Develop business strategy of seyang corporation vietnam xây dựng chiến lược kinh doanh công ty TNHH seyang corporation việt nam

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - Nguyễn Thị Lệ Thu DEVELOP BUSINESS STRATEGY OF SEYANG CORPORATION VIETNAM XÂY DỰNG CHIẾN LƯỢC KINH DOANH CÔNG TY TNHH SEYANG CORPORATION VIỆT NAM LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2020 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - Nguyễn Thị Lệ Thu DEVELOP BUSINESS STRATEGY OF SEYANG CORPORATION VIETNAM XÂY DỰNG CHIẾN LƯỢC KINH DOANH CÔNG TY TNHH SEYANG CORPORATION VIỆT NAM Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS HỒNG ĐÌNH PHI HÀ NỘI - 2020 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article The other’s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration i ACKNOWLEDGMENTS I had received a lot of help and encouragement during the time of completing this thesis First of all, I would like to express my deepest respect and gratitude to Professor Hoang Dinh Phi who is dedicated to guide me to complete this thesis I would like to thank the Board of Directors and all teachers of Hanoi National University for conveying and equipping me with valuable knowledge and experiences during the past two years of study I would like to express my sincere thanks to the Board of Directors, departments and agencies of Ha Nam province for their enthusiastic assistance in the process of collecting data for the implement Finally, I would like to express my sincere thanks to my family, friends and colleagues who have always created favorable conditions to help, cheer and encourage me during the thesis ii TABLE OF CONTENT DECLARATION .i ACKNOWLEDGMENTS ii TABLE OF CONTENT iii LIST OF TABLES v LIST OF FIGURES .vi INTRODUCTION CHAPTER 1: THEORETICAL BASIS FOR DEVELOPING BUSINESS STRATEGIES OF ENTERPRISES 1.1 Overview of business strategy of the enterprise 1.1.1 Definition .4 1.1.2 The role of business strategy in the enterprise 1.1.3 Business strategy levels and types of strategies 1.2 The basic content of the development business strategy .7 1.2.1 Determine the goals of the organization .7 1.2.2 External analysis 1.2.3 Internal analysis 14 1.2.4 Formation and strategic selection .16 1.3 Tools and techniques used in developing business strategy of the enterprise 17 1.3.1 IE Matrix 17 1.3.2 SWOT Analysis 18 1.3.3 QSPM Matrix 19 CHAPTER 2: ANALYSIS OF BUSINESS ENVIRONMENT OF SEYANG CORPORATION VIETNAM 21 2.1 Overview of Seyang Corporation Vietnam 21 2.1.1 The process of establishment and development .21 2.1.2 Organizational structure 22 2.1.2 Business performance of Seyang Corporation Vietnam 23 iii 2.2 The business environment analysis of Seyang Corporation Vietnam 24 2.2.1 External factors 24 2.2.2 Internal factors 38 Table 2.7 Internal Factor Evaluation Matrix .47 CHAPTER 3: BUSINESS STRATEGY OF SEYANG CORPORATION VIETNAM VISION TO 20255 .49 3.1 Development orientation of Seyang Vietnam Company to 2025 49 3.1.1 Expected situation of export garment market in coming years 49 3.1.2 The orientation of Seyang Corporation Vietnam 50 3.2 Develop business strategy for Seyang Vietnam to 2025 52 3.2.1 Strategies formed from the SWOT matrix 52 3.2.2 Select preferred implementation strategy 55 3.3 Solutions to implement business strategy for Seyang Vietnam until 2025 .58 3.3.1 Enhancing marketing activities 58 3.3.2 Finding and expanding markets in new areas 59 3.3.3 Investment to expand production and business, increase profit rate .61 3.4 Some recommendations 63 3.4.1 Recommendations to central ministries 63 3.4.2 The relevant functional units 64 CONCLUSION 65 REFERENCEs 67 APPENDIX iv LIST OF TABLES Table Table 2.1 Table 2.2 Table 2.3 Table 2.4 Table 2.5 Table 2.6 Table 2.7 Table 3.1 Table 3.2 Table 3.3 v LIST OF FIGURES Figure Figure 1.1 Figure 1.2 Figure 1.3 Figure 1.4 Figure 2.1 Figure 2.2 Figure 2.3 Figure 2.4 Figure 2.5 vi INTRODUCTION The importance of the topic In the fierce competitive market, if business want to survive, they have to find the right path and develop their own strategy that appropriate to the external and internal factors of the company In particular, strategy is an integral part and is one of the most important basis for developing business strategy Over the years, Vietnam's textile industry has always been successful in boosting exports to overseas with export turnover growing from 8% to 10% In 2019, the Ministry of Industry and Trade said that the export turnover of textiles and garments was estimated at US $ 4.89 billion, increase 19% compared to the same period in 2018 Remarkably, investment capital flows in the textile industry is growing, thus creating more competitive products as well Seyang Corporation Vietnam is one of the major garment manufacturing companies, having many strengths and always leading the market However, in recent years, the production activities of the company have decreased, the market share has been narrowed significantly due to the participation of a series of domestic and foreign costume and apparel manufacturing companies In addition, there is a deep change in the domestic market