FINAL REPORT SUBJECT PRODUCT MANAGEMENT TOPIC ESTAY – SMART ACCOMODATION SOLUTION

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS AND FINANCE  FINAL REPORT SUBJECT PRODUCT MANAGEMENT TOPIC ESTAY – SMART ACCOMODATION SOLUTION Full Name ĐỖ ĐỨC THỊNH ID 215047395 Class[.]

MINISTRY OF EDUCATION AND TRAINING

UNIVERSITY OF ECONOMICS AND FINANCE



FINAL REPORT SUBJECT: PRODUCT MANAGEMENT

Full Name: ĐỖ ĐỨC THỊNH ID: 215047395

Class: 221.MGT1103E.A03E Lecturer: Mr NGUYỄN TIẾN HUY

Ho Chi Minh City, October 2022

TABLES OF CONTENT

1 PRODUCT OVERVIEW 3

OVERVIEW 3

TARGET CUSTOMER RESEARCH 6

MARKET OVERVIEW AND COMPETITIONS 10

HOW CAN ESTAY CREATE A VISIBLE BUSINESS MODEL? 11

2 PRODUCT DEVELOPMENT PLAN 13

PRODUCT RELEASE 13

MARKET PENETRATION 13

PRODUCT DEVELOPMENT 14

MARKETING AND MEDIA 14

HUMAN RESOURCES 16

CAPITAL USING 17

3 MESUREMENT ELUAVATION 17

MEASURE 18

EVULATE 21

4 RISKS – CHALLENGES CONTINGENCY PLAN 21

5 SUMMARY 22

6 REFERENCES 23

1 PRODUCT OVERVIEW

OVERVIEW

1 Context and origin of idea formation

Background of idea formation: In recent years, Vietnam's economy and education are on a strong development momentum, receiving high expectations from domestic and foreign investors Therefore, there are many attractive learning and job opportunities, attracting a large number of students and workers, especially in big cities such as Ho Chi Minh City, Hanoi, and Da Nang, The concentration of population in big cities leads to an increased demand for housing and becomes a dilemma for most students, students, or even working people Estay was born with high-tech applications to help solve the above outstanding problems

Origin of idea: Estay was inspired by the application of blockchain and AI in the problem of optimizing containers Since then, I have cherished the idea and turned those seemingly unrelated technology things into smooth and comfortable service for consumers

2 Product description and features

Product Description: Estay is a place to connect people with needs together If comparing people to roads, Estay will be a roundabout that connects people with different needs and purposes but complements and satisfy each other Specifically, Estay will help connect inn owners with renters, Tenants with transporters, financial support, setup, and installation support, and landlords with repair and upgrade units When you proceed to register, Estay will specifically classify you as follows:

Functions:

o For tenants: Estay will collect users' information in detail so that they can understand who is using the service to the fullest extent When you are a tenant, you will have to answer the following questions to be able to proceed with the application registration

o From the available information, along with tracking consumer behavior through other

platforms such as social networks, mail, Estay will offer solutions and events the most suitable option for the customer As follows:

o If you already have enough people for a room (specifically, a group of friends), Estay simply offers you room or accommodation options and other compatible services as appropriate:

o Besides, we also create feedback, so that you can immediately feedback on your difficulties

or obstacles and even things that make you uncomfortable such as facilities, services, friends, and family room so that we can assist you as much as we can

o For lessors: The owner of the room/landlord will register via the app with us according to the following form:

After conducting sample registration, within 24 - 36 hours (for the city area such as Ho Chi Minh City, Hanoi, and Da Nang) we will conduct the appraisal, check and offer the most reasonable price for the landlord

So, when landlords cooperate with us, what will they get?

Estay will commit to filling the room for the rental partner within 6 months - 1 year depending

on room conditions and area During that time, however, the rental partner will not be able to rent out the registered rooms or houses During the search for a rental partner, Estay will pay

a fee of 40-70% of the appraisal price to help the rental partner become more secure

o For intermediaries and partners: After conducting sample registration, within 24-36 hours (for large city areas such as Ho Chi Minh City, Hanoi, and Da Nang) we will conduct an evaluation determine, check and offer the most reasonable price to partners In addition, Estay also has a rating and feedback system so that service providers and users can understand each other best Service providers will try to optimize the number of stars to be able to recommend and use as many users as possible

o Summary: As a connecting unit, Estay will provide a smart technology system to bring all

related services together in one app and make everything easier for consumers Now, finding accommodation and moving will become a lot easier

TARGET CUSTOMER RESEARCH

Having a suitable, comfortable place to live will improve the quality of life From here, living conditions,

as well as learning ability, will improve A good, safe and secure place to stay will help you stay away from social evils that adversely affect your life and future Therefore, finding the right accommodation is extremely important

