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VIETNAM GENERAL CONFEDERATION OF LABOUR TON DUC THANG UNIVERSITY MIDTERM REPORT ENTREPRENEURSHIP COURSE TOPIC: EYEWEAR STORE BUSINESS DEVELOPMENT PROJECT Instructing Lecturer: M.S Trần Thị Thanh Vân Class: Sunday – Shift 02 Group: 06 HO CHI MINH CITY, Sep/2021 TABLE OF ASSIGNMENT AND EVALUATION OF WORK PERFORMANCE LEVELS No Full Name Student ID Nguyễn Kiểng 717H0764 Trần Thị Thanh Thảo 717H0876 Lê Anh Thư 717H0887 Nguyễn Trương Anh 717H0890 Thư Phạm Văn Thuận 717H0891 Nguyễn Quốc Nam 717H0794 Nguyễn Vũ Lan Anh 717H0690 Mã Bửu Châu 717H0280 Missions - Porter’s Five Focus SWOT Analysis (1) SWOT Analysis (2) Business Model Cards (1) Business Model Cards (3) Customer Journey Business Model Canvas (1) Business Model Stress Test Partner Analysis Business Model Canvas (1) Business Model Canvas (2) Business Model Canvas (3) Return On Investment Profit Calculator Summary report Focus Group PESTLE Analysis Porter’s Five Forces Partner Value Matrix Business Model Roadmap Thinking Hat Marketing Cards Competitor Analysis Target Group Selection Focus Group Process Journey Marketing Mix Persona Value Builder Deadly Wastes Canvas Evaluation 100% 100% 100% 100% 100% 100% 100% 100% COMMENTARY OF THE TEACHER TABLE OF CONTENTS THE THANKS INTRODUCTION STEP I WANT TO START A BUSINESS Section 1.1 I Want To Understand My Customers 1.1.1 Target Group Selection 1.1.2 Focus Group 1.1.3 Persona 14 Section 1.2 Develop A Viable Business Model 16 1.2.1 Value Builder 16 1.2.2 Business Model Canvas 17 1.2.3 ROI 18 Section 1.3 I Want To Implement My New Business 20 1.3.1 Business Model Canvas (actual implementation) 20 1.3.2 Business Model Canvas 21 1.3.3 Business Model Roadmap 22 Section 1.4 I Want To Test The Attractiveness Of My Product Or Idea 23 1.4.1 Thinking Hats 23 1.4.2 Focus Group 24 Section 1.5 I Want To Explore New Market 24 1.5.1 Porter’s Five Forces 24 1.5.2 Pestle Analytics 26 1.5.3 SWOT 30 STEP I WANT TO TEST MY BUSINESS 33 Section 2.1 I Want To Test The Attractiveness Of My Offering 33 2.1.1 Thinking Hats 33 2.1.2 Focus Group 33 Section 2.2 I Want To Test Whether My Business Is Future Proof 34 2.2.1 Business Model Canvas 34 2.2.2 Pestle Analytic 35 2.2.3 Business Model Stress Test 42 Section 2.3 I Want To Increase Efficiency 43 2.3.1 Process Journey 43 2.3.2 Deadly Waste Canvas 44 Section 2.4 I Want To Test Whether My Business Is Financially Sound 48 2.4.1 Business Model Canvas 48 2.4.2 Profit Calculator 49 Section 2.5 I Want To Test Whether My Business Is Future Proof 49 2.5.1 SWOT 49 2.5.2 Business Model Canvas 52 2.5.3 Business Model Cards 53 STEP 3: I WANT TO GROW MY BUSINESS 54 Section 3.1 I Want To Reach My Customers 54 3.1.1 Persona 54 3.1.2 Marketing Card 56 3.1.3 Marketing Mix 56 Section 3.2 I Want To Develop A Viable Business Model 59 3.2.1 Value Builder 59 3.2.2 Business Model Canvas 60 3.2.3 ROI 61 Section 3.3 I Want To Reach My Customers 61 3.3.1 Pestle Analytic 61 3.3.2 Porter’s Five Forces Model 68 3.3.3 SWOT 69 3.3.4 Weaknesses 70 Section 3.4 I Want To Discuss My Business 70 3.4.1 Business Model Canvas 70 3.4.2 Business Model Cards 72 Section 3.5 I Want To Explore New Ways Of Making Money 73 3.5.1 Business Model Canvas 73 3.5.2 Business Model Cards 74 STEP 4: I WANT TO MAKE MY BUSINESS MORE PROFITABLE 76 Section 4.1 I Want To Understand My Customers 76 4.1.1 Target Group Selection 76 4.1.2 Focus Group 77 4.1.3 Persona 78 Section 4.2 I Want To Improve My Product Or Service 81 4.2.1 Customer Journey 81 4.2.2 Competitor Analysis 83 4.2.3 Value Builders 83 Section 4.3 I Want To Convince My Partners 85 4.3.1 Partner Analysis 85 4.3.2 Partner Value Matrix 86 Section 4.4 I Want To Increase Efficiency 87 4.4.1 Process Journey 87 4.4.2 Deadly Waste Canvas 88 Section 4.5 I Want To Explore New Ways Of Making Money 91 4.5.1 Business Model Canvas 91 4.5.2 Business Model Cards 92 4.5.3 Business Model Canvas 94 CONCLUSION 96 APPENDICES 97 THE THANKS First and foremost, we want to express our thanks to the faculty teachers of Business Administration who have provided us with knowledge and experience in both study and life throughout the years We have learned many new and valuable things as a result of the information we received in school, along with studying and personally interacting with top members of