CREATING a MARKETING PLAN FOR NEW PRODUCT CRENOSA MILK TEA FLAVORED WATER IN THE PERIOD

EXECUTIVE SUMMARY Gasaco Company is one of the quality and reputable beverage manufacturers in Vietnam with over 20 years of industry experience.. Therefore, Gasaco will launch Crenosa m

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Ho Chi Minh city, 2021

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3 Phan Th ị Thanh Tuyền (Mssv: 1921005757)

Majors: MARKETING

ThS ĐẶNG HUỲNH PHƯƠNG

Score in numbers Teacher signature

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CREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIODCREATING.a.MARKETING.PLAN.FOR.NEW.PRODUCT.CRENOSA.MILK.TEA.FLAVORED.WATER.IN.THE.PERIOD

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ASSURANCE

I hereby declare that the results obtained in the essay with the topic" creating a marketing plan for new product Crenosa milk tea flavored water in the period 2/2022- 1/2023" is personal research In the whole content of the article, what is presented are either individual or aggregated from multiple sources All references are legitimate and appropriately cited I take full responsibility for my Assurance

Ho Chi Minh city, 2021

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TABLE OF CONTENTS

EXECUTIVE SUMMARY 1

CHAPTER 1 GASACO COMPANY OVERVIEW 2

1.1 INTRODUCTION 2

1.1.1 Vision 2

1.1.2 Core values 2

1.1.3 Mission 2

1.2 STRATEGIC OBJECTIVES 2

1.2.1 Marketing objectives 2

1.2.2 Brand objectives 2

CHAPTER 2 SWOT & MACRO ENVIROMENT ANALYSIS – 4

2.1 SWOT OF COMPANY 4

2.2 CURRENT BEVERAGE MARKET SITUATION 4

2.2.1 Size and growth rate of Vietnam's beverage market 4

2.2.2 Trends of beverage consumption 5

2.2.3 Competition in the Vietnamese beverage market 5

2.3 SWOT OF PRODUCT 6

2.4 COMPETITIORS 6

2.4.1 Direct competitor 6

2.4.2 Indirect competitors 6

CHAPTER 3 STP 7

3.1 SEGMENTATION 7

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3.2 TARGETING 9

3.3 POSITIONING 9

CHAPTER 4 MARKETING MIX STRATEGIES 10

4.1 PRODUCT STRATEGY 10

4.1.1 Product’s attributes 10

4.1.2 Value propositions 10

4.1.3 Packaging 10

4.1.4 Branding 10

4.1.5 Labeling 10

4.1.6 Product support services 11

4.2 PRICE STRATEGY 11

4.3 DISTRIBUTION STRATEGY 12

4.3.1 Types of distribution strategies 12

4.3.2 Distribution channel 12

4.3.3 Distributor incentive policy 13

4.3.4 Distribution channel management 13

4.4 MARKETING COMMUNICATION STRATEGY 16

4.4.1 Advertising 16

CHAPTER 5 ACTION PLAN 20

CHAPTER 6 CONCLUSION 22

REFERENCES 23

APPENDIX 24

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LIST OF FIGURE

Figure 3.1: Crenosa’s position 9 Figure 4.1: Distribution channel 12

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LIST OF TABLE

Table 3.1: Crenosa's segmentation 7

Table 4.1: Prices of some beverage products on the Vietnamese market 11

Table 4.2 Online advertising on websites 16

Table 4.3: Online advertising on Facebook 17

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EXECUTIVE SUMMARY

Gasaco Company is one of the quality and reputable beverage manufacturers in Vietnam with over 20 years of industry experience Today, consumers have more and more diverse needs for the taste of drinks, besides they are also interested in health, so the choice

of drinks is very cautious Therefore, Gasaco will launch Crenosa milk tea flavored water with natural ingredients, low in sugar with the aim of bringing a product with a new, unique taste but safe to ensure the health of consumers, at the same time, helping the company improve its market share, reputation and grow more and more Therefore, the topic

"Creating a marketing plan for new product Crenosa milk tea flavored water in the period 2/2022-1/2023" will be discussed The structure of the assignment including :

