Strategies to increase petroleum product market share of pv oil in vietnam for years 2011 2020

MEIHO UNIVERSITY Graduate Institute of Business and Management MASTERS THESIS Strategies to Increase Petroleum Product Market Share of PV Oil in Vietnam for Years 2011 - 2020 In partial fulfillment of the requirements for the degree of Masters of Business Administration Advisor: Dr Chien-Chung Lin Co-advisor: Dr Nguyen Minh Tuan Graduate Student: Le Ngoc December, 2010 ACKNOWLEDGMENTS The fact is that, this thesis could not be done without the donations and contributions of many people First of all, I would like to express my truly appreciation to the Principal Office of The HCMC Industrial University and University of MEIHO The cooperation between the two Universities has provided us an EMBA program that is very practical, effective and useful not only for myself but also for Vietnamese business community The program gives us an opportunity to approach the modern management technology and skills which are very useful for our contribution to our country development In addition, I would like to thank all professors and classmates who not only share their knowledge and experience but also provides the greatest help and encouragement during the program Specially, I greatly appreciated the help from the following people who have helped me a lot to complete my graduation thesis: - Professor/Doctor Lin, Chien Chung – University of MEIHO He is the advisor and the mentor of mine for instructing, reviewing and completing my thesis - Professor/Doctor Nguyen Minh Tuan – Dean of Business Administration Department of HCMC Industrial University He is the Co-advisor for the valuable suggestion and advice throughout the research process With the limited time and knowledge, I am sure that there would be many areas for improvement in this thesis Therefore, I truly appreciate and open for all comments from all professors and classmates Your inputs are very valuable to make my thesis practical and help my career development in the future Once again, best wishes to all I Strategies to Increase Petroleum Product Market Share of PV Oil in Vietnam for Years 2011 - 2020 ABSTRACT Energy resources become more and more important in the World in general and in Viet Nam in particular In Viet Nam petroleum industry has had an important role and contributed significantly to national budget In order to manage and ensure partly the national energy resources, Viet Nam Oil and Gas group (PVN) has assigned PV OIL a very important duty in import- export of crude oil and petroleum products and contribute all petroleum products from Dung Quoc refinery In the recent time, the situation of international economy and inside Viet Nam has dramatically changed with complicated happenings, the price of petroleum products with unexpected change affected directly to the business operation of PV OIL in particular and Vietnamese enterprises in general Since Viet Nam has become a member of the World Trade Organization in 2007, it could be said that all Vietnamese have to operate in compliance with market mechanism with diversified ownerships This resulted in all Vietnamese enterprises generally and PV OIL particularly in facing a lot of challenges and opportunities in the active environment of business The aim of this study is to propose the appropriate strategies to increase the sales of petroleum products of PV Oil, with the following objectives: To assess and improve quality of sales service and petroleum products of PV OIL To analyze the competitive ability in sales in order to increase market share To plan the possible strategies to increase the sales of petroleum products Keywords: Price, Product, Place, Promotion and Corporate Social Responsibility II Strategies to Increase Petroleum Product Market Share of PV Oil in Vietnam for Years 2011 - 2020 Contents ACKNOWLEDGMENTS I ABSTRACT II Contents III Tables V Figures VIII Chapter1 Introduction 1.1 Background and Motivation 1.2 Research Purpose and Questions 1.3 Research Scope and Limitation Chapter Literature Review 2.1 Petroleum Market Environment in Viet Nam 2.1.1 The international petroleum market 2.1.2 Vietnam domestic petrol industry 2.1.3 Summary 16 2.2 Marketing Strategies for Petroleum Products 16 2.2.1 Marketing models in petroleum industry/products 16 2.2.2 Marketing strategies of related case studies 21 2.2.3 Hypothesis and supporting