Honda is the most dominant company in the Vietnamese motorcycle market. Since it entered to this market, its products have been loved by Vietnamese people, and most Vietnamese have an experience to use a Honda’s motorcycle in their life. However, Honda currently faces the huge problem: market saturation. As a result, there is a necessity to find a new way to overcome this problem. Through this report, we firstly analyze current market situation from macro and micro views. Then, we provide SWOT analysis for Honda in Vietnam.
Running head: MARKETING PLAN ANALYSIS – HONDA VIETNAM Marketing Plan Analysis – Honda Vietnam Group3: Lưu Vũ Quỳnh Như, Lê Thị Phương Ngân, Phan Huỳnh Diễm Thảo, Vũ Kiều Trâm, Phạm Xuân Phú, Yuuki Yazawa, Kanta Imanari Principle of Marketing December 9, 2015 Instructor: Dr Nguyen Thi Mai Trang MARKETING PLAN ANALYSIS – HONDA VIETNAM TABLE OF CONTENTS Executive Summary Introduction .4 The product – SHi 125/150 .6 Microenvironment Company Suppliers 15 Competitors 16 Publics 19 Customers 22 Macroenvironment 24 Demographic factor 24 Economic factor 27 Natural factor .32 Technological factor 33 Political factor 34 Cultural factor 35 SWOT Analysis .36 Recommendations 41 Market development for high-income segment 42 Market development for foreigners 44 The extension of customer services 50 The problem of recall for SHi 125/150 52 References .55 MARKETING PLAN ANALYSIS – HONDA VIETNAM Executive Summary Honda is the most dominant company in the Vietnamese motorcycle market Since it entered to this market, its products have been loved by Vietnamese people, and most Vietnamese have an experience to use a Honda’s motorcycle in their life However, Honda currently faces the huge problem: market saturation As a result, there is a necessity to find a new way to overcome this problem Through this report, we firstly analyze current market situation from macro and micro views Then, we provide SWOT analysis for Honda in Vietnam We found several problems Honda currently possesses, and also found several opportunities that would contribute to its further growth Based on our analysis, we suggest three recommendations for the marketing activities of SHi 125/150; market development for high-income segment; market development for foreigners; and the extension of customer services Finally, we briefly mention in the problem Honda faces: the recall of SHi 125/150 and provide considerable solutions for it We hope our research and recommendation would be helpful to promote the sales of SHi 125/150 in next year MARKETING PLAN ANALYSIS – HONDA VIETNAM Introduction Company description Honda is one of the greatest global company and famous for motorcycles and cars It has expanded its business operations through the world, and provides consumers advanced-technological products at reasonable prices Honda currently expands its businesses to aircraft and robot industry, and seeks to improve itself continually for a long time Honda history Honda was established by Soichiro Honda in 1946, and started manufacturing of motorcycles in Japan Honda firstly expanded its business in the United States in 1959, and has gradually expanded its business through the world In 1963, Honda started the sales of cars, and from that time, has significantly expanded its business from motorcycles, cars, to power equipment, aircrafts, and robots Honda is currently recognized globally, and becomes one of the greatest global company Honda in Vietnam Honda entered to Vietnamese market in 1996 The first plant in Vietnam was established in 1997 (B Thi, & X Thi, 2009), and Honda started manufacturing at this time However, before Honda entered to the Vietnamese motorcycle market, Honda exported some motorcycles from other countries to Vietnam, and therefore, Honda’s products were hugely recognized by Vietnamese consumers MARKETING PLAN ANALYSIS – HONDA VIETNAM Honda succeeded in taking a first mover advantage in Vietnam (B Thi, & X Thi, 2009), so it has s strong power in this market Initially, Honda focused on middle-income segment to promote its motorcycles because people under this segment did not afford Honda‘s products Honda faced to the strong competition of ultra-low price models manufactured by Chinese makers and lost huge market share at the beginning of 2000s (Fujita, 2008), but Honda regained its market share by introducing the low-price brand “Wave Alpha” (Nguyen, 2006) This was significant change taken by Honda, and it initiated to focus on low-income segment as well Currently, Honda is a giant, sharing around 70% of the Vietnamese motorcycle market, and Honda’s products are loved by Vietnamese people Mission The mission of Honda (2015) is “Maintaining a global viewpoint, we are dedicated to supplying products of the highest quality, yet at a reasonable price for worldwide customer satisfaction.” About the report This report mainly consists of four parts First three parts: Analysis of macro environment, microenvironment, and SWOT analysis, are analysis of current market situation Then, the recommendations for the marketing of SHi 125/150 model will be described based on the analysis of current market Secondary resources from Honda’s Website and some