and inadequacies in competitive strategy Vietnam's textile industry has made many progresses in the past years, but there are still hidden risks Facing the challenges of the coming years, in order to maintain the market and the growth rate, each Vietnamese textile and garment business needs to deeply invest to improve working conditions, increase labor productivity, reduce labor costs on a product and reduce staffing while increasing output At the same time, businesses need to focus on caring workers both on working conditions, incomes, and living conditions, cultural and spiritual value to preserve skilled workforce In order to sustain and develop, textile and apparel enterprises must focus on important factors: increasing productivity; investing in automation; choosing high-class orders, technical goods, high processing prices Facing the situation of competition in the textile market as above, the company must take measures to maintain and improve business on the basis of developing appropriate business strategies for the next step For these reasons, the author has chosen the topic: "Develop business strategies of Seyang Corporation Vietnam" to help the company to build long-term business orientation and goals to enhance business results Objectives of the research The first thing is to systematize the theoretical and practical basis for developing a business strategy of the company The second thing is to assess the current situation of Seyang Corporation Vietnam’s strategy in recent years The final thing is to propose some ideas on business strategy development of Seyang Corporation Vietnam Subject of the research Doing theory and practice research of business strategy development process of enterprises Research scope Time: Research the situation through Seyang Corporation Vietnam’s documents has been published over the years, focusing mainly in the years 2016 - 2018 Proposing orientations towards 2025 Space: Research project of developing business activities of Seyang Corporation Vietnam Content: The thesis examines the components and the content of each step of developing business strategy Factors affecting business strategy formulation; situation of developing business strategy and propose a number of ideas on business strategy development of Seyang Corporation Vietnam Research Methods - Data collection method + Secondary data: The author collects secondary data from the textbooks, master thesis, articles, related research works as a theoretical basis and collects from income statement, public processes, and financial statements of Seyang Corporation Vietnam + Primary data: Primary data is collected through the method of investigating related objects Subjects of the survey: To research and develop Seyang Corporation Vietnam's business strategy, the author developed a questionnaire for managers of Seyang Vietnam + Content of the survey: Assessments of the importance of internal environmental factors, external environmental factors to business operations and the responsiveness of Seyang Vietnam and competitors to these factors + Order of the survey: On the basis of the designed questionnaire, the author made Table 3.3: Roadmap implementation of the business strategy of the Company from 2019 to 2025 Im Stage 2019 s S – 2021 e a 2022 2025 - S expansion in depth 3.3 Solutions to implement business strategy for Seyang Vietnam until 2025 3.3.1 Enhancing marketing activities The goal of Marketing is to consume a lot of products with high turnover and low cost through satisfying the needs of customers The company should have product policies, pricing policies, distribution policies, communication policies, and personnel policies to maintain customer satisfaction so the company's products are the customer priority choice However, the company does not always well and achieve high results Capturing the market in a volatile situation in the past time is not easy for the company In addition to improving the quality of products and setting reasonable policies on prices, beautiful models, marketing activities are considered complete and effective when added activities such as advertising, sales promotion About advertising activities: 58 Depending on each type and each item, the company has different advertising strategies The company can choose the appropriate advertising methods such as Internet, radio, television to attract new customers who have not used the company's products or through trade fairs and product introduction conferences of the Textile and Garment Association The company should participate in trade fairs at home and abroad to promote products so customers can reach the company Sales promotion activities: The company needs to maintain and promote the effects of sales promotion activities through domestic and international consumer fairs with innovative designs that are suitable for consumers' tastes in each period The main form of promotion can be the gifts for potential customers who regularly sign contracts or orders with the company so as to promote and maintain good relationships with customers Furthermore, with each type of