Situation Analysis Report Phu Nhuan Jewelry Joint Stock Company

Phan Quoc Thinh

Han Trung Kien
Nguyen Hong Nhung
Nguyen Thu Thao
Le Quang Thai
Nguyen Dang Quang

22 November 2015
2015

Situation Analysis Report

Phu Nhuan Jewelry Joint Stock Company (PNJ)

• Phan Quoc Thinh – Leader

S 3582943
• Han Trung Kien
S 3515531
• Nguyen Hong Nhung
S 3577671
• Nguyen Thu Thao
S 3577785
• Le Quang Thai
S 3505985
• Nguyen Dang Quang
S 3577806

Lecturer: Phung Thanh Phuong

Situation Analysis Report MKTG1205

Group 2 – Team 5
Saturday, November 21, 2015
Table of Contents
Company profile ............................................................................................................ 2
Micro-environment ........................................................................................................ 4
1. The company.......................................................................................................... 4
2. Suppliers................................................................................................................. 4
3. Marketing intermediaries..................................................................................... 4
4. Customers .............................................................................................................. 5
5. Competitors ........................................................................................................... 5
6. Publics .................................................................................................................... 5
Macro-environment forces ............................................................................................ 6
1. Demographic forces .............................................................................................. 6
2. Economic forces ..................................................................................................... 6
3. Technological forces .............................................................................................. 7
4. Political forces........................................................................................................ 7
5. Cultural forces ....................................................................................................... 8
SWOT analysis .............................................................................................................. 8
Strengths ....................................................................................................................... 8
Weaknesses ................................................................................................................... 9
Opportunities ............................................................................................................... 9
Threats .......................................................................................................................... 9
Market segmentation ................................................................................................... 10
Market targeting .......................................................................................................... 11
Positioning ................................................................................................................... 11
Differentiation ............................................................................................................. 11
Product differentiation.............................................................................................. 11
Service differentiation ............................................................................................... 12
Channel differentiation ............................................................................................. 12
Image differentiation ................................................................................................. 12
Conclusion ................................................................................................................... 13
Bibliography ................................................................ Error! Bookmark not defined.

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 Company profile

Name PHU NHUAN JEWELRY JOINT STOCK COMPANY

Abbreviation PNJ
170E Phan Dang Luu Street, Ward 3, Phu Nhuan District,
Address
Ho Chi Minh City, Vietnam.
Sector and Industry Consumer Cyclical and Luxury goods
Core business Fine gold (bar), gold and silver jewelry
 Trading watches and gold bar
 Testing diamond, gemstone and precious metals
Business lines
 Real Estate house leasing
 Business Law
Raw materials Raw gold and silver materials, gems, gemstones, diamonds
Charter capital (2014) VND 755,970,355,000
Telephone +84 839 951 703
Email pnj@pnj.com.vn
Website www.pnj.com.vn
Legal representative Ms. Cao Thi Ngoc Dung - chairwomen
Becoming the leading jewelry processor and retailer in Asia
Vision market and securing number one position in the segment of
medium and high-end jewelry in Vietnam.
PNJ brings customer pride with elegant, outstanding quality
Mission
jewelry products.
 Honesty
 Responsibility
Core values  Quality
 Creativity
 Innovation
 Doji Jewelry Corporation (Doji)
 Sai Gon Jewelry Company Limited (SJC)
Main competitors
 Bao Tin Minh Chau Jewelry and Gemstone Co.Ltd.
 Sacombank Jewelry (SBJ)

Sources: (FPT Securities, 2014) (PNJ Annual Report, 2014)

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 Introduction

P hu Nhuan Jewelry Joint Stock Company, better known with abbreviation name as PNJ, is one
of the most renowned and respected jewelry retailers in Vietnam. Not only is PNJ
domestically successful, but the company is also honored in Asia by Retail Asia magazine
(Singapore) as one among top 500 retailers in Asia Pacific between 2004 and 2009. Officially
established on 28 April 1988 by twenty progressive like-minded people in Phu Nhuan district, PNJ
has been since showing strong and consistent development and performance, and has consolidated
its position as the biggest player in the Vietnamese jewelry sector. With more than 173 stores
spanning across the nation, employing nearly 2,500 employees, and even becoming the only
Vietnamese company that has the capability to export gold and jewelry to the international market,
PNJ has not only established its dominant presence nationwide but also advance to do business
internationally. In order to have today success, it is the diligence, persistence and smart moves
sanctioned by the board of management over the last 30 years, with special regard to Ms. Cao Thi
Ngoc Dung, who simultaneously served as the chief executive director and the chairwoman ever
since. (Bloomberg, 2015)

The tale of this enterprise began in 1988 and the formative stage lasted 4 years. During that time,
Vietnam jewelry market was of tender ages, which posed many challenges and innumerable
difficulties regarding human resources, financial supports and lackluster governmental subsidies.
The next developing period was between 1993 and 2000, when PNJ expanded its business to reach
Hanoi by opened a ramification in the capital in 1994, together with many different strategic
locations. That were also memorable years as the company had its products exported for the very
first time, but more importantly, it started gaining customers’ trust and reputation. Moving on,
January 2004 marked the next milestone in the company’s history because of the participation to the
stock market, which effectively raised capital and promoted equalization. Since then, the company
has always been improving and diversifying its products, aiming to fulfill high customer's
satisfaction by delivering superior quality items and services, as accorded to the company mission
statement. PNJ also furthers its business by providing sponsorship to many beauty competitions,
such as the Miss Universe 2008 and Miss Earth 2010, Nevertheless, in 2012, the claimed Asian
biggest jewelry manufacturing factory was built to accelerate the firm’s productivity to the next
level (Young Tiffany, 2012).

