Should Walmart enter Vietnam, an emerging market in South East Asia? Walmart has had its share of woes and mixed results in other emerging markets such as India, where Walmart and its partner Bharti Airtel recently parted ways, with Walmart planning to acquire Bharti Airtel in India. With Walmart being successful in several other ventures in Mexico, UK, Canada, and China, where will it go from here? Vietnam is attractive as an emerging retail market, with a population of over 90 million people and new opportunities on the horizon.
WALMART STRATEGIC MARKETING ANALYSIS Walmart Strategic Marketing Analysis Martin Molden, Anh Minh Vu, Yaling Zheng Pace University Topic: Should Walmart enter Vietnam, an emerging market in South East Asia? Walmart has had its share of woes and mixed results in other emerging markets such as India, where Walmart and its partner Bharti Airtel recently parted ways, with Walmart planning to acquire Bharti Airtel in India With Walmart being successful in several other ventures in Mexico, UK, Canada, and China, where will it go from here? Vietnam is attractive as an emerging retail market, with a population of over 90 million people and new opportunities on the horizon WALMART Table of Contents List of Figures List of Tables Industry analysis History .5 Target market .7 Demographics Geographic .7 Psychographics and behaviors .8 Market needs and market growth trends Cultural analysis Demographic trends .9 Political/legal Regulatory and economic forces 10 Marketing plan .11 Marketing strategy 12 Phase 1: Acquisition 13 Phase 2: Expansion into rural markets 13 Phase 3: Expansion into the electronics and home appliances market 14 Phase 4: Expansion into other retail markets .15 WALMART Product strategy .17 Product price 21 Product distribution strategy 22 Integrated marketing communications strategy .24 Stage 1: Brand awareness 25 Stage 2: Consideration 26 Stage 3: Conversion .27 Stage 4: Loyalty 29 Analysis .31 Competitor analysis 31 SWOT analysis 33 Strengths 33 a) Scale: 34 b) Reputable brand: 34 c) A clear business model: 34 Weaknesses 36 a) Focused too much on global strategy and without localization, linked to the lack of attention to the cultural and psychological factors of consumers: 37 b) Not interested in high-income group of customers: 37 c) Lack of product specialization: 38 WALMART Opportunities .38 Threats 39 Budget 40 Conclusion .41 References 42 Endnotes 46 Appendix A 47 List of Figures Figure Vietnam 6-D model 45 Figure United States 6-D model 45 Figure Walmart distribution process 47 Figure Walmart international operations 47 Figure From a holistic assessment 48 Figure Vietnam modern grocery market 48 Figure Vietnam modern grocery market 49 Figure Market share of retail chains 49 WALMART Industry analysis In this first section of our strategic marketing analysis, we will start by taking a look at Walmart's history before we analyze the company's target market in the Vietnamese retail industry History Walmart established its headquarters in Bentonville, Arkansas, and is developed into one of the world's most well-known retailers and companies in the world Influenced by the first benefit of the ten-cent store, Walmart's founder- Sam Walton, gained a lot of market background and struggled for his business In 1990, Walmart successfully turned into the largest retailer in the United States, and its success reflects the excellent entrepreneurial spirit of Walmart First, Walmart insists on consumer attention, for example, using direct mail marketing in order to establish a good relationship with customers quickly Second, Walmart focused on cost control management to successfully squeeze into the market with a low-cost strategy and then became the market director Third, Walmart intended to improve the efficiency of online distribution For example, in the area of warehousing, the rational layout of the warehouse allows the resources to be used to the maximum Walmart is a visionary company It continually changes its retail model during the development, making its business model follow the changes in the market Walmart also has enormous ambitions When seeing the vastness of the international market and then took the world as the target market Since Walmart began to expand overseas from the United States in 1991, it has been actively pursuing a globalization strategy From 1995 to 1998, 5% of sales growth and 4% of the company's profit growth came from international business (The Editors of Encyclopaedia Britannica, Walmart, 2019; Our History, 2020) WALMART In 1999, the company's total sales beat Exxon Mobil Corporation By 2001, Walmart became the world's biggest company Walmart leads the world in the e-commerce trade afterward and permanently acquired Jet.com in 2016 and Moosejaw in 2017 When Sam Walton reigned, he set the vision for Walmart to have "the lowest price anytime, anywhere." (Walmart