Finding unique selling proposition of UH-HSB executive MBA program

T hey prom ise no great value, benefit, or service - ju st "buy from us" for no justifiable, rational reason.W ould we bother buying from a business that's ju st "there," w ith no unique

V IE T N A M N A T I O N A L U N IV E R S I T Y HANOI SCHOOL OF BUSINESS

MASTER OF BUSINESS ADMINISTRATION THESIS

SUPERVISOR: ROGER FORD

HANOI, 2004

A B STR A C T .i

T Ó M T Ắ T .ii

A C K N O W LE D G M EN T S .iii

TA BLE OF C O N TEN TS iv

LIST OF TA B LES VII LIST OF IL L U S T R A T IO N S viii

LIST OF A B B R E V IA T IO N S ix

IN T R O D U C TIO N .1

1 R eason to choose this th e s is 1

2 O bjective o f the re s e a rc h 1

3 C ontent o f the re se a rc h 2

4 M ethodology 2

5 Scale o f the re se a rc h 2

CH A PTER 1: A B O U T U N IQ U E SELLIN G P R O P O S IT IO N 4

1.1 W hat is Ư S P ? 4

1.2 C ategories o f U S P 6

1.2.1 Low P r ic e 6

1.2.2 H igh Q u a lity 6

1.2.3 Superior S e rv ic e 7

1.2.4 Size/ S electio n 7

1.2.5 C o n v en ien ce 8

1.2.6 K now ledgeable, Recognized A uthority 8

1.2.7 C ustom ization/ Most O p tio n 9

1.2.8 S p e e d 9

1.2.9 O riginality, First in M arketplace 10

1.2.10 Strongest G u a ran tee 10

1.3 Benefit in developing U S P 11

1.4 H ow to identify U S P 14

1.5 Prom ote the U S P 16

C H A PTE R 2: A PPLY M A R K ETIN G R ESEA RC H IN FIN D IN G O U T USP 2.1 M arketing re sea rc h 17

2.2 M arketing research p ro cess 17

2.3 A pply m arketing research to find out U S P 19

C H A PTER 3: FIND IN G USP OF UH-HSB EM BA P R O G R A M 21

3.1 About UH-HSB EM BA p ro g ram 21

3.2 SW O T a n aly sis 23

3.2.1 S tre n g th 23

3.2.2 W eakness 23

3.2.3 O p p o rtu n ity 24

3.2.4 T h r e a t 24

3.3 C o m p e tito rs 24

3.3.1 W ashington State U niversity 24

3.3.2 N orthcentral U niversity 26

3.3.3 A IT C V 27

3.3 4 RM IT V ietn am 27

3.3.5 C onclusion 29

3.4 C onsum er an aly sis 30

3.4.1 Who they are? 36

3.4.2 Their objective when doing M B A 36

3.4.3 The factors affect them to choose the U H -H SB EM BA program

36 3.4.4 Their perception after having U H -H SB EM BA program 37 3.4.5 The benefit o f the M B A 38

C H A PT E R 4: R E C O M M E N D A T IO N 39

4.1 Som e differentiations o f the p ro g ram 39

4.2 The current slogan o f the p ro g ra m 40

4.3 The U SP o f the pro g ram 40

4.3.1 The best differentiation o f p ro g ra m 40

4.3.2 U SP o f the UH-HSB EM BA p ro g ra m 41

4.4 How to deliver this U SP to the custom ers 42

C O N C L U SIO N .44

A P P E N D IX 45

A ppendix A 45

A ppendix B 55

REFEREN CES 56

LIST O F T A B L E S

Table 3.1: Tuition Fee C o m p a riso n 24Table 3.2: A dvantages and D isadvantages C o m p a riso n 29

LIST OF ABBREVIATIONS

A A CSB : The A ssociation to A dvance C ollegiate Schools o f B usinessAIT: A sian Institute o f Technology

A ITCV: Asian Institute o f Technology C enter in V ietnam

CEO: C h ief E xecutive O fficers

EM BA: Executive M aster o f Business A dm inistration

GM AT: G raduate M anagem ent Admission Test

GPA: G rade Point A verage

G R E: G raduate R ecord Exam ination

H SB: H anoi school o f Business

H U T: H anoi U niversity o f Technology

IELTS: International English Language Testing System

JV: Joint-V enture

M B A : M aster o f B usiness Adm inistration

N CU : N orthcentral U niversity

N EU : National Econom ics University

N G O s: N on-G overnm ental Organizations

RM IT: Royal M elbourne Institute o f Technology

SOE: State O w n Enterprise

TO EFL: Test O f English as a Foreign Language

U niversity o f H aw aii cooperated with H anoi School o f B usiness to offer Executive M BA in Vietnam A fter 3 intakes, there are initiatives from both ends to enhance the quality o f the program by localizing its content, draw ing in more regional faculty, bringing in experts from the industry and also the expansion o f the program in V ietnam B ut since this program is m ore o f a profit based initiative,

m uch o f its success depends on the m arketing strategy w hich the school adopts