other sources such as academic journals and Websites MARKETING PLAN ANALYSIS – HONDA VIETNAM of public institutions are main sources of our research We also conducted the questionnaire on the Internet, and it also helps our research and supports our recommendations Product Analyzing: SHi 125/150 Design Very high-class design: based on the strong side of the SH brand in EU, SHi 125cc/150cc brings out the western design to Vietnamese consumer The Head: the head of the motorbike is crafted to its finest The highlight part is the headline, being covered chrome to show even more the high-quality of the product 16-inch stylist wheels: with light-weight but stable design The wheel ensures smooth and curve driving for the user The Body: Is design to bring out the sexy curve at every corner The Back: Fully equip with strong glass with highlighted pattern Maximum lighting to ensure the best quality The parameter: functional smart count clock, smart and scientific design The Engine SHi runs on an innovative piece of technology, the eSP (enhance Smart Power), which is a latest design for scooter The engine has very small, but not less powerful, smooth and quite travelling, very eco-friendly, by consume less gas MARKETING PLAN ANALYSIS – HONDA VIETNAM The gas-spraying mechanism is fully automated and control by the main board, enhance the ability of the entire motorbike, minimize fuel consumption Thus, this contributes to less gas emissions from the motorcycle Idling Stop: System temporarily disconnect the motor, is a breakthrough new technology in the motorcycle with the ability to save fuel efficient and environmentally friendly The system has the ability to automatically disconnect the motor, switch to standby mode to save energy when the car stopped more than seconds and restarts smoothly when the driver throttle back and not need to press the start button Technology Integration of Title ACG Vehicles capable of smooth start thanks to integrated systems and generator startup, the maximum friction reduction, fuel savings based on intelligent electronic mechanism After turning off the engine, the relaunch is also very easy Less Friction Technology Designed to minimize the maximum friction, helps the engine operate more smoothly Gas Evaporative Control System Fuel tank is equipped with system EVAPO help minimize the evaporation of gasoline, which saves fuel efficient and environmentally friendly Maximize Comfortability & Safety SHi 125/150 promises to deliver the best driving experience there is MARKETING PLAN ANALYSIS – HONDA VIETNAM Main Container U-box compartment is wider, can accommodate both the first helmet or caps, thanks to the streamlined between the parts on the car that is guaranteed to be the body slim Fuel Container The gas tank designed with maximum volume and arranged in the most reasonable way Combined with the ability to excel in fuel economy, the new SH lets users move farther in the distance On/Off switch Outriggers Switches Side Stand shutdown instantly when lowering the outriggers down Only works when the engine side has gotten onto outriggers This helps users to not forget the legs brushing against parties before starting the car Hydraulic-brake system SHi 125/150 is equipped with a braking system combines advanced hydraulics In particular, the following disc brakes not only increase a sense of stability and safety, but also provide strong braking force, continuous and very balanced when braking Microenvironment Company Marketing mix (4Ps) In order to identify the strengths and weaknesses of Honda itself, firstly, marketing mix which includes 4Ps: product, price, promotion, place, should be analyzed MARKETING PLAN ANALYSIS – HONDA VIETNAM Product: Honda has a variety of brands to cover the variety of its market segment Each product will be introduced in order SH mode 125cc (7 colors) Price Standard: 49,990,000 VND Fashion: 50,490,000 VND Personalized: 50,490,000 NVD SH 125i / 150i (5 colors) Price 125cc: 66,990,000 VND 150cc: 80,990,000 VND MSX 125cc (4 colors) Price 59,990,000 VND PCX 125cc (6 colors) Price Advanced: 54,490,000 VND Standard: 51,990,000 VND Air Blade 125cc (11 colors) Price Standard: 37,990,000 VND Premium: 39.990.000 VND Magnetic Paint: 40,990,000 VND LEAD 125cc (7 colors) Price Advanced: 38,490,000 VND MARKETING PLAN ANALYSIS – HONDA VIETNAM Standard: 37,490,000 VND VISION 110cc (6 colors) Price 29,990,000 VND Future 125cc (6 colors) Price Electronic fuel injection: 30,990,000 VND Electronic fuel injection: 29,990,000 VND Carburetor: 25,500,000 VND 10 MARKETING PLAN ANALYSIS – HONDA VIETNAM 44 events so as to advertise its product to the target market Market development for foreigners Since the decline in the demand for motorcycles in Vietnam; the demand decline in roughly 13% in 2013 (Honda, 2014), Honda must seek the market which can cover the sales decrease in the entire market Honda is dominant in the Vietnamese market, and this means that Honda must find the market that it has not focused on ever Therefore, we suggest the market development for foreigners staying in Vietnam, both foreign workers and people who decide to settle in Vietnam, as a new, niche market to promote SHi 125/150 