analysis, 2020) After realizing the big idea, Walmart reached $12.7 million in sales in just five years In order to become the best in the country, In 1970, Walmart was listed in the stock market The price at the IPO was set at $16.50 per share By 1972, Walmart's sales have increased to $78 million at 51 stores By 1980, sales had increased to $1 billion, and the number of stores also expanded to 276 Walmart owned the first membership retail chain in Oklahoma in 1983 Five years later, the first Walmart Supermarket Center was settled in Missouri (Our History, 2020) Walmart became the largest retailer in the United States in 1990 (Govindarajan & Gupta, 2002) In terms of globalization, Walmart cooperates with suppliers such as Procter & Gamble, Kelloggs, Nestlé, Coca-Cola, 3M, Pfizer, and Revlon to seek the best prices and advance the supply chain and sales technology Walmart's main products include household appliances, jewelry, children's toys, and clothing With a reliable supply chain, Walmart can purchase products from suppliers at low prices to obtain the most significant competitive advantages in the market The company combines a distribution strategy with a brand strategy so that Walmart can enter the Southest Asia region with significant advantages (Govindarajan & Gupta, 2002) WALMART Target market Demographics In Vietnam, Walmart can offer many products, including milk powder for infants, snacks for young people, and health products for elderly customers However, according to recent data, in 2017, nearly half of Vietnam's market consumer groups were concentrated on young people aged 25 to 54 While in Japan, the country's consumer group from 25 to 54 years old accounts for only 37.5% of the total population Therefore, according to the above data, Walmart should target young and middle-aged customers in the Vietnamese market From a long-term strategic perspective, Walmart should use various marketing methods to meet the needs of all age groups in the Vietnamese market (Investing in Vietnam's Consumer Market: An Overview 2019) Geographic Vietnam is located in the southwestern Pacific, east of the Indochina peninsula, facing the Pacific Ocean, bordering the Gulf of Thailand, the Gulf of Thailand, the Beibu Gulf and the South China Sea, and adjacent to China, Laos, and Cambodia The region is a vital hub for world ocean and air transportation One of the most significant points about Vietnam is that the country has its own Taiping Economic Zone The natural area of Vietnam's Taiping Economic Zone is over 30,000 hectares (Worldmark Encyclopedia of Nations .Encyclopedia.com, 2020) These include multi-functional economic zones such as the Taiping Electric Power Center, Industrial Parks, Industrial Zones, Ports and Port Service Areas, Vacation and Recreation Areas, Aquaculture Distribution Areas, Coastal Protection Forests, and Residential Areas (Leinbach & Frederick, 2018) Psychographics and behaviors When analyzing the psychology of Vietnamese customers towards Walmart, we first need to analyze Vietnamese people's attitudes and behaviors First, Vietnamese consumers tend to give products a luxury and prestige image They WALMART usually think that foreign brand products are of higher quality and more luxurious, so foreign brand products can be a high demand Second, depends on economic situations, Vietnamese people would likely to choose foreign brands over local ones, especially if they are spending in front of the crowd (Huynh & Wilson, 2014) Market needs and market growth trends Vietnam's consumption model is becoming increasingly more friendly toward e-commerce, as the Internet becomes more and more popular Among the population in Vietnam, 38.47% of people use electronic transactions, and the transaction volume has increased from 2.2 billion dollars to billion dollars (Investing in Vietnam's Consumer Market: An Overview, 2019) In recent years, urbanization has been accelerating, and the urban population is growing The number is expected to reach 40% of the total population by 2020 The Vietnamese government has issued policies such as the development of satellite cities to promote urbanization Vietnam currently has 700,000 retail merchandise stores and convenience stores, although most consumers still rely on traditional shopping models (Investing in Vietnam's Consumer Market: An Overview 2019) If e-commerce can effectively win market share, the ecommerce development space in Vietnam will be significantly improved in the future (Team, 2019) Cultural analysis Vietnamese culture is a unique fusion of many ancient cultures and the local culture of the Vietnamese people In Vietnamese families, men usually have a dominant position, which is the same as the family model in many Asian countries While men are expected to carry hard works and financially take care of households, women have a greater responsibility for raising