Hofstede five dimensions of national culture key psychological determinants

MINISTRY OF EDUCATION AND TRAINING EASTERN INTERNATIONAL UNIVERSITY MKTG 363 FINAL GROUP PROJECT GROUP 3: PHAM THI MY TIEN TRAN THI THUY VI DO MINH LUAN HO THI THU TAT QUANG DAT NONG N HUYEN THI NGUYEN HONG NGU 1532300166 1432300236 1532300010 1432300175 1532309008 1432300199 1332300090 LECTURER: Ms THANH NGUYEN Binh Duong, 2019 Table of Co I Introduction Company background Current situation a Soy milk market in Vietnam .3 b Potential market in Thailand II Analysis .4 Product and Brand a Levels of product b Branding .5 Market a The size of market b PESTEL Competition analysis a Competitor b Competitive advantage 11 Reasons for selection 11 a Consumer behavior 11 b Consumption 12 STP analysis 12 Segmentation (based on Segmentation bases) 12 Targeting .15 Positioning 15 III Consumer behavior analysis 16 Hofstede: Five dimensions of National culture .16 Key psychological determinants 16 Motivation 16 Perception 16 Learning 16 Attitude and Habit formation 16 a b c d IV 1 The consumer buying process (5 steps) 16 Plan for launching 16 Marketing strategy 16 2 Advertising campaigns 16 a Messages and Tones 16 b Choices of media 16 Other communication tools 16 References 17 I Introduction Company background In Vietnam, soybeans have long had a certain position in the hearts of consumers because of their nutritional and benign nature According to Tetra Pak research data (Sweden), in 2014, Vietnam ranked the third in the world in terms of consumption of this type of milk, with 613 million liters, equivalent to about 1.5 million liters per day (Linh, 2015) However, it is worth mentioning that only 32% of the milk consumed is bottled or canned milk of reputable brands, the rest is handmade products at home and sold at sidewalks, toads (Hao, 2015) Current situation a Soy milk market in Vietnam Vinamilk already has Vfresh and Goldsoy soymilk Vinamilk brand soy milk has doubled the calcium content introduced by this enterprise to the market Meanwhile, Vinasoy owns two Fami and Vinasoy brands and recently added Fami Kid - chocolate flavored soy milk for children Tan Hiep Phat and Tribeco also entered the market with the brands Soya Number One and Soya Tribeco (Hao, 2015) Research data of Nielsen Vietnam in January 2015, showed that the market share of canned soy milk is currently in the hands of Vietnam Soybean Milk Company - Vinasoy, with more than 82.7% of output Nearly 18% are Vinamilk, Tan Hiep Phat, Tribeco In 2014, Vinasoy achieved VND 3,142 billion in revenue, up 49% compared to 2013 (Linh, 2015) In early 2015, Vinasoy inaugurated the second phase of Bac Ninh factory, one of the three largest and most modern factories in the world, and started the third factory in Binh Duong at the end of the year Mr Ngo Van Tu, CEO of Vinasoy said, only focuses on soybeans A large-scale investment project for raw material areas, soybean milk production in Gia Lai has also been announced by Nutifood and Hoang Anh Gia Lai Mr Doan Nguyen Duc, Chairman of Hoang Anh Gia Lai Group affirmed that in the next years, the land fund for soybeans is expected to reach 3,000 Production of beans is estimated at 20,000 tons to produce 185 million liters of milk each year (Linh, 2015) b Potential market in Thailand Thailand is second in the world in the consumption of soy milk per head Thais love buying and drinking soy milk from food carts as they believe the beverage is freshly made They tend to ignore that some sellers add condensed milk and ordinary milk to it and the process might not be clean and fresh They will eat it with toppings such as red bean, Job's tears and jelly bean They will eat them with pa tong ko as part of breakfast It is a ritual and culture in some way (Kongrut, 2014) II Analysis Product and Brand Vinasoy is a well-known company in Vietnam, specializing in soy products One of the main products is pure Fami soymilk, which is made from 100% selective soya, non-genetically modified soybeans (Non-GMO) Fami provides essential nutrients for your family health (Sữa đậu, n.d.) We can understand Vinasoy’s valuable products throughout three levels of product: a Levels of product i Core product The majority product of Vinasoy is made from soya like soymilk So, people often find and use soymilk as drinking every day because of their functions Firstly, those who want to go on a diet, they can drink soymilk because Soybeans contain less natural sugar than cow's milk While cow's milk contains about 11g of sugar in a 250-ml cup, soy milk is only half that, equivalent to 6g sugar Therefore, an average cup of soymilk contains only 81 calories, equal to that of skim milk Secondly, soymilk is good for both man and woman Dr Mark Messina, Department of Nutrition, Public Health, Loma Lina University, California (USA) confirmed that drinking a cup of soy milk daily or using foods