customer, the company should have different types of sales promotion: + For large customers who have signed many contracts, the company can offer additional promotions to customers or use priority policies such as fast export procedures, choose high quality items of if it is an error, it can be exchanged easily + For retail customers, accounting for a small proportion, the company should also have promotional policies at the off-season With the strong integration trend along with WTO, TPP accession, has given the company many advantages in exporting In addition, the determination to complete the negotiations for the signing of the Trans-Pacific Partnership has become a motivation for customers in major markets to invest and sign more export contracts with Vietnam 3.3.2 Finding and expanding markets in new areas Promote the model of cooperation between businesses in the same industry to jointly expand the product consumption market, improve product value, at the same time consolidate competitive position, improve labor productivity, producing goods with high technical requirements, that have high and medium quality, taking advantage of the flexibility in meeting small and medium-sized orders with relatively low delivery time Besides maintaining the existing market by flexible pricing, ensuring product quality and delivery schedules, and preferential policies for each type of customer, 59 the company need to seek and develops external markets Countries in the new area by: + Strengthening trade promotion activities will be an effective solution for the company to expand product consumption; the company should participate in many exhibitions, international fairs, and seminars… to promote brands + Attaching importance to the ASEAN market to take advantage when joining ASEAN + Gradually replace the processing method with 4.0 technologies + The traditional markets of the company such as the United Kingdom, Korea, Japan, and Canada always have strong consumption and are reliable partners So the company needs to maximize the relationship to build momentum for long-term cooperation Besides ensuring product standards and quality, the company can facilitate customers in payment methods such as deferred payment, to show the company's trust to customers, creating psychological comfort during trading after having consulted and gathered information from many sources about partners For traditional businesses, the company should consolidate the production, business activities, and investment, improve product quality to meet the increasing requirements of partners The company should actively make chance to meet new partners, expand markets to Turkey, Africa, the Middle East Enhance trade promotion, looking for orders in the US and EU markets Also explore markets to potential countries such as Japan, South Korea and Canada For the domestic market: + Maintaining customer conferences to participate in high quality Vietnamese goods fairs, focus on marketing and advertising, strengthening market guidance and consumers Having after sales policy + Making relations with large and reputable distributors to take advantage of their reputation to improve the reputation of Vietnamese garments, and also bring Vietnamese exports to reasonable consumption channels (based on experience from distributor's knowledge) thereby penetrating and capturing the market +Increasing the proportion of domestic consumption from 32% to 35% of the total revenue of raw materials and semi-finished goods purchases To increase the size of the domestic market, the company must apply all solutions on product and marketing issues For this market, the company will not face many difficulties in customer habits and culture In addition, the company needs to establish a 60 product consumption network such as expanding the product introduction store, the company needs to develop a system of agents to ensure the supply of products to consumers quickly, convenient, and reliable 3.3.3 Investment to expand production and business, increase profit rate Gradually research and deploy the project to build Textile - Dyeing Factory with an investment capital of VND 1,000 billion in Ha Nam to improve product quality Deploy export production under the FOB method in late 2022 when the dyeing textile factory comes into operation In parallel with that, export processing is still carried out to maintain relationships with long-time partners and have stable orders to maintain sales The company currently exports completely in the form of outsourcing with the added value generated at this stage only about 5-10% In order to improve the efficiency of garment export activities, the company will gradually reduce export processing and promote export under the FOB mode, specifically here is FOB Type II Accordingly, on the basis of customers' product samples, businesses will take care of raw materials as required by the design from any supplier without the buyer's instruction This is in the development orientation of the Company and will be implemented within the next 01 year when the Textile - Dyeing Factory comes into operation