children at home Due to the economic enhancements that Vietnam has seen in the last few decades, there are more and more opportunities for people of different WALMART genders to receive education equally nowadays This change has also driven the consumer market in Vietnam (Ethno MedUW, 2020) Demographic trends The consumer generation in Vietnam will shift to generation Z in the near future The characteristics of consumers in this generation include several elements First, the labor force accounts for a large proportion of the market and has reliable purchasing power, which can become both challenges and opportunities for investors Second, changes in the financial distribution within the Vietnamese family give females independence in purchasing goods Third, affected by Western culture, globalization, and the Internet, people of this generation have better ideas as well as a more friendly attitude towards foreign companies Fourth, this generation has a greater sense of social responsibility, which will help to establish sincere consumer communication with enterprises so that foreign companies would have an easier time entering the Vietnamese market Enterprises can use the influence of the media to quickly analyze the market as well as understand what customers need in order to expand services (Vietnam's New Age, 2019) Political/legal The legal aspect of doing business in Vietnam has been improving significantly in the last several years Nowadays, before a foreign-funded enterprise can register as an entity in Vietnam, such a company must have an appropriate address and a signed lease (experts, 2019) The regulations also restrict the establishment of biological companies such as pharmaceuticals In order to create better conditions for enterprises, the Vietnamese tax system has also been continuously reformed to simplify the complex calculation procedures for VAT In 2017, the electronic tax return system was fully implemented At the same time, the regulations and provisions of other taxes were revised and supplemented to reduce the tax burden for WALMART 10 enterprises starting companies to increase regulatory measures to align commercial law with government policies and increase financial transparency (Experts, 2019) Regulatory and economic forces Vietnam has created a competitive and dynamic market economy environment and attractive investment incentive policies From 2000 to 2008, the growth rate of gross domestic product (GDP) of Vietnam was at 7% every year on average, which made Vietnam become the second-fastest growing economy in the world According to experts at the International Monetary Fund (IMF), Vietnam's economy has shown strengths in areas such as construction and domestic consumptions Vietnam also is one of the economies with the highest growth rates in Asia The average income also is increasing, in which the group of people with income from 500 USD to 1,000 USD per month increases the fastest Consumption to income ratio is also among the highest in Southeast Asia - about 70 percent of monthly income (International Monetary Fund, 2020; Vietnam's Economy , 2019) At the end of 2018, Deloitte published a study about the consumption patterns of 700 users in Vietnam The study stated that "It looks like 78% of the entire market earn below VND 30 million, equalling about 1.287 USD (Nguyen, 2019) Vietnam also has many potentials to become a good retailing market This is reflected in the fact that Vietnam has become an attractive business location in Asia with sustained growth rate and stable consumer demand over a long period, and most importantly, the government has policies to attract foreign investments Although Vietnam's retail market is still small in scale, it is still very attractive to investors due to low competition pressure, sustainable economic growths, and political stability Through the above analysis, many factors have created favorable conditions for Walmart to enter Vietnam Combining all the available information, we would like to position Walmart's WALMART 36 b) Not interested in the high-income group of customers: Historically, Walmart only pays attention to low and middle-income consumers With a proper understanding of Vietnamese culture, Walmart needs to build a friendly, clean, tidy Walmart image and add high-end products to attract more diverse consumers, so that the company can broaden its customer base in Vietnam We believe that Walmart can reach not only the low and middle-income customers but also the higher income groups in Vietnam c) Lack of product specialization: Because there are so many products, many items at Walmart could not concentrate on specific products that lead to the fact that there are many products but not much specialization According to Kotler and Keller (2016), "… with product specialization, the firm sells a certain product to several different market segments… making