BUSINESS

COMMUNICATION

NGUYEN TRAN LE NGUYEN

QUYNH MAI KHANH MINH
CHI HA LINH HUYEN
DIEU
 TABLE OF CONTENTS
MANULIFE
01 Tam An Investment 02
BITI’S HUNTER
Blooming Central

LESSON AFTERWARDS
03 CASE 1 + CASE 2
 TABLE OF CONTENTS
01 04
OVERVIEW REASON FOR SITUATION

02 DESCRIPTION OF THE PROBLEM 05

CONSEQUENCES

03 REASON FOR ANALYZING 06 SUGGESTIONS

MANULIFE ASSET MANAGEMENT (VIETNAM)
COMPANY LIMITED
CASE 1: The case of “Tam An Investment”
 01
Overview
M 1. Overview
A
N
U
L
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F
E
The Manulife Financial Group
I The world's leading corporations in providing Insurance and financial services
N
S
U
R Manulife Vietnam
A
N The 3rd developing insurance company in Vietnam life insurance market
C
E
M 1. Overview
A
N
U
Vietnam Top life insurance companies
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I
F
E

I
N
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U
R
A
N
C
E
 02
Description of problem
M 02. Description of problem
A
N SCENE 1: “In 2020, customers came to SCB bank to deposit
U savings and mature savings as usual”
L
I
F
E

I
N
S
U
R
A
N
C
E
M 02. Description of problem
A
N
U
L
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F
E

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C
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M 02. Description of problem
A
N SCENE 2: “In 2022, customers returned to SCB bank
U
L to withdraw the money deposited”
I
F
E

I
N
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U
R
A
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C
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M 02. Description of problem
A
N
SCENE 3: “Dozens of protesters demanded for returning money”
U
L
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F
E

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A
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C
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 03
Reasons for
this situation
M 04. Reason for this situation
A Failure 1: The complicated encoding message
N
U The Communication Process
L
I Sender has an idea Sender select channel Receiver feedbacks to
F and transmits message sender
E

I Step Step Step Step Step

N
S
1 2 3 4 45
5

U
R Sender encodes idea Receiver decodes
A message
N
C Insurance combing Investment
E ➔ Investment and a gift of insurance
M 04. Reason for this situation
A Failure 2: Lack of ethics in persuading
N
U The Ethical Communicator
L ● Law Regulations ● Law Regulations
I ● Culture Society ● Values Beliefs
F ● Values Beliefs ● Social norms
E Community

I ● Rules Norms Organization Workplace ● Policies

N ● Goals
● Goals
● Industry
S ● Values Family and loved ones
standards
U Beliefs
● Corporate culture
R ● Goals Individual
A ● Ethical reasoning
N ● Values Beliefs
C
E
M 04. Reason for this situation
A Failure 3: The lack of professional behaviors
N
U The Six Dimensions of Professional Behavior
L
I
F Courtesy Appearance Tolerance Tact
E ● Promptness Appeal ● Ability to compromise
● Giving and accepting criticism ● Dining etiquette
graciously ● Fair treatment
● Good hygiene and grooming
I ● Apologizing for errors ● Self-control
● Attractive business attire
N ● Sincerity
S
U
R Honesty Ethics
Collegiality
Reliability Diligence
A ● Truthfulness ● Dependability
Sharing
● Helpfulness
N ● Respecting others ● Honoring commitments and ● Showing up prepared
C ● Fair competition keeping promises ● Delivering high-quality
● Empathy ● Consistent performance work
E
M 04. Reason for this situation
A Failure 4: The lack of Five Rs
N
U The model of Five Rs in apologizing effectively in the digital age
L
I DID DID NOT
F
E RECOGNITION
RESPONSIBILITY
Acknowledge the specific
Accept personal
I offense
responsibility
N
S REMORSE
U Embrace I apologize and I
RESTITUTION am sorry
R Explain exactly how you will
A fix it
N REPEATING
C Say it won’t happen again
E and mean it
 04
Reasons for choosing
this situation
M 04. Reasons for choosing this situation
A
N
U
L
I
F A
E Potential unethical workplace

I conduct
N
S B
U Common communication
R failures when dealing with crisis
A
N
C
E
 05
Consequences
M 05. Consequences
A
N
U CONSEQUENCES
L
I
F
E

