Hoàn thiện chiến lược marketing xuất khẩu của công ty cổ phẩn may bắc giang tại thị trường hàn quốc

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN VĂN QUANG IMPROVING EXPORT MARKETING STRATEGY OF BAC GIANG GARMENT CORPORATION IN KOREAN MARKET HOÀN THIỆN CHIẾN LƯỢC MARKETING XUẤT KHẨU CỦA CÔNG TY CỔ PHẦN MAY BẮC GIANG TẠI THỊ TRƯỜNG HÀN QUỐC LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2018 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN VĂN QUANG IMPROVING EXPORT MARKETING STRATEGY OF BAC GIANG GARMENT CORPORATION IN KOREAN MARKET HOÀN THIỆN CHIẾN LƯỢC MARKETING XUẤT KHẨU CỦA CÔNG TY CỔ PHẦN MAY BẮC GIANG TẠI THỊ TRƯỜNG HÀN QUỐC 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: TS NGÔ VI DŨNG HÀ NỘI - 2018 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 the laws for above-mentioned declaration Date: 25/4/2018 ACKNOWLEDGEMENT First of all, I would like to send my faithful thanks to Hanoi School of Business, Vietnam National University (HSB, VNU) with all the members, lecturers and assistants for the whole knowledge, experience that has been taught and transferred through comprehensive lectures, discussions and exams in the passing time of MBA 10 course Secondly, I would also want to express my sincere appreciation to my supervisor, Assoc Prof Dr Ngo Vi Dung His wide knowledge and logical thought of business management in general, especially of marketing field has brought great values to me Based on his own experience, he had instructed and encouraged me so much to help me complete this MBA thesis Thirdly, one of the most important factors which supports me to finish this thesis is the willing help of many people working at Bac Giang Garment Joint Stock Company, and Korean customers of the company, especially the leaders, who are very busy at business but still be passionate in answering my interviews Absolutely, without their opinions and information, I could never be able to complete this thesis in a practical and proper manner Finally, I would like to save my special thanks to my family, without their encouragement and support, it would be extremely difficult for me to be totally focus on completing my thesis which is one of my biggest targets in this recent time CONTENT ABBREVIATIONS i LIST OF TABLES iii LIST OF FIGURES iv INTRODUCTION 1 Rationale Aims of research Objects of research Scope of research Research structure CHAPTER 1: THEORETICAL BACKGROUND ON EXPORT MARKETING STRATEGY 1.1 Export marketing strategy 1.1.1 Definition of export marketing strategy 1.1.2 Elements of export marketing strategy 1.1.3 Types of export marketing strategy 13 1.2 Literature review on export marketing strategy 14 1.3 Process of developing export marketing strategy 18 1.3.1 Selecting and building strategic targets 19 1.3.2 Analyzing business environement 19 1.3.3 Building export marketing strategy 25 1.3.4 Selecting export marketing strategy 27 1.3.5 Organizing conditions for the execution of export marketing strategy 30 CHAPTER 2: RESEARCH METHODOLOGY 32 2.1 Type of data 32 2.1.1 Secondary data 33 2.1.2 Primary data 33 2.2 Data collection methods 35 2.2.1 Qualitative method 35 2.2.2 Quantitative method 36 2.3 Data analysis 41 CHAPTER 3: ANALYSIS OF CURRENT EXPORT MARKETING STRATEGY OF BAC GIANG GARMENT JSC IN KOREAN MARKET 42 3.1 Overview of Bac Giang Garment JSC 42 3.1.1 Establishment and development 42 3.1.2 Performance operation 44 3.2 Vietnamese garment export to Korean market 44 3.2.1 Overview of Korean garment market 44 3.2.2 Vietnamese enterprises exporting garment products to Korean market 47 3.3 Respondents‘ profile 50 3.3.1 Gender 50 3.3.2 Age 50 3.3.3 Qualification 51 3.4 Analyzing export marketing strategy of Bac Giang Garment Corporation in Korean Market 52 3.4.1 Analyzing business environment 52 3.4.2 Building export marketing strategy 59 3.4.3 Selecting export marketing strategy 75 CHAPTER 4: BUILDING EXPORT MARKETING STRATEGY OF BAC GIANG GARMENT JSC IN KOREAN MARKET 89 4.1 Orientation for development in Korean market of Bac Giang Garment JSC 89 4.2 Building export marketing strategy of Bac Giang Garment JSC in Korean Market 89 4.2.1 Solutions for Vertical Integration 89 4.2.2 Solutions for Market Development 90 CONCLUSION AND LIMITATION 92 Conclusion 92 Limitation 92 ABBREVIATIONS 4P : Product, Pricing, Place, Promotion AS : Attractiveness Scores Assoc Prof Dr : Associate Professor, Doctor Dept : Department Donagamex : Dong Nai Garment Corporation EFE : External Factor Evaluation G-20 : Group of Twenty GDP : Gross Domestic Product gms : grams HSB : Hanoi School of Business Hugarco : Hung Yen Garment Corporation – Joint Stock Company ICT : Information and Communication Technologies IFE : Internal Factor Evaluation IT : Information Technology JSC : Joint Stock Company Kofoti : Korean Federation of Textile Industries MBA : Master Business Administration MNC : : Multinational Corporation OECD : Organization for Economic Cooperation and Development PEST : Political, Economical, Social, Technological PR : Public Relations QSPM : Quantitative Strategic Planning Matrix R&D : Research and Development SPA : Specialty Retailers of Private Label Apparel SPSS : Statistical Product and Services Solutions SRI : Stanford Research Institute SWOT : Strengths, Weaknesses, Opportunities, Threats i TAS : Total Attractiveness Scores TV : Television VKFTA : Vietnam-Korea Free Trade Agreement VND : Vietnam Dong VNU : Vietnam National University VRIN : Valuable, Rare, Inimitable, Non-substituable VRIO : Valuable, Rarity, Imitability, Organizational VITAS : Vietnam Textile and Apparel Association USD : United States Dollar ii LIST OF TABLES Table 1.1: Template of EFE matrix 24 Table 1.2: Template of IFE matrix 25 Table 1.3: SWOT matrix 26 Table 1.4: Template of QSPM matrix 29 Table 2.1: Dimensions of Export Marketing Strategy and its Constructs 36 Table 3.1: Financial situation of Bac Giang Garment JSC on 31/12/2017 44 Table 3.2: Respondents‘ profile by gender 50 Table 3.3: Respondents‘ profile by age 51 Table 3.4: Respondents‘ profile by qualification 51 Table 3.5: Respondents‘ assessment towards Korean garment market 52 Table 3.6: Respondents‘ assessment towards Korean garment market‘s competition 54 Table 3.7: External Factor Evaluation of Bac Giang Garment JSC in terms of garment products exported to Korean market 56 Table 3.8: Internal Factor Evaluation of Bac Giang Garment JSC in terms of garment products exported to Korean market 58 Table 3.9: Respondents‘ assessment towards Product 59 Table 3.10: Respondents‘ assessment towards Pricing 63 Table 3.11: Respondents‘ assessment towards Distribution 66 Table 3.12: Respondents‘ assessment towards Promotion 69 Table 3.13: SWOT analysis for Bac Giang Garment JSC 72 Table 3.14: QSPM matrix of Bac Giang Garment JSC for S-O strategy 76 Table 3.15: QSPM matrix of Bac Giang Garment JSC for W-O strategy 78 Table 3.16: QSPM matrix of Bac Giang Garment JSC for S-T strategy 81 Table 3.17: QSPM matrix of Bac Giang Garment JSC for W-T strategy 84 Table 3.18: Summary of total attractiveness scores of strategies 86 iii LIST OF FIGURES Figure 1.1: Elements of export marketing strategy Figure 1.2: Export marketing strategy process 18 Figure 1.3: PEST Analysis 20 Figure 1.4: Five Force Model 20 Figure 2.1: Outline of chapter 32 Figure 2.2: Research methodology 32 Figure 2.3: Steps in evaluating the export marketing strategy of Bac Giang Garment JSC in Korean market 35 Figure 3.1: Market share of Korean garment industry in 2017 47 iv 12 Md Khaled Amin et al (2014), Expanding Apparel and Textile Market through effective Marketing Strategies: A case study of Bangladesh, International Journal of Business & Management, Vol 1, No 1, Feb 2014 13 Parasuraman, A., Zeithaml, Valerie A & Berry, Leonard L (1988) ―SERVQUAL: a multiple-item scale for measuring consumer perceptions of service quality,‖ Journal of Retailing, vol 64(1), p 12-40 14 Porter, M and Miller, V.E (1985) How information gives you competitive advantage Harvard Business Review, Jul-Aug: 149-160 15 Porter, M.E (1985), Competitive Advantage, The Free Press, New York, NY 16 Porter, M.E (1991), ―Towards a dynamic theory of strategy‖, Strategic Man 17 Porter, M.E (1985), Competitive Advantage, The Free Press, New York, NY 18 Porter, M.E (1991), ―Towards a dynamic theory of strategy‖, Strategic Man 19 Rathor, B S., & Rathor, J S (2005) Export Marketing Himalaya Publishing House 20 Satyanarayana Rentala and Byram Anand (2013), Study on export marketing strategies and export performance: An empirical analysis of Indian pharmaceutical industry, Conference on Excellence