Estay has surveyed the difficulties, inadequacies as well as housing needs of a group of young customers Specifically, we have the following table:

You have all given the conditions

- the criteria that you want about your accommodation Almost the criteria on:

- Rented location (near school, center, safe ) accounted for 86.1%

- Rent cost (house price, electricity, water, ) accounts for 75%

- Type of accommodation (space, old and new, ) accounted for 63.9%

- Living time accounts for 75%

- Facilities (with air conditioning, wifi, private toilet, ) account for 80.2%

41%

8%

17%

34%

NƠI Ở HIỆN TẠI CỦA BẠN

nhà riêng kí túc xá căn hộ cho thuê nhà trọ

an toàn )

loại phòng trọ( không gian, cũ mới, )

thời gian sinh hoạt

cơ sở vật chất(có máy lạnh, wifi, nhà vệ sinh riêng, )

BIỂU ĐỒ 2.2: NHU CẦU NHÀ Ở

Most of you are satisfied with your current place as evidenced by: satisfied (58%); very satisfied accounted for (11%) However, there are still people who are not satisfied with their current residence, accounting for 31%

Even though you are satisfied with your place, you still encounter problems that make you uncomfortable such as:

- Location (far from school, not good security, ) accounts for 15%

- High price accounts for 31%

- Poor facilities (small, old, leaky house, small garage ) accounted for 31%

- Poor consciousness of housemates (noise, littering, ) accounts for 23%

GẶP PHẢI KHI THUÊ TRỌ

địa điểm( xa trường, an ninh không tốt, )

NƠI Ở HIỆN TẠI

Hài lòng Không hài lòng Rất hài lòng

When someone asked, "Would you like to move out if there was

a better place to live?" Most of them want to move to another place (81%), this proves that you are still not really satisfied with your current place but only temporarily accept it

Besides, to have a deeper understanding of customers, Estay had a face-to-face interview with some students at UEF as follows:

Through the survey, we can see that: All five students need want the problem to be solved thoroughly and also think that the ultimate benefit will be that students come to school more comfortably and conveniently We can divide into three main categories of criteria you want with your place:

o Rental costs (house, electricity, wifi, water, )

o Geographical location (near the school, near the center, )

o Factors related to the living process (safe accommodation; cleanliness, )

From there, it proves that this situation is still happening and directly affects the student's experience Therefore, it is very necessary to assist in finding suitable accommodation right now, to increase students' love of accommodation, partly to help students come to school comfortably and comfort while staying in school a suitable environment

MARKET OVERVIEW AND COMPETITIONS

Regarding the contact index - representing the actual demand, in the second quarter of 2022, this index increased by nearly 13% compared to the second quarter of 2022 with the first quarter of

2022 Although the supply of motel rooms decreased in the Hanoi market, it still grew by 23% for the search index and news view index increased by 32% compared to the first quarter of

2022

Not only rooms for rent, but the supply of apartments for rent in the second quarter of 2022 also continued to grow well when increasing by 27% compared to the first quarter of the year The region with the fastest growth rate in Binh Duong with an increase of 40%

According to information on the Cho Nha Tot website, it is expected that in the third quarter of

2022, the demand for renting rooms and apartments around universities will increase "This comes from the fact that this year's admissions work has returned to normal after a long time being affected by the COVID-19 epidemic," said a representative of Cho Nha Tot website

In Ho Chi Minh City, most universities are concentrated in the inner city The number of rooms and apartments for rent in suburban areas such as Thu Duc university village, of low quality and quantity, do not attract much attention compared to areas located in the central area The trend of

"closer to school, more like" has only appeared in areas such as Saigon South or central districts

In Hanoi, when considering the same price segment and number of bedrooms, rental properties located near universities in Hanoi always have a higher user interest index Certainly, especially

for the accommodation segment However, the supply here is quite limited when it is only about 1/2 to 1/3 compared to more remote areas

According to statistics of Batdongsan.com.vn, not only the segment of motel rooms, apartments for rent serving real housing needs and production and business activities of the people are increasingly interested In the first 7 months of the year, the demand for townhouses and

townhouses increased by 18% and 9%, respectively The number of searches for offices,

townhouses, apartments and private houses all increased significantly, with an increase of 122%, 61%, 35%, 16% respectively

2 Competitors

Currently, there are many units providing similar products on the market such as mogi, homedy, nhatot, hifriend, The most prominent is Ohana because this application has an almost similar approach to Estay However, Ohana has not delved into the demographic analysis of consumers, has not had specific policies to limit the "trigger" from partners, and has not supported customers

to the maximum in tasks Relatedly, Ohana cannot provide thorough support to tenants once they have signed a contract, and most importantly, this application does not have long-term sources of revenue and this can significantly affect the project's longevity

HOW CAN ESTAY CREATE A VISIBLE BUSINESS MODEL?