With the vision of becoming the leader in jewelry fashion industry in Vietnam, incorporate with the
proposed philosophy “Customer benefits is our commitment”, PNJ has received many praiseworthy
achievements and is well on the way to approach its prospects. According to Bloomberg: “For the
period [the first half of 2015], the company reported revenue of VND 3.846 billion, up 6%, gross
profit of VND 546 billion, up 43% and net profit before tax was VND 228 billion, up 46% over the
same period last year, completed 60% annual target”. This report is written with care and
dedication giving readers an insight about the business operation at PNJ, and to give detailed
explanations to many factors that affect the company, as well as the brand’s value proposition.
Diagrams, charts, and further information are written under Appendices section.

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 Micro-environment

1. The company
The board of Directors at PNJ has been working closely to implement action plans for both
production and business operations. To begin with, the department of human resources has been
ordered to improve the labor productivity by running additional training and helpful workshops,
reorganizing organizational structure and increase the ratio of junior to senior staffs with the
ambition to rejuvenate the workforce. Next is R&D, which is PNJ backbone department that has
been received huge subsidies and financial support from the top management in order to accomplish
a sole mission of meeting customers’ increasingly stringent requirements of jewelry products. The
department has done well by regularly hitting the market with new exclusive jewelry collections,
employing and well-treating proficient artisans, and running competitions to recruit innovative
design ideas as well as adapting production line with advanced technology. Last but certainly not
least, the sales department is strengthened by regularly opening short staff-training courses, running
incentive programs to give attractive bonuses and create “PNJ Common Home” for team-building
and relaxation. A strong culture identity is PNJ biggest asset, said by the company CEO, as it can be
extremely beneficial for the development of the organization by providing the much-needed
motivation to increase productivity and improve employee morale as well as personal wellbeing. In
addition, the well-developed culture creates a participative and cooperative workplace, where
people enjoy working, willing to work hard and they, therefore, can increase responsibility to
deliver better customer services. (PNJ Annual Report, Annual Report 2014, 2014).

2. Suppliers
The inputs used in manufacturing jewelry are precious metal, i.e. gold and silver, and gemstone
with prices are often highly responsive to changes in the global market, often unpredictable and
even unprecedented. Therefore, PNJ applies strict control to minimize the negative effect this may
have on the company business.
• Raw gold input: Due to the government strict policy upon gold importation, PNJ speculates
its warehouse by collecting raw gold from local suppliers whose gold are taken from various
sources. A large proportion of this kind of gold is not trademarked, also known as not SJC, is
abundantly available and sold at a cheaper price.
• Raw silver input: With no restrictions of the government, the firm imports silver directly
from MatalLor (Belgium).
• Raw gemstones are imported mainly from Creative Gems BKK (Thailand) and RMC (Hong
Kong) while diamond inputs are bought from multiple international accredited sources, such
as Yakubov, Forte and Fischler (Belgium). (Phong, 2013)

3. Marketing intermediaries
• Resellers: Strictly, the products manufactured by PNJ are only sold in PNJ-owned outlets
across the country. There are 173 stores in every major city and suburban area across 44
provinces in Vietnam (PNJ, 2014). Most of the outlets are situated in main streets, as well as
in shopping malls, supermarkets and airports, such as Aeon Malls, Parkson C&T, BigC and
Tan San Nhat international airport.
• Physical distribution firms: PNJ accepts home delivery option and thus the customers’
ordered products are protected by the representative of the authority during the transport.
PNJ has four warehouses operating at highest security and when there is a need for airline
transport, the cargo is airlifted under the protection police force. (FPT Securities, 2014)
• Marketing services agencies: In 2011, PNJ signed a contract with Value Partners
Management Consulting, a consulting firm from Italia, to help PNJ deal with market
research, decision-making at management level, business operations and expectation for
future jewelry market. On the other hand, since PNJ is a powerful jeweler in the domestic
market, the firm receives much attention from the media and the government. Most of the
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 business-related newspapers are conveying updates about PNJ operations while magazines
publish new collections worn by the brand ambassadors, who are usually public celebrities.
Furthermore, the firm also delivers its brand image through the sponsorship of many beauty
competitions and actively maintains a Facebook page with promotions updates as well as
products exhibition. (Doanhnhansaigon, 2014) (Tan Viet Securities, 2015) (VNexpress,
2015)

