Some solutions to improve sales and promotions in vinacomin – mining chemical holding corporation limited

Nguyễn Thị Ngọc Đan – CQ 47/51.03 2 To be able to compete with a big enterprise in the same industry as GAET, maintaining its current position and developing more strongly in the future

ACADEMY OF FINANCE

Topic: “Some solutions to improve sales and promotions in Vinacomin –

Mining Chemical Holding Corporation Limited”

ACADEMY OF FINANCE

Topic: “Some solutions to improve sales and promotions in Vinacomin –

Mining Chemical Industry Holding Corporation Limited”

Nguyễn Thị Ngọc Đan – CQ 47/51.03 i

DECLARATION

I hereby declare that this thesis is my own work and effort and that has not

been submitted anywhere for any award Where other sources of information have been used, they have been acknowledged

The data and results described in the thesis are derived from the actual situation of the practice company

Hanoi, 06th May, 2013

Student Nguyễn Thị Ngọc Đan

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ABSTRACT

In the modern economic world, especially when the number of bankrupt enterprises is rising, improving sales and promotions have become more and more important, for every company in general, and for Vinacomin – Mining Chemical Industry Holding Corporation Limited in particular Therefore, my thesis with the topic “Some solutions to improve sales and promotions in Vinacomin – Mining Chemical Industry Holding Corporation Limited” will point out the importance of having a healthily and effective strategies for promoting product consumption

The main content is reflected in three chapters chapter is about the literature review for every company, mainly showing definitions, main objectives and roles of sales; factors affecting the sales In chapter 2, by taking a scenario in MICCO, the thesis focuses on a real situation of sales and sale promotions From that, chapter 3 points out the company’s strengths and weaknesses, its orientations and objectives, finally suggests some solutions to improve the current sales and promotions in MICCO

In conclusion, the thesis has already been complete in comparison with proposed objectives and targets in the introduction

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ACKNOWLEDGEMENT Firstly, I am deeply indebted to my supervisor Ms Nguyen Thi Thuy Trang whose help and encourage me in all the time of research for and writing of this thesis

I also want to thank MICCO for giving me permission to commence this thesis in the first instance, to do the necessary research work and to use departmental data

I have furthermore to thank the former Vice President and Chief Accountant as well as all seniors at MICCO who gave and confirmed this permission and encouraged me to go ahead with my thesis

My friends from Foreign Language Faculty also supported me in my thesis I want to thank them for all their help, support, interest and valuable hints

Especially, I would like to give my special thanks to my family whose patient love enabled me to complete this work

Finally, because of limitation of time and knowledge, mistakes are unavoidable, so I wish to have more opportunities I also wish to receive more contribution and suggestions to make my thesis better

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LIST OF ABBREVIATIONS

MICCO Vinacomin - Mining Chemical Industry

Holding Corporation Limited

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TABLE OF CONTENT Part I: Introduction 1

1 Rationale 1

2 Aims of the study 2

3 Subjects and scope of the study 2

3.1 Subjects of the study 2

3.2 Scope of the study 3

4 Introduction of the main contents 3

Part II: Main contents 4

Chapter 1: Literature review for sales and promotions of industrial enterprises 4

