THE FINANCIAL

UNIVERSITY OF FINANCE AND MARKETING

FINAL REPORT
MARKETING MANAGEMENT

MARKETING PLANNING FOR PRODUCTS

FAMI JELLY OF VINASOY

Teacher advisor: Mr. Dang Huynh Phuong

Team: ALL STARS

Thành phố Hồ Chí Minh - 2021

 TABLE OF CONTENTS
1.0 EXCUTIVE SUMMARY ........................................................................................... 2
2.0 SITUATION ANALYSIS ........................................................................................... 3
2.1 Market Summary ................................................................................................................................ 3
2.1.1 Market Demographics......................................................................................................................... 3
2.1.2 Market Needs....................................................................................................................................... 4
2.1.3 Market Trend....................................................................................................................................... 5
2.1.4 Market Growth .................................................................................................................................... 5
2.2 SWOT Analysis ................................................................................................................................... 6
2.2.1 Strengths ............................................................................................................................................ 6
2.2.2 Weaknesses ........................................................................................................................................ 6
2.2.3 Opportunities...................................................................................................................................... 6
2.2.4 Threats................................................................................................................................................ 7
2.3 Competition ......................................................................................................................................... 7
2.4 Product Offering ................................................................................................................................. 7
2.5 Keys to Success .................................................................................................................................... 8
3.0 MARKETING STRATEGY ...................................................................................... 8
3.1 Mission ................................................................................................................................................. 9
3.2 Marketing Objectives.......................................................................................................................... 9
3.3 Financial Objectives ............................................................................................................................ 9
3.4 Target Markets .................................................................................................................................... 9
3.5 Positioning.......................................................................................................................................... 10
3.6 Strategies ............................................................................................................................................ 11
3.7 Marketing Program .......................................................................................................................... 12
3.8 Marketing Reaserch .......................................................................................................................... 19
4.0 FINANCIALS ............................................................................................................ 19
4.1 Break-Even Analysis ......................................................................................................................... 20
4.2 Expense Forecast ............................................................................................................................... 20
5.0 CONTROLS .............................................................................................................. 20
5.1 Implementation ................................................................................................................................. 21
5.2 Marketing Organization ................................................................................................................... 21
5.3 Contingency Planning ....................................................................................................................... 21

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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

Vinasoy is the market leader in soymilk industry. According to Nielsen

Vietnam, while the spread of Covid-19, Vinasoy still hold 85% of market share in
2020. The firm’s productivity reached 250 million litters of soy milk last year, which
falls for approximately 10% in comparision with the previous year. Yearly,
Vinasoy’s factory produce more than 1 billion products to serve over 80 million
consumer.

2.1 Market Summary

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

- Consumer who have interest in healthy diet

- Vegetarian

2.1.1 Market Demographics

▪ Geographics5

+ The area of Vietnam is 331,212 km². Vietnam is a tropical country with

most of the area being hilly terrain (accounting for 3/4 of the territory), most of the
area is mainly low hills, and the plain accounts for only 1/4 of the area.
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 + Vietnam is divided into 3 regions: North, Central and Southern.

▪ Demographics

+ According to the results of the Vietnam Census in 2019, 55.5% of the

population is under 35 years old, with an average life expectancy of nearly 76 years,
higher than other countries with similar income in the region. But the population is
aging rapidly. The middle class is forming - currently 13% of the population and
expected to reach 26% by 2026.

+ The per capita income of Vietnamese people is about 3,000

USD/person/year.

▪ Behavior factors

+ Consumer want to buy a healthy option which is organic and less sugar.

+ Consumer tend to use plant-based product instead of diary product.

+ Consumer also want a canned product for covenience and easy to buy in
covenient store, supermarket,…

2.1.2 Market Needs

Fami Jelly target consumer who have interest in healthy lifestyle and seek to
a instant dessert made by soy and low sugar, provide nutrients7.

+ Healthy product: Consumer want a product which contain low-sugar,

organic and provide them nutrients such as Omega-s, Vitamins,…

+ Convenience, easy to use and buy: Consumer want a easy-to-use product

and can buy easily due to their busy life.