the profession To equip oneself with experience, we need not just theory but also practical experience Simultaneously, the whole team would like to thank Ms Tran Thi Thanh Van for her dedication to imparting and guiding us with the knowledge to complete this report From the knowledge she gave, we have researched and learned a lot of new knowledge, which will be valuable baggage for us We wish you all the best of health and success in your career In the process of completing the report, not avoid mistakes We hope that you will understand and give us suggestions so that our group can improve our knowledge Sincerely, thanks! INTRODUCTION Since the 1980s, eyewear has become an important support item, particularly for the younger population According to a study conducted by Vien Nhan Khoa My, roughly 9.8% of the world's population (more than billion people) would have myopia by 2050 As a result, refractive errors (nearsightedness, astigmatism, and farsightedness) account for 15–40% of the population in Vietnam, equating to 14–36 million individuals This problem affects 50% of students in some inner-city schools As a result, there is a lot of demand for buying and wearing glasses Glasses are not only helpful in maintaining excellent eyesight, but they are also an essential fashion item for today's youth Your appearance and style will be more trendy with the use of glasses and clothing Because of the above reasons, we want to introduce an eyewear shop called "Seen." With a large space, a variety of designs, and high quality Customers, in particular, may design their own preferred glasses based on their interests With the slogan "I've seen it!" We aim to express the brand story of "Seen," which is "Finding yourself via every perspective of life." Customers who visit our company will see all areas of life through fashionable glasses that are appropriate for all ages STEP I WANT TO START A BUSINESS Section 1.1 I Want To Understand My Customers 1.1.1 Target Group Selection In 2010, around 1.9 billion people in the world had refractive errors, between 80% and 95% of people with myopia The American Academy of Ophthalmology (AAO) estimates that by 2050, about 9.8% of the world's population (more than billion people) may have myopia This rate is especially high and rapidly increasing in Asian and Southeast Asian countries in recent years Myopia is also the top-level of risk made blind in the world The rate of refractive error in Vietnam currently accounts for about 15-40%, corresponding to about 14-36 million people Notably, refractive errors such as shortsightedness, long- sightedness, and astigmatism are increasingly common among adolescents, with an incidence of about 15-20% in rural students and 30-40% in urban areas In some schools in urban areas, the rate of this disability is 50% At universities, especially in schools with difficult entrance examinations such as Polytechnic University, more than 70% of students are nearsighted, many students are severely short-sighted The glasses are the most significant for people who have refractive errors, glasses help these people to see clearly and protect their eyes In recent years, glasses have also become more fashionable and some styles of glasses are very trendy Therefore, the target customers are people who have eye illness and need to wear glasses and people who wear fashionable glasses According to a survey by Seen, the question “Do you wear glasses?” has been answered “Yes” accounts for nearly 90% and the answer “No” just takes 10.5% These results have been answered by 200 people in different ages and the percentage of people wearing glasses are significant larger Figure 1.1: Survey of eyeglass users 1.1.2 Focus Group Among all survey participants, there is a relatively wide age group According for the most is from 18-25 years old which take 62,5%, the under 18 age group takes the second place with 17,5% The over 35 years old just takes 7% and from 26-35 years old takes 13% Figure 1.2: Survey on the age of using eyeglass The proportion of sexual in wearing glasses is quite the same with 50,5% for females and 49,5% for male This shows in the pie chart below: Figure 1.3: Survey of eyeglass users’ gender Myopia is also the biggest reason for people who wear glasses, this eye illness takes 63,7% in the survey