1.1 Definitions, objectives, and roles of sales 4

1.1.1 Definitions 4

1.1.2 Main objectives of the sales 5

1.1.3 The main roles of sales 6

1.1.3.1 For enterprise 6

1.1.3.2 For society 7

1.2 Main factors affecting the sales 8

1.2.1 The external factors 8

1.2.1.1 The socio-economic environment 8

1.2.1.2 The political and legal environment 8

1.2.1.3 Customers 9

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1.2.1.4 Suppliers 9

1.2.1.5 Competitors 10

1.2.2 The internal factors 10

1.2.2.1 Group of factors about the business’s products 10

1.2.2.1.1 Quality of products 10

1.2.2.1.2 Price of products 11

1.2.2.2 Group of factors about market research activites and activites to support the sale 11

1.2.2.2.1 Market research activities of the enterprise 11

1.2.2.2.1.1 Making common market research 12

1.2.2.2.1.2 Making market forecast 13

1.2.2.2.2 Activities to support the sale 14

1.2.2.2.2.1 Building agents 14

1.2.2.2.2.2 Participating in the associations and organizations 14

1.2.2.2.2.3 Advertising products 15

1.2.2.3.2 Human Resources 15

1.2.2.3.3 Enterprise’s financial situation 16

Chapter 2: Current situation of the sale and promotions in MICCO 17

2.1 Overview about MICCO 17

2.1.1 History 17

2.1.2 Business field and Products 18

2.1.3 Organizational structure 20

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2.2 Current situation of MICCO’s sales in three fiscal years 2010, 2011 and 2012 21

2.2.1 Current situation of factors affecting MICCO’s sales 21

2.2.1.1 The external factors 21

2.2.1.1.1 The socio-economic environment 21

2.2.1.1.2 The political and legal environment 22

2.2.1.1.3 Customers 23

2.2.1.1.4 Suppliers 24

2.2.1.1.5 Competitors 24

2.2.2 The internal factors 25

2.2.2.1 Group of factors about MICCO’s products 25

2.2.2.1.1 Quality of products 25

2.2.2.1.2 Prices of products 28

2.2.2.2 Group of factors about MICCO’ market research activities and activities to support the sale 30

2.2.2.2.1 Market research activities 30

2.2.2.2.1.1 Making common market research 30

2.2.2.2.1.2 Making market forecast 31

2.2.2.2.2 Activities to support the sale 32

2.2.2.2.2.1 Building agents 32

2.2.2.2.2.2 Participating in the activities of the association and organizations 33

2.2.2.2.2.3 Advertising products 34

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2.2.2.3 Group of factors about MICCO’s resources 35

2.2.2.3.1 Physical and technical foundations 35

2.2.2.3.2 Human Resources 35

2.2.2.3.3 The financial situation 37

2.3 General conclusion about consuming products of MICCO 39

Chapter 3: Some solutions to improve the sales and promotions in MICCO 40

3.1 Evaluation of sales and promotions in MICCO 40

3.1.1 Strong points 40

3.1.1.1 About the external factors 40

3.1.1.2 About internal factors 40

3.1.1.2.1 For group of factors about MICCO’s products 40

3.1.1.2.2 For group of factors about MICCO’s market research activities and activities to support the sale 40

3.1.1.2.3 For group of factors about MICCO’s resources 41

3.1.2 The weaknesses and reasons 41

3.1.2.1 About external factors 41

3.1.2.2 About internal factors 41

3.1.2.2.1 For group of factors about MICCO’s products 41

3.1.2.2.2 For group of factors about MICCO’s market research activities and activities to support the sale 42

3.1.2.2.3 For group of factors about MICCO’s resources 42

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3.2 Orientation, objectives and some suggestions for promoting consumption in MICCO 42

3.2.1 Orientation 42

3.2.1.1 About their products 43

3.2.1.2 About market research activities and activities to support the sale 43 3.2.1.3 About the company’s resources 43

3.2.2 Objectives 44

3.2.2.1 For the products 44

3.2.2.2 For the market research activities and activities to support the sale 45

3.2.2.3 For the company’s resources 46

3.2.3 Some suggestions for promoting product consumption in MICCO 47

3.2.3.1 For solutions about the products 47

3.2.3.2 For the market research activities and activities to support the sale 48

3.2.3.3 For the company’s resources 48

Part III: Conclusion 49

REFERENCES 1

LIST OF APPENDIXES 1

The development of the world economy makes businesses have to change the opinion of business administration According to the traditional business administrators, selling product is activities happening after operation, the modern business managers concept the selling product is ahead of production activities, market research is always carried out before proceeding to product Businesses said that enterprise selt what the market needs, not what you have.Therefore, in the market economy, improving sales and promotions are extremely important tasks

The final target of the enterprise is profit, the question is how to achieve business success? How to make profits in terms of the competitive environment and scarce resources such as now? These depend greatly on selling activities of the business Only when businesses sold products, they could recover capital, profits, reproduce, avoid the risk of loss or bankruptcy