O ne o f the w ays o f doing this is by identifying the U nique Selling Proposition

o f the program But USP itse lf is not sufficient to m arket a program w hich has far longer impact in the profile o f student and his or her career So the question, what else value factors is a potential student w anting to confirm before he decides to join the program

To answ er the question in order to find out the U SP o f the program is not easy From the interesting o f the U SP definition, the challenging situation o f the UH-HSB program , I decision to choose the thesis “Finding the U nique Selling Proposition o f the U H -H SB EM B A program ”

2 O b j e c t i v e o f t h e r e s e a r c h :

From the research about the current situation o f the U H -H SB EM B A program ,

- Show out the differentiations o f the U H -H SB EM B A program

- T he w ay to im prove the differentiation becom es U SP o f the EM BA program s

4 M e t h o d o l o g y :

In this research, I use qualitative m arketing research Through the questionnaire, I get inform ation form the V EM B A participants (about 70 people) I have tw o ways to get inform ation: To give out the questionnaire to the participants and having direct interview with some o f them

Besides that, I collect the information about the U H -H SB EMBA program through w ebsite o f the program and the data w hich the program supports

C om bine w ith the data from the internet about the m arket and com petitors, I analyses the situation o f the U H -H SB EM B A program and its com petitors

I had use the com parison m ethod base on the collective data about the U H -SB

EM B A program and its com petitors, its custom ers

5 S c a l e o f t h e r e s e a r c h :

W ith the lim ited practical know ledge and the tim e o f internship, so the research only focuses in the H anoi M arket In H anoi, the EM B A program is not new but now, there are not program to stand out So, the w ay to m ake the USP o f the U H -H SB EM BA program concentrates to attractive the custom ers, and the way

2

-to give the b e lie f m ust take a long time.

M y thesis w ill have m uch m istakes and I hope to get the com m ents from the Faculty and the School m ates

In fact, most businesses don't have a USP, only a "me too," vague, unexciting presence that just feeds o ff the sheer m om entum o f the m arketplace There's nothing unique or distinct T hey prom ise no great value, benefit, or service - ju st "buy from us" for no justifiable, rational reason.

W ould we bother buying from a business that's ju st "there," w ith no unique benefit, no great prices, selection, service or guarantee? O r w ould w e prefer a business that offers us the greatest selection in the country or one w ith every product discounted to less than the com petitors' price or one that sells ju st top o f the shelf products w ith the sam e quality guarantee o f service

T he original definition o f USP w as invented in the 1960’s A USP is a

m arketing concept w rote by Rosser Reeves Reeves, w ho w rote R eality in

A dvertising, cam e to the conclusion that the only w ay to m ake custom ers com e to

you w as to create an advertising m essage about your product that contained the

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-follow ing three characteristics:

1 Each advertisem ent m ust m ake a proposition to the consumer N ot ju s t words, not ju s t p ro d u ct puffery, not ju s t show -w indow advertising Each advertisem ent m ust say to each reader: "Buy this product, and y o u will get this specific b e n efit."

2 The proposition m u st be one that the com petitor either cannot, or does not offer It m ust be unique - either a uniqueness o f the brand o r a claim not otherwise

m ade in that p a rticu la r fie ld o f advertising.

3 The proposition m ust be so strong that it can m ove the m ass millions, i.e

p u ll over new custom ers to y o u r p ro d u ct.1

At that time, R eeves used this idea to create unique selling propositions for

m any consum er products such as Anacin ("The pain relievers doctors recom mend

m ost"), M & M candies ("They m elt in your m outh, not in your hands"), Colgate ("C leans your breath w hile it cleans your teeth"), and W onder B read ("Helps build bodies in eight w ays") W ith the USP, he built those products and com panies into billion dollar giants A nd from 1960’s, the w orld know the term inology “U nique Selling Proposition”

A fter that, m any com panies apply this term inology and get m ore benefit Here are a few m ore other excellent exam ples o f U SPs that have helped build, enhance and grow both small and large companies

- "Q uality Takes Tim e" - Rolex

- "The W o rld ’s B iggest Bookstore" - A m azon.com

- "WTien It A bsolutely, Positively H as To B e There O vernight" -F ed E x

- "Think D ifferent" - A pple Com puters

- "Extra Strength" - Tylenol

• "B usiness C om m unications M ade Sim ple" - Firebellie C om m unication

1 G e o g re E.Belch - M ichchael A ,B elch, 1998 Advertising and Promotion An Intergrated Marketing Communications Perspective (Fourth Edition) Irwin M cG raw -H ill.