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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.

2.1.3 Market Trend

According to market research reports in recent years, consumers are tending

to choose healthy and plant-based products. They are also interested in limiting the
amount of sugar in the product as well as adding essential nutrients.

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.

2.1.4 Market Growth

- 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.

- The current consumption of branded soymilk products in Vietnam accounts

for only 45% of total soy milk consumption, much lower than 70% in Thailand.

- 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, ...)

- Vinasoy has proven to be a major impact in the domestic market. It is the

foundation and springboard for international market entry.

- Technology: Modern technology, with the first Vietnam soymilk factory in

the top 5 largest soy milk factories in the world and Vinasoy Soybean Research &
Application Center is the first and only center most in Vietnam.

- 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.

- Vinasoy has an enthusiastic human resource as well as the courage to learn

and change.

2.2.2 Weaknesses

- Vinasoy has never created beancurd to compete with other pre-produced

manufacturers, especially Soya, and customers are still familiar with pre-existing
Beancurd types in the market

- Beancurd is a food that is difficult to preserve in the long term.

2.2.3 Opportunities

- Compete with Soya Garden which is already a well-known brand with

delicious beancurd
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 - No experience in producing canned foods.

2.2.4 Threats

- Demand and trend, consumers increasingly prefer natural, safe and

convenient products. Beancurd is also one of the current Gen Z favorite desserts

- 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.

2.4 Product Offering

✓ THE SCENE OF NATURE...

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.

2.5 Keys to Success

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.

3.0 MARKETING STRATEGY

Vinasoy will definitely not be missed in terms of creativity and breakthrough.

It is considered as a "gold" brand and put its name on the list of companies operating
effectively, sustainable development and daring business strategies in the market. If
20 years ago, when large enterprises raced to produce cow's milk, Vinasoy chose a
separate niche with a strategy focused only on soy milk production. Then with the
advantage of going ahead, Vinasoy focused on exploiting the potential of the soy
milk market and now, when the trend of nutritious plant-based beverages is rising
worldwide, Vietnamese people also start to pay attention to this folk but nutritious
drink, Vinasoy has almost completely dominated the carton of soymilk segment with

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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”

3.2 Marketing Objectives

▪ 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.

3.3 Financial Objectives

▪ A billion USD sales target in 2027 1

▪ Maintain growth of at least 20% per year
▪ Maintain marketing and promotion expense about 7-8% of total costs, the
average level of FMCG industry.
▪ Focus on highly profitable activities and suspend unsatisfactory channels.
3.4 Target Markets

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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

Vinasoy will position itself as a leader in the domestic soybean production

and processing industry. This positioning will be achieved by leverage Vinasoy’s
competitive edge: the first and only enterprise in Vietnam specializing in soybean
only.

Vinasoy's commitment is always bring customers the best health as well as

the best taste of natural soybean. Unlike competitors who have made flavored soy
bean products, Vinasoy only focuses on making natural soy bean or if there is an
additional flavor, it still uses the traditional cereal flavor.

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 3.6 Strategies

The goal objective is to position Vinasoy as the premier producing and

processing of soy products. Sustainable development of Vinasoy is always rooted in
the original. This is a successful lesson for a business strategy focusing solely on
soybeans and a methodical and scientific branding approach. A good product is the
core of a business. During nearly 20 years of working with only soubeans, Vinasoy
has gathered the secrets to creating the best quality products for consumers. The
message that Vinasoy seeks to communicate is that it provides the best quality and
most nutritious soy products. This message is transmited through a variety of
methods. The first is the Vinasoy Corp web site, which provides a reliable source
of Vinasoy and offers a rich source of product information. For instance, Vinasoy's
products are well received by consumers because of the manufacturer's

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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".

The second medthod of communication is that constantly hold international

scientific conferences on "healthy nutrition" – soy milk. These are valuable industry
workshops, rare in Vietnam to update the latest knowledge about soybeans in the
world to help people better understand this precious food. At the same time, Vinasoy
is constantly researching and creating some unique new "soy milk" products.

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.

