Building the business strategy for bao minh phu tho during 2021 2025

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - TRIỆU GIANG NAM BUILDING THE BUSINESS STRATEGY FOR BAO MINH PHU THO DURING 2021-2025 XÂY DỰNG CHIẾN LƯỢC KINH DOANH CHO CÔNG TY BẢO MINH PHÚ THỌ GIAI ĐOẠN 2021-2025 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2021 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - TRIỆU GIANG NAM BUILDING THE BUSINESS STRATEGY FOR BAO MINH PHU THO DURING 2021-2025 XÂY DỰNG CHIẾN LƯỢC KINH DOANH CHO CÔNG TY BẢO MINH PHÚ THỌ GIAI ĐOẠN 2021-2025 Chuyên ngành: Quản trị kinh doanh Mã số: 8340101.01 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS.HỒNG ĐÌNH PHI HÀ NỘI - 2021 DECLARATION I now undertake that it is my thesis work throughout the research and learning process The data and results stated in the thesis (including evidence, diagrams, tables, pictures, and other documents) are truthful and have not been published in other works If it does not comply with the above, I take full responsibility to the Thesis Appraisal Council, the Faculty of Management, and Business - Hanoi National University for my topic i ACKNOWLEDGEMENT I would like to express my deep gratitude to the teachers and staff at the Faculty of Administration and Business - Hanoi National University to teach and create favorable conditions for me to take a master's class in Business Administration I would like to thank my supervisors for their whole guidance and suggestions throughout the thesis making process Mostly my supervisor Associate Professor, Dr Hoang Dinh Phi was patient, motivated, inspired, passionate, with a vast source of knowledge, continuously supporting me throughout the process of studying and researching the thesis Finally, I would like to thank the leader board and colleagues of Bao Minh Phu Tho Insurance Company for helping and facilitating me in collecting data to this thesis ii ABBREVIATION ADB : Asian Development Bank ASEAN : Association of Southeast Asian Nations BH : Insurance BM : Bao Minh Joint Stock Corporation BMPT : Bao Minh Phu Tho Company DN : Enterprise DVBHHD : Modern Insurance Service EFE : External factor evaluation EVFTA : EU-Vietnam Free Trade Agreement GDP : Gross domestic product IFE : Internal factor evaluation IMF : International Monetary Fund IT : Information technology JSC : Joint Stock Company KDBH : Insurance Business KDDV : Business services MGBH : Insurance Broker PJICO : Petrolimex Joint Stock Insurance Company PTI : Post and Telecommunication Joint Stock Insurance Corporation PVI : PetroVietnam Insurance SMEs : Small and medium business SOEs : State enterprises SWOT : Strengths, Weaknesses, Opportunities, and Threats TTP : Trans-Pacific Partnership WTO : World Trade Organization iii TABLE OF CONTENT DECLARATION i ACKNOWLEDGEMENT ii ABBREVIATION iii LIST OF TABLES vi LIST OF FIGURES vii INTRODUCTION vi Rationale Aims of the Research Survey and research methods 3.1 Data collection methods 3.2 Objectives of the survey 3.3 Data synthesis method Object and scope of research CHAPTER I: BASIC THEORY OF BUILDING STRATEGY 11 1.1 Business strategy 11 1.1.1 The concept of business strategy 11 1.1.2 Characteristics of business strategy: 12 1.1.3 The role of business strategy 12 1.2 The role and objectives of the strategy management: 13 1.2.1 The role of business strategy management 13 1.2.2 The system of strategic objectives 14 1.2.3 Principles when defining goals 14 1.3 Classification of business strategy 14 1.3.1 General business strategies 14 1.3.2 Segment (functional) business strategies 19 1.4 Main tools for building a business strategy 22 1.4.1 External Factor Matrix (EFE) 22 1.4.2 Internal Factor Matrix (IFE) 22 1.4.3 SWOT Matrix 24 1.5 Building and Selecting Business Strategies 25 1.5.1 Quantitative Strategic Planning Matrix (QSPM) 25 1.5.2 Organization and implementation 27 1.5.3 Evaluate the setup strategy performance 27 CHAPTER II: ANALYSING AND SELECTING BUSINESS STRATEGIES FOR BAO MINH PHU THO COMPANY IN THE PERIOD 2021-2025 28 iv 2.1 Overview of the Vietnam Insurance market 28 2.1.1 Overview of economic development in Phu Tho province 28 2.1.2 Development trend of Vietnam Insurance market and Phu Tho province 30 2.2 An overview of Bao Minh Phu Tho Company 39 2.2.1 Brief Introduction of Bao Minh Phu Tho Company 39 2.2.2 The current business performance of Bao Minh Phu Tho Company 44 2.3 Analysis of factors affecting business strategy of Bao Minh