(Tiểu luận) principals of marketing topic vinamilk

Vinamik latest products Emerging from the heart of Vietnam's post-war reconstruction, Vinamilk has blossomed into a dairy industry stalwart, its name synonymous with quality and innovati

PRINCIPALS OF MARKETING

Topic: Vinamilk

Group 6: Phạm Quang Anh - 11210701

Nguyễn Bá Gia Bách - 11210899 Phạm Quang Minh - 11213905 Nguyễn Thành Trung – 11215998

Lê Nguyễn Nhật Minh – 11213821

International Business Administration 63B

Part 1: Introduction 3

Part 2: Current Marketing Situation Analysis 4

1.1 External analysis 4

1.2 Internal analysis 5

2 SWOT analysis 5

Strength 5

Weaknesses 6

Opportunities 6

Threats 6

Part 2: Marketing innovation plan 8

I Product Rationale: 8

II Nutritional Value of the Product: 8

III Apply STP in New Product: 8

 1 Segmentation 8

 2 Targeting 8

 3 Positioning 8

IV Marketing Objectives: 9

V Marketing Mix 9

Part 3: Transcript of in depth interview 12

Part 1: Introduction

1 Introduction about Vinamilk

Vinamilk latest logo

Vinamilk, Vietnam's largest dairy company, has been a household name since its inception in

1976 With a market share exceeding 50%, Vinamilk's success lies in its strong brand recognition, extensive distribution network, and unwavering commitment to quality

Vinamilk's innovative approach has led to the development of lactose-free milk, yogurt for children, and fortified milk for adults, catering to diverse consumer needs The company's dedication to sustainability is evident in its efforts to reduce environmental impact through renewable energy use and waste recycling

Beyond its dairy products, Vinamilk actively engages with the community through

educational and social programs, providing financial assistance to children in need Vinamilk's mission to become a world-class brand in the food and beverage industry aligns with its vision of delivering valuable nutrition with respect, love, and responsibility

2 Introduction of the interviewee

Based on the effective interview with Vinamilk Representative– Marketing Chief in the North of Vinamilk, we gathered customer-centric insights successfully to conduct this

marketing analysis report on Haidilao to emphasize the restaurant chain's remarkable journey

as it strives for global recognition, especially in the Vietnamese market Accompanied with

his useful inputs, in this report, we also gather external data to support our perspectives on Haidilao’s marketing environment Practical marketing cases are also indicated in this report to prove our group’s point of view

Vinamik latest products Emerging from the heart of Vietnam's post-war reconstruction, Vinamilk has blossomed into

a dairy industry stalwart, its name synonymous with quality and innovation Established in

1976, the company faced the challenges of a nascent dairy industry, limited infrastructure, and a population unfamiliar with dairy products Yet, Vinamilk embarked on a mission to educate consumers and elevate the role of dairy in a healthier society

Through unwavering dedication to quality and innovation, Vinamilk introduced

groundbreaking products like condensed milk, powdered milk, and fresh milk, all bearing the iconic Vinamilk name Its commitment to sustainability manifested in stringent production standards and eco-friendly practices Vinamilk's impact extended beyond dairy, actively engaging in community initiatives that empowered individuals and enriched lives

Today, Vinamilk stands as a titan of the Vietnamese dairy industry, with a market share exceeding 50% Its unwavering commitment to quality, innovation, sustainability, and community engagement has solidified its position as a trusted partner in the lives of millions

of Vietnamese consumers As Vinamilk continues to expand its reach, both domestically and internationally, it is poised to cement its legacy as a visionary force in the global food and beverage industry

Part 2: Current Marketing Situation Analysis

1.1 External analysis

 PESTLE analysis:

+ Political: Vietnam is a stable political environment, which is favorable for

businesses However, there are some regulatory challenges, such as high tariffs on imported dairy products

+ Economic: Vietnam's economy is growing rapidly, which is creating a

growing demand for dairy products However, the country is also facing inflation and rising incomes, which could put a strain on household budgets

+ Social: Vietnam has a young and growing population, which is a positive

for the dairy industry However, there are also some social challenges, such

as a lack of awareness of the importance of nutrition and the benefits of dairy products

+ Technological: Vietnam is a rapidly developing country, and technology is

playing an increasingly important role in the dairy industry For example, Vinamilk is using technology to improve its supply chain and to develop new products