1.2.1 L o w P r ic e

G uaranteeing the low est price has been used as a USP for m any online

m erchants U nfortunately m any who have chosen this for a U SP are no longer in business D oing business online does have som e cost and overhead advantages over off-line business and m ost online custom ers do expect som e o f this savings to be passed on in the form o f discounts

H ow ever, cutting profit margins too deeply is rarely healthy for a business or market I f your com pany is small, you run the risk o f setting o ff a price w ar or angering the larger players in your market, who due to econom ies o f scale, can afford to match or beat your prices short term to force you out o f the m arket, long term

There are o f course many examples o f businesses that have adopted this USP and survived or even prospered The philosophy is low m argins but high volume The best exam ple o f successful im plem entation o f this U SP is W al-M art

W al-M art’s U SP statem ent is short, sw eet and to the point W a l - M a r t -

-The high quality ƯSP is based on a high m argin, lower volum e philosophy This USP is often found hand in hand with other USPs such as “ Superior Service” and “ Strongest G uarantee”

One brand that im m ediately comes to m ind w hen you think about quality is Rolex W hile there are actually w atches that cost m ore than a Rolex, the general public im m ediately recognizes a R olex as a high quality tim epiece

R olex also has a short USP statem ent that com m unicates volumes

R o l e x - “ Q u a l i t y T a k e s T i m e ”

1 2.3 S u p e r i o r S e r v ic e

In tod ay ’s m arketplace unless you w ant to position y o u rself sim ply as a

“ Low est Price” com m odity, you have to add value Providing superior custom er service is a w onderful way to add value as well as develop long-term custom er loyalty

G ood custom er service should be and is expected W hat I am talking about here is the “above and beyond” type o f custom er service I frequently consol my clients to go beyond ju st satisfying their custom ers Y ou have to A M A Z E them

A good exam ple o f a com pany that has adopted “Superior Service” as their

U SP is R ackspace M anaged Hosting They m anaged hosting specialist in the world

R ackspace offers a w ide range o f m anaged services w ith proactive service level

m anagem ent, all based on the unique needs o f each individual custom er In a very crow ded m arket o f “Low est Price” com petitors, R ackspace has m anaged to differentiate itself very successfully by focusing on giving extra mile service

R ackspace sums up their USP statem ent in two words R a c k sp a c e — “ F a n a tic al

S u p p o r t”

1 2 4 S i z e / S e le c t io n

B eing the “b ig g est” in your m arket or providing the largest selection o f items

in your niche can be a pow erfully effective USP

The classic exam ple o f this is A m azon.com W ere they the first online bookstore? W hile m any people think that they w ere, there w ere actually several

com panies selling books online before A m azon.com Are they the lowest price? Nope W hile their prices on books are low, if you look around enough you can find them cheaper elsew here online So w hat m ade A m azon.com blow away other com panies that entered the m arket sooner or had thousands o f retail stores? Selection For years A m azo n ’s U SP w as “Earths B iggest B ookstore.”

Even though they w ere not the first and today they have intense competition from all o f the “brick and m ortar” stores such as B arnes and N oble, B orders and B

D alton, w ho have set up their own w ebsites, A m azon.com still leads the pack in online bookselling because they clearly differentiated them selves early on by being

“ Earths Biggest B ookstore.” This clear ƯSP w as the reason for their rapid growth and early success

W hile they have changed their current USP to be a bit diluted and broad,

A m azon.corn’s original U SP was clear and focused

A m a z o n c o m - “ E a r t h s B i g g e s t B o o k s t o r e ”

1 2 5 C o n v e n i e n c e

T he “convenience” U SP is based on centering your business around your custom ers needs B y rem oving as m any obstacles to ordering, receiving or using your product or service as possible, you are placing the custom ers convenience at the center o f your business model

A good exam ple o f the “C onvenience” U SP is S chw an’s The Schwan Food Com pany, is the largest, branded frozen-food com pany in the United States This com pany has been delivering frozen food items to custom er’s homes for over 50 years They have kept up w ith technological changes by adding the convenience o f online ordering and m ultiple paym ent options

S ch w an ’s ƯSP statem ent sum s up their com m itm ent to custom er ease and convenience

S c h w a n ’s - “ S h o p p i n g s h o u l d b e e a s y C o o k i n g s h o u l d b e f u n ”

1 2 6 K n o w l e d g e a b l e A d v ic e , R e c o g n i z e d A u t h o r i t y

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-This U SP w orks w ell for professionals and other skill or service based organizations T his U SP says “I am the top in m y field Y ou can trust my know ledge and experience.”