Phu Tho 55 2.3.1 Macro environment analysis 55 2.3.2 Micro environmental analysis (insurance industry) 60 2.4 Synthesize results of environmental analysis and building SWOT matrix formation 66 2.4.1 Analyzing big competitors and generalizing competitors’ matrix 66 2.4.2 Generalizing the competitors’ matrix 70 2.5 Assess the impact of factors external and internal factors that impact on BMPT 71 2.5.1 Assessment of external factors (EFE) of the Company 71 2.5.2 Evaluation of internal factors (IFE) of Bao Minh Phu Tho 72 CHAPTER III: BUILDING BUSINESS STRATEGIES FOR BAO MINH PHU THO COMPANY 75 3.1 Strategic objectives of Bao Minh Phu Tho in the period 2021 - 2025 75 3.1.1 General objective 75 3.1.2 Development Strategy 76 3.1.3 Business philosophy 76 3.2 Building general business strategies 77 3.2.1 Centralized stability strategy 77 3.2.2 Integrated Development Strategy 79 3.3 Building functional Business Strategies 80 3.3.1 Selecting and building a strategy for Bao Minh Phu Tho until 2025 applying the SWOT matrix model 80 3.3.2 Basic solutions to building the business strategy of Bao Minh Phu Tho to 2025 84 CONCLUSION AND RECOMANDATIONS 95 CONCLUSION 95 RECOMANDATIONS 96 REFERENCES 102 APPENDIX 1: SURVEY BOARD 104 APPENDIX 2: RESULTS OF DATA PROCESSING 106 v LIST OF TABLES Table 1 External factor matrix 22 Table Internal Factor Matrix 24 Table SWOT Matrix Table 24 Table Human resource situation of Bao Minh Phu Tho 45 Table 2 Current status of agent system development in Bao Minh Phu Tho 50 Table Some fundamental financial indicators of Bao Minh Phu Tho 52 Table Some indicators of insurance premium revenue of Bao Minh Phu Tho 54 Table Some indicators on the cost of insurance claims of Bao Minh Phu Tho 55 Table Portfolio of Non-life Insurance Market in Vietnam 2018 57 Table Some key business indicators of Phu Tho province's insurance companies in 201964 Table Competitive image matrix of Bao Minh Phu Tho 70 Table Matrix of evaluating external factors of Bao Minh Phu Tho 72 Table 10 Matrix of evaluating internal factors of Bao Minh Phu Tho 73 Table 11 SWOT analysis table of Bao Minh Phu Tho Company 81 vi LIST OF FIGURES Figure Total life insurance premium revenue in Vietnam 2016-2019 33 Figure 2 The proportion of premium revenue by operation of insurance in 2019 34 Figure Market share of Vietnam non-life insurance 34 Figure The proportion of premium revenue by operation of insurance in 2019 36 Figure Market share by premium revenue in 2019 36 Figure Organizational structure model of Bao Minh Phu Tho 41 Figure 10 Revenue from primary insurance premium is generated by the operation group of BMPT 2016-2019 44 Figure 11 Total premium revenue 2018 - 2019 56 Figure 12 The proportion by operation of Vietnam Non-Life Insurance market 2018 56 Figure 13 Market share of the non-life insurance market in Phu Tho province 2016 - 2019 63 vii INTRODUCTION Rationale Before 1993, the Insurance market of Vietnam had only one state-owned insurance enterprise (DN), Bao Viet There were 61 insurance companies on the market, including Bao Minh Joint Stock Corporation (Bao Minh) On November 28th, 1994, Bao Minh was the first insurance company established by Decree No 100/1993 / ND-CP dated December 18th, 1993 At the beginning of forming Insurance market of Vietnam with the functions and scope of business: non-life insurance; Non-life reinsurance; Financial investment, and other activities as prescribed by law After 25 years of development, and have been growing up Bao Minh has become Bao Minh Joint Stock Corporation including 62 subsidiaries, including Bao Minh Phu Tho Company with 550 Transaction Offices, spread out across the country Gradually demonstrating on the role of a shield against risks, help organizations and individuals to quickly stability production, doing business, and life, as a long-term choice and creating jobs for thousands of workers In the first months of 2020, the COVID-19 as a disaster, it shakeups all aspects of socio-economic life In Vietnam Report gave comments on the Insurance industry - the growth situation and changes to adapt in the context of "new normal." Accordingly, the insurance market last year continued to maintain high and stable growth, contributing to the common goal of building a healthy national financial system, ensuring financial security and stability macro-economic regulation As Like as many other economic sectors, according to a survey of the Vietnam Report assessing the