The marketing ecosystem's impact on consumer behavior and case study vingroup vietnam The marketing ecosystem's impact on consumer behavior and case study vingroup vietnam
INTRODUCTION
BACKGROUND OF THE STUDY
In Vietnam's rapidly changing economy, Vingroup has become a leading conglomerate, significantly influencing consumer lifestyles across various sectors The company has diversified into real estate, retail, healthcare, education, and electric vehicles, providing a comprehensive range of products and services tailored to modern Vietnamese consumers This integration creates a marketing ecosystem, a network of interactions that shapes consumer behavior Vingroup's strategy focuses on developing a cohesive lifestyle ecosystem, where trust in one business unit enhances consumer engagement across others Notably, Vinhomes serves as the flagship real estate brand and a crucial component of Vingroup's marketing ecosystem.
Vinhomes, a leading residential real estate developer in Vietnam, is an integral part of the Vingroup ecosystem, offering large-scale housing projects that seamlessly integrate with Vingroup's services, including Vincom retail centers, Vinmec hospitals, and Vinschool education systems This holistic approach positions Vinhomes developments as comprehensive living solutions, aligning with global trends in experiential urban living The strong Vingroup brand significantly enhances consumer perceptions of Vinhomes, as studies indicate that real estate companies linked to reputable parent groups enjoy increased trust and reduced purchase hesitation among consumers (Tran & Tien, 2022) This is particularly vital in Vietnam's real estate market, where buying property involves substantial financial risk and emotional commitment.
In this context, brand trust becomes one of the most critical factors affecting consumers’ buying decisions According to recent research, trust in a developer’s
Establishing trust is crucial for fostering long-term loyalty and informal brand advocacy among homeowners, as seen with Vinhomes, which builds this trust through consistent delivery and its association with Vingroup’s credibility in health, education, and retail The interconnected services within Vinhomes projects enhance perceived value, allowing customers to access essential amenities within the same residential ecosystem, thereby reinforcing confidence and favorable purchase behavior In Vietnam, over 70% of homebuyers utilize social media and digital platforms for purchase decisions, making strong digital engagement vital for real estate developers Recent studies indicate that digital marketing strategies, including personalized content and virtual property tours, significantly enhance consumer attitudes and purchase intent For companies like Vinhomes, embracing digital transformation is essential to bridge the information gap for younger, tech-savvy consumers and to complement traditional marketing efforts.
Research indicates that consumer behavior in Vietnam's real estate market is influenced by psychological, financial, and contextual factors, such as attitudes toward property ownership, income levels, mortgage availability, perceived buying ease, and social norms (Nguyen, 2024) To effectively engage buyers, developers should implement a comprehensive marketing ecosystem that combines digital and physical outreach, rational value propositions, and emotional reassurance Vinhomes exemplifies this strategy through its integrated campaigns that merge corporate branding, social media interaction, and partnerships with banks and government housing initiatives, addressing both the rational and emotional needs of potential buyers.
RESEARCH QUESTIONS
RQ1: Does Brand Management relate to consumer behavior
RQ2: Does Pricing Strategies relate to consumer behavior
RQ 3: Does Quality relate to consumer behavior
RQ 4: Does Social Media Marketing relate to consumer behavior
RQ 5: Does Trust relate to consumer behavior
RQ 6: Does Customer Relationship Initiatives relate to consumer behavior
RESEARCH OBJECTIVES AND SIGNIFICANCE OF THE STUDY
This study investigates how Vingroup's marketing ecosystem influences consumer behavior, particularly regarding its real estate brand, Vinhomes As one of Vietnam's largest corporations, Vingroup operates across various sectors, including real estate, education, healthcare, retail, and technology Vinhomes, as part of this extensive ecosystem, reaps significant advantages in branding, consumer trust, and cross-industry support Consequently, the research aims to analyze how these benefits, along with specific marketing elements, affect customers' cognitive and behavioral decisions when purchasing Vinhomes products.
This research focuses on six critical factors: Brand Management, Social Media Marketing, Pricing Strategies, Trust, Customer Relationship Initiatives, and Quality Vinhomes' marketing efforts significantly influence consumer behavior, making it essential to explore how these factors affect customers' purchasing decisions, trust, and loyalty to the brand The study aims to offer valuable recommendations for Vinhomes and other real estate companies to enhance their marketing strategies and improve customer relationships.
The significance of this study lies in its contribution to both academic research and practical business applications.
This study enhances existing literature by addressing the overlooked interaction between contextual factors in a marketing ecosystem and their influence on consumer purchase decisions in an inter-organizational setting, particularly in emerging markets like Vietnam While consumer behavior has been widely discussed, there is a notable lack of focus on real estate, especially within large multi-sector corporations such as Vingroup By examining the impact of six specific marketing factors—Brand Management, Social Media Marketing, Pricing Strategies, Trust, Customer Relationship Initiatives, and Quality—this research provides valuable insights that can inform future studies in marketing and business.
This study aims to assist Vinhomes and other real estate companies in refining their marketing strategies by analyzing customer responses to branding, pricing, communication, and service quality As a key player in the Vingroup ecosystem, these insights will enhance Vinhomes' ability to connect with target customers and foster long-term relationships with homebuyers Additionally, the findings can be leveraged by other Vingroup business units, highlighting the interdependence within the ecosystem in influencing customer decision-making Ultimately, this research offers valuable recommendations for companies seeking to thrive in a competitive market by focusing on consumer needs and effective marketing strategies.
RESEARCH METHODS
This research employs a quantitative method to examine the impact of Vingroup's Marketing Ecosystem, particularly its real estate brand Vinhomes, on consumer behavior An online survey, utilizing a questionnaire designed around six key factors—Brand Management, Social Media Marketing, Pricing Strategies, Trust, Customer Relationship Initiatives, and Quality—was conducted to gather data Consumer behavior is identified as the dependent variable, while the aforementioned factors serve as independent variables The survey was distributed via Google Forms and promoted through social media and messaging apps, allowing for efficient outreach and rapid response collection Participants rated statements related to the research variables using a Likert scale Data analysis was performed using SmartPLS 4, a partial least square structural equation modeling tool, suitable for evaluating both the measurement model and the relationships among variables This methodology effectively addresses the study's objective of understanding how various marketing factors influence consumer decisions regarding Vinhomes within Vingroup.