You have probably seen the wild infom ercials for M athew L esko’s

“G overnm ent G rants and G iveaw ays” book Mr Lesko, through his w ild and crazy antics has positioned h im se lf as a leading authority on taking advantage o f governm ent w aste and special interest program s

His USP statem ent m akes his claim to be the leading expert in his specialty

P in g ’s U SP statem ent reflects their com m itm ent to custom fitting their products to th eir custom ers needs

P i n g - “ T h e l e a d e r s in c u s t o m fit, c u s t o m b u ilt g o l f c l u b s ”

1 2 8 S p e e d

The speed at w hich your product or service is delivered can be a pow erful USP in to d ay ’s fast paced environm ent O ffering O vernight or 2nd Day Air shipping as a standard service in a niche or m arket that is used to standard ground shipping can give you a strong com petitive advantage It w as not too long ago that the standard for shipping in m ail order w as 4 to 6 weeks (R em em ber those days?)

F ederal E xpress revolutionized the industry w hen it began guaranteeing overnight delivery o f packages

H ow ever, until then prom ote the new ness and uniqueness o f your product as the USP W hen the com petition heats up, then switch your USP focus to being the

“original” or “ first” Being the original or first m over in the m arket is a USP that nobody can duplicate

An online exam ple o f this is O ilO nline.com This site has been designed for easy navigation so you can find the O il & Gas Industry inform ation you need Since they w ere established in 1995 dozens o f other sites have popped up targeting the oil industry, how ever O ilO nline.com has m aintained it’s dom inant position in this

m arket by using its claim to being the first site to target this niche

O ilO nline.com ’s U S P statem ent em phasizes their “ first m over” status in their niche O il O n I i n e c o m - “ T h e O r i g in a l O n l i n e S o u r c e fo r t h e O il I n d u s t r y ”

1 2 1 0 S t r o n g e s t G u a r a n t e e

M ost custom ers assum e that a com pany will stand behind their product or service, but a clear, strong guarantee turns the assum ed into the assured But with the level o f com petition out there today, you need to make your guarantee stand out from the crow d This is an area that you can differentiate yo u rself from your com petition M ake your guarantee so strong that w hen com pared to your com petitions, your custom er w ould be crazy to go elsew here

C raftsm an tools are a prim e exam ple o f this USP C raftsm an claims that, “I f any C raftsm an hand tool fails to provide com plete satisfaction, return it for free repair or replacem ent Period The first C raftsm an hand tool w e sold back in 1927 is still under w arranty today.” N ow th at’s a strong guarantee

1 0

-Like all well thought out U SPs, the C raftsm an U SP statem ent leaves no doubt

w hat their m ain advantage is

C r a f t s m a n T o o l s - “ H a n d to o ls s o t o u g h , t h e y ' r e g u a r a n t e e d f o r e v e r ”

1.3 B E N E F I T I N D E V E L O P I N G U S P :

If you have com petitors, then you should have at least one USP The m ore real ones you have, the better - for your Branding, your business recognition, and your sales!

We all have com petitors, and the m ore you have, the m ore im portant it is that you have a USP (at least one)

USP is a key custom er benefit o f a product or service that sets it apart from its com petition Som etim es the m ost pow erful U SP are intangible or psychological benefits a product o r service offers custom ers

There are tw o m ajor benefits in developing the USP

First, it clearly differentiates a business in the eyes o f its current and potential custom ers or clients

By selling the U nique Selling Proposition, we again give potential custom er the logical justification they need to buy our product The U nique Selling Proposition also builds confidence in us and our product because they will see the value w e offer over com petitors

Second, it focuses our team on delivering the prom ise o f the USP, helping to

im prove our internal perform ance

A successful U SP have some characteristics:

- A Big, O vert Prom ise o f benefits for custom ers w ho buy the product or service

- A real reasons to believe that the benefits claim is credible and that custom ers can trust that those prom ised benefits will actually be delivered