Chapter 1: Gasaco company overview

Chapter 2: SWOT & Macro - Environment Analysis

Chapter 4: Marketing mix strategies Chapter 5: Action plan

Chapter 6: Conclusion

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CHAPTER 1 GASACO COMPANY OVERVIEW 1.1 INTRODUCTION

Established in 1994, with more than 20 years of experience in the beverage manufacturing and processing industry, Quang Minh Food Processing Co., Ltd (GASACO) has become one of the outstanding typical units chosen by consumers across the country today

- Differential: Creating different and humane products bearing GASACO's mark

- Companion: Gasaco always accompanies and develops for the health of the community

- Responsibility: Gasaco commits and fulfills its responsibility to society, partners, customers, and employees on the principle of mutual benefit

1.1.3 Mission

Research, develop and create clean drinking water, extracted from nature to protect and improve the health of Vietnamese people

1.2 STRATEGIC OBJECTIVES 1.2.1 Marketing objectives

- Customers: Reaching target customers as well as exploiting more potential customers

- Market: Expanding the operating market in the coming time, building a reputable and quality brand

- Coverage: Expanded coverage to more retail points across the country

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- Product benefits:

+ Rationality: natural materials, clean and safe + Sentiment: Fresh, creative images and safe product, expressing personality when using Crenosa milk tea flavored water

- Associated with a dynamic, modern modern lifestyle

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CHAPTER 2 SWOT & MACRO ENVIROMENT ANALYSIS –

2.1 SWOT OF COMPANY

Strengths

- The company has a long history of development with more than 20 years of experience

in the beverage manufacturing and processing industry

- With modern equipment and machinery, the company guarantees to produce the best products to consumers

- Extensive product distribution system with agents and sales centers throughout Vietnam

- The company's products have been exported to countries such as the UK, Australia, Taiwan, the Middle East,

- Gasaco's factories always operate with a stable capacity to ensure the needs of consumers

Weaknesses

- The company's products are not highly competitive yet

- Marketing communication activities are not strong

- Brand strength is not high

Opportunities

- Vietnam's economy has a high growth rate

- Vietnamese people's income is increasing

- People's demand for beverage products in Vietnam is high

- Vietnam is a country with a stable political regime and an open legal system

- Vietnam's intellectual level is relatively high, especially in urban areas The rate of people graduating from universities and colleges… is quite high compared to other countries; Moreover, the intellectual workers in Vietnam are excellent at technology, so this is also an abundant human resource for the company

Threats

- The government's family planning policy will make the young age older in the next few decades and the aging population structure will no longer be an advantage for Gasaco

- Pressure from substitute products

- Fierce competition from competitors

- Customers are increasingly difficult

2.2 CURRENT BEVERAGE MARKET SITUATION 2.2.1 Size and growth rate of Vietnam's beverage market

Vietnam has one of the highest per capita beverage consumption markets Compared

to 2010, Vietnam's alcohol consumption has increased by nearly 95%, ranked first in the

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world, doubling the second-ranked country (India), and 16 times higher than the United States

Vietnam’s beverage industry is rapidly expanding, aided by economic growth, advantageous demographics, rising tourism, and higher middle-class income According to Euromonitor, the Vietnamese beverage market by 2020 has a revenue of more than 5.8 billion USD With an annual growth rate of 6%, the sector is a major driver of Vietnam’s economy, with the highest production value and the 2nd highest total revenue The reasons for the high growth of Vietnam's beverage industry are due to the hot and humid climate, diverse food culture, and the rapid development of food services These things have pushed the demand for beverages to increase rapidly over the years In addition, Vietnam is a country with a young population, with the age group of 15-54 years accounting for more than 62.2%; in which the age group 15-40 is considered to have the highest demand for beverages

2.2.2 Trends of beverage consumption

Nowadays, consumers are more and more demanding Their tastes have now changed Market research firm Mintel announced 12 new trends for the food and beverage industry Accordingly, the trend of using healthy drinks with clear and natural ingredients

as well as the requirements for proof of origin becomes more stringent If in the past demand was more than supply, customers used products that were "innocent", more interested in taste and preferences, now they are fastidious and careful in choosing products Now buyers are paying more and more attention to clear labels and standard ingredients This requires businesses to be transparent about information, make more quality commitments and be more careful in communicating with users