impact of COVID-19 on insurance enterprises, it showed that the epidemic caused insurance companies' leaders to review and re-evaluate the model Their distribution through three aspects: Customers, sales force, and support (such as investing in data and digital tools), helps insurers prepare for unpredictable risks More than half of insurance companies report that decisions related to risk management, human resource management, service management, and customer support, customer outreach, and digital transformation change step by step with the disease's outbreak Insurance companies wish to business successfully and create brand names in the market have all identified and built their business strategies from the beginning Strategy + Recruit and train a truly professional marketing staff to implement the brand's strategic goals: ―Positioning the brand as the leading non-life insurance enterprise in the province with the guideline to customers - dedicated to serving and responding to the community.‖ + Need to build the culture of the business This issue should be noted: Developing and implementing community-oriented activities; build the company's cultural values to create consistency towards customers to serve for the common benefit of + Manage well customer relationships to build robust and reliable customer data; build and well implement the process of customer care programs; build, implement and control customer-related processing processes 94 CONCLUSION AND RECOMANDATIONS CONCLUSION With the trend of economic integration, globalization is taking place forcefully It opens up many opportunities and creates many businesses' challenges Analyzing the business environment, capturing the market becomes necessary to create the basis and basis for strategic decisions, the implementation of the strategy should also be monitored and adjusted to suit the business environment fluctuations Intending to research, analyze and offering solutions for building the business development strategy of Bao Minh Phu Tho, the Thesis has made research efforts and achieved the following essential points: Overview of the fundamental theoretical issues about business strategy and business strategy management of the enterprise Based on the above theoretical basis, the Thesis has analyzed the current business activities and competitive factors affecting Bao Minh Phu Tho's business environment The analysis of Insurance service development activities with quantitative and qualitative indicators, comparing Bao Minh Phu Tho's position over the years and other insurance companies in Phu Tho province, has shown the insurance service development's assessment price Through that, the author analyzed the subjective and objective causes, strengths, weaknesses, opportunities and challenges of Bao Minh Phu Tho and pointed out problems that need to be solved to Improving It is the basis for making solutions to develop products and services in Bao Minh Phu Tho The thesis proposes solutions to ensure a sufficient basis and scientific basis to build Bao Minh Phu Tho's business development strategy to 2025 and solve the problem posed when conducting the research topic Simultaneously, making recommendations to the State, the Insurance Administration and Supervision Department of the Ministry of Finance, to Phu Tho province facilitates the successful implementation of its business strategy Bao Minh Phu Tho until 2025 Strategy analysis and development are necessary and indispensable for all businesses in general and insurance businesses in particular The fact has shown that the lack of sustainability and the recent breakdown of businesses worldwide significantly influences not having a good business strategy or not paying attention to the problem Based on the general application of research methods, the thesis has focused on researching one of the critical contents of business administration activities: analysis and business strategy building of Bao 95 Minh company Phu Tho to 2025, the thesis has analyzed Bao Minh Phu Tho's strategy indepth, a small and medium-sized company in Vietnam, thereby building strategic objectives and implementation solutions to 2025 Research results have made the following significant contributions: - Introduce overview of research works related to the topic: The necessity of research topic and research purpose; overview of research results related to the topic; identify research subjects, scope and select