generating from soy can help improve the body's energy, significantly reduce wrinkles, increase collagen for the skin of women more youthful and radiant (Bật mí, n.d.) ii Actual product Fami is packaged by paper, which is friendly environmental and easy to recycle The appearance has yellow and green, which are similar to soya, so the customers can easily realize these products are from soya In addition, Fami has many sizes from 125 ml to 1000 ml that help the customers have more options when they buy products Fami has some functions, ingredient and origins on the appearance for the customer can understand clearly about the product iii Augmented product In 2017, Vinasoy corporation had a promotion for the customer when they go to the supermarkets At the s upermarkets, the customers could use a free trial product such as Fami original, Fami canxi, Fami Kid, etc Furthermore, when the customers played games, they can get many prizes including Fami, bag packs, money, raincoat, etc From15/3 2019 to 6/4/2019, Fami also has another promotion that is scratching card and the total prize goes up VNĐ 10 billion b Branding “Fami” is a really famous product of Vinasoy corporation in Vietnam It helps Vinasoy always account over 80% market share in the soya market in Vietnam So “Fami” have received the truth from customers in many years When Vinasoy is going to enter in Thailand market, they don’t need to change the name Fami Because Fami is a well-known product in Vietnam, so if they are in Thailand, customers can be attracted and trust in Fami as well as the quality of the product which leads we can the marketing strategies easier More than that when we want to expand the business, we don’t have to marketing more because Fami maybe become a familiar brand with many people at that moment like Gong-cha, Alley, I-phone, etc Market a The size of market The market size of soy milk in Thailand was sized at approximately THB 18.5 billion According to a report in The Nation dated October 8, 2015, the market will see a growth of 8% to THB 18.5 billion (RUNGFAPAISARN, 2015) Soy milk is a staple Thai daily breakfast and night snack Soy milk can be found at local markets or on the streets Thailand is the second highest soy milk consumption country, according to a research conducted by Tetra Pak Each glass of soy milk on the street costs only THB even it is not totally hygienic and some of them are added condensed milk While the packaged brands available in stores are Vitamilk, Lactasoy, DNA, Home Soy, Silk and another local brand, Tofusan, that is only available at 7-Eleven outlets A single serving pack costs THB 10 – 15 but there is a perception that the packaged soy milk contains preservatives Thailand people perceived that soymilk as a cheap source of protein and it is associated with elder people more than teenager Therefore, some companies try to create more flavored soymilk such as chocolate, green tea and variants with collagen to attract young population Thai market of soy milk has few players with little differentiation, therefore there is space to launch exciting flavors and formats and grow the market, which is currently sized at approximately THB 18.5 billion Lactasoy is the biggest player in soymilk market “Lactasoy is currently the No-1 brand in the local market, with a 55-per-cent share.” “We have maintained our leadership status in Thailand’s soy-milk market for 10 consecutive years, with a notable increase in sales every year This year, we expect to achieve 12-per-cent growth, which is higher than the overall market growth,” said the general sales manager of Lactasoy (RUNGFAPAISARN, 2015) b PESTEL (brief analysis) i Political situation: Unstable Many years of repeated political and coup fights have pushed the country out of traditional alliances with the United States and towards China more Stress between the new king, Maha Vajirusongkorn, the ruling military government and the political opposition.[CITATION San19 \l 1033 ] Thai politics is in a period of instability when the new presidential election takes place for a long time Although the vote ended in late March, it was not until early May that the government was established The results point to an emerging national divide among voters supporting current Prime Minister Prayuth Chan-Ocha and those who oppose military rule [ CITATION Sco19 \l 1033 ] The current situation of politics in Thailand impact negatively to the business in domestics and foreign business The new government is formed might have changes in regulations trade The business in domestics and foreign business cannot avoid this influence ii Economic situation: Political uncertainty prior to, and after, the general elections are likely leaving its mark on the economy Private consumption growth moderated noticeably in February while private investment fell in the same month, reflecting dampening domestic demand Weakening demand in Thailand is also evidenced by the marked drop in imports in February The economy is expected to grow at a moderate pace this year despite strong public spending and fixed investment growth related to infrastructure projects The economy will expand by 3.6% in 2019, unchanged from last month's forecast, and 3.6% again in 2020.