evidence 26 2.3 The SWOT Analysis 28 2.3.1 Vision, mission and objectives 28 2.3.2 External and internal environment 29 2.3.3 Analysis summary – SWOT 42 2.4 Summary and Discussions 44 2.4.1 Petroleum market environment 44 2.4.2 Competitive landscape 45 2.4.3 Petroleum marketing model 45 2.4.4 Petroleum marketing strategies – case study 45 2.4.5 Conclusion 47 Chapter Research Methodology 48 III 3.1 Research Framework 48 3.2 Research Methodology 49 3.3 Population and Sampling 50 3.3.1 Population 50 3.3.2 Sampling 50 3.4 Instrument Development 51 3.4.1 Customer’s questionaire 51 3.4.2 Dealer’s questionnaire 56 3.5 Research Procedure 60 3.6 Data Collection 62 Chapter Data Analysis and Findings 63 4.1 Data Analysis for End Users 63 4.1.1 Descriptive statistics 63 4.1.2 Comparisons analysis 68 4.2 Data Analysis for Dealers 91 4.2.1 Descriptive statistics 91 4.2.2 Comparisons analysis 96 4.3 Inferential Statistics 104 4.3.1 Multiple regression 104 4.3.2 Single regression for examining the relationship between the monthly sale and the lowest price (sub-variable) 106 Chapter Conclusion, Suggestion and Implication 107 5.1 Conclusion 107 5.1.1 Price of petroleum product has a positive and significant effect on market share 107 5.1.2 Product of petroleum product has a positive and significant effect on market share 108 5.1.3 Place of petroleum product has a positive and significant effect on market share 109 5.1.4 Promotion of petroleum product has a positive and significant effect on market share 109 5.1.5 CSR has a positive and significant effect on market share in petroleum product trading 110 5.2 Discussion and Suggestion 111 IV 5.2.1 Discussion 111 5.2.2 Suggestion 113 5.2.3 Strategy for PV Oil 114 References 116 APPENDIX I 121 APPENDIX II 125 V Tables Table 2-1 Top 10 Largest World Oil Companies by Reserves and Production Table 2-2 Forecast of the Demand of Petroleum Products in Viet Nam from 2010 to 2020 15 Table 2-3 The Existing Competitors 36 Table 2-4 SWOT Analysis Model .43 Table 3-1 Measure of Research Variables for Designing Questionnaire 49 Table 3-2 Type of Participants 51 Table 3-3 Variables of the Study .52 Table 3-4 The Sub-instrument of Product 52 Table 3-5 The Sub-instrument of Price 53 Table 3-6 The Sub-instrument of Place .53 Table 3-7 The Sub-instrument of Promotion .54 Table 3-8 The Sub-instrument of CSR 55 Table 3-9 Variables of the Study .56 Table 3-10 The Sub-instrument of Product .57 Table 3-11 The Sub-instrument of Price 58 Table 3-12 The Sub-instrument of Place 58 Table 3-13 The Sub-instrument of Promotion 59 Table 3-14 The Sub-instrument of CSR 59 Table 4-1 Respondents’ Demographics .64 Table 4-2 Descriptive Statistics of End Users Measured Items under The Factors 65 Table 4-3 Cronbach’s Alpha of the End User’s Questionaire Items 67 Table 4-4 Cronbach’s Alpha of the End User’s Scales 67 Table 4-5 ONE – WAY ANOVA for Users –Descriptive of the factors among the Areas 68 Table 4-6 Test of Homogeneity of Variances – among Areas for Each Factor .69 Table 4-7 ANOVA – Difference between Group among Areas for Each Factor 69 Table 4-8 Multiple Comparisons (Product) .70 Table 4-9 Multiple Comparisons (Place) 70 Table 4-10 Multiple Comparisons (CSR) 71 Table 4-11 CSR 71 V Table 4–12 ONE–WAY ANOVA for Users–Descriptive of the Factors among the Age 74 Table 4-13 Test of Homogeneity of Variances - among Age Groups for Each Factor .75 Table 4-14 ANOVA – Difference between Group among Ages for Each Factor .75 Table 4-15 Multiple Comparisons .76 Table 4-16 Price .77 Table 4-17 Multiple Comparisons .78 Table 4-18 Multiple Comparisons .79 Table 4-19 Place 80 Table 4-20 ONE – WAY ANOVA for Users – Descriptive of Factors among Profession 82 Table 4-21 Test of Homogeneity of Variances – among Professions for Each Factor 84 Table 4-22 ANOVA – Difference between Groups among Profession for Each Factor 84 Table 4-23 Multiple Comparisons .85 Table 4-24 Product 87 Table 4-25 Multiple Comparisons .87 Table 4-26 CSR 89 Table 4-27 Respondents’ Demographics 92 Table 4-28 Descriptive Statistics of Dealers Measured Items under the Factors 93 Table 4-29 Cronbach’s Alpha of Dealer’s Questionaire Item 95 Table 4-30 Cronbach’s Alpha of Dealer’s Scale .95 Table 4-31 ONE – WAY ANOVA for Dealers - Descriptive of Factors among the Areas 96 Table 4-32 Test of Homogeneity of Variances - among Areas for Each Factor .97 Table 4-33 ANOVA – Difference between Group among