4. Customers
• Consumer markets: On average, 91% of PNJ total revenue and 87% gross profit in the
period between 2007 and 2013 came from retailing services. There are four differentiated
jewelry brands, namely PNJ Gold, PNJ Silver, JEMMA and CAO Fine Jewelry, are made
to satisfy different needs of individuals whose age are from 15 to 45+.
• Business markets: PNJ supplies gold and silver jewelry to many smaller enterprises, which
do not have the capability of large-scale jewelry production and the technology required.
This wholesale gold and silver have lower quality, less delicacy and usually do not interfere
with PNJ products sold in-store. Some names in this partnership include Vietinbank Gold
and Jewelry, Phu Quy Gemstone and Jewelry and Phuong Nam Jewelry Commercial
Corporation. (FPT Securities, 2014)
• International markets: Only contributing a tiny fraction to PNJ net profit. PNJ is the only
jeweler in Vietnam who has the ability to export products. However, experts expect that this
segment will not grow by much since PNJ is using resources to focus in the domestic
playground. (FPT Securities, 2014) (PNJ Annual Report, Annual Report 2014, 2014) (PNJ
Annual Report, 2013)

5. Competitors
• Three main competitors are “Sai Gon Jewelry Company Limited (SJC), Doji Jewelry
Corporation (Doji) and Bao Tin Minh Chau Jewelry and Gemstone Co. Ltd (BTMC)”.
(FPT Securities, 2014)
• All of these big four jewelry companies, including PNJ, however, accounts for a merely
20% of market share according to Mr. Huynh Trung Chanh - vice president of Viet Nam
Gold Traders Association (FPT Securities, 2014). Small traditional family-owned business,
minor manufacturers and small retailers scattering across the country own the rest 80% of
market share.

6. Publics
A. Financial publics
• By participating to the stock market, PNJ has effectively raised its market capitalization to
3,144.8 billion VND and 49% foreign ownership (MorningStar, 2015). This has brought
huge amount investment for PNJ to spend on its business operations, brand expansion and
facility development.
• Internal shareholders still hold the highest share capital percentage, of 40%.
• Vietnam Azalea Fund Limited (Mekong Capital) owned 565,500 shares (Vietcombank
Securities, 2011)
• Vietnam Enterprise Investments Limited (Dragon Capital) owns 6.57% shares.
• Route One Investment Company owns 5.04% shares.
• Deutsche Bank AG & Deutsche Asset Management (Asia) Ltd owns 4.83% shares. (FPT
Securities, 2014)

B. Government publics

• The jeweler has received much governmental recognition for its achievements in terms of
business running, customers’ satisfaction and society contributions. Some of most prominent
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 awards included the Vietnam Value Award by the Vietnamese government in 2010, First
Labor Medal by the President in 2003, Vietnam Excellent Brand 2006 -2009 by the Ministry
of Commerce and the Top 50 Best Performing Companies in Vietnam in 2012. (PNJ, PNJ
achievements, 2015)
• However, the influence of government policy on PNJ operations and marketing strategy is
substantial, often unpredictable and can be either favorable or disadvantageous. Further
detail is discussed in Macro-environment and Appendices section.

C. The general publics

• According to a market research published by (VNExpress, 2014), PNJ brand image in the
eyes of customers is quality-oriented and trustworthy and company products are served by
courteous and professional staffs. Founded in 1988, PNJ has been building a strong
accountable entity with personnel who have high responsibility and eager for building
profitable relationship with customers.
• PNJ outreaches to help community through the operation of PNJ Charity Fund. In 2014,
PNJ spent 4.5 billion VND on charity budget alone, gave out hundreds scholarships to poor
but studious students, and brought thousands gifts to highlanders and habitants in sparsely
areas (VietnamNet, 2015) (PNJ, Mái ấm của những tấm lòng, 2015). All of these
meaningful activities to society have contributed positively on the public image and
customers’ perception of PNJ.

Macro-environment forces

1. Demographic forces
• In July 2014, Vietnam had an estimated population of 93,421,835 and the number of people
whose age between 15 and 54 accounts for the greatest proportion of 62.6% (CIA World
Factbook, 2015). This is a big market and, as the result, PNJ can take this young, large and
rapidly growing population to its advantage.
• The middle-class is to burgeon in Vietnam. (Foreign and Commonwealth Office, 2015)
states that Vietnam has the fastest regional growth rate regarding middle-class among other
Southeast Asian countries, i.e. a consistent 12.9% year-to-year in the period 2012-20. With
regard to the particular traits of the jewelry industry, the emerging middle-class brings
prosperity and opportunities to PNJ.
• (Foreign and Commonwealth Office, 2015) also points out there is a geographical shift in
distribution map of jewelry-consuming. The demand for premium quality jewelry has now
expanded beyond the Vietnamese two most populous cities, i.e. Hanoi and Ho Chi Minh, to
smaller cities and many “new provincial pockets of affluence” across the nation. (Le Chi,
2014) consolidated this claim with a report published by ANZ. Anticipate this ongoing
trend, PNJ has planned to open 35 new stores at the end of 2015, effectively increase the
firm’s presence to 44 provinces nationwide (PNJ, 2015).

