have ambient strategy mix “The store location should convenient for Mr Pham : “ In the retail industry, the factors of store influence customers such as near home, company, in a central area - ABC WATCH has Additionally, the in-store design also must be appropriate for paid great attention shoppers to search and experience the products From the to this issue very beginning, ABC WATCH has paid great attention to this issue Regarding the location of the store, taking advantage of ABC Group with the store at the centers of main routes across the country, as long as ABC WATCH takes full advantage of this resource, the distribution location is not the problem whereas that will be the company's competitive advantage In addition, right from the early days, ABC Watch stores had made a distinctive mark when space was built and arranged with luxurious and sophisticated criteria The models of watches are carefully arranged and cleverly created to facilitate the shopping and customer experience.” 70 Third interview: Possible Causes and Solution Question & Answer Coding Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) Q1 – Through analysis, it can be seen that ineffective - Products are not - Product “First of all, our products are not suitable marketing mix activity is a problem that leads to the 2019 suitable for the target customers.” for the - Price business results not reach the goal? In your opinion, target customers what is the cause of the above problem? - Lack products in - Promotional “With target customers associated with the parent company, 80% of customers Mr.Le: “First of all, our products are not suitable for the target fashion segment are female, love fashion and Jewelry, our customers With target customers associated with the parent - Some brands such products currently lack products in this company, 80% of customers are female, love fashion and as Titotin, Anonimo segment” Jewelry, our products currently lack products in this segment, that needs to be “ There are some brands such as Titotin, currently 18 brands are business, only brands meet this removed from the Anonimo that always have discount criteria Moreover, There are some brands such as Titotin, merchandise promotion to push sales without bringing Anonimo that always have discount promotion to push sales portfolio in profit that needs to be removed from without bringing in profit that needs to be removed from the - Lacking products the merchandise portfolio.” merchandise portfolio In addition, we are also lacking in the price segment “In addition, we are also lacking products products in the price segment of -5 million Next, when of -5 million in the price segment of -5 million.” building an exclusive brand, we want to build a positioning in - Price of exclusive the high and mid-end segments, with high price, high quality, brand is too high guaranteed Swiss-quality watches from Switzerland compared to famous However, after year of operation, these exclusive brands brands in the same 71 have trouble in reputation in Vietnam is still low, consumers segment “In my opinion the biggest reason is that feel the price is too high compared to famous brands in the - PR activities to PR activities to build awareness for ABC same segment like Tissot, Longines This leads to inventory build awareness for WATCH brand are not outstanding” and often has to run a discount to push goods “As I said, in 2019, we focused a lot on ABC WATCH brand Additionally, in my opinion the biggest reason is that PR activities to build awareness for ABC WATCH brand are not outstanding Store opening programs often work with ABC stores In addition, the current POSM in stores are about Jewelry and , there is no image of watches in other areas of the store There are shops like Nguyen Van Troi and Nguyen Anh Thu, the watch area is on the 2nd floor or at the end of are not discount promotion” outstanding - Focused a lot on discount promotion - Lacking activites encourage of to sales teams the store So miss a lot of opportunity to reach customers.” Ms.Vo: “In my opinion, the reason for ineffective marketing mix lies in promotional activities As I said, in 2019, we focused a lot on discount promotion whereas if we build a better brand to stimulate customers to buy original products, there will be more benefits in terms of revenue and profit In addition, we are also lacking of activites to encourage sales teams ABC and ABC WATCH salesmen are separate teams When customers visit the ABC WATCH staff booth, 72 they will directly lack the products and sell to customers However, to increase the demand for customers and increase revenue, ABC Jewelry and staff can actively introduce visitors to the watch area In addition, it will be much more effective if ABC WATCH has incentive programs exclusively for ABC customers and vice versa so that counselors will easily create demand for customers ” Q2 There are many reasons as you mentioned, about - Branding have not prices, products, promotion activities? So in your opinion, been recognized and what is the biggest and feasible cause to handle and bring resolved.” Need to find Ms Vo: “For one year from the date of establishment, the solutions to sell the most benefits to the company? - company's top priority is securing the source of goods and existing goods and opening new stores So the problems of branding have not create demand for been recognized and resolved