Tài liệu Marketing plan for cococafe – betrimex company

THE FINANCIAL THE FINANCIAL MARKETING UNIVERSITY MARKETING PLAN FOR COCOCAFE – BETRIMEX COMPANY MEMBERS Nguyễn Dương Huân – 1921005439 Phan Thùy Ngọc Thảo – 1921005667 Lê Nguyễn Minh Tân – 1921005652 Class: CLC_19DMA04 Majors: MARKETING Specialization: MARKETING MANAGEMENT Instructors: ThS. Dang Huynh Phuong Ho Chi Minh, 2021 THE FINANCIAL THE FINANCIAL MARKETING UNIVERSITY MARKETING PLAN FOR COCOCAFEBETRIMEX COMPANY Majors: MARKETING Specialization: MARKETING MANAGEMENT Instructors: ThS. Dang Huynh Phuong MEMBERS Nguyễn Dương Huân – 1921005439 Phan Thùy Ngọc Thảo – 1921005667 Lê Nguyễn Minh Tân – 1921005652 Class: CLC_19DMA04 INSTRUCTOR'S COMMENT PROJECT SCORING RESULTS Score Signature i PLEDGE The authors commit that the topic "MARKETING PLAN FOR COCOCAFEBETRIMEX COMPANY" is conducted based on the efforts and efforts of each member. The data and research results contained in this report are true and are not intended to be reproduced or used by any similar research subject. If detecting duplicating research results of other topics, the authors will be entirely responsible. All information cited in the report has been clearly traced and permitted to be published. HCM, 2021 ACKNOWLEDGMENT After studying and doing research to complete this thesis, we would like to express our gratitude to Mr. Dang Huynh Phuong. He dedicatedly instructs, guided and helped us throughout the teaching process so that we have the knowledge and complete this research. The knowledge that we have learned from you is the expensive lessons and the foundation for us in the future. Moreover, the research helps us to get real experience when standing from the perspective of being a business to apply the knowledge learned in school into practice. Once again, we would like to thank you very much. Due to the limited knowledge and time, the research still has many shortcomings. We look forward to your comments to improve the research further. TABLE OF CONTENTS Chapter 1. Market Overview............................................................................ 1 1.1. Executive summary................................................................................................................ 1 1.2. Company overview Betrimex................................................................................................ 1 Introduction.................................................................................................................... 1 History establishment..................................................................................................... 1 Business activities........................................................................................................... 2 Vision - Mission - Core Values & Strategic objectives................................................... 2 1.3. MACRO MARKET ANALYSIS........................................................................................... 2 The political and legal environment................................................................................ 2 Economic environment................................................................................................... 3 Socio-cultural environment............................................................................................. 3 Technology environment................................................................................................ 3 Natural environment....................................................................................................... 3 Population environment.................................................................................................. 3 1.4. PORTER'S FIVE FORCES................................................................................................... 4 Buyer power................................................................................................................... 4 Supplier power................................................................................................................ 4 Competition.................................................................................................................... 4 Table 1-1 Identify the main competitors......................................................................................... 4 New Entrants.................................................................................................................. 4 Threat of substitutes........................................................................................................ 5 1.5. SWOT OF NEW PRODUCTS.............................................................................................. 5 1.6. S-T-P...................................................................................................................................... 5 Segmentation.................................................................................................................. 5 Targeting......................................................................................................................... 6 Positioning...................................................................................................................... 6 1.7. Market Research.................................................................................................................... 7 Overview of the coffee market in Vietnam..................................................................... 7 Market demand and trends.............................................................................................. 7 Chapter 2. PRODUCT STRATEGY................................................................8 2.1. Objective................................................................................................................................ 8 Marketing Objectives...................................................................................................... 8 Financial Objective......................................................................................................... 8 2.2. Product................................................................................................................................... 8 Product Levels................................................................................................................ 