MICCO and GAET are only two businesses the government allows to supply explosive materials for industrial production, domestic consumption and export

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To be able to compete with a big enterprise in the same industry as GAET, maintaining its current position and developing more strongly in the future as well are more necessary for MICCO than ever

Because of recognization about the importance of the sales and promotions to industrial enterprises in Vietnam and especial MICCO, I would choose " Some solutions to promote consuming products of Vinacomin- Mining Chemical Industry Holding Corporation Limited" as my graduation thesis topic

2 Aims of the study

My study has three objectives:

Firstly, it is to contribute to the background theories about sales and promtions

in enterprise, which are done by pointing out the definitions, objectives roles, influencing factors and some solutions to promote product consumption in the enterprise

Secondly, it is to illustrate how a company sale its products by taking the cenario at MICCO as a case for study

Thirdly, it is to review the company’s achievements, limitations and suggest some solutions to promote product consumption in the future

3 Subjects and scope of the study

3.1 Subjects of the study

 The resources of the company closely relating to the product consumption such as: human resources, material resources and financial resources

 Market for enterprise’s products

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 Plan for the sale of products of the enterprise (size, structure, turnover) and sale policies to promote sale the company has applied

3.2 Scope of the study

 Time: Financial statements, Notes to the financial statements of the business three fiscal years 2010, 2011, 2012

 Space: MICCO

4 Introduction of the main contents

Apart from the introduction, conclusion, references and documents attached,

the main content is divided into three chapters as follows:

 Chapter 1: Literature review

 Chapter 2: Current situation of MICCO’s sales and promotions in some fiscal years

 Chapter 3: Some solutions to improve sales and promotions in MICCO

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Part II: Main contents

Chapter 1: Literature review for sales and promotions of industrial

enterprises 1.1 Definitions, objectives, and roles of sales

1.1.1 Definitions

In the market economy, how to increase sales is a vital issue for every business Only when the products, goods or services are sold, and revenues are generated, the costs are compensated, did business make profit to maintain or expand their production and business activities Therefore, what does sales mean? To understand about the sales, it is necessary to make detailed acknowledgement about selling product of the business

In the broad sense, selling product is the economic process consisting of several close stages from researching market, identifying needs, organizing production, marketing products to promote consumption and after-sales services for the highest efficiency

In the narrow sense, the selling product is the process of transferring business’s products to customers and getting money from them Buyers and sellers meet together and negotiate the conditions of purchase, price, time etc When the two sides agreed together with the transfer of ownership, use of goods and currency, the selling process would terminate In other words, the selling product is the process that buying units receive goods and services from selling units and pay or accept payment of the agreed price The nature of selling activity is the implementation of the value in the production process

Throughout the definitions about selling product, the sales can be understood as the quantity of sold products in return for money or other compensation

1.1.2 Main objectives of the sales

As well as general business operations of the enterprise, the selling product has its objectives These objectives must be consistent with the common goals of business being profit, power and safety in business; therefore, goods sold must satisfy the following objectives:

 Penetrate new markets

 Increase volume

 Seek and maximize profits of the business

 Use efficiently resources of the enterprise

 Enhance the position of the business on the market

 Serve customers

These objectives are motivation to promote product consumption in operations

of the business Especially seeking and maximizing profit are the business’s destination to pursue and by all means try to organize the sale logicaly and profitably

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1.1.3 The main roles of sales

1.1.3.1 For enterprise

To survive and develop in the market mechanism, the enterprise must sell all

of the products produced, so the sales is important to the re-production process, expansion and development of each enterprise

 The sales decides stages of the production process

In the market mechanism, we can see that the sales decides production What production is determined by the market rather than by subjective desire of business owners Thus, to produce and business efficiently, the production process must be based on market demand and the results of the sales, avoid being massive production, waste of resources then causing damage to business

Production and sale plans will help business know particularly and specifically necessary elements then build reasonable plans that ensure the required quantity, quality and time of purchase and also balance, rhythm and synchronization in production to avoid interruption caused by lack or excess of input factors

