MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY OPEN UNIVERSITY --- ∞0∞--- BUI THI TRUC LE FORMULATING STRATEGIES TO ATTRACT CUSTOMERS FOR THE BROKERAGE FIRMS - MB SECURITIES JOIN
INTRODUCTION
RATIONALE
The stock market has a rich history dating back to the 15th and 16th centuries, marked by the establishment of the world's first stock exchanges A significant milestone occurred on May 17, 1792, when the New York Stock Exchange was founded through the Buttonwood Agreement, signed by twenty-four stockbrokers and merchants outside 68 Wall Street under a Buttonwood tree This development paved the way for the proliferation of stock markets globally, with the London stock market emerging in the early 16th century, followed by markets in France, Germany, Northern Europe, and the USA.
The Amsterdam Stock Exchange, established in 1611, is recognized as the world's first stock exchange (Lam, 2023) Over the centuries, the global stock market has undergone significant transformations, evolving from traditional paper-based transactions to the modern convenience of trading stocks with just a click on a smartphone (Investing.vn, 2023).
The first stock market in Asia was established in Mumbai in 1875, marking the beginning of organized trading in the region This pivotal development laid the groundwork for the subsequent creation of stock markets across Asia, as detailed in the book titled "The Stock Market."
The stock market, originating from 17th-century coffee shops where the term "Joint Stock Company" was first coined, has evolved significantly over time, attracting a diverse range of individual and cooperative investors As highlighted in CafeF magazine, the history of the Asian stock market reveals that its first emergence is not precisely dated, yet it showcases the unique financial innovations of Japan Furthermore, the Asian stock market has been shaped by global influences, resulting in distinct characteristics that reflect the impacts of economic integration worldwide.
Vietnam's stock market, established in 2000 with the opening of the Ho Chi Minh Stock Exchange (HOSE), has become an integral part of the global financial landscape Following the launch of the Hanoi Stock Exchange (HNX) in 2005, the market has evolved into a vital channel for long-term capital mobilization and development investment As highlighted by Hung & Tu (1997) and Te & Thao (2007), stock markets are essential components of modern economies, with developed nations heavily reliant on them According to Nhung et al (2017), the stock market was created to fulfill the capital requirements of various economic entities Despite its relatively recent inception, Vietnam's stock market has rapidly expanded in scale, offerings, and transaction capabilities.
Indeed, despite of being affected by the COVID-19 pandemic, Vietnam's stock market continues to make strides and set new records in both index and transaction value (Minh,
In a 2006 interview with the Ministry of Finance Electronic Information Portal Newspaper, Mr Bang highlighted the expanding market size of Vietnam's stock market, evidenced by the rise in listed companies, market capitalization, and investor accounts Recent data from the Vietnam Securities Depository (2023) illustrates this historical growth, revealing that the number of investors has surged from just 3,000 accounts in 2000 to over 7.44 million registered accounts today.
2023 - equivalent to approximately 7% of the population Of which, the number of domestic investor accounts exceeds 7.4 million, and foreign investor accounts is 44,952
The rapid growth of the stock market in Vietnam has attracted both domestic and foreign investors, leading to an increase in the number of securities companies, which now exceeds 88 (Government Electronic Newspaper, 2021; Lam, 2023) This surge has intensified competition among these firms, particularly as Vietnam integrates into the international economy (Thuy, 2023) Analysts have noted that in more competitive industries, earnings forecasts tend to be more varied, prompting companies to engage in innovation races (Gaspar & Massa, 2005; Gu, 2016) To thrive in this competitive landscape, securities companies must enhance their competitiveness by developing effective customer attraction strategies, as customers are vital assets that significantly influence a firm's survival (Gupta & Lehmann).
D R (2003) and Forbes (2007) These explained for the reason why numerous securities companies were founded and MB Securities Joint Stock Company (MBS) is not an exceptional case
MB Securities Joint Stock Company (MBS), established on May 11, 2000, by Military Commercial Joint Stock Bank (MB), is one of Vietnam's pioneering securities firms With a charter capital of 2,676,183,240,000 VND and equity of 3,411,545,908,108 VND, MBS specializes in stock brokerage, self-trading securities, investment consulting, and securities issuance guarantees The company focuses on enhancing its securities services and investment banking operations, supported by comprehensive research activities Since its inception, MBS has offered a full range of stock services on the Vietnamese stock exchange, including financial products like cash advances and margin trading, as well as innovative online services such as MBS Mobile and various assistance services.
Internet, investment consulting services, entrusted account management – Copi24 of MBS)
Since 2020, MBS has made remarkable progress in achieving its 5-year strategy, securing a position among the Top 10 largest market shares in Vietnam on both HSX and HNX The company has also ranked in the Top 3 for investment banking revenue, as noted in the Annual Report 2020, and maintained its status in the Top 10 stock market shares on HSX and the Top 5 on HNX according to the Annual Report 2022 Furthermore, MBS has reported record figures in revenue and profit, highlighting its successful growth trajectory.
In 2021, MBS reported a total revenue of 2,247,365,876,292 VND and a profit before tax of 736,275,485,072 VND By the end of 2022, the number of MBS accounts reached a record high of nearly 1.42 million, while in 2023, the company achieved its second highest profit in history at 716,146,789,713 VND However, by the end of 2023, there was a significant decline in the number of accounts opened at MBS.
MBS Securities Company has initiated a review of its account listings, leading to the proactive closure of inactive accounts This underscores the importance of evaluating the efficiency of MBS's stock brokerage operations and developing effective customer attraction strategies for the firm.
Despite the fact that MBS has a great position in the Vietnam stock market, there are some existing barriers concerned as follow:
MBS primarily serves a traditional customer base, consisting mostly of individual clients, with institutional customers also represented According to MBS's director, Anh (2023), the company's focus on traditional securities trading is driving up operating costs and negatively impacting profits To address these challenges, it is essential for MBS to explore innovative business methods and strategies aimed at expanding its customer network, reducing expenses, and enhancing profitability.
- MBS currently lacks a PR and Marketing department, so MBS stock brokerage staff handling these activities instead In detail, through the Figure 1.2 (See in the Appendix
1) and explanation of the organizational structure, it can be seen that MBS currently does not have a PR and Marketing department Instead, MBS presently uses MB Bank's services to support its marketing activities, the VnEx newspaper channel, and stock market news, according to the MBS managers Additionally, the company's stock brokerage staff still handles basic marketing activities In addition, MBS stock brokerage staff do not have much knowledge and skills about Digital Marketing applications, renders its marketing activities unproactive, unprofessional, and unable to effectively promote its role This leads to limitations in attracting potential customers to MBS Therefore, it is necessary to build strategies to attract customers through marketing that are appropriate to the company's current structural situation
MBS faces challenges in human resources, as a portion of its stock brokerage staff lacks the necessary experience and professional skills Furthermore, the company's customer policies are not sufficiently distinctive or enticing to attract new clients According to the MBS 2023 Annual Report, there has been a dramatic decline in account numbers, plummeting from 1,420,000 in 2022 to just 496,000 in 2023, largely due to the automatic closure of inactive accounts Therefore, it is essential for MBS to identify and implement effective solutions to enhance the quality of its human resources and develop appealing customer policies to foster the growth of its client base.
The MBS Mobile App, a key product in MBS's finance and service offerings, faces challenges in optimizing customer experience in stock trading While the app boasts strong aesthetics and robust security features that protect users' personal information and transactions, it is hindered by occasional software errors that impede order placement and slow transaction speeds, ultimately detracting from user satisfaction The MBS Manager emphasizes the need for further research and development to enhance MBS's technology products and differentiate them in the competitive market.
RESEARCH PURPOSES
This research paper mainly focuses on 4 crucial aims:
- Find out the reasons why customers choose and experience investing and trading stocks at MBS
- Investigate the existing problems that the MBS encountered in the stock brokerage activities
- Evaluate the level of customers’satisfaction with MBS company's products, services, and support consulting activities
- Suggest some possible strategies to attract the customers join MBS stock trading
RESEARCH QUESTIONS
There are 4 research questions concerned:
1) Why do the customers select MBS to experience the stock trading and investing?
2) What are the existing problems that the MBS encountered in the stock brokerage activities?
3) Do the customers satisfy with MBS company's products, services, and support consulting activities?
4) What solutions should be suggested to attract the customers join MBS stock trading?
SIGNIFICANCE OF THE REPORT
This report intends to contribute ideas and build effective customer attraction strategies for MBS
This report aims to evaluate the quality and effectiveness of the stock brokerage strategies implemented by MBS, while also enhancing theories related to customer attraction strategies for securities firms, particularly MBS.
Methodologically, this report will seek and develop new strategies to help securities companies, including MBS, develop more strategies to attract customers effectively
Improving stock brokerage strategies for Vietnamese securities companies, particularly MBS, is essential for the growth of the securities sector and the overall development of the Vietnam stock market This study plays a significant role in enhancing customer investment success, ultimately benefiting the broader market economy.