8 Product Classifications................................................................................................... 8 Product Differentiation................................................................................................... 8 2.3. Price....................................................................................................................................... 9 Pricing target................................................................................................................... 9 Valuation method............................................................................................................ 9 Estimate cost................................................................................................................... 9 Expected cost................................................................................................................ 10 Select final price........................................................................................................... 10 2.4. PLACE................................................................................................................................. 11 The main purpose and channel structure....................................................................... 11 Distribution channel strategy........................................................................................ 11 2.5. Promotion............................................................................................................................ 12 Advertising................................................................................................................... 12 Promotion..................................................................................................................... 13 PR................................................................................................................................. 13 2.6. Timeline............................................................................................................................... 14 Chapter 3. CONCLUTION.............................................................................15 LIST OF TABLE Table 1-1 Identify the main competitors...........................................................4 Table 1-2 SWOT analysis of new products (O and T).....................................5 Table 3-1 Estimate cost.....................................................................................8 Table 3-2 Expected cost...................................................................................9 Table 3-3 The stages of distribution trategies.................................................10 Table 3-4 Public relations strategy............................................................ 10 LIST OF IMAGE Image 1 Company logo....................................................................................1 Image 2 Design and product features...............................................................7 LIST OF IMAGE ADDENDUM Image 1 Cocoxim Coconut Water....................................................................a Image 2 Coconut milk Cocoxim.......................................................................b Image 3 NESCAFE..........................................................................................b Image 4 BOSS Coffee......................................................................................b Image 5 Highlands Coffee................................................................................b Chapter 1. Market Overview 1.1. Executive summary Betrimex is the first and leading manufacturer of coconut products in Vietnam. With more than 1000 employees and owns two factories with 4 production lines. With branches in Singapore, USA and Ho Chi Minh City, Betrimex products are increasingly trusted by partners and present in over 40 countries. We are constantly exploring new ways of doing things and creative ideas that will delight consumers in Vietnam and around the world. And to achieve those goals, Betrimex continues to launch new products with coconut ingredients, and this time, coconut milk coffee. With a plan for 1 year since its launch, Betrimex aims to reach many sets of customers, expand the market with many marketing plans throughout 1 year. From Teasing to engaging and amplify. 1.2. Company overview Betrimex Introduction Ben Tre Import-Export Joint Stock Company, formerly known as Ben Tre Import - Export Company, was established in 1976 and officially equitized in 2006 with the trading name Betrimex - brand in the field of processing and exporting coconut products. - 1 Main website: https://www.betrimex.com.vn/vi Head office: Lot K, Phong Nam Industrial Cluster - Cottage Industry, Phong Nam Commune, Giong Trom District, Ben Tre Province, Vietnam. Company name: Ben Tre Import and Export Joint Stock Corporation (Betrimex). Image 1: Compan y logo History establishment - - - - 2015, inaugurated coconut water & coconut milk factory with Tetra Pak technology line. 07/2016, launched Cocoxim Coconut Water with 4 flavors choosing Dua Xiem Xanh – Dua Xiem Sen – Dua Xiem Tac – Dua Xiem Thom in Vietnam. 07/2018, launched Organic Virgin Coconut Water according to US & European standards in Vietnam. 07/2019, launched Cocoxim Fresh Coconut Milk. 2 Business activities - Producing, processing and trading in coconut products, processed agricultural products for export (bottled coconut water, bottled fresh milk, Isotonic drink ...) - Export of agricultural products (coconut fruit, coco peat, virgin coconut oil) Producing charcoal from desiccated coconut (activated carbon, live charcoal) Vision - Mission - Core Values & Strategic objectives 1.2.4.1. Vision, Mission Vision: Become a company with internal resources and strongest position in the coconut industry in Vietnam, bringing useful values to the social community. Mission: Betrimex always cares and aims to bring consumers quality products that are beneficial to health, committed to applying new farming methods and modern, naturefriendly production systems to improve the ecosystem. 1.2.4.2. Core Values - Core value: Integrity: Fairly, and clearly in accordance with the nature of truth - Responsibility: Working with sincerity, pursuit to the end result Efficiency: Committed to delivering results with optimization, accuracy Team: Coordinate, and seek consensus to achieve common goals Innovation: Encourage challenges, promote innovation. 