research methods - Propose fundamental theoretical issues about insurance business strategy as the basis for analyzing and building business strategies for Bao Minh Phu Tho in 2021-2025: Concept role of business strategy and the primary contents of the plan - Analysis of the business strategy of Bao Minh Phu Tho Company: An overview of Bao Minh Phu Tho Company, the formation and development process of Bao Minh Phu Tho Company, functions and duties of the Company, Company's organizational structure, products are ripe - Develop a scientific basis to determine strategic development directions and strategic goals for Bao Minh Phu Tho to 2025 Towards sustainable development, improving competitiveness, and meet international integration requirements - Develop and select business strategies for Bao Minh Phu Tho Company up to 2025, and at the same time, offer solutions for strategic implementation It is hoped that the Thesis will contribute to building The Business Strategy for Bao Minh Phu Tho Company during 2021-2025 Besides the results achieved due to objective and subjective reasons, the research results presented in the thesis cannot avoid certain limitations We hope to receive sympathy and suggestions from scientists and experts for further research and Improving Finally, the author would like to thank the devoted guidance of Associate Professor Dr Hoang Dinh Phi, the attention of Bao Minh Phu Tho Company's employees for helping to complete this thesis RECOMANDATIONS Recommendations and proposals for mother company Investment in technological infrastructure is the foundation for the deployment of modern Insurance products and services To build a corporation strong enough in the capital, in 96 technical infrastructure technology, in financial capacity, in management capacity to compete with domestic, regional and international competitors Choosing the right technology to apply in the insurance companies' management and business activities is decisive in developing service activities to determine investment capital efficiency The questioning is choosing the right technology because of the suitability of insurance business characteristics and the ability to meet its business activity requirements Especially for application software, some banks have spent much money to invest in application software, but the efficiency is very low due to the mismatch and the inadequacy Requires or does not have "open capacity" when linked to external systems It is one of the essential features, especially for financial operations The connection and networking in the payment system are indispensable Modern insurance service is developed based on advancements in information technology The technological infrastructure system is the foundation for deploying new products and services, developing branch systems, and modern technology Accordingly, a primary processing center must be built to centralize banking operations database; Backup processing center ensures operational data safety when the central processing center has a problem; Communication network between branches Technology to be applied must satisfy the following factors: Risk management in operations; Liquidity management; Develop current insurance services Apply technology in risk management In the insurance business, profit always goes hand in hand with risk The trade-off between profit and risk is always a challenge for managers: The higher the profit, the greater the risk, and vice versa Therefore, the application of information technology in risk management measures insurance companies' business efficiency; usually, one must pass the assessment criteria of profits and risks Based on a centralized database, BM needs to build a program with a self-assessment function depending on the purpose of analysis, business operating conditions in each period: daily, monthly or quarterly for quick and timely business strategy building BM needs to pay attention to technology applications for the risk management department Experts in this field are knowledgeable about modern technology because of the ability to profit super profits, international criminal organizations, competitors have taken advantage of modern technology, by all means collecting data on customers' personal information, accounts, thereby performing unnatural acts, causing unpredictable damage to the business as well as reputation Developing policies on the safety and confidentiality of information