Location for Each Factor .97 Table 4-34 ONE – WAY ANOVA for Dealers - Descriptive of Factors among Monthly Sales .99 Table 4-35 Test of Homogeneity of Variances - among Monthly Sales for Each Factor100 Table 4-36 ANOVA – Difference between Group Among Monthly Sale for Each Factor 100 Table 4-37 Multiple Comparisons 101 Table 4-38 Price .101 Table 4-39 Correlations Matrix of the Predictors and Predicted Variable 104 Table 4-40 Model Summary for Monthly Sale Regression .104 VI result the performance of business is not effectively For the dealers, it would be stated that the Place was not evaluated highly by the dealers because of low appreciation of stable store inventory and better transportation (sub-factors) Therefore, in strategy of improvement of service quality, PV Oil should not concentrate on it’s oil store terminal PV Oil should upgrade the existing oil storage terminals to expanded the capacity in order to improve it’s stable store inventory Furthermore, to improve it’s transportation service PV Oil should build it’s own fleet (ships) in stead of herring this service from the other companies of transportation of petroleum products In concerning to the Promotion, there is no doubts that PV Oil should have appropriate promotion programme in the marginal districts where the end users cared more about the Promotion, and that PV Oil should have a better promotion programme which the end users cared most about in comparison with other factors in order to enhance competitive ability and increase it’s sale For the dealers, the reason why the Promotion of PV Oil were appreciated as highly as the Price and Product is that PV Oil’s advertising programme were lowly evaluated In order to improve it’s Promotion to strengthen the competitive ability, therefore, PV Oil should have a more appropriate advertising programme Relating to the CSR, the end users cared about this factor as highly as some other factors The mean of the CSR is about 3.4 However, the dealers did not appreciate this factor of PV Oil as highly as some the others The fact is that all Oil storage terminals of PV Oil still are not unified, it still hides the high risk, HealthSafety-Environment policy of PV Oil is not effective Generally speaking, all respondents cared about the corporate social responsibility, therefore, PV Oil should upgrade and unify the Oil storage terminal system, and improve HSE system in order to express it’s attention to corporate social responsibility 5.2.3 Strategy for PV Oil All the above mentioned suggestions are the alternative actions which PV Oil should implement to increase it’s market share in the petroleum product trading However, the most appropriate strategies for PV Oil at this time, based on the research results, are as followings: • Strategy of market development by building up more distribution system of gas station in order to actively control the supply chain and distribution of 114 petroleum products, and by upgrading the capacity of the existing oil storage terminals in order to ensure National energy resource and stable store inventory • Stragegy of market penetration by improving quality of service and product, such as price policy, promotion programe, 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from http://hcm.24h.com.vn/tin-can-tho/khanh-thanhtong-kho-xang-dau-saigon-petro-can-tho-c497a274939.html 120 APPENDIX I Users Survey of Petroleum Products in HCM city and nearby area MEIHO UNIVERSITY GRADUATE INSTITUTE OF BUSINESS AND MANAGEMENT 23, Pingkuang Road, Neipu, Pingtung 912, Taiwan R.O.C November 2010 Dear Sir/Madam, I am a postgraduate in MBA programme in the Graduate Institute of Business and Management at Meiho University (MU Taiwan) in association with Ho Chi Minh City University of Industry I am conducting the research: “A Study on Strategies to Increase Petroleum Product Market Share of PV OIL Corporation in Vietnam” for my MBA thesis The purpose of the research is to collect your precious comments on the price, products, place, promotion and CSR of petroleum trading market in HCM and Can Tho city These comments and suggestions will help PV OIL to launch an appropriate strategies in petroleum petroleum trading market in Viet Nam It would be highly appreciated if you could spend your precious time to complete the survey questionnaires Your time, answers and experiences are valuable contribution to the outcomes of the research