different instruments for each and building a strong reputation in the specific product area" (p.288) Opportunities Vietnam has a vibrant economy, the fastest growing Asia Vietnam has an educated and youthful population that is increasingly interested in consuming products Vietnam has a growing manufacturing enterprise that needs to find places to sell its products to the world According to the statistics of the Vietnam Retail Association, the total retail sales of the whole country in the period of 1995- 2002 increased by 8- 10% a year Notably, in 2007, the total retail sales have increased by 23% over the previous year Until now, Vietnam has about 1300 supermarkets, 337 shopping centers, and nearly million of retail businesses are being invested and developed Vietnamese consumer demand is increasing and diversified, and consumers are getting more access to the Internet, TV, and mobile shopping In the future, Vietnam's retail market will be ready to open for integration and diverse competition (Dinh, 2018; Nguyen, 2019) WALMART 37 Even the number of supermarket and shopping stores are increasing, but it is still not much compared to the number of people living in the country For example, in two major cities, Hanoi and Ho Chi Minh city with the total population of 16 million people, even number of supermarkets in the country has increased by 26%, from 958 stores in 2007 to 1300 stores in 2020, this number is still too low, not meeting the shopping needs of people (Nguyen, 2019) There are a few competitors, including Big C, CoopMart, Metro, VinMart The remaining most of the retail distributors are small in scale, weak in terms of capacity, limited in terms of service and product items The distribution system of Vietnam still lacks professionalism due to low quality in human resources, and lack of infrastructure standards Besides, Vietnam is a new market at an early stage, the relationship between enterprises is still loose and asynchronous, and the mode of trading is outdated It is a good condition for a big retail business like Walmart to penetrate Vietnamese politics are stable: Political instability in some other nations may create many risks for businesses and other firms, so political stability will be a factor that makes it easier for a global chain to penetrate the market (Kotler & Keller, 2016), Threats Walmart must approach and research about the Vietnamese culture, legal system, and consumer behaviors as well as the invariable consumption habits of Vietnamese people in order to have the right orientation in choosing products to supply to the market and create marketing plans that suit the Vietnamese psychologically In Vietnam, consumers still mainly purchase through traditional retail markets because they are cheap and convenient This distribution method has created many gaps for counterfeit goods as well as issues of food hygiene and safety, so competition with traditional markets will be a threat to Walmart WALMART 38 Infrastructure in Vietnam still has many rooms of improvement, especially in the two major cities, Hanoi and Ho Chi Minh City The central area is often too crowded and cramped, so it is difficult to find a location to build a big supermarket In the suburban area, there is still much vacant land, but consumers may be afraid of going too far for grocery shopping Budget With the continuous expansion of Wal-Mart's globalization, it can be seen from the data in figure that the market has gradually shifted from the European and American markets to Southeast Asia, especially for the Vietnamese market similar to China, which already has a large market share Judging from the overall assessment in figure 5, Vietnam's macroeconomic and commercial attractiveness is great Under the economic environment, Wal-Mart has provided good conditions for entering the Vietnamese market In 2011, Vietnam's domestic real estate and macroeconomics showed a downward trend However, in the following year, the Vietnamese financial system quickly recovered Since 2012, the economic growth rate has increased from 5.2% to 7.1% in 2018 According to data, the population of Vietnam is expected to reach 100 hundred by 2018 Nowadays, Vietnam's economy continues to develop and the number of middle-class consumers continues to expand In the high-tech era, the penetration rate of Vietnamese mobile phones exceeded 70% of the country’s total population Under such a background, large-scale digital consumer groups have emerged There are more than 50 million e-commerce users in the Vietnamese market, and these consumers spend an average of hours a day surfing the Internet The Vietnamese market has huge potential What we need to is to seize these digital customers and take the lead in occupying the market It is expected that after Wal-Mart enters the Vietnamese market, it will reach the same level of market share as China and achieve more than 300 