Building brand equity for hacomy a case study on an art manufacturer in vietnam

Microsoft Word F69703117 doc MEIHO UNIVERSITY Graduate Institute of Business and Management MASTERS THESIS Building Brand Equity for Hacomy A Case Study on an Art Manufacturer in Vietnam In partial fulfillment of the requirements for the degree of Masters of Business Administration Advisor Dr Wei Shuo Lo Co advisor Dr Pham Xuan Giang Graduate Student Vo Thanh Sang December, 2010 I ACKNOWLEDGMENTS First, I want to say the deepest grateful for my mother who has helped and encouraged me very much i.

MEIHO UNIVERSITY

Graduate Institute of Business and Management

MASTERS THESIS

Building Brand Equity for Hacomy A Case Study on an Art Manufacturer in Vietnam

In partial fulfillment of the requirements for the degree of

Masters of Business Administration

Advisor: Dr Wei-Shuo Lo Co-advisor: Dr Pham Xuan Giang Graduate Student: Vo Thanh Sang

December, 2010

I

ACKNOWLEDGMENTS

First, I want to say the deepest grateful for my mother who has helped and encouraged me very much in the process participating course and completed the master thesis

Secondly, let me say to sincerely thank to Dr Wei-Shuo Lo, Dr Pham-Xuan Giang and other professors of Meiho University and HUI have dedicatedly guided, helped and encouraged me throughout the selection process, and completed research on master thesis

Sincerely thank the director who is leader at departments of HACOMY Company and customers have also helped me to complete the interview

Please thank the leader library of Meiho University and HUI, friends, and colleagues they have helped, encouraged and provided a lot of very useful documents in the studying and researching process to complete my dissertation

Please thank students of Taiwan’s EMBA class in Meiho University have supported us very much in the process participating in course

II

Building Brand Equity for Hacomy A Case Study

on an Art Manufacturer in Vietnam

ABSTRACT

The 21st century is considered the competition century between economies Especially, compete between firms more and more fiercely Many companies say that they have a strong brand, but in reality what they have is a name of goods That could also be a name table of the company was hang front gate firm, or a sheet of paper printed

on the product The name becomes a brand when consumers identify the product as property, tangible benefits, intangible benefits that it brings to customers When the awareness customers are more and more, they are ready to pay high prices for using the product

As competition in the business sector increasingly fierce to see the importance of marketing in general speaking construction brand activities and promote the brand in speaking particular This is also the most important objectives of sustainable development strategies of the company Hacomy in the current period

In the fiercely competitive environment like this, the strong firm will be the winner in the race for market share Want to become winner, firm needs to implement many measures to improve their competitiveness to survive One of the most important solutions is building brand equity for Hacomy firm to sustainable development

Keywords: Brand Equity, Brand Knowledge Structure, Brand Element Choice Criteria,