Myopia is a serious problem about eyes that the young people in Viet Nam faces off Sun glasses is also noticed which stands at second place with 50,3% and the third place is fashion glasses with 36,9% Figure 1.4: Survey of eyeglass types The number of glasses has also changed remarkably, 43% of people wear glasses just once per year The percentage of people who change their glasses twice or three 10 4.2.2 Competitor Analysis (Attached PDF file) Competitor Analysis Project name: SEEN Target Group: A group of age from 18 to 35 years old, who prone to eyes diseases and tends to see glasses as a piece of jewelry Competitors Weeknesses Strengths WEEHOURS SEESON Most Important Findings DOK CRAZY - Designed by Vietnamese people, for Vietnamese faces - Simple but trendy glass design - Virtual Try-On technology to try glasses right on the website - Cellulose Acetate - an environmentally friendly source of raw materials - Good price - The designs are inspired by geometric structures, traditional motifs in Asian culture - An eyewear brand for young people with trendy designs Website is an indispensable tool in the 4.0 technology era Today, in addition to competitive prices, consumers tend to choose and use equipment that is manufactured with environmentally friendly materials - Good price from 330,000 to 450,000VND - The design only hits the tastes of - The price for glasses is higher than Vietnamese people, difficult to expand in other shops - The style is only suitable for young people - Unfashionable and diverse eyewear models - Odering glasses by Website takes quite some time - There are not many eyewear styles for eye diseases - Customers cannot freely create designs - The style of glasses is difficult to match with many face shapes - Website design is boring, difficult to use and not applied technology Nowadays, Customers tend to design their own when buying glasses Brands with a wide range of eyewear models to meet the needs of fashion and eye diseases are more selective Date: 08 September 2021 4.2.3 Value Builders Customer group • Customers • from 16 to 35 years old • • Sex: Male, female and other • • Looking for a pair of glasses • Needs of customers Eyeglasses on a budget Try and experience eyeglasses Diversified forms of payment Convenient • • • • • Benefits Design suitable for young people and catch up with trends Free eyesight test Customers are supported through phone, facebook A loyalty program Customers receive • • • • • Product or service Diverse eyewear products designed by Seen Unisex eyeglasses product Try on eyeglasses online via website Modern space and dedicated service Professional staff, 83 • • • Goals of customers Finding a pair of glasses that suit them Eyesight can be tested Easily shop online • • • • • • location A good quality product Youthful design Attentiveness in customer service Warranty and Return policy Diverse design Shopping online • • • • • many incentives on special occasions Reasonable warranty and return policy Support gift wrapping service Good location Packaging and shipping guarantee Diverse design • • • • highly skilled in the field of measuring and fitting glasses Lenses are imported from reputable and quality manufacturers Payment in many forms Packaging must be sturdy and reliable Can order, delivery and payment online via website or ecommerce platforms (Shopee, Lazada, …) Match between customer and product The group of customers that Seen targets are young people who have a need to wear eyeglasses, especially near-sighted glasses, with reasonable prices, youthful and diverse designs Ensuring product quality as well as service quality, combined with technology platforms to bring convenience to customers 84 Section 4.3 I Want To Convince My Partners 4.3.1 Partner Analysis Figure 4.5: Partner analysis 85 4.3.2 Partner Value Matrix 86 Section 4.4 I Want To Increase Efficiency 4.4.1 Process Journey Figure 4.6: Online process journey 87 Figure 4.7: Offline process journey 4.4.2 Deadly Waste Canvas Deadly Where in the Waste process Defects • Asemble parts to the final glasses Overproduct ion • Prepare parts of glasses Cause Solution • Broken glasses • Standardize the work and training staff so the process of assembling glasses is carried out in a clear, methodical manner and careful • Prepare too many parts