1.2.4.3. - Strategic objectives Build on passion: Becoming the top employer on our industry. We invite everyone to use their talent, passion and help each other to make great teams. This is how we build an working culture. - Grow our business and more: "Business is a mission not a right", Betrimex's vision is to become the best internal force and standing company in coconut industry of Vietnam. Concurrency, bring added value to farmers, partners, customers, employees, bring useful values to the social community. 1.3. MACRO MARKET ANALYSIS The political and legal environment. The political: The government has enacted a variety of measures to safeguard consumers from unfair trading practices. They promulgated the Law on the Protection of Consumer Interests, which has 50 articles, in accordance with National Assembly Resolution No. 51/2001/ QH10. The legal: A stable political environment provides an opportunity to enhance the market's scope, volume, and export potential. Vietnam's political system is relatively stable. It is not only a positive indicator for coffee output, but it also attracts coffee dealers as a reliable supplier of commodities. Economic environment The drop in global coffee demand stemmed from the economic downturn coupled with a sharp drop in FMCG due to social distancing to contain the COVID-19 outbreak. In February 2021, domestic coffee prices increased sharply in line with global coffee prices and limited supply. Socio-cultural environment In today's Vietnamese coffee culture, there is a shift in how coffee is consumed in terms of both taste and visuals. For example: Cans of coffee must be packaged in a handy and appealing manner. Technology environment Science and technology advancements are also visible in the canned coffee industry: When roasting coffee, you can have more precise control over the flavor. Using Tetra Pak Group's world-leading production line (Sweden) and direct UHT sterilization technology. This is the latest technology, ensuring safety for consumers' health and can retain the most natural taste of coconut, meeting certifications such as FSSC 22000, BRC, FDA, HALAL, KOSHER,... Natural environment The favorable climatic, geographical and soil conditions for the development of coffee have made coffee a unique flavor: The South has a hot and humid tropical climate, suitable for Robusta coffee. At Betrimex, the coconut material area is developed right in Ben Tre & only 11-12 months old coconuts reach the harvest quality. Population environment Currently, Vietnam is a country with a large population, over 90 million people, a thriving economy, and increased income. Therefore, the number of new households will constantly increase, leading to a rapid increase in the demand for coffee. 1.4. PORTER'S FIVE FORCES Buyer power Customers will buy this type of product in small quantities and are not price sensitive. However, the growth rate of consumer demand for canned instant coffee is increasing. Therefore, the customer strength of COCOCAFE is quite high. Supplier power The power provided in this case is very weak. Because COCOCAFE can easily switch from one supplier to another. Currently, Betrimex is operating in the field of coconut production and trading. Therefore, this is considered an advantage of COCOCAFE because it is not dependent on external sources. In addition, the cost of switching COCOCAFE suppliers is not too high. Competition Highlands and COCOCAFE have nearly the same audience and they have similar products and strategies. However, the degree of difference between the two brands is high. Highlands is already famous in the coffee market, so it becomes a direct competitor of COCOCAFE. Highland Coffee BOSS Coffee Coffee Nescafe - Nestlé Positioning: Highlands Coffee is still the most familiar name with the nearly 20-year history of accompanying Vietnamese coffee culture, so the appearance of convenient canned coffee has become popular, keeping the taste of Vietnam Positioning: As one of Japan's No. 1 best-selling canned coffee brands, with more than 26 years of experience, BOSS Coffee distilled ingredients from 100% pure coffee beans, giving you a sober spirit. Positioning: NESCAFÉ instant coffee is one of Nestlé's most popular products in Vietnam. NESCAFÉ is one of the top 5 instant coffee brands with the highest level of awareness, leading with 35%. Price: 12.000VND /235ml can. Price: 10.500VND /180ml can. Price: 10.000VND /180ml can. Table 1-1 Identify the main competitors New Entrants Besides the main competitor above, COCOCAFE is facing competitors such as: BOSS Coffee, Nestlé Café, Trung Nguyen, Birdy…. These brands have been familiar to consumers for a long time, cheap prices and familiar flavors. Therefore, potential barriers to entry are quite high. Threat of substitutes The main substitute products of COCOCAFE are energy drinks, other flavored coffee. The number of COCOCAFE substitutes is very high. Low switching costs for customers. In addition, the replacement product quality is good. So, based on these factors, the threat from substitute products is very strong. 1.5. SWOT OF NEW PRODUCTS S W    Strong reputation, well-built brand Modern technology There is a chain of prestigious coconut products, production experience. O   According to the everchanging consumer trend and market share No experience in the scale of production of instant coffecans T   Global instant coffee market is forecast to grow 4.7% / year until 2023. This is a great opportunity for COCOCAFE in the future Vietnam has a long history of growing and processing coffee   Variety of substitute products Initially entering the market, market competition took place very fierce for big brands Table 1-2 SWOT analysis of new products (O and T) 1.6. S-T-P Segmentation Segmentation Segment A Segment B Segment C Segment D 23-30 Above 30 Demographic Age Under 18 Gender 19-22 Male, Female, other. Status Single Income Low/no income Single / Married Low/no income Geographic Single / Married Low/Mid/High Single / Married Low/Mid/High Country Viet Nam Population Urban, suburban areas Psychographic Lifestyle Active, try out new thing, influenced by celebrities Active, try out new thing, influenced by celebrities Busy, work with Spend time with goals and ambitions family, focus on work or enjoy the life Motives Complete deadline and relaxing Complete deadline and relaxing Discussing about their jobs, doing assigned work and relaxing Personality Follow trends Easy to adapt, follow trends More experienced Mature, calm Discussing about their jobs, enjoying coffee and relaxing Behavioural Buying place Near school, mall Near university, mall Near office, mall, home Near office, home Usage Rate Light Medium/Heavy Heavy Heavy Convenience, catchy looking Convenience, catchy looking, good service Quality, convenience, good service Low High High Benefit Expectation Brand loyalty Quality, healthy, good serviced High Targeting Target market of COCOCAFFE: Segment B and segment C because - Accounting for over 60% of Vietnam’s population, like to try new things. - Need caffeine for consciously working, heavy usage rate. Market targeting strategy: Differentiated marketing.  Better meet the diverse needs of each target customer group.  Potential to generate more revenue.  Increase brand awareness, higher market share. Positioning - The first canned coconut coffee in Vietnam Direct UHT sterilization technology helps to keep the pure taste of coconut - 1.7. A coffee that is both nutritious and increases alertness Market Research Overview of the coffee market in Vietnam The market for canned and bottled coffee has exploded in Vietnam in recent years with the presence of names like Birdy of Ajinomoto, My Coffee of PepsiCo, ... to bigger names like Nescafe of Nestle or the presence of world "giants" such as Starbucks, Georgia Coffee Max of Cocacola. All of the top names have enjoyed strong growth, showing the appeal and stature of the beverage industry, even as they face stiff competition. Market demand and trends In recent years, the demand for coffee has been constantly increasing, and world coffee consumption has grown by about 17%. Moreover, with the busy pace of life and more and more work, consumers want convenient, fast and effective coffee products, experience different kinds of coffee drinks with different flavors and blends. In addition, the demand for the global high-quality instant coffee segment is also on an upward trend due to the significant increase in the need to work from home since the outbreak of COVID- 19. Chapter 2. PRODUCT STRATEGY 2.1. Objective Marketing Objectives - Capture at least 2.5% market share of canned instant coffee in Vietnam. Raised Betrimex brand awareness by 20%, COCOCAFE products by 5-6% within 1 year of launch. Financial Objective - 2.2. Profit margin increases 5-6% per quarter / month, revenue is expected to reach 162.800.000 VND in its first year of launch. Maintain a marketing research budget to speed up the process of promoting new product launches for the future. Product Product Levels  Core Benefit: New flavor coffee, nutritious and just enough caffeine.  Generic Product: - Quality: Robusta coffee from Tay Nguyen, coconut from Ben Tre. - Characteristics: Rich taste of Arabica coffee with the fatness of coconut milk.  Expected Product: Coconut coffee - A blend of two traditional flavors.  Augmented Product: Combination of the generic product and the expected product to produce a drink that is both nutritious and balanced with the amount of caffeine in the drink.  Potential Product: There is a QR Code for detailed product information. Product Classifications  Durability and Tangibility: Non-durable goods.  Consumer Goods Classification: Convenience goods. Product Differentiation Image 2 Design and product features 2.3. Price Pricing target When we choose to trade in canned coconut coffee, our team proposes a price based on the marketing goal of building a top image in terms of quality, maximizing profits and achieving market size. as large as they want. Valuation method Regarding the pricing method, we decided to use penetration pricing strategy to gain market share because canned coconut coffee is a consumer product with relatively low prices right from the start. Low pricing to prevent competitors from entering the market; setting selling prices on par with competitors to stabilize the market; low prices to attract customers when offering new products; preferential pricing to seek the support and cooperation of intermediaries. Estimate cost - Direct costs include construction costs, direct materials, direct labor, and manufacturing supplies. Indirect costs include quality control costs, depreciation, production supervisor salaries, insurance, and taxes. Table 3-1 Estimate cost Name of the fee The rate of new products Direct cost 2.500 (15,5%) Indirect cost 2.000 (12,5%) Logistics 2.000 (12,5%) Marketing activities 5.500 (34,4%) Operate at point of sale 2.000 (12,5%) Others costs 1.000 (6,3%) Total 15.000 (93,7%) Profits 1.000 (6,3%) Expected cost Numberical order Funding of 300.000 product 1 Income Expenditure 2 Funding Funding Price (VND) 3 Revenue 4.800.000.000 Direct cost 750.000.000 4 Indirect cost 600.000.000 5 Logistics 600.000.000 6 Marketing activities 1.787.200.000 7 Operate at point of sale 600.000.000 8 Others cost 300.000.000 Total 4.637.200.000 9 Total 10 Price (VND) 4.800.000.000 Profit 162.800.000 Table 3-2 Expected cost Select final price - Dicide to choose the price for a product: Retail price: 16.000 VND/ can. - 2.4. Product adjustment strategies: Discount and allowance pricing. Product mix pricing: Product line pricing PLACE The main purpose and channel structure The main purpose  - Establish relationships with distributors, expand of distribution channels. COCOCAFE is FMCG should use mass distribution, focus first on modern and traditional channels. - Channel structure  - Channel length: 2 level channels Channel width: Mainly through modern channels including more than 1000 convenience stores such as Vinmart, CoopFood…, more than 200 supermarkets like Lotte Mart, Coopmart, Vinmart and 3 online shopping websites Lazada, Tiki, Shopee. And the traditional channel through more than 1000 retail points across Vietnam. - Producer Supermarket, shopping online, convinient store Retail agent Wholesale agent Consumer Distribution channel strategy Stage Distribution Introduction - Building distribution system: Modern and traditional channels. Use the Pull strategy (buy 1 get 1., combo 1 pack of 6 cans at the convenience store, shopping online…). Growth - Promote selling activities at the point of sale through PR and marketing activities.