2. Economic forces
• Despite many challenges, the economy of Vietnam has recovered substantially and even
become the bright spot in Asian’s gray picture. According to (World Bank, 2015), GDP in
the first two-quarters of Vietnam witnessed the greatest increase in the last 5 years, reached
6.28%. The inflation rate has been maintained low, at 4.1% and the unemployment rate has
decreased substantially by 10.91%. (International Monetary Fund, 2015).
• The Prime Minister sanctioned the increase in Vietnam’s monthly salary, which took effect
from January 2015 that allowed wage floor to reach up to VND 3.1 million, depending on
region (Wageindicator, 2014). Furthermore, the government has recently approved a further

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 raise of 12.4% on minimum wage, which take effect on January 1 2016 (IndustriALL ,
2015).
• PNJ believes this robust domestic economy will increase the proportion of middle to upper
middles-class and that will effectively increase the market share of the firm. Since jewelry
has high income elasticity of demand, as incomes rise, customers ‘’will likely use their
increased income to purchase more luxury goods and services” (Investopedia, 2015).
• Vietnam joined World Trade Organization (WTO) more than 8 years ago, on 11 January
2007 (WTO, 2007). According to the article “10 benefits of the WTO trading system”
written by (VCCI, 2010), PNJ could gain many advantages once joined this international
playground, most notably, including market transparency, foreigner investment, raise in
general population incomes and encouragement of good governmental operation. This trade
agreement, together with FTA, AEC and TPP, however, also come with great challenges
and cost, as to compete against rivals that are more powerful.

3. Technological forces
• (FPT Securities, 2014) shows that research, technology and manufacturing are the
underlying part of PNJ business and are what differentiate the firm from others. PNJ has
achieved its first position today primarily because of superior innovative products and
cutting-edge technology.
• December 2012, PNJ established the largest jewelry-manufacturing factory in Vietnam, six-
storey heights and total floor area of 12,500 m2, employed 1,000 workers at that time. All
equipment and machinery are imported directly from Italy and Germany. The factory has
increased the productivity of PNJ dramatically to 4 million product units per annum.
• ERP system – a unique inventory management and selling-control software used by PNJ
that allow real-time communication between the Board, the departments, and the stores.
This software makes top-down operations easy and optimizes risk controlling. PNJ named
the software Xman, short for eXtra MANagement, and was built upon 3-tier client/server
architecture. (FPT Securities, 2014)
• Jewelry design processes at PNJ are done by creating 3D models from specialized software,
such as the famous Cad-cam modeling, Jewel Cam or Matrix. After that, the computerized
models are produced using Resin molding technology (Huy Truong, 2014).
• 42.97% of the Vietnam population is internet users (Internet Live Stats, 2014). In order to
catch the boom of the internet, PNJ has acknowledged and invested heavily on the firm
website to achieve professional glittering layout, clear-cut information on every product and
launch attractive advertisements. PNJ also has online shopping, credit card payments, bank
transfer and allows a purchaser to order through mobile phone by sending a text. (PNJ
Shopping, 2015).

4. Political forces
According to (BaoViet Securities, 2013), the biggest risk associated with PNJ business is the
unpredicted changes in the government policies. Jewelry accessories and gold in particular, are very
sensitive and susceptible to changes made by policy makers.
• Circular 22/2013/TT-BKHCN effective on 01/06/2014 was a blessing to PNJ in the market
that was once highly scattered. The circular states that all business units in jewelry industry
must list the amount of gold in each of their product explicitly. This contributes to the
transparency of jewelry quality in the market, which had been allowed to float freely for a
long time, and effectively put an end to fraud in determining the age of gold (FPT Securities,
2014) (PNJ Annual Report, 2014).
• Decree No.24/2012/NĐ-CP published on 25/05/2012 is another strongly favorable
enactment toward big jewelers such as PNJ and SJC. Overall, the circular was issued to
apply stricter control over the gold and jewelry business, only a handful of strictly qualified

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 companies are permitted to operate in the market. Individuals who wish to run this kind of
business will have to apply to open company (Nguyễn Thị Cúc, 2015).
• Decree No.36/2015/TT–BTC, took effect on 07/05/2015, was, however, a strike on PNJ.
The exportation tax was raised from 0% to 2% on all “gold jewelry product, craft and other
gold products with the gold content of 95% and above” (PNJ News, 2015). This heavy blow
led to the abandonment of the entity’s gold exportation.

5. Cultural forces
Gold has long been a part of Vietnamese culture and the demand for gold is ever-growing in
here. In daily life, gold can be used as blessing gifts in wedding ceremonies, such as wedding ring,
bracelets and wedding bands. The article “Analyzes on Gold and US Dollar in Vietnam's
Transitional Economy” by (Vuong Quan Hoang, 2004) states that gold can also be utilized as kind
of savings, “a notion of guarantee”, a hedge against currency depreciation and for investment. In
addition, according to (FPT Securities, 2014), the average annual demand of gold and gold jewelry
in Vietnam is very large, 52 tones and 19 tones respectively and seemingly showing no sign to halt.
This can be viewed as promising opportunities for PNJ to expand its business as the demand for
gold, jewelry in special occasions is substantial, and the market is still young.

SWOT analysis
Strengths

 More than 25 years of experience in jewelry manufacturing, retailing and services. PNJ is
currently the biggest, the most renowned and influential jewelry enterprise in Vietnam. With
more than 25 years striving for excellence, gaining invaluable customers’ trust and building
long-run profitable customers’ bonding, PNJ can easily outpace domestic competitors, have
a tremendous advantage over newcomers and advance gradually to the international market.

 Strong R&D department. Realizing the utmost importance of R&D in running jewelry
business, PNJ has invested heavily on to this department in terms of human resources and
technology. As expected, PNJ new innovative collections and products are highly
appreciated by both the public and the critics. Jewelry made by PNJ is differentiated and is
bespoken for specifically targeted segments. Furthermore, what makes R&D department in
PNJ outstanding is the presence of a team of four jewelry experts among twenty artisans
who work closely together on each item.