The last marketing method is using mass media such as television,

newspapers, and Internet media to reach each household from city to countryside
and reach young customers who use the Internet more than watch tivi.

3.7 Marketing Program

Vinasoy' commercial strategy includes the following Marketing-Mix
strategy (4P)

Product: Fami's strategic foundation is based on a large-scale business plan

for new products.

- 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.

- Currently, Vinasoy products in general and Fami line in particular are

showing their orientation, they always have a breakthrough in products, focus on
increasing value and benefits for customers. All product messages are aimed at the
right target customers.

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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.

- According to the distributor model, distributors will purchase goods directly

from the Company at the price offered by the Company with a deduction of a part
of the discount. Distributors while redistributing the wholesale and retail
intermediaries to make the discount at the rate required by the Company. Consumers
will purchase at a price sold in retail outlets.

Place: FamiJelly products are distributed through 2 channels: direct channel

and indirect channel. Promotion: The campaign will be carried out in a variety
of ways.
- Vinasoy’s direct distribution channels include the Company's sales staff, the
product introduction store placed in front of the Company's portal.
- Distribution model: Besides using traditional distribution channels, the
company uses modern distribution channels as supermarkets and Horeca (Hotel –
Restaurant - Cafe).
- Futhermore, we will use e-commerce as Tiki, lazada, shopee to reach more
young customers.
Promotion
• Advertising

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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,...

- We also conduct 2 campaigns to introduce new product and attract

customers’ attention.

Those campaigns are described in master plan.

• Sales promotion: We will implement both consumer promotions and

point-of-sale promotions.

- Promotion for customers: We will organize programs such as "Lucky draw"

with attractive rewards to create attention for customers and stimulate them to buy
products.

- Promotion for retail outlets: By purchasing base promotional vouchers

(applied in peak months when consumption is large), for example: if they buy 03
boxes of FamiJelly, we will give them 1 box of other diary milk products

• Personal selling:

Annually, we organize sales conferences and participate in fairs and

exhibitions, sell over the phone..

• Public Relations:

VinaSoy organizes talks and seminars about company’s nutritional products.

We also sponsor game shows on television such as Fast like lightning (Nhanh như
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chớp), Running Man (Chạy đi chờ chi), Challenging comedians (Thách thức danh
hài).

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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

Monthly Units Break-Even 2405556

Monthly Sales Break-Even 36 x 109 VND

4.2 Expense Forecast

Marketing Expense Budget Jun-21

32 Billions VND
Advertisement
10 Billions VND
Billboard
5 Billions VND
Social Media
12 Billions VND
Newspaper
5 Billions VND
Talkshow

5.0 CONTROLS

Fami Jelly will monitor these areas in order to gauge performance:

• Revenue: monthly and annual

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 • Expenses: monthly and annual
• Customer satisfaction
• New-product development

5.1 Implementation

Milestones Start End Date Budget Manager Department

Date

Marketing plan 1/3/2021 21/3/2021 0 All-star Marketing

completion Team

Advertising 1/4/2021 1/6/2021 12 Billions All-star Marketing

campaign #1 VND Team

Advertisng 7/6/2021 7/8/2021 20 Billions All-star Marketing

campaign #2 VND Team

Totals 32 Billions VND

5.2 Marketing Organization

All-stars team will be responsible for the marketing activities.

5.3 Contingency Planning

- Difficulties and Risks

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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
1
Vinasoy lạc quan với mục tiêu doanh thu một tỷ USD vào năm 2027 | Công ty Sữa đậu nành Việt Nam
Vinasoy (vinasoycorp.vn)

2
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)

4
bao-cao-tai-chinh-nam-2020-da-duoc-kiem-toan-1614693755-16146937552.pdf (qns.com.vn)

5
Địa lý Việt Nam – Wikipedia tiếng Việt

6
Việt Nam tiêu thụ sữa đậu nành thứ 3 thế giới | Công ty Sữa đậu nành Việt Nam Vinasoy
(vinasoycorp.vn)

7
Lãi 6 tháng của “ông chủ” sữa đậu nành Vinasoy, Fami giảm hơn 83 tỷ đồng (baodautu.vn)

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