Marketing Plan For New Product Vinasoy Collagen of Vinasoy Company in July 1 2021 - JUNE 30 2022 [PDF]

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MINISTRY OF FINANCE UNIVERSITY OF FINANCE - MARKETING

Class: CLC_19DMA01

MARKETING PLAN FOR NEW PRODUCT VINASOY COLLAGEN OF VINASOY COMPANY IN JULY 1st 2021 – JUNE 30th 2022

Subject: MARKETING MANAGEMENT Lecturer: Mr. Dang Huynh Phuong Group Member: Diep Vo Anh Thu Nguyen Hong Thao Doan Dieu Thao Tien

Ho Chi Minh City, July 2021

MINISTRY OF FINANCE UNIVERSITY OF FINANCE - MARKETING

Class: CLC_19DMA01

MARKETING PLAN FOR NEW PRODUCT VINASOY COLLAGEN OF VINASOY COMPANY IN JULY 1st 2021 – JUNE 30th 2022

Lecturer: Mr. Dang Huynh Phuong

No.

STUDENT NAME

STUDENT ID

1

Diệp Võ Anh Thư

1921001343

2

Nguyễn Hồng Thảo

1921001341

3

Đoàn Diệu Thảo Tiên

1921001329

Ho Chi Minh City, July 2021

TABLE OF CONTENTS EXECUTIVE SUMMARY ................................................................................... 1 I. Introduction..................................................................................................... 2 II. Situation Analysis .......................................................................................... 2 2.1. Macro & Micro Environment ......................................................................................... 3 2.1.1. Macro Environment ................................................................................................. 3 2.2.2. Micro Environment .................................................................................................. 4 2.2. Competition (Porter’s 5 Forces) ..................................................................................... 4 2.3. Marketing Research ........................................................................................................ 5 2.4. SWOT ............................................................................................................................. 5

III. STP Strategy................................................................................................. 6 3.1. Segmentation .................................................................................................................. 6 3.2. Targeting ......................................................................................................................... 8 3.2.1. Choose segment ....................................................................................................... 8 3.2.2. Targeted ................................................................................................................... 8 3.3. Positioning ...................................................................................................................... 8

IV. Marketing Mix Strategies ........................................................................... 9 MARKETING OBJECTIVE ................................................................................... 9 4.1. Product Strategy ........................................................................................................... 10 4.1.1. Quality.................................................................................................................... 10 4.1.2. Features ................................................................................................................. 10 4.1.3. Branding ................................................................................................................ 10 4.1.4. Packaging .............................................................................................................. 10 4.1.5. Labelling ................................................................................................................ 11 4.1.6. Product Supporting Service ................................................................................... 11 PRODUCT STRATEGY ....................................................................................... 11 5.2 Pricing strategy .............................................................................................................. 11 5.3. Distribution Strategy..................................................................................................... 12 5.4. Promotion strategy ........................................................................................................ 13 5.4.1. Communication Objective ...................................................................................... 13 5.4.2 Main Strategy .......................................................................................................... 13

V. Action Plan ................................................................................................... 16 5.1. Action plan ................................................................................................................... 16 5.2. Time line ....................................................................................................................... 17

VI. Conclusion .................................................................................................. 19 6.1. Control .......................................................................................................................... 19 6.2. Conclusion .................................................................................................................... 19

List of References & Originality ..................................................................... 19 Appendix ........................................................................................................... 19

EXECUTIVE SUMMARY We have developed a marketing plan that will help Vinasoy maintain the leading position and rapidly expand our market share in the soy milk industry. We keep up with the trend of people's health concerns, especially women's health and beauty needs. Therefore, we launch a new Vinasoy product line by adding Collagen_an extremely important protein of the human body. Vinasoy not only promptly meets people's needs but also attracts more new customers who are female aged 18-40. We will initially update the new product information about “Vinasoy Collagen” on the company's website. The direct method of communication is to use mass advertising such as television, social media (content video, KOL-Community Group). To cover the market, we has a broad distribution strategy. This project will start with a description of Vinasoy, then conduct a company-specific situation analysis. After analyzing the STP to determine the target market and position, we plan marketing strategies for new products with a clear budget. We outline the marketing activities for a year and then complete up the project.