physical stores in 2023 (Walmart’s Global Strategies,2010) WALMART 39 Combined with figure 6, Vietnam's urbanization rate is still very low, about 36%, but as GDP per capita rises, from about 5.4% in 2013 to 7.1% in 2018 It continues to grow at a compound annual growth rate of 6.5% per annum Vietnam's GDP growth ranks second among the major economies in Southeast Asia It can be seen that the expansion of urbanization allows us to better develop urban commercial centers when using the strategy of entering the Vietnamese market, and then, according to our second-step strategy, finally realize the radiation from urban to rural development, which is expected to be achieved in 2023 and will drive 1.5 times the growth of local GDP Combining Figures and 8, Vietnam's modern grocery market is expected to grow at a rate of 25.8% per year Vinmart accounts for 53% of the Vietnamese retail market In order to lead retailers in other Southeast Asian markets within the next years, which brings opportunities and challenges for Wal-Mart's entry, we can take the first step in our marketing strategy to acquire other retailers or cooperate with other retailers It quickly entered the market at a growth rate of 23%-28% annually, then slowed down year by year, and finally achieved more than 50% market share within five years As the brand's loyalty becomes higher and higher, 69% of Vietnamese consumers will choose local brands because they are adapted to their needs and tastes The other part depends on the national pride and the belief provided by local brands The value for money brings challenges to Wal-Mart's entry into the Vietnamese market Establishing brand values has become another important task of our strategy, extending to consumer electronics , Cosmetics, food, and even cooperate with oil companies to establish a Wal-Mart standard community and achieve standardized management, as can be seen from Exhibit 5, the percentage between 2014 and 2018-and to help this market have doubled in size in the past four years Fan has increased from WALMART 40 US$9 billion to US$19 billion It is predicted that after the above expansion, profits will double again within years.（Seizing the fast-growing, 2010) WALMART 41 Conclusion With the characteristics of the retail distribution industry, Walmart's international marketing strategy of choice should be the combination of standardization and adaptation strategy, with a reliable supply chain In order to succeed in the Vietnamese market, Walmart needs to be very conscious and flexible in developing and implementing an integrated marketing strategy that accounts for cultural differences, economic conditions, competition conditions, technical standards, and legal regulations These differences require adjustments in the distribution and promotion of goods; therefore, in the future, with the trend of globalization, we believe that Walmart's process of penetrating Vietnam will be as successful as other countries WALMART 42 References Dao, T (2019, July 19) Walmart seeking more seafood supplies from Vietnam SeafoodSource Retrieved from https://www.seafoodsource.com/news/foodservice-retail/walmartseeking-more-seafood-supplies-from-vietnam Dinh, C (2018, 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Retrieved July 06, 2020, from https://corporate.walmart.com/our-story/ourhistory WALMART 46 Endnotes Calculated as Walmart-owned stores divided by total stores in the industry WALMART 47 Appendix Figure Vietnam 6-D model (Hofstede Insights, 2020) Figure United States 6-D model (Hofstede Insights, 2020) WALMART Figure Walmart distribution process (Smith, 2019) Figure Walmart International Operations （Walmart’s Global Strategies （2010（ 48 WALMART 49 Figure 5.From a holistic assessment, Vietnam has attractive macroeconomic and business environment fundamentals（Seizing the fast-growing （2010（ Figure The Vietnam modern grocery market is expected to grow at 25.8% p.a over the next years, ahead of other SEA markets（Seizing the fast-growing 2010) WALMART Figure The Vietnam modern grocery market is expected to grow at 25.8% p.a over the next years, ahead of other SEA markets（Seizing the fast-growing, 2010) Figure 8.Market share of retail chains, by number of outlets （Seizing the fast-growing （2010) 50 ... http://tapchitaichinh.vn/nghien-cuu-trao-doi/thi-truong-ban-le-viet-nam-sau-10-nam-gianhap-wto-va-vien-canh-tuong-lai-133878.html Doan, E Z (2019) Number of supermarkets in Vietnam 201 6-2 017, by chain Statista... https://www.worldbank.org/en/news/press-release/2019/12/17/vietnams-economyexpanded-by-68-percent-in-2019-but-reforms-are-needed-to-unleash-the-potential-ofcapital-markets Vietnam's New Age Consumers:... to Walmart' s Supply Chain Walmart Retrieved from WALMART 44 https://corporate .walmart. com/newsroom/2019/01/14/high-tech-consolidation-center-setto-open-in-july-adding-efficiency-to-walmarts-supply-chain