in Research and Education (CERE-2013) 21 Webster, P (1990) Creativity as creative thinking Music Educators Journal, 76 (9), 22-28 22 Weinrauch, Donald J and C P Rao (1974), ―The Export Marketing Mix: An Examination of Company Experiences and Perceptions,‖ Journal of Business Research, 2(4), 447-452 94 APPENDIX IN-DEPTH INTERVEW QUESTIONS How you think about design, quality, packaging/labelling, customer service, warranty policy, competitive advantages of garment products of Bac Giang Garment JSC? How well-known and prestigious is Bac Giang Garment JSC in Korean garment market? How you think about export prices for garment products of Bac Giang Garment JSC in Korean market? What you think other supportive means (sales terms, credit policy, etc.) to export price for garment products of Bac Giang Garment JSC in Korean market? How does Bac Giang Garment JSC use distribution channels (distributors/agents, sales representatives/offices, direct selling, etc.) to distribute its garment products in Korean market? How does Bac Giang Garment JSC promote its garment products in Korean market? How you think about Korean garment market? 95 APPENDIX QUESTIONNAIRE ON EXPORT MARKETING STRATEGY OF BAC GIANG GARMENT JSC IN KOREAN MARKET First of all, I would like to thank you for your consideration to complete this questionnaire The data collected will be used for my MBA thesis Please fill out the following survey You are not required to provide your name or other personal information You can skip any question if answering it makes you feel uncomfortable No answer is right or wrong Each answer contains the same value I confirm that your personal information as well as opinions will be kept completely confidential and will not appear in any document without your consent A PERSONAL INFORMATION Please indicate your choice by marking the appropriate block with an (X) Gender:  Male  Female Age:  < 30  30 – 50  > 50 Qualification:  College  University  Master  Others B SURVEYED QUESTIONS The scale for the responses is ranged from to 5: Strongly disagree Disagree Normal Agree Strongly agree QUESTIONS I PRODUCT The design of garment products of Bac Giang 96 Garment JSC is attractive and appeals to Korean customers Garment products of Bac Giang Garment JSC exported to Korean market have good quality Bac Giang Garment JSC is well-known and prestigious in Korean market for its garment products Packaging/labelling of garment products of Bac Giang Garment JSC exported to Korean market is conducted professionally and meets all export requirements Customer service for garment products exported to Korean market of Bac Giang Garment JSC is highly appreciated by Korean customers Warranty policy of the company for garment products exported to Korean market is suitable and favorable for Korean customers Garment products exported to Korean market of Bac Giang advantages Garment as JSC compared have to competitive other garment companies‘ II Garment products of Bac Giang Garment JSC are unique and new in Korean market Garment products of Bac Giang Garment JSC are easily adaptable in Korean market PRICING Bac Giang Garment JSC effectively sets export prices for its garment products in Korean market based on customer demand and competitive practices 97 Bac Giang Garment JSC tries to set as low price as possible for its garment products to Korean market Bac Giang Garment JSC proposes sales terms in Korean market for its garment products to detail contractual responsibilities in export transactions Bac Giang Garment JSC has a competitive credit policy for its garment products to Korean market to enhance profits by generating a larger and better satisfied customer base Bac Giang Garment JSC has a special strategy for its garment products to Korean market to enhance export intensity in Korean market Price of garment products of Bac Giang Garment JSC to Korean market is adaptable enough for the company to survive and remain competitive III DISTRIBUTION Bac Giang Garment JSC adopts some Korean distributors/agents to distribute its garment products in Korean market Bac Giang Garment JSC establishes some sales representatives/offices in Korea to increase export sales intensity in this country The company also focuses on direct selling to attract more Korean customers to its garment