METHODOLOGY IN THE REPORT
This report utilized a quantitative approach, gathering data through survey questionnaires created on Google Forms The questionnaires featured multiple-choice questions and a 5-point Likert scale, which were then distributed randomly to participants.
Between March 11th and March 21st, a survey was conducted with 164 customers whose accounts are managed by MBS Stock Broker staff for consulting support, utilizing Zalo and Gmail for communication.
The survey aims to identify the key factors that draw customers to securities firms, while also evaluating customer satisfaction regarding the brokerage quality and services provided Additionally, it gathers customer feedback on the effectiveness of the company's customer attraction strategies By integrating these insights with secondary data, the study seeks to formulate informed conclusions and actionable recommendations to enhance stock brokerage operations.
SCOPE OF THE REPORT
- Place: This graduation thesis was performed at MB Securities Joint Stock Company (MBS)
- Time: From March 4 th , 2024 to April 14 th , 2024
- Survey participants: MBS’s customers who have opened trading accounts at MBS and have had their accounts managed by MBS Stock Broker staff.
SUMMARY
This chapter provides a brief introduction to the research concerning the formulation of customer attraction strategies for brokerage firms in Vietnam, with a particular focus on
MB Securities Joint Stock Company (MBS) is the focus of this study, which begins by outlining key characteristics of its background The report details the problem statement, objectives, research questions, significance, methodology, scope, limitations, and organization of the study The following chapter will review literature on both global and Vietnamese stock markets, alongside essential strategy-building principles, to develop effective customer-attracting strategies for securities companies, particularly MBS.
LITERATURE REVIEW
THEORETICAL BACKGROUND
A firm's strategy, including that of brokerage firms, is defined as the combination of commitments and actions aimed at developing and exploiting a competitive advantage in the market (Black et al., 1994; Dess et al., 1997) To effectively build operating strategies, stock brokerage firms must align their growth strategies with their overall organizational goals, which is essential for expanding size and enhancing performance (Thuku, 2017) Furthermore, customer acquisition plays a vital role in the growth of stock brokerage firms, as these profit-driven businesses heavily depend on attracting clients (Fatahi).
In 2018, it became evident that securities firms must prioritize the development of effective customer acquisition strategies Customers are essential to the market economy and significantly influence the sustainability and growth of businesses, particularly in the mortgage-backed securities (MBS) sector.
Vietnam's stock market operates within a legal framework established by the government, leading to significant differences in securities regulations and concepts compared to international markets It is essential to understand the principles outlined in the Securities Law No 54/2019/QH14 to navigate this unique landscape effectively.
"Strategy" is defined by the Cambridge Dictionary and Oxford Learner's Dictionaries as a detailed plan aimed at achieving specific goals Chandler (1962) describes it as a means to identify an organization's long-term objectives, guiding activities through the most efficient processes and resource allocation Additionally, Porter (1997) highlights that a formal strategy offers a cohesive framework for all business units, ensuring alignment and compliance with shared goals among all stakeholders involved in strategic planning and execution.
To succeed in today's competitive global environment, organizations must develop strategic plans tailored to their investments (Tracey, Vonderembse, & Lim, 1999) Strategy formulation is a systematic process that involves researching and documenting a business's intended direction and necessary actions to achieve its goals (Cote, 2022) An effective strategy not only helps a corporation understand the market but also allows for the monitoring of measurable performance (Cote, 2022) While organizational leaders typically bear the responsibility for strategy development, it's essential to acknowledge that employee contributions play a significant role in enhancing corporate performance and attracting potential customers.
Building an effective business strategy is a continuous learning process, as highlighted by Feurer & Chaharbaghi (1995), which involves understanding organizational objectives and the impact of various actions on these goals Onwuchekwa (2000) emphasized the importance of examining economic, environmental, and organizational resources along with structural elements in strategy development Enudu's 1999 research outlined essential steps in strategic planning, including goal setting, environmental analysis, resource assessment, and identifying strategic threats and opportunities These insights are crucial for developing strategies that enhance the growth and advancement of the research object, MBS.
According to Clause 27, Article 4 of the Securities Law 2019, the stock exchange market serves as a platform for buying, selling, and exchanging stocks or bonds among investors, facilitated by brokers from securities firms This market encompasses both publicly listed stocks on exchanges and non-publicly traded stocks, such as those generated through crowdfunding The management of the stock market is overseen by state agencies, including the State Securities Commission of Vietnam (SSC), the Ho Chi Minh Stock Exchange (HOSE), and the Hanoi Stock Exchange (HNX), while the Securities Depository Center (VSD) is responsible for the storage of securities information.
According to Te et al (2005), the stock market comprises six key participants: enterprises, individual investors, financial institutions, securities trading brokers, market organizers, and the State In contrast, Son (2009) highlights three primary participants in Vietnam's securities market: securities issuers, investors, and traders Similarly, Nong & Lien (2007) identify issuers, investors, and related organizations as the main groups involved in the stock market, with a focus on stock brokerage firms and commercial banks as critical components Consequently, it can be concluded that MBS operates as a significant securities trading brokerage firm within this framework.
According to Clause 1, Article 4, securities are classified as various assets, including stocks, bonds, fund certificates, warrants, covered warrants, share purchase rights, depository certificates, and derivative securities, along with other government-regulated securities These assets are recognized as key components in stock market trading.
Brokerage, as defined by Vietnam’s encyclopedia, refers to the process of connecting multiple parties to enhance their business operations This activity arises from the interaction between the supply and demand sides of the stock market When the involved parties struggle to fulfill their roles effectively, a Stock Broker can intervene, utilizing their expertise to manage the necessary tasks on behalf of those parties.
Stock brokerage, as defined in Clause 29, Article 4, serves as an intermediary for buying, selling, transferring, leasing, and sub-leasing stocks In Vietnam, stock brokerage activities are heavily regulated and require organizations and individuals to establish a licensed securities company to operate Additionally, companies engaging in stock brokerage must maintain a minimum capital of 10 billion VND.
The Securities Law designates a securities practitioner as an individual holding a Securities practice certificate issued by the State Securities Commission, employed at a securities company, securities investment fund management company, or their branches in Vietnam (Clause 47) According to Binh (2023), a Stock Broker serves as a professional guide for clients looking to invest in various securities, acting as an intermediary that facilitates transactions between buyers and sellers Stock Brokers play a crucial role in ensuring investors make informed decisions and seize opportunities, thus preventing missed chances due to insufficient information.
2.1.5 Brokerage Firm or Securities Company
According to Clause 1, Article 2 of Circular 121/2020/TT-BTC, a "Securities Company" is defined as an enterprise licensed by the State Securities Commission to conduct various operations as stipulated by the Securities Law Chau (2009) identified two main types of stock brokerage firms globally: full-service brokerage firms, also known as General Companies, and discount firms, referred to as Specialized Companies This report focuses on MBS Company, which falls under the category of full-service brokerage firms.
Article 4 of the Securities Law 2019 defines additional securities concepts First,
Securities investment refers to the process of buying, selling, and holding securities in the stock market by various investors Legally, investors can be both individuals and organizations actively engaged in stock market activities Essentially, "investors" are the key participants in the stock market ecosystem.
THE PREVIOUS STUDIES
2.2.1 The developments of Vietnam stock market in various periods of time
The State Securities Commission of Vietnam was established on November 28, 1996, following Decree No 75/CP Two years later, on July 11, 1998, Vietnam's stock market was officially launched under Decree No 48/CP.
The Vietnamese government established the Securities Trading Center in Hanoi and Ho Chi Minh City, marking a significant step in the country's financial development The inaugural trading session of this new market occurred on July 28, 2000 (Tan, 2022).
From 2001 to 2005, the market experienced minimal changes, with market capitalization representing only about 1% of GDP (DNSE, 2021) A significant milestone occurred on March 8, 2005, with the establishment of the Hanoi Stock Exchange Center, the precursor to the Hanoi Stock Exchange (HSX) (Nong & Lien, 2007; DNSE, 2021) In 2006, a remarkable event took place when Vinamilk's official listing led to a dramatic doubling of the capitalization value of HOSE in just one day This surge was followed by the listing of 74 additional businesses on HOSE, resulting in a substantial increase in market capitalization from 7,400 billion VND to 148,000 billion VND (Chau).
In 2007, Vietnam introduced its first Securities Law, marking a significant regulatory milestone (Tan, 2022) However, the VN-Index plummeted nearly 70% by the end of 2008, primarily due to the global financial crisis triggered by Lehman Brothers' bankruptcy on September 15, 2008, after 158 years of operation On the same day, Merrill Lynch announced its merger with Bank of America, a response to significant losses from the US housing credit crisis (Minh, 2018) Consequently, the capitalization value of the Ho Chi Minh Stock Exchange (HOSE) decreased dramatically to 195 trillion VND (Hung, 2008; Hoang, 2013) This challenging period concluded with the launch of the Upcom market on June 24, 2009 (Huyen, 2009).