I. Introduction - In 1997, a milk production facility was inaugurated under the auspices of the Quang Ngai Sugar Company _ the Spring Factory. The company's core products at the time were pasteurized milk, yogurt and ice cream. Managing a production facility ‘green behind the ears’, we had to contend with a multitude of challenges, chief among them the pressures of competing with established producers and foreign-imported brands. - On 16 May 2005, the Spring Factory was officially reintroduced as the Vinasoy production facility. That was the first step in our journey to becoming the leader in the Vietnamese soy-based food and beverage industry. - The greatest success has been the market’s true embrace of the Fami brand, evidenced by market dominance of about 80% for soy-based boxed drinks. ▪ Core value With Vinasoy's dedication, we work tirelessly to produce nutritious food and drink products from carefully selected natural soy ingredients. ▪ Mission statement We resolve to continuously research and refine production of nutritional soy-based foods and drinks to provide the best quality for a discerning consumer group. This will enable not only ourselves and our partners but also the community at large to enjoy a higher quality of life, with meaning and prosperity.

II. Situation Analysis

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2.1. Macro & Micro Environment 2.1.1. Macro Environment • Demographic Environment About 15,532,044 people out of the total population of about 97,338,582 people in Vietnam in 2020. The female population 18-40 years old accounts for about 15% of the total population. → Huge market potential, large customers → Businesses easily make profits. • Economic Environment - According to The Vietnam Business Council For Sustainable Development (VBCSD), GDP growth rate of 6-8%/year, per capita income increased by 14.2%/year, combined with the trend of improving health and reach the size of the Vietnamese people makes the demand for dairy products always keep a high growth rate. - Vietnam's dairy industry grew by 2% in general and 4.3% in the soy milk industry in particular. → The target market has a lot of potential. Willing to spend money to invest in essentials to supplement nutrients for the body, especially beauty and rejuvenation. • Technological Environment - Research and development of techonology for businesses in the 4.0 industry era are promoted rapidly. - Many enterprises in the milk industry constantly invest in modern equipment, update advanced technology to produce quality products, competitive in domestic and foreign markets, meeting the increasing demands of consumers. - Most dairy factories are invested with a complete and modern scale according to international standards such as ISO, HACCP,… Synchronous equipment lines, advanced technology is imported from countries with developed dairy industry such as Sweden, Denmark, Germany, Italy, Switzerland. → Create unlimited innovation opportunities for the dairy industry in general and nutritional supplements for women in particular. • Political Legal Environment - Vietnam currently has a stable political background. - The government has well-implemented security - investment - economic policies... - Vietnam has a Ministry of Industry and Trade to protect the interests of sellers and consumers in the Vietnamese commercial market. → The country is stable, the internal peace of Vietnam creates an opportunity for businesses.

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• Social-Cultural Environment - Vietnamese people are increasingly improving and developing towards modernization, acquiring education, learning new cultures, and trending. - In particular, women aged 18-40 are very interested in their own health and beauty, so the need to learn about cosmetics, functional foods, and beauty nutrients is very high. → Strong development potential of the soy milk industry in Vietnam. Therefore, Vinasoy Collagen milk will respond very well to the tastes of current consumers. 2.2.2. Micro Environment • Suppliers Vinasoy buys soybeans mainly from suppliers in the Central Highlands, specifically Dak Nong is the main raw material area. • Customers - Customers are intermediate consumers including distributors, wholesalers, retailers, agents of the company and supermarket systems across the country which are Vinasoy's main customers (accounting for 90% of total revenue). - Customers are the final consumers only account for 10% of the company's revenue. • Publics Vinasoy actively participates in community activities, sponsoring Game Shows on television such as "School Milk", "Beyond Yourself",... 2.2. Competition (Porter’s 5 Forces) • Threat of intense segment rivalry: HIGH - There are too many domestic and foreign competitors such as Vinamilk, Nutifood, HomeSoy, Soy Secretz, Lactasoy,... Product quality and price are relatively equal, so the competition is quite fierce. - Currently, Vietnam is the third largest consumer of soy milk in the world (source AC Nielsen Vietnam). The soy milk industry is rapidly growing. - Investing in soy milk production lines like Vinasoy requires a lot of time, costs and is difficult to switch to other industries, so the exit barriers increase. • Threat of new entrants: HIGH The investment environment is open, and the growth rate of soy milk production is relatively high. Some companies are completely capable of entering the industry such as Nestle Vietnam, CocaCola Vietnam, Duch Lady,... Even they have strength in finance, distribution channels, experience in management and marketing, etc. • Threat of substitute products: NOT HIGH (MODERATE)