products Bac Giang Garment JSC uses many ways to support its dealers distributing its garment products in Korea, including business counselling, market research assistance, sales force training, missionary selling, etc 98 The company uses delivery time as a key supplier selection criterion in Korean market for its garment products to ensure its competitiveness and success Bac Giang Garment JSC effectively adjusts its channel design in Korea for its garment products to make them easily adaptable IV PROMOTION Bac Giang Garment JSC posts advertisements via television, radio, newspapers, etc to advertise its garment products in Korean market Bac Giang Garment JSC does a good job in public relations and sponsorship for its garment products in Korean market by using talk shows, social networks, blogs, etc The company also applies personal selling by interactions in person, over the phone or email or chat with Korean customers to sell its garment products Bac Giang Garment JSC targets Korean specific influential potential users for its garment products through telemarketing, customized letters, emails and text messages Bac Giang Garment JSC offers ‗buy one get one free‘ options, seasonal discounts, contests, samples or special coupons with expiration dates for its garment products in Korean market V ANALYSIS OF KOREAN GARMENT MARKET V.1 MACRO ENVIRONMENT GDP and per capita income of Korea increases 99 rapidly The budget for investing in technology and infrastructure for Korean garment market is very large The Korean State has issued many policies to support and promote the development of Korean garment market Korean people has large consumption budget for garment The position of Bac Giang Garment JSC has been gradually recognized by Korean people V.2 INDUSTRY/COMPETITIVE ENVIRONMENT Bac Giang Garment JSC does not have many strong competitors in Korean garment market It is difficult for a new competitor to enter the garment market of Korea The Korean Government does have specific regulations on competition for the garment market Garment products from garment companies in Korea are differentiated and cannot be easily substituted The growth rate of the Korean garment market is fast and positive THANK YOU FOR YOUR ANSWERS! 100 APPENDIX SURVEY RESULTS Question f % f % f % 0.00 0.00 20 40.00 0.00 0.00 21 0.00 0.00 0.00 0.00 f % Mean f % 23 46.00 14.00 3.74 42.00 23 46.00 12.00 3.70 12 24.00 23 46.00 15 30.00 4.06 27 54.00 30.00 3.76 The design of garment products of Bac Giang Garment JSC is attractive and appeals to Korean customers Garment products of Bac Giang Garment JSC exported to Korean market have good quality Bac Giang Garment JSC is well-known and prestigious in Korean market for its garment products Packaging/labelling of garment products of Bac Giang Garment JSC exported to Korean market is conducted professionally and meets all export requirements 101 16.00 15 Customer service for garment products exported to Korean market of Bac Giang Garment JSC is highly appreciated by Korean 0.00 17 34.00 14 28.00 10 20.00 18.00 3.22 0.00 0.00 12.00 41 82.00 6.00 3.94 0.00 0.00 26 52.00 12 24.00 12 24.00 3.72 0.00 29 58.00 17 34.00 6.00 2.00 2.52 0.00 18 36.00 28 56.00 8.00 0.00 2.72 customers Warranty policy of the company for garment products exported to Korean market is suitable and favorable for Korean customers Garment products exported to Korean market of Bac Giang Garment JSC have competitive advantages as compared to other garment companies‘ Garment products of Bac Giang Garment JSC are unique and new in Korean market Garment products of Bac Giang Garment JSC are easily adaptable in Korean market 3.49 102 Bac Giang Garment JSC effectively sets export prices for its garment products in Korean market based on customer demand 0.00 0.00 25 50.00 14 28.00 11 22.00 3.72 0.00 0.00 20 40.00 12 24.00 18 36.00 3.96 0.00 10.00 18 36.00 20 40.00 14.00 3.58 0.00 0.00 24 48.00 16 32.00 10 20.00 3.72 4.00 15 30.00 18 36.00 24.00 3.16 and competitive practices Bac Giang Garment JSC tries to set as low price as possible for its garment products to Korean market Bac Giang Garment JSC proposes sales terms in Korean market for its garment products to detail contractual responsibilities in export transactions Bac Giang Garment JSC has a competitive credit policy