technology systems 97 Information technology centers at Head Office need to develop safety and security policies for BM's information technology system with the following preventive measures:  Websites and online payment systems must have complete and synchronous technical solutions to ensure system security and safety  Develop security and safety policies for information technology systems to ensure ISO 27001 international standards  Raising the awareness level for staff and employees on information security and safety, the confidentiality of sensitive information related to information technology systems, strong technical expertise, understand the law (According to hacker statistics, off-net criminals only account for 10% and on-net accounts for 90%)  Intensive training for staff working in the management of information technology systems  Ensuring decentralization principles, decentralization of people accessing IT systems, integrating anti-virus programs, and encrypting data  Closely coordinate with functional agencies to fight and prevent crimes related to finance and insurance Only by doing well the information security BM can bring into play the strength of the modern insurance technology infrastructure that we have invested money and effort to build; New BM has effectively exploited new technology features applied in modern business processes and financial service products, insurance Develop a service development strategy for customers BM's service development strategy must be clearly and specifically planned based on market segmentation, customer positioning and product positioning Accordingly, each customer group needs to design particular products and services and the support system to develop them First of all, BM needs to standardize and build a new set of necessary products and services for each customer group To develop modern banking products and apply new technological achievements in line with young youth's dynamic psychology of product preference, BM needs to target customers with current youth generation and generations to come 98 Modernization of professional processes BM needs to quickly apply technology to modernize business processes to meet customers' highest requirements, conform to international standards, enhance competitiveness, and make quality management work Regularly, at the same time, a standardized step to reach the international financial and insurance markets BM should regularly review the regulations, inadequate conditions, and too cumbersome administrative procedures to promptly adjust to suit the market's business situation, creating favorable customer conditions At the same time, increase competitiveness, enhance the role of technology risk management Building a reasonable salary regime It is necessary to develop a new salary mechanism, in which the salary is based on the job's performance, the nature of the job, the qualifications and the achievement level of the employee's goal Also, there should be rewarding forms for employees with good performance, initiative to contribute to the company's growth, achieve goals earlier than planned, have good manners with customers, and market and exploit many customers Simultaneously, BMPT also needs to have strict sanctions for fraudulent acts, disregard for customers, and mostly acts of using technology to cheat Recommendations to the Government, the Ministry of Finance, the Insurance Supervisory Department Firstly, the government has gradually delineated the Government and the Ministry of Finance's state management powers in the policy-making process of developing the sustainable development insurance market Concerning the Government, the Ministry of Finance, especially the Insurance Supervision Department, needs a relatively independent position Secondly, building a complete legal environment creates conditions for current insurance services and e-commerce to develop international practices and standards Thirdly, building a modern financial information system, ensuring the banking system is safe, effective, easy to monitor, and at the same time setting up a program on international financial integration on the internet to update financial information, world currency 99 Fourth, there is an orientation to develop information technology for the insurance industry On that basis, banks build information technology systems, develop insurance services and utilities Fifth, strengthen international cooperation