+ Environmental: Vietnam is facing a number of environmental challenges,

such as climate change and water pollution These challenges could impact the dairy industry in terms of the availability of raw materials and the cost

of production

+ Legal: The Vietnamese government is supportive of the dairy industry, and

there are a number of regulations in place to protect consumers and to ensure the quality of dairy products

 Competitive analysis: Vinamilk's competitors, the strongest is TH True Milk

Dutch Lady is a multinational company, also very strong, but in the

Vietnamese market in the past 5-7 years, it has not been paid attention to In terms of brand, Dutch Lady has been showing signs of decline in the past 5-7 years As for TH True Milk, it has developed many products, but to talk about Vinamilk's competitive advantages over TH, there are quite a few Vinamilk has a system of farms, while TH only has a main farm in Nghe An.Vinamilk's system of farms is almost unmatched by any other brand at present This is because investing in farms requires a lot of capital Vinamilk's farms are extremely large, so it can develop pure, premium milk lines

 Customer analysis: Vinamilk's target customers are Vietnamese consumers of

all ages However, the company places a particular focus on children and young adults Vinamilk understands that the importance of nutrition is

becoming increasingly important to Vietnamese consumers, and the company

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is positioning its products as healthy and nutritious.

1.2 Internal analysis

 Marketing strategy analysis: Vinamilk's marketing strategy is focused on

building strong brands and developing innovative products The company has

a strong distribution network and invests heavily in advertising and promotion

 Product and service analysis: Vinamilk produces a wide range of dairy

products, including fresh milk, yogurt, ice cream, and cheese The company's

products are known for their high quality and affordable prices

 Distribution analysis: Vinamilk has a strong distribution network that reaches

over 100,000 retail outlets across Vietnam The company also has a number of its own stores and a growing online presence

 Promotional analysis: Vinamilk invests heavily in advertising and promotion.

The company's advertising campaigns are typically creative and emotionally

appealing Vinamilk also uses a variety of other promotional tools, such as

public relations, sales promotions, and sponsorships

2 SWOT analysis

Strength

 Nationwide distribution channel: Vinamilk has a vast distribution network that

reaches over 200,000 retail outlets across Vietnam This gives the company a

significant advantage over its competitors

 Diverse product range: Vinamilk produces a wide range of dairy products,

including fresh milk, yogurt, ice cream, and cheese This allows the company

to appeal to a wider range of customers and meet their different needs

 Familiar trademark: Vinamilk is a well-known and trusted brand in Vietnam

The company has a strong reputation for producing high-quality products

 International standard manufacturing equipment and technology: Vinamilk

uses the latest manufacturing equipment and technology to produce its

products This ensures that its products meet the highest standards of quality

and safety

 Strong marketing: Vinamilk invests heavily in marketing and promotion The

company's brands are among the most recognizable in Vietnam

 Several subsidiaries: Vinamilk has a number of subsidiary companies that

produce and distribute a variety of food and beverage products This diversity

helps the company reduce its risk and expand into new markets

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 Reliance on imported raw materials: Vinamilk imports a significant portion of its raw materials, such as milk powder and cheese This makes the company vulnerable to fluctuations in global commodity prices

 Decline in export business: Vinamilk's export business has declined in recent years due to increased competition from foreign companies and the global economic slowdown

 Negative press: Vinamilk has been the subject of negative press coverage in recent years, with allegations of food safety violations and price fixing This has damaged the company's reputation and led to a loss of sales

 Due to the new branding strategy, new products come out, which means the old products have to be sold; therefore, that would also be a difficulty

Opportunities

 Rapid urbanization: The rising quality of life and improving economy of Vietnam will increase the need for dairy products that Vinamilk can meet Growing cities and towns increase the demand for products and various other dairy products

 Government policies: The Government of Vietnam has started schemes to support industries that boost the nation’s economy Vinamilk can use the schemes and boost its market Several areas are being loaned out to such companies to boost the falling economy of Vietnam

 Demand from China: Being neighbors with China is an advantage for

Vinamilk The rising demand for milk products in China can be sated by Vinamilk, thus increasing its market size China has the largest market for Vinamilk’s products, and using the right plans and ways to enter this huge market can prove beneficial for Vinamilk This will also accelerate their plan

to expand globally

 Expanding in sports nutrition: With globalization, the sports nutrition industry has seen growth Vinamilk can expand its branches into the sports nutrition industry in Vietnam and see a boom in business Milk plays a big role in the sports nutrition industry and exploiting this market could be favorable for Vinamilk