RESEARCH FINDINGS
Vingroup’s marketing ecosystem, particularly through its real estate brand Vinhomes, significantly influences Vietnamese consumers' buying decisions, with brand trust being a crucial factor Vinhomes has established a strong reputation, bolstered by Vingroup's credibility, through high-quality housing projects, transparency in legal processes, and a solid corporate image, which instills confidence in potential investors Additionally, digital marketing plays a vital role in customer engagement, as Vinhomes effectively utilizes social media platforms like Facebook and TikTok to share promotional content and updates, enhancing brand familiarity and positively affecting purchase intentions The study highlights the importance of customer relationship management in fostering long-term engagement through loyalty programs and personalized services, which strengthen emotional connections and encourage repeat purchases Furthermore, Vinhomes' pricing strategy, while positioned as a premium brand, includes flexible payment plans and incentives tailored to the growing Vietnamese middle class, making homeownership more accessible.
Product and service quality is crucial in influencing consumer satisfaction, particularly in the real estate sector Factors such as apartment quality, amenities, security, customer service, and the living environment significantly impact buyers' decisions, aligning with their desires for modern and community-oriented living This makes Vinhomes a preferred choice among consumers Research shows that Vingroup's robust ecosystem enables Vinhomes to effectively combine brand image, digital communication, pricing flexibility, relationship building, and product quality, creating a strategy that shapes consumer behavior, builds trust, and fosters long-term loyalty in Vietnam's competitive real estate market.
STRUCTURE OF THE STUDY
This study is structured into five chapters, each addressing key aspects of the research.
Chapter 1:Introduction – Outlines the research background, objectives, significance, methodology, and introduces Vingroup’s marketing ecosystem in influencing consumer behavior.
Chapter 2:Literature Review – Reviews theories and previous studies on marketing ecosystems, consumer behavior, and Vingroup’s strategies, focusing on key factors like branding, social media marketing, pricing, trust, and quality.
Chapter 3: Research Methodology – Describes the quantitative research design, sampling methods, data collection, and analysis procedures used to ensure validity and reliability.
Chapter 4: Data Analysis and Results – Presents survey findings, analyzing the impact of Vingroup’s marketing factors on consumer perception, trust, loyalty, and purchasing behavior.
Chapter 5: Discussion, Conclusion, and Limitations – Discusses the study’s implications, offers recommendations, acknowledges limitations, and suggests directions for future research.
LITERATURE REVIEW
MARKETING ECOSYSTEM AND CONSUMER BEHAVIOR
The marketing ecosystem encompasses a complex interplay of factors that influence consumer choice, moving beyond traditional linear models It recognizes the impact of digital transformation, economic trends, and social networks on consumer behavior (Zhang & Watson, 2020) By effectively navigating their marketing ecosystems, companies can establish sustainable customer engagement models, foster brand loyalty, and enhance long-term profitability.
A marketing ecosystem consists of interconnected, self-sustaining components that integrate data and results from both traditional and digital channels, including customer relationship management (CRM), data-driven behaviors, influencer marketing, and corporate social responsibility (CSR) To create a seamless consumer experience, organizations must effectively integrate these elements, ensuring a comprehensive brand interaction In Vietnam's rapidly growing economy and high digital adoption, consumer expectations have evolved, prompting companies like Vingroup to implement ecosystem-based strategies that foster self-reinforcing brand interactions and promote multi-product adoption, ultimately leading to long-term consumer engagement.
The ecosystem marketing strategy is highly relevant for Vingroup, a leading business conglomerate in Vietnam By integrating its diverse sectors—real estate (Vinhomes), automotive (VinFast), healthcare (VinMec), retail (VinMart), and education (VinSchool)—under a unified brand, Vingroup has created a consumer-centric ecosystem that encourages repeated engagement across various product categories This approach has led to increased consumer lifetime value, reduced brand-switching, and strengthened corporate brand trust.
The Theory of Planned Behavior (TPB)
The Theory of Planned Behavior (TPB), introduced by Ajzen in 1991, provides a framework for understanding consumer behavior in marketing It identifies three key psychological components—attitude, subjective norms, and perceived behavioral control—that influence consumer intentions and purchasing decisions As a result, the TPB is a valuable tool for analyzing the effects of marketing ecosystems on consumer behavior.
Attitude is basically the consumer’s positive or negative view of a brand, product, or service, determined by previous experiences, perceived quality, or the brand image.
In a marketing ecosystem, consumer attitudes are influenced by broader brand interactions beyond direct product experiences For instance, a positive experience with Vinhomes can enhance a consumer's perception of related brands like VinFast, VinMart, or VinMec, highlighting the significant role of cross-sector engagement within the ecosystem.
Utilizing social and subjective norms is crucial for influencing consumer behavior, particularly in Vietnam, where word-of-mouth marketing and social media play significant roles Vingroup effectively leverages social influence marketing through digital content creators and influencers, highlighting the impact of peer recommendations on purchasing decisions Additionally, perceived behavioral control, which encompasses consumers' perceptions of their ability to make purchases, is enhanced by a well-managed marketing ecosystem that offers various purchasing options and financing solutions Vingroup's digital transformation, exemplified by the VinID app and flexible payment methods for VinFast vehicles, has removed barriers to purchase and increased consumer engagement By applying the Theory of Planned Behavior (TPB) within its marketing strategies, Vingroup shapes consumer attitudes and social influences, leading to higher conversion rates and sustained brand loyalty.
Figure 2 1: TPB's model https://www.researchgate.net/figure/The-Theory-of-Planned-Behavior-Model-
Vingroup exemplifies how an interconnected brand strategy can shape consumer behavior by serving as a one-stop solution for real estate, mobility, healthcare, retail, and education This approach encourages consumers to make consolidated purchasing decisions within its ecosystem, minimizing the chances of switching to competitors With a focus on integrated marketing, customer-centric engagement, and digital transformation, Vingroup has established itself as Vietnam’s most trusted business conglomerate, ensuring the sustainability of its marketing ecosystem As consumer preferences evolve, the effectiveness of a marketing ecosystem hinges on its adaptability to market changes, technological advancements, and socio-economic trends Companies that emphasize innovation, seamless brand integration, and consumer engagement will be better equipped to succeed in a competitive and interconnected market.