relations to open insurance activities abroad, take advantage of capital and technology from countries and international organizations, and exchange insurance information Insurance, especially in terms of training, disseminating knowledge and integration experience for the Insurance Company employees Sixth, continue to innovate the area of compensation payment, expand forms of non-cash payment In the immediate future, the Ministry of Finance has completed documents related to non-cash payments to encourage the expansion of non-cash payments in the economy, and it is necessary to promote the development of the card market through coordination Coordinating with Information and Communication agencies, press agencies to strengthen information and propaganda activities to promote card activities widely to each population class Besides, should also coordinate with the Ministry of Public Security to prevent crime in operations; coordinate to introduce specific sanctions to deal with units that not strictly comply with Directive 20 and promulgate tax incentives to encourage the implementation of goods and service discounts for those who pay through the card Besides, there should be close coordination between the system of Insurance, banking, police and the system of units in the financial sector such as the State Treasury, Taxes, Customs especially the Security Supervision Department national insurance Proposals and recommendations for localities Continuing to operate the insurance market effectively in order to continue to contribute and support the local economic development; Regarding communication: The insurance industry in recent years has suffered many conflicting pressures from the public opinion, affecting people's confidence in the insurance system in general, suggesting that local authorities continue to strengthen communication measures for people to understand the benefits of Insurance activities Functional departments and agencies work with the Ministry of Finance and the Insurance Supervision Department to direct public information and assess the positive results that the insurance industry has achieved and its difficulties and challenges The 100 industry has to face difficulties for businesses to support the market and the economy, thereby reinforcing customer confidence in insurance 101 REFERENCES Hoang Dinh Phi (2015), Lecture Notes, ―Management of Technology and Innovation.‖ Training document for HSB-MBA Hoang Dinh Phi (2015), Lecture Notes, ―Management of Strategies and Plans.‖ Training document for HSB-MBA Nguyen Thanh Do, Nguyen Ngoc Huyen (1999), Business Strategy and Business Development, Education Publishing House, Hanoi Nguyen Thanh Do, Nguyen Ngoc Huyen (2008), Business Administration, National Economic Publishing House, Hanoi Le Cong Hoa (2009), Business Administration in the early years of the 21st century, National Economic Publishing House, Hanoi Nguyen Ngoc Huyen (2009), Business strategy in the global economy, National Economic Publishing House, Hanoi Pham Hong Nhung - HCMC University of Economics: Solutions to develop the non-life insurance market in Vietnam Decision No 193/QD-TTg dated February 15th, 2012, of the Prime Minister on Vietnam Insurance Market Development Strategy for the period 2011 - 2020; Decision No 242/QD-TTg dated February 28th, 2019, of the Prime Minister approving the project "Restructuring the stock market and insurance market until 2020 and orientations to 2025".Decision No 490/QD-TTg dated April 9th, 2020, of the Prime Minister approving the task of planning Phu Tho province for 2021 - 2030, with a vision to 2050 Resolution No 31/2012/NQ-HDND dated July 6th, 2012, of the People's Council of Phu Tho province on the master plan for Phu Tho province's socio-economic development 2025, with a vision to 2030 The People's Committee of Phu Tho province (2016, 2017, 2018, 2019), Report on the implementation of socio-economic development of Phu Tho; 5-year socio-economic development plan 2021-2025 102 Vietnam Insurance Association (2020), Vietnam Insurance Report for the first six months of the year Bao Minh Insurance Corporation (2016), Business strategy for the period 2016-2020 The annual summary reports of Bao Minh Phu Tho Company from 2016-2019 103 APPENDIX 1: SURVEY BOARD We are currently conducting surveys of customers on customer preference and trust for service products of several insurance companies in Phu Tho province This survey is to