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Improving brand message of neptune cooking oil

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Viet Duy IMPROVING BRAND MESSAGE OF NEPTUNE COOKING OIL MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2021 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Viet Duy IMPROVING BRAND MESSAGE OF NEPTUNE COOKING OIL MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: Assoc Prof Dr Nguyen Thi Mai Trang Ho Chi Minh City – Year 2021 TABLE OF CONTENT INTRODUCTION 1.1 Wilmar International 1.2 Wilmar CLV 1.3 Oils & Fats: Cai Lan Oils & Fats Industries Company Limited (CALOFIC) PROBLEM CONTEXT 2.1 Global cooking oil market 2.2 Vietnam cooking oil market 2.3 Competitors analysis 2.4 Customer analysis 13 NEPTUNE’S SYMPTOM 15 PROBLEM IDENTIFICATION 17 4.1 Problem 1: Because of Brand message of Neptune 19 4.2 Problem 2: Because of Product innovation 22 4.3 Problem 3: Because of Social media 24 PREMILINARY CAUSE AND EFFECT TREE 25 CAUSE VALIDATION 26 CAUSE - AND - EFFECT TREE 31 ALTERNATIVE SOLUTIONS 32 8.1 The first alternative solution: Upgrade the Neptune Gold product to Neptune GP 32 8.2 The second alternative solution: Share effective brand messages 34 ORGANIZATION OF ACTIONS 35 10 CONCLUSION 37 11 SUPPORTING INFORMATION 39 12 REFERENCES 64 13 APPENDIX 66 INTRODUCTION 1.1 Wilmar International Wilmar International Limited, founded in 1991 and headquartered in Singapore, is today Asia’s leading agribusiness group Wilmar is ranked amongst the largest listed companies by market capitalization on the Singapore Exchange Wilmar’s business activities include oil palm cultivation, oilseed crushing,cooking oils refining, sugar milling and refining, manufacturing of consumer products, specialty fats, oleochemicals, biodiesel and fertilizers as well as flour and rice milling At the core of Wilmar’s strategy is an integrated agribusiness model that encompasses the entire value chain of the agricultural commodity business, from cultivation, processing, merchandising to manufacturing of a wide range of agricultural products Wilmar has an extensive distribution network covering over 50 other countries and regions and over 500 manufacturing plants in the world The Group has a multinational workforce of about 90,000 people Nowaday, Wilmar has achieved some succeeds such as: - - - Largest cooking oils refiner, specialty fats and oleochemicals manufacturer as well as leading oilseed crusher, producer of consumer pack oils, flour and rice and one of the largest flour and rice millers in China One of the largest oil palm plantation owners and the largest palm oil refiner and palm kernel and copra crusher, specialty fats, oleochemicals and biodiesel manufacturer in Indonesia and Malaysia Largest producer of branded consumer pack oils in Indonesia Largest branded consumer pack oils, specialty fats and oleochemicals producer and cooking oils refiner as well as leading oilseed crusher, sugar miller and refiner in India One of the largest oil palm plantation owners, cooking oil refiners and producers of consumer pack oils, soaps and detergents as well as third largest sugar producer in Africa Largest raw sugar producer and refiner, a leading merchandiser of consumer brands in sugar and sweetener market and largest manufacturer of bread, spreads and sauces in Australia Largest manufacturer of consumer pack margarine and mayonnaise in Russia Largest cooking oil refiner and specialty fats producer in Ukraine Leading refiner of tropical oils in Europe In 2018, Wilmar’s net profit is up to US$ 1.13 billion total the world 1.2 Wilmar CLV General Director of Wilmar CLV Deputy GD Distribution/ Sales Wilmar Marketing CLV Funtion Production Head of Finance & Legal Retail & HORECA Oils & Fats Cai Lan Oils & Fats Industry Head of Technical Industries End Users (IEUs) Noodles, macaroni & mixed flour Meizan CLV Head of SCM Bakery Sauces & Condiments Nam Duong International Foodstuff Head of HR/ Admin/ Corporate Branding Export Wheat flour Vietnam Flour Mills/ VFM Wilmar Head of Brand Rice & Sticky rice Vinh Phat Wilmar Head of IT Feeds & Rice bran oils Wilmar Agro Homecare, Milk & Chocolate Oleo - Wilmar Marketing CLV Figure 1-1 Wilmar CLV’s HR structure Cambodia, Laos and Vietnam (CLV) are countries that Wilmar International is present in Today, Wilmar CLV is amongst the largest business groups in the region with major divisions: Food, Feed Ingredients, Bio Ingredients and Distribution Wilmar CLV’s vision is to enhance happiness and health by continuously improving values to customers and consumers In their commitment to excellence, they are guided by a set of values that defines who they are and the way they work Their core values are Integrity, Excellence, Passion, Innovation, Teamwork and