Threats

 Price instability: Since Vietnam is an underdeveloped nation, Vinamilk must provide its services at a reasonable cost that can be afforded by the general public at the same time maintaining the quality of its products Also, the cost

of products exported must be on par with the global competitors

 Alternative for milk: Vegan has seen a rise in the trend, Vinamilk needs to adjust and produce new products supporting this trend to improve its market size Soymilk and Vegan milk can be the new products launched by Vinamilk thus gaining the support of the trend followers not only in Vietnam but also on

a global level

 Rising competition: Sensing Vietnam’s potential as a large market, several global milk-based milk brands have entered Vietnam and threatened Vinamilk out of its home territory Several new companies have emerged due to rapid urbanization and thus prove to be a threat to steal the consumers from

Vinamilk

To overcome its challenges and seize its opportunities, Vinamilk can focus on the

following strategies:

 Continue to invest in its nationwide distribution channel and product range: This will help the company to maintain its market leadership and reach a wider range of customers

 Improve its marketing and branding efforts: Vinamilk needs to continue to invest in marketing and promotion to maintain its brand awareness and reputation The company can also focus on digital marketing

3 Vinamilk USP

Vinamilk's USP is its focus on "Building a Vietnamese brand" This USP is based on Vinamilk's long history of operating in Vietnam, its commitment to using Vietnamese milk sources, and its support for Vietnamese dairy farmers Vinamilk also emphasizes the quality and safety of its products, and its commitment to providing nutritious and affordable dairy products to Vietnamese consumers

Vinamilk's USP has helped it to become the leading dairy company in Vietnam, with a market share of over 50% Vinamilk is also a well-respected brand in Vietnam, and its products are trusted by millions of Vietnamese consumers

Here are some specific examples of how Vinamilk implements its USP:

+ Vinamilk uses the slogan "Nourishing Vietnam" to emphasize its commitment to providing nutritious and affordable dairy products to Vietnamese consumers + Vinamilk sources its milk from over 13 big dairy farms across Vietnam This helps to support Vietnamese dairy farmers and ensures that Vinamilk products are made with fresh, high-quality Vietnamese milk

+ Vinamilk invests heavily in research and development to ensure that its products meet the highest standards of quality and safety

+ Vinamilk offers a wide range of dairy products at different price points to make them accessible to all Vietnamese consumers

+ Vinamilk is involved in a number of social and environmental initiatives in Vietnam This helps to strengthen Vinamilk's reputation as a responsible and caring Vietnamese brand

Part 2: Marketing innovation plan

I Product Rationale:

In a move that signals its commitment to catering to the discerning tastes and health-conscious choices of modern consumers, Vinamilk, Vietnam's leading dairy company, is set

to introduce a line of high-end premium dairy products This innovative range of products is specifically crafted to meet the rising demand for dairy products that not only deliver exceptional taste and texture but also provide superior nutritional value

Vinamilk's foray into the premium dairy segment is a strategic response to the growing affluence and health awareness among middle- and high-income consumers in Vietnam These consumers are increasingly seeking dairy products that go beyond basic sustenance, opting for products that are not only delicious but also rich in essential nutrients and contribute to their overall well-being

The new premium dairy line will encompass a diverse range of products, including milk, yogurt, and cheese, all meticulously crafted with the finest ingredients and advanced production techniques Each product will be carefully formulated to provide a unique blend

of taste, texture, and nutritional value, catering to the specific needs and preferences of discerning consumers

In developing this premium line, Vinamilk has drawn upon its extensive expertise in dairy manufacturing and its deep understanding of consumer preferences The company has also collaborated with renowned nutritionists and food scientists to ensure that its products deliver optimal nutritional benefits

III Apply STP in New Product:

 Vinamilk will segment the market into two main groups: middle-income and high-income consumers Within these segments, further subdivisions can be made based on factors such as age, lifestyle, and dietary preferences

 Vinamilk's recent and future direction is geared towards enhancing its product offerings and targeting middle- and high-income consumers, prioritizing higher-end market segments Notably, they have introduced premium Japanese-sourced infant formula and are developing high-end soymilk products, with prices ranging