INFLUENTIAL FACTORS IN THE MARKETING ECOSYSTEM
Brand management involves creating and executing strategies to influence brand perception in the market It focuses on building and communicating the brand's identity across all customer touchpoints to enhance its value and differentiate it in a competitive environment A strong brand identity boosts brand equity by fostering trust, recognition, and emotional connections, which are essential for cultivating customer preference and long-term loyalty.
Vietnam's dynamic market makes brand management essential for multi-sector groups like Vingroup, which unifies diverse products under the "Vin" brand to enhance customer trust in quality and reliability Vinhomes, Vingroup's real estate division, exemplifies this strategy by delivering modern, high-quality projects alongside professional services, establishing a strong reputation for safe, well-planned neighborhoods and high living standards This approach positions Vinhomes not just as a housing provider but as a lifestyle brand, fostering customer loyalty even at higher price points Positive experiences with Vinhomes often lead customers to favor other Vingroup subsidiaries, such as Vinmec healthcare services and VinFast vehicles, demonstrating the effectiveness of Vingroup's cohesive brand governance.
Vinhomes that boosts the whole Vingroup ecosystem as cross-product engagement and strengthens consumer retention.
H1: Brand management is positively related to consumer behavior
Pricing strategies are deliberate methods that businesses implement to set the prices of their products or services, aiming to maximize profitability while maintaining competitiveness and consumer appeal Examples of these strategies include cost-based pricing, value-based pricing, penetration pricing, and premium pricing, each designed to meet particular marketing and financial goals.
Pricing is a crucial element of the marketing ecosystem, generating revenue while also serving as a key communication tool that conveys brand positioning and value to customers According to Zakaria et al (2019), when prices align with consumer expectations regarding product or service quality, they positively influence purchase decisions and enhance brand loyalty.
In Vietnam, where consumers are highly price-sensitive, companies must tailor their pricing strategies to align with local economic conditions and income levels Vingroup employs a flexible, multi-tiered pricing model across its subsidiaries to address various customer segments For instance, VinFast attracts buyers through government-backed incentives and installment plans, while Vinhomes targets the mid- to high-income demographic by positioning itself as a premium real estate brand, offering high-quality projects in prime locations with integrated services.
In 2020, Vinhomes implemented various installment payment systems and promotional campaigns to enhance affordability for its target buyers, despite its high price point This strategy aimed to maintain its prestigious image while improving competition When customers perceive the price as fair relative to the quality of the property, infrastructure, and customer service, their likelihood of repurchase and brand loyalty increases Effectively leveraging pricing can not only encourage initial trials but also shape consumer perceptions of value and intent to purchase, thereby differentiating the brand in Vietnam's competitive real estate market.
H2: Pricing strategies is positively related to consumer behavior
Quality refers to a product or service's ability to meet or exceed customer expectations regarding performance, durability, reliability, and overall satisfaction According to Zeithaml (1988), perceived quality is the consumer's overall judgment of a product's excellence compared to alternatives, heavily influenced by subjective attributes This subjective assessment is crucial in the purchase decision process, affecting post-purchase satisfaction and brand loyalty Ultimately, quality plays a vital role in the consumer purchase decision journey, fostering brand loyalty and consumer confidence.
Vinhomes, the real estate division of Vingroup, is renowned for its high-end construction quality and meticulous planning of living spaces, offering smart services in residential areas A study by Tran, Tien, and Chi (2022) reveals that consumers are willing to pay a premium for Vinhomes properties due to their confidence in the company's consistent standards and professional service Investments in quality details such as building materials, landscaping, and security enhance customer satisfaction and solidify the brand's premium status In Vietnam's competitive real estate market, these quality indicators position Vinhomes as a preferred choice, fostering long-term customer loyalty As part of Vingroup's extensive ecosystem, which includes education, healthcare, and transportation, maintaining consistent quality is essential for strengthening the overall brand equity Satisfied customers are more inclined to explore other services within the ecosystem, creating a trust ripple effect that increases lifetime value, allows for premium pricing, enhances perceived value, and reduces churn.
So, perceived quality is a significant factor of consumer faith, satisfaction, trust,longevity of a brand, and encouraging favorable customer actions in the marketing ecosystem.
H3: Quality is positively related to consumer behavior
Social media marketing involves leveraging social media platforms to promote products, engage with consumers in real-time, and build a brand identity This approach marks a shift from traditional one-way marketing to an interactive dialogue where consumers contribute to content creation and brand promotion In Vietnam and other emerging markets, social media marketing is essential for influencing consumer attitudes and behaviors in the digital economy Brands that establish a strong and consistent social media presence tend to enjoy increased consumer trust, brand recall, and purchase intentions.
Social media marketing plays a crucial role in enhancing consumer engagement with corporate messages and projects across various sectors, including VinFast, VinMart, and Vinpearl This strategy has proven effective for Vinhomes, which targets potential home buyers, particularly younger audiences, through platforms like Facebook and TikTok By utilizing videos, virtual tours, and customer testimonials, Vinhomes fosters transparency and emotional connections with its brand According to Trinh and Long (2023), social media marketing significantly boosts brand awareness in Vietnam's real estate sector, allowing Vinhomes to stand out from competitors and increase purchase intentions Notably, over 70% of Gen Z consumers in Vietnam consult social media before making buying decisions (Pham et al.).
In 2021, influencer marketing and user-generated content emerged as essential strategies for Vinhomes to build trust and enhance brand loyalty By leveraging popular platforms like Facebook, TikTok, and YouTube, Vinhomes humanized its brand through collaborations with digital influencers and local content creators This approach not only boosts consumer engagement but also fosters confidence through recommendations and transparent communication Social media has become a vital component of consumer behavior, significantly influencing pre-purchase decision-making by raising awareness, creating emotional connections, and expediting purchase decisions Consequently, social media marketing serves as a powerful tool within Vingroup's marketing ecosystem, particularly for Vinhomes, leading to improved customer interactions, increased trust, and shifts in consumer behavior across various income levels.
H4: Social media marketing is positively related to consumer behavior
Trust is a fundamental element in marketing, significantly influencing purchasing decisions and fostering long-term brand connections It reflects consumers' confidence in a company's ability to consistently deliver ethical and reliable products or services (Morgan & Hunt, 1994) By instilling a sense of emotional security, trust mitigates perceived risks and enhances confidence in buying choices, especially in high-stakes situations In diverse ecosystems like Vingroup, the importance of trust is amplified as consumers interact with various subsidiaries under the same corporate umbrella.