Vietnam's stock market has significantly enhanced its structure and development, emerging as a vital channel for capital mobilization in the economy, as reported by the Vietnam Securities Commission From 2011 to 2020, the scale of capital raised through the stock market reached nearly 2.9 million billion VND.
Between 2001 and 2010, Vietnam's social investment capital increased tenfold, averaging 19.5% of the total and contributing to a more balanced and sustainable financial system The Vietnam Securities Commission noted that amendments to the Securities Law in 2010 and 2019 addressed previous management and oversight limitations, facilitating significant advancements that align with the rapid evolution of the stock market and support Vietnam's deeper integration into the global economy.
As of December 31, 2021, Vietnam's stock market capitalization reached 123.4% of the 2020 GDP, with average daily transaction values exceeding $1 billion, positioning it as the second-largest in Southeast Asia (Tan, 2022) However, the market faced significant challenges in 2022 due to international fluctuations and tightening monetary policies aimed at curbing inflation, alongside issues such as manipulative trading and information concealment (Binh, 2023) Consequently, the average transaction value for 2022 dropped by 24.24% compared to 2021 (Anh, 2023) Despite these challenges, 2023 proved to be a volatile year, with the VN-Index closing at 1,129.93 points, reflecting a 12% increase from the end of 2022.
In 2023, contrary to expectations, capital did not flow into stocks despite record low deposit interest rates (Khanh, 2023) Trang (2023) notes that the Vietnamese stock market was notably impacted by government monetary policies, including changes in interest rates and exchange rate fluctuations, alongside foreign investor sales levels and stricter penalties for stock market violations.
2.2.2 The role of the stock market in the market economy
In the Vietnam Financial Times newspaper, the Prime Minister of Vietnam, Chinh M
The stock market plays a crucial role in the economy, serving as a vital component of the financial market and reflecting the socialist-oriented market economy in Vietnam Economic development is inherently linked to the stock market, making its growth an essential requirement Numerous studies have explored the significance of the stock market within the context of Vietnam's market economy.
According to Hung & Tu (1997), the stock market serves nine essential roles: it encourages savings and investments, raises capital, mitigates inflation, provides valuable information on stocks and future trends, ensures liquidity, promotes effective and legal business operations, fosters investment habits, regulates share issuance, and attracts foreign investment.
The stock market plays a crucial role in the national economy by serving five key functions: it acts as a channel for capital creation, offers an investment environment for the public, enhances liquidity for securities, evaluates business performance, and provides a framework for the government to execute macroeconomic policies (Nong & Lien, 2007).
According to Son (2009), the stock market serves four essential functions: it acts as a channel for capital creation, promoting economic growth; enables businesses to utilize capital more flexibly and effectively; provides investment opportunities for the public, fostering a culture of saving and investment; and serves as a tool for evaluating businesses and forecasting future performance.
Summarizing the above studies, I draw the roles of the stock market in the market economy as follows:
- The stock market is an effective capital creation channel for the national economy;
- The stock market provides an investment environment and encourages people to save for investment;
- The stock market creates an environment for the government to implement macroeconomic policies, reduce inflationary pressure, attract foreign investment (FDI), and ensure liquidity;
- The stock market helps promote businesses to operate effectively and legally, regulates corporate stock issuance activities;
- The stock market is a tool to evaluate business performance and predict the future
2.2.3 Some negative problems exist in the stock market and risks in stock investment
Research by Hung & Tu (1997) and Son (2009) highlights five key negative factors affecting the stock market and the broader economy Firstly, speculative trading often leads to immediate profit-seeking behavior that undermines market stability Secondly, large traders manipulating prices can harm smaller investors Thirdly, the dissemination of false information regarding economic entities can mislead investors Fourthly, insider trading, including pre-arranged and fictitious transactions based on confidential information, poses significant ethical concerns Lastly, trading stocks outside the official stock exchange can adversely affect related economic units.
Investing in the Vietnam stock market involves various risks, as highlighted by Lan (2012), who categorizes them into two main groups: market-related risks, such as market fraud, operational risks of investment enterprises, government policy risks, and information inaccuracies, and investor-related risks, including management capability, misvaluation, and psychological factors The SRTC (2021) further elaborates on these risks, distinguishing between non-systematic risks that impact individual companies and systematic risks affecting the entire market, such as market, inflation, and economic recession risks Additionally, MBS's 2023 Annual Report identifies several risk types in its management activities, including market, payment, credit, liquidity, information technology, and brand reputation risks To mitigate these risks, securities companies implement robust risk management strategies aimed at preventing, identifying, and minimizing potential damages, as noted by the MBS Risk Management Department (2023).
2.2.4 The significance of formulating customer attraction strategies for securities companies
Ngoc et al (2023) highlight the critical role of customer attraction strategies in the growth of securities companies, emphasizing that enhancing the efficiency of brokerage staff requires equipping them with essential knowledge and skills This approach not only ensures impressive brokerage transaction records but also boosts customer satisfaction and fosters a professional image for the organization Fatahi (2018) also underscores that brokers are profitable entities reliant on customer acquisition, reinforcing the necessity for securities firms to develop effective customer attraction strategies, as customers are vital to the market economy and the sustainability of businesses like MBS.
2.2.5 The factors people consider when deciding to become customers of securities companies
SUMMARY
This chapter provides a comprehensive review of the theoretical framework and prior research pertinent to the study, focusing on key concepts such as strategy formulation, the Vietnam stock trading market, and brokerage firms, all grounded in Vietnam's Securities Law No 54/2019/QH14 It outlines the evolution of the Vietnam stock market, its economic significance, existing challenges, and the importance of customer attraction strategies for securities companies Additionally, it analyzes factors influencing customer decisions to engage with brokerage firms and evaluates MBS Securities' performance from 2020 to 2023, including a SWOT analysis and the company's 2024 operating plan The insights gained from previous studies inform the development of questionnaires aimed at collecting customer feedback on MBS's attraction strategies, ultimately contributing to the enhancement of its brokerage operations.
RESEARCH METHODOLOGY
RESEARCH DESIGN
This study employs a quantitative research design to evaluate MBS's stock brokerage situation, focusing on its strengths and limitations The research aims to develop strategies to enhance customer attraction from 2024 to 2026 and to gather customer feedback on these proposed strategies.
The selection of a quantitative research method is advantageous for several reasons Firstly, as highlighted by Carr (1994), a larger randomly chosen sample enhances the generalizability of the findings to the broader population Additionally, Savela (2018) emphasizes that quantitative approaches provide valuable insights into the structure of reality while minimizing personal bias Furthermore, Rahman (2016) discusses that quantitative research specifically targets measurable and patternable aspects of social behavior, moving beyond mere identification to a deeper analysis of the meanings individuals assign to their actions.
Due to the busy schedules of participants and the limited time available to complete this report, conducting interviews with customers proved challenging Therefore, online survey questionnaires utilizing a quantitative research method emerged as the most effective solution for engaging with consumers.
This survey will be conducted at MB Securities Joint Stock Company (MBS) in Ho Chi Minh City, a leading and reputable securities firm in Vietnam.
- Time: From March 11th to March 21st
The questionnaires, designed using Google Forms, will be distributed through Zalo and Gmail, the primary communication tools for MBS customers This method of conducting online surveys via a link is recognized as the most straightforward approach to engaging with MBS's clientele.
A survey will be conducted with 164 randomly selected customers who have utilized MBS Stock Broker's account management and consulting services These participants are likely to have extensive experience with MBS's financial offerings, particularly investment consulting, ensuring they can provide valuable insights Their feedback will enhance the reliability of the study's data, reflecting their levels of satisfaction or dissatisfaction with MBS products and services This survey aims to collect essential information to support the research findings.
INSTRUMENTS
This report utilizes survey questionnaires as the primary data collection instrument, as they effectively generalize results to a broader population (Ha et al., 2015) This method is recognized for its reliability and cost-effectiveness (Wilson, 2010) Additionally, Bihu (2021) emphasizes that survey questionnaires save time and resources compared to other approaches that demand greater financial investment, physical space, and time.
This study will utilize three survey questionnaires divided into two sections: one for collecting customers' background information and another employing a 5-point Likert scale The first section focuses on demographic data, while the second includes ten statements aimed at identifying the key factors that attract customers.
MBS Securities Company conducted a comprehensive assessment through three questionnaires to evaluate customer satisfaction with its brokerage quality, financial products, and services The second questionnaire included 21 statements focused on gauging satisfaction levels, while the third featured nine statements aimed at gathering customer feedback on proposed attraction strategies By integrating these findings with secondary data, the company aims to draw informed conclusions and make recommendations to enhance its stock brokerage activities.