 Attractive and beneficial PNJ’s policy issued for customer services. PNJ has the policy that
allows customers to sell their bought jewelry and accessories back to PNJ at very good
prices, often equal to at least 70% of the purchased price, and even up to 98% if it is
diamond products. The highest price a customer can resell elsewhere is only 70% (FPT
Securities, 2014).

 Established retailers in strategic locations and large standardized retail network

nationwide. PNJ makes outlets easy to locate, to find and to remember, which effectively
raise brand awareness. PNJ launches standard store model, which standardize the way a
store is operated, including “image, colors, light, decorations, product display and
professional service manner”. (PNJ Annual Report, 2014)

 With strong financial capability, PNJ can equip cutting-edge technology to increase overall
productivity, outpace competitors in terms of mass production and product sophistication.
The amount of raw gold material wasted is significantly reduced to an impressive 1%. To be
specific, each year PNJ uses approximately 5 tons of raw gold input, 1% gold wasted due to

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 inefficient production is 50 kg and would cost the firm 44 billion VND. This number is
unimaginably costly for other companies. (FPT Securities, 2014)
Weaknesses

 Not focus on exploiting the potential of the enormous demand for gold bar. It is estimated
that during the period between 1997 and 2013, Vietnam imported 890 tons of gold bars and
the annual demand for gold bar is 52 tons. However, contradict to the appealing sound, PNJ
gold bar business is dreary due to low gross profit margin (0.17%) and only contributes
0.2% to the company’s gross profit.

 PNJ is not as favorable in the North as it is in the South. Bao Tin Minh Chau (BTMC) is
still holding the number one position in the Northern market, particularly Hanoi. This is
partly because BTMC established its presence long before PNJ came. Besides, according to
researchers, people in Hanoi are more traditional and enjoy jewelry of nostalgic style as well
as the aversion to change.

 All raw materials are mostly imported. This is arguably due to the characteristics of jewelry
manufacturing that require high quality processed materials and the skill level in Vietnam is
not up to that point yet. However, too much importation can make PNJ’s contracts severely
vulnerable to external factors such as political tension, fluctuated exchange rate, and
inflation.
Opportunities

 The rising of middle and upper middle class in Vietnam. Vietnam has been doing relatively
well in terms of economic growth rate and inflation control among other regional countries.
According to Chief Analyst of ANZ, Mr. Glenn B.Maguire, the per capita income in
Vietnam can be able to reach up to $3,000/year by 2020, along with the increase in average
monthly salary at a relatively stable rate of about 10% per year (Bizlive, 2014). Clearly, the
proliferation of middle class brings tremendous opportunity to PNJ, as this is the main
segmentation of customers that PNJ focuses on traditionally.

 Targeting segments of customers that have huge potential to grow demographically.

According to CIA World Factbook, the number of people aged between 15 and 54, which is
the targeting age group of PNJ, makes up over 60% current population of Vietnam. Besides,
ANZ estimates the number of people belonged to consumer class will increase from a current
of 17 million people to 32 million people by the end of this decade. With this ever-increasing
population growth rate, PNJ has an enormous room to snowball its business.

 With the current reputation of the brand, the expansion to acquire more market share is
highly feasible. On the one hand, as mentioned in Microeconomic section, big jewelry
manufacturing companies control only 25% of the jewelry market, and PNJ holds 20% of
that 25%, making a total of 5% jewelry market acquisition by PNJ. On the other hand, PNJ
has built a domestically strong brand image and has imprinted its products with quality and
satisfaction, all of which contribute to massive support from its customers, let alone any
favorable governmental interventions.
Threats

 Vietnam gold-jewelry market is also, however, a delicious pie for foreign investors.
Potential competitors are inevitable as Vietnam joined WTO in 2007, agreed to open
domestic market to the world and reduce tax. It is even more promising for outside
investors when the Vietnam jewelry industry owns $3.5 billion worth of turnover and 25%
annual growth rate. In fact, retailers from France, Hong Kong, Thailand, and Malaysia have

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 been doing market research and some have even begun to invest. Nevertheless, PNJ also has
the domestic pressure due to the presence of DOJI and SJC.

 Unstable and even unprecedented global gold price. The price of diamond and gold in the
world is fluctuating, the price can escalate but also can drop dramatically, making severe
lost for PNJ due to the exchange rate.

 Internal threat of losing experienced and proficient artisans to the hand of competitors. PNJ
has to deal with the loyalty of a group of workers and technicians who are indecisive and
attracted to work at other firms because of appealing offers and promotions. Losing key
personnel, especially skillful craftsmen can harm the company’s productivity and working
attitude and can be costly due to budget spent for scouting and training new workers from
scratch.
 Massive long-term investment and running multiple diversified businesses. The final threat
of PNJ comes from its long-term investment in operations on real estate, watches,
petroleum, and banking. PNJ is running a high risk if these big investments in unfamiliar
businesses do not yield the expected outcome. DongA Bank, for example, causes PNJ to
have to make a cumulative provision budget for loss of 55 billion VND and even be on the
verge of losing all capital. (Đan Nguyên, 2015)