 The sales directly affects production and business efficiency

The sales directly influences cycle of capital Accelerating the sales means that the process of implementating rules of value is faster and faster This will shorten production cycle, increase the rotation of capital and improve the efficiency of capital used

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The sales generates revenue and profit These are two basic objectives of the enterprise , it is a source of additional capital, the formation of corporate funds in order to expand production and obligations to society, to the country

The sales increases the reputation of the business in the market This is an intangible asset of enterprises helping enterprises to be able to compete with rivals in the market-place

1.1.3.2 For society

Enterprise is a basic economic unit, so the growth of businesses contributes to the stability and development of the entire national economy, realizes the general goal –industrializationand modernization of the country

The selling product as a bridge between production and consumption, which is

a measure to assess reliability of the consumer to the producer Big sales proves that affected sphere of products is expanded, society has acknowledged about the results of the enterprise and accepted the existence of it in the market These will create jobs for workers and contribute to social stability

Enterprise’s products are accepted by the market, it means that the process of production , reproduction as well as expansion will be done, and businesses need

to use social resources, use products of other enterprises for its inputs Hence, the enterprise will promote developement in the production of the relevant businesses

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1.2 Main factors affecting the sales

1.2.1 The external factors

Operating in the market economy with the management of the state, every business is a business entity with or without the legal person status The consideration of the external factors affecting selling activities of the enterprise

in order to recognize the opportunities, risks, challenges and difficulties for them

in the current and future On that basis, the business can build general and specific strategies to take advantages of opportunities, avoid the risks and solve difficulties, challenges as well In fact, industrial enterprises are often influenced

by the following factors:

1.2.1.1 The socio-economic environment

These play decision role to the activities of the business They consist of a number of sub-factors: the development of the economy, inflation, exchange rates, interest rates of each bank, the state's economic policy and economic trends of the world etc These either stably or variably have a big impact on business because they reflect the needs and ability to pay of customers, the common infrastructure to serve economic development, facilitate or make difficult for the operation of business as well as the national economy

1.2.1.2 The political and legal environment

These elements both promote and hamper the selling activities of the enterprise They include political and legal systems of the country and the world This factor as the foundation for the formation of other factors directly or

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indirectly impacting on business operations To survive and develop, the enterprise must regulate his behavior by himself to suit with the the policies of the state and the international When involving in a specific industry, the enterprise must analyze information to capture political and legal changes of the state and the international what are applied to his case The changes of the political and legal terms can open or collapse the market making activities of the business be interrupted or upset The conflict about the politics of the country or even bewteen the regions in the world can affect the development of the economy and lead to difficulties for enterprises, especially exporters

1.2.1.3 Customers

Customers who purchase products, goods or services of the business and have

a big impact, even the biggest impact to performance of enterprise What consumers buy? Where to buy? How to buy? Those are always questions that businesses must answer and only that businesses would survive and develope in the market And when answering these questions means that the business has identified what it sells? How and where to sell? to meet customers’ demand thereby improve the sales of the business

1.2.1.4 Suppliers

Suppliers are specific organizations or individuals providing inputs for production of enterprise such as: raw materials, capital, labors and other necessary services All of them have a very important role affecting the quality

of products, methods and services in organizing the delivery of materials needed, thereby affecting the sale activities

1.2.2 The internal factors

The internal factors in the business can create favorable opportunities at the same time it negatively impacts business activities There are some main groups

of factors to assess such as:

1.2.2.1 Group of factors about the business’s products

1.2.2.1.1 Quality of products

Top concern of manufacturers as well as consumers are quality products Quality products can bring business to the pinnacle of fame and benefits, but they can push businesses to the side of bankruptcy, they decide the survival and development of enterprise It is thought that the enterprise will gain both fame and benefits when products are well qualititative, they increase the speed of the sale, generate the high profit, enhance the reputation of the business, from which

to build traditional customer base and attract more potential customers, win in the competition

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When assessing about the product quality of a business, main criteria about their standards will be considered carefully basing on regulations of each industry

1.2.2.1.2 Price of products

Price is one of the major factors affecting the sales by limiting or stimulating supply and demand In the rules of supply and demand, the price factors play a major impact on both supply and demand, only price can resolve the conflict in the relationship between them