- A dram atic difference to those prom ised benefits that m akes the offering unique and distinguishes the product or service apart from its com petitors

1 2

- It should be short, sim ple, m em orable, attention getting, persuasive,

m otivating and com pelling ju st by its w ording alone

- The U SP should be an econom y feasible idea that can sustain a business for

at least 5 years or m ore

- It should absolutely penetrate the business, by operational design and outw ard appearance, to lend overall guidance to the idea o f custom er service and

m anagerial alignm ent throughout a firm

In the history, we can see 2 big exam ples o f USP, and to see how great benefit

o f U SP3

F ed era l E x p r e s s created one o f the m ost famous U SPs o f all times w hen it

said: "W hen it absolutely, positively has to be there overnight." W hen Fred Smith founded Federal E xpress, there w as no such thing as an airfreight package delivery service that could reliably deliver packages overnight in a consistent fashion Everyone know s FedE x now , but the business o f Federal Express is not so much the package delivery business as it is the business o f delivering peace o f mind FedEx's custom ers fear late delivery, so FedEx com posed a unique selling proposition that focused on delivering the peace o f mind that the package would get there on time.FedEx grew into the international, m ultibillion dollar giant it is today because

o f both its business design and its sim ple U SP that it trum peted over and over again

in its advertising: "W hen it absolutely, positively has to be there overnight." FedEx

so organized its business structure and strategies, hiring, training, tracking capabilities, m anagem ent rew ards, uniform s, corporate com m unications, delivery

m ethods and facilities A L L around the single prom ise o f m aking overnight deliveries w ith ou t fail F edE x becam e focused on delivering upon that USP w hich they had determ ined w as the m ost attractive one for the package delivery market FedEx is organized (aligned) around that prom ised benefit

A nyone can readily recognize that this U SP prom ises the benefit o f overnight

1 How to Write A Million Dollar USP, W il liam Bodri, 2004

1 2

-delivery for custom ers But the real genius o f this U SP escapes m ost people, which

is the fact that it subtly offers a real credibility for that prom ise through the words,

"positively, ab so lu tely " W ithout those w ords, Federal E xpress's service prom ise would lose its punch and believability Those tw o w ords telegraph that this com pany m eans w hat it says it m eans business you W IL L get your package delivered tom orrow

D o m in o 's Pizza, on the other hand, also grew into a super successful national

franchise - despite having literally thousands o f local com petitors all across the country - largely because o f a sim ple business m odel and a sim ple U SP that also greatly differentiated it from all its com petitors D om ino's prom ised the pizza custom er an experience that was rare in the pizza hom e delivery m arket Its USP was "Hot, fresh pizza delivered in 30 m inutes or less, guaranteed."

Let's say that one again: "Hot, fresh pizza delivered in 30 m inutes or less, guaranteed."

B efore D om inos Pizza, your chances o f ordering and then prom ptly receiving

a "fresh and hot" pizza w ere "slim to none" since it usually arrived cold, late, and sticking to the top o f its box D efinitely there w as room for b etter pizza service

D om inos knew this, so they came out w ith their fam ous unique selling proposition -

a true custom er buying advantage - and they w ent national by sticking to their word

If you didn't get your hot pizza on time, you didn't have to pay and so the com pany organized itself around the prom ise o f fast delivery

B ecause m ost people already knew w hat pizza tasted like, D om inos didn't prom ise a tasty p izza or lots o f tom ato sauce or extra toppings D om inos stuck to

im pressing you w ith one m ajor prom ise fast, reliable delivery o f a hot pizza.WTiat w as the believability factor to get o ver the pizza credibility hum p? To make its U SP believable and entice custom ers to give them a try, D om inos offered a guarantee T hey prom ised that if your pizza didn't arrive at yo u r door w ithin 30 minutes, you'd get it for free That one factor differentiated it from everyone else and enabled it to cream all its com petition

1.4 H O W T O ID E N T IF Y U SP

It is difficult to know what is our USP?

First o f all, see our m ission

- W hat is the purpose o f com pany?

- W hat products and/or services do w e provide and to w hom ?

- W hy are w e the best com pany to provide these products and services?

- W hat m ade w e think w e could do it better than anyone else?

- W hat need in our industry is not being filled and how does our com pany offer a creative solution?