The Likert scale, recognized as one of the most essential psychometric tools in educational and social science research (Joshi et al., 2015), enables respondents to convey their opinions, attitudes, or feelings on specific issues by choosing from a range of options (Nemoto & Beglar, 2014) To gather insights from MBS customers, the survey will utilize a 5-point Likert scale, allowing participants to respond from "Strongly disagree" to "Strongly agree" or from "Strongly dissatisfied" to "Strongly satisfied."
In this research, Vietnamese participants will complete surveys by marking statements on an appropriate scale, with all questions presented in Vietnamese to minimize misunderstandings The questionnaire is developed based on prior studies, including works by Zeithaml et al (1996), Zeithaml & Bitner (2000), and others, alongside MBS's SWOT analysis and objectives of this study To ensure the validity of the questionnaire, guidance will be sought from the graduation thesis instructor, and necessary modifications will be made as needed.
DATA COLLECTION AND ANALYSIS
This study used of the following two data sources: primary data and secondary data
Primary data is the results obtained from survey questionnaires of customers who are using stock brokerage services at MBS, which help better understand the situation of
MBS's stock brokerage activities, specifically quality, efficiency, and limitations that need to be overcome
Secondary data is sourced from a variety of reputable materials, including theoretical foundations, esteemed newspapers, and securities textbooks It also encompasses data from master's and doctoral theses focused on business and securities strategies, as well as research and annual reports from MBS Key information sources include the Ho Chi Minh City Open University Library, lectures on Scientific Research Methods, MBS's Annual Reports, research conducted by MBS's Research Center, and Google Scholar.
The data acquisition process will start by examining the report's objective, aimed at aiding MBS Securities Company in formulating customer attraction strategies and identifying effective solutions This involves collecting secondary data to create questionnaires and preliminary scales for gathering primary data.
From March 11th to March 15th, I will conduct preliminary research and test the survey using Google Forms Following this, I will refine the scales and questionnaires before executing a posttest with a sample of 200 consumers The data collection phase will conclude on March 21st, allowing for comprehensive analysis.
Data analysis aims to reveal key patterns, trends, and relationships within research contexts (Albers, 2017) In this study, a survey of 164 customers managed by MBS Stock Broker was conducted to gather insights via Zalo and Gmail The initial step involved cleaning and formatting the data to ensure it met the requirements for statistical analysis Javeed (2023) emphasized that data cleaning improves analysis efficiency by removing inaccuracies Recommended cleaning tasks include eliminating responses with uniform answers across questions, discarding those that skipped over half of the survey, and removing duplicate entries.
After compiling and cleansing the data, the next steps involve conducting exploratory analysis to gain an initial understanding, followed by creating chart visualizations The analysis will focus on identifying relationships between variables, with results being validated and reviewed for consistency and accuracy Finally, the interpreted results will be presented in the research paper, utilizing the theories of Javeed (2023) and Arao (2023) The steps of quantitative data analysis are summarized in the accompanying diagram.
Figure 3.1: Steps of quantitative data analysis
3.3.4 Problems with data collection and analysis procedures
Data collection for the survey took longer than anticipated, originally scheduled to conclude on March 21st but ultimately finishing on April 5th This delay may have been caused by the customer's busyness, overlooking the notification, or a lack of interest in participating, resulting in interruptions to the research process.
Interpreting and presenting the results Validating & reviewing the results
Analyzing dataGenerating chart visualizationsExploratory analysis Cleaning & formatting dataCollecting data
A significant issue arises from the presence of invalid survey responses, characterized by identical answers across all questions and duplicate submissions This necessitates the removal of these responses to ensure the integrity of the survey results.
The anticipated challenges were considered during the design of the data collection and analysis plans Despite the difficulties, the random selection of survey participants ensured equal conditions, resulting in a substantial number of valid responses Ultimately, 164 validated responses were obtained and are set to be analyzed for this research.
In this section, a research framework to analyze the effectiveness of strategic alliances to help the MBS company attract customers is presented as follows:
Figure 3.2: Research model of MBS’s customer attractions
This research article outlines strategic goals aimed at attracting customers through various adaptable strategies Key approaches include enhancing human resources, leveraging market-leading technology, implementing an effective risk management system, maintaining competitive costs, centralizing foreign market efforts, utilizing digital marketing for stock brokerage, and fostering strong relationships with existing customers These strategies are dynamic and can be modified according to the specific circumstances and objectives of the business.
Toledo et al (2011) emphasize that the research hypothesis is fundamental to any research project, as a well-structured hypothesis ensures the effective execution of the research process Consequently, several hypotheses are proposed for this study based on this framework.
By focusing on developing a robust human resource strategy, MBS can enhance employee training in essential working attitudes such as friendliness, professionalism, and dedication Ensuring that staff possess extensive market research experience and prestigious certifications will further improve work efficiency Additionally, fostering skills in digital technology for customer consulting will enable MBS to attract more potential clients, ultimately enhancing the company's efficiency, quality, and reputation.
MBS aims to enhance customer satisfaction by investing in and developing innovative financial service products that integrate advanced technology By streamlining the account opening process, facilitating smooth stock trading, and enabling quick order placements, MBS will create a more efficient trading experience for customers This commitment to market-leading technology not only improves user experience but also attracts new clients to the company.
Customers at MBS will experience enhanced security in their investments and trading activities if the company develops an effective risk management system tailored to address market fluctuations and various investment risks, including credit, liquidity, and market risks Furthermore, by investing in technology solutions that safeguard customer information, MBS can bolster its reputation and attract a larger client base.
To attract potential customers, MBS must consistently analyze and provide competitive transaction and service fees compared to other stock market competitors, encouraging more individuals to choose MBS for their stock investment and trading needs.
By leveraging the strengths of its parent company, MB, and shifting its focus towards corporate clients and financial consulting, MBS can effectively enhance its brokerage market share This strategic approach will enable MBS to broaden its corporate customer base, driving growth in both brokerage and proprietary trading within foreign markets Ultimately, this will lead to reduced costs, increased profitability, and an improved reputation for the company.
As a result, many customers will know about MBS and want to experience the company’s services, as well as invest in the company’s securities
SUMMARY
This chapter outlines the methods utilized in the current investigation, starting with the study design, which encompasses the research methodology, participant selection, and survey setting It then details the instruments used for data collection, followed by an in-depth description of the data collection and analysis procedures Furthermore, the study addresses challenges encountered during data gathering and analysis, and concludes with an overview of the results obtained to support the research findings.
DATA ANALYSIS AND DISCUSSIONS
DATA ANALYSIS
- In terms of gender: The survey results show that there are 126 men and 38 women participating in the survey, the number of men accounts for 76.8% and women accounts for 23.2%
The age distribution of the participants reveals that the majority, 42.7%, are under 30 years old, totaling 70 individuals Following this group, those aged 31 to 40 years comprise 32.9% with 54 participants Meanwhile, 14.6% of the participants, or 24 individuals, fall within the 41 to 50 age range Lastly, a smaller segment of 9.8%, consisting of 16 people, is aged over 50 years.
Under 30 From 31 to 40 From 41 to 50 Above 50
The survey results indicate that the majority of participants possess a high level of education, with over 55% being post-graduates Additionally, 34% of respondents are university students, while junior college and high school attendees represent 8.5% and 2.5%, respectively.
Nearly half of the respondents (47.6%) indicated that they have held a stock account at MBS for 1 to 3 years, while over a third (29.3%) reported having their accounts for 4 to 10 years Additionally, 19.5% of participants have been trading for less than a year, and only 3.7% have maintained their accounts for more than 10 years.
Figure 4.3: Ratio of education level
To gain insights into how customers discover MBS, I asked, "How did you know about MBS?" The findings revealed that nearly half of the respondents identified Telesales as their primary source, while Family and Friends accounted for 23.2% of the responses The company's website was the third most common source at 14.6% In contrast, traditional media such as newspapers and magazines contributed to 8.5% of responses, and social media was the least effective channel, garnering only 4.9%.
Figure 4.4: How long have you opened an account to trade and invest at MBS?
Less than 1 year From 1 to 3 years From 4 to 10 years Above 10 years
4.1.2 Evaluate the statements using the 5-point Likert scale
The initial questionnaire, derived from Table 2.1: Sources of scale construction, aims to uncover the reasons behind customers' choice of MBS company The analysis reveals key insights into MBS's operational landscape, highlighting the factors that effectively attract its clientele Notably, three reasons emerged with significant levels of agreement, indicating strong customer approval.