[ CITATION Foc19 \l 1033 ] Consumer prices rose 0.41% in March from the previous month (February: 0.24% over the previous month) due to higher prices of food and non-alcoholic beverages; housing and interior decoration; and transportation Inflation reached 1.2% in March, up from 0.7% in February and returned to the 1.0% average 1.0% target bank Finally, basic inflation, excluding raw food and energy, was stable at 0.6% in February Thai banks witnessed inflation at 1.0% in 2019 The Focus Economics forecasting consensus members predict inflation will average 1.1% in 2019, unchanged from last month's forecast In 2020, the panelist predicted average inflation of 1.5% [ CITATION Jan19 \l 1033 ] iii Society: Thais love buying and drinking soy milk from food carts as they believe the beverage is freshly made They tend to change their eating style into healthy eating Young people in Thailand also love soy milk Thais love drink soy Milk Street Soy milk is a daily drink of Thai people Understanding the needs of Thai consumers, many companies produce and produce soy milk products that are sold in supermarkets, convenience stores Famous brands like Lactasoy, VitaMilk etc This might also the opportunity for Vina soy Vietnam entrance in Thai market iv Technology: Thailand is moving towards "ThaiLan 4.0" This requires businesses to thrive in the field of digital technology The Thai government also facilitated the start-up companies in technology Manufacturing companies such as Vina Soy must grasp the development trend of technology to apply modern machines in production and digital marketing to reach and meet customer needs, especially for customers in new markets like Thailand Using the latest technology of UHT processing methods (For example, Lactasoy has become the first manufacturer in Thailand producing U.H.T soymilk.) Joining with aseptic packaging technology from European industry (Tetra Pak) without adding others prolonged period and chemical UHT is known as the most economic method for preserving food through modern technology and retaining most of the nutrition of the product [ CITATION UHT \l 1033 ] v Legal: Regulation is created to protect and maintain the safety of food sold in the domestic market in Thailand such as Control of food importation, Food product registration, Control of food labeling, Control of nutrition labeling, The requirement of Good Manufacturing Practice Since July 24, 2003, the Ministerial Notification No 193, B.E 2543 (2000), Titled "Method of Food Manufacturing and Equipment for Manufacturing Food and Food Storage", is applied to all domestic manufacturers and foreign suppliers of 54 types of products including Soybean milk in sealed containers Any importer of the covered products must present an equivalent certificate of GMP for certain factories or plants, which manufacture those products in line with the Thai GMP Law The GMPs accepted can be any of the following: a) GMP by Thai Law; b) GMP by Codex; c) HACCP; d) ISO 9000; and e) other practice equivalent to (a)-(d) (Source: Food and Agricultural Import Regulations and Standards – Narrative Thailand) To export the products such as Soy milk the Vina Soy must follow the regulations of Thailand as some regulations have mentioned above That requires Vina Soy should have the deep prepare not only the products but also the understanding the regulations of Thailand with import products Competition analysis a Competitor Entering into Thailand market will be a huge challenge for Vinasoy Obviously, Vinasoy is a famous brand in Vietnam, however it will be a new player in the neighboring country market and face many brands that have gained the recognition of most Thai people Firstly, Lactasoy is considered the most formidable opponent of any soy milk brand, especially Vinasoy Lactasoy, based in Bangkok, Thailand; and this is one of the pioneers of this market Lactasoy soy milk was first introduced in 1981 by using U.H.T (Ultra High Temperature) treatment for the soymilk production process UHT is known as the most economical method to preserve food through advanced technology This method can retain most of the product's nutrition without adding any preservatives With this special packaging, products can be kept fresh without refrigeration for months (Lactasoy, 2018) For nearly 40 years, 10 Lactasoy has proven itself to be a leading brand in the Thai market due to their strong commitment to produce the best quality of soymilk From the early days of its launch, Lactasoy is oriented by the company to be