Secondly, Fram e it

H ere’s one o f the best ways to make ourselves different from the com petition and achieve m ore sales: frame our m essage so our prospects are eager to hear what

we have to say H ow do we do that? K now w ho they are and w hat their specific needs are, and then present your solution in a w ay that clearly answ ers all o f their questions and m akes them ju m p at the chance to buy from us

Fram ing m eans to paint a clear picture o f w hat w e w ant them to think and visualize w hile w e are talking about our offer It should be so irresistible that people are begging to b u y from us or w ork w ith us w hen y o u ’re done

There are probably only a few reasons w hy w e w o n ’t m ake a sale:

- They d o n ’t really need w hat w e are selling This should be an easy one to avoid if we are doing your m arket research and targeting the correct dem ographics

- They are price sensitive or ju st c a n ’t afford what we are selling If we are selling a low -ticket item, m ove on because th e re ’s plenty m ore prospects If w hat

w e are selling involves a huge budget and long cycle o f fulfillm ent, w e c a n ’t afford

to haggle m uch w ith price M any studies have proven that highly desirable products cannot be given aw ay, but as soon as w e attach a price to them that allow s the prospect to perceive value in the product and provider, y o u ’ll m ake a lot more sales

- They d o n ’t trust us I t’s all about relationships from day one

1 4

-Third, our custom ers

O ne o f the m ost pow erful tools that com panies often do not use at all, or use too late in the process, is a testim onial

W hy should our prospects believe us w hen they are skeptical o f so many others? The answ er lies in the relationship w e build from the initial contact When

we bond with som eone and show that we understand w hat their problem is, they begin to feel like they have been “ heard.” T his is a pow erful psychological advantage W e continue by explaining how w e have the exact solution they need, and they begin to w arm up to w e and a m utual, w in-w in relationship forms

Fourth, look at som e com m on U SP Pitfalls

The same m istakes are often m ade w h en defining the U nique Selling Proposition M ost p lay it too safe and try to please everyone and end up selling to

no one Successful business ow ners are innovators and they take risks Experim ent, evaluate and evolve into som ething even m ore unique on an ongoing basis

A nother m istake is that our m arketing com m unications fail to reflect our uniqueness C om panies will try to em ulate other successful branding campaigns There is nothing unique about that D o n ’t stop looking at w hat our com petition is doing, ju s t d o n ’t copy it R em em ber, unique is w hat y o u ’re going for

D o our advertising vehicles sound the sam e as everyone e lse ’s? O ur ad copy

m essaging m ust also reflect our U SP Even if w e d o n ’t have the m illions o f dollars large corporations can afford to spend, w e can still carve a niche for our firm that resonates w ith our target audience and m akes them feel good about doing business

w ith us

D oes our sales process cover all the steps from initial contact through close with our U SP reflected throughout? D raw up a plan o f w hat a typical sales cycle should look like, w hat m arketing tools should be used at w hat levels, and be sure to leave room for flexibility and creativity on the part o f o u r sales rep D o n ’t forget to use the darn thing

A n accom plished U nique Selling Proposition is w hat builds our brand

B randing is w hat m arketers use to capture the m ind share o f their target audience It’s w hat helps people think o f our company and call us w hen they realize they need our product or services

A good U SP should be:

- O nly one sentence

- C learly w ritten so that everyone can understand it

- C om posed o f benefits that are unique to the com pany or product

1.5 P R O M O T E Y O U R USP

USP is the reason w hy a prospect will do business with us instead o f with our com petition We'll attract the maximum num ber o f custom ers w hen we offer a benefit they cannot get from our competitors That is w hy w e have to find out the

U SP To find out the U SP, but how to prom ote it suitable w ith the business and the consum er, it is so interesting

F ist o f all, convert it into a benefit statem ent and include that statem ent in all your advertising

M aybe put the U SP on our business card, in your new spaper ads, and front and center on your web site

I f everybody in the business keeps their prices a big secret, publish the own right out in the open w here anyone can examine them

I f all the others have the same products, point out how our products are original, one o f a kind, first to market

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as the system atic design, collection, analysis, and reporting o f data and findings that are relevant to specific m arketing situation facing the com pany.