Before becoming a customer of MBS, clients were previously associated with MB, drawn to MBS for its prestige and convenience, particularly following the launch of a securities transaction integration application with the MBBank app Survey results reveal that 46.3% of respondents strongly agree and 18.9% agree with this sentiment; however, nearly one-third of participants expressed dissent, with 20.1% strongly disagreeing and 10.4% disagreeing.
MBS is recognized as a reputable brand owned by the Military Commercial Joint Stock Bank, instilling confidence in investors and traders Over half of the respondents agree with this statement, while 14% strongly agree Nevertheless, 5.5% of participants indicated that this factor did not influence their decision to choose MBS.
Figure 4.5: How did you know about MBS?
Social media (TikTok, Facebook, YouTube,…) Family/ Friends
Newspapers, magazines Website: www.mbs.com.vn
Nearly half of the respondents agree or strongly agree that MBS has consistently ranked among the top ten strongest securities companies in Vietnam on both the HSX and HNX exchanges over the past three years (2020, 2021, and 2022).
2023) This confirms the quality and position of MBS." Additionally, it is worth noting that no one disagreed with this statement
In addition, more than one-fifth Agree and 14% Strongly agree that customers “found
MBS's Copi24 product works effectively, so you chose to invest through this application at MBS." Besides, 19.5% of participants Disagree and 43.9% had no opinion about this
Over 20% of respondents found MBS's service fees and incentives to be competitive and appealing, while more than half had no opinion on the matter, and 16.5% expressed disagreement.
Despite a significant number of participants expressing Strongly Agree and Agree, three statements received notably high levels of Disagree and Strongly Disagree responses Notably, over half of the participants disagreed with the statement regarding the availability of updated MBS information, with 49.4% selecting Disagree This indicates a perception that the company’s website, which offers a variety of information, videos, talk shows, and market research articles, is not as easily navigable or informative as suggested.
Many users have been following MBS Stock Broker's website due to its intriguing and precise market analysis; however, survey results indicate that over half of the respondents strongly disagree or disagree with this sentiment, with only 7.3% expressing agreement.
The survey revealed that over one-third of respondents disagreed, and 7.3% strongly disagreed with the statement that "MBS has a large and superior network of diverse products and services compared to the market," while fewer than 10% expressed agreement with this assertion.
To assess customer satisfaction with MBS's products, services, and support consulting, I have developed three targeted mini questionnaires These questionnaires aim to gather feedback on specific aspects, including customer satisfaction ratings related to the company's attitude and performance The insights gained will enhance our understanding of MBS's operational strengths and areas of concern, supporting a comprehensive SWOT analysis.
MBS is a highly reputable brand and is owned by Military Commercial Joint
Stock Bank, which makes you feel secure in investing and trading.
MBS has consistently ranked among the top ten strongest securities companies in
Vietnam (HSX and HNX) over the last four years (2020, 2021, 2022, and…
The company has a lot of information, videos, talk shows, and many market research articles on its website, so you can find it easily.
You found MBS’s service fees and incentives competitive and attractive
You found that MBS's Copi24 product works effectively, so you chose to invest through this application at MBS.
Before being a customer of MBS, you were a financial customer of MB You chose and experienced MBS because of its prestige and convenience,…
You have been following MBS stock broker's website for a while and found their market analysis interesting and accurate.
You heard that MBS employees work efficiently, quickly, accurately, reliably, have prestigious certificates, and achieve many achievements.
Your family or friends are customers at
MBS has a large network of products and services that are diverse, different, and superior to the market.
Figure 4.6: Reasons why customers choose and experience investing and trading securities at MBS
Strongly agree Agree Neither agree nor disagree Disagree
The analysis reveals a significant disagreement regarding the experience and expertise of MBS securities brokerage and consulting staff, as well as concerns about the quality of MBS's financial products and services, including transaction fees and processing times Additionally, there are notable issues with MBS's transaction branch system and its customer engagement strategies, such as incentive policies and marketing activities.
Customer satisfaction with the attitude, work experience, and capabilities of MBS securities brokerage and consulting staff shows that a substantial percentage of respondents have no opinion, with those selecting "Neither agree nor disagree" ranging from one-third to over half for various statements.
DISCUSSIONS
Data indicates that most MBS Stock Broker clients seeking consulting assistance are male and under 40 years old Additionally, a significant number of these customers opened their accounts between one and ten years ago, with a notable increase in account openings occurring in the past three years.
MBS should focus on developing and improving the quality of human resources, especially stock brokerage staff, specifically enhancing training…
MBS should organize more training sessions to systematically train Digital
Marketing knowledge and skills for each stock brokerage employee.
MBS should focus on investing, researching, and developing financial service products that combine technology in a diverse, different,…
MBS should continuously invest in technology products, typically the MBS
Mobile App, to help customers transact smoothly, place orders quickly, and…
MBS should focus on investing and developing its risk management system to help the company, including stock brokers, cope well with risks in stock…
MBS should constantly research to offer competitive transaction and service fees with competitors in the stock market.
MBS should develop more attractive incentive policies for customers, including incentives for new customers and long-time customers of the…
MBS should organize more customer conferences, from which you will be able to express personal opinions, answer your questions, and interact…
You think that MBS should have more articles updating company news, livestream discussions and stock investment advice on multi-channel…
Figure 4.10: Evaluating customer opinions on customer attraction strategies proposed to MBS
Strongly agree Agree Neither agree nor disagree Disagree
Over the past four years (2020-2023), global stock markets, including Vietnam's, have shown remarkable growth despite the challenges posed by the COVID-19 pandemic Vietnam's stock market experienced significant expansion, marked by increased financial resources, high liquidity, and a surge in new account registrations in 2021 and 2022 Furthermore, MBS has achieved notable advancements in technology and services, aligning with market demands and the broader economic landscape.
In
In 2023, MBS achieved a notable profit milestone of 716,146,789,713 VND, marking the second highest profit in its operating history However, the total number of accounts at MBS saw a significant decline due to the proactive closure of inactive accounts A survey conducted among customers, primarily those with accounts opened within the last one to three years, provided valuable insights into the company's operations and customer needs, aiding in the development of strategies tailored to the current market conditions.
A recent survey on how customers discovered MBS revealed that Telesales remains the most effective method, highlighting its benefits for the organization MBS primarily serves individual and organizational customers, with individual clients being the predominant group, indicating strong Telesales performance However, the reliance on traditional securities trading has raised concerns about increased operating costs and reduced profits, as noted by MBS's director, Anh (2023) Additionally, 25% of respondents learned about MBS through referrals from friends or relatives, showcasing the impact of word-of-mouth marketing driven by quality services In contrast, only 4.9% became aware of MBS via social media, reflecting a weakness in the company's PR and marketing efforts, which lack a dedicated strategy and department This shortcoming hampers market expansion and business development The survey also indicated that most customers do not consider media channels influential in their choice of MBS Notably, MBS's reputation, bolstered by its parent company, Military Commercial Joint Stock Bank (MB), significantly contributes to customer attraction, as over half of the respondents were former MB clients, aligning with MBS's strengths.
I developed supplementary survey questions regarding the company's current marketing situation, utilizing a 5-point Likert scale The findings were remarkably consistent and impressive when comparing the results from two questionnaires: one assessing customer satisfaction with MBS's products, services, and support consulting activities, and the other evaluating customer opinions on the proposed customer attraction strategies for MBS.
A recent survey on the working attitude of MBS securities brokerage and consulting staff highlighted that 60% of customers expressed satisfaction with their friendliness, professionalism, thoughtfulness, and dedication However, 40% of customers were not satisfied Additionally, when evaluating the experience, prestigious certifications, research capabilities, and adaptability of MBS stock brokers to market fluctuations, over half of the respondents shared less than positive opinions, with 10% to 20% of customers indicating clear dissatisfaction.
The data collected reinforces the findings related to one of the problem statements and the SWOT analysis of MBS Notably, 90.9% of customers strongly support the recommendation that "MBS should prioritize the development and enhancement of human resources, particularly for stock brokerage staff, by improving training in attitude, knowledge, expertise, and the application of digital technology in customer consulting."
A significant number of participants reported dissatisfaction with the order placement speed of the MBS Mobile App, highlighting a key issue identified in both the problem statement and SWOT analysis Users experienced app crashes and lag, with 92.7% advocating for MBS to enhance its technology investments, particularly in the mobile app Additionally, over a third of customers feel that MBS's financial products lack uniqueness compared to competitors, aligning with earlier assessments in the SWOT analysis A strong 79.9% of participants support the idea that MBS should innovate and develop distinctive financial services that integrate technology effectively Furthermore, more than 20% expressed dissatisfaction with MBS's service fees and trading times, with 80.5% desiring more competitive pricing While MBS's service fees are considered mid-range compared to other securities firms, customers are clearly inclined towards lower fees Moreover, most customers find the current trading times inflexible, a challenge inherent to all securities companies in Vietnam due to strict regulations set by the Vietnamese Securities Law of 2019, making changes to trading times unfeasible for MBS.