A brand's reputation significantly influences purchasing behavior, making consumer trust essential for building loyalty Vingroup exemplifies this through its commitment to transparency, innovation, and social responsibility, particularly highlighted during the COVID-19 pandemic by maintaining stable prices for essential items and enhancing healthcare services Vinhomes has gained the trust of Vietnamese homebuyers by delivering high-quality projects that adhere to transparent legal standards and post-sale commitments Research by Tran, Tien, and Chi (2022) indicates that Vinhomes' strong brand image encourages consumers to pay premium prices and facilitates resale This trust creates a halo effect, enhancing confidence in other Vingroup services, such as healthcare and education When consumers trust a brand, they are more likely to repurchase, share positive experiences, and exhibit greater tolerance for occasional service failures (Afzal et al., 2010) In developing markets like Vietnam, where concerns about product authenticity and service reliability prevail, trust in domestic brands is crucial Trust not only mediates the relationship between marketing efforts and consumer behavior but also amplifies the impact of other marketing elements, including pricing, quality, and communication Within the Vingroup ecosystem, trust acts as a bridge connecting consumers to the brand, fostering loyalty and ensuring ongoing engagement amidst competitive pressures.
H5: Trust is positively related to consumer behavior
Customer Relationship Initiatives (CRIs) are strategic efforts by companies aimed at building strong, lasting relationships with clients through personalized engagement, long-term value, and consistent satisfaction Rooted in relationship marketing theory, CRIs focus on customer retention, customized experiences, and encouraging repeat purchases rather than short-term sales goals These initiatives may include loyalty programs, targeted promotions, personalized messaging, and feedback mechanisms, all designed to enhance brand attachment and foster customer loyalty.
Customer Relationship Initiatives (CRIs) play a crucial role in maintaining customer engagement across various industries, including real estate, healthcare, retail, and automotive, particularly within large conglomerates like Vingroup The VinID loyalty platform exemplifies this by allowing consumers to earn and redeem points across Vingroup's subsidiaries, thereby enhancing the consumer experience and fostering brand loyalty within a cohesive brand ecosystem In the context of Vinhomes, CRIs are evident not only through the integration of the VinID ecosystem but also through comprehensive after-sales services and tailored resident communities that personalize communication, address customer needs, and boost satisfaction Additionally, personalized Customer Relationship Management (CRM) practices strengthen emotional connections and reduce customer attrition by providing timely and targeted experiences across Vingroup's subsidiaries.
MODEL
GENERATION Z AND MILLENNIAL CONSUMER BEHAVIOR IN
Generation Z (1997–2012) and Millennials (1981–1996) in Vietnam are significantly influenced by the country's swift economic growth and digital transformation Their high level of digital engagement, technology usage, and preference for personalized experiences position them as the leading consumer segments in Vietnam's retail and service industries.
Gen Z and Millennials, as digital natives, heavily rely on digital channels, influencer marketing, and peer reviews when making purchasing decisions Research indicates that over 70% of these consumers engage with social media daily, often following brand stories prior to making a purchase.
In 2021, the significance of real-time and co-created online brand experiences became evident, prompting businesses to invest in omnichannel marketing, AI-driven personalization, and tailored engagement strategies Companies like Vingroup have adapted by integrating personalization through platforms such as VinID, which offers customized promotions and services VinFast utilizes AI tools, virtual showrooms, and predictive analytics to meet individual consumer needs Additionally, experiential marketing strategies, including E3 (Event-Experience-Exchange) concepts, interactive events at Vincom and VinWonders, and collaborations with influencers, are essential for attracting younger audiences.
Gen Z and Millennials prioritize brand authenticity, social responsibility, and sustainability Vingroup's commitment to environmental initiatives, such as VinFast's electric vehicles, along with its ethical practices and investments in education through VinUniversity and healthcare via VinMec, enhance its appeal to these generations and foster long-term trust and loyalty.
CASE STUDIES AND APPLICATIONS IN VIETNAM
Exploring marketing ecosystems in Vietnam is effectively illustrated through case studies of leading firms employing ecosystem-led strategies Vingroup stands out as a prime example of an integrated marketing ecosystem, while other companies like Vinamilk, Masan Group, and Thaco have also embraced ecosystem-based models to enhance consumer engagement, trust, and loyalty This research focuses on Vinhomes, Vingroup's real estate brand, to demonstrate the applicability of marketing ecosystem strategies in the high-involvement housing sector As a key player within the Vingroup ecosystem, Vinhomes offers a unique opportunity to examine the interplay of cross-sector branding, customer relationship initiatives, and digital engagement in influencing consumer behavior in Vietnam.
Vingroup's success in the business market is largely attributed to its manufacturing consortium, which integrates various industries and sectors under a unified corporate structure By offering a comprehensive lifestyle solution rather than focusing on individual sector services, Vingroup delivers significant value to its customers.
Vinschool operates within a trusted ecosystem that enhances convenience and fosters emotional connections to brands (Nguyen et al., 2024) For instance, VinFast offers exclusive deals for Vinhomes customers, discounted services at Vinschool, and integrated features in the VinID app This approach provides consumers with more than just commercial benefits; it creates an interconnected experience that boosts customer retention and brand loyalty As a result, customers perceive the brand as an integral part of their lifestyle rather than merely a product or service.
Vinamilk has established a brand strategy focused on health, nutrition, and sustainable dairy farming, leveraging direct consumer sales, digital engagement, and corporate sustainability to build brand trust and lead the Vietnamese dairy market In a similar vein, Masan has adopted a retail ecosystem model by acquiring WinMart and developing its own consumer goods brands, ensuring that consumers remain engaged within the Masan ecosystem for their daily shopping needs This approach has effectively enhanced consumer loyalty and daily interaction by integrating retail, food production, and digital payment services.
Companies within an effective marketing ecosystem can enhance brand trust, boost consumer engagement, and promote cross-product adoption The auto production sector has seen various ecosystems in action, with Vingroup, especially through its property division Vinhomes, exemplifying how a fully integrated commercial ecosystem can shape consumer behavior This integration fosters long-term brand loyalty and lays the groundwork for sustained commercial success in Vietnam's dynamic economy.