Switching to a new mode of export while having been fully outsourced for more than 10 years requires the company to be well-prepared in all aspects Especially, the thorough study of the contents of the trade agreement on rules of origin, technical standards, environmental protection to get maximum benefits from that At the same time, it is necessary to be quick in capturing information related to textile and garment export activities in the country and the world to devise appropriate strategies in finance, marketing, human resources, technology to take advantage of company’s strength, supplementing the shortcomings in a timely and complete manner The more carefully prepared the plan, the more the Company can avoid being surprised when changing direction At the same time, the Company continues to improve the product quality, training human resources, improving machinery technology, applying advanced management processes in production, make progress on schedule, and create credibility with customers Product quality is the most important factor determining the existence and development of the Company, and also the most important criterion for the partner to choose to sign a contract Because the Company only processes the sewing, raw materials are mostly supplied by foreign partners, the quality of the products here reflects the 61 accuracy of the specifications specified in the sample products, and quality assurance of imported materials Measures for the company to improve the quality of exported products are: The person in charge of sewing samples should be cautious because this is the first stage of the sewing process Making the right designs and the right sizes from the beginning will avoid sewing repeatedly, wasting time and money and worse, losing customers' trust After that, it is necessary to check the production process to ensure products are in accordance with technical requirements For unsatisfactory products, immediate removal is required The production team leaders must have a strict examination of the specifications right from the very start of the new product The inspection during the production process is very important, it helps the company detect unqualified products to remove, helping to improve product quality, having no defective products in export shipments, creating a reputation of the company for quality Therefore, in addition to regular inspection of production processes, the QA department must also conduct irregular inspections at the production lines to immediately correct errors, prevent the case that the problem is only detected when the orders are finished It will take a long time to repair large quantities of unqualified goods Preservation and storage of raw materials carefully, avoiding the bad effects that reduce the quality of raw materials In addition, the company needs to build a solid warehouse system, meeting humidity, ventilation and safety standards for fire and explosion prevention, ensuring no loss of auxiliary materials, raw materials and finished products High quality raw materials greatly affect the quality of the products, so the preservation of raw materials is essential Besides, the preservation of the finished product is also very important If the production process produces qualified products, but only because of poor storage, the quality is reduced, it will also affect the company's business Therefore QA staff must strengthen inspection of imported goods quality, warehousing department is responsible for preserving raw materials and finished products from deterioration Enhancing the specialization in production to ensure the quality of products, at the same time increasing labor productivity, avoid having to send workers of other departments if one worker is absent This will affect productivity, but often occur due to unskilled workers The managers in the workshop have to well manage, ensure the production schedule in their workshops Intensive investment to overcome the imbalance, as well as synchronize equipment 62 lines, add new, renovate and upgrade old equipment, invest in new technologies, train and improve marketing management techniques, reorganizing production in order to increase a number of key and prestigious goods brands, with competitive prices in both domestic and foreign markets In-depth investment projects must take suitable steps to the economic and technical situation and the company's development strategy Whether adding a machine or a technological line we must ensure synchronization with supporting technology, training, management in order to promote the economic efficiency as soon as possible The company should invest in the technology of sewing pants, shirts, underwear, innovate some high-tech automatic thread cutting machines, attaching electronic buttons Import machinery and equipment from developed industrial countries, gradually replace outdated machinery systems, liquidate old equipment improve existing equipment to improve use efficiency, improve labor productivity, stabilize product quality The company needs to have a regime of rational use and maintenance of