To be able to develop products and build a successful business, Estay created a framework to conduct depth research on its products as well as its markets, customers, competitors, and internals And below is the framework table that Estay has created

in-From the positive movements of the accommodation market in recent years, especially with the period 2021-2022, Estay thinks this is an opportune time to launch the product However, to get a large enough number of users, Estay has divided the customer group, selected the group of potential customers, and analyzed the Persona in detail about them Then, Estay analyzed their needs and wants and ranked them

in order based on Mashlow's behavior chart From here, Estay has analyzed to see what he has done and what the opponent has done From here, Estay proceeds to optimize the things that competitors and Estay are providing for customers and focus on developing and promoting things that are not yet on the market

to offer their point of difference (Unique Selling Point) to be able to fully solve the pain of customers

As follows:

o For tenants: Estay will bring a modern digital technology solution to make it easier for customers to find accommodation Now, you will no longer need to visit the inn directly, no longer need to worry about finding a roommate, no longer need to be too uncomfortable every time you move in, and especially the worry of losing a deposit will no longer be and You can move out if you don't feel like it

o For landlords: Estay will solve your economic problems, you will no longer have to wonder about choosing a place to post, or how to rent out all the rooms, because now Estay will commit to your tenancy Besides, Estay is ready to connect with repair and upgrade units to help you have more splendid and attractive rental rooms for customers Not only that, but

Estay also has an online communication and feedback system that makes it easier for you to exchange information and give feedback on your status

o For intermediaries and partners: Estay will provide you with a large user base so that you can connect with customers more quickly

In short, Estay is the place to connect all related objects in the accommodation problem Estay is proud

to be the first integrator in the market and with the advantage of blockchain, logistics, and AI technology

we will make a difference in terms of convenience Just a few touches, Estay will solve your problem

2 PRODUCT DEVELOPMENT PLAN

PRODUCT RELEASE

To be able to release products to the Estay market, the following steps are required:

Copyright registration and intellectual property registration

o Create an operational strategy

o Platform and application optimization

o Build and optimize resources

o Run project test

o Officially run the project

MARKET PENETRATION

Objective: penetrate and expand Estay's market share in the accommodation market

How to penetrate: Estay will use the advantage of online software to be able to conduct market penetration quickly and effectively Besides, Estay will become a strategic partner with schools that do not have dormitories to be able to provide accommodation solutions for students in the school From here, Estay helps schools by providing accommodation for schools and receives a large and stable number of users year by year

Besides, Estay will also implement the following plans:

o Competitive price adjustment This is the most commonly used strategy Because the price is

an important factor, stimulating users to choose to test new products

o Giving gifts and promotions for newly launched products Valuable promotional gifts always have a great attraction to customers; attract users to choose new products to try and replace

o Build appropriate diversified distribution channels Business requirements need to research the market; choose the right distribution channel to reach target customers At the same time, businesses also budget need to be balanced

o Create an optimal strategy, and improve customer experience, and quality of care That creates trust for users and builds sympathy

o Then, from step 4 to step 9 will be responsible by the Product management team The product management team always has to closely capture who the user is, capture the wants and needs from which to understand their pain point, combined with an understanding of the competitors

in the market ( what they are, what are they doing, why do customers use their services) and compare with the capabilities and internals of their business so that they can form decisions about functions and services What is the best way to get the most profit for the company?

o From those decisions, the product management department will bring its decisions to the User Experience Design and User Interface departments to be able to build usable and customer-friendly functions Although this team is only responsible for the design, they also need to have certain knowledge to be able to bring the right product to the customer in an optimal way

o During the process of collecting, processing, and designing, businesses will also need a User Research department to be able to collect information and opinions from customers to increase the success rate of the project to higher level

o Next is Font End and Back End, this team will design and build things directly for customers This Font End team also needs to have a certain understanding of User Interface Design so that they can contribute to the user experience, and they must also have knowledge of the Back End to be sure that the things they make are relevant, can intercalate well with later design stages Similar to the Font End team, they must also have high knowledge to be able

to solve the requirements and desires of customers thoroughly in terms of the company's resources

o The last stage is the operation department, they are the place to operate the designed and guided product, help customers, and feedback on problems to the previous design department

MARKETING AND MEDIA

Promotions:

o Offline:

 Channels used: CTV system, public booth