RESEARCH METHODOLOGY
RESEARCH DESIGN
This study utilizes a quantitative research approach to analyze how Vingroup’s marketing ecosystem influences consumer behavior By employing a structured survey method for primary data collection, the research systematically examines the relationships between independent variables such as Brand Management, Social Media Marketing, Trust, Customer Relationship Initiatives, Pricing Strategies, and Product and Service Quality, and the dependent variable, Consumer Behavior The choice of a quantitative approach allows for the analysis of numerical data through statistical tools, ensuring objectivity and the generalizability of the findings Additionally, quantitative methods support hypothesis testing by offering measurable insights into consumer attitudes, preferences, and purchasing behaviors within the marketing ecosystem.
This study employs a cross-sectional survey design to assess consumer perceptions at a specific moment, enabling the identification of patterns and relationships among variables without longitudinal tracking The structured questionnaire, featuring Likert-scale items, ensures standardized and comparable data collection across respondents Aligned with the post-positivist paradigm, the research utilizes structured methods to test hypotheses grounded in established marketing theories The study is underpinned by Kotler’s Holistic Marketing Concept and Ajzen’s Theory of Planned Behavior, offering a comprehensive framework for analyzing the marketing ecosystem's influence on consumer behavior.
SAMPLING AND TARGET POPULATION
The research targets Vietnamese consumers familiar with Vingroup’s diverse products and services, including customers of VinMart, residents of Vinhomes, and users of VinFast, VinMec, and VinSchool By focusing on this demographic, the study ensures that respondents can provide valuable insights into Vingroup's marketing practices and their own consumer behaviors Given Vingroup's extensive presence across various industries, the survey is open to all Vietnamese consumers aged 18 and older who have knowledge of the brand.
This study utilizes a non-probability convenience sampling method to efficiently gather data from readily available participants, making it particularly suitable for consumer research Convenience sampling is favored for its practicality in reaching target consumers, especially when surveys are distributed online and participation is voluntary (Etikan et al., 2016) While probability sampling would yield a more representative sample, constraints related to time and resources necessitate a non-random approach To address potential sampling bias, the survey is distributed across various online channels, including social media groups, consumer forums, and direct outreach to Vingroup customers.
The researcher determined the appropriate sample size for this study by following established guidelines in behavioral and marketing research Comrey and Lee (1992) indicated that a sample size of at least 200 is considered "fair," while 300 is deemed "good" for factor analysis They recommend having 5 to 10 respondents per item, especially when a survey includes multiple items per construct Based on the 5x to 10x rule, the minimum required sample size for this study, which utilized 37 measurement items, ranges from 185 to 370 respondents.
A rigorous method for determining sample size was discussed, utilizing standard formulas for an infinite population with a 95% confidence level, a z value of 1.96, and a margin of error of 7%, which indicates that approximately 6 respondents are needed for the study This approach is prevalent in marketing and consumer behavior research to ensure statistical power and representativeness (Israel, 2003) In this study, 207 valid responses were gathered from individuals familiar with Vinhomes, exceeding the minimum sample size suggested by the calculations, thereby ensuring robust statistical analysis and representation of the target population.
DATA COLLECTION METHODS
The research utilizes primary data collected through an online survey aimed at obtaining quantitative insights into consumer perceptions and behaviors A structured questionnaire, based on validated scales from prior marketing and consumer behavior studies, is employed to assess each research variable The survey is disseminated via Google Forms and promoted on social media platforms like Facebook, LinkedIn, and Zalo to enhance respondent engagement Furthermore, QR codes directing to the survey are strategically placed in high-traffic Vingroup locations, such as VinMart stores and Vinhomes communities, to boost participation from active customers.
The questionnaire consists of three key sections: the first gathers demographic data such as age, gender, occupation, and engagement frequency with Vingroup products The second section utilizes a five-point Likert scale to evaluate independent variables, including brand management, social media marketing, trust, customer relationships, pricing, and product quality Lastly, the final section analyzes consumer behavior by assessing purchase intent, brand loyalty, and word-of-mouth recommendations This structured survey design ensures consistent data collection, facilitating accurate measurement and statistical analysis.
The study enhances its findings by reviewing secondary data sources, such as Vingroup’s annual reports, consumer trend studies, and prior research on Vietnam’s digital marketing landscape This incorporation of secondary data allows for triangulation, ensuring that the primary survey results are consistent with broader market trends and existing literature.
QUESTIONARE DESIGN
Q3: Years of experience in marketing/Consumer behavior studies
Q4: Consumer behavior in the modern marketing ecosystem can be defined in various ways Please provide your interpretation of this concept.
Q5: There are several key factors that influence consumer purchasing decisions in Vietnam today Please identify the three most significant factors based on your perspective.
Brand management plays a crucial role in shaping consumer perception and loyalty in a competitive market.
Vingroup employs a distinct brand positioning strategy across its subsidiaries, including VinFast, VinHomes, and VinMart.
Maintaining consistency in brand messaging across diverse industries such as real estate, automotive, and retail is essential for Vingroup.
Social media marketing has significantly changed the way consumers interact with brands in Vietnam.
Vingroup prioritizes specific social media platforms and tailors content to different demographic groups.
Measuring the return on investment (ROI) from social media campaigns, such as conversion rates and brand recognition, is a key aspect of marketing.
Consumer trust acts as an intermediary between marketing strategies and purchasing behavior.
Vingroup has developed various strategies to build and maintain consumer trust in its automotive sector (VinFast) and healthcare sector (VinMec).
T3 Managing crises effectively is crucial for maintaining consumer trust.
Pricing strategies, such as penetration pricing and premium pricing, significantly influence consumer perceptions of value.
Vingroup balances affordability with premium positioning across its product
PT3 Cultural factors in Vietnam influence consumer price sensitivity in various ways.
Loyalty programs and personalized marketing play a significant role in shaping long-term consumer behavior.
Vingroup utilizes various customer relationship management (CRM) tools, such as the VinID application, to personalize the customer experience.
CRI3 Customer feedback is a vital component of business improvement.
Product and service quality have a direct impact on repeat purchases and brand advocacy.
Vingroup communicates its commitment to quality across different sectors, including real estate (VinHomes) and education (VinSchool).
Vietnamese consumers evaluate the quality of local and global brands based on various criteria.
Vingroup’s multi-industry business model creates synergy within its marketing ecosystem.
Changes in consumer behavior present challenges for companies operating in dynamic markets.