machinery Before use, it is necessary to have the guidance of technical experts, to ensure proper and effective use For machinery often damaged, not guaranteed the quality of products created, the company should liquidate to reduce repair and maintenance costs 3.4 Some recommendations 3.4.1 Recommendations to central ministries The Government should clearly define the rights and responsibilities of agencies and units involved in the management and administration of the apparel and fashion markets The National Assembly should focus on building new or amending and supplementing promptly, fully and synchronously regimes, standards and norms on commercial law, this must be consistent with reality, efficiency, publicity and transparency The market inspection function of the Ministry of Industry and Trade must be strengthened, the inspection work of the Ministry of Industry and Trade is not regular, main inspection on the case, the effectiveness of the inspection has not really met the requirements in management Therefore, it is necessary to improve and strengthen the ministry's inspection function to suit the country's socio-economic conditions and practical requirements A very important standard of the garment export industry that is interested by partners 63 is the quality of the factory and of the origin of fiber, yarn, weaving and dyeing In order to achieve this factor, the Government needs to pay attention to investing in waste water treatment plants of international standards, ensuring a green and clean environment for people as ensuring exported products of Vietnam will be well-received It is necessary to be transparent, clear and stable the mechanisms and policies from tax, customs, labor, wages, social insurance, health insurance so that businesses can be assured to focus on production and business, not worrying all day thinking how to " deal with "constantly changing policies The Government needs to formulate a long-term strategy to connect transport infrastructure, creating an attraction for secondary investors to invest in industrial parks, to transport goods in the shortest time with the lowest cost Vietnam sewing machines are mainly imported from China (58%), Japan and Taiwan Sewing machinery and equipment tends to be automated at simple stages such as sewing, cutting, selecting, etc In order to invest in machinery and equipment, it requires a large capital investment, but currently majority of garment manufacturing units in Vietnam are small and medium-sized, not have enough capital to import high-end automatic machines, which requires state support in terms of credit such as simplify loan procedures, reduce interest 3.4.2 The relevant functional units Policy on reducing import tax of garment production materials: Authorities need to reduce import duties on materials for garments Currently, garment manufacturing enterprises depend mainly on imported raw materials, but the import tax is high On the other hand, raw material prices on the world market are always volatile This affects the cost of garments Therefore, a reduction of import tax on production materials is necessary Quality control: Among the production units present on the market, there are units (with high quality products) that produce the same garment quality standards as specified, but there are also many processing facilities that follow profit, use of additional stimulants, change ratio between product components not register quality standards Therefore, the authorities must strengthen measures to control the quality of garments to create conditions to protect the interests of consumers and the prestige of garment manufacturers, making the garment market in our country clean and healthy Providing information on prices and sources of raw materials: 64 The authorities need to organize the supply of price information, sourcing of all types of garment materials on the world & domestic raw material markets by : + Updated information on the "market price" magazine + Apparel Association should also publish its own specialized magazine, containing all the necessary information for businesses in the industry This magazine is published on a weekly basis, ensuring timely delivery to all members CONCLUSION With the rapid development of science and technology, especially the industrial revolution 4.0 and the explosion of information along with unexpected factors that have happened continuously in the economy of each country The development of sound business strategies is essential If the garment industry, like other industries in the national economy, wants to have a sustainable development, it is necessary to have the right business strategy and always improve its to suit each time Seyang Vietnam has made a certain number of achievements during its operation due to a potential advantage of its leadership team, highly qualified technical staff, abundant workforce and labor force The company always maintains solidarity and consensus to successfully complete the tasks, maintain discipline, production processes and ensure safety in production However, in the new period, under the