Determining the right price will ensure the ability to sell, the price level of each product should be adjusted throughout its life cycle Depending on the changes of relationship between supply and demand and the market as well, prices have to maintain the competitiveness of enterprise Therefore, determining the right price is important for companies to dominate the market and to ensure maximum profit

1.2.2.2 Group of factors about market research activites and activites to support the sale

1.2.2.2.1 Market research activities of the enterprise

In the market mechanism, market creates business environment of enterprises The more highly adaptive enterprise is , bigger opportunity to survive and

develop it has Therefore, to ensure the ability to win the competition and avoid risks, each enterprise needs to clearly acknowledge about the market and

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customers It means that he must do good market research, on that basis to

promote consumption of his products

The market research activities are carried out by two stages: making common research market and making market forecast

1.2.2.2.1.1 Making common market research

Common market research is the process of analyzing the market in terms of volume and quality to answer the following questions:

 What does Market need?

 How many products market need?

 How about requirement for quatlity of products?

 How much time does it take?

 How much is customer accept able?

 Who are able to supply and their power?

In addition, businesses need to study other elements of the business environment such as economic environment, technological environment, cultural environment etc It is extremely important information to make a decision about the structure of the products that enterprise will produce and the organization of the provision and sale products of the enterprise as well

To promote the market research the business needs to select methods for collecting and analysing information suitably with scale business enterprise business conditions and maximum cost-saving for it

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1.2.2.2.1.2 Making market forecast

Market forecast is the art of scientific prediction of what will happen in future

It can use datas in the past to build plans for the future thanks to a certain model

It may be the model using intuitiveness to predict the future

To promote product consumption, it is necessary to predict expectations for purchasing of customers by the following methods:

 Quantitative Forecast: it is a combination of important factors such as intuition and experience of managers

 Administrators usually get mixed opinions of the selling staff and evaluate them, on that basis, they make a general prediction

 Research market by taking opinions of traditional customers as well as potential customers to plan their future This approach helps businesses improve their technical products and design new things

 Quantitative Forecast: It is a mathematical model of the use of past data or charts to forecast demand data

The market forecast plays an important role in the business, it determines the correctness of the business plan made Assessing about the market research will show business’s acknowledgement about changes of relation between supply and demand and other fluctuations in the market

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1.2.2.2.2 Activities to support the sale

Organization for selling product consists of a series of different tasks such as building sales network, organizing support activities etc Finally, it is the organization of the recovery of goods sold The sales network organized well will facilitate business in the sale of its products, on the other hand, if this work

is not reasonable, it will increase costs, reduce consumption effectively Supporting activities such as good reception, thoughtful customer guide and after sale services also contribute to the volume of goods sold They are also criteria to assess about the sales and promotions in the business

 Characterristics of the subjects consuming products

The highest requirement is to ensure convenient locations

1.2.2.2.2.2 Participating in the associations and organizations

In the fierce competitive market economy, participating in associations and organizations is essential for businesses Through these activities, the businesses can not only advertise, promote their products but also protect its market, defend against the monopoly price of the competition

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1.2.2.2.2.3 Advertising products

The purpose of advertising is to increase competitiveness, to attract the attention of customers with products and introducing new products hit the market, consciously impact on customers so that they buy the advertised products So to promote the consumption of products, the enterprise needs to organize the advertisement well This is one of the "dangerous weapons" to attract customers Therfore, advertising products is considered as a factor to assess about results of the sale in business administration

1.2.2.3 Groups factors about the business’s resources

In here, the company’s resources include physical and technical foundations, Human Resources, financial situation

1.2.2.3.1 Physical and technical foundations

This is one of the decision elements for the sale activities of enterprise It is fundamental to ensure requirements for product quality, keep reputation for enterprise, help enterprise to penetrate fastidious market, and if the business is likely to be a leader in technology, it will help enterprise to create competitive advantages in price compared to its competitors in the same industry For a manufacturing and trading enterprise, the physical and technical foundations can include machines, manufacturing lines, warehouse system, factories etc