The customer survey results indicate that MBS's digital PR and marketing efforts, including news updates, livestream discussions, and investment advice across various platforms, are not fully optimized The absence of a dedicated PR and marketing department may contribute to this issue MBS's manager acknowledges that establishing such a department would require significant time and resources Consequently, leveraging MB Bank's services for marketing support and enhancing the digital marketing skills of stock brokerage employees through training sessions may be a more practical approach at this time This strategy garnered 90.3% customer approval in the survey, highlighting its effectiveness Additionally, other proposals aimed at improving customer incentive policies and risk management systems also received strong support from survey participants.
In conclusion, the assessment indicates that customer satisfaction with MBS's staff, products, and services, as well as its relationship-building activities, remains subpar, with survey results showing that only 30% to 50% of customers express satisfaction (refer to Figures 4.7, 4.8, and 4.9) This underscores the urgent need for targeted solutions and strategies to improve satisfaction among existing customers while attracting new ones The proposed solutions in Figure 4.10 received favorable feedback from the majority of customers, effectively supporting the SWOT matrix and laying the groundwork for the development of specific strategies for MBS.
SUGGESTED SOLUTIONS
To enhance the development of MBS, it is crucial to implement seven key strategies for customer attraction: upgrading human resources, utilizing market-leading technology products, establishing a responsive and effective risk management system, ensuring cost competitiveness, centralizing efforts in foreign markets, equipping stock brokerage employees with robust digital marketing knowledge, and fostering strong relationships with existing customers.
4.3.1 Human resource upgrading strategy (Do, 2005)
We can take advantage of MBS's existing strengths and opportunities (SWOT analysis,
To enhance value and reputation, it is crucial to attract and build a team of specialized consultants in key areas, which will ultimately draw in customers and generate interest Consistent training and retraining for staff on the latest technological advancements, customer care skills, and research capabilities are essential for helping clients increase profits while addressing existing shortcomings to boost customer satisfaction Additionally, implementing policies that foster motivation and loyalty among employees, along with effective management between departments and branches, will improve communication and problem-solving for customer issues.
4.3.2 Applying Market-leading technology products strategy (Gioi,
Leveraging its strengths in IT systems, service quality, safety, and flexibility, MBS aims to create innovative products that prioritize stringent safety features Despite its advanced information technology, highlighted by the success of the MBBank App and services like Copi24 and Plus24, MBS recognizes the need for continuous improvement and development of its technology offerings, particularly the MBS Mobile App This strategy is essential for MBS to remain competitive in a stock market with over 80 rivals, streamline workflows, save customers time, and enhance investment effectiveness, ultimately leading to greater customer satisfaction.
4.3.3 Strategy for developing a sensitive and effective risk management system (Gioi, 2007)
In a fluctuating macroeconomic environment, MBS must remain agile in managing risks to mitigate negative impacts By leveraging its strong leadership team, dedicated employees, and established risk management system, the company can enhance its risk management capabilities and effectively navigate current challenges This proactive approach not only stabilizes operations but also drives achievements and boosts profits for both customers and the company Ultimately, strengthening risk management is essential for attracting more investors to securities firms.
Survey results indicate that many customers prioritize service fees, presenting an opportunity for MBS to lower transaction costs and enhance its competitiveness By offering additional incentives and improving customer policies, MBS can attract a larger customer base and strengthen its market position.
4.3.5 Foreign market centralization strategy (Do, 2011)
To enhance its brokerage market share, MBS should capitalize on the strengths of its parent company (MB) while shifting its focus towards corporate clients with financial consulting needs Currently, MBS primarily serves individual customers, and broadening its corporate client base will generate momentum for growth in both brokerage and proprietary trading sectors in foreign markets This strategic expansion is expected to reduce costs, boost profits, and enhance the company's reputation.
4.3.6 Well-equipped knowledge of digital marketing for stock brokerage employee
The initial step involves effectively coordinating and leveraging the IT resources from the parent company, MB, to invest in modern IT infrastructure that aligns with business needs Additionally, to optimize time, resources, and costs, MBS should continue utilizing MB Bank's services to enhance its marketing operations.
According to MBS's manager, the PR and Marketing department requires significant time, resources, and financial investment To adapt to MBS's current circumstances and the competitive landscape of securities firms, leveraging MB Bank's services for marketing support and enhancing training sessions on Digital Marketing for stock brokerage employees may be more effective at this time Additionally, boosting PR and marketing efforts through social media—such as establishing a dedicated stock channel for the company or training brokers to create their own personal stock channels on platforms like TikTok, Facebook, and YouTube—can enhance customer engagement and attract potential clients.
4.3.7 Maintaining the good relationships with current customers
To enhance customer relationships, companies should consider organizing additional conferences and diversifying their invitation methods, such as using email, text messages, or traditional mail to express appreciation and create a positive impression Additionally, investing in training for stock consultants and brokers to develop a respectful attitude, strong customer service skills, and effective problem-solving abilities can significantly improve interactions with clients.
SUMMARY
This chapter analyzes the secondary data collected from the survey, focusing on participants' background, reasons for choosing MBS, satisfaction with its stock brokerage services, and evaluations of customer attraction strategies The findings are crucial for validating the feasibility of previously researched strategies in the SWOT matrix, enhancing the scientific and objective formulation of customer attraction strategies for MBS.
CONCLUSIONS AND RECOMMENDATIONS
CONCLUSIONS
In the dynamic landscape of today's stock market, characterized by intense competition among over 80 securities firms, MBS recognizes the critical need to develop targeted strategies that leverage its strengths and address weaknesses to attract customers and enhance its market position This study utilizes both primary and secondary data to assess the company's current situation, identifying key strengths, weaknesses, opportunities, and challenges The findings aim to provide a comprehensive understanding that informs practical solutions for securities firms to effectively attract customers, ultimately contributing to successful investment outcomes and benefiting the overall market economy.
Based on the results obtained from this study, to answer four research questions, some findings are summarized as follows:
Customers are drawn to MBS for stock trading and investing due to their prior experience with MB's financial services, MBS's reputable brand, and its association with the Military Commercial Joint Stock Bank Moreover, MBS's strong stock market ranking in Vietnam further enhances its appeal Additionally, Copi24 serves as an effective tool for attracting new customers to MBS.
MBS encounters multiple challenges in its stock brokerage operations, including underdeveloped PR and marketing strategies that face significant limitations Additionally, a portion of MBS's brokerage team lacks the necessary experience and professional skills The company's technology offerings do not fully surpass those of its competitors, and the MBS Mobile App is constrained, hindering optimal customer experiences in stock trading Furthermore, MBS's service fees require careful evaluation to ensure competitiveness in the market.
Research indicates that customer satisfaction ratings for MBS's products, services, and support consulting are underwhelming, with averages between 30% and 50% A considerable number of consumers express neutral feelings, while around 10% report dissatisfaction This highlights the urgent need for targeted strategies and solutions to improve customer satisfaction and attract new clientele.
To attract customers to MBS stock trading, it is essential to focus on several key strategies: upgrading human resources, implementing cutting-edge technology solutions, and establishing a robust risk management system Additionally, enhancing cost competitiveness and centralizing efforts in foreign markets will be beneficial Investing in digital marketing knowledge for stock brokerage employees and fostering strong relationships with existing customers are also crucial for success.
LIMITATIONS
This report presents various strategies aimed at enhancing the company's stock brokerage operations Nonetheless, challenges arose during the report's completion due to limited resources and my personal office experience.
As a Business English major, my understanding of Securities and Marketing is limited, primarily acquired through brief academic exposure and research materials Consequently, I recognize significant gaps in my knowledge and experience in these areas.
This report was limited to a subset of the company's customers, which may not provide a comprehensive understanding of the factors that attract customers, primarily due to constraints in time and budget.
The lack of transparency made it challenging to acquire precise information about certain departments, leading to a lengthy process as I navigated multiple steps to gather the necessary data.
In conclusion, analyzing the activities of an entire corporation to derive meaningful insights demands significant time investment, making time a crucial constraint of this study I focus on key theories to provide a preliminary solution.
RECOMMENDATIONS
This research highlights that while MBS has notable advantages, it also faces limitations that must be addressed for future growth To overcome these challenges, effective strategies should be implemented, such as enhancing human resources to create a strong and distinct workforce, differentiating products and technology through the IT and Research Center, and improving the risk management system via the Risk Management Department Additionally, leading in cost efficiency through Business and Support Units, centralizing foreign market efforts, integrating digital marketing into stock brokerage activities, and nurturing relationships with existing customers are essential strategies for MBS's development.
Future research and development will be essential to customize proposed solutions for MBS's unique conditions With ongoing improvements and a focus on long-term challenges, the innovative and positive mindset of MBS's young employees will drive the company's progress toward its goals Additionally, these employees will have opportunities for training and personal development.
