tiểu luận CTCP sữa việt nam (vinamilk) VINAMILK YOGURT MARKETING PLAN 2019

Vinamilk Overview • The Viet Nam Dairy Products Joint Stock Company Vinamilk is the country's largest private enterprise in Vietnam.. Product and Distribution • Vinamilk has more than

Hoang Khanh Huyen

Nguyen Thi Thu Van

Nguyen Hoang Truong

Ngo Duy Hieu

Class: INS3042

1 Vietnam yogurt market overview _ 7

2 Products 7

3 Competitive analysis 7

4 Macro-environment: _ 8CURRENT MARKETING STRATEGY & MARKETING MIX 12

1 Marketing Strategy: _ 12

2 Marketing mix (4Ps) 12

3 Projected marketing budget: _ 15

4 Controlling: _ 17SWOT ANALYSIS 19

1 Strength: _ 19

2 Weakness: _ 19

3 Opportunities: _ 19

4 Threats: _ 19OBJECTIVES _ 20

CONCLUSION _ 21

REFERENCE 22

WORKING DISTRIBUTION TABLE 23

Auditor’s Report _ 23EVALUATION OF TEACHER _ 24

EXECUTIVE SUMMARY

T

Thhhiiiiissss mmmaaarrrrrkkkkeetttttiiiiine ngngg ppplllllaaannn wwwiiiiillllllllll aaannanaa lllllyyyyzzezee sssseeevvveee rrrrraaalllll pppaaa rrrrrtttttssss oofffff Vo VV iiiiinnnaaa mmmiiiiilllllkkkk YYYoogoguguu rrrrrttttt,,,,, wwwhhhiiiiicccc hhh iiiiissss ttttthhheee m

mooosssttttt pppoooppupuulllllaaarrrrr aaa nndndd ssssuuu cccccceesess ssfffffus uulllll yyyyoooggguuu rrrrrttttt bbb rrrrraaanndnd iiiiind nn ttttthhh ee Ve VViiiiieee tttttnnnaaa mmm mmmaaarrrrrkkkkeettttt Te ThThheee

iiiiinnnvvvee sesstttttiiiiiggagaatttttiiiiioonon fffffon oocccuuu ssseeesss ooo nn an aannn aaalllllyyyyzzziiiiinnnggg ttttthhheee yyyyoooggugu rrrrrttttt mu mmaaa rrrrrkkkkeettttt,,,,, iiiiine nn cccllllluuuddiiiiind n gngg ttttthhehee ooovvv eeerrrrrvvvviiiiieee www,,,,,

p

prrrrroododd uucuccttttt,,,,, ccccooommmpppeee tttttiiiiitttttooo rrrrrssss aaannn ddd ttttthhehee mmmaaacc rrrrroc o -eo eennn vvviiiiirrrrrooonnn mmmeenennttttt BBBeee sssiiiiidddeeess,,,,, ttttths hheee rrrrreeessseeeaa rrrrrcca cchh h

fffffiiiiiggguu rrrrreu eess os oouuu ttttt ttttthhheee ccccuu rrrrrrrrrreu eennnttttt mmmaaarrrrrkkkkeee tttttiiiiinnnggg sssstttttrrrrraa tttttea egegygyy ,,,,, mmmaa rrrrrkka kkeetttttiiiiine nngg mg mmiiiiixxxx aaann dndd SS WSWOWOTOTT aaannnaaa lllllyyyysss iiiiissss a

ass ws weweellllllllll FFrrrrroF oommm ttttthhheee iiiiinnfffffon oo rrrrrmmmaaatttttiiiiiooonnn rrrrreeesseseeaaa rrrrrcccchhheeeddd ,,,,, aaann on offffffffffiiiiicco cciiiiiaaalllll aa nanndd ssd ssppp eeeccciiiiifffffiiiiicccc mmmaa rrrrrkka kkeee tttttiiiiinngng g

p

plllllaaann fffffon orrrrr Vo ViiiiinV nnaaa mmmiiiiilllllkkkk YYYooogguguu rrrrrttttt ddduuu rrrrriiiiinnnggg 222000111 999 wwwiiiiillllllllll bbbeee dddeeevvvee llllloe oopppee dedd

INTRODUCTION

1 Vinamilk Overview

• The Viet Nam Dairy Products Joint Stock Company (Vinamilk) is the country's largest private enterprise in Vietnam The company was founded in 1976 For more than 40 years of development, Vinamilk has been contributing to the development of the

Vietnam economy and dairy industry as well

2 Product and Distribution

• Vinamilk has more than 20 brands and 200 products including liquid milk, yogurt, infant cereal, powdered milk, condensed milk, ice cream, beverages, cheese and soymilk So far, Vinamilk has 251.000 retail outlets, more than 200 distributors across the country Besides, it is exported to 53 countries in the world (2019’s report)