All your personal information will be treated as confidential Thank you very much for your help and attention! Best regards, MBA Student: Le Ngoc (For further contact: mobile 0918771765) Thesis Advisor: Prof Dr Lin, Chien-Chung Co – Advisor: Prof.Dr Nguyen Minh Tuan 121 PART I: RESPONDENT GENERAL INFORMATION Please kindly tick the squares corresponding with assumed statements of your private information Age … < 20 … 20 – 29 … 30 – 39 … 40 – 49 … 50 – 59 … > 60 Please specify your Profession … Salesman … Office Clerk … Technician … Worker … Student … Pensioner and housewife … Manager … Other Where you live? … HCMC Central District………………………(Such as Dist 1, 2, 3, 5, 10 ) … HCMC Marginal District……………… … (Such as Go Vap………… ) … HCMC Surburban Area………………………(Such as Dong Nai province) PART II: PETROLEUM PRODUCT AND SERVICE In this questionnaire, please tick the box with the agreement level which you think is appropriate under each question on the factors regarding to the current petroleum products in the market There are no right or wrong answers Please answer as honestly as you can “1”= Strongly disagree; “2”= Disagree; “3”= Ambivalent; “4”= Agree; “5”= Strongly agree 122 Strongly Disagree Questions 1 10 11 12 13 14 15 Price I always care about the price when buying petroleum product I always care about the policy of discount price when buying petroleum product I always pay attention on credit card used when buying petroleum product from gas station Product I always care about diversified product when buying petroleum product I always care about the fast in and out when buying petroleum product I always care about quantity of product when buying petroleum product I always care about friendly service when buying petroleum product I always care about facility at gas station when buying petroleum product I always care about quality of product when buying petroleum product When I buy petroleum product I always choose the big brand name Place I always care about the convenient location of gas station when buying petroleum product I always care about the distribution system of gas station when buying petroleum product I always care about the inventory of gas station when buying petroleum product Promotion You always pay attentions on sales promotion when buying petroleum product In your opinion how important the advertisement is? 16 I always care about Sales force at gas station when buying petroleum product Corporate Social Responsibility 17 I always care about whether Oil company has a suitable arrangement for health, safety and welfare that provide a sufficient protection for employees 18 I always care about whether Oil company tries to reduce environmental impact in term of protection of polution prevention 123 Strongly Agree Strongly Disagree Questions 19 I always care about whether Oil company has a potential environment impact when developing new products 20 I always care about whether Oil company supplies clear and accurate environment information on products, services and activities to customers, local comumity 21 I always care about whether there has an open dialogue with local community on adverse, controversial and sensitive issue involving its business activities 22 I always care about whether Oil company offers training opportunities for local people 23 I always care about whether Oil company gives regular financial support to local community activity and project Thank you very much for your participation! 124 Strongly Agree APPENDIX II The Dealer Survey for Petroleum products in the Southern area of Viet Nam MEIHO UNIVERSITY GRADUATE INSTITUTE OF BUSINESS AND MANAGEMENT 23, Pingkuang Road, Neipu, Pingtung 912, Taiwan R.O.C November 2010 Dear Sir/Madam, I am a postgraduate in MBA programme in the Graduate Institute of Business and Management at Meiho University (MU Taiwan) in association with Ho Chi Minh City University of Industry I am conducting the research: “A Study on Strategies to Increase Petroleum Product Market Share of PV OIL Corporation in Vietnam” for my MBA thesis The purpose of the research is to collect your comments on the price, products, place, promotion and CSR of PV Oil in petroleum product trading market in HCM city These comments and suggestions will help PV OIL to launch appropriate strategies in petroleum petroleum trading market in Viet Nam It would be highly appreciated if you could spend your precious time to