Therefore, this is considered customers first” the biggest cause of inefficient marketing mix ” - The biggest goal is Mr Pham: “In terms of goods, we still have a huge amount of to build current brands, so to decide to add a new brand to the profolio WATCH ABC image is not the right time We need to find solutions to sell existing recognition in the goods and create demand for customers first In addition, watch market currently we are doing well to differentiate the goods from the market by exclusive brands, and the long-term plan is Private 73 Label made by ABC Therefore, the biggest goal is to build -Prices will be ABC WATCH image recognition in the watch market, to uniform across the make the next step market and No Regarding prices, in the retail industry, apart from exclusive retailer has the right brands, we all import from suppler in Vietnam and are subject to sell below the to strict price control, prices will be uniform across the market listed price and No retailer has the right to sell below the listed price So -inadequate the cause of the price is difficult to adjust In addition, ABC promotion activities WATCH also has payment support solutions such as 0% are considered as the installment payment to support this issue main reason leading Therefore, considering both the current revenue growth goals to the and the sustainable development in the future, inadequate marketing ineffective mix promotion activities are considered as the main reason leading stratergy to the ineffective marketing mix stratergy at ABC WATCH ” 74 Fourth interview: Solution Validation Question & Answer Coding Category Quote ( Key answer) ( Concept in (Description of coding theory) from answer) Q1 – Based on detailed analysis of the problem and cause - Don't need to think - Cost and benefits “The fastest and the most obvious effect There are three solutions given in dealing with too much about cost- on revenue in short-term” inappropriate promotional mixes, In your opinion, which saving solutions “This option will create unhealthy habits is the most effective solution? for ABC sales staff” - Option 1: Alternative solution 1: Personal Selling - Incentive Effect on revenue in programs for sale consultants at ABC and ABC short-term WATCH impact on revenue” Unhealthy habits for Alternative solution 2: Partnership with partners to ABC sales staff “Option works well in promoting the brand image, but does not have a major create demand of their customers about ABC Some risks in fraud WATCH “This solution does not have a strong impact on revenue.” management Alternative solution 3: Display Offline Media advertisements at all ABC stores to gain awareness - Option and promote sales of watches Promoting the brand Mr Pham: “Among the three options, the fastest and the most image obvious effect on revenue in short-term is the solution 1- Strong impact on personal selling Additionally, this solution also costs the revenue least However, with a budget of 10 billion in 2020, we don't Contributes to brand need to think too much about cost-saving solutions In awareness 75 addition, this option will create unhealthy habits for ABC sales staff When the program is no longer running, they will - Option “Requires more time and manpower to not actively introduce watches product to guests I think, this Requires more time prepare and operate than other options option does not work in the long term because every and manpower than Sustainable in both the short and long salesperson of each company needs to be good at their goals other options term.” first Sustainable in both “However, the effect is most evident and Option works well in promoting the brand image, but does the short and long sustainable in both the short and long not have a major impact on revenue term In addition, the biggest advantage term Option requires more time and manpower to prepare and Promote online sales of this plan is to promote online sales.” operate than other options However, the effect is most Greatly contribute to evident and sustainable in both the short and long term In achieving target addition, the biggest advantage of this plan is to promote revenue online sales Mr Le: All options are feasible to implement However, plan brings the most clear and sustainable effect We can maximize the potential from 300 ABC stores nationwide to sell and promote the brand instead of being limited to the current watch stores This will greatly contribute to achieving target revenue Option has some risks in fraud management We need to find the most effective way to identify guests through which referral source Option is only really 76 effective when the partner has a customer file that is suitable for ABC WATCH, but this solution does not have a strong impact on revenue, cannot be the main profitable solution, but only contributes to brand awareness 77 ... marketing mix strategy 25 2.1.2 Method to measure the effectiveness of marketing mix strategy 27 2.1.3 Current marketing mix strategy at ABC WATCH 27 2.2 Problem existence... necessary foundations that X Company built in the harsh race of the watch market Our 2023 vision is that ABC WATCH (X Company) has successfully become an OMNI retail operator of watches & accessories... HO CHI MINH CITY International School of Business Huynh Nhu INEFFECTIVE MARKETING STRATEGY AT ABC WATCH - X COMPANY LIMITED MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR NGUYEN