The global expansion of VinFast has implications for Vingroup’s domestic marketing strategy.
DATA COLLECTION TECHNIQUE
Our study employed a carefully designed data collection process to gather quantitative insights into consumer behaviors and attitudes within Vingroup’s marketing ecosystem We utilized a structured questionnaire consisting of two sets of questions The first section targeted demographics, including age, occupation, years of experience in marketing or consumer behavior, and engagement with Vingroup’s services, which helped us analyze consumer perceptions across various groups.
The second section utilized Ajzen’s Theory of Planned Behavior (TPB) through structured Likert-scale items that emphasized six key marketing constructs: Brand Management, Social Media Marketing, Trust, Customer Relationship Initiatives, Pricing Strategies, and Product and Service Quality This design aimed to explore the impact of these factors on consumer buying decisions, brand loyalty, and purchase behavior.
Consumer attitudes and behaviors were quantitatively assessed using a five-point Likert scale, ranging from "Strongly Disagree" (1) to "Strongly Agree" (5) (Hair et al., 2021) The questionnaire was distributed via Google Forms and promoted through various channels, including social media platforms like Facebook, LinkedIn, and Zalo, as well as email invitations and QR codes placed in VinMart shopping malls and Vinhomes urban areas This multi-channel approach ensured a diverse representation of Vingroup’s customer base.
By employing a systematic survey approach and diverse distribution strategies, we gathered high-quality data on consumer interests, satisfaction, and behavioral patterns This data forms the foundation for quantitative analyses conducted with SmartPLS, providing valuable insights into the relationships between marketing ecosystem variables and consumer decision-making processes, as detailed in Chapter 4.
DATAANALYSIS TECHNIQUES
We utilize SmartPLS for Partial Least Squares Structural Equation Modeling (PLS-SEM), ideal for complex models with multiple latent variables and small to medium sample sizes Our analysis is based on 207 valid responses, effectively examining the interplay between brand management, social media marketing, trust, customer relationship initiatives, pricing strategies, product and service quality, and consumer behavior.
Data analysis consists of two phases The first phase involves evaluating the measurement model through internal consistency, using Cronbach’s Alpha and Composite Reliability, as well as assessing convergent validity with Average Variance Extracted Additionally, discriminant validity is examined using the Fornell-Larcker criterion and the HTMT ratio, as proposed by Fornell and Larcker (1981) Items with high cross-loadings are either refined or removed to enhance clarity.
In the second phase, the structural model undergoes testing to evaluate multicollinearity using a Variance Inflation Factor (VIF) threshold of less than 5.0 The significance of the hypotheses is assessed through path coefficients (β) and bootstrapping with 5,000 resamples, with p-values below 0.05 indicating significance Model fit is determined by R², where values greater than 0.50 indicate moderate fit and those above 0.70 indicate strong fit Predictive relevance is measured by Q², with values exceeding 0, and effect size is evaluated using f², categorized as small (0.02), moderate (0.15), or large (0.35) The overall model validity is confirmed with a Standardized Root Mean Square Residual (SRMR) of less than 0.08, which is deemed a good fit.
DATAANALYSIS AND RESULTS FINDING
DEMOGRAPHIC ANALYSIS
Responses were gathered exclusively from individuals aged 18 and older to adhere to ethical standards and ensure the validity of insights within Vingroup's marketing ecosystem This age criterion allows for informed consent and reflects the behaviors of active consumers in sectors such as real estate, automotive, retail, and healthcare Understanding age-related differences in product preferences and shopping behaviors is crucial for evaluating marketing strategies Younger consumers often engage more with digital marketing and social media, while older individuals prioritize brand trust and product reliability These generational distinctions underscore the necessity of tailoring marketing efforts to meet the diverse expectations of each demographic.
The majority of Vingroup's customer base, comprising 38.6% of respondents, is within the 30–50 age group, highlighting the significance of middle-aged consumers This demographic is particularly active in high-value sectors like real estate (VinHomes), automotive (VinFast), and healthcare (Vinmec) With greater purchasing power and enhanced brand loyalty, they represent a crucial target audience for premium products and long-term investments.
Consumers over 50 make up 33.8% of the survey sample, underscoring the importance of brand trust, product quality, and reliability, particularly in sectors such as real estate and healthcare where trust is essential This demographic favors traditional marketing methods, personal interactions, and high-quality service To strengthen credibility and engagement with this age group, Vingroup should prioritize corporate social responsibility (CSR) initiatives and exceptional customer service.
The 22–30 age group accounts for 19.3% of the respondents, largely made up of young professionals and emerging investors This segment is most engaged with
Vingroup excels in retail, e-commerce, and technology, with a notable focus on electric vehicles through VinFast As a digitally savvy and socially engaged organization, they effectively leverage targeted social media advertising and personalized marketing strategies to connect with their audience.
The 18–22 age group constitutes only 8.3% of respondents, indicating minimal engagement with Vingroup's main sectors at this time Although they currently have limited purchasing power, this demographic is crucial for future market expansion and brand visibility Many connect with Vingroup through educational services such as VinSchool and VinUni, as well as digital platforms and retail experiences To foster brand loyalty and long-term engagement within this segment, strategies like youth-focused loyalty programs, influencer marketing, and interactive digital content should be implemented.
Analyzing the occupational backgrounds of respondents reveals valuable insights into consumer purchasing behavior and brand engagement within Vingroup’s marketing ecosystem Occupation significantly impacts income levels, lifestyle choices, and product expectations, making it an essential demographic factor for understanding how various professional groups engage with Vingroup’s sectors, such as real estate, retail, healthcare, and automotive industries.
The survey sample for the study focused on business owners and marketing professionals, who are more inclined to make strategic purchasing decisions and possess a heightened awareness of brand marketing tactics To gain a comprehensive understanding of consumer behavior trends, the sample also included students and individuals from other professions.
A notable 38.6% of survey participants are marketing professionals, indicating substantial expertise in brand management, advertising, and consumer engagement Their insights are crucial for understanding the effectiveness of Vingroup's marketing strategies, particularly in digital campaigns and CRM initiatives With their analytical and critical perspectives, these professionals play a vital role in assessing a brand's authenticity, consistency, and digital presence, making them influential opinion leaders in shaping public perception of Vingroup.