for its garment products to Korean market to enhance profits by generating a larger and better satisfied customer base Bac Giang Garment JSC has a special strategy for its garment products to Korean market to enhance export intensity in Korean 103 6.00 12 market Price of garment products of Bac Giang Garment JSC to Korean market is adaptable enough for the company to survive and 0.00 0.00 24 48.00 17 34.00 18.00 3.70 remain competitive 3.64 Bac Giang Garment JSC adopts some Korean distributors/agents to distribute its garment 13 26.00 23 46.00 10 20.00 8.00 0.00 2.10 19 38.00 12 24.00 15 30.00 8.00 0.00 2.08 0.00 0.00 46 92.00 8.00 0.00 3.08 products in Korean market Bac Giang Garment JSC establishes some sales representatives/offices in Korea to increase export sales intensity in this country The company also focuses on direct selling to attract more Korean customers to its garment products 104 Bac Giang Garment JSC uses many ways to support its dealers distributing its garment products in Korea, including business 0.00 14 28.00 31 62.00 10.00 0.00 2.82 0.00 0.00 20 40.00 22 44.00 16.00 3.76 0.00 0.00 28 56.00 19 38.00 6.00 3.50 counselling, market research assistance, sales force training, missionary selling, etc The company uses delivery time as a key supplier selection criterion in Korean market for its garment products to ensure its competitiveness and success Bac Giang Garment JSC effectively adjusts its channel design in Korea for its garment products to make them easily adaptable 2.89 Bac Giang Garment JSC posts advertisements via television, radio, newspapers, etc to advertise its garment products in Korean 15 30.00 19 market 105 38.00 16 32.00 0.00 0.00 2.02 Bac Giang Garment JSC does a good job in public relations and sponsorship for its garment products in Korean market by using 14 28.00 18 36.00 18 36.00 0.00 0.00 2.08 15 30.00 35 70.00 0.00 0.00 0.00 1.70 17 34.00 13 26.00 20 40.00 0.00 0.00 2.06 15 30.00 15 30.00 20 40.00 0.00 0.00 2.10 talk shows, social networks, blogs, etc The company also applies personal selling by interactions in person, over the phone or email or chat with Korean customers to sell its garment products Bac Giang Garment JSC targets Korean specific influential potential users for its garment products through telemarketing, customized letters, emails and text messages Bac Giang Garment JSC offers ‗buy one get one free‘ options, seasonal discounts, contests, samples or special coupons with expiration dates for its garment products in Korean market 1.99 106 GDP and per capita income of Korea increases rapidly 0.00 8.00 23 46.00 16 32.00 14.00 3.52 0.00 12.00 21 42.00 12 24.00 11 22.00 3.56 0.00 4.00 27 54.00 13 26.00 16.00 3.54 0.00 0.00 16 32.00 32 64.00 4.00 3.72 0.00 8.00 15 30.00 29 58.00 4.00 3.58 The budget for investing in technology and infrastructure for Korean garment market is very large The Korean State has issued many policies to support and promote the development of Korean garment market Korean people has large consumption budget for garment The position of Bac Giang Garment JSC has been gradually recognized by Korean people 3.58 Bac Giang Garment JSC does not have many strong competitors in Korean garment market It is difficult for a new competitor to enter the garment market of Korea 0.00 0.00 25 50.00 14 28.00 11 22.00 3.72 0.00 0.00 14 28.00 36 72.00 0.00 3.72 107 The Korean Government does have specific regulations on competition for the garment 0.00 10 20.00 14 28.00 16 32.00 10 20.00 3.52 0.00 0.00 24 48.00 18 36.00 16.00 3.68 0.00 0.00 23 46.00 19 38.00 16.00 3.70 market Garment products from garment companies in Korea are differentiated and cannot be easily substituted The growth rate of the Korean garment market is fast and positive 3.63 108 ... GARMENT CORPORATION IN KOREAN MARKET HOÀN THIỆN CHIẾN LƯỢC MARKETING XUẤT KHẨU CỦA CÔNG TY CỔ PHẦN MAY BẮC GIANG TẠI THỊ TRƯỜNG HÀN QUỐC Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN...ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN VĂN QUANG IMPROVING EXPORT MARKETING STRATEGY OF BAC GIANG GARMENT CORPORATION IN KOREAN MARKET HOÀN THIỆN CHIẾN LƯỢC MARKETING. .. EXPORT MARKETING STRATEGY 1.1 Export marketing strategy 1.1.1 Definition of export marketing strategy 1.1.2 Elements of export marketing strategy 1.1.3 Types