Safety For this thesis, the writer will define the problem and give the solutions for one of oil brand in CALOFIC – Neptune 1.3 Oils & Fats: Cai Lan Oils & Fats Industries Company Limited (CALOFIC) CALOFIC is the leader in oils & fats industry CALOFIC is founded in 1996 with an initial investment of USD 22 million Today, CALOFIC pioneers the development of Oils & Fats industry in the region, focusing on food safety, quality products and cost efficiency via integrated production Cai Lan Oils and Fats Industries Company (CALOFIC) is a joint venture between Vietnam Vegetable Oils Industry Corporation (Vocarimex - under Ministry of Industry and Trade) and Wilmar Group, Singapore Currently, CALOFIC has two factories in Quang Ninh & Ho Chi Minh City, two branch offices in Hanoi and Ho Chi Minh City with nearly 1,000 employees nationwide Since its establishment, CALOFIC has incessantly improved product quality, applied new technologies and developed integrated distribution system, thereby affirming its position in the market CALOFIC has become a popular trademark in Vietnam with its well-known vegetable cooking oil brands including Neptune Gold - 10 for Quality; Simply - For a Healthy Heart; Meizan - Delicious Food, Good Health; Kiddy - Nutrition for Predominant Smart; Cai Lan - Cai Lan Comes in Kitchen, Luck Comes in Home Besides, CALOFIC also possesses various kinds of cooking oils packed in cans of different sizes; shortening packed in carton boxes; and margarine for food and bakery Picture 1-1: Oil brands under CALOFIC2 With indefatiguable efforts, Neptune Gold brand has successfully established a strong foothold in the market and rewarded with many awards such as "Vietnam High Quality Goods", "Top 20 Competitive Brands - Renown Brands of Vietnam", "Trust & Use", etc Moreover, CALOFIC has been involved in various social and charitable activities such as natural calamity relief events, donations for disadvantaged groups The company also founded CALOFIC scholarship fund of over 1.5 billion VND to help poor children of Quang Ninh province PROBLEM CONTEXT 2.1 Global cooking oil market The world market for oilseed and vegetable oil is overheated, price is continuously rising due to the forecast of output reduction in China and America, while the demand for cooking oil and biofuel increases globally Currently, Malaysia's crude palm oil price is about 5000 ringgit / ton, while soybean also reached the highest level since 19 years, in Chicago (USA) reached 22.69 USD / bushel (1 bushel = 25.4 kg), which is an increase of 80 % within a year Palm oil price have increased more than 2.5 times since January 2017 to the present This trend is expected to continue due to strong demand (CME, 2020) The fundamentals continue to be beneficial for vegetable oil and oilseed In the World from 2017 to 2018, oilseed production is forecasted to decrease to 392 million ton from 406.55 million ton in the previous crop, while consumption will increase from 330.78 million ton to 340.43 million ton, resulting in inventories At the ending crop, it will decrease to 58.14 million ton, compared with 72.04 million ton at the end of the previous crop, mainly due to a drop in soybean supply in China and Brazil For vegetable oil, global production in 2017/18 is forecast to increase to 126.05 million ton, compared with 121.50 million ton due to strong demand, from 121.08 million ton to 126.46 million ton, resulting in inventories At the end of the crop, it will also decrease to 7.76 million ton compared to 8.60 million ton last year In the period 2017-2018, the dry oil production is forecast to reach 232.84 million ton, the increase strongly compared to 224.40 million ton in the previous crop due to a sharp increase in cooking oil production, while world dry oil consumption will increase from 222.28 million ton per year 2016/2016 crop to 231.98 million ton in 2017/2018 crop, and the ending crop will decrease slightly from 7.45 million ton to 7.36 million ton (Vinanet, 2018) According to analyst on oilseeds, the global soybean supply will be scarce in the 2017/2018 crop Soybean accounts for the majority of world oilseed production In the 2017/2018 crop, the soybean production will be reduced by about 15 million tons compared to this crop year, to 223 million tons, while consumption will increase The world soybean injection has increased by an average of 10.3 million tons / year in the last seasons, which will push the soybean consumption in this crop to about 239 million tons, which means a shortage of about 16 million tons Due to the expected reduction in sunflower seed production, and the increase in other oilseed grains not enough to meet demand, the next world soybean crop is forecast to increase above the average, adding about 13 million tons in the