2.2 M A R K E T IN G R E SE A R C H PR O C E SS:

In this research, I apply the Q ualitative m arket research Q ualitative market research m eans "quality." Q ualitative research m ethods are designed to talk to a relatively few people in the target audience o f interest The pu rp ose o f qualitative research is to plum b the depths and range o f buyer attitudes and beliefs, not to

m easure incidence, project, or forecast quantity

Popular qualitative market research m ethods include focus group studies, depth interview s triads (one interview er, tw o respondents, and dyads (one interview er, one respondent,) and observational techniques such as ethnography and, popular in m arketing research, photo-ethnography

We include qualitative m arket research m ethods as "m arket surveys" because they offer a w ay to m easure the m arket, again, in term s o f depth and range o f buyer perceptions and needs rath er than quantity O ften m arket researchers and clients

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-DA! H O C Q U Ö C G !A HA N O i j TRUNG TAM THÖNG TIN THU VIEN

succum b to the tem ptation to inappropriately im pute quantitative im plications and projections based on this type o f m arket survey

The m arketing research process has 5 steps:

Step 1: D efine problem and Research O bjectives

In the first step o f the m arketing research process, m anagem ent must carefully define the problem to be studied In order to find out the USP, we can define the problem in this case: “ W hat is our U SP ?”

W ith this problem , w e can have som e objective o f the research:

- W ho are our custom ers?

- W hy custom ers choose our product?

- W hy custom ers choose other product?

- W hat are c u sto m ers’ perceptions about the product?

- W hat kind o f custom ers like our product? W hy?

Step 2: D evelop the research plan

The second step o f the m arketing research process is to design an efficient, affordable research plan This step calls for decision on the data sources, research approaches, research instrum ents, sam pling plan, and contact method

- D ata Source: The researcher can gather secondary data, prim ary data, or both Secondary data are the data that w ere collected for another purpose and already exist som ew here Prim ary data gathered for a specific purpose or a specific research project

- R esearch approaches: W e can collect the prim ary data for m arketing research

in 5 w ays: observation, focus groups, survey, behavioral data, and experim ents

relevant actors and setting

Focus group research: A focus group is gathering o f six to ten people who spend a few hours w ith a skilled m oderator to discuss a product, service, or other

m arketing entity

B ehavioral data: custom ers leave traces o f their purchasing behavior in store

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-scanning data, catalog, and Internet purchase records, and custom er databases So,

we can study through analyzing these data

Experim ental research: The most scientifically valid research is experim ental research The purpose o f this research is to capture cause-and-effect relationship by elim inating com peting explanations o f the observed findings

R esearch Instrum ents: N ow , m arketing researchers use tw o m ain research instrum ents in collecting prim ary data: questionnaires and m echanical devices

Sam pling Plan: after deciding on the research approach and instrum ents, the

m arketing researcher m ust design a sam pling plan, base on three decisions: sam pling unit (W ho is to be surveyed), sample size (H ow m any people should be surveyed), sam pling procedure (How should the respondent to be chosen)

C ontact m ethod: O nce the sam pling plan has been determ ined, the m arketing researcher m ust decide how to contact subjects C ontact m ethods include mail, telephone, personal interview , on-line interview

Step 3: C ollect the inform ation

T he third step in m arketing research, data collection, is generally the m ost expensive and the m ost prone to error, because, w e have to face up w ith m any cases which we c a n ’t image

Step 4: A nalyze the information

The fourth step in the marketing research process is to extract findings from the collected data T he researcher first tabulates the data and then applies various statistical techniques and decision models to analyze the results

Step 5 : P resent the findings

In the last step o f th e m arketing research process, the research er presents the

m ajor findings that are relevant to the key m arketing decisions facing m anagem ent

2.3 A P P L Y M A R K E T IN G R E SE A R C H T O F IN D O U T U SP

M arket research is sim ply research focused on specific areas as they relate to the proposed business M any questions can be refined or defined throughout the

research process; how ever a large part o f it is reliant upon external information from

a variety o f sources The research will show how viable the project is as well as save time, money and frustration M arketing Mix (product, price, place, prom otion) questions that should be able to answer are as follows:

Custom ers:

- W hy do (or w ill) custom ers buy the product or service?

- H ow can encourage them to buy more o f the product or service?

- W hat w arranties, guarantees, and special services provide for the custom ers?

Com petition:

- W ho are m ajor com petitors?

- W hy do consum ers buy their product or service?

- Is their share o f the market increasing or decreasing?

- How could us to increase our share o f the m arket?

- How w ill we be different?

Location

- D oes the location m eet the need o f custom ers, suppliers, and staff?

- H ow can the location becom e m ore prom inent?

- Can the custom ers find us easily?

P rice

- H ow do the prices com pare with the com petitors?

- Do you have any unique ideas to com pete?

Prom otion

- How do (or w ill) we sell the product or service?

- W hat is prim ary m essage to the custom ers and potential custom ers?

- W hat image do w e w ant custom ers and potential custom ers to have o f business?

- W hat m edia do (or w ill) we use to advertise? W hy?