Market segmentation

Geographic
Northern Vietnam - Red river delta, North central coastal; Southern Vietnam
Country region
– Central Highlands, South central coastal, South Eastern, Mekong river delta
Density Urban, Suburban
Demographic
Age 15-25, 25-45, 45+
Gender Female
Family life cycle Young, single/married, with/without children; Older, married with children
Middle income (B+ 6 to 13 million VND/month) to high income (class A 13 to
Income
20 million VND/month)
Professionals, white collars; celebrities, affluent businessmen, businesswomen,
Occupation
senior executives.
Generation Generation X, Generation Y
Nationality Vietnamese, foreigners occasionally.
Psychographic
Social class Middle class to upper class
Lifestyle Succeeders, aspirers, mainstreamers
Personality Confidence, materialistic, acquisitive, self-expression
Behavioral
Special occasions: Wedding, engagement, prom, formal meeting, diner gala
Occasions
party and celebration.
Aesthetically pleasing, symbolize wealth and social status, express personality,
Benefits sought
increase self-esteem and boost confidence.
User status Potential user, first-time user, occasional users and ex-users.
User rates Occasional, light to medium
Loyalty status Somewhat loyal
Attitude toward
Positive, increasing level of customers’ satisfaction.
product

10 | P a g e
Table 1: PNJ market segmentation*
*Please refer to Appendix 1 for the In-depth PNJ segmentation analysis and terms explanations.

Market targeting
PNJ targets tangible market segments and has been researching restlessly in order to fully
understand customers’ needs and eventually deliver superior jewelry products. The four brand
products are made to suit the distinct need of different categories of customers. Furthermore, with
the emerging of middle class and positive forecasted economy, PNJ is operating in a market that has
high segment structural attractiveness and accounts for more than 62% of population. Therefore, the
marketing strategy that PNJ is using is Differentiated Marketing.

Positioning

Positioning maps
With the upper edge technology and the
dominant number of artisans employed, PNJ is
indisputably producing the highest quality
jewelry products in the domestic market.
Higher quality comes with a higher price, and
customers who are willing to spend large sums
will possess more sophisticated items affixed
with materials that are more precious. DOJI
follows after, selling at a relatively high price
but lower quality products. SJC and BTMC
have the advantage in gold and gold bar trading
but in terms of the jewelry business, they fall
short in the competition.

Positioning strategy

Price
More The same Less
More for the
More PNJ More for less
Benefits

same
The same for
The same
less
Less for much
Less
less

Table 2: Possible PNJ's value proposition

PNJ “more for more” positioning strategy involves providing upscale quality jewelry products and
delivering superior services by charging prices accordingly. The higher price that customers are
willing and able to purchase, the more worthy their products will be. Higher price comes with
increasing benefits and more sophisticated design.

Differentiation
Product differentiation
PNJ sets itself apart from competitors by offering distinctive jewelry collection and items.

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 • PNJ silver is made for teen and young adults. The selected criteria for PNJ silver collections
are charm, courteousness, and age-appropriation and are sold at reasonable prices.
• PNJ gold jewellery is dedicated for mature adults and middle-aged women. This line
extension aims to serve customers who want items that symbolize their happiness,
prosperity and elegance. The products of this line are often decorated with diamonds,
gemstones, or pearls.
• CAO Fine Jewellery are marked with distinctive luxurious products and collections. This
brand is for financially strong individuals, thus quality is equal to price purchased.

Service differentiation
PNJ offers speedy, convenient, secure and careful services, making services as strong competitive
points
• Professional website layout, highly comprehensive and convenient to navigate.
• Online shopping, PNJ membership, loyalty card and online membership accumulative point
system.
• Highly beneficial exchange policy to customers
• PNJ first call center and hotline (1800 54 54 57). One of the first call centres operated in the
jewellery industry in Vietnam opened in October 2014 with the mission of proving help and
professional support regarding warranty and aftersales services.
• Precious metal consultation and Diamond inspection service run by PNJ Laboratory
Company limited. “PNJ was the first Vietnamese company that had the certification ISO
17025”, issued by ISO (International Organization Standardization). Therefore, PNJ’s
gemstone certification and other accreditation services are widely accepted worldwide.

Channel differentiation
• Easily accessible distribution channel, customers can reach PNJ from one of the 173 stores
nationwide, from main streets to most populous and renowned malls.
• Four main depots in Ho Chi Minh, Can Tho, Da Nang and Ha Noi,
ensuring the seamless network connection nationwide.

Image differentiation
The PNJ’s brand image in customers’ minds is a luxurious, trustful and
professional.
• Logo
Converge to shine
• Slogan
Faith and style
• Logo explanation
 The logo depicts an illustration of a diamond, which is known as the most luxury gemstone, a
symbol of longevity and transparent. Figure 1: PNJ logo and slogan
 This logo shows all diverse business areas of PNJ that based on the
company’s core values that have been established and constantly strengthened.
 5 glimmers are soft and simple, but powerful, and imply five basic elements (metal, wood,
water, fire, earth, according to Eastern philosophy), reflecting the active and ongoing
development of PNJ.
 PNJ blue is the color of the sky and sea – a symbol of trust
 Golden yellow is the color of gold, the symbol of prosperity and wealth.