Brand Element Options and Tactics, Case Study

III

Building Brand Equity for Hacomy A Case Study

on an Art Manufacturer in Vietnam

Contents

ACKNOWLEDGMENTS I ABSTRACT II Contents III Tables V Figures VI

Chapter1 Introduction 1

1.1 Background 1

1.2 Research Motive 2

1.3 Research Purpose 2

1.4 Research Method 2

Chapter 2 Literature Review 3

2.1 Brand Overview 3

2.1.1 What is brand? 3

2.1.2 Brands versus products 3

2.2 Brand Equity 4

2.3 Brand Knowledge Structure 5

2.3.1 Brand awareness 6

2.3.2 Brand image 6

2.3.3 Determining the desired brand knowledge structures 6

2.4 Brand Element Choice Criteria 7

2.4.1 Memorability 7

2.4.2 Meaningfulness 7

2.4.3 Transferability 8

2.4.4 Adaptability 8

2.4.5 Protectability 8

2.5 Brand Element Options and Tactics 9

2.5.1 Protectability 9

2.5.2 Logos and symbols 9

2.5.3 Characters 10

IV

2.5.4 Slogans 10

2.5.5 Jingles 10

2.5.6 Packaging 11

2.6 How to build Brand Equity 12

2.6.1 Brand vision 12

2.6.2 Brand strategy 13

2.6.3 Brand identity system 13

Chapter 3 Research Methodology 14

3.1 The Case Company 14

3.1.1 Naming 14

3.1.2 Logo and symbol 14

3.1.3 Branding activities 14

3.2 Research Design 14

3.2.1 Research framework 14

3.2.2 Descriptive methodology 16

3.3 Data Collection 16

3.3.1 Questionnaire internal information 16

3.3.2 Questionnaire external information 18

Chapter 4 Research Results and Analysis 21

4.1 Results analysis 21

4.1.1 Overview of business environment 21

4.1.2 Analysis internal information company 21

4.1.3 Analysis external information 24

4.2 Branding Plan 26

4.2.1 Vision brand 26

4.2.2 Brand strategy 26

4.2.3 Brand identity system 27

4.2.4 Plan to build and promote brand 28

Chapter 5 Conclusions, Recommendations and Limitations 31

5.1 Conclusion 31

5.2 Recommendations 31

5.2.1 Human resources 31

5.2.2 Management 32

5.2.3 Marketing 32

V

5.3 Limitations and Future Research 32 References 34 Attachment 35

V

Tables

Table 4-1 Implementation Progress 29

VI

Figures

Figure 2-1 Branding Process 12

Figure 3-1 Research Framework 15

Figure 4-1 Market Share Chart1 21

Figure 4-2 Market Share Chart 2 22

Figure 4-3 Brand Positioning Diagram 25

Figure 4-4 Positioning Map 27

1

Building Brand Equity for Hacomy A Case Study on an Art Manufacturer in

Vietnam Chapter1 Introduction

1.1 Background

The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers

Therefore it makes sense to understand that branding is not about getting our company target market to choose us over the competition, but it is about getting our prospects to see us as the only one that provides a solution to their problem

More and more firms have come to the realization that one of their most valuable assets is the brand names associated with their products or services Despite this recognition, relatively little attention has been paid to the subject of branding in management firms Particular emphasis is place on understanding psychologicaly principles at the customers or consumer level so as to improve managerial decision making with respect to brands

Moreover, when brand equity became the hot topic of late 1980s, it may have seemed like another managerment fad that would last only a few years Instead, however, one industry after another has discovered that brand awareness, perceived quality, customer loyalty, and strong brand associations and personality are necessary to compete

in the marketplace Some organizations, such as hospitals, oil field suppliers, and software firms, are discovering brands for the fist time Others, such as banks, packaged-goods marketers, and automobile manufactures, are realizing that they need to rervitalize their brands and their brand management system to keep pace with the ever-changing competitive scene

Powerful forces are fueling this continuing interest in brands Overcapacity, vicious price competition, the proliferation of similar products, and powerful retailers are

2

only some of the factors that make brand building imperative; in fact, the alternative is not only unpleasant but unhealthy for the most managers’ careers

1.2 Research Motive

In today’s highly competitive world, companies are striving hard to beat customer expectations - marketers are at work setting the right level of expectations and shaping the customer experience A positive brand value is created if customer experience exceeds his expectations Over a period of time companies can build a strong brand - one with high brand value Intel, Cisco, Google, E-bay, Wal-Mart etc., are the classic examples of how companies built a strong brand through customer experience

For Vietnam, the process of economy opening and further integration into the global economy to make the business feel more deeply the important role brand equity However, building and protecting brand is a long process as knowledge, experience and professional skills… not subjective awareness and short plans In addition, let to build the stronger brand is a real challenge for my company today because of our unpracticed marketing management and limited budget

In fact that, the Hacomy company activities in the traditional way without building brand equity Thus, designing a feasible branding plan based on the academic knowledge and real market analysis is really necessary for Hacomy compay in 2010-2015 Those are reasons above that I chose the subject “building brand equity for Hacomy company” for the master thesis economic, thereby helping companies create a strong impression in the minds of customers, enhance the competitiveness of products on the market in the country

1.3 Research Purpose

Recommend a feasible branding plan for Hacomy in order to build up a solid and durable business progress

1.4 Research Method

Combining the desk research and the qualitative research (interview the leaders and the key customers (B2B business)