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Minh, T (2018) The financial crisis looks back 10 years Government Electronic Newspaper https://baochinhphu.vn/cuoc-khung-hoang-tai-chinh-10-nam-nhin- lai-102244764.htm
Nemoto, T., & Beglar, D (2014, November) Likert-scale questionnaires In JALT 2013 conference proceedings (pp 1-8)
Ngoc, N M., Tien, N H., and Hieu, V M (2022) explore strategies to enhance the efficiency of real estate brokerage activities in Vietnam, emphasizing the importance of adopting innovative practices and technology Their research highlights the need for improved training for brokers and the implementation of effective marketing strategies to attract clients The study also discusses the role of regulatory frameworks in shaping the real estate market and suggests that fostering collaboration among industry stakeholders can lead to better outcomes Overall, the article provides valuable insights into optimizing real estate brokerage operations in Vietnam.
Nhung, N T H., Anh, N T P., Hoa, N T., & Hoa, T T (2017) The stock market, 5-7 Viet Nam Education Publishing House,
Nong, N V., & Lien, N T H (2007) Stock market textbook, 23-73 Labor - Social Publishing House
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200145.html#:~:text=Trung%20tâm%20ch%C3%ADnh%20thức%20khai,thức% 20của%20TTCK%20Việt%20Nam
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The annual report of MBS in 2021
The annual report of MBS in 2022
The annual report of MBS in 2023
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MBS’S TABLE AND CHARTS
APPENDIX 1: MBS’S TABLE AND CHARTS
Table 1.1 Profit and loss statement in four year (2020, 2021, 2022, and 2023)
(Source: Summary from MBS's Income statement 2020, 2021, 2022, and 2023)
(Source: MBS Annual Report 2020, 2021, 2022, and 2023)
Figure 1.1 The number of accounts in the last four years at MBS (approximate data)
Figure 1.2 Organizational structure and human resources department chart of
MB Securities Joint Stock Company (MBS)
(Source: HR Department – MB Securities Joint Stock Company (MBS))
QUESTIONNAIRE (IN ENGLISH)
My name is Bùi Thị Trúc Lê - a student at Ho Chi Minh City Open University, with the major in Business English
At present I am in process of doing a graduation thesis with the title "Formulating Strategies to attract customers for brokerage firms – MB Securities Joint Stock Company (MBS)"
Your participation in this survey is crucial for my graduation thesis and plays a significant role in enhancing customer investment success in the stock market, as well as supporting the growth of MBS company I sincerely appreciate your valuable time in completing this questionnaire.
We greatly value your commitment to completing our questionnaires, and we assure you that your information will be kept confidential and used solely for research purposes If you have any questions or need assistance, please feel free to reach out to me at Trucleebuithi@gmail.com.
Thank you for your support
Please answer all questions by ticking (✔) the option that is appropriate to you
4 How long have you opened an account to trade and invest at MBS?
Less than 1 year From 4 to 10 years
From 1 to 3 years Above 10 years
5 How did you know about MBS?
Newspapers, magazines Website: www.mbs.com.vn
Section B: Evaluate the statements using the 5-point Likert scale
Please indicate the extent to which you agree or disagree with each of the following statements by ticking (✔) the appropriate level from 1 to 5, namely as follows:
Reasons why customers choose and experience investing and trading securities at MBS
MBS is a highly reputable brand and is owned by Military Commercial Joint Stock Bank, which makes you feel secure in investing and trading
MBS has consistently ranked in the top ten strongest securities companies in Vietnam
(HSX and HNX) over the last four years (2020,
2021, 2022, and 2023) This confirms the quality and position of MBS
The company has a lot of information, videos, talk shows, and many market research articles on its website, so you can find it easily
4 You found MBS’s service fees and incentives competitive and attractive
You found that MBS's Copi24 product works effectively, so you chose to invest through this application at MBS
Before becoming a customer of MBS, you were a financial client of MB You chose MBS for its esteemed reputation and convenience, particularly after the integration of the securities transaction application with the MBBank app.
You have been following MBS stock broker's website for a while and found their market analysis interesting and accurate
You heard that MBS employees work efficiently, quickly, accurately, reliably, have prestigious certificates, and achieve many achievements
9 Your family or friends are customers at MBS and investing effectively
MBS has a large network of products and services that are diverse, different, and superior to the market
Evaluate the level of customers satisfaction with MBS company's products, services, and support consulting activities
About the attitude, work experience, and capacity of MBS securities brokerage and consulting staff 1 2 3 4 5
11 You found MBS securities brokerage and consulting staff friendly
12 You found MBS securities brokerage and consulting staff polite and professional
13 You found MBS securities brokerage and consulting staff thoughtful and dedicated
You found that MBS stock brokers have extensive experience in market research and prestigious certificates
MBS stock brokers have good working and research capabilities, helping to make accurate decisions to help customers gain high investment profits
16 You found that MBS stock brokers have ability to respond flexibly to market fluctuations
Please rate your overall level of satisfaction when experiencing investment consulting and support activities at MBS
About the quality of MBS's outstanding financial and service products, transaction fees, transaction time, and MBS transaction branch system
18 You found MBS's financial products and services becoming more and more diverse
MBS's digital technology products are increasingly outstanding, notably MBS's
Copi24, which is the leading product in Copy
MBS's financial products and services are increasingly different from those of its competitors
21 Rate your satisfaction with the level of safety when trading securities at MBS
Rate your satisfaction with the process of opening an account at MBS through Open24 app (Easiness, convenience, and speed)
23 Rate your satisfaction with the speed of placing orders via the MBS Mobile App
24 Rate your satisfaction with the aesthetics and convenience of the MBS Mobile App
MBS's office and branch system is clean, beautiful, and has many branches to help you save travel time
26 Rate your satisfaction with MBS's service fees and transaction times
Please rate your general level of satisfaction when using MBS's financial products and services
Regarding customer relationship building activities, customer incentive policies, and
Rate your satisfaction with MBS's customer relationship-building activities through customer appreciation and incentive programs
29 Rate your relationship with individual stock broker MBS
Evaluating how often you see MBS news updates articles, livestream discussions and
MBS stock investment advice on multi- channel platforms (Newspapers, Stock
Magazines, Youtube, Tiktok, Facebook, etc.)
Overall assessment of the attractiveness of
MBS's customer incentive policies from your perspective
Evaluating customer opinions on customer attraction strategies proposed to MBS
MBS should prioritize the enhancement of human resource quality, particularly among stock brokerage personnel This includes improving training programs that focus on attitudes, knowledge, expertise, and the effective application of digital technology in customer consulting.
MBS should organize more training sessions to systematically train Digital Marketing knowledge and skills for each stock brokerage employee
MBS should focus on investing, researching, and developing financial service products that combine technology in a diverse, different, outstanding, and effective way
MBS should continuously invest in technology products, typically MBS Mobile App, to help customers transact smoothly, place orders quickly, also ensuring safety, information security for customers
MBS should focus on investing and developing its risk management system to help the company, including stock brokers, cope well with risks in stock investment (Credit risk,
Liquidity risk, and Market risk)
MBS should constantly research to offer competitive transaction and service fees with competitors in the stock market
MBS should develop more attractive incentive policies for customers, including incentives for new customers and long-time customers of the company
MBS should organize more customer conferences, from which you will be able to express personal opinions, answer your questions and interact with securities experts
You think that MBS should have more articles updating company news, livestream discussions, and stock investment advice on multi-channel platforms (Newspapers, Stock
Magazines, Youtube, Tiktok, Facebook, etc.) to attract more potential customers.
QUESTIONNAIRE (IN VIETNAMESE)
Tôi tên là Bùi Thị Trúc Lê - sinh viên trường Đại học Mở Thành phố Hồ Chí Minh, chuyên ngành Tiếng Anh Thương Mại
Hiện tại, tôi đang tiến hành luận văn tốt nghiệp với chủ đề "Xây dựng chiến lược thu hút khách hàng cho Công ty Cổ phần Chứng khoán MB (MBS)".
Phản hồi của bạn về bản khảo sát này không chỉ hỗ trợ tôi hoàn thành luận văn tốt nghiệp mà còn đóng góp quan trọng vào thành công của khách hàng trong đầu tư chứng khoán, đồng thời thúc đẩy sự phát triển của công ty MBS.
Vì vậy, tôi hy vọng anh/ chị có thể dành thời gian quý báu của mình để hoàn bảng câu hỏi này
Chúng tôi đánh giá cao sự tận tâm của bạn trong việc trả lời các câu hỏi, và xin cam kết rằng thông tin bạn cung cấp sẽ được giữ bí mật, chỉ sử dụng cho mục đích nghiên cứu Nếu bạn có bất kỳ thắc mắc nào hoặc cần hỗ trợ, vui lòng liên hệ với tôi qua email Trucleebuithi@gmail.com.