provide reviews to Improving service quality to meet your needs Therefore, we look forward to receiving your sincere cooperation Your answers will be kept strictly confidential.For individual customers Sex:�Male�Female Age:� 55 years old Job:……………………………………………………… Education: �High school �Intermediate, � �college �University �Postgraduate In case the customer is an organization of the Business Scope:Hours of operation: ……………………………………………Type of business: ��Private�JSC�SOE When it comes to ―Non-life Insurance,‖ Which insurance company you think of first? …… ………………………………………………………………………………… Please name 05 Insurance companies that you think have strong brands in the market today? ………………………………………………………………………………………… And sort in descending order:…………………………………………………………….…… You can get to know the brand of an Insurance company through�Logo�Slogan (slogan)�Uniform Resource Locator �Other Do you know Bao Minh? �Yes�No You know Bao Minh through? �Use products and services �Television, Newspapers�Leaflets�Relatives and friends recommend 104 �Promotion and sponsorship activities �Other What you know about BM? �One of the first Insurance companies in Vietnam �The company has many social activities �A company with a vast network of operations �Others: Have you ever used BM services? �Yes��No How much you use BM's products and services compared to other insurance companies �Less than other companies �Like other companies�More than other companies Satisfaction level for BM Content Service attitude of the staff The qualifications and skills of the staff Time to complete a transaction Benefits brought about by-products and services Convenience and comfort in transactions General satisfaction with BM Very dissatisfied2 Not satisfied3 Normal Satisfied5 Very satisfied Do you intend to use or continue to use more BM services? �Are you sure� Maybe� Definitely Are you willing to pay a higher price when using BM's services? �Definitely not�Possible�Definitely 105 APPENDIX 2: RESULTS OF DATA PROCESSING The number of samples: Number of samples Subject Rate Total Enterprise Individual Total 200 50 150 (%) 100 TX Phu-Tho 80 20 60 40 TP Viet Tri 70 20 50 35 Lam Thao district 50 10 40 25 Gender, Age, Education: Sex Age Education level Content Male Femal < 22 22-30 30-55 > 55 PT TC Graduat e After graduate Sample 75 75 15 25 78 32 17 67 51 15 Ratio (%) 50 50 10 17 52 21 11 45 34 10 Type of service, operation time: Content Type of enterprise Operation time Private JSC SOE 10 year Samples 27 18 13 15 13 Ratio (%) 54 36 10 26 30 18 26 Insurance Company thinks first: No Insurance company Votes Ratio Bao Minh 51 25.5 Phu-Tho 4.5 Bao Viet 61 30.5 106 PJICO 18 PTI 1.5 PVI 1.5 AAA 1.5 MIC 2.5 ABIC Form of awareness Votes Ratio Brand awareness: No Logo 127 63.5 Slogan (slogan) 31 15.5 Uniform Resource Locator 16 Other 26 13 BM brand awareness: No Content Votes Ratio Yes 144 72 No 56 28 Votes Ratio The form is known BM: No Appearance Using products or services 42 20.83 Leaflets 18 9.03 TV press 35 17.36 Relatives, friends 82 40.97 Funding activities 17 8.33 Other 3.47 107 Customer satisfaction with Bao Minh Phu Tho: Evaluate Service Qualifications, Time Benefit Convenience General attitude skills assessment Votes Ratio Votes Ratio Votes Ratio Votes Ratio Votes Ratio Votes Ratio No Dissatisfaction 0 1.49 1.49 0 33 16.42 1.49 % % % % % % Unsatisfied 2.99 2.24 2.24 11 5.22 54 26.87 2.99 Normal 61 Satisfied 133 66.42 137 Very pleased 30.6 0 52 26.12 68 34.33 55 27.61 68.66 127 63.43 125 62.69 36 17.91 133 66.42 1.49 4.48 63 31.34 58 29.1 1.49 2.99 1.49 The loyalty of customers to Bao Minh Phu Tho: Feedback You intend to Are you willing to continue BM pay a higher price Votes using Ratio Votes Ratio NO Certainly not Definitely Maybe products? 28 14 % 63 31.5 109 54.5 108 to use 176the products 88 % of BM? 20 10 You sure Votes Ratio Do you have 42 referrals?21 % 54 27 104 52 ... of Bao Minh Phu Tho 72 CHAPTER III: BUILDING BUSINESS STRATEGIES FOR BAO MINH PHU THO COMPANY 75 3.1 Strategic objectives of Bao Minh Phu Tho in the period 2021 - 2025. .. above problems, the author decides to choose the master's thesis topic " Building the business strategy for Bao Minh Phu Tho Company during 2021- 2025. ‖ With the desire to base the current situation... Bao Minh Phu Tho' s business strategy Clarifying the status of the business strategy building of Bao Minh Phu Tho Company over the past time Constructing concepts and views on completing Bao Minh