• Vinamilk yogurt is a dairy product produced by bacterial fermentation of milk Recently,

it has 6 yogurt brands with nearly 30 kinds of yogurt and different flavors

3 Vision Statement

4 Mission Statement

“To become a world grade brand in food and beverage industry,

where people put all their trust in nutrient and health products”

“To deliver the valuable nutrition to ccommunity with our respect, love and responsibility”

5 Core Value

Vinamilk focuses on 5 values:

• Integrity: Integrity and transparency in actions and transactions

• Respect: To have self-respect, to respect colleagues Respect the Company and

partners

• Ethics: Respect established ethical standards and act accordingly

• Fairness: To be fair with employees, customers, suppliers and other parties

• Compliance: To comply with legal regulation, the Company Code of Conduct, and

the Company’s procedures and policies

6 Revenue

• At the end of 2019, Vinamilk’s revenue reached VND 56.400 billion Profit before tax was VND 12.796 billion Profit after tax was VND 10.554 billion

SITUATION ANALYSIS

1 Vietnam yogurt market overview

a Demand of growth potentDemand of growth potential ial

According to Euromonitor International, sales of yogurt in 2009 the total market in Vietnam increased by 11% compared with 2008, reaching 2.000 billion However, until

2010, yogurt products sales reached 3,300 billion VND, 2012 was 5,737 billion VND and this figure is estimated at 12 465 billion VND in 2013 Accordingly, the rate of annual compound growth (CAGR) in sales is over 31%, 14% own production

According to the VP Bank Securities Company, yogurt is quite a potential item, with strong growth of 30% compared to other milk products The rate of using yogurt is higher than milk in some countries recently In France, it is 80:20; Singapore and Thailand are 70:30 to 50:50, Vietnam is about 50:50

b Yogurt market structure

In general, yogurt is very diverse and has many kinds In 2009, the analysis report

showed that sales of Vinamilk yogurt scale 60% industry wide sales to 105.3 million This growth is not small Nowadays, Vinamilk holds 84% of the domestic market for yogurt, 16% held by other brands such as TH true milk, Ba Vi, Moc Chau, etc

2 Products

Vinamilk Yogurt has diverse kinds of yogurt with many flavors Firstly, the original yogurt of vinamilk such as Vinamilk Yogurt (Sweetened, Low sugar or no sugar), Vinamilk 100% Fresh Milk yogurt The drinking yogurt Vinamilk Probi (Sweetened, less sugar), Vinamilk Probi Melon Favor, Strawberry Flavor, eating yogurt Vinamilk Probi mixed fruit flavor, strawberry flavor Vinamilk aloe vera yogurt, Vinamilk pomegranate yogurt Vinamilk Probeauty

3 Competitive analysis

Vietnam yogurt market is the potential market, so there are many new yogurt enterprises willing

to enter this dynamic market This is also an important factor that can impact on market share

as well as competitiveness of Vinamilk yogurt

Currently, Viet Nam yogurt market has many different kinds of products and a lot of yogurt companies such as: TH True Milk, Moc Chau, Dalat Milk, Love In Farm, etc., in which Vinamilk

‘s the strongest competitor having main market share is TH True Milk

a Strategies of TH True Milk:Strategies of TH True Milk:

TH True Milk is the leading company for producing yogurt in Viet Nam In 2019, TH True Milk gained an impressive growth rate 8% market share after 3 years appearing in the market

Development strategies:

• Development products for heath

• Finding the way to apply normal international practices consistently with corporation management

• Implementing financial actions carefully, being aware that risk management, assets safekeeping and liquid maintenance are necessary to the company’s success

• Developing and launching product marketing campaigns to meet customers’ demand, building the company’s reputation for competitive price, constant quality, great service

as well as new product and service development

• Investing in human resource, developing the ability of employees and giving them the opportunities to be shared in the company’s general prosperousness

• Respecting standards about food and environment safety

b Strengths and weaknesses of TH True MilkStrengths and weaknesses of TH True Milk

• Strengths

- Being the new product, the new experiences with consumers

- Owning the most modern yogurt processing equipment and technologies

- Distribution systems are wide in the whole country

- Having loyal customers

- Strong marketing in social media, TV…

• Weaknesses

- Market share is much lower than Vinamilk

- Brand is not common with consumers

- Price for production higher

- The product is not diversified

4 Macro-environment:

“There are many factors in the macro-environment that will affect the decisions of the managers

of any organization Tax changes, new laws, trade barriers, demographic change and government policy changes are all examples of macro change To analyze these factors, managers can use the PESTEL model.’’ (Gillespie, 2007) Macro-environment has a large

influence on the growth of a company It brings both opportunities and challenges for a company It is very important for Vinamilk and other companies to analyze macro

environment before implementing manufacture and business activities in order to seek profits Analysis below will conduct macro-environment factors having impact on Vinamilk development