This is not enough large market to cover the sales decrease in the entire market, but this market would be highly profitable if Honda can succeed in promoting SHi 125/150, the most expensive brand Reasons to choose this market There are mainly three reasons why we choose this market to promote SHi 125/150 Firstly, as it was mentioned above, the Vietnamese motorcycle market has gradually been saturated, and actually the demand for motorcycles decreases continually Therefore, Honda must find a new market to promote its brands There is a good opportunity that might be a good market for Honda Since the government implemented “doi moi”, it has strongly encouraged foreign direct investment (FDI) from other countries In addition, the rapid economic growth makes MARKETING PLAN ANALYSIS – HONDA VIETNAM 45 Vietnam a potential business field for foreign companies Accordingly, many foreign companies start their businesses in Vietnam, and this leads the increase in the number of foreign workers in Vietnam In fact, we can see a lot of foreigners in daily life, and this is also an evidence that supports many foreigners are staying in Vietnam Hence, the current increase in the number of foreigners in Vietnam creates a niche market that enables Honda to promote SHi 125/150 Furthermore, we assume that there is no strong competition in this market since main competitors: YAMAHA, Suzuki, Piaggio, and San Young Motor, not provide the website in English Websites are crucial sources to communicate with consumers and provide large amount of information No English websites mean nobody focuses on this niche market; thus, this market would be potential without any strong competitors Secondly, motorcycle is necessary to live in Vietnam as a main transportation, and foreign workers also realize it within few weeks after they come to Vietnam Because usually foreign workers work in another country from three to five years or more than five years, so they would have the strong demands for a motorcycle This is an intrinsic demand derived from consumers themselves; therefore, this is a potential opportunity to promote the sales of motorcycles Finally, foreigners simply more afford the high-price model than Vietnamese consumers Since they work in another country, MARKETING PLAN ANALYSIS – HONDA VIETNAM 46 their salary is much higher than when they work in the original country In addition, the living expenses is much lower in Vietnam than in other countries, so they are relatively able to spend a large amount of money in Vietnam In short, these three reasons would support our recommendation to develop a market in a new demographic segment: foreigners staying in Vietnam Advertising strategy In order to promote the sales of SHi 125/150 to foreigners, at first, Honda must get their attention to this brand Through the process to get an attention from the target segment, we recommend to use the burner advertisements on the Website Specifically, because most of our target is foreign workers, Honda should put burners on news Website that foreigners use to check the daily news in Vietnam For example, VnExpress and Thanh Nien News are famous news websites that are frequently visited by foreigners Checking daily news is a daily routine for workers, and therefore, most of our targets habitually visit these websites Therefore, these websites enable Honda to expose our targets to burner advertisements, and this encourages unconscious learning about SHi 125/150 Our target unconsciously learn the existence of this brand through vising these websites, and this would be an advantage when Honda promotes the sales of this brand Secondly, Honda should put the advertisements on magazines and guidebooks MARKETING PLAN ANALYSIS – HONDA VIETNAM 47 about Vietnam to get an interest from foreigners These are also potential sources to expose foreigners to the advertisements because people visit to another country definitely check the information about that country, and the demand for motorcycles occur within few weeks after they come to Vietnam This indicates that foreigners who come to Vietnam check the information about Vietnam when the demand for a motorcycle occurs in their mind Therefore, Honda can provide the information about the brand at the good time by putting advertisements on these sources The advertisements should include two information: the necessity of motorcycles in the Vietnamese life and the attractiveness of SHi 125/150 The former information supports to strength their recognition that a motorcycle is necessary to live in Vietnam The latter information affects them to put SHi 125/150 in their consideration sets This step helps increase the recognition of the brand, and this would work positively when the targets seriously consider the purchase of a motorcycle When they step in the process of information search, they start search about the brand that is in their consideration sets Therefore, this step is important to get an interest for the brand from foreigners, and this connects to enhance the effectiveness of next step Finally, Honda must create the attractive website to promote the sales of SHi 125/150 After Honda succeeded in getting the interest from