year crop 2017/2018 (October / September) As a result, global soybean stocks at the end of the crop (late August 2018) will fall to about 56 million tons, down about 16 million tons from a year earlier And so, soybean prices will certainly increase (Vinanet, 2018) Demand for palm oil in the world is also increasing strongly, so price still increase despite the increase in production The palm oil market is becoming increasingly dependent on other markets, such as oil, in addition to the major supply and demand factors for palm oil (CME, 2020) 2.2 Vietnam cooking oil market Currently, Vietnam has more than 40 enterprises doing business in cooking oil industry with market scale estimated at VND 30,000 billion per year The opportunity for industry growth is very high when the average consumption of cooking oil in Vietnam is 9.5 kg/ person/ year in 2019, still low compared to the standard of the World Health Organization (WHO) of 13.5 kg/ person/year The Ministry of Industry and Trade estimates that Vietnam's cooking oil demand will be at 16.2 kg/ person/ year by 2020 Table 2-1 Demand consume cooking oil of consumers (kg/person/ year) Year 2013 2014 2015 2020 2025 Demand 8.7 9.6 10.0 16.2 18.5 (Source: Statistics of Ministry of Industry and Trade in 2018) Although there are many brands of cooking oil on the market, but in fact, the market share is only in the hands of a number of brands dominated by big companies KIDO currently holds 51% equity in Vocarimex Meanwhile, Vocarimex accounted for 24% in CALOFIC, 49% in Golden Hope Nha Be (KIDO held 51%), 26.54% in Tuong An (KIDO held 61.9%); 17.84% in Tan Binh Thus, KIDO directly or indirectly holds a majority stake in all of the largest cooking oil enterprises (Trade, 2018) QUALITATIVE RESEARCH IN-DEPTH INTERVIEW 9: Moderator (M): Nguyen Viet Duy Respondent (R): Ms.L - Officer Age: 32 Address: District 10 Purpose of the interview: Understand the underlying reason why they don't use Neptune anymore INTERVIEW: M: Please share more on why you don't use Neptune cooking oil anymore? R: I used Neptune before, but I don't see anything new in the product, I'm using Tuong An's soybean oil, I don't know what the difference is in the taste of the oil, but I have a feeling this is a safe and new product because they use soy, I also use soy to make milk, because it's good for health 62 QUALITATIVE RESEARCH IN-DEPTH INTERVIEW 10: Moderator (M): Nguyen Viet Duy Respondent (R): Mr.T - Officer Age: 24 Address: District Purpose of the interview: Understand the underlying reason why they don't use Neptune anymore INTERVIEW: M: Please share more on why you don't use Neptune cooking oil anymore? R: I'm using brown rice oil of Simply, I don't know the taste of the oil, but brown rice is definitely good and premium, Neptune still uses normal rice When I was still using Neptune, I saw an advertisement for this product, which is very meaningful, however, I have a judgment that the product has not improved at all 63 12 REFERENCES Cai Lan Oils & Fats Industry Introduction Available from: http://www.calofic.com.vn/ Product Image in New Employees Orientation 2018 Available from Appendix (1) Statistics of Ministry of Industry and Trade in 2018 Available from https://vietanalytics.vn/ong-trum-cua-nganh-dau-an-thuc-su-la-ai/ Unpublic Report for Distributors in the end of 2019 Report of Brand in 2019 Available from Appendix (2) Products of Simply Brand Available from Appendix (3) & website: http://www.calofic.com.vn/homevn/thuong-hieu-cua-calofic/simply Product of Neptune Brand Available from Appendix (4) Tuong An cooking oil strategy from 2018 to 2019 in Report of Brand in 2019 Unpublic Report for Distributors in the end of 2019 10 M.T Wroblewski - The Effect of a Brand on Consumer Behavior, Chron Available from: https://smallbusiness.chron.com/effect-brand-consumer-behavior-61767.html 11 CME, World News Monthly crude oil update - september 2020 Available from: https://dautuhanghoa.net/cap-nhat-dau-co-tho-hang-thang-%E2%80%92-thang-9-2020/ 12 13 Vinanet, Report on world edible oil market – 2018 Marketing mix theory Available from: https://marketingmix.co.uk/ 64 14 Review Simply by consumers, Available from: https://websosanh.vn/tin-tuc/review-dau- dau-nanh-simply-co-tot-khong c36-20200527020420661.htm 15 Hilde A.M Voorveld, “Brand Communication in Social Media: A Research Agenda”, https://www.tandfonline.com/doi/full/10.1080/00913367.2019.1588808 16 Bruno Schivinski and Dariusz Dabrowski, The effect of social-mediacommunication on consumerperceptions of brands, https://www.academia.edu/23477886/THE_EFFECT_OF_SOCIAL_MEDIA_COMMUNIC ATION_ON_CONSUMER_PERCEPTIONS_OF_BRANDS 17 SILVEIRA, Susana GALVAO, Graỗa PENTEADO, the Article “Yes They Can? - An Empirical Study on the Effect of Slogans in Brand Awareness Paulo”, https://pdfs.semanticscholar.org/a773/51ed68d8bee159584dbd88616a273bf11bff.pdf?