- W hat direct mail advertising do (or w ill) w e use? W hy?

- W hat sales prom otions and publicity m ethods do (or w ill) w e use? W hy?

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o f m anagem ent skills, the m anagem ent o f business inform ation technology and executive education.

The U H C ollege o f B usiness A dm inistration is the only business program in the State o f H aw aii accredited by A A C SB International - T he A ssociation to

A dvance C ollegiate Schools o f B usiness

H anoi school o f B usiness is an autonom ous B usiness School under the V iet

N am N ational U niversity H anoi School o f B usiness w as founded in 1995 with aid from the US G overnm ent agencies The school is now the prem ier destination o f learning for students from the w est and Vietnam Som e o f the top personalities o f the V ietnam establishm ent and A m ericans happen to be our students

The V ietnam Executive M B A (V E M B A ) program is offered by H anoi School

o f B usiness in association w ith U niversity o f H aw aii w ith the aim to prepare

experienced, practicing business professionals for attaining leadership positions in the highly com petitive new economy Students graduate with an AA CSB- Intem ational accredited M B A degree from the U niversity o f H aw aii at M anoa

C ourses are taught in an executive format, allow ing participants to keep full­tim e m anagem ent positions w hile earning a degree Students learn from an integrated, m odem curriculum that incorporates core business disciplines with cutting-edge business practices while also focusing on inform ation technologies, entrepreneurship, e-business and Asia-Pacific and global strategies

O b je ctiv e o f th e p ro g ra m :

This program is designed for the participant, in order to help them become professional in the business such as: To be Talented, high-potential people m aster the know ledge, skills and tools needed to assum e senior level organizational responsibilities; Specialists becom e generalist, thereby leveraging their valuable specialized know ledge; Independent producers learn to form, lead, and participate

in m ulti-disciplinary team s; Experienced professionals becom e better able to view products and service, m arkets and com petition from a global perspective; D ecision­

m aking is sharpened by having access to advanced analytical skills which encom pass both the quantitative and the human aspects o f com plex situations and

em ploy the latest com puter-based information technology; leadership skill are developed, enhancing the ethical analytical dim ension o f decision making

C u r r i c u l u m :

T his program w ith dynam ic subject w ill support for the participants the know ledge, and the professional thinking This is designed to sharpen tools, refine skills, and put global challenges in perspective

T h e F a c u l t y

C ore faculty m em bers are from the U niversity o f H a w a i’i They are am ong the best in the w orld in international business M ost o f them have spent years researching, teaching and consulting in the A sia-Pacific region Their training and real-w orld focus assures you o f a high quality educational experience that y o u ’ll use

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-right aw ay to enhance your job perform ance and career O ur faculty’s on-site instruction in H S B ’s state-of-the art classroom s is first-class and dynam ic In some courses, their instruction is coupled with online cases or other w ork to help supplem ent your understanding.

T u it io n :

T he basic cost o f the program is US $16,000* w hich is payable in 3 installm ents There m ay be additional small charges for students requiring the English bridge program or other additional coursew ork to m ake-up m issed core classes

3 2 S W O T A N A L Y S I S

3 2.1 S t r e n g th :

U H -H SB program have it own strong to com pete w ith others:

- A n A A CSB accredited degree w hich is universally recognized

- The ranking o f U niversity o f Hawaii

- The participants have opportunity to netw ork w ith the top executives o f

V ietnam and A broad

- The class consisted o f international students, w h o m cam e from different nationalities like the U nited States, A ustralia, K orea and N orw ay It trains the participants in cross-culture business

- The participants can do the EM BA in Hanoi w ith the A m erican quality They

d o n ’t have to travel to US for completing the degree and thus this degree is available to them at a fraction o f - the cost o f what they w ould incur in the US

3 2 2 W e a k n e s s :

T he w'eakness o f U H HSB M BA is the tuition fee C om pare to other M BA program in H anoi, it is too higher

EM B A is now has best opportunity in V ietnam com pare w ith M BA.

To suitable with the dem and o f the officers, EM B A becom es the new trends in the training MBA market EMBA supports to the participants the knowledge while they are in work They can save their time, because an EM BA only require about 18

m onths with part time study

In Hanoi, there are som e programs offer EM BA In this thesis, I concern about

4 program s: W ashington State University, N orthcentral U niversity, AIT, RM IT

3 3 1 W a s h i n g t o n S t a t e U n iv e r s it y

W ashington State U niversity (W SU ) was established in 1889 in the North-

W est o f the U nited States

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