certain impact of internal and external factors on the company's business operations, selecting and building appropriate business strategies for the new period is extremely necessary On the basis of combining theoretical issues and analytical findings on the current situation of investment in production and business, the dissertation built a business strategy for Seyang Vietnam At the same time, the proposed solutions are also an application of theoretical issues to business administration practice, hoping to help the Company limit weaknesses and increasingly create more competitive advantages compared to competitors That is a solid basis for the Company's development in the future 65 66 REFERENCES Pham Lan Anh 2007 Quản trị chiến lược, Curriculum, Hanoi Science and Technology University Publiser Truong Dinh Chien 2014 Quản trị Markering, Curriculum, National Economics University Publisher Nguyen Duc Dung 2011 Chiến lược kinh doanh bất động sản công ty cổ phần dịch vụ xây dựng địa ốc Đất Xanh (Đất Xanh Group) từ năm 2012 đến năm 2020, Master Thesis, Ho Chi Minh Economic University Duong Ngoc Dung 2009 Chiến lược cạnh tranh theo lý thuyết Michael E Porter, Ho Chi Minh City Publisher Vu Kim Dung, Pham Van Minh 2010 Kinh tế học vi mô, Curriculum, Labour and Social Publishing House Tran Minh Dao 2002 Marketing bản, Curriculum, Education Publishing House Ikujio Nonaka, Ryoko Toyama 2012 Quản trị dựa vào tri thức, translator Vo Kieu Linh, Time Publishing House John C.Maxwell 2012 Nhà lãnh đạo 360 , Labour and Social Publishing House To Dang Hai 2002 Khoa học quản lý, Curriculum, Science and Technics Publishing House 10 Harvard Business Essentials 2012 Chiến Lược Kinh Doanh Hiệu Quả, University of Economics Ho Chi Minh City Publishing House 11 Vo Duy Hao, Dam Van Hue 2012 Tài doanh nghiệp, Curriculum, Transport Publishing House 12 Nguyen Thanh Hieu 2015 Quản trị chuỗi cung ứng, Curriculum, 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32 Tran Van Tung 2004 Cạnh tranh kinh tế, The World Publishing House 33 Bui Anh Tuan, Pham Thuy Huong 2013 Hành vi tổ chức, Curriculum, National Economics University Publisher 34 Research and training institution 2007 Xây dựng triển khai chiến lược kinh doanh – Con đường đến thành công, Labour and Social Publishing House 68 APPENDIX Appendix 2.1: Survey of managers on the importance and responsiveness of IE matrix The legal system related to enterprises' activities is improving, creating favorable conditions for the development of the garment industry The increasingly integrated politics which opens up opportunities for market development for the garment industry The economic situation is moving up, positively affecting the business activities of the Company Cultural and social factors favorable for the development of the garment industry: available and suitable human resources Vietnam is a latecomer country so we can "leapfrog" if we can take advantage of the technological development Technology level of Vietnam is moderate and uneven The international environment is quite favorable for the development of Vietnam's textile and garment market Strong challenges from the strict rules of origin of trade agreements Raw materials rely heavily on certain foreign suppliers increased risks and costs Competitive pressure in the industry is relatively strong Customers are demanding higher quality products Potential competitors are on the rise The company has a large number of young and trained employees Human resource management policies are reasonable The manager are dynamic and dedicated to the company Organizational structure are clearly defined the rights and duties Marketing activities have not been timely implemented Research and development has not been focused on The market has not been expanded as expected The financial situation is relatively stable and good capital efficiency using Due to the characteristics of garment processing industry, the profit margin is not high The facilities meet the production requirements The export production by CMT method makes the profitability ratio low, difficult to meet the strict requirements of trade agreements Appendix 2.2: Marketing activities survey Please tell us your evaluation about the marketing activities Seyang Corporation VIetnam by ticking "v" in the boxes that you agree with Target Organize a specialized marketing department Marketing activities are organized regularly Diversified marketing activities Fully allocated budget for marketing to meet the requirements ... KHOA QUẢN TRỊ VÀ KINH DOANH - Nguyễn Thị Lệ Thu DEVELOP BUSINESS STRATEGY OF SEYANG CORPORATION VIETNAM XÂY DỰNG CHIẾN LƯỢC KINH DOANH CÔNG TY TNHH SEYANG CORPORATION VIỆT NAM Chuyên ngành:... propose some ideas on business strategy development of Seyang Corporation Vietnam Subject of the research Doing theory and practice research of business strategy development process of enterprises Research... consists of chapters: Chapter Theoretical basis for developing business strategies of enterprises Chapter Analysis business environment of Seyang Corporation Vietnam Chapter Business strategy of Seyang