_ga=2 203924176.1382854761.1615715869-1195781930.1613641433 18 Neil Borden and E Jerome McCarthy, “Marketing mix” - 1964 19 Qin Gao and Chenyue Feng, the Article “Branding with social media: User gratifications, usage patterns, and brand message content strategies” – 2016, https://www.sciencedirect.com/science/article/abs/pii/S0747563216304502 20 R.G.Cooper and E.J.Kleinschmidt, “Success Factors in Product Innovation”, https://www.researchgate.net/profile/Robert-Cooper40/publication/256181614_Success_Factors_in_Product_Innovation/links/5d361d754585153 e5919649f/Success-Factors-in-Product-Innovation.pdf 21 S.Ratneshwar, LukWarlop, David GlenMick and GailSeeger, “Benefit salience and consumers' selective attention to product features”, https://www.sciencedirect.com/science/article/abs/pii/S0167811697000074 65 22 Ordenes, F V., Grewal, D., Ludwig, S., De Ruyter, K., Mahr, D., & Wetzels, M (2019), Cutting through Content Clutter: How Speech and Image Acts Drive Consumer Sharing of Social Media Brand Messages 23 Robert G Cooper (2000), Product Innovation and Technology Strategy, https://www.tandfonline.com/doi/abs/10.1080/08956308.2000.11671329 13 APPENDIX (1) Picture of product (2) Picture of market segment 66 (3) Products of Simply Brand 67 (4) Product of Neptune (5) Neptune and Tuong An 68 (6) Changing of Tuong An Soy Bean Oil in 2018 (7) Changing of Tuong An Soy Bean Oil in 2019 69 (8) Video clip with actor/ KOL sharing about wife (9) Video clip of Neptune about hours women must spend for housework 70 (10) (11) Neptune GP E-commerce campaign 71 (12) Bus promotion (13) Social network campaign 72 (14) Questionair STT: QUESTIONAIR Name: Phone number: Mobile phone number: Email: Name of interviwer: - PART 1: FILTER QUESTIONS INTRODUCE Hello, I am ……………………, doing research topic “The cooking oil market”, would you please take a moment to answer some of my questions I hereby undertake that your information will be kept confidential and used only for research purposes Sincerely thank you for your cooperation S01 PVV records the gender of the respondents? (SA) 73 Code Route Male S02 Female S02 S02 Please tell us your age? Route ……… age S03 PVV recorded the age group of Respondents in the following lines: S03 S04 Under 18 Stop 18 - 24 years old S03 25 - 34 years old S03 35 - 49 years old S03 50 - 65 years old S03 Over 65 years old Stop Do you or any of your relatives work in any of the following Code fields? (SA) Route Market research Stop Advertising, public relations Stop Radio, television, newspapers Stop Cooking oil industry Stop Market management, statistics, prices Stop Not in the fields above Next In the past months, have you participated in any research related to cooking oil products? (SA) 74 Code Route Yes Stop No Next S05 Can you cook? (SA) Code Route Yes Next No Stop PART 2: MAIN CONTENTS Q01 Q02 Q03 When it comes to cooking oil, what brand of cooking oil you immediately think of? (SA) Code Route Meizan Next Nakydaco - cooking oil Neptune - the king's cooking oil Simply Tuong An - Elephant cooking oil Others (specify): …………………………………………………………… Did you know Neptune cooking oil? (SA) Code Route Yes Q03 No Q04 Neptune cooking oil with the famous slogan "Score 10 for quality", you know because quality here refers to what factor? (SA) Code There are many nutrients Well cook Good for health Do not know, only know general high quality Others (specify): …………………………………………………………… 75 Route Next Q04 Q05 What kind of cooking oil are you using? (SA) Code Route Meizan Next Nakydaco - cooking oil Neptune - the king's cooking oil Simply Tuong An - Elephant cooking oil Others (specify): …………………………………………………………… Put the following factors in the order of importance in your decision to buy cooking oil? (Priority order from to 5) Prior itize Brand Route Next Quality Price Ingredient Promotion Q06 If you have ever used Neptune cooking oil, write some reviews and experiences about the product ……………………………………………………………………… ……………………………………………………………………… The end ……………………………………………………………………… ……………………………………………………………………… PLEASE SUCCESSFULLY YOUR COOPERATION AND HELP 76 ... solutions for one of oil brand in CALOFIC – Neptune 1.3 Oils & Fats: Cai Lan Oils & Fats Industries Company Limited (CALOFIC) CALOFIC is the leader in oils & fats industry CALOFIC is founded in...UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Viet Duy IMPROVING BRAND MESSAGE OF NEPTUNE COOKING OIL MASTER OF BUSINESS ADMINISTRATION... produce rice bran oil, so the three blended oils of Tuong An are sunflower, canola and palm oil Meanwhile, the types of oil blended by Neptune are soybean oil, sunflower oil and rice oil, which are
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