the targets, they visit the MARKETING PLAN ANALYSIS – HONDA VIETNAM 48 website to research further information about the brand As the major promise, Honda must provide the website in English There is no function that can translate all information in the website to English Therefore, Honda must equip the translation function in its website Then, in order to convince the targets to purchase the brand, Honda should combine three types of appeals effectively At first, because consumers usually involve in extended purchase decision process when they choose a motorcycle, rational appeals are effective Honda should appeal the important product attributes and the benefits consumer can gain by purchasing the brand In addition, emotional appeals can reinforce consumer’s willingness to purchase this brand Honda must maintain the sophisticated image of this brand, so SHi 125/150 must be presented as a “cool motorcycle” to motivate foreigners to buy the brand Furthermore, in this case, empathy with their experiences is also effective as an emotional appeal Most foreigners especially from developed countries feel the air in Vietnam is extremely bad when they come there for the first time In fact, the Japanese students felt a heavier air when they breathe in the first few weeks Honda can empathize with this experience, and this contributes to strengthening the influence of moral appeal As a moral appeal, Honda must emphasize the eco-friendliness of this brand, and appeal that it is necessary to reduce CO2 emissions in Vietnam Obviously, many research showed that Vietnam is MARKETING PLAN ANALYSIS – HONDA VIETNAM 49 one of the polluted country in terms of air, and emissions from motorcycles counts for 70% of air pollution in Vietnam Accordingly, there is a great necessity to introduce ecofriendly motorcycle in the Vietnamese market; hence, this moral appeal is effective to convince the targets Moreover, foreigners, especially from Western countries, tend to be more environmental conscious, and this is another reason that supports the effectiveness of moral appeal for foreigners Through the advertising strategy, we suggest three ways and steps to attract foreigners staying in Vietnam Firstly, Honda should get an attention from the targets by using banners in news Websites Secondly, Honda should put advertisements in magazines and guidebooks about Vietnam, and this is a step to make them interested in the brand Finally, Honda must convince customers on its website by providing the website in English and using the combination of three types of appeals We hope this is the best process to attract foreigners to purchase SHi 125/150, and therefore, this is our recommendation for the market development for foreigners staying in Vietnam The extension of customer service Our final recommendation is the extension of customer service In this part, we suggest two ways to extend the customer services In the last two recommendations, we suggested that Honda should strongly promote the sales of SHi 125/150 for people who MARKETING PLAN ANALYSIS – HONDA VIETNAM 50 afford this high-price brand: high-income segment and foreigners SHi 125/ 150 is the most expensive brand in the Honda’s product lineup, and this indicates this brand would be high quality and perform better than other brands In order to strength this recognition among consumers, we suggest the extension of warranty for SHi 125/150 to three years, one year longer than other brands; Honda provides two years or 20.000 km warranty for every product This helps to make consumers recognize more strongly SHi 125/150 as high-quality and durable brand, and increase the possibility that SHi 125/150 would be in consumers’ consideration sets when they think the purchase of a motorcycle This also works to differentiate SHi 125/150 from other brands, and contributes to increasing its value among consumers As a result, this extension of warranty also helps to promote the sales of SHi 125/150 Finally, we suggest Honda should promote the sales of SHi 125/150 by helping the consumers to afford it Accordingly, we suggest a special deal for the purchase of SHi 125/150; Honda accounts for the interest of loans to make a purchase of SHi 125/150; consumers can purchase it with zero interest This enables consumers to decide to purchase SHi 125/150 since the interest of loans is one of the burdens for consumers when they make a big purchase This is a not significantly big deal for consumers, but this would be one of the sources that pushes consumers to make a MARKETING PLAN ANALYSIS – HONDA VIETNAM 51 purchase decision There are two benefits by offering this deal to consumers Firstly, for Honda itself, it can offer the discount without changing the price Sometimes changing the price might damage the brand image; especially SHi 125/150 is the luxurious product Therefore, this is a good strategy for Honda to attract consumers without harming the image of brand Secondly, for consumers, simply they have to pay less for purchasing SHi 125/150 This is obviously a good deal for consumers: thus, this can promote the sales of SHi 125/150 To sum up our recommendations, we mainly make three recommendations: market development