Chân thành cảm ơn sự hỗ trợ của anh/ chị
Vui lòng trả lời tất cả các câu hỏi bằng đánh dấu (✔) vào tùy chọn phù hợp với anh/ chị
1 Giới tính của anh/ chị là:
2 Độ tuổi của anh/ chị là:
3 Trình độ học vấn hiện tại của anh/ chị là:
Trung học phổ thông Đại học
Cao đẳng Sau đại học
4 Anh/ chị đã mở tài khoản và giao dịch, đầu tư tại MBS được bao lâu?
Dưới 1 năm Từ 4 đến 10 năm
Từ 1 đến 3 năm Trên 10 năm
5 Anh/ chị biết đến MBS qua phương tiện thông tin nào?
Báo chí, tạp chí Website: www.mbs.com.vn
Gia đình/ Bạn bè Tivi Telesales
Phần B: Đánh giá các nhận định qua thang 5-point Likert scale
Vui lòng cho biết mức độ đồng ý hoặc không đồng ý với các nhận định dưới đây bằng cách đánh dấu (✔) vào mức độ phù hợp nhất từ 1 đến 5.
(Hoàn toàn không hài lòng)
Lý do khiến khách hàng lựa chọn và trải nghiệm đầu tư chứng khoán tại MBS
MBS là một công ty nổi tiếng và uy tín, trực thuộc Ngân hàng Quân đội MB, điều này khiến anh/ chị an tâm đầu tư và giao dịch
MBS thường xuyên lọt top 10 công ty chứng khoán mạnh nhất Việt Nam (sàn HSX và
HNX) trong suốt bốn năm vừa qua (2020,
2021, 2022 và 2023) Điều này khẳng định chất lượng và vị thế của MBS
Công ty cung cấp một lượng lớn thông tin, video, talk show và các nghiên cứu thị trường trên nhiều trang mạng, giúp anh/chị dễ dàng tìm kiếm và tiếp cận nội dung cần thiết.
Anh/ chị tìm hiểu và biết công ty MBS có phí dịch vụ cạnh tranh và nhiều ưu đãi cho khách hàng
Anh/ chị tìm hiểu và biết rằng sản phẩm
Copi24 của MBS hoạt động rất hiệu quả, nên anh chị đã lựa chọn đầu tư qua ứng dụng này tại MBS
Trước khi trở thành khách hàng của MBS, bạn đã từng là khách hàng tài chính của MB Bạn lựa chọn MBS vì sự uy tín và tiện lợi, đặc biệt khi MBS ra mắt ứng dụng tích hợp giao dịch và đầu tư chứng khoán.
Bạn đã theo dõi trang web của nhân viên môi giới chứng khoán MBS trong một thời gian và nhận thấy rằng những phân tích thị trường của họ rất thú vị và chính xác.
Anh/ chị nghe nói nhân viên MBS làm việc hiệu quả, nhanh chóng, chính xác, đáng tin cậy, có chứng chỉ uy tín và đạt được nhiều thành tựu
Gia đình/ Bạn bè của anh/ chị cũng đang là khách hàng tại MBS và đang đầu tư rất hiệu quả
Công ty MBS tự hào sở hữu một mạng lưới sản phẩm và dịch vụ phong phú, đa dạng và vượt trội hơn hẳn so với thị trường Đánh giá sự hài lòng của khách hàng đối với các sản phẩm, dịch vụ và hoạt động tư vấn hỗ trợ của MBS là một yếu tố quan trọng trong việc nâng cao chất lượng phục vụ.
Về thái độ, kinh nghiệm làm việc, năng lực của nhân viên tư vấn và môi giới chứng khoán MBS 1 2 3 4 5
11 Nhân viên tư vấn và môi giới chứng khoán
12 Nhân viên tư vấn và môi giới chứng khoán
MBS lịch sự và chuyên nghiệp
13 Nhân viên tư vấn và môi giới chứng khoán
MBS chu đáo và tận tâm
Nhân viên môi giới chứng khoán MBS có nhiều kinh nghiệm nghiên cứu thị trường và có các chứng chỉ uy tín
Nhân viên môi giới chứng khoán tại MBS sở hữu năng lực làm việc và nghiên cứu xuất sắc, từ đó đưa ra những quyết định chính xác Điều này giúp khách hàng đạt được lợi nhuận đầu tư cao hơn.
Nhân viên môi giới chứng khoán MBS có khả năng ứng phó linh hoạt với những biến động thị trường
Anh/ chị vui lòng đánh giá chung mức độ hài lòng của mình khi trải nghiệm các hoạt động tư vấn hỗ trợ đầu tư tại MBS
Về chất lượng các sản phẩm dịch vụ, tài chính nổi bật của MBS, phí giao dịch, thời gian giao dịch và hệ thống chi nhánh giao dịch MBS
18 Các sản phẩm tài chính, dịch vụ của MBS càng ngày càng trở nên đa dạng
Các sản phẩm công nghệ số của MBS ngày càng vượt trội, nổi bật với Copi24 của MBS là sản phẩm dẫn đầu về Copy Trade tại Việt Nam
20 Các sản phẩm tài chính, dịch vụ của MBS ngày càng khác biệt so với các đối thủ cạnh tranh
21 Anh/ chị đánh giá mức độ hài lòng với mức độ an toàn khi giao dịch chứng khoán tại MBS
Anh/ chị đánh giá mức độ hài lòng với quá trình mở tài khoản tại MBS thông qua Open24
(Độ dễ dàng, tiện lợi và nhanh chóng)
23 Anh/ chị đánh giá mức độ hài lòng với tốc độ đặt lệnh qua MBS Mobile App
Anh/ chị hãy đánh giá mức độ hài lòng với tính thẩm mỹ và mức độ tiện lợi của MBS Mobile
Hệ thống văn phòng, chi nhánh của MBS sạch đẹp và có nhiều chi nhánh giúp anh chị tiết kiệm được thời gian đi lại
26 Anh/ chị đánh giá mức độ hài lòng với phí dịch vụ và thời gian giao dịch của MBS
Anh/ chị vui lòng đánh giá chung mức độ hài lòng của mình khi sử dụng các sản phẩm dịch vụ, tài chính của MBS
Về hoạt động xây dựng quan hệ khách hàng, chính sách ưu đãi khách hàng, hoạt động truyền thông, marketing của MBS
Đánh giá mức độ hài lòng của khách hàng đối với các hoạt động xây dựng mối quan hệ của MBS thông qua các chương trình tri ân và ưu đãi là rất quan trọng Những chương trình này không chỉ thể hiện sự quan tâm của MBS đối với khách hàng mà còn góp phần nâng cao trải nghiệm và sự gắn bó của họ với thương hiệu.
Anh/ chị đánh giá mối quan hệ giữa bản thân anh/ chị với nhân viên môi giới chứng khoán cá nhân MBS
Đánh giá tần suất bạn nhìn thấy các bài viết cập nhật tin tức, livestream tọa đàm và tư vấn đầu tư chứng khoán của MBS trên các nền tảng đa kênh như báo, tạp chí chứng khoán, Youtube, Tiktok và Facebook.
MBS cần cải thiện chính sách ưu đãi khách hàng để tăng cường sức hấp dẫn và thu hút khách hàng hiệu quả hơn Đánh giá từ khách hàng cho thấy các chiến lược hiện tại cần được điều chỉnh để phù hợp hơn với nhu cầu và mong đợi của họ Việc lắng nghe ý kiến của khách hàng và áp dụng các chiến lược thu hút mới sẽ giúp MBS nâng cao trải nghiệm khách hàng và tăng cường lòng trung thành.
MBS cần tập trung vào việc nâng cao chất lượng nguồn nhân lực, đặc biệt là đội ngũ nhân viên môi giới chứng khoán Việc tăng cường đào tạo về thái độ, kiến thức chuyên môn và khả năng ứng dụng công nghệ số trong tư vấn khách hàng là rất quan trọng để nâng cao hiệu quả phục vụ và đáp ứng tốt hơn nhu cầu của khách hàng.
MBS cần tổ chức thường xuyên các buổi đào tạo chuyên sâu về kiến thức và kỹ năng Marketing ứng dụng công nghệ số cho từng nhân viên môi giới chứng khoán, nhằm nâng cao hiệu quả làm việc và đáp ứng tốt hơn nhu cầu thị trường.
MBS cần tập trung vào việc đầu tư và nghiên cứu phát triển các sản phẩm dịch vụ tài chính kết hợp công nghệ một cách đa dạng, khác biệt và hiệu quả, nhằm tạo ra những giải pháp vượt trội trong ngành tài chính.
MBS nên đầu tư không ngừng các sản phẩm công nghệ, trong đó điển hình là MBS Mobile