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 Conclusion

PNJ is persuasively demonstrating the strength and the vision of a leading organization in
gold and jewelry manufacturing and retailing services in Vietnam. To put its size into perspective,
the production capability of PNJ is 8 times of that of the next domestic competitor and PNJ is
currently holding 70% of the total number of jewelry artisans – the masters of jewelers (FPT
Securities, 2014). PNJ’s success story today is because of the harmonious combination of a superb
management, adoption of cutting-edge technology, strong organizational culture and some
favorable government policies. The jeweler accomplished impressive business results in 2014 as the
gross profit reached 790 billion VND, rose 32% in comparison to the same period and exceeded
yearly plan by 17%, ensured earnings before tax to reach 326 billion VND – rose 36% and earnings
after tax to be 255 billion VND (PNJ Annual Report, 2014). Net profit in 205 is forecasted to reach
319 billion VND (+21% yoy).
However, harsh challenges and difficulties are inevitable in today ever-increasing
competitiveness, especially when the world is getting flatter and markets are more open. Firstly,
PNJ is not hugely favorable in the North as it is in the South. Experts believe this cautious
sentiment is due to the difference in cultural perception on the aesthetic of products and the long
establishment of Bao Tin Minh Chau (BTMC) – a brand that have earned the preference because of
history and liable record. Secondly, trade agreements are requisite for some of the top jewelry
brands in the world to flux in Vietnam and some firms have already done the market research. Not
only the prestigious Tiffany&Co and Mikimoto, but also many renowned regional retailers from
Thailand, Malaysia and Hong Kong are preparing to pressurize Vietnam jewelry and luxury goods
market. Lastly, the unpredictable nature of gold and silver price and the uncertainty in economic
stability can combine to cause major losses if unprepared.
All in all, PNJ has done well in building profitable and learning relationship with their
invaluable customers. The organization constantly develops clear action plans to relentlessly
improve its products and ask for positive changes in customer services and policy, with the ultimate
goal is to achieve highest customers’ satisfaction. In addition, PNJ also takes care of its employees’
personal development, as illustrated by “PNJ Common Home”, “PNJ family day” and
“Healthcare club” as well as promised raise and incentive programs. Nevertheless, giving back to
the community is a meaningful activity that PNJ pursues as an appreciation. “PNJ charity fund- A
journey of love” contributed greatly to the society by giving billions VND to improve the lives of
poor people, poor patients and cultivate gifted children (PNJ Annual Report, 2014). PNJ is a
Vietnamese company and, therefore, a pride of the nation. Overcoming challenges, PNJ
consolidates maturity.

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APPENDIX 1: IN-DEPTH PNJ SEGMENTATION ANALYSIS
1. Geographic Segmentation
With the focus on developing the domestic market, PNJ symbolizes its influence by operating 173
outlets across every major city and suburban areas nationwide, and the figure is ever increasing.
The business does not only aim to have a significant presence in the two biggest cities, namely
Hanoi and Ho Chi Minh but also has imprinted the prestigious brand image to local residents in
emerging economic cities, such as Binh Duong, Can Tho and Hai Phong. Overall, PNJ focuses
more on the market in the South of Vietnam, resulting in 85% and 70% total revenue, for PNJ gold
and PNJ silver respectively, that come from the region alone.

2. Demographic segmentation
• Overall, virtually all PNJ jewelry products are dedicated to female customers, with only a
few exceptions such as some men’s watch collections and some exclusively designed CAO
Fine Jewelry ordered by executives.
• PNJ offers four differentiated brand products to target four different groups of customers. To
begin with, PNJ silver aims to cater the needs of 15 to 25 years old girls, who love fashion
and are always looking for ego expression, by offering graceful and elegant bracelets and
necklaces. Next, is JEMMA, a brand option designated for young female office workers,
who are interested in looking good and renew themselves. Thirdly, PNJ gold segments 25 to
45 years old, comprising wealthier and medium to upper medium class of females who are
less price-conscious. Finally, the renowned CAO Fine Jewelry includes luxury and high-end
collections, which are crafted specifically to serve high-income customers and Vietnamese
overseas
.
3. Psychographic segmentation
Here we use the 4Cs lifestyle classification, which is short for Cross-Cultural-Consumer-
Characterization proposed by (Young & Rubican, 2015).
• Customers for the luxury product line of PNJ are often top managers, senior executive,
affluent businesspersons, and politicians. They are the succeeders who have work-centric,
high social status, confidence, and brand choices often toward prestigious brands.
• Aspirers are people who have attention to appearance, tend to be younger and acquisitive.
They are concerned with their image in the eyes of other people and can be materialistic to
some extent. These unflinching customers contribute the largest sales proportion of PNJ.
• Mainstreamers make up the largest category of customers who visit PNJ and are the latent
consumers. They are, however, the majority of society, ordinary, sentimental and more
familiar with consuming “family” brands.

4. Behavioral segmentation
• Without questions, PNJ has the most interest in the occasions that consumers spend their
disposable income on jewelry products, considering that the general features of jewelry are
only optional items, expensive and being used in only particular events. Some are the
predictable time of the year when the demand is high, such as the wedding season starting
from September annually. Others events are relatively unpredictable but happen all-year-
round such as prom, partner meeting, company formal party and gala dinner.
• Customers who visit a PNJ store usually already have some reasons to buy jewelry in their
minds. For whatever the reason can be, they are potential users to PNJ, and a proportion of
them who have the willingness and the ability to buy will become first-time users. The
increasing level of satisfaction that PNJ have delivered is bringing many customers back to
the brand and they are occasional customers. However, the jewelry market in Vietnam is
highly competitive, with plenty of substitutes provided by competitors that affect loyalty and
drag buyers away from PNJ.