for high-income segment, foreigners, and the extension of customer services At first, Honda should strongly promote SHi 125/150 to high-income segment In addition, foreign workers in Vietnam now create a small but attractive market; therefore, Honda should attract foreign workers to increase the sales of SHi 125/150 Finally, Honda should provide special deals for SHi125/150 The extension of warranty to three years helps to reinforce customer’s perception for this brand Furthermore, zero interest for the purchase of this brand will hugely affect consumers’ purchase decisions Accordingly, by implementing our three recommendations in next year, Honda can increase the sales of SHi 125/150 We hope these our recommendations will be helpful for Honda to increase its sales in next year MARKETING PLAN ANALYSIS – HONDA VIETNAM 52 The problem of recall for SHi 125/150 According to Vnexpress.net and Thanhnien.com.vn, on October 26th, Honda official announced that it recognized the problem with the smart-key; smart-key turned off automatically after 10 minute rather than 10 days Honda official urged the customers to go to Honda’s workshop to fix it With every motorbike, customer could get free oil change On November 25th, the government required Honda to recall all fault products, because it is against the rule for fault advertising product There has been no official news from Honda yet Immediate deals for SHi 125/150 users Honda should focus how the customer will travel during the repairing time Accordingly, it should try to provide transportation for everyone while minimizing their cost There are ways Honda can this Plan A Honda can cooperate with grab-taxi or grab-bike, to provide free of charge taxi drive for customers with a distance (like only limited in the city) Since Grab-Taxi and -bike is very cheap in Vietnam, they had excellent variety of car or motorbike at their use, and this is a very effective way to improve both companies’ images Plan B Honda can provide gas coupon (like 500 thousand VND), to provide their gas consumption while consumers use other form of transportation Since the MARKETING PLAN ANALYSIS – HONDA VIETNAM 53 amount of cost will be easier to predict and more controllable and these are still in reasonable cost, this plan would be actionable It can keep the customers happy because the gas price is really high Deals after the problem is resolved To show apology for consumers and stimulate the sales after this case, Honda can use this action plan Plan: Honda should open more events, like “A day with Honda” This event can demonstrate SHi 125/150 is still a very high-quality product, and can provide best driving experience Furthermore, this helps to show that consumers’ trusts are still in the right place In summary, since Honda has the problem that it must address as soon as possible, we suggested both immediate deals and after deals to maintain consumers’ trust for Honda itself This was the fault of Honda; therefore, it must deal with the problem as quickly as it can If Honda will fail to deal with this problem properly, this will hugely affect the sales of all products Honda provide in the market Accordingly, we hope that our recommendation of the deals for this problem will be also helpful for Honda to resolve this problem MARKETING PLAN ANALYSIS – HONDA VIETNAM 54 MARKETING PLAN ANALYSIS – HONDA VIETNAM 55 References Aayush V (2012) Macro factors affecting business environment Retrieved from http://www.slideshare.net/aayush30/macro-factors-affecting-business-environment Alarming air pollution in Vietnam [Ơ nhiễm khơng khí đáng báo 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Street Journal Retrieved from http://blogs.wsj.com/indonesiarealtime/ 2013/11/07/motorbike-makers-in-vietnam-rethink-sales-strategies/ MARKETING PLAN ANALYSIS – HONDA VIETNAM UNFPA Viet Nam (2015) Population and development overview Retrieved from http://vietnam.unfpa.org/public/lang/en/pid/5571 United Nations, Department of Economic and Social Affairs, Population Division (2015) World Population Prospects: The 2015 Revision Retrieved from http://esa.un.org/unpd/wpp/Graphs/DemographicProfiles/ World Bank (2015) Data Vietnam Retrieved from http://data.worldbank.org/country/vietnam World Bank (2015) GDP per capita (current US$) Retrieved from http://data.worldbank.org/indicator/NY.GDP.PCAP.CD Yamaha Motor Co., Ltd (2012) Annual Report 2012 Retrieved from http://global.yamaha-motor.com/jp/ir/annual/pdf/2012/2012annual-J-026-033.pdf Yamaha Vietnam (2014) Retrieved from http://www.yamaha-motor.com.vn/sanpham/NM-X-2015-174 58 ... share in the Vietnamese market Competitors In Vietnam, 95% of market share is accounted by companies; Honda, MARKETING PLAN ANALYSIS – HONDA VIETNAM 16 YAMAHA, Suzuki, SYM, Piaggio Honda has about... community Due to these its activities, MARKETING PLAN ANALYSIS – HONDA VIETNAM 13 Honda succeed in building strongly positive reputation among Vietnamese people Place: Honda has its own dealers or dealers... Honda? ??s products were hugely recognized by Vietnamese consumers MARKETING PLAN ANALYSIS – HONDA VIETNAM Honda succeeded in taking a first mover advantage in Vietnam (B Thi, & X Thi, 2009), so it