a product focused on flavor and nutrition It is a blend of soy milk and milk powder to create the delightfully intense flavor and natural fragrance of soy beans Lactasoy company researches and creates a variety of flavors to meet the diverse tastes of customers such as original, chocolate, black sesame, low calcium sugar, milk sugar and collagen Besides, it also offers many sizes such as 125ml, 200ml, 250ml, 300ml, 500ml and liter The price of Lactasoy products is also affordable, to buy a Lactasoy Soy milk 300ml of Non-Dairy (including packs), customers only need to spend about 50 baht (about 36,000) Their products are now widely distributed to more than 35 countries around the world (Mariani, 2018) Moreover, they currently hold more than 50% market share (Rungfapaisarn, 2015) Recently it continues to gain recognition as the no brand for the third consecutive year from Marketeer magazine (Bangkokpost, 2018) It can be seen that the combination of marketing, distribution and pricing strategies have helped Lactasoy reach consumers at any gender or age for more than three decades Besides Lactasoy, Vitamilk is also a famous brand in Thailand in particular, and in Asia in general Vitamilk soy milk is a product line of Green Spot Company, one of the biggest soy milk manufacturer in Thailand In 1958, Green Spot was the first company in Thailand to produce soy milk, with the brand name Vitamilk Prachuab Tayakeepisut, director of corporate affairs, affirmed that “Health consciousness is the new megatrend, which is where we are heading” (CHUDASRI, 2017) Therefore, their main soy milk products limit the use of sugar, this special point makes consumers feel safer for their health The latest line of soy milk products launched in 2017 contains less than six grams of sugar per 100 milligrams This is a pretty wise path and gets many advantages because following a new excise tax on drinks, drinks that containing sugar level more than 10% need to pay tax at a progressive rate (CHUDASRI, 2017) Another advantage for the Green Spot is that they have just partnered with DHL supply chain in 2018, this is the global market leader for contract logistics solutions Being a partner with DHL, Vitamilk will benefit from the network efficiency Moreover, they have spent four billion baht to buy a new plant to produce healthy drink products After the event they also expressed their ambition to achieve a leading position in the soy milk production industry not only in Thailand but also in Asia and Africa 10 11 b Competitive advantage With over 22 years of experience in the field of soy milk production, Vinasoy is now considered the leading producer in Vietnam By the end of September 2018, Vinasoy had maintained its market share at 84.5% (Tuc, 2018) and it is also among the world's top soy milk manufacturers (Vinasoycorp, 2015) Obviously, this is a good beginning for Vinasoy because they already have a certain popularity level in the neighboring countries market in particular and the world in general It can be said that Vinasoy is the company with the least product labels compared to other competitors in the market such as Lactasoy and Vitamilk Unlike other competitors who have made soy milk products with flavor, Vinasoy only focuses on making natural soy milk or if flavored with it, it still uses the traditional cereal flavor of soy milk Black sesame is an example However, more and more, the strategy of concentrating on natural soy milk has been strictly implemented by Vinasoy This is clearly shown in their slogan “Only soybeans, exclusively for you” (Brandsvietnam, 2014) So, the highlight that Vinasoy can rely on to compete with rivals is to show its commitment to giving customers the best health and the most delicious flavor from natural soy beans In addition, with the use of modern technology imported from Sweden provided by Tetra Park, the company can improve product quality, reduce costs and lower costs This can be seen as Vinasoy's advantages compared to its competitors, if it is possible to make good use of these advantages and have appropriate marketing strategies, Vinasoy will stand firm in Thailand market Reasons for selection a Consumer behavior In Thailand, soy milk is part of the local street food and breakfast culture This, in turn, means that many Thai people love to drink soy milk instead It is famous drink in the morning and evening From this, we want to change Thai customer’s behavior about drinking soya milk habit, using paper bags instead of plastic bags in order to protecting their health and the environment 11 12 b Consumption This bar chart shows the market value by category, including soy desserts, soy drinks, and soy milk & cream, of soy products from 2008 to 2018 Regarding to soy milk & cream category, the amount of soy milk consumption in Thailand increased gradually from 170 ADU m to 190 ADU m during this period As a result, Thailand would be a potential market for soya milk product – Vinasoy milk STP analysis Segmentation (based on Segmentation bases) Demographic Segmentation: Age:  children who are more than 1-year-old  teenager  adult  old people Gender: Female and male, others Income: low- and middle-income household 12 13 Geodemographic Segmentation: Current dietary trend in Thailand is strongly focused on plant-based and personalized products The reason for this is the increasing health awareness of many consumers, along with an increase in veganism Segmenting Green Consumer: Organic eaters: Four in five (79%) Thais consumers would like to have a healthier diet in 2018-with interest in plant-bases diets in the rise 90% said they plan to eat fruit or vegetables, 53% said they were looking to reduce their meat intake and 45% said they were thinking of following a plant-based, vegetarian diet 13 14 Psychographic Segmentation Thai people drink fresh milk twice as much as Vietnamese Average milk consumption of a Thai household is about 13 liters / month, while that figure in Vietnam is only about liters Soy milk (Nam Tao Hoo) is a staple Thai daily breakfast and night snack Sometimes after waking up, we just want a warm healthy drink that is light and tasty It’s also popular to have Nam Tao Hoo in the evening or at night after a meal Soy milk can be found at local markets or on the streets Cost: 5-10 baht Benefit segmentation  Affordable price, high quality  Packaging: using technologies from EU industry (TetraPak) without adding others prolonged period and chemical  UHT is known as the most economic method for preserving food through modern technology and retaining most of the nutrition of the products User rate segmentation 14  Heavy users: male and female from 30-50 years-old  Medium users: old people  Light users: teenager and children 15  Non users: infant Targeting The targeted customers of Vinasoy are low- and middle-income family, in which people have high health consciousness Adult aged 30-50 are the working-age population; they are very busy and might want a convenient product that can provide enough nutrients They also start to concern about their health and the quality of the food they ate They might want to choose a product that high in fat, rich in protein and low cholesterol to prevent them from diseases such as cancer, heart disease, obesity Soy Milk can be considered as the best choice Positioning i Positioning concept: To a discerning consumer group who are busy and might want a convenient product that can provide enough nutrients, Vinasoy is known as a Vietnamese leader in soy-based nutritional products that will enable the community at large to enjoy a higher quality of life, with meaning and prosperity 15 16 ii 16 Perceptual map: 17 III Consumer behavior analysis Hofstede: Five dimensions of National culture Key psychological determinants a Motivation b Perception c Learning d Attitude and Habit formation The consumer buying process (5 steps) IV Plan for launching Marketing strategy Advertising campaigns a Messages and Tones b Choices of media Other communication tools (Ex: Personal selling, Sponsorship for particular programs, Exhibition 17 18 References BẬT MÍ LÝ DO “PHÁI ĐẸP” DÙNG ĐẬU NÀNH MỖI NGÀY (n.d.) Retrieved from Vinasoy: http://www.vinasoycorp.vn/chuyen-gia/bat-mi-5-ly-do-phai-dep-dung-daunanh-moi-ngay Christensen, S (2019) Brookings Retrieved from Thailand’s election has redrawn the political landscape: https://www.brookings.edu/blog/order-from-chaos/2019/04/04/thailandselection-has-redrawn-the-political-landscape/ Economist, J L ( 2019) Thailand: Inflation returns to target in March Retrieved from Focuseconomics: https://www.focuseconomics.com/countries/thailand/news/inflation/inflation-returns-to-target-in-march Focuseconomics (2019) Thailand Economic Growth Retrieved from Focuseconomics: https://www.focus-economics.com/countries/thailand H.Linh (2015, October 11) Thị trường sữa đậu nành: Đại gia đấu bà nội trợ, quán cóc Retrieved from Zing News: https://news.zing.vn/thi-truong-sua-dau-nanh-dai-gia-dau-banoi-tro-quan-coc-post588171.html Hào, M (2015, October 15) Thị trường sữa đậu nành: Thêm "tay chơi" Retrieved from Doanh nhân Sài Gòn: https://doanhnhansaigon.vn/chuyen-lam-an/thi-truong-sua-daunanh-them-tay-choi-moi-1065968.html KONGRUT, A (2014, September 23) Got soy milk Retrieved from Bangkok Post: https://www.bangkokpost.com/lifestyle/interview/433736/got-soy-milk Santander (2019) HAILAND: ECONOMIC AND POLITICAL OUTLINE Retrieved from https://en.portal.santandertrade.com/analyse-markets/thailand/economic-political-outline Uống sữa đậu nành Fami nguyên chất, Fami Canxi, Fami Kid Socola, Vinasoy nguyên chất, Vinasoy mè đen & Soymen trả tiền tặng quà cho người tiêu dùng mua sữa đậu nành Fami nguyên chất / Fami Canxi/Fami kid (n.d.) 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