2.2.3 Competition in the Vietnamese beverage market

The beverage market in Vietnam is fiercely competitive This is clearly shown in the number of enterprises involved in the production, supply, and import of beverage products According to collected data, as of 2021, there are 519 enterprises operating in the field of beverage import and production The beverage market in Vietnam is fiercely competitive This is clearly shown in the number of enterprises involved in the production, supply, and import of beverage products According to collected data, as of 2021, there are 519 enterprises operating in the field of beverage import and production.Currently, there are more than 500 brands of bottled water on the Vietnamese market with many products supplied by private manufacturers and foreign brands in the market Moreover, the competitive pressure from substitute products is very strong: carbonated drinks and fruit juices are having a very high growth rate, especially the "boom" of bottled teas in recent years leading to competition in the beverage market has become increasingly fierce

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2.3 SWOT OF PROD UCT

Strengths

- For those who are addicted to milk tea and are in the process of losing weight, this drink

is considered an effective solution to replace ordinary milk tea

- New flavor => curious to consumers about the taste, which will attract more buyers to experience

Weaknesses

- Only focus on young customers => The target audience is narrow

- Gasaco brand is not a strong brand in the market

Opportunities

- Milk tea flavored water is an unpopular product => potential market

- Strong growth forecast for bottled water market

- The needs of consumers are increasingly diverse => milk tea flavored water creates a competitive advantage

Threats

- Beverage market fluctuates

- High competitive rate

- Retailers such as supermarkets, convenience stores, department stores have many strict requirements when importing products for sale

- Various substitute products

2.4 COMPETITIORS 2.4.1 Direct competitor

Gasaco milk tea flavored water has to face directly with Goodmood drink including two versions: yogurt drink and orange extract drink of Suntory PepsiCo Vietnam Beverage Company (SPVB)

2.4.2 Indirect competitors

Indirect competitors to Gasaco milk tea flavored water are all beverage products from other companies that jointly address the beverage needs of consumers Can be mentioned Tan Hiep Phat Company with Number one strawberry products, zero degree green tea, squash tea, or products of salted lemonade, fruit juice, of Bidrico company

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CHAPTER 3 STP 3.1 SEMENTATION

Table 3.1: Crenosa's segmentation

Segmentation

Geographic

Demographic

on parents)

Have stable income

Occupation

Student, college student

Workers, officers, teachers,…

Workers, officers, teachers,… Education

High school, College / University

Bachelor degree, master

Psychographic:

taste

Care about taste, product quality and health

Personality

Love to explore and experience

Difficult to accept innovation, less like to explore

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Lifestyle

Dynamic, modern, catching up with trends

Less dynamic, catching up with trends slower

products

Love convenient and novel products

Less interest in novel products

Behavioural

times/week)

Medium (3-4 times/week)

Low (1-2 times/week)

Benefit Expectation

Attractive taste, affordable price, eye- catching

Attractive taste, healthy product quality

Attractive taste, healthy product quality, little concern about product packaging

High, less brand switching

Preference group

Friends, influencers like youtuber, idol, KOL, tictoker, others,…, media

Family, friends, colleagues, influencers like youtuber, idol, KOL, tictoker, others,…, media

Family, friends, colleagues

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3.2 TARGETING

The main target market that Gasaco targets for this product is segment 2 The audience

in this segment is from 23-30 years old, living and working in urban areas Segment 2 is a potential market for Gasaco because the characteristics of consumers in this segment are consistent with the characteristics of Crenosa milk tea flavored water new products:

- Having a stable source of income, so be able to pay for themselves

- Care about health and product quality

- Likes to explore and experience, like convenient and novel products

- Dynamic, modern, catching up with trends

3.3 POSITIONING

- The positioning of Gasaco milk tea flavored water is "the taste is like enjoying a cup of milk tea but with fewer calories" This is the strength of the product because other Vietnamese beverage brands in the market do not have product lines with this flavor

- Gasaco will apply the "More for more" strategy to position Crenosa milk tea flavored water This means that Crenosa products will have higher quality and higher prices compared to other competitors

Figure 3.1: Crenosa's position

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Tiêu đề	Creating A Marketing Plan For New Product Crenosa Milk Tea Flavored Water In The Period 02/2022 – 01/2023
Tác giả	Hoàng Ngọc Hải Yến, Phan Thị Anh Thư, Phan Thị Thanh Tuyền
Người hướng dẫn	ThS. Đặng Huỳnh Phương
Trường học	The Financial University of Finance – Marketing
Chuyên ngành	Marketing
Thể loại	Essay
Năm xuất bản	2021
Thành phố	Ho Chi Minh City

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