complete the survey questionnaires Your time, answers and experiences are valuable contribution to the outcomes of the research All your personal information will be treated as confidential Thank you very much for your help and attention! Best regards, MBA Student: Le Ngoc (For further contact: mobile 0918771765) Thesis Advisor: Prof Dr Lin, Chien-Chung Co – Advisor: Prof Dr Nguyen Minh Tuan 125 Interview time: Interviewer ……./……./…… at… …… code:…………………………… PART I: RESPONDENT GENERAL INFORMATION Please kindly tick the squares corresponding with assumed statements of your private information Where you live? Monthly amount of sales (m3) … HCM City…………………… … < 100 … Another City ………… … 101 – 1000 … Country area ….……………… … 1001 – 5000 … > 5001 PART II: PETROLEUM PRODUCT AND SERVICE In this questionnaire, please tick the box with the agreement level which you think is appropriate under each question on the factors regarding to the current petroleum products in the market There are no right or wrong answers Please answer as honestly as you can “1”= Strongly disagree; “2”= Disagree; “3”= Ambivalent; “4”= Agree; “5”= Strongly agree Strongly Disagree Questions 1 Price PV Oil normally has the lowest prices in the area PV Oil always has a better discount programs than others PV Oil always has a better payment period than others Credit card of PV Oil is always more convenient than others Product Overall, I am more satisfied with the wide diversified products of PV Oil than the others 126 Strongly Agree Strongly Disagree Questions 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 PV Oil always provides shorter faste in and out than the others Staffs of PV Oil are always more courteous and polite to customers than the others I am completely pleased with facilities and equipment of sales outlet of PV Oil Overall, I am more satisfied with quality of petroleum products of PV Oil than others I always trust quality of petroleum products from PV Oil I always trust quantity of petroleum products from PV Oil PV Oil always provides better warranties than the others When I purchase petroleum product, PV Oil is the first brand name I think about Place Oil StorageTerminal of PV Oil are more conveniently located than others PV Oil always provides a better transportation than others Overall, I am more satisfied with the stable store inventory of PV Oil than others Promotion I am more pleased with promotion programs of PV Oil than others I always highly appriciate the way PV Oil use advertising its product PV Oil always has better sales force than the others Corporate Social Responsibility PV Oil always has a suitable arrangement for health, safety and welfare that provide a sufficient protection for employees PV Oil always tries to reduce environmental impact in term of protection of pollution prevention PV Oil always considers potential environment impact when developing new products PV Oil always supplies clear and accurate environment information on products, services and activities to customers, local comumity PV Oil always has an open dialogue with local community on adverse, controversial and sensitive issue involving its business activities 127 Strongly Agree Strongly Disagree Questions 25 26 Strongly Agree PV Oil ways offers training opportunities for local people PV Oil always gives regular financial support to local community activities and projects PART III: SUGGESTIONS FOR THE IMPROVEMENT OF THE QUALITY OF PRODUCT AND SERVICE OF PV OIL Do you have any ideas to contribute to the improvement of the quality of product and service? This section is used for your suggestions Besides, all other comments or ideas mentioned above, If any others you are highly appreciated Such ideas are very valuable for this research Thank you very much for your participation! 128 ... sales in order to increase market share To plan the possible strategies to increase the sales of petroleum products The research on strategies to increase of petroleum product share market of PV Oil. .. quality of sales service and petroleum products of PV OIL To analyze the competitive ability in sales in order to increase market share To plan the possible strategies to increase the sales of petroleum. .. VIII Strategies to Increase Petroleum Product Market Share of PV Oil in Vietnam for Years 2011 - 2020 Chapter1 Introduction Energy resources become more and more important part in the word in general