The second-largest demographic, comprising 33.8% of respondents, consists of business owners, who are crucial for understanding B2B relationships and investment decisions related to Vingroup’s offerings like VinHomes, VinFast, and VinMec Their choices are influenced by trust, reputation, and anticipated ROI, highlighting the importance of strong branding and tailored services Students, making up 14.5% of the respondents, represent a younger audience engaged with Vingroup’s educational and retail platforms, and while they have limited purchasing power, they are essential for brand awareness and future purchasing influence The remaining 13.1% includes professionals from various fields, providing diverse perspectives that enrich the analysis of Vingroup’s market perception.
Nearly half of the respondents (46.8%) have over five years of experience, indicating a demographic of seasoned professionals and business leaders well-versed in marketing strategies, consumer psychology, and brand development This group tends to be analytical, seeking data-driven, transparent, and high-quality marketing campaigns to uphold brand credibility Their engagement with Vingroup’s premium services, such as VinHomes, VinFast, and VinMec, is primarily founded on trust, prestige, and measurable returns on investment.
The second-largest demographic, accounting for 33.8%, includes mid-career professionals with 3–5 years of experience who are influential in shaping consumer trends This group is deeply engaged in digital marketing and social media, making them a vital audience for Vingroup’s digital advertising Their inclination towards personalized marketing and AI-driven recommendations highlights the necessity for seamless technology integration across Vingroup’s platforms Additionally, individuals with 1–3 years of experience, representing 19.3% of respondents, primarily consist of young professionals and students who are highly responsive to social media and interactive content To effectively engage this audience, marketing strategies should focus on visually appealing and relatable content, emphasizing youth-oriented branding and gamified loyalty programs in Vingroup’s retail, educational, and lifestyle services.
FACTOR ANALYSIS
BM CB CRI PT Q SCM T
The outer loadings results validate the measurement model's convergent validity, as all measurement items achieved factor loadings exceeding the acceptable threshold of 0.7, indicating reliable measurement of their corresponding latent constructs, in line with Hair et al (2019) This confirms strong indicator reliability for the study.
The constructs of Brand Management (BM), Consumer Behavior (CB), Customer Relationship Initiatives (CRI), Pricing Strategies (PT), Social Media Marketing (SCM), and Trust (T) all demonstrated strong reliability and satisfactory loadings Specifically, BM items ranged from 0.736 to 0.860, while CB indicators showed loadings between 0.802 and 0.846 The CRI construct exhibited stable performance with loadings from 0.730 to 0.851 PT indicators displayed very high loadings, confirming their consistency, with values of 0.900 to 0.912 SCM indicators achieved excellent loadings, ranging from 0.870 to 0.919, and the Trust construct also showed high outer loadings between 0.897 and 0.910, reinforcing the robustness of the measurement model.
4.2.2 CONVERGENT VALIDITY AND COMPOSITE RELIABILITY
Evaluating construct reliability and validity is crucial for assessing the quality of measurement models in structural equation modeling This study utilized Cronbach’s alpha and composite reliability to evaluate reliability, while convergent validity was measured using Average Variance Extracted (AVE) According to Hair et al (2019), a Cronbach’s alpha of 0.7 or higher signifies acceptable internal consistency, and composite reliability values exceeding 0.7 indicate satisfactory construct reliability The results show that all constructs have Cronbach’s alpha values between 0.714 (CRI) and 0.892 (PT), demonstrating adequate to excellent internal consistency Additionally, composite reliability (rho_c) values range from 0.837 (BM) to 0.933 (PT), confirming the high reliability of the constructs in the model.
According to Fornell and Larcker (1981), an Average Variance Extracted (AVE) value exceeding 0.5 indicates that a construct accounts for more than half of the variance in its indicators In this study, AVE values range from 0.633 for Pricing Strategy (BM) to 0.822 for Pricing Strategy (PT), all exceeding the 0.5 threshold Constructs such as Pricing Strategy (PT), Trust (T), and Supply Chain Marketing (SCM) exhibit strong AVE values, demonstrating excellent convergent validity These results affirm that the measurement model adheres to the necessary standards of reliability and validity, showcasing robust psychometric properties that enhance the credibility of subsequent structural analyses.
To assess the discriminant validity of the constructs in this study, the Heterotrait-Monotrait Ratio of correlations (HTMT) was employed This method, recommended by Henseler, Ringle, and Sarstedt (2015), serves as a reliable criterion for evaluating discriminant validity in variance-based structural equation modeling Discriminant validity is established when HTMT values fall below the conservative threshold of 0.85 or the more lenient threshold of 0.90, as noted by Hair et al (2019).
The HTMT matrix indicates that all pairwise HTMT values between latent constructs are below 0.85, confirming good discriminant validity Notably, the highest HTMT value of 0.694 is found between Quality (Q) and Consumer Behavior (CB), followed by 0.675 between Customer Relationship Initiatives (CRI) and Quality (Q), and Trust (T).
The HTMT ratios for Brand Management (BM) and other constructs are significantly below the 0.85 threshold, with values ranging from 0.050 to 0.382 This indicates a low inter-construct correlation, highlighting the distinctiveness of the Brand Management latent variable.
BM CB CRI PT Q SCM T
BM CB CRI PT Q SCM T
Discriminant validity is essential for evaluating measurement models, ensuring that each construct represents a unique and empirically distinct concept The Fornell-Larcker criterion is a well-established method for assessing this validity, stating that the square root of the Average Variance Extracted (AVE) for each latent construct must exceed the highest correlation with any other construct in the model This criterion demonstrates that a construct shares more variance with its own indicators than with those of other constructs.
The Fornell-Larcker matrix demonstrates that all constructs in this study meet the discriminant validity requirement Specifically, the square root of the Average Variance Extracted (AVE) for Brand Management (BM) is 0.796, surpassing its correlations with Customer Behavior (CB) at 0.308, Customer Relationship Initiatives (CRI) at 0.188, Pricing Strategy (PT) at -0.026, Quality (Q) at 0.311, Supply Chain Management (SCM) at 0.014, and Trust (T) at 0.023 Likewise, the square root of AVE for Customer Behavior (CB) is 0.819, which exceeds its correlation with CRI at 0.476 and PT at 0.371 This trend is consistent across other variables, such as Customer Relationship Initiatives (CRI) with an AVE square root of 0.799, which is greater than its correlations with CB at 0.476 and Quality (Q) at 0.497 Additionally, Pricing Strategy (PT) has a square root of 0.907, higher than its correlations with CB at 0.371 and Q at 0.292.