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 APPENDIX 2: GOVERNMENTAL INTERVENTION AND POLICY
Thriving in the market of Gold and Jewelry, PNJ stands in middle of the unforeseen flow of
government policies. Playing with this double-edge sword, PNJ gains a dozen of benefits with the
establishment of Circular 22/2013/TT-BKHCN and Decree No. 24/2012/ND-CP, and also suffers a
severe loss from Decree No. 36/2015/TT-BTC. These up-and-down reflect the vulnerability of PNJ
to the change in policies made by Government.

Circular 22/2013/TT-BKHCN is considered “a breakthrough of Vietnam Gold market” (FPT

Securities, 2014). This Circular thoroughly favors medium and large scale corporations in Gold
Jewelry Production, specifically PNJ, with two main points. From June 1st 2014, a technical
requirement in measuring and scaling equipment has been demanded: any balance involved in
identifying the purity of gold production has to be officially qualified, certificated and lead sealed
by the Department of Standards, Metrology and Quality or any other authorities, plus, the standard
error limits based on masses (<30 grams, 30 to 6000 grams, and > 6 kilograms) are strictly set, with
formula stated in the Content of Circular 22 (Ministry of Justice, 2013). In addition to new
stipulations of scaling supports, the Circular also requests manufacturers and retailers of Gold
production to specifically provide customers with information about gold purity and product’s
serial, before validating in commercial environment. These prerequisites of gold products (scaling
equipment and technical information) before joining commercial scenes has eradicated a massive
market portion of small scale producers, who mostly have processed business based on technical
shenanigans of gold product for a long time.

Decree No. 24/2012/ND-CP, valid from May 25th 2012, is also a great support to giants in Gold
market. This policy puts a control on gold and jewelry business: only a certain number of qualified
corporations are legally allowed to operate in the market (Ministry of Justice, 2012). This decree
greatly hinders the growth of small scale companies, which currently cover an enormous share of
Gold market.

Decree No. 36/2015/TT-BTC, in contrast to former favorable policies, published on May 7th 2015,
could be considered the “cutting edge” for PNJ. The exportation tax on some products, serials
7113.19.10, 7114.19.00, 7115.90.10, etc. - “gold jewelry product, craft and other gold products with
gold content of 95% and above” (Vietnam Customs, 2015) was increased from 0 to 2%.
Considering the position of PNJ in gold exportation industry, new taxing level swiftly ceases the
company’s gold exportation activity.

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 APPENDIX 3: DIAGRAMS, GRAPHS AND ILLUSTRATIONS

Description: The graph shows an increase in revenue of PNJ in the period between 2014 and 2015
by 4%. More important, data implies a change in product’s concentration: in 2015, PNJ focuses
more on Bullion gold (+38%) and drifts away from all three categories in Jewelry/Accessory,
include Jewelry gold, silver and especially watches (-41%). In 2014, total revenue of Bullion gold is
equivalent to approximately 39.59% that of Jewelry gold; however, revenue of Bullion gold has
been rising to 78.10% in comparison to total revenue of Jewelry gold in 2015. In general, PNJ
Jewelry gold still plays a big part on the chart (69.91% in 2014 and 55.04% in 2015), but the
company will balance the profit between bullion gold and gold jewelry in the near future.

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Description: Judging from PNJ 2015’s plan, there are two major changes: financial sales will
decline by 75%, from 48,071 to 12,000 million VND, and the retail network coverage will be
doubled (18 to 35 new stores, 94% increase). These movements show PNJ’s intention to reallocate
resources and broaden their retail system.

Description: The pie chart represents importation of jewelry of Vietnam in 2012. China occupied a
vast portion of the share, up to 48%. Three big countries after China on the chart are respectively
Korea (12%), Japan (11%) and Hong Kong (9%). Developed countries like US, Germany, Italy, etc.
are not significantly visible on the chart, in comparison to China, Korea, Japan and Hong Kong.

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Description: From the graph, there are three significant points. First, Gold Jewelry Revenue is
solidly increasing over the period 2010-2014, with the rate varies from 3% (2011-2012) to 18%
(2013-2014). Secondly, Gold retail sale also consistently increases over the time. However, the
growth rate of gold retail is not showing any general direction: it decreases from 2010 to 2012, and
after that, swiftly increases from 2012 to 2014.

Description: The data shows

that PNJ is making profit,
comparing beginning and
ending balance. The difference
is 1%, which is not significant,
but stands as a solid proof for
the growing of the company.

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Description: The bar graph shows a fluctuation in retail market share for PNJ Jewelry from 2009 to
2013. However, with the small change (1-2%), it’s safely to state that PNJ constantly maintain their
retail market share at a notable level. In 2014, PNJ, with all the favoring factors mentioned in the
report, gains a huge boost in market share, from 14% in 2013 to 21% in 2014 (+50%).

Sources: All diagrams are taken form (FPT Securities, 2014)

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