I
N Revenue
Petition and
Reputation
S compensation
U
R
A
N
C
E
M 05. Consequences
A
N REPUTATION
U
L
I
F
Manulife’s reputation has
E been negatively affected
I
N
S
U
R
A
N
C
E
 05. Consequences
M
A
N
REPUTATION
U Manulife’s case has caused a crisis of trust among customers. As a result, the entire life
L
I insurance market in Vietnam has also been negatively affected.
F
Vietnam Report experts believe that the
E
series of controversies related to the
Cases of accusing advisors of providing
I
+
bancassurance channel have led to a
N incorrect advice and lacking responsibility
significant decline in trust in the insurance
S to customers.
market to the lowest level in nearly 30 years
U
R of development in Vietnam.
A
N
C The volume of discussions about the insurance industry has increased by 15 times, rising from 4.7
E thousand discussions per day in 2022 to 73 thousand discussions per day in April 2023
M 05. Consequences
A REVENUE
N
U
L
I
F - In 2022: 4.685 trillion VND.
E
- According to this year’s first 6
I
N months statistics, Manulife's
S new premium revenue has
U decreased by up to 58%.
R
A
N
C
E
M 05. Consequences
A
N
PETITION AND COMPENSATION
U
L
I
F Manulife has reported - May 31, 2023:
E April 2023: Over 320
setting aside reserves for +Successfully resolved:
lawsuits were
I canceled insurance 3553/6060 CONTRACTS (58.63%)
N submitted to the
S contracts amounting to 46 +Refunded: >800 billion VND
U Ministry of Public
million USD in the second -October 2023: Successfully
R Security
A quarter of 2023 resolved > 95%
N
C
E
 06
Suggestions
Suggestions
TRANSPARENT
Clear & simple messaging strategy

RESPONSIBILITY
Sincere apologize & Address solutions timely

PRIORITIZE CUSTOMER BENEFITS

Avoid misleading customers about the product’s purpose
CASE 2:
BITI’S HUNTER
“Biti’s Bloomin’ Central”
 01
Company overview
What can we know about this business?
“Nâng niu bàn chân Việt”
—Biti’s Vietnam
40
Countries that Biti’s has operated in

25,000,000
Products every year

1,500
Outlet stores in Vietnam
 02
Description of
situation
What happened in this case?
New shoes collection: Bloomin’ Central
In 2021, Biti’s launched a new
shoes collection called
“Bloomin’ Central”.

The collection was meant to

promote Vietnamese cultural
values, especially the Central
area’s culture.
 Problem 1: Wrong information
The decorative pattern on the shoes actually came from the
Cham ethnicity, not Tay Nguyen as the brand had claimed.

Bloomin’ Central Dog paw pattern in Cham culture

shoes
Problem 2: Inconsistent cultural message
Using the brocade materials from Taobao to
produce shoes that “appreciate Viet culture”.

See the similarity?

They decided to use Taobao fabric to save

manufacturing costs.
 03
Reasons for
the situation
What caused such great failure?
 Problem 1: The 3-x-3 process

30% 60% 100%

Prewriting Drafting Rewriting
- Analyze - Research - Edit
- Anticipate - Organize - Proofread
- Adapt - Draft - Evaluate
Problem 2: The process of communication
Sender selects
channel and Feedback returns
Sender has ideas transmit messages to sender

Stage 1 Stage 3 Stage 5

Stage 2 Stage 4
Sender encodes Receiver decodes
messages message
Problem 2: Inconsistent cultural message

Effects on receivers
Step 1 should be anticipated
Steps that Sender has ideas
Biti’s failed
Background of
customers (experience,
Step 2 culture, context…)
Senders encodes should be considered
messages
Vietnamese’s
purchasing behavior
Here are what Biti’s did not realize:
- Certain conflict with the Chinese,
especially in culture and sovereignty
- Increasing preference for domestic
products, with great national identity
 05
CONSEQUENCES
 CONSEQUENCES
The boycott movement on
the Internet spreaded
vigorously

Significant impacts on
the capital
expenditure
 06
SUGGESTIONS
Suggestions
RESEARCH
Carefully research both products & customers

RESPONSIBILITY
Sincere apologize & Address solutions timely

PRIORITIZE CUSTOMER BENEFITS

Providing refunds for customers that pre-ordered
 LESSON
03 AFTERWARDS
 5’ Cs FOR BUSINESSES

CLEAR CALM COURTEOUS

CONSISTENT COPING WITH

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THANKS FOR
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