of glasses (for customdesigned) and eyeglasses (design available) • Determine in advance (based on orders in the past) how many parts of glasses (for customdesigned) and eyeglasses (design available) need to be cut 88 Waiting • Assemble parts to the final glasses • • Miscommun ication • • Prepare parts of glasses Confirm with customers • • • Packing • The process of assembling glasses need time for customdesigned because it is processed when there are orders Need time to install lenses (for customers who need to change lenses according to their myopia, astigmatism or change lenses to better protect their eyes) • Staff does not understand the exact requirements of customers Therefore, preparing parts of glasses to assemble can be confused Staff can make mistakes in customer orders, which can lead to incorrect packaging of products ordered by customers • The product information ordered should be clearly printed on the parts of the glass so that the staff when assembling glasses will be able to check the match with the product information that the customer has ordered There is an order system that helps employees easily manipulate to avoid missing information on customer requirements Improper packaging processes • Arrange packaging reasonably, have clear regulations on the use of • Inform customers in advance of estimated delivery time (for online orders) Inform customers in advance about the waiting time to complete glazing (for customers who buy directly at the store), so that they can take the initiative in their time (can be timed to pick up) For customers waiting at the store to receive glasses, prepare water and candy for customers 89 packaging Transport • Customers receive the package • During the delivery, the product to the customer may be scratched or broken • Clear return and exchange support policy, ask customers to take photos and videos of the product opening process as evidence to be able to request exchange/return • Send order’s information to manufacturer Send delivery information to shippers • Order processing delays can result in additional time spent in submitting product design information to the processing department This may affect the delivery time to the customer • Have a step-by-step transfer policy to limit wasted order processing time Handling parts should be arranged in an appropriate position for a smooth and fast handover • Shippers delivery the packages • Delivery times that are too long can make customers feel unsatisfied with the service • Prepare parts of glasses • Prepare too many parts of glasses to assemble eyeglasses for customdesigned Customers have a choice of parts of glasses (front frames, temples, …) that come in different colors and styles that they desire Therefore, the number of parts of glasses consumed varies lead to • Invendory • • • Use orders from the past to predict how many eyeglasses (design available) and parts of glasses for customdesigned will need Implement promotions to push inventory 90 • Motion • Receive order information Excess processing • Assemble parts to the final glasses Prepare parts of glasses • • • a shortage or an excess of quantity Prepare too many eyeglasses with design available The employee receiving the information and send the confirmation information to the customer • Using the software automatically, after the customer has ordered, the email or SMS will receive the order information to confirm Making customdesigned glasses requires additional staff to prepare and assemble • Clearly inform and explain that the price of custom-made glasses will be higher than the price of glasses with design available Section 4.5 I Want To Explore New Ways Of Making Money 4.5.1 Business Model Canvas BUSINESS MODEL CANVAS KEY KEY ACTIVITIES VALUE & CUSTOMER PARTNERS - Design glasses, SERVICES RELATIONSHIP *Key sunglasses.Update - Despite - Member cards: partners: trend shopping silver,gold - Marketing - Sales products online, -Gift voucher: channels: through online and customer opening day, Instagram, store could try birthday Facebook, - Customers service wearing - Hotline to contact Youtube - Eyes measurements glasses base and response - Logistics & advisements on 3D face - Mini game online company: - Signed production simulation on facebook and ViettelPost, contract with factory - Personalized Instagram Ahamove, - Cooperate with products - Build a CUSTOMER SEGMENT - People who need to use fashion glasses - Age: 16-35 - Sex: Male/Female/ Others - Income: above 10.000.000vnd 91 Lalamove -Domestic Acquirer and e-payment wallet:Zalo pay, Momo - Landlord - Ecommerce exchange: Shoppe, Lazada,Tiki *Key Suppliers: - Factory produce glasses - A supplier of lenses -A supplier of pakaging acquirer, e-commerce exchange ,Logistics company - Warranty for defective products caused by the manufacturer, returned products within the warranty period - Check Inventory KEY RESOURCES - 3D face simulation on website - The design team,produce specially designed and quality products - Ophthalmologists - Sales team - Dealing with acquirer and logistics company to get reasonable percentage commissions COST STRUCTURE - Production,packing cost - Marketing fee - Labor cost - Running and maintaining website - Tax - Rental fee & extra cost - Provision cost - Eyes measurement - Customer could buy a quality glasses from a local brand with the reasonable cost and immediately Warranty Policy - Update newest fashion trend glasses - Inscribe on glasses according to needs of customers - There are many forms of payment professional service process to take care customer at store and reply online - Location: in VietNam (store in Phu Nhuan district) DISTRIBUTION CHANNELS - Retail stores - Online website - Social media: Facebook, Instagram - E-commerce exchange: Shoppe,Lazada,Tiki REVENUE STREAM - Sales of glasses - Sales of glasses-related accessories 4.5.2 Business Model Cards Continue to grow your glasse store by actively working on old business card templates including: 92 Mass customization: With the glasses store ''Seen'', ''Seen'' allows customers to design their own glasses to suit the actual needs and preferences of each customer Customers can shop freely design and choose for yourself a unique pair of glasses Our glasses store allows people to customize their lenses with a variety of elements: They can combine trending styles on the market with many different colors and we can even engrave the name on the glasses if the customer needs Experience Selling: Glasses store ''Seen'' not only gives customers satisfaction when buying glasses at ''Seen'' store from a variety of designs to extremely delicate color combinations but also want to bring a good experience to customers about (shopping display space, staff service and the best way to pack and preserve products to consumers, ) Cross selling: In addition to dealing in a variety of glasses on the market today, we also trade in glasses-related accessories to enhance customer experience and improve customer reliability and customer satisfaction when visiting and experiencing actual glasses shopping at our store - Solution provider: Provide glasses customer needs, related services and products Providing customer needs such as personalized glasses design, inscribe on glasses according to needs of customers, door-to-door delivery, online purchase on online platforms The store always strives to capture and solve all customer needs - Platform: A platform that connects two or more groups of interdependent users and allows them to interact with each other This is an important factor contributing to the success of the store We cooperate with shipping partners such as Viettel Post, Ahamove to connect with potential customers Nowadays, delivery and payment applications have been widely used, making it easy for customers to shop and pay When we exploit a new market, we use an e-commerce platform namely: Tiki, Lazada, Shopee, Besides, our store also uses Domestic Acquirer and E-payment Online payment tools such as: Zalo pay, MoMo 93 4.5.3 Business Model Canvas BUSINESS MODEL CANVAS KEY KEY VALUE CUSTOMER PARTNER ACTIVITIES PROPOSITIONS RELATIONSHIP S - Design glasses, - Despite shopping - Member cards: *Key sunglasses.Update online, customer silver,gold partners: trend could try wearing - Gift voucher: - Marketing - Sales products glasses base on birthday channels: through online and 3D face - Hotline to contact Instagram, store simulation and response Facebook, - Customers service - Personalized - Mini game online Youtube - Eyes products on facebook and - Logistics measurements & - Eyes Instagram company: advisements