The analysis reveals that the constructs of Quality (Q) with a square root AVE of 0.825, Supply Chain Marketing (SCM) at 0.897, and Trust (T) at 0.903 all satisfy or surpass the Fornell-Larcker criterion This indicates that the constructs are empirically distinct, confirming the measurement model's adequate discriminant validity These findings align with Hair et al (2021), who highlight the importance of strong discriminant validity for the theoretical integrity and reliability of structural equation models.
STRUCTURAL MODEL ANALYSIS
The R-square value for Consumer Behavior (CB) is 0.542, indicating that 54.2% of the variance in consumer behavior is explained by the independent variables in the model Chin (1998) suggests that an R-square value above 0.50 reflects moderate predictive power, demonstrating the model's effectiveness in accounting for a significant portion of the variation in consumer behavior.
Additionally, the adjusted R-square value of 0.528 confirms that after adjusting for bias, the model retains its robustness in predicting consumer behavior within Vingroup’s marketing ecosystem.
The findings indicate that while the model has moderate explanatory power, external factors such as competitive pricing, macroeconomic trends, and shifting consumer preferences in Vietnam's dynamic retail and e-commerce environment may also impact consumer behavior Future studies should consider including these additional variables to improve the model's explanatory capabilities.
To evaluate the out-of-sample predictive capability of the structural model, the PLS-Predict procedure was utilized through SmartPLS 4.0 This method improves predictive assessment by incorporating cross-validation techniques and sophisticated prediction error metrics (Hair et al., 2021) It is especially beneficial for confirming the model's accuracy in predicting new data, making it valuable for business-oriented research.
In this study, the target construct is Customer Behavior (CB) The Q²predict value obtained is 0.491, which is significantly higher than zero As noted by Hair et al.
In 2021, a Q²predict value greater than 0 indicates predictive relevance, with values exceeding 0.35 suggesting strong predictive capability, demonstrating high relevance for consumer behavior (CB) The model's Root Mean Square Error (RMSE) is 0.744, and the Mean Absolute Error (MAE) is 0.519, reflecting the average error between predicted and actual values According to Shmueli et al (2019), Partial Least Squares (PLS) models show good predictive power when their RMSE and MAE are lower than those of naive benchmarks like linear regression or mean-based models Although no direct benchmark is provided, the moderate error values affirm that the model effectively predicts consumer behavior.
Multicollinearity was evaluated through the Variance Inflation Factor (VIF) to check for excessive correlation among independent variables that could affect regression coefficient accuracy As noted by James et al (2013), a VIF value under 5 is deemed acceptable, suggesting that collinearity is not a major issue This study's findings reveal that all VIF values are below 3, confirming the lack of severe multicollinearity.
The analysis revealed that Pricing Strategy (PT2) had the highest Variance Inflation Factor (VIF) at 2.932, followed closely by Social Media Marketing (SCM3) at 2.780 Although these values indicate some correlation between the variables, they remain within acceptable limits, suggesting that the interconnectedness of digital advertising and pricing strategies influences consumer decision-making Importantly, since all VIF values are below the critical threshold of 5, multicollinearity is not a significant issue in this model, allowing each independent variable to maintain its unique explanatory power.
Higher VIF values for SCM and PT suggest a relationship between pricing strategies and social media marketing, as competitive pricing interacts with digital promotions and targeted advertising to affect consumer behavior Future research should investigate the interaction effects of pricing and digital marketing strategies on consumer behavior In contrast, lower VIF values for constructs like Trust and Quality indicate these factors function more independently, reinforcing the structural integrity of the analysis.
MODEL FIT ANALYSIS
The assessment of the structural model's fit revealed several key indices The Standardized Root Mean Square Residual (SRMR) was 0.063, which is below the acceptable threshold of 0.08, indicating a good fit with the observed data The Normed Fit Index (NFI) was recorded at 0.728, reflecting a moderate level of model adequacy Additionally, the Chi-square value of 607.586 supports the model's effectiveness in explaining the relationships between marketing ecosystem factors and consumer behavior Collectively, these fit indices affirm the model's robustness and its predictive power in understanding consumer decision-making within the Vingroup ecosystem.
Brand Management, Social Media Marketing, Trust, Customer Relationship Initiatives, Pricing Strategy, and Quality significantly influence Consumer Behavior Companies that focus on these elements and effectively meet customer needs are more likely to achieve greater consumer engagement, brand loyalty, and favorable purchasing decisions Thus, a thorough understanding and addressing of these factors can enhance consumer trust, improve brand perception, and contribute to long-term market success.
HYPOTHESIS TESTING AND PATH COEFFICIENTS ANALYSIS
Path Path coefficients p-Value Hypothesis Hypothesis support
Path coefficient analysis revealed that all independent variables significantly affect consumer behavior, with p-values under the 0.05 threshold Notably, Social Media Marketing (SCM → CB) exhibited the strongest positive influence, with a path coefficient of 0.276, underscoring the critical impact of digital engagement, influencer marketing, and targeted advertising on consumer purchasing decisions in Vingroup’s marketing ecosystem.
Trust (T) is the second most influential factor in purchasing behavior, with a path coefficient of 0.265, highlighting the importance of brand credibility and consumer confidence Vingroup's commitment to transparency, customer satisfaction, and consistent service quality significantly boosts consumer trust and loyalty.
Brand Management (BM) and Quality (Q) are crucial factors, with path coefficients of 0.211 and 0.210, highlighting the significance of effective corporate branding strategies and product/service excellence in fostering long-term consumer engagement A strong brand image, paired with superior product quality, enhances consumer trust and promotes repeat purchases.
Pricing Strategy (PT) significantly influences consumer behavior, evidenced by a path coefficient of 0.206 This highlights the importance of strategic pricing models—such as premium, penetration, and discount pricing—in shaping consumer perceptions and purchase decisions Vingroup's success in balancing affordability with brand positioning is essential for sustaining consumer interest across various market segments.
Customer Relationship Initiatives (CRI) showed a modest influence on consumer behavior, indicated by a path coefficient of 0.144 and a statistically significant p-value of 0.022 This implies that although CRM strategies play a role in engaging consumers, there is a need for improvements in personalization, loyalty programs, and data-driven marketing to fully optimize their effectiveness.