Luận văn establishing a marketing strategy for luxury hotel and residence project of tms group join stock company in quy nhon city, binh dinh province

ESTABLISHING A MARKETING STRATEGY FOR LUXURY HOTEL AND RESIDENCE PROJECT OF TMS GROUP JOIN STOCK COMPANY IN QUY NHON CITY, BINH DINH PROVINCE Author: Nguyen Thi Mai Anh Advisor: Dr...

ESTABLISHING A MARKETING STRATEGY

FOR LUXURY HOTEL AND RESIDENCE PROJECT

OF TMS GROUP JOIN STOCK COMPANY

IN QUY NHON CITY, BINH DINH PROVINCE

Author: Nguyen Thi Mai Anh Advisor: Dr Dao Van Tien

Release year: 2018

EXECUTIVE SUMMARY

Under the Subject "Establishing a Marketing Strategy for Luxury Hotel and Residence Project of TMS Group Join Stock Companyin Quy Nhon city, BinhDinh Province", the

report consists of 4 main parts:

Firstly, introduce need, objective and values of the report,

Secondly, provide an overview about the ‘MS Group Joint Stock Company

Thirdly, set np a marketing strategy for Larcnry ITotel and Residence Project of TMS Group Joint Stock Company in Quy Nhon city, BinbDinhprovincethroughcollecting primary data and conducting preliminary research on the real estate market in Quy Nhon city, then

a

apartment,ect Whereby, proposing, a development plan of TMS Group real estate products which is suitable to market demand, After that, makinganalysis of above project in a comparative relationship with competitors, which helps to position products, identify target

sing the demand of castormers for real estals producis such as land, apartment, holel

customers, build compelitive factor and price for the product and ultimately building a marketing strategy for that project in order to promote the business effectively and gain market share for TMS Group in Quy Nhon market

Finally, providing conclusion, recommendations and Iumitations of the repoit.

INTERNSIHP CERTIFICATE

This is to certify that the Internship Report cutitled "Establishing Marketing Stratcgy for

Luxury Hotel and ResidenceProject of TMS Group Joint Stock Company in Quy Nhơn city,

BinhDinhprovince"submitted by Mrs Nguyen Mai Anh is research work for the award of

the Masterso(Markeling& Prospective in TAR Nanios Economic& Management al the

Universite De Nantes, that the report has not formed thebasis for the award previously of any

degree, diploma, associate ship, fellowship or anyother similar title of any university or

tified that the

institution Also, it is

the candidate,

‘rhe data presented in the report are entirely collected and analyzed by author which are

cporl represents an independent work on the part of

teliablz and accurale al the time of reporl

Place: Ha Noi, Vietnam

Date:

policies, creating open and transparent environment for investors

Recognizing the advantages of landscape and culture, HinhDinh province has been issuing many policies and orieniations for turism development, In particular, there are plans for infrastructure and transport development, Key projects such as: upgrading and expanding National highway 1A, National highway 1D, National highway 19, Nhon Hoi - Tam Quan coastal road, ‘TluNai bridge; to build and expand the civil aviation area - Phu Cat airport,

Quy Nhon scaport has been investing and building When these works arc completed, not only tourism but the economy, real estate here also promised to have a breakthrough growth

According to BinhDinh Department of Culture, Sports and Tourism, in 2016, BinhDinh has

welcomed 3.2 million visifors, accompanied by the tourism revenue growth of 41%,

seaching 1,500 billion VND Il is expected that from now {o 2020, the province will attract 5.5 million visitors In which, there are about 800,000 intemational passengers, with an

average annual growth rate of 15%/ year, the total tourism revenue will reach 10.000 billion VND with an average annual growth rate of 25%/vcar BinhDinh Statistical Office;

Statistical Year Book 2016; 2017)

According to the BinhDinktourismoriented developmem in general and Quy Nhon in particular, vision to 2030, the province will focus on investment, exploiting lovrism

resources towards professional, branded, sustainable development, towism products with

high quality, competitive and bold identity Simultaneously, Quy Nhon city is planning to

become onc of the ecniral citics of the Central Coast, devzlopment-oricnted indusizies - porls

- services - tourism to become one of the typical destinations like Da Nang, Nha Trang and

4,000 hotel rooms, including 5 four-star hotels and only one five-star hotel (BinkDinh

Statistical Office: Statistical Year Bonk 2016; 2017)

‘This modest figure shows a huge shortage of huxury apartments for tourists coming to BinhDinh as the number of tourists is two times higher than Phu Quoc and equal with 70%

of Nha Trang

“Taking advantage of the beginning opportunities and development, exploring the potential of touristn and the increasing number of tourisls in the locatily, many big, repulable and strong financial strength investors have quickly chosen Quy Nhon as the place to “take off" resort

teal estate development, including ‘TMS Group

For the business which is putting their firs! foot in the field of real estate investment under a strong competition market, TMS Group needs to have a breakthrough strategy to gain competitiveness and market share Especially, for potential emerging markets such as Quy Nhon, there is nol much competition from big markets such as Hanoi, Ho Chi Minh Cily, Da Nang and Nha Trang « proper markcling stralegy will nat only hetping the company to dominate the market, creating competitive advantage but also helps to create brand value and solid position for the corporation

Marketing strategy is one of the key determinants of the business, project or product success Effective marketing strategy is one of the most important factors for Samsung to become one

of the fastest growing brands in recent years The brand value of Samsung in 2000 was S 5.2 billion, Aftcr Samsung coutinued to invest 508 million USD for branding promotion in

2001, the company's brand value rose to § 6.3 billion, after 13 years, Samsung brand’s value, rose to $39.6 billion, top 8" World Brand (‘hank 74, Why Samsung Surpasses t's 8" World Brand, Dantri, 2013)

Recognizing the importance of a marketing strategy, the subject poses the need to develop a marketing strategy for the project as one of the most important tasks that determine the success of the project, in addition to a gond produc! and clTeative business

lralcgy.

Secondly, I would like to give thankful for TMS Group Join Stock Company, where I work during the completion of this report until now My collage, especially Ms Nguyen Ngoc Hoa

= Vice CEO of TMS Group, who is responsible for all Sale & Marketing activities at TMS

Group, she gave me all the best condition to finish this report, shared with me alll her experiences, deep knowledges in this field Hopefully this report will contribute something

to the group and its devefopmont

Finally, I would like to express my best regards to my family, who always beside me and be

amy infimte momentum to complete this report.

21 Need of the report

12 — Objectives of the report

13 Values of the report

CHAPTER I: 1

MARKETING STRATEGY

24, Definition of marketing slrutepy

2 Necessily of markeling stralegy planning

2.2.1, Importance of marketing strategy planning,

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222 Otiecive necessity to develop anarketna strategy for businesses in the market

economy

2.3 Levels of strategy:

2.3.1 Corporate level strategy:

2.3.2 Business uni level strategy:

2.3.3 Functional strategy (Operational strategy)

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2.5.2 Product differentiation strategy

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2.5.4 Generic strategy combinations

2.6, Marketing strategy development process

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2.6.1 Markating goal determination

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26.2.1 Macro environment:

a/ Economic environnient:

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2.7.2 Competitive Marketing Strategy

a?’ Market leader strategies:

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cf Product research and implementation organization of new product development

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d Segment by psychology, buying behavior

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1L

LIST OF CHARTS & FIGURES

Chart 1: Apartment statistics in Quy Nhon

Chart 2: Statistics of hotel apartment in Quy Nhon

Figurel: Model of 4 steps of strategic planning

Figure 2: Five stages of strategic planning

Figure 3: Model 10 stages of strategy building

Figure 4: Steps in strategic planning

Figure $: $ Force Computitive Model

Figure 6: Organization Swucture of TMS Group

Figure 7: Organizational Structure - Department of Marketing & Communications

Figure 8: Product/servies positioning diagram

Figure 9: Media Channels

LIST OF TABLES

Table 1: Generic strategies of Porter

‘Table 2: SWOT Analysis l'tamework

Table 3: Information survey lable of land projects in teal estate projects in Quy Nhon City Table 4: Information survey table of apartment projects in Quy Nhon city

Table 5: Rvformation survey lable of apartinent hotel projets in Quy Nhon eily

Table 6: Information survey table of Condotel projects to be launched in Quy Nhon

Table 7: Summary of real estate in Quy Nhon market

‘Fable 8: Analysis of the brand competitiveness coefficient (condotel)

Table 9: Analysis of the product’s competitiveness coetlicient (condotel)

‘Table 10: Analysis of the commercial competitiveness coefficient (condotel)

Table LI: Analysis of the brand competitiveness coefficient (Ifome-tel)

Table 12: Analysis of the product's competitivencss coofficient (Home-tel)

Table 13: Analysi

Table 14: Statistics of TMS Quy Nhơn apartment types

Table 15; Product Strategy TMS Luxury Hotel & Residence Quy Nhon

Table 16: Scoring Competitiveness eoefticient of brand & product (condotel)

Table 17; Trade rating & setting the Basic price (Condotel)

Table 18: Scoring competitiveness coetiicient of brand & product (Home-tel)

of the commercial competitiveness coe{livien!, (Tome-let)

‘rable 19: Scoring commercial competitiveness coefficient & setting basis selling price (Home-tel)

‘Table 20: Phasing sales plan & Roadmap for price increases

12

‘Table 21: Sale policy for Condotel

Table 22; Sate policy for Toms-tet

Table 23; Wholesale poticy (in bulk)

Table 24: Project distribution oplions

Table 25; Distributton of projec! rate

Table 26; Customer behavior on the Media chamels

Table 27; Phasing the period of communication & cost estimation

CHAPTER 1: INTRODUCTIO

1.1 Need of the report

Economic experts acknowledge that Vietnam has the potential to develop its tourism economy strongly and becomes a destination for world tourism in the future, especially

thanks Lo the bes! coastline im Southeast Asia

Looking in the region, Vietnam has many similarities to Thailand's 10 years ago in terms of tourism growth opportunities, with the trend of resort real estate development expected to grow oven more in the fiture

Emerging as a new tourist paradise, voted as the "most attractive destination in Southeast Asia” (The Rouge Guide Magazine — United Kingdom, 2015), Quy Nhon city, BinhDinh provinec is planned to become one of the contral citics of the Central Coast, developing towards the industry - sea port - service - tourism, Following Da Nang, Nha ‘lang and Phan Thiel, BinhDinh is a very “hot” maine on the invesiment map in Vietnam, becoming an ideal

destination for domestic and foreign investors

According to BinhDinh Investment Promotion Center, in the first 6 months of 2017, RinhDinh attracted 17 projects with a total registered capital of mors than 12 trillion VND,

of which 22 investment projects in the ficld of tourism, services, trade and real cstate,

accounting for over 60% of total investment capital, typically huaury real estate projects

Focusitys in Quy Nhon cily (People's Committee of BinhDinh Prov

of 2018)

ce, Investment Progrant

With the onentation to 2020, the province has attracted 5.5 million visitors, of which 30%

we inlemationat visitors, in combine

ion with invesment incentive policies and good

exploitation of tourism resources in a professional, branded, sustainable development,

13

tounsm products of high quality, bearing bold identity, inhDinh in general and Quy Nhon

in particular are witnessing the large-scale "landing" of the giants real estate to caich up with the beginning trend of tourism development here as well as demand for luxury resorts are gradually in vogue ‘rhe real estate market in Quy Nhon is therefore increasingly competitive among the leading real estate corporations In arder to compete and gain market share in this potential market, TMS Group Joint Stock Company (TMS Group hercafter) needs to have good strategies to meet market requirements and marketing is one of the most important

strategies

From offering the market good quality products at competitive prices, TMS Group needs to make customers believe in investing to their products instead of buying competitor's products, Te do that, TMS Group necds to understand the necds of customers, promoting better regarding their products, and building a long-term relationship between the TMS Group brand and customers

Wilh more than 14 ycars of operation in the field of infemmational human resource:

education and oversea study, in the last five years, TMS Group has been consistantly ranked among the top 3 high quality of Vietnam human resources companies for leading corporations in Japan However, duc to the unique nature of the human resources sector, TMS Group has never promoting their brand ot product marketing When it comes to real

estate, TMS Group quickly recognizes the need to innovate, actively promote the brand,

promote marketing activitics to improve competitiveness, to gain market shars

Quy Nhon is one of the first investment destinations of the TMS Group, starting the strategy

of developing hotel chain, luxury resort of the eroup across the country TMS Luxuy Hotel and Residence Project of TMS Group in Quy Nhan city (IMS Quy Nhon project hereafter)

is a5 stars Hotcl and Apartment complsx with more than 1000 rooms The projecl possesses many advantages in terms of position, geomancy, ete that promising to become the most worthing real estate project to wait in Quy Nhon market llowever, 'MS Group is a new investor thal docs nol have enough expericneed in developing real cstale projects, as well as not known in a fiercely competing real estate market, especially in Quy Nhon city

‘Therefore, IMS Group needs a prudent, properly marketing strategy for TMS Quy Nhon

project in order to grasp the opportunity to invest and dominate this potential rarkel,

1.2 Objectives of the report

14

With the necessary nature, the report is implemented to achieve these main objectives:

Frsily, synthesizing primary dala, roscarching and cvatuating teal cslale producis of competitors in the Quy Nhon market related to the real estate sector includes land, apartment, hotel apartment Since then, achieving the product development strategy for ‘MS Quy Nhon to be in line with the market demand, while helping to assess the proper demand and ability to consume of customers for the real estate products in Quy Nhon market

Secondly, research the TMS Quy Nhon project in comparison with its competitors in this mmarkel, in order lo find and promote the competitive advantages of the product, reducing the limitations of the project in comparing with the similar products This helps to positioning the products of 'MS in Quy Nhon market, as well as “sketch” target customers of the project

Thirdly, basing on competitors and targeted customers research, building the suitable price and choosing the best distbutors

Finally, this internship assets the main objective fo research customer behaviors on media channels, that could help choosing the most effective media channels, since then, proposing product marketing strategy to promote business, gain market share for TMS Group in Quy hon market

1.3 Values of the report

Wilh the main tasks proposed above, the subject is expected lo bring specific values for the

‘bnisiness

Fustly, providing a proper, comprehensive view on the issues of Quy Nhon real estate

market for management board ofl MS Group

Secoruy, to develop products of TMS Group in the right dircetion, suilable Lo the tastes of customers, meet the market demand, increase the absorption capacity of the product

‘Thirdly, to help ‘TMS Group dominates the market, gain market share in the context of Quy

‘Nhon teal cstale market which is inercasingly bot, (he competilion is increasingly Gere

Fourth, building the brand of TMS Group in real estate through the success of the project

15

CHAPTER II: THEORETICAL BASIS OF

MARKETING STRATEGY

2.1 Definition of marketing strategy

The term “Strategy” is derived from the field of military as the “science of planning and

conditions of military operations”; is “the art of commanding means to win the enemy”

Thus the strategy is understood as the science of planning, conditions, and art that uses resources and means in large-scale, long-term military operations to create advantages to win the enemy, and is understood to be the art of exploiting the weaknesses and bringing the greatest chance of success

Being developed in the 1960s, marketing strategy has been gradually used commonly in

businesses with different definitions

Jame B Quinn defines strategy as being “the pattern or plan that integrates an organization's

major goals, policies and action sequences into a cohesive whole”(Vanie B Oui, 1998,

William F.Glueck in the textbook “Business Policy & Strategic Management” defines strategy as “a unified, comprehensive, and integrated plan designed to ensure that the basic objected of the enterprise are achieved’ (William F Glick) 1988) p32)

Alfred Chandler from Harvard University defines strategy as “the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals”

Strategic planning is also understood as an art and science of setting, implementing, and

evaluating multi-functional decisions that enable the business to achieve its goals

Thus, it can be defined that marketing strategy of a business is to synthesize activities to make planning, implement and check, adjust the marketing strategy of the business repeatedly with or without following a time cycle to ensure that the business always takes advantages, opportunities as well as limit or eliminate the threats and pitfalls in the way of achieving its goals(Le’ The Gioi, 2008) p17)

2.2 Necessity of marketing strategy planning

2.2.1 Importance of marketing strategy planning

In the business of a business, the existence and success in business first depend on the

correctness of the strategy Therefore, business strategy plays an important role in the

development of the business This is shown as follows:

16

Firstly, marketing strategy helps businesses clearly see the purpose and direction of the business in the business operation Thus, the business knows whal dircction it should organize its business apparatus The business also knows what to do fo achieve success in business and when the business achieves its goals

Secondly, business environment is always volatile, creating many opportunities as well as traps, risks, Strategic planning forecs planners to analyze and forscast the conditions of the business goals in the near and far future, thereby focusing on the best opportunities while

avoiding the worst risks

Thirdly, thanks to the use of marketing strategies, businesses, regardless of their decisions closely related to environment conditions, may balance their resources, power and goals with

the market opporlunitics to cnsure good achisvernient of Thơ scl goals,

Fourthly, ina tierce competitive environment, the comprehensive analysis of macroeconomic factors and the operational environment helps businesses identify and assess the current demand for capital, equipment and human resources of the business with the demand of customers and problems arison, thercby having the best resource allocation to achieve the set goals

1.2.2 Objective ne

sity to develop a marketing strategy for businesses in the market economy

Objective necessity to develop a marketing strategy for businesses is reflected in several aspects as follows:

Firstly, curvent business environment has changed fundamentally compared to the previous

time, which requires renovation the business management and organization in Lerms of bollt

content and method

Secondly, to survive, develop in a more fiercely competitive environment in terms of scale

and scope, busin

are required to change their ways of thinking, look for new business

methods, new management methods that is the development and implementation of a Marketing strategy

Thirdly, in the world, the ideology of strategic business managzinent bas been for a long time and has been confirmed to be the inevitable process of corporate governance

Fourthly, according to major researches in the world, companies that use strategic planning

ofen achieve beller business resulis than hefore and better than those in the same indushy

without making strategic planning in their production and business activities This explains

that the “Iufe expectancy” of multinational companies is 40-50 years and there are some with the life expeelaney of more than 100 years

2.3 Levels af strategy:

1

Besides including various aspects, the definition of strategy is different at several levels and there arc al feast three levels of strategy identified, namely, corporatz level stralegy, business

unit level strategy and fimotional strategy

2.3.1 Corparate level strategy:

Company level strategy addresses the overall purpase and scope of the organization to meet shareholdcrs” cxpectations The company stratcgy involves in all activitics, products, services and markets of the Company ‘This strategy is clearly stated in the company’s

“#nission sfalertem!” and indicales haw and where the whole business should grow

Therefore, this strategy is set by the senior leaders before starting a business, and it is a

magnetic needle, a reference point to assess the arganization’s goals and strategies

2.3.2 Business unit level strategy: 11 is the overall stratzgy of engagements and aclions

helping businesses win the competitive advantage by exploiting their core competencies in the specific product markets

2.3.3 Functional strategy (Operational strategy):These strategies are tools supporting the business unit level strategy and corporate Ievel strategy to be implemented offcetively by the constituent parts in terms of resources, processes, people, and necessary skills

24, Strategic planning

24.1 Concept

Strategic planning is the analysis of past events to determine what is to be achieved in the

Future Strategic plamning oullines Ihe goals that an enterprise warts to accomplish, the ways

and resources required lo achieve the goals, the implementing parsonnel, and tho time to implement, In other words, strategic planning is about finding the answer to the questions What does the enterprise want? What is needed? Llaw:? Who implements and when?

Stralogic planning is the foundation of all (he management processes IL advocates systematic thinking about future enterprise development concepts, enhances the ability to recognize opportunities, actively copes with environmental changes, and sets performance xueasureiienl slandards and performance on that basis, as well as excates the sbilily to improve the coordination of resources, functions and strategy implementation units,

‘The purpose of strategic plarming is to establish, maintain and develop the business units and products of the snlerprise, sơ Ihai they can Ining in profil and targeted growth to the

enterprise

24.2 Contents of the marketing strategy planning process

18

In order to have a development strategy, an enterprise must carry out the strategy in a

process In fact, the strategic process of the enterprise is to select the business fields, secure

the resources for them, maintain and develop the enterprise in a competitive environment

There are many approaches to introducing a strategic planning process of the enterprise Here are some key models

Figure]: Model of 4 steps of strategic planning

as well as threats from the environment

Step 3: Conduct the intemal analysis aims to help the enterprise assess its own strengths and

weaknesses

Step 4: Decide the right strategy choice

19

system, clarify Enterprise = Judgment judgment

fields of tesources operation

Figure 2: Five stages of strategic planning

Sonace: James V Earle (2009)

‘This model differs from the model in that it separates the strategic planning stage

Moreover, each slage has clarified the specific implementation contents, Far example, in the

first stage, the strategic objective is to identify the priority target Similarly, before making external judgments, the enterprise must implement the strategic segmentation as well as

10 answer

20

‘> What is the checking” (10)

Source: James V Rarle (2009)

Judge the sretegy of the enterptise, indluding

- External judgment (identify opportunities and threats)

= Ilernal environment judgment (identify strengths and weakna:

Select the appropriate strategic decision

Figure 4: Steps in strategic plang:

Judge the strategy

‘External Judgment | Intemal Judgment

(Opportunities, threats.) (Strengths/weaknesses)

create competitive advantages

Tf dhe first determinant of the profitability of an enterprise is the allracliveness of the

‘business sector, the second most important factor is the position of the enterprise in that

sector ven when operating in an industry that is less profitable than average, enterprises with optimal positioning can still generale very high returns Fach company Toca in

its active field by leveraging its existing strengths Michael Porter thinks that the advantages

of any enterprise will always lie in one of two ways: cost advantage and product differentiation By applying these advantages, companics will pursuc three common strategies: Cost leadership, product differentiation and focus

Yable 1: Generic strategies of Porter

differentiation

Broad Cost leadership | Product differentiation

industry)

Narrow Focus siralegy (low | Focus slralegy

Source: Porter's Generic Strategies (2017)

2.5.1 Cost leadership strategy

‘This strategy aims to become a low-cost producer in the industry with certain quality standards Then, the company will either sell the product al an industry average price to earn

a higher rolurn than its competitor or scll it al a lower price than the average lo gain market

share

2.5.2 Product differentiation strategy

This is a strategy for developing your praduct or service so that he producl or service has

unique characteristics that are valued and appreciated by customers more than the products

of the competing enterprises ‘The value added by product uniqueness allows the enterprise to set higher prices without fear of being boycolicd by buycrs

The tisks associated with the product differentiation strategy are the likelihood of

competitors mimicking, or the changes in consumer tastes Furthermore, many companies

are pursuing the focus sbalegies (hat are likely lo achieve higher product differentiation in

‘their market segments

2.5.3, Hocus strategy

‘The focus strategy targcls to a relatively narrow markcl segment in which companics try to pain competitive advantage through low cost or product diffarentiadon by applying the theory “the need for a group can be satisfied better by totally focusing on serving the team”

“An enterprise that uscs Ihe focus stralegy aflon keeps loyal customers loyal and discourages other companics from wanting to, or dare not compete dircetly,

By focusing only on a narrow market segment, enterprises that pursue this focus strategy have lower sales, so they da not take advantage of bargaining with suppliers Towever, cntzrptises that pursuc a focus stratcgy - product diffzrentiation can transfer the higher costs that the vendor imposes on the customers, as customers cannot find alternative products

2.5.4 Generic swategy combinations

23

These generic strategies are not always compatible with each other If an enterprise tries to

act in a way that prevails in every field, then the result is no gain For example, a company

that has made itself superior to its competitors by launching very high-quality products will

have to take the risk of reducing the quality of its goods if the company is still trying to keep

being a leader in low cost Even if the quality of the product is not reduced, the company inadvertently creates an inconsistent image in the customer's eyes Therefore, Michael Porter argued that for long-term success, every enterprise needs to choose only one of the three strategies outlined above If it is greed to pursue all three goals, the company will fall into a

state of embarrassment and do not gain competitive advantage

Also according to Porter, companies that can successfully implement multiple strategies often have to set up separate business units, each of which pursues a strategy By separating

the strategy for different units in terms of policy or even culture, an enterprise can reduce the

risk of falling into inertia

2.6 Marketing strategy development process

1 Marketing goal determination

According to Bui Bao Ani (2013, p.17), in order to set up a marketing goal, the goal must be

in harmony with what the company is pursuing Therefore, first of all, we need to know how

the company’s goals are built so that the marketing goals are met

‘There are two ways to define a goal: Determined by Ansoff matrix and SMART goal

SMART goal

In marketing, identifying a specific goal is a prerequisite to developing an appropriate

strategy to achieve such goal A specific goal also allows marketers to measure the effectiveness of their marketing efforts In addition, setting a specific, feasible goal also

demonstrates the level and determination of the marketer

S = Specific: Detailed, clear: The goal must be specific For example, if it is to

increase market share, what is the percentage increase? The sale increase should be specific

about how much USD/VND? How long does it take, to end the date/month/year? How? Where does the capital and human resources come from?

M=measurable: Can be measured The goal must have a unit, a specific number that

can be measured, For example, %; USD / VND; hour, day, month, kg; ton; tums of

customers, etc By the end of the year and by the end of the program, it can be determined

whether the plan reaches or does not reach the goal

A= Achievable: Can be obtained The goal should be high enough to take advantage

of the market potential and make the most of the capabilities of the enterprise, but also

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reliable Because if you set the goal that everyone can recognize that it is unachievable, no one will ay lo do anything

R — Realistic: Practical The goal must be close to the capacity and realistic, do you have enough resources and personnel to achieve that goal? 'Phus, (he goal setter must know the market, know others and know onessÏf

T — Timed; Thore is a time limit, How long will it take to reach your goal?

2.6.2, Marketing environment analysis

‘The marketing environment analysis is one of the basic stages in how each company can shape the right strategies Due to the volatile nature, difficult to control and completely unstable, the marketing environment touches deeply on the life of the company ‘I'he changes

thal occur in this

vironment camo be callod stow and difficull to prediel Tl an cause big surprises and heavy consequences As a result, the company needs to pay close attention to all the evelutions of the environment by constantly reviewing, tracking, making predictions and evaluating the environment Moreover, with the particulars of the marketing, it is required to conduct rescarch and collect markct information to tailor marketing strategies to meet new threats and opportunities in the marketplace

2.6.2.1 Macro environment:

Companies, supplicis, marketing intormediarics, customers, competitors, and the public are all operating in the vast macro-environment of forces and the tendency to create opportunities, at ths same time threats These forces are “uncontrotlable” forces: thal, the

company must monitor and cope with In the rapidly changing global picture, the company

aust moniter seven major forces, namely the economic, natural, scientitic-technological,

political-legal, cultural & social environment and the global environment

2.6.2.2 Micra-environment

a! Industry enviromnent analysis:

Managers cannot form a long-term orientation or a strategic decision if they do not have a

p understanding of the strategic situation of the company, the nature and conditions of the competition it faces, how to create the harmony between resources and capabilities with those conditions, Therefore, Michael T Porter has developed a framework that helps

executives ids

(ify the opportmities and threats faced by an enterprise in an industry Parter’s framework is called the 5 Force Competitive Model Porter pointed out that the stronger the force, the more limited the ability of existing companies fo increase prices and got higher profits,

bf Internal analysis:

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Doing business under the influence of the same macro and industry factors, however, the

market still witnesses, there are companies that still have higher profitability than other

companies So, what is the real reason? What are the fundamentals of competitive

advantages? The main goal of internal analysis is to identify the potential and existing resources that create the company’s sustainable competitive advantage, thereby outlining the strengths the company possesses as well as the weaknesses that they want to fix

c/ Analysis of SWOT matrix in the formation of business strategy:

SWOT analysis is the analysis of the environmental factors that each company faces

(opportunities and threats) as well as the internal business environment (strengths and

weaknesses) This is a difficult task, requiring a lot of time, effort, cost, ability to collect, analyze and process information in the most effective way

With the macro-environment analysis, the company’s internal and external environment, we

can offer opportunities, threats, strengths and weaknesses According to Albert Humphrey,

an economist and board member of the company at the same time and a consultant to

companies in many countries, the SWOT is concertized into the six following goals:

1 Product (What do we sell?)

2 Process (How do we sell?)

3 Customer (Who do we sell to?)

4 Distribution (How do we reach customers?)

5 Finance (Price, cost and investment?)

6 Management (How we manage all activities?)

Table 2: SWOT Analysis Framework

2.7, Marketing strategy

2.7.1 Expansion Marketing Strategy (By Product - Market}

‘rhe strategy is meaningful if the company has not fully exploited the opportunities of its current product and market According to Ansoff, there are strategies to take advantage of

those residual opportunities, through product / market expansion matrix

Current product Market penetration strategy | Market expansion strategy New Product Product Development Strategy | Diversification Strategy

2.7.2 Compatitive Marketing Strategy

According to the Marketing Strategy for SBUs, as mentioned in scetion [2.3 - Suategic

Levels], apart from the implementation of the strategy, each company should base on its position and competitiveness to identify ways of competing or responding to the competition

in the market Fach company can choos

the following marketing stratogies

a/ Market leader strategies:

For most industries, there is always a company that has a larger market share than other

companies, Thal brings certain advantages ta farce olher companies to accept and fotlaw However, due to competitive factors, it is not constant for a company to hold a dominant position for a long time ‘here are always efforts ftom other companies to fight for hogemiony Therefore, markel Iaders should have to find ways lo preserve thal position through three main directions: expand total market, defend market share and expand market share

b /Market Challenger Strategies

Challengers az companics holding a lol of market share, just belind the market Icader Therefore, they always aim to upgrade their position with many strategies The best way is not to directly confront but accumulate resources throngh purchases, mergers or acquisitions

of companics with small market sharcs, therzby increasing the advantage over market, Afterwards, the challenger should have thorough research on the weaknesses the market leader and make sure ils current resources can be pursued the long-term competition with the markel, leader Common strategies include: Qunk allack, oneirelemant allack, bypass attack,

leader in form of 3 strategies: cloner, counterfeiter and adapter ‘The pradent steps would help the company to sscape from the failure of its predecessors, however, in this way, the company's image in the minds of consumers will be blured and they would lose the

opportunity to get the advantages of pioneer

dé Market nicher strategy: Instead of serving the market segments that have been exploited

by many companies, market nichers arc looking for niche markets to serve They can thus avoid direct confrontation with stronger opponents, ‘these companies keep focusing on their services and prodcis 1o meet the needs of cach customer However, it is important, thai the scale of these segments should not be too great to avoid the interest of other competitors in the industry

2.8 Marketing - mix program (for each SBU)

2.8.4 Product:

Stores do not sell perfumes but hope, Indeed, customers do not buy the product, they buy the valve that product creates, Therefore, if product is defined as a combination of physical and chemical characteristics, which arc gathered in a way to create valuc, it is cntirely false in the nature of Marketing, With Marketing, a product is anything that can be marketed to create attraction, purchase, use, or consumption to satisfy a particular need or desire Products can be: goods, scrvices, ideas, people,

‘Today, besides the core value that the product brings, customers also want the support services thai emlerprises provide, such as sponsorship, customer consultation, delivery

ugreoment, repair scrvice, warranty to incrcase satis faetion

2.8.2, Price:

2.8.2.1 What is the price?

From a Marketing viewpoinl, price is the level agreed by between bnycrs and sellers about the value of a product or service on the market through competition, which is the meeting point of supply and demand

- Pricing by target profit: it means that the company set the price on the basis of retum on

inveshinent (ROT)

- Pricing by perceived value: this method requires the company to make the research on

customer's perception of value ‘the cost of the seller is not an important basis for pricing,

‘The company uses non-price variables in marketing - mix to create value perception in the

mindset of the buyer

- Pricing by value: This method is based on the philosophy of "You get what you pay for" Thal means company sel the price al the level where the buyer thinks the product is worth

for

- Pricing by ourrent price: This means the eampany sets the price basing on the comparison with the prices of competitors, with littke attention Lo the cost or the need far the produel

2.8.3 Distribution:

2.8.3.1 Concept, role and function of distribution

Concept of Distribution: Distribution in Marketing is a business concept that aims to direct

and impicment ownership transfers betwoon scllors and buycrs and to organize, regulate, to coordinate with various intermediary organizations to ensure that products are delivered and exploit the maxizmam type of market demands

Roles of distrilvution:

- is an important tool that connects manufacturers and consumers and matches supply and demand,

- Allows manufacturer lo reduce Iransactional Lorrminals and make multi Jaycred savings

- Implements synchronized improvement of the model of products, overcoming the constraints in products, technics and finance for each individual manufacturer

- In marketing activities, the distribution policy of the company plays an important role His the key to sct up strategic Marketing and marketing - Mix, crcating consistency, uniformity and efficiency between product policy, price and promotion policies

Functions of distribution:

- Investigation and research: provide the necessary information for strategic planning, policy and expansion of exchanges

+ Propaganda: deploys and dissominales persuasive information about products for sakz

- Relation: establishes relationships with customers

- Balancing: Identifies satisfies customer requirements on the production, assembly,

packaging, transportation

- Negotiation: Deals on pricing and issucs related to customers

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- Delivery of items: supply, transportation, storage and inventory

- Funding: Mobilizes and shares costs to finance the whole system

- Risk sharing: Takes risks at the same time managing the distribution

do they buy? How do they evaluate the product against the competitor's?

- Set goals and mandatory requirements for the channel: Determining the right goal and matching the resources of the company means that the company is going half of the way to effective channel design Depending on the characteristics of the product, the competitor, the

company's resources and the characteristics of the market, each company has different

+ Number of intermediaries: exclusive, selective or mass distribution

+ Conditions and responsibilities of each intermediary; Include terms on pricing policy, sales conditions, scope of activities, special services that each party must

implement(Ngisien Trong Thai,2007)

- Direct marketing: Use mail, phone, and other indirect communication tools to inform

existing customers and potential customers or respond to their requests,

- Consumption Stimulation: Short-term prize to encourage trial or purchase of a product or

service

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- Public relations and propaganda: Different programs are designed to enhance and / or prolcel the image of a vornpany or ils specific products,

- Direct Sales; Communicate directly with potential customers for sales purposes,

2.8.4.2: Anplementation Tools:

as Advertising:

- Advertising goals: Ads vary from time to time for diffrent purposes It is possible for the purpose of reminding customers of the presence of the product or buyers of the location of the product, But it may be also for the purpose of information aboul new product, new utility, adjustments or price changes, creation of new image, change in packaping Finally,

ths purpose is to persuade customers, encourage customers to switch ta company's brands,

change product porcuptions or porsunde customers to boy right thon

- Advertising budget: Depending on the stage of the product cycle, curent market share, competition level, and frequency of ads, there are ways to assign an advertising budget The most commonly practices used by companies are: Determine the percentage on revenue, balance the competition, or pursuc to objectives and tasks

- Advertising message: The content of the advertising message can be assessed on the basis

of suitability, uniqne and honesty, besides, in campliance with social ethics and the law

- Types of advertising media: Basing on the scope, fiequency and intensity of the impact to choose the advertising media Currently, the main media of advertising are: television, outdoor advertising, radio, magazines, direct mail

- Evaluation of advertising effectivenes

quantification and qualification,

Promotional Tools: There are many tools that can be used to achieve promotion objectives, such as: Samples, gifts, bonus coupons, display and demonstration at the place of sale, commercial stimulus, customer conferences, trade exhibition

Evaluate the effectiveness of promotion: There are two methods to evaluate the effectiveness of promotion First, compare sales volume before, during, and after the promotion, Sccond, rescaret the data of customer group to find out weal Iypss of customers meet the promotion and what they will do after the program ends

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Evaluation af PR effectiveness: Because PR is implemented with other campaign tools, it

is not easy to measure its effectiveness Normally, marketers will rely on the level of

awareness, understanding or the change in attitude of the public after the PR campaign ‘The contribution lo consumplion and profitabilily, if wcasured, will be the most salisfaclory

aneasure to assess PR effectiveness

a/ Direct marketing

Objectives: Make potential customers to instantly buy the product Its success is measured

by the level of responsiveness of customer The main benefit of direct marketing is to ercate

a list of potential customers for the sales force, broadcast information to reinforce the image

of the product brand and the business

Target customers: They arc the most recently making purchases, buying frequently, buying

in bulk It is also possible to use market segmentation criteria to identify target customers

Efficiency assessment: One of the advantages of direct marketing is thal il can lest the

effertiveness of different elements of the campaign in terms of markel conditions Ti may be

the nature of the product, the ad text, the sale prica, the media, the mailing list Although the level of responsiveness of dizect marketing is only one digit, this can significantly increase the number af peopl: who know the product and Ihe number of people who plan to buy product in the future, which, as a result, can expand the profitability of the business

e¢ Direct Selling

Objectives: There we objectives such as: exploration, information supply, silcs, service, information about customers, distribution of products to customers in times of scarcity

Sales Force Management: tasks need bzing performed when administering a sales force inclute

+ Recruitinent and selection of sales representatives

+ Training sales representatives

+ Guiding sales representatives

+ Stirnulating sales representatives

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\ Evaluating sales representatives

Evaluation of sales force: Through the comparison of current sales with the past one, s between sales stati, or assess the level of customer satisfaction, the quality of the sales staff

CHAPTER 3; OVERVIEW OF THE TMS GROUP

3.1 History, vision, mission and core values

34.1 History

TMS Group Joint Stock Company was cstablished in 2004 and formerly was Thai Minh International Joint Stock Company, It is a dynamic group with a long-term vision and

a sustainable, professional and global development thinking

Vor over a decade of building and developing, ‘MS Group has asserted the leading position in Inlenational Human Resource Supply as well as Education and Training Investment, Inbetiting these achicvements, in 2017 TMS Group orients to become Vietnam's most prestigious real estate developer, providing trigh quality real estate products to the markel, maximizing the profils for the investors, enhancing the life standard of the community and well implementing the enterprise’s social responsibilities

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‘Taking "Diversity - Quality - Difference" as the motto of development, TMS Group

is currently focusing on investing in the resort real estate segment in the most beauliful coastal of Vietnam, such as 4 star hotel which is opposite to My Khe beach - Da Nang city with nearly 250 rooms, the highest 42-floor Quy Nhon hotel, promoting investment in high- end projects in BinhThnan, Pim Yen, Quang Binh, 1a Long and Wha Trang On commercial real estate, in 2018 TMS Group focused on investing and building TMS Grand City Phục Yen, Vinh Phuc province, while developing a chain of urban centers, trade centers combined

residence and entertainment in almost all of northern and central provinces has TIai

Phong, Hai Duong, Bac Ninh, Nghe An, Da Nang

Philosophy “Go together” is applicd during the whole business process, which means:

- The customers and TMS are both satisfied

= The parers and TMS are both benefited

~The staff and TMS are both successful

Development Process

- Angnst 06th 2004: Thai Minh Intemational JSC was established with a modes tmumber of

LI staffs

+ 2005: The Company established 03 offices in Tatwan, Kuala Tumpur and Dubai

= 2006: It beewmne one of the top 5 leading companies in Vietwum in International human resource supply

- 2008: TMS decided to move to group business model and multi-business modal, of which three areas were defined as: Real Estate, Education, ‘Training and Intemational Human Resources supply

- 2012: Tbecome one of the lgading companies in Vietnam to supply human resources to the Japanese market

- 2013: TMS Group promoted cooperation and business with overseas partners in such fields as: real estate investment, education and international human resource supply

- 2017: TMS Group officially launched high-end resort projects in Da Nang and Quy Nhon Marked the development of the new height of the Group

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- 2018: Deployed high-end projects: ‘'MS Grand City Phuo Yen (18.5 ha), MS Wonder World Mai Ne (1502 ha), TMS Nhon Ty (Quy Nhơn City — 250 ha), TMS Phú Yen (500hø)

and many new urban areas, complexes of commercial center sand other resorts

3.1.2, Pision

- Become the Leading Economic Group in Vietnam in these fields: Real Estates,

Edueation —‘Training and Hurnan resource supply,

- To the Commmity: Protect the environment, share the social responsibilities Build

a civilized and better society together

= The people arc the most previous

- Harmonize and develop the benefits of the enterprise, the shareholders and the

community sustainably

3.2 Structure of the ‘IMS Group Joint Stock Company

15 yoars of construction and development of TMS Group is alsa a process associated with the development of member companies and associates; TMS Edu, TMS Travel, TMS

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Jobs, TMS Intemational School, Scots English Australia, gathering thousands of employees

working directly and indirectly in Vietnam as well as abroad

Each company operates independently in different areas, and is flexible in its production and business, but all have a high degree of consistency in brand development goals and strategy

Desire to reach out to the world and set foot in the potential land, TMS Group concentrates all resources in the field of real estate and considers this is the key business, creating a leverage to gradually rise up to assert the position of Vietnam’s No 1 prestigious developer of real estate

After a long time in effective business, with a long-term development criteria, TMS Education Group has restructured, focused and developed with many famous brands in the

field of education such as:

(1) TMS Education~ Overseas Study Consultant Company to the following countries: England, Australia, USA, New Zealand, Canada Number 1 prestige Company in Vietnam

(2) TMS Asia —The leading Japanese & Korean education company in Viemam

(3) Scots English Australia—The English language school system specializes in

IELTS Preparation, Children English for Academic Purposes, and General English

TMS Education Group is actively in depth in the field of education, visa and immigration to Australia, New Zealand, Canada, United States, United Kingdom, EU, Singapore, Japan and

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Korea ect combining with quality Linglish training - international standards which will definitely bring satisfaction to parents and sindents

Education Promotion Agency, international training institutions, and forcign smbassias in

gious and high-quality

Vietnam have seerediled TMS Education Group as one of the pre

oversea sindy consultants ax well as language taining organizations in Vicar,

TMS Fdncation Group is gaining mors and mors trust from students and parents because we ahways consider service quality as the lop eriteria, always prioritize our responsibility for the success of students as well as mecting the “hardest” demands of the enstomers

With the philosophy "Beyond differences", TMS Education Group is committed to become a bridge to dream of oversea study for thousands of Vietnamese pupils and students to the outside world as well as the commitment to bringing the most effective English training for

in general ‘TMS ‘Travel focuses on core business activities such as

- Organize domestic tours (domestic tours)

- Organize abroad tour (oufbound tour)

- Organize international tour in Vietnam (inbound tour)

- Organizing events, conferences, seminars inside and outside the country

- Visa serviee

- Airline agent - Ist class agent of Vietnam Airlines and some international airlines

- Local and abroad hotel reservation service

- Investing, consulting and advertising towism

- Promote tourism cooperation

- Tourism professional training

Beside the existing traditional business of tourism, TMS Travel is determined to spend a great amount of money, recmnits experienced staff, applies advanced travel technology to online business as a superior growth step, actively solving an urgent need of the society which is to build a network and connect the tourist community by creating a high-tech tourism playground for business, a business channel according to uber travel model helping travel companies, travel providers to increase sates in a fastest way and helping travelers to

37

buy the cheapesi, the latest experience, buyers and sellers can interact directly with each other afler booking,

‘TMS Tourist Joint Stock Company has head-quart office in Vimeco, Lot E9, Pham Hung, CauGiay, Llano and has offices, centers and branches in some majar cities, provinces in

‘Viemam such as Da Nang, Vinh, Quy Nhon, Vinh Phuc, Ifo Chi Minh, Tlai Phong and in abroad such as Japan, South Korea, Australia, China, Malaysia, Singapore and Indonesia,

“The service is constantly expanding to ensure customer service in the fastest way at many different geograptrical areas,

‘TMS Travel is the official member of the major tourisin organizations in the world such as Pacific Asia ‘Travel Association (PA'TA), Japan ‘Isavel Association (JAT'A), American

Travel Association (ASTA), Tourism Association and tour oporators in Europe, Malaysia

Tourism Association, Korea Tourism Association, China In particular, TMS Travel is active members participating in the Vietnam Travel Association, association and tourism organizations of the provinces in the country,

TMS Land brings together lalented professionals in the fickés of Real Estale, Architecture, Construction, Finance, Marketing and Branding, Especially, there are direct participation of many Vietnamese and foreign planners, architects and consultants

TMS Land builds on the sulid financial foundation which is supported by its parent company

- TMS Group We have a willingness to share our investment and profit opportunities with partners who share the same views on sustainable development, serious investment, financial strength or management skills in veal estate business,

With the business principle of Prestige, Trust, Transparency and Professional, we are

committed to sharing opportunities and success for all our customers and partners

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Currently, ‘TMS Land has invested in building a series of hotels, resorts and luxury resorts in the proviness and cities of Vietnam such as Da Nang, Quy Nhon, Vink Phuc, BinliThuan, Nghe An

3.2.4, TMS Commercial:

‘TMS Commercial General ‘Trading Joint Stock Company is a member company of TMS Group, owning T-Mart Supermarkel, Convenience Store / Mini T-Marl +, TMS Shopping Centre

TMS Commercial uses advanced ecommerce technology in the world, making customer shopping more convenient and casicr than ever

‘TMS Commercial provides products of clearly provenance, quality assurance, safety, environmentally friendly and afler-sales service

3.2.5 TMS International School

‘TMS Group always stuives to develop a balance between the knowledge and personality of each student, therefore IMS International School is constantly seeking and providing educational and humanitarian experiences Children have the opportimity to develop intel- lecture, creative ability, independence and responsibility, behave in accordance with values and ethical standards

Come to the international educational environment at TMS Inicrnational School:

+ Children not only learn to acquire knowledge but alsa exporionee the skills they ncod

to succeed in life wilh the American cducational enviroment

+ Your child is learning with many experienced teachers in an international, caring and dedivated environment devoted to the success of their students,

+ Children will experience a multinational cultural environment to become a modem

‘human being in the future

+ Children develop in a comprehensive way with att, music, physical education, modem language and talented cub activities, sports cabs, each semester of the year

TMS Group expects students at TMS International School to be happy with the

cuvironment and study in a community where people care about cach other Compassion,

sharing, cooperative spirit and responsibility are developed through daily interactions that

he

students lean to respect others and work together for Ihe commen good Positive guidlines and guidelines are important content Ihal is developed and appliod to studonis in school life, Students represent the family, the school, and in many cases, they represent a

39

nation or culture Therefore, their behavior must be polite and exemplary even in school and

in public

3.2.6 TMS HR

From the first days of operation, TMS Human Resource Joint Stock Company (TMS HR) has enjoyed the strong supports from all customers and partners ‘MS 11K would like to take this opportunity to thank you for customer's great support and hope thal TMS still can receive this support in the fisture

Directing and Managing Organizations:

- Ministry of Labor — Invalids and Social Affairs MOLISA

- Hanoi People Committee HPC

- Iapam Inlernational Training Cooperation Organization ITCO

- Vieinam Association of Manpower Supply VAMAS

- NBCC

Seen as the key subsidiary company of TMS Group, TMS HR is in charge of maintaining

and developing the whots busine

s activilics to ensure lo its company brand to be in ths top ones of Vietnam Since 2009, two major markets of TMS HR are Taiwan and Japan only, instead of other markets such as Malaysia, Middle Last countries and so on

TMS started and won our business of labor export to forcign countriss, In Japanese markel,

we were one of some private firms to receive the license and became one of the most

prestigious suppliers of international manpower to overseas in Vietnam IMS sent the

trainee candidates in good health conditions, professional working skills, good Japanese qualifications to cur partners in Japan TMS commit to follow all the Vietnamese and Japanese regulations, and the specific requizements of trainee candidates program requested

by our clients

Out of the total number of trainees sent to Japan, more than 98% of them reached N3 cettificate before coming to work in Japan and at least 98% of all recommenced trainzes are successfully offered the jobs in their target country Sine 2010, several vocattonal training schools were built in Hanoi and started their operation with the capacity of just over 2000 workers at first, All of TMS’s trainees are well-trained in various fields, fiom mechanical manntfacture to garment and so forth

With prcat cffort and governance of the board management along with support of partners

and employees, ‘IMS HR became one of the top compamies in Vietnam specializing in labor

supply 10 Taiwan and Japan TMS HR always accounted far a minimum af 15% of

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