According to Vietnam General Statistics Office, average core inflation in the first quarter

of 2019 increased by 1.83% over the same period last year

Vietnam - Inflation Data

In 2019, consumption growth rate was positive but low, reaching 2.1 - 3.9% compared

to 2018, only equivalent to the consumer price index (CPI) Among the FMCG products, dairy products (accounting for 13% of total FMCG sales volume) is one of the categories with poor growth

Source: The World Bank.data The gross domestic product (GDP) growth rate in 2019 of Vietnam was at a high level

in the last 5 years (7.017%); decreased by 0.059% compared to the last year because

of COVID-19 The GDP growth rate of later quarter in 2019 was always higher than the former quarters

Source: statista.com

In the current economy and yogurt market of Vietnam, Vinamilk has lots of opportunities

to develop their brand, along with it, they also have some difficulties and challenges in development business activities

b Legal/Political:

Creating a business environment whether good or not depends on law factors and the administration of the state The enactment of the legal system having quality and put into life is the first condition to ensure a fair business environment, promoting businesses

in the healthy industry’s competition

Vietnam's political and law system is stable Vietnam has many incentive policies to attract foreign investors to create favorable conditions for capital and technology to help the yogurt industry open wide production Besides, administrative procedures cumbersome being less improvement is a significant factor hindering foreign investors

c Social/Cultural:

National Institute of Nutrition has shown a yoghurt 250gr box contains 370mg calcium

to (compared to 300 mg of calcium in 250ml milk) In addition, the amount of vitamin D available in yogurt helps your body absorb calcium more easily Especially for children, yogurt can make them taller Just create a habit of eating yogurt every day for 2-3 adults

in order to be healthy That would make people tend to buy yogurt more and more Yogurt becomes the beverage popular with Vietnamese families

d Technology:

Technology factors are a very important competition, new technology will create new products with higher quality Modern technology will enable faster production processes, save raw materials, reduce costs and still ensure quality assurance Modern technology helps employees to perform operations quickly and promote productivity Goods were made abundantly appropriate to customers' needs

In order to have the best quality products and reasonable prices, Vinamilk always tries

to reduce production costs, lower costs and bring to market products that fit customer needs To do that, Vinamilk has used the best technology to create quality products

CURRENT MARKETING STRATEGY &

2 Marketing mix (4Ps)

a Product:

• Product diversification:

o Vinamilk has 6 yogurt brands with approximately 30 products and flavors

Meanwhile, TH True Milk now has 6 brands and about 20 products

o Always keep researching to provide new product launching the market • Product

quality:

o Vinamilk commits to bring customers the nutrition solution with international

standards, meeting the needs of consumers with delicious and nutritious products and leading favorite brands in the market Vinamilk yogurt always brings the best quality to satisfy customers

o Vinamilk has been ranked in Top 10 Vietnamese High Quality Product since 1995

• Branding:

o Vinamilk is one of the most popular brands in Vietnam market

• Packaging:

o Vinamilk always pays more attention to their packaging

o Design attractive cover to catch customer’s eye

o Cooperate with 2 packaging company from Sweden and Germany to provide quality packaging for every product

high-• Product support services:

o Customer service department is always willing to support and answer customer

problems, provide nutritional advice about products

b Place:

• Product diversification:

o Vinamilk has 6 yogurt brands with approximately 30 products and flavors

Meanwhile, TH True Milk now has 6 brands and about 20 products

o Always keep researching to provide new product launching the market

• Product quality:

o Vinamilk commits to bring customers the nutrition solution with international

standards, meeting the needs of consumers with delicious and nutritious products and leading favorite brands in the market Vinamilk yogurt always brings the best quality to satisfy customers

o Vinamilk has been ranked in Top 10 Vietnamese High Quality Product since 1995

o Design attractive cover to catch customer’s eye

o Cooperate with 2 packaging company from Sweden and Germany to provide quality packaging for every product

high-• Product support services:

o Customer service department is always willing to support and answer customer

problems, provide nutritional advice about products

c Price:

• Price is an important element in marketing mix, it reflects the quality of products as well as the companies’ revenue Vinamilk yogurt’s average price is not too high

compared to the domestic market

• Vinamilk yogurt price is shown on the following table (compared with TH True Milk Yogurt)

Vinamilk Yogurt TH True Milk Yogurt

Normal Yogurt VND 20,400/4jars - VND 22,000/4 jars

Drinking yogurt (180ml) VND 26,000/4products - VND 30,000/4products

• There are some factors that impacts on Vinamilk yogurt price:

o Customer valued-based cost

o Cost-based pricing: costs of producing, selling, distributing, etc o Competition-based pricing

• Some policies that Vinamilk applied to their products (including yogurt): o Keep the price but higher quality