4

In fact, all kinds of soft drinks, functional drinks, cow's milk… can be substitutes for soy milk and vice versa. However, soy milk is a traditional Asian drink and the foundation of a functional drink that meets nutritional requirements, so it still has its own place in the market. • Threat of suppliers’ growing bargaining power: LOW - Vinasoy provides seeds, supports farming techniques and consumes all quality products at competitive prices, ensuring the benefits of farmers in developing material areas in four regions of VietNam. Therefore, the risk of raising prices from suppliers of soybean is almost nonexistent. - Vinasoy is a member of Quang Ngai Sugar Joint Stock Company, helping the company to be proactive and flexible in purchasing sugar at a reasonable cost. - Tetra Park is the only packaging supplier, as well as a partner providing technology equipment and packaging design for Vinasoy. However, with TetraPark's long-standing reputation and vision, they are committed to not exerting strong pressure from supplying their packaging to Vinasoy. • Threat of buyers’ growing bargaining power: HIGH - Intermediate customers: large order size, high turnover, high value orders, they buy products mainly to make a profit, they are very knowledgeable about the current soy milk market. Therefore, they can exert strong price pressure on Vinasoy. - Direct consumers: The variety of brands gives consumers many options to choose from. Due to a lack of brand loyalty, consumers may easily switch other brands. 2.3. Marketing Research We conducted a small online survey with 150 women aged 18-40 years old. The survey "Research on factors affecting the decision to choose Vinasoy Collagen" (got the following result: - 76.6% of people know about Vinasoy with 34.1% of people using Vinasoy products. - 97.4% of people think that Collagen is very important for the body. In which, 33.8% of people are using products to supplement Collagen for the body. - 68.2% of people are interested in the combination of soy and Collagen, 43.7% of people thinking that they will help take care of the beauty from deep inside and outside. - 84.4% replied that they will try Vinasoy Collagen when it is launched. 2.4. SWOT STRENGTHS

WEAKNESSES

- Strong branding and setup experience. - Vinasoy has never created a collagen With 15 years of experience in the soy product, therefore, the company needs milk market. Vinasoy soy milk market 5

share, reaching 85.8% in 2020. Vinasoy time and resources to develop this kind of officially successfully exported the brand product. to China and Japan markets. - The same segment as Vinasoy's existing - Modern technology. In top 5 largest soy products. milk factories in the world and Vinasoy Soybean Research, Application Center is the first and only centermost in Vietnam, the TBA 22 and TBA 23 filling machine lines with a capacity of 20-24 thousand boxes / hour. - Vinasoy has an enthusiastic human resource as well as the courage to learn and change. OPPORTUNITIES

THREATS

- Nowadays, consumers pay much - Must compete directly with competitors' attention to health and choose healthy products and segmentation. products. - The covid-19 epidemic restricts - Consumption of soy milk has increased consumers from purchasing products, over the years. reducing the output consumed. Figure 2.1: SWOT Analysis Model of Vinasoy

III. STP Strategy

Demographic

Segmentation

3.1. Segmentation

Student

Office Worker

-Female -Age: 18-22 -Income: < 5 millions dong. -Education: 12/12, Not graduated

- Female
 - Age: 23-35 -Income: > 7 millions dong. -Having job, stable income

Single

- Female - Age: 20-30 - Income: > 5 millions dong. - Education: studying university / Having job, stable income

6

Middle-age

- Female
 - Age: 35-40 - Income: >15 millions dong. - Having job, stable income

Housewife

- Female
 - Age: 24-40 - Income: