Professional Documents
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FINAL REPORT
MARKETING MANAGEMENT
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FAMI JELLY
1.0 EXCUTIVE SUMMARY
Vietnam Soy Milk Company – Vinasoy is a member of Quang Ngai Sugar
Joint Stock Company, established in 1997 and specializes in soy nutritional
products. Vinasoy which has developed for 20 years, is currently the leading
company in the paper packaging soy milk industry nationwide with more than 84%
market share. Vinasoy's product lines focus on dairy products which are called:
Fami, Fami Go, Vinasoy. To suffie many consumer tastes of a nutritious snack by
developing a variety of product lines for all ages, Vinasoy launches a new product
called "Fami Jelly" - a soy milk which is softness, pure smoothness, is frozen
enough. Vinasoy have advantage of equipment which called Vinasoy Bac Ninh Soy
Milk Factory, is the most modern and largest soy milk factory in Southeast Asia
(area over 61,000m2; equipped with technology of Tetra Pak Group (Sweden)). This
is the only system of synchronized soy milk production in Vietnam. Vinasoy will
initially update the product information about the new product on the company's
website. The direct method of communication is to use mass advertising such as
television, newspapers, social media (content video, KOL-Community Group).
Thanks to those tools of advertising, Vinasoy not only could reach every household
which is from city and countryside but also attract young consumers. As a result,
Vinasoy could achieve higher profits and maintain a close relationship with
customers. Vinasoy will distribute firstly new products at large supermarkets such
as Coopmark, BigC, sales chains and small stores. In additon, Vinasoy sells its
merchandise at convenience stores such as Mini Stop, Circle K, GS25, ect to reach
out more consumers who are between 15 and 30.
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2.0 SITUATION ANALYSIS
In the context of the Covid-19 pandemic, Vietnam is one of the few countries
in the world with positive economic growth (+2,91%). According to AC Nielsen
Vietnam, Vietnam is Top 3 countries6 consume most soy milk in the world.
Vietnamese consume more than 1,7 million litters of soymilk everyday, of which
more than 32% are canned products.
•Target Markets
- Family
- Vegetarian
▪ Geographics5
▪ Demographics
▪ Behavior factors
+ Consumer want to buy a healthy option which is organic and less sugar.
+ Consumer also want a canned product for covenience and easy to buy in
covenient store, supermarket,…
Fami Jelly target consumer who have interest in healthy lifestyle and seek to
a instant dessert made by soy and low sugar, provide nutrients7.
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+ New healthy dessert: With the taste of cool, smooth, Fami Beancurd could
be a good dessert for tropical country like Viet Nam.
Fami Jelly is beancurd which the product that can meet those new trends. With
ingredients from organic soybeans, non-GMO with high nutrient content (omega,
vitamins, minerals, ...). At the same time, Fami Jelly is also interested in the amount
of sugar in the product. In particular, Fami Jelly also has more options to combine
with nuts such as walnuts, almonds, chia, ... to increase the nutritional content.
Not only that, this is also the first canned beancurd product in Vietnam, which
can be easily used and widely distributed throughout the retail locations across the
country.
- The potential of the market is still great for Vinasoy to explore more on the
way to conquer the target of 1 billion USD in revenue.
- In particular, although accounting for more than 84% of the market share,
more than 50% of rural households and 65% of urban households have not yet
approached Vinasoy. This rate is equivalent to the figure of more than 52 million
Vietnamese people who still do not use Vinasoy products.
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2.2 SWOT Analysis
2.2.1 Strengths
- Strong branding and setup experience. In the years 1997 - 2002 Vinasoy had
to compete with many other big companies in Vietnam (Vinamilk, Dutch Lady, ...)
- The Vinasoy brand name has captured the hearts of Vietnamese people. We
were able to start distributing our products through Vietnamese people living in
China.
2.2.2 Weaknesses
2.2.3 Opportunities
2.2.4 Threats
- The number of customers who have demand for beancurd is increasing day
by day. So if Vinasoy can create a canned beancurd product that can be preserved
for a long time with good quality, then this will be a good opportunity.
2.3 Competition
Vinasoy is one of the most well-known enterprises in Viet Nam for their
Soybean product and all of them is milk. With the new Canned beancurd product,
they will join the dessert market which there is a lot of competitors. one of them is
Yogurt, Flan which is very popular nowadays. But Vinasoy will be the first one to
mass production canned beancurd which no one has ever done before that will be a
big advantage that vinasoy had in this dessert market. But other big companies that
mass production Yogurts like Vinamilk and TH True Milk and Anh Hong's Flan
have been in this market for a long time so customers are more familiar with them
and that is one of the advantages they have.
Maybe you do not know, Beancurd is a famous dessert from the island nation
of Singapore and there is a legend that "anyone who comes to Singapore but has not
tried Beancurd has never been to this island nation". 1000 km2, but Singapore has
hundreds of shops specializing in bean milk
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✓ EASY TO FIND INGREDIENTS...
Still a familiar main ingredient from 100% organic soybeans, fragrant soy
milk blends with some natural flavors like pineapple leaves or Japanese green tea,
and then "molded" with extracts. 100% frozen is known as the essence of the sea -
Carrageenan algae, and so on, every mold of pure white beancurd was born.
✓ TASTE..
The sweet and refreshing taste of organic soy milk, the pure aroma of the
pineapple leaves, a little smoothness of the tongue, the cool.
The key is to make the most delightful, delicious and healthiest beancurd that
no one have ever made in Viet Nam. Ensure the customer satisfaction with the
flavors of the beancurd when they have the first taste of the beancurd that was made
by Vinasoy.
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more than 80% market share of a trillion-dollar industry_ a desirable ideal figure of
any business in the FMCG industry.
3.1 Mission
Vinasoy’s mission is to offer the highest quality nutritional products to their
customers in all markets where they operate. “We resolve to continuously research
and refine production of nutritional soy-based foods and drinks to provide the best
quality for a discerning consumer group. This will enable not only ourselves and our
partners but also the community at large to enjoy a higher quality of life, with
meaning and prosperity”
▪ Focus on developing the soy milk industry through expanding raw material
areas and diversifying products.
▪ Restructure sales and marketing strategies in a streamlined direction,
increasing efficiency.
▪ Aim to produce other products derived from soybeans
▪ Increase promotion and distribution activities in the country and the world.
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With the trend of consuming organic food, healthy eating and plant-based
nutrients, Vinasoy is constantly researching and innovating to diversify products to
meet the increasingly demanding needs of consumers. Currently, people's eating
habits gradually focus on product quality, prioritizing the selection of "green – clean
– healthy" products is gradually becoming a trend and can create a revolution in the
field of food and beverages around the world. According to Nielsen's research
report2, up to 86% of Vietnamese consumers are prioritizing the use of organic,
naturally sourced products for daily meals because they are safe, rich in nutrients
and environmentally friendly. Therefore, Vinasoy’s new products will target the
consumer trend of the market, how to match the nutritional needs and tastes of users.
Although, Vinasoy is leading the soymilk market, about 50% of rural households
and more than 65% of urban households have not yet access to Vinasoy products 3.
Vinasoy determines that the focus of its market share expansion strategy is to
conquer this new group of potential customers. Especially in the South, consumers
prefer new, sensitive and rapidly changing manufacturers.
3.5 Positioning
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3.6 Strategies
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understanding when creating products suitable for each customer segment: products
for families, children, women and recently Soymen - the first soy milk for men in
Vietnam. It can be said that Vinasoy's command and foundation for all business
activities revolves around the philosophy of "An và Lành".
In addition, marketing activities in the past years are very impressive such as
Vinasoy's brands have built their own place in the hearts of consumers through
clearly portraying and impressive identity of each specific brand: Vinasoy's parent
brand is a source of healthy nutrition, Fami is a family-friendly product, Vinasoy is
the product representing nutrition with beauty.
- Before launching new products on the market, Fami always polls customers
whether old products are accepted by consumers or not, consumers are not satisfied
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with current products. Since then, launched new features for products such as
calcium-fortified Fami, launched Fami Jelly_ canned beancurd or organized a lot of
attractive marketing programs to attract customers' attention.
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Pricing: is an important consideration. This will be focused on a retail price
per unit.
- According to the agency model, agents will buy goods directly from the
Company at the prices offered by the Company. After that, agents raise prices
themselves to sell to the distribution middlemen. And finally, consumers will buy at
a ceiling price or possibly a floating price depending on the market area.
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- We use some available advertising tools such as product packaging, product
introduction documentary which will inform on our company website and pages on
Facebook.
- At the point of sale: Posters, banners, product displays,... and on the street:
Panel, banner, steam gate,...
• Personal selling:
• Public Relations:
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3.8 Marketing Reaserch
Vinasoy has always maintained its leading position in the industry with more
than 84% market share, which is a brand that is well received by many Vietnamese
families. After the campaign "Home is Where I Live" of Fami soy milk helped
Vinasoy strengthen the company's image in the hearts of the public. In addition,
Vinasoy has many fanpage of brands and product review sites to help the company
better understand the customer's reaction to the newly launched product. Through
those pages and website, Vinasoy will have many design changes.
4.0 FINANCIALS
This section will be evaluated based on financial report of the Duong Quang
Ngai Company4 This financial statements articles for the fiscal year ended December
31, 2020. The Company (QNS) has 16 subordinate units dependent accounting. Of
those, there are 4 units of the divison Vinasoy.
❖ Vinasoy (2020)
▪ Gross revenue: 3875 x 109 VND
▪ Cost of goods sold: 2165 x 109 VND
▪ Gross profit: 1709 x 109 VND
❖ Fami Jelly is estimated at 1/5 Vinasoy
▪ Gross revenue: 775 x 109 VND
▪ Cost of goods sold: 433 x 109 VND
❖ Fami Jelly belong to a FMCG product _ convenience goods. The raw material
for the product is mainly soymilk. Therefore, the actual cost to create the
product is not high.
▪ Unit cost: 9,000VND (= Product price + Other costs incurred, if any
(shipping, packaging, marketing, labor ...)
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▪ The COGS of the product unit is 9,000 VND, the expected gross profit is
40%, the retail price will be:
Retail price = [9,000 / (100 - 40)] x 100 = 15,000 VND
4.1 Break-Even Analysis
Break-Even Analysis
32 Billions VND
Advertisement
10 Billions VND
Billboard
5 Billions VND
Social Media
12 Billions VND
Newspaper
5 Billions VND
Talkshow
5.0 CONTROLS
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• Expenses: monthly and annual
• Customer satisfaction
• New-product development
5.1 Implementation
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+ Price high, customer do not like the savour
+ Perishable (not contain preservative)
- Worst-Case Risks
+ Warning not to use for people who have allergy to soy bean.
+ Manage expiry date.
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APPENDIX
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Vinasoy lạc quan với mục tiêu doanh thu một tỷ USD vào năm 2027 | Công ty Sữa đậu nành Việt Nam
Vinasoy (vinasoycorp.vn)
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Báo cáo Hành vi NTD của Nielsen tháng 7/2020: Người tiêu dùng Việt quan tâm đến sức khỏe, chuộng
hàng nội địa và mua sắm trực tuyến hậu COVID-19 | Tomorrow Marketers
3
Vinasoy lạc quan với mục tiêu doanh thu một tỷ USD vào năm 2027 | Công ty Sữa đậu nành Việt Nam
Vinasoy (vinasoycorp.vn)
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bao-cao-tai-chinh-nam-2020-da-duoc-kiem-toan-1614693755-16146937552.pdf (qns.com.vn)
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Địa lý Việt Nam – Wikipedia tiếng Việt
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Việt Nam tiêu thụ sữa đậu nành thứ 3 thế giới | Công ty Sữa đậu nành Việt Nam Vinasoy
(vinasoycorp.vn)
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Lãi 6 tháng của “ông chủ” sữa đậu nành Vinasoy, Fami giảm hơn 83 tỷ đồng (baodautu.vn)
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