measurement - Build a ViettelPost, - Signed production - Customer could professional service Ahamove, contract with buy a quality process to take care Lalamove factory glasses from a customer at store -Domestic - Cooperate with local brand with and reply online Acquirer acquirer, ethe reasonable - Improve the and ecommerce cost and quality of the payment exchange ,Logistics immediately glasses,packaging wallet:Zalo company Warranty Policy based on the pay, Momo - Warranty for - Update newest feedback - Landlord defective products fashion trend - Ecaused by the glasses commerce manufacturer, - Inscribe on exchange: returned products glasses according Shoppe, within the warranty to needs of Lazada,Tiki period customers *Key - Check Inventory - There are many Suppliers: forms of payment KEY DISTRIBUTION - Factory RESOURCES CHANNELS produce - 3D face - Retail stores glasses simulation on - Online website - A supplier website - Social media: of lenses - The design Facebook, CUSTOMER SEGMENT - People who need to use fashion glasses - Age: 16-35 - Sex: Male/Female/ Others - Income: above 10.000.000vnd - Location: in VietNam (store in Phu Nhuan district) 94 -A supplier of pakaging team,produce specially designed and quality products - Ophthalmologists - Sales team - Dealing with acquirer and logistics company to get reasonable percentage commissions COST STRUCTURE - Production,packing cost - Marketing fee - Labor cost - Running and maintaining website - Tax - Rental fee & extra cost - Provision cost Instagram - E-commerce exchange: Shoppe,Lazada,Tiki REVENUE STREAM - Sales of glasses - Sales of glasses-related accessories 95 CONCLUSION The overall report is the detailed evaluation and analysis of the eyewear store "Seen." In many ways, through both objective and subjective perspectives, both external influences and internal factors The main content mentioned in the report includes four steps to implementing an effective business project, including: I want to start a business, I want to test my business, I want to grow my business, and I want to make my business more profitable Models are used to analyze PESTLE, FORCES on external factors, internal factors, and the competitive situation in general; SWOT matrix; marketing plan, organization, sales, In general, it is clear to observe that the eyeglasses shop "Seen" via in-depth research There are still some difficulties, typical of which can be mentioned is the current complicated COVID-19 situation, which is still quite difficult to put into operation but with strict management and measures of government We hope that this pandemic will end soon so that business can develop smoothly is still quite young and unfamiliar compared to some long-standing famous eyewear stores present in the same area in general and online stores in particular, while the majority of consumers are still not quite ready to welcome them Accepting and experiencing new brands, although the difficulties are still piled up, the Eyewear Shop "Seen." has also promoted constantly with business and advertising strategies to attract customers through in-store experiences and online eyewear testing experiences Together with the above planned future strategies through the survey, together with the enthusiastic, united and actively learning staff, we have the right to believe in a potential future for the Eyewear Store "Seen." 96 APPENDICES [1] Bệnh viện mắt quốc tế Nhật Bản (May 17, 2018) Tỉ lệ người việt nam bị cận thị nặng ngày gia tăng Retrieved from Zing.vn [2] ThS BS Hoàng Anh Tuấn (May 04, 2017) Tác hại ánh nắng mặt trời mắt nào? Retrieved from Kính Mắt Việt Hàn [3] Bệnh viện mắt Sài Gòn Những điều biết Cận thị phương pháp điều trị 97 ... RELATIONSHIP - Factory - Marketing & - Ultimately online - Personal help and - Supply Ads shopping support chain - Sales experience - Member card partners - Eyes - Personalized - Gift voucher - Marketing... advisements - Personalized - KOLs marketing KEY DISTRIBUTION RESOURCES - Eyes CHANNELS measurement - 3D face - Retail stores simulation - Online website CUSTOMER SEGMENT - Medium income - Age 18 – 35 -. .. online and 3D face birthday Youtube store simulation -Hotline to contact - KOLs: Tun - Customers - Personalized and response Phạm,Cô em service products -Mini game online Trendy - Eyes - Eyes on