1.2.2.3.2 Human Resources

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HR in the business includes managers, staff and workers and their responsibilities Due to the strong development of the intelligence economy, the enterprises increasingly focus on the capacity, expertise, creativity of workers For leadership, they must have the good organization, management Through grasping of management, rational management methods, the leaders create harmonious coordination between parts of the business, then promote the production of business Thereby, all of the Human Resources system contributes

to make results of the sales and create competitive advantages for the product

and business as well

The responsibility of each staff and worker in Human Resources pertains to each Department in the organizational structure of the company; therefore, the organizational structure also influences on the sales and sale promotions

1.2.2.3.3 Enterprise’s financial situation

In current, is financial situation of the current business positive or difficult? Positive financial situation will ensure that the process of reproduction takes place continuously, facilitate the sale activities In case the finacial situation has problems, it will lead to difficulties in production and sale, limit the ability to strengthen the activities for sale promotions Especilly, for the manufacturing and trading business, input elements for production and sale as working capital and ability to mobilize its capital in the capital structure of the company directly affect the sales and sale promotions

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Chapter 2:

Current situation of the sale and promotions in MICCO

2.1 Overview about MICCO

2.1.1 History

The mining chemical industry was established in December 20th 1965 under the decision of the Heavy Ministry, responsible for receiving and maintaining Industrial Explosive Material (IEM) from SNG, China and Eastern European countries and supplying to economic industries as well

Since 1995, the demand for IEM has been increasing, Aiming at unifying management, safety producing, trading and better satisfying IEM for economic industry In March 29th 1995, the Government Department had the Declaration No.44 allowing to establish MICCO, and based on that, in April 1st 1995, the Power Ministry (Now the Industry and Trade Ministry) had the decision No.204

of the Group establishing Vinacomin - Mining Chemical Industry Holding Corporation Limited, taking responsibility for chose process: from research, producing, co-processing experiment maintaining, national storing IEM, exporting and importing explosives, material chemicals for IEM production to after supplying services such as: transportation, mining design, explosion and other duties beyond IEM

Total paid-in capital was 500 billion VND with 12 units and 24 branches all over the country

The following is the contact details of MICCO:

Vinacomin - Mining Chemical Industry Holding Corporation Limited

Transaction account: 710A – 00088 Vietinbank Hoan Kiem, Ha Noi

2.1.2 Business field and Products

MICCO and GAET are only two corporations the government permits to manufacture and supply IEM for domestic production and export

Through over 45 years of construction and development, especially after 15 years of implementing the renovation of the Party and being received facilitation from the Government, relevant bodies to Vietnamese Industrial Coal - Mineral Group with the effort of the staff, MICCO has gained many valuable achievements, significantly “the Vietnamese Gold Star” prize in 2003

The company was assigned to:

 Produce and experiment IEM

 Import and export IEM

 Maintain, pack, supply and store national IEM

 Produce and supply: electric wire, IEM packaged wrapping, utility coal and construction materials

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The explosives that MICCO manufactures and businesses have very big bursting power These may be considered through the basic technical characteristics:

No Criteria Unit Kinds of explosive materials

Simple Anfo

Water resistant Anfo

1 Winch proportion G/Cu.cm 0.8-0.9 0.85-0.9 0.85-0.95

4 Techniques & Technology Dept

5 Drilling & Blasting Technology

Dept

6 Strategic Developing Dept

7 Accounting Dept

8 Trading Dept

9 Planning & Directing Dept

10 Labor & Salary Dept

Chief accountant

Vice president

Vice president

Vice president

Chairman

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The departments within the company are linked inextricably, simultaneously all the activities of these departments are a great influence to the selling activities of the company

2.2 Current situation of MICCO’s sales in three fiscal years 2010, 2011 and

2012

2.2.1 Current situation of factors affecting MICCO’s sales

2.2.1.1 The external factors

2.2.1.1.1 The socio-economic environment

Following satement of the Vietnamese GSO:

in recent years, and this leads to complicated fluctuations in the society It means that the development of the businesses are not good and affecting heavily